Document:

Unassociated Document

    STANWICH
      ASSET ACCEPTANCE COMPANY, L.L.C.

    Depositor

     

     

    HOMECOMINGS
      FINANCIAL NETWORK, INC.

    Servicer

     

     

    and

     

     

    WELLS
      FARGO BANK, N.A.

     

    Trustee

     

     

    POOLING
      AND SERVICING AGREEMENT

    Dated
      as
      of May 1, 2006

     

     

    Carrington
      Mortgage Loan Trust, Series 2006-RFC1

    Asset-Backed
      Pass-Through Certificates

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    TABLE
      OF CONTENTS

    

     

    

     

    
      	
              ARTICLE
                I

            	
              DEFINITIONS

               

            
	
              SECTION
                1.01

            	
              Defined
                Terms

            
	
              SECTION
                1.02

            	
              Allocation
                of Certain Interest Shortfalls

               

            
	
              ARTICLE
                II

            	
              CONVEYANCE
                OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES

               

            
	
              SECTION
                2.01

            	
              Conveyance
                of the Mortgage Loans

            
	
              SECTION
                2.02

            	
              Acceptance
                of REMIC I by Trustee

            
	
              SECTION
                2.03

            	
              Repurchase
                or Substitution of Mortgage Loans by RFC and the Seller

            
	
              SECTION
                2.04

            	
              [Reserved].

            
	
              SECTION
                2.05

            	
              Representations,
                Warranties and Covenants of the Servicer

            
	
              SECTION
                2.06

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

            
	
              SECTION
                2.07

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

            
	
              SECTION
                2.08

            	
              Issuance
                of Class R Certificates

               

            
	
              ARTICLE
                III

            	
              ADMINISTRATION
                AND SERVICING OF THE MORTGAGE LOANS

               

            
	
              SECTION
                3.01

            	
              Servicer
                to Act as Servicer

            
	
              SECTION
                3.02

            	
              Sub-Servicing
                Agreements Between Servicer and Sub-Servicers

            
	
              SECTION
                3.03

            	
              Successor
                Sub-Servicers

            
	
              SECTION
                3.04

            	
              Liability
                of the Servicer

            
	
              SECTION
                3.05

            	
              No
                Contractual Relationship Between Sub-Servicers, the Trustee or the
                Certificateholders

            
	
              SECTION
                3.06

            	
              Assumption
                or Termination of Sub-Servicing Agreements by the
                Trustee

            
	
              SECTION
                3.07

            	
              Collection
                of Certain Mortgage Loan Payments

            
	
              SECTION
                3.08

            	
              Sub-Servicing
                Accounts

            
	
              SECTION
                3.09

            	
              Collection
                of Taxes, Assessments and Similar Items; Servicing
                Accounts

            
	
              SECTION
                3.10

            	
              Custodial
                Account and Certificate Account

            
	
              SECTION
                3.11

            	
              Withdrawals
                from the Custodial Account and Certificate Account

            
	
              SECTION
                3.12

            	
              Investment
                of Funds in the Custodial Account and the Certificate
                Account

            
	
              SECTION
                3.13

            	
              [Reserved].

            
	
              SECTION
                3.14

            	
              Maintenance
                of Hazard Insurance and Errors and Omissions and Fidelity
                Coverage

            
	
              SECTION
                3.15

            	
              Enforcement
                of Due-On-Sale Clauses; Assumption Agreements

            
	
              SECTION
                3.16

            	
              Realization
                Upon Defaulted Mortgage Loans

            
	
              SECTION
                3.17

            	
              Trustee
                to Cooperate; Release of Mortgage Files

            
	
              SECTION
                3.18

            	
              Servicing
                Compensation

            
	
              SECTION
                3.19

            	
              Reports
                to the Trustee and Others; Custodial Account Statements

            
	
              SECTION
                3.20

            	
              [Reserved].

            
	
              SECTION
                3.21

            	
              [Reserved].

            
	
              SECTION
                3.22

            	
              Access
                to Certain Documentation

            
	
              SECTION
                3.23

            	
              Title,
                Management and Disposition of REO Property

            
	
              SECTION
                3.24

            	
              Obligations
                of the Servicer in Respect of Prepayment Interest
                Shortfalls

            
	
              SECTION
                3.25

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

            
	
              SECTION
                3.26

            	
              Advance
                Facility

            
	
              SECTION
                3.27

            	
              Net
                WAC Rate Carryover Reserve Account

            
	
              SECTION
                3.28

            	
              Solicitations

               

            
	
              ARTICLE
                IV

            	
              PAYMENTS
                TO CERTIFICATEHOLDERS

               

            
	
              SECTION
                4.01

            	
              Distributions

            
	
              SECTION
                4.02

            	
              Statements
                to Certificateholders

            
	
              SECTION
                4.03

            	
              Remittance
                Reports; Advances

            
	
              SECTION
                4.04

            	
              Allocation
                of Realized Losses

            
	
              SECTION
                4.05

            	
              Compliance
                with Withholding Requirements

            
	
              SECTION
                4.06

            	
              Exchange
                Commission; Additional Information

               

            
	
              ARTICLE
                V

            	
              THE
                CERTIFICATES

               

            
	
              SECTION
                5.01

            	
              The
                Certificates

            
	
              SECTION
                5.02

            	
              Registration
                of Transfer and Exchange of Certificates

            
	
              SECTION
                5.03

            	
              Mutilated,
                Destroyed, Lost or Stolen Certificates

            
	
              SECTION
                5.04

            	
              Persons
                Deemed Owners

            
	
              SECTION
                5.05

            	
              Certain
                Available Information

               

            
	
              ARTICLE
                VI

            	
              THE
                DEPOSITOR AND THE SERVICER

               

            
	
              SECTION
                6.01

            	
              Respective
                Liabilities of the Depositor and the Servicer

            
	
              SECTION
                6.02

            	
              Merger
                or Consolidation of the Depositor or the Servicer

            
	
              SECTION
                6.03

            	
              Limitation
                on Liability of the Depositor, the Servicer and Others

            
	
              SECTION
                6.04

            	
              Limitation
                on Resignation of the Servicer

            
	
              SECTION
                6.05

            	
              Rights
                of the Depositor in Respect of the Servicer

               

            
	
              ARTICLE
                VII

            	
              DEFAULT

               

            
	
              SECTION
                7.01

            	
              Servicer
                Events of Default

            
	
              SECTION
                7.02

            	
              Trustee
                to Act; Appointment of Successor

            
	
              SECTION
                7.03

            	
              Notification
                to Certificateholders

            
	
              SECTION
                7.04

            	
              Waiver
                of Servicer Events of Default

               

            
	
              ARTICLE
                VIII

            	
              CONCERNING
                THE TRUSTEE

               

