Document:

PURCHASE AGREEMENT
                               ------------------

     This  Purchase  Agreement  (the  "Agreement") is made and entered into this
10th day of  October, 2006, by and among Behzad Bahrami ("Seller" or "Bahrami"),
Playmates  Gentlemen's  Club,  L.L.C.,  a  Texas  limited liability company (the
"Company"),  Rick's  Cabaret  International, Inc., a Texas corporation ("Rick's)
and  RCI  Entertainment  (Austin),  Inc.,  a  Texas  corporation  ("Buyer").

     WHEREAS,  Seller  owns  100% of the membership interest of the Company (the
"Membership  Interest");  and

     WHEREAS,  the  Buyer  is  a  wholly  owned  subsidiary  of  Rick's;  and

     WHEREAS,  the  Company  owns  an  adult  entertainment  cabaret  known  as
"Playmates"  (the  "Club"),  located  at 8110 Springdale Road, Austin 78724 (the
"Premises");  and

     WHEREAS,  Seller  desires  to  sell  51%  of  the  issued  and  outstanding
Membership  Interest  of  the  Company  to Buyer on the terms and conditions set
forth  herein;  and

     WHEREAS,  Buyer  desires  to  purchase  51%  of  the issued and outstanding
Membership  Interest  of the Company from Seller on the terms and conditions set
forth  herein.

     NOW,  THEREFORE, in consideration of the premises, the mutual covenants and
agreements  and  the respective representations and warranties herein contained,
and  on  the  terms  and subject to the conditions herein set forth, the parties
hereto,  intending  to  be  legally  bound,  hereby  agree  as  follows:

                                    ARTICLE I
                  PURCHASE AND SALE OF THE MEMBERSHIP INTEREST

     Section  1.1     Sale of the Membership Interest.  Subject to the terms and
                      -------------------------------
conditions  set forth in this Agreement, at the Closing (as hereinafter defined)
Seller  hereby  agrees to sell, transfer, convey and deliver to Buyer 51% of the
issued and outstanding Membership Interest of the Company, free and clear of all
encumbrances,  and  shall  deliver  to  Buyer  certificates  representing  the
Membership  Interest,  duly  endorsed  to  Buyer or accompanied by duly executed
stock  powers  in  form  and  substance  satisfactory  to  Buyer.

     Section  1.2     Purchase  Price  for  the  Membership  Interest.  As
                      -----------------------------------------------
consideration  for  the  purchase of the Membership Interest, Buyer shall pay to
Seller the total consideration of $1,500,000 (the "Purchase Price"), which shall
be  payable  as  follows:

     (a)     $500,000  cash  payable  at  Closing;  and

     (b)     125,000  shares of restricted common stock $.01 par value of Rick's
(the  "Shares")  to  be  valued  at  $8.00  per  share.

     Section  1.3     Right  of  Bahrami  to "Put" Shares.  On or after one year
                      -----------------------------------
from  the  Closing  Date, Bahrami shall have the right but not the obligation to
have Rick's purchase from Bahrami 5,000 Shares per month (the "Monthly Shares"),
calculated  at  a  price  per  share  equal  to  $8.00

<PAGE>
("Value  of  the  Shares") until Bahrami has received a total of $1,000,000 from
the sale of the Shares (the "Put"). Bahrami shall notify Rick's during any given
month  of  its  election  to  "Put"  the  Monthly  Shares  to Rick's during that
particular  month.  Thereafter  Rick's  shall  have  three  (3) business days to
elect,  at its option, to buy the Monthly Shares or instruct Bahrami to sell the
Monthly  Shares in the open market.  At Rick's election, during any given month,
it  may either buy the Monthly Shares or if Rick's elects not to buy the Monthly
Shares  from  Bahrami,  then  Bahrami  shall sell the Monthly Shares in the open
market  and  any  deficiency  between the amount which Bahrami receives from the
sale  of  the Monthly Shares and the Value of the Shares shall be paid by Rick's
within  three  (3) business days after receipt of  written notice of the sale of
the  Monthly  Shares  and  the  amount  of the deficiency during that particular
month.  Rick's  obligation under this Section 1.3 to purchase the Monthly Shares
from  Bahrami  shall  terminate and cease at such time as Bahrami has received a
total  of  $1,000,000  from  the  sale of the Shares.  Bahrami agrees to provide
monthly  statements to Rick's as to the total number of Shares which he has sold
and the amount of proceeds derived therefrom.  Nothing contained in this Section
1.3  shall  limit or preclude Bahrami from selling the Shares in the open market
or  require  Bahrami  to  "Put"  the  Shares  to  Rick's during any given month.

     In  the  event  the  Seller  elects  not to "Put" the Shares to Rick's, the
Seller  shall  not  sell  more  than  10,000 Shares per week in the open market,
provided  that  Seller  complies with Rule 144 of the Securities Act of 1933, as
amended,  in  connection  with  his  sale  of  the  Shares.

                                   ARTICLE II
                                    CLOSING

     Section  2.1     The Closing.  The closing of the transactions provided for
                      -----------
in  this Agreement shall take place on the earlier of: (i) December 31, 2006, or
(ii)  ten (10) days after the issuance of a Certificate of Occupancy by the City
of  Austin  (the "Closing Date"), or at such other time and place as agreed upon
in  writing  among  the parties hereto (the "Closing").  The parties have agreed
further  to  close  at  the  law  officers  of  Axelrod, Smith & Kirshbaum, 5300
Memorial  Drive,  Suite  700,  Houston,  Texas  77007.

     Section  2.2     Delivery  and  Execution.  At  the Closing: (a) the Seller
                      ------------------------
shall  deliver  to  Buyer certificates evidencing the Membership Interest of the
Company, free and clear of any liens, claims, equities, charges, options, rights
of  first refusal or encumbrances, duly endorsed to Buyer or accompanied by duly
executed  stock  powers  in  form  and  substance  satisfactory to Buyer against
delivery  by  Buyer  to the Seller of payment in an amount equal to the Purchase
Price  of  the  Membership  Interest  being purchased by Buyer in the manner set
forth  in Section 1.2; and (b) the Related Transactions (as defined below) shall
be  consummated  concurrently  with  the  Closing.

     Section 2.3     Related Transactions.  In addition to the purchase and sale
                     --------------------
of  the  Membership  Interest,  the  following  actions  shall  take  place
contemporaneously  at  the  Closing  (collectively, the "Related Transactions"):

     (i)  The  Buyer  and the Seller will enter into a Management Agreement with
          terms and conditions for the management of the Club which will include
          an  agreement  of  the  Buyer  to  provide an initial $200,000 line of
          credit  for  the  operation  of  the  Club;

                          Purchase Agreement - Page 2
<PAGE>
    (ii)  The  Seller  will  enter  into a five (5) year covenant not to compete
          pursuant  to  the terms of which the Seller will agree not to compete,
          either  directly  of indirectly, with the Company, the Club, Rick's or
          any  of their affiliates, by operating an establishment featuring live
          adult  entertainment  within  a  one  (1) mile radius of the Premises;

   (iii)  The  Landlord  for  the Premises  shall  have entered into a new lease
          agreement  with  the  Company  acceptable  to  all of the parties (the
          "Lease"),  giving  the  Company the right to lease the Premises for at
          least  ten  (10)  years  at  not more than $29,000 per month, with the
          right  to  an  option to an additional ten (10) years at not more than
          $37,000  per month, with the Buyer agreeing to guarantee the first two
          (2)  years  of  the  Lease;

    (iv)  Buyer and Seller shall have entered into a Buy-Sell Agreement relating
          to  the  ownership  of  their Membership Interests in the Company; and

     (v)  Rick's  and  the  Seller  shall  have  entered into a Lock-Up/Leak-Out
          Agreement.

                                   ARTICLE III
                         REPRESENTATIONS AND WARRANTIES
                            OF SELLER AND THE COMPANY

     Seller and the Company, jointly and severally, hereby represent and warrant
to  the  Buyer  and  Rick's  as  follows:

     Section  3.1.     Organization,  Good  Standing  and  Qualification.
                       --------------------------------------------------

     (a)     The  Company  (i) is an entity duly organized, validly existing and
in  good  standing  under the laws of the state of Texas, (ii) has all requisite
power and authority to own, operate and lease its properties and to carry on its
business,  and  (iii)  is  duly  qualified  to  transact business and is in good
standing  in  all  jurisdictions  where  its  ownership,  lease  or operation of
property  or  the  conduct  of  its business requires such qualification, except
where the failure to do so would not have a material adverse effect to Seller or
the  Company,  respectively.

     (b)     The  authorized capital of the Company consists of _______ units of
Membership  Interest  of  which _______ units of Membership Interest are validly
issued  and outstanding. There is no other class of capital authorized or issued
by  the  Company.  All  of the issued and outstanding Membership Interest of the
Company  are owned by Seller and are fully paid and non-assessable.  None of the
Membership  Interest  issued  are  in  violation  of any preemptive rights.  The
Company  has  no  obligation  to  repurchase,  reacquire,  or  redeem any of its
outstanding  Membership  Interest.  There  are  no  outstanding  securities
convertible  into  or  evidencing  the  right  to  purchase or subscribe for any
Membership  Interest  of  the  Company,  there  are no outstanding or authorized
options,  warrants,  calls,  subscriptions,  rights,  commitments  or  any other
agreements  of  any  character  obligating  the  Company to issue any Membership
Interest  or any securities convertible into or evidencing the right to purchase
or  subscribe  for  any  Membership  Interest,  and  there  are no agreements or
understandings with respect to the voting, sale, transfer or registration of any
Membership  Interest  of  the  Company.

                          Purchase Agreement - Page 3
<PAGE>
     Section  3.2     Ownership  of  the  Membership  Interest.  Seller  owns,
                      ----------------------------------------
beneficially  and  of record, all of the Membership Interest of the Company free
and  clear  of  any  liens,  claims, equities, charges, options, rights of first
refusal,  or  encumbrances.  Seller  has  the  unrestricted  right  and power to
transfer,  convey  and deliver full ownership of the Membership Interest without
the  consent  or  agreement  of  any  other  person and without any designation,
declaration or filing with any governmental authority.  Upon the transfer of the
Membership Interest to Buyer as contemplated herein, Buyer will receive good and
valid  title  thereto,  free  and clear of any liens, claims, equities, charges,
options,  rights  of  first  refusal, encumbrances or other restrictions (except
those  imposed  by  applicable  securities  laws).

     Section  3.3     Authorization.  The  Company  has  all requisite corporate
                      -------------
power  and  authority  to  execute and deliver this Agreement and to perform its
obligations  hereunder  and  to consummate the transactions contemplated hereby.
All  action  on  the  part  of  the  Company  necessary  for  the authorization,
execution,  delivery and performance of this Agreement and all documents related
to  consummate  the  transactions contemplated herein have been taken or will be
taken  prior  to  the  Closing  Date  by  the Company. This Agreement, when duly
executed  and  delivered  in  accordance  with its terms, will constitute legal,
valid and binding obligations of the Company and Seller enforceable against them
in  accordance  with  its  terms,  except  as  may  be  limited  by  bankruptcy,
insolvency,  reorganization  and  other  similar  laws  of  general  application
affecting  creditors'  rights  generally  or  by  general  equitable principles.

     Bahrami  represents  that he is a person of full age of majority, with full
power,  capacity,  and  authority  to  enter into this Agreement and perform the
obligations  contemplated  hereby by and for himself.  All action on the part of
Bahrami  necessary for the authorization, execution, delivery and performance of
this  Agreement  by  him has been taken and will be taken prior to Closing Date.
This  Agreement,  when duly executed and delivered in accordance with its terms,
will  constitute  legal,  valid  and  binding obligations of Bahrami enforceable
against  him  in  accordance  with  its  terms,  except  as  may  be  limited by
bankruptcy,  insolvency,  reorganization  and  other  similar  laws  of  general
application  affecting  creditors'  rights  generally  or  by  general equitable
principles.

     Section  3.4     Consents.  No  consent  of,  approval  by,  order  or
                      --------
authorization  of,  or  registration, declaration or filing by the Seller or the
Company  with  any  court  or any governmental or regulatory agency or authority
having  jurisdiction  over  the  Seller or the Company or any of its property or
assets  is  required  on the part of the Seller or the Company (a) in connection
with  the consummation of the transactions contemplated by this Agreement or (b)
as  a  condition  to  the  legality,  validity  or enforceability as against the
Company of this Agreement, excluding any registration, declaration or filing the
failure  to  effect  which  would  not  have  a  material  adverse effect on the
financial  condition  of  the  Company.

     Section  3.5     Acquisition  of  Stock  for  Investment.  The  Seller
                      ---------------------------------------
understands  that  any  issuance  of  the  Shares  (as referenced in Section 1.2
herein)  will  not  have  been  registered  under the Securities Act of 1933, as
amended  (the  "Act"),  or  any  state  securities  acts,  and  accordingly, are
restricted  securities,  and the Seller represents and warrants to the Buyer and
Rick's that the Seller's present intention is to receive and hold the Shares for
investment  only  and  not  with  a  view to the distribution or resale thereof.

                          Purchase Agreement - Page 4
<PAGE>
     Additionally,  the  Seller  understands  that  any  sale  of any the Shares
issued,  under  current  law,  will  require  either (a) the registration of the
Shares  under  the Act and applicable state securities acts; (b) compliance with
Rule  144  of  the  Act;  or  (c)  the  availability  of  an  exemption from the
registration  requirements  of  the  Act  and  applicable state securities acts.

     To  assist in implementing the above provisions, the Seller hereby consents
to  the  placement  of  the legend, or a substantially similar legend, set forth
below,  on all certificates representing ownership of the Shares acquired hereby
until the Shares have been sold, transferred, or otherwise disposed of, pursuant
to  the  requirements  hereof.  The  legend shall read substantially as follows:

          "THESE  SECURITIES  HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
          ACT OF 1933, AS AMENDED, OR ANY APPLICABLE STATE SECURITIES ACTS.
          THESE  SECURITIES  HAVE  BEEN  ACQUIRED  FOR  INVESTMENT,  ARE
          RESTRICTED  AS  TO  TRANSFERABILITY,  AND  MAY  NOT  BE  SOLD,
          HYPOTHECATED,  OR  OTHERWISE  TRANSFERRED WITHOUT COMPLIANCE WITH
          THE  REGISTRATION  AND  QUALIFICATION  PROVISIONS  OF  APPLICABLE
          FEDERAL  AND  STATE  SECURITIES  LAWS  OR  APPLICABLE  EXEMPTIONS
          THEREFROM."

     Section 3.6     Sellers' Access to Information.  The Seller hereby confirms
                     ------------------------------
and  represents that he (a) has received a copy of Rick's Form 10-KSB filed with
the  Securities and Exchange Commission (the "SEC") for the year ended September
30,  2005,  as amended, and a copy of Rick's Form 10-QSB's for the quarter ended
December  31, 2005, March 31, 2006 and June 30, 2006, as filed with the SEC; (b)
a  copy  of  Rick's Form 14C filed with the SEC on April 24, 2006; (c) a copy of
the  Form  8-K's  filed with the SEC on March 27, 2006, April 6, 2006, April 14,
2006, May 11, 2006, July 12, 2006, July 13, 2006, August 10, 2006 and August 28,
2006;  (d)  has  been  afforded  the opportunity to ask questions of and receive
answers  from  representatives  of  Rick's concerning the business and financial
condition,  properties,  operations  and  prospects  of  Rick's;  (e)  has  such
knowledge  and  experience in financial and business matters so as to be capable
of  evaluating  the  relative  merits and risks of the transactions contemplated
hereby;  (f)  has had an opportunity to engage and is represented by an attorney
of  his choice; (g) has had an opportunity to negotiate the terms and conditions
of  this  Agreement; (h) has been given adequate time to evaluate the merits and
risks  of  the  transactions contemplated hereby; and (i) has been provided with
and given an opportunity to review all current information about Rick's.  Seller
has asked such questions to representatives of Rick's about Rick's as he desires
to  ask  and  all  such questions have been answered to the full satisfaction of
each  Seller.  The  forms  filed  by Rick's with the SEC as set forth in Section
3.6(a),  (b)  and  (c)  are hereafter collectively referred to as "SEC Reports".

     Section  3.7     Purchase  for  Investment.  The  Seller  is  acquiring the
                      -------------------------
Rick's  Shares  for  his  own account, for investment purposes only and not with
view  to  any  public resale or other distribution thereof.  Seller acknowledges
that  he  is  an  Accredited  Investor as that term is defined in Rule 501(a) of
Regulation  D  of  the  Securities  Act  of  1933,  as  amended.  Seller and his
representatives  have  received,  or have had access to, and have had sufficient
opportunity  to  review,  all  books,  records,  financial information and other
information  which Seller considers necessary or advisable to enable him to make
a  decision  concerning  its  acquisition  of  the  Shares,  and  that  he

                          Purchase Agreement - Page 5
<PAGE>
possesses  such  knowledge and experience in financial and business matters that
he  is  capable  of evaluating the merits and risks of his investment hereunder.

     Section  3.8     No  Default.  The  Company  is not (a) in violation of any
                      -----------
provision of its Articles of Organization or Regulations or (b) in default under
any  term  or  condition  of any instrument evidencing, creating or securing any
indebtedness  of  the  Company,  and  there  has been no default in any material
obligation  to  be  performed  by  the  Company under any other contract, lease,
agreement,  commitment  or  undertaking to which it is a party or by which it or
its  assets  or  properties  are  bound, nor has the Company waived any material
right  under  any  such  contract,  lease, agreement, commitment or undertaking.

     Section  3.9     Taxes.  The  Company  has  timely and accurately filed all
                      -----
federal,  state,  foreign and local tax returns and reports required to be filed
prior to such dates and have timely paid all taxes shown on such returns as owed
for  the  periods  of such returns, including all sales taxes and withholding or
other payroll related taxes shown on such returns and any taxes required to have
been withheld and paid in connection with amounts paid or owing to any employee,
creditor or independent contractor.  The Company has made adequate provision for
the  payment  of  all  taxes  accruable  for all periods ending on or before the
Closing  Date  to  any taxing authority and are not delinquent in the payment of
any  tax  or  governmental  charge  of any nature.  No assessments or notices of
deficiency  or  other  communications  have  been  received  by the Company with
respect  to any tax return which has not been paid, discharged or fully reserved
against  and  no  amendments  or  applications for refund have been filed or are
planned with respect to any such return.  Neither the Company nor the Seller has
knowledge  of  any  action  by any taxing authority in connection with assessing
additional  taxes against or in respect of it for any past period.  There are no
agreements between the Company and any taxing authority waiving or extending any
statute  of  limitations  with  respect  to  any  tax  return.

     Section  3.10     Financial  Statements.  Seller has delivered to Buyer the
                       ---------------------
financial  information  available  relating  to  the  Company  (  the "Financial
Information").  Such Financial Information, are in accordance with the books and
records  of  the  Company  and  fairly  represent  the financial position of the
Company  and  the results of operations and changes in financial position of the
Company  as  of the dates and for the periods indicated.  Except as set forth in
Exhibit  3.10,  the Company, as of the date of the Financial Information, has no
material  liability  or  obligation  of  any  nature, whether absolute, accrued,
continued  or  otherwise.  As  of the Closing Date, Seller represents there have
been  no  adverse  changes  in  the  financial  condition  or  other operations,
business,  properties or assets of the Company from that reflected in the latest
Financial  Information  of  the Company as furnished pursuant to this Agreement.

     Section  3.11     Labor  Matters.  The  Company is not a party or otherwise
                       --------------
subject  to  any  collective  bargaining  agreement  with  any  labor  union  or
association.  The  Company  is  not  a  party  to  any written or oral contract,
agreement  or  understanding  for  the  employment  of  any officer, director or
employee  of  the  Company.  The Company is not a party to any employee benefits
plans (as defined in Section 3(3) of the Employee Retirement Income Security Act
of  1974, as amended) or any other fringe or employee benefits plan, programs or
arrangements.

                          Purchase Agreement - Page 6
<PAGE>
     Section  3.12     Compliance with Laws; Permits. The Company is, and at all
                       -----------------------------
times prior to the date hereof has been in compliance with all statutes, orders,
rules,  ordinances  and  regulations applicable to it or to the ownership of its
assets  or  the  operation  of  their  businesses.  The  Company  owns, holds or
possesses,  or  will  own, hold or posses prior to the Closing Date, all permits
and  licenses  which  are in any manner necessary for it to conduct its sexually
oriented  business,  including  the  right  to  serve  alcoholic  beverages.

     Section  3.13     No  Conflicts.  The execution and delivery by the Company
                       -------------
and  the Seller of this Agreement does not, and the performance and consummation
by  the  Company and the Seller of the transactions contemplated hereby will not
(i)  conflict  with  the articles of organization or regulations of the Company;
(ii)  conflict  with or result in a breach or violation of, or default under, or
give  rise  to  any  right  of acceleration or termination of, any of the terms,
conditions  or  provisions of any note, bond, lease, license, agreement or other
instrument  or  obligation  to  which  the  Company  is  a party or by which the
Company's  or  Seller's  assets  or  properties  are  bound; (iii) result in the
creation  of  any encumbrance on any of the assets or properties of the Company;
or  (iv) violate any law, rule, regulation or order applicable to the Company or
Seller  or  any  of  the  Company's  assets  or  properties.

     Section  3.14     Title  to Properties; Encumbrances.  The Company has good
                       ----------------------------------
and  marketable  title to all of the personal property and assets, that are used
in  the  business  that  are material to the condition (financial or otherwise),
business,  operations  or  prospects  of  the  Company,  free  and  clear of all
mortgages,  claims, liens, security interests, charges, leases, encumbrances and
other  restrictions  of  any  kind  and  nature,  except (i) as disclosed in the
Financial  Statements  of  the Company, (ii) statutory liens not yet delinquent,
and  (iii)  such  liens  consisting  of  zoning  or  planning  restrictions,
imperfections of title, easements, pledges, charges and encumbrances, if any, as
do  not  materially  detract  from  the  value  or materially interfere with the
present  use of the property or assets subject thereto or affected thereby.  The
Company  does  not  own  any  real  property.

     Section  3.15     No  Pending  Transactions.  Except  for  the transactions
                       -------------------------
contemplated  by this Agreement, neither Seller nor the Company is a party to or
bound by or the subject of any agreement, undertaking, commitment or discussions
or  negotiations  with  any  person  that  could result in (i) the sale, merger,
consolidation  or  recapitalization  of the Company, (ii) the sale of any of the
assets  of the Company except in the ordinary course of business, (iii) the sale
of  any  outstanding Membership Interest of the Company, (iv) the acquisition by
the  Company  of any operating business or the capital stock of any other person
or  entity,  (v)  the  borrowing  of  money  by  the Company, whether secured or
unsecured,  or  (vi) any agreement with any of the respective officers, managers
or  affiliates  of  the  Company.

     Section  3.16     Contracts  and  Leases.  Except  as  set forth in Exhibit
                       ----------------------
3.16,  the Company (i) has no leases of personal property relating to the assets
of  the  Company,  whether as lessor or lessee; (ii) has no contractual or other
obligations  relating to the assets of the Company, whether written or oral; and
(iii)  has not given any power of attorney to any person or organization for any
purpose  relating  to  the assets of the Company.  Other than as contemplated by
this  Agreement,  as of the Closing Date, there will not be any lease agreements
for  the  Premises  where  the  Club is located.  The Company has provided Buyer
access  to  each  and  every  contract,  lease or other document relating to the
assets of the Company to which they are subject or are a party or a beneficiary.
To  Seller's  knowledge, such contracts, leases or other documents are valid and
in  full  force  and  effect  according  to  their  terms  and

                          Purchase Agreement - Page 7
<PAGE>
constitutes  a  legal, valid and binding obligation of the Company and the other
respective  parties  thereto and are enforceable in accordance with their terms.
Seller has no knowledge of any default or breach under such contracts, leases or
other documents or of any pending or threatened claims under any such contracts,
leases  or  other  documents.

     Section  3.17     No  Default.  The  Company is not (a) in violation of any
                       -----------
provision of its articles of organization or regulations or (b) in default under
any  term  or  condition  of any instrument evidencing, creating or securing any
indebtedness  of  the  Company,  and  there  has been no default in any material
obligation  to  be  performed  by  the  Company under any other contract, lease,
agreement,  commitment  or  undertaking to which it is a party or by which it or
its  assets  or  properties  are  bound, nor has the Company waived any material
right  under  any  such  contract,  lease, agreement, commitment or undertaking.

     Section  3.18     Books  and  Records.  The books of account, minute books,
                       -------------------
stock  record  books or other records of the Company that exist are accurate and
complete  and  have  been maintained in accordance with sound business practices
and  will  be  located  at  the  Premises  upon  Closing.

     Section  3.19     Insurance Policies.  Copies  of  all  insurance  policies
                       ------------------
maintained  by  the  Company  relating  to  the  operation of the Club have been
delivered  or  made  available  to Buyer.  The policies of insurance held by the
Company  are  in  such amounts, and insure against such losses and risks, as the
Company  reasonably  deems appropriate for its property and business operations.
All  such  insurance policies are in full force and effect, and all premiums due
thereon  have  been paid.  Valid policies for such insurance will be outstanding
and  duly  in  force  at  all  times  prior  to  the  Closing.

     Section  3.20     Pending  Claims.  Except  as  set  forth in Exhibit 3.20,
                       ---------------
there is no claim, suit, arbitration, investigation, action or other proceeding,
whether  judicial,  administrative  or otherwise, now pending or, to the best of
the  Company's or Bahrami's knowledge, threatened before any court, arbitration,
administrative or regulatory body or any governmental agency which may result in
any  judgment, order, award, decree, liability or other determination which will
or  could  reasonably  be  expected  to have any effect upon the Company, or the
business of the Club or the transfer of the Membership Interest by the Seller to
Buyer  under this Agreement or the operation of the Club after the Closing Date,
nor  is there any basis known to the Company or Bahrami for any such action.  No
litigation  is  pending, or, to the Company's or Bahrami's knowledge, threatened
against  the Company, or the business of the Club, or their assets or properties
which  seeks  to restrain or enjoin the execution and delivery of this Agreement
or  any  of  the  documents referred to herein or the consummation of any of the
transactions contemplated thereby or hereby.  Neither the Company nor Bahrami is
subject  to  any  judicial  injunction  or  mandate  or  any  quasi-judicial  or
administrative  order  or  restriction  directed  to or against them which would
affect the Company or the business of the Club, or the Membership Interest to be
transferred  under  this  Agreement.

     Section 3.21     No Liabilities. As of the Closing Date, Company shall have
                      --------------
no obligations or liability (contingent or otherwise) to any third party, except
as  set  forth  in  exhibit  3.16.

     Section  3.22     Brokerage  Commission.  No broker or finder has acted for
                       ---------------------
the Seller, or the Company in connection with this Agreement or the transactions
contemplated  hereby,  and  no  person

                          Purchase Agreement - Page 8
<PAGE>
is  entitled to any brokerage or finder's fee or compensation in respect thereof
based  in  any  way  on agreements, arrangements or understandings made by or on
behalf  of  Seller  or  the  Company.

     Section 3.23     Environmental.  The Company has not received any citation,
                      -------------
directive,  letter or other communication, written or oral, or any notice of any
proceeding,  claim or lawsuit relating to any environmental issue arising out of
the  ownership  or  occupation  of  the  Club.

     Section 3.24     Banks and Brokerage Accounts.  Exhibit 3.24 sets forth (a)
                      ----------------------------
a  true  and  complete  list  of  the  names  and  locations of all banks, trust
companies,  securities  brokers  and  other  financial institutions at which the
Company  has  an  account or safe deposit box or maintains a banking, custodial,
trading  or  other  similar  relationship,  and (b) a true and complete list and
description  of each such account, box and relationship, indicating in each case
the  account  number and the names of the respective officers, employees, agents
or  other  similar  representatives  of  the Company having signatory power with
respect  thereto.

     Section  3.25      Disclosure.  No  representation or warranty of Seller or
                        ----------
the Company contained in this Agreement (including the exhibits hereto) contains
any  untrue  statement  or  omits to state a material fact necessary in order to
make  the  statements contained herein or therein, in light of the circumstances
under  which  they  were  made,  not  misleading.

                                   ARTICLE IV
                         REPRESENTATIONS AND WARRANTIES
                                    OF BUYER

     Buyer  hereby  represents  and  warrants  to  Seller  as  follows:

     Section  4.1     Organization,  Good Standing and Qualification.  Buyer (i)
                      -----------------------------------------------
is  an  entity  duly  organized, validly existing and in good standing under the
laws  of the state of Texas, (ii) has all requisite power and authority to carry
on its business, and (iii) is duly qualified to transact business and is in good
standing  in  all  jurisdictions  where  its  ownership,  lease  or operation of
property  or  the  conduct  of  its business requires such qualification, except
where  the  failure  to do so would not have a material adverse effect to Buyer.

     Section  4.2     Authorization.  Buyer  is  a corporation duly organized in
                      -------------
the  state  of  Texas  and has full power, capacity, and authority to enter into
this  Agreement  and perform the obligations contemplated hereby.  All action on
the  part  of  Buyer  necessary  for  the authorization, execution, delivery and
performance  of this Agreement by it has been or will be taken.  This Agreement,
when  duly  executed and delivered in accordance with its terms, will constitute
legal,  valid,  and  binding  obligations  of Buyer enforceable against Buyer in
accordance  with  its terms, except as may be limited by bankruptcy, insolvency,
and  other  similar  laws  affecting  creditors'  rights generally or by general
equitable  principles.

     Section  4.3     Consents.  No  permit,  consent, approval or authorization
                      --------
of,  or  designation,  declaration or filing with, any governmental authority or
any  other  person or entity is required on the part of Buyer in connection with
the  execution  and  delivery  by  Buyer  of  this  Agreement  or  the

                          Purchase Agreement - Page 9
<PAGE>
consummation  and performance of the transactions contemplated hereby other than
as  may  be  required  under  the  federal  securities  laws.

     Section  4.4     Disclosure.  No  representation  or  warranty  of  Buyer
                      ----------
contained  in this Agreement (including the exhibits hereto) contains any untrue
statement  or  omits  to  state  a  material fact necessary in order to make the
statements  contained  herein  or  therein,  in light of the circumstances under
which  they  were  made,  not  misleading.

     Section  4.5     Brokerage  Commission.  No  broker or finder has acted for
                      ---------------------
the  Buyer  in  connection  with this Agreement or the transactions contemplated
hereby,  and  no  person  is  entitled  to  any  brokerage  or  finder's  fee or
compensation  in respect thereof based in any way on agreements, arrangements or
understandings  made  by  or  on  behalf  of  Buyer.

                                    ARTICLE V
                         REPRESENTATIONS AND WARRANTIES
                                    OF RICK'S

     Rick's  hereby  represents  and  warrants  to  Seller  as  follows:

     Section  5.1     Organization, Good Standing and Qualification.  Rick's (i)
                      ----------------------------------------------
is a corporation duly organized, validly existing and in good standing under the
laws  of the State of Texas, (ii) has all requisite power and authority to carry
on its business, and (iii) is duly qualified to transact business and is in good
standing  in  all  jurisdictions  where  its  ownership,  lease  or operation of
property  or  the  conduct  of  its business requires such qualification, except
where  the  failure to do so would not have a material adverse effect to Rick's.

     Section  5.2     Authorization.  Rick's  is a corporation duly organized in
                      -------------
the  state  of  Texas  and has full power, capacity, and authority to enter into
this  Agreement  and perform the obligations contemplated hereby.  All action on
the  part  of  Rick's  necessary  for the authorization, execution, delivery and
performance  of this Agreement by it has been or will be taken.  This Agreement,
when  duly  executed and delivered in accordance with its terms, will constitute
legal,  valid,  and  binding  obligations  of  Rick's  enforceable against it in
accordance  with  its terms, except as may be limited by bankruptcy, insolvency,
and  other  similar  laws  affecting  creditors'  rights generally or by general
equitable  principles.

     Section  5.3     Consents.  No  permit,  consent, approval or authorization
                      --------
of,  or  designation,  declaration or filing with, any governmental authority or
any  other  person  or  entity is required on the part of the Buyer or Rick's in
connection  with  the  execution and delivery by Rick's of this Agreement or the
consummation  and performance of the transactions contemplated hereby other than
as  may  be  required  under  the  federal  securities  laws.

     Section  5.4     Disclosure.  No  representation  or  warranty  of  Rick's
                      ----------
contained  in this Agreement (including the exhibits hereto) contains any untrue
statement  or  omits  to  state  a  material fact necessary in order to make the
statements  contained  herein  or  therein,  in light of the circumstances under
which  they  were  made,  not  misleading.

                          Purchase Agreement - Page 10
<PAGE>
     Section  5.5     Brokerage  Commission.  No  broker or finder has acted for
                      ---------------------
Rick's  in  connection  with  this  Agreement  or  the transactions contemplated
hereby,  and  no  person  is  entitled  to  any  brokerage  or  finder's  fee or
compensation  in respect thereof based in any way on agreements, arrangements or
understandings  made  by  or  on  behalf  of  Rick's.

     Section  5.6     Compliance with Laws; Permits.  Except as disclosed in the
                      -----------------------------
SEC  Reports,  Rick's is, and at all times prior to the date hereof has been, to
the  best  of  its  knowledge,  in  compliance with all statutes, orders, rules,
ordinances  and regulations applicable to it or to the operation of its business
or  ownership  of  its  assets  or  the  operation of its businesses, except for
failures  to  be  in compliance that would not have a material adverse effect on
the  business,  properties  or  condition  (financial  or  otherwise) of Rick's.

     Section 5.7     No Conflicts.  The execution and delivery of this Agreement
                     ------------
by  Rick's  does  not,  and the performance and consummation of the transactions
contemplated  hereby  by  the  Buyer and Rick's , will not (i) conflict with the
articles of incorporation or bylaws of Rick's; (ii) conflict with or result in a
breach  or  violation  of,  or  default  under,  or  give  rise  to any right of
acceleration  or  termination  of, any of the terms, conditions or provisions of
any  note,  bond, lease, license, agreement or other instrument or obligation to
which Rick's is a party or by which Rick's assets or properties are bound; (iii)
result  in the creation of any encumbrance on any of the assets or properties of
the  Buyer;  or  (iv)  violate  any law, rule, regulation or order applicable to
Rick's  or  any  of  Rick's  securities,  assets  or  properties

     Section  5.8     No  Default.  Rick's  is  not  (a)  in  violation  of  any
                      -----------
provision of its articles of incorporation or bylaws or (b) in default under any
term  or  condition  of  any  instrument  evidencing,  creating  or securing any
indebtedness of Rick's, and there has been no default in any material obligation
to be performed by Rick's under any other contract, lease, agreement, commitment
or undertaking to which it is a party or by which it or its assets or properties
are  bound,  nor  has  Rick's waived any material right under any such contract,
lease,  agreement,  commitment  or  undertaking.

     Section  5.9     Pending  Claims.  Except  as described in the SEC Reports,
                      ---------------
there is no claim, suit, arbitration, investigation, action or other proceeding,
whether  judicial,  administrative  or otherwise, now pending or, to the best of
the Rick's's knowledge, threatened before any court, arbitration, administrative
or  regulatory body or any governmental agency which may result in any judgment,
order,  award,  decree,  liability  or  other  determination which will or could
reasonably  be  expected  to  have a material adverse effect upon Rick's, nor is
there  any basis known to Rick's for any such action.  No litigation is pending,
or,  to  Rick's knowledge, threatened against Rick's or its assets or properties
which  seeks  to restrain or enjoin the execution and delivery of this Agreement
or  any  of  the  documents referred to herein or the consummation of any of the
transactions  contemplated  thereby  or  hereby.   Rick's  is not subject to any
judicial  injunction or mandate or any quasi-judicial or administrative order or
restriction directed to or against it which would have a material adverse affect
on  the  Buyer.

                          Purchase Agreement - Page 11
<PAGE>
                                   ARTICLE VI
                            COVENANTS OF THE COMPANY

     Section  6.1     Stand  Still.  To  induce  Buyer and Ricks to proceed with
                      ------------
this  Agreement, the Company and Seller agree that until the Closing Date or the
termination of this Agreement, neither any representative of the Company nor the
Seller  will  offer  to  sell  or solicit any offer to purchase or engage in any
discussions  or  activities  of  any  nature whatsoever, directly or indirectly,
involving  in  any  manner  the actual or potential sale, transfer, encumbrance,
pledge,  collateralization  or  hypothecation  of  any  assets of the Company or
Membership  Interest  of the Seller.  The Company and the Seller hereby agree to
advise  the  Buyer  and  Ricks of any contact from any third party regarding the
acquisition  of any Membership Interest of the Seller or other investment in the
Company,  or  of any contact which would relate to the transactions contemplated
by  this  Agreement.

     Section  6.2     Access; Due Diligence.  Between the date of this Agreement
                      ---------------------
and  the  Closing Date, the Company and Seller shall (a) provide Buyer and their
authorized  representatives  reasonable access to all plants, offices, warehouse
and  other facilities and properties of the Company and to the books and records
of  the Company; (b) permit the Buyer to make inspections thereof; and (c) cause
the  officers  and  advisors  of  the  Company  to  furnish  the Buyer with such
financial  and operating data and other information with respect to the business
and properties of the Company and to discuss with the Buyer and their authorized
representatives  the  affairs  of the Company as the Buyer may from time to time
reasonably  request.

     Section 6.3     Conduct of Business.  From the date of the execution hereof
                     -------------------
until  the  Closing  Date, the Company shall operate the business of the Club in
the  ordinary  course  of  business,  and:

     (a)  The  Company  will  not authorize, declare, pay or effect any dividend
          except  as  is  consistent  with  past  practices  of  the  Company or
          liquidation  or  other  distribution  in  respect  of  the  units  of
          membership  interest  of  the  Company or other equity interest or any
          direct  or  indirect  redemption, purchase or other acquisition of any
          equity  interest  of  the  Company;

     (b)  The Company will not make any changes in their condition (financial or
          otherwise),  liabilities,  assets,  or  business  or  in  any of their
          business  relationships,  including  relationships  with  suppliers or
          customers,  that,  when  considered  individually or in the aggregate,
          might  reasonably be expected to have a material adverse effect on the
          Company;

     (c)  The Company will not increase the salary or other compensation payable
          or  to  become  payable  by  the  Company  to  any  employee,  or  the
          declaration,  payment, or commitment or obligation of any kind for the
          payment  by  the  Company  of  a  bonus  or other additional salary or
          compensation  to  any  such  person  except  in  the  normal course of
          business,  consistent  with  past  practices  of  the  Company;

     (d)  The  Company  will  not  sell,  lease, transfer or assign any of their
          assets, tangible or intangible, other than for a fair consideration in
          the  ordinary  course  of  business;

                          Purchase Agreement - Page 12
<PAGE>
     (e)  The  Company  will  not  accelerate,  terminate,  modify or cancel any
          agreement,  contract,  lease  or  license  (or  series  of  related
          agreements, contracts, leases and licenses) involving more than $1,000
          to  which  the  Company  is  a  party;

     (f)  The  Company  will  not  make  any  loans  to any person or entity, or
          guarantee  any  loan,  absent  the  consent  of  the  Buyer;

     (g)  The  Company  will not waive or release any right or claim held by the
          Company,  absent  the  consent  of  the  Buyer;

     (h)  The  Company  will  operate  its  business  in the ordinary course and
          consistent  with  past  practices  so  as  to  preserve their business
          organization  intact, to retain the services of their employees and to
          preserve  their  goodwill and relationships with suppliers, creditors,
          customers,  and  others  having  business  relationships  with  them;

     (i)  The  Company  will  not issue any note, bond or other debt security or
          create,  incur  or  assume, or guarantee any indebtedness for borrowed
          money  or  capitalized  lease  obligations;

     (j)  The Company will not delay or postpone the payment of accounts payable
          and  other  liabilities  outside  the  ordinary  course  of  business;

     (k)  The  Company  will  not  make  any  loan  to,  or enter into any other
          transaction  with,  any  of  their directors, officers, and employees,
          outside  the  ordinary  course  of  business;

     (l)  The  Company  will  not  make  any  change in any method, practice, or
          principle  of  accounting  involving  the  Company's  business, or the
          assets  of  the  Company;

     (m)  The  Company  will  not issue, sell or otherwise dispose of any of its
          membership  interests,  or  create,  sell  or  dispose of any options,
          rights,  conversion  rights  or other agreements or commitments of any
          kind  relating  to  the  issuance, sale or disposition of any of their
          membership  interests;

     (n)  The  Company  will not reclassify, split up or otherwise change any of
          their  membership  interests;

     (o)  The  Company will not be a party to any merger, consolidation or other
          business  combination;  and

     (p)  The  Company  will  not  agree  to  take  any action described in this
          Section  6.3.

                                  ARTICLE VII
                              CONDITIONS TO CLOSING

     The  obligations  of  the  parties  to effect the transactions contemplated
hereby  are  subject  to  the  satisfaction  at  or  prior to the Closing of the
following  conditions:

                          Purchase Agreement - Page 13
<PAGE>
     Section  7.1     Conditions  to  Obligations  of  Buyer  and  Rick's.
                      ---------------------------------------------------

          (a)     Representations and Warranties of the Company and the Seller.
                   ------------------------------------------------------------
The  representations  and warranties of the Company and the Seller shall be true
and correct on the date hereof and on and as of the Closing Date, as though made
on  and  as  of  the  Closing  Date.

          (b)     Covenants.  All  covenants,  agreements  and  conditions
                   ---------
contained  in  this  Agreement  to  be performed by the Company and Seller on or
prior  to  the  Closing  Date  shall have been performed or complied with in all
respects.

          (c)     Delivery of Certificates.  The Company shall provide to Buyer
                   ------------------------
certificates, dated as of the Closing Date and signed by a representative of the
Company  to  effect  set  forth  in Section 7.1(a) and 7.1(b) for the purpose of
verifying  the  accuracy  of  such  representations  and  warranties  and  the
performance  and  satisfaction  of  such  covenants  and  conditions.

          (d)     Resolutions.  The Company shall have delivered resolutions of
                   -----------
the  Company,  which  authorize  the execution, delivery and performance of this
Agreement  and  the  documents  referred  to herein to which it is or is to be a
party  dated  as  of  the  Closing  Date.

          (e)     Delivery of Membership Interest.  The Seller shall deliver or
                   -------------------------------
cause  to  be  delivered to Buyer originally issued certificate representing the
Membership  Interest  of  the  Company duly endorsed over to the Buyer in a form
satisfactory  to  the  Buyer.

          (f)     Related  Transactions.  The Related Transactions set forth in
                   ---------------------
Section  2.3  shall  be  consummated  concurrently  with  the  Closing.

          (g)     Third-Party  Consents.  Any  and  all  consents  or  waivers
                   ---------------------
required  from  third  parties  relating  to  this Agreement or any of the other
transactions  contemplated  hereby  shall  have  been  obtained.

          (h)     Satisfactory  Diligence.  Buyer  shall have concluded its due
                   -----------------------
diligence  investigation  of  the  Company and its assets and properties and all
other  matters related to the foregoing, and shall be satisfied, in its absolute
and  sole  discretion,  with  the  results  thereof.

          (i)     No  Actions  or  Proceedings.  No  claim,  action,  suit,
                   ----------------------------
investigation  or  proceeding shall be pending or threatened before any court or
governmental  agency  which  presents  a  substantial  risk  of the restraint or
prohibition  of  the  transactions  contemplated  by  this  Agreement.

          (j)     Government Approvals.  All authorizations, permits, consents,
                   --------------------
orders, licenses or approvals of, or declarations or filings with, or expiration
of  waiting  periods  imposed  by,  any  governmental  entity  necessary for the
consummation  of the transactions contemplated by this Agreement shall have been
filed,  occurred  or  been  obtained.

          (k)     Appointment  of Manager/Officer.  Eric Langan shall have been
                   -------------------------------
appointed  as  a Manager of the Company and as its President and Chief Executive
Officer.

     Section  7.2     Conditions  to  Obligations of the Company and the Seller
                      ----------------------------------------------------------

                          Purchase Agreement - Page 14
<PAGE>
          (a)     Representations,  Warranties  and  Agreements  of  Buyer  and
                   -------------------------------------------------------------
Rick's.  The  representations  and  warranties of Buyer and Rick's shall be true
------
and correct on the date hereof and on and as of the Closing Date, as though made
on  and  as  of  the  Closing  Date.

          (b)     Covenants.  All  covenants,  agreements  and  conditions
                   ---------
contained  in  this Agreement to be performed by the Buyer or Rick's on or prior
to  the  Closing  Date  shall  have  performed or complied with in all respects.

          (c)     Delivery  of Certificates.  Buyer and Rick's shall provide to
                   -------------------------
the Company and Seller certificates dated as of the Closing Date and signed by a
representative of the Buyer and Rick's to the effect set forth in Section 7.2(a)
and 7.2(b) for the purpose of verifying the accuracy of such representations and
warranties  and  the  performance  and  satisfaction  of  such  covenants  and
conditions.

          (d)     Resolutions.  Buyer  and  Risk's shall deliver resolutions of
                   -----------
the Buyer and Rick's, which authorize the execution, delivery and performance of
this Agreement and the documents referred to herein to which it is or is to be a
party  dated  as  of  the  Closing  Date.

          (e)     Payment of Purchase Price.  Buyer (i) shall have tendered the
                   -------------------------
cash portion of the Purchase Price set forth in Section 1.2, and (ii) shall have
delivered  the  Shares representing a portion of the Purchase Price to Seller as
set  forth  in  Section  1.2,  or  shall  deliver a letter of instruction to the
transfer  agent  instructing  the  issuance  of  the  Shares  to  Seller.

          (f)     Related Transactions.  The Related Transaction set forth in
                   --------------------
Section 2.3 shall be consummated concurrently with the Closing.

          (g)     Consents;  Transfer  of Licenses.  All necessary transfers of
                   --------------------------------
licenses  and  leases  required for the operation of the business of the Company
shall  have  been  obtained.  The Certificate of Occupancy issued by the City of
Austin  which zones the Premises for an adult oriented business shall be in full
force  and  effect.

          (h)     Third Party Consents.  Any and all consents or waivers
                   --------------------
required from third parties relating to this Agreement or any of the other
transactions contemplated hereby shall have been obtained.

          (i)     No Actions or Proceedings.  No claim, action, suit,
                   -------------------------
investigation or proceeding shall be pending or threatened before any court or
governmental agency which presents a substantial risk of the restraint or
prohibition of the transactions contemplated by this Agreement.

          (j)     Government Approvals.  All authorizations, permits, consents,
                   --------------------
orders  or  approvals  of,  or  declarations  or  filings with, or expiration of
waiting  periods  imposed  by,  any  governmental  entity  necessary  for  the
consummation  of the transactions contemplated by this Agreement shall have been
filed,  occurred  or  been  obtained.

                          Purchase Agreement - Page 15
<PAGE>
                                  ARTICLE VIII
                                INDEMNIFICATION

     Section  8.1     Indemnification  from  the  Seller  and  the Company.  The
                      ----------------------------------------------------
Seller  and  the Company hereby agree to and shall indemnify, defend (with legal
counsel  reasonably  acceptable  to  Buyer),  and  hold  Buyer,  its  officers,
directors,  shareholders,  employees, affiliates, parent, agents, legal counsel,
successors  and assigns  (collectively, the "Buyer Group") harmless at all times
after  the  date of this Agreement, from and against any and all actions, suits,
claims,  demands,  debts,  liabilities,  obligations,  losses,  damages,  costs,
expenses, penalties or injury  (including reasonable attorneys fees and costs of
any  suit related thereto) (collectively, "Indemnifiable Loss" or "Indemnifiable
Losses")  suffered  or  incurred by any or all of  the Buyer Group arising from:
(a)  any  material  misrepresentation  by, or material breach of any covenant or
warranty  of  the  Seller  or  the  Company  contained in this Agreement, or any
exhibit,  certificate,  or  other instrument furnished or to be furnished by the
Seller  or  the  Company  hereunder;  (b)  any  nonfulfillment  of  any material
agreement  on  the  part of  the Seller or the Company under this Agreement;  or
(c)  any  liabilities  of  the  Company  incurred  prior  to  the  Closing Date.

     Section  8.2     Indemnification  from  Buyer.  Buyer  agrees  to and shall
                      ----------------------------
indemnify, defend (with legal counsel reasonably acceptable to Company) and hold
the  Seller and the Company and their agents, officers, directors, shareholders,
employees,  affiliates,  parent,  agents, legal counsel, successors and assigns,
(collectively,  the  "Company's  Group") harmless at all times after the date of
the  Agreement  from  and  against  any and all actions, suits, claims, demands,
debts,  liabilities, obligations, losses, damages, costs, expenses, penalties or
injury  (including  reasonably  attorneys  fees  and  costs  of any suit related
thereto) suffered or incurred by any or all of the Company's Group, arising from
(a)  any  material  misrepresentation  by, or material breach of any covenant or
warranty  of  Buyer  contained in this Agreement or any exhibit, certificate, or
other  agreement  or instrument furnished or to be furnished by Buyer hereunder;
or  (b)  any nonfulfillment of any material agreement on the part of Buyer under
this  Agreement.  Further,  and  so long as Buyer or its affiliates or designees
hold more than 50% interest in the Company, Buyer agrees to and shall indemnify,
defend (with legal counsel reasonably acceptable to Company) and hold the Seller
harmless  at  all  times  after  the  Closing Date, from and against any and all
actions,  suits,  claims,  demands,  debts,  liabilities,  obligations,  losses,
damages,  costs,  expenses,  penalties or injury (including reasonably attorneys
fees  and  costs  of  any  suit  related thereto) from third parties suffered or
incurred  by  Seller  arising from or related to any liabilities of the Buyer or
Company  incurred  subsequent  to  the  Closing  Date.

     Section 8.3     Defense of Claims.  If any lawsuit or enforcement action is
                     -----------------
filed  against any party entitled to the benefit of indemnity hereunder, written
notice  thereof  shall  be  given  to  the  indemnifying  party  as  promptly as
practicable  (and  in  any  event  not  less than fifteen (15) days prior to any
hearing  date  or  other  date by which action must be taken); provided that the
failure  of  any indemnified party to give timely notice shall not affect rights
to  indemnification  hereunder  except to the extent that the indemnifying party
demonstrates  actual  damage  caused  by  such  failure.  After such notice, the
indemnifying  party  shall  be entitled, if it so elects, to take control of the
defense  and  investigation  of  such lawsuit or action and to employ and engage
attorneys  of  its own choice to handle and defend the same, at the indemnifying
party's  cost,  risk  and expense; and such indemnified party shall cooperate in
all  reasonable  respects,  at its cost, risk and expense, with the indemnifying
party and such attorneys in the investigation, trial and defense of such lawsuit
or  action  and  any

                          Purchase Agreement - Page 16
<PAGE>
appeal  arising therefrom; provided, however, that the indemnified party may, at
its  own  cost,  participate  in  such  investigation, trial and defense of such
lawsuit  or  action  and  any  appeal arising therefrom.  The indemnifying party
shall  not,  without  the prior written consent of the indemnified party, effect
any  settlement of any proceeding in respect of which any indemnified party is a
party and indemnity has been sought hereunder unless such settlement of a claim,
investigation,  suit, or other proceeding only involves a remedy for the payment
of money by the indemnifying party and includes an unconditional release of such
indemnified  party  from  all liability on claims that are the subject matter of
such  proceeding.

     Section  8.4     Default  of  Indemnification  Obligation.  If an entity or
                      ----------------------------------------
individual  having  an indemnification, defense and hold harmless obligation, as
above provided, shall fail to assume such obligation, then the party or entities
or  both,  as  the  case  may be, to whom such indemnification, defense and hold
harmless  obligation  is  due  shall  have the right, but not the obligation, to
assume and maintain such defense (including reasonable counsel fees and costs of
any  suit  related  thereto)  and  to make any settlement or pay any judgment or
verdict  as  the  individual  or  entities deem necessary or appropriate in such
individual's or entities' absolute sole discretion and to charge the cost of any
such  settlement,  payment,  expense  and  costs, including reasonable attorneys
fees,  to  the  entity  or  individual  that  had the obligation to provide such
indemnification,  defense and hold harmless obligation and same shall constitute
an additional obligation of the entity or of the individual or both, as the case
may  be.

                                   ARTICLE IX
                                  MISCELLANEOUS

     Section  9.1     Amendment;  Waiver.  Neither  this  Agreement  nor  any
                      ------------------
provision  hereof  may  be  amended, modified or supplemented unless in writing,
executed  by  all  the  parties  hereto.  Except as otherwise expressly provided
herein,  no waiver with respect to this Agreement shall be enforceable unless in
writing  and  signed by the party against whom enforcement is sought.  Except as
otherwise  expressly  provided  herein,  no  failure  to  exercise,  delay  in
exercising,  or  single or partial exercise of any right, power or remedy by any
party,  and  no  course  of  dealing  between or among any of the parties, shall
constitute  a waiver of, or shall preclude any other or further exercise of, any
right,  power  or  remedy.

     Section  9.2     Notices.  Any  notices or other communications required or
                      -------
permitted  hereunder  shall be sufficiently given if in writing and delivered in
person,  transmitted  by  facsimile  transmission (fax) or sent by registered or
certified  mail  (return  receipt  requested)  or  recognized overnight delivery
service,  postage  pre-paid,  addressed as follows, or to such other address has
such  party  may  notify  to  the  other  parties  in  writing:

     (a)     if to the Seller:        Behzad Bahrami
                                      9010 IH 35, Suite112
                                      Austin, Texas 78753
                                      Phone: (512) 658-4333
                                      Fax: (512) 371-0401

                          Purchase Agreement - Page 17
<PAGE>
             with a copy to:          Douglass D. Hearne, Jr.
                                      700 Lavaca, Suite 910
                                      Austin, Texas 78701
                                      Fax: (512) 494-8819

     (b)     if to Buyer or Rick's:   RCI Entertainment (Austin), Inc.
                                      Attn: Eric Langan, President
                                      10959 Cutten Road
                                      Houston, Texas 77066
                                      Fax: (281) 397-6765

             with a copy to:          Robert D. Axelrod
                                      Axelrod Smith & Kirshbaum
                                      5300 Memorial Drive, Suite 700
                                      Houston, Texas 77007
                                      Fax: (713) 552-0202

A  notice  or  communication  will be effective (i) if delivered in person or by
overnight  courier,  on the business day it is delivered, (ii) if transmitted by
telecopier,  on  the  business  day of actual confirmed receipt by the addressee
thereof,  and  (iii) if sent by registered or certified mail, three (3) business
days  after  dispatch.

     Section  9.3     Severability.  Whenever  possible,  each provision of this
                      ------------
Agreement shall be interpreted in such manner as to be effective and valid under
applicable  law, but if any provision of this Agreement is held to be prohibited
by  or  invalid under applicable law, such provision will be ineffective only to
the extent of such prohibition or invalidity, without invalidating the remainder
of  this  Agreement.

     Section  9.4     Assignment;  Successors  and Assigns.  Except as otherwise
                      -----------  -----------------------
provided  herein,  the  provisions  hereof shall inure to the benefit of, and be
binding  upon,  the  successors and permitted assigns of the parties hereto.  No
party  hereto  may  assign  its  rights  or  delegate its obligations under this
Agreement  without  the prior written consent of the other parties hereto, which
consent  will  not  be  unreasonably  withheld.

     Section  9.5     Entire  Agreement.  This Agreement and the other documents
                      -----------------
delivered  pursuant  hereto  constitute  the  full  and entire understanding and
agreement  between  the  parties  with  regard  to the subject matter hereof and
thereof  and supersede and cancel all prior representations, alleged warranties,
statements,  negotiations,  undertakings,  letters, acceptances, understandings,
contracts and communications, whether verbal or written among the parties hereto
and thereto or their respective agents with respect to or in connection with the
subject  matter  hereof.

     Section  9.6     Jurisdiction.  This  Agreement  shall  be governed by, and
                      ------------
construed  in accordance with, the laws of the State of Texas, without regard to
principles  of  conflict  of laws.  The parties agree that venue for purposes of
construing or enforcing this Agreement shall be proper in  Harris County, Texas,
if litigation is initiated by the Seller or the Company or Travis County, Texas,
if  litigation  is  initiated  by  the  Buyer.

                          Purchase Agreement - Page 18
<PAGE>
     Section  9.7     Counterparts  and  Facsimiles.  This  Agreement  may  be
                      -----------------------------
executed  in  multiple  counterparts  and in any number of counterparts, each of
which  shall  be  deemed  an  original,  but  all  of which taken together shall
constitute  and  be  deemed  to be one and the same instrument and each of which
shall  be  considered  and  deemed an original for all purposes.  This Agreement
shall  be effective with the facsimile signature of any of the parties set forth
below  and  the facsimile signature shall be deemed as an original signature for
all  purposes and the Agreement shall be deemed as an original for all purposes.

     Section  9.8     Costs  and  Expenses.   Each  party  shall  pay  their own
                      --------------------
respective  fees,  costs  and  disbursements  incurred  in  connection with this
Agreement.

     Section  9.9     Section  Headings.  The section and subsection headings in
                      -----------------
this Agreement are used solely for convenience of reference, do not constitute a
part  of  this  Agreement,  and  shall  not  affect  its  interpretation.

     Section  9.10     No  Third-Party Beneficiaries.  Nothing in this Agreement
                       -----------------------------
will  confer  any  third  party  beneficiary  or  other  rights  upon any person
(specifically  including any employees of the Company) or any entity that is not
a  party  to  this  Agreement.

     Section 9.11     Attorneys' Review.  In connection with the negotiation and
                      -----------------
drafting of this Agreement, the parties represent and warrant to each other they
have  had  the  opportunity  to  be  advised  by  attorneys of their own choice.

     Section  9.12     Further  Assurances.  Each  party  covenants  that at any
                       -------------------
time,  and  from  time  to  time,  after  the Closing Date, it will execute such
additional  instruments  and take such actions as may be reasonably be requested
by  the other parties to confirm or perfect or otherwise to carry out the intent
and  purposes  of  this  Agreement.

     Section  9.13     Survival  of  Representations,  Warranties and Covenants.
                       --------------------------------------------------------
All  representations  and  warranties made in, pursuant to or in connection with
this  Agreement  shall  survive the execution and delivery of this Agreement for
the  maximum  period  allowed  by  law.

     Section  9.14     Public  Announcements.   The  parties  hereto  agree that
                       ---------------------
prior  to  making  any  public  announcement  or  statement  with respect to the
transactions  contemplated  by  this  Agreement, the party desiring to make such
public announcement or statement shall consult with the other parties hereto and
exercise  their  best  efforts  to  (i)  agree  upon  the text of a joint public
announcement  or  statement  to  be  made  by all of such parties or (ii) obtain
approval  of  the  other  parties hereto to the text of a public announcement or
statement  to  be  made  solely  by  the  party  desiring  to  make  such public
announcement;  provided, however, that if any party hereto is required by law to
make  such public announcement or statement, then such announcement or statement
may  be  made  without  the  approval  of  the  other  parties.

     Section  9.15     Validity.  The  invalidity  or  unenforceability  of  any
                       --------
provision  of  this Agreement shall not affect the validity or enforceability of
any  other  provisions  of  this Agreement, which shall remain in full force and
effect.

                          Purchase Agreement - Page 19
<PAGE>
     Section  9.16     Exhibits  Not Attached.  Any exhibits not attached hereto
                       ----------------------
on  the  date  of  execution  of  this Agreement shall be deemed to be and shall
become  a  part of this Agreement as if executed on the date hereof upon each of
the  parties  initialing  and  dating  each  such exhibit, upon their respective
acceptance  of  its  terms,  conditions  and/or  form.

     IN  WITNESS  WHEREOF, the undersigned have executed this Purchase Agreement
to  become  effective  as  of  the  date  first  set  forth  above.

                                        RCI ENTERTAINMENT (AUSTIN), INC.

                                         /s/ Eric Langan
                                        ----------------------------------------
                                        By: Eric Langan, President
                                        Date: October 10, 2005
                                             -----------------------------------

                                        RICK'S CABARET INTERNATIONAL, INC.

                                         /s/ Eric Langan
                                        ----------------------------------------
                                        By: Eric Langan, President
                                        Date: October 10, 2005
                                             -----------------------------------

                                        SELLER

                                         /s/ Behzad Bahrami
                                        ----------------------------------------
                                        Behzad Bahrami, Individually
                                        Date: October  5,  2006
                                             -----------------------------------

                                        PLAYMATES GENTLEMEN CLUB, LLC

                                         /s/ Behzad Bahrami
                                        ----------------------------------------
                                        By: Behzad Bahrami, Manager
                                        Date: October 5, 2006
                                             -----------------------------------

                          Purchase Agreement - Page 20
<PAGE>
                                    EXHIBITS

                          Purchase Agreement - Page 21Unassociated Document

    EXECUTION

     

    
      

      

    

    HSI
      ASSET
      SECURITIZATION CORPORATION,

    Depositor

     

    NATIONAL
      CITY HOME LOAN SERVICES, INC.,

    Servicer

     

    FIRST
      FRANKLIN FINANCIAL CORPORATION,

    Mortgage
      Loan Seller,

     

    WELLS
      FARGO BANK, N.A.,

    Master
      Servicer, Securities Administrator and Custodian

     

    and

     

    DEUTSCHE
      BANK NATIONAL TRUST COMPANY,

    Trustee

     

    POOLING
      AND SERVICING AGREEMENT

    Dated
      as
      of April 1, 2006

     

    FIRST
      FRANKLIN MORTGAGE LOAN TRUST 2006-FF5

     

    MORTGAGE
      PASS-THROUGH CERTIFICATES,

    SERIES 2006-FF5

     

    
      

      

    

    
      
        
        

      

      
        
        

        
          

        

      

       

    

     

    TABLE
      OF
      CONTENTS

     

    
      	 	 	
              Page

            
	
              ARTICLE
                I

            
	 
	
              DEFINITIONS

            
	 
	
              ARTICLE
                II

            
	 
	
              CONVEYANCE
                OF MORTGAGE LOANS;

            
	
              REPRESENTATIONS
                AND WARRANTIES

            
	 
	
              Section
                2.01

            	
              Conveyance
                of Mortgage Loans

            	
              52

            
	
              Section
                2.02

            	
              Acceptance
                by the Custodian of the Mortgage Loans

            	
              55

            
	
              Section
                2.03

            	
              Representations,
                Warranties and Covenants of the Mortgage Loan Seller and the Servicer;
                Remedies for Breaches of Representations and Warranties with Respect
                to
                the Mortgage Loans

            	
              56

            
	
              Section
                2.04

            	
              Execution
                and Delivery of Certificates

            	
              60

            
	
              Section
                2.05

            	
              REMIC
                Matters

            	
              60

            
	
              Section
                2.06

            	
              Representations
                and Warranties of the Depositor

            	
              60

            
	 	 	 
	
              ARTICLE
                III

            
	 	 	 
	
              ADMINISTRATION
                AND SERVICING

            
	
              OF
                MORTGAGE LOANS

            
	 
	
              Section
                3.01

            	
              Servicer
                to Service Mortgage Loans

            	
              62

            
	
              Section
                3.02

            	
              Subservicing
                Agreements between Servicer and Subservicers; Use of
                Subcontractors

            	
              64

            
	
              Section
                3.03

            	
              Successor
                Subservicers

            	
              65

            
	
              Section
                3.04

            	
              Liability
                of the Servicer

            	
              65

            
	
              Section
                3.05

            	
              No
                Contractual Relationship between Subservicers and the Master
                Servicer

            	
              66

            
	
              Section
                3.06

            	
              Assumption
                or Termination of Subservicing Agreements by Master
                Servicer

            	
              66

            
	
              Section
                3.07

            	
              Collection
                of Certain Mortgage Loan Payments

            	
              67

            
	
              Section
                3.08

            	
              Subservicing
                Accounts

            	
              69

            
	
              Section
                3.09

            	
              Collection
                of Taxes, Assessments and Similar Items; Escrow Accounts

            	
              70

            
	
              Section
                3.10

            	
              Collection
                Account

            	
              71

            
	
              Section
                3.11

            	
              Withdrawals
                from the Collection Account

            	
              72

            
	
              Section
                3.12

            	
              Investment
                of Funds in the Collection Account, Escrow Accounts and the Distribution
                Account

            	
              73

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              Section
                3.13

            	
              Maintenance
                of Hazard Insurance and Errors and Omissions and Fidelity
                Coverage

            	
              75

            
	
              Section
                3.14

            	
              Enforcement
                of Due-On-Sale Clauses; Assumption Agreements

            	
              76

            
	
              Section
                3.15

            	
              Realization
                upon Defaulted Mortgage Loans

            	
              77

            
	
              Section
                3.16

            	
              Release
                of Mortgage Files

            	
              78

            
	
              Section
                3.17

            	
              Title,
                Conservation and Disposition of REO Property

            	
              79

            
	
              Section
                3.18

            	
              Notification
                of Adjustments

            	
              81

            
	
              Section
                3.19

            	
              Access
                to Certain Documentation and Information Regarding the Mortgage
                Loans

            	
              81

            
	
              Section
                3.20

            	
              Documents,
                Records and Funds in Possession of the Servicer to Be Held for the
                Trustee

            	
              82

            
	
              Section
                3.21

            	
              Servicing
                Compensation

            	
              82

            
	
              Section
                3.22

            	
              Report
                on Assessment of Compliance with Relevant Servicing
                Criteria.

            	
              83

            
	
              Section
                3.23

            	
              Report
                on Attestation of Compliance with Relevant Servicing
                Criteria.

            	
              83

            
	
              Section
                3.24

            	
              Annual
                Officer’s Certificates.

            	
              84

            
	
              Section
                3.25

            	
              Master
                Servicer to Act as Servicer

            	
              86

            
	
              Section
                3.26

            	
              Compensating
                Interest

            	
              86

            
	
              Section
                3.27

            	
              Credit
                Reporting; Gramm-Leach-Bliley Act

            	
              86

            
	
              Section
                3.28

            	
              [Reserved]

            	
              86

            
	
              Section
                3.29

            	
              Notifications
                to Parties.

            	
              87

            
	
              Section
                3.30

            	
              Indemnification.

            	
              87

            
	 	 	 
	
              ARTICLE
                IV

            
	 	 	 
	
              DISTRIBUTIONS
                AND

            
	
              ADVANCES
                BY THE SERVICER

            
	 	 	 
	
              Section
                4.01

            	
              Advances

            	
              88

            
	
              Section
                4.02

            	
              Priorities
                of Distribution

            	
              89

            
	
              Section
                4.03

            	
              Monthly
                Statements to Certificateholders

            	
              95

            
	
              Section
                4.04

            	
              Certain
                Matters Relating to the Determination of LIBOR

            	
              98

            
	
              Section
                4.05

            	
              Allocation
                of Applied Realized Loss Amounts

            	
              98

            
	
              Section
                4.06

            	
              Supplemental
                Interest Trust.

            	
              99

            
	
              Section
                4.07

            	
              Rights
                of the Swap Counterparty.

            	
              100

            
	
              Section
                4.08

            	
              Termination
                Receipts.

            	
              100

            
	 	 	 
	
              ARTICLE
                V

            
	 	 	 
	
              THE
                CERTIFICATES

            
	 	 	 
	
              Section
                5.01

            	
              The
                Certificates

            	
              102

            
	
              Section
                5.02

            	
              Certificate
                Register; Registration of Transfer and Exchange of
                Certificates

            	
              103

            
	
              Section
                5.03

            	
              Mutilated,
                Destroyed, Lost or Stolen Certificates

            	
              109

            
	
              Section
                5.04

            	
              Persons
                Deemed Owners

            	
              109

            
	
              Section
                5.05

            	
              Access
                to List of Certificateholders’ Names and Addresses

            	
              109

            

    

     

    
      
        
        

      

      
        -ii-

        
          

        

      

      
        
        

      

    

     

    
      	
              Section
                5.06

            	
              Maintenance
                of Office or Agency

            	
              109

            
	 	 	 
	
              ARTICLE
                VI

            
	 	 	 
	
              THE
                DEPOSITOR AND THE SERVICER

            
	 	 	 
	
              Section
                6.01

            	
              Respective
                Liabilities of the Depositor and the Servicer

            	
              110

            
	
              Section
                6.02

            	
              Merger
                or Consolidation of the Depositor or the Servicer

            	
              110

            
	
              Section
                6.03

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

            	
              110

            
	
              Section
                6.04

            	
              Limitation
                on Resignation of the Servicer.

            	
              111

            
	
              Section
                6.05

            	
              Additional
                Indemnification by the Servicer; Third Party Claims.

            	
              111

            
	
              Section
                6.06

            	
              Compliance
                with Regulation AB; Cooperation of Parties

            	
              112

            
	 	 	 
	
              ARTICLE
                VII

            
	 	 	 
	
              DEFAULT

            
	 	 	 
	
              Section
                7.01

            	
              Events
                of Default

            	
              113

            
	
              Section
                7.02

            	
              Master
                Servicer to Act; Appointment of Successor

            	
              115

            
	
              Section
                7.03

            	
              Notification
                to Certificateholders

            	
              117

            
	 	 	 
	
              ARTICLE
                VIII

            
	 	 	 
	
              CONCERNING
                THE TRUSTEE

            
	 	 	 
	
              Section
                8.01

            	
              Duties
                of the Trustee

            	
              117

            
	
              Section
                8.02

            	
              Certain
                Matters Affecting the Trustee

            	
              118

            
	
              Section
                8.03

            	
              Trustee
                Not Liable for Certificates or Mortgage Loans

            	
              119

            
	
              Section
                8.04

            	
              Trustee
                May Own Certificates

            	
              120

            
	
              Section
                8.05

            	
              Trustee’s
                Fees Indemnification and Expenses

            	
              120

            
	
              Section
                8.06

            	
              Eligibility
                Requirements for the Trustee

            	
              121

            
	
              Section
                8.07

            	
              Resignation
                and Removal of the Trustee

            	
              121

            
	
              Section
                8.08

            	
              Successor
                Trustee

            	
              122

            
	
              Section
                8.09

            	
              Merger
                or Consolidation of the Trustee

            	
              122

            
	
              Section
                8.10

            	
              Appointment
                of Co-Trustee or Separate Trustee

            	
              122

            
	
              Section
                8.11

            	
              Tax
                Matters

            	
              124

            
	
              Section
                8.12

            	
              Commission
                Reporting

            	
              128

            
	
              Section
                8.13

            	
              Tax
                Classification of the Excess Reserve Fund Account and the Supplemental
                Interest Trust

            	
              135

            
	 	 	 
	
              ARTICLE
                IX

            
	 	 	 
	
              ADMINISTRATION
                OF THE MORTGAGE LOANS

            
	
              BY
                THE MASTER SERVICER

            
	 	 	 
	
              Section
                9.01

            	
              Duties
                of the Master Servicer; Enforcement of Servicer
                Obligations.

            	
              135

            

    

     

    
      
        
        

      

      
        -iii-

        
          

        

      

      
        
        

      

    

     

    
      	
              Section
                9.02

            	
              [Reserved]

            	
              136

            
	
              Section
                9.03

            	
              [Reserved]

            	
              136

            
	
              Section
                9.04

            	
              Maintenance
                of Fidelity Bond and Errors and Omissions Insurance.

            	
              136

            
	
              Section
                9.05

            	
              Representations
                and Warranties of the Master Servicer

            	
              136

            
	
              Section
                9.06

            	
              Master
                Servicer Events of Default

            	
              138

            
	
              Section
                9.07

            	
              Waiver
                of Default.

            	
              139

            
	
              Section
                9.08

            	
              Successor
                to the Master Servicer.

            	
              140

            
	
              Section
                9.09

            	
              Compensation
                of the Master Servicer.

            	
              141

            
	
              Section
                9.10

            	
              Merger
                or Consolidation.

            	
              141

            
	
              Section
                9.11

            	
              Resignation
                of the Master Servicer.

            	
              141

            
	
              Section
                9.12

            	
              Assignment
                or Delegation of Duties by the Master Servicer.

            	
              141

            
	
              Section
                9.13

            	
              Limitation
                on Liability of the Master Servicer.

            	
              142

            
	
              Section
                9.14

            	
              Indemnification;
                Third Party Claims.

            	
              142

            
	 	 	 
	
              ARTICLE
                X

            
	 	 	 
	
              CONCERNING
                THE SECURITIES ADMINISTRATOR

            
	 	 	 
	
              Section
                10.01

            	
              Duties
                of Securities Administrator.

            	
              143

            
	
              Section
                10.02

            	
              Certain
                Matters Affecting the Securities Administrator.

            	
              144

            
	
              Section
                10.03

            	
              Securities
                Administrator Not Liable for Certificates or Mortgage
                Loans.

            	
              146

            
	
              Section
                10.04

            	
              Securities
                Administrator May Own Certificates.

            	
              146

            
	
              Section
                10.05

            	
              Securities
                Administrator’s Fees and Expenses.

            	
              146

            
	
              Section
                10.06

            	
              Eligibility
                Requirements for Securities Administrator.

            	
              147

            
	
              Section
                10.07

            	
              Resignation
                and Removal of Securities Administrator.

            	
              148

            
	
              Section
                10.08

            	
              Successor
                Securities Administrator.

            	
              149

            
	
              Section
                10.09

            	
              Merger
                or Consolidation of Securities Administrator.

            	
              149

            
	
              Section
                10.10

            	
              Assignment
                or Delegation of Duties by the Securities Administrator.

            	
              149

            
	 	 	 
	
              ARTICLE
                XI

            
	 	 	 
	
              TERMINATION

            
	 	 	 
	
              Section
                11.01

            	
              Termination
                upon Liquidation or Purchase of the Mortgage Loans

            	
              150

            
	
              Section
                11.02

            	
              Final
                Distribution on the Certificates

            	
              151

            
	
              Section
                11.03

            	
              Additional
                Termination Requirements

            	
              152

            
	 	 	 
	
              ARTICLE
                XII

            
	 	 	 
	
              MISCELLANEOUS
                PROVISIONS

            
	 	 	 
	
              Section
                12.01

            	
              Amendment

            	
              152

            
	
              Section
                12.02

            	
              Recordation
                of Agreement; Counterparts

            	
              155

            
	
              Section
                12.03

            	
              Governing
                Law

            	
              155

            
	
              Section
                12.04

            	
              Intention
                of Parties

            	
              155

            
	
              Section
                12.05

            	
              Notices

            	
              156

            

    

     

    
      
        
        

      

      
        -iv-

        
          

        

      

      
        
        

      

    

     

    
      	
              Section
                12.06

            	
              Severability
                of Provisions

            	
              157

            
	
              Section
                12.07

            	
              Assignment

            	
              157

            
	
              Section
                12.08

            	
              Limitation
                on Rights of Certificateholders

            	
              158

            
	
              Section
                12.09

            	
              Inspection
                and Audit Rights

            	
              158

            
	
              Section
                12.10

            	
              Certificates
                Nonassessable and Fully Paid

            	
              159

            
	
              Section
                12.11

            	
              Rule of
                Construction

            	
              159

            
	
              Section
                12.12

            	
              Waiver
                of Jury Trial

            	
              159

            

    

     

    
      
        
        

      

      
        -v-

        
          

        

      

      
        
        

      

    

     

    
      	
              SCHEDULES

            	 
	 	 
	
              Schedule I

            	
              Mortgage
                Loan Schedule

            
	 	 
	
              Schedule II

            	
              Representations
                and Warranties of the Servicer as to Corporate Matters

            
	 	 
	
              Schedule III

            	
              Representations
                and Warranties of the Mortgage Loan Seller as to Corporate
                Matters

            
	 	 
	
              Schedule IV

            	
              Representations
                and Warranties of the Mortgage Loan Seller with respect to the Individual
                Mortgage Loans

            
	 	 
	
              EXHIBITS

            	 
	 	 
	
              Exhibit A

            	
              Form
                of Class A and Class M Certificates

            
	 	 
	
              Exhibit B

            	
              Form
                of Class P Certificate

            
	 	 
	
              Exhibit C

            	
              Form
                of Class R Certificate

            
	 	 
	
              Exhibit D

            	
              Form
                of Class X Certificate

            
	 	 
	
              Exhibit E

            	
              Form
                of Initial Certification of Custodian

            
	 	 
	
              Exhibit F

            	
              Form
                of Document Certification and Exception Report of
                Custodian

            
	 	 
	
              Exhibit G

            	
              Form
                of Residual Transfer Affidavit

            
	 	 
	
              Exhibit H

            	
              Form
                of Transferor Certificate

            
	 	 
	
              Exhibit I-A

            	
              Form
                of Rule 144A Investment Letter

            
	 	 
	
              Exhibit
                I-B

            	
              Form
                of Regulation S Investment Letter

            
	 	 
	
              Exhibit J

            	
              Form
                of Request for Release

            
	 	 
	
              Exhibit K

            	
              Contents
                for Each Mortgage File

            
	 	 
	
              Exhibit L

            	
              Form
                of Sarbanes-Oxley Certification to be Provided by Master Servicer
                (or
                other Certification Party) signing Form 10-K

            
	 	 
	
              Exhibit M

            	
              Form
                of Servicer (or Servicing Function Participant) Back-Up
                Certification

            
	 	 
	
              Exhibit
                N-1

            	
              Standard
                File Layout - Master Servicing (Form of Monthly Remittance
                Advice)

            
	 	 
	
              Exhibit
                N-2

            	
              Standard
                File Layout for Delinquency Reporting

            
	 	 
	
              Exhibit
                N-3

            	
              Form
                332 Realized Loss Report

            

    

     

    
      
        
        

      

      
        -vi-

        
          

        

      

      
        
        

      

    

     

    
      	
              Exhibit
                O

            	
              Form
                of Swap Agreement

            
	 	 
	
              Exhibit
                P 

            	
              Form
                of Cap Agreement

            
	 	 
	
              Exhibit
                Q

            	
              Master
                Mortgage Loan Purchase and Servicing Agreement

            
	 	 
	
              Exhibit
                R

            	
              [Reserved]

            
	 	 
	
              Exhibit
                S

            	
              Servicing
                Criteria Matrix

            
	 	 
	
              Exhibit
                T

            	
              Transaction
                Parties

            
	 	 
	
              Exhibit
                U

            	
              Form
                of Annual Compliance Certificate

            
	 	 
	
              Exhibit
                V

            	
              Additional
                Form 10-D Disclosure

            
	 	 
	
              Exhibit
                W

            	
              Additional
                Form 10-K Disclosure

            
	 	 
	
              Exhibit
                X

            	
              Form
                8-K Disclosure Information

            
	 	 
	
              Exhibit
                Y

            	
              Additional
                Disclosure Notification

            
	 	 
	
              Exhibit
                Z

            	
              Class
                Notional Balance Schedule for Class A-IO
                Certificates

            

    

     

    

    
      
        
        

      

      
        -vii-

        
          

        

      

      
        
        

      

    

    THIS
      POOLING AND SERVICING AGREEMENT, dated as of April 1, 2006, among HSI ASSET
      SECURITIZATION CORPORATION, as depositor (the “Depositor”),
      NATIONAL CITY HOME LOAN SERVICES, INC., as servicer (the “Servicer”),
      FIRST
      FRANKLIN FINANCIAL CORPORATION, as mortgage loan seller (the “Mortgage
      Loan Seller”),
      WELLS
      FARGO BANK, N.A., a national banking association, as master servicer (in such
      capacity, the “Master
      Servicer”)
      as
      securities administrator (in such capacity, the “Securities
      Administrator”)
      and as
      custodian (in such capacity, “the Custodian”),
      and
      DEUTSCHE BANK NATIONAL TRUST COMPANY, a national banking association, as trustee
      (the “Trustee”).

     

    WITNESSETH:

     

    In
      consideration of the mutual agreements herein contained, the parties hereto
      agree as follows:

     

    PRELIMINARY
      STATEMENT

     

    The
      Securities Administrator on behalf of the Trust Fund (exclusive of (i) the
      Swap
      Agreement, (ii) the Cap Agreement (iii) the right to receive and the obligation
      to pay Basis Risk Carryover Amounts, (iv) the Supplemental Interest Trust and
      the Supplemental Interest Trust Account and (v) the obligation to pay Class
      I
      Shortfalls (collectively, the “Excluded
      Trust Assets”)
      shall
      elect that two segregated asset pools within the Trust Fund be treated for
      federal income tax purposes as comprising four real estate mortgage investment
      conduits under Section 860D of the Code (each a “REMIC”
or,
      in
      the alternative, “REMIC
      1,”
      REMIC
      2,”
“REMIC
      3” and “REMIC
      4,”;
      REMIC
      4 also being referred to herein as the “Upper
      Tier REMIC.”)
      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 election. 

     

    Each
      Certificate, other than the Class R Certificates, represents ownership of a
      regular interest in the Upper Tier REMIC for purposes of the REMIC Provisions.
      In addition, each Certificate, other than the Class R, Class X and Class P
      Certificates, represents (i) the right to receive payments with respect to
      any
      Basis Risk Carryover Amounts and (ii) the obligation to pay Class I Shortfalls.
      The Class R Certificate represents ownership of the sole Class of residual
      interest in each of REMIC 1, REMIC 2, REMIC 3 and the Upper Tier REMIC for
      purposes of the REMIC Provisions.

     

    The
      Upper
      Tier REMIC shall hold as its assets the uncertificated Lower Tier Interests
      in
      REMIC 3, other than the Class LT3-R interest, and each such Lower Tier Interest
      is hereby designated as a regular interest in REMIC 3 for purposes of the REMIC
      Provisions. REMIC 3 shall hold as its assets the uncertificated Lower Tier
      Interests in REMIC 2, and each such Lower Tier Interest is hereby designated
      as
      a regular interest in REMIC 2. REMIC 2 shall hold as its assets the
      uncertificated Lower Tier Interests in REMIC 1, and each such Lower Tier
      Interest is hereby designated as a regular interest in REMIC 1. REMIC 1 shall
      hold as its assets the property of the Trust Fund other than the Lower Tier
      Interests in REMIC 1, REMIC 2 and REMIC 3 and the Excluded Trust
      Assets.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    REMIC
      1:

     

    The
      following table sets forth the designations, principal balances and interest
      rates for each interest in REMIC 1, each of which (other than the Class LT1-R
      Lower Tier Interest) is hereby designated as a regular interest in REMIC 1
      (the
“REMIC 1 Regular Interests”):

     

    
      	
              Class
                Designation

            	 	
              Initial
                Principal 

              Balance

            	 	
               

              Interest
                Rate

            	 
	
              LT1-A

            	 	
              $

            	
              9,716,777.43

            	 	 	
              (1

            	
              )

            
	
              LT1-F1

            	 	
              $

            	
              8,289,943.52

            	 	 	
              (2

            	
              )

            
	
              LT1-V1

            	 	
              $

            	
              8,289,943.52

            	 	 	
              (3

            	
              )

            
	
              LT1-F2

            	 	
              $

            	
              10,381,785.58

            	 	 	
              (2

            	
              )

            
	
              LT1-V2

            	 	
              $

            	
              10,381,785.58

            	 	 	
              (3

            	
              )

            
	
              LT1-F3

            	 	
              $

            	
              12,461,110.32

            	 	 	
              (2

            	
              )

            
	
              LT1-V3

            	 	
              $

            	
              12,461,110.32

            	 	 	
              (3

            	
              )

            
	
              LT1-F4

            	 	
              $

            	
              14,509,219.97

            	 	 	
              (2

            	
              )

            
	
              LT1-V4

            	 	
              $

            	
              14,509,219.97

            	 	 	
              (3

            	
              )

            
	
              LT1-F5

            	 	
              $

            	
              16,505,223.55

            	 	 	
              (2

            	
              )

            
	
              LT1-V5

            	 	
              $

            	
              16,505,223.55

            	 	 	
              (3

            	
              )

            
	
              LT1-F6

            	 	
              $

            	
              18,427,774.59

            	 	 	
              (2

            	
              )

            
	
              LT1-V6

            	 	
              $

            	
              18,427,774.59

            	 	 	
              (3

            	
              )

            
	
              LT1-F7

            	 	
              $

            	
              20,255,253.92

            	 	 	
              (2

            	
              )

            
	
              LT1-V7

            	 	
              $

            	
              20,255,253.92

            	 	 	
              (3

            	
              )

            
	
              LT1-F8

            	 	
              $

            	
              21,963,017.83

            	 	 	
              (2

            	
              )

            
	
              LT1-V8

            	 	
              $

            	
              21,963,017.83

            	 	 	
              (3

            	
              )

            
	
              LT1-F9

            	 	
              $

            	
              23,467,299.70

            	 	 	
              (2

            	
              )

            
	
              LT1-V9

            	 	
              $

            	
              23,467,299.70

            	 	 	
              (3

            	
              )

            
	
              LT1-F10

            	 	
              $

            	
              22,341,791.43

            	 	 	
              (2

            	
              )

            
	
              LT1-V10

            	 	
              $

            	
              22,341,791.43

            	 	 	
              (3

            	
              )

            
	
              LT1-F11

            	 	
              $

            	
              21,270,659.74

            	 	 	
              (2

            	
              )

            
	
              LT1-V11

            	 	
              $

            	
              21,270,659.74

            	 	 	
              (3

            	
              )

            
	
              LT1-F12

            	 	
              $

            	
              20,250,938.15

            	 	 	
              (2

            	
              )

            
	
              LT1-V12

            	 	
              $

            	
              20,250,938.15

            	 	 	
              (3

            	
              )

            
	
              LT1-F13

            	 	
              $

            	
              19,280,156.45

            	 	 	
              (2

            	
              )

            
	
              LT1-V13

            	 	
              $

            	
              19,280,156.45

            	 	 	
              (3

            	
              )

            
	
              LT1-F14

            	 	
              $

            	
              18,355,963.22

            	 	 	
              (2

            	
              )

            
	
              LT1-V14

            	 	
              $

            	
              18,355,963.22

            	 	 	
              (3

            	
              )

            
	
              LT1-F15

            	 	
              $

            	
              17,476,106.25

            	 	 	
              (2

            	
              )

            
	
              LT1-V15

            	 	
              $

            	
              17,476,106.25

            	 	 	
              (3

            	
              )

            
	
              LT1-F16

            	 	
              $

            	
              16,638,420.33

            	 	 	
              (2

            	
              )

            
	
              LT1-V16

            	 	
              $

            	
              16,638,420.33

            	 	 	
              (3

            	
              )

            
	
              LT1-F17

            	 	
              $

            	
              15,840,995.30

            	 	 	
              (2

            	
              )

            
	
              LT1-V17

            	 	
              $

            	
              15,840,995.30

            	 	 	
              (3

            	
              )

            
	
              LT1-F18

            	 	
              $

            	
              15,081,830.49

            	 	 	
              (2

            	
              )

            

    

     

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

     

     

    
      	
              Class
                Designation

            	 	
              Initial
                Principal 

              Balance

            	 	
              Interest
                Rate

            	 
	
              LT1-V18

            	 	
              $

            	
              15,081,830.49

            	 	 	
              (3

            	
              )

            
	
              LT1-F19

            	 	
              $

            	
              14,550,365.90

            	 	 	
              (2

            	
              )

            
	
              LT1-V19

            	 	
              $

            	
              14,550,365.90

            	 	 	
              (3

            	
              )

            
	
              LT1-F20

            	 	
              $

            	
              25,432,042.21

            	 	 	
              (2

            	
              )

            
	
              LT1-V20

            	 	
              $

            	
              25,432,042.21

            	 	 	
              (3

            	
              )

            
	
              LT1-F21

            	 	
              $

            	
              22,918,630.30

            	 	 	
              (2

            	
              )

            
	
              LT1-V21

            	 	
              $

            	
              22,918,630.30

            	 	 	
              (3

            	
              )

            
	
              LT1-F22

            	 	
              $

            	
              20,644,350.59

            	 	 	
              (2

            	
              )

            
	
              LT1-V22

            	 	
              $

            	
              20,644,350.59

            	 	 	
              (3

            	
              )

            
	
              LT1-F23

            	 	
              $

            	
              18,628,683.27

            	 	 	
              (2

            	
              )

            
	
              LT1-V23

            	 	
              $

            	
              18,628,683.27

            	 	 	
              (3

            	
              )

            
	
              LT1-F24

            	 	
              $

            	
              16,735,618.59

            	 	 	
              (2

            	
              )

            
	
              LT1-V24

            	 	
              $

            	
              16,735,618.59

            	 	 	
              (3

            	
              )

            
	
              LT1-F25

            	 	
              $

            	
              9,868,616.77

            	 	 	
              (2

            	
              )

            
	
              LT1-V25

            	 	
              $

            	
              9,868,616.77

            	 	 	
              (3

            	
              )

            
	
              LT1-F26

            	 	
              $

            	
              9,334,279.50

            	 	 	
              (2

            	
              )

            
	
              LT1-V26

            	 	
              $

            	
              9,334,279.50

            	 	 	
              (3

            	
              )

            
	
              LT1-F27

            	 	
              $

            	
              8,905,038.27

            	 	 	
              (2

            	
              )

            
	
              LT1-V27

            	 	
              $

            	
              8,905,038.27

            	 	 	
              (3

            	
              )

            
	
              LT1-F28

            	 	
              $

            	
              9,926,638.63

            	 	 	
              (2

            	
              )

            
	
              LT1-V28

            	 	
              $

            	
              9,926,638.63

            	 	 	
              (3

            	
              )

            
	
              LT1-F29

            	 	
              $

            	
              9,210,949.55

            	 	 	
              (2

            	
              )

            
	
              LT1-V29

            	 	
              $

            	
              9,210,949.55

            	 	 	
              (3

            	
              )

            
	
              LT1-F30

            	 	
              $

            	
              8,552,976.51

            	 	 	
              (2

            	
              )

            
	
              LT1-V30

            	 	
              $

            	
              8,552,976.51

            	 	 	
              (3

            	
              )

            
	
              LT1-F31

            	 	
              $

            	
              7,947,570.81

            	 	 	
              (2

            	
              )

            
	
              LT1-V31

            	 	
              $

            	
              7,947,570.81

            	 	 	
              (3

            	
              )

            
	
              LT1-F32

            	 	
              $

            	
              7,390,079.91

            	 	 	
              (2

            	
              )

            
	
              LT1-V32

            	 	
              $

            	
              7,390,079.91

            	 	 	
              (3

            	
              )

            
	
              LT1-F33

            	 	
              $

            	
              678,469.80

            	 	 	
              (2

            	
              )

            
	
              LT1-V33

            	 	
              $

            	
              678,469.80

            	 	 	
              (3

            	
              )

            
	
              LT1-F34

            	 	
              $

            	
              6,321,486.18

            	 	 	
              (2

            	
              )

            
	
              LT1-V34

            	 	
              $

            	
              6,321,486.18

            	 	 	
              (3

            	
              )

            
	
              LT1-F35

            	 	
              $

            	
              5,384,633.20

            	 	 	
              (2

            	
              )

            
	
              LT1-V35

            	 	
              $

            	
              5,384,633.20

            	 	 	
              (3

            	
              )

            
	
              LT1-F36

            	 	
              $

            	
              5,079,383.60

            	 	 	
              (2

            	
              )

            
	
              LT1-V36

            	 	
              $

            	
              5,079,383.60

            	 	 	
              (3

            	
              )

            
	
              LT1-F37

            	 	
              $

            	
              4,791,693.38

            	 	 	
              (2

            	
              )

            
	
              LT1-V37

            	 	
              $

            	
              4,791,693.38

            	 	 	
              (3

            	
              )

            
	
              LT1-F38

            	 	
              $

            	
              4,520,540.61

            	 	 	
              (2

            	
              )

            
	
              LT1-V38

            	 	
              $

            	
              4,520,540.61

            	 	 	
              (3

            	
              )

            
	
              LT1-F39

            	 	
              $

            	
              4,264,963.40

            	 	 	
              (2

            	
              )

            
	
              LT1-V39

            	 	
              $

            	
              4,264,963.40

            	 	 	
              (3

            	
              )

            
	
              LT1-F40

            	 	
              $

            	
              4,024,027.48

            	 	 	
              (2

            	
              )

            

    

     

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

     

     

    
      	
              Class
                Designation

            	 	
              Initial
                Principal 

              Balance

            	 	
              Interest
                Rate

            	 
	
              LT1-V40

            	 	
              $

            	
              4,024,027.48

            	 	 	
              (3

            	
              )

            
	
              LT1-F41

            	 	
              $

            	
              3,796,941.47

            	 	 	
              (2

            	
              )

            
	
              LT1-V41

            	 	
              $

            	
              3,796,941.47

            	 	 	
              (3

            	
              )

            
	
              LT1-F42

            	 	
              $

            	
              61,771,789.74

            	 	 	
              (2

            	
              )

            
	
              LT1-V42

            	 	
              $

            	
              61,771,789.74

            	 	 	
              (3

            	
              )

            
	
              LT1-R

            	 	 	
              (4

            	
              )

            	 	
              (4

            	
              )

            

    

     

     

    
      	 	
              (1)

            	
              For
                any Distribution Date (and the related Interest Accrual Period) the
                interest rate for the Class LT1-A Interest shall be the Net WAC Rate.
                

            

    

     

    
      	 	
              (2)

            	
              For
                any Distribution Date (and the related Interest Accrual Period) the
                interest rate for each of these Lower Tier Interests shall be the
                lesser
                of (i) 10.60% and (ii) the product of (a) the Net WAC Rate and (b)
                2.

            

    

     

    
      	 	
              (3)

            	
              For
                any Distribution Date (and the related Interest Accrual Period) the
                interest rate for each of these Lower Tier Interests shall be the
                excess,
                if any, of (i) the product of (a) the Net WAC Rate and (b) 2, over
                (ii)
                10.60%.

            

    

     

    
      	 	
              (4)

            	
              The
                Class LT1-R interest shall not have a principal amount and shall
                not bear
                interest. The Class LT1-R interest is hereby designated as the sole
                class
                of residual interest in REMIC 1.

            

    

     

    On
      each
      Distribution Date, the Securities Administrator shall first pay or charge as
      an
      expense of REMIC 1 all expenses of the Trust Fund for such Distribution Date,
      other than any Net Swap Payment or Swap Termination Payment required to be
      made
      from the Trust Fund.

     

    On
      each
      Distribution Date the Securities Administrator shall distribute the Interest
      Remittance Amount (net of expenses described in the preceding paragraph) with
      respect to each of the Lower Tier Interests in REMIC 1 based on the
      above-described interest rates.

     

    On
      each
      Distribution Date, the Securities Administrator shall distribute the Principal
      Remittance Amount with respect to the Lower Tier Interests in REMIC 1, first
      to
      the Class LT1-A Interest until its principal balance is reduced to zero, and
      then sequentially, to the other Lower Tier Interests in REMIC 1 in ascending
      order of their numerical class designation, and, with respect to each pair
      of
      classes having the same numerical designation, in equal amounts to each such
      class, until the principal balance of each such class is reduced to zero. All
      losses on the Mortgage Loans shall be allocated among the Lower Tier Interests
      in REMIC 1 in the same manner that principal distributions are
      allocated.

     

    On
      each
      Distribution Date, the Securities Administrator shall distribute the Prepayment
      Charges collected during the preceding Prepayment Period to the Class LT1-V42
      Lower Tier Interests. 