            
	
              SECTION
                8.01

            	
              Duties
                of Trustee

            
	
              SECTION
                8.02

            	
              Certain
                Matters Affecting the Trustee

            
	
              SECTION
                8.03

            	
              Trustee
                Not Liable for Certificates or Mortgage Loans

            
	
              SECTION
                8.04

            	
              Trustee
                May Own Certificates

            
	
              SECTION
                8.05

            	
              Trustee’s
                Fees and Expenses

            
	
              SECTION
                8.06

            	
              Eligibility
                Requirements for Trustee

            
	
              SECTION
                8.07

            	
              Resignation
                and Removal of the Trustee

            
	
              SECTION
                8.08

            	
              Successor
                Trustee

            
	
              SECTION
                8.09

            	
              Merger
                or Consolidation of Trustee

            
	
              SECTION
                8.10

            	
              Appointment
                of Co-Trustee or Separate Trustee

            
	
              SECTION
                8.11

            	
              Trustee
                to Execute Cap Contract

            
	
              SECTION
                8.12

            	
              Appointment
                of Office or Agency

            
	
              SECTION
                8.13

            	
              Representations
                and Warranties of the Trustee

               

            
	
              ARTICLE
                IX

            	
              TERMINATION

               

            
	
              SECTION
                9.01

            	
              Termination
                Upon Repurchase or Liquidation of All Mortgage Loans

            
	
              SECTION
                9.02

            	
              Additional
                Termination Requirements

               

            
	
              ARTICLE
                X

            	
              REMIC
                PROVISIONS

               

            
	
              SECTION
                10.01

            	
              REMIC
                Administration

            
	
              SECTION
                10.02

            	
              Prohibited
                Transactions and Activities

            
	
              SECTION
                10.03

            	
              Servicer
                and Trustee Indemnification

               

            
	
              ARTICLE
                XI

            	
              TRUSTEE
                COMPLIANCE WITH REGULATION AB

               

            
	
              SECTION
                11.01

            	
              Intent
                of the Parties; Reasonableness

            
	
              SECTION
                11.02

            	
              Additional
                Representations and Warranties of the Trustee

            
	
              SECTION
                11.03

            	
              Information
                to Be Provided by the Trustee.

            
	
              SECTION
                11.04

            	
              Report
                on Assessment of Compliance and Attestation

            
	
              SECTION
                11.05

            	
              Indemnification;
                Remedies

               

            
	
              ARTICLE
                XII

            	
              SERVICER
                COMPLIANCE WITH REGULATION AB

               

            
	
              SECTION
                12.01

            	
              Intent
                of the Parties; Reasonableness

            
	
              SECTION
                12.02

            	
              Additional
                Representations and Warranties of the Servicer

            
	
              SECTION
                12.03

            	
              Information
                to Be Provided by the Servicer

            
	
              SECTION
                12.04

            	
              Servicer
                Compliance Statement

            
	
              SECTION
                12.05

            	
              Report
                on Assessment of Compliance and Attestation

            
	
              SECTION
                12.06

            	
              Use
                of Sub-Servicers and Subcontractors

            
	
              SECTION
                12.07

            	
              Indemnification;
                Remedies

               

            
	
              ARTICLE
                XIII

            	
              MISCELLANEOUS
                PROVISIONS

               

            
	
              SECTION
                13.01

            	
              Amendment

            
	
              SECTION
                13.02

            	
              Recordation
                of Agreement; Counterparts

            
	
              SECTION
                13.03

            	
              Limitation
                on Rights of Certificateholders

            
	
              SECTION
                13.04

            	
              Governing
                Law

            
	
              SECTION
                13.05

            	
              Notices

            
	
              SECTION
                13.06

            	
              Severability
                of Provisions

            
	
              SECTION
                13.07

            	
              Notice
                to Rating Agencies

            
	
              SECTION
                13.08

            	
              Article
                and Section References

            
	
              SECTION
                13.09

            	
              Grant
                of Security Interest

            
	
              SECTION
                13.10

            	
              Intention
                of Parties

            
	
              SECTION
                13.11

            	
              Assignment

            
	
              SECTION
                13.12

            	
              Inspection
                and Audit Rights

            
	
              SECTION
                13.13

            	
              Certificates
                Nonassessable and Fully Paid

            
	
              SECTION
                13.14

            	
              Perfection
                Representations

            
	
              SECTION
                13.15

            	
              Notice
                to Holder of Class CE Certificate

               

            
	
              ARTICLE
                XIV

            	
              RIGHTS
                OF THE CLASS CE CERTIFICATEHOLDER

               

            
	
              SECTION
                14.01

            	
              Reports
                and Notices

            
	
              SECTION
                14.02

            	
              Class
                CE Certificateholder’s Directions With Respect to Defaulted Mortgage
                Loans

            

    

    

     

    
      
        
          

        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibits

     

    
      	
              Exhibit
                A-1

            	
              Form
                of Class A-1 Certificates

            
	
              Exhibit
                A-2

            	
              Form
                of Class A-2 Certificates

            
	
              Exhibit
                A-3

            	
              Form
                of Class A-3 Certificates

            
	
              Exhibit
                A-4

            	
              Form
                of Class A-4 Certificates

            
	
              Exhibit
                A-5

            	
              Form
                of Class M-1 Certificates

            
	
              Exhibit
                A-6

            	
              Form
                of Class M-2 Certificates

            
	
              Exhibit
                A-7

            	
              Form
                of Class M-3 Certificates

            
	
              Exhibit
                A-8

            	
              Form
                of Class M-4 Certificates

            
	
              Exhibit
                A-9

            	
              Form
                of Class M-5 Certificates

            
	
              Exhibit
                A-10

            	
              Form
                of Class M-6 Certificates

            
	
              Exhibit
                A-11

            	
              Form
                of Class M-7 Certificates

            
	
              Exhibit
                A-12

            	
              Form
                of Class M-8 Certificates

            
	
              Exhibit
                A-13

            	
              Form
                of Class M-9 Certificates

            
	
              Exhibit
                A-14

            	
              Form
                of Class M-10 Certificates

            
	
              Exhibit
                A-15

            	
              Form
                of Class CE Certificate

            
	
              Exhibit
                A-16

            	
              Form
                of Class P Certificate

            
	
              Exhibit
                A-17

            	
              Form
                of Class R-I Certificate

            
	
              Exhibit
                A-18

            	
              Form
                of Class R-II Certificate

            
	
              Exhibit
                B

            	
              [Reserved]

            
	
              Exhibit
                C-1

            	
              Form
                of Trustee’s Initial Certification

            
	
              Exhibit
                C-2 

            	
              Form
                of Trustee’s Final Certification

            
	
              Exhibit
                D

            	
              Form
                of Mortgage Loan Purchase Agreement

            
	