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

    REMIC
      2:

     

    The
      following table sets forth the designations, principal balances, and interest
      rates for each interest in REMIC 2, each of which (other than the LT2-R
      Interest) is hereby designated as a regular interest in REMIC 2 (the “REMIC 2
      Regular Interests”):

     

    
      	
              Class
                Designation

            	 	
              Initial
                Principal Balance

            	 	
              Interest
                Rate

            	 
	
              LT2-1A-IO

            	 	
              $

            	
              61,897,000.00

            	 	 	
              (1

            	
              )

            
	
              LT2-2A-IO

            	 	
              $

            	
              61,897,000.00

            	 	 	
              (1

            	
              )

            
	
              LT2-3A-IO

            	 	
              $

            	
              61,897,000.00

            	 	 	
              (1

            	
              )

            
	
              LT2-4A-IO

            	 	
              $

            	
              123,793,000.00

            	 	 	
              (1

            	
              )

            
	
              LT2-Pool

            	 	 	
              (2

            	
              )

            	 	
              (1

            	
              )

            
	
              LT2-IO-Swap

            	 	 	
              (3

            	
              )

            	 	
              (3

            	
              )

            
	
              LT2-R

            	 	 	
              (4

            	
              )

            	 	
              (4

            	
              )

            

    

    

    
      	
            	(1)	
              For
                any Distribution Date (and the related Accrual Period) the interest
                rate
                for each of these REMIC 2 Regular Interests is a per annum rate equal
                to
                the weighted average of the interest rates on the Lower Tier Interests
                in
                REMIC 1 for such Distribution Date, provided,
                however, that
                (i) for any Distribution Date on which the LT2-IO-Swap Interest is
                entitled to a portion of the interest accruals on the Lower Tier
                Interests
                in REMIC 1 with an “F “ in its designation, as described in footnote two
                below, such weighted average shall be computed by first subjecting
                the
                rate on such Lower Tier Interest in REMIC 1 to a cap equal to Swap
                LIBOR
                for such Distribution Date.

            

    

     

    
      	
            	(2)	
              This
                interest shall have an initial principal balance equal to the excess
                of
                (a) the aggregate Principal Balance of the Mortgage Loans as of the
                Cut-off Date over (b) the sum of the initial principal balances of
                the
                interests in REMIC 2 containing the letters “A-IO” in their class
                designations.

            

    

     

    
      	
            	(3)	
              The
                LT2-IO-Swap Interest is an interest only class that does not have
                a
                principal balance. For only those Distribution Dates listed in the
                first
                column in the table below, the LT2-IO-Swap Interest shall be entitled
                to
                interest accrued on the Lower Tier Interest in REMIC 1 listed in
                the
                second column in the table below, at a per annum rate equal to the
                excess,
                if any, of (i) the interest rate for such Lower Tier Interest in
                REMIC 1
                for such Distribution Date over (ii) Swap LIBOR for such Distribution
                Date.

            

    

     

     

    
      	
              Distribution
                Dates

            	 	
              REMIC
                

              1
                Class Designation

            
	
              2

            	 	
              Class
                LT1-F1

            
	
              2-3

            	 	
              Class
                LT1-F2

            
	
              2-4

            	 	
              Class
                LT1-F3

            
	
              2-5

            	 	
              Class
                LT1-F4

            
	
              2-6

            	 	
              Class
                LT1-F5

            
	
              2-7

            	 	
              Class
                LT1-F6

            
	
              2-8

            	 	
              Class
                LT1-F7

            
	
              2-9

            	 	
              Class
                LT1-F8

            
	
              2-10

            	 	
              Class
                LT1-F9

            
	
              2-11

            	 	
              Class
                LT1-F10

            
	
              2-12

            	 	
              Class
                LT1-F11

            
	
              2-13

            	 	
              Class
                LT1-F12

            
	
              2-14

            	 	
              Class
                LT1-F13

            
	
              2-15

            	 	
              Class
                LT1-F14

            
	
              2-16

            	 	
              Class
                LT1-F15

            
	
              2-17

            	 	
              Class
                LT1-F16

            
	
              2-18

            	 	
              Class
                LT1-F17

            

    

     

     

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

     

     

    
      	
               Distribution
                Dates

            	 	
              REMIC
                

              1
                Class Designation

            
	
              2-19

            	 	
              Class
                LT1-F18

            
	
              2-20

            	 	
              Class
                LT1-F19

            
	
              2-21

            	 	
              Class
                LT1-F20

            
	
              2-22

            	 	
              Class
                LT1-F21

            
	
              2-23

            	 	
              Class
                LT1-F22

            
	
              2-24

            	 	
              Class
                LT1-F23

            
	
              2-25

            	 	
              Class
                LT1-F24

            
	
              2-26

            	 	
              Class
                LT1-F25

            
	
              2-27

            	 	
              Class
                LT1-F26

            
	
              2-28

            	 	
              Class
                LT1-F27

            
	
              2-29

            	 	
              Class
                LT1-F28

            
	
              2-30

            	 	
              Class
                LT1-F29

            
	
              2-31

            	 	
              Class
                LT1-F30

            
	
              2-32

            	 	
              Class
                LT1-F31

            
	
              2-33

            	 	
              Class
                LT1-F32

            
	
              2-34

            	 	
              Class
                LT1-F33

            
	
              2-35

            	 	
              Class
                LT1-F34

            
	
              2-36

            	 	
              Class
                LT1-F35

            
	
              2-37

            	 	
              Class
                LT1-F36

            
	
              2-38

            	 	
              Class
                LT1-F37

            
	
              2-39

            	 	
              Class
                LT1-F38

            
	
              2-40

            	 	
              Class
                LT1-F39

            
	
              2-41

            	 	
              Class
                LT1-F40

            
	
              2-42

            	 	
              Class
                LT1-F41

            
	
              2-43

            	 	
              Class
                LT1-F42

            

    

     

    
      	
            	(4)	
              The
                LT2-R Interest shall not have a principal amount and shall not bear
                interest. The LT2-R interest is hereby designated as the sole class
                of
                residual interest in REMIC 2.

            

    

     

    On
      each
      Distribution Date, interest distributable in respect of the REMIC 1 Interests
      for such Distribution Date shall be distributed to the Interests in REMIC 2
      at
      the rates shown above.

     

    On
      each
      Distribution Date, all Realized Losses and all payments of principal in respect
      of the Mortgage Loans shall be allocated to the LT2-Pool Interest until the
      principal balance of such Interest is reduced to zero, and then to the Interests
      having the letters “A-IO” in their Class designation in descending order of
      their numerical designation until the principal balance of each such Interest
      is
      reduced to zero.

     

    On
      each
      Distribution Date, the Securities Administrator shall distribute the Prepayment
      Charges collected during the preceding Prepayment Period to the LT2-4A-IO
      Interest. 

     

    
      
        
        

      

      
        -6-

        
          

        

      

      
        
        

      

    

     

    REMIC
      3:

     

    The
      following table sets forth the designations, principal balances, and interest
      rates for each interest in REMIC 3, each of which (other than the LT3-R
      Interest) is hereby designated as a regular interest in REMIC 3 (the “REMIC 3
      Regular Interests”):

     

    
      	
              Class
                Designation

            	 	
              Initial
                Principal Balance

            	 	
              Interest
                Rate

            	 	
              Corresponding
                Class of Certificates

            
	
              LT3-I-A

            	 	
              1⁄2
                Corresponding Class balance

            	 	
              (1)

            	 	
              I-A

            
	
              LT3-II-A-1

            	 	
              1⁄2
                Corresponding Class balance

            	 	
              (1)

            	 	
              II-A-1

            
	
              LT3-II-A-2

            	 	
              1⁄2
                Corresponding Class balance

            	 	
              (1)

            	 	
              II-A-2

            
	
              LT3-II-A-3

            	 	
              1⁄2
                Corresponding Class balance

            	 	
              (1)

            	 	
              II-A-3

            
	
              LT3-II-A-4

            	 	
              1⁄2
                Corresponding Class balance

            	 	
              (1)

            	 	
              II-A-4

            
	
              LT3-II-A-5

            	 	
              1⁄2
                Corresponding Class balance

            	 	
              (1)

            	 	
              II-A-5

            
	
              LT3-M-1
                

            	 	
              1⁄2
                Corresponding Class balance

            	 	
              (1)

            	 	
              M-1

            
	
              LT3-M-2
                

            	 	
              1⁄2
                Corresponding Class balance

            	 	
              (1)

            	 	
              M-2

            
	
              LT3-M-3
                

            	 	
              1⁄2
                Corresponding Class balance

            	 	
              (1)

            	 	
              M-3

            
	
              LT3-M-4
                

            	 	
              1⁄2
                Corresponding Class balance

            	 	
              (1)

            	 	
              M-4

            
	
              LT3-M-5
                

            	 	
              1⁄2
                Corresponding Class balance

            	 	
              (1)

            	 	
              M-5

            
	
              LT3-M-6
                

            	 	
              1⁄2
                Corresponding Class balance

            	 	
              (1)

            	 	
              M-6

            
	
              LT3-M-7
                

            	 	
              1⁄2
                Corresponding Class balance

            	 	
              (1)

            	 	
              M-7

            
	
              LT3-M-8
                

            	 	
              1⁄2
                Corresponding Class balance

            	 	
              (1)

            	 	
              M-8

            
	
              LT3-M-9
                

            	 	
              1⁄2
                Corresponding Class balance

            	 	
              (1)

            	 	
              M-9

            
	
              LT3-M-10
                

            	 	
              1⁄2
                Corresponding Class balance

            	 	
              (1)

            	 	
              M-10

            
	
              LT3-M-11
                

            	 	
              1⁄2
                Corresponding Class balance

            	 	
              (1)

            	 	
              M-11

            
	
              LT3-Q

            	 	
              (2)

            	 	
              (1)

            	 	
              X

            
	
              LT3-A-IO

            	 	
              (3)

            	 	
              (3)

            	 	
              A-IO

            
	
              LT3-IO-Swap

            	 	
              (4)

            	 	
              (4)

            	 	
              N/A

            
	
              LT3-R

            	 	
              (5)

            	 	
              (5)

            	 	
              R

            

    

     

    
      	
            	(1)	
              This
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for each of these REMIC 3 Regular Interests is a
                per annum
                rate equal to the greater of (i) 0.00% and (ii) the weighted average
                of the interest rates on each REMIC 2 Interest having an “A-IO” in its
                designation and the LT2-Pool Interest, computed after reducing the
                rate
                payable on each such REMIC 2 Interest having an “A-IO” in its Class
                designation by 1.50% for such Distribution Date, for any Distribution
                Date
                on which interest is payable on its Corresponding REMIC 3 A-IO Interest
                (as described in footnote (3)
                below).

            

    

     

    
      	
            	(2)	
              This
                interest shall have an initial principal balance equal to the excess
                of
                (a) the aggregate Principal Balance of the Mortgage Loans as of the
                Cut-off Date over (b) the sum of the initial principal balances of
                the
                interests in REMIC 3 (other than any interest-only
                classes).

            

    

     

    
      	
            	(3)	
              This
                REMIC 3 Interest is an interest-only Interest and does not have a
                principal balance. For each Distribution Date on the chart below,
                this
                REMIC 3 Interest shall be entitled to interest payable on the REMIC
                2
                Interest corresponding to such Distribution Dates at a rate equal
                to the
                lesser of (i) 1.50% and (ii) the interest rate of the REMIC 2 Interest
                corresponding to such Distribution Date.

            

    

     

    
      	
               

              Distribution
                Date occurring in

            	 	
              Corresponding
                

              REMIC
                2 Interest

            
	
              May
                2006 - October 2006

            	 	
              LT2-1A-IO
                - LT2-4A-IO

            
	
              November
                2006 - April 2007

            	 	
              LT2-2A-IO
                - LT2-4A-IO

            
	
              May
                2007 - October 2007

            	 	
              LT2-3A-IO
                - LT2-4A-IO

            
	
              November
                2007 - April 2008

            	 	
              LT2-4A-IO

            

    

     

    
      	
            	(4)	
              The
                LT3-IO-Swap Interest shall not have a principal balance, but shall
                be
                entitled to receive, on each Distribution Date, 100% of the interest
                distributable on the Class LT2-IO-Swap Interest in REMIC 2.
                

            

    

     

     

    
      
        
        

      

      
        -7-

        
          

        

      

      
        
        

      

    

     

    
      	
            	(5)	
              The
                LT3-R Interest shall not have a principal amount and shall not bear
                interest. The LT3-R interest is hereby designated as the sole class
                of
                residual interest in REMIC 3.

            

    

     

    On
      each
      Distribution Date, interest distributable in respect of the REMIC 2 Regular
      Interests shall be distributed with respect to each of the Interests in REMIC
      3
      based on the above-described interest rates, provided, however,
      that
      interest that accrues on the LT3-Q Interest shall be deferred to the extent
      necessary to make the principal distributions described in priorities (i)
      through (ii) below for such Distribution Date. Any interest so deferred shall
      itself bear interest at the interest rate for the LT3-Q Interest.

     

    On
      each
      Distribution Date, the principal distributed on the REMIC 2 Regular Interests
      (together with an amount equal to the interest deferred on the Class LT3-Q
      Interest for such Distribution Date) shall be distributed, and Realized Losses
      shall be allocated, among the Interests in REMIC 3 in the following order of
      priority:

     

    (i) first,
      to
      each
      interest in REMIC 3 having a Corresponding Class in REMIC 4 (other than a REMIC
      3 interest having an “A-IO” in its class designation) until the outstanding
      principal amount of each such interest equals one-half of the outstanding
      principal amount of the Corresponding Class of Certificates for such interest
      immediately after such Distribution Date;

     

    (ii) finally,
      to the Class LT3-Q Interest, any remaining amounts.

     

    On
      each
Distribution
      Date,
      the Securities Administrator shall distribute the Prepayment Charges collected
      during the preceding Prepayment Period to the LT3-Q Interest.

     

    Upper
      Tier REMIC

     

    The
      Upper
      Tier REMIC shall issue the following Classes of Upper Tier REMIC Regular
      Interests and each such interest, other than the Class R Interest, is hereby
      designated as a regular interest in the Upper Tier REMIC.

     

    Upper
      Tier REMIC

     

    
      	
              Upper
                Tier REMIC 

              Class Designation

            	 	
              Upper
                Tier REMIC Interest Rate and Corresponding Class Interest
                Rate

            	 	
              Initial
                Upper Tier REMIC Principal Amount and Corresponding Class Certificate
                Balance or Class Notional Balance

            	 	
              Corresponding

              Class of
                Certificates

            	 
	
              Class I-A

            	 	 	
              (1

            	
              )

            	
              $

            	
              401,180,000

            	 	 	
              Class
                I-A(12

            	
              )

            
	
              Class II-A-1

            	 	 	
              (2

            	
              )

            	
              $

            	
              296,184,000

            	 	 	
              Class
                II-A-1(12

            	
              )

            
	
              Class II-A-2

            	 	 	
              (3

            	
              )

            	
              $

            	
              97,097,000

            	 	 	
              Class
                II-A-2(12

            	
              )

            
	
              Class II-A-3

            	 	 	
              (4

            	
              )

            	
              $

            	
              154,042,000

            	 	 	
              Class
                II-A-3(12

            	
              )

            
	
              Class II-A-4

            	 	 	
              (5

            	
              )

            	
              $

            	
              25,000,000

            	 	 	
              Class
                II-A-4(12

            	
              )

            
	
              Class II-A-5

            	 	 	
              (6

            	
              )

            	
              $

            	
              12,000,000

            	 	 	
              Class
                II-A-5(12

            	
              )

            

    

     

     

    
      
        
        

      

      
        -8-

        
          

        

      

      
        
        

      

    

     

     

    
      	
              Upper
                Tier REMIC 

              Class Designation

            	 	 	
              Upper
                Tier REMIC Interest Rate and Corresponding Class Interest
                Rate

            	 	 	
              Initial
                Upper Tier REMIC Principal Amount and Corresponding Class Certificate
                Balance or Class Notional Balance

            	 	 	
              Corresponding

              Class of
                Certificates

            	 
	
              Class
                A-IO

            	 	 	
              (7

            	
              )

            	
              $

            	
              309,484,000

            	 	 	
              Class
                A-IO(12

            	
              )

            
	
              Class M-1

            	 	 	
              (8

            	
              )

            	
              $

            	
              24,941,000

            	 	 	
              Class
                M-1(12

            	
              )

            
	
              Class M-2

            	 	 	
              (8

            	
              )

            	
              $

            	
              56,574,000

            	 	 	
              Class
                M-2(12

            	
              )

            
	
              Class M-3

            	 	 	
              (8

            	
              )

            	
              $

            	
              22,510,000

            	 	 	
              Class
                M-3(12

            	
              )

            
	
              Class M-4

            	 	 	
              (8

            	
              )

            	
              $

            	
              20,075,000

            	 	 	
              Class
                M-4(12

            	
              )

            
	
              Class M-5

            	 	 	
              (8

            	
              )

            	
              $

            	
              19,466,000

            	 	 	
              Class
                M-5(12

            	
              )

            
	
              Class M-6

            	 	 	
              (8

            	
              )

            	
              $

            	
              18,250,000

            	 	 	
              Class
                M-6(12

            	
              )

            
	
              Class M-7

            	 	 	
              (8

            	
              )

            	
              $

            	
              17,033,000

            	 	 	
              Class
                M-7(12

            	
              )

            
	
              Class M-8

            	 	 	
              (8

            	
              )

            	
              $

            	
              15,208,000

            	 	 	
              Class
                M-8(12

            	
              )

            
	
              Class M-9

            	 	 	
              (8

            	
              )

            	
              $

            	
              8,516,000

            	 	 	
              Class
                M-9(12

            	
              )

            
	
              Class M-10

            	 	 	
              (8

            	
              )

            	
              $

            	
              6,083,000

            	 	 	
              Class
                M-10(12

            	
              )

            
	
              Class
                M-11

            	 	 	
              (8

            	
              )

            	
              $

            	
              12,166,000

            	 	 	
              Class
                M-11(12

            	
              )

            
	
              Class X

            	 	 	
              (9

            	
              )

            	 	
              (9

            	
              )

            	 	
              Class
                X

            	 
	
              Class R

            	 	 	
              (10

            	
              )

            	 	
              (10

            	
              )

            	 	
              Class
                R

            	 
	
              Class P

            	 	 	
              (11

            	
              )

            	 	
              (11

            	
              )

            	 	
              Class
                P

            	 

    

     

    
      	(1)	
              The
                Class I-A Interest will bear interest during each Interest Accrual
                Period at a per annum rate equal to (a) on or prior to the Optional
                Termination Date, the lesser of (i) LIBOR plus the applicable
                Interest Margin and (ii) the Group I Available Funds Cap or
                (b) after the Optional Termination Date, the lesser of (i) LIBOR
                plus the applicable Interest Margin and (ii) the Group I
                Available Funds Cap. For purposes of the REMIC Provisions, the reference
                to “Group I Available Funds Cap” in clause (ii) of the preceding sentence
                shall be deemed a reference to the REMIC 3 Net Funds Cap; therefore,
                on
                any Distribution Date on which the Interest Rate for the Class I-A
                Certificates exceeds the REMIC 3 Net Funds Cap, interest accruals
                based on
                such excess shall be treated as having been paid from the Excess
                Reserve
                Fund Account or the Supplemental Interest Trust, as applicable; on
                any
                Distribution Date on which the Interest Rate on the Class I-A Certificates
                is based on the Group I Available Funds Cap, the amount of interest
                that
                would have accrued on the Class I-A Certificates if the REMIC 3 Net
                Funds
                Cap were substituted for the Group I Available Funds Cap shall be
                treated
                as having been paid by the Class I-A Certificateholders to the
                Supplemental Interest Trust, all pursuant to and as further provided
                in
                Section 8.11 hereof.

            

    

     

    
      	(2)	
              The
                Class II-A-1 Interest will bear interest during each Interest Accrual
                Period at a per annum rate equal to (a) on or prior to the Optional
                Termination Date, the lesser of (i) LIBOR plus the applicable
                Interest Margin and (ii) the Group II Available Funds Cap or
                (b) after the Optional Termination Date, the lesser of (i) LIBOR
                plus the applicable Interest Margin and (ii) the Group II
                Available Funds Cap. For purposes of the REMIC Provisions, the reference
                to “Group II Available Funds Cap” in clause (ii) of the preceding sentence
                shall be deemed a reference to the REMIC 3 Net Funds Cap; therefore,
                on
                any Distribution Date on which the Interest Rate for the Class II-A-1
                Certificates exceeds the REMIC 3 Net Funds Cap, interest accruals
                based on
                such excess shall be treated as having been paid from the Excess
                Reserve
                Fund Account or the Supplemental Interest Trust, as applicable; on
                any
                Distribution Date on which the Interest Rate on the Class II-A-1
                Certificates is based on the Group II Available Funds Cap, the amount
                of
                interest that would have accrued on the Class II-A Certificates if
                the
                REMIC 3 Net Funds Cap were substituted for the Group II Available
                Funds
                Cap shall be treated as having been paid by the Class II-A-1
                Certificateholders to the Supplemental Interest Trust, all pursuant
                to and
                as further provided in Section 8.11
                hereof.

            

    

     

    
      
        
        

      

      
        -9-

        
          

        

      

      
        
        

      

    

     

    
      	(3)	
              The
                Class II-A-2 Interest will bear interest during each Interest Accrual
                Period at a per annum rate equal to (a) on or prior to the Optional
                Termination Date, the lesser of (i) LIBOR plus the applicable
                Interest Margin and (ii) the Group II Available Funds Cap or
                (b) after the Optional Termination Date, the lesser of (i) LIBOR
                plus the applicable Interest Margin and (ii) the Group II
                Available Funds Cap. For purposes of the REMIC Provisions, the reference
                to “Group II Available Funds Cap” in clause (ii) of the preceding sentence
                shall be deemed a reference to the REMIC 3 Net Funds Cap; therefore,
                on
                any Distribution Date on which the Interest Rate for the Class II-A-2
                Certificates exceeds the REMIC 3 Net Funds Cap, interest accruals
                based on
                such excess shall be treated as having been paid from the Excess
                Reserve
                Fund Account or the Supplemental Interest Trust, as applicable; on
                any
                Distribution Date on which the Interest Rate on the Class II-A-2
                Certificates is based on the Group II Available Funds Cap, the amount
                of
                interest that would have accrued on the Class II-A-2 Certificates
                if the
                REMIC 3 Net Funds Cap were substituted for the Group II Available
                Funds
                Cap shall be treated as having been paid by the Class II-A-2
                Certificateholders to the Supplemental Interest Trust, all pursuant
                to and
                as further provided in Section 8.11
                hereof.

            

    

     

    
      	(4)	
              The
                Class II-A-3 Interest will bear interest during each Interest Accrual
                Period at a per annum rate equal to (a) on or prior to the Optional
                Termination Date, the lesser of (i) LIBOR plus the applicable
                Interest Margin and (ii) the Group II Available Funds Cap or
                (b) after the Optional Termination Date, the lesser of (i) LIBOR
                plus the applicable Interest Margin and (ii) the Group II
                Available Funds Cap. For purposes of the REMIC Provisions, the reference
                to “Group II Available Funds Cap” in clause (ii) of the preceding sentence
                shall be deemed a reference to the REMIC 3 Net Funds Cap; therefore,
                on
                any Distribution Date on which the Interest Rate for the Class II-A-3
                Certificates exceeds the REMIC 3 Net Funds Cap, interest accruals
                based on
                such excess shall be treated as having been paid from the Excess
                Reserve
                Fund Account or the Supplemental Interest Trust, as applicable; on
                any
                Distribution Date on which the Interest Rate on the Class II-A-3
                Certificates is based on the Group II Available Funds Cap, the amount
                of
                interest that would have accrued on the Class II-A-3 Certificates
                if the
                REMIC 3 Net Funds Cap were substituted for the Group II Available
                Funds
                Cap shall be treated as having been paid by the Class II-A-3
                Certificateholders to the Supplemental Interest Trust, all pursuant
                to and
                as further provided in Section 8.11
                hereof.

            

    

     

    
      	(5)	
              The
                Class II-A-4 Interest will bear interest during each Interest Accrual
                Period at a per annum rate equal to (a) on or prior to the Optional
                Termination Date, the lesser of (i) LIBOR plus the applicable
                Interest Margin and (ii) the Group II Available Funds Cap or
                (b) after the Optional Termination Date, the lesser of (i) LIBOR
                plus the applicable Interest Margin and (ii) the Group II
                Available Funds Cap. For purposes of the REMIC Provisions, the reference
                to “Group II Available Funds Cap” in clause (ii) of the preceding sentence
                shall be deemed a reference to the REMIC 3 Net Funds Cap; therefore,
                on
                any Distribution Date on which the Interest Rate for the Class II-A-4
                Certificates exceeds the REMIC 3 Net Funds Cap, interest accruals
                based on
                such excess shall be treated as having been paid from the Excess
                Reserve
                Fund Account or the Supplemental Interest Trust, as applicable; on
                any
                Distribution Date on which the Interest Rate on the Class II-A-4
                Certificates is based on the Group II Available Funds Cap, the amount
                of
                interest that would have accrued on the Class II-A-4 Certificates
                if the
                REMIC 3 Net Funds Cap were substituted for the Group II Available
                Funds
                Cap shall be treated as having been paid by the Class II-A-4
                Certificateholders to the Supplemental Interest Trust, all pursuant
                to and
                as further provided in Section 8.11
                hereof.

            

    

     

    
      	(6)	
              The
                Class II-A-5 Interest is a principal-only interest that will not
                accrue
                interest on its Class Certificate
                Balance.

            

    

     

    
      	(7)	
              The
                Class A-IO Interest will bear interest during each Interest Accrual
                Period based on its Class Notional Balance at a per annum rate equal
                to
                the lesser of (i) 1.50% per annum and (ii) the Class A-IO
                Available Funds Cap. For purposes of the REMIC Provisions, the definition
                of Class A-IO Available Funds Cap as referenced in clause (ii) of
                the
                preceding sentence shall be deemed to be computed without regard
                to the
                Swap Account (the “REMIC A-IO Rate”); therefore, on any Distribution Date
                on which the Interest Rate for the Class A-IO Certificates exceeds
                the
                REMIC A-IO Rate, interest accruals based on such excess shall be
                treated
                as having been paid from the Excess Reserve Fund Account or the
                Supplemental Interest Trust, as applicable; on any Distribution Date
                on
                which the Interest Rate on the Class A-IO Certificates is based on
                the
                Class A-IO Available Funds Cap, the amount of interest that would
                have
                accrued on the Class A-IO Certificates if the REMIC A-IO Rate were
                substituted for the Class A-IO Available Funds Cap shall be treated
                as
                having been paid by the Class A-IO Certificateholders to the Supplemental
                Interest Trust, all pursuant to and as further provided in Section
                8.11
                hereof. The Class A-IO Certificates will not bear interest after
                the
                Distribution Date in April 2008.

            

    

     

    
      
        
        

      

      
        -10-

        
          

        

      

      
        
        

      

    

     

    
      	(8)	
              The
                Class M-1, Class M-2, Class M-3, Class M-4,
                Class M-5, Class M-6, Class M-7, Class M-8,
                Class M-9, Class M-10 and Class M-11 Interests will bear
                interest during each Interest Accrual Period at a per annum rate
                equal to
                (a) on or prior to the Optional Termination Date, the lesser of
                (i) LIBOR plus the applicable Interest Margin and (ii) the Class
                M Available Funds Cap or (b) after the Optional Termination Date, the
                lesser of (i) LIBOR plus the applicable Interest Margin and
                (ii) the Class M Available Funds Cap. For purposes of the REMIC
                Provisions, the reference to Class M Available Funds Cap in clause
                (ii) of
                the preceding sentence shall be deemed to be a reference to the REMIC
                3
                Net Funds Cap; therefore, on any Distribution Date on which the Interest
                Rate for the Class M-1, M-2, M-3, M-4, M-5, M-6, M-7, M-8, M-9, M-10
                and
                Class M-11 Certificates, as applicable, exceeds the REMIC 3 Net Funds
                Cap,
                interest accruals based on such excess shall be treated as having
                been
                paid from the Excess Reserve Fund Account or the Supplemental Interest
                Trust, as applicable; on any Distribution Date on which the Interest
                Rate
                on the Class M-1, M-2, M-3, M-4, M-5, M-6, M-7, M-8, M-9, M-10 and
                Class
                M-11 Certificates, as applicable, is based on the Class M Available
                Funds
                Cap, the amount of interest that would have accrued on each such
                Class of
                Certificates if the REMIC 3 Net Funds Cap were substituted for the
                Class M
                Available Funds Cap shall be treated as having been paid by the Class
                M-1,
                M-2, M-3, M-4, M-5, M-6, M-7, M-8, M-9, M-10 and M-11 Certificateholders,
                as applicable, to the Supplemental Interest Trust, all pursuant to
                and as
                further provided in Section 8.11 hereof.

            

    

     

    
      	(9)	
              For
                purposes of the REMIC Provisions, the Class X Interest shall have
                an
                initial principal balance of $10,346,197.30, and the right to receive
                distributions of such amount represents a regular interest in the
                Upper
                Tier REMIC. The Class X Certificate shall also comprise two notional
                components, each of which represents a regular interest in the Upper
                Tier
                REMIC. The first such component has a notional balance that will
                at all
                times equal the aggregate of the Class Principal Amounts of the Lower
                Tier
                Interests in REMIC 3, and, for each Distribution Date (and the related
                Interest Accrual Period) this notional component shall bear interest
                at a
                per annum rate equal to the excess, if any, of (i) the weighted average
                of
                the interest rates on the Lower Tier Interests in REMIC 3 (other
                than any
                interest-only regular interest) over (ii) the Adjusted Lower Tier
                WAC. The
                second notional component represents the right to receive all
                distributions in respect of the Class LT3-IO-Swap in REMIC 3 (the
“LT4-I”
                interest). In addition, for purposes of the REMIC Provisions, the
                Class X
                Certificate shall represent beneficial ownership of (i) the Excess
                Reserve
                Fund Account; (ii) the Supplemental Interest Trust, including the
                Swap
                Agreement and (iii) an interest in the notional principal contracts
                described in Section 8.11 hereof.

            

    

     

    
      	(10)	
              The
                Class R Interest is the sole Class of residual interest in the Upper
                Tier REMIC. The Class R Interest is issued without a principal amount
                does not bear a stated Interest Rate. The Class R Certificate will
                be
                issued as a single certificate evidencing the initial Percentage
                Interest
                of such Class.

            

    

     

    
      	(11)	
              The
                Class P Interest shall not bear interest at a stated Interest Rate.
                Prepayment Charges paid with respect to the Mortgage Loans shall
                be paid
                to the Class P Certificateholders as provided in Section 4.02(b).
                For
                purposes of the REMIC Provisions, the Class P Interest shall represent
                a
                regular interest in the Upper Tier REMIC. The Class P Certificate
                will
                have a Class P Principal Amount of
                $100.

            

    

     

    
      	(12)	
              Each
                of these Certificates will represent not only the ownership of the
                Corresponding Class of Upper Tier REMIC Regular Interest but also the
                right to receive payments from (i) the Excess Reserve Fund Account
                in
                respect of any Basis Risk Carryover Amounts and (ii) the Supplemental
                Interest Trust in respect of proceeds from the Derivative Agreements.
                For
                federal income tax purposes, the Securities Administrator will treat
                a
                Certificateholder’s right to receive payments from the Excess Reserve Fund
                Account as payments made pursuant to an a notional principal contract
                written by the Class X
                Certificateholders.

            

    

     

    The
      minimum denomination for each Class of Certificates, other than the
      Class P, Class R and the Class X Certificates, will be $25,000 of
      Certificate Balance (notional balance in the case of Class A-IO Certificates)
      ($100,000 with respect to initial investors resident in a Member State of the
      European Economic Area subject to Prospectus Directive 2003/71/EC) with integral
      multiples of $1 in excess thereof, except that one Certificate in each
      Class may be issued in a different amount. The minimum denomination for
      each of the Class P and Class X Certificates will be a 10.00%
      Percentage Interest in such Class, and the minimum denomination for the
      Class R Certificates shall be 100% Percentage Interest in such
      Class.

     

    
      
        
        

      

      
        -11-

        
          

        

      

      
        
        

      

       

    

    Set
      forth
      below are designations of Classes of Certificates to the categories used
      herein:

     

    
      	
              Book-Entry
                Certificates

            	 	
              All
                Classes of Certificates other than the Physical
                Certificates.

            

    

     

    
      	
              Class A
                Certificates

            	 	
              Class
                A-IO, Class I-A, Class II-A-1, Class II-A-2, Class II-A-3,
                Class II-A-4 and Class II-A-5
                Certificates.

            

    

     

    
      	
              Class M
                Certificates

            	 	
              Class M-1,
                Class M-2, Class M-3, Class M-4, Class M-5,
                Class M-6, Class M-7, Class M-8, Class M-9 and
                Class M-10 and Class M-11
                Certificates.

            

    

     

    
      	
              Delay
                Certificates

            	 	
              The
                Class A-IO Certificates.

            

    

     

    ERISA-Restricted

    
      	 	
              Certificates

            	 	
              Any
                Class M, Class P, Class X and Class R Certificates and any Certificate
                with a rating which falls below the lowest applicable permitted rating
                under the Underwriters’ Exemption.

            

    

     

    ERISA-Restricted

    
      	 	
              Derivative
                Certificates

            	 	
              Any
                Class A Certificate prior to the termination of the Cap Agreement
                and the
                Swap Agreement.

            

    

     

    
      	
              Interest-Only
                Certificates

            	 	
              The
                Class A-IO Certificates.

            

    

     

    
      	
              LIBOR
                Certificates

            	 	
              Collectively,
                the Class I-A, Class II-A-1, Class II-A-2, Class II-A-3,
                Class II-A-4 Certificates and any Class M
                Certificate.

            

    

     

    
      	
              Non-Delay
                Certificates

            	 	
              The
                Class A Certificates (other than the Class A-IO Certificates), the
                Class M Certificates and Class X
                Certificates.

            

    

     

    
      	
              Offered
                Certificates

            	 	
              All
                Classes of Certificates other than the Private
                Certificates.

            

    

     

    
      	
              Principal-Only
                Certificates

            	 	
              The
                Class II-A-5 Certificates.

            

    

     

    
      	
              Physical
                Certificates

            	 	
              Class P,
                Class X and Class R
                Certificates.

            

    

     

    
      	
              Private
                Certificates

            	 	
              Class
                M-10, Class M-11, Class P, Class X and Class R
                Certificates.

            

    

     

    
      	
              Rating
                Agencies

            	 	
              Fitch,
                Moody’s and Standard &
Poor’s.

            

    

     

    
      	
              Regular
                Certificates

            	 	
              All
                Classes of Certificates other than the Class R
                Certificates.

            

    

     

    
      	
              Residual
                Certificates

            	 	
              Class R
                Certificates.

            

    

     

    
      
        
        

      

      
        -12-

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      I

     

    DEFINITIONS

     

    Whenever
      used in this Agreement, the following words and phrases, unless the context
      otherwise requires, shall have the following meanings:

     

    10-K
      Filing Deadline: As defined in Section 8.12(a)(ii).

     

    Accepted
      Servicing Practices:
      With
      respect to any Mortgage Loan and the Servicer, the servicing and administration
      of such Mortgage Loan (i) in the same manner in which, and with the same
      care, skill, prudence and diligence with which the Servicer generally services
      and administers similar mortgage loans with similar mortgagors (A) for
      other third parties, giving due consideration to customary and usual standards
      of practice of prudent institutional residential mortgage lenders servicing
      their own mortgage loans or (B) held in the Servicer’s own portfolio,
      whichever standard is higher, and (ii) in accordance with applicable local,
      state and federal laws, rules and regulations.

     

    Account:
      Any of
      the Collection Account, the Distribution Account and any Escrow Account, and
      with respect to the Supplemental Interest Trust, the Excess Reserve Fund Account
      and the Supplemental Interest Trust Account. Each Account shall be an Eligible
      Account.

     

    Additional
      Disclosure Notification:
      The
      form of notice set forth on Exhibit Y.

     

    Additional
      Form 10-D Disclosure:
      As
      defined in Section 8.12(a)(i). 

     

    Additional
      Form 10-K Disclosure:
      As
      defined in Section 8.12(a)(ii). 

     

    Additional
      Termination Event:
      As
      defined in the Cap Agreement or the Swap Agreement, as applicable.

     

    Adjustable
      Rate Mortgage Loan:
      A
      Mortgage Loan which provides for the adjustment of the Mortgage Rate payable
      in
      respect thereto.

     

    Adjusted
      Lower Tier WAC: For
      any
      Distribution Date (and the related Accrual Period), an amount equal to (i)
      two,
      multiplied by (ii) the weighted average of the interest rates for such
      Distribution Date for the Class LT3-I-A, LT3-II-A-1, LT3-II-A-2, LT3-II-A-3,
      LT3-II-A-4, LT3-II-A-5, LT3-M-1, LT3-M-2, LT3-M-3, LT3-M-4, LT3-M-5, LT3-M-6,
      LT3-M-7, LT3-M-8, LT3-M-9, LT3-M-10, LT3-M-11 and LT3-Q Interests, weighted
      in
      proportion to their Class Principal Amounts as of the beginning of the related
      Accrual Period and computed by subjecting the rate on the Class LT3-Q Interest
      to a cap of 0.00%, and by subjecting the rate on each of the Class LT3-I-A,
      LT3-II-A-1, LT3-II-A-2, LT3-II-A-3, LT3-II-A-4, LT3-II-A-5, LT3-M-1, LT3-M-2,
      LT3-M-3, LT3-M-4, LT3-M-5, LT3-M-6, LT3-M-7, LT3-M-8, LT3-M-9, LT3-M-10 and
      LT3-M-11 Interests to a cap that corresponds to the Interest Rate (determined
      by
      substituting the REMIC 3 Net Funds Cap for the applicable Available Funds Cap)
      for the Corresponding Class of Certificates; provided,
      however,
      that
      for each Class of LIBOR Certificates, the Certificate Interest Rate shall be
      multiplied by an amount equal to (a) the actual number of days in the Interest
      Accrual Period, divided by (b) 30.

     

    
      
        
        

      

      
        -13-

        
          

        

      

      
        
        

      

    

     

    Adjustment
      Date:
      As to
      any Adjustable Rate Mortgage Loan, the first Due Date on which the related
      Mortgage Rate adjusts as set forth in the related Mortgage Note and each Due
      Date thereafter on which the Mortgage Rate adjusts as set forth in the related
      Mortgage Note.

     

    Advance:
      Any
      P&I Advance or Servicing Advance.

     

    Affected
      Party:
      As
      defined in the Swap Agreement.

     

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

     

    Agreement:
      This
      Pooling and Servicing Agreement and all amendments or supplements
      hereto.

     

    Amounts
      Held for Future Distribution:
      As to
      the Certificates on any Distribution Date, the aggregate amount held in the
      Collection Account at the close of business on the related Determination Date
      on
      account of (i) Principal Prepayments, Insurance Proceeds, Condemnation
      Proceeds, Liquidation Proceeds and Subsequent Recoveries on the Mortgage Loans
      received after the end of the related Prepayment Period and (ii) all
      Scheduled Payments on the Mortgage Loans due after the end of the related Due
      Period.

     

    Applied
      Realized Loss Amount:
      With
      respect to any Distribution Date, the amount, if any, by which the aggregate
      Class Certificate Balance of the LIBOR Certificates and the Principal-Only
      Certificates after distributions of principal on such Certificates on such
      Distribution Date exceeds the aggregate Stated Principal Balance of the Mortgage
      Loans for such Distribution Date.

     

    Appraised
      Value:
      The
      value set forth in an appraisal made in connection with the origination of
      the
      related Mortgage Loan as the value of the Mortgaged Property.

     

    Assignment
      of Mortgage:
      An
      assignment of the Mortgage, notice of transfer or equivalent instrument in
      recordable form (other than the assignee’s name and recording information not
      yet returned from the recording office), reflecting the sale of the Mortgage
      to
      the Trustee.

     

    Available
      Funds:
      With
      respect to any Distribution Date and the Mortgage Loans to the extent received
      by the Master Servicer (x) the sum of (i) all scheduled installments
      of interest (net of the related Expense Fees) and principal due on the Due
      Date
      on such Mortgage Loans in the related Due Period and received by the Servicer
      on
      or prior to the related Determination Date, together with any
      P&I Advances in respect thereof; (ii) all Condemnation Proceeds,
      Insurance Proceeds, Liquidation Proceeds and Subsequent Recoveries received
      by
      the Servicer during the related Prepayment Period (in each case, net of
      unreimbursed expenses incurred in connection with a liquidation or foreclosure
      and unreimbursed Advances, if any); (iii) all partial or full prepayments
      on the Mortgage Loans received by the Servicer during the related Prepayment
      Period together with all Compensating Interest paid by the Servicer in
      connection therewith (excluding any Prepayment Charges); (iv) all
      Substitution Adjustment Amounts with respect to the substitutions of Mortgage
      Loans that occur on or prior to the related Determination Date; (v) all
      amounts received with respect to such Distribution Date as the Repurchase Price
      in respect of a Mortgage Loan repurchased by the Mortgage Loan Seller or the
      Sponsor on or prior to the related Determination Date; and (vi) the
      proceeds with respect to the termination of the Trust Fund pursuant to
      clause (a) of Section 11.01; reduced by (y) amounts in
      reimbursement for Advances previously made with respect to the Mortgage Loans
      and other amounts as to which the Servicer, the Depositor, the Master Servicer,
      the Securities Administrator or the Trustee are entitled to be paid or
      reimbursed pursuant to this Agreement.

     

    
      
        
        

      

      
        -14-

        
          

        

      

      
        
        

      

    

     

    Back-up
      Certification:
      As
      defined in Section 3.24.

     

    Basic
      Principal Payment Amount:
      With
      respect to any Distribution Date, the excess of (i) the Principal
      Remittance Amount for such Distribution Date over (ii) the Excess
      Overcollateralization Amount, if any, for such Distribution Date.

     

    Basis
      Risk Carryover Amount:
      With
      respect to each Class of LIBOR Certificates, as of any Distribution Date,
      the sum of (A) if on such Distribution Date the Interest Rate for any
      Class of LIBOR Certificates is based upon the Group I Available Funds
      Cap, the Group II Available Funds Cap or the Class M Available Funds Cap, as
      applicable, the excess of (i) the amount of interest such Class of
      Certificates would otherwise be entitled to receive on such Distribution Date
      had such rate been calculated (x) as the sum of LIBOR and the applicable
      Interest Margin on such Class of Certificates for such Distribution Date,
      over (ii) the amount of interest payable on such Class of Certificates
      at, with respect to the Class I-A Certificates, the Group I Available
      Funds Cap, at, with respect to the Class II-A-1, Class II-A-2,
      Class II-A-3 and Class II-A-4 Certificates, the Group II
      Available Funds Cap, and at, with respect to any Class M Certificate, the Class
      M Available Funds Cap, as applicable, for such Distribution Date and
      (B) the portion of any such excess described in clause (A) for
      such Class of Certificates from all previous Distribution Dates not
      previously paid, together with interest thereon at a rate equal the applicable
      Interest Rate for each such Class of Certificates for such Distribution
      Date. With respect to the Interest-Only Certificates, as of any Distribution
      Date, the sum of (A) if on such Distribution Date the Interest Rate of the
      Interest-Only Certificates is based on the Class A-IO Available Funds Cap,
      the
      excess of (i) the amount of interest that the Interest-Only Certificates would
      otherwise have been entitled to receive on such Distribution Date had the
      Interest Rate equaled 1.50% per annum over (ii) the amount of interest payable
      on the Interest-Only Certificates if subject to the Class A-IO Available Funds
      Cap for such Distribution Date and (B) the portion of such excess described
      in
      clause (A) for the Interest-Only Certificates from all previous Distribution
      Dates not previously paid, together with interest thereon at a rate equal to
      1.50% per annum.

     

    Basis
      Risk Payment:
      For any
      Distribution Date, an amount equal to the lesser of (i) the aggregate of
      the Basis Risk Carryover Amounts of the LIBOR Certificates and the Interest-Only
      Certificates for such Distribution Date and (ii) the Class X
      Distributable Amount (prior to any reduction for Basis Risk
      Payments).

     

    
      
        
        

      

      
        -15-

        
          

        

      

      
        
        

      

    

     

    Best’s:
      Best’s
      Key Rating Guide, as the same shall be amended from time to time.

     

    Book-Entry
      Certificates:
      As
      specified in the Preliminary Statement.

     

    Business
      Day:
      Any day
      other than (i) Saturday or Sunday, or (ii) a day on which banking and
      savings and loan institutions, in (a) the States of New York, California,
      Maryland or Minnesota, (b) the Commonwealth of Pennsylvania or any other
      State in which the Servicer’s servicing operations are located, or (c) any
      State in which the Corporate Trust Office is located, are authorized or
      obligated by law or executive order to be closed.

     

    Cap
      Account:
      The
      sub-account of the Supplemental Interest Trust Account created pursuant to
      Section 4.06(a).

     

    Cap
      Agreement:
      The
      interest rate cap agreement (Reference No. 2440376) entered into by the
      Supplemental Interest Trust and the Cap Counterparty, dated May 5, 2006, which
      agreement provides for the monthly payment specified to the Securities
      Administrator (for the benefit of Certificateholders) commencing with the
      Distribution Date in November 2006 and ending on the Distribution Date in August
      2012, by the Cap Counterparty, but subject to the conditions set forth therein,
      together with any schedule, confirmations or other agreements relating thereto,
      attached as Exhibit P.

     

    Cap
      Amount:
      With
      respect to each Distribution Date, the amount of any Cap Payment deposited
      into
      the Cap Account.

     

    Cap
      Counterparty:
      The
      counterparty to the Supplemental Interest Trust under the Cap Agreement, and
      any
      successor in interest or its assigns. Initially, the Cap Counterparty shall
      be
      ABN AMRO Bank, N.V.

     

    Cap
      Payment:
      With
      respect to each Distribution Date, any payment required to be made by the Cap
      Counterparty to the Supplemental Interest Trust pursuant to the terms of the
      Cap
      Agreement.

     

    Cap
      Payment Date:
      For as
      long as the Cap Agreement is in effect or any amounts remain unpaid thereunder,
      the Business Day immediately preceding each Distribution Date.

     

    Cap
      Replacement Receipts:
      As
      defined in Section 4.08(b)(i).

     

    Cap
      Replacement Receipts Account:
      As
      defined in Section 4.08(b)(i).

    

    Cap
      Termination Payment:
      Upon
      the designation of an “Early Termination Date” as defined in the Cap Agreement,
      the payment required to be made by the Cap Counterparty to the Supplemental
      Interest Trust pursuant to the terms of the Cap Agreement and any unpaid amounts
      due on previous Cap Payment Dates and accrued interest thereon as provided
      in
      the Cap Agreement, as calculated by the Cap Counterparty and furnished to the
      Trustee.

     

    
      
        
        

      

      
        -16-

        
          

        

      

      
        
        

      

    

     

    Cap
      Termination Receipts:
      As
      defined in Section 4.08(b)(i).

     

    Cap
      Termination Receipts Account:
      As
      defined in Section 4.08(b)(i).

     

    Certificate:
      Any one
      of the Certificates executed by the Securities Administrator in substantially
      the forms attached hereto as exhibits.

     

    Certificate
      Balance:
      With
      respect to any Certificate, other than a Class A-IO, Class X, Class P
      or Class R Certificate, at any date, the maximum dollar amount of principal
      to which the Holder thereof is then entitled hereunder, such amount being equal
      to the Denomination thereof minus all distributions of principal previously
      made
      with respect thereto and in the case of any Class M Certificates, reduced by
      any
      Applied Realized Loss Amounts allocated to such Class of Certificates
      pursuant to Section 4.05; provided,
      however,
      that
      immediately following the Distribution Date on which a Subsequent Recovery
      is
      distributed, the Class Certificate Balances of any Class or Classes of
      Certificates that have been previously reduced by Applied Realized Loss Amounts
      will be increased, in order of seniority, by the amount of any Subsequent
      Recovery distributed on such Distribution Date (up to the amount of Unpaid
      Realized Loss Amount for such Class or Classes for such Distribution Date).
      The Class P Certificates are issued with an initial Class P Principal
      Amount of $100. The Class X and Class R Certificates have no
      Certificate Balance. The Class A-IO Certificates are issued with a Class
      Notional Balance.

     

    Certificate
      Group:
      The
      Group I Certificates or the Group II Certificates, as
      applicable.

     

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

     

    Certificate
      Register:
      The
      register maintained pursuant to Section 5.02.

     

    Certificateholder
      or
Holder:
      The
      person in whose name a Certificate is registered in the Certificate Register,
      except that, solely for the purpose of giving any consent pursuant to this
      Agreement, any Certificate registered in the name of the Depositor or any
      Affiliate of the Depositor shall be deemed not to be Outstanding and the
      Percentage Interest evidenced thereby shall not be taken into account in
      determining whether the requisite amount of Percentage Interests necessary
      to
      effect such consent has been obtained; provided,
      however,
      that if
      any such Person (including the Depositor) owns 100.00% of the Percentage
      Interests evidenced by a Class of Certificates, such Certificates shall be
      deemed to be Outstanding for purposes of any provision hereof that requires
      the
      consent of the Holders of Certificates of a particular Class as a condition
      to the taking of any action hereunder. The Securities Administrator is entitled
      to rely conclusively on a certification of the Depositor or any Affiliate of
      the
      Depositor in determining which Certificates are registered in the name of an
      Affiliate of the Depositor.

     

    Certification
      Parties:
      As
      defined in Section 3.24.

     

    Certifying
      Person:
      As
      defined in Section 3.24.

     

    
      
        
        

      

      
        -17-

        
          

        

      

      
        
        

      

    

     

    Class:
      All
      Certificates bearing the same class designation as set forth in the Preliminary
      Statement.

     

    Class I-A
      Certificates:
      All
      Certificates bearing the Class designation of “Class I-A”.

     

    Class II-A-1
      Certificates:
      All
      Certificates bearing the Class designation of “Class II-A-1”.

     

    Class II-A-2
      Certificates:
      All
      Certificates bearing the Class designation of “Class II-A-2”.

     

    Class II-A-3
      Certificates:
      All
      Certificates bearing the Class designation of “Class II-A-3”.

     

    Class II-A-4
      Certificates:
      All
      Certificates bearing the Class designation of “Class II-A-4”.

     

    Class II-A-5
      Certificates:
      All
      Certificates bearing the Class designation of “Class II-A-5”.

     

    Class A
      Certificates:
      As
      specified in the Preliminary Statement.

     

    Class A-IO
      Available Funds Cap:
      With
      respect to the Class A-IO Certificates and any Distribution Date, a per annum
      rate equal to (x) the weighted average of the Expense Adjusted Mortgage Rate
      of
      the Mortgage Loans then in effect on the beginning of the related Due Period
      minus
      (y) a
      percentage equal to the product of (i) a fraction, the numerator of which is
      equal to the Net Derivative Payment or Swap Termination Payment (other than
      a
      Swap Termination Payment resulting from a Derivative Counterparty Trigger Event)
      made to the Swap Counterparty with respect to such Due Period, and the
      denominator of which is equal to the Pool Balance as of the beginning of the
      related Due Period and (ii) 12.

     

    Class A-IO
      Certificates:
      All
      Certificates bearing the Class designation of “Class A-IO”.

     

    Class Certificate
      Balance:
      With
      respect to any Class of LIBOR Certificates and the Principal-Only Certificates
      and as to any date of determination, the aggregate of the Certificate Balances
      of all Certificates of such Class as of such date. With respect to the
      Class A-IO, Class X, Class P and Class R Certificates, zero. With respect to
      any
      Lower Tier Interest, the initial Class Principal Balance as shown or described
      in the table set forth in the Preliminary Statement to this Agreement for the
      issuing REMIC, as reduced by any principal distributed with respect to such
      Lower Tier Interest and Realized Losses allocated to such Lower Tier
      Interest.

     

    Class
      I Shortfalls: As
      defined in Section 8.11 hereof. For
      purposes of clarity, the Class I Shortfall for any Distribution Date shall
      equal
      the amount payable to the Derivative Counterparty on such Distribution Date
      in
      excess of the amount payable with respect to the Class LT4-I interest in the
      Upper Tier REMIC on such Distribution Date, all as further provided in Section
      8.11 hereof.

     

    
      
        
        

      

      
        -18-

        
          

        

      

      
        
        

      

    

     

    Class
      M Available Funds Cap:
      With
      respect to the Class M Certificates as of any Distribution Date, a per annum
      rate equal to the weighted average of the Group I Available Funds Cap and the
      Group II Available Funds Cap, weighted on the basis of the Group Subordinate
      Amount for the Group I Mortgage Loans and the Group Subordinate Amount for
      the
      Group II Mortgage Loans, respectively.

     

    Class M
      Certificates:
      As
      specified in the Preliminary Statement.

     

    Class M
      Principal Payment Amount:
      With
      respect to any Distribution Date and any Class of Class M
      Certificates, the lesser of (i) the excess of (a) the Principal
      Payment Amount over (b) the aggregate amount distributed on that
      Distribution Date as principal to all Classes of Certificates more senior than
      that Class of Class M Certificates (provided,
      however,
      for
      this purpose, the Class M-1, Class M-2 and Class M-3 Certificates will be
      treated as having the same seniority) and (ii) the excess of (a) the sum of
      the
      aggregate Class Certificate Balances of all Class of Certificates more
      senior than that Class of Class M Certificates (after giving effect to
      all amounts distributed on that Distribution Date to those Classes of more
      senior certificates (provided,
      however,
      for
      this purpose, the Class M-1, Class M-2 and Class M-3 Certificates will be
      treated as having the same seniority)) and the Class Certificate Balance of
      that Class of Class M Certificates immediately prior to that
      Distribution Date over (b) the lesser of:

     

    (x) the
      percentage set forth in the table below for the applicable Class of
      Class M Certificates multiplied by the aggregate Stated Principal Balance
      of the Mortgage Loans for that Distribution Date:

    

    
      	
              Class

            	 	
              Percentage

            	 
	
              M-1,
                M-2 and M-3

            	 	 	
              79.10

            	
              %

            
	
              M-4

            	 	 	
              82.40

            	
              %

            
	
              M-5

            	 	 	
              85.60

            	
              %

            
	
              M-6

            	 	 	
              88.60

            	
              %

            
	
              M-7

            	 	 	
              91.40

            	
              %

            
	
              M-8

            	 	 	
              93.90

            	
              %

            
	
              M-9

            	 	 	
              95.30

            	
              %

            
	
              M-10

            	 	 	
              96.30

            	
              %

            
	
              M-11

            	 	 	
              98.30

            	
              %

            

    

     

    and

     

    (y) the
      excess, if any, of the aggregate Stated Principal Balance of the Mortgage Loans
      for that Distribution Date over 0.50% of the aggregate Stated Principal Balance
      of the Mortgage Loans as of the Cut-off Date, until the Class Certificate
      Balance of that Class of Class M Certificates has been reduced to
      zero.

     

    
      
        

      

    

    
      	
            	*	
              The
                amount calculated according to such percentage will be allocated
                sequentially to the Class M-1, Class M-2 and Class M-3
                Certificates.

            

    

     

     

    
      
        
        

      

      
        -19-

        
          

        

      

      
        
        

      

    

     

    Class M-1
      Certificates:
      All
      Certificates bearing the Class designation of “Class M-1”.

     

    Class M-2
      Certificates:
      All
      Certificates bearing the Class designation of “Class M-2”.

     

    Class M-3
      Certificates:
      All
      Certificates bearing the Class designation of “Class M-3”.

     

    Class M-4
      Certificates:
      All
      Certificates bearing the Class designation of “Class M-4”.

     

    Class M-5
      Certificates:
      All
      Certificates bearing the Class designation of “Class M-5”.

     

    Class M-6
      Certificates:
      All
      Certificates bearing the Class designation of “Class M-6”.

     

    Class M-7
      Certificates:
      All
      Certificates bearing the Class designation of “Class M-7”.

     

    Class M-8
      Certificates:
      All
      Certificates bearing the Class designation of “Class M-8”.

     

    Class M-9
      Certificates:
      All
      Certificates bearing the Class designation of “Class M-9”.

     

    Class M-10
      Certificates:
      All
      Certificates bearing the Class designation of “Class M-10”.

     

    Class M-11
      Certificates:
      All
      Certificates bearing the Class designation of “Class M-11”.

     

    Class Notional
      Balance:
      With
      respect to each Distribution Date and the related Interest Accrual Period and
      the Class A-IO Certificates, the lesser of (a) the Pool Balance as of the first
      day of the related Due Period and (b) the amount set forth in the schedule
      in
      Exhibit Z for such Distribution Date.

     

    Class P
      Certificates:
      All
      Certificates bearing the Class designation of “Class P”.

     

    Class R
      Certificates:
      All
      Certificates bearing the Class designation of “Class R”.

     

    Class P
      Principal Amount:
      As of
      the Closing Date, $100.00.

     

    Class X
      Certificates:
      All
      Certificates bearing the Class designation of “Class X”.

     

    Class
      X Certificate Service Provider:
      Cambridge
      Place Investment Management Inc. or such alternative entity specified by
      Cambridge Place Investment Management Inc. to the Servicer by written notice
      received by the Servicer not less than ten Business Days prior to the applicable
      Distribution Date. 

     

    
      
        
        

      

      
        -20-

        
          

        

      

      
        
        

      

    

     

    Class
      X Distributable Amount:
      With
      respect to any Distribution Date, the amount of interest that has accrued on
      the
      Class X Notional Balance, as described in the Preliminary Statement, but that
      has not been distributed prior to such date. In addition, such amount shall
      include the initial Overcollateralization Amount of $10,346,197.30
      ($10,346,297.30 less $100 of such amount allocated to the Class P Certificates)
      to the extent such amount has not been distributed on an earlier Distribution
      Date as part of the Overcollateralization Reduction Amount.

     

    Class
      X Notional Balance:
      With
      respect to
      any
      Distribution Date (and the related Interest Accrual Period) the aggregate
      principal balance of the regular interests in REMIC 4 as specified in the
      Preliminary Statement hereto.

     

    Closing
      Date:
      May 5,
      2006.

     

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

     

    Collection
      Account:
      As
      defined in Section 3.10(a).

    

     

    Commission:
      The
      United States Securities and Exchange Commission.

     

    Compensating
      Interest:
      For any
      Distribution Date, the lesser of (a) the amount, if any, by which the
      Prepayment Interest Shortfall, if any, for such Distribution Date, with respect
      to all voluntary Principal Prepayments (excluding any payments made upon
      liquidation of any Mortgage Loan) exceeds all Prepayment Interest Excesses
      for
      such Distribution Date, and (b) the aggregate amount of the Servicing Fee
      actually retained by or paid to the Servicer for such Distribution
      Date.

     

    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.

     

    Corporate
      Trust Office:
      With
      respect to the Securities Administrator, (i) for transfer, presentation or
      surrender of Certificates, the office at Wells Fargo Center, Sixth Street and
      Marquette Avenue, Minneapolis, Minnesota 55479, Attention: Corporate Trust
      Services -FFML 2006-FF5, and (ii) for all other purposes, 9062 Old Annapolis
      Road, Columbia, Maryland 21045, Attention: Corporate Trust Services - FFML
      2006-FF5 or at such other address as the Securities Administrator may designate
      from time to time by notice to the Certificateholders, the Depositor, the Master
      Servicer and the Trustee. With respect to the Trustee, the designated office
      of
      the Trustee in the State of California at which any particular time its
      corporate trust business with respect to this Agreement is administered, which
      office at the date of the execution of this Agreement is located at 1761 East
      St. Andrew Place, Santa Ana, California 92705-4934, Attention: Trust
      Administration - FF06F5, facsimile number (714) 247-6329, and its telephone
      number is (714) 247-6000 and which is also the address to which notices to
      and
      correspondence with the Trustee under this Agreement should be directed.

     

    
      
        
        

      

      
        -21-

        
          

        

      

      
        
        

      

    

     

    Corresponding
      Class:
      As
      described in the Preliminary Statement.

     

    Credit
      Enhancement Percentage:
      With
      respect to any Distribution Date, the percentage obtained by dividing
      (x) the sum of (i) the aggregate Class Certificate Balance of the
      Class M Certificates and (ii) the Overcollateralization Amount
      (assuming the Overcollateralization Amount is not less than zero and in each
      case after taking into account the distributions of the Principal Payment Amount
      for such Distribution Date assuming no Trigger Event has occurred) by
      (y) the aggregate Stated Principal Balance of the Mortgage Loans for such
      Distribution Date.

     

    Credit
      Risk Manager:
      Not
      applicable.

     

    Credit
      Risk Management Agreement:
      Not
      applicable.

     

    Credit
      Risk Manager’s Fee Rate:
      Not
      applicable.

     

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

     

    Cumulative
      Loss Trigger Event:
      If,
      with respect to any Distribution Date, the quotient (expressed as a
      percentage) of (x) the aggregate amount of Realized Losses incurred since
      the Cut-off Date through the last day of the related Prepayment Period, divided
      by (y) the Cut-off Date Pool Principal Balance, exceeds the applicable loss
      percentages set forth below with respect to such Distribution Date:

    

    
      	
              Distribution
                Date Occurring In:

            	 	
              Loss
                Percentage:

            
	
              May
                2008 through May 2009 

            	 	
              1.15%
                for the first month, plus an additional 1/12th of 

              1.40
                for each month thereafter 

            
	 	 	 
	
              May
                2009 through April 2010 

            	 	
              2.55%
                for the first month, plus an additional 1/12th of 

              1.45%
                for each month thereafter 

            
	 	 	 
	
              May
                2010 through April 2011 

            	 	
              4.00%
                for the first month, plus an additional 1/12th of 

              1.20%
                for each month thereafter 

            
	 	 	 
	
              May
                2011 through April 2012

            	 	
              5.20%
                for the first month, plus an additional 1/12th of 

              0.65%
                for each month thereafter 

            
	 	 	 
	
              May
                2012 and thereafter

            	 	
              5.85%
                

            

    

     

    Custodial
      File:
      The
      meaning assigned to such term in Section 2.01(a).

     

    
      
        
        

      

      
        -22-

        
          

        

      

      
        
        

      

    

     

    Custodian:
      Initially, Wells Fargo, or any successor custodian appointed
      hereunder.

     

    Cut-off
      Date:
      April
      1, 2006.

     

    Cut-off
      Date Pool Principal Balance:
      The
      aggregate Stated Principal Balances of all Mortgage Loans as of the Cut-off
      Date.

     

    Cut-off
      Date Principal Balance:
      As to
      any Mortgage Loan, the Stated Principal Balance thereof as of the close of
      business on the Cut-off Date.

     

    Data
      Tape Information:
      With
      respect to each Mortgage Loan, the same information (provided as of the Cut-off
      Date) included in the data fields specified under the definition of “Mortgage
      Loan Schedule” in the Master MLPSA, with such additions and modifications as
      agreed upon by the Mortgage Loan Seller and the Depositor. A copy of the Master
      MLPSA is attached as Exhibits Q hereto.

     

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

     

    Defaulting
      Party:
      As
      defined in the Swap Agreement or Cap Agreement, as applicable.

     

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

     

    Definitive
      Certificates:
      Any
      Certificate evidenced by a Physical Certificate and any Certificate issued
      in
      lieu of a Book-Entry Certificate pursuant to Section 5.02(e).

     

    Delay
      Certificates:
      As
      specified in the Preliminary Statement.

     

    Deleted
      Mortgage Loan:
      As
      defined in Section 2.03.

     

    Delinquency
      Rate:
      For any
      calendar month, a fraction, expressed as a percentage, the numerator of which
      is
      the aggregate Stated Principal Balance of 60+ Day Delinquent Mortgage Loans
      as
      of the close of business on the last day of such month, and the denominator
      of
      which is the aggregate Stated Principal Balance of the Mortgage Loans as of
      the
      close of business on the last day of such month.

     

    
      
        
        

      

      
        -23-

        
          

        

      

      
        
        

      

    

     

    Delinquency
      Trigger Event:
      With
      respect to any Distribution Date on or after the Stepdown Date, the
      circumstances in which the Rolling Three Month Delinquency Rate as of the last
      day of the immediately preceding calendar month exceeds the applicable
      percentages of the Credit Enhancement Percentage for the prior Distribution
      Date
      as set forth below for the most senior Class of Class A Certificates and Class
      M
      Certificates then outstanding:

    

    
      	
              Class

            	 	
              Percentage

            	 
	
              A

            	 	 	
              41.63

            	
              %

            
	
              M-1

            	 	 	
              46.67

            	
              %

            
	
              M-2

            	 	 	
              64.31

            	
              %

            
	
              M-3

            	 	 	
              75.69

            	
              %

            
	
              M-4

            	 	 	
              89.88

            	
              %

            
	
              M-5

            	 	 	
              109.86

            	
              %

            
	
              M-6

            	 	 	
              138.77

            	
              %

            
	
              M-7

            	 	 	
              183.94

            	
              %

            
	
              M-8

            	 	 	
              259.32

            	
              %

            
	
              M-9

            	 	 	
              336.55

            	
              %

            
	
              M-10

            	 	 	
              427.49

            	
              %

            
	
              M-11

            	 	 	
              930.19

            	
              %

            

    

     

    Denomination:
      With
      respect to each Certificate, the amount set forth on the face thereof as the
      “Initial Certificate Balance of this Certificate” (initial notional balance, in
      the case of the Class A-IO Certificates) or the Percentage Interest appearing
      on
      the face thereof.

     

    Depositor:
      HSI
      Asset Securitization Corporation, a Delaware corporation, and its successors
      in
      interest.

     

    Depository:
      The
      initial Depository shall be The Depository Trust Company, the nominee of which
      is CEDE & Co., as 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
      Institution:
      Any
      depository institution or trust company, including the Trustee and the
      Securities Administrator, that (a) is incorporated under the laws of the
      United States of America or any State thereof, (b) is subject to
      supervision and examination by federal or state banking authorities and
      (c) has outstanding unsecured commercial paper or other short-term
      unsecured debt obligations that are rated P-1 by Moody’s, F1+ by Fitch and A-1
      by Standard & Poor’s.

     

    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.

     

    Derivative
      Counterparty:
      Collectively, the Cap Counterparty and the Swap Counterparty.

     

    Derivative
      Payment Date:
      For so
      long as either the Cap Agreement or the Swap Agreement is in effect, the
      Business Day preceding each Distribution Date.

     

    
      
        
        

      

      
        -24-

        
          

        

      

      
        
        

      

    

     

    Determination
      Date:
      With
      respect to each Remittance Date, the 15th day (or if such day is not a Business
      Day, the immediately preceding Business Day) in the calendar month in which
      such
      Remittance Date occurs.

     

    Disqualified
      Non-U.S. Person:
      With
      respect to a Class R Certificate, any Non-U.S. Person or agent thereof
      other than (i) a Non-U.S. Person that holds the Class R Certificate in
      connection with the conduct of a trade or business within the United States
      and
      has furnished the transferor and the Securities Administrator with an effective
      IRS Form W-8ECI or (ii) a Non-U.S. Person that has delivered to both the
      transferor and the Securities Administrator an opinion of a nationally
      recognized tax counsel to the effect that the transfer of the Class R
      Certificate to it is in accordance with the requirements of the Code and the
      regulations promulgated thereunder and that such transfer of the Class R
      Certificate will not be disregarded for federal income tax
      purposes.

     

    Distribution
      Account:
      The
      separate Eligible Account created and maintained by the Securities Administrator
      pursuant to Section 3.07(d) in the name of the Securities Administrator as
      paying agent for the benefit of the Trustee and the Certificateholders and
      designated “Wells Fargo Bank, N.A. as paying agent in trust for registered
      holders of First Franklin Mortgage Loan Trust 2006-FF5 Mortgage Pass-Through
      Certificates, Series 2006-FF5”. Funds in the Distribution Account 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, 12:00 noon New York City time on the third Business
      Day
      immediately preceding such Distribution Date.

     

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

     

    Document
      Certification and Exception Report:
      The
      form of report attached to Exhibit F hereto.

     

    Due
      Date:
      The day
      of the month on which the Scheduled Payment is due on a Mortgage Loan, exclusive
      of any days of grace.

     

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

     

    EDGAR:
      The
      Commission’s Electronic Data Gathering and Retrieval System.

     

    Eligible
      Account:
      Either
      (i) an account maintained with a federal or state-chartered depository
      institution or trust company that complies with the definition of Eligible
      Institution, (ii) an account maintained with the corporate trust department
      of a
      federal depository institution or state-chartered depository institution subject
      to regulations regarding fiduciary funds on deposit similar to Title 12 of
      the
      U.S. Code of Federal Regulation Section 9.10(b), which, in either case, has
      corporate trust powers and is acting in its fiduciary capacity or (iii) any
      other account acceptable to each Rating Agency. Eligible Accounts may bear
      interest, and may include, if otherwise qualified under this definition,
      accounts maintained with the Securities Administrator.

     

    
      
        
        

      

      
        -25-

        
          

        

      

      
        
        

      

    

     

    Eligible
      Institution:
      A
      federal or state-chartered depository institution or trust company the
      commercial paper, short-term debt obligations, or other short-term deposits
      of
      which are rated at least “A-1+” by Standard & Poor’s if the amounts on
      deposit are to be held in the account for no more than 365 days (or at least
      “A-2” if the amounts on deposit are to be held in the account for no more than
      30 days), “P-1” by Moody’s and “F1+” by Fitch (or a comparable rating if another
      Rating Agency is specified by the Depositor by written notice to each of the
      Servicer and the Securities Administrator) or long-term unsecured debt
      obligations are rated at least “AA-” by Standard & Poor’s if the amounts on
      deposit are to be held in the account for no more than 365 days.

     

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

     

    ERISA-Qualifying
      Underwriting:
      A best
      efforts or firm commitment underwriting or private placement that meets the
      requirements of Prohibited Transaction Exemption (“PTE”) 96-84,
      61 Fed. Reg. 58234 (1996), as amended by PTE 97-34, 62 Fed. Reg. 39021
      (1997), PTE 2000-58, 65 Fed. Reg. 67765 (2000) and PTE 2002-41, 67 Fed.
      Reg. 54487 (2002) (or any successor thereto), or any substantially
      similar administrative exemption granted by the U.S. Department of
      Labor.

     

    ERISA-Restricted
      Certificate:
      As
      specified in the Preliminary Statement.

     

    ERISA-Restricted
      Derivative Certificate:
      As
      specified in the Preliminary Statement.

     

    Escrow
      Account:
      The
      Eligible Account or Accounts established and maintained by the Servicer pursuant
      to Section 3.09(b).

     

    Escrow
      Payments:
      As
      defined in Section 3.09(b).

     

    Event
      of Default:
      As
      defined in Section 7.01.

     

    Excess
      Overcollateralization
      Amount:
      With
      respect to any Distribution Date, the excess, if any, of (a) the
      Overcollateralization Amount on such Distribution Date over (b) the
      Overcollateralization Target Amount for such Distribution Date.

     

    Excess
      Reserve Fund Account:
      The
      separate Eligible Account created and maintained by the Securities Administrator
      under the Supplemental Interest Trust pursuant to Sections 3.07(b) and
      3.07(c) in the name of the Securities Administrator as paying agent for the
      benefit of the LIBOR Certificateholders, the Class A-IO Certificateholders
      and
      the Class X Certificateholders and designated “Wells Fargo Bank, N.A. as paying
      agent in trust for registered holders of First Franklin Mortgage Loan Trust
      2006-FF5, Mortgage Pass-Through Certificates, Series 2006-FF5”. Funds in
      the Excess Reserve Fund Account shall be held in trust for such
      Certificateholders for the uses and purposes set forth in this Agreement.
      Amounts on deposit in the Excess Reserve Fund Account shall not be invested.
      The
      Excess Reserve Fund Account shall be considered part of the Supplemental
      Interest Trust but not part of any REMIC.

     

    
      
        
        

      

      
        -26-

        
          

        

      

      
        
        

      

    

     

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

     

    Excluded
      Trust Assets:
      As
      defined in the Preliminary Statement.

     

    Expense
      Adjusted Mortgage Rate:
      With
      respect to any Distribution Date and as to each Mortgage Loan, the per annum
      rate equal to the Mortgage Rate as of the first day of the related Due Period
      less the Expense Fee Rate.

     

    Expense
      Fee Rate:
      As to
      each Mortgage Loan, a per annum rate equal to the sum of the Servicing Fee
      Rate
      and the Master Servicing Fee Rate.

     

    Expense
      Fees:
      As to
      each Mortgage Loan and any Distribution Date, the sum of the Servicing Fee
      and
      the Master Servicing Fee.

     

    Extra
      Principal Payment Amount:
      As of
      any Distribution Date, the lesser of (x) the related Total Monthly Excess
      Spread for such Distribution Date and (y) the related Overcollateralization
      Deficiency for such Distribution Date.

     

    Fannie
      Mae:
      The
      Federal National Mortgage Association, or any successor thereto.

     

    FDIC:
      The
      Federal Deposit Insurance Corporation, or any successor thereto.

     

    FFFC:
      First
      Franklin Financial Corporation, a wholly owned subsidiary of National City
      Bank
      of Indiana.

     

    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 Mortgage Loan Seller or the
      Sponsor as contemplated by this Agreement or the Purchase Agreement, as
      applicable), a determination made by the Servicer that all Insurance Proceeds,
      Condemnation Proceeds, Liquidation Proceeds and other payments or recoveries
      which the Servicer, in its reasonable good faith judgment, expects to be finally
      recoverable in respect thereof have been so recovered. The Servicer shall
      maintain records, prepared by a Servicing Officer, of each Final Recovery
      Determination made thereby.

     

    Final
      Scheduled Distribution Date:
      The
      Final Scheduled Distribution Date for each Class of Certificates (other
      than the Class A-IO Certificates) is the Distribution Date occurring in April
      2036. The Final Scheduled Distribution Date for the Class A-IO Certificates
      is
      the Distribution Date occurring in April 2008.

     

    Fitch:
      Fitch,
      Inc., or any successor thereto. If Fitch is designated as a Rating Agency in
      the
      Preliminary Statement, for purposes of Section 12.05(c) the address for
      notices to Fitch shall be Fitch, Inc., One State Street Plaza, New York, New
      York 10004, Attention: MBS Monitoring - FFML (First Franklin Mortgage Loan
      Trust 2006-FF5), or such other address as Fitch may hereafter furnish to the
      Depositor and the Securities Administrator.

     

    
      
        
        

      

      
        -27-

        
          

        

      

      
        
        

      

    

     

    Fixed
      Rate Mortgage Loan:
      A
      Mortgage Loan with respect to which the Mortgage Rate set forth in the Mortgage
      Note is fixed for the term of such Mortgage Loan.

     

    Form
      8-K Disclosure Information:
      As
      defined in Section 8.12(a)(iii).

     

    Freddie
      Mac:
      The
      Federal Home Loan Mortgage Corporation, a corporate instrumentality of the
      United States created and existing under Title III of the Emergency Home
      Finance Act of 1970, as amended, 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 to be added to the Index to determine the
      Mortgage Rate.

     

    Group I
      Available Funds Cap:
      With
      respect to the Group I Mortgage Loans as of any Distribution Date, the per
      annum
      rate (subject to adjustment based on the actual number of days elapsed in the
      related Interest Accrual Period) equal to (x) the weighted average of the
      Expense Adjusted Mortgage Rate for each Group I Mortgage Loan then in effect
      at
      the beginning of the related Due Period (not including for this purpose any
      Group I Mortgage Loans for which Principal Prepayments in Full have been
      received and distributed in the month prior to that Distribution Date)
minus
      (y) a
      percentage equal to the product of (i) a fraction, the numerator of which is
      equal to the sum of (a) the portion of the Net Derivative Payment or Swap
      Termination Payment allocated to the Group I Mortgage Loans based on the
      applicable Group Percentage (other than a Swap Termination Payment resulting
      from a Swap Counterparty Trigger Event) made to the Swap Counterparty with
      respect to such Due Period and (b) the Senior Interest Payment Amount accrued
      on
      the Class A-IO Certificates allocable to the Group I Mortgage Loans based on
      the
      applicable Group Percentage and the denominator of which is equal to the
      aggregate Stated Principal Balance of the Group I Mortgage Loans as of the
      beginning of the related Due Period and (ii) 12.

     

    Group I
      Certificates:
      The
      Class I-A Certificates.

     

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

     

    Group I
      Principal Payment Amount:
      With
      respect to any Distribution Date prior to the Stepdown Date, the Principal
      Payment Amount multiplied by the Group Principal Allocation Percentage for
      the Group I Certificates.

     

    Group I
      Senior Principal Payment Amount:
      With
      respect to any Distribution Date, the lesser of (i) the Group I Principal
      Payment Amount for that Distribution Date and (ii) the excess of (a) the
      aggregate Class Certificate Balance of the Group I Certificates
      immediately prior to that Distribution Date over (b) the lesser of
      (x) 62.00% of the aggregate Stated Principal Balance of the Group I
      Mortgage Loans for that Distribution Date and (y) the excess, if any, of
      the aggregate Stated Principal Balance of the Group I Mortgage Loans for
      that Distribution Date over 0.50% of the aggregate State Principal Balance
      of
      the Group I Mortgage Loans as of the Cut-off Date.

     

    
      
        
        

      

      
        -28-

        
          

        

      

      
        
        

      

    

     

    Group II
      Available Funds Cap:
      With
      respect to the Group II Mortgage Loans as of any Distribution Date, the per
      annum rate (subject to adjustment based on the actual number of days elapsed
      in
      the related Interest Accrual Period) equal to (x) the weighted average of the
      Expense Adjusted Mortgage Rate of the Group II Mortgage Loans then in effect
      at
      the beginning of the related Due Period (not including for this purpose any
      Group II Mortgage Loans for which Principal Prepayments in Full have been
      received and distributed in the month prior to that Distribution Date)
minus
      (y) a
      percentage equal to the product of (i) a fraction, the numerator of which is
      equal to the sum of (a) the portion of the Net Derivative Payment or Swap
      Termination Payment allocated to the Group II Mortgage Loans based on the
      applicable Group Percentage (other than a Swap Termination Payment resulting
      from a Swap Counterparty Trigger Event) made to the Derivative Counterparty
      and
      (b) the Senior Interest Payment Amount accrued on the Class A-IO Certificates
      allocable to the Group II Mortgage Loans based on the applicable Group
      Percentage and the denominator of which is equal to the aggregate Stated
      Principal Balance of the Group II Mortgage Loans as of the beginning of the
      related Due Period and (ii) 12.

     

    Group II
      Certificates:
      The
      Class II-A-1, Class II-A-2, Class II-A-3, Class II-A-4 and Class II-A-5
      Certificates.

     

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

     

    Group II
      Principal Payment Amount:
      With
      respect to any Distribution Date, the Principal Payment Amount multiplied by
      the
      Group Principal Allocation Percentage for the Group II
      Certificates.

     

    Group II
      Senior Principal Payment Amount:
      With
      respect to any Distribution Date, the lesser of (i) the Group II Principal
      Payment Amount for that Distribution Date and (ii) the excess of (a) the
      aggregate Class Certificate Balance of the Group II Certificates
      immediately prior to that Distribution Date over (b) the lesser of
      (x) 62.00% of the aggregate Stated Principal Balance of the Group II
      Mortgage Loans for that Distribution Date and (y) the excess, if any, of
      the aggregate Stated Principal Balance of the Group II Mortgage Loans for
      that Distribution Date over 0.50% of the aggregate State Principal Balance
      of
      the Group II Mortgage Loans as of the Cut-off Date.

     

    Group Available
      Funds Cap:
      The
      Group I Available Funds Cap or the Group II Available Funds Cap, as
      applicable.

     

    Group
      Percentage: For
      any
      Distribution Date and for each of the Group I Mortgage Loans and the
      Group II Mortgage Loans, a fraction (expressed as a percentage) the
      numerator of which is the aggregate Stated Principal Balance of the Mortgage
      Loans in such Loan Group and the denominator of which is equal to the aggregate
      Stated Principal Balance of all the Mortgage Loans as of such date.

     

    Group Principal
      Allocation Percentage:
      With
      respect to any Distribution Date, the percentage equivalent of a fraction,
      determined as follows:

     

    (i) with
      respect to the Group I Certificates, a fraction, the numerator of which is
      the portion of the Principal Remittance Amount for that Distribution Date that
      is attributable to the principal received or advanced on the Group I
      Mortgage Loans and the denominator of which is the Principal Remittance Amount
      for that Distribution Date; and

     

    
      
        
        

      

      
        -29-

        
          

        

      

      
        
        

      

    

     

    (ii) with
      respect to the Group II Certificates, a fraction, the numerator of
      which is the portion of the Principal Remittance Amount for that Distribution
      Date that is attributable to the principal received or advanced on the
      Group II Mortgage Loans and the denominator of which is the Principal
      Remittance Amount for that Distribution Date.

     

    Group Subordinate
      Amount:
      For any
      Distribution Date and (i) for the Group I Mortgage Loans, the excess
      of the aggregate Stated Principal Balance of the Group I Mortgage Loans as
      of the beginning of the related Due Period over the Class Certificate
      Balance of the Class I-A Certificates immediately prior to the current
      Distribution Date and (ii) for the Group II Mortgage Loans, the excess of
      the aggregate Stated Principal Balance of the Group II Mortgage Loans as of
      the beginning of the related Due Period over the Class Certificate Balance
      of the Class II-A-1, Class II-A-2, Class II-A-3, Class II-A-4 and Class II-A-5
      Certificates immediately prior to the current Distribution Date 

     

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

     

    Index:
      As to
      each Adjustable Rate Mortgage Loan, the six-month LIBOR index from time to
      time
      in effect for the adjustment of the Mortgage Rate as set forth in the related
      Mortgage Note.

     

    Initial
      Certification:
      As
      defined in Section 2.02.

     

    Initial
      Sale Date:
      The
      date the Mortgage Loan was purchased by the Sponsor from the Mortgage Loan
      Seller under the Master MLPSA.

     

    Insurance
      Policy:
      With
      respect to any Mortgage Loan included in the Trust Fund, any insurance policy,
      including, but not limited to, any standard hazard insurance policy, flood
      insurance policy, earthquake insurance policy, title insurance policy or Primary
      Mortgage Insurance Policy (if any), including all riders and endorsements
      thereto in effect, including any replacement policy or policies.

     

    Insurance
      Proceeds:
      With
      respect to each Mortgage Loan, proceeds of Insurance Policies insuring the
      Mortgage Loan or the related Mortgaged Property.

     

    
      
        
        

      

      
        -30-

        
          

        

      

      
        
        

      

    

     

    Interest
      Accrual Period:
      With
      respect to each Class of LIBOR Certificates and any Distribution Date, the
      period commencing on the Distribution Date occurring in the month preceding
      the
      month in which the current Distribution Date occurs and ending on the day
      immediately preceding the current Distribution Date (or, in the case of the
      first Distribution Date, the period from and including the Closing Date to
      but
      excluding such first Distribution Date). For purposes of computing interest
      accruals on each Class of LIBOR Certificates, each Interest Accrual Period
      has the actual number of days in such month and each year is assumed to have
      360 days. With respect to the Interest-Only Certificates and the
      Corresponding Class of Lower Tier REMIC Regular Interests and any Distribution
      Date, the calendar month immediately preceding the month in which such
      Distribution Date occurs. For purposes of computing interest accruals on the
      Interest-Only Certificates and each class of Lower Tier Interests, each Interest
      Accrual Period shall consist of a thirty day month and each year is assumed
      to
      have 360 days.

     

    Interest
      Carry Forward Amount:
      As of
      any Distribution Date and any Class of LIBOR Certificates and the
      Interest-Only Certificates, the sum of (i) the excess of (a) the sum of (x)
      the Interest Payment Amount with respect to the current Distribution Date
      (excluding any Basis Risk Carryover Amount with respect to such Class), plus
      (y)
      the portion of the Interest Payment Amount from Distribution Dates prior to
      the
      current Distribution Date remaining unpaid immediately prior to the current
      Distribution Date, over (b) the amount actually paid to such
      Class with respect to interest on such prior Distribution Dates, and (ii)
      interest on the amount in clause (i) above at the applicable Interest Rate
      (to
      the extent permitted by applicable law).

     

    Interest
      Margin:
      Except
      as set forth in the following sentence, with respect to each Class of
      Regular Certificates, the following percentages: Class I-A Certificates,
      0.150%; Class II-A-1 Certificates, 0.050%; Class II-A-2 Certificates,
      0.110%; Class II-A-3 Certificates, 0.160%; Class II-A-4 Certificates,
      0.240%; Class M-1 Certificates, 0.270%; Class M-2 Certificates,
      0.310%; Class M-3 Certificates, 0.330%; Class M-4 Certificates,
      0.380%; Class M-5 Certificates, 0.420%; Class M-6 Certificates,
      0.510%, Class M-7 Certificates, 0.950%, Class M-8 Certificates,
      1.100%, Class M-9 Certificates, 1.950%, Class M-10 Certificates, 2.000% and
      Class M-11 Certificates, 2.000%. On the first Distribution Date after the
      Optional Termination Date, the Interest Margins shall increase to the following
      percentages: Class I-A Certificates, 0.300%; Class II-A-1
      Certificates, 0.100%; Class II-A-2 Certificates, 0.220%; Class II-A-3
      Certificates, 0.320%; Class II-A-4 Certificates, 0.480%; Class M-1
      Certificates, 0.405%; Class M-2 Certificates, 0.465%; Class M-3
      Certificates, 0.495%; Class M-4 Certificates, 0.570%; Class M-5
      Certificates, 0.630%; Class M-6 Certificates, 0.765%, Class M-7
      Certificates, 1.425%, Class M-8 Certificates, 1.650%, Class M-9
      Certificates, 2.925%, Class M-10 Certificates, 3.000% and Class M-11
      Certificates, 3.000%.

     

    Interest
      Payment Amount:
      With
      respect to any Distribution Date for each Class of LIBOR Certificates and
      the Interest-Only Certificates, the amount of interest accrued during the
      related Interest Accrual Period at the applicable Interest Rate on the related
      Class Certificate Balance (Class Notional Balance, in the case of the Class
      A-IO Certificates) immediately prior to such Distribution Date, as reduced
      by
      such Class’s share of Net Prepayment Interest Shortfalls and Relief Act Interest
      Shortfalls for such Distribution Date allocated to such Class pursuant to
      Section 4.02.

     

    
      
        
        

      

      
        -31-

        
          

        

      

      
        
        

      

    

     

    Interest
      Rate:
      For
      each Class of LIBOR Certificates and the Interest-Only Certificates, each
      Class of Upper Tier REMIC Regular Interest and each class of Lower
      Tier Interest, the per annum rate set forth or calculated in the manner
      described in the Preliminary Statement.

     

    Interest
      Remittance Amount:
      With
      respect to any Distribution Date and the Mortgage Loans in a Loan Group, that
      portion of Available Funds attributable to interest relating to Mortgage Loans
      in that Loan Group.

     

    Investment
      Account:
      As
      defined in Section 3.12(a).

     

    Investor:
      With
      respect to each MERS Designated Mortgage Loan, the Person named on the MERS
      System as the investor pursuant to the MERS Procedures Manual.

     

    IRS:
      The
      Internal Revenue Service.

     

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

     

    LIBOR:
      With
      respect to any Interest Accrual Period for the LIBOR Certificates, the rate
      determined by the Securities Administrator on the related LIBOR Determination
      Date on the basis of the offered rate for one-month U.S. dollar deposits as
      such
      rate appears on Telerate Page 3750 as of 11:00 a.m. (London time) on such
      date; provided,
      that if
      such rate does not appear on Telerate Page 3750, the rate for such date
      will be determined on the basis of the rates at which one-month U.S. dollar
      deposits are offered by the Reference Banks at approximately 11:00 a.m.
      (London time) on such date to prime banks in the London interbank market. In
      such event, the Securities Administrator shall request the principal London
      office of each of the Reference Banks to provide a quotation of its rate. If
      at
      least two such quotations are provided, the rate for that date will be the
      arithmetic mean of the quotations (rounded upwards if necessary to the nearest
      whole multiple of 1/16%). If fewer than two quotations are provided as
      requested, the rate for that date will be the arithmetic mean of the rates
      quoted by major banks in New York City, selected by the Securities Administrator
      (after consultation with the Depositor), at approximately 11:00 a.m. (New
      York City time) on such date for one-month U.S. dollar loans to leading European
      banks.

     

    LIBOR
      Certificates:
      As
      specified in the Preliminary Statement.

     

    LIBOR
      Determination Date:
      With
      respect to any Interest Accrual Period for the LIBOR Certificates, the second
      London Business Day preceding the commencement of such Interest Accrual
      Period.

     

    Liquidated
      Mortgage Loan:
      With
      respect to any Distribution Date, a defaulted Mortgage Loan (including any
      REO
      Property) which was liquidated in the calendar month preceding the month of
      such
      Distribution Date and as to which the Servicer has certified to the Securities
      Administrator that it has received all amounts it expects to receive in
      connection with the liquidation of such Mortgage Loan including the final
      disposition of an REO Property.

     

    
      
        
        

      

      
        -32-

        
          

        

      

      
        
        

      

    

     

    Liquidation
      Proceeds:
      Cash
      received in connection with the liquidation of a Liquidated Mortgage Loan,
      whether through a trustee’s sale, foreclosure sale or otherwise.

     

    Loan
      Group:
      The
      Group I Mortgage Loans or the Group II Mortgage Loans, as
      applicable.

     

    Loan-to-Value
      Ratio
      or
LTV:
      As of
      any date and as to any Mortgage Loan, the ratio (expressed as a
      percentage) of the outstanding principal balance of the Mortgage Loan to
      (a) in the case of a purchase, the lesser of (i) the sale price of the
      Mortgaged Property and (ii) its appraised value at the time of sale or
      (b) in the case of a refinancing or modification, the appraised value of
      the Mortgaged Property at the time of the refinancing or
      modification.

     

    London
      Business Day:
      Any day
      on which dealings in deposits of United States dollars are transacted in the
      London interbank market.

     

    Lower
      Tier Interest:
      An
      interest in any REMIC formed hereby other than the Upper Tier
      REMIC.

     

    Master
      MLPSA:
      The
      Amended and
      Restated Master Mortgage Loan Purchase and Servicing Agreement among the
      Mortgage Loan Seller, the Servicer and the Sponsor, as initial purchaser, dated
      as of January 1, 2006.

     

    Master
      Servicer:
      Wells
      Fargo, and if a successor master servicer is appointed hereunder, such
      successor.

     

    Master
      Servicer Event of Default:
      As
      defined in Section 9.06.

     

    Master
      Servicing Fee:
      As to
      any Distribution Date and each Mortgage Loan, an amount equal to
      1/12th
      the
      product of (a) the Master Servicing Fee Rate and (b) the outstanding Stated
      Principal Balance of such Mortgage Loan as of the prior Distribution Date (or
      as
      of the Cut-off Date in the case of the first Distribution Date).

     

    Master
      Servicing Fee Rate:
      With
      respect to any Mortgage Loan, a per annum rate equal to 0.005%.

     

    Master
      Servicing Officer:
      Any
      officer of the Master Servicer involved in, or responsible for, the
      administration and master servicing of the Mortgage Loans.

     

    Maximum
      Mortgage Rate:
      With
      respect to each Adjustable Rate Mortgage Loan, a rate that (i) is set forth
      on the Data Tape Information and in the related Mortgage Note and (ii) is
      the maximum interest rate to which the Mortgage Rate on such Mortgage Loan
      may
      be increased during the lifetime of such Mortgage Loan.

     

    
      
        
        

      

      
        -33-

        
          

        

      

      
        
        

      

    

     

    MERS:
      Mortgage Electronic Registration Systems, Inc., a Delaware corporation, and
      its
      successors in interest.

     

    MERS
      Designated Mortgage Loan:
      Mortgage Loans for which (a) the Mortgage Loan Seller has designated or
      will designate MERS as, and has taken or will take such action as is necessary
      to cause MERS to be, the mortgagee of record, as nominee for the Mortgage Loan
      Seller, in accordance with the MERS Procedure Manual and (b) the Mortgage
      Loan Seller has designated or will designate the Trustee as the Investor on
      the
      MERS System.

     

    MERS
      Procedure Manual:
      The
      MERS Procedures Manual, as it may be amended, supplemented or otherwise modified
      from time to time.

     

    MERS®
      System:
      MERS
      mortgage electronic registry system, as more particularly described in the
      MERS
      Procedures Manual.

     

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

     

    Minimum
      Mortgage Rate:
      With
      respect to each Adjustable Rate Mortgage Loan, a rate that (i) is set forth
      on the Data Tape Information and in the related Mortgage Note and (ii) is
      the minimum interest rate to which the Mortgage Rate on such Mortgage Loan
      may
      be decreased during the lifetime of such Mortgage Loan.

     

    Monthly
      Statement:
      The
      statement delivered to the Certificateholders pursuant to
      Section 4.03.

     

    Moody’s:
      Moody’s
      Investors Service, Inc. If Moody’s is designated as a Rating Agency in the
      Preliminary Statement, for purposes of Section 12.05(c) the address for
      notices to Moody’s shall be Moody’s Investors Service, Inc., 99 Church Street,
      New York, New York 10007, Attention: Residential Mortgage Pass-Through Group,
      FFML (First Franklin Mortgage Loan Trust Series 2006-FF5), or such other address
      as Moody’s may hereafter furnish to the Depositor and the Securities
      Administrator.

     

    Mortgage:
      The
      mortgage, deed of trust or other instrument identified on the Mortgage Loan
      Schedule as securing a Mortgage Note.

     

    Mortgage
      File:
      The
      items pertaining to a particular Mortgage Loan contained in either the Servicing
      File or Custodial File.

     

    Mortgage
      Loan:
      An
      individual Mortgage Loan that 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
      Mortgage File, the Scheduled Payments, Principal Prepayments, Liquidation
      Proceeds, Subsequent Recoveries, Condemnation Proceeds, Insurance Proceeds,
      REO
      Disposition proceeds, Prepayment Charges, and all other rights, benefits,
      proceeds and obligations arising from or in connection with such Mortgage Loan,
      excluding replaced or repurchased Mortgage Loans.

     

    
      
        
        

      

      
        -34-

        
          

        

      

      
        
        

      

    

     

    Mortgage
      Loan Schedule:
      A
      schedule of Mortgage Loans prepared by the Depositor, delivered to the Trustee
      on the Closing Date and referred to on Schedule I, such schedule setting
      forth for each Loan Group the Data Tape Information with respect to each
      Mortgage Loan.

     

    Mortgage
      Loan Seller:
      FFFC.

     

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

     

    Mortgage
      Rate:
      The
      annual rate of interest borne on a Mortgage Note, which shall be adjusted from
      time to time.

     

    Mortgaged
      Property:
      With
      respect to each Mortgage Loan, the real property (or leasehold estate, if
      applicable) identified on the Mortgage Loan Schedule as securing repayment
      of
      the debt evidenced by the related Mortgage Note.

     

    Mortgagor:
      The
      obligor(s) on a Mortgage Note.

     

    NCHLS:
      National City Home Loan Services, Inc., a wholly owned subsidiary of National
      City Bank of Indiana.

     

    Net
      Derivative Payment:
      The net
      payment required to be made on the Derivative Payment Date either by (a) the
      Supplemental Interest Trust to the Derivative Counterparty, to the extent that
      the fixed amount payable by the Supplemental Interest Trust under the terms
      of
      the Swap Agreement exceeds the aggregate amount of the corresponding floating
      amount payable by the Derivative Counterparty under the terms of the Swap
      Agreement and any amounts payable by the Derivative Counterparty under the
      Cap
      Agreement, or (b) the Derivative Counterparty to the Supplemental Interest
      Trust, to the extent that the aggregate amount of the floating amount payable
      by
      the Derivative Counterparty under the terms of the Swap Agreement and any such
      amount payable by the Derivative Counterparty under the Cap Agreement exceeds
      the corresponding fixed amount payable by the Supplemental Interest Trust under
      the terms of the Swap Agreement, plus in the case of a payment made under either
      clause (a) or clause (b) any unpaid amounts due under such clause from previous
      Derivative Payment Dates, and accrued interest thereon as provided in the
      applicable Derivative Agreement, as calculated by the Derivative Counterparty
      and furnished to the Securities Administrator. Any Swap Termination Payment
      or
      Cap Termination Payment will be made exclusive of the Net Derivative Payment
      required to be made by the Derivative Counterparty or Supplemental Interest
      Trust, as applicable, under the Swap Agreement or the Cap
      Agreement.

     

    Net
      Monthly Excess Cash Flow:
      For any
      Distribution Date, the amount of interest and principal remaining for
      distribution pursuant to subsection 4.02(a)(iii) (before giving effect to
      distributions pursuant to such subsection).

     

    Net
      Prepayment Interest Shortfall:
      For any
      Distribution Date, the amount by which the sum of the Prepayment Interest
      Shortfalls for such Distribution Date exceeds the sum of Compensating Interest
      payments made with respect to such Distribution Date.

     

    
      
        
        

      

      
        -35-

        
          

        

      

      
        
        

      

    

     

    Net
      Swap Payment:
      With
      respect to each Swap Payment Date, the net payment (not including any Swap
      Termination Payment) required to be made pursuant to the terms of the Swap
      Agreement plus any unpaid amounts due on previous Swap Payment Dates and accrued
      interest thereon as provided in the Swap Agreement, as calculated by the Swap
      Counterparty and furnished to the Securities Administrator.

     

    Net
      WAC Rate:
      With
      respect to any Distribution Date (and the related Interest Accrual Period),
      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 (not including
      for
      this purpose Mortgage Loans for which Principal Prepayments in Full have been
      received and distributed in the month prior to that Distribution
      Date).

     

    NIM
      Issuer:
      The
      entity established as the issuer of the NIM Securities.

     

    NIM
      Securities:
      Any
      debt securities secured or otherwise backed by some or all of the Class X
      and Class P Certificates that are rated by any Rating Agency.

     

    NIM
      Trustee:
      The
      Indenture trustee for the NIM Securities.

     

    Non-Delay
      Certificates:
      As
      specified in the Preliminary Statement.

     

    Non-Permitted
      Transferee:
      A
      Person other than a Permitted Transferee.

     

    Non-U.S.
      Person:
      A
      person that is not a U.S. Person.

     

    Nonrecoverable
      P&I Advance:
      Any
      P&I Advance previously made or proposed to be made in respect of a Mortgage
      Loan or REO Property that, in the good faith business judgment (taking into
      account Accepted Servicing Practices) of the Servicer, the Master Servicer,
      as
      successor servicer, or any successor master servicer including the Trustee,
      as
      applicable, will not or, in the case of a proposed P&I Advance, would not be
      ultimately recoverable from related Late Collections on such Mortgage Loan
      or
      REO Property as provided herein.

     

    Nonrecoverable
      Servicing Advance:
      Any
      Servicing Advances previously made or proposed to be made in respect of a
      Mortgage Loan or REO Property, which, in accordance with Accepted Servicing
      Practices, will not or, in the case of a proposed Servicing Advance, would
      not
      be ultimately recoverable from related Late Collections. 

     

    Notice
      of Final Distribution:
      The
      notice to be provided by the Securities Administrator pursuant to
      Section 11.02 to the effect that final distribution on any of the
      Certificates shall be made only upon presentation and surrender
      thereof.

     

    Offered
      Certificates:
      As
      specified in the Preliminary Statement.

     

    Offering
      Documents:
      The
      Prospectus and the Private Placement Memorandum.

     

    Officer’s
      Certificate:
      A
      certificate signed by an officer of the Servicer or the Master Servicer, as
      applicable, with responsibility for the servicing of the Mortgage Loans and
      listed on a list delivered to the Trustee and the Securities Administrator
      pursuant to this Agreement.

     

    
      
        
        

      

      
        -36-

        
          

        

      

      
        
        

      

    

     

    Opinion
      of Counsel:
      A
      written opinion of counsel, who may be in-house counsel for the Servicer or
      any
      Subservicer, reasonably acceptable to the Trustee and/or the Securities
      Administrator, as applicable (and/or such other Persons as may be set forth
      herein); provided,
      that
      any Opinion of Counsel relating to (a) qualification of any REMIC created
      hereby or (b) compliance with the REMIC Provisions, must be (unless
      otherwise stated in such Opinion of Counsel) an opinion of counsel who
      (i) is in fact independent of the Servicer or the Master Servicer,
      (ii) does not have any material direct or indirect financial interest in
      the Servicer or the Master Servicer or in an affiliate of either and
      (iii) is not connected with the Servicer or the Master Servicer as an
      officer, employee, director or person performing similar functions.

     

    Option
      to Purchase:
      On the
      first Optional Termination Date and any Distribution Date thereafter, the Master
      Servicer, upon instruction by the Depositor, shall purchase
      the Mortgage Loans. If the Depositor fails to instruct the Master Servicer
      to
      purchase the Mortgage Loans, the Master Servicer has the right and, at its
      own
      option, may purchase the Mortgage Loans on the first Distribution Date and
      any
      Distribution Date thereafter on which the aggregate Stated Principal Balance
      of
      the Mortgage Loans as of the last day of the related Due Period is less than
      or
      equal to 5.00% of the aggregate Stated Principal Balance of the Mortgage Loans
      as of the Cut-off Date.

     

    Optional
      Termination Date:
      Any
      Distribution Date on which the aggregate Stated Principal Balance of the
      Mortgage Loans, as of the last day of the related Due Period, is less than
      or
      equal to 10.00% of the Cut-off Date Pool Principal Balance.

     

    OTS:
      Office
      of Thrift Supervision, and any successor thereto.

     

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

     

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

     

    (ii) 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 Due Date, a Mortgage Loan with a Stated Principal Balance greater than
      zero
      which was not the subject of a Principal Prepayment in Full prior to such Due
      Date and which did not become a Liquidated Mortgage Loan prior to such Due
      Date.

     

    Overcollateralization
      Amount:
      As of
      any Distribution Date, the excess, if any, of (a) the aggregate Stated
      Principal Balance of the Mortgage Loans for such Distribution Date over
      (b) the aggregate of the Class Certificate Balances of the LIBOR
      Certificates and the Principal-Only Certificates as of such Distribution Date
      (after giving effect to the payment of the Principal Remittance Amount on such
      Certificates on such Distribution Date).

     

    
      
        
        

      

      
        -37-

        
          

        

      

      
        
        

      

    

     

    Overcollateralization
      Deficiency:
      With
      respect to any Distribution Date, the excess, if any, of (a) the
      Overcollateralization Target Amount applicable to such Distribution Date over
      (b) the Overcollateralization Amount applicable to such Distribution
      Date.

     

    Overcollateralization
      Reduction Amount:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      Excess Overcollateralization Amount and (b) the Net Monthly Excess Cash
      Flow.

     

    Overcollateralization
      Target Amount:
      Prior
      to the Stepdown Date, an amount equal to 0.85% of the aggregate Stated Principal
      Balance of the Mortgage Loans as of the Cut-off Date. On and after the Stepdown
      Date, an amount equal to the greater of (i) 1.70% of the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period and (ii) 0.50% of the aggregate Stated Principal Balance of the Mortgage
      Loans as of the Cut-off Date; provided,
      however,
      that
      if, on any Distribution Date a Trigger Event exists, the Overcollateralization
      Target Amount shall not be reduced to the applicable percentage of then current
      aggregate Stated Principal Balance of the Mortgage Loans until the Distribution
      Date on which a Trigger Event no longer exists but rather shall remain the
      Overcollateralization Target Amount as determined for the immediately preceding
      Distribution Date. When the Class Certificate Balance of each Class of
      LIBOR Certificates and the Principal-Only Certificates have been reduced to
      zero, the Overcollateralization Target Amount will thereafter equal
      zero.

     

    Ownership
      Interest:
      As to
      any Residual 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.

     

    P&I
      Advance:
      As to
      any Mortgage Loan or REO Property, any advance made by the Servicer in respect
      of any Remittance Date representing the aggregate of all payments of principal
      and interest, net of the Servicing Fee, that were due during the related Due
      Period on the Mortgage Loans and that were delinquent on the related
      Determination Date, plus certain amounts representing assumed payments not
      covered by any current net income on the Mortgaged Properties acquired by
      foreclosure or deed in lieu of foreclosure as determined pursuant to
      Section 4.01.

     

    Percentage
      Interest:
      As to
      any Certificate, the percentage interest evidenced thereby in distributions
      required to be made on the related Class, such percentage interest being set
      forth on the face thereof or equal to the percentage obtained by dividing the
      Denomination of such Certificate by the aggregate of the Denominations of all
      Certificates of the same Class.

     

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

     

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

     

    
      
        
        

      

      
        -38-

        
          

        

      

      
        
        

      

    

     

    (ii) demand
      and time deposits in, certificates of deposit of, or bankers’ acceptances (which
      shall each have an original maturity of not more than 90 days and, in the
      case of bankers’ acceptances, shall in no event have an original maturity of
      more than 365 days or a remaining maturity of more than 30 days)
      denominated in United States dollars and issued by, any Depository Institution
      and rated F1+ by Fitch, A-1+ by Standard & Poor’s and P-1 by
      Moody’s;

     

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

     

    (iv) securities
      bearing interest or sold at a discount that are issued by any corporation
      incorporated under the laws of the United States of America or any state thereof
      and that are rated by Fitch, Moody’s and Standard & Poor’s (in each case, to
      the extent they are designated as Rating Agencies in the Preliminary Statement),
      and by each other Rating Agency that rates such securities, in its highest
      long-term unsecured rating categories at the time of such investment or
      contractual commitment providing for such investment;

     

    (v) commercial
      paper (including both non-interest-bearing discount obligations and
      interest-bearing obligations payable on demand or on a specified date not more
      than 30 days after the date of acquisition thereof) that is rated by Fitch,
      Moody’s and Standard & Poor’s (in each case, to the extent they are
      designated as Rating Agencies in the Preliminary Statement), and by each other
      Rating Agency that rates such securities, in its highest short-term unsecured
      debt rating available at the time of such investment;

     

    (vi) units
      of
      money market funds, including money market funds managed or advised by the
      Trustee, the Securities Administrator or an Affiliate thereof, that have been
      rated “Aaa” by Moody’s, “AAA” by Standard & Poor’s and, if rated by
      Fitch, “AAA” by Fitch; and

     

    (vii) if
      previously confirmed in writing to the Securities Administrator, any other
      demand, money market or time deposit, or any other obligation, security or
      investment, as may be acceptable to each of the Rating Agencies as a permitted
      investment of funds backing “Aaa” or “AAA” rated securities;

     

    provided,
      however,
      that no
      instrument described hereunder shall evidence either the right to receive
      (a) only interest with respect to the obligations underlying such
      instrument or (b) both principal and interest payments derived from
      obligations underlying such instrument and the interest and principal payments
      with respect to such instrument provide a yield to maturity at par greater
      than
      120.00% of the yield to maturity at par of the underlying
      obligations.

     

    Permitted
      Transferee:
      Any
      Person other than (i) the United States, any State or political subdivision
      thereof, 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) which 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, (v) a Person that is a Disqualified
      Non-U.S. Person or a U.S. Person with respect to whom income from a Residual
      Certificate is attributable to a foreign permanent establishment or fixed base,
      within the meaning of an applicable income tax treaty, of such Person or any
      other U.S. Person, (vi) an “electing large partnership” within the meaning
      of Section 775 of the Code and (vii) any other Person so designated by
      the Depositor based upon an Opinion of Counsel that the Transfer of an Ownership
      Interest in a Residual Certificate to such Person may cause any REMIC formed
      hereby to fail to qualify as a REMIC at any time that the 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.

     

    
      
        
        

      

      
        -39-

        
          

        

      

      
        
        

      

    

     

    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.

     

    Physical
      Certificates:
      As
      specified in the Preliminary Statement.

     

    Pool
      Stated Principal Balance:
      As to
      any Distribution Date, the aggregate of the Stated Principal Balances of the
      Mortgage Loans for such Distribution Date that were Outstanding Mortgage Loans
      on the Due Date in the related Due Period.

     

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

     

    Prepayment
      Interest Excess:
      With
      respect to any Distribution Date, any interest collected by the Servicer with
      respect to any Mortgage Loan as to which a Principal Prepayment occurs from
      the
      1st day of the month through the 15th day of the month in which such
      Distribution Date occurs and that represents interest that accrues from the
      1st
      day of such month to the date of such Principal Prepayment.

     

    Prepayment
      Interest Shortfall:
      With
      respect to any Distribution Date, the sum of, for each Mortgage Loan that was,
      during the portion of the related Prepayment Period from the first day of such
      Prepayment Period through the last day of the month preceding the month in
      which
      such Distribution Date occurs, the subject of a Principal Prepayment which
      is
      not accompanied by an amount equal to one month of interest that would have
      been
      due on such Mortgage Loan on the Due Date that occurs during such Prepayment
      Period and which was applied by the Servicer to reduce the outstanding principal
      balance of such Mortgage Loan on a date preceding such Due Date, an amount
      equal
      to the product of (a) the Mortgage Rate net of the Servicing Fee Rate for
      such Mortgage Loan, (b) the amount of the Principal Prepayment for such
      Mortgage Loan, (c) 1/360 and (d) the number of days commencing on the
      date on which such Principal Prepayment was applied and ending on the last
      day
      of the calendar month in which the related Prepayment Period
      begins.

     

    
      
        
        

      

      
        -40-

        
          

        

      

      
        
        

      

    

     

    Prepayment
      Period:
      With
      respect to any Distribution Date and any Principal Prepayments, the period
      commencing on the 16th day of the month preceding the month in which such
      Distribution Date occurs (or in the case of the first Distribution Date,
      commencing on the Cut-off Date) and ending on the 15th day of the month in
      which
      that Distribution Date occurs. 

     

    Primary
      Mortgage Insurance Policy:
      Any
      mortgage guaranty insurance, if any, on an individual Mortgage Loan as evidenced
      by a policy or certificate, whether such policy is obtained by the Mortgage
      Loan
      Seller, the lender or the borrower.

     

    Principal-Only
      Certificate:
      Any
      Class II-A5 Certificate.

     

    Principal
      Payment Amount:
      For any
      Distribution Date, the sum of (i) the Basic Principal Payment Amount for
      such Distribution Date and (ii) the Extra Principal Payment Amount for such
      Distribution Date.

     

    Principal
      Prepayment:
      Any
      full or partial payment or other recovery of principal on a Mortgage Loan
      (including upon liquidation of a Mortgage Loan) that is received in advance
      of
      its scheduled Due Date, excluding any Prepayment Charge thereon, and that is
      not
      accompanied by an amount of interest representing scheduled interest due on
      any
      date or dates in any month or months subsequent to the month of prepayment.
      

     

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

     

    Principal
      Remittance Amount:
      With
      respect to any Distribution Date, the amount equal to the sum of the following
      amounts (without duplication) with respect to the related Due Period:
      (i) each scheduled payment of principal on a Mortgage Loan due during such
      Due Period and received by the Servicer on or prior to the related Determination
      Date or advanced by the Servicer for the related Remittance Date, (ii) all
      Principal Prepayments received during the related Prepayment Period;
      (iii) all net Liquidation Proceeds, Condemnation Proceeds and Insurance
      Proceeds on the Mortgage Loans allocable to principal, and all Subsequent
      Recoveries, actually collected by the Servicer during the related Prepayment
      Period; (iv) the portion of the Repurchase Price allocable to principal
      with respect to each Mortgage Loan repurchased by the Mortgage Loan Seller
      or
      the Sponsor, as the case may be, that was repurchased on or prior to the related
      Determination Date; and (v) all Substitution Adjustment Amounts allocable
      to principal with respect to the substitutions of Mortgage Loans that occur
      on
      or prior to the related Determination Date; (vi) the allocable portion of
      the proceeds received with respect to the termination of the Trust Fund pursuant
      to clause (a) of Section 11.01 (to the extent such proceeds
      relate to principal).

     

    Private
      Certificates:
      As
      specified in the Preliminary Statement.

     

    Private
      Placement Memorandum:
      The
      Private Placement Memorandum dated May 2, 2006 relating to the offering of
      the
      Class M-10 and Class M-11 Certificates.

     

    
      
        
        

      

      
        -41-

        
          

        

      

      
        
        

      

    

     

    Prospectus:
      The
      Prospectus dated April 3, 2006, as supplemented by the Prospectus
      Supplement.

     

    Prospectus
      Supplement:
      The
      Prospectus Supplement dated May 2, 2006, relating to the Offered
      Certificates.

     

    PTCE:
      As
      defined in Section 5.02(b).

     

    Purchase
      Agreement:
      The
      Mortgage Loan Purchase Agreement, dated as of April 1, 2006, between the
      Depositor and the Sponsor.

     

    Rating
      Agency:
      Each of
      the Rating Agencies specified in the Preliminary Statement. If such organization
      or a successor is no longer in existence, “Rating Agency” shall be such
      nationally recognized statistical rating organization, or other comparable
      Person, as is designated by the Depositor, notice of which designation shall
      be
      given to the Trustee and the Securities Administrator. References herein to
      a
      given rating or rating category of a Rating Agency shall mean such rating
      category without giving effect to any modifiers. For purposes of
      Section 12.05(c), the addresses for notices to each Rating Agency shall be
      the address specified therefor in the definition corresponding to the name
      of
      such Rating Agency, or such other address as either such Rating Agency may
      hereafter furnish to the Depositor and the Securities
      Administrator.

     

    Realized
      Losses:
      With
      respect to any date of determination and any Liquidated Mortgage Loan, the
      amount, if any, by which (a) the unpaid principal balance of such
      Liquidated Mortgage Loan together with accrued and unpaid interest thereon
      exceeds (b) the Liquidation Proceeds with respect thereto net of the
      expenses incurred by the Servicer in connection with the liquidation of such
      Liquidated Mortgage Loan and net of the amount of unreimbursed Servicing
      Advances with respect to such Liquidated Mortgage Loan.

     

    Record
      Date:
      With
      respect to any Distribution Date and any Certificate other than an Interest-Only
      Certificate, the close of business on the Business Day immediately preceding
      such Distribution Date; provided,
      however,
      that,
      for any Certificate issued in definitive form and for any Interest-Only
      Certificate, the Record Date shall be the close of business on the last Business
      Day of the month preceding the month in which such applicable Distribution
      Date
      occurs (or, in the case of the first Distribution Date, the Closing
      Date).

     

    Reference
      Bank:
      As
      defined in Section 4.04.

     

    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.

     

    Regulation
      S:
      Regulation S promulgated under the Securities Act or any successor provision
      thereto, in each case as the same may be amended from time to time; and all
      references to any rule, section or subsection of, or definition or term
      contained in, Regulation S means such rule, section, subsection, definition
      or
      term, as the case may be, or any successor thereto, in each case as the same
      may
      be amended from time to time.

     

    
      
        
        

      

      
        -42-

        
          

        

      

      
        
        

      

    

     

    Regulation
      S Investment Letter:
      As
      defined in Section 5.02(b).

     

    Regular
      Certificates:
      As
      specified in the Preliminary Statement.

     

    Relevant
      Servicing Criteria:
      The
      Servicing Criteria applicable to the parties having reporting obligations
      hereunder, as set forth on Exhibit S attached hereto. For clarification
      purposes, multiple parties can have responsibility for the same Relevant
      Servicing Criteria. With respect to any Servicing Function Participant engaged
      by the Master Servicer, the Securities Administrator, the Custodian, or the
      Servicer, the term “Relevant Servicing Criteria” may refer to a portion of the
      Relevant Servicing Criteria applicable to such parties.

     

    Relief
      Act Interest Shortfall:
      With
      respect to any Distribution Date and any Mortgage Loan, any reduction in the
      amount of interest collectible on such Mortgage Loan for the most recently
      ended
      Due Period as a result of the application of the Servicemembers Civil Relief
      Act
      or any applicable similar state statutes.

     

    REMIC:
      Each
      pool of assets in the Trust Fund designated as a REMIC pursuant to the
      Preliminary Statement.

     

    REMIC
      1:
      As
      described in the Preliminary Statement.

     

    REMIC
      2:
      As
      described in the Preliminary Statement.

     

    REMIC
      3:
      As
      described in the Preliminary Statement.

     

    REMIC
      3 Net Funds Cap:
      For any
      Distribution Date (and the related Interest Accrual Period) and any Class of
      Certificates, an amount equal to (i) the weighted average of the interest rates
      on the Lower Tier Interests in REMIC 3 (other than any interest-only regular
      interest), weighted in proportion to their Class Principal Amounts as of the
      beginning of the related Interest Accrual Period, multiplied by (ii) an amount
      equal to (a) 30, divided by (b) the actual number of days in the Interest
      Accrual Period.

     

    REMIC
      4:
      As
      described in the Preliminary Statement.

     

    REMIC
      Provisions:
      Provisions of the federal income tax law relating to real estate mortgage
      investment conduits, which appear at Sections 860A through 860G of
      Subchapter M of Chapter 1 of the Code, and related provisions, and regulations
      promulgated thereunder, as the foregoing may be in effect from time to time
      as
      well as provisions of applicable state laws.

     

    Remittance
      Date:
      With
      respect to any Distribution Date, the 21st
      day of
      the month in which such Distribution Date occurs, or, if the 21st
      is not a
      Business Day, the immediately succeeding Business Day. 

     

    REO
      Disposition:
      The
      final sale by the Servicer of any REO Property.

     

    
      
        
        

      

      
        -43-

        
          

        

      

      
        
        

      

    

     

    REO
      Imputed Interest:
      As to
      any REO Property, for any period, an amount equivalent to interest (at the
      Mortgage Rate net of the applicable Servicing Fee Rate that would have been
      applicable to the related Mortgage Loan had it been outstanding) on the unpaid
      principal balance of the Mortgage Loan as of the date of acquisition thereof
      (as
      such balance is reduced pursuant to Section 3.17 by any income from the REO
      Property treated as a recovery of principal).

     

    REO
      Mortgage Loan:
      A
      Mortgage Loan where title to the related Mortgaged Property has been obtained
      by
      the Servicer in the name of the Trustee on behalf of the
      Certificateholders.

     

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

     

    Reportable
      Event:
      As
      defined in Section 8.12(a)(iii).

     

    Reporting
      Servicer:
      As
      defined in Section 8.12(a)(ii).

     

    Repurchase
      Price:
      With
      respect to any Mortgage Loan, an amount equal to the sum of (i) the unpaid
      principal balance of such Mortgage Loan as of the date of repurchase,
      (ii) interest on such unpaid principal balance of such Mortgage Loan at the
      Mortgage Rate from the last date through which interest has been paid to the
      date of repurchase, (iii) all unreimbursed Servicing Advances, and
      (iv) all expenses incurred by the Master Servicer, the Servicer or Trustee
      arising out of the Master Servicer’s, the Servicer’s or Trustee’s enforcement of
      the Mortgage Loan Seller’s or Sponsor’s repurchase obligation hereunder.

     

    Request
      for Release:
      The
      Request for Release submitted by the Servicer to the Trustee, substantially
      in
      the form of Exhibit J.

     

    Residual
      Certificates:
      As
      specified in the Preliminary Statement.

     

    Responsible
      Officer:
      When
      used with respect to the Trustee, the Securities Administrator, the Master
      Servicer, any vice president, any assistant vice president, any assistant
      secretary, any assistant treasurer, any associate, or any other officer of
      the
      Trustee, the Securities Administrator or the Master Servicer customarily
      performing functions similar to those performed by any of the above designated
      officers who at such time shall be officers 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 and who shall have direct
      responsibility for the administration of this Agreement.

     

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

     

    Rule 144A
      Investment Letter:
      As
      defined in Section 5.02(b).

     

    
      
        
        

      

      
        -44-

        
          

        

      

      
        
        

      

    

     

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

     

    Sarbanes-Oxley
      Certification:
      A
      written certification signed by an officer of the Master Servicer that complies
      with (i) the Sarbanes-Oxley Act, and (ii) Exchange Act Rules 13a-14(d) and
      15d-14(d), as in effect from time to time; provided that if, after the Closing
      Date (a) the Sarbanes-Oxley Act is amended, (b) the Rules referred to in clause
      (ii) are modified or superseded by any subsequent statement, rule or regulation
      of the Commission or any statement of a division thereof, or (c) any future
      releases, rules and regulations are published by the Commission from time to
      time pursuant to the Sarbanes-Oxley Act, which in any such case affects the
      form
      or substance of the required certification and results in the required
      certification being, in the reasonable judgment of the Master Servicer,
      materially more onerous that then form of the required certification as of
      the
      Closing Date, the Sarbanes-Oxley Certification shall be as agreed to by the
      Master Servicer and the Depositor following a negotiation in good faith to
      determine how to comply with any such new requirements.

     

    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 which, unless otherwise
      specified herein, shall give effect to any related Debt Service Reduction and
      any Deficient Valuation that affects the amount of the monthly payment due
      on
      such Mortgage Loan.

     

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

     

    Securities
      Administrator:
      Wells
      Fargo, and if a successor securities administrator is appointed hereunder,
      such
      successor.

     

    Securities
      Administrator Float Period:
      With
      respect to the Distribution Date and the related amounts in the Distribution
      Account, the period commencing on the Remittance Date immediately preceding
      such
      Distribution Date and ending on such Distribution Date. 

     

    Senior
      Interest Payment Amount: With
      respect to any Distribution Date and any Class of Class A
      Certificates, the sum of the Interest Payment Amount and the Interest Carry
      Forward Amount, if any, for that Distribution Date for that Class.

     

    Servicer:
      NCHLS
      and its successors in interest, and if a successor servicer is appointed
      hereunder, such successor.

     

    Servicer
      Remittance Report:
      As
      defined in Section 4.03(d).

     

    Service(s)(ing):
      In
      accordance with Regulation AB, the act of servicing and administering the
      Mortgage Loans or any other assets of the Trust Fund by an entity that meets
      the
      definition of “servicer’ set forth in Item 1101 of Regulation AB and is subject
      to the disclosure requirements set forth in Item 1108 of Regulation AB. For
      clarification purposes, any uncapitalized occurrence of this term in this
      Agreement shall have the meaning commonly understood by participants in the
      residential mortgage-backed securitization market.

     

    
      
        
        

      

      
        -45-

        
          

        

      

      
        
        

      

    

     

    Servicing
      Advances:
      The
      reasonable “out-of-pocket” costs and expenses (including legal fees) incurred by
      the Servicer in the performance of its servicing obligations in connection
      with
      a default, delinquency or other unanticipated event, including, but not limited
      to, the cost of (i) the maintenance, preservation, restoration, inspection
      and protection of a Mortgaged Property, (ii) any enforcement or judicial
      proceedings, including foreclosures and litigation, in respect of a particular
      Mortgage Loan, (iii) the management (including reasonable fees in
      connection therewith) and liquidation of any REO Property and (iv) the
      performance of its obligations under Sections 3.01, 3.09, 3.13 and 3.15.
      The Servicing Advances shall also include any reasonable “out-of-pocket” costs
      and expenses (including legal fees) incurred by the Servicer in connection
      with
      executing and recording instruments of satisfaction, deeds of reconveyance
      or
      Assignments of Mortgage in connection with any satisfaction or foreclosure
      in
      respect of any Mortgage Loan to the extent not recovered from the Mortgagor
      or
      otherwise payable under this Agreement and obtaining or correcting any legal
      documentation required to be included in the Mortgage File and necessary for
      the
      Servicer to perform its obligations under this Agreement. The Servicer shall
      not
      be required to make any Nonrecoverable Servicing Advances.

     

    Servicing
      Criteria:
      The
      criteria set forth in paragraph (d) of Item 1122 of Regulation AB, as such
      may
      be amended from time to time.

     

    Servicing
      Fee:
      With
      respect to each Mortgage Loan and for any calendar month, an amount equal to
      one
      month’s interest (or in the event of any payment of interest which accompanies a
      Principal Prepayment made by the Mortgagor during such calendar month, interest
      for the number of days covered by such payment of interest) at the Servicing
      Fee
      Rate on the applicable Stated Principal Balance of such Mortgage Loan as of
      the
      first day of such calendar month. Such fee shall be payable monthly, and shall
      be prorated for any portion of a month during which the Mortgage Loan is
      serviced by the Servicer under this Agreement. The Servicing Fee is payable
      solely from the interest portion (including recoveries with respect to interest
      from Liquidation Proceeds, Subsequent Recoveries, Insurance Proceeds,
      Condemnation Proceeds and proceeds received with respect to REO Properties)
      of such Scheduled Payment collected by the Servicer, or as otherwise provided
      under Section 3.11.

     

    Servicing
      Fee Rate:
      0.50%
      per annum.

     

    Servicing
      File:
      With
      respect to each Mortgage Loan, the file retained by the Servicer consisting
      of
      originals or copies of all documents in the Mortgage File which are not
      delivered to the Custodian on behalf of the Trustee in the Custodial File and
      copies of the Mortgage Loan Documents set forth in Exhibit K
      hereto.

     

    Servicing
      Function Participant: Any
      Sub-Servicer or Subcontractor of a Servicer, the Master Servicer, the Custodian
      or the Securities Administrator, respectively.

     

    Servicing
      Officer:
      Any
      officer of the Servicer involved in, or responsible for, the administration
      and
      servicing of the Mortgage Loans whose name and facsimile signature appear on
      a
      list of servicing officers furnished to the Master Servicer and the Trustee
      by
      the Servicer on the Closing Date pursuant to this Agreement, as such list may
      from time to time be amended.

     

    
      
        
        

      

      
        -46-

        
          

        

      

      
        
        

      

    

     

    Similar
      Law:
      As
      defined in Section 5.02(b).

     

    60+
      Day Delinquent Mortgage Loan:
      Each
      Mortgage Loan with respect to which any portion of a Scheduled Payment is,
      as of
      the last day of the prior Due Period, two months or more past due (without
      giving effect to any grace period), each Mortgage Loan in foreclosure, each
      Mortgage Loan related to REO Property and each Mortgage Loan where the related
      Mortgagor has filed for bankruptcy.

     

    Sponsor:
      HSBC
      Bank USA, National Association, a national banking association, and its
      successors in interest. 

     

    Standard &
      Poor’s:
      Standard & Poor’s Ratings Services, a division of The McGraw-Hill
      Companies, Inc. If Standard & Poor’s is designated as a Rating Agency
      in the Preliminary Statement, for purposes of Section 12.05(c) the address
      for notices to Standard & Poor’s shall be Standard & Poor’s,
      55 Water Street, New York, New York 10041, Attention: Residential Mortgage
      Surveillance Group - HASCO (First Franklin Mortgage Loan Trust), Series
      2006-FF5, or such other address as Standard & Poor’s may hereafter
      furnish to the Depositor and the Securities Administrator.

     

    Standard &
      Poor’s Glossary:
      The
      Standard & Poor’s LEVELS® Glossary, as may be in effect from time to
      time.

     

    Startup
      Day:
      The
      Closing Date.

     

    Stated
      Principal Balance:
      As to
      each Mortgage Loan and as of any date of determination, (i) 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
      (ii) all amounts previously remitted to the Securities Administrator with
      respect to the related Mortgage Loan representing payments or recoveries of
      principal including advances in respect of scheduled payments of principal.
      For
      purposes of any Distribution Date, the Stated Principal Balance of any Mortgage
      Loan will give effect to any scheduled payments of principal received by the
      Servicer on or prior to the related Determination Date or advanced by the
      Servicer for the related Remittance Date and any unscheduled principal payments
      and other unscheduled principal collections received during the related
      Prepayment Period, and the Stated Principal Balance of any Mortgage Loan that
      has prepaid in full or has become a Liquidated Mortgage Loan during the related
      Prepayment Period shall be zero.

     

    Stepdown
      Date:
      The
      earlier to occur of (i) the first Distribution Date following the Distribution
      Date on which the aggregate Class Certificate Balances of the Class A
      Certificates have been reduced to zero and (ii) the later to occur of (a) the
      Distribution Date in May 2009 and (b) the first Distribution Date on which
      the
      Credit Enhancement Percentage for the Class A Certificates (calculated for
      this
      purpose only after taking into account payments of principal applied to reduce
      the Stated Principal Balance of the Mortgage Loans for that Distribution Date
      but prior to any applications of Principal Payment Amount to the Certificates
      on
      that Distribution Date) is greater than or equal to 38.00%.

     

    Subcontractor:
      Any
      vendor, subcontractor or other Person that is not responsible for the overall
      servicing of the 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 any Servicer (or a Sub-Servicer of any Servicer),
      the Master Servicer, the Custodian or the Securities Administrator.

     

    
      
        
        

      

      
        -47-

        
          

        

      

      
        
        

      

    

     

    Subsequent
      Recovery:
      With
      respect to any Mortgage Loan or related Mortgaged Property that became a
      Liquidated Mortgage Loan or was otherwise disposed of, all amounts received
      in
      respect of such Liquidated Mortgage Loan after an Applied Realized Loss Amount
      related to such Mortgage Loan or Mortgaged Property is allocated to reduce
      the
      Class Certificate Balance of any Class of Class M Certificates.
      Any Subsequent Recovery that is received during a Prepayment Period will be
      included as part of the Principal Remittance Amount for the related Distribution
      Date.

     

    Sub-Servicer:
      Any
      Person that services Mortgage Loans on behalf of a Servicer, and is responsible
      for the performance (whether directly or through sub-servicers or
      Subcontractors) of servicing functions required to be performed under this
      Agreement, any related Servicing Agreement or any sub-servicing agreement that
      are identified in Item 1122(d) of Regulation AB.

     

    Subservicing
      Account:
      As
      defined in Section 3.08.

     

    Subservicing
      Agreement:
      As
      defined in Section 3.02(a).

     

    Substitute
      Mortgage Loan:
      A
      Mortgage Loan substituted by the Mortgage Loan Seller or the Sponsor for a
      Deleted Mortgage Loan which must, on the date of such substitution, as confirmed
      in a Request for Release, substantially in the form of Exhibit J,
      (i) have a Stated Principal Balance, after deduction of all Scheduled
      Payments due in the month of substitution, not in excess of the Stated Principal
      Balance of the Deleted Mortgage Loan; (ii) be accruing interest at a rate
      not lower than and not more than 1.00% higher than that 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 Section 2.03.

     

    Substitution
      Adjustment Amount:  As
      defined in Section 2.03.

     

    Supplemental
      Interest Trust:
      The
      corpus of a trust created pursuant to Section 4.06 of this Agreement and
      designated as the “Supplemental Interest Trust,” consisting of the Swap
      Agreement, the Supplemental Interest Trust Account, the Swap Account, the Excess
      Reserve Fund Account, the Cap Agreement, the Cap Account, the right to receive
      the Class X Distributable Amount as provided in Section 4.02(a)(iii)(G), the
      Class LT4-I Interest in REMIC 4 and the right to receive Class I
      Shortfalls.

     

    Supplemental
      Interest Trust Account:
      The
      Account created pursuant to Section 4.06(a).

     

    Swap
      Account:
      The
      sub-account of the Supplemental Interest Trust Account created pursuant to
      Section 4.06(a).

     

    
      
        
        

      

      
        -48-

        
          

        

      

      
        
        

      

    

     

    Swap
      Agreement:
      The
      interest rate swap agreement (Reference No. 2440375) entered into by the
      Supplemental Interest Trust and the Swap Counterparty, dated May 5, 2006, which
      agreement provides for, among other things, a Net Swap Payment to be paid
      pursuant to the conditions provided therein, commencing with the Distribution
      Date in June 2006 and ending on the Distribution Date in November 2009, together
      with any schedules, confirmations or other agreements relating thereto, attached
      hereto as Exhibit O.

     

    Swap
      Amount:
      With
      respect to each Distribution Date and the related Swap Payment Date, the sum
      of
      any Net Swap Payment and any Swap Termination Payment deposited in the Swap
      Account.

     

    Swap
      Counterparty:
      The
      counterparty to the Supplemental Interest Trust under the Swap Agreement, and
      any successor in interest or assigns. Initially, the Swap Counterparty shall
      be
      ABN AMRO Bank, N.V.

     

    Swap
      Counterparty Trigger Event:
      A Swap
      Counterparty Trigger Event shall have occurred if any of a Swap Default with
      respect to which the Swap Counterparty is a Defaulting Party, a Termination
      Event with respect to which the Swap Counterparty is the sole Affected Party
      or
      an Additional Termination Event with respect to which the Swap Counterparty
      is
      the sole Affected Party has occurred.

     

    Swap
      Default:
      Any of
      the circumstances constituting an “Event of Default” under the Swap
      Agreement.

     

    Swap
      LIBOR:
      With
      respect to any Distribution Date (and the Accrual Period relating to such
      Distribution Date), the product of (i) the Floating Rate Option (as defined
      in
      the Swap Agreement) for the related Swap Payment Date, (ii) two, and (iii)
      the
      quotient of (a) the actual number of days in the Accrual Period for the LIBOR
      Certificates and (b) 30, as calculated by the Swap Counterparty and furnished
      to
      the Securities Administrator.

     

    Swap
      Payment Date:
      For so
      long as the Swap Agreement is in effect or any amounts remain unpaid thereunder,
      the Business Day immediately preceding each Distribution Date.

     

    Swap
      Replacement Receipts:
      As
      defined in Section 4.08(a)(i).

     

    Swap
      Replacement Receipts Account:
      As
      defined in Section 4.08(a)(i).

     

    Swap
      Termination Payment:
      Upon
      the designation of an “Early Termination Date” as defined in the Swap Agreement,
      the payment required to be made by the Supplemental Interest Trust to the Swap
      Counterparty, or by the Swap Counterparty to the Supplemental Interest Trust,
      as
      applicable, pursuant to the terms of the Swap Agreement, and any unpaid amounts
      due on previous Distribution Dates and accrued interest thereon as provided
      in
      the Swap Agreement, as calculated by the Swap Counterparty and furnished to
      the
      Securities Administrator.

     

    Swap
      Termination Receipts:
      As
      defined in Section 4.08(a)(i).

     

    
      
        
        

      

      
        -49-

        
          

        

      

      
        
        

      

    

     

    Swap
      Termination Receipts Account:
      As
      defined in Section 4.08(a)(i).

     

    Tax
      Matters Person:
      The
      Holder of the Class R Certificates designated as “tax matters person” of
      each REMIC created hereunder in the
      manner  provided  under  Treasury  Regulations  Section 1.860F-4(d)  and Treasury  Regulations
      Section 301.6231(a)(7)-1.

     

    Tax
      Service Contract:
      As
      defined in Section 3.09.

     

    Telerate
      Page 3750:
      The
      display page currently so designated on the Bridge Telerate Service (or
      such other page as may replace that page on that service for
      displaying comparable rates or prices).

     

    Termination
      Event:
      The
      occurrence of a termination event under the termination provision of the Cap
      Agreement or Swap Agreement, as applicable.

     

    Termination
      Price:
      As
      defined in Section 11.01.

     

    Total
      Monthly Excess Spread:
      As to
      any Distribution Date, an amount equal to the excess, if any, of (i) the
      interest on the Mortgage Loans (other than Prepayment Interest Excesses)
      received by the Servicer on or prior to the related Determination Date or
      advanced by the Servicer for the related Remittance Date (net of Expense Fees)
      over (ii) the sum of the amounts payable to the Certificates pursuant to
      Section 4.02(a)(i) (A) through (D) on such Distribution Date.

     

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

     

    Transfer
      Affidavit:
      As
      defined in Section 5.02(c).

     

    Transferor
      Certificate:
      As
      defined in Section 5.02(b).

     

    Trigger
      Event:
      Either
      a Cumulative Loss Trigger Event or a Delinquency Trigger Event.

     

    Trust:
      The
      express trust created hereunder in Section 2.01(c).

     

    Trust
      Fund:
      The
      corpus of the trust created hereunder consisting of (i) the Mortgage Loans
      and all interest and principal with respect thereto received on or after the
      related Cut-off Date, other than such amounts which were due on the Mortgage
      Loans on or prior to the related Cut-off Date; (ii) the Collection Account,
      the Distribution Account, the Cap Termination Receipts Account, the Cap
      Replacement Receipts Account the Swap Termination Receipts Account, the Swap
      Replacement Receipts Account and
      all
      amounts deposited therein pursuant to the applicable provisions of this
      Agreement; (iii) property that secured a Mortgage Loan and has been
      acquired by foreclosure, deed-in-lieu of foreclosure or otherwise; (iv) the
      Depositor’s rights under the Purchase Agreement; (v) the Insurance
      Policies; and (vi) all proceeds of the conversion, voluntary or
      involuntary, of any of the foregoing.

     

    
      
        
        

      

      
        -50-

        
          

        

      

      
        
        

      

    

     

    Trustee:
      Deutsche Bank National Trust Company, a national banking association, and its
      successors in interest and, if a successor trustee is appointed hereunder,
      such
      successor.

     

    Underwriters’
      Exemption:
      Any
      exemption listed under footnote 1 of, and amended by, Prohibited Transaction
      Exemption 96-84, 61 Fed. Reg. 58234 (1996), as amended by PTE 97-34,
      62 Fed. Reg. 39021 (1997), PTE 2000-58, 65 Fed. Reg. 67765 (2000) and
      PTE 2002-41, 67 Fed. Reg. 54487 (2002), or any successor
      exemption.

     

    Unpaid
      Realized Loss Amount:
      With
      respect to any Class of Class M Certificates and as to any
      Distribution Date, is the excess of (i) Applied Realized Loss Amounts with
      respect to such Class over (ii) the sum of (a) all distributions
      in reduction of such Applied Realized Loss Amounts on all previous Distribution
      Dates, and (b) the amount by which the Class Certificate Balance of
      such Class has been increased due to the distribution of any Subsequent
      Recoveries on all previous Distribution Dates. Any amounts distributed to a
      Class of Class M Certificates in respect of any Unpaid Realized Loss
      Amount will not be applied to reduce the Class Certificate Balance of such
      Class.

     

    Upper
      Tier REMIC:
      As
      described in the Preliminary Statement.

     

    Upper
      Tier REMIC Regular Interest:
      As
      described in the Preliminary Statement.

     

    U.S.
      Person:
      (i) A citizen or resident of the United States; (ii) a corporation (or
      entity treated as a corporation for tax purposes) created or organized in the
      United States or under the laws of the United States or of any State thereof,
      including, for this purpose, the District of Columbia; (iii) a partnership
      (or entity treated as a partnership for tax purposes) organized in the United
      States or under the laws of the United States or of any State thereof,
      including, for this purpose, the District of Columbia (unless provided otherwise
      by future Treasury regulations); (iv) an estate whose income is includible
      in gross income for United States income tax purposes regardless of its source;
      or (v) 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 U.S.
      Persons have authority to control substantial decisions of the trust.
      Notwithstanding the last clause of the preceding sentence, to the extent
      provided in Treasury regulations, certain trusts in existence on August 20,
      1996, and treated as U.S. Persons prior to such date, may elect to continue
      to
      be U.S. Persons.

     

    Voting
      Rights:
      The
      portion of the voting rights of all of the Certificates which is allocated
      to
      any Certificate. As of any date of determination, 1.00% of all Voting Rights
      shall be allocated to each of the Class A-IO, the Class II-A-5, Class X,
      Class P and Class R Certificates, if any (such Voting Rights to be allocated
      among the holders of Certificates of each such Class in accordance with
      their respective Percentage Interests) and the remaining Voting Rights
      shall be allocated among Holders of the remaining Classes of Certificates in
      proportion to the Certificate Balances of their respective Certificates on
      such
      date. After the Class Notional Balance of the Class A-IO Certificates have
      been
      reduced to zero, the Voting Rights allocated to the Class A-IO Certificates
      will
      be allocated to any outstanding Classes of LIBOR Certificates on a pro
      rata
      basis.

     

    
      
        
        

      

      
        -51-

        
          

        

      

      
        
        

      

    

     

    Wells
      Fargo:
      Wells
      Fargo Bank, N.A., a national banking association, and its successors in
      interest.

     

    ARTICLE
      II

     

    CONVEYANCE
      OF MORTGAGE LOANS;

    REPRESENTATIONS
      AND WARRANTIES

     

    Section
      2.01 Conveyance
      of Mortgage Loans.
      (a) The Depositor, concurrently with the execution and delivery hereof,
      hereby sells, transfers, assigns, sets over and otherwise conveys to the Trustee
      for the benefit of the Certificateholders, without recourse, all the right,
      title and interest of the Depositor in and to the Trust Fund.

     

    Concurrently
      with the execution of this Agreement, the Derivative Agreements shall be
      delivered to the Securities Administrator. In connection therewith, the
      Depositor hereby directs the Securities Administrator (solely in its capacity
      as
      securities administrator of the Supplemental Interest Trust) and the Securities
      Administrator is hereby authorized to execute and deliver each of the Derivative
      Agreements on behalf of the Supplemental Interest Trust for the benefit of
      Certificateholders. The Depositor, the Sponsor, the Master Servicer, the
      Servicer, the Mortgage Loan Seller and the Certificateholders (by their
      acceptance of such Certificates) acknowledge and agree that the Securities
      Administrator is executing and delivering the Derivative Agreements solely
      in
      its capacity as securities administrator of the Supplemental Interest Trust
      and
      not in its individual capacity. The Securities Administrator shall have no
      duty
      or responsibility to enter into any other interest rate swap agreement upon
      the
      expiration or termination of the Swap Agreement or interest rate cap agreement
      upon the termination of the Cap Agreement unless so directed by the
      Depositor.

     

    Concurrently
      with the execution and delivery of this Agreement, the Depositor does hereby
      assign to the Trustee all of its rights and interest under the Purchase
      Agreement, including the right to enforce the Sponsor’s obligation to repurchase
      or substitute defective Mortgage Loans under Section 5 of the Purchase
      Agreement. The Trustee hereby accepts such assignment, and as set forth herein
      in Section 2.03(k), shall be entitled to exercise all the rights of the
      Depositor under the Purchase Agreement as if, for such purpose, it were the
      Depositor.

     

    (b) In
      connection with the transfer and assignment of each Mortgage Loan, the Depositor
      has delivered or caused to be delivered to the Custodian for the benefit of
      the
      Certificateholders the following documents or instruments with respect to each
      Mortgage Loan so assigned:

     

    (i) the
      original Mortgage Note bearing all intervening endorsements necessary to show
      a
      complete chain of endorsements from the original payee, endorsed in blank,
“Pay
      to the order of _____________, without recourse”, and, if previously endorsed,
      signed in the name of the last endorsee by a duly qualified officer of the
      last
      endorsee;

     

    
      
        
        

      

      
        -52-

        
          

        

      

      
        
        

      

    

     

    (ii) the
      original Assignment of Mortgage for each Mortgage Loan, in form and substance
      acceptable for recording. The Mortgage shall be assigned, with assignee’s name
      left blank;

     

    (iii) the
      original of each guarantee executed in connection with the Mortgage Note, if
      any;

     

    (iv) the
      original recorded Mortgage, with evidence of recording thereon. If in connection
      with any Mortgage Loan, the original Mortgage cannot be delivered with evidence
      of recording thereon on or prior to the 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 Mortgage Loan
      Seller shall deliver or cause to be delivered to the Custodian, (A) in the
      case of a delay caused by the public recording office, a copy of such Mortgage
      certified by the Mortgage Loan Seller, escrow agent, title insurer or closing
      attorney to be a true and complete copy of the original recorded Mortgage and
      (B) in the case 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 to be a true and complete copy of the original recorded
      Mortgage;

     

    (v) originals
      or a certified copy of each modification agreement, if any;

     

    (vi) the
      originals of all intervening assignments of Mortgage with evidence of recording
      thereon evidencing a complete chain of ownership from the originator of the
      Mortgage Loan to the last assignee, or if any such intervening assignment of
      Mortgage has not been returned from the applicable public recording office
      or
      has been lost or if such public recording office retains the original recorded
      intervening assignments of Mortgage, a photocopy of such intervening assignment
      of Mortgage, together with (A) in the case of a delay caused by the public
      recording office, an officer’s certificate of the Mortgage Loan Seller, escrow
      agent, closing attorney or the title insurer insuring the Mortgage stating
      that
      such intervening assignment of Mortgage has been delivered 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 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 party
      delivering the officer’s certificate or by the Mortgage Loan Seller; or
      (B) in the case of an intervening assignment of mortgage where a public
      recording office retains the original recorded intervening assignment of
      Mortgage or in the case where an intervening assignment of Mortgage is lost
      after recordation in a public recording office, a copy of such intervening
      assignment of Mortgage with recording information thereon certified by such
      public recording office to be a true and complete copy of the original recorded
      intervening assignment of Mortgage;

     

    (vii) if
      the
      Mortgage Note, the Mortgage, any Assignment of Mortgage or any other related
      document has been signed by a Person on behalf of the Mortgagor, the copy of
      the
      power of attorney or other instrument that authorized and empowered such Person
      to sign;

     

    
      
        
        

      

      
        -53-

        
          

        

      

      
        
        

      

    

     

    (viii) the
      original lender’s title insurance policy (or a marked title insurance
      commitment, in the event that an original lender’s title insurance policy has
      not yet been issued) in the form of an ALTA mortgage title insurance policy,
      containing all required endorsements and insuring the Trustee and its successors
      and assigns as to the first priority lien of the Mortgage in the original
      principal amount of the Mortgage Loan;

     

    (ix) if
      applicable, the original of any Primary Mortgage Insurance Policy or certificate
      or, an electronic certification, evidencing the existence of the Primary
      Mortgage Insurance Policy or certificate, if private mortgage guaranty insurance
      is required; and

     

    (x) original
      of any security agreement, chattel mortgage or equivalent document executed
      in
      connection with the Mortgage, if any.

     

    To
      the
      extent not previously delivered to the Sponsor pursuant to the Master MLPSA,
      the
      Mortgage Loan Seller shall promptly upon receipt from the respective recording
      office cause to be delivered to the Custodian the original recorded document
      described in clauses (iv) and (vi) above.

     

    From
      time
      to time, the Mortgage Loan Seller, the Depositor or the Servicer, as applicable,
      shall forward to the Custodian additional original documents, additional
      documents evidencing an assumption, modification, consolidation or extension
      of
      a Mortgage Loan, in accordance with the terms of this Agreement upon receipt
      of
      such documents. All such mortgage documents held by the Custodian as to each
      Mortgage Loan shall constitute the “Custodial
      File”.

     

    To
      the
      extent not previously delivered to the Sponsor pursuant to the Master MLPSA,
      on
      or prior to the Closing Date, the Mortgage Loan Seller shall deliver to the
      Custodian Assignments of Mortgages, in blank, for each Mortgage Loan. No later
      than thirty (30) Business Days following the later of the Closing Date and
      the
      date of receipt by the Servicer of the complete recording information for a
      Mortgage, the Servicer shall promptly submit or cause to be submitted for
      recording, at the expense of the Mortgage Loan Seller and at no expense to
      the
      Trust Fund, the Trustee, the Servicer or the Depositor, in the appropriate
      public office for real property records, each Assignment of Mortgage referred
      to
      in Section 2.01(b)(ii). Notwithstanding the foregoing, however, for
      administrative convenience and facilitation of servicing and to reduce closing
      costs, the Assignments of Mortgage shall not be required to be completed and
      submitted for recording with respect to any Mortgage Loan if the Trustee
      and each Rating Agency have received an Opinion of Counsel, satisfactory in
      form
      and substance to the Trustee and each Rating Agency to the effect that the
      recordation of such Assignments of Mortgage in any specific jurisdiction is
      not
      necessary to protect the Trust Fund’s interest in the related Mortgage Note. If
      the Assignment of Mortgage is to be recorded, the Mortgage shall be assigned
      by
      the Mortgage Loan Seller, at the expense of the Mortgage Loan Seller, to
“Deutsche Bank National Trust Company, as trustee under the Pooling and
      Servicing Agreement dated as of April 1, 2006, for First Franklin Mortgage
      Loan
      Trust 2006-FF5”. In the event that any such Assignment of Mortgage is lost or
      returned unrecorded because of a defect therein, the Mortgage Loan Seller shall
      promptly cause to be delivered a substitute Assignment of Mortgage to cure
      such
      defect and thereafter cause each such assignment to be duly recorded at no
      expense to the Trust Fund.

     

    
      
        
        

      

      
        -54-

        
          

        

      

      
        
        

      

    

     

    In
      the
      event that such original or copy of any document submitted for recordation
      to
      the appropriate public recording office is not so delivered to the Trustee
      within 180 days (or such other time period as may be required by any Rating
      Agency) following the Closing Date, and in the event that the Mortgage Loan
      Seller does not cure such failure within 30 days of discovery or receipt of
      written notification of such failure from the Depositor, the related Mortgage
      Loan shall, upon the request of the Depositor, be repurchased by the Mortgage
      Loan Seller at the price and in the manner specified in Section 2.03. The
      foregoing repurchase obligation shall not apply in the event that the Mortgage
      Loan Seller cannot deliver such original or copy of any document submitted
      for
      recordation to the appropriate public recording office within the specified
      period due to a delay caused by the recording office in the applicable
      jurisdiction; provided,
      that
      the Mortgage Loan Seller shall instead deliver a recording receipt of such
      recording office or, if such recording receipt is not available, an officer’s
      certificate of an officer of the Mortgage Loan Seller, confirming that such
      document has been accepted for recording.

     

    Notwithstanding
      anything to the contrary contained in this Section 2.01, in those instances
      where the public recording office retains or loses the original Mortgage or
      assignment after it has been recorded, the obligations of the Mortgage Loan
      Seller shall be deemed to have been satisfied upon delivery by the Mortgage
      Loan
      Seller to the Trustee, prior to the Closing Date of a copy of such Mortgage
      or
      assignment, as the case may be, certified (such certification to be an original
      thereof) by the public recording office to be a true and complete copy of the
      recorded original thereof.

     

    (c) The
      Depositor does hereby establish, pursuant to the further provisions of this
      Agreement and the laws of the State of New York, an express trust (the
“Trust”)
      to be
      known, for convenience, as “First Franklin Mortgage Loan Trust 2006-FF5” and
      Deutsche Bank National Trust Company is hereby appointed as Trustee and Wells
      Fargo Bank, N.A. is appointed as Securities Administrator in accordance with
      the
      provisions of this Agreement. The parties hereto acknowledge and agree that
      it
      is the policy and intention of the Trust to acquire only Mortgage Loans meeting
      the requirements set forth in this Agreement, including without limitation,
      the
      representations and warranties set forth in the Schedules hereto.

     

    (d) The
      Trust
      shall have the capacity, power and authority, and the Trustee on behalf of
      the
      Trust is hereby authorized, to accept the sale, transfer, assignment, set over
      and conveyance by the Depositor to the Trust of all the right, title and
      interest of the Depositor in and to the Trust Fund (including, without
      limitation, the Mortgage Loans) pursuant to Section 2.01(a). 

     

    Section
      2.02 Acceptance
      by the Custodian of the Mortgage Loans.
      The
      Custodian shall acknowledge, on the Closing Date, receipt by the Custodian
      of
      the documents identified in the Initial Certification in the form annexed hereto
      as Exhibit E (“Initial
      Certification”),
      and
      declares that it holds and will hold such documents and the other documents
      delivered to it pursuant to Section 2.01, and that it holds or will hold
      such other assets as are included in the Trust Fund, in trust for the exclusive
      use and benefit of all present and future Certificateholders. The Custodian
      shall maintain possession of the related Mortgage Notes in the States of
      Minnesota, California, and Utah unless otherwise permitted by the Rating
      Agencies.

     

    
      
        
        

      

      
        -55-

        
          

        

      

      
        
        

      

    

     

    In
      connection with the Closing Date, the Custodian shall be required to deliver
      via
      facsimile (with original to follow the next Business Day) to the Depositor
      and
      the Trustee an Initial Certification prior to the Closing Date, or, as the
      Depositor agrees on the Closing Date, certifying receipt of a Mortgage Note
      and
      Assignment of Mortgage for each Mortgage Loan. The Custodian shall not be
      responsible to verify the validity, sufficiency or genuineness of any document
      in any Custodian File.

     

    Within
      90 days after the Closing Date, the Custodian shall ascertain that all
      documents identified in the Document Certification and Exception Report in
      the
      form attached hereto as Exhibit F are in its possession, and shall deliver
      to the Depositor, the Trustee, the Mortgage Loan Seller and the Servicer a
      Document Certification and Exception Report, in the form annexed hereto as
      Exhibit F, to the effect that, as to each Mortgage Loan listed in the
      Mortgage Loan Schedule (other than any Mortgage Loan paid in full or any
      Mortgage Loan specifically identified in such certification as an exception
      and
      not covered by such certification): (i) all documents identified in the
      Document Certification and Exception Report and required to be reviewed by
      it
      are in its possession; (ii) such documents have been reviewed by it and
      appear regular on their face and relate to such Mortgage Loan; (iii) based
      on its examination and only as to the foregoing documents, the information
      set
      forth in items (1), (2), (3), (15), (18) and (22) of the Data Tape
      Information respecting such Mortgage Loan is correct; and (iv) each
      Mortgage Note has been endorsed as provided in Section 2.01 of this
      Agreement. Neither the Trustee nor the Custodian shall be responsible to verify
      the validity, sufficiency or genuineness of any document in any Custodial
      File.

     

    The
      Custodian shall retain possession and custody of each Custodial File in
      accordance with and subject to the terms and conditions set forth herein. The
      Servicer shall promptly deliver to the Custodian, upon the execution or receipt
      thereof, the originals of such other documents or instruments constituting
      the
      Custodial File as come into the possession of the Servicer from time to
      time.

     

    The
      Mortgage Loan Seller shall deliver to the Servicer copies of all trailing
      documents required to be included in the Custodial File at the same time the
      original or certified copies thereof are delivered to the Custodian, including
      but not limited to such documents as the title insurance policy and any other
      Mortgage Loan documents upon return from the public recording office. The
      documents shall be delivered by the Mortgage Loan Seller at the Mortgage Loan
      Seller’s expense to the Servicer.

     

    Section
      2.03 Representations,
      Warranties and Covenants of the Mortgage Loan Seller and the Servicer; Remedies
      for Breaches of Representations and Warranties with Respect to the Mortgage
      Loans.
      (a) NCHLS, in its capacity as Servicer makes the representations and
      warranties set forth in Schedule II
      hereto,
      to the Depositor, the Master Servicer, the Securities Administrator and the
      Trustee as of the Closing Date.

     

    
      
        
        

      

      
        -56-

        
          

        

      

      
        
        

      

    

     

    (b) FFFC,
      in
      its capacity as Mortgage Loan Seller, makes the representations and warranties
      set forth in Schedule III and Schedule IV hereto, to the Depositor, the
      Master Servicer, the Securities Administrator and the Trustee as of the date
      specified therein.

     

    (c) It
      is
      understood and agreed by the Servicer and the Mortgage Loan Seller that the
      representations and warranties set forth in this Section 2.03 shall survive
      the transfer of the Mortgage Loans by the Depositor to the Trustee on the
      Closing Date, and shall inure to the benefit of the Depositor, the Trustee
      and
      the Trust Fund notwithstanding any restrictive or qualified endorsement on
      any
      Mortgage Note or Assignment of Mortgage or the examination or failure to examine
      any Mortgage File. Upon discovery by the Mortgage Loan Seller, the Depositor,
      the Securities Administrator, the Trustee, the Master Servicer or the Servicer
      of a breach of any of the foregoing representations and warranties, the party
      discovering such breach shall give prompt written notice to the
      others.

     

    (d) Within
      30 days of the earlier of either discovery by or notice to the Mortgage
      Loan Seller that any Mortgage Loan does not conform to the requirements as
      determined in the Custodian’s review of the related Custodial File or within
      60 days of the earlier of either discovery by or notice to the Mortgage
      Loan Seller of any breach of a representation or warranty referred to in
      Section 2.03(b) that materially and adversely affects the value of any
      Mortgage Loan or the interest of the Trustee or the Certificateholders therein,
      the Mortgage Loan Seller shall use its best efforts to cause to be remedied
      a
      material defect in a document constituting part of a Mortgage File or promptly
      to cure such breach in all material respects and, if such defect or breach
      cannot be remedied, the Mortgage Loan Seller shall, at the Depositor’s option as
      specified in writing and provided to the Mortgage Loan Seller and the Trustee,
      (i) if such 30- or 60-day period, as applicable, 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 Substitute Mortgage Loan, in the
      manner and subject to the conditions set forth in this Section 2.03; or
      (ii) repurchase such Mortgage Loan at the Repurchase Price; provided,
      however,
      that
      any such substitution pursuant to clause (i) above shall not be
      effected prior to the delivery to the Custodian of a Request for Release
      substantially in the form of Exhibit J, and the delivery of the Mortgage
      File to the Custodian for any such Substitute Mortgage Loan. Notwithstanding
      the
      foregoing, a breach (i) which causes a Mortgage Loan not to constitute a
“qualified mortgage” within the meaning of Section 860G(a)(3) of the Code
      (ii) of any of the representations and warranties set forth in items number
       (8), (42), (45), (53), (55), (56), (57), (58), (60), (62) and (77) of
      Schedule IV with respect to any Group I Mortgage Loan will be deemed
      automatically to materially and adversely affect the value of such Mortgage
      Loan
      and the interests of the Trustee and Certificateholders in such Mortgage Loan,
      thus requiring the repurchase or substitution of such Mortgage Loan by the
      Mortgage Loan Seller. In the event that the Trustee receives notice of a breach
      by the Mortgage Loan Seller of any of the representations and warranties
      described in the immediately preceding sentence, the Trustee shall give notice
      of such breach to the Mortgage Loan Seller and request the Mortgage Loan Seller
      to substitute such Mortgage Loan or to repurchase such Mortgage Loan at the
      Repurchase Price within sixty (60) days of the receipt of such notice. The
      Mortgage Loan Seller shall repurchase each such Mortgage Loan within
      60 days of the earlier of discovery or receipt of notice with respect to
      each such Mortgage Loan.

     

    
      
        
        

      

      
        -57-

        
          

        

      

      
        
        

      

    

     

    (e) With
      respect to any Substitute Mortgage Loan or Loans, the Mortgage Loan Seller
      shall
      deliver to the Custodian for the benefit of the Certificateholders the Mortgage
      Note, the Mortgage, the related assignment of the Mortgage, and such other
      documents and agreements as are required by Section 2.01, with the Mortgage
      Note endorsed and the Mortgage assigned as required by Section 2.01. No
      substitution is permitted to be made with respect to any Distribution Date
      after
      the end of the related Prepayment Period. Scheduled Payments due with respect
      to
      Substitute Mortgage Loans in the Due Period of substitution shall not be part
      of
      the Trust Fund and will be retained by the Mortgage Loan Seller on the next
      succeeding Distribution Date. For the Due Period of substitution, distributions
      to Certificateholders will include the Scheduled Payment due on any Deleted
      Mortgage Loan for such Due Period and thereafter the Mortgage Loan Seller shall
      be entitled to retain all amounts received in respect of such Deleted Mortgage
      Loan.

     

    (f) The
      Servicer 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 Substitute Mortgage Loan or Loans and the Servicer shall
      deliver the amended Mortgage Loan Schedule to the Trustee and the Custodian.
      Upon such substitution, the Substitute Mortgage Loan or Loans shall be subject
      to the terms of this Agreement in all respects, and the Mortgage Loan Seller
      shall be deemed to have made with respect to such Substitute Mortgage Loan
      or
      Loans, as of the date of substitution, the representations and warranties made
      pursuant to Section 2.03(b) with respect to such Mortgage Loan. Upon any
      such substitution and the deposit to the Collection Account of the amount
      required to be deposited therein in connection with such substitution as
      described in the following paragraph, the Custodian shall release the Mortgage
      File held for the benefit of the Certificateholders relating to such Deleted
      Mortgage Loan to the Mortgage Loan Seller and the Trustee, upon receipt of
      a
      Request for Release certifying that all amounts required to be deposited in
      accordance with this Section 2.03(f) have been deposited in the Collection
      Account, shall execute and deliver at the Mortgage Loan Seller’s direction such
      instruments of transfer or assignment prepared by the Mortgage Loan Seller
      in
      each case without recourse, as shall be necessary to vest title in the Mortgage
      Loan Seller of the Trustee’s interest in any Deleted Mortgage Loan substituted
      for pursuant to this Section 2.03.

     

    (g) For
      any
      month in which the Mortgage Loan Seller substitutes one or more Substitute
      Mortgage Loans for one or more Deleted Mortgage Loans, the Servicer will
      determine the amount (if any) by which the aggregate unpaid principal balance
      of
      all such Substitute Mortgage Loans as of the date of substitution is less than
      the aggregate unpaid principal balance of all such Deleted Mortgage Loans.
      The
      amount of such shortage plus an amount equal to the aggregate of any
      unreimbursed Advances with respect to such Deleted Mortgage Loans (collectively,
      the “Substitution
      Adjustment Amount”)
      shall
      be remitted by the Mortgage Loan Seller to the Servicer for deposit into the
      Collection Account on or before the Distribution Account Deposit Date for the
      Distribution Date in the month succeeding the calendar month during which the
      related Mortgage Loan became required to be purchased or replaced
      hereunder.

     

    (h) In
      addition to the repurchase or substitution obligations referred to in
      Section 2.03(d) above and Section 2.03 (k) below, the Mortgage Loan
      Seller or the Sponsor, as applicable, shall indemnify the Depositor, any of
      its
      Affiliates, the Master Servicer, the Servicer, the Securities Administrator,
      the
      Trustee and the Trust and hold such parties harmless against any losses,
      damages, penalties, fines, forfeitures, reasonable and necessary legal fees
      and
      related costs, judgments and other costs and expenses (including, without
      limitation, any taxes payable by the Trust) resulting from any third party
      claim, demand, defense or assertion based on or grounded upon, or resulting
      from, a breach by the Mortgage Loan Seller or the Sponsor, as applicable, of
      any
      of its representations and warranties or obligations contained in this
      Agreement.

     

    
      
        
        

      

      
        -58-

        
          

        

      

      
        
        

      

    

     

    (i) The
      Servicer shall amend the Mortgage Loan Schedule for the benefit of the
      Certificateholders to reflect the removal of such Deleted Mortgage Loan and
      the
      Servicer shall deliver the amended Mortgage Loan Schedule to the Trustee, the
      Custodian, the Master Servicer and the Securities Administrator.

     

    (j) In
      the
      event that a Mortgage Loan shall have been repurchased pursuant to this
      Agreement or the Purchase Agreement, the proceeds from such repurchase shall
      be
      deposited by the Servicer in the Collection Account pursuant to
      Section 3.10 on or before the Remittance Date for the Distribution Date in
      the month following the month during which the Mortgage Loan Seller or Sponsor
      became obligated to repurchase or replace such Mortgage Loan and upon such
      deposit of the Repurchase Price, and receipt of a Request for Release in the
      form of Exhibit J hereto, the Custodian shall release the related Custodial
      File held for the benefit of the Certificateholders to the Mortgage Loan Seller
      or the Sponsor, as applicable, as directed by the Servicer, and the Trustee
      shall execute and deliver at such Person’s direction such instruments of
      transfer or assignment prepared by such Person, in each case without recourse,
      as shall be necessary to transfer title from the Trustee. In accordance with
      Section 12.05(a), the Securities Administrator shall promptly notify each
      Rating Agency of a purchase of a Mortgage Loan pursuant to this
      Section 2.03.

     

    It
      is
      understood and agreed that the obligation of the Mortgage Loan Seller under
      this
      Agreement to cure, repurchase or substitute any Mortgage Loan as to which a
      breach of a representation and warranty has occurred and is continuing, together
      with any related indemnification obligations of the Mortgage Loan Seller set
      forth in Section 2.03(h), shall constitute the sole remedies against such
      Person respecting such breach available to Certificateholders, the Depositor
      and
      any of its Affiliates, or the Trustee on their behalf.

     

    (k) The
      Trustee acknowledges that, except as provided in Section 5 of the Purchase
      Agreement, the Sponsor shall not have any obligation or liability with respect
      to any breach of a representation or warranty made by it with respect to a
      Mortgage Loan sold by it, provided that such representation or warranty was
      also
      made by the Mortgage Loan Seller with respect to the related Mortgage Loan.
      It
      is understood and agreed that the representations and warranties of the Sponsor
      set forth in Section 4 of the Purchase Agreement and assigned to the Trustee
      by
      the Depositor hereunder shall survive the transfer of the Mortgage Loans by
      the
      Depositor to the Trustee on the Closing Date, and shall inure to the benefit
      of
      the Trustee and the Certificateholders notwithstanding any restrictive or
      qualified endorsement on any Mortgage Note or Assignment of Mortgage and shall
      continue throughout the term of this Agreement. Upon the discovery by any of
      the
      Sponsor, the Depositor, the Securities Administrator, the Trustee, the Master
      Servicer or the Servicer of a breach of any of the Sponsor’s representations and
      warranties set forth in Section 4 of the Purchase Agreement, the party
      discovering the breach shall give prompt written notice to the others. Within
      30 days of the earlier of either discovery by or notice to the Sponsor of
      any breach of any of the foregoing representations or warranties that materially
      and adversely affects the value of any Mortgage Loan or the interest of the
      Trustee or the Certificateholders therein, the Sponsor shall use its best
      efforts to cure such breach in all material respects and, if such defect or
      breach cannot be remedied, the Sponsor shall, at the Depositor’s instructions as
      specified in writing and provided to the Sponsor and the Trustee, (i) if
      such 30-day period expires prior to the second anniversary of the Closing Date,
      remove such Mortgage Loan from the Trust Fund and substitute in its place a
      Substitute Mortgage Loan, in the same manner and subject to the same conditions
      set forth in this Section 2.03 that apply to repurchases or substitutions
      of Mortgage Loans by the Mortgage Loan Seller or (ii) repurchase such
      Mortgage Loan at the Repurchase Price; provided,
      however,
      that
      any such substitution pursuant to clause (i) above shall not be
      effected prior to the delivery to the Custodian of a Request for Release
      substantially in the form of Exhibit J, and the delivery of the Mortgage
      File to the Custodian for any such Substitute Mortgage Loan. In the event of
      any
      such repurchase or substitution of a Mortgage Loan by the Sponsor, the
      procedures set forth in Sections 2.03(e), (f), (g), (h), (i) and (j) shall
      apply
      to the Sponsor in the same manner and to the same extent that they are
      applicable to the Mortgage Loan Seller. It is understood and agreed that the
      obligations of the Sponsor under this Agreement to cure, repurchase or
      substitute any Mortgage Loan as to which a breach of a representation and
      warranty has occurred and is continuing, together with any related
      indemnification obligations of the Sponsor set forth in Section 2.03(h), shall
      constitute the sole remedies against the Sponsor available to the
      Certificateholders, the Depositor and any of its affiliates, or the Trustee
      on
      their behalf.

     

    
      
        
        

      

      
        -59-

        
          

        

      

      
        
        

      

    

     

    The
      provisions of this Section 2.03 shall survive delivery of the respective
      Custodial Files to the Custodian for the benefit of the
      Certificateholders.

     

    Section
      2.04 Execution
      and Delivery of Certificates.
      The
      Trustee acknowledges the transfer and assignment to it of the Trust Fund and,
      concurrently with such transfer and assignment, the Securities Administrator
      has
      executed and delivered to, or upon the order of the Depositor, the Certificates
      in authorized denominations evidencing directly or indirectly 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.

     

    Section
      2.05 REMIC
      Matters.
      The
      Preliminary Statement sets forth the designations for federal income tax
      purposes of all interests created hereby. The “Startup
      Day”
for
      purposes of the REMIC Provisions shall be the Closing Date. The “latest
      possible maturity date”
is
      the
      Distribution Date occurring in April 2041, which is the Distribution Date in
      the
      month following the month in which the latest Mortgage Loan maturity date
      occurs.

     

    Section
      2.06 Representations
      and Warranties of the Depositor.
      The
      Depositor hereby represents, warrants and covenants to the other parties to
      this
      agreement that as of the date of this Agreement or as of such date specifically
      provided herein:

     

    (a) The
      Depositor is a corporation duly organized, validly existing and in good standing
      under the laws of the State of Delaware;

     

    
      
        
        

      

      
        -60-

        
          

        

      

      
        
        

      

    

     

    (b) The
      Depositor has the power and authority to convey the Mortgage Loans and to
      execute, deliver and perform, and to enter into and consummate transactions
      contemplated by, this Agreement;

     

    (c) This
      Agreement has been duly and validly authorized, executed and delivered by the
      Depositor, all requisite company action having been taken, and, assuming the
      due
      authorization, execution and delivery hereof by the other parties hereto,
      constitutes or will constitute the legal, valid and binding agreement of the
      Depositor, enforceable against the Depositor in accordance with its terms,
      except as such enforcement may be limited by bankruptcy, insolvency,
      reorganization, moratorium or other similar laws relating to or affecting the
      rights of creditors generally, and by general equity principles (regardless
      of
      whether such enforcement is considered in a proceeding in equity or at
      law);

     

    (d) No
      consent, approval, authorization or order of, or registration or filing with,
      or
      notice to, any governmental authority or court is required for the execution,
      delivery and performance of or compliance by the Depositor with this Agreement
      or the consummation by the Depositor of any of the transactions contemplated
      hereby, except as have been received or obtained on or prior to the Closing
      Date;

     

    (e) None
      of
      the execution and delivery of this Agreement, the consummation of the
      transactions contemplated hereby or thereby, or the fulfillment of or compliance
      with the terms and conditions of this Agreement, (i) conflicts or will
      conflict with or results or will result in a breach of, or constitutes or will
      constitute a default or results or will result in an acceleration under
      (A) the charter or bylaws of the Depositor, or (B) of any term,
      condition or provision of any material indenture, deed of trust, contract or
      other agreement or instrument to which the Depositor or any of its subsidiaries
      is a party or by which it or any of its subsidiaries is bound; (ii) results
      or will result in a violation of any law, rule, regulation, order, judgment
      or
      decree applicable to the Depositor of any court or governmental authority having
      jurisdiction over the Depositor or its subsidiaries; or (iii) results in
      the creation or imposition of any lien, charge or encumbrance which would have
      a
      material adverse effect upon the Mortgage Loans or any documents or instruments
      evidencing or securing the Mortgage Loans;

     

    (f) There
      are
      no actions, suits or proceedings before or against or investigations of, the
      Depositor pending, or to the knowledge of the Depositor, threatened, before
      any
      court, administrative agency or other tribunal, and no notice of any such
      action, which, in the Depositor’s reasonable judgment, might materially and
      adversely affect the performance by the Depositor of its obligations under
      this
      Agreement, or the validity or enforceability of this Agreement;

     

    (g) The
      Depositor is not in default with respect to any order or decree of any court
      or
      any order, regulation or demand of any federal, state, municipal or governmental
      agency that would materially and adversely affect its performance hereunder;
      and

     

    (h) Immediately
      prior to the transfer and assignment by the Depositor to the Trustee on the
      Closing Date, the Depositor had good title to, and was the sole owner of each
      Mortgage Loan, free of any interest of any other Person, and the Depositor
      has
      transferred all right, title and interest in each Mortgage Loan to the Trustee.
      The transfer of the Mortgage Note and the Mortgage as and in the manner
      contemplated by this Agreement is sufficient either (i) fully to transfer
      to the Trustee, for the benefit of the Certificateholders, all right, title,
      and
      interest of the Depositor thereto as note holder and mortgagee or (ii) to
      grant to the Trustee, for the benefit of the Certificateholders, the security
      interest referred to in Section 12.04.

    
      
        
        

      

      
        -61-

        
          

        

      

       

    

     

    It
      is
      understood and agreed that the representations, warranties and covenants set
      forth in this Section 2.06 shall survive delivery of the respective
      Mortgage Files to the Custodian and shall inure to the benefit of the
      Trustee.

     

    ARTICLE
      III

     

    ADMINISTRATION
      AND SERVICING

    OF
      MORTGAGE LOANS

     

    Section
      3.01 Servicer
      to Service Mortgage Loans.
      (a)  For and on behalf of the Certificateholders, the Servicer shall
      service and administer the Mortgage Loans in accordance with the terms of this
      Agreement and the respective Mortgage Loans and, to the extent consistent with
      such terms, in accordance with Accepted Servicing Practices, but without regard
      to:

     

    (i) any
      relationship that the Servicer, any Subservicer or any Affiliate of the Servicer
      or any Subservicer may have with the related Mortgagor;

     

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

     

    (iii) the
      Servicer’s obligation to make P&I Advances or Servicing Advances;
      or

     

    (iv) the
      Servicer’s or any Subservicer’s right to receive compensation for its services
      hereunder or with respect to any particular transaction.

     

    To
      the
      extent consistent with the foregoing, the Servicer shall seek to maximize the
      timely and complete recovery of principal and interest on the Mortgage Notes.
      Subject only to the above-described servicing standards and the terms of this
      Agreement and of the respective Mortgage Loans, the Servicer shall have full
      power and authority, acting alone or through Subservicers as provided in
      Section 3.02, to do or cause to be done any and all things in connection
      with such servicing and administration which it may deem necessary or desirable.
      Without limiting the generality of the foregoing, the Servicer in its own name
      or in the name of a Subservicer is hereby authorized and empowered by the
      Trustee when the Servicer believes it appropriate in its best judgment in
      accordance with Accepted Servicing Practices to execute and deliver any and
      all
      instruments of satisfaction or cancellation, or of partial or full release
      or
      discharge, and all other comparable instruments, with respect to the Mortgage
      Loans and the Mortgaged Properties and to institute foreclosure proceedings
      or
      obtain a deed-in-lieu of foreclosure so as to convert the ownership of such
      properties, and to hold or cause to be held title to such properties, on behalf
      of the Trustee; provided,
      further,
      that
      upon the full release or discharge, the Servicer shall notify the Custodian
      of
      the Mortgage Loan of any such full release or discharge with respect to the
      Mortgage Loan and related Mortgage Properties. The Servicer shall at its own
      expense be responsible for preparing and recording all lien releases and
      mortgage satisfactions in accordance with state and local regulations. The
      Servicer shall service and administer the Mortgage Loans in accordance with
      applicable state and federal law and shall provide to the Mortgagors any reports
      required to be provided to them thereby. The Servicer shall also comply in
      the
      performance of this Agreement with all reasonable rules and requirements of
      each
      insurer under any standard hazard insurance policy or any Primary Mortgage
      Insurance Policy (if applicable). Subject to Section 3.16, the Trustee
      shall execute, at the written request of the Servicer, and furnish to the
      Servicer and any Subservicer such documents provided to the Trustee as are
      necessary or appropriate to enable the Servicer or any Subservicer to carry
      out
      their servicing and administrative duties hereunder, and the Trustee hereby
      grants to the Servicer, and this Agreement shall constitute, a power of attorney
      to carry out such duties including a power of attorney to take title to
      Mortgaged Properties after foreclosure on behalf of the Trustee. The Trustee
      shall execute a separate power of attorney, furnished to it by the Servicer,
      in
      favor of the Servicer for the purposes described herein to the extent necessary
      or desirable to enable the Servicer to perform its duties hereunder. The Trustee
      shall not be liable for the actions of the Servicer or any Subservicers under
      such powers of attorney. Notwithstanding anything contained herein to the
      contrary, no Servicer or Subservicer shall without the Trustee’s consent: (i)
      initiate any action, suit or proceeding solely under the Trustee’s name without
      indicating the Servicer’s or Subservicer’s, as applicable, representative
      capacity, or (ii) knowingly take any action with the intent to, or which
      actually does cause, the Trustee to be registered to do business in any
      state.

    
      
        
        

      

      
        -62-

        
          

        

      

       

    

     

    (b) Subject
      to Section 3.09(b), in accordance with the standards of the preceding
      paragraph, the Servicer shall advance or cause to be advanced funds as necessary
      for the purpose of effecting the timely payment of taxes and assessments on
      the
      Mortgaged Properties, which advances shall be Servicing Advances reimbursable
      in
      the first instance from the collection from the Mortgagors pursuant to
      Section 3.09(b), and further as provided in Section 3.11. Any cost
      incurred by the Servicer or by Subservicers in effecting the timely payment
      of
      taxes and assessments on a Mortgaged Property shall not be added to the unpaid
      principal balance of the related Mortgage Loan, notwithstanding that the terms
      of such Mortgage Loan so permit.

     

    (c) Notwithstanding
      anything in this Agreement to the contrary, the Servicer may not make any future
      advances with respect to a Mortgage Loan (except as provided in
      Section 4.01) and except as provided in Section 3.07(a), the Servicer shall
      not (i) permit any modification with respect to any Mortgage Loan that
      would change the Mortgage Rate, reduce or increase the principal balance (except
      for reductions resulting from actual payments of principal) or change the final
      maturity date on such Mortgage Loan (except for a reduction of interest payments
      resulting from the application of the Servicemembers Civil Relief Act or any
      similar state statutes) or (ii) permit any modification, waiver or
      amendment of any term of any Mortgage Loan that would both (A) effect an
      exchange or reissuance of such Mortgage Loan under Section 1001 of the Code
      (or final, temporary or proposed Treasury regulations promulgated thereunder)
      and (B) cause any REMIC formed hereby to fail to qualify as a REMIC under
      the Code or the imposition of any tax on “prohibited transactions” or
“contributions after the startup day” under the REMIC
      Provisions.

    
      
        
        

      

      
        -63-

        
          

        

      

       

    

     

    (d) The
      Servicer may delegate its responsibilities under this Agreement; provided,
      however,
      that no
      such delegation shall release the Servicer from the responsibilities or
      liabilities arising under this Agreement.

     

    Section
      3.02 Subservicing
      Agreements between Servicer and Subservicers; Use of
      Subcontractors.
      (a) The
      Servicer may enter into a subservicing agreement with a Subservicer, for the
      servicing and administration of the Mortgage Loans (“Subservicing
      Agreement”)
      without obtaining the prior consent of the Trustee, the Depositor, the Master
      Servicer, Securities Administrator or other parties hereto to the utilization
      of
      any such Subservicer, provided the provisions of such Subservicing Agreement
      comply with the requirements set forth in this Section 3.02. None of the
      Trustee, the Master Servicer or the Depositor shall be required to review or
      consent to such Subservicing Agreement and none shall have any liability in
      connection therewith.

     

    (b) Each
      Subservicer shall be (i) authorized to transact business in the state or
      states in which the related Mortgaged Properties it is to service are situated,
      if and to the extent required by applicable law to enable the Subservicer to
      perform its obligations hereunder and under the Subservicing Agreement and
      (ii)
      a Freddie Mac or Fannie Mae approved mortgage servicer. Each Subservicing
      Agreement must impose on the Subservicer requirements conforming to the
      provisions set forth in Sections 3.08, 3.22, 3.23, 3.24, 3.29, 6.05, 6.06,
      7.01(i), 8.12 and Exhibit S of this Agreement to the same extent as if such
      Subservicer were the Servicer and otherwise provide for servicing of the
      Mortgage Loans consistent with the terms of this Agreement. The Servicer shall
      examine each Subservicing Agreement and will be familiar with the terms thereof
      in order to determine that the foregoing requirements have been incorporated
      into the Subservicing Agreement and that the terms thereof are not otherwise
      inconsistent with any of the provisions of this Agreement. The Servicer and
      the
      Subservicers may enter into and make amendments to the Subservicing Agreements
      or enter into different forms of Subservicing Agreements; provided,
      however,
      that
      any such amendments or different forms shall be consistent with and not violate
      the provisions of this Agreement, and that no such amendment or different form
      shall be made or entered into which could be reasonably expected to be
      materially adverse to the interests of the Trustee, the Depositor, the Master
      Servicer or the Securities Administrator without their prior written consent.
      Any variation without the consent of the Trustee, Depositor and Master Servicer
      from the requirements set forth in Sections 3.08, 3.22, 3.23, 3.24, 3.29,
      6.05, 6.06, 7.01(i) and Exhibit S, are conclusively deemed to be inconsistent
      with this Agreement and therefore prohibited. The Servicer shall deliver to
      the
      Master Servicer, the Securities Administrator, the Trustee and the Depositor
      copies of all Subservicing Agreements, and any amendments or modifications
      thereof, promptly upon the Servicer’s execution and delivery of such
      instruments.

     

    (c) As
      part
      of its servicing activities hereunder, the Servicer (except as otherwise
      provided in the last sentence of this paragraph) shall enforce the obligations
      of each Subservicer under the related Subservicing Agreement, including, without
      limitation, (i) any obligation to make advances in respect of delinquent
      payments as required by a Subservicing Agreement and (ii) the reporting
      obligations set forth under Section 3.22, 3.23, 3.24 and 3.29 hereof to the
      same
      extent as if such Subservicer were the Servicer. The Servicer shall be
      responsible for obtaining from each Subservicer and delivering to the Master
      Servicer, the Securities Administrator and the Depositor (i) any servicer annual
      compliance statement required to be delivered by such Subservicer under Section
      3.24(b); (ii) any report on assessments and attestations of compliance with
      Relevant Servicing Criteria required to be delivered by the Subservicer pursuant
      to Sections 3.22 and 3.23; and (iii) any certifications required to be delivered
      under Section 3.24(a) to the Master Servicer or such other Person that will
      be
      responsible for signing the Sarbanes-Oxley Certification as and where required
      to be delivered hereunder. 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 the Servicer, in its good faith business
      judgment, would require were it the owner of the related Mortgage Loans. The
      Servicer shall pay the costs of such enforcement at its own expense, and shall
      be reimbursed therefor only (i) from a general recovery resulting from such
      enforcement, to the extent, if any, that such recovery exceeds all amounts
      due
      in respect of the related Mortgage Loans or (ii) from a specific recovery
      of costs, expenses or attorneys’ fees against the party against whom such
      enforcement is directed.

    
      
        
        

      

      
        -64-

        
          

        

      

       

    

     

    (d) It
      shall
      not be necessary for the Servicer to seek the consent of the Depositor, the
      Trustee, the Master Servicer, the Securities Administrator or other parties
      hereto to the utilization of a Subcontractor. The Servicer shall give prompt
      written notice to the Master Servicer and the Depositor of the appointment
      of
      any Subcontractor and provide a written description (in form and substance
      satisfactory to the Depositor) of the role and function of each Subcontractor
      specifying which elements of the Servicing Criteria set forth under Item 1122(d)
      of Regulation AB will be addressed in assessments and attestations of compliance
      with Relevant Servicing Criteria provided by such Subcontractor.

     

    (e) As
      a
      condition to the utilization of any Subcontractor determined to be a Servicing
      Function Participant, the Servicer shall cause any such Subcontractor used
      by
      the Servicer (or by any Subservicer) to comply with the provisions of Sections
      3.22, 3.23, 3.24, 3.29, 6.05, 6.06, 7.01(i), 8.12 and Exhibit S 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 Securities Administrator, the Master Servicer and the
      Depositor any assessments and attestations of compliance required to be
      delivered by such Subcontractor pursuant to Sections 3.22 and 3.23, in each
      case
      as and when required to be delivered. 

     

    Section
      3.03 Successor
      Subservicers.
      The
      Servicer shall be entitled to terminate any Subservicing Agreement and the
      rights and obligations of any Subservicer pursuant to any Subservicing Agreement
      in accordance with the terms and conditions of such Subservicing Agreement.
      In
      the event of termination of any Subservicer, all servicing obligations of such
      Subservicer shall be assumed simultaneously by the Servicer without any act
      or
      deed on the part of such Subservicer or Servicer, and the Servicer either shall
      service directly the related Mortgage Loans or shall enter into a Subservicing
      Agreement with a successor subservicer which qualifies under
      Section 3.02.

     

    Any
      Subservicing Agreement shall include the provision that such agreement may
      be
      immediately terminated by the Master Servicer without fee, in accordance with
      the terms of this Agreement, in the event that the Servicer shall, for any
      reason, no longer be the Servicer (including termination due to an Event of
      Default).

    
      
        
        

      

      
        -65-

        
          

        

      

       

    

     

    Section
      3.04 Liability
      of the Servicer.
      Notwithstanding any subservicing agreement or the provisions of this Agreement
      relating to agreements or arrangements between the Servicer and a Subservicer,
      Subcontractor or other third party or reference to actions taken through a
      Subservicer, a Subcontractor, another third party or otherwise, the Servicer
      shall remain obligated and primarily liable to the Trustee and the Trust Fund
      for the servicing and administering of the Mortgage Loans in accordance with
      the
      provisions hereof without diminution of such obligation or liability by virtue
      of any subservicing, subcontracting or other agreements or arrangements or
      by
      virtue of indemnification from a Subservicer, Subcontractor or a third party
      and
      to the same extent and under the same terms and conditions as if the Servicer
      alone were servicing the Mortgage Loans, including with respect to compliance
      with Item 1122 of Regulation AB. The Servicer shall be entitled to enter into
      any agreement with a Subservicer, Subcontractor or other third party for
      indemnification of the Servicer by such Subservicer, Subcontractor or third
      party and nothing contained in the Agreement shall be deemed to limit or modify
      such indemnification.

     

    Section
      3.05 No
      Contractual Relationship between Subservicers and the Master
      Servicer.
      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
      shall be deemed to be between the Subservicer and the Servicer alone, and none
      of the Trustee, the Depositor, the Securities Administrator, or the Master
      Servicer (nor any successor master servicer) shall be deemed a party thereto
      and
      shall have no claims, rights, obligations, duties or liabilities with respect
      to
      the Subservicer except as set forth in Section 3.06. The Servicer shall be
      solely liable for all fees owed by it to any Subservicer, irrespective of
      whether the Servicer’s compensation pursuant to this Agreement is sufficient to
      pay such fees.

     

    Section
      3.06 Assumption
      or Termination of Subservicing Agreements by Master Servicer.
      In the
      event the Servicer at any time shall for any reason no longer be the Servicer
      (including by reason of the occurrence of an Event of Default), the Master
      Servicer, or its designee or the successor servicer if the successor is not
      the
      Master Servicer, shall thereupon assume all of the rights and obligations of
      the
      Servicer under each Subservicing Agreement that the Servicer may have entered
      into, with copies thereof provided to the Master Servicer or the successor
      servicer if the successor is not the Master Servicer, prior to the Master
      Servicer or the successor servicer if the successor is not the Master Servicer,
      assuming such rights and obligations, unless the Master Servicer elects to
      terminate any Subservicing Agreement in accordance with its terms as provided
      in
      Section 3.03.

     

    Upon
      such
      assumption, the Master Servicer, its designee or the successor servicer shall
      be
      deemed, subject to Section 3.03, to have assumed all of the Servicer’s
      interest therein and to have replaced the Servicer as a party to each
      Subservicing Agreement to the same extent as if each Subservicing Agreement
      had
      been assigned to the assuming party, except that (i) the Servicer shall not
      thereby be relieved of any liability or obligations under any Subservicing
      Agreement that arose before it ceased to be the Servicer and (ii) none of
      the Trustee, the Depositor, the Master Servicer, the Securities Administrator,
      their designees or any successor servicer shall be deemed to have assumed any
      liability or obligation of the Servicer that arose before it ceased to be the
      Servicer.

    
      
        
        

      

      
        -66-

        
          

        

      

       

    

     

    The
      Servicer at its expense shall, upon request of the Master Servicer, its designee
      or the successor servicer deliver to the assuming party all documents and
      records relating to the Subservicing Agreement and the Mortgage Loans then
      being
      serviced and an accounting of amounts collected and held by or on behalf of
      it,
      and otherwise use its best efforts to effect the orderly and efficient transfer
      of the Subservicing Agreements to the assuming party.

     

    Section
      3.07 Collection
      of Certain Mortgage Loan Payments.
      (a)  The Servicer shall make reasonable efforts to collect all
      payments called for under the terms and provisions of the Mortgage Loans, and
      shall, to the extent such procedures shall be consistent with this Agreement
      and
      the terms and provisions of any applicable Insurance Policies, follow such
      collection procedures as it would follow with respect to mortgage loans
      comparable to the Mortgage Loans and held for its own account. Consistent with
      the foregoing and Accepted Servicing Practices, the Servicer may (i) waive
      any late payment charge or, if applicable, any penalty interest, or
      (ii) extend the due dates for the Scheduled Payments due on a Mortgage Note
      for a period of not greater than 180 days; provided,
      that
      any extension pursuant to clause (ii) above shall not affect the
      amortization schedule of any Mortgage Loan for purposes of any computation
      hereunder, except as provided below. In the event of any such arrangement
      pursuant to clause (ii) above, the Servicer shall make timely advances
      on such Mortgage Loan during such extension pursuant to Section 4.01 and in
      accordance with the amortization schedule of such Mortgage Loan without
      modification thereof by reason of such arrangements, subject to
      Section 4.01(d) pursuant to which the Servicer shall not be required to
      make any such advances that are Nonrecoverable P&I Advances. Notwithstanding
      the foregoing, in the event that any Mortgage Loan is in default or in the
      judgment of the Servicer, such default is reasonably foreseeable, the Servicer,
      consistent with the standards set forth in Section 3.01, may also waive,
      modify or vary any term of such Mortgage Loan (including modifications that
      would change the Mortgage Rate, forgive the payment of principal or interest,
      extend the final maturity date of such Mortgage Loan or waive, in whole or
      in
      part, a Prepayment Charge), accept payment from the related Mortgagor of an
      amount less than the Stated Principal Balance in final satisfaction of such
      Mortgage Loan, or consent to the postponement of strict compliance with any
      such
      term or otherwise grant indulgence to any Mortgagor (any and all such waivers,
      modifications, variances, forgiveness of principal or interest, postponements,
      or indulgences collectively referred to herein as “Forbearance”);
      provided,
      however,
      that
      the Servicer’s approval of a modification of a Due Date shall not be considered
      a modification for purposes of this sentence; provided,
      further,
      that
      the final maturity date of any Mortgage Loan may not be extended beyond the
      Final Scheduled Distribution Date for the LIBOR Certificates; provided further,
      that the Servicer shall obtain the prior written consent of the Master Servicer
      for any modification, waiver or amendment after the Cut-off Date if the
      aggregate number of outstanding Mortgage Loans which have been modified, waived
      or amended exceeds 5% of the number of Mortgage Loans as of the Cut-off Date.
      The Servicer’s analysis supporting any Forbearance and the conclusion that any
      Forbearance meets the standards of Section 3.01 shall be reflected in writing
      in
      the Servicing File or on the Servicer’s servicing records. In addition,
      notwithstanding the foregoing, the Servicer may also waive (or permit a
      Subservicer to waive), in whole or in part, a Prepayment Charge if such waiver
      would, in the Servicer’s judgment, maximize recoveries on the related Mortgage
      Loan or if such Prepayment Charge is (i) not permitted to be collected by
      applicable law, or the collection of the Prepayment Charge would be considered
      “predatory” pursuant to written guidance published by any applicable federal,
      state or local regulatory authority having jurisdiction over such matters,
      or
      (ii) the enforceability of such Prepayment Charge is limited (1) by
      bankruptcy, insolvency, moratorium, receivership or other similar laws relating
      to creditors’ rights or (2) due to acceleration in connection with a
      foreclosure or other involuntary payment. If a Prepayment Charge is waived
      other
      than as permitted in this Section 3.07(a), then the Servicer is required to
      pay the amount of such waived Prepayment Charge, for the benefit of the Holders
      of the Class P Certificates, by depositing such amount into the Collection
      Account together with and at the time that the amount prepaid on the related
      Mortgage Loan is required to be deposited into the Collection Account;
provided,
      however,
      that
      the Servicer shall not have an obligation to pay the amount of any uncollected
      Prepayment Charge if the failure to collect such amount is the direct result
      of
      inaccurate or incomplete information on the Mortgage Loan Schedule in effect
      at
      such time. The Master Servicer shall have no responsibility for verifying the
      accuracy of the amount of Prepayment Charges waived or remitted by the
      Servicer.