              Exhibit
                E

            	
              Request
                for Release

            
	
              Exhibit
                F-1

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

            
	
              Exhibit
                F-2

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

            
	
              Exhibit
                G

            	
              Form
                of Certification with respect to ERISA and the Code

            
	
              Exhibit
                H

            	
              Form
                of Lost Note Affidavit

            
	
              Exhibit
                I-1

            	
              Form
                of 10-K Certificate

            
	
              Exhibit
                I-2

            	
              Form
                of Certification to be Provided to Servicer by the
                Trustee

            
	
              Exhibit
                J

            	
              Form
                Servicing Criteria to be Addressed in Assessment of
                Compliance

            
	
              Exhibit
                K

            	
              Form
                of Cap Contract

            
	
              Exhibit
                L

            	
              Form
                of Report Pursuant to Section 13.01

            
	
              Schedule
                1

            	
              Mortgage
                Loan Schedule

            
	
              Schedule
                2

            	
              Prepayment
                Charge Schedule

            
	
              Schedule
                3

            	
              Perfection
                Representations, Warranties and Covenants

            
	
              Schedule
                4

            	
              Standard
                File Layout Data Elements

            

    

    

    

    
      
        
          

        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    This
      Pooling and Servicing Agreement is dated and effective as of May 1, 2006, among
      STANWICH ASSET ACCEPTANCE COMPANY, L.L.C., a Delaware limited liability company,
      as Depositor, HOMECOMINGS FINANCIAL NETWORK, INC., a Delaware corporation,
      as
      Servicer, and WELLS FARGO BANK, N.A., a national banking association, as
      Trustee.

     

    PRELIMINARY
      STATEMENT:

     

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

     

    REMIC
      I

     

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

     

    
      	
              Designation

            	 	
              REMIC
                I

              Remittance
                Rate

            	 	
              Initial

              Uncertificated
                Balance

            	 	
              Latest
                Possible

              Maturity
                Date(1)

            
	
              I-LTAA

            	 	
              Variable
                (2)

            	 	
              $

            	
              753,081,917.42
                

            	 	
              April
                25, 2036

            
	
              I-LTA1

            	 	
              Variable
                (2)

            	 	
              $

            	
              3,203,330.00
                

            	 	
              April
                25, 2036

            
	
              I-LTA2

            	 	
              Variable
                (2)

            	 	
              $

            	
              1,340,740.00
                

            	 	
              April
                25, 2036

            
	
              I-LTA3

            	 	
              Variable
                (2)

            	 	
              $

            	
              875,090.00
                

            	 	
              April
                25, 2036

            
	
              I-LTA4

            	 	
              Variable
                (2)

            	 	
              $

            	
              409,540.00
                

            	 	
              April
                25, 2036

            
	
              I-LTM1

            	 	
              Variable
                (2)

            	 	
              $

            	
              299,700.00
                

            	 	
              April
                25, 2036

            
	
              I-LTM2

            	 	
              Variable
                (2)

            	 	
              $

            	
              280,480.00
                

            	 	
              April
                25, 2036

            
	
              I-LTM3

            	 	
              Variable
                (2)

            	 	
              $

            	
              165,220.00
                

            	 	
              April
                25, 2036

            
	
              I-LTM4

            	 	
              Variable
                (2)

            	 	
              $

            	
              149,850.00
                

            	 	
              April
                25, 2036

            
	
              I-LTM5

            	 	
              Variable
                (2)

            	 	
              $

            	
              146,010.00
                

            	 	
              April
                25, 2036

            
	
              I-LTM6

            	 	
              Variable
                (2)

            	 	
              $

            	
              126,790.00
                

            	 	
              April
                25, 2036

            
	
              I-LTM7

            	 	
              Variable
                (2)

            	 	
              $

            	
              122,950.00
                

            	 	
              April
                25, 2036

            
	
              I-LTM8

            	 	
              Variable
                (2)

            	 	
              $

            	
              107,580.00
                

            	 	
              April
                25, 2036

            
	
              I-LTM9

            	 	
              Variable
                (2)

            	 	
              $

            	
              76,850.00
                

            	 	
              April
                25, 2036

            
	
              I-LTM10

            	 	
              Variable
                (2)

            	 	
              $

            	
              88,370.00
                

            	 	
              April
                25, 2036

            
	
              I-LTZZ

            	 	
              Variable
                (2)

            	 	
              $

            	
              7,976,518.72
                

            	 	
              April
                25, 2036

            
	
              I-LTP

            	 	
              Variable
                (2)

            	 	
              $

            	
              100

            	 	
              April
                25, 2036

            

    

    _______________

    
      	
              (1)

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

            

    

    
      	
              (2)

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

            

    

     

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      II

     

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

    

    
      	
              Designation

            	 	
              Pass-Through
                Rate

            	 	
              Initial
                Aggregate Certificate Principal Balance

            	 	
              Latest
                Possible Maturity Date(1)

            
	
              Class
                A-1(2)

            	 	
              Variable(2)

            	 	
              $

            	
              320,333,000.00
                

            	 	
              April
                25, 2036

            
	
              Class
                A-2(2)

            	 	
              Variable(2)

            	 	
              $

            	
              134,074,000.00
                

            	 	
              April
                25, 2036

            
	
              Class
                A-3(2)

            	 	
              Variable(2)

            	 	
              $

            	
              87,509,000.00
                

            	 	
              April
                25, 2036

            
	
              Class
                A-4(2)

            	 	
              Variable(2)

            	 	
              $

            	
              40,954,000.00
                

            	 	
              April
                25, 2036

            
	
              Class
                M-1(2)

            	 	
              Variable(2)

            	 	
              $

            	
              29,970,000.00
                

            	 	
              April
                25, 2036

            
	
              Class
                M-2(2)

            	 	
              Variable(2)

            	 	
              $

            	
              28,048,000.00
                

            	 	
              April
                25, 2036

            
	
              Class
                M-3(2)

            	 	
              Variable(2)

            	 	
              $

            	
              16,522,000.00
                

            	 	
              April
                25, 2036

            
	
              Class
                M-4(2)

            	 	
              Variable(2)

            	 	
              $

            	
              14,985,000.00
                

            	 	
              April
                25, 2036

            
	
              Class
                M-5(2)

            	 	
              Variable(2)

            	 	
              $

            	
              14,601,000.00
                

            	 	
              April
                25, 2036

            
	
              Class
                M-6(2)

            	 	
              Variable(2)

            	 	
              $

            	
              12,679,000.00
                

            	 	
              April
                25, 2036

            
	
              Class
                M-7(2)

            	 	
              Variable(2)

            	 	
              $

            	
              12,295,000.00
                

            	 	
              April
                25, 2036

            
	