    
      
        
        

      

      
        -67-

        
          

        

      

       

    

     

    (b) (i) The
      Securities Administrator shall establish and maintain the Excess Reserve Fund
      Account as an asset of the Supplemental Interest Trust, on behalf of the
      Class X Certificateholders, to receive any Basis Risk Payment and to secure
      their limited recourse obligation to pay to the LIBOR Certificateholders and
      the
      Class A-IO Certificateholders any Basis Risk Carryover Amounts. The Excess
      Reserve Fund Account shall be funded on the Closing Date with an initial deposit
      of $1,000 by the Depositor.

     

    (ii) On
      each
      Distribution Date, the Securities Administrator shall deposit the amount of
      any
      Basis Risk Payment for such date into the Excess Reserve Fund
      Account.

     

    (c) (i) On
      each
      Distribution Date on which there exists a Basis Risk Carryover Amount on any
      Class of LIBOR Certificates or Interest-Only Certificates, the Securities
      Administrator shall (1) withdraw from the Distribution Account and deposit
      in the Excess Reserve Fund Account, as set forth in
      Section 4.02(a)(iii)(D), the lesser of (x) the Class X
      Distributable Amount (without regard to the reduction in the definition thereof
      with respect to the Basis Risk Payment (to the extent remaining after the
      distributions specified in Sections  4.02(a)(iii)(A)
      through (F)) and (y) the aggregate Basis Risk Carryover Amounts for such
      Distribution Date and (2) withdraw from the Excess Reserve Fund Account
      amounts necessary to pay to such Class or Classes of LIBOR Certificates and
      the Interest-Only Certificates the applicable Basis Risk Carryover Amount.
      Such
      payments shall be allocated to those Classes on a pro rata
      basis
      based upon the amount of Basis Risk Carryover Amount owed to each such
      Class and shall be paid in the priority set forth in
      Sections 4.02(a)(iii)(E).

     

    (ii) The
      Securities Administrator shall account for the Excess Reserve Fund Account
      as an
      asset of a grantor trust under subpart E, Part I of subchapter J
      of the Code and not as an asset of any REMIC created pursuant to this Agreement.
      The beneficial owners of the Excess Reserve Fund Account are the Class X
      Certificateholders. For all federal tax purposes, amounts transferred by the
      Upper Tier REMIC to the Excess Reserve Fund Account shall be treated as
      distributions by the Securities Administrator to the Class X
      Certificateholders.

     

    (iii) Any
      Basis
      Risk Carryover Amounts paid by the Securities Administrator to the LIBOR
      Certificateholders or holders of Interest-Only Certificates shall be accounted
      for by the Securities Administrator as amounts paid first to the Holders of
      the
      Class X Certificates and then to the respective Class or Classes of
      LIBOR Certificates and Interest-Only Certificates. In addition, the Securities
      Administrator shall account for such Certificateholders’ rights to receive
      payments of Basis Risk Carryover Amounts as rights in a limited recourse
      notional principal contract written by the Class X Certificateholders in
      favor of such Certificateholders.

    
      
        
        

      

      
        -68-

        
          

        

      

       

    

     

    (iv) Notwithstanding
      any provision contained in this Agreement, the Securities Administrator shall
      not be required to make any payments to and from the Excess Reserve Fund Account
      except as expressly set forth in this Section 3.07(c) and
      Sections 4.02(a)(iii)(D) and (E).

     

    (d) The
      Securities Administrator shall establish and maintain the Distribution Account
      on behalf of the Certificateholders. The Master Servicer shall, promptly upon
      receipt, deposit in the Distribution Account and retain therein the
      following:

     

    (i) the
      aggregate amount remitted by the Servicer to the Master Servicer pursuant to
      Section 3.11;

     

    (ii) any
      amount deposited by the Servicer pursuant to Section 3.12(b) in connection
      with any losses on Permitted Investments; and

     

    (iii) any
      other
      amounts deposited hereunder which are required to be deposited in the
      Distribution Account.

     

    In
      the
      event that the Servicer shall remit any amount not required to be remitted,
      it
      may at any time direct the Securities Administrator in writing to withdraw
      such
      amount from the Distribution Account, any provision herein to the contrary
      notwithstanding. Such direction may be accomplished by delivering notice to
      the
      Securities Administrator which describes the amounts deposited in error in
      the
      Distribution Account. All funds deposited in the Distribution Account shall
      be
      held by the Securities Administrator in trust for the Certificateholders until
      disbursed in accordance with this Agreement or withdrawn in accordance with
      Section 4.02. 

     

    (e) The
      Securities Administrator may invest the funds in the Distribution Account during
      the Securities Administrator Float Period in one or more Permitted Investments
      in accordance with Section 3.12. The Securities Administrator may withdraw
      from the Distribution Account any income or gain earned from the investment
      of
      funds deposited therein for its own benefit.

     

    (f) The
      Servicer shall give notice to the Securities Administrator of any proposed
      change of the location of the Collection Account not later than 30 days and
      not more than 45 days prior to any change thereof and the Securities
      Administrator shall forward such notice to each Rating Agency and the
      Depositor.

     

    Section
      3.08 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 segregated accounts (collectively, the “Subservicing
      Account”).
      The
      Subservicing Account shall be an Eligible Account and shall otherwise be
      acceptable to the Servicer. The Subservicer shall deposit in the clearing
      account (which account must be an Eligible Account) in which it customarily
      deposits payments and collections on mortgage loans in connection with its
      mortgage loan servicing activities on a daily basis, and in no event more than
      one Business Day after the Subservicer’s receipt thereof, all proceeds of
      Mortgage Loans received by the Subservicer less its servicing compensation
      to
      the extent permitted by the Subservicing Agreement, and shall thereafter deposit
      such amounts in the Subservicing Account, in no event more than two Business
      Days after the deposit of such funds into the clearing account. The Subservicer
      shall thereafter deposit such proceeds in the Collection Account or remit such
      proceeds to the Servicer for deposit in the Collection Account not later than
      two Business Days after the deposit of such amounts in the Subservicing Account.
      For purposes of this Agreement, the Servicer shall be deemed to have received
      payments on the Mortgage Loans when the Subservicer receives such payments.
      Funds in the clearing account and any Subservicing Account may, in the
      discretion of the Servicer, be invested in Permitted Investments pending their
      deposit into the Subservicing Account and the Collection Account, respectively;
      provided,
      however,
      the
      Servicer shall be responsible for any losses incurred on such investments
      immediately upon realization.

    
      
        
        

      

      
        -69-

        
          

        

      

       

    

     

    Section
      3.09 Collection
      of Taxes, Assessments and Similar Items; Escrow Accounts.
      (a)  The Servicer shall enforce the obligations under each
      paid-in-full, life-of-the-loan tax service contract in effect with respect
      to
      each Mortgage Loan (each, a “Tax
      Service Contract”).
      Each
      Tax Service Contract shall be assigned to a successor servicer, at the
      Servicer’s expense in the event that the Servicer is terminated as the Servicer
      of the related Mortgage Loan.

     

    (b) To
      the
      extent that the services described in this paragraph (b) are not
      otherwise provided pursuant to the Tax Service Contracts described in
      paragraph (a) hereof, the Servicer undertakes to perform such
      functions. To the extent the related Mortgage provides for Escrow Payments,
      the
      Servicer shall establish and maintain, or cause to be established and
      maintained, one or more segregated accounts (the “Escrow
      Accounts”),
      which
      shall be Eligible Accounts. The Servicer shall deposit in the clearing account
      (which account must be an Eligible Account) in which it customarily deposits
      payments and collections on mortgage loans in connection with its mortgage
      loan
      servicing activities on a daily basis, and in no event more than one Business
      Day after the Servicer’s receipt thereof, all collections from the Mortgagors
      (or related advances from Subservicers) for the payment of taxes, assessments,
      hazard insurance premiums and comparable items for the account of the Mortgagors
      (“Escrow
      Payments”)
      collected on account of the Mortgage Loans and shall thereafter deposit such
      Escrow Payments in the Escrow Accounts, in no event more than two Business
      Days
      after the deposit of such funds in the clearing account, for the purpose of
      effecting the payment of any such items as required under the terms of this
      Agreement. Withdrawals of amounts from an Escrow Account may be made only to
      (i) effect payment of taxes, assessments, hazard insurance premiums, and
      comparable items; (ii) reimburse the Servicer (or a Subservicer to the
      extent provided in the related Subservicing Agreement) out of the collection
      for
      any advances made pursuant to Section 3.01 (with respect to taxes and
      assessments) and Section 3.13 (with respect to hazard insurance);
      (iii) refund to Mortgagors any sums as may be determined to be overages;
      (iv) pay interest, if required and as described below, to Mortgagors on
      balances in the Escrow Account; (v) clear and terminate the Escrow Account
      at the termination of the Servicer’s obligations and responsibilities in respect
      of the Mortgage Loans under this Agreement; or (vi) recover amounts
      deposited in error. As part of its servicing duties, the Servicer or
      Subservicers shall pay to the Mortgagors interest on funds in Escrow Accounts,
      to the extent required by law and, to the extent that interest earned on funds
      in the Escrow Accounts is insufficient, to pay such interest from its or their
      own funds, without any reimbursement therefor. To the extent that a Mortgage
      does not provide for Escrow Payments, the Servicer shall determine whether
      any
      such payments are made by the Mortgagor in a manner and at a time that avoids
      the loss of the Mortgaged Property due to a tax sale or the foreclosure of
      a tax
      lien. The Servicer assumes full responsibility for the payment of all such
      bills
      within such time and shall effect payments of all such bills irrespective of
      the
      Mortgagor’s faithful performance in the payment of same or the making of the
      Escrow Payments and shall make advances from its own funds to effect such
      payments; provided,
      however,
      that
      such advances are deemed to be Servicing Advances.

    
      
        
        

      

      
        -70-

        
          

        

      

       

    

     

    Section
      3.10 Collection
      Account.
      (a)  On behalf of the Trustee, the Servicer shall establish and
      maintain, or cause to be established and maintained, one or more segregated
      Eligible Accounts (such account or accounts, the “Collection
      Account”),
      held
      in trust for the benefit of the Trustee. On behalf of the Trustee, the Servicer
      shall deposit or cause to be deposited in the clearing account (which account
      must be an Eligible Account) in which it customarily deposits payments and
      collections on mortgage loans in connection with its mortgage loan servicing
      activities on a daily basis, and in no event more than one Business Day after
      the Servicer’s receipt thereof, and shall thereafter deposit into the Collection
      Account, in no event more than two Business Days after the deposit of such
      funds
      into the clearing account, as and when received or as otherwise required
      hereunder, the following payments and collections received or made by it
      subsequent to the Cut-off Date (other than in respect of principal or interest
      on the related Mortgage Loans due on or before the Cut-off Date), or payments
      (other than Principal Prepayments) received by it on or prior to the Cut-off
      Date but allocable to a Due Period subsequent thereto:

     

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

     

    (ii) all
      payments on account of interest (net of the related Servicing Fee) on each
      Mortgage Loan;

     

    (iii) all
      Insurance Proceeds and Condemnation Proceeds to the extent such Insurance
      Proceeds and Condemnation Proceeds are not to be applied to the restoration
      of
      the related Mortgaged Property or released to the related Mortgagor in
      accordance with the express requirements of law or in accordance with Accepted
      Servicing Practices, Liquidation Proceeds and Subsequent
      Recoveries;

     

    (iv) any
      amounts required to be deposited pursuant to Section 3.12 in connection
      with any losses realized on Permitted Investments with respect to funds held
      in
      the Collection Account;

     

    (v) any
      amounts required to be deposited by the Servicer pursuant to the second
      paragraph of Section 3.13(a) in respect of any blanket policy
      deductibles;

    
      
        
        

      

      
        -71-

        
          

        

      

       

    

     

    (vi) all
      proceeds of any Mortgage Loan repurchased or purchased in accordance with this
      Agreement; and

     

    (vii) all
      Prepayment Charges collected by the Servicer.

     

    The
      foregoing requirements for deposit in the Collection Account shall be exclusive,
      it being understood and agreed that, without limiting the generality of the
      foregoing, payments in the nature of late payment charges, NSF fees,
      reconveyance fees, assumption fees and other similar fees and charges need
      not
      be deposited by the Servicer in the Collection Account and shall, upon
      collection, belong to the Servicer as additional compensation for its servicing
      activities. In the event the Servicer shall deposit in the Collection Account
      any amount not required to be deposited therein, it may at any time withdraw
      such amount from the Collection Account, any provision herein to the contrary
      notwithstanding. 

     

    (b) Funds
      in
      the Collection Account may be invested in Permitted Investments in accordance
      with the provisions set forth in Section 3.12. The Servicer shall give
      notice to the Securities Administrator, the Master Servicer, the Trustee and
      the
      Depositor of the location of the Collection Account maintained by it when
      established and prior to any change thereof.

     

    Section
      3.11 Withdrawals
      from the Collection Account.
      (a) The Servicer shall, from time to time, make withdrawals from the
      Collection Account maintained by it for any of the following purposes or as
      described in Section 4.01:

     

    (i) on
      or
      prior to each Remittance Date, to remit to the Master Servicer (A) the
      Master Servicing Fee with respect to such Distribution Date and (B) all
      Available Funds in respect of the related Distribution Date together with all
      amounts representing Prepayment Charges (payable to the Class P
      Certificateholders) from the Mortgage Loans received during the related
      Prepayment Period;

     

    (ii) to
      reimburse the Servicer for P&I Advances, but only to the extent of amounts
      received which represent Late Collections (net of the related Servicing Fees)
      of
      Scheduled Payments on Mortgage Loans with respect to which such P&I Advances
      were made by the Servicer in accordance with the provisions of Section 4.01
      and (B) any unreimbursed P&I Advances to the extent of funds held in the
      Collection Account for a future Distribution Date that were not included in
      Available Funds for the preceding Distribution Date;

     

    (iii) to
      pay
      the Servicer or any Subservicer (A) any unpaid Servicing Fees or
      (B) any unreimbursed Servicing Advances with respect to each Mortgage Loan,
      but only to the extent of any Late Collections or other amounts as may be
      collected by the Servicer from a Mortgagor, or otherwise received with respect
      to such Mortgage Loan (or the related REO Property);

     

    (iv) to
      pay to
      the Servicer as servicing compensation (in addition to the Servicing Fee) on
      each Remittance Date any interest or investment income earned on funds deposited
      in the Collection Account;

    
      
        
        

      

      
        -72-

        
          

        

      

       

    

     

    (v) to
      pay to
      the Mortgage Loan Seller, with respect to each Mortgage Loan that has previously
      been repurchased or replaced pursuant to this Agreement, all amounts received
      thereon subsequent to the date of purchase or substitution, as the case may
      be;

     

    (vi) to
      reimburse the Servicer for (A) any P&I Advance or Servicing Advance
      previously made which the Servicer has determined to be a Nonrecoverable P&I
      Advance or Nonrecoverable Servicing Advance in accordance with the provisions
      of
      Section 4.01 and (B) any unpaid Servicing Fees to the extent not
      recoverable from Late Collections or other amounts received with respect to
      the
      related Mortgage Loan under Section 3.11(a)(iii);

     

    (vii) to
      pay,
      or to reimburse the Servicer for Servicing Advances in respect of, expenses
      incurred in connection with any Mortgage Loan pursuant to
      Section 3.15;

     

    (viii) to
      reimburse the Master Servicer, the Servicer, the Depositor, the Securities
      Administrator or the Trustee for expenses incurred by or reimbursable to the
      Master Servicer, the Servicer, the Depositor, the Securities Administrator
      or
      the Trustee, as the case may be, pursuant to Section 6.03,
      Section 7.02, Section 8.05, Section 9.13 or
      Section 10.02;

     

    (ix) to
      reimburse the Master Servicer, the Servicer or the Trustee, as the case may
      be,
      for expenses reasonably incurred in respect of the breach or defect giving
      rise
      to the repurchase obligation of the Mortgage Loan Seller or the Sponsor under
      this Agreement that were included in the Repurchase Price of the Mortgage Loan,
      including any expenses arising out of the enforcement of the repurchase
      obligation, to the extent not otherwise paid pursuant to the terms
      hereof;

     

    (x) to
      withdraw any amounts deposited in the Collection Account in error;
      and

     

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

     

    (b) The
      Servicer shall keep and maintain separate accounting, on a Mortgage Loan by
      Mortgage Loan basis, for the purpose of justifying any withdrawal from the
      Collection Account, to the extent held by or on behalf of it, pursuant to
      subclauses (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above.
      The Servicer shall provide written notification (as set forth in
      Section 4.01(d)) to the Master Servicer, on or prior to the next succeeding
      Remittance Date, upon making any withdrawals from the Collection Account
      pursuant to subclause (a)(vi) above.

     

    Section
      3.12 Investment
      of Funds in the Collection Account, Escrow Accounts and the Distribution
      Account.
      (a)  The Servicer may invest the funds in the Collection Account
      maintained by it and the Escrow Accounts (to the extent permitted by law and
      the
      related Mortgage Loan documents) and the Securities Administrator may invest
      funds in the Distribution Account during the Securities Administrator’s Float
      Period and shall invest such funds in the Distribution Account (for purposes
      of
      this Section 3.12, each such Account is referred to as an “Investment
      Account”),
      in
      one or more Permitted Investments bearing interest or sold at a discount, and
      maturing, unless payable on demand, no later than the Business Day immediately
      preceding the date on which such funds are required to be withdrawn from such
      account pursuant to this Agreement; provided,
      however,
      that
      any such Permitted Investment managed by or advised by the Securities
      Administrator or any of its Affiliates may mature, unless payable on demand,
      no
      later than the date on which such funds are required to be withdrawn from such
      account pursuant to this Agreement. All such Permitted Investments shall be
      held
      to maturity, unless payable on demand. Any investment of funds in an Investment
      Account shall be made in the name of the Servicer or the Securities
      Administrator, as applicable. The Servicer or the Securities Administrator,
      as
      applicable, shall be entitled to sole possession over each such investment,
      and
      any certificate or other instrument evidencing any such investment shall be
      delivered directly to the Servicer or the Securities Administrator or its agent,
      as applicable, together with any document of transfer necessary to transfer
      title to such investment to the Servicer or the Securities Administrator or
      its
      agent, as applicable. In the event amounts on deposit in an Investment Account
      are at any time invested in a Permitted Investment payable on demand, the
      Servicer or the Securities Administrator, as applicable, may:

     

    
      	 	
              (x)

            	
              consistent
                with any notice required to be given thereunder, demand that payment
                thereon be made on the last day such Permitted Investment may otherwise
                mature hereunder in an amount equal to the lesser of (1) all amounts
                then payable thereunder and (2) the amount required to be withdrawn
                on such date; and

            

    

     

    
      	 	
              (y)

            	
              demand
                payment of all amounts due thereunder that such Permitted Investment
                would
                not constitute a Permitted Investment in respect of funds thereafter
                on
                deposit in an Investment Account.

            

    

     

    
      
        
        

      

      
        -73-

        
          

        

      

       

    

     

    (b) All
      income and gain realized from the investment of funds deposited in the
      Collection Account or Escrow Account, as applicable, held by or on behalf of
      the
      Servicer, shall be for the benefit of the Servicer and shall be subject to
      its
      withdrawal in the manner set forth in Section 3.11. The Servicer shall
      deposit in the Collection Account or Escrow Account, as applicable, the amount
      of any loss of principal incurred in respect of any such Permitted Investment
      made with funds in such accounts immediately upon realization of such
      loss.

     

    (c) All
      income and gain realized from the investment of funds deposited in the
      Distribution Account held by the Securities Administrator during the Securities
      Administrator’s Float Period, shall be for the benefit of the Securities
      Administrator, and shall be subject to the Securities Administrator’s withdrawal
      in the manner set forth in Section 3.07(d). Notwithstanding anything in
      this Section 3.12(c), the Securities Administrator shall be liable to the Trust
      for any such loss on any funds it has invested under this Section 3.12(c) only
      during the Securities Administrator Float Period, and the Securities
      Administrator shall deposit in the Distribution Account the amount of any loss
      of principal incurred in respect of any such Permitted Investment made with
      funds in such account immediately upon realization of such loss.

     

    (d) Except
      as
      otherwise expressly provided in this Agreement, if any default occurs in the
      making of a payment due under any Permitted Investment of funds held in the
      Escrow Account or any Collection Account, or if a default occurs in any other
      performance required under any Permitted Investment of funds held in the Escrow
      Account or any Collection Account, the Servicer or the Securities Administrator,
      as applicable, shall take such action as may be appropriate to enforce such
      payment or performance, including the institution and prosecution of appropriate
      proceedings.

    
      
        
        

      

      
        -74-

        
          

        

      

       

    

     

    (e) The
      Securities Administrator or its Affiliates are permitted to receive additional
      compensation that could be deemed to be in the Securities Administrator’s
      economic self-interest for (i) serving as investment adviser,
      administrator, shareholder, servicing agent, custodian or sub-custodian with
      respect to certain of the Permitted Investments, (ii) using Affiliates to
      effect transactions in certain Permitted Investments and (iii) effecting
      transactions in certain Permitted Investments. Such compensation shall not
      be
      considered an amount that is reimbursable for payable pursuant to this
      Agreement.

     

    Section
      3.13 Maintenance
      of Hazard Insurance and Errors and Omissions and Fidelity
      Coverage.
      (a)  The Servicer shall cause to be maintained for each Mortgage Loan
      fire insurance with extended coverage on the related Mortgaged Property in
      an
      amount which is at least equal to the least of (i) the outstanding
      principal balance of such Mortgage Loan, (ii) the amount necessary to fully
      compensate for any damage or loss to the improvements that are a part of such
      property on a replacement cost basis and (iii) the maximum insurable value
      of the improvements which are a part of such Mortgaged Property, in each case
      in
      an amount not less than such amount as is necessary to avoid the application
      of
      any coinsurance clause contained in the related hazard insurance policy.
      The Servicer shall also cause to be maintained fire insurance with extended
      coverage on each REO Property in an amount which is at least equal to the lesser
      of (i) the maximum insurable value of the improvements which are a part of
      such property and (ii) the outstanding principal balance of the related
      Mortgage Loan at the time it became an REO Property, plus accrued interest
      at the Mortgage Rate and related Servicing Advances. The Servicer will comply
      in
      the performance of this Agreement with all reasonable rules and requirements
      of
      each insurer under any such hazard policies. Any amounts to be collected by
      the
      Servicer under any such policies (other than amounts required to be deposited
      in
      the Escrow Account and applied to the restoration or repair of the property
      subject to the related Mortgage or amounts to be released to the Mortgagor
      in
      accordance with the procedures that the Servicer would follow in servicing
      loans
      held for its own account, subject to the terms and conditions of the related
      Mortgage and Mortgage Note) shall be deposited in the Collection Account,
      subject to withdrawal pursuant to Section 3.11. Any cost incurred by the
      Servicer in maintaining any such insurance shall not, for the purpose of
      calculating distributions to the Master Servicer, be added to the unpaid
      principal balance of the related Mortgage Loan, notwithstanding that the terms
      of such Mortgage Loan so permit. It is understood and agreed that no earthquake
      or other additional insurance is to be required of any Mortgagor other than
      pursuant to such applicable laws and regulations as shall at any time be in
      force and as shall require such additional insurance. If the Mortgaged Property
      or REO Property is at any time in an area identified in the Federal Register
      by
      the Federal Emergency Management Agency as having special flood hazards and
      flood insurance has been made available, the Servicer will cause to be
      maintained a flood insurance policy in respect thereof. Such flood insurance
      shall be in an amount equal to the lesser of (i) the unpaid principal
      balance of the related Mortgage Loan and (ii) the maximum amount of such
      insurance available for the related Mortgaged Property under the national flood
      insurance program (assuming that the area in which such Mortgaged Property
      is
      located is participating in such program).

    
      
        
        

      

      
        -75-

        
          

        

      

       

    

     

    In
      the
      event that the Servicer shall obtain and maintain a blanket policy with an
      insurer having a general policy rating of A:VI or better in Best’s (or such
      other rating that is comparable to such rating) insuring against hazard losses
      on all of the Mortgage Loans, it shall conclusively be deemed to have satisfied
      its obligations as set forth in the first two sentences of this
      Section 3.13, 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 the first two sentences of this Section 3.13, and
      there shall have been one or more losses which would have been covered by such
      policy, deposit to the Collection Account from its own funds the amount not
      otherwise payable under the blanket policy because of such deductible clause.
      In
      connection with its activities as administrator and servicer of the Mortgage
      Loans, the Servicer agrees to prepare and present, on behalf of itself and
      the
      Trustee, claims under any such blanket policy in a timely fashion in accordance
      with the terms of such policy.

     

    (b) The
      Servicer shall keep in force during the term of this Agreement a policy or
      policies of insurance covering errors and omissions for failure in the
      performance of the Servicer’s obligations under this Agreement, which policy or
      policies shall be in such form and amounts as shall be consistent with Accepted
      Servicing Practices. The Servicer shall also maintain a fidelity bond in such
      form and amount as shall be consistent with Accepted Servicing Practices. The
      Servicer shall provide the Master Servicer with copies of any such insurance
      policies and fidelity bond. The Servicer shall be deemed to have complied with
      this provision if an Affiliate of the Servicer has such errors and omissions
      and
      fidelity bond coverage and, by the terms of such insurance policy or fidelity
      bond, the coverage afforded thereunder extends to the Servicer. Any such errors
      and omissions policy and fidelity bond shall by its terms not be cancelable
      without thirty days’ prior written notice to the Master Servicer. The
      Servicer shall also cause each Subservicer to maintain a policy of insurance
      covering errors and omissions and a fidelity bond which would meet such
      requirements.

     

    Section
      3.14 Enforcement
      of Due-On-Sale Clauses; Assumption Agreements.
      The
      Servicer will, to the extent it has knowledge of any conveyance or prospective
      conveyance of any Mortgaged Property by any Mortgagor (whether by absolute
      conveyance or by contract of sale, and whether or not the Mortgagor remains
      or
      is to remain liable under the Mortgage Note and/or the Mortgage), exercise
      its
      rights to accelerate the maturity of such Mortgage Loan under the “due-on-sale”
clause, if any, applicable thereto; provided,
      however,
      that
      the Servicer shall not exercise any such rights if prohibited by law from doing
      so or if the exercise of such rights would impair or threaten to impair recovery
      under the related Primary Mortgage Insurance Policy, if any. If the Servicer
      believes it is unable under applicable law to enforce such “due-on-sale”
clause or if any of the other conditions set forth in the proviso to the
      preceding sentence apply, the Servicer will enter into either (i) an
      assumption and modification agreement from or with the person to whom such
      property has been conveyed or is proposed to be conveyed, pursuant to which
      such
      person becomes liable under the Mortgage Note and, to the extent permitted
      by
      applicable state law, the Mortgagor remains liable thereon or (ii) a
      substitution agreement as provided in the succeeding sentence. The Servicer
      is
      also authorized to enter into a substitution of liability agreement with such
      person, pursuant to which the original Mortgagor is released from liability
      and
      such person is substituted as the Mortgagor and becomes liable under the
      Mortgage Note, provided,
      that no
      such substitution shall be effective unless such person satisfies the
      underwriting criteria of the Mortgage Loan Seller and has a credit risk rating
      at least equal to that of the original Mortgagor. The Mortgage Loan, as assumed,
      shall conform in all respects to the requirements, representations and
      warranties of this Agreement. The Servicer shall not take or enter into any
      assumption and modification agreement, however, unless (to the extent
      practicable in the circumstances) it shall have received confirmation, in
      writing, of the continued effectiveness of any applicable hazard insurance
      policy, or a new policy meeting the requirements of this Section is
      obtained. Any fee collected by the Servicer in respect of an assumption or
      substitution of liability agreement will be retained by the Servicer as
      additional servicing compensation. In connection with any such assumption,
      no
      material term of the Mortgage Note (including but not limited to the related
      Mortgage Rate and the amount of the Scheduled Payment) may be amended or
      modified, except as otherwise required pursuant to the terms thereof. The
      Servicer shall notify the Master Servicer that any such substitution,
      modification or assumption agreement has been completed and shall forward to
      the
      Custodian the executed original of such substitution or assumption agreement,
      which document shall be added to the related Mortgage File and shall, for all
      purposes, be considered a part of such Mortgage File to the same extent as
      all
      other documents and instruments constituting a part thereof.

    
      
        
        

      

      
        -76-

        
          

        

      

       

    

     

    Notwithstanding
      the foregoing paragraph or any other provision of this Agreement, the
      Servicer shall not be deemed to be in default, breach or any other violation
      of
      its obligations hereunder by reason of any assumption of a Mortgage Loan by
      operation of law or by the terms of the Mortgage Note or any assumption which
      the Servicer may be restricted by law from preventing, for any reason
      whatsoever. For purposes of this Section 3.14, the term “assumption” is
      deemed to also include a sale (of the Mortgaged Property) subject to the
      Mortgage that is not accompanied by an assumption or substitution of liability
      agreement.

     

    Section
      3.15 Realization
      upon Defaulted Mortgage Loans.
      The
      Servicer shall use its best efforts, consistent with Accepted Servicing
      Practices, to foreclose upon or otherwise comparably convert (which may include
      an acquisition of REO Property) the ownership of properties securing such
      of the Mortgage Loans as come into and continue in default and as to which
      no
      satisfactory arrangements can be made for collection of delinquent payments
      pursuant to Section 3.07, and which are not released from this Agreement
      pursuant to any other provision hereof. The Servicer shall use reasonable
      efforts to realize upon such defaulted Mortgage Loans in such manner as will
      maximize the receipt of principal and interest by the Securities Administrator,
      taking into account, among other things, the timing of foreclosure proceedings.
      The foregoing is subject to the provisions that the Servicer shall not be
      required to expend its own funds in connection with foreclosure or other
      conversion, correction of a default on a senior mortgage or restoration of
      any
      property unless it shall determine in its sole discretion (i) that such
      foreclosure, correction or restoration will increase the net Liquidation
      Proceeds of the related Mortgage Loan to the Securities Administrator, after
      reimbursement to itself for such expenses and (ii) that such expenses will
      be recoverable by the Servicer through Insurance Proceeds, Condemnation
      Proceeds, Liquidation Proceeds or Subsequent Recoveries from the related
      Mortgaged Property, as contemplated in Section 3.11. The Servicer shall be
      responsible for all other costs and expenses incurred by it in any such
      proceedings; provided,
      however,
      that it
      shall be entitled to reimbursement thereof from the related property, as
      contemplated in Section 3.11.

    
      
        
        

      

      
        -77-

        
          

        

      

       

    

     

    The
      proceeds of any liquidation or REO Disposition, as well as any recovery
      resulting from a partial collection of Insurance Proceeds, Condemnation
      Proceeds, Liquidation Proceeds or Subsequent Recoveries or any income from
      an
      REO Property, will be applied in the following order of priority: first,
      to
      reimburse the Servicer or any Subservicer for any related unreimbursed Servicing
      Advances, pursuant to Section 3.11 or 3.17; second,
      to
      reimburse the Servicer for any related unreimbursed P&I Advances, pursuant
      to Section 3.11; third,
      to
      accrued and unpaid interest on the Mortgage Loan or REO Imputed Interest, at
      the
      Mortgage Rate, to the date of the liquidation or REO Disposition, or to the
      Due
      Date prior to the Remittance Date on which such amounts are to be distributed
      if
      not in connection with a liquidation or REO Disposition; and fourth,
      as a
      recovery of principal of the Mortgage Loan. If the amount of the recovery so
      allocated to interest is less than a full recovery thereof, that amount will
      be
      allocated as follows: first,
      to
      unpaid Servicing Fees; and second,
      as
      interest at the Mortgage Rate (net of the Servicing Fee Rate). The portion
      of
      the recovery so allocated to unpaid Servicing Fees shall be reimbursed to the
      Servicer or any Subservicer pursuant to Section 3.11 or 3.17. The portions
      of the recovery so allocated to interest at the Mortgage Rate (net of the
      Servicing Fee Rate) and to principal of the Mortgage Loan shall be applied
      as
      follows: first,
      to
      reimburse the Servicer or any Subservicer for any related unreimbursed Servicing
      Advances in accordance with Section 3.11 or 3.17, and second,
      to the
      Securities Administrator in accordance with the provisions of Section 4.02,
      subject to paragraph (e) of Section 3.17 with respect to certain
      excess recoveries from an REO Disposition.

     

    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
      received actual notice of, or has actual knowledge of the presence of, hazardous
      or toxic substances or wastes on the related Mortgaged Property, or if the
      Trustee or the Master Servicer otherwise requests, the Servicer shall cause
      an
      environmental inspection or review of such Mortgaged Property to be conducted
      by
      a qualified inspector. Upon completion of the inspection, the Servicer shall
      promptly provide the Trustee, the Master Servicer and the Depositor with a
      written report of the environmental inspection.

     

    After
      reviewing the environmental inspection report, the Servicer shall determine
      consistent with Accepted Servicing Practices how to 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 Servicer proceeds with foreclosure or
      acceptance of a deed in lieu of foreclosure, the Servicer 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 Servicer, the Servicer shall
      be
      entitled to be reimbursed from amounts in the Collection Account pursuant to
      Section 3.11. In the event the Servicer does not proceed with foreclosure
      or acceptance of a deed in lieu of foreclosure, the Servicer shall be reimbursed
      from general collections for all Servicing Advances made with respect to the
      related Mortgaged Property from the Collection Account pursuant to
      Section 3.11. The Trustee shall not be responsible for any determination
      made by the Servicer pursuant to this paragraph or otherwise.

    
      
        
        

      

      
        -78-

        
          

        

      

       

    

     

    Section
      3.16 Release
      of Mortgage Files.
      (a)  Upon the payment in full of any Mortgage Loan, or the receipt by
      the Servicer of a notification that payment in full shall be escrowed in a
      manner customary for such purposes, the Servicer will, within five
      (5) Business Days of the payment in full, notify the Custodian 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 Collection Account pursuant to Section 3.10
      have been or will be so deposited) of a Servicing Officer and shall request
      delivery to it of the Custodial File by submitting a Request for Release, which
      Request for Release may be in an electronic format in a form acceptable to
      the
      Custodian, to the Custodian. Upon receipt of such certification and Request
      for
      Release, the Custodian shall promptly release the related Custodial File to
      the
      Servicer within five (5) Business Days. No expenses incurred in connection
      with
      any instrument of satisfaction or deed of reconveyance shall be chargeable
      to
      the Collection Account. 

     

    (b) From
      time
      to time and as appropriate for the servicing or foreclosure of any Mortgage
      Loan, including, for this purpose, collection under any Insurance Policy
      relating to the Mortgage Loans, the Custodian shall, upon request of the
      Servicer and delivery to the Custodian of a Request for Release, which Request
      for Release may be in an electronic format in a form acceptable to the
      Custodian, release the related Custodial File to the Servicer, and the Custodian
      shall, at the direction of the Servicer, execute such documents as shall be
      necessary to the prosecution of any such proceedings and the Servicer shall
      retain the Mortgage File in trust for the benefit of the Trustee. Such Request
      for Release shall obligate the Servicer to return each and every document
      previously requested from the Custodial File to the Custodian 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 Collection Account or the Mortgage File or such document has
      been delivered to an attorney, or to a public trustee or other public official
      as required by law, for purposes of initiating or pursuing legal action or
      other
      proceedings for the foreclosure of the Mortgaged Property either judicially
      or
      non-judicially, and the Servicer has delivered to the Custodian a certificate
      of
      a Servicing Officer certifying as to the name and address of the Person to
      which
      such Mortgage File or such document was delivered and the purpose or purposes
      of
      such delivery. Upon receipt of a certificate of a Servicing Officer stating
      that
      such Mortgage Loan was liquidated and that all amounts received or to be
      received in connection with such liquidation that are required to be deposited
      into the Collection Account have been so deposited, or that such Mortgage Loan
      has become an REO Property, the
      Custodian shall update its records to reflect such release.

     

    Upon
      written certification of a Servicing Officer, the Trustee shall execute and
      deliver to the Servicer copies of any court pleadings, requests for trustee’s
      sale or other documents reasonably necessary to the foreclosure or trustee’s
      sale in respect of a Mortgaged Property or to any legal action brought to obtain
      judgment against any Mortgagor on the Mortgage Note or Mortgage or to obtain
      a
      deficiency judgment, or to enforce any other remedies or rights provided by
      the
      Mortgage Note or Mortgage or otherwise available at law or in equity, or shall
      exercise and deliver to the Servicer a power of attorney sufficient to authorize
      the Servicer to execute such documents on its behalf. Each such certification
      shall include a request that such pleadings or documents be executed by the
      Trustee and a statement as to the reason such documents or pleadings are
      required and that the execution and delivery thereof by the Trustee will not
      invalidate or otherwise affect the lien of the Mortgage, except for the
      termination of such a lien upon completion of the foreclosure or trustee’s
      sale.

    
      
        
        

      

      
        -79-

        
          

        

      

       

    

     

    Section
      3.17 Title,
      Conservation and Disposition of REO Property.
      (a)  This Section shall apply only to REO Properties acquired for the
      account of the Trustee and shall not apply to any REO Property relating to
      a
      Mortgage Loan which was purchased or repurchased from the Trustee pursuant
      to
      any provision hereof. In the event that title to any such REO Property is
      acquired, the deed or certificate of sale shall be issued to the Trust, or
      if
      not permitted by law, to Deutsche Bank National Trust Company (or, if
      applicable, the name of the successor Trustee) as Trustee for First Franklin
      Mortgage Loan Trust 2006-FF5 Mortgage Pass-Through Certificates, Series
      2006-FF5, or to its nominee, for the benefit of the
      Certificateholders.

     

    (b) The
      Servicer shall manage, conserve, protect and operate each REO Property for
      the Trustee solely for the purpose of its prompt disposition and sale. The
      Servicer, either itself or through an agent selected by the Servicer, shall
      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. The Servicer 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 Servicer deems
      to
      be in the best interest of the Trustee on behalf of the Certificateholders.
      The
      Servicer shall notify the Trustee from time to time as to the status of each
      REO
      Property.

     

    (c) The
      Servicer shall segregate and hold all funds collected and received in connection
      with the operation of any REO Property separate and apart from its own funds
      and
      general assets and shall deposit such funds in the Collection
      Account.

     

    (d) The
      Servicer shall deposit net of reimbursement to the Servicer for any related
      outstanding Servicing Advances and unpaid Servicing Fees provided in
      Section 3.11, or cause to be deposited in the Collection Account, in no
      event later than two Business Days after the deposit of such funds into the
      clearing account, all revenues received with respect to the related REO Property
      and shall withdraw therefrom funds necessary for the proper operation,
      management and maintenance of the REO Property.

     

    (e) The
      Servicer, upon an REO Disposition, shall be entitled to reimbursement for any
      related unreimbursed Servicing Advances as well as any unpaid Servicing Fees
      from proceeds received in connection with the REO Disposition, as further
      provided in Section 3.11.

     

    (f) Any
      net
      proceeds from an REO Disposition which are in excess of the unpaid principal
      balance of the related Mortgage Loan plus all unpaid REO Imputed Interest
      thereon through the date of the REO Disposition shall be retained by the
      Servicer as additional servicing compensation.

     

    (g) The
      Servicer shall use Accepted Servicing Practices to sell, or cause the
      Subservicer to sell, in accordance with Accepted Servicing Practices, any REO
      Property as soon as possible, but in no event later than the conclusion of
      the
      third calendar year beginning after the year of its acquisition by the REMIC
      1
      unless (i) the Servicer applies for an extension of such period from the
      Internal Revenue Service pursuant to the REMIC Provisions and Code
      Section 856(e)(3), in which event such REO Property shall be sold within
      the applicable extension period, or (ii) the Servicer obtains for the
      Trustee an Opinion of Counsel, addressed to the Depositor, the Trustee and
      the
      Servicer, to the effect that the holding by the REMIC of such REO Property
      subsequent to such period will not result in the imposition of taxes on
“prohibited transactions” as defined in Section 860F of the Code or cause
      any REMIC created under this Agreement to fail to qualify as a REMIC under
      the
      REMIC Provisions or comparable provisions of relevant state laws at any time.
      The Servicer shall manage, conserve, protect and operate each REO Property
      for
      the Trustee solely for the purpose of its prompt disposition and sale in a
      manner which does not cause such REO Property to fail to qualify as “foreclosure
      property” within the meaning of Section 860G(a)(8) or result in the receipt
      by any REMIC created hereunder of any “income from non-permitted assets” within
      the meaning of Section 860F(a)(2)(B) of the Code or any “net income from
      foreclosure property” which is subject to taxation under Section 860G(a)(1)
      of the Code. Pursuant to its efforts to sell such REO Property, the Servicer
      shall either itself or through an agent selected by the Servicer 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 Trustee on behalf of the
      Certificateholders, rent the same, or any part thereof, as the Servicer deems
      to
      be in the best interest of the Trustee on behalf of the Certificateholders
      for
      the period prior to the sale of such REO Property; provided,
      however,
      that
      any rent received or accrued with respect to such REO Property qualifies as
      “rents from real property” as defined in Section 856(d) of the
      Code.

    
      
        
        

      

      
        -80-

        
          

        

      

       

    

     

    Section
      3.18 Notification
      of Adjustments.
      With
      respect to each Adjustable Rate Mortgage Loan, the Servicer shall adjust the
      Mortgage Rate on the related Adjustment Date and shall adjust the Scheduled
      Payment on the related mortgage payment adjustment date, if applicable, in
      compliance with the requirements of applicable law and the related Mortgage
      and
      Mortgage Note. In the event that an Index becomes unavailable or otherwise
      unpublished, the Servicer shall select a comparable alternative index over
      which
      it has no direct control and which is readily verifiable. The Servicer 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
      Rate and Scheduled Payment adjustments. The Servicer shall promptly, upon
      written request therefor, deliver to the Master Servicer such notifications
      and
      any additional applicable data regarding such adjustments and the methods used
      to calculate and implement such adjustments. Upon the discovery by the Servicer
      or the receipt of notice from the Master Servicer that the Servicer has failed
      to adjust a Mortgage Rate or Scheduled Payment in accordance with the terms
      of
      the related Mortgage Note, the Servicer shall deposit in the Collection Account
      from its own funds the amount of any interest loss caused as such interest
      loss
      occurs.

     

    Section
      3.19 Access
      to Certain Documentation and Information Regarding the Mortgage
      Loans.
      The
      Servicer shall provide, or cause the Subservicer to provide, to the Depositor,
      the Trustee, the OTS or the FDIC and the examiners and supervisory agents
      thereof, access to the documentation regarding the Mortgage Loans in its
      possession required by applicable regulations of the OTS. Such access shall
      be
      afforded without charge, but only upon 10 days (or, if an Event of Default
      has
      occurred and is continuing, 3 Business Days) prior written request and during
      normal business hours at the offices of the Servicer or, if applicable, any
      Subservicer. Nothing in this Section shall derogate from the obligation of
      any
      such party to observe any applicable law prohibiting disclosure of information
      regarding the Mortgagors and the failure of any such party to provide access
      as
      provided in this Section as a result of such obligation shall not
      constitute a breach of this Section.

    
      
        
        

      

      
        -81-

        
          

        

      

       

    

     

    Nothing
      in this Section 3.19 shall require the Servicer to collect, create, collate
      or
      otherwise generate any information that it does not generate in its usual course
      of business. The Servicer shall not be required to make copies of or to ship
      documents to any Person who is not a party to this Agreement, and then only
      if
      provisions have been made for the reimbursement of the costs
      thereof.

     

    Section
      3.20 Documents,
      Records and Funds in Possession of the Servicer to Be Held for the
      Trustee.
      Not
      later than thirty days after each Distribution Date, the Servicer shall
      forward to the Trustee, the Master Servicer and the Securities Administrator
      a
      statement prepared by the Servicer setting forth the status of the Collection
      Account as of the close of business on the last day of the calendar month
      relating to such Distribution Date and showing, for the period covered by such
      statement, the aggregate amount of deposits into and withdrawals from the
      Collection Account of each category of deposit specified in Section 3.10(a)
      and each category of withdrawal specified in Section 3.11. Such statement
      shall be provided substantially in the form of Exhibit N-1 hereto. Copies
      of such statement shall be provided by the Securities Administrator to any
      Certificateholder and to any Person identified to the Securities Administrator
      as a prospective transferee of a Certificate, upon the request and at the
      expense of the requesting party, provided such statement is delivered by the
      Servicer to the Securities Administrator.

     

    Section
      3.21 Servicing
      Compensation.
      (a)  As compensation for its activities hereunder, the Servicer shall,
      with respect to each Mortgage Loan, be entitled to retain from deposits to
      the
      Collection Account and from Liquidation Proceeds, Condemnation Proceeds,
      Insurance related Proceeds, Subsequent Recoveries and REO Proceeds related
      to
      such Mortgage Loan, the Servicing Fee with respect to each Mortgage Loan (less
      any portion of such amounts retained by any Subservicer). In addition, the
      Servicer shall be entitled to recover unpaid Servicing Fees out of related
      Late
      Collections and as otherwise permitted under Section 3.11. The right to
      receive the Servicing Fee may not be transferred in whole or in part except
      in
      connection with the transfer of all of the Servicer’s responsibilities and
      obligations under this Agreement; provided,
      however,
      that
      the Servicer may pay from the Servicing Fee any amounts due to a Subservicer
      pursuant to a Subservicing Agreement entered into under
      Section 3.02.

     

    (b) Additional
      servicing compensation in the form of assumption or modification fees, late
      payment charges, NSF fees, reconveyance fees and other similar fees and charges
      (other than Prepayment Charges) shall be retained by the Servicer only to the
      extent such fees or charges are received by the Servicer. The Servicer shall
      also be entitled pursuant to Section 3.11(a)(iv) to withdraw from the
      Collection Account, as additional servicing compensation, interest or other
      income earned on deposits therein. The Servicer shall also be entitled as
      additional servicing compensation, to interest or other income earned on
      deposits in the Escrow Account (to the extent permitted by law and the related
      Mortgage Loan documents) in accordance with Section 3.12. The Servicer
      shall also be entitled to retain net Prepayment Interest Excesses (to the extent
      not required to offset Prepayment Interest Shortfalls), but only to the extent
      such amounts are received by the Servicer.

    
      
        
        

      

      
        -82-

        
          

        

      

       

    

     

    (c) The
      Servicer shall be required to pay all expenses incurred by it in connection
      with
      its servicing activities hereunder (including payment of premiums for any
      blanket policy insuring against hazard losses pursuant to Section 3.13,
      servicing compensation of the Subservicer to the extent not retained by it
      and
      the fees and expenses of independent accountants and any agents appointed by
      the
      Servicer), and shall not be entitled to reimbursement therefor from the Trust
      Fund except as specifically provided in Section 3.11.

     

    Section
      3.22 Report
      on Assessment of Compliance with Relevant Servicing Criteria. On
      or
      before March 1st
      of each
      calendar year, commencing in March 2007, the Servicer, the Master Servicer,
      the
      Securities Administrator and the Custodian, each at its own expense, shall
      furnish or otherwise make available, and each such party shall cause any
      Servicing Function Participant engaged by it to furnish, each at its own
      expense, to the Securities Administrator and the Depositor, a report on an
      assessment of compliance with the Relevant Servicing Criteria set forth in
      Exhibit S that contains (A) a statement by such party of its responsibility
      for
      assessing compliance with the Relevant Servicing Criteria, (B) a statement
      that
      such party used the Relevant Servicing Criteria to assess compliance with the
      Relevant Servicing Criteria, (C) such party’s assessment of compliance with the
      Relevant Servicing Criteria as of and for the fiscal year covered by the Form
      10-K required to be filed pursuant to Section 8.12, including, if there has
      been
      any material instance of noncompliance with the Relevant Servicing Criteria,
      a
      discussion of each such failure and the nature and status thereof, and (D)
      a
      statement that a registered public accounting firm has issued an attestation
      report on such party’s assessment of compliance with the Relevant Servicing
      Criteria as of and for such period. 

     

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

     

    The
      Master Servicer shall enforce any obligation of the Servicer (and the Servicer
      shall enforce any obligation of a Sub-Servicer or Subcontractor engaged by
      such
      Servicer) to cause to be delivered to the Securities Administrator an annual
      report on assessment of compliance within the time frame set
      forth
      in this Section 3.22, and in such form and
      substance required by this Agreement. 

     

    In
      the
      event the Master Servicer, the Securities Administrator, the Custodian, or
      any
      Servicing Function Participant engaged by any such party is terminated, assigns
      its rights and obligations under, or resigns pursuant to, the terms of this
      Agreement, or any other applicable agreement, as the case may be, such party
      shall provide a report on assessment of compliance pursuant to this Section
      3.22, or to such other applicable agreement, notwithstanding any such
      termination, assignment or resignation.

    
      
        
        

      

      
        -83-

        
          

        

      

       

    

     

    Section
      3.23 Report
      on Attestation of Compliance with Relevant Servicing Criteria. On
      or
      before March 1st
      of each
      calendar year, commencing in March 2007, the Servicer, the Master Servicer,
      the
      Securities Administrator and the Custodian, each at its own expense, shall
      cause, and each such party shall cause any Servicing Function Participant
      engaged by it to cause, each at its own expense, a registered public accounting
      firm (which may also render other services to the Servicer, the Master Servicer,
      the Securities Administrator, the Custodian or such other Servicing Function
      Participants, as the case may be) and that is a member of the American Institute
      of Certified Public Accountants to furnish an attestation report to the
      Securities Administrator and the Depositor, to the effect that (i) it has
      obtained a representation regarding certain matters from the management of
      such
      party, which includes an assertion that such party has complied with the
      Relevant Servicing Criteria, and (ii) on the basis of an examination conducted
      by such firm in accordance with standards for attestation engagements issued
      or
      adopted by the Public Company Accounting Oversight Board, it is expressing
      an
      opinion as to whether such party’s compliance with the Relevant Servicing
      Criteria was fairly stated in all material respects, or it cannot express an
      overall opinion regarding such party’s assessment of compliance with the
      Relevant Servicing Criteria. In the event that an overall opinion cannot be
      expressed, such registered public accounting firm shall state in such report
      why
      it was unable to express such an opinion. Such report must be available for
      general use and not contain restricted use language. 

     

    Promptly
      after receipt of each such assessment of compliance and attestation report,
      the
      Securities Administrator shall confirm that each assessment submitted pursuant
      to Section 3.22 is coupled with an attestation meeting the requirements of
      this
      Section and notify the Depositor of any exceptions.

     

    The
      Master Servicer shall enforce any obligation of the Servicer (and the Servicer
      shall enforce any obligation of a Sub-Servicer or Subcontractor engaged by
      such
      Servicer) to cause to be delivered to the Master Servicer an attestation within
      the time frame set forth in this Section 3.23, and in such form and substance
      as
      may be required by this Agreement. In the event the Servicer, the Master
      Servicer, the Securities Administrator, the Custodian or any Servicing Function
      Participant engaged by any such party, is terminated, assigns its rights and
      duties under, or resigns pursuant to the terms of, this Agreement or any other
      applicable agreement, as the case may be, such party shall cause a registered
      public accounting firm to provide an attestation pursuant to this Section 3.23,
      or to such other applicable agreement, notwithstanding any such termination,
      assignment or resignation.

     

    Section
      3.24 Annual
      Officer’s Certificates.
      (a)
      Each
      Form 10-K filed with the Commission shall include a Sarbanes-Oxley
      Certification
      exactly
      as set forth in Exhibit L attached hereto, required to be included therewith
      pursuant to the Sarbanes-Oxley Act. The Servicer, the Master Servicer and the
      Securities Administrator shall, and shall cause any Servicing Function
      Participant engaged by it to, provide to the Person who signs the Sarbanes-Oxley
      Certification (the “Certifying
      Person”),
      by
      March 1st of each year in which the Trust is subject to the reporting
      requirements of the Exchange Act and otherwise within a reasonable period of
      time upon request, a certification (each, a “Back-Up
      Certification”),
      in
      the form attached hereto as Exhibit M, upon which the Certifying Person, the
      entity for which the Certifying Person acts as an officer, and such entity’s
      officers, directors and Affiliates (collectively with the Certifying Person,
      “Certification
      Parties”)
      can
      reasonably rely. The senior officer of the Master Servicer in charge of the
      master servicing function shall serve as the Certifying Person on behalf of
      the
      Trust. Such officer of the Certifying Person can be contacted by e-mail at
      cts.sec.notifications@wellsfargo.com
      or by
      facsimile at 410-715-2380. In the event any such party or any Servicing Function
      Participant engaged by any such party is terminated or resigns pursuant to
      the
      terms of this Agreement, or any applicable sub-servicing agreement, as the
      case
      may be, such party shall provide a Back-Up Certification to the Certifying
      Person pursuant to this Section 3.24 with respect to the period of time it
      was
      subject to this Agreement or any applicable sub-servicing agreement, as the
      case
      may be. Notwithstanding the foregoing, (i) the Master Servicer and the
      Securities Administrator shall not be required to deliver a Back-Up
      Certification to each other if both are the same Person and the Master Servicer
      is the Certifying Person and (ii) the Master Servicer shall not be obligated
      to
      sign the Sarbanes-Oxley Certification in the event that it does not receive
      any
      Back-Up Certification required to be furnished to it pursuant to this section
      or
      any Servicing Agreement or Custodial Agreement.

    
      
        
        

      

      
        -84-

        
          

        

      

       

    

     

    (b) On
      or
      before March 1st
      of each
      calendar year, commencing in March 2007, the Servicer, the Master Servicer
      and
      the Securities Administrator shall deliver (or otherwise make available) (and
      the Servicer, the Master Servicer and Securities Administrator shall cause
      any
      Servicing Function Participant engaged by it to deliver) to the Depositor and
      the Securities Administrator, an Officer’s Certificate substantially in the form
      of Exhibit U hereto stating, as to the signer thereof, that (A) a review of
      such
      party’s activities during the preceding calendar year or portion thereof and of
      such party’s performance under this Agreement, or such other applicable
      agreement in the case of a Servicing Function Participant, has been made under
      such officer’s supervision and (B) to the best of such officer’s knowledge,
      based on such review, such party has fulfilled all its obligations under this
      Agreement, or such other applicable agreement in the case of a Servicing
      Function Participant, in all material respects throughout such year or portion
      thereof, or, if there has been a failure to fulfill any such obligation in
      any
      material respect, specifying each such failure known to such officer and the
      nature and status thereof.

     

    In
      the
      event the Servicer, the Master Servicer, the Securities Administrator or any
      Servicing Function Participant engaged by any such party is terminated or
      resigns pursuant to the terms of this Agreement, or any applicable agreement
      in
      the case of a Servicing Function Participant, as the case may be, such party
      shall provide an Officer’s Certificate pursuant to this Section 3.24 or to such
      applicable agreement, as the case may be, notwithstanding any such termination,
      assignment or resignation.

     

    (c) The
      Servicer shall indemnify and hold harmless the Trustee, the Master Servicer,
      the
      Securities Administrator, the Depositor and their respective officers,
      directors, agents and affiliates from and against any losses, damages,
      penalties, fines, forfeitures, reasonable legal fees and related costs,
      judgments and other costs and expenses arising out of or based upon a breach
      by
      the Servicer or any of its officers, directors, agents or affiliates of its
      obligations under this Section 3.24 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 Trustee,
      the Master Servicer, the Securities Administrator and the Depositor, then the
      Servicer agrees that it shall contribute to the amount paid or payable by the
      Trustee, the Master Servicer, the Securities Administrator, the Depositor or
      their respective officers, directors, agents or affiliates as a result of the
      losses, claims, damages or liabilities of any such party in such proportion
      as
      is appropriate to reflect the relative fault of such party or parties on the
      one
      hand and the Servicer on the other in connection with a breach of the Servicer’s
      obligations under this Section 3.24 or the Servicer’s negligence, bad faith or
      willful misconduct in connection therewith.

    
      
        
        

      

      
        -85-

        
          

        

      

       

    

     

    Section
      3.25 Master
      Servicer to Act as Servicer.
      (a)  Subject to Section 7.02, in the event that the Servicer
      shall for any reason no longer be the Servicer hereunder (including by reason
      of
      an Event of Default), the Master Servicer or its successor shall thereupon
      assume all of the rights and obligations of the Servicer hereunder arising
      thereafter, except that the Master Servicer shall not be (i) liable for
      losses of the predecessor Servicer pursuant to Section 3.10 or any acts or
      omissions of the predecessor Servicer hereunder, (ii) obligated to
      effectuate repurchases or substitutions of Mortgage Loans hereunder, including
      but not limited to repurchases or substitutions pursuant to Section 2.03,
      (iii) responsible for expenses of the predecessor Servicer pursuant to
      Section 2.03 or (iv) deemed to have made any representations and
      warranties of the Servicer hereunder. Any such assumption shall be subject
      to
      Section 7.02.

     

    (b) Every
      Subservicing Agreement entered into by the Servicer shall contain a provision
      giving the successor servicer the option to terminate such agreement in the
      event a successor servicer is appointed.

     

    (c) If
      the
      Servicer shall for any reason no longer be the Servicer (including by reason of
      any Event of Default), the Master Servicer (or any other successor servicer)
      may, at its option, succeed to any rights and obligations of the Servicer under
      any Subservicing Agreement in accordance with the terms thereof; provided,
      that
      the Master Servicer (or any other successor servicer) shall not incur any
      liability or have any obligations in its capacity as successor servicer under
      a
      Subservicing Agreement arising prior to the date of such succession unless
      it
      expressly elects to succeed to the rights and obligations of the Servicer
      thereunder; and the Servicer shall not thereby be relieved of any liability
      or
      obligations under the Subservicing Agreement arising prior to the date of such
      succession.

     

    (d) The
      Servicer shall, upon request of the Master Servicer, but at the expense of
      the
      Servicer, deliver to the assuming party all documents and records relating
      to
      each Subservicing Agreement (if any) and the Mortgage Loans then being serviced
      thereunder and an accounting of amounts collected and held by it, and otherwise
      use its best efforts to effect the orderly and efficient transfer of the
      Subservicing Agreement to the assuming party.

     

    Section
      3.26 Compensating
      Interest.
      The
      Servicer shall remit to the Master Servicer on each Remittance Date an amount
      from its own funds equal to the Compensating Interest payable by the Servicer
      for the related Distribution Date.

     

    Section
      3.27 Credit
      Reporting; Gramm-Leach-Bliley Act.
      (a)  With respect to each Mortgage Loan serviced by it, the Servicer
      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 the primary borrower of such Mortgage Loan to Equifax,
      Experian and TransUnion Credit Information Company (three of the credit
      repositories) on a monthly basis.

    
      
        
        

      

      
        -86-

        
          

        

      

       

    

     

    (b) The
      Servicer shall comply with Title V of the Gramm-Leach-Bliley Act of 1999
      and all applicable regulations promulgated thereunder, relating to the Mortgage
      Loans and the related borrowers and shall provide all required notices
      thereunder.

     

    Section
      3.28 [Reserved]

     

    Section
      3.29 Notifications
      to Parties. The
      Servicer shall promptly notify the Trustee, the Securities Administrator, the
      Master Servicer and the Depositor (i) of any legal proceedings pending against
      the Servicer of the type described in Item 1117 (§ 229.1117) of Regulation AB
      and (ii) if the Servicer shall become (but only to the extent not previously
      disclosed to the Securities Administrator, the Master Servicer and the
      Depositor) at any time an affiliate of any of the parties listed on Exhibit
      T to
      this Agreement. If so requested by the Trustee, the Securities Administrator,
      the Master Servicer or the Depositor on any date following the date on which
      information was first provided to the Trustee, the Master Servicer, the
      Securities Administrator and the Depositor, pursuant to the preceding sentence,
      the Servicer shall within five Business Days following such request, confirm
      in
      writing the accuracy of the representations and warranties set forth in item
      number (7) of Schedule
      II
      hereto,
      or, the Servicer shall, if such a representation and warranty is not accurate
      as
      of the date of such request, provide reasonable adequate disclosure of the
      pertinent facts, in writing, to the requesting party. 

     

    The
      Servicer shall provide to the Securities Administrator, the Trustee, the Master
      Servicer and the Depositor prompt notice of the occurrence of any of the
      following: (i) any event of default under the terms of this Agreement; (ii)
      any
      merger, consolidation or sale of substantially all of the assets of the
      Servicer; (iii) the Servicer’s engagement of any Subservicer or Subcontractor;
      (iv) any material litigation involving the Servicer; and (v) any affiliation
      or
      other significant relationship between the Servicer and other transaction
      parties, other than the Servicer’s affiliation with the Mortgage Loan Seller and
      First Franklin Financial Corporation, which affiliations have already been
      identified by the Servicer.

     

    Section
      3.30  Indemnification.
      

     

    (a) Each
      of
      the Depositor, the Servicer, the Master Servicer, the Securities Administrator,
      and any Servicing Function Participant (each, an “Indemnifying Party”) engaged
      by any such party, shall indemnify and hold harmless each of the the Servicer,
      the Master Servicer, the Securities Administrator, the Trustee and the
      Depositor, respectively, and each of its directors, officers, employees, agents,
      and affiliates from and against any and all claims, losses, damages, penalties,
      fines, forfeitures, reasonable legal fees and related costs, judgments and
      other
      costs and expenses arising out of or based upon (a) any breach by such party
      of
      any if its obligations hereunder, including particularly its obligations to
      provide any annual statement of compliance, annual assessment of compliance
      with
      Servicing Criteria or attestation report or any information, data or materials
      required to be included in any Exchange Act report, (b) any material
      misstatement or omission in any information, data or materials provided by
      such
      party including any material misstatement or material omission in (i) any annual
      statement of compliance, annual assessment of compliance with Servicing Criteria
      or attestation report delivered by it, or by any Servicing Function Participant
      engaged by it, pursuant to this Agreement, or (ii) any Additional Form 10-D
      Disclosure, Additional Form 10-K Disclosure or Form 8-K Disclosure Information
      provided by it, or (c) the negligence, bad faith or willful misconduct of such
      indemnifying party in connection with its performance hereunder. If the
      indemnification provided for herein is unavailable or insufficient to hold
      harmless the Servicer, the Master Servicer, the Securities Administrator, the
      Trustee or the Depositor, as the case may be, then each Indemnifying Party
      agrees that it shall contribute to the amount paid or payable by the Servicer,
      the Master Servicer, the Securities Administrator, the Trustee or the Depositor,
      as applicable, as a result of any claims, losses, damages or liabilities
      incurred by such party in such proportion as is appropriate to reflect the
      relative fault of the indemnified party on the one hand and the indemnifying
      party on the other. This indemnification shall survive the termination of this
      Agreement or the termination of any party to this Agreement.

    
      
        
        

      

      
        -87-

        
          

        

      

       

    

     

    (b) The
      Depositor, the Servicer, the Securities Administrator and the Trustee shall
      immediately notify the Master Servicer if a claim is made by a third party
      with
      respect to this Agreement or the Mortgage Loans which would entitle the
      Depositor, the Servicer, the Securities Administrator, the Trustee or the Trust
      to indemnification from the Master Servicer, whereupon the Master Servicer
      shall
      assume 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 them in respect of such
      claim. If the Master Servicer and any such indemnified party have a conflict
      of
      interest with respect to any such claim, the indemnified party shall have the
      right to retain separate counsel.

     

    ARTICLE
      IV

     

    DISTRIBUTIONS
      AND

    ADVANCES
      BY THE SERVICER

     

    Section
      4.01 Advances.
      (a)  The amount of P&I Advances to be made by the Servicer for any
      Remittance Date shall equal, subject to Section 4.01(c), the sum of
      (i) the aggregate amount of Scheduled Payments (with each interest portion
      thereof net of the related Servicing Fee), due during the Due Period immediately
      preceding such Remittance Date in respect of the Mortgage Loans, which Scheduled
      Payments were not received as of the close of business on the related
      Determination Date, plus (ii) with respect to each REO Property, which REO
      Property was acquired during or prior to the related Prepayment Period and
      as to
      which such REO Property an REO Disposition did not occur during the related
      Prepayment Period, an amount equal to the excess, if any, of the Scheduled
      Payments (with each interest portion thereof net of the related Servicing Fee)
      that would have been due on the related Due Date in respect of the related
      Mortgage Loans, over the net income from such REO Property transferred to the
      Collection Account for distribution on such Remittance Date.

     

    (b) On
      each
      Remittance Date, the Servicer shall remit in immediately available funds to
      the
      Master Servicer an amount equal to the aggregate amount of P&I Advances, if
      any, to be made in respect of the Mortgage Loans and REO Properties for the
      related Remittance Date either (i) from its own funds or (ii) from the
      Collection Account, to the extent of funds held therein for future distribution
      (in which case, it will cause to be made an appropriate entry in the records
      of
      the Collection Account that Amounts Held for Future Distribution have been,
      as
      permitted by this Section 4.01, used by it in discharge of any such P&I
      Advance) or (iii) in the form of any combination of (i) and
      (ii) aggregating the total amount of P&I Advances to be made by the
      Servicer with respect to the Mortgage Loans and REO Properties. Any Amounts
      Held
      for Future Distribution and so used shall be appropriately reflected in the
      Servicer’s records and replaced by the Servicer by deposit in the Collection
      Account on or before any future Remittance Date to the extent
      required.

    
      
        
        

      

      
        -88-

        
          

        

      

       

    

     

    (c) The
      obligation of the Servicer to make such P&I Advances is mandatory,
      notwithstanding any other provision of this Agreement but subject to
      (d) below, and, with respect to any Mortgage Loan or REO Property, shall
      continue until a Final Recovery Determination in connection therewith or the
      removal thereof from coverage under this Agreement, except as otherwise provided
      in this Section.

     

    (d) Notwithstanding
      anything herein to the contrary, no P&I Advance or Servicing Advance shall
      be required to be made hereunder by the Servicer if such P&I Advance or
      Servicing Advance would, if made, constitute a Nonrecoverable P&I Advance or
      Nonrecoverable Servicing Advance. The determination by the Servicer that it
      has
      made a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance or
      that any proposed P&I Advance or Servicing Advance, if made, would
      constitute a Nonrecoverable P&I Advance or a Nonrecoverable Servicing
      Advance, respectively, shall be evidenced by an Officer’s Certificate of the
      Servicer delivered to the Master Servicer. In addition, the Servicer shall
      not
      be required to advance any Relief Act Interest Shortfalls.

     

    (e) Except
      as
      otherwise provided herein, the Servicer shall be entitled to reimbursement
      pursuant to Section 3.11 for Servicing Advances from recoveries from the
      related Mortgagor or from all Liquidation Proceeds and other payments or
      recoveries (including Insurance Proceeds, Condemnation Proceeds and Subsequent
      Recoveries) with respect to the related Mortgage Loan.

     

    (f) On
      each
      Remittance Date, the Master Servicer shall deposit in the Distribution Account
      all funds remitted to it by the Servicer pursuant to Sections 3.11(a)(i) and
      3.26 and this Section 4.01. The Securities Administrator may retain or withdraw
      from the Distribution Account, (i) the Master Servicing Fee, (ii) amounts
      necessary to reimburse the Servicer for any previously unreimbursed Advances
      and
      any Advances the Servicer deems to be nonrecoverable from the related Mortgage
      Loan proceeds, (iii) amounts necessary to reimburse the Master Servicer for
      any
      previously unreimbursed Advances and any Advances the Master Servicer deems
      to
      be nonrecoverable from the related Mortgage Loan proceeds, (iv) an amount to
      indemnify the Master Servicer or the Servicer for amounts due in accordance
      with
      this Agreement, and (v) any other amounts that each of the Master Servicer
      and
      the Securities Administrator is entitled to receive hereunder for reimbursement,
      indemnification or otherwise.

     

    Section
      4.02 Priorities
      of Distribution.
      (a)  On each Distribution Date (or, in the case of deposits into the
      Supplemental Interest Trust, on the Derivative Payment Date), the Securities
      Administrator will make the disbursements and transfers from amounts then on
      deposit in the Distribution Account and from amounts that are available for
      payment to the Swap Counterparty, and shall allocate such amounts to the
      interests issued in respect of each REMIC created pursuant to this Agreement
      and
      shall distribute such amounts in the following order of priority and to the
      extent of the Available Funds remaining:

    
      
        
        

      

      
        -89-

        
          

        

      

       

    

     

    (i) to
      the
      Supplemental Interest Trust and the holders of the Class A-IO Certificates
      and
      each Class of LIBOR Certificates in the following order of
      priority:

     

    (A) from
      the
      Interest Remittance Amount related to both Loan Groups, for deposit into the
      Supplemental Interest Trust Account, the amount of any Net Derivative Payment
      or
      Swap Termination Payment (other than a Swap Termination Payment resulting from
      a
      Swap Counterparty Trigger Event) owed to the Derivative Counterparty, including
      any such amounts remaining unpaid from previous Distribution Dates;

     

    (B) from
      the
      Interest-Remittance Amount related to both Loan Groups, to the Class A-IO
      Certificates, the related Senior Interest Payment Amount for such
      Class;

     

    (C) concurrently:

     

    (1)
      from
      the Interest Remittance Amount related to the Group I Mortgage Loans, to the
      Class I-A Certificates, the related Senior Interest Payment Amount for such
      Class; and 

     

    (2)
      from
      the Interest Remittance Amount related to the Group II Mortgage Loans, to the
      Class II-A-1, Class II-A-2, Class II-A-3 and Class II-A-4 Certificates,
pro
      rata,
      based
      on the amounts distributable under this clause (i)(B)(2), the related Senior
      Interest Payment Amount for each such Class of Certificates on such Distribution
      Date;

     

    provided, that,
      if the
      Interest Remittance Amount for either Loan Group is insufficient to make the
      related payments set forth in clauses (i)(C)(1) or (i)(C)(2) above, any Interest
      Remittance Amount relating to the other Loan Group remaining after payment
      of
      the Senior Interest Payment Amount to the related Certificate Group will be
      available to cover that shortfall, such amounts to be allocated to those Classes
      experiencing such shortfall on a pro
      rata
      basis in
      proportion to the amounts of such shortfall; and

     

    (D) from
      any
      remaining Interest Remittance Amounts related to both Loan Groups after taking
      into account the distributions made under clauses (i)(A) through (i)(C) above,
      sequentially, to each Class of Class M Certificates, in ascending order by
      numerical Class designation, the Interest Payment Amount for such Class and
      such
      Distribution Date;

     

    (ii) (A)  on
      each Distribution Date (or, in the case of deposits into the Supplemental
      Interest Trust, on the Derivative Payment Date) (1) before the Stepdown
      Date or (2) with respect to which a Trigger Event is in effect, to the
      Supplemental Interest Trust and to the holders of the Class or Classes of
      LIBOR Certificates and the Class II-A-5 then entitled to distributions of
      principal as set forth below, from amounts remaining on deposit in the
      Distribution Account after making distributions pursuant to paragraph (a)(i)
      of
      this Section 4.02, an amount equal to, in the aggregate, the Principal Payment
      Amount, in the following amounts and order of priority:

    
      
        
        

      

      
        -90-

        
          

        

      

       

    

     

     

    (a) for
      deposit into the Supplemental Interest Trust Account, any Net Derivative Payment
      or Swap Termination Payment (other than a Swap Termination Payment resulting
      from a Swap Counterparty Trigger Event) owed to the Derivative Counterparty
      to
      the extent unpaid pursuant to paragraph (i)(A) above;

     

    (b) concurrently:

     

    (1)
      to
      the Class I-A Certificates, the Group I Principal Payment Amount, until the
      Class Certificate Balance of the Class I-A Certificates is reduced to zero;
      and

     

    (2)
      to
      the Group II Certificates, the Group II Principal Payment Amount, allocated
      among such Classes as set forth in Section 4.02(c), until their respective
      Class
      Certificate Balances are reduced to zero; 

     

    (c) sequentially,
      to each Class of Class M Certificates, in ascending order by numerical
      Class designation, until their respective Class Certificate Balances are
      reduced to zero; and

     

    (B) on
      each
      Distribution Date (or, in the case of deposits into the Supplemental Interest
      Trust, on the Derivative Payment Date) (1) on and after the Stepdown Date
      and (2) as long as a Trigger Event is not in effect, to the Supplemental
      Interest Trust and to the holders of the Class or Classes of LIBOR
      Certificates and the Class II-A-5 Certificates then entitled to distributions
      of
      principal, from amounts remaining on deposit in the Distribution Account after
      making distributions pursuant to paragraph (a)(i) of this Section 4.02
      above, an amount equal to, in the aggregate, the Principal Payment Amount,
      in
      the following amounts and order of priority:

     

    (a) for
      deposit into the Supplemental Interest Trust Account, any Net Derivative Payment
      or Swap Termination Payment (other than a Swap Termination Payment resulting
      from a Swap Counterparty Trigger Event) owed to the Derivative Counterparty
      to
      the extent unpaid pursuant to paragraph (a)(i)(A) of this Section
      4.02;

     

    (b) concurrently:

     

    (1)
      to
      the Class I-A Certificates, the Group I Senior Principal Payment Amount, until
      the Class Certificate Balance of the Class I-A Certificates is reduced to zero;
      and

     

    
      
        
        

      

      
        -91-

        
          

        

      

      
        
        

      

    

     

    (2)
      to
      the Group II Certificates, the Group II Senior Principal Payment Amount,
      allocated as described in Section 4.02(c), until their respective Certificate
      Principal Balances are reduced to zero; and

     

    (c) sequentially,
      to each Class of Class M Certificates, in the order set forth in the
      definition of Class M Principal Payment Amount, the Class M Principal
      Payment Amount for the related Class of Class M certificates, until their
      respective Class Certificate Balances are reduced to zero;

     

    (iii) any
      amounts remaining after the distributions in paragraphs (i) and (ii) of
      this Section 4.02(a), plus, as specifically indicated below, from amounts on
      deposit in the Excess Reserve Fund Account, shall be distributed in the
      following order of priority:

     

    (A)
      to
      the Class A-IO Certificates, any Senior Interest Payment Amount not paid
      pursuant to clause (a)(i)(B) of this Section 4.02;

     

    (B) to
      the
      Class A Certificates (other than the Class A-IO and Class II-A-5 Certificates),
      any Senior Interest Payment Amount not paid pursuant to clause (a)(i)(C) of
      this
      Section 4.02 allocated pro
      rata
      among
      the classes of a Certificate Group as described in clause (a)(i)(C)(2) of this
      Section 4.02;

     

    (C) sequentially,
      to the holders of the Class M Certificates, in ascending order by numerical
      Class designation, first,
      any
      Interest Payment Amount for that Class not paid for such Distribution Date
      pursuant to clause (a)(i)(D) of this Section 4.02, second,
      any
      Interest Carry Forward Amount for that Class, and third,
      any
      Unpaid Realized Loss Amount for that Class;

     

    (D) to
      the
      Excess Reserve Fund Account, the amount of any Basis Risk Payment for such
      Distribution Date;

     

    (E) from
      amounts on deposit in the Excess Reserve Fund Account with respect to such
      Distribution Date, an amount equal to any unpaid Basis Risk Carryover Amount
      with respect to the LIBOR Certificates and Class A-IO Certificates for such
      Distribution Date, allocated in the same order and priority as set forth in
      clauses (a)(i)(B), (a)(i)(C) and (a)(i)(D) of this Section 4.02;

     

    (F) to
      the
      Swap Counterparty, any Swap Termination Payment resulting from a Swap
      Counterparty Trigger Event;

     

    (G) to
      the
      holders of the Class X Certificates, the remainder of the Class X
      Distributable Amount not distributed pursuant to Sections 4.02(a)(iii)(A)
      through (F); and

     

    (H) upon
      a
      final distribution on the Certificates under Section 11.02, to the holders
      of
      the Class R Certificates, any remaining amount;

     

    If
      on any
      Distribution Date, as a result of the foregoing allocation rules, any
      Class of Class A Certificates does not receive in full the related
      Senior Interest Payment Amount or the related Interest Carry Forward Amount,
      if
      any, then such shortfall will be allocated to the Holders of such Class, with
      interest thereon, on future Distribution Dates, as Interest Carry Forward
      Amounts, subject to the priorities described above.

     

    
      
        
        

      

      
        -92-

        
          

        

      

      
        
        

      

    

     

    (b) On
      each
      Distribution Date, prior to any distributions on any other Class of
      Certificates, all amounts representing Prepayment Charges from the Mortgage
      Loans received during the related Prepayment Period shall be distributed by
      the
      Securities Administrator to the holders of the Class P
      Certificates.

     

    (c) Any
      principal distributions to the holders of the Class A Certificates (other than
      the Class A-IO Certificates) on any Distribution Date prior to the Stepdown
      Date
      will be allocated to the Group I Certificates and the Group II Certificates
      based on the Group Principal Allocation Percentage for such Certificate Group
      as
      applicable for that Distribution Date. However, if the Class Certificate
      Balances of the Class A Certificates in either Certificate Group are reduced
      to
      zero before the Stepdown Date, then the remaining amount of principal
      distributions distributable to the Class A Certificates on that Distribution
      Date, and the amount of those principal distributions distributable on all
      subsequent Distribution Dates, will be distributed to the holders of the Class
      A
      Certificates in the other Certificate Group remaining outstanding, after taking
      into account the related Principal Payment for that Distribution Date, in
      accordance with the priorities described in Section 4.02(a)(ii)(A)(b), until
      their Class Certificate Balances have been reduced to zero. Any distributions
      of
      principal to the Group I Certificates will be made first from payments relating
      to Group I Mortgage Loans and any distributions of principal to the Group II
      Certificates will be made first from payments relating to the Group II Mortgage
      Loans. If the Class Certificate Balances of the Class A Certificates in either
      Certificate Group are reduced to zero on or after the Stepdown Date, then the
      remaining amount of principal distributions distributable to the Class A
      Certificates on that Distribution Date, and the amount of principal
      distributions distributable to the Class A Certificates in all subsequent
      Distribution Dates, will be distributed to the Class A Certificateholders of
      the
      remaining Certificate Group in accordance with the priorities set forth in
      Section 4.02(a)(ii)(B)(b). Any principal distributions allocated to the Group
      II
      Certificates will be allocated as follows:

     

    (i) to
      the
      Class II-A-1 Certificates, until the Class Certificate Balance of such Class
      has
      been reduced to zero;

     

    (ii) 
      to the
      Class II-A-2 Certificates, until the Class Certificate Balance of such Class
      has
      been reduced to zero;

     

    (iii) to
      the
      Class II-A-3 Certificates, until the Class Certificate Balance of such Class
      has
      been reduced to $27,138,000;

     

    (iv) to
      the
      Class II-A-5 Certificates, until the Class Certificate Balance of such Class
      has
      been reduced to zero;

     

    (v) to
      the
      Class II-A-3 Certificates, until the Class Certificate Balance of such Class
      has
      been reduced to zero; and

     

    (vi) to
      the
      Class II-A-4 Certificates, until the Class Certificate Balance of such Class
      has
      been reduced to zero.

     

    
      
        
        

      

      
        -93-

        
          

        

      

      
        
        

      

    

     

    However,
      on and after the Distribution Date on which the aggregate Class Certificate
      Balances of the Class M Certificates been reduced to zero, any principal
      distributions allocated to the Group II Certificates are required to be
      allocated pro
      rata,
      among
      the Classes of Group II Certificates, based upon their respective Class
      Certificate Balances.

     

    (d) On
      any
      Distribution Date, any Relief Act Shortfalls and Net Prepayment Interest
      Shortfalls for such Distribution Date shall be allocated by the Securities
      Administrator as a reduction in the following order:

     

    (1) First,
      to the
      amount of interest payable to the Class X Certificates; and

     

    (2) Second,
      pro
      rata,
      as a
      reduction of the Interest Payment Amount for the Class A and Class M
      Certificates, based on the amount of interest to which such Classes would
      otherwise be entitled.

     

    (e) On
      any
      Distribution Date, the Securities Administrator shall distribute any Swap Amount
      and Cap Amount for such date as follows:

     

    (i) to
      the
      Derivative Counterparty, any Net Derivative Payment owed to the Derivative
      Counterparty pursuant to the Swap Agreement for such Distribution Date to the
      extent not previously paid in Sections 4.02(a)(i)(A), 4.02(a)(ii)(A) or
      4.02(a)(ii)(B);

     

    (ii) to
      the
      Swap Counterparty, any Swap Termination Payment not resulting from a Swap
      Counterparty Trigger Event owed to the Swap Counterparty pursuant to the Swap
      Agreement for such Distribution Date;

     

    (iii) to
      the
      extent not paid and in the order of priority provided in clauses (a)(i)(B),
      (a)(i)(C) and (a)(i)(D) of this Section 4.02, to the Class A Certificates (other
      than the Class II-A-5 Certificates) any Senior Interest Payment Amounts, and
      to
      the Class M Certificates, in ascending order by numerical class designation,
      any
      Interest Payment Amounts;

     

    (iv) to
      the
      Class A Certificates (other than the Class A-IO Certificates) and the Class
      M
      Certificates in the order of priority set forth in clauses (a)(ii)(A)(b),
      (a)(ii)(A)(c), (a)(ii)(B)(b) and (a)(ii)(B)(c) of this Section 4.02, an amount
      necessary to maintain the Overcollateralization Target Amount for such
      Distribution Date after giving effect to distributions pursuant to such
      clauses;

     

    (v) to
      the
      extent not paid pursuant to clause (a)(iii)(C) of this Section 4.02,
      sequentially, to the each Class of Class M Certificates, in ascending order
      by
      numerical Class designation, first,
      any
      Interest Carry Forward Amount for that Class, and second,
      any
      Unpaid Realized Loss Amount for that Class;

     

    (vi) to
      the
      extent not paid pursuant to clause (a)(iii)(D) of this Section 4.02, to the
      Excess Reserve Fund Account, the amount of any Basis Risk Payment for such
      Distribution Date;

     

    
      
        
        

      

      
        -94-

        
          

        

      

      
        
        

      

    

     

    (vi) to
      the
      extent not paid pursuant to clause (a)(iii)(E) of this Section 4.02, to the
      LIBOR Certificates and the Class A-IO Certificates, any remaining unpaid Basis
      Risk Carryover Amount with respect to such Certificates for that Distribution
      Date, allocated in the same order and priority as set forth in such
      clause;

     

    (viii) if
      applicable, to the Swap Termination Receipts Account or Cap Termination Receipts
      Account for application to the purchase of a replacement swap agreement or
      replacement cap agreement pursuant to Section 4.08;

     

    (ix) to
      the
      extent not paid pursuant to clause (a)(iii)(F) of this Section 4.02, to the
      Swap
      Counterparty, any Swap Termination Payment resulting from a Swap Counterparty
      Trigger Event; and

     

    (x) to
      the
      extent not paid pursuant to clause (a)(iii)(G) of this Section 4.02, to the
      holders of the Class X Certificates, the remainder of the Class X
      Distributable Amount.

     

    With
      respect to each Distribution Date, the sum of all amounts distributed in
      priorities (e)(iv) and (e)(v) second
      cannot
      exceed the amount of cumulative Realized Losses incurred up to such Distribution
      Date minus any distributions made on previous Distribution Dates pursuant to
      such priorities.

     

    Section
      4.03 Monthly
      Statements to Certificateholders.
      (a)  Not
      later than each Distribution Date, the Securities Administrator shall make
      available to each Certificateholder, the Master Servicer, the Servicer, the
      Depositor, the Trustee, the Derivative Counterparty and each Rating Agency
      a
      statement, based on information provided by the Servicer and the Derivative
      Counterparty, setting forth with respect to the related
      distribution:

     

    (i) the
      amount thereof allocable to principal (other than the Interest-Only
      Certificates), separately identifying the aggregate amount of any Principal
      Prepayments, Liquidation Proceeds and Subsequent Recoveries;

     

    (ii) the
      amount thereof allocable to interest (other than the Principal-Only
      Certificates), any Interest Carry Forward Amounts included in such distribution
      and any remaining Interest Carry Forward Amounts after giving effect to such
      distribution, any Basis Risk Carryover Amount for such Distribution Date and
      the
      amount of all Basis Risk Carryover Amount covered by withdrawals from the Excess
      Reserve Fund Account on such Distribution Date;

     

    (iii) if
      the
      distribution to the Holders of such Class of Certificates is less than the
      full amount that would be distributable to such Holders if there were sufficient
      funds available therefor, the amount of the shortfall and the allocation thereof
      as between principal and interest, including any Basis Risk Carryover Amount
      not
      covered by amounts in the Excess Reserve Fund Account;

     

    (iv) the
      Class Certificate Balance of each Class of Certificates after giving
      effect to the distribution of principal on such Distribution Date;

     

    
      
        
        

      

      
        -95-

        
          

        

      

      
        
        

      

    

     

    (v) the
      Pool
      Stated Principal Balance for the following Distribution Date;

     

    (vi) the
      amount of the Expense Fees (in the aggregate and separately stated) paid to
      or
      retained by the Servicer, any Subservicer and the Master Servicer with respect
      to such Distribution Date;

     

    (vii) the
      Interest Rate for each such Class of Certificates (other than the
      Principal-Only Certificates) with respect to such Distribution
      Date;

     

    (viii) the
      amount of P&I Advances included in the distribution on such Distribution
      Date and the aggregate amount of P&I Advances outstanding as of the close of
      business on the Determination Date immediately preceding such Distribution
      Date;

     

    (ix) by
      Loan
      Group and in the aggregate, the number and aggregate outstanding principal
      balances of Mortgage Loans (1) as to which the Scheduled Payment is
      delinquent 31 to 60 days, 61 to 90 days and 91 or more days,
      (2) that have become REO Property, (3) that are in foreclosure and
      (4) that are in bankruptcy, in each case as of the close of business on the
      last Business Day of the immediately preceding month;

     

    (x) by
      Loan
      Group and in the aggregate, with respect to Mortgage Loans that became REO
      Properties during the preceding calendar month, the number and the aggregate
      Stated Principal Balance of such Mortgage Loans as of the close of business
      on
      the Determination Date preceding such Distribution Date and the date of
      acquisition thereof;

     

    (xi) by
      Loan
      Group and the aggregate, the total number and aggregate principal balance of
      any
      REO Properties as of the close of business on the Determination Date preceding
      such Distribution Date;

     

    (xii) whether
      a
      Trigger Event has occurred and is continuing;

     

    (xiii) the
      amount on deposit in the Excess Reserve Fund Account (after giving effect to
      distributions on such Distribution Date);

     

    (xiv) in
      the
      aggregate and for each Class of Certificates, the aggregate amount of
      Applied Realized Loss Amounts incurred during the preceding calendar month
      and
      aggregate Applied Realized Loss Amounts through such Distribution
      Date.;

     

    (xv) the
      amount of any Net Monthly Excess Cash Flow on such Distribution Date and the
      allocation thereof to the Certificateholders with respect to Applied Realized
      Loss Amounts and Interest Carry Forward Amounts;

     

    (xvi) the
      Overcollateralization Amount and Overcollateralization Target
      Amount;

     

    (xvii) Prepayment
      Charges collected by the Servicer;

     

    (xviii) the
      Cumulative Loss Percentage; and

     

    
      
        
        

      

      
        -96-

        
          

        

      

      
        
        

      

    

     

    (xix) the
      amount of any Net Derivative Payment made to the Supplemental Interest Trust
      pursuant to Section 4.02, any Net Derivative Payment made to the Derivative
      Counterparty pursuant to Section 4.02, any Swap Termination Payment or Cap
      Termination Payment made to the Supplemental Interest Trust pursuant to Section
      4.02 and any Swap Termination Payment made to the Swap Counterparty pursuant
      to
      Section 4.02.

     

    (a) For
      purposes of preparing the Monthly Statement, delinquencies shall be determined
      and reported by the Master Servicer based on the so-called “OTS” methodology
      irrespective of the method for determining delinquencies utilized by the
      Servicer on mortgage loans similar to the Mortgage Loans. By way of example,
      a
      Mortgage Loan would be delinquent with respect to a Scheduled Payment due on
      a
      Due Date if such Scheduled Payment is not made by the close of business on
      the
      Mortgage Loan’s next succeeding Due Date, and a Mortgage Loan would be more than
      30-days Delinquent with respect to such Scheduled Payment if such Scheduled
      Payment were not made by the close of business on the Mortgage Loan’s second
      succeeding Due Date. The Servicer hereby represents and warrants to the
      Depositor that this delinquency recognition policy is not less restrictive
      than
      any delinquency recognition policy established by the primary safety and
      soundness regulator, if any, of the Servicer.

     

    (b) The
      Securities Administrator’s responsibility for providing the above statement to
      the Certificateholders, each Rating Agency, the Master Servicer, the Servicer,
      the Trustee and the Depositor is limited to the availability, timeliness and
      accuracy of the information derived from the Master Servicer and the Servicer.
      The Securities Administrator will provide the above statement via the Securities
      Administrator’s internet website. The Securities Administrator’s website will
      initially be located at https://www.ctslink.com
      and
      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 method are entitled to have a paper copy mailed
      to
      them via first Class mail by calling the customer service desk and indicating
      such. The Securities Administrator shall have the right to change the manner
      in
      which the above statement is distributed in order to make such distribution
      more
      convenient and/or more accessible, and the Securities Administrator shall
      provide timely and adequate notification to the Certificateholders and the
      parties hereto regarding any such changes. A paper copy of the statement will
      also be made available upon request.

     

    (c) Within
      a
      reasonable period of time after the end of each calendar year, the Securities
      Administrator shall, upon request, cause to be furnished to each Person who
      at
      any time during the calendar year was a Certificateholder, a statement
      containing the information set forth in clauses (a)(i), (a)(ii) and (a)(vi)
      of this Section 4.03 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 have
      previously been provided by the Securities Administrator pursuant to any
      requirements of the Code as from time to time in effect.

    

    (d) On
      the
      10th
      day of
      each calendar month (or, if such 10th
      day is
      not a Business Day, then on the next succeeding Business Day), the Servicer
      shall furnish to the Master Servicer (i) a monthly remittance advice in the
      format set forth in Exhibit N-1 hereto, (ii) a monthly defaulted loan report
      in
      the format set forth in Exhibit N-2 hereto and (iii) a realized loss report
      in
      the format set forth in Exhibit N-3 hereto (or in such other format mutually
      agreed to between the Servicer and the Master Servicer) relating to the period
      ending on the last day of the preceding calendar month on a magnetic tape or
      other similar media reasonably acceptable to the Master Servicer. No later
      than
      two Business Days after the fifteenth day of each calendar month, the Servicer
      shall furnish to the Master Servicer a monthly report containing such
      information regarding prepayments of Mortgage Loans during the applicable
      Prepayment Period and in a format as mutually agreed to between the Servicer
      and
      the Master Servicer. 

     

    
      
        
        

      

      
        -97-

        
          

        

      

      
        
        

      

    

     

    Such
      monthly remittance advice shall also be accompanied by a supplemental report
      provided to the Master Servicer which includes on an aggregate basis for the
      previous calendar month (i) the amount of any insurance claims filed, (ii)
      the
      amount of any claim payments made and (iii) the amount of claims denied or
      curtailed. The Master Servicer will convert such data into a format acceptable
      to the Securities Administrator and provide monthly reports to the Securities
      Administrator pursuant to this Agreement.

     

    Any
      report provided to the Master Servicer under this Section 4.03(d) shall also
      be
      provided by the Servicer to the Class X Certificate Service Provider on the
      Distribution Date immediately succeeding the applicable report date specified
      above. 

     

    Section
      4.04 Certain
      Matters Relating to the Determination of LIBOR.
      LIBOR
      shall be calculated by the Securities Administrator in accordance with the
      definition of LIBOR. Until all of the LIBOR Certificates are paid in full,
      the
      Securities Administrator will at all times retain at least four Reference Banks
      for the purpose of determining LIBOR with respect to each LIBOR Determination
      Date. The Securities Administrator initially shall designate the Reference
      Banks
      (after consultation with the Depositor). Each “Reference
      Bank”
shall
      be a leading bank engaged in transactions in Eurodollar deposits in the
      international Eurocurrency market, shall not control, be controlled by, or
      be
      under common control with, the Securities Administrator and shall have an
      established place of business in London. If any such Reference Bank should
      be
      unwilling or unable to act as such or if the Securities Administrator should
      terminate its appointment as Reference Bank, the Securities Administrator shall
      promptly appoint or cause to be appointed another Reference Bank (after
      consultation with the Depositor). The Securities Administrator shall have no
      liability or responsibility to any Person for (i) the selection of any
      Reference Bank for purposes of determining LIBOR or (ii) any inability to
      retain at least four Reference Banks which is caused by circumstances beyond
      its
      reasonable control.

     

    The
      Interest Rate for each Class of LIBOR Certificates for each Interest
      Accrual Period shall be determined by the Securities Administrator on each
      LIBOR
      Determination Date so long as the LIBOR Certificates are outstanding on the
      basis of LIBOR and the respective formulae appearing in footnotes corresponding
      to the LIBOR Certificates in the table relating to the Certificates in the
      Preliminary Statement. The Securities Administrator shall not have any liability
      or responsibility to any Person for its inability, following a good-faith
      reasonable effort, to obtain quotations from the Reference Banks or to determine
      the arithmetic mean referred to in the definition of LIBOR, all as provided
      for
      in this Section 4.04 and the definition of LIBOR. The establishment of
      LIBOR and each Interest Rate for the LIBOR Certificates by the Securities
      Administrator shall (in the absence of manifest error) be final, conclusive
      and
      binding upon each Holder of a Certificate and the Trustee.

     

    
      
        
        

      

      
        -98-

        
          

        

      

      
        
        

      

    

     

    Section
      4.05 Allocation
      of Applied Realized Loss Amounts.
      Any
      Applied Realized Loss Amounts shall be allocated by the Securities Administrator
      to the most junior Class of Class M Certificates then outstanding in
      reduction of the Class Certificate Balance thereof.

     

    Section
      4.06 Supplemental
      Interest Trust. (a)
      A
      separate trust is hereby established (the “Supplemental
      Interest Trust”),
      the
      corpus of which shall be held by the securities administrator of the
      Supplemental Interest Trust for the benefit of the Class X Certificateholders.
      The Securities Administrator, acting in its capacity as securities administrator
      of the Supplemental Interest Trust, shall establish an account (the
“Supplemental Interest Trust Account”) consisting of two sub-accounts (the
“Swap
      Account”
and
      the
“Cap
      Account,”
      respectively), into each of which the Depositor shall deposit $500 on the
      Closing Date. The Supplemental Interest Trust Account shall be an Eligible
      Account, and funds on deposit therein shall be held separate and apart from,
      and
      shall not be commingled with, any other monies, including, without limitation,
      other monies of the Securities Administrator held pursuant to this Agreement.
      

     

    (b) The
      Securities Administrator shall deposit into the Swap Account any Net Derivative
      Payment required pursuant to Sections 4.02(a)(i)(A), 4.02(a)(ii)(A)(a) and
      4.02(a)(ii)(B)(a), any Swap Termination Payment required pursuant to Sections
      4.02(a)(i)(A), 4.02(a)(ii)(A)(a), 4.02(a)(ii)(B)(a) and 4.02(a)(iii)(F), and
      any
      amounts received from the Swap Counterparty under the Swap Agreement, and shall
      distribute from the Supplemental Interest Trust Account any Net Derivative
      Payment required pursuant to Section 4.02(e)(i) or any Swap Termination Payment
      required pursuant to Sections 4.02(e)(ii) or 4.02(e)(ix), as
      applicable.

     

    (c) The
      Securities Administrator shall deposit into the Cap Account any amounts received
      from the Cap Counterparty under the Cap Agreement.

     

    (d) Funds
      in
      the Swap Account shall be invested in Permitted Investments constituting time
      deposits under clause (ii) of the definition thereof. Any earnings on such
      amounts shall be distributed on each Distribution Date pursuant to Section
      4.02(e). The Class X Certificates shall evidence ownership of the Swap Account
      for federal income tax purposes and the Holder thereof shall direct the
      Securities Administrator, in writing, as to investment of amounts on deposit
      therein. The Sponsor shall be liable for any losses incurred on such
      investments. In the absence of written instructions from the Class X
      Certificateholders as to investment of funds on deposit in the Swap Account,
      such funds shall be invested in the Wells Fargo Advantage Prime Investment
      Money
      Market Fund or a comparable investment vehicle. Any amounts on deposit in the
      Swap Account in excess of the Swap Amount on any Distribution Date shall be
      held
      for distribution pursuant to Section 4.02(e) on the following Distribution
      Date.

     

    (e) Funds
      in
      the Cap Account shall be invested in Permitted Investments constituting time
      deposits under clause (ii) of the definition thereof. Any earnings on such
      amounts shall be distributed on each Distribution Date pursuant to Section
      4.02(e). The Class X Certificates shall evidence ownership of the Cap Account
      for federal income tax purposes and the Holder thereof shall direct the
      Securities Administrator, in writing, as to investment of amounts on deposit
      therein. The Sponsor shall be liable for any losses incurred on such
      investments. In the absence of written instructions from the Class X
      Certificateholders as to investment of funds on deposit in the Cap Account,
      such
      funds shall be invested in the Wells Fargo Advantage Prime Investment Money
      Market Fund or a comparable investment vehicle. Any amounts on deposit in the
      Cap Account in excess of the Cap Amount on any Distribution Date shall be held
      for distribution pursuant to Section 4.02(e) on the following Distribution
      Date.

     

    
      
        
        

      

      
        -99-

        
          

        

      

      
        
        

      

    

     

    (f) Upon
      termination of the Trust Fund, any amounts remaining in the Swap Account or
      the
      Cap Account shall be distributed pursuant to the priorities set forth in Section
      4.02(e).

     

    (g) It
      is the
      intention of the parties hereto that, for federal and state income and state
      and
      local franchise tax purposes, the Supplemental Interest Trust be disregarded
      as
      an entity separate from the holder of the Class X Certificates unless and until
      the date when either (a) there is more than one Class X Certificateholder or
      (b)
      any Class of Certificates in addition to the Class X Certificates is
      recharacterized as an equity interest in the Supplemental Interest Trust for
      federal income tax purposes. Neither the Securities Administrator nor the
      Trustee shall be responsible for any entity level tax reporting for the
      Supplemental Interest Trust.

     

    (h) Any
      obligation of the securities administrator of the Supplemental Interest Trust
      under the Swap Agreement or Cap Agreement shall be deemed to be an obligation
      of
      the Supplemental Interest Trust.

     

    Section
      4.07 Rights
      of the Swap Counterparty. The
      Swap
      Counterparty shall be deemed a third-party beneficiary of this Agreement to
      the
      same extent as if it were a party hereto and shall have the right, upon
      designation of an “Early Termination Date” (as defined in the Swap Agreement),
      to enforce its rights under this Agreement, which rights include but are not
      limited to the obligation of the Securities Administrator (A) to deposit any
      Net
      Derivative Payment required pursuant to Sections 4.02(a)(i)(A),
      4.02(a)(ii)(A)(a) and 4.02(a)(ii)(B)(a), and any Swap Termination Payment
      required pursuant to Sections 4.02(a)(i)(A), 4.02(a)(ii)(A)(a),
      4.02(a)(ii)(B)(a) and 4.02(a)(iii)(F), into the Supplemental Interest Trust
      Account (B) to pay any Net Derivative Payment required pursuant to Section
      4.02(e)(i) or Swap Termination Payment required pursuant to Sections 4.02(e)(ii)
      or Section 4.02(e)(ix), as applicable, to the Swap Counterparty and (C) to
      establish and maintain the Swap Account, to make such deposits thereto,
      investments therein and distributions therefrom as are required pursuant to
      Section 4.06. For the protection and enforcement of the provisions of this
      Section the Swap Counterparty shall be entitled to such relief as can be given
      either at law or in equity.

     

    Section
      4.08 Termination
      Receipts. (a)(i)
      In
      the event of an “Early Termination Event” as defined under the Swap Agreement,
      (a) any Swap Termination Payment made by the Swap Counterparty to the Swap
      Account and paid pursuant to Section 4.02(e)(viii) (“Swap
      Termination Receipts”)
      will
      be deposited in a segregated non-interest bearing account which shall be an
      Eligible Account established by the Securities Administrator (the “Swap
      Termination Receipts Account”)
      and
      (b) any amounts received from a replacement swap counterparty (“Swap
      Replacement Receipts”)
      will
      be deposited in a segregated non-interest bearing account which shall be an
      Eligible Account established by the Securities Administrator (the “Swap
      Replacement Receipts Account”).
      The
      Securities Administrator shall invest, or cause to be invested, funds held
      in
      the Swap Termination Receipts Account and the Swap Replacement Receipts Account
      in time deposits of the Securities Administrator as permitted pursuant to clause
      (ii) of the definition of Permitted Investments or as otherwise directed in
      writing by a majority of the Certificateholders. All such Permitted Investments
      must be payable on demand or mature on a Distribution Date or such other date
      as
      directed by the Certificateholders. All such Eligible Investments will be made
      in the name of the Trustee of the Supplemental Interest Trust (in its capacity
      as such) or its nominee. All income and gain realized from any such investment
      shall be deposited in the Termination Receipts Account or the Replacement
      Receipts Account, as applicable, and all losses, if any, shall be borne by
      the
      related account. 

     

    
      
        
        

      

      
        -100-

        
          

        

      

      
        
        

      

    

     

    (ii) Unless
      otherwise permitted by the Rating Agencies as evidenced in a written
      confirmation, the Depositor shall arrange for replacement swap agreement(s)
      and
      the Securities Administrator shall promptly, with the assistance and cooperation
      of the Depositor, use amounts on deposit in the Swap Termination Receipts
      Account, if necessary, to enter into replacement swap agreement(s) which shall
      be executed and delivered by the Securities Administrator on behalf of the
      Supplemental Interest Trust upon receipt of written confirmation from each
      Rating Agency that such replacement swap agreement(s) will not result in the
      reduction or withdrawal of the rating of any outstanding Class of Certificates
      with respect to which it is a Rating Agency. 

     

    Amounts
      on deposit in the Swap Replacement Receipts Account shall be held for the
      benefit of the related Swap Counterparty and paid to such Swap Counterparty
      if
      the Supplemental Interest Trust is required to make a payment to such Swap
      Counterparty following an event of default or termination event with respect
      to
      the Supplemental Interest Trust under the related Swap Agreement. Any amounts
      not so applied shall, following the termination or expiration of such Swap
      Agreement, be paid to the Class X Certificates.

     

    (b) (i)
      In
      the event of an “Early Termination Event” as defined under the Cap Agreement,
      (a) any Cap Termination Payment made by the Cap Counterparty to the Cap Account
      and paid pursuant to Section 4.02(e)(viii) (“Cap Termination Receipts”) shall be
      deposited in a segregated non-interest bearing account which shall be an
      Eligible Account established by the Securities Administrator (the “Cap
      Termination Receipts Account”) and (b) any amounts received from a replacement
      cap counterparty (“Cap Replacement Receipts”) will be deposited in a segregated
      non-interest bearing account which shall be an Eligible Account established
      by
      the Securities Administrator (the “Cap Replacement Receipts Account”). The
      Securities Administrator shall invest, or cause to be invested, funds held
      in
      the Cap Termination Receipts Account in time deposits of the Securities
      Administrator as permitted by clause (ii) of the definition of Permitted
      Investments or as otherwise directed in writing by a majority of the
      Certificateholders. All such Permitted Investments must be payable on demand
      or
      mature on a Cap Payment Date, a Distribution Date or such other date as directed
      by the Certificateholders. All such Eligible Investments shall be made in the
      name of the Trustee as trustee of the Supplemental Interest Trust (in its
      capacity as such) or its nominee. All income and gain realized from any such
      investment shall be deposited in the Cap Termination Receipts Account and all
      losses, if any, shall be borne by such account. 

     

    (ii) Unless
      otherwise permitted by the Rating Agencies as evidenced in a written
      confirmation, the Depositor shall arrange for one or more replacement interest
      rate cap agreement and the Securities Administrator shall promptly, with the
      assistance and cooperation of the Depositor, use amounts on deposit in the
      Cap
      Termination Receipts Account, if necessary, to enter into any such replacement
      interest rate cap agreement which shall be executed and delivered by Wells
      Fargo
      as securities administrator on behalf of the Supplemental Interest Trust upon
      receipt of written confirmation from each Rating Agency that any such
      replacement interest rate cap agreement will not result in the reduction or
      withdrawal of the rating of any outstanding Class of Certificates with respect
      to which it is a Rating Agency

     

    
      
        
        

      

      
        -101-

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      V

     

    THE
      CERTIFICATES

     

    Section
      5.01 The
      Certificates.
      The
      Certificates shall be substantially in the forms attached hereto as exhibits.
      The Certificates shall be issuable in registered form, in the minimum
      denominations, integral multiples in excess thereof (except that one Certificate
      in each Class may be issued in a different amount) and aggregate
      denominations per Class set forth in the Preliminary
      Statement.

     

    The
      Depositor hereby directs the Securities Administrator to register the
      Class X, Class P and Class X Certificates in the name of HSBC
      Securities (USA) Inc. or its designee. On a date as to which the Depositor
      notifies the Securities Administrator, the Securities Administrator shall
      transfer the Class X and Class P Certificates in the name of the NIM
      Trustee, or such other name or names as the Depositor shall request, and to
      deliver the Class X and Class P Certificates to the NIM Trustee or to
      such other Person or Persons as the Depositor shall request.

     

    Subject
      to Section 11.02 respecting the final distribution on the Certificates, on
      each Distribution Date the Securities Administrator shall make distributions
      to
      each Certificateholder of record on the preceding Record Date either (x) by
      wire transfer in immediately available funds to the account of such holder
      at a
      bank or other entity having appropriate facilities therefor, if such Holder
      has
      so notified the Securities Administrator at least five Business Days prior
      to
      the related Record Date or (y) by check mailed by first Class mail to such
      Certificateholder at the address of such holder appearing in the Certificate
      Register; provided,
      however,
      so long
      as such Certificate is a Book-Entry Certificate, all distributions on such
      Certificate will be made through the Depository or the Depository
      Participant.

     

    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 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 any such Certificates or did not hold such
      offices at the date of such Certificate. No Certificate shall be entitled to
      any
      benefit under this Agreement, or be valid for any purpose, unless authenticated
      by the Securities Administrator by manual signature, and such authentication
      upon any Certificate shall be conclusive evidence, and the only evidence, that
      such Certificate has been duly executed and delivered hereunder. All
      Certificates shall be dated the date of their authentication. On the Closing
      Date, the Securities Administrator shall authenticate the Certificates to be
      issued at the direction of the Depositor, or any affiliate thereof.

     

    
      
        
        

      

      
        -102-

        
          

        

      

      
        
        

      

    

     

    Section
      5.02 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 5.06, 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 execute and deliver, in the name of the designated
      transferee or transferees, one or more new Certificates of the same
      Class and 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 which 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
      cancelled 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 said Act and such state securities laws. In determining whether a transfer
      is being made pursuant to an effective registration statement, the Securities
      Administrator shall be entitled to rely solely upon a written notice to such
      effect from the Depositor. Except with respect to (i) the transfer of the
      Class X, Class P or Class R Certificates to the Depositor or an
      Affiliate of the Depositor, (ii) the transfer of the Class X or
      Class P Certificates to the NIM Issuer or the NIM Trustee, or (iii) a
      transfer of the Class X or Class P Certificates from the NIM Issuer or
      the NIM Trustee to the Depositor or an Affiliate of the Depositor, in the event
      that a transfer of a Private Certificate which is a Physical Certificate 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 shall certify to the
      Securities Administrator in writing the facts surrounding the transfer in
      substantially the form set forth in Exhibit H (the “Transferor
      Certificate”)
      and
      either (i) there shall be delivered to the Securities Administrator a
      letter in substantially the form of Exhibit I-A (the “Rule 144A
      Investment Letter”)
      or
      Exhibit I-B (the “Regulation S Investment Letter”) or (ii) there shall be
      delivered to the Securities Administrator at the expense of the transferor
      an
      Opinion of Counsel stating that such transfer may be made without registration
      under the Securities Act. In the event that a transfer of a Private Certificate
      which is a Book-Entry Certificate 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 will be deemed to have made as of the transfer date each of the
      certifications set forth in the Transferor Certificate in respect of such
      Certificate and the transferee will be deemed to have made as of the transfer
      date each of the certifications set forth in the Rule 144A Investment
      Letter or Regulation S Investment Letter, as applicable, in respect of such
      Certificate, in each case as if such Certificate were evidenced by a Physical
      Certificate. As directed by the Depositor, the Securities Administrator 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 Depositor, the Master Servicer, the Servicer and the Trustee
      shall cooperate with the Securities Administrator in providing the
      Rule 144A information referenced in the preceding sentence, including
      providing to the Securities Administrator such information regarding the
      Certificates, the Mortgage Loans and other matters regarding the Trust Fund
      as
      the Securities Administrator shall reasonably determine 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 Securities
      Administrator, the Trustee, the Servicer, the Master Servicer and the Depositor
      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.

     

    
      
        
        

      

      
        -103-

        
          

        

      

      
        
        

      

    

     

    Except
      with respect to (i) the transfer of the Class X, Class P or
      Class R Certificates to the Depositor or an Affiliate of the Depositor,
      (ii) the transfer of the Class X or Class P Certificates to the
      NIM Issuer or the NIM Trustee, or (iii) a transfer of the Class X or
      Class P Certificates from the NIM Issuer or the NIM Trustee to the
      Depositor or an Affiliate of the Depositor, no transfer of an ERISA-Restricted
      Certificate shall be made unless the Securities Administrator shall have
      received either (i) a representation from the transferee of such
      Certificate acceptable to and in form and substance satisfactory to the
      Securities Administrator (in the event such Certificate is a Private Certificate
      or a Residual Certificate, such requirement is satisfied only by the Securities
      Administrator’s receipt of a representation letter from the transferee
      substantially in the form of Exhibit I-A or Exhibit I-B), to the effect
      that such transferee is not an employee benefit plan or arrangement subject
      to
      Section 406 of ERISA, a plan subject to Section 4975 of the Code or a
      plan subject to any Federal, state or local law (“Similar
      Law”)
      materially similar to the foregoing provisions of ERISA or the Code, nor a
      person acting on behalf of any such plan or arrangement nor using the assets
      of
      any such plan or arrangement to effect such transfer, or (ii) in the case
      of an ERISA-Restricted Certificate (other than a Residual Certificate, Class
      X
      Certificate or a Class P Certificate) that has been the subject of an
      ERISA-Qualifying Underwriting, and the purchaser is an insurance company, a
      representation that the purchaser is an insurance company that is purchasing
      such Certificates with funds contained in an “insurance company general account”
(as such term is defined in Section V(e) of Prohibited Transaction
      Class Exemption (“PTCE”)
      95-60)
      and that the purchase and holding of such Certificates are covered under
      Sections I and III of PTCE 95-60 or (iii) in the case of any such
      ERISA-Restricted Certificate other than a Residual Certificate, Class X
      Certificate or Class P Certificate presented for registration in the name
      of an employee benefit plan subject to Title I of ERISA, a plan or
      arrangement subject to Section 4975 of the Code (or comparable provisions
      of any subsequent enactments), or a plan subject to Similar Law, or a trustee
      of
      any such plan or any other person acting on behalf of any such plan or
      arrangement or using such plan’s or arrangement’s assets, an Opinion of Counsel
      satisfactory to the Securities Administrator, which Opinion of Counsel shall
      not
      be an expense of the Depositor, the Trustee, the Master Servicer, the Servicer,
      the Securities Administrator or the Trust Fund, addressed to the Securities
      Administrator, to the effect that the purchase or holding of such
      ERISA-Restricted Certificate will not constitute or result in a non-exempt
      prohibited transaction within the meaning of ERISA, Section 4975 of the
      Code or any Similar Law and will not subject the Trustee, the Depositor, the
      Securities Administrator, the Master Servicer or the Servicer to any obligation
      in addition to those expressly undertaken in this Agreement or to any liability.
      For purposes of the preceding sentence, with respect to an ERISA-Restricted
      Certificate that is not a Physical Certificate or a Residual Certificate, in
      the
      event the representation letter referred to in the preceding sentence is not
      furnished, such representation shall be deemed to have been made to the
      Securities Administrator by the transferee’s (including an initial acquirer’s)
      acceptance of the ERISA-Restricted Certificates. Notwithstanding anything else
      to the contrary herein, (a) any purported transfer of an ERISA-Restricted
      Certificate that is a Physical Certificate, other than a Class P
      Certificate, Class X Certificate or Residual Certificate, to or on behalf of
      an
      employee benefit plan subject to ERISA, the Code or Similar Law without the
      delivery to the Securities Administrator of a representation letter or an
      Opinion of Counsel satisfactory to the Securities Administrator as described
      above shall be void and of no effect and (b) any purported transfer of a
      Class P Certificate, Class X Certificate or Residual Certificate to a
      transferee that does not make the representation in clause (i) above
      shall be void and of no effect.

     

    
      
        
        

      

      
        -104-

        
          

        

      

      
        
        

      

    

     

    None
      of
      the Class R, Class X or Class P Certificates may be sold to any
      employee benefit plan subject to Title I of ERISA, any plan subject to
      Section 4975 of the Code, or any plan subject to any Similar Law or any
      person investing on behalf or with plan assets of such plan.

     

    No
      transfer of an ERISA-Restricted Derivative Certificate prior to the termination
      of the Cap Agreement and the Swap Agreement shall be made unless the Securities
      Administrator shall have received a representation letter from the transferee
      of
      such Certificate, substantially in the form set forth in Exhibit I-A or I-B,
      to
      the effect that either (i) such transferee is neither an employee benefit plan
      or arrangement subject to Section 406 of ERISA, a plan subject to Section 4975
      of the Code or a plan subject to Similar Law nor a Person acting on behalf
      of
      any such Plan or using the assets of any such Plan to effect such transfer
      or
      (ii) the acquisition and holding of the ERISA-Restricted Derivative Certificate
      are eligible for exemptive relief under PTCE 84-14, PTCE 90-1, PTCE 91-38,
      PTCE
      95-60 or PTCE 96-23. Notwithstanding anything else to the contrary herein,
      any
      purported transfer of an ERISA-Restricted Derivative Certificate prior to the
      termination of the Cap Agreement and the Swap Agreement on behalf of such Plan
      without the delivery to the Securities Administrator of a representation letter
      as described above shall be void and of no effect. If the ERISA-Restricted
      Derivative Certificate is a Book-Entry Certificate, the transferee will be
      deemed to have made a representation as provided in clause (i) or (ii) of this
      paragraph, as applicable.

     

    
      
        
        

      

      
        -105-

        
          

        

      

      
        
        

      

    

     

    If
      any
      ERISA-Restricted Derivative Certificate, or any interest therein, is acquired
      or
      held in violation of the provisions of the preceding paragraph, the next
      preceding permitted beneficial owner will be treated as the beneficial owner
      of
      that Certificate, retroactive to the date of transfer to the purported
      beneficial owner. Any purported beneficial owner whose acquisition or holding
      of
      an ERISA-Restricted Derivative Certificate, or interest therein, was effected
      in
      violation of the provisions of the preceding paragraph shall indemnify to the
      extent permitted by law and hold harmless the Depositor, the Securities
      Administrator, the Trustee, the Servicer and the Master Servicer from and
      against any and all liabilities, claims, costs or expenses incurred by such
      parties as a result of such acquisition or holding.

     

    To
      the
      extent permitted under applicable law (including, but not limited to, ERISA),
      the Securities Administrator shall be under no liability to any Person for
      any
      registration of transfer of any ERISA-Restricted Certificate or ERISA-Restricted
      Derivative Certificate that is in fact not permitted by this
      Section 5.02(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 so long as, in the case of a Physical Certificate,
      the transfer was registered by the Securities Administrator in accordance with
      the foregoing requirements.

     

    (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 G;

     

    (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 a Non-Permitted Transferee;

     

    (iv) Any
      attempted or purported Transfer of any Ownership Interest in a Residual
      Certificate in violation of the provisions of this Section 5.02(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 5.02(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 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 5.02(a) and this Section 5.02(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, Transferor Certificate and the Rule 144A Letter. The Securities
      Administrator shall be entitled but not obligated to recover from any Holder
      of
      a Residual Certificate that was in fact a Non-Permitted Transferee at the time
      it became a Holder or, at such subsequent time as it became a Non-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; and

     

    
      
        
        

      

      
        -106-

        
          

        

      

      
        
        

      

    

     

    (v) The
      Depositor shall use its best efforts to make available, upon receipt 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 a
      Non-Permitted Transferee.

     

    The
      restrictions on Transfers of a Residual Certificate set forth in this
      Section 5.02(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, which Opinion of Counsel shall not be an expense of the Trust Fund,
      the
      Trustee, the Securities Administrator or the Servicer, to the effect that the
      elimination of such restrictions will not cause any REMIC created hereunder
      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 which,
      based on an Opinion of Counsel 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 a Non-Permitted Transferee and (b) to
      provide for a means to compel the Transfer of a Residual Certificate which
      is
      held by a Person that is a Non-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 5.02 in connection with transfer shall be at the expense of
      the parties to such transfers.

     

    (e) Except
      as
      provided below, the Book-Entry Certificates shall at all times remain registered
      in the name of the Depository or its nominee and at all times:
      (i) registration of the Certificates may not be transferred by the
      Securities Administrator except to another Depository; (ii) the Depository
      shall maintain book-entry records with respect to the Certificate Owners and
      with respect to ownership and transfers of such Book-Entry Certificates;
      (iii) ownership and transfers of registration of the Book-Entry
      Certificates on the books of the Depository shall be governed by applicable
      rules established by the Depository; (iv) the Depository may collect its
      usual and customary fees, charges and expenses from its Depository Participants;
      (v) the Securities Administrator shall deal with the Depository, Depository
      Participants and indirect participating firms as representatives of the
      Certificate Owners of the Book-Entry Certificates for purposes of exercising
      the
      rights of holders under this Agreement, and requests and directions for and
      votes of such representatives shall not be deemed to be inconsistent if they
      are
      made with respect to different Certificate Owners; and (vi) 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
      furnished by the Depository Participants with respect to indirect participating
      firms and persons shown on the books of such indirect participating firms as
      direct or indirect Certificate Owners.

     

    
      
        
        

      

      
        -107-

        
          

        

      

      
        
        

      

    

     

    All
      transfers by Certificate Owners of Book-Entry Certificates shall be made in
      accordance with the procedures established by the Depository Participant or
      brokerage firm representing such Certificate Owner. Each Depository Participant
      shall only transfer Book-Entry Certificates of Certificate Owners it represents
      or of brokerage firms for which it acts as agent in accordance with the
      Depository’s normal procedures.

     

    If
      (x) (i) the Depository or the Depositor advises the Securities
      Administrator in writing that the Depository is no longer willing or able to
      properly discharge its responsibilities as Depository, and (ii) the
      Securities Administrator or the Depositor is unable to locate a qualified
      successor, or (y) the Depositor notifies the Depository (and the Securities
      Administrator consents) of its intent to terminate the book-entry system through
      the Depository and, upon receipt of notice of such intent from the Depository,
      the Depository Participants holding beneficial interests in the Book-Entry
      Certificates agree to initiate such termination, the Securities Administrator
      shall notify all Certificate Owners, through the Depository, of the occurrence
      of any such event and of the availability of definitive, fully registered
      Certificates (the “Definitive
      Certificates”)
      to
      Certificate Owners requesting the same. Upon surrender to the Securities
      Administrator of the related Class of Certificates by the Depository,
      accompanied by the instructions from the Depository for registration, the
      Securities Administrator shall issue the Definitive Certificates. None of the
      Servicer, the Depositor or the Securities Administrator shall be liable for
      any
      delay in delivery of such instruction and each may conclusively rely on, and
      shall be protected in relying on, such instructions. The Depositor shall provide
      the Securities Administrator with an adequate inventory of Certificates to
      facilitate the issuance and transfer of Definitive Certificates. Upon the
      issuance of Definitive Certificates all references herein to obligations imposed
      upon or to be performed by the Depository shall be deemed to be imposed upon
      and
      performed by the Securities Administrator, to the extent applicable with respect
      to such Definitive Certificates and the Securities Administrator shall recognize
      the Holders of the Definitive Certificates as Certificateholders hereunder;
      provided,
      that
      the Securities Administrator shall not by virtue of its assumption of such
      obligations become liable to any party for any act or failure to act of the
      Depository.

     

    (f) Each
      Private Certificate presented or surrendered for registration of transfer or
      exchange shall be accompanied by a written instrument of transfer and
      accompanied by IRS Form W-8ECI, W-8BEN, W-8IMY (and all appropriate attachments)
      or W-9 in form satisfactory to the Securities Administrator, duly executed
      by
      the Certificateholder or his attorney duly authorized in writing. Each
      Certificate presented or surrendered for registration of transfer or exchange
      shall be canceled and subsequently disposed of by the Securities Administrator
      in accordance with its customary practice. No service charge shall be made
      for
      any registration of transfer or exchange of Private Certificates, but the
      Securities Administrator may require payment of a sum sufficient to cover any
      tax or governmental charge that may be imposed in connection with any transfer
      or exchange of Private Certificates.

     

    
      
        
        

      

      
        -108-

        
          

        

      

      
        
        

      

    

     

    Section
      5.03 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
      (b) there is delivered to the Depositor, the Securities Administrator and
      the Trustee such security or indemnity as may be required by them to hold 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 5.03, 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 5.03 shall constitute complete and indefeasible evidence of
      ownership, as if originally issued, whether or not the lost, stolen or destroyed
      Certificate shall be found at any time.

     

    Section
      5.04 Persons
      Deemed Owners.
      The
      Trustee, the Depositor, the Securities Administrator and any agent of the
      Trustee, the Depositor or the Securities Administrator 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 Trustee, the Depositor, the
      Securities Administrator nor any agent of the Trustee, the Depositor or the
      Securities Administrator shall be affected by any notice to the
      contrary.

     

    Section
      5.05 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 which such Certificateholders propose to transmit, or if
      the
      Depositor or the 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
      Servicer or such Certificateholders at such recipients’ expense the most recent
      list of the Certificateholders of such 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.

     

    
      
        
        

      

      
        -109-

        
          

        

      

      
        
        

      

    

     

    Section
      5.06 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 where Certificates may be surrendered
      for registration of transfer or exchange. The Securities Administrator initially
      designates its offices located at Sixth Street and Marquette Avenue,
      Minneapolis, Minnesota 55479. The Securities Administrator shall give prompt
      written notice to the Certificateholders of any change in such location of
      any
      such office or agency.

     

    ARTICLE
      VI

     

    THE
      DEPOSITOR AND THE SERVICER

     

    Section
      6.01 Respective
      Liabilities of the Depositor and the Servicer.
      The
      Depositor and the Servicer shall each be liable in accordance herewith only
      to
      the extent of the obligations specifically and respectively imposed upon and
      undertaken by them herein.

     

    Section
      6.02 Merger
      or Consolidation of the Depositor or the Servicer.
      (a) The Depositor and the Servicer will each keep in full effect its
      existence, rights and franchises as a corporation, under the laws of the United
      States or under the laws of one of the states thereof and will each 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 respective duties under this Agreement.

     

    (b) The
      Servicer shall maintain a net worth of at least $30,000,000 (as determined
      in
      accordance with generally accepted accounting principles) and, to the extent
      that any licenses or permits are applicable to its operations shall maintain
      such licenses or permits as are required for it to do business or service
      residential mortgage loans in any jurisdictions in which the Mortgaged
      Properties are located.

     

    (c) Any
      Person into which the Depositor or the Servicer may be merged or consolidated,
      or any Person resulting from any merger or consolidation to which the Depositor
      or the Servicer shall be a party, or any person succeeding to the business
      of
      the Depositor or the Servicer, shall be the successor of the Depositor or the
      Servicer, as the case may be, hereunder, without the execution or filing of
      any
      paper or any further act on the part of any of the parties hereto, anything
      herein to the contrary notwithstanding; provided,
      however,
      that
      the successor or surviving Person to the Servicer shall make the covenant set
      forth in Section 6.02(a) and (b).

     

    Section
      6.03 Limitation
      on Liability of the Depositor, the Servicer and Others. Neither
      the Depositor, the Servicer, nor any of their respective directors, officers,
      employees or agents, shall be under any liability to the Certificateholders
      for
      any action taken or for refraining from the taking of any action in good faith
      pursuant to this Agreement, or for errors in judgment; provided,
      however,
      that
      this provision shall not protect the Depositor, the Servicer or any such Person
      against any breach of representations or warranties made by it herein or protect
      the Depositor, the Servicer or any such Person from any liability which would
      otherwise be imposed by reasons of willful misfeasance, bad faith or negligence
      (or gross negligence in the case of the Depositor) in the performance of duties
      or by reason of reckless disregard of obligations and duties hereunder. The
      Depositor, its Affiliates, the Servicer and any of their respective directors,
      officers, employees or agents may rely in good faith on any document of any
      kind
      prima facie properly executed and submitted by any Person respecting any matters
      arising hereunder. The Depositor, its Affiliates, the Servicer and any of their
      respective directors, officers, employees or agents shall be indemnified by
      the
      Trust Fund and held harmless against any loss, liability or expense incurred
      in
      connection with any audit, controversy or judicial proceeding relating to a
      governmental taxing authority or any legal action relating to this Agreement
      or
      the Certificates other than any loss, liability or expense related to any
      specific Mortgage Loan or Mortgage Loans (except as any such loss, liability
      or
      expense shall be otherwise reimbursable pursuant to this Agreement and any
      loss,
      liability or expense incurred by reason of willful misfeasance, bad faith or
      negligence (or gross negligence in the case of the Depositor) in the performance
      of duties hereunder or by reason of reckless disregard of obligations and duties
      hereunder. Neither the Depositor nor the Servicer shall be under any obligation
      to appear in, prosecute or defend any legal action that is not incidental to
      its
      respective duties hereunder and which in its opinion may involve it in any
      expense or liability; provided,
      however,
      that
      the Depositor may in its discretion undertake any such action (or direct the
      Trustee to undertake such actions pursuant to Section 2.03 for the benefit
      of the Certificateholders) that it may deem necessary or desirable in respect
      of
      this Agreement and the rights and duties of the parties hereto and interests
      of
      the Trustee and 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 Depositor and the
      Servicer shall be entitled to be reimbursed therefor out of the Collection
      Account.

     

    
      
        
        

      

      
        -110-

        
          

        

      

      
        
        

      

    

     

    Section
      6.04 Limitation
      on Resignation of the Servicer. Subject
      to Section 7.01, 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, the Depositor, the Master Servicer and the Securities
      Administrator with prior written notice to the Trustee 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 resignation shall
      not
      relieve the Servicer of responsibility for any of the obligations specified
      in
      Sections 7.01 and 7.02 as obligations that survive the resignation or
      termination of the Servicer. Any such determination permitting the resignation
      of the Servicer shall be evidenced by an Opinion of Counsel to such effect
      delivered to the Depositor, the Securities Administrator and the Master Servicer
      which Opinion of Counsel shall be in form and substance acceptable to the
      Depositor, the Securities Administrator and the Master Servicer. No such
      resignation shall become effective until a successor shall have assumed the
      Servicer’s responsibilities and obligations hereunder.

     

    Section
      6.05 Additional
      Indemnification by the Servicer; Third Party Claims. Notwithstanding
      the limitations set forth in Section 6.03, the Servicer shall indemnify the
      Depositor, the Master Servicer, the Securities Administrator, the Trustee,
      the
      Trust Fund and any Affiliate, director, officer, employee or agent of the
      Depositor and hold each of them 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 any of
      them may sustain in any way related to any breach by the Servicer, of
      (i) any of its representations and warranties referred to in
      Section 2.03(a), (ii) any error in any tax or information return
      prepared by the Servicer, (iii) the failure of the Servicer to perform its
      duties and service the Mortgage Loans in compliance with the terms of this
      Agreement or (iv) 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 Agreement, including any report under
      Sections 3.22, 3.23, 3.24 and 3.30 or any failure by the Servicer to identify
      pursuant to Section 3.02(c) any Subcontractor that is a Servicing Function
      Participant. The Servicer immediately shall notify the Depositor, the Master
      Servicer, the Securities Administrator and the Trustee 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 Depositor and the Securities Administrator)
      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 Depositor, the Securities
      Administrator or the Trustee in respect of such claim. In
      the
      case of any failure of performance described in clause (iv) of this Section
      6.05, the Servicer shall promptly reimburse the Trustee, the Master Servicer,
      the Securities Administrator or the 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 the transaction relating to this
      Agreement, or for execution of a certification pursuant to Rule 13a-14(d) or
      Rule 15d-14(d) under the Exchange Act with respect to this 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
      indemnity shall survive the termination of this Agreement and the earlier
      resignation or removal of the Servicer and the parties indemnified by the
      Servicer under this paragraph.

     

    
      
        
        

      

      
        -111-

        
          

        

      

      
        
        

      

    

     

    Section
      6.06 Compliance
      with Regulation AB; Cooperation of Parties.
      Notwithstanding any other provision of this Agreement, the Servicer acknowledges
      and agrees that the purpose of Sections 3.02, 3.22, 3.23, 3.24, 3.30, 6.05
      and
      7.01(i) and Exhibit S of this Agreement is to facilitate compliance by the
      Securities Administrator, the Master Servicer and the Depositor with the
      provisions of Regulation AB. Therefore, the Servicer agrees that (a) the
      obligations of the Servicer hereunder shall be interpreted in such a manner
      as
      to accomplish that purpose, (b) such obligations may change over time due to
      interpretive advice or guidance of the Commission, 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 Servicer
      shall agree to enter into such amendments to this Agreement as may be necessary,
      in the judgment of the Servicer, the Depositor, the Master Servicer and the
      Securities Administrator and their respective counsel, to comply with such
      interpretive advice or guidance, convention, consensus, advice of counsel,
      or
      otherwise, (d) the Servicer shall otherwise comply with requests made by the
      Trustee, the Securities Administrator, the Master Servicer or the Depositor,
      and
      mutually agreed upon by the Servicer, for delivery of additional or different
      information reasonably available to the Servicer as such parties may determine
      in good faith is necessary to comply with the provisions of Regulation AB and
      (e) the
      Servicer shall (i) agree to such modifications and enter into such amendments
      to
      this Agreement as may be necessary, in the judgment of the Depositor, the Master
      Servicer and
      the
      Securities Administrator and
      their
      respective counsel
      and
      mutually agreed upon by the Servicer, to
      comply
      with any such clarification, interpretive guidance, convention or consensus
      and
      (ii) promptly
      upon request provide to the Depositor or the Securities Administrator for
      inclusion in any periodic report required to be filed under the Securities
      Exchange Act, such items of information reasonably available to the Servicer
      regarding this Agreement and matters related to the Servicer (collectively,
      the
“Servicer Information”), provided
      that
      such
      information shall be required to be provided by the Servicer only to the extent
      that such shall be determined by the Depositor or the Master Servicer in its
      sole discretion and its counsel to be necessary or advisable to comply with
      any
      Commission and industry guidance and convention.

     

    
      
        
        

      

      
        -112-

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      VII

     

    DEFAULT

     

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

     

    (a) any
      failure by the Servicer to remit to the Master Servicer any payment required
      to
      be made under the terms of this Agreement which continues unremedied for a
      period of one Business Day after the date upon which written notice of such
      failure, requiring the same to be remedied, shall have been given to the
      Servicer by the Depositor or by the Master Servicer, or to the Servicer, the
      Depositor, the Master Servicer, the Securities Administrator and the Trustee
      by
      Certificateholders entitled to at least 25.00% of the Voting Rights in the
      Certificates; or

     

    (b) subject
      to clause (i) of this Section 7.01, the failure on the part of the Servicer
      duly
      to observe or perform in any material respect any other of the covenants or
      agreements on the part of the Servicer set forth in this Agreement which
      continues unremedied for a period of forty-five 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 earlier of (i) the date on which written notice of such
      failure, requiring the same to be remedied, shall have been given to the
      Servicer by the Depositor or by the Master Servicer, or to the Servicer, the
      Depositor, the Master Servicer, the Securities Administrator and the Trustee
      by
      Certificateholders entitled to at least 25.00% of the Voting Rights in the
      Certificates and (ii) actual knowledge of such failure by a Servicing
      Officer of the Servicer; or

     

    (c) 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 Servicer and such decree or order shall have
      remained in force undischarged or unstayed for a period of sixty
      consecutive days; or

     

    (d) 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 Servicer
      or
      of or relating to all or substantially all of its property; or

     

    (e) the
      Servicer shall admit in writing its inability generally 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
      voluntarily suspend payment of its obligations; or

     

    
      
        
        

      

      
        -113-

        
          

        

      

      
        
        

      

    

     

    (f) any
      failure of the Servicer to make any P&I Advance on any Remittance Date
      required to be made from its own funds pursuant to Section 4.01 which
      continues unremedied for one Business Day immediately following the Remittance
      Date; or

     

    (g) a
      breach
      of any representation and warranty of the Servicer referred to in
      Section 2.03(a), which materially and adversely affects the interests of
      the Certificateholders and which continues unremedied for a period of
      thirty days after the date upon which written notice of such breach is
      given to the Servicer by the Master Servicer or by the Depositor, or to the
      Servicer, the Master Servicer, the Depositor, the Securities Administrator
      and
      the Trustee by Certificateholders entitled to at least 25.00% of the Voting
      Rights in the Certificates; or

     

    (h) Fitch
      reduces its primary subprime servicer rating of the Servicer to “RPS3-“ or
      lower, Moody’s reduces its primary subprime servicer rating of the Servicer to
“SQ3” or lower, or Standard & Poor’s reduces its primary subprime servicer
      rating of the Servicer to “Average” or lower, and any such downgrade continues
      unremedied for a period of ninety days; or 

     

    (i) any
      failure by the Servicer to duly perform, within the required time period, its
      obligations under Sections 3.02, 3.22, 3.23, 3.24, 3.29 or 8.12 or any other
      information, data or materials required to be provided hereunder, including
      any
      items required to be included in any Exchange Act report, 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 Servicer by any party to this Agreement or by the Master
      Servicer (but in no event later than March 15);

     

    (j) a
      breach
      of the representations and warranties of the Servicer set forth in Schedule
      II
      hereto, which materially and adversely affects the interests of the
      Certificateholders and which continues unremedied for a period of five days
      after the date upon which written notice of such breach is given to the Servicer
      by the Master Servicer or by the Depositor, or to the Servicer, the Master
      Servicer, the Depositor, the Securities Administrator and the Trustee by
      Certificateholders entitled to at least 25.00% of the Voting Rights in the
      Certificates.
      

     

    If
      an
      Event of Default described in clauses (a) through (j) of this
      Section 7.01 shall occur, then, and in each and every such case, so long as
      such Event of Default shall not have been remedied, the Master Servicer may,
      or
      at the direction of a majority of the Voting Rights the Master Servicer shall,
      by notice in writing to the Servicer related to such Event of Default (with
      a
      copy to each Rating Agency and the Derivative Counterparty), terminate all
      of
      the rights and obligations of the Servicer under this Agreement and in and
      to
      the Mortgage Loans and the proceeds thereof, other than its rights as a
      Certificateholder hereunder; provided,
      however,
      that
      the Master Servicer shall not be required to give written notice to the Servicer
      of the occurrence of an Event of Default described in clauses (b), (c), (d),
      (e), (g), (h), (i) and (j) of this Section 7.01 unless and until a
      Responsible Officer of the Master Servicer has actual knowledge of the
      occurrence of such an event; provided further,
      that
      the Depositor shall give written notice to the Servicer and the Master Servicer
      of the occurrence of an Event of Default described in clause (h) of
      this Section 7.01 upon obtaining actual knowledge of the occurrence of such
      an event. In the event that a Responsible Officer of the Master Servicer has
      actual knowledge of the occurrence of an event of default described in
      clause (a) or (f) of this Section 7.01, the Master Servicer
      shall give written notice to the Servicer of the occurrence of such an event
      within one Business Day of the first day on which such Responsible Officer
      obtains actual knowledge of such occurrence. On and after the receipt by the
      Servicer of such written notice, all authority and power of the Servicer
      hereunder, whether with respect to the Mortgage Loans or otherwise, shall pass
      to and be vested in the Master Servicer. Subject to Section 7.02, the
      Master Servicer is hereby authorized and empowered to execute and deliver,
      on
      behalf of the Servicer, as attorney-in-fact or otherwise, any and all documents
      and other instruments, and to do or accomplish all other acts or things
      necessary or appropriate to effect the purposes of such notice of termination,
      whether to complete the transfer and endorsement or assignment of the Mortgage
      Loans and related documents, or otherwise. Unless expressly provided in such
      written notice, no such termination shall affect any obligation of the Servicer
      to pay amounts owed pursuant to Article VIII. The Servicer agrees to
      cooperate with the Master Servicer in effecting the termination of the
      Servicer’s responsibilities and rights hereunder, including, without limitation,
      the transfer to the Master Servicer of all cash amounts which shall at the
      time
      be credited to the Collection Account, or thereafter be received with respect
      to
      the Mortgage Loans.

     

    
      
        
        

      

      
        -114-

        
          

        

      

      
        
        

      

    

     

    Notwithstanding
      any termination of the activities of the Servicer hereunder, the Servicer shall
      be entitled to receive from the Trust Fund, prior to transfer of its servicing
      obligations hereunder, payment of all accrued and unpaid Servicing Fees and
      reimbursement for all outstanding P&I Advances and Servicing
      Advances.

     

    Section
      7.02 Master
      Servicer to Act; Appointment of Successor.
      On and
      after the time the Servicer receives a notice of termination pursuant to
      Section 3.25 or Section 7.01, the Master Servicer shall, subject to
      and to the extent provided in Section 3.05, and subject to the rights of
      the Master Servicer to appoint a successor servicer pursuant to this Section
      7.02, be the successor to the Servicer in its capacity as servicer under this
      Agreement and the transactions set forth or provided for herein and shall be
      subject to all the responsibilities, duties and liabilities relating thereto
      placed on the Servicer by the terms and provisions hereof and applicable law
      including the obligation to make P&I Advances and Servicing Advances,
      pursuant to Section 3.25 or Section 7.01. It is understood and
      acknowledged by the parties hereto that there will be a period of transition
      before the transfer of servicing obligations is fully effective. Notwithstanding
      the foregoing, the Master Servicer will have a period (not to exceed
      90 days) to complete the transfer of all servicing data and correct or
      manipulate such servicing data as may be required by the Master Servicer to
      correct any errors or insufficiencies in the servicing data or otherwise enable
      the Master Servicer to service the Mortgage Loans in accordance with Accepted
      Servicing Practices. As compensation therefor, the Master Servicer shall be
      entitled to all funds relating to the Mortgage Loans that the Servicer would
      have been entitled to charge to the Collection Account if the Servicer had
      continued to act hereunder including, if the Servicer was receiving the
      Servicing Fee, the Servicing Fee and the income on investments or gain related
      to the Collection Account which the Servicer would be entitled to receive.
      Notwithstanding the foregoing, if the Master Servicer has become the successor
      to the Servicer in accordance with Section 7.01, the Master Servicer may,
      if it shall be unwilling to so act, or shall, if it is prohibited by applicable
      law from making P&I Advances and Servicing Advances pursuant to
      Section 4.01, if it is otherwise unable to so act or at the written request
      of Certificateholders entitled to at least a majority of the Voting Rights,
      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 Servicer hereunder in the assumption of all
      or
      any part of the responsibilities, duties or liabilities of the Servicer
      hereunder. Any successor to the Servicer shall make the covenant set forth
      in
      Section 6.02(b). Any successor to the Servicer shall be an institution
      which is willing to service the Mortgage Loans and which executes and delivers
      to the Depositor and the Master Servicer an agreement accepting such delegation
      and assignment, containing an assumption by such Person of the rights, powers,
      duties, responsibilities, obligations and liabilities of the Servicer (other
      than liabilities of the Servicer under Section 6.03 incurred prior to
      termination of the Servicer under Section 7.01), with like effect as if
      originally named as a party to this Agreement; provided,
      that
      each Rating Agency acknowledges 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. Pending appointment
      of a
      successor to the Servicer hereunder, the Master Servicer, unless the Master
      Servicer is prohibited by law from so acting, shall, subject to
      Section 3.05, act in such capacity as hereinabove provided. In connection
      with such appointment and assumption, the Master Servicer may make such
      arrangements for the compensation of such successor out of payments on Mortgage
      Loans as it and such successor shall agree; provided,
      however,
      that no
      such compensation shall be in excess of the Servicing Fee Rate and amounts
      paid
      to the Servicer from investments. The Master Servicer and such successor
      servicer shall take such action, consistent with this Agreement, as shall be
      necessary to effectuate any such succession. Neither the Master Servicer nor
      any
      other successor to the 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 Servicer to deliver or provide, or any delay in delivering
      or
      providing, any cash, information, documents or records to it.

     

    
      
        
        

      

      
        -115-

        
          

        

      

      
        
        

      

    

     

    Notwithstanding
      the foregoing, the parties hereto agree that the Master Servicer, in its
      capacity as successor servicer, immediately shall assume all of the obligations
      of the Servicer to make Advances and the Master Servicer will assume the other
      duties of the Servicer as soon as practicable, but in no event later than 90
      days after the Master Servicer becomes successor servicer pursuant to the
      preceding paragraph. Notwithstanding the foregoing, the Master Servicer, in
      its
      capacity as successor servicer, shall not be responsible for the lack of
      information and/or documents that it cannot obtain through reasonable
      efforts.

     

    In
      the
      event that the Servicer is terminated pursuant to Section 7.01, the
      terminated Servicer shall provide notices to the Mortgagors, transfer the
      Servicing Files to a successor servicer and pay all of its own out-of-pocket
      costs and expenses at its own expense. In addition, in the event that the
      Servicer is terminated pursuant to Section 7.01, the terminated Servicer
      shall pay all reasonable out-of-pocket costs and expenses of a servicing
      transfer incurred by parties other than the terminated Servicer promptly upon
      presentation of reasonable documentation of such costs. If the Master Servicer
      is the terminated Servicer (except in the case where the Master Servicer in
      its
      role as successor servicer is being terminated pursuant to Section 7.01 by
      reason of an Event of Default caused solely by the Master Servicer as the
      successor servicer and not by the predecessor Servicer’s actions or omissions),
      such costs shall be paid by the prior terminated Servicer promptly upon
      presentation of reasonable documentation of such costs. If the terminated
      Servicer defaults in its obligation to pay such costs and expenses, the same
      shall be paid by the successor servicer or the Master Servicer, in which case
      the successor servicer or the Master Servicer, as applicable, shall be entitled
      to reimbursement therefor from the Trust Fund.

     

    
      
        
        

      

      
        -116-

        
          

        

      

      
        
        

      

    

     

    Any
      successor to the Servicer as servicer shall give notice to the Mortgagors of
      such change of servicer and shall, during the term of its service as servicer,
      maintain in force the policy or policies that the Servicer is required to
      maintain pursuant to Section 3.13.

     

    Section
      7.03 Notification
      to Certificateholders.
      (a)  Upon any termination of or appointment of a successor to the
      Servicer, the Securities Administrator shall give prompt written notice thereof
      to Certificateholders, each Rating Agency and the Derivative
      Counterparty.

     

    (b) Within
      60 days after the occurrence of any Event of Default, the Securities
      Administrator shall transmit by mail to all Certificateholders, each Rating
      Agency and the Derivative Counterparty notice of each such Event of Default
      hereunder known to the Securities Administrator, unless such event shall have
      been cured or waived.

     

    ARTICLE
      VIII

     

    CONCERNING
      THE TRUSTEE

     

    Section
      8.01 Duties
      of the Trustee.
      The
      Trustee, before the occurrence of a Master Servicer Event of Default and after
      the curing of all Master Servicer Events of Default that may have occurred,
      shall undertake to perform such duties and only such duties as are specifically
      set forth in this Agreement. In case a Master Servicer Event of Default has
      occurred and remains uncured, the Trustee shall exercise such of the rights
      and
      powers vested in it by this Agreement, and use the same degree of care and
      skill
      in their exercise as a prudent person would exercise or use under the
      circumstances in the conduct of such person’s own affairs.

     

    The
      Trustee, upon receipt of all resolutions, certificates, statements, opinions,
      reports, documents, orders or other instruments furnished to the Trustee that
      are specifically required to be furnished pursuant to any provision of this
      Agreement, shall examine them to determine whether they are in the form required
      by this Agreement. The Trustee shall not be responsible for the accuracy or
      content of any resolution, certificate, statement, opinion, report, document,
      order, or other instrument.

     

    No
      provision of this Agreement shall be construed to relieve the Trustee from
      liability for its own negligent action, its own negligent failure to act or
      its
      own willful misconduct.

     

    Unless
      an
      Event of Default known to the Trustee has occurred and is
      continuing:

     

    (a) the
      duties and obligations of the Trustee shall be determined solely by the express
      provisions of this Agreement, the Trustee shall not be liable except for the
      performance of the duties and obligations specifically set forth in this
      Agreement, no implied covenants or obligations shall be read into this Agreement
      against the Trustee, and the Trustee may conclusively rely, as to the truth
      of
      the statements and the correctness of the opinions expressed therein, upon
      any
      certificates or opinions furnished to the Trustee and conforming to the
      requirements of this Agreement which it believes in good faith to be genuine
      and
      to have been duly executed by the proper authorities respecting any matters
      arising hereunder;

     

    
      
        
        

      

      
        -117-

        
          

        

      

      
        
        

      

    

     

    (b) the
      Trustee shall not be liable for an error of judgment made in good faith by
      a
      Responsible Officer or Responsible Officers of the Trustee, unless it is finally
      proven that the Trustee was negligent in ascertaining the pertinent facts;
      and

     

    (c) the
      Trustee shall not be liable with respect to any action taken, suffered, or
      omitted to be taken by it in good faith in accordance with the direction of
      the
      Holders of Certificates evidencing not less than 25.00% of the Voting Rights
      of
      Certificates relating to the time, method, and place of conducting any
      proceeding for any remedy available to the Trustee, or exercising any trust
      or
      power conferred upon the Trustee under this Agreement.

     

    Section
      8.02 Certain
      Matters Affecting the Trustee.
      Except
      as otherwise provided in Section 8.01:

     

    (a) the
      Trustee may rely upon and shall be protected in acting or refraining from acting
      upon any resolution, Officer’s Certificate, certificate 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 and the
      Trustee shall have no responsibility to ascertain or confirm the genuineness
      of
      any signature of any such party or parties;

     

    (b) the
      Trustee may consult with counsel, financial advisers or accountants and the
      advice of any such counsel, financial advisers or accountants and any Opinion
      of
      Counsel shall be full and complete authorization and protection in respect
      of
      any action taken or suffered or omitted by it hereunder in good faith and in
      accordance with such advice or Opinion of Counsel;

     

    (c) the
      Trustee shall not be liable for any action taken, suffered or omitted by it
      in
      good faith and believed by it to be authorized or within the discretion or
      rights or powers conferred upon it by this Agreement;

     

    (d) the
      Trustee shall not be bound to make any investigation into the facts or matters
      stated in any resolution, certificate, statement, instrument, opinion, report,
      notice, request, consent, order, approval, bond or other paper or document,
      unless requested in writing to do so by the Holders of Certificates evidencing
      not less than 25.00% of the Voting Rights allocated to each Class of
      Certificates;

     

    (e) the
      Trustee may execute any of the trusts or powers hereunder or perform any duties
      hereunder either directly or by or through agents, accountants, custodians,
      nominees or attorneys and the Trustee shall not be responsible for any
      misconduct or negligence on the part of any agents, accountants or attorneys
      appointed with due care by it hereunder;

     

    (f) the
      Trustee shall not be required to risk or expend its own funds or otherwise
      incur
      any financial liability in the performance of any of its duties or in the
      exercise of any of its rights or powers hereunder if it shall have reasonable
      grounds for believing that repayment of such funds or indemnity satisfactory
      to
      it against such risk or liability is not assured to it;

     

    
      
        
        

      

      
        -118-

        
          

        

      

      
        
        

      

    

     

    (g) the
      Trustee shall not be liable for any loss on any investment of funds pursuant
      to
      this Agreement;

     

    (h) unless
      a
      Responsible Officer of the Trustee has actual knowledge of the occurrence of
      a
      Master Servicer Event of Default or an Event of Default, the Trustee shall
      not
      be deemed to have knowledge of a Master Servicer Event of Default or an Event
      of
      Default until a Responsible Officer of the Trustee shall have received written
      notice thereof;

     

    (i) the
      Trustee shall be under no obligation to exercise any of the trusts, rights
      or
      powers vested in it by this Agreement or to institute, conduct or defend any
      litigation hereunder or in relation hereto at the request, order or direction
      of
      any of the Certificateholders, pursuant to this Agreement, unless such
      Certificateholders shall have offered to the Trustee reasonable security or
      indemnity satisfactory to the Trustee against the costs, expenses and
      liabilities which may be incurred therein or thereby; and

     

    (j) if
      the
      Trustee, in its role as successor master servicer under this Agreement, assumes
      the servicing or master servicing with respect to any of the Mortgage Loans,
      it
      shall not assume liability for the representations and warranties of the
      Servicer or Master Servicer, as applicable, or for any errors or omissions
      of
      the Servicer or Master Servicer, as applicable.

     

    (k) In
      order
      to comply with laws, rules, regulations and executive orders in effect from
      time
      to time applicable to banking institutions, including those relating to the
      funding of terrorist activities and money laundering (“Applicable Law”), the
      Trustee is required to obtain, verify and record certain information relating
      to
      individuals and entities which maintain a business relationship with the
      Trustee. Accordingly, each of the parties agrees to provide to the Trustee
      upon
      its request from time to time such identifying information and documentation
      as
      may be available to such party in order to enable the Trustee to comply with
      Applicable Law.

     

    Section
      8.03 Trustee
      Not Liable for Certificates or Mortgage Loans.
      The
      recitals contained herein and in the Certificates shall be taken as the
      statements of the Depositor and the Trustee assumes no responsibility for their
      correctness. The Trustee makes no representations as to the validity or
      sufficiency of this Agreement, the Cap Agreement, the Swap Agreement, or of
      the
      Certificates or of any Mortgage Loan or related document. The Trustee shall
      not
      be accountable for the use or application by the Depositor, the Master Servicer,
      the Servicer, the Securities Administrator or the Derivative Counterparty of
      any
      funds paid to the Depositor, the Master Servicer, the Servicer, the Securities
      Administrator or the Derivative Counterparty in respect of the Mortgage Loans
      or
      deposited in or withdrawn from the Collection Account, the Distribution Account
      or any other fund or account with respect to the Certificates by the Depositor,
      the Master Servicer, the Servicer, the Securities Administrator or the
      Derivative Counterparty.

     

    
      
        
        

      

      
        -119-

        
          

        

      

      
        
        

      

    

     

    The
      Trustee shall have no responsibility for filing or recording 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.

     

    Section
      8.04 Trustee
      May Own Certificates.
      The
      Trustee in its individual or any other capacity may become the owner or pledgee
      of Certificates with the same rights as it would have if it were not the
      Trustee.

     

    Section
      8.05 Trustee’s
      Fees Indemnification and Expenses.
      (a) As compensation for its activities under this Agreement, the Trustee
      shall be paid its fee by the Master Servicer from the Master Servicer’s own
      funds pursuant to a separate agreement. The Trustee shall have no lien on the
      Trust Fund for the payment of such fees. 

     

    (b)  The
      Trustee shall be entitled to be reimbursed, from funds on deposit in the
      Distribution Account, amounts sufficient to indemnify and hold harmless the
      Trustee and any director, officer, employee, or agent of the Trustee against
      any
      loss, liability, or expense (including reasonable attorneys’ fees) incurred in
      connection with any claim or legal action relating to:

     

    (i) this
      Agreement,

     

    (ii) the
      Certificates, or

     

    (iii) the
      performance of any of the Trustee’s duties under this Agreement,

     

    other
      than any loss, liability, or expense (i) resulting from any breach of the
      Servicer’s obligations in connection with this Agreement for which the Servicer
      has performed its obligation to indemnify the Trustee pursuant to
      Section 6.05, (ii) resulting from any breach of the Mortgage Loan
      Seller’s obligations in connection with this Agreement for which the Mortgage
      Loan Seller has performed its obligation to indemnify the Trustee pursuant
      to
      Section 2.03(h), (iii) resulting from any breach of the Master
      Servicer’s obligation hereunder for which the Master Servicer has performed its
      obligation to indemnify the Trustee pursuant to this Agreement or
      (iv) incurred because of willful misconduct, bad faith, or negligence in
      the performance of any of the Trustee’s duties under this Agreement. Without
      limiting the foregoing, except as otherwise agreed upon in writing by the
      Depositor and the Trustee, and except for any expense, disbursement, or advance
      arising from the Trustee’s negligence, bad faith, or willful misconduct, the
      Trust Fund shall pay or reimburse the Trustee for all reasonable expenses,
      disbursements, and advances incurred or made by the Trustee in accordance with
      this Agreement with respect to:

     

    (A) the
      reasonable compensation, expenses, and disbursements of its counsel not
      associated with the closing of the issuance of the Certificates,
      and

     

    (B) the
      reasonable compensation, expenses, and disbursements of any accountant,
      engineer, or appraiser that is not regularly employed by the Trustee, to the
      extent that the Trustee must engage them to perform services under this
      Agreement.

     

    
      
        
        

      

      
        -120-

        
          

        

      

      
        
        

      

    

     

    The
      Trustee’s right to indemnity and reimbursement under this Section 8.05(b) shall
      survive the termination of this Agreement and the resignation or removal of
      the
      Trustee under this Agreement. 

     

    Except
      as
      otherwise provided in this Agreement or a separate letter agreement between
      the
      Trustee and the Depositor, the Trustee shall not be entitled to payment or
      reimbursement for any routine ongoing expenses incurred by the Trustee in the
      ordinary course of its duties as Trustee under this Agreement or for any other
      routine expenses incurred by the Trustee; provided,
      further,
      that no
      expense shall be reimbursed hereunder if it would not constitute an
“unanticipated expense incurred by the REMIC” within the meaning of the REMIC
      Provisions.

     

    Section
      8.06 Eligibility
      Requirements for the Trustee.
      The
      Trustee hereunder shall at all times be a corporation or 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 of at least $50,000,000, subject to supervision or
      examination by federal or state authority and with a credit rating which would
      not cause any of the Rating Agencies to reduce their respective then current
      ratings of the Certificates (or having provided such security from time to
      time
      as is sufficient to avoid such reduction) as evidenced in writing by each Rating
      Agency. If such corporation or association publishes reports of condition at
      least annually, pursuant to law or to the requirements of the aforesaid
      supervising or examining authority, then for the purposes of this
      Section 8.06 the combined capital and surplus of such corporation or
      association shall be deemed to be its combined capital and surplus as set forth
      in its most recent report of condition so published. In case at any time the
      Trustee shall cease to be eligible in accordance with this Section 8.06,
      the Trustee shall resign immediately in the manner and with the effect specified
      in Section 8.07. The entity serving as Trustee may have normal banking and
      trust relationships with the Depositor and its affiliates, the Master Servicer,
      the Securities Administrator or the Servicer and its affiliates; provided,
      however,
      that
      such entity cannot be an affiliate of the Depositor or the Servicer other than
      the Trustee in its role as successor to the Master Servicer.

     

    Section
      8.07 Resignation
      and Removal of the Trustee.
      The
      Trustee may at any time resign and be discharged from the trusts hereby created
      by giving written notice of resignation to the Depositor, the Master Servicer,
      the Securities Administrator and each Rating Agency not less than 60 days
      before the date specified in such notice, when, subject to Section 8.08,
      such resignation is to take effect and acceptance by a successor trustee in
      accordance with Section 8.08 meeting the qualifications set forth in
      Section 8.06. If no successor trustee meeting such qualifications shall
      have been so appointed and have accepted appointment within 30 days after
      the giving of such notice or resignation, the resigning Trustee may petition
      any
      court of competent jurisdiction for the appointment of a successor
      trustee.

     

    If
      at any
      time the Trustee shall cease to be eligible in accordance with Section 8.06
      and shall fail to resign after written request thereto by the Depositor, or
      if
      at any time the Trustee shall become incapable of acting, or shall be adjudged
      as bankrupt or insolvent, or a receiver of the Trustee or of its property shall
      be appointed, or any public officer shall take charge or control of the Trustee
      or of its property or affairs for the purpose of rehabilitation, conservation
      or
      liquidation, or a tax is imposed with respect to the Trust Fund by any state
      in
      which the Trustee or the Trust Fund is located and the imposition of such tax
      would be avoided by the appointment of a different trustee, then the Depositor
      or the Servicer may remove the Trustee and, subject
      to the approval of the Rating Agencies,
      appoint
      a successor trustee by written instrument, in triplicate, one copy of which
      shall be delivered to the Trustee, one copy to the Servicer and one copy to
      the
      successor trustee.

     

    
      
        
        

      

      
        -121-

        
          

        

      

      
        
        

      

    

     

    The
      Holders of Certificates entitled to at least a majority of the Voting Rights
      may
      at any time remove the Trustee and, subject to the approval of the Rating
      Agencies, appoint a successor trustee by written instrument or instruments,
      in
      triplicate, signed by such Holders or their attorneys-in-fact duly authorized,
      one complete set of which shall be delivered by the successor Trustee to the
      Servicer, one complete set to the Trustee so removed and one complete set to
      the
      successor so appointed. The successor trustee shall notify each Rating Agency
      of
      any removal of the Trustee.

     

    Any
      resignation or removal of the Trustee and appointment of a successor trustee
      pursuant to this Section 8.07 shall become effective upon acceptance of
      appointment by the successor trustee as provided in
      Section 8.08.

     

    Section
      8.08 Successor
      Trustee.
      Any
      successor trustee appointed as provided in Section 8.07 shall execute,
      acknowledge and deliver to the Depositor and to its predecessor trustee and
      the
      Servicer an instrument accepting such appointment hereunder and thereupon the
      resignation or removal of the predecessor trustee shall become effective and
      such successor trustee, without any further act, deed or conveyance, shall
      become fully vested with all the rights, powers, duties and obligations of
      its
      predecessor hereunder, with like effect as if originally named as trustee
      herein. The Depositor, the Servicer and the predecessor trustee shall execute
      and deliver such instruments and do such other things as may reasonably be
      required for more fully and certainly vesting and confirming in the successor
      trustee all such rights, powers, duties, and obligations.

     

    No
      successor trustee shall accept appointment as provided in this Section 8.08
      unless at the time of its acceptance, the successor trustee is eligible under
      Section 8.06 and its appointment does not adversely affect then the current
      rating of the Certificates.

     

    Upon
      acceptance of appointment by a successor trustee as provided in this
      Section 8.08, the Depositor shall mail notice of the succession of such
      trustee hereunder to all Holders of Certificates. If the Depositor fails to
      mail
      such notice within 10 days after acceptance of appointment by the successor
      trustee, the successor trustee shall cause such notice to be mailed at the
      expense of the Depositor.

     

    Section
      8.09 Merger
      or Consolidation of the Trustee.
      Any
      corporation into which the Trustee may be merged or converted or with which
      it
      may be consolidated or any corporation resulting from any merger, conversion
      or
      consolidation to which the Trustee shall be a party, or any corporation
      succeeding to the business of the Trustee, shall be the successor of the Trustee
      hereunder; provided,
      that
      such corporation shall be eligible under Section 8.06 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.

     

    
      
        
        

      

      
        -122-

        
          

        

      

      
        
        

      

    

     

    Section
      8.10 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 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 8.10, such powers, duties, obligations, rights and trusts as the
      Servicer and the Trustee may consider appropriate. If the 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 8.06 and no notice to
      Certificateholders of the appointment of any co-trustee or separate trustee
      shall be required under Section 8.08.

     

    Every
      separate trustee and co-trustee shall, to the extent permitted by law, be
      appointed and act subject to the following provisions and
      conditions:

     

    (a) To
      the
      extent necessary to effectuate the purposes of this Section 8.10, all
      rights, powers, duties and obligations conferred or imposed upon the Trustee,
      except for the obligation of the Trustee (as successor Master Servicer) 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
      as
      Trustee hereunder or as successor to the Master Servicer hereunder), the Trustee
      shall be incompetent or unqualified to perform such act or acts, in which event
      such rights, powers, duties and obligations (including the holding of title
      to
      the applicable 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;

     

    (b) No
      trustee hereunder shall be held personally liable because of any act or omission
      of any other trustee hereunder and such appointment shall not, and shall not
      be
      deemed to, constitute any such separate trustee or co-trustee as agent of the
      Trustee;

     

    (c) The
      Trustee may at any time accept the resignation of or remove any separate trustee
      or co-trustee; and

     

    (d) The
      Trust
      Fund, and not the Trustee, shall be liable for the payment of reasonable
      compensation, reimbursement and indemnification to any such 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 separate trustees and co-trustees, when and as
      effectively as if given to each of them. Every instrument appointing any
      separate trustee or co-trustee shall refer to this Agreement and the conditions
      of this Article VIII. Each separate trustee and co-trustee, upon its
      acceptance of the trusts conferred, shall be vested with the estates or property
      specified in its instrument of appointment, either jointly with the Trustee
      or
      separately, as may be provided therein, subject to all the provisions of this
      Agreement, specifically including every provision of this Agreement relating
      to
      the conduct of, affecting the liability of, or affording protection and
      indemnity to, the Trustee. Every such instrument shall be filed with the Trustee
      and a copy thereof given to the Master Servicer and the Depositor.

     

    
      
        
        

      

      
        -123-

        
          

        

      

      
        
        

      

    

     

    Any
      separate trustee or co-trustee may, at any time, constitute the Trustee its
      agent or attorney-in-fact, with full power and authority, to the extent not
      prohibited by law, to do any lawful act under or in respect of this Agreement
      on
      its behalf and in its name. If any separate trustee or co-trustee shall die,
      become incapable of acting, resign or be removed, all of its estates,
      properties, rights, remedies and trusts shall vest in and be exercised by the
      Trustee, to the extent permitted by law, without the appointment of a new or
      successor trustee.

     

    Section
      8.11 Tax
      Matters.
      It is
      intended that the assets with respect to which any REMIC election pertaining
      to
      the Trust Fund is to be made, as set forth in the Preliminary Statement, shall
      constitute, and that the conduct of matters relating to such assets shall be
      such as to qualify such assets 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 (and the Securities Administrator is hereby appointed to act as
      agent) on behalf of each REMIC created hereunder and that in such capacity
      it
      shall:

     

    (a) prepare
      and file in a timely manner, a U.S. Real Estate Mortgage Investment Conduit
      (REMIC) Income Tax Return (Form 1066 or any successor form adopted by the
      Internal Revenue Service), which return the Trustee shall sign upon receipt
      from
      the Securities Administrator, and the Securities Administrator shall prepare
      and
      file 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 REMIC hereunder 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 to Certificateholders the schedules, statements or
      information at such times and in such manner as may be required
      thereby;

     

    (b) within
      thirty days of the Closing Date, apply for an employer identification
      number from the Internal Revenue Service via Form SS-4 or any other
      acceptable method for all tax entities and shall also furnish 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;

     

    (c) make
      an
      election that each REMIC created hereunder be treated as a REMIC on the federal
      tax return for its first taxable year (and, if necessary, under applicable
      state
      law);

     

    
      
        
        

      

      
        -124-

        
          

        

      

      
        
        

      

    

     

    (d) prepare
      and forward 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 the calculation of any original issue discount using the prepayment
      assumption (as described in the Prospectus Supplement);

     

    (e) provide
      information necessary for the computation of tax imposed on the transfer of
      a
      Residual Certificate to a Person that is a Non-Permitted Transferee, or an
      agent
      (including a broker, nominee or other middleman) of a Non-Permitted Transferee,
      or a pass-through entity in which a Non-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) to
      the
      extent that they are under its control, conduct matters relating to such assets
      at all times that any Certificates are outstanding so as to maintain the status
      of each REMIC created hereunder as a REMIC under the REMIC
      Provisions;

     

    (g) not
      knowingly or intentionally take any action or omit to take any action that
      would
      cause the termination of the REMIC status of any of the REMICs created
      hereunder;

     

    (h) pay,
      from
      the sources specified in the last paragraph of this Section 8.11, the
      amount of any federal or state tax, including prohibited transaction taxes
      as
      described below, imposed on each REMIC created hereunder before its termination
      when and as the same shall be due and payable (but such obligation shall not
      prevent the Securities Administrator 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) cause
      federal, state or local income tax or information returns to be signed by the
      Securities Administrator or, if required by applicable tax law, the Trustee
      or
      such other person as may be required to sign such returns by the Code or state
      or local laws, regulations or rules; and

     

    (j) maintain
      records relating to each REMIC created hereunder, including the income,
      expenses, assets, and liabilities thereof on a calendar year basis and on the
      accrual method of accounting and the adjusted basis of the assets determined
      at
      such intervals as may be required by the Code, as may be necessary to prepare
      the foregoing returns, schedules, statements or information.

     

    The
      Holder of the largest Percentage Interest of the Class R Certificates shall
      act as Tax Matters Person for each REMIC created hereunder, within the meaning
      of Treasury Regulations Section 1.860F-4(d), and the Securities
      Administrator is hereby designated as agent of such Certificateholder for such
      purpose (or if the Securities Administrator is not so permitted, such Holder
      shall be the Tax Matters Person in accordance with the REMIC Provisions). In
      such capacity, the Securities Administrator shall, as and when necessary and
      appropriate, represent each REMIC created hereunder 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
      each REMIC created hereunder, enter into settlement agreements with any
      governmental taxing agency, extend any statute of limitations relating to any
      tax item of each REMIC created hereunder, and otherwise act on behalf of each
      REMIC in relation to any tax matter or controversy involving it.

     

    
      
        
        

      

      
        -125-

        
          

        

      

      
        
        

      

    

     

    The
      Securities Administrator shall treat the beneficial owners of the Certificates
      (other than the Class II-A-5, Class P, Class X and Class R Certificates) as
      having entered into a notional principal contract with the beneficial owners
      of
      the Class X Certificates. Pursuant to each such notional principal contract,
      all
      beneficial owners of the LIBOR Certificates and the Class A-IO Certificates
      shall be treated as having agreed to pay, on each Distribution Date, to the
      beneficial owners of the Class X Certificates an aggregate amount equal to
      the
      excess, if any, of (i) the amount payable on such Distribution Date on the
      interest in the Upper Tier REMIC corresponding to such Class of Certificates
      over (ii) the amount payable on such Class of Certificates on such Distribution
      Date (such excess, a “Class I Shortfall”). A Class I Shortfall payable from
      interest collections shall be allocated to each Class of Certificates (other
      than the Class II-A-5, Class P, Class X and Class R Certificates) to the extent
      that interest accrued on such Class for the related Interest Accrual Period
      at
      the Interest Rate for a Class, computed by substituting “REMIC 3 Net Funds Cap”
for “Group I Available Funds Cap,” “Group II Available Funds Cap” or “Class M
      Available Funds Cap,” as applicable, and “REMIC A-IO Rate” for “Class A-IO
      Available Funds Cap” in the definition thereof, exceeds the amount of interest
      accrued for the related Interest Accrual Period based on the applicable
      Available Funds Cap, and a Class I Shortfall payable from principal collections
      shall be allocated to the most subordinate Class of Certificates with an
      outstanding principal balance to the extent of such balance. In addition,
      pursuant to such notional principal contract, the beneficial owner of the Class
      X Certificates shall be treated as having agreed to pay Basis Risk Carryover
      Amounts to the Owners of the LIBOR Certificates and the Class A-IO Certificates
      in accordance with the terms of this Agreement. Any
      payments to the Certificates in light of the foregoing shall not be payments
      with respect to a “regular interest” in a REMIC within the meaning of Code
      Section 860G(a)(1). However, any payment from the Certificates of a Class I
      Shortfall shall be treated for tax purposes as having been received by the
      beneficial
      owners
      of such
      Certificates in respect of their Interests in the Upper Tier REMIC and as having
      been paid by such beneficial
      owners
      to the
      Supplemental Interest Trust pursuant to the notional principal
      contract. Thus,
      each Certificate (other than a Class II-A-5, Class P and Class R Certificate)
      shall be treated as representing not only ownership of regular interests in
      the
      Upper Tier REMIC, but also ownership of an interest in (and obligations with
      respect to) a notional principal contract. For tax purposes, the notional
      principal contract shall be deemed to have a value in favor of the Certificates
      entitled to receive Basis Risk Carryover Amounts of $10,000 as of the Closing
      Date.

     

    Notwithstanding
      the priority and sources of payments set forth in Article IV hereof or
      otherwise, the Securities Administrator shall account for all distributions
      on
      the Certificates as set forth in this Section 8.11. In no event shall any
      payments of Basis Risk Carryover Amounts provided for in this Section 8.11
      be
      treated as payments
      with respect to a “regular interest” in a REMIC within the meaning of Code
      Section 860G(a)(1). The
      Securities Administrator shall file or cause to be filed with the IRS together
      with Form 1041 or such other form as may be applicable and shall furnish or
      cause to be furnished, to the Class A-IO Certificateholders, the
      Class X Certificateholders and the LIBOR Certificateholders, the respective
      amounts described above that are received, in the time or times and in the
      manner required by the Code.

     

    
      
        
        

      

      
        -126-

        
          

        

      

      
        
        

      

    

     

    To
      enable
      the Securities Administrator to perform its duties under this Agreement, the
      Depositor shall provide to the Securities Administrator within ten days
      after the Closing Date all information or data that the Securities Administrator
      requests in writing and determines to be relevant for tax purposes to the
      valuations and offering prices of the Certificates, including the price, yield,
      prepayment assumption, and projected cash flows of the Certificates and the
      Mortgage Loans. Moreover, the Depositor shall provide information to the
      Securities Administrator concerning the value to each Class of Certificates
      of the right to receive Basis Risk Carryover Amounts from the Excess Reserve
      Fund Account. Unless otherwise advised by the Depositor, for federal income
      tax
      purposes, the Securities Administrator is hereby directed to assign a value
      of
      zero to the right of each Holder allocating the purchase price of an initial
      Offered Certificateholder between such right and the related Upper Tier Regular
      Interest. Thereafter, the Depositor shall provide to the Securities
      Administrator promptly upon written request therefor any additional information
      or data that the Securities Administrator may, from time to time, reasonably
      request to enable the Securities Administrator to perform its duties under
      this
      Agreement; provided,
      however,
      that
      the Depositor shall not be required to provide any information regarding the
      Mortgage Loans that the Servicer is required to provide to the Securities
      Administrator pursuant to this Agreement. The Depositor hereby indemnifies
      the
      Securities Administrator for any losses, liabilities, damages, claims, or
      expenses of the Securities Administrator arising from any errors or
      miscalculations of the Securities Administrator that result from any failure
      of
      the Depositor to provide, pursuant to this paragraph, accurate information
      or
      data to the Securities Administrator on a timely basis.

     

    None
      of
      the Master Servicer, the Securities Administrator or the Trustee shall (i)
      permit the creation of any interests in any REMIC other than the regular and
      residual interests set forth in the Preliminary Statement, (ii) receive any
      amount representing a fee or other compensation for services (except as
      otherwise permitted by this Agreement or the related Mortgage Loan documents)
      or
      (iii) otherwise knowingly or intentionally take any action, cause the Trust
      Fund
      to 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, could (i) endanger the status of any REMIC as a REMIC or (ii)
      result in the imposition of a tax upon any REMIC or 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, or the tax on “net income from foreclosure
      property”) unless the Securities Administrator receives an Opinion of Counsel
      (at the expense of the party seeking to take such action or, if such party
      fails
      to pay such expense, and the Securities Administrator determines that taking
      such action is in the best interest of the Trust Fund and the
      Certificateholders, at the expense of the Trust Fund, but in no event at the
      expense of the Securities Administrator) to the effect that the contemplated
      action will not, with respect to the Trust Fund or any REMIC created hereunder,
      endanger such status or result in the imposition of such a tax).

     

    If
      any
      tax is imposed on “prohibited transactions” of a REMIC created hereunder as
      defined in Section 860F(a)(2) of the Code, on the “net income from
      foreclosure property” of any REMIC created hereunder as defined in
      Section 860G(c) of the Code, on any contribution to any REMIC created
      hereunder after the Startup Day pursuant to Section 860G(d) of the Code, or
      any other tax is imposed, including any minimum tax imposed on either REMIC
      pursuant to Sections 23153 and 24874 of the California Revenue and Taxation
      Code, if not paid as otherwise provided for herein, the tax shall be paid by
      (i) the Master Servicer, the Trustee, or the Securities Administrator, as
      applicable, if such tax arises out of or results from negligence of the Master
      Servicer, the Trustee or the Securities Administrator, as applicable, in the
      performance of any of its obligations under this Agreement, (ii) the Mortgage
      Loan Seller if such tax arises out of or results from the Mortgage Loan Seller’s
      obligation to repurchase a Mortgage Loan pursuant to Section 2.03, (iii) the
      Sponsor, if such tax arises out of or results from the Sponsor’s obligation to
      repurchase a Mortgage Loan pursuant to Section 2.03(k), (iv) the Servicer,
      in
      the case of any such minimum tax, and otherwise if such tax arises out of or
      results from a breach by the Servicer of any of its obligations under this
      Agreement, or (v) in all other cases, or if the Master Servicer, the
      Trustee, the Securities Administrator or the Servicer fails to honor its
      obligations under the preceding clause (i) or (ii), any such tax will
      be paid with amounts otherwise to be distributed to the Certificateholders,
      as
      provided in Section 4.02(a).

     

    
      
        
        

      

      
        -127-

        
          

        

      

      
        
        

      

    

     

    Section
      8.12 Commission
      Reporting.
      (a) The
      Securities Administrator shall, in accordance with industry standards, prepare
      and file with the Commission, via EDGAR, the following reports in respect of
      the
      Trust as and to the extent required under the Exchange Act: 

     

    (i) (A)
      Within 15 days after each Distribution Date (subject to permitted extensions
      under the Exchange Act), the Securities Administrator shall prepare and file
      on
      behalf of the Trust any Form 10-D required by the Exchange Act, in form and
      substance as required by the Exchange Act. The Securities Administrator shall
      file each Form 10-D with a copy of the related Monthly Statement attached
      thereto. Any disclosure in addition to the Monthly Statement that is required
      to
      be included on Form 10-D (“Additional Form 10-D Disclosure”) shall be reported
      by the parties set forth on Exhibit V to the Depositor and the Securities
      Administrator and directed and approved by the Depositor pursuant to the
      following paragraph and the Securities Administrator will have no duty or
      liability for any failure hereunder to determine or prepare any Additional
      Form
      10-D Disclosure, except to the extent of its obligations set forth in the next
      paragraph. 

     

    (B)
      As
      set forth on Exhibit V hereto, within 5 calendar days after the related
      Distribution Date, (i) the parties specified in Exhibit V hereto shall be
      required to provide to the Securities Administrator and to the Depositor, to
      the
      extent known, in EDGAR-compatible form at, or in such other form at as agreed
      upon by the Securities Administrator and such party, the form and substance
      of
      any Additional Form 10-D Disclosure, if applicable, together with an Additional
      Disclosure Notification, 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 Securities Administrator has no duty
      under this Agreement to monitor or enforce the performance by the parties listed
      on Exhibit V of their duties under this paragraph or proactively solicit or
      procure from such parties any Additional Form 10-D Disclosure information.
      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 paragraph.

     

    
      
        
        

      

      
        -128-

        
          

        

      

      
        
        

      

    

     

    (C)
      After
      preparing the Form 10-D, the Securities Administrator shall, upon request,
      forward electronically a copy of the Form 10-D to the Depositor (provided that
      such Form 10-D includes any Additional Form 10-D Disclosure). Within two
      Business Days after receipt of such copy, but no later than the 12th
      calendar
      day after the Distribution Date, the Depositor shall notify the Securities
      Administrator in writing (which may be furnished electronically) of any changes
      to or approval of such Form 10-D. In the absence of receipt of any written
      changes or approval, or if the Depositor does not request a copy of a Form
      10-D,
      the Securities Administrator shall be entitled to assume that such Form 10-D
      is
      in final form and the Securities Administrator may proceed with the process
      for
      execution and filing of the Form 10-D. A duly authorized representative of
      the
      Master Servicer shall sign each Form 10-D. If a Form 10-D cannot be filed on
      time or if a previously filed Form 10-D needs to be amended, the Securities
      Administrator will follow the procedures set forth in paragraph (d) of this
      Section 8.12. Promptly (but no later than one Business Day) after filing with
      the Commission, the Securities Administrator will make available on its internet
      website (located at www.ctslink.com) a final executed copy of each Form 10-D
      filed by the Securities Administrator. Each party to this Agreement acknowledges
      that the performance by each of the Master Servicer and the Securities
      Administrator of its duties under this Section 8.12(a)(i) related to the timely
      preparation, execution and filing of Form 10-D is contingent upon such parties
      strictly observing all applicable deadlines in the performance of their duties
      under this Section 8.12(a)(i). The Depositor acknowledges that the performance
      by each of the Master Servicer and the Securities Administrator of its duties
      under this Section 8.12(i) related to the timely preparation, execution and
      filing of Form 10-D is also contingent upon any Servicing Function Participant
      strictly observing deadlines no later than those set forth in this paragraph
      that are applicable to the parties to this Agreement in the delivery to the
      Securities Administrator of any necessary Additional Form 10-D Disclosure
      pursuant to any applicable agreement. Neither the Master Servicer nor the
      Securities Administrator shall have any liability for any loss, expense, damage,
      claim arising out of or with respect to any failure to properly prepare, execute
      and/or timely file such Form 10-D, where such failure results from the
      Securities Administrator’s inability or failure to receive, on a timely basis,
      any information from any other party hereto or any Servicing Function
      Participant needed to prepare, arrange for execution or file such Form 10-D,
      not
      resulting from its own negligence, bad faith or willful misconduct.

     

    (D) 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 Depositor 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 Depositor was
      required to file such reports) and it has been subject to such filing
      requirement for the past 90 days.” The Securities Administrator shall be
      entitled to rely on such representations in preparing, executing and/or filing
      any such Form 10-D.

     

    
      
        
        

      

      
        -129-

        
          

        

      

      
        
        

      

    

     

    (ii) (A)
      On or
      prior to the 90th
      day
      after the end of each fiscal year of the Trust or such earlier date as may
      be
      required by the Exchange Act (the “10-K
      Filing Deadline”)
      (it
      being understood that the fiscal year for the Trust ends on December
      31st
      of each
      year), commencing in March 2007, the Securities Administrator shall prepare
      and
      file on behalf of the Trust a Form 10-K, in form and substance as required
      by
      the Exchange Act. Each such Form 10-K shall include the following items, in
      each
      case to the extent they have been delivered to the Securities Administrator
      within the applicable time frames set forth in this Agreement, (i) an annual
      compliance statement for the Servicer, the Master Servicer and the Securities
      Administrator and any Servicing Function Participant engaged by any such party
      (together with the Custodian, each a “Reporting
      Servicer”)
      as
      described under Section 3.24(b), (ii)(A) the annual reports on assessment of
      compliance with Servicing Criteria for each Reporting Servicer, as described
      under Section 3.22, and (B) if each Reporting Servicer’s report on assessment of
      compliance with Servicing Criteria described under Section 3.22 identifies
      any
      material instance of noncompliance, disclosure identifying such instance of
      noncompliance, or if each Reporting Servicer’s report on assessment of
      compliance with Servicing Criteria described under Section 3.22 is not included
      as an exhibit to such Form 10-K, disclosure that such report is not included
      and
      an explanation why such report is not included, provided,
      however,
      that
      the Securities Administrator, at its discretion, may omit from the Form 10-K
      any
      assessment of compliance or attestation report described in clause (iii) below
      that is not required to be filed with such Form 10-K pursuant to Regulation
      AB;
      (iii)(A) the registered public accounting firm attestation report for each
      Reporting Servicer, as described under Section 3.23, and (B) if any registered
      public accounting firm attestation report described under Section 3.23
      identifies any material instance of noncompliance, disclosure identifying such
      instance of noncompliance, or if any such registered public accounting firm
      attestation report is not included as an exhibit to such Form 10-K, disclosure
      that such report is not included and an explanation why such report is not
      included, and (iv) a Sarbanes-Oxley Certification as described in Section 3.24.
      Any disclosure or information in addition to (i) through (iv) above that is
      required to be included on Form 10-K (“Additional
      Form 10-K Disclosure”)
      shall
      be reported by the parties set forth on Exhibit W to the Depositor and the
      Securities Administrator and directed and approved by the Depositor pursuant
      to
      the following paragraph and the Securities Administrator will have no duty
      or
      liability for any failure hereunder to determine or prepare any Additional
      Form
      10-K Disclosure, except to the extent of its obligations set forth in the next
      paragraph. 

     

    (B)
      As
      set forth on Exhibit W hereto, no later than March 10 (with a 5 calendar day
      cure period, but in no event later than March 15) of each year that the Trust
      is
      subject to the Exchange Act reporting requirements, commencing in 2007, (i)
      the
      parties specified on Exhibit W shall be required to provide to the Securities
      Administrator and to the Depositor, to the extent known, in EDGAR-compatible
      format, or in such other format as agreed upon by the Securities Administrator
      and such party, the form and substance of any Additional Form 10-K Disclosure,
      if applicable, together with an Additional Disclosure Notification, and (ii)
      the
      Depositor will approve, as to form and substance, or disapprove, as the case
      may
      be, the inclusion of the Additional Form 10-K Disclosure on Form 10-K. The
      Securities Administrator has no duty under this Agreement to monitor or enforce
      the performance by the parties listed on Exhibit W of their duties under this
      paragraph or proactively solicit or procure from such parties any Additional
      Form 10-K Disclosure information. The Depositor will be responsible for any
      reasonable fees and expenses assessed or incurred by the Securities
      Administrator in connection with including any Additional Form 10-K Disclosure
      on Form 10-K pursuant to this Section 8.12 (a) (ii) (B).

     

    
      
        
        

      

      
        -130-

        
          

        

      

      
        
        

      

    

     

    (C)
      After
      preparing the Form 10-K, the Securities Administrator shall, upon request,
      forward electronically a copy of the Form 10-K to the Depositor. Within three
      Business Days after receipt of such copy, but no later than 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, or if the Depositor
      does not request a copy of a Form 10-K, the Securities Administrator shall
      be
      entitled to assume that such Form 10-K is in final form and the Securities
      Administrator may proceed with the process for execution and filing of the
      Form
      10-K. A senior officer of the Master Servicer in charge of the master servicing
      function shall sign the Form 10-K. If a Form 10-K cannot be filed on time or
      if
      a previously filed Form 10-K needs to be amended, the Securities Administrator
      will follow the procedures set forth in paragraph (d) of this Section 8.12.
      Promptly (but no later than one Business Day) after filing with the Commission,
      the Securities Administrator will make available on its internet website a
      final
      executed copy of each Form 10-K filed by the Securities Administrator. The
      parties to this Agreement acknowledge that the performance by the Securities
      Administrator of its duties under this Section 8.12(a)(ii) related to the timely
      preparation, execution and filing of Form 10-K is contingent upon such parties
      strictly observing all applicable deadlines in the performance of their duties
      under this Section 8.12(a)(ii) and Sections 3.22, 3.23 and 3.24. The Depositor
      acknowledges that the performance by the Master Servicer and the Securities
      Administrator of its duties under this Section 8.12(ii) related to the timely
      preparation, execution and filing of Form 10-K is also contingent upon any
      Servicing Function Participant strictly observing deadlines no later than those
      set forth in this paragraph that are applicable to the parties to this Agreement
      in the delivery to the Securities Administrator of any necessary Additional
      Form
      10-K Disclosure, any annual statement of compliance and any assessment of
      compliance and attestation pursuant to any applicable agreement. Neither the
      Master Servicer nor the Securities Administrator shall have any liability for
      any loss, expense, damage, claim arising out of or with respect to any failure
      to properly prepare, execute and/or timely file such Form 10-K, where such
      failure results from the Securities Administrator’s inability or failure to
      obtain or receive, on a timely basis, any information from any other party
      hereto or any Servicing Function Participant needed to prepare, arrange for
      execution or file such Form 10-K, not resulting from its own negligence, bad
      faith or willful misconduct.

     

    
      
        
        

      

      
        -131-

        
          

        

      

      
        
        

      

    

     

    (D) 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 requirement for the past 90 days.” The Depositor shall notify the
      Securities Administrator in writing, no later than the 15th
      calendar
      day of March in any year in which the Trust is subject to the reporting
      requirements of the Exchange Act, if the answer to the questions should be
“no.”
The Depositor 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 Depositor was required to file such reports) and it has been subject
      to
      such filing requirement for the past 90 days.” The Securities Administrator
      shall be entitled to rely on such representations in preparing, executig and/or
      filing any such Form 10-K. 

     

    (iii) (A)
      Within four (4) Business Days after the occurrence of an event requiring
      disclosure on Form 8-K (each such event, a “Reportable
      Event”),
      if
      directed by the Depositor, the Securities Administrator shall prepare and file
      on behalf of the Trust Fund 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 reported by the parties set forth on Exhibit X to the Depositor and the
      Securities Administrator and directed and approved by the Depositor pursuant
      to
      the following paragraph and the Securities Administrator will have no duty
      or
      liability for any failure hereunder to determine or prepare any Form 8-K
      Disclosure Information or any Form 8-K, except to the extent of its obligations
      set forth in the next paragraph. 

     

    (B)
      As
      set forth on Exhibit X hereto, for so long as the Trust is subject to the
      Exchange Act reporting requirements, no later than the close of business New
      York City time on the 2nd Business Day after the occurrence of a Reportable
      Event (i) the parties hereto shall be required to provide to the Securities
      Administrator and the Depositor, to the extent known, in EDGAR-compatible
      format, or in such other format as agreed upon by the Securities Administrator
      and such party, the form and substance of any Form 8-K Disclosure Information,
      if applicable, together with an Additional Disclosure Notification, and (ii)
      the
      Depositor will approve, as to form and substance, or disapprove, as the case
      may
      be, the inclusion of the Form 8-K Disclosure Information. The Depositor will
      be
      responsible for any reasonable fees and expenses assessed or incurred by the
      Securities Administrator in connection with including any Form 8-K Disclosure
      Information on Form 8-K pursuant to this paragraph. 

     

    (C)
      After
      preparing the Form 8-K, the Securities Administrator shall, upon request,
      forward electronically a copy of the Form 8-K to the Depositor. Promptly, but
      no
      later than the close of business on the third Business Day after the Reportable
      Event, the Depositor shall notify the Securities Administrator in writing (which
      may be furnished electronically) of any changes to or approval of such Form
      8-K.
      In the absence of receipt of any written changes or approval, or if the
      Depositor does not request a copy of a Form 8-K, the Securities Administrator
      shall be entitled to assume that such Form 8-K is in final form and the
      Securities Administrator may proceed with the process for execution and filing
      of the Form 8-K. A duly authorized representative of the Master Servicer shall
      sign each Form 8-K. If a Form 8-K cannot be filed on time or if a previously
      filed Form 8-K needs to be amended, the Securities Administrator will follow
      the
      procedures set forth in paragraph (d) of this Section 8.12. Promptly (but no
      later than one Business Day) after filing with the Commission, the Securities
      Administrator will make available on its internet website (located at
      www.ctslink.com) a final executed copy of each Form 8-K filed by the Securities
      Administrator. The parties to this Agreement acknowledge that the performance
      by
      the Securities Administrator of its duties under this Section 8.12(d)(iii)
      related to the timely preparation, execution and filing of Form 8-K is
      contingent upon such parties strictly observing all applicable deadlines in
      the
      performance of their duties under this Section 8.12(d)(iii). The Depositor
      acknowledges that the performance by the Master Servicer and the Securities
      Administrator of its duties under this Section 8.12(iii) related to the timely
      preparation, execution and filing of Form 10-D is also contingent upon any
      Servicing Function Participant strictly observing deadlines no later than those
      set forth in this paragraph that are applicable to the parties to this Agreement
      in the delivery to the Securities Administrator of any necessary Form 8-K
      Disclosure Information pursuant to the related any applicable agreement. The
      Securities Administrator shall have no liability for any loss, expense, damage,
      claim arising out of or with respect to any failure to properly prepare and/or
      timely file such Form 8-K, where such failure results from the Securities
      Administrator’s inability or failure to obtain or receive, on a timely basis,
      any information from any other party hereto or any Servicing Function
      Participant needed to prepare, arrange for execution or file such Form 8-K,
      not
      resulting from its own negligence, bad faith or willful misconduct.

     

    
      
        
        

      

      
        -132-

        
          

        

      

      
        
        

      

    

    

    (b) The
      Depositor acknowledges and agrees that the Securities Administrator may include
      in any Exchange Act report all relevant information, data, and exhibits as
      the
      Securities Administrator may receive in connection with such report irrespective
      of any provision or Regulation AB that may permit the exclusion of such
      material. By the way of example, the Securities Administrator may file all
      assessments of compliance, attestation reports and compliance statements timely
      received from any Item 1122 Servicing Function Participant irrespective of
      any
      applicable minimum pool asset percentage requirement for disclosure related
      to
      such Servicing Function Participant.

    

    (c) The
      Depositor agrees to furnish promptly to the Securities Administrator, from
      time
      to time upon request, such additional information, data, reports, documents,
      and
      financial statements within the Depositor’s possession or control as the
      Securities Administrator reasonably requests as necessary or appropriate to
      prepare and file the foregoing reports. The Securities Administrator shall
      make
      available to the Depositor copies of all Exchange Act reports filed
      hereunder.