              Class
                M-8(2)

            	 	
              Variable(2)

            	 	
              $

            	
              10,758,000.00
                

            	 	
              April
                25, 2036

            
	
              Class
                M-9(2)

            	 	
              Variable(2)

            	 	
              $

            	
              7,685,000.00
                

            	 	
              April
                25, 2036

            
	
              Class
                M-10(2)

            	 	
              Variable(2)

            	 	
              $

            	
              8,837,000.00
                

            	 	
              April
                25, 2036

            
	
              Class
                CE(3)

            	 	
              Variable(4)

            	 	
              $

            	
              29,200,936.14
                

            	 	
              April
                25, 2036

            
	
              Class
                P

            	 	
              N/A(5)

            	 	
              $

            	
              100.00

            	 	
              April
                25, 2036

            

    

    _______________

    
      	
              (1)

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

            

    

    
      	
              (2)

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

            

    

    
      	
              (3)

            	
              The
                Class CE Certificates will be comprised of two REMIC II Regular Interests,
                a principal only regular interest designated REMIC II Regular Interest
                CE-PO and an interest only regular interest designated REMIC II Regular
                Interest CE-IO, each of which will be entitled to distributions as
                set
                forth herein.

            

    

    
      	
              (4)

            	
              The
                Class CE Certificates will accrue interest at its variable Pass-Through
                Rate on the Notional Amount of the Class CE-IO outstanding from time
                to
                time which notional amount shall equal the aggregate Uncertificated
                Balance of the REMIC I Regular Interests. The Class CE Certificates
                will
                not accrue interest on its Certificate Principal
                Balance.

            

    

    
      	
              (5)

            	
              The
                Class P Certificates will not accrue
                interest.

            

    

     

    As
      of the
      Cut-off Date, the Mortgage Loans had an aggregate Stated Principal Balance
      equal
      to $768,451,036.14.

     

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      I

     

    DEFINITIONS

     

    SECTION
      1.01  Defined
      Terms.
      Whenever used in this Agreement, including, without limitation, in the
      Preliminary Statement hereto, capitalized terms used but not otherwise defined
      herein are defined in Appendix A hereto, which also contains rules as to usage
      that shall be applicable herein. Unless otherwise specified, all calculations
      described herein shall be made on the basis of a 360-day year consisting of
      twelve 30-day months.

     

    SECTION
      1.02  Allocation
      of Certain Interest Shortfalls.
      For
      purposes of calculating the amount of Accrued Certificate Interest and the
      amount of the Interest Distribution Amount for the Class A Certificates, the
      Mezzanine Certificates and the Class CE Certificates for any Distribution Date,
      (1) the aggregate amount of any Prepayment Interest Shortfalls (to the extent
      not covered by payments by the Servicer pursuant to Section
      3.24)
      and any
      Relief Act Interest Shortfall incurred in respect of the Mortgage Loans for
      any
      Distribution Date shall be allocated first, to the Class CE Certificates based
      on, and to the extent of, one month’s interest at the then applicable
      Pass-Through Rate on the Notional Amount of the Class CE Certificates and,
      thereafter, among the Class A Certificates and the Mezzanine Certificates on
      a
pro
      rata
      basis
      based on, and to the extent of, one month’s interest at the then applicable
      respective Pass-Through Rate on the respective Certificate Principal Balance
      of
      each such Certificate and (2) the aggregate amount of any Realized Losses
      incurred for any Distribution Date shall be allocated to the Class CE
      Certificates based on, and to the extent of, one month’s interest at the then
      applicable Pass-Through Rate on the Notional Amount of the Class CE
      Certificates.

     

    For
      purposes of calculating the amount of Uncertificated Interest for the REMIC
      I
      Regular Interests for any Distribution Date, the aggregate amount of any
      Prepayment Interest Shortfalls (to the extent not covered by payments by the
      Servicer pursuant to Section
      3.24)
      and any
      Relief Act Interest Shortfalls incurred in respect of the Mortgage Loans for
      any
      Distribution Date shall be allocated among REMIC I Regular Interest I-LTAA,
      REMIC I Regular Interest I-LTA1, REMIC I Regular Interest I-LTA2, REMIC I
      Regular Interest I-LTA3, REMIC I Regular Interest I-LTA4, REMIC I Regular
      Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest
      I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC
      I Regular Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular
      Interest I-LTM8, REMIC I Regular Interest I-LTM9, REMIC I Regular Interest
      I-LTM10 and REMIC I Regular Interest I-LTZZ pro
      rata
      based
      on, and to the extent of, one month’s interest at the then applicable respective
      Pass-Through Rate on the respective Uncertificated Balance of each such REMIC
      I
      Regular Interest.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    ARTICLE
      II

     

    CONVEYANCE
      OF MORTGAGE LOANS;

    ORIGINAL
      ISSUANCE OF CERTIFICATES

     

    SECTION
      2.01  Conveyance
      of the Mortgage Loans.
      On the
      Closing Date, the Depositor will transfer, assign, set over and otherwise convey
      to the Trustee without recourse, for the benefit of the Certificateholders,
      all
      the right, title and interest of the Depositor, including any security interest
      therein for the benefit of the Depositor, in and to the Mortgage Loans
      identified on the Mortgage Loan Schedule, the rights of the Depositor under
      the
      Mortgage Loan Purchase Agreement, and all other assets included or to be
      included in REMIC I. Such assignment includes all interest and principal
      received by the Depositor or the Servicer on or with respect to the Mortgage
      Loans (other than payments of principal and interest due on such Mortgage Loans
      on or before the Cut-off Date). The Depositor herewith delivers to the Trustee
      an executed copy of the Mortgage Loan Purchase Agreement.

     

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

     

    (i)  the
      original Mortgage Note, endorsed in blank or in the following form “Pay to the
      order of Wells Fargo Bank, N.A., as Trustee under the applicable agreement,
      without recourse,” with all prior and intervening endorsements showing a
      complete chain of endorsement from the originator to the Person so endorsing
      to
      the Trustee;

     

    (ii)  the
      original Mortgage (noting the presence of the MIN of the Mortgage Loan and
      language indicating that the Mortgage Loan is a MOM Loan if the Mortgage Loan
      is
      a MOM Loan) with evidence of recording thereon, and the original recorded power
      of attorney, if the Mortgage was executed pursuant to a power of attorney,
      with
      evidence of recording thereon;

     

    (iii)  unless
      the Mortgage Loan is registered on the MERS® System, an original Assignment in
      blank;

     

    (iv)  the
      original recorded Assignment or Assignments showing a complete chain of
      assignment from the originator to the Person assigning the Mortgage to the
      Trustee (or to MERS if the Mortgage Loan is registered on the MERS® System and
      noting the presence of MIN) as contemplated by the immediately preceding
clause
      (iii);
      and

     

    (v)  the
      original or copies of each assumption, modification, consolidation or extension
      agreements, if any.

     

    With
      respect to a maximum of approximately 2.0% of the Original Mortgage Loans by
      outstanding Stated Principal Balance of the Original Mortgage Loans as of the
      Cut-off Date, if any original Mortgage Note referred to in Section
      2.01(i)
      above
      cannot be located, the obligations of the Depositor to deliver such documents
      shall be deemed to be satisfied upon delivery to the Trustee of a photocopy
      of
      such Mortgage Note, if available, with a lost note affidavit substantially
      in
      the form of Exhibit
      H
      attached
      hereto. If any of the original Mortgage Notes for which a lost note affidavit
      was delivered to the Trustee is subsequently located, such original Mortgage
      Note shall be delivered to
      the
Trustee
      within three Business Days.

     

    If
      any of
      the documents referred to in Sections
      2.01(ii),
      (iii)
      or
(iv)
      above
      has, as of the Closing Date, been submitted for recording but either (x) has
      not
      been returned from the applicable public recording office or (y) has been lost
      or such public recording office has retained the original of such document,
      the
      obligations of the Depositor to deliver such documents shall be deemed to be
      satisfied upon (1) delivery to the Trustee of a copy of each such document
      certified by RFC in the case of (x) above or the applicable public recording
      office in the case of (y) above to be a true and complete copy of the original
      that was submitted for recording and (2) if such copy is certified by RFC,
      delivery to the Trustee, promptly upon receipt thereof of either the original
      or
      a copy of such document certified by the applicable public recording office
      to
      be a true and complete copy of the original. Notice shall be provided to the
      Trustee and the Rating Agencies by the Depositor if delivery pursuant to
clause
      (2)
      above
      will be made more than 180 days after the Closing Date. If the original lender’s
      title insurance policy was not delivered pursuant to Section
      2.01(vi)
      above,
      the Depositor shall deliver or cause to be delivered to the Trustee, promptly
      after receipt thereof, the original lender’s title insurance policy. The
      Depositor shall deliver or cause to be delivered to the Trustee promptly upon
      receipt thereof any other original documents constituting a part of a Mortgage
      File received with respect to any Mortgage Loan, including, but not limited
      to,
      any original documents evidencing an assumption or modification of any Mortgage
      Loan.

     

    Except
      with respect to any Mortgage Loan for which MERS is identified on the Mortgage,
      the Trustee shall enforce the obligations of the Seller under the Mortgage
      Loan
      Purchase Agreement to promptly (within sixty Business Days following the later
      of the Closing Date and the date of receipt by the Trustee of the recording
      information for a Mortgage, but in no event later than ninety days following
      the
      Closing Date) submit or cause to be submitted for recording, at the expense
      of
      RFC and at no expense to the Trust Fund, the Trustee or the Depositor, in the
      appropriate public office for real property records, each Assignment referred
      to
      in Sections
      2.01(iii)
      and
(iv)
      above
      and the Depositor shall execute each original Assignment or cause each original
      Assignment to be executed in the following form: “Wells Fargo Bank, N.A., as
      Trustee under the applicable agreement.” In the event that any such Assignment
      is lost or returned unrecorded because of a defect therein, the Seller shall
      promptly prepare or cause to be prepared (at the expense of RFC) a substitute
      Assignment or cure or cause to be cured such defect, as the case may be, and
      thereafter cause each such Assignment to be duly recorded. If RFC is unable
      to
      pay the cost of recording the Assignments, such expense will be paid by the
      Trustee and shall be reimbursable to the Trustee as an Extraordinary Trust
      Fund
      Expense. Notwithstanding the foregoing, the Trustee shall not be responsible
      for
      determining whether any Assignment delivered by the Depositor hereunder is
      in
      recordable form.

     

    Notwithstanding
      the foregoing, however, for administrative convenience and facilitation of
      servicing and to reduce closing costs, the Assignments shall not be required
      to
      be submitted for recording (except with respect to any Mortgage Loan located
      in
      Maryland) unless the Trustee or the Depositor receives written notice that
      failure to record would result in a withdrawal or a downgrading by any Rating
      Agency of the rating on any Class of Certificates; provided,
      however,
      the
      Trustee shall enforce the obligations of the Seller under the Mortgage Loan
      Purchase Agreement to submit or cause to be submitted each Assignment for
      recording in the manner described above, except with respect to any Mortgage
      Loan for which MERS is identified on the Mortgage, at no expense to the Trust
      Fund or the Trustee, upon the earliest to occur of: (i) reasonable direction
      by
      Holders of Certificates entitled to at least 25% of the Voting Rights, (ii)
      the
      occurrence of a Servicer Event of Default, (iii) the occurrence of a bankruptcy,
      insolvency or foreclosure relating to the Servicer, (iv) the occurrence of
      a
      servicing transfer as described in Section
      7.02
      hereof,
      (v) with respect to any one Assignment, the occurrence of a bankruptcy,
      insolvency or foreclosure relating to the Mortgagor under the related Mortgage
      and (vi) any Mortgage Loan that is 90 days or more delinquent. Upon receipt
      of
      written notice by the Trustee from the Servicer that recording of the
      Assignments is required pursuant to one or more of the conditions set forth
      in
      the preceding sentence, the Depositor shall be required to deliver such
      Assignments or shall cause such Assignments to be delivered within 30 days
      following receipt of such notice.

     

    All
      original documents relating to the Mortgage Loans that are not delivered to
      the
      Trustee are and shall be held by or on behalf of the Seller, the Depositor
      or
      the Servicer, as the case may be, in trust for the benefit of the Trustee on
      behalf of the Certificateholders. In the event that any such original document
      is required pursuant to the terms of this Section
      2.01
      to be a
      part of a Mortgage File, such document shall be delivered promptly to the
      Trustee. Any such original document delivered to or held by the Depositor that
      is not required pursuant to the terms of this Section to be a part of a Mortgage
      File, shall be delivered promptly to the Servicer.

     

    The
      parties hereto understand and agree that it is not intended that any Mortgage
      Loans be included in the Trust that are (a) “high cost” loans under the Home
      Ownership and Equity Protection Act of 1994 or (b) “high cost,” “threshold,”
“covered” or “predatory” loans under any other applicable federal, state or
      local law (including without limitation any regulation or ordinance) (or a
      similarly classified loan using different terminology under a law imposing
      heightened regulatory scrutiny or additional legal liability for residential
      mortgage loans having high interest rates, points and/or fees).