     

    
      
        
        

      

      
        -133-

        
          

        

      

      
        
        

      

    

     

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

    

    (ii)
      In
      the event that the Securities Administrator is unable to timely file with the
      Commission all or any required portion of any Form 8-K, 10-D or 10-K required
      to
      be filed by this Agreement because required disclosure information was either
      not delivered to it or delivered to it after the delivery deadlines set forth
      in
      this Agreement or for any other reason, the Securities Administrator will
      promptly notify electronically the Depositor. In the case of Form 10-D and
      10-K,
      the parties to this Agreement will cooperate to prepare and file a Form 12b-25
      and a 10-DA and 10-KA as applicable, pursuant to Rule 12b-25 of the Exchange
      Act. In the case of Form 8-K, the Securities Administrator will, upon receipt
      of
      all required Form 8-K Disclosure Information and upon the approval and direction
      of the Depositor, include such disclosure information on the next Form 10-D.
      In
      the event that any previously filed Form 8-K, 10-D or 10-K needs to be amended
      in connection with any Additional Form 10-D Disclosure (other than, in the
      case
      of Form 10-D, for the purpose of restating any Monthly Statement), Additional
      Form 10-K Disclosure or Form 8-K Disclosure Information, the Securities
      Administrator will notify electronically the Depositor and such other parties
      to
      this Agreement as are affected by this Amendment and such parties will cooperate
      to prepare any necessary 8-KA, 10-DA or 10-KA. Any Form 15, Form 12b-25 or
      any
      amendment to Form 8-K, 10-D or 10-K shall be signed by a duly authorized
      representative or senior officer in charge of master servicing, as applicable,
      of the Master Servicer. The parties to this Agreement acknowledge that the
      performance by each of the Master Servicer and the Securities Administrator
      of
      its duties under this Section 8.12(d) related to the timely preparation,
      execution and filing of Form 15, a Form 12b-25 or any amendment to Form 8-K,
      10-D or 10-K is contingent upon each such party performing its duties under
      this
      Section. Neither the Master Servicer nor the Securities Administrator shall
      have
      any liability for any loss, expense, damage, claim arising out of or with
      respect to any failure to properly prepare, execute and/or timely file any
      such
      Form 15, Form 12b-25 or any amendments to Forms 8-K, 10-D or 10-K, where such
      failure results from the Securities Administrator’s inability or failure to
      obtain or receive, on a timely basis, any information from any other party
      hereto or any Servicing Function Participant needed to prepare, arrange for
      execution or file such Form 15, Form 12b-25 or any amendments to Forms 8-K,
      10-D
      or 10-K, not resulting from its own negligence, bad faith or willful misconduct.
      The Depositor shall be responsible for all costs and expenses of the Securities
      Administrator related to the preparation and filing of any such amendment.
      Notwithstanding the foregoing, if any Form 10-D needs to be amended solely
      to
      change the information contained in the Monthly Statement, the Securities
      Administrator shall not be required to notify the Depositor of such
      amendment.

    

    (e) Other
      than the Exchange Act reports specified above, the Securities Administrator
      shall have no responsibility to file any items or reports with the Commission
      under the Exchange Act or otherwise; provided,
      however,
      the
      Securities Administrator and Master Servicer will cooperate with the Depositor
      in connection with any additional filings with respect to the Trust as the
      Depositor deems necessary under the Exchange Act.

     

    
      
        
        

      

      
        -134-

        
          

        

      

      
        
        

      

    

     

    (f) The
      Depositor shall pay all costs and expenses of the Securities Administrator
      related to the preparation and filing of any current report on Form 8-K, any
      periodic report on Form 10-D (other than the costs and expense of the Securities
      Administrator associated with the preparation and filing of the Monthly
      Statement), or any amendment to any Exchange Act report. Except as otherwise
      provided herein, all expenses incurred by the Securities Administrator in
      connection with its preparation and filing of Exchange Act reports hereunder
      shall not be reimbursable from the Trust.

    

    (g) Any
      notice required under this Section 8.12 may be given by facsimile or by
      electronic mail.

     

    Section
      8.13 Tax
      Classification of the Excess Reserve Fund Account and the Supplemental Interest
      Trust.
      For
      federal income tax purposes, the Securities Administrator shall treat the Excess
      Reserve Fund Account and the Supplemental Interest Trust as beneficially owned
      by the holders of the Class X Certificates and shall treat such portion of
      the Trust Fund as a grantor trust, within the meaning of subpart E,
      Part I of subchapter J of the Code. 

     

    ARTICLE
      IX

     

    ADMINISTRATION
      OF THE MORTGAGE LOANS

    BY
      THE MASTER SERVICER

     

    Section
      9.01 Duties
      of the Master Servicer; Enforcement of Servicer Obligations. (a) 
      The Master Servicer, on behalf of the Trustee, the Securities Administrator,
      the
      Depositor and the Certificateholders, shall monitor the performance of the
      obligations of the Servicer under this Agreement, and (except as set forth
      below) shall use its reasonable good faith efforts to cause the Servicer to
      duly
      and punctually perform its duties and obligations hereunder. Upon the occurrence
      of an Event of Default of which a Responsible Officer of the Master Servicer
      has
      actual knowledge, the Master Servicer shall promptly notify the Securities
      Administrator and the Trustee and shall specify in such notice the action,
      if
      any, the Master Servicer plans to take in respect of such default. So long
      as an
      Event of Default shall occur and be continuing, the Master Servicer shall take
      the actions specified in Article VII. 

     

    If
      (i) the Servicer reports a delinquency on a monthly report and
      (ii) the Servicer, by 11 a.m. (New York Time) on the related
      Remittance Date, neither makes an Advance nor provides the Securities
      Administrator and the Master Servicer with an Officer’s Certificate certifying
      that such an Advance would be a Nonrecoverable P&I Advance or Nonrecoverable
      Servicing Advance, then the Master Servicer shall deposit in the Distribution
      Account not later than the Business Day immediately preceding the related
      Distribution Date an Advance in an amount equal to the difference between
      (x) with respect to each Monthly Payment due on a Mortgage Loan that is
      delinquent (other than Relief Act Interest Shortfalls) and for which the
      Servicer was required to make an Advance pursuant to this Agreement and
      (y) amounts deposited in the Collection Account to be used for Advances
      with respect to such Mortgage Loan, except to the extent the Master Servicer
      determines any such Advance to be a Nonrecoverable P&I Advance or
      Nonrecoverable Servicing Advance. Subject to the foregoing and
      Section 7.02, the Master Servicer shall continue to make such Advances for
      so long as the Servicer is required to do so under this Agreement. If
      applicable, on the Business Day immediately preceding the Distribution Date,
      the
      Master Servicer shall deliver an Officer’s Certificate to the Trustee stating
      that the Master Servicer elects not to make an Advance in a stated amount and
      detailing the reason(s) it deems the Advance to be a Nonrecoverable P&I
      Advance or Nonrecoverable Servicing Advance. Any amounts deposited by the Master
      Servicer pursuant to this Section 9.01 shall be net of the Servicing Fee
      for the related Mortgage Loans.

     

    
      
        
        

      

      
        -135-

        
          

        

      

      
        
        

      

    

     

    (b) The
      Master Servicer shall pay the costs of monitoring the Servicer as required
      hereunder (including costs associated with (i) termination of the Servicer,
      (ii) the appointment of a successor servicer or (iii) the transfer to
      and assumption of, the servicing by the Master Servicer) and shall, to the
      extent permitted hereunder, seek reimbursement therefor initially from the
      terminated Servicer. In the event the full costs associated with the transition
      of servicing responsibilities to the Master Servicer are not paid for by the
      predecessor or successor servicer (provided such successor servicer is not
      the
      Master Servicer), the Master Servicer may be reimbursed therefor by the Trust
      for all costs incurred by the Master Servicer associated with any such transfer
      of servicing duties from the Servicer to the Master Servicer or any other
      successor servicer.

     

    (c) If
      the
      Master Servicer assumes the servicing with respect to any of the Mortgage Loans,
      it will not assume liability for the representations and warranties of the
      Servicer it replaces or for any errors or omissions of the
      Servicer.

     

    (d) Neither
      the Depositor nor the Securities Administrator shall consent to the assignment
      by the Servicer of the Servicer’s rights and obligations under this Agreement
      without the prior written consent of the Master Servicer, which consent shall
      not be unreasonably withheld.

     

    Section
      9.02 [Reserved].
      

     

    Section
      9.03  [Reserved].
      

     

    Section
      9.04 Maintenance
      of Fidelity Bond and Errors and Omissions Insurance. 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, directors, 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
      9.05 Representations
      and Warranties of the Master Servicer.
      (a) The
      Master Servicer hereby represents and warrants to the Depositor, the Securities
      Administrator and the Trustee, for the benefit of the Certificateholders, as
      of
      the Closing Date that:

     

    (i) it
      is a
      national banking association validly existing and in good standing under the
      laws of the United States of America, and as Master Servicer has full power
      and
      authority to transact any and all business contemplated by this Agreement and
      to
      execute, deliver and comply with its obligations under the terms of this
      Agreement, the execution, delivery and performance of which have been duly
      authorized by all necessary corporate action on the part of the Master
      Servicer;

     

    
      
        
        

      

      
        -136-

        
          

        

      

      
        
        

      

    

     

    (ii) the
      execution and delivery of this Agreement by the Master Servicer and its
      performance and compliance with the terms of this Agreement will not
      (A) violate the Master Servicer’s charter or bylaws, (B) violate any
      law or regulation or any administrative decree or order to which it is subject
      or (C) constitute a default (or an event which, with notice or lapse of
      time, or both, would constitute a default) under, or result in the breach of,
      any material contract, agreement or other instrument to which the Master
      Servicer is a party or by which it is bound or to which any of its assets are
      subject, which violation, default or breach would materially and adversely
      affect the Master Servicer’s ability to perform its obligations under this
      Agreement;

     

    (iii) this
      Agreement constitutes, assuming due authorization, execution and delivery hereof
      by the other respective parties hereto, a legal, valid and binding obligation
      of
      the Master Servicer, enforceable against it in accordance with the terms hereof,
      except as such enforcement may be limited by bankruptcy, insolvency,
      reorganization, moratorium and other laws affecting the enforcement of
      creditors’ rights in general, and by general equity principles (regardless of
      whether such enforcement is considered in a proceeding in equity or at
      law);

     

    (iv) the
      Master Servicer is not in default with respect to any order or decree of any
      court or any order or regulation of any federal, state, municipal or
      governmental agency to the extent that any such default would materially and
      adversely affect its performance hereunder;

     

    (v) the
      Master Servicer is not a party to or bound by any agreement or instrument or
      subject to any charter provision, bylaw or any other corporate restriction
      or
      any judgment, order, writ, injunction, decree, law or regulation that may
      materially and adversely affect its ability as Master Servicer to perform its
      obligations under this Agreement or that requires the consent of any third
      person to the execution of this Agreement or the performance by the Master
      Servicer of its obligations under this Agreement;

     

    (vi) no
      litigation is pending or, to the best of the Master Servicer’s knowledge,
      threatened against the Master Servicer which would prohibit its entering into
      this Agreement or performing its obligations under this Agreement;

     

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

     

    (viii) the
      consummation of the transactions contemplated by this Agreement are in the
      ordinary course of business of the Master Servicer.

     

    
      
        
        

      

      
        -137-

        
          

        

      

      
        
        

      

    

     

    (b) It
      is
      understood and agreed that the representations and warranties set forth in
      this
      Section shall survive the execution and delivery of this Agreement. The Master
      Servicer shall indemnify the Depositor, the Servicer, Securities Administrator,
      the Trustee and the Trust and hold them harmless against any loss, damages,
      penalties, fines, forfeitures, reasonable legal fees and related costs,
      judgments, and other reasonable costs and expenses resulting from any claim,
      demand, defense or assertion based on or grounded upon, or resulting from,
      a
      material breach of the Master Servicer’s representations and warranties
      contained in Section 9.05(a) above. It is understood and agreed that the
      enforcement of the obligation of the Master Servicer set forth in this
      Section 9.05 to indemnify the Depositor, the Servicer, Securities
      Administrator, the Trustee and the Trust constitutes the sole remedy of the
      Depositor and the Trustee, respecting a breach of the foregoing representations
      and warranties. Such indemnification shall survive any termination of the Master
      Servicer as Master Servicer hereunder, any termination of this Agreement and
      resignation or removal of the Trustee.

     

    Any
      cause
      of action against the Master Servicer relating to or arising out of the breach
      of any representations and warranties made in this Section shall accrue upon
      discovery of such breach by either the Depositor, the Master Servicer,
      Securities Administrator or the Trustee or notice thereof by any one of such
      parties to the other parties.

     

    Section
      9.06 Master
      Servicer Events of Default.
      Each of
      the following shall constitute a “Master
      Servicer Event of Default”:

     

    (a) any
      failure by the Master Servicer to deposit in the Distribution Account any
      payment received by it from the Servicer to make any P&I Advance or required
      to be made by the Master Servicer 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 Master Servicer by any other party
      hereto;

     

    (b) failure
      by the Master Servicer to duly observe or perform, in any material respect,
      any
      other covenants, obligations or agreements of the Master Servicer as 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 Master Servicer by the
      Trustee or to the Master Servicer and Trustee by the holders of Certificates
      evidencing at least 25.00% of the Voting Rights;

     

    (c) 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 Master Servicer and such decree or order shall
      have remained in force, undischarged or unstayed for a period of sixty
      (60) days;

     

    (d) the
      Master Servicer 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 Master
      Servicer or relating to all or substantially all of its property;

     

    
      
        
        

      

      
        -138-

        
          

        

      

      
        
        

      

    

     

    (e) the
      Master Servicer 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
      voluntarily suspend payment of its obligations for three (3) Business
      Days;

     

    (f) Except
      as
      otherwise set forth herein, the Master Servicer attempts to assign this
      Agreement or its responsibilities hereunder or to delegate its duties hereunder
      (or any portion thereof) without the consent of the Securities Administrator
      and
      the Depositor; 

     

    (g) the
      indictment of the Master Servicer for the taking of any action by the Master
      Servicer, any Affiliate or any director or employee thereof that constitutes
      fraud or criminal activity in the performance of its obligations under this
      Agreement, in each case, where such indictment materially and adversely affects
      the ability of the Master Servicer to perform its obligations under this
      Agreement (subject to the condition that such indictment is not dismissed within
      ninety (90) days); or

     

    (h) failure
      of the Master Servicer to timely provide the Depositor with the assessment,
      attestation and annual statement of compliance required by Item 1122 of
      Regulation AB in accordance with Sections 3.22, 3.23 and 3.24.

     

    In
      each
      and every such case, so long as a Master Servicer Event of Default shall not
      have been remedied, in addition to whatever rights the Trustee may have at
      law
      or equity to damages, including injunctive relief and specific performance,
      the
      Trustee, by notice in writing to the Master Servicer, may, and upon the request
      of the Holders of Certificates representing at least 51.00% of the Voting Rights
      shall, terminate with cause all the rights and obligations of the Master
      Servicer under this Agreement.

     

    Upon
      receipt by the Master Servicer of such written notice, all authority and power
      of the Master Servicer under this Agreement, shall pass to and be vested in
      any
      successor master servicer appointed hereunder which accepts such appointments.
      Upon written request from the Trustee or the Depositor, the Master Servicer
      shall prepare, execute and deliver to the successor entity designated by the
      Trustee any and all documents and other instruments related to the performance
      of its duties hereunder as the Master Servicer and, place in such successor’s
      possession all such documents with respect to the master servicing of the
      Mortgage Loans and do or cause to be done all other acts or things necessary
      or
      appropriate to effect the purposes of such notice of termination, at the Master
      Servicer’s sole expense. The Master Servicer shall cooperate with the Trustee
      and such successor master servicer in effecting the termination of the Master
      Servicer’s responsibilities and rights hereunder, including without limitation,
      the transfer to such successor master servicer for administration by it of
      all
      cash amounts which shall at the time be credited to the Distribution Account
      or
      are thereafter received with respect to the Mortgage Loans.

     

    Section
      9.07 Waiver
      of Default. By
      a
      written notice, the Trustee may at the direction of Holders of Certificates
      evidencing at least 51.00% of the Voting Rights waive any default by the Master
      Servicer 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
      Master Servicer 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.

     

    
      
        
        

      

      
        -139-

        
          

        

      

      
        
        

      

    

     

    Section
      9.08 Successor
      to the Master Servicer. Upon
      termination of the Master Servicer’s responsibilities and duties under this
      Agreement, the Trustee shall appoint a successor, which shall succeed to all
      rights and assume all of the responsibilities, duties and liabilities of the
      Master Servicer under this Agreement prior to the termination of the Master
      Servicer. Any successor shall be a Fannie Mae and Freddie Mac approved servicer
      in good standing and acceptable to the Depositor and the Rating Agencies. In
      connection with such appointment and assumption, the Trustee may make such
      arrangements for the compensation of such successor out of payments on Mortgage
      Loans as it and such successor shall agree; provided,
      however,
      that in
      no event shall the master servicing fee paid to such successor master servicer
      exceed that paid to the Master Servicer hereunder. In the event that the Master
      Servicer’s duties, responsibilities and liabilities under this Agreement are
      terminated, the Master Servicer shall continue to discharge its duties and
      responsibilities hereunder until the effective date of such termination 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 of its successor. The termination of the Master Servicer
      shall not become effective until a successor shall be appointed pursuant hereto
      and shall in no event (i) relieve the Master Servicer of responsibility for
      the representations and warranties made pursuant to Section 9.05(a) hereof
      and the remedies available to the Trustee under Section 9.05(b) hereof, it
      being understood and agreed that the provisions of Section 9.05 hereof
      shall be applicable to the Master Servicer notwithstanding any such sale,
      assignment, resignation or termination of the Master Servicer or the termination
      of this Agreement; or (ii) affect the right of the Master Servicer to
      receive payment and/or reimbursement of any amounts accruing to it hereunder
      prior to the date of termination (or during any transition period in which
      the
      Master Servicer continues to perform its duties hereunder prior to the date
      the
      successor master servicer fully assumes its duties).

     

    If
      no
      successor Master Servicer has accepted its appointment within 90 days of
      the time the Trustee receives the resignation of the Master Servicer, the
      Trustee shall be the successor Master Servicer in all respects under this
      Agreement and shall have all the rights and powers and be subject to all the
      responsibilities, duties and liabilities relating thereto, including the
      obligation to make Advances; provided,
      however,
      that
      any failure to perform any duties or responsibilities caused by the Master
      Servicer’s failure to provide information required by this Agreement shall not
      be considered a default by the Trustee hereunder. In the Trustee’s capacity as
      such successor, the Trustee shall have the same limitations on liability herein
      granted to the Master Servicer. Notwithstanding anything herein to the contrary,
      the Trustee in its role as successor Master Servicer shall have no obligation
      to
      monitor or supervise the Servicer, shall only have the obligation to make
      Advances if it terminates the Servicer pursuant to Section 7.01 (in its role
      as
      successor Master Servicer), and shall make such Advances only pursuant to
      Section 7.02. As compensation therefor, the Trustee shall be entitled to receive
      the compensation, reimbursement and indemnities otherwise payable to the Master
      Servicer, including the fees and other amounts payable pursuant to
      Section 9.09 hereof. 

     

    Any
      successor master servicer appointed as provided herein, shall execute,
      acknowledge and deliver to the Master Servicer and to the Trustee an instrument
      accepting such appointment, wherein the successor shall make the representations
      and warranties set forth in Section 9.05 hereof, and whereupon such
      successor shall become fully vested with all of the rights, powers, duties,
      responsibilities, obligations and liabilities of the Master Servicer, with
      like
      effect as if originally named as a party to this Agreement. Any termination
      or
      resignation of the Master Servicer or termination of this Agreement shall not
      affect any claims that the Trustee may have against the Master Servicer arising
      out of the Master Servicer’s actions or failure to act prior to any such
      termination or resignation or in connection with the Trustee’s assumption of
      such obligations, duties and responsibilities. 

     

    
      
        
        

      

      
        -140-

        
          

        

      

      
        
        

      

    

     

    Upon
      a
      successor’s acceptance of appointment as such, the Master Servicer shall notify
      by mail the Trustee of such appointment.

     

    Section
      9.09 Compensation
      of the Master Servicer. As
      compensation for its activities under this Agreement, the Master Servicer shall
      be paid the Master Servicing Fee.

     

    Section
      9.10 Merger
      or Consolidation. Any
      Person into which the Master Servicer may be merged or consolidated, or any
      Person resulting from any merger, conversion, other change in form or
      consolidation to which the Master Servicer shall be a party, or any Person
      succeeding to the business of the Master Servicer, shall be the successor to
      the
      Master 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 resulting Person to the Master Servicer shall (i) be a
      Person (or have an Affiliate) that is qualified and approved to service mortgage
      loans for Fannie Mae and Freddie Mac (provided further
      that a
      successor Master Servicer that satisfies subclause (i) through an
      Affiliate agrees to service the Mortgage Loans in accordance with all applicable
      Fannie Mae and Freddie Mac guidelines) and (ii) have a net worth of not
      less than $25,000,000.

     

    Section
      9.11 Resignation
      of the Master Servicer. Except
      as
      otherwise provided in Sections 9.08 and 9.10 hereof, the Master Servicer
      shall not resign from the obligations and duties hereby imposed on it unless
      the
      Master Servicer’s duties hereunder are no longer permissible under applicable
      law or are in material conflict by reason of applicable law with any other
      activities carried on by it and cannot be cured. Any such determination
      permitting the resignation of the Master Servicer shall be evidenced by an
      Opinion of Counsel that shall be independent to such effect delivered to the
      Trustee. No such resignation shall become effective until the Trustee shall
      have
      assumed, or a successor master servicer satisfactory to the Trustee and the
      Depositor shall have assumed, the Master Servicer’s responsibilities and
      obligations under this Agreement. Notice of such resignation shall be given
      promptly by the Master Servicer and the Depositor to the Trustee.

     

    If
      at any
      time, Wells Fargo, as Master Servicer, resigns under this Section 9.11, or
      is removed as Master Servicer pursuant to Section 9.06, then at such time
      Wells Fargo shall also resign (and shall be entitled to resign) as Securities
      Administrator under this Agreement.

     

    Section
      9.12 Assignment
      or Delegation of Duties by the Master Servicer. Except
      as
      expressly provided herein, the Master Servicer shall not assign or transfer
      any
      of its rights, benefits or privileges hereunder to any other Person, or delegate
      to or subcontract with, or authorize or appoint any other Person to perform
      any
      of the duties, covenants or obligations to be performed by the Master Servicer;
      provided,
      however,
      that
      the Master Servicer shall have the right with the prior written consent of
      the
      Depositor (which shall not be unreasonably withheld or delayed), and upon
      delivery to the Trustee and the Depositor of a letter from each Rating Agency
      to
      the effect that such action shall not result in a downgrade of the ratings
      assigned to any of the Certificates, to delegate or assign to or subcontract
      with or authorize or appoint any qualified Person to perform and carry out
      any
      duties, covenants or obligations to be performed and carried out by the Master
      Servicer hereunder. Notice of such permitted assignment shall be given promptly
      by the Master Servicer to the Depositor and the Trustee. If, pursuant to any
      provision hereof, the duties of the Master Servicer are transferred to a
      successor master servicer, the entire compensation payable to the Master
      Servicer pursuant hereto shall thereafter be payable to such successor master
      servicer but in no event shall the fee payable to the successor master servicer
      exceed that payable to the predecessor master servicer.

     

    
      
        
        

      

      
        -141-

        
          

        

      

      
        
        

      

    

     

    Section
      9.13 Limitation
      on Liability of the Master Servicer. Neither
      the Master Servicer nor any of the directors, officers, employees or agents
      of
      the Master Servicer shall be under any liability to the Trustee or the
      Certificateholders for any action taken or for refraining from the taking of
      any
      action in good faith pursuant to this Agreement, or for errors in judgment;
      provided,
      however,
      that
      this provision shall not protect the Master Servicer or any such person against
      any liability that would otherwise be imposed by reason of willful malfeasance,
      bad faith or negligence in the performance of its duties or by reason of
      reckless disregard for its obligations and duties under this Agreement. The
      Master Servicer and any director, officer, employee or agent of the Master
      Servicer may rely in good faith on any document prima facie properly executed
      and submitted by any Person respecting any matters arising hereunder. The Master
      Servicer shall be under no obligation to appear in, prosecute or defend any
      legal action that is not incidental to its duties as Master Servicer with
      respect to the Mortgage Loans under this Agreement and that in its opinion
      may
      involve it in any expenses or liability; provided,
      however,
      that
      the Master Servicer may in its sole discretion undertake any such action that
      it
      may deem necessary or desirable in 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 liabilities of the Trust, and the Master
      Servicer shall be entitled to be reimbursed therefor out of the Distribution
      Account in accordance with the provisions of Section 9.09 and
      Section 9.14.

     

    The
      Master Servicer shall not be liable under this Agreement for any acts or
      omissions of the Servicer except to the extent that damages or expenses are
      incurred as a result of such acts or omissions and such damages and expenses
      would not have been incurred but for the negligence, willful malfeasance, bad
      faith or recklessness of the Master Servicer in supervising, monitoring and
      overseeing the performance of the obligations of the Servicer as required under
      this Agreement. 

     

    Section
      9.14 Indemnification;
      Third Party Claims. 

     

    The
      Master Servicer agrees to indemnify and hold harmless the Trustee as successor
      Master Servicer from and against any and all claims, losses, penalties, fines,
      forfeitures, legal fees and related costs, judgments, and any other costs,
      liability, fees and expenses (including reasonable attorneys’ fees) that the
      Trustee may sustain as a result of such liability or obligations of the Master
      Servicer and in connection with the Trustee’s assumption (not including the
      Trustee’s performance, except to the extent that costs or liability of the
      Trustee are created or increased as a result of negligent or wrongful acts
      or
      omissions of the Master Servicer prior to its replacement as Master Servicer)
      of
      the Master Servicer’s obligations, duties or responsibilities under such
      agreement.

     

    
      
        
        

      

      
        -142-

        
          

        

      

      
        
        

      

    

     

    The
      Trust
      will indemnify the Master Servicer and hold it harmless against any and all
      claims, losses, penalties, fines, forfeitures, legal fees and related costs,
      judgments, and any other costs, liabilities, fees and expenses that the Master
      Servicer may incur or sustain in connection with, arising out of or related
      to
      this Agreement or the Certificates, except to the extent that any such loss,
      liability or expense is related to (i) a material breach of the Master
      Servicer’s representations and warranties in this Agreement, (ii) the
      Master Servicer’s willful malfeasance, bad faith or negligence or by reason of
      its reckless disregard of its duties and obligations under this Agreement or
      (iii) failure to provide the assessment, attestation and annual statement of
      compliance in accordance with Sections 3.22, 3.23 and 3.24; provided that any
      such loss, liability or expense constitutes an “unanticipated expense incurred
      by the REMIC” within the meaning of Treasury Regulations
      Section 1.860G-1(b)(3)(ii). The Master Servicer shall be entitled to
      reimbursement for any such indemnified amount from funds on deposit in the
      Distribution Account.

     

    ARTICLE
      X

     

    CONCERNING
      THE SECURITIES ADMINISTRATOR

     

    Section
      10.01 Duties
      of Securities Administrator. The
      Securities Administrator shall undertake to perform such duties and only such
      duties as are specifically set forth in this Agreement.

     

    The
      Securities Administrator, upon receipt of all resolutions, certificates,
      statements, opinions, reports, documents, orders or other instruments furnished
      to the Securities Administrator that are specifically required to be furnished
      pursuant to any provision of this Agreement, shall examine them to determine
      whether they are in the form required by this Agreement; provided,
      however,
      that
      the Securities Administrator shall not be responsible for the accuracy or
      content of any such resolution, certificate, statement, opinion, report,
      document, order or other instrument. If any such instrument is found not to
      conform in any material respect to the requirements of this Agreement, the
      Securities Administrator shall notify the Certificateholders of such
      non-conforming instrument in the event the Securities Administrator, after
      so
      requesting, does not receive a satisfactorily corrected instrument.

     

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

     

    (i) the
      duties and obligations of the Securities Administrator shall be determined
      solely by the express provisions of this Agreement, the Securities Administrator
      shall not be liable except for the performance of such duties and obligations
      as
      are specifically set forth in this Agreement, no implied covenants or
      obligations shall be read into this Agreement against the Securities
      Administrator and the Securities Administrator may conclusively rely, as to
      the
      truth of the statements and the correctness of the opinions expressed therein,
      upon any certificates or opinions furnished to the Securities Administrator
      and
      conforming to the requirements of this Agreement which it believed in good
      faith
      to be genuine and to have been duly executed by the proper authorities
      respecting any matters arising hereunder;

     

    
      
        
        

      

      
        -143-

        
          

        

      

      
        
        

      

    

     

    (ii) the
      Securities Administrator shall not be liable for any error of judgment made
      in
      good faith by a Responsible Officer or Responsible Officers of the Securities
      Administrator, unless it shall be conclusively determined by a court of
      competent jurisdiction, such determination not subject to appeal, that the
      Securities Administrator was negligent in ascertaining the pertinent
      facts;

     

    (iii) the
      Securities Administrator shall not be liable with respect to any action or
      inaction taken, suffered or omitted to be taken by it in good faith in
      accordance with the direction of Holders of Certificates evidencing not less
      than 25.00% of the Voting Rights of Certificates relating to the time, method
      and place of conducting any proceeding for any remedy available to the
      Securities Administrator, or exercising or omitting to exercise any trust or
      power conferred upon the Securities Administrator under this Agreement;
      and

     

    (iv) the
      Securities Administrator shall not be accountable, shall have no liability
      and
      makes no representation as to any acts or omissions hereunder of the Master
      Servicer or the Trustee.

     

    Section
      10.02 Certain
      Matters Affecting the Securities Administrator. Except
      as
      otherwise provided in Section 10.01:

     

    (i) the
      Securities Administrator may request and conclusively rely upon and shall be
      fully protected in acting or refraining from acting upon any resolution,
      Officer’s Certificate, certificate 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 and the Securities
      Administrator shall have no responsibility to ascertain or confirm the
      genuineness of any signature of any such party or parties;

     

    (ii) the
      Securities Administrator may consult with counsel, financial advisers or
      accountants and the advice of any such counsel, financial advisers or
      accountants and any advice or Opinion of Counsel shall be full and complete
      authorization and protection in respect of any action taken or suffered or
      omitted by it hereunder in good faith and in accordance with such advice or
      Opinion of Counsel;

     

    (iii) the
      Securities Administrator shall not be liable for any action or inaction 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;

     

    (iv) the
      Securities Administrator shall not be bound to make any investigation into
      the
      facts or matters stated in any resolution, certificate, statement, instrument,
      opinion, report, notice, request, consent, order, approval, bond or other paper
      or document, unless requested in writing so to do by Holders of Certificates
      evidencing not less than 25.00% of the Voting Rights allocated to each
      Class of Certificates; provided,
      however,
      that if
      the payment within a reasonable time to the Securities Administrator of the
      costs, expenses or liabilities likely to be incurred by it in the making of
      such
      investigation is, in the opinion of the Securities Administrator, not reasonably
      assured to the Securities Administrator by the security afforded to it by the
      terms of this Agreement, the Securities Administrator may require reasonable
      indemnity against such expense or liability as a condition to so proceeding.
      Nothing in this clause (iv) shall derogate from the obligation of the
      Master Servicer to observe any applicable law prohibiting disclosure of
      information regarding the Mortgagors, provided that the Master Servicer shall
      have no liability for disclosure required by this Agreement;

     

    
      
        
        

      

      
        -144-

        
          

        

      

      
        
        

      

    

     

    (v) the
      Securities Administrator may execute any of the trusts or powers hereunder
      or
      perform any duties hereunder either directly or by or through agents or
      attorneys or a custodian and the Securities Administrator shall not be
      responsible for any misconduct or negligence on the part of any such agent,
      attorney or custodian appointed by the Securities Administrator with due
      care;

     

    (vi) the
      Securities Administrator shall not be required to risk or expend its own funds
      or otherwise incur any financial liability in the performance of any of its
      duties or in the exercise of any of its rights or powers hereunder if it shall
      have reasonable grounds for believing that repayment of such funds or adequate
      indemnity against such risk or liability is not assured to it, and none of
      the
      provisions contained in this Agreement shall in any event require the Securities
      Administrator to perform, or be responsible for the manner of performance of,
      any of the obligations of the Master Servicer or the Trustee under this
      Agreement;

     

    (vii) the
      Securities Administrator shall be under no obligation to exercise any of the
      trusts, rights or powers vested in it by this Agreement or to institute, conduct
      or defend any litigation hereunder or in relation hereto at the request, order
      or direction of any of the Certificateholders, pursuant to the provisions of
      this Agreement, unless such Certificateholders shall have offered to the
      Securities Administrator reasonable security or indemnity satisfactory to the
      Securities Administrator against the costs, expenses and liabilities which
      may
      be incurred therein or thereby; and

     

    (viii) the
      Securities Administrator shall have no obligation to appear in, prosecute or
      defend any legal action that is not incidental to its duties hereunder and
      which
      in its opinion may involve it in any expense or liability; provided,
      however,
      that in
      the event of a breach or default by the Derivative
      Counterparty
      under
      the Cap Agreement or the Swap Agreement, the Securities Administrator shall
      pursue all legal remedies available against the Derivative
      Counterparty
      under
      the Cap Agreement or the Swap Agreement, as applicable, in consultation with
      the
      Depositor; provided,
      further,
      that
      the Securities Administrator may in its discretion undertake any such action
      that it may deem necessary or desirable in respect of this Agreement and the
      rights and duties of the parties hereto and the interests of the Trustee, the
      Securities Administrator and 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
      Securities Administrator shall be entitled to be reimbursed therefor out of
      the
      Collection Account.

     

    
      
        
        

      

      
        -145-

        
          

        

      

      
        
        

      

    

     

    The
      Securities Administrator shall have no duty (A) to undertake or ensure to
      any recording, filing, or depositing of this Agreement or any agreement referred
      to herein or any financing statement or continuation statement evidencing a
      security interest, or to see to the maintenance of any such recording or filing
      or depositing or to any rerecording, refiling or redepositing thereof,
      (B) to procure or maintain any insurance or (C) to pay or discharge
      any tax, assessment, or other governmental charge or any lien or encumbrance
      of
      any kind owing with respect to, assessed or levied against, any part of the
      Trust Fund other than from funds available in the Distribution
      Account.

     

    Section
      10.03 Securities
      Administrator Not Liable for Certificates or Mortgage Loans. The
      recitals contained herein and in the Certificates shall be taken as the
      statements of the Depositor or the transferor, as the case may be, and the
      Securities Administrator assumes no responsibility for their correctness. The
      Securities Administrator makes no representations as to the validity or
      sufficiency of this Agreement, the Cap Agreement, the Swap Agreement, or of
      the
      Certificates or of any Mortgage Loan or related document other than with respect
      to the Securities Administrator’s execution and authentication of the
      Certificates. The Securities Administrator shall not be accountable for the
      use
      or application by the Depositor, the Trustee, the Master Servicer, or the
      Derivative Counterparty of any funds paid to the Depositor, the Trustee, the
      Master Servicer or the Derivative Counterparty in respect of the Mortgage Loans
      or deposited in or withdrawn from the Collection Account or any other fund
      or
      account with respect to the Certificates by the Depositor, the Trustee, the
      Master Servicer or the Derivative Counterparty.

     

    The
      Securities Administrator executes the Certificates not in its individual
      capacity but solely as Securities Administrator of the Trust Fund created by
      this Agreement, in the exercise of the powers and authority conferred and vested
      in it by this Agreement. Each of the undertakings and agreements made on the
      part of the Securities Administrator on behalf of the Trust Fund in the
      Certificates is made and intended not as a personal undertaking or agreement
      by
      the Securities Administrator but is made and intended for the purpose of binding
      only the Trust Fund.

     

    Section
      10.04 Securities
      Administrator May Own Certificates. The
      Securities Administrator in its individual or any other capacity may become
      the
      owner or pledgee of Certificates and may transact business with the parties
      hereto and their Affiliates with the same rights as it would have if it were
      not
      the Securities Administrator.

     

    Section
      10.05 Securities
      Administrator’s Fees and Expenses. The
      Securities Administrator shall be entitled to the investment income earned
      on
      amounts in the Distribution Account during the Securities Administrator Float
      Period. The Securities Administrator and any director, officer, employee, agent
      or “control person” within the meaning of the Securities Act of 1933, as
      amended, and the Securities Exchange Act of 1934, as amended (“Control
      Person”),
      of
      the Securities Administrator shall be indemnified by the Trust and held harmless
      against any loss, liability or expense (including reasonable attorney’s fees)
      (i) incurred in connection with any claim or legal action relating to
      (a) this Agreement, (b) the Mortgage Loans or (c) the
      Certificates, other than any loss, liability or expense incurred by reason
      of
      willful misfeasance, bad faith or negligence in the performance of any of the
      Securities Administrator’s duties hereunder, (ii) incurred in connection
      with the performance of any of the Securities Administrator’s duties hereunder,
      other than any loss, liability or expense incurred by reason of willful
      misfeasance, bad faith or negligence in the performance of any of the Securities
      Administrator’s duties hereunder or (iii) incurred by reason of any action
      of the Securities Administrator taken at the direction of the
      Certificateholders, provided that any such loss, liability or expense
      constitutes an “unanticipated expense incurred by the REMIC” within the meaning
      of Treasury Regulations Section 1.860G 1(b)(3)(ii). Such indemnity shall
      survive the termination of this Agreement or the resignation or removal of
      the
      Securities Administrator hereunder. Without limiting the foregoing, and except
      for any such expense, disbursement or advance as may arise from the Securities
      Administrator’s negligence, bad faith or willful misconduct, or which would not
      be an “unanticipated expense” within the meaning of the second preceding
      sentence, the Securities Administrator shall be reimbursed by the Trust for
      all
      reasonable expenses, disbursements and advances incurred or made by the
      Securities Administrator in accordance with any of the provisions of this
      Agreement with respect to: (A) the reasonable compensation and the expenses
      and disbursements of its counsel not associated with the closing of the issuance
      of the Certificates, (B) the reasonable compensation, expenses and
      disbursements of any accountant, engineer, appraiser or other agent that is
      not
      regularly employed by the Securities Administrator, to the extent that the
      Securities Administrator must engage such Persons to perform acts or services
      hereunder and (C) printing and engraving expenses in connection with
      preparing any Definitive Certificates. The Trust shall fulfill its obligations
      under this paragraph from amounts on deposit from time to time in the
      Distribution Account.

     

    
      
        
        

      

      
        -146-

        
          

        

      

      
        
        

      

    

     

    The
      Securities Administrator 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
      10.06 Eligibility
      Requirements for Securities Administrator. The
      Securities Administrator hereunder shall at all times be a corporation or
      association organized and doing business under the laws the United States of
      America or any state thereof, authorized under such laws to exercise corporate
      trust powers, having a combined capital and surplus of at least $50,000,000,
      subject to supervision or examination by federal or state authority and with
      a
      credit rating of at least investment grade. If such corporation or association
      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 or association shall be deemed to be its combined capital and
      surplus as set forth in its most recent report of condition so published. In
      case at any time the Securities Administrator shall cease to be eligible in
      accordance with the provisions of this Section 10.06, the Securities
      Administrator shall resign immediately in the manner and with the effect
      specified in Section 10.07 hereof. The entity serving as Securities
      Administrator may have normal banking and trust relationships with the Depositor
      and its affiliates or the Trustee and its affiliates.

     

    Any
      successor securities administrator (i) may not be the Mortgage Loan Seller,
      the Master Servicer, the Servicer, the Depositor or an affiliate of the
      Depositor unless such successor securities administrator’s functions are
      operated through an institutional trust department of the Securities
      Administrator, (ii) must be authorized to exercise corporate trust powers
      under the laws of its jurisdiction of organization, and (iii) must be rated
      at least “A/F1” by Fitch, if Fitch is a Rating Agency and if rated by Fitch, or
      the equivalent rating by Standard & Poor’s or Moody’s. If no successor
      securities administrator shall have been appointed and shall have accepted
      appointment within 60 days after the Securities Administrator ceases to be
      the Securities Administrator pursuant to Section 10.07, then the Trustee
      may (but shall not be obligated to) become the successor securities
      administrator. The Depositor shall appoint a successor to the Securities
      Administrator in accordance with Section 10.07. The Trustee shall notify
      the Rating Agencies of any change of Securities Administrator.

     

    
      
        
        

      

      
        -147-

        
          

        

      

      
        
        

      

    

     

    Section
      10.07 Resignation
      and Removal of Securities Administrator. The
      Securities Administrator may at any time resign by giving written notice of
      resignation to the Depositor and the Trustee and each Rating Agency not less
      than 60 days before the date specified in such notice when, subject to
      Section 10.08, such resignation is to take effect, and acceptance by a
      successor securities administrator in accordance with Section 10.08 meeting
      the qualifications set forth in Section 10.06. If no successor securities
      administrator meeting such qualifications shall have been so appointed by the
      Depositor and have accepted appointment within 30 days after the giving of
      such notice of resignation, the resigning Securities Administrator may petition
      any court of competent jurisdiction for the appointment of a successor
      securities administrator.

     

    If
      at any
      time 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, or if at any time the Securities
      Administrator shall become incapable of acting, or shall be adjudged as bankrupt
      or insolvent, or a receiver of the Securities Administrator or of its property
      shall be appointed, or any public officer shall take charge or control of the
      Securities Administrator or of its property or affairs for the purpose of
      rehabilitation, conservation or liquidation, or a tax is imposed with respect
      to
      the Trust Fund by any state in which the Securities Administrator or the Trust
      Fund is located and the imposition of such tax would be avoided by the
      appointment of a different securities administrator, then the Depositor may
      remove the Securities Administrator and appoint a successor securities
      administrator by written instrument, in triplicate, one copy of which instrument
      shall be delivered to the Securities Administrator so removed, one copy of
      which
      shall be delivered to the Master Servicer and one copy to the successor
      securities administrator.

     

    The
      Holders of Certificates entitled to at least 51.00% of the Voting Rights may
      at
      any time remove the Securities Administrator and appoint a successor securities
      administrator by written instrument or instruments, in triplicate, signed by
      such Holders or their attorneys in fact duly authorized, one complete set of
      which instruments shall be delivered by the successor securities administrator
      to the Trustee, one complete set to the Securities Administrator so removed
      and
      one complete set to the successor so appointed. Notice of any removal of the
      Securities Administrator shall be given to each Rating Agency by the successor
      securities administrator.

     

    Any
      resignation or removal of the Securities Administrator and appointment of a
      successor securities administrator pursuant to any of the provisions of this
      Section 10.07 shall become effective upon acceptance by the successor
      securities administrator of appointment as provided in Section 10.08
      hereof.

     

    
      
        
        

      

      
        -148-

        
          

        

      

      
        
        

      

    

     

    If
      at any
      time, Wells Fargo, as Securities Administrator, resigns under this
      Section 10.07, or is removed as Securities Administrator pursuant to this
      Section 10.07, then at such time Wells Fargo shall also resign (and shall
      be entitled to resign) as Master Servicer under this Agreement.

     

    Section
      10.08 Successor
      Securities Administrator. Any
      successor securities administrator (which may be the Trustee) appointed as
      provided in Section 10.07 hereof shall execute, acknowledge and deliver to
      the Depositor and to its predecessor Securities Administrator and the Trustee
      an
      instrument accepting such appointment hereunder and thereupon the resignation
      or
      removal of the predecessor Securities Administrator shall become effective
      and
      such successor securities administrator, without any further act, deed or
      conveyance, shall become fully vested with all the rights, powers, duties and
      obligations of its predecessor hereunder, with the like effect as if originally
      named as Securities Administrator herein. The Depositor, the Trustee, the Master
      Servicer and the predecessor Securities Administrator shall execute and deliver
      such instruments and do such other things as may reasonably be required for
      more
      fully and certainly vesting and confirming in the successor securities
      administrator all such rights, powers, duties, and obligations.

     

    No
      successor securities administrator shall accept appointment as provided in
      this
      Section 10.08 unless at the time of such acceptance such successor
      securities administrator shall be eligible under the provisions of
      Section 10.06 hereof and its appointment shall not adversely affect then
      current rating of the Certificates, as confirmed in writing by each Rating
      Agency.

     

    Upon
      acceptance by a successor securities administrator of appointment as provided
      in
      this Section 10.08, the Depositor shall mail notice of the succession of
      such Securities Administrator hereunder to all Holders of Certificates. If
      the
      Depositor fails to mail such notice within 10 days after acceptance by the
      successor securities administrator of appointment, the successor securities
      administrator shall cause such notice to be mailed at the expense of the
      Depositor.

     

    Section
      10.09 Merger
      or Consolidation of Securities Administrator. Any
      corporation or other entity into which the Securities Administrator may be
      merged or converted or with which it may be consolidated or any corporation
      or
      other entity resulting from any merger, conversion or consolidation to which
      the
      Securities Administrator shall be a party, or any corporation or other entity
      succeeding to the business of the Securities Administrator, shall be the
      successor of the Securities Administrator hereunder, provided that such
      corporation or other entity 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
      10.10 Assignment
      or Delegation of Duties by the Securities Administrator. Except
      as
      expressly provided herein, the Securities Administrator shall not assign or
      transfer any of its rights, benefits or privileges hereunder to any other
      Person, or delegate to or subcontract with, or authorize or appoint any other
      Person to perform any of the duties, covenants or obligations to be performed
      by
      the Securities Administrator; provided,
      however,
      that
      the Securities Administrator shall have the right with the prior written consent
      of the Depositor (which shall not be unreasonably withheld or delayed), and
      upon
      delivery to the Trustee and the Depositor of a letter from each Rating Agency
      to
      the effect that such action shall not result in a downgrade of the ratings
      assigned to any of the Certificates, to delegate or assign to or subcontract
      with or authorize or appoint any qualified Person to perform and carry out
      any
      duties, covenants or obligations to be performed and carried out by the
      Securities Administrator hereunder. Notice of such permitted assignment shall
      be
      given promptly by the Securities Administrator to the Depositor and the Trustee.
      If, pursuant to any provision hereof, the duties of the Securities Administrator
      are transferred to a successor securities administrator, the entire compensation
      payable to the Securities Administrator pursuant hereto shall thereafter be
      payable to such successor securities administrator but in no event shall the
      fee
      payable to the successor securities administrator exceed that payable to the
      predecessor securities administrator.

     

    
      
        
        

      

      
        -149-

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      XI

     

    TERMINATION

     

    Section
      11.01 Termination
      upon Liquidation or Purchase of the Mortgage Loans.
      Subject
      to Section 11.03, the obligations and responsibilities of the Depositor,
      the Master Servicer, the Servicer, the Securities Administrator and the Trustee
      created hereby with respect to the Trust Fund shall terminate upon the earlier
      of (a) the exercise of an Option to Purchase, on or after the Optional
      Termination Date, in the aggregate of all Mortgage Loans (and REO Properties)
      at
      the price (the “Termination
      Price”)
      equal
      to the sum of (i) 100.00% of the unpaid principal balance of each Mortgage
      Loan (other than in respect of REO Property) plus accrued and unpaid interest
      thereon at the applicable Mortgage Rate, (ii) the lesser of (x) the
      appraised value of any REO Property as determined by the higher of two
      appraisals completed by two independent appraisers selected by the Servicer
      at
      the expense of that Trust Fund and (y) the unpaid principal balance of each
      Mortgage Loan related to any REO Property, in each case plus accrued and unpaid
      interest thereon at the applicable Mortgage Rate, (iii) all unreimbursed
      P&I Advances, Servicing Advances and indemnification payments payable to the
      Servicer (iv) any unreimbursed indemnification payments payable to the
      Trustee, the Securities Administrator, the Master Servicer or the Depositor
      under this Agreement and (v) any Swap Termination Payments payable to the Swap
      Counterparty as a result of a termination pursuant to this Section 11.01 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. In no event shall the trusts created hereby continue beyond
      the
      expiration of 21 years from the death of the survivor of the descendants of
      Joseph P. Kennedy, the late Ambassador of the United States to the Court of
      St. James’s, living on the date hereof.

     

    Notwithstanding
      anything to the contrary contained herein, no such purchase by the Master
      Servicer (either upon instruction from the Depositor or voluntarily) shall
      be
      permitted unless (i) after distribution of the proceeds thereof to the
      Certificateholders (other than the Holders of the Class X, Class P and
      Residual Certificates and any other Classes of Certificates which constitute
      NIM
      Securities) pursuant to Section 11.02, the distribution of the remaining
      proceeds to the Class X and Class P Certificates is sufficient to pay
      the outstanding principal amount of and accrued and unpaid interest on the
      NIM
      Securities, to the extent the NIM Securities are then outstanding, or
      (ii) prior to such purchase, the Master Servicer, remits to the Securities
      Administrator an amount that, together with such remaining proceeds, will be
      sufficient to pay the outstanding principal amount of, and accrued and unpaid
      interest on, the NIM Securities, to the extent the NIM Securities are then
      outstanding.

     

    
      
        
        

      

      
        -150-

        
          

        

      

      
        
        

      

    

     

    Section
      11.02 Final
      Distribution on the Certificates.
      If on
      any Remittance Date, 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 any Collection Account, the Master Servicer shall direct
      the
      Securities Administrator promptly to send a Notice of Final Distribution to
      each
      Certificateholder and to the Swap Counterparty. If the Master Servicer (upon
      instruction from the Depositor or voluntarily) elects to exercise their option
      to purchase the Mortgage Loans pursuant to clause (a) of
      Section 11.01, at least 20 days prior to the date the Notice of Final
      Distribution is to be mailed to the affected Certificateholders, the Master
      Servicer shall notify the Depositor, the Swap Counterparty and the Securities
      Administrator of (a) the date on which the Servicer intends to exercise
      such purchase option and (b) the Termination Price.

     

    A
      Notice
      of Final Distribution, 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 not later than the 15th day of the month of such final distribution.
      Any
      such Notice of Final Distribution 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 of Final Distribution to the Swap Counterparty and to each
      Rating Agency at the time such Notice of Final Distribution is given to
      Certificateholders.

     

    In
      the
      event such Notice of Final Distribution is given, the Servicer shall cause
      all
      funds in the Collection Account to be remitted to the Master Servicer 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 Custodian of a Request for Release therefor, the Custodian shall
      promptly release to the Servicer the Custodial Files for the Mortgage
      Loans.

     

    Upon
      presentation and surrender of the Certificates, the Securities Administrator
      shall cause to be distributed to the Certificateholders of each
      Class (after reimbursement of all amounts due to the Servicer, the Master
      Servicer, the Securities Administrator, the Depositor, the Trustee and the
      Swap
      Counterparty hereunder), in each case on the final Distribution Date and in
      the
      order set forth in Section 4.02, in proportion to their respective
      Percentage Interests, with respect to Certificateholders of the same Class,
      up
      to an amount equal to (i) as to each Class of Regular Certificates
      (except the Class X Certificates), the Certificate Balance thereof plus for
      each such Class and the Class X Certificates accrued interest thereon
      in the case of an interest-bearing Certificate and all other amounts to which
      such Classes are entitled pursuant to Section 4.02 and (ii) as to the
      Residual Certificates, the amount, if any, which remains on deposit in the
      Distribution Account (other than the amounts retained to meet claims) after
      application pursuant to clause (i) above.

     

    
      
        
        

      

      
        -151-

        
          

        

      

      
        
        

      

    

     

    In
      the
      event that any affected Certificateholders shall not surrender Certificates
      for
      cancellation within six months after the date specified in the Notice of Final
      Distribution, 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 such 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 which 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 which remain subject hereto.

     

    Section
      11.03 Additional
      Termination Requirements.
      In the
      event an Option to Purchase is exercised with respect to the Mortgage Loans
      as
      provided in Section 11.01, the Trust Fund shall be terminated in accordance
      with the following additional requirements, unless the Trustee has been supplied
      with an Opinion of Counsel, at the expense of the party upon whose instruction
      causes the exercise of an Option to Purchase, to the effect that the failure
      to
      comply with the requirements of this Section 11.03 will not (i) result
      in the imposition of taxes on “prohibited transactions” on any REMIC formed
      hereby as defined in Section 860F of the Code or (ii) cause any REMIC
      formed hereby to fail to qualify as a REMIC at any time that any Certificates
      are outstanding:

     

    (a) The
      Securities Administrator on behalf of the Trustee shall sell all of the assets
      of the Trust Fund to the party exercising the Option to Purchase, and, within
      90 days of such sale, shall distribute to the Certificateholders the
      proceeds of such sale in complete liquidation of each REMIC formed hereby;
      and

     

    (b) The
      Securities Administrator shall attach a statement to the final federal income
      tax return for each REMIC formed hereby stating that pursuant to Treasury
      Regulations Section 1.860F-1, the first day of the 90-day liquidation
      period for each such REMIC was the date on which the Securities Administrator
      on
      behalf of the Trustee sold the assets of the Trust Fund to the
      Servicer.

     

    ARTICLE
      XII

     

    MISCELLANEOUS
      PROVISIONS

     

    Section
      12.01 Amendment.
      This
      Agreement may be amended from time to time by the Depositor, the Mortgage Loan
      Seller, the Master Servicer, the Servicer, the Securities Administrator and
      the
      Trustee, without the consent of any of the Certificateholders or the Derivative
      Counterparty (except to the extent that the rights or obligations of the
      Derivative Counterparty under the Cap Agreement or the Swap Agreement are
      affected thereby, and except to the extent that the ability of the Securities
      Administrator to perform fully and timely its obligations under the Cap
      Agreement or the Swap Agreement is adversely affected, in which case prior
      written consent of the Derivative Counterparty is required) (i) to cure any
      ambiguity or mistake, (ii) to correct any defective provision herein or to
      supplement any provision herein which may be inconsistent with any other
      provision herein, (iii) to add to the duties of the Depositor, the Master
      Servicer, the Servicer, the Securities Administrator or the Trustee,
      (iv) to add any other provisions with respect to matters or questions
      arising hereunder, (v) to modify, alter, amend, add to or rescind any of
      the terms or provisions contained in this Agreement, (vi) to comply with the
      requirements of the Internal Revenue Code or (vii) to conform this agreement
      to
      the Offering Documents provided to investors in connection with the offering
      of
      the Certificates; provided,
      that
      any action pursuant to clause (iv) or (v) above shall not, as
      evidenced by an Opinion of Counsel (which Opinion of Counsel shall not be an
      expense of the Trustee, the Master Servicer, the Securities Administrator or
      the
      Trust Fund), adversely affect in any material respect the interests of any
      Certificateholder; provided,
      further,
      that
      any such action pursuant to clause (iv) or (v) above shall not be
      deemed to adversely affect in any material respect the interests of the
      Certificateholders if the Person requesting the amendment obtains a letter
      from
      each Rating Agency stating that the amendment would not result in the
      downgrading or withdrawal of the respective ratings then assigned to the
      Certificates; it being understood and agreed that any such letter in and of
      itself will not represent a determination as to the materiality of any such
      amendment and will represent a determination only as to the credit issues
      affecting any such rating. The Trustee, the Depositor, the Master Servicer,
      the
      Mortgage Loan Seller, the Servicer and the Securities Administrator also may
      at
      any time and from time to time amend this Agreement, but without the consent
      of
      the Certificateholders or the Derivative Counterparty (except to the extent
      that
      the rights or obligations of the Derivative Counterparty hereunder or under
      the
      Cap Agreement or the Swap Agreement are affected thereby, and except to the
      extent that the ability of the Securities Administrator to perform fully and
      timely its obligations under the Cap Agreement or the Swap Agreement is
      adversely affected, in which case prior written consent of the Derivative
      Counterparty is required) to modify, eliminate or add to any of its provisions
      to such extent as shall be necessary or helpful to (i) maintain the
      qualification of each REMIC created hereunder under the Code, (ii) avoid or
      minimize the risk of the imposition of any tax on any REMIC created hereunder
      pursuant to the Code that would be a claim at any time prior to the final
      redemption of the Certificates or (iii) comply with any other requirements
      of the Code; provided,
      that
      the Trustee and the Master Servicer have been provided an Opinion of Counsel,
      which opinion shall be an expense of the party requesting such opinion but
      in
      any case shall not be an expense of the Trustee or the Trust Fund, to the effect
      that such action is necessary or helpful to, as applicable, (i) maintain
      such qualification, (ii) avoid or minimize the risk of the imposition of
      such a tax or (iii) comply with any such requirements of the
      Code.

     

    
      
        
        

      

      
        -152-

        
          

        

      

      
        
        

      

    

     

    This
      Agreement may also be amended from time to time by the Depositor, the Master
      Servicer, the Servicer, the Mortgage Loan Seller, the Securities Administrator
      and the Trustee, but with the consent of the Holders of Certificates evidencing
      Percentage Interests aggregating not less than 662/3%
      of each
      Class of Certificates affected thereby for the purpose of adding any
      provisions to or changing in any manner or eliminating any of the provisions
      of
      this Agreement or of modifying in any manner the rights of the Holders of
      Certificates; provided,
      however,
      that no
      such amendment shall (i) reduce in any manner the amount of, or delay the
      timing of, payments required to be distributed on any Certificate without the
      consent of the Holder of such Certificate, (ii) adversely affect in any
      material respect the interests of the Holders of any Class of Certificates
      in a manner other than as described in clause (i), without the consent of
      the Holders of Certificates of such Class evidencing, as to such Class,
      Percentage Interests aggregating not less than 662/3%,
      (iii) reduce the aforesaid percentages of Certificates the Holders of which
      are required to consent to any such amendment, without the consent of the
      Holders of all such Certificates then outstanding or (iv) adversely affect
      the
      rights or obligations of the Derivative Counterparty hereunder or under the
      Cap
      Agreement or the Swap Agreement or the rights of the Securities Administrator
      to
      fully and timely perform its obligations under the Cap Agreement or the Swap
      Agreement without obtaining the prior written consent of the Derivative
      Counterparty.

     

    
      
        
        

      

      
        -153-

        
          

        

      

      
        
        

      

    

     

    Notwithstanding
      any contrary provision of this Agreement, the Trustee and the Master Servicer
      shall not consent to any amendment to this Agreement unless (i) it shall
      have first received an Opinion of Counsel, which opinion shall not be an expense
      of the Trustee, the Master Servicer or the Trust Fund, to the effect that such
      amendment will not cause the imposition of any tax on any REMIC created
      hereunder or the Certificateholders or cause any such REMIC to fail to qualify
      as a REMIC or the grantor trust to fail to qualify as a grantor trust at any
      time that any Certificates are outstanding and (ii) the party seeking such
      amendment shall have provided written notice to the Rating Agencies (with a
      copy
      of such notice to the Trustee, the Master Servicer and the Derivative
      Counterparty) of such amendment, stating the provisions of the Agreement to
      be
      amended.

     

    Notwithstanding
      the foregoing provisions of this Section 12.01, with respect to any
      amendment that significantly modifies the permitted activities of the Trustee
      or
      the Servicer, any Certificate beneficially owned by the Depositor shall be
      deemed not to be outstanding (and shall not be considered when determining
      the
      percentage of Certificateholders consenting or when calculating the total number
      of Certificates entitled to consent) for purposes of determining if the
      requisite consents of Certificateholders under this Section 12.01 have been
      obtained.

     

    Promptly
      after the execution of any amendment to this Agreement requiring the consent
      of
      Certificateholders, the Trustee shall furnish written notification of the
      substance or a copy of such amendment to each Certificateholder and each Rating
      Agency.

     

    It
      shall
      not be necessary for the consent of Certificateholders under this
      Section 12.01 to approve the particular form of any proposed amendment, but
      it shall be sufficient if such consent shall approve the substance thereof.
      The
      manner of obtaining such consents and of evidencing the authorization of the
      execution thereof by Certificateholders shall be subject to such reasonable
      regulations as the Trustee may prescribe.

     

    Nothing
      in this Agreement shall require the Trustee, the Master Servicer or the
      Securities Administrator to enter into an amendment without receiving an Opinion
      of Counsel (which opinion shall not be an expense of the Trustee, the Master
      Servicer, the Securities Administrator or the Trust Fund), satisfactory to
      the
      Trustee, the Master Servicer and the Securities Administrator, as applicable,
      that (i) such amendment is permitted and is not prohibited by this
      Agreement and that all requirements for amending this Agreement have been
      complied with and (ii) either (A) the amendment does not adversely
      affect in any material respect the interests of any Certificateholder or
      (B) the conclusion set forth in the immediately preceding
      clause (A) is not required to be reached pursuant to this
      Section 12.01.

     

    
      
        
        

      

      
        -154-

        
          

        

      

      
        
        

      

    

     

    Notwithstanding
      the foregoing, the consent of the Mortgage Loan Seller shall not be required
      to
      enter into any amendment to this Agreement unless such amendment would
      potentially have a material and adverse effect on the rights or obligations
      of
      the Mortgage Loan Seller under this Agreement.

     

    Section
      12.02 Recordation
      of Agreement; Counterparts.
      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 Mortgaged Properties are situated, and in any other
      appropriate public recording office or elsewhere, such recordation to be
      effected by the Servicer at the direction and expense of the Depositor, but
      only
      upon receipt of an Opinion of Counsel to the effect that such recordation
      materially and beneficially affects the interests of the
      Certificateholders.

     

    For
      the
      purpose of facilitating the recordation of this Agreement as herein provided
      and
      for other purposes, this Agreement may be executed simultaneously in any number
      of counterparts, each of which counterparts shall be deemed to be an original,
      and such counterparts shall constitute but one and the same
      instrument.

     

    Section
      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.

     

    Section
      12.04 Intention
      of Parties.
      (a) It
      is intended that the conveyance of the Depositor’s right, title and interest in
      and to property constituting the Trust Fund pursuant to this Agreement shall
      constitute, and shall be construed as, a sale of such property and not a grant
      of a security interest to secure a loan. However, if such conveyance is deemed
      to be in respect of a loan, it is intended that: (1) the rights and obligations
      of the parties shall be established pursuant to the terms of this Agreement;
      (2)
      the Depositor hereby grants to the Trustee for the benefit of the Holders of
      the
      Certificates a first priority security interest to secure repayment of an
      obligation in an amount equal to the aggregate Class Principal Amount of the
      Certificates in all of the Depositor’s right, title and interest in, to and
      under, whether now owned or hereafter acquired, the Trust Fund and the
      Supplemental Interest Trust and all proceeds of any and all property
      constituting the Trust Fund and the Supplemental Interest Trust to secure
      payment of the Certificates (such security interest being, to the extent of
      the
      assets that constitute the Supplemental Interest Trust, pari
      passu
      with the
      security interest as provided in clause (4) below); (3) this Agreement shall
      constitute a security agreement under applicable law; and (4) the Derivative
      Counterparty shall be deemed, during the term of such agreement and while such
      agreement is the property of the Trustee, to have a security interest in all
      of
      the assets that constitute the Supplemental Interest Trust, but only to the
      extent of such Derivative Counterparty’s right to payment under the Derivative
      Agreements (such security interest being pari
      passu
      with the
      security interest as provided in clause (2) above). If such conveyance is deemed
      to be in respect of a loan and the trust created by this Agreement terminates
      prior to the satisfaction of the claims of any Person holding any Certificate,
      the security interest created hereby shall continue in full force and effect
      and
      the Trustee shall be deemed to be the collateral agent for the benefit of such
      Person, and all proceeds shall be distributed by the Securities Administrator
      as
      herein provided.

     

    
      
        
        

      

      
        -155-

        
          

        

      

      
        
        

      

    

     

    (b) The
      Depositor shall, to the extent consistent with this Agreement, take such
      reasonable actions as may be necessary to ensure that, if this Agreement were
      deemed to create a security interest in the Mortgage Loans and the other
      property described above, such security interest would be deemed to be a
      perfected security interest of first priority under applicable law and shall
      be
      maintained as such throughout the term of this Agreement. The Depositor shall,
      at its own expense, make all initial filings on or about the Closing Date and
      shall forward a copy of such filing or filings to the Trustee. Without limiting
      the generality of the foregoing, the Depositor shall prepare and forward for
      filing, or shall cause to be forwarded for filing, at the expense of the
      Depositor, all filings necessary to maintain the effectiveness of any original
      filings necessary under the relevant UCC to perfect the Trustee’s security
      interest in or lien on the Mortgage Loans, including without limitation (x)
      continuation statements, and (y) such other statements as may be occasioned
      by
      (1) any change of name of the Sponsor, the Depositor or the Trustee, (2) any
      change of location of the jurisdiction of organization of the Sponsor or the
      Depositor, (3) any transfer of any interest of the Sponsor or the Depositor
      in
      any Mortgage Loan or (4) any change under the relevant UCC or other applicable
      laws. Neither the Sponsor nor the Depositor shall organize under the law of
      any
      jurisdiction other than the State under which each is organized as of the
      Closing Date (whether changing its jurisdiction of organization or organizing
      under an additional jurisdiction) without giving 30 days prior written notice
      of
      such action to its immediate and intermediate transferee, including the Trustee.
      Before effecting such change, the Sponsor or the Depositor proposing to change
      its jurisdiction of organization shall prepare and file in the appropriate
      filing office any financing statements or other statements necessary to continue
      the perfection of the interests of its immediate and intermediate transferees,
      including the Trustee, in the Mortgage Loans. In connection with the
      transactions contemplated by this Agreement, each of the Sponsor and the
      Depositor authorizes its immediate or intermediate transferee to file in any
      filing office any initial financing statements, any amendments to financing
      statements, any continuation statements, or any other statements or filings
      described in this paragraph (b).

     

    Section
      12.05 Notices.
      (a)  The Securities Administrator shall use its best efforts to
      promptly provide notice to each Rating Agency with respect to each of the
      following of which it has actual knowledge:

     

    1. Any
      material change or amendment to this Agreement;

     

    2. The
      occurrence of any Event of Default that has not been cured;

     

    3. The
      resignation or termination of the Servicer, the Master Servicer, the Securities
      Administrator or the Trustee and the appointment of any successor;

     

    4. The
      repurchase or substitution of Mortgage Loans pursuant to Section 2.03;
      and

     

    5. The
      final
      payment to Certificateholders.

     

    
      
        
        

      

      
        -156-

        
          

        

      

      
        
        

      

    

     

    (b) In
      addition, the Securities Administrator shall promptly make available on its
      internet website to each Rating Agency copies of the following:

     

    1. Each
      report to Certificateholders described in Section 4.03; and

     

    2. Any
      notice of a purchase of a Mortgage Loan pursuant to
      Section 2.03.

     

    (c) All
      directions, demands, consents and notices hereunder shall be in writing and
      shall be deemed to have been duly given when delivered to: 

     

    (i) in
      the
      case of the Depositor,
      HSI
      Asset Securitization Corporation, 452 Fifth Avenue, 10th
      Floor,
      New York, New York 10018, Attention: Head MBS Principal Finance, or such other
      address as may be hereafter furnished to the other parties by the Depositor
      in
      writing;

     

    (ii) in
      the
      case of the Servicer,
      to
      National City Home Loan Services, Inc., 150 Allegheny Center, Pittsburgh,
      Pennsylvania 15212 (Attention: HASCO FFML 2006-FF5 or such other address
      furnished to the other parties by NCHLS in writing;

     

    (iii) in
      the
      case of the Mortgage Loan Seller,
      to
      First Franklin Financial Corporation, 2150 North First Street, Suite 600, San
      Jose, California, (Attention: (HASCO) FFML 2006-FF5), or such other address
      as
      may be hereafter furnished to other parties by FFFC in writing;

     

    (iv) in
      the
      case of Wells Fargo,
      to Wells
      Fargo Bank, N.A., P.O. Box 98, Columbia, Maryland 21046, with a copy to 9062
      Old
      Annapolis Road, Columbia, Maryland 21045, Attention: Client Service Manager-FFML
      2006-FF5, or such other address as may be hereafter furnished to the to the
      other parties by Wells Fargo in writing;

     

    (v) in
      the
      case of the Trustee,
      to the
      Corporate Trust Office (Attention: FF06F5), or such other address as may be
      hereafter furnished to the to the other parties by the Trustee in
      writing;

     

    (vi) in
      the
      case of the Derivative Counterparty,
      ABN
      AMRO Bank, N.V., Chicago Branch, Global
      Documentation Unit, 540 W. Madison Street, 22nd
      Floor,
      Chicago, IL 60661, Attention: Treasury Documentation,
      with a
      copy to ABN AMRO Bank, N.V., Amsterdam
      Head Office, P.O. Box 283, 1000 AE Amsterdam, The Netherlands, Attention:
      Operations Derivatives Markets;

     

    (vii) in
      the
      case of each of the Rating Agencies,
      the
      address specified therefor in the definition corresponding to the name of such
      Rating Agency. Notices to Certificateholders shall be deemed given when mailed,
      first class postage prepaid, to their respective addresses appearing in the
      Certificate Register; and 

     

    (viii) in
      the
      case of the Class X Certificate Servicer Provider,
      for all
      reports delivered under Section 4.03(d) hereof, Cambridge Placement Investment
      Management Inc., 100 Main Street, Concord,
      MA 01742, Attention “Head of Credit.” In the case of all other notices delivered
      hereunder, Cambridge
      Placement Investment Management Inc., 100 Main Street, Concord,
      MA 01742, Attention “Chief U.S. Counsel.”

     

    
      
        
        

      

      
        -157-

        
          

        

      

      
        
        

      

    

     

    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
      in
      Section 6.02, this Agreement may not be assigned by the Servicer without
      the prior written consent of the Trustee and Depositor; provided,
      however,
      that
      the Servicer may pledge its interest in any reimbursements for P&I Advances
      or Servicing Advances hereunder.

     

    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 created hereby, 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
      created hereby, 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 a written notice of an Event
      of Default and of the continuance thereof, as herein provided, and unless the
      Holders of Certificates evidencing not less than 25.00% of the Voting Rights
      evidenced by the Certificates shall also have made written request to the
      Trustee to institute such action, suit or proceeding in its own name as Trustee
      hereunder and shall have offered to the Trustee such reasonable indemnity as
      it
      may require against the costs, expenses, and liabilities to be incurred therein
      or thereby, and the Trustee, for 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 and
      the Trustee shall be entitled to such relief as can be given either at law
      or in
      equity.

     

    
      
        
        

      

      
        -158-

        
          

        

      

      
        
        

      

    

     

    Section
      12.09 Inspection
      and Audit Rights.
      The
      Servicer agrees that, on reasonable prior notice, which shall not be less than
      two Business Days prior written notice, it will permit any representative of
      the
      Depositor or the Trustee during the Servicer’s normal business hours, to examine
      all the books of account, records, reports and other papers of the 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 the Mortgage Loans with its officers, employees and independent
      public accountants (and by this provision the Servicer hereby authorizes said
      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 of the Servicer incident to the exercise
      by
      the Depositor or the Trustee of any right under this Section 12.09 shall be
      borne by the Servicer.

     

    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.

     

    Section
      12.11 Rule of
      Construction.
      Article
      and section headings are for the convenience of the reader and shall not be
      considered in interpreting this Agreement or the intent of the parties
      hereto.

     

    Section
      12.12 Waiver
      of Jury Trial.
      EACH
      PARTY HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY, WAIVES (TO THE EXTENT
      PERMITTED BY APPLICABLE LAW) ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY OF ANY
      DISPUTE ARISING UNDER OR RELATING TO THIS AGREEMENT AND AGREES THAT ANY SUCH
      DISPUTE SHALL BE TRIED BEFORE A JUDGE SITTING WITHOUT A JURY.

     

    [SIGNATURE
      PAGE FOLLOWS]

    

    
      
        
        

      

      
        -159-

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the Depositor, the Trustee, Wells Fargo, National City Home
      Loan Services, Inc. and First Franklin Financial Corporation have caused their
      names to be signed hereto by their respective officers thereunto duly authorized
      as of the day and year first above written.

     

    
      	 	 	 
	 	
              HSI
                ASSET SECURITIZATION 

              CORPORATION,
                as
                Depositor

            
	 
 	 
 	 
 
	 	By  	/s/
              Andrea Lenox
	 	
              
Name:
              Andrea Lenox
	 	Title:
              Vice President

    

     

    
      	 	 	 
	 	
              DEUTSCHE
                BANK
                NATIONAL TRUST 

              COMPANY,
                solely as
                Trustee and not in its 

              individual
                capacity

            
	 
 	 
 	 
 
	 	By:  	/s/
              Ronaldo Reyes
	 	
              
Name:
              Ronaldo Reyes
	 	Title:
              Vice President

    

    
       

      
        	 	 	 
	 	
                DEUTSCHE
                  BANK
                  NATIONAL TRUST 

                COMPANY,
                  solely as
                  Trustee and not in its 

                individual
                  capacity

              
	 
 	 
 	 
 
	 	By:  	/s/ Jennifer Hermansader
	 	
                
Name:
                Jennifer Hermansader
	 	Title:
                Associate

      

      
         

        
          	 	 	 
	 	
                  WELLS
                    FARGO BANK, N.A., as Master 

                  Servicer

                
	 
 	 
 	 
 
	 	By:  	/s/
                  Amy Doyle
	 	
                  
Name:
                  Amy Doyle
	 	Title:
                  Vice President

        

      

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    
      	 	 	 
	 	
              WELLS
                FARGO BANK, N.A., as Securities 

              Administrator

            
	 
 	 
 	 
 
	 	By:  	/s/ Amy Doyle
	 	
              
Name:
              Amy Doyle
	 	Title:
              Vice President

    

    
       

      
        	 	 	 
	 	WELLS
                FARGO BANK,
                N.A., as Custodian
	 
 	 
 	 
 
	 	By:  	/s/ Patrick M. Gorrien
	 	
                
Name:
                Patrick M. Gorrien
	 	Title:
                Vice President

      

      
         

        
          	 	 	 
	 	
                  NATIONAL
                    CITY HOME
                    LOAN SERVICES, 

                  INC,
                    as
                    Servicer

                
	 
 	 
 	 
 
	 	By:  	/s/ Steve A. Baranet
	 	
                  
Name:
                  Steve A. Baranet
	 	Title:
                  Vice President

        

        
           

          
            	 	 	 
	 	
                    FIRST
                      FRANKLIN FINANCIAL 

                    CORPORATION,
                      as
                      Mortgage Loan Seller

                  
	 
 	 
 	 
 
	 	By:  	/s/ Steve Mageras
	 	
                    
Name:
                    Steve Mageras
	 	Title:
                    Executive Vice
                    President

          

        

      

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
       

       

      
        	 	 	 
	 	
                ACKNOWLEDGED
                  BY
                  HSBC BANK USA, 

                NATIONAL
                  ASSOCIATION,

                
                  as
                    Sponsor, solely for the purposes of Section

                  2.03(k).
                    

                

              
	 
 	 
 	 
 
	 	By:  	/s/ Jon E. Voigtman
	 	
                
Name:
                Jon E. Voigtman
	 	Title:
                Managing Director #14311

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

    

    SCHEDULE
      I

     

    Mortgage
      Loan Schedule

    

    [To
      be
      retained in a separate closing binder entitled “FFML 2006-FF5 Mortgage Loan

    Schedules”
      at the Washington, D.C. offices of McKee Nelson LLP]

     

    
      
        
        

      

      
        SCH.
          I-1

        
          

        

      

       

    

     

    SCHEDULE
      II

     

    First
      Franklin Mortgage Loan Trust, 2006-FF5

    Mortgage
      Pass-Through Certificates, Series 2006-FF5

     

    Representations
      and Warranties of the Servicer as to Corporate Matters

    

    NCHLS,
      in
      its capacity as Servicer, represents, warrants and covenants to the Depositor,
      the Securities Administrator, the Master Servicer and the Trustee as of the
      Closing Date that:

     

    (1) NCHLS
      is
      a Delaware corporation duly organized, validly existing and in good standing
      under the laws of Delaware and is an operating subsidiary of National City
      Bank
      of Indiana. As a national bank operating subsidiary, NCHLS is regulated by
      the
      Office of the Comptroller of the Currency and is subject to applicable laws
      and
      regulations. NCHLS has: any licenses necessary to carry out their business
      as
      now being conducted; or 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 in any event NCHLS is in compliance with the
      applicable 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. No licenses or approvals obtained
      by NCHLS has been suspended or revoked by any court, administrative agency,
      arbitrator or governmental body and no proceedings are pending which might
      result in such suspension or revocation;

     

    (2) NCHLS
      has
      the full power and authority to execute, deliver and perform, and to enter
      into
      and consummate, all transactions contemplated by this Agreement. NCHLS has
      duly
      authorized the execution, delivery and performance of this Agreement, has duly
      executed and delivered this Agreement, and this Agreement, assuming due
      authorization, execution and delivery by the Purchaser, constitutes a legal,
      valid and binding obligation of NCHLS, enforceable against it in accordance
      with
      its terms except as the enforceability thereof may be limited by (1) bankruptcy,
      insolvency, moratorium, reorganization or other similar laws now or hereafter
      in
      effect relating to creditors’ rights generally, including, without limitation,
      the effect of statutory or other laws regarding fraudulent conveyances or
      preferential transfers, (2) general principles of equity upon the specific
      enforceability of any of the remedies, covenants or other provisions of the
      Agreement and upon the availability of injunctive relief or other equitable
      remedies and the application of principles of equity (regardless of whether
      such
      enforceability is considered in a proceeding in equity or at law) as such
      principles relate to, limit or affect the enforcement of creditors’ rights
      generally and the discretion of the court before which any proceeding for such
      enforcement may be brought and (3) public policy considerations limiting the
      enforceability of provisions of this Agreement relating to
      indemnification;

    
      
        
        

      

      
        SCH.
          II-1

        
          

        

      

       

    

     

    (3) The
      execution and delivery of this Agreement by NCHLS and the performance of and
      compliance with the terms of this Agreement will not violate the NCHLS’s
      articles of incorporation or by-laws or constitute a default under or result
      in
      a breach or acceleration of, any material contract, agreement or other
      instrument to which NCHLS is a party or which may be applicable to NCHLS or
      its
      assets;

     

    (4) NCHLS
      is
      not in violation of, and the execution and delivery of this Agreement by NCHLS
      and its performance and compliance with the terms of this Agreement will not
      constitute a material violation with respect to, any order or decree of any
      court or any order or regulation of any federal, state, municipal or
      governmental agency having jurisdiction over NCHLS or its assets, which
      violation might have consequences that would materially and adversely affect
      the
      condition (financial or otherwise) or the operation of NCHLS or its assets
      or
      might have consequences that would materially and adversely affect the
      performance of their respective obligations and duties hereunder;

     

    (5) NCHLS
      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;

     

    (6) The
      Mortgage Note, the Mortgage, the Assignment of Mortgage and any other documents
      required to be delivered with respect to each Mortgage Loan pursuant to this
      Agreement, have been delivered to the Custodian all in compliance with the
      specific requirements of this Agreement.

     

    (7) There
      are
      no actions or proceedings against, or investigations of, NCHLS before any court,
      administrative or other tribunal (A) that might prohibit its entering into
      this
      Agreement, (B) seeking to prevent the sale of the Mortgage Loans or the
      consummation of the transactions contemplated by this Agreement or (C) that
      might prohibit or materially and adversely affect the performance by NCHLS
      of
      its obligations under, or the validity or enforceability of, this
      Agreement;

     

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

     

    (9) The
      consummation of the transactions contemplated by this Agreement are in the
      ordinary course of business of NCHLS;

     

    (10) To
      the
      extent that any of the Mortgage Loans are registered with MERS, NCHLS is a
      member of MERS in good standing, will comply in all material respects with
      the
      rules and procedures of MERS in connection with the servicing of the Mortgage
      Loans that are registered with MERS and is current in payment of all fees and
      assessments imposed by MERS;

    
      
        
        

      

      
        SCH.
          II-2

        
          

        

      

       

    

     

    (11) Neither
      this Agreement nor any written statement, report or other document prepared
      and
      furnished or to be prepared and furnished by NCHLS as required by this Agreement
      or in connection with the transactions contemplated hereby contains any untrue
      statement of material fact or omits to state a material fact necessary to make
      the statements contained herein or therein not misleading. 

    
      
        
        

      

      
        SCH.
          II-3

        
          

        

      

       

    

    SCHEDULE
      III

     

    First
      Franklin Mortgage Loan Trust 2006-FF5

    Mortgage
      Pass-Through Certificates, Series 2006-FF5

     

    Representations
      and Warranties of the Mortgage Loan Seller as to Corporate
      Matters

     

    The
      Mortgage Loan Seller hereby makes the representations and warranties set forth
      in this Schedule III to the Depositor, the Securities Administrator, the
      Master Servicer and the Trustee, with respect to itself as of the Closing
      Date.

     

    (1) The
      Mortgage Loan Seller is a corporation duly organized, validly existing and
      in
      good standing under the laws of the state of its organization 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 wherein it owns or leases
      any material properties or 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 Mortgage Loan Seller, and in any event the Mortgage
      Loan Seller is in compliance with the laws of any such state to the extent
      necessary; the Mortgage Loan Seller has the full corporate power, authority
      and
      legal right to execute and deliver this Agreement and to perform its obligations
      hereunder; the execution, delivery and performance of this Agreement by the
      Mortgage Loan Seller and the consummation of the transactions contemplated
      hereby have been duly and validly authorized; this Agreement and all agreements
      contemplated hereby have been duly executed and delivered and constitute the
      valid, legal, binding and enforceable obligations of the Mortgage Loan Seller,
      regardless of whether such enforcement is sought in a proceeding in equity
      or at
      law; and all requisite corporate action has been taken by the Mortgage Loan
      Seller to make this Agreement and all agreements contemplated hereby valid
      and
      binding upon the Mortgage Loan Seller in accordance with their
      terms;

     

    (2) Neither
      the execution and delivery of this Agreement, the consummation of 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, conditions or provisions of the Mortgage Loan Seller’s
      charter or by-laws or any legal restriction or any agreement or instrument
      to
      which the Mortgage Loan 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 violation of any law, rule, regulation, order, judgment or decree
      to which the Mortgage Loan Seller or its property is subject, or result in
      the
      creation or imposition of any lien, charge or encumbrance that would have an
      adverse effect upon any of its properties pursuant to the terms of any mortgage,
      contract, deed of trust or other instrument;

     

    (3) There
      is
      no action, suit, proceeding or investigation pending or, to the best of the
      Mortgage Loan Seller’s knowledge, threatened against the Mortgage Loan Seller,
      before any court, administrative agency or other tribunal asserting the
      invalidity of this Agreement, seeking to prevent the consummation of any of
      the
      transactions contemplated by this Agreement or 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 Mortgage Loan
      Seller, or in any material impairment of the right or ability of the Mortgage
      Loan Seller to carry on its business substantially as now conducted, or in
      any
      material liability on the part of the Mortgage Loan Seller, or which would
      draw
      into question the validity of this Agreement or of any action taken or to be
      taken in connection with the obligations of the Mortgage Loan Seller
      contemplated herein, or which would be likely to impair materially the ability
      of the Mortgage Loan Seller to perform under the terms of this Agreement;
      and

    
      
        
        

      

      
        SCH.
          III-1

        
          

        

      

       

    

     

    (4) No
      consent, approval, authorization or order of, or registration or filing with,
      or
      notice to any court or governmental agency or body including HUD, the FHA or
      the
      VA is required for the execution, delivery and performance by the Mortgage
      Loan
      Seller of or compliance by the Mortgage Loan Seller with this Agreement or
      the
      consummation of the transactions contemplated by this Agreement, or if required,
      such approval has been obtained prior to the Closing Date.