     

    SECTION
      2.02  Acceptance
      of REMIC I by Trustee.
      The
      Trustee acknowledges receipt, subject to the provisions of Section
      2.01
      above
      and subject to any exceptions noted on the exception report described in the
      next paragraph below, of the documents referred to in Section
      2.01
      (other
      than such documents described in Section
      2.01(v))
      and all
      other assets included in the definition
      of “REMIC I”
under
      clauses
      (i),
      (iii),
      (iv)
      and
(v)
      (to the
      extent of amounts attributable thereto deposited into the Certificate Account)
      and declares that it holds and will hold such documents and the other documents
      delivered to it constituting a Mortgage File, and that it holds or will hold
      all
      such assets and such other assets included in the definition
      of “REMIC I”
in
      trust for the exclusive use and benefit of all present and future
      Certificateholders.

     

    The
      Trustee agrees, for the benefit of the Certificateholders, to review each
      Mortgage File on or before the Closing Date, and to certify in substantially
      the
      form attached
      hereto as Exhibit C-1 that,
      as
      to each Mortgage Loan listed in the Mortgage Loan Schedule (other than any
      Mortgage Loan paid in full or any Mortgage Loan specifically identified in
      the
      exception report annexed thereto as not being covered by such certification),
      (i) all documents constituting part of such Mortgage File (other than such
      documents described in Section
      2.01(v))
      required
      to be delivered to it pursuant to this Agreement are in its possession, (ii)
      such documents have been reviewed by it and appear regular on their face and
      relate to such Mortgage Loan and (iii) based on its examination and only as
      to the foregoing, the information set forth in the Mortgage Loan Schedule that
      corresponds to items
      (i),
      (iii),
      (xii),
      (xiii)
      and
(xvi)
      of the
definition
      of “Mortgage Loan Schedule”
      accurately reflects information set forth in the Mortgage File. It is herein
      acknowledged that, in conducting such review, the Trustee was under no duty
      or
      obligation (i) to inspect, review or examine any such documents, instruments,
      certificates or other papers to determine whether they are genuine, enforceable,
      valid, legally binding, effective or appropriate for the represented purpose
      or
      whether they have actually been recorded or are in recordable form or that
      they
      are other than what they purport to be on their face, (ii) to determine whether
      any Mortgage File should include any of the documents specified in clause
      (v)
      of
Section
      2.01
      or (iii)
      to determine the perfection or priority of any security interest in any such
      documents or instruments. Notwithstanding the foregoing, in conducting the
      review described in this Section
      2.02,
      the
      Trustee shall not be responsible for determining (i) if an Assignment is
      sufficient under the laws of the jurisdiction wherein the related Mortgaged
      Property is located to reflect of record the sale of the Mortgage or (ii) if
      a
      Mortgage creates a first or second lien on, or first or second priority security
      interest in, a Mortgaged Property.

     

    Prior
      to
      the first anniversary date of this Agreement, the Trustee shall deliver to
      the
      Depositor, the Trustee and the Servicer a final certification in the form
      annexed hereto as Exhibit C-2 evidencing the completeness of the Mortgage Files,
      with any applicable exceptions noted thereon, and the Servicer shall forward
      a
      copy thereof to any Sub-Servicer.

     

    If
      in the
      process of reviewing the Mortgage Files and making or preparing, as the case
      may
      be, the certifications referred to above, the Trustee, finds any document or
      documents constituting a part of a Mortgage File to be missing or defective
      in
      any material respect, at the conclusion of its review the Trustee shall so
      notify the Depositor and the Servicer. In addition, upon the discovery by the
      Depositor, the Servicer or the Trustee of a breach of any of the representations
      and warranties made by either RFC or the Seller in the related Mortgage Loan
      Purchase Agreement in respect of any Mortgage Loan which materially adversely
      affects such Mortgage Loan or the interests of the Certificateholders in such
      Mortgage Loan, the party discovering such breach shall give prompt written
      notice to the other parties.

     

    The
      Trustee shall, at the written request and expense of any Certificateholder,
      provide a written report to such Certificateholder of all Mortgage Files
      released to the Servicer for servicing purposes.

     

    The
      Depositor and the Trustee intend that the assignment and transfer herein
      contemplated is absolute and constitutes a sale of the Mortgage Loans, the
      related Mortgage Notes and the related documents, conveying good title thereto
      free and clear of any liens and encumbrances, from the Depositor to the Trustee
      in trust for the benefit of the Certificateholders and that such property not
      be
      part of the Depositor’s estate or property of the Depositor in the event of any
      insolvency by the Depositor. In the event that such conveyance is deemed to
      be,
      or to be made as security for, a loan, the parties intend that the Depositor
      shall be deemed to have granted and does hereby grant to the Trustee a first
      priority perfected security interest in all of the Depositor’s right, title and
      interest in and to the Mortgage Loans, the related Mortgage Notes and the
      related documents, and that this Agreement shall constitute a security agreement
      under applicable law.

     

    SECTION
      2.03  Repurchase
      or Substitution of Mortgage Loans by RFC and the Seller.
      (a)
      Upon
      discovery or receipt of notice of any materially defective document in, or
      that
      a document is missing from, a Mortgage File or of the breach by RFC or the
      Seller of any representation, warranty or covenant under the Mortgage Loan
      Purchase Agreement in respect of any Mortgage Loan that materially adversely
      affects the value of such Mortgage Loan or the interest therein of the
      Certificateholders, the Trustee shall promptly notify the Seller, RFC and the
      Servicer of such defect, missing document or breach and request that RFC or
      the
      Seller, as applicable, deliver such missing document or cure such defect or
      breach within 60 days from the date RFC or the Seller, as applicable, was
      notified of such missing document, defect or breach, and if RFC or the Seller,
      as applicable, does not deliver such missing document or cure such defect or
      breach in all material respects during such period, the Trustee shall enforce
      the obligations of RFC or the Seller, as applicable, under the Mortgage Loan
      Purchase Agreement to repurchase such Mortgage Loan from REMIC I at the Purchase
      Price within 90 days after the date on which RFC or the Seller, as applicable,
      was notified (subject to Section
      2.03(c))
      of such
      missing document, defect or breach, if and to the extent that RFC or the Seller,
      as applicable, is obligated to do so under the Mortgage Loan Purchase Agreement.
      The Purchase Price for the repurchased Mortgage Loan shall be remitted to the
      Servicer for deposit in the Custodial Account and the Trustee, upon receipt
      of
      written certification from the Servicer of such deposit, shall release to RFC
      or
      the Seller, as applicable, the related Mortgage File and the Trustee shall
      execute and deliver such instruments of transfer or assignment, in each case
      without recourse, as RFC or the Seller, as applicable, shall furnish to it
      and
      as shall be necessary to vest in RFC or the Seller, as applicable, any Mortgage
      Loan released pursuant hereto. The Trustee shall not have any further
      responsibility with regard to such Mortgage File. In lieu of repurchasing any
      such Mortgage Loan as provided above, if so provided in the Mortgage Loan
      Purchase Agreement, RFC or the Seller, as applicable, may cause such Mortgage
      Loan to be removed from REMIC I (in which case it shall become a Deleted
      Mortgage Loan) and substitute one or more Qualified Substitute Mortgage Loans
      in
      the manner and subject to the limitations set forth in Section
      2.03(b);
      provided,
      however,
      RFC
      may
      not substitute a Qualified Substitute Mortgage Loan for any Deleted Mortgage
      Loan that violates any predatory or abusive lending law. In furtherance of
      the
      foregoing, if RFC or the Seller, as applicable, is not a member of MERS and
      repurchases a Mortgage Loan which is registered on the MERS® System, RFC or the
      Seller, as applicable, at its own expense and without any right of
      reimbursement, shall cause MERS to execute and deliver an assignment of the
      Mortgage in recordable form to transfer the Mortgage from MERS to RFC or the
      Seller, as applicable, and shall cause such Mortgage to be removed from
      registration on the MERS® System in accordance with MERS’ rules and regulations.
      It is understood and agreed that the obligation of RFC or the Seller, as
      applicable, to cure or to repurchase (or to substitute for) any Mortgage Loan
      as
      to which a document is missing, a material defect in a constituent document
      exists or as to which such a breach has occurred and is continuing shall
      constitute the sole remedy respecting such omission, defect or breach available
      to the Trustee and the Certificateholders.