     

    
      
        
        

      

      
        SCH.
          III-2

        
          

        

      

       

    

     

    SCHEDULE
      IV

     

    FFFC
      Mortgage Loan Trust 2006-FF5

    Mortgage
      Pass-Through Certificates, Series 2006-FF5

     

    Representations
      and Warranties of the Mortgage Loan Seller as to the Individual Mortgage
      Loans

    

    FFFC,
      in
      its capacity as Mortgage Loan Seller, hereby makes the representations and
      warranties set forth in this Schedule III as to the Mortgage Loans to the
      Depositor, the Securities Administrator, the Master Servicer and the Trustee
      on
      the Closing Date or such other date as may be specified below. Capitalized
      terms
      used but not otherwise defined in this Schedule IV shall have the meanings
      ascribed thereto in the Master MLPSA:

     

    (1) The
      information set forth in the Mortgage Loan Schedule with respect to Mortgage
      Loans sold by FFFC to the Depositor and included in the Trust Fund is complete,
      true and correct;

     

    (2) The
      Mortgage Loan is in compliance with all requirements set forth in the related
      Confirmation, and the characteristics of the related Mortgage Loan Package
      as
      set forth in the related Confirmation are true and correct;

     

    (3) All
      payments required to be made up to the close of business for such Mortgage
      Loan
      under the terms of the Mortgage Note have been made; FFFC has not advanced
      funds, or induced, solicited or knowingly received any advance of funds from
      a
      party other than the owner of the related Mortgaged Property, directly or
      indirectly, for the payment of any amount required by the Mortgage Note or
      Mortgage; and no payment under the Mortgage Loan has been more than thirty
      days
      delinquent,, exclusive of any period of grace, at any time since the origination
      of the Mortgage Loan;

     

    (4) There
      are
      no delinquent taxes, ground rents, water charges, sewer rents, assessments,
      insurance premiums, leasehold payments, including assessments payable in future
      installments or other outstanding charges affecting the related Mortgaged
      Property;

     

    (5) The
      terms
      of the Mortgage Note and the Mortgage have not been impaired, waived, altered
      or
      modified in any respect, except by written instruments, recorded in the
      applicable public recording office if necessary to maintain the lien priority
      of
      the Mortgage, and which have been delivered to the Custodian; the substance
      of
      any such waiver, alteration or modification has been approved by the title
      insurer, to the extent required by the related policy, and is reflected on
      the
      related Mortgage Loan Schedule. No instrument of waiver, alteration or
      modification has been executed, and no Mortgagor has been released, in whole
      or
      in part, except in connection with an assumption agreement approved by the
      title
      insurer, to the extent required by the policy, and which assumption agreement
      has been delivered to the Custodian and the terms of which are reflected in
      the
      related Mortgage Loan Schedule;

     

    
      
        
        

      

      
        SCH.
          IV-1

        
          

        

      

       

    

     

    (6) The
      Mortgage Note and the Mortgage are not subject to any right of rescission,
      set-off, counterclaim or defense, including the defense of usury, nor will
      the
      operation of any of the terms of the Mortgage Note and the Mortgage, or the
      exercise of any right thereunder, render the Mortgage unenforceable, in whole
      or
      in part, or subject to any 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. Each
      Prepayment Charge or penalty with respect to any Mortgage Loan is permissible,
      enforceable and collectible under applicable federal, state and local
      law;

     

    (7) All
      buildings upon the Mortgaged Property are insured by an insurer 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 not less than
      (i)
      100% of the replacement cost of all improvements to the Mortgaged Property,
      (ii)
      the outstanding principal balance of the Mortgage Loan with respect to each
      first lien Mortgage Loan, or (iii) the amount necessary to fully compensate
      for
      any damage or loss to the improvements that are a part of such property on
      a
      replacement cost basis, but in no event greater than the maximum amount
      permitted by applicable law. All such insurance policies contain a standard
      mortgagee clause naming FFFC, its successors and assigns as mortgagee and all
      premiums thereon have been paid. If the Mortgaged Property is in an area
      identified on a Flood Hazard Map or Flood Insurance Rate Map issued by the
      Federal Emergency Management Agency as having special flood hazards (and such
      flood insurance has been made available) a flood insurance policy meeting the
      requirements of the current guidelines of the Federal Insurance Administration
      is in effect which policy conforms to the requirements of prudent mortgage
      lenders in the secondary mortgage market. The Mortgage obligates the Mortgagor
      thereunder to maintain all such insurance at the Mortgagor’s cost and expense,
      and on the Mortgagor’s failure to do so, authorizes the holder of the Mortgage
      to maintain such insurance at Mortgagor’s cost and expense and to seek
      reimbursement therefor from the Mortgagor;

     

    (8) Any
      and
      all requirements of any applicable federal, state or local law including,
      without limitation, usury, truth in lending, real estate settlement procedures,
      predatory and abusive lending, consumer credit protection, equal credit
      opportunity, fair housing or disclosure laws applicable to the origination
      and
      servicing of mortgage loans of a type similar to the Mortgage Loans have been
      complied with;

     

    (9) The
      Mortgage has not been satisfied, cancelled, 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 satisfaction, cancellation, subordination, rescission
      or
      release;

     

    
      
        
        

      

      
        SCH.
          IV-2

        
          

        

      

       

    

     

    (10) The
      Mortgage is a valid, existing and enforceable first lien and first priority
      security interest with respect to each Mortgage Loan which is indicated by
      FFFC
      to be a first lien on the Mortgaged Property, including all improvements on
      the
      Mortgaged Property subject only to (a) the lien of current real property taxes
      and assessments not yet due and payable, (b) covenants, conditions and
      restrictions, rights of way, easements and other matters of the 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 (c) other matters
      to
      which like properties are commonly subject which do not materially interfere
      with the benefits of the security intended to be provided by 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,
      existing and enforceable first lien and first priority security interest on
      the
      property described therein and FFFC has full right to sell and assign the same
      to the Sponsor. The Mortgaged Property was not, as of the date of origination
      of
      the Mortgage Loan, subject to a mortgage, deed of trust, deed to secure debt
      or
      other security instrument creating a lien subordinate to the lien of the
      Mortgage;

     

    (11) 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;

     

    (12) 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. The Mortgagor is a natural person;

     

    (13) The
      proceeds of the Mortgage Loan have been fully disbursed to or for the account
      of
      the Mortgagor and there is no obligation for the Mortgagee to advance additional
      funds thereunder and any and all requirements as to completion of any on-site
      or
      off-site improvement 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 have been paid, and the
      Mortgagor is not entitled to any refund of any amounts paid or due to the
      Mortgagee pursuant to the Mortgage Note or Mortgage;

     

    (14) FFFC
      is
      the sole legal, beneficial and equitable owner of the Mortgage Note and the
      Mortgage and has full right to transfer and sell the Mortgage Loan to the
      Sponsor free and clear of any encumbrance, equity, lien, pledge, charge, claim
      or security interest;

     

    (15) FFFC
      and,
      to the best of FFFC’s knowledge all other 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)
      in compliance with any and all applicable “doing business” and licensing
      requirements of the laws of the state wherein the Mortgaged Property is
      located;

     

    
      
        
        

      

      
        SCH.
          IV-3

        
          

        

      

       

    

     

    (16) The
      Mortgage Loan is covered by an American Land Title Association (“ALTA”) lender’s
      title insurance policy (which, in the case of an Adjustable Rate Mortgage Loan
      has an adjustable rate mortgage endorsement in the form of ALTA 6.0 or 6.1)
      acceptable to prudent lenders, issued by a title insurer acceptable to prudent
      lenders and qualified to do business in the jurisdiction where the Mortgaged
      Property is located, insuring (subject to the exceptions contained in (10)
      (a)
      and (b) above) FFFC, its successors and assigns as to the first priority lien
      of
      the Mortgage in the original principal amount of the Mortgage Loan and, with
      respect to any Adjustable Rate Mortgage Loan, 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. Additionally, such lender’s title insurance policy affirmatively
      insures ingress and egress to and from the Mortgaged Property, and against
      encroachments by or upon the Mortgaged Property or any interest therein. FFFC
      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 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 FFFC, has done, by act or
      omission, anything which would impair the coverage of such lender’s title
      insurance policy;

     

    (17) There
      is
      no default, breach, violation or event of acceleration existing under the
      Mortgage or the Mortgage Note and no event has occurred 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 FFFC
      has
      not waived any default, breach, violation or event of acceleration;

     

    (18) 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 related Mortgaged Property which are or may be liens
      prior to, or equal or coordinate with, the lien of the related
      Mortgage;

     

    (19) All
      improvements which were considered in determining the Appraised Value of the
      related 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;

     

    (20) Principal
      payments on the Mortgage Loan (other than with respect to a Mortgage Loan
      identified on the related Mortgage Loan Schedule as an interest-only Mortgage
      Loan) commenced no more than sixty days after the proceeds of the Mortgage
      Loan
      were disbursed. The Mortgage Loan bears interest at the Mortgage Interest Rate.
      The Mortgage Note is payable on the first day of each month in Monthly Payments,
      which, in the case of a Fixed Rate Mortgage Loans, are sufficient to fully
      amortize the original principal balance over the original term thereof (other
      than with respect to a Mortgage Loan identified on the related Mortgage Loan
      Schedule as an interest-only Mortgage Loan during the interest-only period
      or as
      balloon mortgage loans) and to pay interest at the related Mortgage Interest
      Rate, and, in the case of an Adjustable Rate Mortgage Loan, are changed on
      each
      Adjustment Date, and in any case, are sufficient to fully amortize the original
      principal balance over the original term thereof (other
      than with respect to a Mortgage Loan identified on the related Mortgage Loan
      Schedule as an interest-only Mortgage Loan
      during
      the interest-only period) and to pay interest at the related Mortgage Interest
      Rate. With respect to each Mortgage Loan identified on the Mortgage Loan
      Schedule as an interest-only Mortgage Loan, the interest-only period shall
      not
      exceed five (5) years or ten (10) years, as specified on the Mortgage Loan
      Schedule (or such other period specified on the Mortgage Loan Schedule) and
      following the expiration of such interest-only period, the remaining Monthly
      Payments shall be sufficient to fully amortize the original principal balance
      over the remaining term of the Mortgage Loan, except in the case of any Mortgage
      Loan identified on the Mortgage Loan Schedule as a balloon mortgage loan. The
      Index for each Adjustable Rate Mortgage Loan is as defined in the related
      Confirmation. No Mortgage Loan is a Convertible Mortgage Loan;

     

    
      
        
        

      

      
        SCH.
          IV-4

        
          

        

      

       

    

     

    (21) The
      origination, servicing and collection practices used with respect to each
      Mortgage Note and Mortgage including, without limitation, the establishment,
      maintenance and servicing of the Escrow Accounts and Escrow Payments, if any,
      since origination, have been in all respects legal, proper, prudent and
      customary in the mortgage origination and servicing industry. The Mortgage
      Loan
      has been serviced by NCHLS and any predecessor servicer in accordance with
      the
      terms of the Mortgage Note. With respect to escrow deposits and Escrow Payments,
      if any, all such payments are in the possession of, or under the control of,
      NCHLS and there exist no deficiencies in connection therewith for which
      customary arrangements for repayment thereof have not been made. No escrow
      deposits or Escrow Payments or other charges or payments due NCHLS have been
      capitalized under any Mortgage or the related Mortgage Note and no such escrow
      deposits or Escrow Payments are being held by NCHLS for any work on a Mortgaged
      Property which has not been completed;

     

    (22) As
      of the
      origination date of any Mortgage Loan, the related Mortgaged Property is free
      of
      damage and waste and there is no proceeding pending for the total or partial
      condemnation thereof;

     

    (23) The
      Mortgage and related Mortgage Note contain customary and enforceable provisions
      such as to render the rights and remedies of the holder thereof adequate for
      the
      realization against the Mortgaged Property of the benefits of the security
      provided thereby, including, (a) in the case of a Mortgage designated as a
      deed
      of trust, by trustee’s sale, and (b) otherwise by judicial foreclosure. With
      respect to each Mortgage Loan Package, unless otherwise provided in the related
      Confirmation, no Mortgaged Properties were subject to any bankruptcy proceeding
      or foreclosure proceeding in the 24 month period preceding the origination
      date
      of the Mortgage Loans. Unless otherwise provided in the related Confirmation,
      since the date of origination of the Mortgage Loan, the Mortgaged Property
      has
      not been subject to any bankruptcy proceeding or foreclosure proceeding and
      the
      Mortgagor has not filed for protection under applicable bankruptcy laws. 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. The Mortgagor has not notified FFFC and
      FFFC has no knowledge of any relief requested or allowed to the Mortgagor under
      the Servicemembers Civil Relief Act;

     

    
      
        
        

      

      
        SCH.
          IV-5

        
          

        

      

       

    

     

    (24) The
      Mortgage Loan was originated for sale to FFFC by either First Franklin, a
      division of National City Bank of Indiana, or other qualified correspondents
      of
      the National City Bank of Indiana. The Mortgage Loan is in accordance with
      the
      underwriting standards for purchase by FFFC in effect at the time the Mortgage
      Loan was originated. The Mortgage Note and Mortgage (exclusive or any riders
      or
      addenda) are on forms acceptable to FNMA and FHLMC;

     

    (25) The
      Mortgage Note is not and has not been secured by any collateral except the
      lien
      of the corresponding Mortgage on the Mortgaged Property and the security
      interest of any applicable security agreement or chattel mortgage referred
      to in
      (x) above;

     

    (26) Either
      (a) the Mortgage File contains an appraisal of the related Mortgaged Property
      which satisfied the standards of the Financial Institutions Reform, Recovery
      and
      Enforcement Act of 1989, and the rules and regulations thereunder, as amended
      from time to time, and was made and signed by an appraiser who met the minimum
      requirements of prudent mortgage lenders in the secondary mortgage market;
      or
      (b) the Mortgage Loan complied with FFFC’s automated appraisal methodology as
      set forth in FFFC’s underwriting guidelines. If the Mortgage File contains an
      appraisal, the appraisal was on appraisal form 1004 or form 2055 with an
      interior inspection and was made and signed, prior to the approval of the
      Mortgage Loan application, by a qualified appraiser who, to the best of FFFC’s
      knowledge, had no interest, direct or indirect in the Mortgaged Property or
      in
      any loan made on the security thereof, whose compensation is not affected by
      the
      approval or disapproval of the Mortgage Loan and who met the minimum
      qualifications of the Financial Institutions Reform, Recovery and Enforcement
      Act of 1989, and the rules and regulations thereunder;

     

    (27) 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 Sponsor to the trustee under the deed of trust, except in
      connection with a trustee’s sale after default by the Mortgagor;

     

    
      
        
        

      

      
        SCH.
          IV-6

        
          

        

      

       

    

     

    (28) No
      Mortgage Loan contains provisions pursuant to which Monthly Payments are (a)
      paid or partially paid with funds deposited in any separate account established
      by FFFC, the Mortgagor, or anyone on behalf of the Mortgagor, (b) paid by any
      source other than the Mortgagor or (c) contains any other similar provisions
      which may constitute a “buydown” provision. 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;

     

    (29) If
      required by applicable law, the Mortgagor has executed a statement to the effect
      that the Mortgagor has received the disclosure materials required by applicable
      law with respect to the making of fixed rate mortgage loans, in the case of
      Fixed Rate Mortgage Loans, and adjustable rate mortgage loans, in the case
      of
      Adjustable Rate Mortgage Loans, and rescission materials with respect to
      Refinanced Mortgage Loans, and such statement is and will remain in the Mortgage
      File;

     

    (30) No
      Mortgage Loan was made in connection with (a) the construction or rehabilitation
      of a Mortgaged Property or (b) facilitating the trade-in or exchange of a
      Mortgaged Property;

     

    (31) FFFC
      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 can
      reasonably be expected to cause the Mortgage Loan to be an unacceptable
      investment, cause the Mortgage Loan to become delinquent, or adversely affect
      the value of the Mortgage Loan;

     

    (32) No
      Mortgage Loan had an LTV or CLTV at origination in excess of 100%;

     

    (33) The
      Mortgaged Property is lawfully occupied under applicable law; 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,
      have been made or obtained from the appropriate authorities;

     

    (34) No
      error,
      omission, misrepresentation, negligence, fraud or similar occurrence with
      respect to a Mortgage Loan has taken place on the part of FFFC, or, to the
      best
      of FFFC’s knowledge, any other person, including without limitation the
      Mortgagor, any appraiser, any builder or developer, or any other party involved
      in the origination of the Mortgage Loan or in the application of any insurance
      in relation to such Mortgage Loan;

     

    
      
        
        

      

      
        SCH.
          IV-7

        
          

        

      

       

    

     

    (35) The
      Assignment of Mortgage is in recordable form, except for the name of the
      assignee which is blank, and is acceptable for recording under the laws of
      the
      jurisdiction in which the Mortgaged Property is located;

     

    (36) Any
      principal advances made to the Mortgagor prior to the Cut-off Date have been
      consolidated with the outstanding principal amount secured by the Mortgage,
      and
      the secured principal amount, as consolidated, bears a single interest rate
      and
      single repayment term. 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 prudent mortgage
      lenders in the secondary mortgage market. The consolidated principal amount
      does
      not exceed the original principal amount of the Mortgage Loan;

     

    (37) The
      source of the down payment with respect to each Mortgage Loan has been fully
      verified by the Mortgage Loan’s originator;

     

    (38) Interest
      on each Mortgage Loan is calculated on the basis of a 360-day year consisting
      of
      twelve 30-day months;

     

    (39) The
      Mortgaged Property is in material compliance with all applicable environmental
      laws pertaining to environmental hazards including, without limitation,
      asbestos, and neither FFFC nor, to FFFC’s knowledge, the related Mortgagor, has
      received any notice of any violation or potential violation of such
      law;

     

    (40) FFFC
      shall, at its own expense, cause each Mortgage Loan to be covered by a Tax
      Service Contract which is assignable to the Sponsor or its designee;
provided however,
      that if
      FFFC fails to purchase such Tax Service Contract, FFFC shall be required to
      reimburse the Sponsor for all costs and expenses incurred by the Sponsor in
      connection with the purchase of any such Tax Service Contract, provided however,
      that
      such costs shall not exceed $80 per Mortgage Loan;

     

    (41) Each
      Mortgage Loan is covered by a Flood Zone Service Contract which is assignable
      to
      the Sponsor or its designee or, for each Mortgage Loan not covered by such
      Flood
      Zone Service Contract, FFFC agrees to purchase such Flood Zone Service
      Contract;

     

    (42) No
      Mortgage Loan is (a) subject to the provisions of the Homeownership and Equity
      Protection Act of 1994 as amended (“HOEPA”),
      (b) a
“high cost” mortgage loan, “covered” mortgage loan, “high risk home” mortgage
      loan or “predatory” mortgage loan or any other comparable term, no matter how
      defined under any applicable federal, state or local law, (c) subject to any
      comparable applicable federal, state or local statutes or regulations, or any
      other applicable statute or regulation providing for heightened regulatory
      scrutiny, or (d) a High Cost Loan or Covered Loan, as applicable (as such terms
      are defined in applicable state law and included in the current Standard &
Poor’s LEVELS® Glossary Revised, Appendix E);

     

    
      
        
        

      

      
        SCH.
          IV-8

        
          

        

      

       

    

     

    (43) No
      predatory, abusive, or deceptive lending practices as defined under applicable
      law, including but not limited to, the extension of credit to a mortgagor
      without regard for the mortgagor’s ability to repay the Mortgage Loan and the
      extension of credit to a mortgagor which has no apparent benefit to the
      mortgagor, were employed in connection with the origination of the Mortgage
      Loan;

     

    (44) The
      debt-to-income ratio of the related Mortgagor was not greater than 55% at the
      origination of the related Mortgage Loan;

     

    (45) No
      Mortgagor was required to purchase any credit insurance product (e.g., life,
      mortgage, disability, accident, unemployment or health insurance product) or
      debt cancellation agreement as a condition of obtaining the extension of credit.
      No Mortgagor obtained a prepaid single premium credit life, mortgage,
      disability, accident, unemployment or health insurance product in connection
      with 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;

     

    (46) The
      Mortgage Loans were not selected from the outstanding one to four-family
      mortgage loans in FFFC’s portfolio at the Initial Sale Date as to which the
      representations and warranties set forth in this Agreement could be made in
      a
      manner so as to affect adversely the interests of the Sponsor;

     

    (47) The
      Mortgage contains an enforceable provision for the acceleration of the payment
      of the unpaid principal balance of the Mortgage Loan in the event that the
      Mortgaged Property is sold or transferred without the prior written consent
      of
      the mortgagee thereunder;

     

    (48) The
      Mortgage Loan complies with all applicable consumer credit statutes and
      regulations, including, without limitation, the respective Uniform Consumer
      Credit Code laws in effect in Colorado, Idaho, Indiana, Iowa, Kansas, Maine,
      Oklahoma, South Carolina, Utah and Wyoming, to the extent such laws and
      regulations are not preempted by federal law, has been originated by a national
      bank or a properly licensed entity, and in all other respects, complies with
      all
      of the material requirements of any such applicable laws and non-preempted
      state
      laws;

     

    
      
        
        

      

      
        SCH.
          IV-9

        
          

        

      

       

    

     

    (49) The
      information set forth in the Prepayment Charge Schedule is complete, true and
      correct in all material respects and each Prepayment Charge is permissible,
      enforceable and collectable under applicable federal and state law;

     

    (50) The
      Mortgage Loan was not prepaid in full prior to the Closing Date and FFFC has
      not
      received notification from a Mortgagor that a prepayment in full shall be made
      after the Closing Date;

     

    (51) No
      Mortgage Loan is secured by cooperative housing, commercial property or mixed
      use property;

     

    (52) Each
      Mortgage Loan is eligible for sale in the secondary market or for inclusion
      in a
      Pass-Through Transfer without unreasonable credit enhancement;

     

    (53) Except
      as
      set forth on the related Mortgage Loan Schedule, none of the Mortgage Loans
      are
      subject to a Prepayment Charge. For any Mortgage Loan, such Prepayment Charge
      does not extend beyond three years after the date of origination. 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 Mortgage Loan’s
      origination, the Mortgage Loan originator’s rate sheets provided a means for a
      Mortgagor to agree to such premium in exchange for a monetary benefit, including
      but not limited to a rate or fee reduction, (ii) FFFC has no knowledge that,
      prior to the Mortgage Loan’s origination, the Mortgagor was not offered the
      option of obtaining a Mortgage Loan that did not require payment of such a
      premium, (iii) the prepayment premium is disclosed to the Mortgagor in the
      loan
      documents pursuant to applicable state and federal law, and (iv) notwithstanding
      any state or federal law to the contrary, FFFC shall not impose such prepayment
      premium in any instance when the mortgage debt is accelerated as the result
      of
      the Mortgagor’s default in making the loan payments;

     

    (54) FFFC
      is
      in compliance with all applicable anti-money laundering laws, including the
      relevant provisions of the Bank Secrecy Act as amended by the USA PATRIOT ACT
      of
      2001 (collectively, the “Patriot Act”); FFFC has established an anti-money
      laundering compliance program and with respect to the Patriot Act has (i)
      developed internal policies, procedures and controls reasonably designed to
      prevent it from being used for money laundering or the financing of terrorist
      activities; (ii) designated a compliance officer, (iii) implemented an ongoing
      employee training program, and, (iv) developed an independent audit function
      to
      test the compliance program; and the Company is in compliance with the
      implementing regulations promulgated and administered by the U.S. Treasury
      Department’s Office of Foreign Assets Control (“OFAC”), and has established an
      OFAC compliance program As of the closing date of the related Mortgage Loan,
      no
      Mortgage Loan is subject to nullification pursuant to Executive Order 13224
      (the
“Executive Order”) or the regulations promulgated by the Office of Foreign
      Assets Control of the United States Department of the Treasury (the “OFAC
      Regulations”) or in violation of the Executive Order or the OFAC Regulations,
      and no Mortgagor is subject to the provisions of such Executive Order or the
      OFAC Regulations nor listed as a “blocked person” for purposes of the OFAC
      Regulations;

     

    
      
        
        

      

      
        SCH.
          IV-10

        
          

        

      

       

    

     

    (55) No
      Mortgagor 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 Mortgagor 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;
provided
      that,
      for
      purposes of this subpart, the terms “Mortgage Loan’s originator” and “any
      affiliate of the Mortgage Loan’s originator” shall mean, either of and only, the
      FFFC and NationPoint divisions of National City Bank of Indiana;

     

    (56) The
      methodology used in underwriting the extension of credit for each Mortgage
      Loan
      employs objective mathematical principles which relate the Mortgagor’s income,
      assets and liabilities to the proposed payment and such underwriting methodology
      does not rely on the extent of the Mortgagor’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 Mortgagor had a reasonable ability to make timely
      payments on the Mortgage Loan;

     

    (57) With
      respect to each Mortgage Loan, NCHLS and any previous servicer has fully and
      accurately furnished complete information on the related borrower credit files
      to Equifax, Experian and Trans Union Credit Information Company, in accordance
      with the Fair Credit Reporting Act and its implementing regulations, on a
      monthly basis and FFFC for each Loan will furnish, in accordance with the Fair
      Credit Reporting Act and its implementing regulations, accurate and complete
      information on its borrower credit files to Equifax, Experian, and Trans Union
      Credit Information Company, on a monthly basis;

     

    (58) All
      points and fees related to each Mortgage Loan were disclosed in writing to
      the
      related Borrower in accordance with applicable state and federal laws and
      regulations. All fees and charges (including finance charges) and whether or
      not
      financed, assessed, collected or to be collected in connection with the
      origination of each such Mortgage Loan were disclosed in writing to the related
      Mortgagor in accordance with applicable state and federal laws and
      regulations;

     

    (59) FFFC
      will
      transmit full-file credit reporting data for each Mortgage Loan for each
      Mortgage Loan and 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;

     

    
      
        
        

      

      
        SCH.
          IV-11

        
          

        

      

       

    

     

    (60) No
      Mortgage Loan is a “manufactured housing loan” or “home improvement home loan”
pursuant to the New Jersey Home Ownership Act. No Mortgage Loan is a “High-Cost
      Home Loan” or a refinanced “Covered Home Loan,” in each case, as defined in the
      New Jersey Home Ownership Act effective November 27, 2003 (N.J.S.A. 46;10B-22
      et
      seq.);

     

    (61) 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);

     

    (62) No
      Mortgage Loan is secured by real property or secured by a manufactured home
      located in the state of Georgia unless (x) such Mortgage Loan was originated
      prior to October 1, 2002 or after March 6, 2003, or (y) the property securing
      the Mortgage Loan is not, nor will be, occupied by the Mortgagor as the
      Mortgagor’s principal dwelling. No Mortgage Loan is a “High Cost Home Loan” as
      defined in the Georgia Fair Lending Act, as amended (the “Georgia Act”). Each
      Mortgage Loan that is a “Home Loan” under the Georgia Act complies with all
      applicable provisions of the Georgia Act. No Mortgage Loan secured by owner
      occupied real property or an owner occupied manufactured home located in the
      State of Georgia was originated (or modified) on or after October 1, 2002
      through and including March 6, 2003;

     

    (63) No
      Mortgage Loan is a “High-Cost” loan as defined under the New York Banking Law
      Section 6-1, effective as of April 1, 2003;

     

    (64) No
      Mortgage Loan (a) is secured by property located in the State of New York;
      (b)
      had an unpaid principal balance at origination of $300,000 or less, and (c)
      has
      an application date on or after April 1, 2003, the terms of which Mortgage
      Loan
      equal or exceed either the APR or the points and fees threshold for “high-cost
      home loans”, as defined in Section 6-1 of the New York State Banking
      Law;

     

    (65) No
      Mortgage Loan is a “High Cost Home Loan” as defined in the Arkansas Home Loan
      Protection Act effective July 16, 2003 (Act 1340 or 2003);

     

    (66) No
      Mortgage Loan is a “High Cost Home Loan” as defined in the Kentucky high-cost
      loan statute effective June 24, 2003 (Ky. Rev. Stat.
      Section 360.100);

     

    (67) No
      Mortgage Loan secured by property located in the State of Nevada is a “home
      loan” as defined in the Nevada Assembly Bill No. 284;

     

    (68) No
      Mortgage Loan is a subsection 10 mortgage under the Oklahoma Home Ownership
      and
      Equity protection Act;

     

    
      
        
        

      

      
        SCH.
          IV-12

        
          

        

      

       

    

     

    (69) No
      Mortgage Loan is a “High-Cost Home Loan” as defined in the New Mexico Home Loan
      Protection Act effective January 1, 2004 (N.M. Stat. Ann. §§ 58-21A-1 et
      seq.);

     

    (70) No
      Mortgage Loan is a “High-Risk Home Loan” as defined in the Illinois High-Risk
      Home Loan Act effective January 1, 2004 (815 Ill. Comp. Stat. 137/1 et
      seq.);

     

    (71) No
      Mortgage Loan that is secured by property located within the State of Maine
      meets the definition of a (i) “high-rate, high-fee” mortgage loan under Article
      VIII, Title 9-A of the Maine Consumer Credit Code or (ii) “High-Cost Home Loan”
as defined under the Maine House Bill 383 L.D. 494, effective as of September
      13, 2003;

     

    (72) No
      Mortgage Loan secured by a Mortgaged Property located in the Commonwealth of
      Massachusetts was made to pay off or refinance an existing loan or other debt
      of
      the related borrower (as the term “borrower” is defined in the regulations
      promulgated by the Massachusetts Secretary of State in connection with
      Massachusetts House Bill 4880 (2004)) unless either (1) (a) the related Mortgage
      Interest Rate (that would be effective once the introductory rate expires,
      with
      respect to Adjustable Rate Mortgage Loans) did or would not exceed by more
      than
      2.25% the yield on United States Treasury securities having comparable periods
      of maturity to the maturity of the related Mortgage Loan as of the fifteenth
      day
      of the month immediately preceding the month in which the application for the
      extension of credit was received by the related lender or (b) the Mortgage
      Loan
      is an “open-end home loan” (as such term is used in the Massachusetts House Bill
      4880 (2004)) and the related Mortgage Note provides that the related Mortgage
      Interest Rate may not exceed at any time the Prime rate index as published
      in
      The Wall Street Journal plus a margin of one percent, or (2) such Mortgage
      Loan
      is in the “borrower’s interest,” as documented by a “borrower’s interest
      worksheet” for the particular Mortgage Loan, which worksheet incorporates the
      factors set forth in Massachusetts House Bill 4880 (2004) and the regulations
      promulgated thereunder for determining “borrower’s interest,” and otherwise
      complies in all material respects with the laws of the Commonwealth of
      Massachusetts;

     

    (73) Any
      payment in the nature of an “average” or “yield spread premium” to a mortgage
      broker or a like Person has been fully disclosed to the Mortgagor on the
      settlement statement prepared under the Real Estate Settlement Procedures
      Act;

     

    (74) The
      sale
      or transfer of the Mortgage Loan by FFFC complies with all applicable federal,
      state, and local laws, rules, and regulations governing such sale or transfer,
      including, without limitation, the provisions related to transfer of loans
      under
      the Fair and Accurate Credit Transactions Act (“FACT Act”) which amended the
      Fair Credit Reporting Act, each as may be amended from time to time, and FFFC
      has not received any actual notice of any identity theft, fraud, or other
      misrepresentation in connection with such Mortgage Loan or any party
      thereto;

     

    
      
        
        

      

      
        SCH.
          IV-13

        
          

        

      

       

    

     

    (75) With
      respect to each MOM Loan, a MIN has been assigned by MERS and such MIN is
      accurately provided on the Mortgage Loan Schedule. The related Assignment of
      Mortgage to MERS has been duly and properly recorded, or has been delivered
      for
      recording to the applicable recording office;

     

    (76) With
      respect to each MOM Loan, FFFC has not received any notice of liens or legal
      actions with respect to such Mortgage Loan and no such notices have been
      electronically posted by MERS;

     

    (77) No
      Mortgagor agreed to submit to arbitration to resolve any dispute arising out
      of
      or relating in any way to the Mortgage Loan transaction.

     

    (78) Immediately
      prior to the payment of the purchase price for each Mortgage Loan by the
      Sponsor, FFFC was the owner of record of the related Mortgage and the
      indebtedness evidenced by the related Mortgage Note and upon the payment of
      the
      Purchase Price by the Sponsor;

     

    (79) The
      transfer, assignment and conveyance of the Mortgage Notes and the Mortgages
      by
      the FFFC pursuant to the Master MLPSA were not subject to the bulk transfer
      or
      any similar statutory provisions;

     

    (80) The
      transfer of the Mortgage Loans was treated as a sale on the books and records
      of
      the FFFC, and FFFC has determined that, and has treated, the disposition of
      the
      Mortgage Loans pursuant to the Master MLPSA for tax and accounting purposes
      as a
      sale. FFFC 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 the Sponsor;

     

    (81) The
      consideration received by the FFFC upon the sale of the Mortgage Loans to the
      Sponsor constitutes fair consideration and reasonably equivalent value for
      such
      Mortgage Loans;

     

    (82) FFFC
      is
      solvent and will not be rendered insolvent by the consummation of the
      transactions contemplated hereby. FFFC did not transfer any Mortgage Loan with
      any intent to hinder, delay or defraud any of its creditors.

     

    
      
        
        

      

      
        SCH.
          IV-14

        
          

        

      

       

    

     

    EXHIBIT
      A

     

    [IF
      THIS
      CERTIFICATE IS A PHYSICAL CERTIFICATE, NEITHER THIS CERTIFICATE NOR ANY INTEREST
      HEREIN MAY BE TRANSFERRED UNLESS THE PROPOSED TRANSFEROR DELIVERS TO THE
      SECURITIES ADMINISTRATOR A TRANSFEROR LETTER (THE “TRANSFEROR
      LETTER”)
      IN THE
      FORM OF EXHIBIT H TO THE AGREEMENT REFERRED TO HEREIN AND EITHER
      (I) THE SECURITIES ADMINISTRATOR RECEIVES A RULE 144A LETTER (THE
“144A
      LETTER”)
      IN THE
      FORM OF EXHIBIT I TO THE AGREEMENT REFERRED TO HEREIN OR (II) THE
      SECURITIES ADMINISTRATOR RECEIVES AN OPINION OF COUNSEL, DELIVERED AT THE
      EXPENSE OF THE TRANSFEROR, THAT SUCH TRANSFER MAY BE MADE WITHOUT REGISTRATION
      UNDER THE SECURITIES ACT OF 1933, AS AMENDED.] [To be added to the Class M-10
      and Class M-11 Certificates while such Certificates remain Private
      Certificates.]

     

    [IF
      THIS
      CERTIFICATE IS A BOOK-ENTRY CERTIFICATE, THE PROPOSED TRANSFEROR WILL BE DEEMED
      TO HAVE MADE EACH OF THE CERTIFICATIONS SET FORTH IN THE TRANSFEROR LETTER
      AND
      THE PROPOSED TRANSFEREE WILL BE DEEMED TO HAVE MADE EACH OF THE CERTIFICATIONS
      SET FORTH IN THE RULE 144A LETTER, IN EACH CASE AS IF SUCH CERTIFICATE WERE
      EVIDENCED BY A PHYSICAL CERTIFICATE.] [To be added to the Class M-10 and
      Class M-11 Certificates while such Certificates remain Private
      Certificates.]

     

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

     

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

     

    [PRINCIPAL
      WILL NOT BE DISTRIBUTABLE IN RESPECT OF THIS CERTIFICATE. INTEREST IS CALCULATED
      ON THE CERTIFICATES OF THIS CLASS BASED ON A SCHEDULED CLASS NOTIONAL BALANCE
      WHICH ADJUSTS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT.] [To be added
      to Class A-IO Certificates only.]

     

    
      
        
        

      

      
        EXHIBIT
          A-1

        
          

        

      

       

    

     

    [ONLY
      PRINCIPAL (AND NOT INTEREST) WILL BE PAYABLE WITH RESPECT TO THIS CERTIFICATE.
      THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS AS SET FORTH
      HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE AT
      ANY
      TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.][To be added to
      Class
      II-A-5 Certificates only.]

     

    [IF
      THIS
      CERTIFICATE IS RATED “AA-” OR ITS EQUIVALENT OR HIGHER, PRIOR TO THE TERMINATION
      OF THE SWAP AGREEMENT AND THE CAP AGREEMENT, NO TRANSFER OF THIS CERTIFICATE
      SHALL BE MADE UNLESS THE TRUSTEE SHALL HAVE RECEIVED A REPRESENTATION LETTER
      FROM THE TRANSFEREE OF THIS CERTIFICATE TO THE EFFECT THAT EITHER (I) SUCH
      TRANSFEREE IS NEITHER AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT
      WHICH IS SUBJECT TO SECTION 406 OF ERISA AND/OR SECTION 4975 OF THE CODE OR
      ANY
      ENTITY WHOSE UNDERLYING ASSETS INCLUDE SUCH PLAN’S OR ARRANGEMENT’S ASSETS BY
      REASON OF THEIR INVESTMENT IN THE ENTITY (A “PLAN”) NOR A PERSON ACTING ON
      BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH PLAN TO EFFECT SUCH
      TRANSFER OR (II) THE ACQUISITION AND HOLDING OF THIS CERTIFICATE ARE ELIGIBLE
      FOR EXEMPTIVE RELIEF UNDER PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”)
      84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60 OR PTCE 96-23. ANY PURPORTED TRANSFER
      OF THIS CERTIFICATE PRIOR TO THE TERMINATION OF THE SWAP AGREEMENT AND THE
      CAP
      AGREEMENT TO OR ON BEHALF OF A PLAN WITHOUT THE DELIVERY TO THE TRUSTEE OF
      A
      REPRESENTATION LETTER AS DESCRIBED ABOVE SHALL BE VOID AND OF NO EFFECT. IF
      THIS
      CERTIFICATE IS A BOOK-ENTRY CERTIFICATE, THE TRANSFEREE WILL BE DEEMED TO HAVE
      MADE A REPRESENTATION AS PROVIDED IN CLAUSE (I) OR (II) OF THIS PARAGRAPH,
      AS
      APPLICABLE. 

     

    IF
      THIS
      CERTIFICATE IS RATED BELOW “AA-” OR ITS EQUIVALENT, NEITHER THIS CERTIFICATE NOR
      ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE TRANSFERREE
      DELIVERS
      TO THE SECURITIES ADMINISTRATOR EITHER A REPRESENTATION LETTER TO THE EFFECT
      THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN SUBJECT TO TITLE I OF
      THE
      EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
      OR A
      PLAN SUBJECT TO SECTION 4975 OF THE CODE, OR A PLAN SUBJECT TO APPLICABLE
      FEDERAL, STATE OR LOCAL LAW (“SIMILAR
      LAW”)
      MATERIALLY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE OR A PERSON
      INVESTING ON BEHALF OF OR WITH PLAN ASSETS OF SUCH A PLAN, OR, IF THE TRANSFEREE
      IS AN INSURANCE COMPANY, A REPRESENTATION LETTER THAT IT IS USING THE
ASSETS
      OF
      ITS GENERAL ACCOUNT AND THAT THE PURCHASE AND HOLDING OF THIS CERTIFICATE
ARE
      COVERED UNDER SECTIONS I AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION
      95-60
      OR AN OPINION OF COUNSEL SATISFACTORY TO THE SECURITIES ADMINISTRATOR, TO THE
      EFFECT THAT THE PURCHASE OR HOLDING OF THIS CERTIFICATE WILL NOT CONSTITUTE
      OR
      RESULT IN A PROHIBITED TRANSACTION WITHIN THE MEANING OF ERISA, SECTION 4975
      OF
      THE CODE OR ANY SIMILAR LAW AND WILL NOT SUBJECT THE TRUSTEE, THE DEPOSITOR,
      THE
      SECURITIES ADMINISTRATOR, THE MASTER SERVICER OR THE SERVICER TO ANY OBLIGATION
      IN ADDITION TO THOSE
      EXPRESSLY UNDERTAKEN IN THE AGREEMENT OR TO ANY LIABILITY. NOTWITHSTANDING
      ANYTHING
      ELSE TO THE CONTRARY HEREIN, ANY PURPORTED TRANSFER OF THIS CERTIFICATE TO
      OR ON
      BEHALF OF AN EMPLOYEE BENEFIT PLAN SUBJECT TO TITLE I OF ERISA, SECTION 4975
      OF
      THE CODE OR SIMILAR LAW WITHOUT THE REPRESENTATION LETTER OR OPINION OF COUNSEL
      SATISFACTORY TO THE SECURITIES ADMINISTRATOR AS DESCRIBED ABOVE SHALL BE VOID
      AND OF
      NO
      EFFECT.]
      [To
      be
      added to all Class A Certificates.]

    
      
        
        

      

      
        EXHIBIT
          A-2

        
          

        

      

       

    

     

    [NEITHER
      THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE
      TRANSFEREE DELIVERS TO THE SECURITIES ADMINISTRATOR EITHER A REPRESENTATION
      LETTER TO THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN
      SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
      AS
      AMENDED (“ERISA”),
      OR A
      PLAN SUBJECT TO SECTION 4975 OF THE CODE, OR A PLAN SUBJECT TO APPLICABLE
      FEDERAL, STATE OR LOCAL LAW (“SIMILAR
      LAW”)
      MATERIALLY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE OR A PERSON
      INVESTING ON BEHALF OF OR WITH PLAN ASSETS OF SUCH A PLAN, OR, IF THE TRANSFEREE
      IS AN INSURANCE COMPANY, A REPRESENTATION LETTER THAT IT IS USING THE ASSETS
      OF
      ITS GENERAL ACCOUNT AND THAT THE PURCHASE AND HOLDING OF THIS CERTIFICATE ARE
      COVERED UNDER SECTIONS I AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION
      95-60
      OR AN OPINION OF COUNSEL SATISFACTORY TO THE SECURITIES ADMINISTRATOR, TO THE
      EFFECT THAT THE PURCHASE OR HOLDING OF THIS CERTIFICATE WILL NOT CONSTITUTE
      OR
      RESULT IN A PROHIBITED TRANSACTION WITHIN THE MEANING OF ERISA, SECTION 4975
      OF
      THE CODE OR ANY SIMILAR LAW AND WILL NOT SUBJECT THE TRUSTEE, THE DEPOSITOR,
      THE
      SECURITIES ADMINISTRATOR, THE MASTER SERVICER OR THE SERVICER TO ANY OBLIGATION
      IN ADDITION TO THOSE EXPRESSLY UNDERTAKEN IN THE AGREEMENT OR TO ANY LIABILITY.
      NOTWITHSTANDING ANYTHING ELSE TO THE CONTRARY HEREIN, ANY PURPORTED TRANSFER
      OF
      THIS CERTIFICATE TO OR ON BEHALF OF AN EMPLOYEE BENEFIT PLAN SUBJECT TO TITLE
      I
      OF ERISA, SECTION 4975 OF THE CODE OR SIMILAR LAW WITHOUT THE REPRESENTATION
      LETTER OR OPINION OF COUNSEL SATISFACTORY TO THE SECURITIES ADMINISTRATOR AS
      DESCRIBED ABOVE SHALL BE VOID AND OF NO EFFECT.] [To be added to all
      Class M Certificates.]

    

    [THE
      HOLDER OF THIS CERTIFICATE BY ITS ACCEPTANCE HEREOF REPRESENTS AND WARRANTS
      THAT
      (A) UNTIL THE EXPIRATION OF THE APPLICABLE “DISTRIBUTION COMPLIANCE PERIOD”
WITHIN THE MEANING OF REGULATION S, ANY OFFER, SALE, PLEDGE OR OTHER TRANSFER
      OF
      THIS CERTIFICATE SHALL NOT BE MADE IN THE UNITED STATES OR TO, OR FOR THE
      ACCOUNT OR BENEFIT OF, ANY U.S. PERSON (EACH AS DEFINED IN REGULATION S) AND
      (B)
      IF THIS CERTIFICATE IS HELD WITHIN THE UNITED STATES OR SUCH HOLDER IS A U.S.
      PERSON OR THIS CERTIFICATE IS HELD FOR THE ACCOUNT OR SUCH BENEFIT OF, A U.S.
      PERSON (EACH AS DEFINED IN REGULATION S) SUCH CERTIFICATE WAS ACQUIRED ONLY
      (1)
      PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER
      THE
      1933 ACT OR (2) BY SUCH HOLDER AS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED
      IN RULE 144A UNDER THE 1933 ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE
      ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE
      TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A.][For any Private Certificate
      acquired pursuant to Regulation S.]

    
      
        
        

      

      
        EXHIBIT
          A-3

        
          

        

      

       

    

    

    
      	
              Certificate
                No:

            	 	 	 	 	 	
              1

            	 
	 	 	 	 	 	 	 	 
	
              Cut-off
                Date:

            	 	 	 	 	 	
              March
                1, 2006

            	 
	 	 	 	 	 	 	 	 
	
              First
                Distribution Date:

            	 	 	 	 	 	
              April
                25, 2006

            	 
	 	 	 	 	 	 	 	 
	
              Initial
                Certificate Balance of this Certificate (“Denomination”):

            	 	 	 	 	
              $

            	
              [              
                       

            	
              ]

            
	 	 	 	 	 	 	 	 
	
              Initial
                Certificate Balances of all Certificates of this Class:

            	 	 	
              A-IO

            	 	
              $

            	
              309,484,000

            	* 
	 	 	 	
              I-A

            	 	
              $

            	
              401,180,000

            	 
	 	 	 	
              II-A-1

            	 	
              $

            	
              296,184,000

            	 
	 	 	 	
              II-A-2

            	 	
              $

            	
              97,097,000

            	 
	 	 	 	
              II-A-3

            	 	
              $

            	
              154,042,000

            	 
	 	 	 	
              II-A-4

            	 	
              $

            	
              25,000,000

            	 
	 	 	 	
              II-A-5

            	 	
              $

            	
              12,000,000

            	 
	 	 	 	
              M-1

            	 	
              $

            	
              24,941,000

            	 
	 	 	 	
              M-2

            	 	
              $

            	
              56,574,000

            	 
	 	 	 	
              M-3

            	 	
              $

            	
              22,510,000

            	 
	 	 	 	
              M-4

            	 	
              $

            	
              20,075,000

            	 
	 	 	 	
              M-5

            	 	
              $

            	
              19,466,000

            	 
	 	 	 	
              M-6

            	 	
              $

            	
              18,250,000

            	 
	 	 	 	
              M-7

            	 	
              $

            	
              17,033,000

            	 
	 	 	 	
              M-8

            	 	
              $

            	
              15,208,000

            	 
	 	 	 	
              M-9

            	 	
              $

            	
              8,516,000

            	 
	 	 	 	
              M-10

            	 	
              $

            	
              6,082,000

            	 
	 	 	 	
              M-11

            	 	
              $

            	
              12,166,000

            	 
	 	 	 	 	 	 	 	 
	
              *
                Notional Amount

            	 	 	 	 	 	 	 

    

     

    
      
        
        

      

      
        EXHIBIT
          A-4

        
          

        

      

       

    

    

    
      	
              Interest
                Rate:

            	
               

            	
               

            	
              A-IO

            	
               

            	
               

            	
              1.50%
                per annum (subject to A-IO Available Funds Cap)

            	
               

            
	
               

            	
               

            	
               

            	
              I-A

            	
               

            	
               

            	
              Variable

            	
               

            
	
               

            	
               

            	
               

            	
              II-A-1

            	
               

            	
               

            	
              Variable

            	
               

            
	
               

            	
               

            	
               

            	
              II-A-2

            	
               

            	
               

            	
              Variable

            	
               

            
	
               

            	
               

            	
               

            	
              II-A-3

            	
               

            	
               

            	
              Variable

            	
               

            
	
               

            	
               

            	
               

            	
              II-A-4

            	
               

            	
               

            	
              Variable

            	
               

            
	
               

            	
               

            	
               

            	
              II-A-5

            	
               

            	
               

            	
              None

            	
               

            
	
               

            	
               

            	
               

            	
              M-1

            	
               

            	
               

            	
              Variable

            	
               

            
	
               

            	
               

            	
               

            	
              M-2

            	
               

            	
               

            	
              Variable

            	
               

            
	
               

            	
               

            	
               

            	
              M-3

            	
               

            	
               

            	
              Variable

            	
               

            
	
               

            	
               

            	
               

            	
              M-4

            	
               

            	
               

            	
              Variable

            	
               

            
	
               

            	
               

            	
               

            	
              M-5

            	
               

            	
               

            	
              Variable

            	
               

            
	
               

            	
               

            	
               

            	
              M-6

            	
               

            	
               

            	
              Variable

            	
               

            
	
               

            	
               

            	
               

            	
              M-7

            	
               

            	
               

            	
              Variable

            	
               

            
	
               

            	
               

            	
               

            	
              M-8

            	
               

            	
               

            	
              Variable

            	
               

            
	
               

            	
               

            	
               

            	
              M-9

            	
               

            	
               

            	
              Variable

            	
               

            
	
               

            	
               

            	
               

            	
              M-10

            	
               

            	
               

            	
              Variable

            	
               

            
	
               

            	
               

            	
               

            	
              M-11

            	
               

            	
               

            	
              Variable

            	
               

            
	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
              CUSIP:

            	
               

            	
               

            	
              A-IO

            	
               

            	
               

            	
              32027E
                AA 9

            	
               

            
	
               

            	
               

            	
               

            	
              I-A

            	
               

            	
               

            	
              32027E
                AB 7

            	
               

            
	
               

            	
               

            	
               

            	
              II-A-1

            	
               

            	
               

            	
              32027E
                AC 5

            	
               

            
	
               

            	
               

            	
               

            	
              II-A-2

            	
               

            	
               

            	
              32027E
                AD 3

            	
               

            
	
               

            	
               

            	
               

            	
              II-A-3

            	
               

            	
               

            	
              32027E
                AE 1

            	
               

            
	
               

            	
               

            	
               

            	
              II-A-4

            	
               

            	
               

            	
              32027E
                AF 8

            	
               

            
	
               

            	
               

            	
               

            	
              II-A-5

            	
               

            	
               

            	
              32027E
                AG 6

            	
               

            
	
               

            	
               

            	
               

            	
              M-1

            	
               

            	
               

            	
              32027E
                AH 4

            	
               

            
	
               

            	
               

            	
               

            	
              M-2

            	
               

            	
               

            	
              32027E
                AJ 0

            	
               

            
	
               

            	
               

            	
               

            	
              M-3

            	
               

            	
               

            	
              32027E
                AK 7

            	
               

            
	
               

            	
               

            	
               

            	
              M-4

            	
               

            	
               

            	
              32027E
                AL 5

            	
               

            
	
               

            	
               

            	
               

            	
              M-5

            	
               

            	
               

            	
              32027E
                AM 3

            	
               

            
	
               

            	
               

            	
               

            	
              M-6

            	
               

            	
               

            	
              32027E
                AN 1

            	
               

            
	
               

            	
               

            	
               

            	
              M-7

            	
               

            	
               

            	
              32027E
                AP 6

            	
               

            
	
               

            	
               

            	
               

            	
              M-8

            	
               

            	
               

            	
              32027E
                AQ 4

            	
               

            
	
               

            	
               

            	
               

            	
              M-9

            	
               

            	
               

            	
              32027E
                AR 2

            	
               

            
	
               

            	
               

            	
               

            	
              M-10

            	
               

            	
               

            	
              32027E
                AS 0

            	
               

            
	
               

            	
               

            	
               

            	
              M-11

            	
               

            	
               

            	
              32027E
                AW 1

            	
               

            
	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
              ISIN:

            	
               

            	
               

            	
              A-IO

            	
               

            	
               

            	
              US32027EAA91

            	
               

            
	
               

            	
               

            	
               

            	
              I-A

            	
               

            	
               

            	
              US32027EAB74

            	
               

            
	
               

            	
               

            	
               

            	
              II-A-1

            	
               

            	
               

            	
              US32027EAC57

            	
               

            
	
               

            	
               

            	
               

            	
              II-A-2

            	
               

            	
               

            	
              US32027EAD31

            	
               

            
	
               

            	
               

            	
               

            	
              II-A-3

            	
               

            	
               

            	
              US32027EAE14

            	
               

            
	
               

            	
               

            	
               

            	
              II-A-4

            	
               

            	
               

            	
              US32027EAF88

            	
               

            
	
               

            	
               

            	
               

            	
              II-A-5

            	
               

            	
               

            	
              US32027EAG61

            	
               

            
	
               

            	
               

            	
               

            	
              M-1

            	
               

            	
               

            	
              US32027EAH45

            	
               

            
	
               

            	
               

            	
               

            	
              M-2

            	
               

            	
               

            	
              US32027EAJ01

            	
               

            
	
               

            	
               

            	
               

            	
              M-3

            	
               

            	
               

            	
              US32027EAK73

            	
               

            
	
               

            	
               

            	
               

            	
              M-4

            	
               

            	
               

            	
              US32027EAL56

            	
               

            
	
               

            	
               

            	
               

            	
              M-5

            	
               

            	
               

            	
              US32027EAM30

            	
               

            
	
               

            	
               

            	
               

            	
              M-6

            	
               

            	
               

            	
              US32027EAN13

            	
               

            
	
               

            	
               

            	
               

            	
              M-7

            	
               

            	
               

            	
              US32027EAP60

            	
               

            
	
               

            	
               

            	
               

            	
              M-8

            	
               

            	
               

            	
              US32027EAQ44

            	
               

            
	
               

            	
               

            	
               

            	
              M-9

            	
               

            	
               

            	
              US32027EAR27

            	
               

            
	
               

            	
               

            	
               

            	
              M-10

            	
               

            	
               

            	
              US32027EAS00

            	
               

            
	
               

            	
               

            	
               

            	
              M-11

            	
               

            	
               

            	
              US32027EAW12

            	
               

            

    

     

     

    
       

      
        EXHIBIT
          A-5

        
          

        

      

       

    

     

    HSI
      ASSET
      SECURITIZATION CORPORATION

     

    First
      Franklin Mortgage Loan Trust 2006-FF5

    Mortgage
      Pass-Through Certificates, Series 2006-FF5

    [Class
      [A-IO][I-][II-][A[-__][Class M-__]

     

    evidencing
      a percentage interest in the distributions allocable to the Certificates of
      the
      above-referenced Class.

     

    [Principal
      in respect of this Certificate is distributable monthly as set forth
      herein.][Insert
      for every Class A Certificate except for Class A-IO
      Certificate.]
      [Accordingly, the Certificate Balance at any time may be less than the
      Certificate Balance as set forth herein.] [Insert
      for every Class A Certificate except for Class A-IO
      Certificate.]
      Interest in respect of this Certificate is distributable monthly as set forth
      herein based on the notional balance of this certificate up to and including
      the
      Distribution Date in April 2008; thereafter, no distributions will be made
      with
      respect to this Certificate. [Insert
      for Class A-IO only]
      This
      Certificate does not evidence an obligation of, or an interest in, and is not
      guaranteed by the Depositor, the Trustee or any other party to the Agreement
      referred to below or any of their respective affiliates. Neither this
      Certificate nor the Mortgage Loans are guaranteed or insured by any governmental
      agency or instrumentality.

     

    This
      certifies that [____________]is the registered owner of the Percentage Interest
      evidenced by this Certificate (obtained by dividing the [denomination of this
      Certificate] [Insert
      for every Class A Certificate except for Class A-IO.]
      [notional balance of this Certificate][Insert
      for Class A-IO only]
      by the
      [aggregate of the denominations of all Certificates] [Insert
      for every Class A Certificate except for Class A-IO.]
      [class
      notional balance][Insert
      for Class A-IO Certificate.]
      of the
      Class to which this Certificate belongs) in certain monthly distributions [of
      principal and interest][Insert
      for every Class A Certificate except for the Class II-A-5
      Certificate.][of
      principal][Insert
      for Class II-A-5 only.][of
      interest][Insert
      for Class A-IO only]
      pursuant to a Pooling and Servicing Agreement dated as of the Cut-off Date
      specified above (the “Agreement”)
      among
      HSI Asset Securitization Corporation, as depositor (the “Depositor”),
      National City Home Loan Services, Inc., as servicer, First Franklin Financial
      Corporation, as mortgage loan seller, Wells Fargo Bank, N.A., as master
      servicer, (in such capacity, the “Master
      Servicer”)
      securities administrator (in such capacity, the “Securities
      Administrator”)
      and
      custodian and Deutsche Bank National Trust Company, as trustee (the
“Trustee”).
      To
      the extent not defined herein, the capitalized terms used herein have the
      meanings assigned in the Agreement. This Certificate is issued under and is
      subject to the terms, provisions and conditions of the Agreement, to which
      Agreement the Holder of this Certificate by virtue of the acceptance hereof
      assents and by which such Holder is bound.

     

    Reference
      is hereby made to the further provisions of this Certificate set forth on the
      reverse hereof, which further provisions shall for all purposes have the same
      effect as if set forth at this place.

    
      
        
        

      

      
        EXHIBIT
          A-6

        
          

        

      

       

    

     

    This
      Certificate shall not be entitled to any benefit under the Agreement or be
      valid
      for any purpose unless manually authenticated by an authorized signatory of
      the
      Securities Administrator.

     

    * * *

    
      
        
        

      

      
        EXHIBIT
          A-7

        
          

        

      

       

    

     

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

     

    
      	Dated:	 	 
	 	 	 
	 	
              WELLS
                FARGO BANK, N.A.,

            
	 
 	 
 	
              not
                in its individual capacity, but solely as

              Securities
                Administrator

 
	
            	By:  	
            
	 	
              

            
	 	
            

    

     

    
      Authenticated:

      	 	 	 	 
	By:	 	 	
            
	
              
                

              

              Authorized
                Signatory of

            	 	 	
            
	
              WELLS
                FARGO BANK, N.A.,

              not
                in its individual capacity,

              but
                solely as Securities Administrator

            	 	 	
            

    

     

    
      
        
        

      

      
        EXHIBIT
          A-8

        
          

        

      

       

    

     

    HSI
      ASSET
      SECURITIZATION CORPORATION

     

    First
      Franklin Mortgage Loan Trust 2006-FF5

    Mortgage
      Pass-Through Certificates

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      First Franklin Mortgage Loan Trust 2006-FF5 Mortgage Pass-Through Certificates,
      of the Series specified on the face hereof (herein collectively called the
      “Certificates”),
      and
      representing a beneficial ownership interest in the Trust Fund created by the
      Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely
      to the
      funds on deposit in the Distribution Account or Supplemental Interest Trust
      Account for payment hereunder and that neither the Trustee nor the Securities
      Administrator is 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 thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such day is not a Business Day, the Business Day immediately
      following (the “Distribution
      Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement. [The Record Date applicable
      to
      each Distribtution Date is the Business Day immediately preceding such
      Distribution Date.][Insert
      for every Class A Certificate except for Class A-IO and every Class M
      Certificate.]
      [The
      Record Date applicable to each Distribution Date is the last Business Day of
      the
      calendar month next preceding the month of such Distribution Date.]
      [Insert
      for Class A-IO Certificate only.]

     

    Distributions
      on this Certificate shall be made by wire transfer of immediately available
      funds to the account of the Holder hereof at a bank or other entity having
      appropriate facilities therefor, if such Certificateholder shall have so
      notified the Securities Administrator in writing at least five Business Days
      prior to the related Record Date and such Certificateholder shall satisfy the
      conditions to receive such form of payment set forth in the Agreement, or,
      if
      not, by check mailed by first class mail to the address of such
      Certificateholder appearing in the Certificate Register. The final distribution
      on each Certificate will be made in like manner, but only upon presentment
      and
      surrender of such Certificate at the offices designated by the Securities
      Administrator for such purposes or such other location specified in the notice
      to Certificateholders of such final distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      parties to the Agreement with the consent of the Holders of Certificates
      affected by such amendment evidencing the requisite Percentage Interest, as
      provided in the Agreement. Any such consent by the Holder of this Certificate
      shall be conclusive and binding on such Holder and upon all future Holders
      of
      this Certificate and of any Certificate issued upon the transfer hereof or
      in
      exchange therefor 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.

    
      
        
        

      

      
        EXHIBIT
          A-9

        
          

        

      

       

    

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Securities Administrator upon surrender of this Certificate for registration
      of transfer at the offices designated by the Securities Administrator for such
      purposes, 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 of the same Class in authorized denominations and evidencing the
      same aggregate Percentage Interest in the Trust Fund will be issued to the
      designated transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Securities Administrator may require payment of a sum sufficient to
      cover any tax or other governmental charge payable in connection
      therewith.

     

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

     

    The
      Master Servicer, upon the instruction of the Depositor, shall purchase the
      Mortgage Loans and therefore cause the termination of the Trust on any Optional
      Termination, which is any Distribution Date in which the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period is less than or equal to 10% of the aggregate Stated Principal Balance
      of
      the Mortgage Loans as of the Cut-off Date; provided,
      however,
      the
      Master Servicer in its own right may exercise the option to purchase the
      Mortgage Loans and thereby cause the termination of the Trust on any
      Distribution Date in which the aggregate Stated Principal Balance of the
      Mortgage Loans as of the last day of the related Due Period is less than or
      equal to 5% of the aggregate Stated Principal Balance of the Mortgage Loans
      as
      of the Cut-off Date, if the Depositor has not previously provided instructions
      to the Master Servicer to exercise such option on the Depositor’s behalf on such
      Distribution Date. 

    
      
        
        

      

      
        EXHIBIT
          A-10

        
          

        

      

       

    

     

    The
      obligations and responsibilities created by the Agreement will terminate as
      provided in Section 11.01 of the Agreement.

     

    Any
      term
      used herein that is defined in the Agreement shall have the meaning assigned
      in
      the Agreement, and nothing herein shall be deemed inconsistent with that
      meaning.

    
      
        
        

      

      
        EXHIBIT
          A-11

        
          

        

      

       

    

     

    
      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)

         

        the
          Percentage Interest evidenced by the within Certificate and hereby authorizes
          the transfer of registration of such Percentage Interest to assignee on
          the
          Certificate Register of the Trust Fund.

         

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

      

      
        	 

      

       

      
        	
                Dated:

              	 

      

       

      
        	 	 	 
	 	  	 
	 	
                
Signature
                by or on behalf of
                assignor

      

       

      DISTRIBUTION
        INSTRUCTIONS

       

      
        The
          assignee should include the following for purposes of distribution:

         

      

      
        Distributions
          shall be made, by wire transfer or
          otherwise, in immediately available funds to 
____________________________________________________________________________________________________,
          ____________________________________________________________________________________________________,
          for
          the
          account of
          ___________________________________________________________________________________,
          account
          number __________, or, if mailed by check, to
          ___________________________________________________.
          Applicable
          statements should be mailed to
          ____________________________________________________________,
          _____________________________________________________________________________________________________

      

       

      This
        information is provided by
        __________________________________________________________,
        the
        assignee named above, or
        ___________________________________________________________________________,
        as
        its
        agent.

       

      
        
          
          

        

        
          EXHIBIT
            A-12

          
            

          

        

        
          
          

        

      

    

     

    EXHIBIT
      B

     

    NEITHER
      THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE PROPOSED
      TRANSFEROR DELIVERS TO THE SECURITIES ADMINISTRATOR A TRANSFEROR LETTER IN
      THE
      FORM OF EXHIBIT H TO THE AGREEMENT REFERRED TO HEREIN AND EITHER
      (I) THE SECURITIES ADMINISTRATOR RECEIVES A RULE 144A LETTER IN THE FORM OF
      EXHIBIT I TO THE AGREEMENT REFERRED TO HEREIN OR (II) THE SECURITIES
      ADMINISTRATOR RECEIVES AN OPINION OF COUNSEL, DELIVERED AT THE EXPENSE OF THE
      TRANSFEROR, STATING THAT SUCH TRANSFER MAY BE MADE WITHOUT REGISTRATION UNDER
      THE SECURITIES ACT OF 1933, AS AMENDED.

     

    NEITHER
      THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE
      TRANSFEREE DELIVERS TO THE SECURITIES ADMINISTRATOR A REPRESENTATION LETTER
      TO
      THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN SUBJECT TO
      TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
      (“ERISA”),
      OR A
      PLAN SUBJECT TO SECTION 4975 OF THE CODE OR A PLAN SUBJECT TO MATERIALLY
      SIMILAR PROVISIONS OF APPLICABLE FEDERAL, STATE OR LOCAL LAW (“SIMILAR
      LAW”)
      OR A
      PERSON INVESTING ON BEHALF OF OR WITH PLAN ASSETS OF SUCH A PLAN. IN THE EVENT
      THAT SUCH REPRESENTATION IS VIOLATED, OR ANY ATTEMPT IS MADE TO TRANSFER TO
      A
      PLAN OR ARRANGEMENT SUBJECT TO SECTION 406 OF ERISA, A PLAN SUBJECT TO
      SECTION 4975 OF THE CODE OR A PLAN SUBJECT TO SIMILAR LAW, OR A PERSON
      ACTING ON BEHALF OF ANY SUCH PLAN OR ARRANGEMENT OR USING THE ASSETS OF ANY
      SUCH
      PLAN OR ARRANGEMENT, SUCH ATTEMPTED TRANSFER OR ACQUISITION SHALL BE VOID AND
      OF
      NO EFFECT.

     

    
      	
              Certificate
                No.

            	
              :

            	
              P-1

            
	 	 	 
	
              Cut-off
                Date

            	
              :

            	
              March
                1, 2006

            
	 	 	 
	
              First
                Distribution Date

            	
              :

            	
              April
                25, 2006

            
	 	 	 
	
              Percentage
                Interest of this Certificate 

            	
              :

            	
              100%

            
	 	 	 
	
              Interest

            	
              :

            	
              None

            
	 	 	 
	
              CUSIP

            	
              :

            	
              32027E
                AU 5

            
	 	 	 
	
              ISIN

            	
              :

            	
              US32027EAU55

            

    

    
      
        
        

      

      
        EXHIBIT
          B-1

        
          

        

      

       

    

     

    HSI
      ASSET
      SECURITIZATION CORPORATION

     

    First
      Franklin Mortgage Loan Trust 2006-FF5

    Mortgage
      Pass-Through Certificates, Series 2006-FF5

     

    Class
      P

     

    evidencing
      a percentage interest in the distribution of Prepayment Charges allocable to
      the
      Certificates of the above-referenced Class.

     

    Distributions
      in respect of this Certificate are distributable monthly as set forth herein.
      This Certificate does not evidence an obligation of, or an interest in, and
      is
      not guaranteed by the Depositor, the Trustee or any other party to the Agreement
      referred to below or any of their respective affiliates. Neither this
      Certificate nor the Mortgage Loans are guaranteed or insured by any governmental
      agency or instrumentality.

     

    This
      certifies that HSBC SECURITIES (USA) INC. is the registered owner of the
      Percentage Interest evidenced by this Certificate in certain monthly
      distributions of Prepayment Charges pursuant to a Pooling and Servicing
      Agreement dated as of the Cut-off Date specified above (the “Agreement”)
      among
      HSI Asset Securitization Corporation, as depositor (the “Depositor”),
      National City Home Loan Services, Inc., as servicer, First Franklin Financial
      Corporation, as mortgage loan seller, Wells Fargo Bank, N.A., as master
      servicer, (in such capacity, the “Master
      Servicer”)
      securities administrator (in such capacity, the “Securities
      Administrator”)
      and
      custodian and Deutsche Bank National Trust Company, as trustee (the
“Trustee”).
      To
      the extent not defined herein, the capitalized terms used herein have the
      meanings assigned in the Agreement. This Certificate is issued under and is
      subject to the terms, provisions and conditions of the Agreement, to which
      Agreement the Holder of this Certificate by virtue of the acceptance hereof
      assents and by which such Holder is bound.

     

    This
      Certificate does not have an Interest Rate and will solely be entitled to
      receive distributions of Prepayment Charges to the extent set forth in the
      Agreement. In addition, any distribution of the proceeds of any remaining assets
      of the Trust will be made only upon presentment and surrender of this
      Certificate at the offices designated by the Securities Administrator for such
      purpose, or such other location specified in the notice to
      Certificateholders.

     

    No
      transfer of a Certificate of this Class shall be made unless such disposition
      is
      exempt from the registration requirements of the Securities Act of 1933, as
      amended (the “1933 Act”),
      and
      any applicable state securities laws or is made in accordance with the 1933
      Act
      and such laws. In the event of any such transfer, the Securities Administrator
      shall require the transferor to execute a transferor certificate (in
      substantially the form attached to the Agreement) and deliver either (i) a
      Rule 144A Letter, in either case substantially in the form attached to the
      Agreement, or (ii) a written Opinion of Counsel to the Securities
      Administrator that such transfer may be made pursuant to an exemption,
      describing the applicable exemption and the basis therefor, from the 1933 Act
      or
      is being made pursuant to the 1933 Act, which Opinion of Counsel shall be an
      expense of the transferor.

    
      
        
        

      

      
        EXHIBIT
          B-2

        
          

        

      

       

    

     

    No
      transfer of a Certificate of this Class shall be made unless the Securities
      Administrator shall have received a representation letter from the transferee
      of
      such Certificate, acceptable to and in form and substance satisfactory to the
      Securities Administrator, to the effect that such transferee is not an employee
      benefit plan subject to Section 406 of ERISA, Section 4975 of the Code
      or any materially similar provisions of applicable federal, state or local
      law
      (“Similar
      Law”),
      or a
      person acting on behalf of or investing plan assets of any such plan, which
      representation letter shall not be an expense of the Securities
      Administrator.

     

    Reference
      is hereby made to the further provisions of this Certificate set forth on the
      reverse hereof, which further provisions shall for all purposes have the same
      effect as if set forth at this place.

     

    This
      Certificate shall not be entitled to any benefit under the Agreement or be
      valid
      for any purpose unless manually authenticated by an authorized signatory of
      the
      Securities Administrator.

     

    * * *

    
      
        
        

      

      
        EXHIBIT
          B-3

        
          

        

      

       

    

     

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

     

    
       

      
        	
                Dated:

              	 	 
	 	 	 
	 	
                
                  WELLS
                    FARGO BANK, N.A.,

                

              
	 
 	 
 	
                
                  not
                    in its individual capacity, but solely as 
                    Securities
                      Administrator

 

                

              
	
              	By:  	
              
	 	
                

              
	 	
              

      

       

      
        
          Authenticated:

        

        	 	 	 	 
	By:	 	 	
              
	
                
                  
Authorized
                  Signatory of

              	 	 	
              
	
                WELLS
                  FARGO BANK, N.A.,

                not
                  in its individual capacity,

                but
                  solely as Securities Administrator

              	 	 	
              

      

    

     

    
      
        
        

      

      
        EXHIBIT
          B-4

        
          

        

      

       

    

     

    HSI
      ASSET
      SECURITIZATION CORPORATION

     

    First
      Franklin Mortgage Loan Trust 2006-FF5

    Mortgage
      Pass-Through Certificates

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      First Franklin Mortgage Loan Trust 2006-FF5 Mortgage Pass-Through Certificates,
      of the Series specified on the face hereof (herein collectively called the
      “Certificates”),
      and
      representing a beneficial ownership interest in the Trust Fund created by the
      Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely
      to the
      funds on deposit in the Distribution Account or constituting Prepayment Charges
      for payment hereunder and that neither the Trustee nor the Securities
      Administrator is 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 thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such day is not a Business Day, the Business Day immediately
      following (the “Distribution
      Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement. The Record Date applicable
      to
      each Distribution Date is the last Business Day of the month next preceding
      the
      month of such Distribution Date.

     

    Distributions
      on this Certificate shall be made by wire transfer of immediately available
      funds to the account of the Holder hereof at a bank or other entity having
      appropriate facilities therefor, if such Certificateholder shall have so
      notified the Securities Administrator in writing at least five Business Days
      prior to the related Record Date and such Certificateholder shall satisfy the
      conditions to receive such form of payment set forth in the Agreement, or,
      if
      not, by check mailed by first class mail to the address of such
      Certificateholder appearing in the Certificate Register. The final distribution
      on each Certificate will be made in like manner, but only upon presentment
      and
      surrender of such Certificate at the offices designated by the Securities
      Administrator for such purposes or such other location specified in the notice
      to Certificateholders of such final distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      parties to the Agreement with the consent of the Holders of Certificates
      affected by such amendment evidencing the requisite Percentage Interest, as
      provided in the Agreement. Any such consent by the Holder of this Certificate
      shall be conclusive and binding on such Holder and upon all future Holders
      of
      this Certificate and of any Certificate issued upon the transfer hereof or
      in
      exchange therefor 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.

    
      
        
        

      

      
        EXHIBIT
          B-5

        
          

        

      

       

    

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Securities Administrator upon surrender of this Certificate for registration
      of transfer at the offices designated by the Securities Administrator for such
      purposes, 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 of the same Class in authorized denominations and evidencing the
      same aggregate Percentage Interest in the Trust Fund will be issued to the
      designated transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Securities Administrator may require payment of a sum sufficient to
      cover any tax or other governmental charge payable in connection
      therewith.

     

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

     

    The
      Master Servicer, upon the instruction of the Depositor, shall purchase the
      Mortgage Loans and therefore cause the termination of the Trust on any Optional
      Termination, which is any Distribution Date in which the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period is less than or equal to 10% of the aggregate Stated Principal Balance
      of
      the Mortgage Loans as of the Cut-off Date; provided,
      however,
      the
      Master Servicer in its own right may exercise the option to purchase the
      Mortgage Loans and thereby cause the termination of the Trust on any
      Distribution Date in which the aggregate Stated Principal Balance of the
      Mortgage Loans as of the last day of the related Due Period is less than or
      equal to 5% of the aggregate Stated Principal Balance of the Mortgage Loans
      as
      of the Cut-off Date, if the Depositor has not previously provided instructions
      to the Master Servicer to exercise such option on the Depositor’s behalf on such
      Distribution Date. 

     

    The
      obligations and responsibilities created by the Agreement will terminate as
      provided in Section 11.01 of the Agreement.

    
      
        
        

      

      
        EXHIBIT
          B-6

        
          

        

      

       

    

     

    Any
      term
      used herein that is defined in the Agreement shall have the meaning assigned
      in
      the Agreement, and nothing herein shall be deemed inconsistent with that
      meaning.

    
      
        
        

      

      
        EXHIBIT
          B-7

        
          

        

      

      
        
        

      

    

     

    
      
        
          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)

             

          

          
            the
              Percentage Interest evidenced by the within Certificate and hereby
              authorizes
              the transfer of registration of such Percentage Interest to assignee
              on the
              Certificate Register of the Trust Fund.

             

          

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

          

        

        
          	 

        

         

        
          	
                  Dated:

                	 

        

         

        
          	 	 	 
	 	  	 
	 	
                  
Signature
                  by or on behalf of
                  assignor

        

         

        
          DISTRIBUTION
            INSTRUCTIONS

           

        

        
          
            The
              assignee should include the following for purposes of distribution:

             

          

        

        
          Distributions
            shall be made, by wire transfer or
            otherwise, in immediately available funds to 
___________________________________________________________________________________________________,
            ___________________________________________________________________________________________________,
            for
            the
            account of
            ___________________________________________________________________________________,
            account
            number __________, or, if mailed by check, to
            ___________________________________________________.
            Applicable
            statements should be mailed to
            ____________________________________________________________,
            _____________________________________________________________________________________________________

        

         

        This
          information is provided by
          __________________________________________________________,
          the
          assignee named above, or
          ___________________________________________________________________________,
          as
          its
          agent.

         

        
          
            
            

          

          
            EXHIBIT
              B-8

            
              

            

          

          
            
            

          

        

      

    

     

    EXHIBIT
      C

     

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

     

    NEITHER
      THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE PROPOSED
      TRANSFEREE DELIVERS TO THE SECURITIES ADMINISTRATOR A TRANSFER AFFIDAVIT IN
      ACCORDANCE WITH THE PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN.

     

    NEITHER
      THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED (I) TO A PERSON
      OTHER THAN A PERMITTED TRANSFEREE IN COMPLIANCE WITH SECTION 5.02I OF THE
      AGREEMENT OR (II) UNLESS THE TRANSFEREE DELIVERS TO THE SECURITIES
      ADMINISTRATOR A REPRESENTATION LETTER TO THE EFFECT THAT SUCH TRANSFEREE IS
      NOT
      AN EMPLOYEE BENEFIT PLAN SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME
      SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
      OR A
      PLAN SUBJECT TO SECTION 4975 OF THE CODE OR A PLAN SUBJECT TO MATERIALLY
      SIMILAR PROVISIONS OF APPLICABLE FEDERAL, STATE OR LOCAL LAW (“SIMILAR
      LAW”)
      OR A
      PERSON INVESTING ON BEHALF OF OR WITH PLAN ASSETS OF SUCH A PLAN. IN THE EVENT
      THAT SUCH REPRESENTATION IS VIOLATED, OR ANY ATTEMPT IS MADE TO TRANSFER TO
      A
      PLAN OR ARRANGEMENT SUBJECT TO SECTION 406 OF ERISA, A PLAN SUBJECT TO
      SECTION 4975 OF THE CODE OR A PLAN SUBJECT TO SIMILAR LAW, OR A PERSON
      ACTING ON BEHALF OF ANY SUCH PLAN OR ARRANGEMENT OR USING THE ASSETS OF ANY
      SUCH
      PLAN OR ARRANGEMENT, SUCH ATTEMPTED TRANSFER OR ACQUISITION SHALL BE VOID AND
      OF
      NO EFFECT.

     

    
      	
              Certificate
                No.

            	
              :

            	
              R-1

            
	 	 	 
	
              Cut-off
                Date

            	
              :

            	
              March
                1, 2006

            
	 	 	 
	
              First
                Distribution Date

            	
              :

            	
              April
                25, 2006

            
	 	 	 
	
              Percentage
                Interest of this Certificate

            	
              :

            	
              100.00%

            
	 	 	 
	
              Interest
                Rate

            	
              :

            	
              None

            
	 	 	 
	
              CUSIP

            	
              :

            	
              32027E
                AV 3 

            
	 	 	 
	
              ISN

            	
              :

            	
              US32027EAV39

            

    

    
      
        
        

      

      
        EXHIBIT
          C-1

        
          

        

      

       

    

     

    HSI
      ASSET
      SECURITIZATION CORPORATION

     

    First
      Franklin Mortgage Loan Trust 2006-FF5

    Mortgage
      Pass-Through Certificates, Series 2006-FF5

     

    Class
      R

     

    evidencing
      a percentage interest in the distributions allocable to the Certificates of
      the
      above-referenced Class.

     

    Distributions
      in respect of this Certificate are distributable monthly as set forth herein.
      This Class R Certificate has no Certificate Balance and is not entitled to
      distributions in respect of principal or interest. This Certificate does not
      evidence an obligation of, or an interest in, and is not guaranteed by the
      Depositor, the Trustee or any other party to the Agreement referred to below
      or
      any of their respective affiliates. Neither this Certificate nor the Mortgage
      Loans are guaranteed or insured by any governmental agency or
      instrumentality.

     

    This
      certifies that [HSBC SECURITIES (USA) INC.] is the registered owner of the
      Percentage Interest specified above of any monthly distributions due to the
      Class R Certificates pursuant to a Pooling and Servicing Agreement dated as
      of the Cut-off Date specified above (the “Agreement”)
      among
      HSI Asset Securitization Corporation, as depositor (the “Depositor”),
      National City Home Loan Services, Inc., as servicer, First Franklin Financial
      Corporation, as mortgage loan seller, Wells Fargo Bank, N.A., as master
      servicer, (in such capacity, the “Master
      Servicer”)
      securities administrator (in such capacity, the “Securities
      Administrator”)
      and
      custodian and Deutsche Bank National Trust Company, as trustee (the
“Trustee”).
      To
      the extent not defined herein, the capitalized terms used herein have the
      meanings assigned in the Agreement. This Certificate is issued under and is
      subject to the terms, provisions and conditions of the Agreement, to which
      Agreement the Holder of this Certificate by virtue of the acceptance hereof
      assents and by which such Holder is bound.

     

    Any
      distribution of the proceeds of any remaining assets of the Trust will be made
      only upon presentment and surrender of this Class R Certificate at the
      offices designated by the Securities Administrator for such purpose, or such
      other location specified in the notice to Certificateholders.

     

    No
      transfer of a Class R Certificate shall be made unless the Securities
      Administrator shall have received a representation letter from the transferee
      of
      such Certificate, acceptable to and in form and substance satisfactory to the
      Securities Administrator, to the effect that such transferee is not an employee
      benefit plan or arrangement subject to Section 406 of ERISA, a plan or
      arrangement subject to Section 4975 of the Code or a plan subject to
      Similar Law, or a person acting on behalf of any such plan or arrangement nor
      using the assets of any such plan or arrangement to effect such transfer, which
      representation letter shall not be an expense of the Trustee, the Securities
      Administrator, the Depositor, the Master Servicer or the Trust Fund. In the
      event that such representation is violated, or any attempt is made to transfer
      to a plan or arrangement subject to Section 406 of ERISA or a plan subject
      to Section 4975 of the Code or a plan subject to Similar Law, or a person
      acting on behalf of any such plan or arrangement or using the assets of any
      such
      plan or arrangement, such attempted transfer or acquisition shall be void and
      of
      no effect.

    
      
        
        

      

      
        EXHIBIT
          C-2

        
          

        

      

       

    

     

    Each
      Holder of this Class R Certificate shall be deemed by the acceptance or
      acquisition an Ownership Interest in this Class R Certificate to have
      agreed to be bound by the following provisions, and the rights of each Person
      acquiring any Ownership Interest in this Class R Certificate are expressly
      subject to the following provisions: (i) each Person holding or acquiring
      any Ownership Interest in this Class R 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 this Class R Certificate may be registered on the
      Closing Date or thereafter transferred, and the Securities Administrator shall
      not register the Transfer of this Certificate unless, in addition to the
      certificates required to be delivered to the Securities Administrator under
      Section 5.02(b) of the Agreement, the Securities Administrator shall have
      been furnished with a Transfer Affidavit of the initial owner or the proposed
      transferee in the form attached as Exhibit G to the Agreement,
      (iii) each Person holding or acquiring any Ownership Interest in this
      Class R Certificate shall agree (A) to obtain a Transfer Affidavit
      from any other Person to whom such Person attempts to Transfer its Ownership
      Interest this Class R 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 this Class R Certificate, (C) not to
      cause income with respect to the Class R Certificate to be attributable to
      a foreign permanent establishment or fixed base, within the meaning of an
      applicable income tax treaty, of such Person or any other U.S. Person and
      (D) not to Transfer the Ownership Interest in this Class R Certificate
      or to cause the Transfer of the Ownership Interest in this Class R
      Certificate to any other Person if it has actual knowledge that such Person
      is a
      Non-Permitted Transferee and (iv) any attempted or purported Transfer of
      the Ownership Interest in this Class R Certificate in violation of the
      provisions herein shall be absolutely null and void and shall vest no rights
      in
      the purported Transferee.

     

    Reference
      is hereby made to the further provisions of this Certificate set forth on the
      reverse hereof, which further provisions shall for all purposes have the same
      effect as if set forth at this place.

     

    This
      Certificate shall not be entitled to any benefit under the Agreement or be
      valid
      for any purpose unless manually authenticated by an authorized signatory of
      the
      Securities Administrator.

     

    * * *

    
      
        
        

      

      
        EXHIBIT
          C-3

        
          

        

      

       

    

     

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

    
      
         

        
          	
                  
                    Dated:

                  

                	 	 
	 	 	 
	 	
                  
                    
                      WELLS
                        FARGO BANK, N.A.,

                    

                  

                
	 
 	 
 	
                  
                    
                      not
                        in its individual capacity, but solely as

                      
                        Securities
                          Administrator

 

                    

                  

                
	
                	By:  	
                
	 	
                  

                
	 	
                

        

         

        
          
            
              Authenticated:

            

          

          	 	 	 	 
	By:	 	 	
                
	
                  
                    

                    Authorized
                      Signatory of

                  

                	 	 	
                
	
                  WELLS
                    FARGO BANK, N.A.,

                  not
                    in its individual capacity,

                  but
                    solely as Securities Administrator

                	 	 	
                

        

      

    

     

    
      
        
        

      

      
        EXHIBIT
          C-4

        
          

        

      

       

    

     

    HSI
      ASSET
      SECURITIZATION CORPORATION

     

    First
      Franklin Mortgage Loan Trust 2006-FF5

    Mortgage
      Pass-Through Certificates

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      First Franklin Mortgage Loan Trust 2006-FF5 Mortgage Pass-Through Certificates,
      of the Series specified on the face hereof (herein collectively called the
      “Certificates”),
      and
      representing a beneficial ownership interest in the Trust Fund created by the
      Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely
      to the
      funds on deposit in the Distribution Account or Supplemental Interest Trust
      Account for payment hereunder and that neither the Trustee nor the Securities
      Administrator is 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 thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such day is not a Business Day, the Business Day immediately
      following (the “Distribution
      Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement. The Record Date applicable
      to
      each Distribution Date is the last Business Day of the month next preceding
      the
      month of such Distribution Date.

     

    Distributions
      on this Certificate shall be made by wire transfer of immediately available
      funds to the account of the Holder hereof at a bank or other entity having
      appropriate facilities therefor, if such Certificateholder shall have so
      notified the Securities Administrator in writing at least five Business Days
      prior to the related Record Date and such Certificateholder shall satisfy the
      conditions to receive such form of payment set forth in the Agreement, or,
      if
      not, by check mailed by first class mail to the address of such
      Certificateholder appearing in the Certificate Register. The final distribution
      on each Certificate will be made in like manner, but only upon presentment
      and
      surrender of such Certificate at the offices designated by the Securities
      Administrator for such purpose, or such other location specified in the notice
      to Certificateholders of such final distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      parties to the Agreement with the consent of the Holders of Certificates
      affected by such amendment evidencing the requisite Percentage Interest, as
      provided in the Agreement. Any such consent by the Holder of this Certificate
      shall be conclusive and binding on such Holder and upon all future Holders
      of
      this Certificate and of any Certificate issued upon the transfer hereof or
      in
      exchange therefor 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.

    
      
        
        

      

      
        EXHIBIT
          C-5

        
          

        

      

       

    

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Securities Administrator upon surrender of this Certificate for registration
      of transfer at the offices designated by the Securities Administrator for such
      purposes, 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 of the same Class in authorized denominations and evidencing the
      same aggregate Percentage Interest in the Trust Fund will be issued to the
      designated transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Securities Administrator may require payment of a sum sufficient to
      cover any tax or other governmental charge payable in connection
      therewith.

     

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

     

    The
      Master Servicer, upon the instruction of the Depositor, shall purchase the
      Mortgage Loans and therefore cause the termination of the Trust on any Optional
      Termination, which is any Distribution Date in which the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period is less than or equal to 10% of the aggregate Stated Principal Balance
      of
      the Mortgage Loans as of the Cut-off Date; provided,
      however,
      the
      Master Servicer in its own right may exercise the option to purchase the
      Mortgage Loans and thereby cause the termination of the Trust on any
      Distribution Date in which the aggregate Stated Principal Balance of the
      Mortgage Loans as of the last day of the related Due Period is less than or
      equal to 5% of the aggregate Stated Principal Balance of the Mortgage Loans
      as
      of the Cut-off Date, if the Depositor has not previously provided instructions
      to the Master Servicer to exercise such option on the Depositor’s behalf on such
      Distribution Date. 

     

    The
      obligations and responsibilities created by the Agreement will terminate as
      provided in Section 11.01 of the Agreement.

    
      
        
        

      

      
        EXHIBIT
          C-6

        
          

        

      

       

    

     

    Any
      term
      used herein that is defined in the Agreement shall have the meaning assigned
      in
      the Agreement, and nothing herein shall be deemed inconsistent with that
      meaning.

    
      
        
        

      

      
        EXHIBIT
          C-7

        
          

        

      

       

    

     

    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)

                 

              

            

            
              
                the
                  Percentage Interest evidenced by the within Certificate and hereby
                  authorizes
                  the transfer of registration of such Percentage Interest to assignee
                  on the
                  Certificate Register of the Trust Fund.

                 

              

            

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

              

            

          

          
            	 

          

           

          
            	
                    Dated:

                  	 

          

           

          
            	 	 	 
	 	  	 
	 	
                    
Signature
                    by or on behalf of
                    assignor

          

           

          
            
              DISTRIBUTION
                INSTRUCTIONS

               

            

          

          
            
              
                The
                  assignee should include the following for purposes of
                  distribution:

              

               

            

          

          
            Distributions
              shall be made, by wire transfer or
              otherwise, in immediately available funds to 
____________________________________________________________________________________________________,
              ____________________________________________________________________________________________________,
              for
              the
              account of
              ___________________________________________________________________________________,
              account
              number __________, or, if mailed by check, to
              ___________________________________________________.
              Applicable
              statements should be mailed to
              ____________________________________________________________,
              _____________________________________________________________________________________________________

          

           

          This
            information is provided by
            __________________________________________________________,
            the
            assignee named above, or
            ___________________________________________________________________________,
            as
            its
            agent.

        

      

    

     

    
      
        
        

      

      
        EXHIBIT
          C-8

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      D

     

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

     

    NEITHER
      THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE PROPOSED
      TRANSFEROR DELIVERS TO THE SECURITIES ADMINISTRATOR A TRANSFEROR LETTER IN
      THE
      FORM OF EXHIBIT H TO THE AGREEMENT REFERRED TO HEREIN AND EITHER
      (I) THE SECURITIES ADMINISTRATOR RECEIVES A RULE 144A LETTER IN THE FORM OF
      EXHIBIT I TO THE AGREEMENT REFERRED TO HEREIN OR (II) THE SECURITIES
      ADMINISTRATOR RECEIVES AN OPINION OF COUNSEL, DELIVERED AT THE EXPENSE OF THE
      TRANSFEROR, THAT SUCH TRANSFER MAY BE MADE WITHOUT REGISTRATION UNDER THE
      SECURITIES ACT OF 1933, AS AMENDED.

     

    NEITHER
      THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE
      TRANSFEREE DELIVERS TO THE SECURITIES ADMINISTRATOR A REPRESENTATION LETTER
      TO
      THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN SUBJECT TO
      TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
      (“ERISA”),
      OR A
      PLAN SUBJECT TO SECTION 4975 OF THE CODE OR A PLAN SUBJECT TO MATERIALLY
      SIMILAR PROVISIONS OF APPLICABLE FEDERAL, STATE OR LOCAL LAW (“SIMILAR
      LAW”)
      OR A
      PERSON INVESTING ON BEHALF OF OR WITH PLAN ASSETS OF SUCH A PLAN. IN THE EVENT
      THAT SUCH REPRESENTATION IS VIOLATED, OR ANY ATTEMPT IS MADE TO TRANSFER TO
      A
      PLAN OR ARRANGEMENT SUBJECT TO SECTION 406 OF ERISA, A PLAN SUBJECT TO
      SECTION 4975 OF THE CODE OR A PLAN SUBJECT TO SIMILAR LAW, OR A PERSON
      ACTING ON BEHALF OF ANY SUCH PLAN OR ARRANGEMENT OR USING THE ASSETS OF ANY
      SUCH
      PLAN OR ARRANGEMENT, SUCH ATTEMPTED TRANSFER OR ACQUISITION SHALL BE VOID AND
      OF
      NO EFFECT.

     

    
      	
              Certificate
                No.

            	
              :

            	
              X-1

            
	 	 	 
	
              Cut-off
                Date

            	
              :

            	
              March
                1, 2006

            
	 	 	 
	
              First
                Distribution Date

            	
              :

            	
              April
                25, 2006

            
	 	 	 
	
              Percentage
                Interest of this Certificate

            	
              :

            	
              100%

            
	 	 	 
	
              Interest
                Rate

            	
              :

            	
              None

            
	 	 	 
	
              CUSIP

            	
              :

            	
              32027E
                AT 8

            
	 	 	 
	
              ISIN

            	
              :

            	
              US32027EAT82

            

    

     

     

    
      
        
        

      

      
        EXHIBIT
          D-1

        
          

        

      

      
        
        

      

    

     

    HSI
      ASSET
      SECURITIZATION CORPORATION

     

    First
      Franklin Mortgage Loan Trust 2006-FF5

    Mortgage
      Pass-Through Certificates, Series 2006-FF5

     

    Class
      X

     

    evidencing
      a percentage interest in the distributions allocable to the Certificates of
      the
      above-referenced Class.

     

    Distributions
      in respect of this Certificate are distributable monthly as set forth herein.
      This Certificate does not evidence an obligation of, or an interest in, and
      is
      not guaranteed by the Depositor, the Trustee or any other party to the Agreement
      referred to below or any of their respective affiliates. Neither this
      Certificate nor the Mortgage Loans are guaranteed or insured by any governmental
      agency or instrumentality.

     

    This
      certifies that [____________________] is the registered owner of the Percentage
      Interest evidenced by this Certificate (obtained by dividing the denomination
      of
      this Certificate by the aggregate of the denominations of all Certificates
      of
      the Class to which this Certificate belongs) in certain monthly distributions
      pursuant to a Pooling and Servicing Agreement dated as of the Cut-off Date
      specified above (the “Agreement”)
      among
      HSI Asset Securitization Corporation, as depositor (the “Depositor”),
      National City Home Loan Services, Inc., as servicer, First Franklin Financial
      Corporation, as mortgage loan seller, Wells Fargo Bank, N.A., as master
      servicer, (in such capacity, the “Master
      Servicer”)
      securities administrator (in such capacity, the “Securities
      Administrator”)
      and
      custodian and Deutsche Bank National Trust Company, as trustee (the
“Trustee”).
      To
      the extent not defined herein, the capitalized terms used herein have the
      meanings assigned in the Agreement. This Certificate is issued under and is
      subject to the terms, provisions and conditions of the Agreement, to which
      Agreement the Holder of this Certificate by virtue of the acceptance hereof
      assents and by which such Holder is bound.

     

    This
      Certificate does not have a Certificate Balance or an Interest Rate and will be
      entitled to distributions only to the extent set forth in the Agreement. In
      addition, any distribution of the proceeds of any remaining assets of the Trust
      will be made only upon presentment and surrender of this Certificate at the
      offices designated by the Securities Administrator for such purpose, or such
      other location specified in the notice to Certificateholders.

     

    No
      transfer of a Certificate of this Class shall be made unless such disposition
      is
      exempt from the registration requirements of the Securities Act of 1933, as
      amended (the “1933 Act”),
      and
      any applicable state securities laws or is made in accordance with the 1933
      Act
      and such laws. In the event of any such transfer, the Securities Administrator
      shall require the transferor to execute a transferor certificate (in
      substantially the form attached to the Agreement) and deliver either (i) a
      Rule 144A Letter, in either case substantially in the form attached to the
      Agreement, or (ii) a written Opinion of Counsel to the Securities
      Administrator that such transfer may be made pursuant to an exemption,
      describing the applicable exemption and the basis therefor, from the 1933 Act
      or
      is being made pursuant to the 1933 Act, which Opinion of Counsel shall be an
      expense of the transferor.

     

    
      
        
        

      

      
        EXHIBIT
          D-2

        
          

        

      

      
        
        

      

    

     

    No
      transfer of a Certificate of this Class shall be made unless the Securities
      Administrator shall have received a representation letter from the transferee
      of
      such Certificate, acceptable to and in form and substance satisfactory to the
      Securities Administrator, to the effect that such transferee is not an employee
      benefit plan subject to Section 406 of ERISA, Section 4975 of the Code
      or any materially similar provisions of applicable federal, state or local
      law
      (“Similar
      Law”),
      or a
      person acting on behalf of or investing plan assets of any such plan, which
      representation letter shall not be an expense of the Securities
      Administrator.

     

    Reference
      is hereby made to the further provisions of this Certificate set forth on the
      reverse hereof, which further provisions shall for all purposes have the same
      effect as if set forth at this place.

     

    This
      Certificate shall not be entitled to any benefit under the Agreement or be
      valid
      for any purpose unless manually authenticated by an authorized signatory of
      the
      Securities Administrator.

    
       

      * * *

    

     

    
      
        
        

      

      
        EXHIBIT
          D-3

        
          

        

      

      
        
        

      

    

     

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

     

    
      	
              Dated:

            	 

    

     

    
      	 	 	 
	 	
              WELLS
                FARGO BANK, N.A.,

              not
                in its
                individual capacity, but solely as

              Securities
                Administrator

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

            
	 	 

    

     

    
      	Authenticated:	 	 	 
	 	 	 	 
	 	 	 	 
	By:	 	 	 
	
              
                

              

              Authorized
                Signatory of

              WELLS
                FARGO BANK, N.A.,

              not
                in its individual capacity,

              but
                solely as Securities Administrator

            	 	 	
            

    

     

     

    
      
        
        

      

      
        EXHIBIT
          D-4

        
          

        

      

      
        
        

      

    

     

    HSI
      ASSET
      SECURITIZATION CORPORATION

     

    First
      Franklin Mortgage Loan Trust 2006-FF5

    Mortgage
      Pass-Through Certificates

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      First Franklin Mortgage Loan Trust 2006-FF5 Mortgage Pass-Through Certificates,
      of the Series specified on the face hereof (herein collectively called the
      “Certificates”),
      and
      representing a beneficial ownership interest in the Trust Fund created by the
      Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely
      to the
      funds on deposit in the Distribution Account or Supplemental Interest Trust
      Account for payment hereunder and that neither the Trustee nor the Securities
      Administrator is 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 thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, the Business Day
      immediately following (the “Distribution
      Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement. The Record Date applicable
      to
      each Distribution Date is the last Business Day of the month next preceding
      the
      month of such Distribution Date.

     

    Distributions
      on this Certificate shall be made by wire transfer of immediately available
      funds to the account of the Holder hereof at a bank or other entity having
      appropriate facilities therefor, if such Certificateholder shall have so
      notified the Securities Administrator in writing at least five Business Days
      prior to the related Record Date and such Certificateholder shall satisfy the
      conditions to receive such form of payment set forth in the Agreement, or,
      if
      not, by check mailed by first class mail to the address of such
      Certificateholder appearing in the Certificate Register. The final distribution
      on each Certificate will be made in like manner, but only upon presentment
      and
      surrender of such Certificate at the offices designated by the Securities
      Administrator for such purposes or such other location specified in the notice
      to Certificateholders of such final distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      parties to the Agreement with the consent of the Holders of Certificates
      affected by such amendment evidencing the requisite Percentage Interest, as
      provided in the Agreement. Any such consent by the Holder of this Certificate
      shall be conclusive and binding on such Holder and upon all future Holders
      of
      this Certificate and of any Certificate issued upon the transfer hereof or
      in
      exchange therefor 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.

     

    
      
        
        

      

      
        EXHIBIT
          D-5

        
          

        

      

      
        
        

      

    

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Securities Administrator upon surrender of this Certificate for registration
      of transfer at the offices designated by the Securities Administrator for such
      purposes, 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 of the same Class in authorized denominations and evidencing the
      same aggregate Percentage Interest in the Trust Fund will be issued to the
      designated transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Securities Administrator may require payment of a sum sufficient to
      cover any tax or other governmental charge payable in connection
      therewith.

     

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

     

    The
      Master Servicer, upon the instruction of the Depositor, shall purchase the
      Mortgage Loans and therefore cause the termination of the Trust on any Optional
      Termination, which is any Distribution Date in which the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period is less than or equal to 10% of the aggregate Stated Principal Balance
      of
      the Mortgage Loans as of the Cut-off Date; provided,
      however,
      the
      Master Servicer in its own right may exercise the option to purchase the
      Mortgage Loans and thereby cause the termination of the Trust on any
      Distribution Date in which the aggregate Stated Principal Balance of the
      Mortgage Loans as of the last day of the related Due Period is less than or
      equal to 5% of the aggregate Stated Principal Balance of the Mortgage Loans
      as
      of the Cut-off Date, if the Depositor has not previously provided instructions
      to the Master Servicer to exercise such option on the Depositor’s behalf on such
      Distribution Date. 

     

    The
      obligations and responsibilities created by the Agreement will terminate as
      provided in Section 11.01 of the Agreement.

     

    
      
        
        

      

      
        EXHIBIT
          D-6

        
          

        

      

      
        
        

      

    

     

    Any
      term
      used herein that is defined in the Agreement shall have the meaning assigned
      in
      the Agreement, and nothing herein shall be deemed inconsistent with that
      meaning

     

    
      
        
        

      

      
        EXHIBIT
          D-7

        
          

        

      

      
        
        

      

    

     

    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)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust Fund.

     

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

    
      	 

    

     

     

    
      	
              Dated:

            	 

    

     

    
      	 	 	 
	 	  	 
	 	
              
Signature
              by or on behalf of
              assignor

    

     

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      Distributions
        shall be made, by wire transfer or
        otherwise, in immediately available funds to
        ____________________________________________________________________________________________________,
        ____________________________________________________________________________________________________,
        for
        the
        account of
        ___________________________________________________________________________________,
        account
        number __________, or, if mailed by check, to
        ___________________________________________________.
        Applicable
        statements should be mailed to
        ____________________________________________________________,
        _____________________________________________________________________________________________________

    

     

    This
      information is provided by
      __________________________________________________________,
      the
      assignee named above, or
      ___________________________________________________________________________,
      as
      its
      agent.

    

    

    
      
        
        

      

      
        EXHIBIT
          D-8

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      E

     

    FORM
      OF
      INITIAL CERTIFICATION OF CUSTODIAN

     

    [date]

     

    
      	
              HSI
                Asset Securitization Corporation

              452
                Fifth Avenue

              New
                York, New York 10018

            	 
	 	 
	
              Wells
                Fargo Bank, N.A.

              1015
                10th Avenue SE

              Minneapolis,
                Minnesota 55414

            	 
	 	 
	
              Deutsche
                Bank National Trust Company

              1761
                East St. Andrew Place

              Santa
                Ana, California 92705-4934

            	 

    

     

    
      	 	
              Re:

            	
              First
                Franklin Mortgage Loan Trust, Series
                2006-FF5

            

    

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.02 of the Pooling and Servicing Agreement (the
“Pooling
      and Servicing Agreement”)
      dated
      as of April 1, 2006 among HSI Asset Securitization Corporation, as depositor,
      National City Home Loan Services, Inc., as servicer, First Franklin Financial
      Corporation, as mortgage loan seller, Wells Fargo Bank, N.A., as master
      servicer, securities administrator and custodian, and Deutsche Bank National
      Trust Company, as trustee, for each Mortgage Loan listed in the Mortgage Loan
      Schedule (other than any Mortgage Loan listed in the attached schedule), it
      has
      received:

     

    (i) the
      original Mortgage Note, endorsed as provided in the following form: “Pay to the
      order of ________, without recourse”; and

     

    (ii) a
      duly
      executed assignment of the Mortgage (which may be included in a blanket
      assignment or assignments).

     

    Based
      on
      its review and examination and only as to the foregoing documents, such
      documents appear regular on their face and related to such Mortgage
      Loan.

     

    The
      Custodian has made no independent examination of any documents contained in
      each
      Mortgage File beyond the review specifically required in the Pooling and
      Servicing Agreement. The Custodian makes no representations as to: (i) the
      validity, legality, sufficiency, enforceability or genuineness of any of the
      documents contained in each Mortgage File of any of the Mortgage Loans
      identified on the Mortgage Loan Schedule, or (ii) the collectability,
      insurability, effectiveness or suitability of any such Mortgage
      Loan.

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the Pooling and Servicing Agreement.

     

    
      
        
        

      

      
        EXHIBIT
          E-1

        
          

        

      

      
        
        

      

    

     

    
      	 	 	 
	 	WELLS
              FARGO BANK, N.A., as Custodian
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Name:  
	 	
              
                

              

              Title:

            
	 	
              
                

              

            

    

     

     

    
      
        
        

      

      
        EXHIBIT
          E-2

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      F

     

    FORM
      OF
      DOCUMENT CERTIFICATION

    AND
      EXCEPTION REPORT OF CUSTODIAN

     

    ______,
      20___

     

    
      	
              HSI
                Asset Securitization Corporation

              452
                Fifth Avenue

              New
                York, New York 10018

            	
              First
                Franklin Financial Corporation

              2150
                North First Street, Suite 600

              San
                Jose, California

            
	 	 
	
              Wells
                Fargo Bank, N.A.

              1015
                10th Avenue SE

              Minneapolis,
                Minnesota 55414

            	 
	 	 
	
              Deutsche
                Bank National Trust Company

              1761
                East St. Andrew Place

              Santa
                Ana, California 92705-4934

            	 
	 	 
	
              National
                City Home Loan Services, Inc.

              50
                Allegheny Center

              Pittsburgh,
                Pennsylvania 15212

            	 

    

     

    
      	 	
              Re:

            	
              HSI
                Asset Securitization Corporation, Series
                2006-FF5

            

    

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.02 of the Pooling and Servicing Agreement (the
“Pooling
      and Servicing Agreement”)
      dated
      as of April 1, 2006 among HSI Asset Securitization Corporation, as depositor,
      National City Home Loan Services, Inc., as servicer, First Franklin Financial
      Corporation, as mortgage loan seller, Wells Fargo Bank, N.A., as master
      servicer, securities administrator and custodian, and Deutsche Bank National
      Trust Company, as trustee,, the undersigned, as Custodian, hereby certifies
      that
      as to each Mortgage Loan listed in the Mortgage Loan Schedule (other than any
      Mortgage Loan paid in full or listed on the attached Document Exception Report)
      it has received:

     

    (i) The
      original Mortgage Note, endorsed in the form provided in Section 2.01 of
      the Pooling and Servicing Agreement, with all intervening endorsements showing
      a
      complete chain of endorsement from the Mortgage Loan Seller to the last
      endorsee.

     

    (ii) The
      original recorded Mortgage.

     

    (iii) A
      duly
      executed assignment of the Mortgage in the form provided in Section 2.01 of
      the Pooling and Servicing Agreement; or, if the Mortgage Loan Seller has
      certified or the Custodian otherwise knows that the related Mortgage has not
      been returned from the applicable recording office, a copy of the assignment
      of
      the Mortgage (excluding information to be provided by the recording
      office).

     

    
      
        
        

      

      
        EXHIBIT
          F-1

        
          

        

      

      
        
        

      

    

     

    (iv) The
      original or duplicate original recorded assignment or assignments of the
      Mortgage showing a complete chain of assignment from the Mortgage Loan Seller
      to
      the last endorsee.

     

    (v) The
      original or duplicate original lender’s title policy and all riders thereto or,
      any one of an original title binder, an original preliminary title report or
      an
      original title commitment, or a copy thereof certified by the title
      company.

     

    Based
      on
      its review and examination and only as to the foregoing documents, (a) such
      documents appear regular on their face and related to such Mortgage Loan, and
      (b) the information set forth in items (1), (2), (3), (15), (18) and
      (22) of the Data Tape Information accurately reflects information set forth
      in
      the Custodial File.