     

    (b)  Any
      substitution of Qualified Substitute Mortgage Loans for Deleted Mortgage Loans
      made pursuant to Section
      2.03(a)
      must be
      effected prior to the date which is two years after the Startup Day for REMIC
      I.

     

    As
      to any
      Deleted Mortgage Loan for which RFC or the Seller, as applicable, substitutes
      a
      Qualified Substitute Mortgage Loan or Loans, such substitution shall be effected
      by RFC or the Seller, as applicable, delivering to the Trustee, for such
      Qualified Substitute Mortgage Loan or Loans, the Mortgage Note, the Mortgage,
      the Assignment to the Trustee, and such other documents and agreements, with
      all
      necessary endorsements thereon, as are required by Section
      2.01,
      together with an Officers’ Certificate providing that each such Qualified
      Substitute Mortgage Loan satisfies the definition thereof and specifying the
      Substitution Shortfall Amount (as described below), if any, in connection with
      such substitution. The Trustee shall acknowledge receipt for such Qualified
      Substitute Mortgage Loan or Loans and, within ten Business Days thereafter,
      shall review such documents as specified in Section
      2.02
      and
      deliver to the Depositor and the Servicer, with respect to such Qualified
      Substitute Mortgage Loan or Loans, a certification substantially in the form
      attached hereto as Exhibit C-1, with any applicable exceptions noted thereon.
      Within one year of the date of substitution, the Trustee shall deliver to the
      Depositor and the Servicer a certification substantially in the form of Exhibit
      C-2 with respect to such Qualified Substitute Mortgage Loan or Loans, with
      any
      applicable exceptions noted thereon. Monthly Payments due with respect to
      Qualified Substitute Mortgage Loans in the month of substitution are not part
      of
      REMIC I and will be retained by RFC or the Seller, as applicable. For the month
      of substitution, distributions to Certificateholders will reflect the Monthly
      Payment due on such Deleted Mortgage Loan on or before the Due Date in the
      month
      of substitution, and RFC or the Seller, as applicable, shall thereafter be
      entitled to retain all amounts subsequently received in respect of such Deleted
      Mortgage Loan. The Depositor shall give or cause to be given written notice
      to
      the Certificateholders that such substitution has taken place, shall amend
      the
      Mortgage Loan Schedule to reflect the removal of such Deleted Mortgage Loan
      from
      the terms of this Agreement and the substitution of the Qualified Substitute
      Mortgage Loan or Loans and shall deliver a copy of such amended Mortgage Loan
      Schedule to the Trustee. Upon such substitution, such Qualified Substitute
      Mortgage Loan or Loans shall constitute part of the Mortgage Pool and shall
      be
      subject in all respects to the terms of this Agreement and the Mortgage Loan
      Purchase Agreement, including, all applicable representations and warranties
      thereof included in the Mortgage Loan Purchase Agreement.

     

    For
      any
      month in which RFC or the Seller, as applicable, substitutes one or more
      Qualified Substitute Mortgage Loans for one or more Deleted Mortgage Loans,
      the
      Servicer will determine the amount (the “Substitution
      Shortfall Amount”),
      if
      any, by which the aggregate Purchase Price of all such Deleted Mortgage Loans
      exceeds the aggregate of, as to each such Qualified Substitute Mortgage Loan,
      the Stated Principal Balance thereof as of the date of substitution, together
      with one month’s interest on such Stated Principal Balance at the applicable
      Expense Adjusted Mortgage Rate, plus
      all
      outstanding Advances and Servicing Advances (including Nonrecoverable Advances
      and Nonrecoverable Servicing Advances) related thereto. On the date of such
      substitution, RFC or the Seller, as applicable, will deliver or cause to be
      delivered to the Servicer for deposit in the Custodial Account an amount equal
      to the Substitution Shortfall Amount, if any, and upon receipt of the related
      Qualified Substitute Mortgage Loan or Loans and certification by the Servicer
      of
      such deposit, release to RFC or the Seller, as applicable, the related Mortgage
      File or Files and the Trustee shall execute and deliver such instruments of
      transfer or assignment, in each case without recourse, RFC or the Seller, as
      applicable, shall deliver to it and as shall be necessary to vest therein any
      Deleted Mortgage Loan released pursuant hereto.

     

    In
      addition, RFC or the Seller, as applicable, shall obtain at its own expense
      and
      deliver to the Trustee an Opinion of Counsel to the effect that such
      substitution will not cause (a) any federal tax to be imposed on any Trust
      REMIC, including without limitation, any federal tax imposed on “prohibited
      transactions” under Section 860F(a)(1) of the Code or on “contributions after
      the startup date” under Section 860G(d)(1) of the Code, or (b) any Trust REMIC
      to fail to qualify as a REMIC at any time that any Certificate is
      outstanding.