     

    The
      Custodian has made no independent examination of any documents contained in
      each
      Mortgage File beyond the review of the Custodial File specifically required
      in
      the Pooling and Servicing Agreement. The Custodian makes no representation
      as
      to: (i) the validity, legality, sufficiency, enforceability or genuineness
      of any of the documents contained in each Mortgage File of any of the Mortgage
      Loans identified on the Mortgage Loan Schedule, or (ii) the collectability,
      insurability, effectiveness or suitability of any such Mortgage Loan.
      Notwithstanding anything herein to the contrary, the Custodian has made no
      determination and makes no representations as to whether (i) any
      endorsement is sufficient to transfer all right, title and interest of the
      party
      so endorsing, as noteholder or assignee thereof, in and to that Mortgage Note
      or
      (ii) any assignment is in recordable form or sufficient to effect the
      assignment of and transfer to the assignee thereof, under the Mortgage to which
      the assignment relates.

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the Pooling and Servicing Agreement.

    
      	 	 	 
	 	WELLS
              FARGO BANK,
              N.A., as Custodian
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Name:

	 	
              
                

              

              Title:  

            
	 	
              
                

              

            

    

     

     

    
      
        
        

      

      
        EXHIBIT
          F-2

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      G

     

    FORM
      OF
      RESIDUAL TRANSFER AFFIDAVIT

     

    First
      Franklin Mortgage Loan Trust 2006-FF5

    Mortgage
      Pass-Through Certificates, Series 2006-FF5

    

      
        	
                STATE
                  OF

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF

              	
                )

              	 

      

    

     

    The
      undersigned, being first duly sworn, deposes and says as follows:

     

    1. The
      undersigned is an officer of ___________________, the proposed Transferee of
      an
      Ownership Interest in a Class R Certificate (the “Certificate”)
      issued
      pursuant to the Pooling and Servicing Agreement (the “Agreement”),
      relating to the above-referenced Series, dated as of April 1, 2006 among HSI
      Asset Securitization Corporation, as depositor, National City Home Loan
      Services, Inc., as servicer, First Franklin Financial Corporation, as mortgage
      loan seller, Wells Fargo Bank, N.A., as master servicer, securities
      administrator and custodian, and Deutsche Bank National Trust Company, as
      trustee. Capitalized terms used, but not defined herein, shall have the meanings
      ascribed to such terms in the Agreement. The Transferee has authorized the
      undersigned to make this affidavit on behalf of the Transferee for the benefit
      of the Depositor, the Securities Administrator and the Trustee.

     

    2. The
      Transferee is, as of the date hereof, and will be, as of the date of the
      Transfer, a Permitted Transferee. The Transferee is acquiring its Ownership
      Interest in the Certificate for its own account. The Transferee has no knowledge
      that any such affidavit is false.

     

    3. The
      Transferee has been advised of, and understands that (i) a tax will be
      imposed on Transfers of the Certificate to Persons that are Non-Permitted
      Transferees; (ii) such tax will be imposed on the transferor, or, if such
      Transfer is through an agent (which includes a broker, nominee or middleman)
      for
      a Person that is a Non-Permitted Transferee, on the agent; and (iii) the
      Person otherwise liable for the tax shall be relieved of liability for the
      tax
      if the subsequent Transferee furnished to such Person an affidavit that such
      subsequent Transferee is a Permitted Transferee and, at the time of Transfer,
      such Person does not have actual knowledge that the affidavit is
      false.

     

    4. The
      Transferee has been advised of, and understands that a tax will be imposed
      on a
“pass-through entity” holding the Certificate if at any time during the taxable
      year of the pass-through entity a Person that is a Non-Permitted Transferee
      is
      the record holder of an interest in such entity. The Transferee understands
      that
      such tax will not be imposed for any period with respect to which the record
      holder furnishes to the pass-through entity an affidavit that such record holder
      is a Permitted Transferee and the pass-through entity does not have actual
      knowledge that such affidavit is false. (For this purpose, a “pass-through
      entity” includes a regulated investment company, a real estate investment trust
      or common trust fund, a partnership, trust or estate, and certain cooperatives
      and, except as may be provided in Treasury Regulations, persons holding
      interests in pass-through entities as a nominee for another
      Person.)

     

    
      
        
        

      

      
        EXHIBIT
          G-1

        
          

        

      

      
        
        

      

    

     

    5. The
      Transferee has reviewed the provisions of Section 5.02(c) of the Agreement
      and understands the legal consequences of the acquisition of an Ownership
      Interest in the Certificate including, without limitation, the restrictions
      on
      subsequent Transfers and the provisions regarding voiding the Transfer and
      mandatory sales. The Transferee expressly agrees to be bound by and to abide
      by
      the provisions of Section 5.02(c) of the Agreement and the restrictions
      noted on the face of the Certificate. The Transferee understands and agrees
      that
      any breach of any of the representations included herein shall render the
      Transfer to the Transferee contemplated hereby null and void.

     

    6. The
      Transferee agrees to require a Transfer Affidavit from any Person to whom the
      Transferee attempts to Transfer its Ownership Interest in the Certificate,
      and
      in connection with any Transfer by a Person for whom the Transferee is acting
      as
      nominee, trustee or agent, and the Transferee will not Transfer its Ownership
      Interest or cause any Ownership Interest to be Transferred to any Person that
      the Transferee knows is a Non-Permitted Transferee. In connection with any
      such
      Transfer by the Transferee, the Transferee agrees to deliver to the Securities
      Administrator a certificate substantially in the form set forth as
      Exhibit H to the Agreement (a “Transferor
      Certificate”)
      to the
      effect that, among other things, such Transferee has no actual knowledge that
      the Person to which the Transfer is to be made is a Non-Permitted
      Transferee.

     

    7. The
      Transferee does not have the intention to impede the assessment or collection
      of
      any tax legally required to be paid with respect to the Certificate. The
      Transferee has historically paid its debts as they have come due and intends
      to
      pay its debts as they come due in the future. The Transferee intends to pay
      all
      taxes due with respect to the Certificate as they become due.

     

    8. The
      Transferee’s taxpayer identification number is __________.

     

    9. The
      Transferee is not a Disqualified Non-U.S. Person as defined in the
      Agreement.

     

    10. The
      Transferee is aware that the Certificate may be a “noneconomic residual
      interest” within the meaning of proposed Treasury regulations promulgated
      pursuant to the Code and that the transferor of a noneconomic residual interest
      will remain liable for any taxes due with respect to the income on such residual
      interest, unless no significant purpose of the transfer was to impede the
      assessment or collection of tax.

     

    11. The
      Transferee will not cause income from the Residual Certificate to be
      attributable to a foreign permanent establishment or fixed base, within the
      meaning of an applicable income tax treaty, of the Transferee or any other
      U.S.
      Person.

     

    
      
        
        

      

      
        EXHIBIT
          G-2

        
          

        

      

      
        
        

      

    

     

    12. Check
      the
      applicable paragraph:

     

    o
      The present value of
      the anticipated tax liabilities associated with holding the Certificate, as
      applicable, does not exceed the sum of:

     

    (i) the
      present value of any consideration given to the Transferee to acquire such
      Certificate;

     

    (ii) the
      present value of the expected future distributions on such Certificate;
      and

     

    (iii) the
      present value of the anticipated tax savings associated with holding such
      Certificate as the related REMIC generates losses.

     

    For
      purposes of this calculation, (i) the Transferee is assumed to pay tax at
      the highest rate currently specified in Section 11(b) of the Code (but the
      tax rate in Section 55(b)(1)(B) of the Code may be used in lieu of the highest
      rate specified in Section 11(b) of the Code if the Transferee has been
      subject to the alternative minimum tax under Section 55 of the Code in the
      preceding two years and will compute its taxable income in the current taxable
      year using the alternative minimum tax rate) and (ii) present values are
      computed using a discount rate equal to the short-term Federal rate prescribed
      by Section 1274(d) of the Code for the month of the transfer and the
      compounding period used by the Transferee.

     

    o
      The transfer of the
      Certificate complies with U.S. Treasury Regulations Sections 1.860E-1(c)(5)
      and
      (6) and, accordingly,

     

    (i) the
      Transferee is an “eligible corporation,” as defined in U.S. Treasury Regulations
      Section 1.860E-1(c)(6)(i), as to which income from the Certificate will only
      be
      taxed in the United States;

     

    (ii) at
      the
      time of the transfer, and at the close of the Transferee’s two fiscal years
      preceding the year of the transfer, the Transferee had gross assets for
      financial reporting purposes (excluding any obligation of a person related
      to
      the Transferee within the meaning of U.S. Treasury Regulations Section
      1.860E-1(c)(6)(ii)) in excess of $100 million and net assets in excess of
      $10 million;

     

    (iii) the
      Transferee will transfer the Certificate only to another “eligible corporation,”
as defined in U.S. Treasury Regulations Section 1.860E-1(c)(6)(i), in a
      transaction that satisfies the requirements of Sections 1.860E-1(c)(4)(i),
      (ii)
      and (iii) and Section 1.860E-1(c)(5) of the U.S. Treasury Regulations;
      and

     

    (iv) the
      Transferee determined the consideration paid to it to acquire the Certificate
      based on reasonable market assumptions (including, but not limited to, borrowing
      and investment rates, prepayment and loss assumptions, expense and reinvestment
      assumptions, tax rates and other factors specific to the Transferee) that it
      has
      determined in good faith.

     

    o
      None of the
      above.

     

    
      
        
        

      

      
        EXHIBIT
          G-3

        
          

        

      

      
        
        

      

    

     

    13. The
      Transferee is not an employee benefit plan that is subject to Title I of
      ERISA or a plan that is subject to Section 4975 of the Code or a plan
      subject to any Federal, state or local law that is substantially similar to
      Title I of ERISA or Section 4975 of the Code, and the Transferee is
      not acting on behalf of or investing plan assets of such a plan.

     

    * * *

     

    IN
      WITNESS WHEREOF, the Transferee has caused this instrument to be executed on
      its
      behalf, pursuant to authority of its Board of Directors, by its duly authorized
      officer and its corporate seal to be hereunto affixed, duly attested, this
      ___
      day of _______, 20__.

    
      	 	 	 
	 	
            
	 	
              
Print
              Name of Transferee
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Name:
	 	Title:

    

     

    [Corporate
      Seal]

     

    ATTEST:

     

    
      	 	 	 	 
	 	 	 	 
	
              
[Assistant]
              Secretary	 	 	
            

    

     

    Personally
      appeared before me the above-named __________, known or proved to me to be
      the
      same person who executed the foregoing instrument and to be the ___________
      of
      the Transferee, and acknowledged that he executed the same as his free act
      and
      deed and the free act and deed of the Transferee.

     

    Subscribed
      and sworn before me this ___ day of _______, 20__.

    
      	 	 	 
	 
 	 
 	 
 
	 	 	 
	 	
              
                

                NOTARY
                  PUBLIC

              

            
	 	 
	 	
              My Commission expires the __ day

              of _________,
                20__

            

    

     

     

    
      
        
        

      

      
        EXHIBIT
          G-4

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      H

     

    FORM
      OF
      TRANSFEROR CERTIFICATE

     

    __________,
      20__

     

    HSI
      Asset
      Securitization Corporation

    452
      Fifth
      Avenue

    New
      York,
      New York 10018

    Attention:
      Head MBS Principal Finance

     

    Wells
      Fargo Bank, N.A.,

    as
      Securities Administrator

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      Minnesota 55479

    Attention:
      Corporate Trust Services - FFML 2006-FF5

     

    
      	
            	Re:	
              First
                Franklin Mortgage Loan Trust 2006-FF5 Mortgage Pass-Through Certificates,
                Series 2006-FF5, Class [__] 

            

    

     

    Ladies
      and Gentlemen:

     

    In
      connection with our disposition of the above Certificates we certify that
      (a) we understand that the Certificates have not been registered under the
      Securities Act of 1933, as amended (the “Act”),
      and
      are being disposed by us in a transaction that is exempt from the registration
      requirements of the Act, (b) we have not offered or sold any Certificates
      to, or solicited offers to buy any Certificates from, any person, or otherwise
      approached or negotiated with any person with respect thereto, in a manner
      that
      would be deemed, or taken any other action which would result in, a violation
      of
      Section 5 of the Act and (c) to the extent we are disposing of a
      Residual Certificate, (i) we have no knowledge the Transferee is a
      Non-Permitted Transferee, (ii) after conducting a reasonable investigation
      of the financial condition of the Transferee, we have no knowledge and no reason
      to believe that the Transferee will not pay all taxes with respect to the
      Residual Certificates as they become due and (iii) we have no reason to
      believe that the statements made in paragraphs 7, 10 and 11 of the
      Transferee’s Residual Transfer Affidavit are false.

     

    In
      connection with any disposition of the above Certificates in accordance with
      Rule 904 of Regulation S we hereby certify that:

     

    
      	
            	a.	
              the
                offer of the Certificates was not made to a person in the United
                States;

            

    

     

    
      	 	
              b.
                

            	
              at
                the time the buy order was originated, the transferee was outside
                the
                United States or the Transferor and any person acting on its behalf
                responsibly believed
                the transferee was outside the United
                States;

            

    

     

     

    
      
        
        

      

      
        EXHIBIT
          H-1

        
          

        

      

      
        
        

      

    

     

     

    
      	 	
              c.

            	
              no
                directed selling efforts have been made in contravention of the
                requirements of Rule 903 or Rule 904 of Regulation S, as
                applicable;

            

    

     

    
      	 	
              d.
                

            	
              the
                transaction is not part of a plan or scheme to
                evade the registration requirements of the Securities Act, as amended;
                and

            

    

     

    
      	
            	e.	
              the
                transferee is not a U.S. person (as defined in Regulation
                S)

            

    

     

     

    
      
        
        

      

      
        EXHIBIT
          H-2

        
          

        

      

      
        
        

      

    

     

    Very
      truly yours,

    
      	 	 	 
	 	
              
Print
              Name of Transferor
	 
 	 
 	 
 
	 	By:  	 
	 	
              
                

              

              Authorized
                Officer

            

    

     

     

    
      
        
        

      

      
        EXHIBIT
          H-3

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      I-A

     

    FORM
      OF
      RULE 144A LETTER

     

    ____________,
      20__

     

    HSI
      Asset
      Securitization Corporation

    452
      Fifth
      Avenue

    New
      York,
      New York 10018

    Attention:
      Head MBS Principal Finance

     

    Wells
      Fargo Bank, N.A.,

    as
      Securities Administrator

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      Minnesota 55479

    Attention:
      Corporate Trust Services - FFML 2006-FF5

     

    
      	 	
              Re:

            	
              First
                Franklin Mortgage Loan Trust 2006-FF5 

              Mortgage
                Pass-Through Certificates, Series 2006-FF5, Class [__] 

            

    

     

    Ladies
      and Gentlemen:

     

    In
      connection with our acquisition of the above Certificates we certify that
      (a) we understand that the Certificates are not being registered under the
      Securities Act of 1933, as amended (the “Act”),
      or
      any state securities laws and are being transferred to us in a transaction
      that
      is exempt from the registration requirements of the Act and any such laws,
      (b) we have such knowledge and experience in financial and business matters
      that we are capable of evaluating the merits and risks of investments in the
      Certificates, (c) we have had the opportunity to ask questions of and
      receive answers from the Depositor concerning the purchase of the Certificates
      and all matters relating thereto or any additional information deemed necessary
      to our decision to purchase the Certificates, (d) either we are purchasing
      a Class A-IO, Class I-A, Class II-A-1, Class II-A-2, Class II-A-3, Class II-A-4,
      Class II-A-5 Certificate or we are not an employee benefit plan that is subject
      to Title I of the Employee Retirement Income Security Act of 1974, as
      amended (“ERISA”),
      or a
      plan or arrangement that is subject to Section 4975 of the Internal Revenue
      Code of 1986, as amended, or a plan subject to materially similar provisions
      of
      applicable federal, state or local law, nor are we acting on behalf of any
      such
      plan or arrangement nor using the assets of any such plan or arrangement to
      effect such acquisition or, with respect to any Class M Certificate, such
      Certificate has been the subject of an ERISA-Qualifying Underwriting and the
      purchaser is an insurance company that is purchasing this certificate with
      funds
      contained in an “insurance company general account” (as such term is defined in
      Section V(e) of Prohibited Transaction Class Exemption (“PTCE”)
      95-60)
      and that the purchase and holding of such Certificates are covered under
      Sections I and III of PTCE 95-60, (e)  in the case of an
      ERISA-Restricted Derivative Certificate prior to the termination of the Cap
      Agreement and the Swap Agreement, either (i) we are not an employee benefit
      plan
      that is subject to Title I of ERISA, or a plan or arrangement that is
      subject to Section 4975 of the Internal Revenue Code of 1986, as amended,
      nor a person acting on behalf of any such plan, nor are we using the assets
      of
      any such plan to effect such transfer or (ii) our acquisition and holding of
      the
      ERISA-Restricted Derivative Certificate is eligible for exemptive relief under
      PTCE 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60 or PTCE 96-23, (f) we have not,
      nor has anyone acting on our behalf offered, transferred, pledged, sold or
      otherwise disposed of the Certificates, any interest in the Certificates or
      any
      other similar security to, or solicited any offer to buy or accept a transfer,
      pledge or other disposition of the Certificates, any interest in the
      Certificates or any other similar security from, or otherwise approached or
      negotiated with respect to the Certificates, any interest in the Certificates
      or
      any other similar security with, any person in any manner, or made any general
      solicitation by means of general advertising or in any other manner, or taken
      any other action, that would constitute a distribution of the Certificates under
      the Securities Act or that would render the disposition of the Certificates
      a
      violation of Section 5 of the Securities Act or require registration
      pursuant thereto, nor will act, nor has authorized or will authorize any person
      to act, in such manner with respect to the Certificates, and (g) we are a
“qualified institutional buyer” as that term is defined in Rule 144A under
      the Securities Act and have completed either of the forms of certification
      to
      that effect attached hereto as Annex 1 or Annex 2. We are aware that
      the sale to us is being made in reliance on Rule 144A. We are acquiring the
      Certificates for our own account or for resale pursuant to Rule 144A and
      further, understand that such Certificates may be resold, pledged or transferred
      only (i) to a person reasonably believed to be a qualified institutional
      buyer that purchases for its own account or for the account of a qualified
      institutional buyer to whom notice is given that the resale, pledge or transfer
      is being made in reliance on Rule 144A, or (ii) pursuant to another
      exemption from registration under the Securities Act.

     

    
      
        
        

      

      
        EXHIBIT
          I-A-1

        
          

        

      

      
        
        

      

    

     

    ANNEX
      1 TO EXHIBIT I-A

     

    QUALIFIED
      INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

     

    [For
      Transferees Other Than Registered Investment Companies]

     

    The
      undersigned (the “Buyer”)
      hereby
      certifies as follows to the parties listed in the Rule 144A Transferee
      Certificate to which this certification relates with respect to the Certificates
      described therein:

     

    1. As
      indicated below, the undersigned is the President, Chief Financial Officer,
      Senior Vice President or other executive officer of the Buyer.

     

    2. In
      connection with purchases by the Buyer, the Buyer is a “qualified institutional
      buyer” as that term is defined in Rule 144A under the Securities Act of
      1933, as amended (“Rule 144A”),
      because (i) the Buyer owned and/or invested on a discretionary basis
      $________1 
      in
      securities (except for the excluded securities referred to below) as of the
      end
      of the Buyer’s most recent fiscal year (such amount being calculated in
      accordance with Rule 144A and (ii) the Buyer satisfies the criteria in
      the category marked below.

     

    
      	 	
              ____

            	
              Corporation,
                etc.
                The Buyer is a corporation (other than a bank, savings and loan
                association or similar institution), Massachusetts or similar business
                trust, partnership, or charitable organization described in
                Section 501(c)(3) of the Internal Revenue Code of 1986, as
                amended.

            

    

     

    
      	 	
              ____

            	
              Bank.
                The Buyer (a) is a national bank or banking institution organized
                under the laws of any State, territory or the District of Columbia,
                the
                business of which is substantially confined to banking and is supervised
                by the State or territorial banking commission or similar official
                or is a
                foreign bank or equivalent institution, and (b) has an audited net
                worth of at least $25,000,000 as demonstrated in its latest annual
                financial statements, a copy of which is attached
                hereto.

            

    

     

    
      	 	
              ____

            	
              Savings
                and Loan.
                The Buyer (a) is a savings and loan association, building and loan
                association, cooperative bank, homestead association or similar
                institution, which is supervised and examined by a State or Federal
                authority having supervision over any such institutions or is a foreign
                savings and loan association or equivalent institution and (b) has an
                audited net worth of at least $25,000,000 as demonstrated in its
                latest
                annual financial statements, a copy of which is attached
                hereto.

            

    

     

    
      	 	
              ____

            	
              Broker-dealer.
                The Buyer is a dealer registered pursuant to Section 15 of the
                Securities Exchange Act of 1934.

            

    

     

      
        

      

    

    
      1 Buyer
        must own and/or invest on a discretionary basis at least $100,000,000 in
        securities unless Buyer is a dealer, and, in that case, Buyer must own and/or
        invest on a discretionary basis at least $10,000,000 in securities.

       

      
        
          
          

        

        
          EXHIBIT
            I-A-2

          
            

          

        

        
          
          

        

      

    

     

    
      	 	
              ____

            	
              Insurance
                Company.
                The Buyer is an insurance company whose primary and predominant business
                activity is the writing of insurance or the reinsuring of risks
                underwritten by insurance companies and which is subject to supervision
                by
                the insurance commissioner or a similar official or agency of a State,
                territory or the District of
                Columbia.

            

    

     

    
      	 	
              ____

            	
              State
                or Local Plan.
                The Buyer is a plan established and maintained by a State, its political
                subdivisions, or any agency or instrumentality of the State or its
                political subdivisions, for the benefit of its
                employees.

            

    

     

    
      	 	
              ____

            	
              ERISA
                Plan.
                The Buyer is an employee benefit plan within the meaning of Title I
                of the Employee Retirement Income Security Act of
                1974.

            

    

     

    
      	 	
              ____

            	
              Investment
                Advisor.
                The Buyer is an investment advisor registered under the Investment
                Advisors Act of 1940.

            

    

     

    
      	 	
              ____

            	
              Small
                Business Investment Company.
                Buyer is a small business investment company licensed by the U.S.
                Small
                Business Administration under Section 301(c) or (d) of the Small
                Business
                Investment Act of 1958.

            

    

     

    
      	 	
              ____

            	
              Business
                Development Company.
                Buyer is a business development company as defined in Section 202(a)(22)
                of the Investment Advisors Act of
                1940.

            

    

     

    3. The
      term
“securities”
as
      used
      herein does
      not include
      (i) securities of issuers that are affiliated with the Buyer,
      (ii) securities that are part of an unsold allotment to or subscription by
      the Buyer, if the Buyer is a dealer, (iii) securities issued or guaranteed
      by the U.S. or any instrumentality thereof, (iv) bank deposit notes and
      certificates of deposit, (v) loan participations, (vi) repurchase
      agreements, (vii) securities owned but subject to a repurchase agreement
      and (viii) currency, interest rate and commodity swaps.

     

    4. For
      purposes of determining the aggregate amount of securities owned and/or invested
      on a discretionary basis by the Buyer, the Buyer used the cost of such
      securities to the Buyer and did not include any of the securities referred
      to in
      the preceding paragraph, except (i) where the Buyer reports its securities
      holdings in its financial statements on the basis of their market value, and
      (ii) no current information with respect to the cost of those securities
      has been published. If clause (ii) in the preceding sentence applies, the
      securities may be valued at market. Further, in determining such aggregate
      amount, the Buyer may have included securities owned by subsidiaries of the
      Buyer, but only if such subsidiaries are consolidated with the Buyer in its
      financial statements prepared in accordance with generally accepted accounting
      principles and if the investments of such subsidiaries are managed under the
      Buyer’s direction. However, such securities were not included if the Buyer is a
      majority-owned, consolidated subsidiary of another enterprise and the Buyer
      is
      not itself a reporting company under the Securities Exchange Act of 1934, as
      amended.

     

    5. The
      Buyer
      acknowledges that it is familiar with Rule 144A and understands that the
      seller to it and other parties related to the Certificates are relying and
      will
      continue to rely on the statements made herein because one or more sales to
      the
      Buyer may be in reliance on Rule 144A.

     

    
      
        
        

      

      
        EXHIBIT
          I-A-3

        
          

        

      

      
        
        

      

    

     

    6. Until
      the
      date of purchase of the Rule 144A Securities, the Buyer will notify each of
      the parties to which this certification is made of any changes in the
      information and conclusions herein. Until such notice is given, the Buyer’s
      purchase of the Certificates will constitute a reaffirmation of this
      certification as of the date of such purchase. In addition, if the Buyer is
      a
      bank or savings and loan is provided above, the Buyer agrees that it will
      furnish to such parties updated annual financial statements promptly after
      they
      become available.

     

    
      
        	 	 	 
	 	
                
Print
                Name of Transferee
	 
 	 
 	 
 
	 	By:  	 
	 	
                
                  

                
Name:
	 	Title:
	 	 
	 	Date: 	 
	 	 	
                

              

      

       

    

     

    
      
        
        

      

      
        EXHIBIT
          I-A-4

        
          

        

      

      
        
        

      

    

    
      
         

        ANNEX
          2 TO EXHIBIT I-A

         

        QUALIFIED
          INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

         

        [For
          Transferees That Are Registered Investment Companies]

         

        The
          undersigned (the “Buyer”)
          hereby
          certifies as follows to the parties listed in the Rule 144A Transferee
          Certificate to which this certification relates with respect to the Certificates
          described therein:

         

        1. As
          indicated below, the undersigned is the President, Chief Financial Officer
          or
          Senior Vice President of the Buyer or, if the Buyer is a “qualified
          institutional buyer” as that term is defined in Rule 144A under the
          Securities Act of 1933, as amended (“Rule 144A”),
          because Buyer is part of a Family of Investment Companies (as defined below),
          is
          such an officer of the Adviser.

         

        2. In
          connection with purchases by Buyer, the Buyer is a “qualified institutional
          buyer” as defined in SEC Rule 144A because (i) the Buyer is an
          investment company registered under the Investment Company Act of 1940,
          as
          amended, and (ii) as marked below, the Buyer alone, or the Buyer’s Family
          of Investment Companies, owned at least $100,000,000 in securities (other
          than
          the excluded securities referred to below) as of the end of the Buyer’s most
          recent fiscal year. For purposes of determining the amount of securities
          owned
          by the Buyer or the Buyer’s Family of Investment Companies, the cost of such
          securities was used, except (i) where the Buyer or the Buyer’s Family of
          Investment Companies reports its securities holdings in its financial statements
          on the basis of their market value, and (ii) no current information with
          respect to the cost of those securities has been published. If clause (ii)
          in the preceding sentence applies, the securities may be valued at
          market.

         

        
          	 	
                  ____

                	
                  The
                    Buyer owned $_______ in securities (other than the excluded securities
                    referred to below) as of the end of the Buyer’s most recent fiscal year
                    (such amount being calculated in accordance with
                    Rule 144A).

                

        

         

        
          	 	
                  ____

                	
                  The
                    Buyer is part of a Family of Investment Companies which owned
                    in the
                    aggregate $_______ in securities (other than the excluded securities
                    referred to below) as of the end of the Buyer’s most recent fiscal year
                    (such amount being calculated in accordance with
                    Rule 144A).

                

        

         

        3. The
          term
“Family
          of Investment Companies”
as
          used
          herein means two or more registered investment companies (or series thereof)
          that have the same investment adviser or investment advisers that are affiliated
          (by virtue of being majority owned subsidiaries of the same parent or because
          one investment adviser is a majority owned subsidiary of the
          other).

         

        4. The
          term
“securities”
as
          used
          herein does not include (i) securities of issuers that are affiliated with
          the Buyer or are part of the Buyer’s Family of Investment Companies,
          (ii) securities issued or guaranteed by the U.S. or any instrumentality
          thereof, (iii) bank deposit notes and certificates of deposit,
          (iv) loan participations, (v) repurchase agreements,
          (vi) securities owned but subject to a repurchase agreement and
          (vii) currency, interest rate and commodity swaps.

         

        
          
            
            

          

          
            EXHIBIT
              I-A-5

            
              

            

          

          
            
            

          

        

         

        5. The
          Buyer
          is familiar with Rule 144A and understands that the parties listed in the
          Rule 144A Transferee Certificate to which this certification relates are
          relying and will continue to rely on the statements made herein because
          one or
          more sales to the Buyer will be in reliance on Rule 144A. In addition, the
          Buyer will only purchase for the Buyer’s own account.

         

        6. Until
          the
          date of purchase of the Certificates, the undersigned will notify the parties
          listed in the Rule 144A Transferee Certificate to which this certification
          relates of any changes in the information and conclusions herein. Until
          such
          notice is given, the Buyer’s purchase of the Certificates will constitute a
          reaffirmation of this certification by the undersigned as of the date of
          such
          purchase.

        
           

          
            
              	 	 	 
	 	
                      
Print
                      Name of Transferee
	 
 	 
 	 
 
	 	By:  	 
	 	
                      
                        

                      
Name:
	 	Title:

            

             

          

        

        
          
            
              	 	
                      IF
                        AN ADVISER:

                    
	 	 	 
	 	 	 
	 	
                      
Print
                      Name of Buyer 
	 
 	 
 	 
 
	 	Date:  	 
	 	
                      

                    

            

             

          

        

         

        
          
            
            

          

          
            EXHIBIT
              I-A-6

            
              

            

          

          
            
            

          

        

      

    

    EXHIBIT
      I-B

     

    FORM
      OF
      REGULATION S LETTER

     

    ____________,
      20__

     

    HSI
      Asset
      Securitization Corporation

    452
      Fifth
      Avenue

    New
      York,
      New York 10018

    Attention:
      Head MBS Principal Finance

     

    Wells
      Fargo Bank, N.A.,

    as
      Securities Administrator

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      Minnesota 55479

     

    Attention:
      Corporate Trust Services - FFML 2006-FF5

     

    
      	 	
              Re:

            	
              First
                Franklin Mortgage Loan Trust 2006-FF5 

              
                Mortgage
                  Pass-Through Certificates, Series 2006-FF5, Class [__] 

              

            

    

     

    Ladies
      and Gentlemen:

     

    In
      connection with our acquisition of the above Certificates we certify that
      (a) we understand that the Certificates are not being registered under the
      Securities Act of 1933, as amended (the “Act”),
      or
      any state securities laws and are being transferred to us in a transaction
      that
      is exempt from the registration requirements of the Act and any such laws,
      (b) we have such knowledge and experience in financial and business matters
      that we are capable of evaluating the merits and risks of investments in the
      Certificates, (c) we have had the opportunity to ask questions of and
      receive answers from the Depositor concerning the purchase of the Certificates
      and all matters relating thereto or any additional information deemed necessary
      to our decision to purchase the Certificates, (d) either we are purchasing
      a Class A-IO, Class I-A, Class II-A-1, Class II-A-2, Class II-A-3, Class II-A-4,
      Class II-A-5 Certificate or we are not an employee benefit plan that is subject
      to Title I of the Employee Retirement Income Security Act of 1974, as
      amended (“ERISA”),
      or a
      plan or arrangement that is subject to Section 4975 of the Internal Revenue
      Code of 1986, as amended, or a plan subject to materially similar provisions
      of
      applicable federal, state or local law, nor are we acting on behalf of any
      such
      plan or arrangement nor using the assets of any such plan or arrangement to
      effect such acquisition or, with respect to any Class M Certificate, such
      Certificate has been the subject of an ERISA-Qualifying Underwriting and the
      purchaser is an insurance company that is purchasing this certificate with
      funds
      contained in an “insurance company general account” (as such term is defined in
      Section V(e) of Prohibited Transaction Class Exemption (“PTCE”)
      95-60)
      and that the purchase and holding of such Certificates are covered under
      Sections I and III of PTCE 95-60, (e)  in the case of an
      ERISA-Restricted Derivative Certificate prior to the termination of the Cap
      Agreement and the Swap Agreement, either (i) we are not an employee benefit
      plan
      that is subject to Title I of ERISA, or a plan or arrangement that is
      subject to Section 4975 of the Internal Revenue Code of 1986, as amended,
      nor a person acting on behalf of any such plan, nor are we using the assets
      of
      any such plan to effect such transfer or (ii) our acquisition and holding of
      the
      ERISA-Restricted Derivative Certificate is eligible for exemptive relief under
      PTCE 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60 or PTCE 96-23, (f) we have not,
      nor has anyone acting on our behalf offered, transferred, pledged, sold or
      otherwise disposed of the Certificates, any interest in the Certificates or
      any
      other similar security to, or solicited any offer to buy or accept a transfer,
      pledge or other disposition of the Certificates, any interest in the
      Certificates or any other similar security from, or otherwise approached or
      negotiated with respect to the Certificates, any interest in the Certificates
      or
      any other similar security with, any person in any manner, or made any general
      solicitation by means of general advertising or in any other manner, or taken
      any other action, that would constitute a distribution of the Certificates
      under
      the Securities Act or that would render the disposition of the Certificates
      a
      violation of Section 5 of the Securities Act or require registration
      pursuant thereto, nor will act, nor has authorized or will authorize any person
      to act, in such manner with respect to the Certificates, and (g) we are not
      a U.S. person within the meaning of Regualtion S of the Securities Act and
      was
      at the time the buy order was originated for the Class [ ] Certificates outside
      the United States. We are aware that the sale to us is being made in reliance
      on
      Regulation S of the Securities Act and we understand (x) that until the
      expiration of the 40-day distribution
      compliance period (within the meaning of Regulation S), no offer, sale, pledge
      or other transfer of such Certificates or any interest therein shall be made
      in
      the United States or to or for the account or benefit of a U.S. person (each
      as
      defined in Regulation S), (y) if in the future we decide to offer, resell,
      pledge or otherwise transfer such Certificates, such Certificates may be
      offered, resold, pledged or transferred only to (A) a person which the seller
      reasonably believes is a “qualified institutional buyer” (a “QIB”) as defined in
      Rule 144A under the Securities Act, that is purchasing such Certificate for
      its
      own account or for the account of a QIB in reliance on Rule 144A or (B) in
      an
      offshore transaction (as defined in Regulation S) in compliance with the
      provisions of Regulation S, in each case in compliance with the requirements
      of
      the Agreement; and we will notify such transferee of the transfer restrictions
      specified in the Agreement. 

    
      
        
        

      

      
        EXHIBIT
          I-B-1

        
          

        

      

       

    

     

    
      	 	 	 
	 	
              
Print
              Name of Transferee
	 	 
	 	By:
	 	
              
                

              

              Name:

              Title:

            
	 	 
	 	IF AN ADVISER:
	 	 
	 	 
	 	
              
Print
              Name of Buyer
	 	 
	 	
              Date:  

              
                

              

            

    

     

    
      
        
        

      

      
        EXHIBIT
          I-B-2

        
          

        

      

       

    

     

    EXHIBIT
      J

     

    FORM
      OF
      REQUEST FOR RELEASE

    (for
      Custodian)

     

    
      	
              To:

            	
              Wells
                Fargo Bank, N.A.

              1015
                10th Avenue SE

              Minneapolis,
                Minnesota
                55414

            

    

     

    
      	 	
              Re:

            	
              Pooling
                and Servicing Agreement (the “Pooling and Servicing Agreement”) dated as
                of April 1, 2006 among HSI Asset Securitization Corporation, as depositor,
                National City Home Loan Services, Inc., as servicer, First Franklin
                Financial Corporation, as mortgage loan seller, Wells Fargo Bank,
                N.A., as
                master servicer, securities administrator and custodian, and Deutsche
                Bank
                National Trust Company, as trustee

            

    

     

    In
      connection with the administration of the Mortgage Loans held by you as the
      Custodian on behalf of the Certificateholders, we request the release, and
      acknowledge receipt, of the (Custodial File/[specify documents]) for the
      Mortgage Loan described below, for the reason indicated.

     

    Mortgagor’s
      Name, Address & Zip Code:

     

    Mortgage
      Loan Number:

     

    Send
      Custodial File to:

     

    
      	
              Delivery
                Method (check one)

            
	 
	
              ____1.

            	
              Regular
                mail

            
	 	 
	
              ____2.

            	
              Overnight
                courier (Tracking information:
                                   )

            
	 	 
	
            	
              If
                neither box 1 nor 2 is checked, regular mail shall be
                assumed.

            
	 	 
	 	 
	
              Reason
                for Requesting Documents
                (check one)

            
	 
	
              ____1.

            	
              Mortgage
                Loan Paid in Full.
                (The Servicer hereby certifies that all amounts received in connection
                therewith have been credited to the Collection Account as provided
                in the
                Pooling and Servicing Agreement.)

            
	 	 
	
              ____2.

            	
              Mortgage
                Loan Repurchase Pursuant to Subsection 2.03 of the Pooling and Servicing
                Agreement.
                (The Servicer hereby certifies that the repurchase price has been
                credited
                to Collection Account as provided in the Pooling and Servicing
                Agreement.)

            
	 	 
	
              ____3.

            	
              Mortgage
                Loan Liquidated by _________________. (The Servicer hereby certifies
                that
                all proceeds of foreclosure, insurance, condemnation or other liquidation
                have been finally received and credited to the Collection Account
                pursuant
                to the Pooling and Servicing
                Agreement.)

            

    

     

     

    
      
        
        

      

      
        EXHIBIT
          J-1

        
          

        

      

       

    

     

    
      	
              ____4.

            	
              Mortgage
                Loan in Foreclosure.

            
	 	 
	
              ____5.

            	
              Other
                (explain). 

            

    

     

    If
      box 1,
      2 or 3 above is checked, and if all or part of the Custodial File was previously
      released to us, please release to us our previous request and receipt on file
      with you, as well as any additional documents in your possession relating to
      the
      specified Mortgage Loan.

     

    If
      box 4
      or 5 above is checked, upon our return of all of the above documents to you
      as
      the Trustee, please acknowledge your receipt by signing in the space indicated
      below, and returning this form if requested by us.

    
      	 	 	 
	 	[NATIONAL
              CITY
              HOME LOAN SERVICES, INC.]
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              
                

              

              Name:

              Title:

              Date:

            

    

     

    ACKNOWLEDGED
      AND AGREED:

     

    [WELLS
      FARGO BANK, N.A.]

    
      	 	 	 	 
	By:	 	 	
            
	
              
                

              

              Name:

              Title:

              Date:

            	 	 	
            

    

     

    
      
        
        

      

      
        EXHIBIT
          J-2

        
          

        

      

       

    

     

    EXHIBIT
      K

     

    CONTENTS
      OF EACH 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 Depositor and
      which shall be retained by the Servicer or delivered to and retained by the
      Custodian:

     

    (a) The
      documents or instruments set forth as items (i) to (ix) in Section 2.01(b)
      of the Pooling and Servicing Agreement.

     

    (b) Residential
      loan application.

     

    (c) Mortgage
      Loan closing statement.

     

    (d) Verification
      of employment and income.

     

    (e) Verification
      of acceptable evidence of source and amount of downpayment.

     

    (f) Credit
      report on Mortgagor.

     

    (g) Residential
      appraisal report.

     

    (h) Photograph
      of the Mortgaged Property.

     

    (i) Survey
      of
      the Mortgaged Property.

     

    (j) 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.

     

    (k) All
      required disclosure statements and statement of Mortgagor confirming receipt
      thereof.

     

    (l) If
      available, termite report, structural engineer’s report, water potability and
      septic certification.

     

    (m) Sales
      contract, if applicable.

     

    (n) Hazard
      insurance policy.

     

    (o) Tax
      receipts, insurance premium receipts, ledger sheets, payment history from date
      of origination, 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.

    
      
        
        

      

      
        EXHIBIT
          K-1

        
          

        

      

       

    

     

    (p) Amortization
      schedule, if available.

     

    (q) Payment
      history for Mortgage Loans that have been closed for more than 90
      days.

    
      
        
        

      

      
        EXHIBIT
          K-2

        
          

        

      

       

    

     

    EXHIBIT
      L

     

    FORM
      OF
      SARBANES-OXLEY CERTIFICATION TO BE

    PROVIDED
      BY MASTER SERVICER (OR OTHER

    CERTIFICATION
      PARTY) WITH FORM 10-K

     

    First
      Franklin Mortgage Loan Trust 2006-FF5

    Mortgage
      Pass-Through Certificates

    Series
      2006-FF5

     

    This
      Certification is being made pursuant to Section 3.24 and Section 8.12 of
      the Pooling and Servicing Agreement (the “Pooling
      and Servicing Agreement”)
      relating to the above-referenced Series, among HSI Asset Securitization
      Corporation, as depositor, National City Home Loan Services, Inc., as Servicer,
      First Franklin Financial Corporation, as Mortgage Loan Seller, Wells Fargo
      Bank,
      N.A., as Master Servicer, Securities Administrator and Custodian, and Deutsche
      Bank National Trust Company, as Trustee. Capitalized terms used but not defined
      herein shall have the meanings assigned in the Pooling and Servicing
      Agreement.

     

    1. I
      have
      reviewed this annual report on Form 10-K, and all reports on Form 10-D
      required to be filed in respect of the period covered by this report on Form
      10-K of First Franklin Mortgage Loan Trust 2006-FF5 (the
      “Exchange Act periodic reports”);

     

    2. Based
      on my
      knowledge, the Exchange Act periodic reports, taken as a whole,
      do
      not contain any untrue statement of a material fact or omit to state a material
      fact necessary
      to make the statements made, in light of the circumstances under which such
      statements
      were made, not misleading with respect to the period covered by this
      report;

     

    3. Based
      on my
      knowledge, all of the distribution, servicing and other information
      required to be provided under Form 10-D for the period covered by this report
      is
included
      in the Exchange Act
      periodic
      reports;

     

    4. I
      am
      responsible for reviewing the activities performed by the servicer and
based
      on
      my knowledge and the compliance review conducted in preparing the Servicer
      compliance
      statement
      required
      in this report under Item 1123 of Regulation AB, and except as disclosed
      in the Exchange Act periodic reports, the Servicer has fulfilled its obligations
      under the servicing
      agreement; and

     

    5. All
      of
      the reports on assessment of compliance with servicing criteria for asset-backed
      securities and their related attestation reports on assessment of compliance
      with servicing criteria for asset-backed securities required to be included
      in
      this report in accordance with
      Item
      1122 of Regulation AB and Exchange Act Rules 13 a-18 and 15d-18 have been
included
      as an exhibit to this report, except as otherwise disclosed in this report.
      Any
      material instances of noncompliance described in such reports have been
      disclosed in this report on Form 10-K.

    
      
        
        

      

      
        EXHIBIT
          L-1

        
          

        

      

       

    

     

    In
      giving
      the certifications above, I have reasonably relied on information provided
      to me by the following unaffiliated parties: NCHLS.

     

    
      	 	 	 
	 	
              Wells
                Fargo Bank, N.A.

              as
                Master Servicer

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              
                

              

              Name:

              Title:

              Date:

            

    

    
      
        
        

      

      
        EXHIBIT
          L-2

        
          

        

      

       

    

     

    EXHIBIT
      M

     

    FORM
      OF
      SERVICER (OR SERVICING FUNCTION

    PARTICIPANT)
      BACK-UP CERTIFICATION

     

    Wells
      Fargo Bank, N.A., 

    as
      Master
      Servicer

    9062
      Old
      Annapolis Road

    Columbia,
      Maryland 21045

     

    
      	 	
              Re:

            	
              First
                Franklin Mortgage Loan Trust
                2006-FF5

            

    

     

    [____]
      as
      [____] hereby certifies to the Depositor, the Master Servicer, the Trustee
      and
      the Securities Administrator, and each of their officers, directors and
      affiliates that:

     

    (1) I
      have
      reviewed the servicer compliance statement of the [____] 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 the 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 [____] during
      200[ ] that were delivered by [____] to any of the Depositor, the Master
      Servicer, the Securities Administrator, and the 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, the
      Master Servicer, the Securities Administrator and the Trustee;

     

    (4) I
      am
      responsible for reviewing the activities performed by [____] as [____] under
      the
      Agreement, and based on my knowledge and the compliance review conducted in
      preparing the Compliance Statement and except as disclosed in the Compliance
      Statement, the Servicing Assessment or the Attestation Report, the Servicer
      has
      fulfilled its obligations under the Agreement in all material respects;
      and

    
      
        
        

      

      
        EXHIBIT
          M-1

        
          

        

      

       

    

     

    (5) The
      Compliance Statement required to be delivered by [____] pursuant to this
      Agreement, and the Servicing Assessment and Attestation Report required to
      be
      provided by [____] and [by any Subservicer or Subcontractor] pursuant to the
      Agreement, have been provided to the Depositor, the Master Servicer, the
      Securities Administrator and the Trustee. Any material instances of
      noncompliance described in such reports have been disclosed to the Depositor,
      the Master Servicer, the Securities Administrator and the Trustee. Any material
      instance of noncompliance with the Servicing Criteria has been disclosed in
      such
      reports.

     

    Capitalized
      terms used but not defined herein have the meanings ascribed to them in the
      Pooling Servicing Agreement, dated as of April 1, 2006 (the “Pooling
      and Servicing Agreement”),
      among
      HSI Asset Securitization Corporation, as depositor (the “Depositor”),
      National City Home Loan Services, Inc., as Servicer, First Franklin Financial
      Corporation, as Mortgage Loan Seller, Wells Fargo Bank, N.A., as master servicer
      (the “Master
      Servicer”),
      securities administrator (the “Securities
      Administrator”)
      and
      custodian, and Deutsche Bank National Trust Company, as trustee (the
“Trustee”).

     

    [____]

     

    as
      [____]

     

    By:  

    Name:

    Title:

    Date:

    
      
        
        

      

      
        EXHIBIT
          M-2

        
          

        

      

       

    

     

    EXHIBIT
      N-1

     

    STANDARD
      FILE LAYOUT - MASTER SERVICING

     

    (MONTHLY
      REMITTANCE ADVICE) 

     

    
      	
              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

            

    

     

     

    
      
        
        

      

      
        EXHIBIT
          N-1-1

        
          

        

      

      
        
        

      

    

     

     

    
      	
              Column
                Name

            	 	
              Description

            	 	
              Decimal

            	 	
              Format
                Comment

            	 	
              Max
                Size

            
	
              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

            	 	
              The
                standard FNMA numeric code used to indicate the default/delinquent
                status
                of a particular loan.

            	 	 	 	
              Action
                Code Key: 

              15=Bankruptcy,
                

              30=Foreclosure,
                , 

              60=PIF,
                

              63=Substitution,
                

              65=Repurchase,

              70=REO
                

            	 	
              2
 
	 	 	 	 	 	 	 	 	 
	
              INT_ADJ_AMT

            	 	
              The
                amount of the interest adjustment as reported by the
                Servicer.

            	 	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            	 	
              11

            
	 	 	 	 	 	 	 	 	 
	
              SOLDIER_SAILOR_ADJ_AMT

            	 	
              The
                Soldier and Sailor Adjustment amount, if applicable.

            	 	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            	 	
              11

            
	 	 	 	 	 	 	 	 	 
	
              NON_ADV_LOAN_AMT

            	 	
              The
                Non Recoverable Loan Amount, if applicable.

            	 	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            	 	
              11

            
	 	 	 	 	 	 	 	 	 
	
              LOAN_LOSS_AMT

            	 	
              The
                amount the Servicer is passing as a loss, if applicable.

            	 	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            	 	
              11

            
	 	 	 	 	 	 	 	 	 
	
              SCHED_BEG_PRIN_BAL

            	 	
              The
                scheduled outstanding principal amount due at the beginning of the
                cycle
                date to be passed through to investors.

            	 	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            	 	
              11

            
	 	 	 	 	 	 	 	 	 
	
              SCHED_END_PRIN_BAL

            	 	
              The
                scheduled principal balance due to investors at the end of a processing
                cycle.

            	 	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            	 	
              11

            
	 	 	 	 	 	 	 	 	 
	
              SCHED_PRIN_AMT

            	 	
              The
                scheduled principal amount as reported by the Servicer for the current
                cycle -- only applicable for Scheduled/Scheduled Loans.

            	 	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            	 	
              11

            
	 	 	 	 	 	 	 	 	 
	
              SCHED_NET_INT

            	 	
              The
                scheduled gross interest amount less the service fee amount for the
                current cycle as reported by the Servicer -- only applicable for
                Scheduled/Scheduled Loans.

            	 	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            	 	
              11

            
	 	 	 	 	 	 	 	 	 
	
              ACTL_PRIN_AMT

            	 	
              The
                actual principal amount collected by the Servicer for the current
                reporting cycle -- only applicable for Actual/Actual
                Loans.

            	 	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            	 	
              11

            
	 	 	 	 	 	 	 	 	 
	
              ACTL_NET_INT

            	 	
              The
                actual gross interest amount less the service fee amount for the
                current
                reporting cycle as reported by the Servicer -- only applicable for
                Actual/Actual Loans.

            	 	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            	 	
              11

            
	 	 	 	 	 	 	 	 	 
	
              PREPAY_PENALTY_
                AMT

            	 	
              The
                penalty amount received when a borrower prepays on his loan as reported
                by
                the Servicer. 

            	 	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            	 	
              11

            
	 	 	 	 	 	 	 	 	 
	
              PREPAY_PENALTY_
                WAIVED

            	 	
              The
                prepayment penalty amount for the loan waived by the
                servicer.

            	 	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            	 	
              11

            
	
               

            	 	
               

            	 	
               

            	 	
               

            	 	
               

            
	
              MOD_DATE

            	 	
              The
                Effective Payment Date of the Modification for the loan.

            	 	
               

            	 	
              MM/DD/YYYY

            	 	
              10

            
	 	 	 	 	 	 	 	 	 
	
              MOD_TYPE

            	 	
              The
                Modification Type.

            	 	
               

            	 	
              Varchar
                - value can be alpha or numeric

            	 	
              30

            
	 	 	 	 	 	 	 	 	 
	
              DELINQ_P&I_ADVANCE_AMT

            	 	
              The
                current outstanding principal and interest advances made by
                Servicer.

            	 	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            	 	
              11

            

    

    

    

    
      
        
        

      

      
        EXHIBIT
          N-1-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      N-2

     

    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

            

    

     

     

    
      
        
        

      

      
        EXHIBIT
          N-2-1

        
          

        

      

      
        
        

      

    

     

     

    
      	
              Column/Header
                Name

            	 	
              Description

            	 	
              Decimal

            	 	
              Format
                Comment

            
	
              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 ($)

            

    

     

    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

              

      

       

      
        
          
          

        

        
          EXHIBIT
            N-2-2

          
            

          

        

        
          
          

        

      

       

      
        	 	 	 
	
                ·

              	
                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

              

      

    

     

    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
          N-2-3

        
          

        

      

      
        
        

      

    

     

    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
          N-2-4

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      N-3

     

    FORM
      332 REALIZED LOSS REPORT

    

    WELLS
      FARGO BANK, N.A.

     

    Purpose

     

    To
      provide the Servicer with a form for the calculation of any Realized Loss (or
      gain) as a result of a Mortgage Loan having been foreclosed and
      Liquidated.

     

    Distribution

     

    The
      Servicer will prepare the form in duplicate and send the original together
      with
      evidence of conveyance of title and appropriate supporting documentation to
      the
      Master Servicer with the Monthly Accounting Reports which supports the Mortgage
      Loan’s removal from the Mortgage Loan Activity Report. The Servicer will retain
      the duplicate for its own records.

     

    Due
      Date

     

    With
      respect to any liquidated Mortgage Loan, the form will be submitted to the
      Master Servicer no later than the date on which statements are due to the Master
      Servicer under Section 4.02 of this Agreement (the “Statement Date”) in the
      month following receipt of final liquidation proceeds and supporting
      documentation relating to such liquidated Mortgage Loan; provided, that if
      such
      Statement Date is not at least 30 days after receipt of final liquidation
      proceeds and supporting documentation relating to such liquidated Mortgage
      Loan,
      then the form will be submitted on the first Statement Date occurring after
      the
      30th day following receipt of final liquidation proceeds and supporting
      documentation.

     

    Preparation
      Instructions

     

    The
      numbers on the form correspond with the numbers listed below.

     

    
      	 	
              1.

            	
              The
                actual Unpaid Principal Balance of the Mortgage
                Loan.

            

    

     

    
      	 	
              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.

            

    

     

    
      	 	
              3-7.

            	
              Complete
                as necessary. All line entries must be supported by copies of appropriate
                statements, vouchers, receipts, canceled checks, etc., to document
                the
                expense. Entries not properly documented will not be reimbursed to
                the
                Servicer.

            

    

     

    
      	 	
              8.

            	
              Accrued
                Servicing Fees based upon the Stated Principal Balance of the Mortgage
                Loan as calculated on a monthly
                basis.

            

    

     

    
      	 	
              9.

            	
              The
                total of lines 1 through 8.

            

    

     

    
      
        
        

      

      
        EXHIBIT
          N-3-1

        
          

        

      

       

    

    

    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      
     

     

    
      
        
        

      

      
        EXHIBIT
          N-3-2

        
          

        

      

       

    

     

    
      	 	
              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
          N-3-3

        
          

        

      

       

    

     

    Exhibit 3A: Calculation
      of Realized Loss/Gain Form 332

     

    
      	
              Prepared
                by: _________________

            	
              Date:
                _______________

            

    

     

    
      	
              Phone:
                ______________________ 

            	
              Email
                Address:_____________________

            

    

     

    
      	
              Servicer
                Loan No.

            	 	
              Servicer
                Name

            	 	
              Servicer
                Address

            

    

     

    WELLS
      FARGO BANK, N.A. Loan No._____________________________

     

    Borrower's
      Name: _________________________________________________________

     

    Property
      Address: _________________________________________________________

     

    Liquidation
      Type:    REO Sale  
      3rd
      Party Sale  Short
      Sale          
Charge
      Off 

     

    
      	
              Was
                this loan granted a Bankruptcy deficiency or
                cramdown

            	 	
              Yes

            	 	
              No

            
	
              If
                “Yes”, provide deficiency or cramdown amount
                _______________________________

            
	 	 	 	 	 
	
              Liquidation
                and Acquisition Expenses:

            	 	 	 	 
	
              (1)

            	 	
              Actual
                Unpaid Principal Balance of Mortgage Loan

            	 	
              $
                ________________

            	
               

            	
              (1)

            
	
              (2)

            	 	
              Interest
                accrued at Net Rate

            	 	
              ________________

            	 	
              (2)

            
	
              (3)

            	 	
              Accrued
                Servicing Fees

            	 	
              ________________

            	 	
              (3)

            
	
              (4)

            	 	
              Attorney's
                Fees

            	 	
              ________________

            	 	
              (4)

            
	
              (5)

            	 	
              Taxes
                (see page 2)

            	 	
              ________________

            	 	
              (5)

            
	
              (6)

            	 	
              Property
                Maintenance

            	 	
              ________________

            	 	
              (6)

            
	
              (7)

            	 	
              MI/Hazard
                Insurance Premiums (see page 2)

            	 	
              ________________

            	 	
              (7)

            
	
              (8)

            	 	
              Utility
                Expenses

            	 	
              ________________

            	 	
              (8)

            
	
              (9)

            	 	
              Appraisal/BPO

            	 	
              ________________

            	 	
              (9)

            
	
              (10)

            	 	
              Property
                Inspections

            	 	
              ________________

            	 	
              (10)

            
	
              (11)

            	 	
              FC
                Costs/Other Legal Expenses

            	 	
              ________________

            	 	
              (11)

            
	
              (12)

            	 	
              Other
                (itemize)

            	 	
              ________________

            	 	
              (12)

            
	 	 	
              Cash
                for Keys ________________

            	 	
              ________________

            	 	
              (12)

            
	 	 	
              HOA/Condo
                Fees_______________________

            	 	
              ________________

            	 	
              (12)

            
	 	 	
              ______________________________________

            	 	
              ________________

            	 	
              (12)

            
	 	 	 	 	 	 	 
	 	 	
              Total
                Expenses

            	 	
              $
                ________________

            	 	
              (13)

            
	
              Credits:

            	 	 	 	 	 
	
              (14)

            	 	
              Escrow
                Balance

            	 	
              $
                ________________

            	 	
              (14)

            
	
              (15)

            	 	
              HIP
                Refund

            	 	
              ________________

            	 	
              (15)

            
	
              (16)

            	 	
              Rental
                Receipts

            	 	
              ________________

            	 	
              (16)

            
	
              (17)

            	 	
              Hazard
                Loss Proceeds

            	 	
              ________________

            	 	
              (17)

            
	
              (18)

            	 	
              Primary
                Mortgage Insurance / Gov’t Insurance HUD Part A

            	 	
              ________________

            	 	
              (18a)
                

            
	 	 	
              HUD
                Part B

            	 	
              ________________

            	 	(18b)
	
              (19)

            	 	
              Pool
                Insurance Proceeds

            	 	
              ________________

            	 	
              (19)

            
	
              (20)

            	 	
              Proceeds
                from Sale of Acquired Property

            	 	
              ________________

            	 	
              (20)

            
	
              (21)

            	 	
              Other
                (itemize)

            	 	
              ________________

            	 	
              (21)

            
	 	 	
              _________________________________________

            	 	
              ________________

            	 	
              (21)

            
	 	 	 	 	 	 	 
	 	 	
              Total
                Credits

            	 	
              $________________

            	 	
              (22)

            
	 Total
              Realized Loss (or Amount of Gain)	 	
              $________________

            	 	
              (23)

            

    

    

    
      
        
        

      

      
        EXHIBIT
          N-3-4

        
          

        

      

       

    

    Escrow
      Disbursement Detail

    

    
      	
              Type

              (Tax
                /Ins.)

            	 	
              Date
                Paid

            	 	
              Period
                of Coverage

            	 	
              Total
                Paid

            	 	
              Base
                Amount

            	 	
              Penalties

            	 	
              Interest

            
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 

    

    
      
        
        

      

      
        EXHIBIT
          N-3-5

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      O

     

    FORM
      OF SWAP AGREEMENT

    
      
        
        

      

      
        EXHIBIT
          O-1

        
          

        

      

       

    

     

    EXHIBIT
      P

     

    FORM
      OF CAP AGREEMENT

    
      
        
        

      

      
        EXHIBIT
          P-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      Q

     

    MASTER
      MORTGAGE LOAN PURCHASE AND SERVICING AGREEMENT

    
      
        
        

      

      
        EXHIBIT
          Q-1

        
          

        

      

       

    

    EXHIBIT
      R

    

    [RESERVED]

      
        
          
          

        

        
          EXHIBIT
            R-1

          
            

          

        

         

      

    

     

    EXHIBIT
      S

    

    SERVICING
      CRITERIA TO BE ADDRESSED IN REPORT ON ASSESSMENT OF COMPLIANCE

    

    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. Capitalized terms used herein but not 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”), by and among HSI Asset
      Securitization Corporation, as Depositor, National City Home Loan Services,
      Inc., as Servicer First Franklin Financial Corporation, as Mortgage Loan Seller,
      Wells Fargo Bank, N.A. as Master Servicer, Securities Administrator and
      Custodian and Deutsche Bank National Trust Company, as Trustee 

    

    
      	
              Reg
                AB 

              Reference

            	 	
              Servicing
                Criteria

            	 	
              Wells
                Fargo

            	 	
              Servicer*

            
	 	 	
              General Servicing
                 Considerations

            	 	 	 	 
	 	 	 	 	 	 	 
	
              1122(d)(1)(i)

            	 	
              Policies
                and procedures are instituted to monitor any performance or other
                triggers
                and events of default in accordance with the transaction
                agreements.

            	 	
              X

            	 	
              X

            
	 	 	 	 	 	 	 
	
              1122(d)(1)(ii)

            	 	
              If
                any material servicing activities are outsourced to third parties,
                policies and procedures are instituted to monitor the third party’s
                performance and compliance with such servicing activities.

            	 	
              X

            	 	
              X

            
	 	 	 	 	 	 	 
	
              1122(d)(1)(iii)

            	 	
              Any
                requirements in the transaction agreements to maintain a back-up
                servicer
                for the pool assets are maintained. 

            	 	 	 	 
	 	 	 	 	 	 	 
	
              1122(d)(1)(iv)

            	 	
              A
                fidelity bond and errors and omissions policy is in effect on the
                party
                participating in the servicing function throughout the reporting
                period in
                the amount of coverage required by and otherwise in accordance with
                the
                terms of the transaction agreements. 

            	 	
              X

            	 	
              X

            
	 	 	 	 	 	 	 
	 	 	
              Cash Collection and Administration

            	 	 	 	 
	 	 	 	 	 	 	 
	
              1122(d)(2)(i)

            	 	
              Payments
                on pool assets are deposited into the appropriate custodial bank
                accounts
                and related bank clearing accounts no more than two business days
                following receipt, or such other number of days specified in the
                transaction agreements. 

            	 	
              X

            	 	
              X

            
	 	 	 	 	 	 	 
	
              1122(d)(2)(ii)

            	 	
              Disbursements
                made via wire transfer on behalf of an obligor or to an investor
                are made
                only by authorized personnel. 

            	 	
              X

            	 	
              X

            
	 	 	 	 	 	 	 
	
              1122(d)(2)(iii)

            	 	
              Advances
                of funds or guarantees regarding collections, cash flows or distributions,
                and any interest or other fees charged for such advances, are made,
                reviewed and approved as specified in the transaction agreements.
                

            	 	
              X

            	 	
              X

            

    

     

     

    
      
        
        

      

      
        EXHIBIT
          S-1

        
          

        

      

      
        
        

      

    

     

     

    
      	
              Reg
                AB 

              Reference

            	 	
              Servicing
                Criteria

            	 	
              Wells
                Fargo

            	 	
              Servicer*

            
	
              1122(d)(2)(iv)

            	 	
              The
                related accounts for the transaction, such as cash reserve accounts
                or
                accounts established as a form of over collateralization, are separately
                maintained (e.g., with respect to commingling of cash) as set forth
                in the
                transaction agreements. 

            	 	
              X

            	 	
              X

            
	 	 	 	 	 	 	 
	
              1122(d)(2)(v)

            	 	
              Each
                custodial account is maintained at a federally insured depository
                institution as set forth in the transaction agreements. For purposes
                of
                this criterion, “federally insured depository institution” with respect to
                a foreign financial institution means a foreign financial institution
                that
                meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
                Act.
                

            	 	
              X

            	 	
              X

            
	 	 	 	 	 	 	 
	
              1122(d)(2)(vi)

            	 	
              Unissued
                checks are safeguarded so as to prevent unauthorized access.
                

            	 	
              X

            	 	
              X

            
	 	 	 	 	 	 	 
	
              1122(d)(2)(vii)
                

            	 	
              Reconciliations
                are prepared on a monthly basis for all asset-backed securities related
                bank accounts, including custodial accounts and related bank clearing
                accounts. These reconciliations are (A) mathematically accurate;
                (B)
                prepared within 30 calendar days after the bank statement cutoff
                date, or
                such other number of days specified in the transaction agreements;
                (C)
                reviewed and approved by someone other than the person who prepared
                the
                reconciliation; and (D) contain explanations for reconciling items.
                These
                reconciling items are resolved within 90 calendar days of their original
                identification, or such other number of days specified in the transaction
                agreements. 

            	 	
              X

            	 	
              A,
                B & D

            
	 	 	 	 	 	 	 
	 	 	
              Investor
                Remittances and Reporting

            	 	 	 	 
	 	 	 	 	 	 	 
	
              1122(d)(3)(i)

            	 	
              Reports
                to investors, including those to be filed with the Commission, are
                maintained in accordance with the transaction agreements and applicable
                Commission requirements. Specifically, such reports (A) are prepared
                in
                accordance with timeframes and other terms set forth in the transaction
                agreements; (B) provide information calculated in accordance with
                the
                terms specified in the transaction agreements; (C) are filed with
                the
                Commission as required by its rules and regulations; and (D) agree
                with
                investors’ or the trustee’s records as to the total unpaid principal
                balance and number of pool assets serviced by the Servicer.
                

            	 	
              X

            	 	
              X

            
	 	 	 	 	 	 	 
	
              1122(d)(3)(ii)

            	 	
              Amounts
                due to investors are allocated and remitted in accordance with timeframes,
                distribution priority and other terms set forth in the transaction
                agreements. 

            	 	
              X

            	 	
              X

            
	 	 	 	 	 	 	 
	
              1122(d)(3)(iii)

            	 	
              Disbursements
                made to an investor are posted within two business days to the Servicer’s
                investor records, or such other number of days specified in the
                transaction agreements. 

            	 	
              X

            	 	
              X

            
	 	 	 	 	 	 	 
	
              1122(d)(3)(iv)

            	 	
              Amounts
                remitted to investors per the investor reports agree with cancelled
                checks, or other form of payment, or custodial bank statements.
                

            	 	
              X

            	 	
              X

            
	 	 	 	 	 	 	 
	 	 	
              Pool
                Asset Administration

            	 	 	 	 
	 	 	 	 	 	 	 
	
              1122(d)(4)(i)
                

            	 	
              Collateral
                or security on pool assets is maintained as required by the transaction
                agreements or related pool asset documents. 

            	 	
              X

            	 	
              X

            

    

     

     

    
      
        
        

      

      
        EXHIBIT
          S-2

        
          

        

      

      
        
        

      

    

     

     

    
      	
              Reg
                AB 

              Reference

            	 	
              Servicing
                Criteria

            	 	
              Wells
                Fargo

            	 	
              Servicer*

            
	
              1122(d)(4)(ii)

            	 	
              Pool
                assets and related documents are safeguarded as required by the
                transaction agreements 

            	 	
              X

            	 	
              X

            
	 	 	 	 	 	 	 
	
              1122(d)(4)(iii)

            	 	
              Any
                additions, removals or substitutions to the asset pool are made,
                reviewed
                and approved in accordance with any conditions or requirements in
                the
                transaction agreements. 

            	 	 	 	
              X

            
	 	 	 	 	 	 	 
	
              1122(d)(4)(iv)

            	 	
              Payments
                on pool assets, including any payoffs, made in accordance with the
                related
                pool asset documents are posted to the Servicer’s obligor records
                maintained no more than two business days after receipt, or such
                other
                number of days specified in the transaction agreements, and allocated
                to
                principal, interest or other items (e.g., escrow) in accordance with
                the
                related pool asset documents. 

            	 	 	 	
              X

            
	 	 	 	 	 	 	 
	
              1122(d)(4)(v)

            	 	
              The
                Servicer’s records regarding the pool assets agree with the Servicer’s
                records with respect to an obligor’s unpaid principal balance.
                

            	 	 	 	
              X

            
	 	 	 	 	 	 	 
	
              1122(d)(4)(vi)

            	 	
              Changes
                with respect to the terms or status of an obligor's pool assets (e.g.,
                loan modifications or re-agings) are made, reviewed and approved
                by
                authorized personnel in accordance with the transaction agreements
                and
                related pool asset documents. 

            	 	 	 	
              X

            
	 	 	 	 	 	 	 
	
              1122(d)(4)(vii)

            	 	
              Loss
                mitigation or recovery actions (e.g., forbearance plans, modifications
                and
                deeds in lieu of foreclosure, foreclosures and repossessions, as
                applicable) are initiated, conducted and concluded in accordance
                with the
                timeframes or other requirements established by the transaction
                agreements. 

            	 	 	 	
              X

            
	 	 	 	 	 	 	 
	
              1122(d)(4)(viii)

            	 	
              Records
                documenting collection efforts are maintained during the period a
                pool
                asset is delinquent in accordance with the transaction agreements.
                Such
                records are maintained on at least a monthly basis, or such other
                period
                specified in the transaction agreements, and describe the entity’s
                activities in monitoring delinquent pool assets including, for example,
                phone calls, letters and payment rescheduling plans in cases where
                delinquency is deemed temporary (e.g., illness or unemployment).
                

            	 	 	 	
              X

            
	 	 	 	 	 	 	 
	
              1122(d)(4)(ix)

            	 	
              Adjustments
                to interest rates or rates of return for pool assets with variable
                rates
                are computed based on the related pool asset documents. 

            	 	 	 	
              X

            
	 	 	 	 	 	 	 
	
              1122(d)(4)(x)

            	 	
              Regarding
                any funds held in trust for an obligor (such as escrow accounts):
                (A) such
                funds are analyzed, in accordance with the obligor’s pool asset documents,
                on at least an annual basis, or such other period specified in the
                transaction agreements; (B) interest on such funds is paid, or credited,
                to obligors in accordance with applicable pool asset documents and
                state
                laws; and (C) such funds are returned to the obligor within 30 calendar
                days of full repayment of the related pool assets, or such other
                number of
                days specified in the transaction agreements. 

            	 	 	 	
              X

            
	 	 	 	 	 	 	 
	
              1122(d)(4)(xi)

            	 	
              Payments
                made on behalf of an obligor (such as tax or insurance payments)
                are made
                on or before the related penalty or expiration dates, as indicated
                on the
                appropriate bills or notices for such payments, provided that such
                support
                has been received by the servicer at least 30 calendar days prior
                to these
                dates, or such other number of days specified in the transaction
                agreements. 

            	 	 	 	
              X

            

    

     

     

    
      
        
        

      

      
        EXHIBIT
          S-3

        
          

        

      

      
        
        

      

    

     

     

    
      	
              Reg
                AB 

              Reference

            	 	
              Servicing
                Criteria

            	 	
              Wells
                Fargo

            	 	
              Servicer*

            
	
              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]

              if
                obligated under transaction documents

            	 	
              MI
                Claims

            

    

    

    
      
        
        

      

      
        EXHIBIT
          S-4

        
          

        

      

      
        
        

      

    

    EXHIBIT
      T

    

    Trustee:
      Deutsche Bank National Trust Company

    

    Securities
      Administrator:
      Wells
      Fargo Bank, N.A.

    

    Master
      Servicer:
      Wells
      Fargo Bank, N.A. 

    

    Derivative
      Counterparty:
      ABN
      AMRO Bank, N.V.

    

    Servicer:
      National City Home Loan Services, Inc.

    

    Mortgage
      Loan Seller:
      First
      Franklin Financial Corporation

    

    Custodian:
      Wells
      Fargo Bank, N.A.

    

    Sponsor:
      HSBC
      Bank USA, National Association

    

    
      
        
        

      

      
        EXHIBIT
          T-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      U

    

    FORM
      OF ANNUAL COMPLIANCE CERTIFICATE

     

    Via
      Overnight Delivery

    

    [DATE]

     

    
      	To:	
              HSI
                Asset Securitization Corporation,

              as Depositor

              452 Fifth Avenue

              New York, New York 10018

              Attention: Head MBS Principal
                Finance

            

    

     

    
      	To:	
              Wells
                Fargo Bank, N.A., 

              as Securities Administrator

              9062 Old Annapolis Road

              Columbia, Maryland 21045

              Attention: Corporate Trust Services
                - FFML
                2006-FF5

            

    

     

    
      	
              RE:

            	
              Annual
                officer’s certificate delivered pursuant to Section 3.24 of that certain
                Pooling Servicing Agreement, dated as of April 1, 2006 (the “Pooling
                and Servicing Agreement”),
                among HSI Asset Securitization Corporation, as depositor (the
                “Depositor”),
                National City Home Loan Services, Inc., as Servicer, First Franklin
                Financial Corporation, as Mortgage Loan Seller, Wells Fargo Bank,
                N.A., as
                master servicer (the “Master
                Servicer”),
                securities administrator (the “Securities
                Administrator”)
                and custodian, and Deutsche Bank National Trust Company, as trustee
                (the
                “Trustee”)

            

    

    

    [_______],
      the undersigned, a duly authorized [_______] of [the Servicer][Master
      Servicer][Securities Administrator][Name of Subservicer], does hereby certify
      the following for the [calendar year][identify other period] ending on December
      31, 20[__]:

    

    
      	
              1.

            	
              A
                review of the activities of the [Servicer][Master Servicer][Securities
                Administrator] during the preceding calendar year (or portion thereof)
                and
                of its performance under the Agreement for such period has been made
                under
                my supervision.

            

    

    

    
      	
              2.

            	
              To
                the best of my knowledge, based on such review, the [Servicer][Master
                Servicer][Securities Administrator] has fulfilled all of its obligations
                under the Agreement in all material respects throughout such year
                (or
                applicable portion thereof), or, if there has been a failure to fulfill
                any such obligation in any material respect, I have specifically
                identified to the Depositor and the [Servicer][Master Servicer][Securities
                Administrator] each such failure known to me and the nature and status
                thereof, including the steps being taken by the Servicer to remedy
                such
                default.

            

    

    

    Certified
      By:

    

    ______________________________

    Name:

    Title:
      

    

    
      
        
        

      

      
        EXHIBIT
          U-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      V

     

    ADDITIONAL
      FORM 10-D DISCLOSURE

    

    
      	
              ADDITIONAL
                FORM 10-D DISCLOSURE

            
	 
	
              Item
                on Form 10-D

            	 	
              Party
                Responsible 

            
	
              Item
                1: Distribution and Pool Performance Information

            	 	 
	 	 	 
	
              Information
                included in the [Monthly Statement]

            	 	
              Servicer

              Securities
                Adminstrator

            
	 	 	 
	
              Any
                information required by 1121 which is NOT included on the [Monthly
                Statement]

            	 	
              Depositor

            
	 	 	 
	
              Item
                2: Legal Proceedings

               

              Any
                legal proceeding pending against the following entities or their
                respective property, that is material to Certificateholders, including
                any
                proceeding known to be contemplated by governmental
                authorities:

            	 	 
	 	 	 
	
              ·
                Issuing Entity (Trust
                Fund)

            	 	
              Securities
                Adminstrator, Servicer and Depositor

            
	 	 	 
	
              ·
                Sponsor Securities
                Adminstrator(Seller)

            	 	
              Seller
                (if a party to the Pooling and Servicing Agreement) or
                Depositor

            
	 	 	 
	
              ·
                Depositor

            	 	
              Depositor

            
	 	 	 
	
              ·
                Trustee

            	 	
              Trustee

            
	 	 	 
	
              ·
                Servicer

            	 	
              Servicer

            
	 	 	 
	
              ·
                Custodian

            	 	
              Custodian

            
	 	 	 
	
              ·
                1110(b) Originator

            	 	
              Depositor

            
	 	 	 
	
              · Any
                1108(a)(2) Servicer (other
                than the Servicer or Trustee)

            	 	
              Servicer

            
	 	 	 
	
              ·
                Any other party contemplated by
                1100(d)(1)

            	 	
              Depositor

            
	 	 	 
	
              Item
                3: Sale of Securities and Use of Proceeds

               

              Information
                from Item 2(a) of Part II of Form 10-Q:

               

              With
                respect to any sale of securities by the sponsor, depositor or issuing
                entity, that are backed by the same asset pool or are otherwise issued
                by
                the issuing entity, whether or not registered, provide the sales
                and use
                of proceeds information in Item 701 of Regulation S-K. Pricing information
                can be omitted if securities were not registered.

            	 	
              Depositor

            

    

     

     

    
      
        
        

      

      
        EXHIBIT
          V-1

        
          

        

      

      
        
        

      

    

     

     

    
      	
              ADDITIONAL
                FORM 10-D DISCLOSURE

            
	 	 	 
	
              Item
                on Form 10-D

            	 	
              Party
                Responsible 

            
	
              Item
                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)

            	 	
              Securities
                Adminstrator

            
	 	 	 
	
              Item
                5: Submission of Matters to a Vote of Security
                Holders

               

              Information
                from Item 4 of Part II of Form 10-Q

            	 	
              Securities
                Administrator

            
	 	 	 
	
              Item
                6: Significant Obligors of Pool Assets

               

              Item
                1112(b) - Significant
                Obligor Financial Information*

            	 	
              Depositor

            
	 	 	 
	
              *This
                information need only be reported on the Form 10-D for the distribution
                period in which updated information is required pursuant to the
                Item.

            	 	 
	 	 	 
	
              Item
                7: Significant Enhancement Provider Information

               

              Item
                1114(b)(2) - Credit Enhancement Provider Financial
                Information*

            	 	 
	 	 	 
	
              ·
                Determining applicable disclosure
                threshold

            	 	
              Depositor

            
	 	 	 
	
              ·
                Requesting required financial
                information (including any required accountants’ consent to the use
                thereof) or effecting incorporation by reference

            	 	
              Depositor

            
	 	 	 
	
              Item
                1115(b) - Derivative Counterparty Financial
                Information*

            	 	 
	 	 	 
	
              ·
                Determining current maximum probable
                exposure

            	 	
              Depositor

            
	 	 	 
	
              ·
                Determining current significance
                percentage

            	 	
              Depositor

            
	 	 	 
	
              ·
                Requesting required financial
                information (including any required accountants’ consent to the use
                thereof) or effecting incorporation by reference

            	 	
              Depositor

            
	 	 	 
	
              *This
                information need only be reported on the Form 10-D for the distribution
                period in which updated information is required pursuant to the
                Items.

            	 	 

    

     

     

    
      
        
        

      

      
        EXHIBIT
          V-2

        
          

        

      

      
        
        

      

    

     

     

    
      	
               ADDITIONAL
                FORM 10-D DISCLOSURE

            
	 	 	 
	 Item
              on Form 10-D	 	
              Party
                Responsible 

            
	
              Item
                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

            	 	
               

               

               

              Any
                party responsible for the applicable Form 

              8-K
                Disclosure item

            
	 	 	 
	
              Item
                9: Exhibits

               

              Monthly
                Statement to Certificateholders

            	 	
              Securities
                Adminstrator

            
	 	 	 
	
              Exhibits
                required by Item 601 of Regulation S-K, such as material
                agreements

            	 	
              Depositor

            

    

    
 

    
      
        
        

      

      
        EXHIBIT
          V-3

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      W

    

    ADDITIONAL
      FORM 10-K DISCLOSURE

     

    
      	
              ADDITIONAL
                FORM 10-K DISCLOSURE

            
	 	 	 
	
              Item
                on Form 10-K

            	 	
              Party
                Responsible 

            
	
              Item
                1B: Unresolved Staff Comments

            	 	
              Depositor

            
	 	 	 
	
              Item
                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

            	 	
              Any
                party responsible for disclosure items on Form 8-K

            
	 	 	 
	
              Item
                15: Exhibits, Financial Statement Schedules

            	 	
              Securities
                Administrator

              Depositor

            
	 	 	 
	
              Reg
                AB Item 1112(b): Significant Obligors of Pool
                Assets

            	 	 
	 	 	 
	
              Significant
                Obligor Financial Information*

            	 	
              Depositor

            
	 	 	 
	
              *This
                information need only be reported on the Form 10-D for the distribution
                period in which updated information is required pursuant to the
                Item.

            	 	 
	 	 	 
	
              Reg
                AB Item 1114(b)(2): Credit Enhancement Provider Financial
                Information

            	 	 
	 	 	 
	
              ·
                Determining applicable disclosure
                threshold

            	 	
              Depositor

            
	 	 	 
	
              ·
                Requesting required financial
                information (including any required accountants’ consent to the use
                thereof) or effecting incorporation by reference

            	 	
              Depositor

            
	 	 	 
	
              *This
                information need only be reported on the Form 10-D for the distribution
                period in which updated information is required pursuant to the
                Items.

            	 	 

    

     

    
      	
              Reg
                AB Item 1115(b): Derivative Counterparty Financial
                Information

            	 	 
	 	 	 
	
              ·
                Determining current maximum probable
                exposure

            	 	
              Depositor

            
	 	 	 
	
              ·
                Determining current significance
                percentage

            	 	
              Depositor

            
	 	 	 
	
              ·
                Requesting required financial
                information (including any required accountants’ consent to the use
                thereof) or effecting incorporation by reference

            	 	
              Depositor

            
	 	 	 
	
              *This
                information need only be reported on the Form 10-D for the distribution
                period in which updated information is required pursuant to the
                Items.

            	 	 

    

     

    
      
        
        

      

      
        EXHIBIT
          W-1

        
          

        

      

      
        
        

      

    

     

    
      	
              ADDITIONAL
                FORM 10-K DISCLOSURE 

            
	 	 	 
	
              Item
                on Form 10-K

            	 	
              Party
                Responsible

            
	
              Reg
                AB Item 1117: Legal Proceedings

               

              Any
                legal proceeding pending against the following entities or their
                respective property, that is material to Certificateholders, including
                any
                proceeding known to be contemplated by governmental
                authorities:

            	 	 
	 	 	 
	
              ·
                Issuing Entity (Trust
                Fund)

            	 	
              Securities
                Administrator, Servicer and Depositor

            
	 	 	 
	
              ·
                Securities Administrator
                

            	 	
              Securities
                Administrator

            
	 	 	 
	
              ·
                Sponsor (Seller)

            	 	
              Seller
                (if a party to the Pooling and Servicing Agreement) or
                Depositor

            
	 	 	 
	
              ·
                Depositor

            	 	
              Depositor

            
	 	 	 
	
              ·
                Trustee

            	 	
              Trustee

            
	 	 	 
	
              · Securities
                Administrator

            	 	
              Securities
                Administrator

            
	 	 	 
	
              ·
                Servicer

            	 	
              Servicer

            
	 	 	 
	
              ·
                Custodian

            	 	
              Custodian

            
	 	 	 
	
              ·
                1110(b) Originator

            	 	
              Depositor

            
	 	 	 
	
              ·
                Any 1108(a)(2) Servicer (other than
                the Servicer or Trustee)

            	 	
              Servicer

            
	 	 	 
	
              ·
                Any other party contemplated by
                1100(d)(1)

            	 	
              Depositor

            
	 	 	 
	
              Reg
                AB Item 1119: Affiliations and Relationships

            	 	 
	 	 	 
	
              Whether
                (a) the Sponsor (Seller), Depositor or Issuing Entity is an affiliate
                of
                the following parties, and (b) to the extent known and material,
                any of
                the following parties are affiliated with one another:

            	 	
              Depositor
                as to (a) 

              Sponsor/Seller
                as to (a)

            
	 	 	 
	
              ·
                Servicer

            	 	
              Servicer
                

            
	 	 	 
	
              ·
Securities
                Administrator

            	 	
              Securities
                Administrator

            
	 	 	 
	
              ·
                Trustee

            	 	
              Trustee
                (as to affiliations only)

            
	 	 	 
	
              ·
                Any other 1108(a)(3)
                servicer

            	 	
              Servicer

            
	 	 	 
	
              ·
                Any 1110 Originator

            	 	
              Depositor/Sponsor

            
	 	 	 
	
              ·
                Any 1112(b) Significant
                Obligor

            	 	
              Depositor/Sponsor

            
	 	 	 
	
              ·
                Any 1114 Credit Enhancement
                Provider

            	 	
              Depositor/Sponsor

            
	 	 	 
	
              ·
                Any 1115 Derivate Counterparty
                Provider

            	 	
              Depositor/Sponsor

            
	 	 	 
	
              ·
                Any other 1101(d)(1) material
                party

            	 	
              Depositor/Sponsor

            

    

     

    
      
        
        

      

      
        EXHIBIT
          W-2

        
          

        

      

      
        
        

      

    

     

    
      	
               ADDITIONAL
                FORM 10-K
                DISCLOSURE

            
	 	 	 
	
              Item
                on Form 10-K

            	 	
              Party
                Responsible

            
	
              Whether
                there are any “outside the ordinary course business arrangements” other
                than would be obtained in an arm’s length transaction between (a) the
                Sponsor (Seller), Depositor or Issuing Entity on the one hand, and
                (b) any
                of the following parties (or their affiliates) on the other hand,
                that
                exist currently or within the past two years and that are material
                to a
                Certificateholder’s understanding of the Certificates:

            	 	
              Depositor
                as to (a) 

              Sponsor/Seller
                as to (a)

            
	 	 	 
	
              ·
                Servicer

            	 	
              Servicer
                

            
	 	 	 
	
              ·
                Securities
                Administrator

            	 	
              Securities
                Administrator

            
	 	 	 
	
              ·
                Trustee

            	 	
              Depositor/Sponsor

            
	 	 	 
	
              ·
                Any other 1108(a)(3)
                servicer

            	 	
              Depositor/Sponsor

            
	 	 	 
	
              ·
                Any 1110 Originator

            	 	
              Depositor/Sponsor

            
	 	 	 
	
              ·
                Any 1112(b) Significant
                Obligor

            	 	
              Depositor/Sponsor

            
	 	 	 
	
              ·
                Any 1114 Credit Enhancement
                Provider

            	 	
              Depositor/Sponsor

            
	 	 	 
	
              ·
                Any 1115 Derivate Counterparty
                Provider

            	 	
              Depositor/Sponsor

            
	 	 	 
	
              ·
                Any other 1101(d)(1) material
                party

            	 	
              Depositor/Sponsor

            
	 	 	 
	
              Whether
                there are any specific relationships involving the transaction or
                the pool
                assets between (a) the Sponsor (Seller), Depositor or Issuing Entity
                on
                the one hand, and (b) any of the following parties (or their affiliates)
                on the other hand, that exist currently or within the past two years
                and
                that are material:

            	 	
              Depositor
                as to (a) 

              Sponsor/Seller
                as to (a)

            
	 	 	 
	
              ·
                Servicer

            	 	
              Servicer
                

            
	 	 	 
	
              ·
                Securities
                Administrator

            	 	
              Securities
                Administrator

            
	 	 	 
	
              ·
                Trustee

            	 	
              Depositor/Sponsor

            
	 	 	 
	
              ·
                Any other 1108(a)(3)
                servicer

            	 	
              Servicer

            
	 	 	 
	
              ·
                Any 1110 Originator

            	 	
              Depositor/Sponsor

            
	 	 	 
	
              ·
                Any 1112(b) Significant
                Obligor

            	 	
              Depositor/Sponsor

            
	 	 	 
	
              ·
                Any 1114 Credit Enhancement
                Provider

            	 	
              Depositor/Sponsor

            
	 	 	 
	
              ·
                Any 1115 Derivate Counterparty
                Provider

            	 	
              Depositor/Sponsor

            
	 	 	 
	
              ·
                Any other 1101(d)(1) material
                party

            	 	
              Depositor/Sponsor

            

    

     

    
      
        
        

      

      
        EXHIBIT
          W-3

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      X

    

    FORM
      8-K DISCLOSURE INFORMATION

    

    
      	
              FORM
                8-K DISCLOSURE INFORMATION

            
	 	 	 
	
              Item
                on Form 8-K

            	 	
              Party
                Responsible 

            
	
              Item
                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

            	 	
              All
                parties other than the Trustee

            
	 	 	 
	
              Item
                1.02- Termination of a Material Definitive Agreement

               

              Disclosure
                is required regarding termination of any definitive agreement that
                is
                material to the securitization (other than expiration in accordance
                with
                its terms), even if depositor is not a party. 

               

              Examples:
                servicing agreement, custodial agreement.

            	 	
              All
                parties other than the Trustee

            
	 	 	 
	
              Item
                1.03- Bankruptcy or Receivership

               

              Disclosure
                is required regarding the bankruptcy or receivership, with respect
                to any
                of the following: 

            	 	
              Depositor

            
	 	 	 
	
              ·
                Sponsor (Seller)

            	 	
              Depositor/Sponsor
                (Seller)

            
	 	 	 
	
              ·
                Depositor

            	 	
              Depositor

            
	 	 	 
	
              ·
                Master Servicer

            	 	
              Master
                Servicer

            
	 	 	 
	
              ·
                Affiliated Servicer

            	 	
              Servicer

            
	 	 	 
	
              ·
                Other Servicer servicing 20% or more
                of the pool assets at the time of the report

            	 	
              Servicer

            
	 	 	 
	
              ·
                Other material
                servicers

            	 	
              Servicer

            
	 	 	 
	
              ·
                Trustee

            	 	
              Trustee

            
	 	 	 
	
              ·
                Securities
                Administrator

            	 	
              Securities
                Administrator

            
	 	 	 
	
              ·
                Significant Obligor

            	 	
              Depositor

            

    

     

    
      
        
        

      

      
        EXHIBIT
          X-1

        
          

        

      

      
        
        

      

    

     

    
      	
               FORM
                8-K DISCLOSURE INFORMATION

            
	 	 	 
	
              Item
                on Form 8-K

            	 	
              Party
                Responsible

            
	
              ·
                Credit Enhancer (10% or
                more)

            	 	
              Depositor

            
	 	 	 
	
              ·
                Derivative
                Counterparty

            	 	
              Depositor

            
	 	 	 
	
              ·
                Custodian

            	 	
              Custodian

            
	 	 	 
	
              Item
                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 statements to the certificateholders.

            	 	
              Depositor

              Master
                Servicer

              Securities
                Administrator

            
	 	 	 
	
              Item
                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.

            	 	
              Securities
                Administrator

              Depositor

            
	 	 	 
	
              Item
                5.03- Amendments of Articles of Incorporation or Bylaws; Change of
                Fiscal
                Year

               

              Disclosure
                is required of any amendment “to the governing documents of the issuing
                entity”.

            	 	
              Depositor

            
	 	 	 
	
              Item
                6.01- ABS Informational and Computational
                Material

            	 	
              Depositor

            
	 	 	 
	
              Item
                6.02- Change of Servicer or Securities Administrator

               

              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 or
                trustee.

            	 	
              Master
                Servicer/Securities Administrator/Depositor/

              Servicer

            
	 	 	 
	
              Reg
                AB disclosure about any new servicer or master servicer is also
                required.

            	 	
              Servicer/Master
                Servicer/Depositor

            
	 	 	 
	
              Reg
                AB disclosure about any new Trustee is also required.

            	 	
              Trustee

            

    

     

    
      
        
        

      

      
        EXHIBIT
          X-2

        
          

        

      

      
        
        

      

    

     

     

    
      	
              FORM
                8-K DISCLOSURE
                INFORMATION

            
	 	 	 
	
              Item
                on Form 8-K

            	 	
              Party
                Responsible

            
	
              Item
                6.03- Change in Credit Enhancement or 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.
                

            	 	
              Depositor/Securities
                Administrator

            
	 	 	 
	
              Reg
                AB disclosure about any new enhancement provider is also
                required.

            	 	
              Depositor

            
	 	 	 
	
              Item
                6.04- Failure to Make a Required Distribution

            	 	
              Securities
                Administrator

            
	 	 	 
	
              Item
                6.05- Securities Act Updating Disclosure

               

              If
                any material pool characteristic differs by 5% or more at the time
                of
                issuance of the securities from the description in the final prospectus,
                provide updated Reg AB disclosure about the actual asset
                pool.

            	 	
              Depositor

            
	 	 	 
	
              If
                there are any new servicers or originators required to be disclosed
                under
                Regulation AB as a result of the foregoing, provide the information
                called
                for in Items 1108 and 1110 respectively.

            	 	
              Depositor

            
	 	 	 
	
              Item
                7.01- Reg FD Disclosure

            	 	
              All
                parties other than the Trustee

            
	 	 	 
	
              Item
                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
                certificateholders.

            	 	
              Depositor

            
	 	 	 
	
              Item
                9.01- Financial Statements and Exhibits

            	 	
              Responsible
                party for reporting/disclosing the financial statement or
                exhibit

            

    

     

    
      
        
        

      

      
        EXHIBIT
          X-3

        
          

        

      

       

    

    EXHIBIT
      Y

    

    ADDITIONAL
      DISCLOSURE NOTIFICATION

     

    **SEND
      TO WELLS FARGO VIA FAX TO 410-715-2380 AND VIA EMAIL TO
      cts.sec.notifications@wellsfargo.com AND VIA OVERNIGHT MAIL TO THE ADDRESS
      IMMEDIATELY BELOW. SEND TO THE DEPOSITOR AT THE ADDRESS
      BELOW**

     

    Wells
      Fargo Bank, N.A. as Securities Administrator 

    Old
      Annapolis Road

    Columbia,
      Maryland 21045

    Fax:
      (410) 715-2380

    E-mail:
      cts.sec.notifications@wellsfargo.com

     

    HSI
      Asset
      Securitization Corporation

    452
      Fifth
      Avenue

    New
      York,
      New York 10018

    Attention:
      Head MBS Principal Finance

    

    Attn:
      Corporate Trust Services - [DEAL NAME]-SEC REPORT PROCESSING

     

    RE:
      **Additional Form [ ] Disclosure**Required

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section [ ] of the Pooling and Servicing Agreement, dated as
      of
      [   ] [   ], 2006, among [   ], as [ 
 ], [   ], as [   ], [   ], as [  
] and [   ], as [   ]. The Undersigned, as [   ],
      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: [   ].

     

    
      
        
        

      

      
        EXHIBIT
          Y-1

        
          

        

      

      
        
        

      

    

     

     

    
      	 	 	 
	 	
              [NAME
                OF PARTY]

              as [role]

            
	 
 	 
 	 
 
	
            	By:  	 
	 	
              
Name:
	 	Title:

     

    
      
        
        

      

      
        EXHIBIT
          Y-2

        
          

        

      

       

    

    EXHIBIT
      Z

    

    CLASS
      NOTIONAL BALANCE SCHEDULE FOR CLASS A-IO CERTIFICATES

    

    The
      Class
      Notional Balance of the Class A-IO Certificates for each Distribution Date
      will
      be the lesser of (1) the notional balance for the applicable Distribution Date
      set forth in the schedule below and (2) the Pool Balance as of the first day
      of
      the related Due Period:

     

    
      	
               

              Distribution
                Date

            	 	
               

              Class
                Notional Balance

            	 
	
              May
                2006

            	 	
              $

            	
              309,484,000.00

            	 
	
              June
                2006

            	 	
              $

            	
              309,484,000.00

            	 
	
              July
                2006

            	 	
              $

            	
              309,484,000.00

            	 
	
              August
                2006

            	 	
              $

            	
              309,484,000.00

            	 
	
              September
                2006

            	 	
              $

            	
              309,484,000.00

            	 
	
              October
                2006

            	 	
              $

            	
              309,484,000.00

            	 
	
              November
                2006

            	 	
              $

            	
              247,587,000.00

            	 
	
              December
                2006

            	 	
              $

            	
              247,587,000.00

            	 
	
              January
                2007

            	 	
              $

            	
              247,587,000.00

            	 
	
              February
                2007

            	 	
              $

            	
              247,587,000.00

            	 
	
              March
                2007

            	 	
              $

            	
              247,587,000.00

            	 
	
              April
                2007

            	 	
              $

            	
              247,587,000.00

            	 
	
              May
                2007

            	 	
              $

            	
              185,690,000.00

            	 
	
              June
                2007

            	 	
              $

            	
              185,690,000.00

            	 
	
              July
                2007

            	 	
              $

            	
              185,690,000.00

            	 
	
              August
                2007

            	 	
              $

            	
              185,690,000.00

            	 
	
              September
                2007

            	 	
              $

            	
              185,690,000.00

            	 
	
              October
                2007

            	 	
              $

            	
              185,690,000.00

            	 
	
              November
                2007

            	 	
              $

            	
              123,793,000.00

            	 
	
              December
                2007

            	 	
              $

            	
              123,793,000.00

            	 
	
              January
                2008

            	 	
              $

            	
              123,793,000.00

            	 
	
              February
                2008

            	 	
              $

            	
              123,793,000.00

            	 
	
              March
                2008

            	 	
              $

            	
              123,793,000.00

            	 
	
              April
                2008

            	 	
              $

            	
              123,793,000.00

            	 
	
              May
                2008

            	 	
              $

            	
              0.00

            	 

    

    

    
      
        
        

      

      
        EXHIBIT
          Z-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00111-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00111-of-00352.parquet"}]]