     

    (c)  Upon
      discovery by the Depositor, the Servicer or the Trustee that any Mortgage Loan
      does not constitute a “qualified mortgage” within the meaning of Section
      860G(a)(3) of the Code, the party discovering such fact shall within two
      Business Days give written notice thereof to the other parties. In connection
      therewith, RFC shall repurchase or, subject to the limitations set forth in
      Section
      2.03(b),
      substitute one or more Qualified Substitute Mortgage Loans for the affected
      Mortgage Loan within 90 days of the earlier of discovery or receipt of such
      notice with respect to such affected Mortgage Loan. Such repurchase or
      substitution shall be made by (i) RFC or the Seller, as the case may be, if
      the
      affected Mortgage Loan’s status as a non-qualified mortgage is or results from a
      breach of any representation, warranty or covenant made by RFC or the Seller,
      as
      the case may be, under the Mortgage Loan Purchase Agreement, or (ii) the
      Depositor, if the affected Mortgage Loan’s status as a non-qualified mortgage is
      a breach of no representation or warranty. Any such repurchase or substitution
      shall be made in the same manner as set forth in Section
      2.03(a).
      The
      Trustee shall reconvey to RFC the Mortgage Loan to be released pursuant hereto
      in the same manner, and on the same terms and conditions, as it would a Mortgage
      Loan repurchased for breach of a representation or warranty.

     

    SECTION
      2.04  [Reserved].

     

    SECTION
      2.05  Representations,
      Warranties and Covenants of the Servicer.
      The
      Servicer hereby represents, warrants and covenants to the Trustee, for the
      benefit of the Certificateholders and to the Depositor that as of the Closing
      Date or as of such date specifically provided herein:

     

    (i)  The
      Servicer is duly organized, validly existing, and in good standing under the
      laws of the jurisdiction of its formation and has all licenses necessary to
      carry on its business as now being conducted and is licensed, qualified and
      in
      good standing in the states where the 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 Servicer or to ensure the enforceability or validity
      of each Mortgage Loan; the Servicer has the power and authority to execute and
      deliver this Agreement and to perform in accordance herewith; the execution,
      delivery and performance of this Agreement (including all instruments of
      transfer to be delivered pursuant to this Agreement) by the Servicer and the
      consummation of the transactions contemplated hereby have been duly and validly
      authorized; this Agreement evidences the valid, binding and enforceable
      obligation of the Servicer, subject to applicable bankruptcy, insolvency,
      reorganization, moratorium or other similar laws affecting the enforcement
      of
      creditors’ rights generally; and all requisite corporate action has been taken
      by the Servicer to make this Agreement valid and binding upon the Servicer
      in
      accordance with its terms;

     

    (ii)  The
      consummation of the transactions contemplated by this Agreement is in the
      ordinary course of business of the Servicer and will not result in the breach
      of
      any term or provision of the charter or by-laws of the Servicer or result in
      the
      breach of any term or provision of, or conflict with or constitute a default
      under or result in the acceleration of any obligation under, any agreement,
      indenture or loan or credit agreement or other instrument to which the Servicer
      or its property is subject, or result in the violation of any law, rule,
      regulation, order, judgment or decree to which the Servicer or its property
      is
      subject;

     

    (iii)  The
      execution and delivery of this Agreement by the Servicer and the performance
      and
      compliance with its obligations and covenants hereunder do not require the
      consent or approval of any governmental authority or, if such consent or
      approval is required, it has been obtained;

     

    (iv)  This
      Agreement, and all documents and instruments contemplated hereby which are
      executed and delivered by the Servicer, constitute and will constitute valid,
      legal and binding obligations of the Servicer, enforceable in accordance with
      their respective terms, except as the enforcement thereof may be limited by
      applicable bankruptcy laws and general principles of equity;

     

    (v)  The
      Servicer is not in violation of, and the execution and delivery of this
      Agreement by the Servicer and its performance and compliance with the terms
      of
      this Agreement will not constitute a violation with respect to, any order or
      decree of any court or any order or regulation of any federal, state, municipal
      or governmental agency having jurisdiction over the Servicer or its assets,
      which violation will likely have consequences that would materially and
      adversely affect the condition (financial or otherwise) or the operation of
      the
      Servicer or its assets or will likely have consequences that would materially
      and adversely affect the performance of its obligations and duties hereunder
      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, or impair the ability
      of the Trustee to realize on the Mortgage Loans, impair the value of the
      Mortgage Loans, or impair the ability of the Trustee to realize the full amount
      of any insurance benefits accruing pursuant to this Agreement;

     

    (vi)  The
      Servicer does not believe, nor does it have any reason or cause to believe,
      that
      it cannot perform each and every covenant contained in this
      Agreement;

     

    (vii)  There
      is
      no action, suit, proceeding or investigation pending or, to its knowledge,
      threatened against the Servicer that, either individually or in the aggregate,
      (A) may result in any change in the business, operations, financial condition,
      properties or assets of the Servicer that might prohibit or materially and
      adversely affect the performance by such Servicer of its obligations under,
      or
      validity or enforceability of, this Agreement, or (B) may result in any material
      impairment of the right or ability of the Servicer to carry on its business
      substantially as now conducted, or (C) may result in any material liability
      on
      the part of the Servicer, or (D) would draw into question the validity or
      enforceability of this Agreement or of any action taken or to be taken in
      connection with the obligations of the Servicer contemplated herein, or (E)
      would otherwise be likely to impair materially the ability of the Servicer
      to
      perform under the terms of this Agreement;

     

    (viii)  Neither
      this Agreement nor any information, certificate of an officer, statement
      furnished in writing or report delivered to the Trustee by the Servicer in
      connection with the transactions contemplated hereby contains any untrue
      statement of a material fact or omits a material fact necessary to make the
      information, certificate, statement or report not misleading;

     

    (ix)  The
      Servicer will not waive any Prepayment Charge unless it is waived in accordance
      with the standard set forth in Section
      3.01;

     

    (x)  The
      Servicer has accurately and fully reported, and will continue to accurately
      and
      fully report, in accordance with the Fair Credit Reporting Act and its
      implementing regulations and Accepted Servicing Practices, accurate and complete
      information (e.g., favorable and unfavorable) on its borrower credit files
      to
      Equifax, Experian and Trans Union Credit Information Company (three of the
      credit repositories), on a monthly basis;

     

    (xi)  The
      Servicer is an approved servicer for FHLMC in good standing and is a HUD
      approved mortgagee pursuant to Section 203 of the National Housing Act. No
      event
      has occurred, including but not limited to a change in insurance coverage,
      which
      would make the Servicer unable to comply with FHLMC or HUD eligibility
      requirements or which would require notification to FHLMC or HUD. The Servicer
      has the facilities, procedures, and experienced personnel necessary for the
      sound servicing of mortgage loans of the same type as the Mortgage Loans. The
      Servicer is duly qualified, licensed, registered and otherwise authorized under
      all applicable federal, state and local laws, and regulations, if applicable,
      meets the minimum capital requirements set forth by HUD, the OTS, the OCC or
      the
      FDIC, if applicable, and is in good standing to enforce, originate, sell
      mortgage loans to, and service mortgage loans in each jurisdiction wherein
      the
      Mortgaged Properties are located;

     

    (xii)  The
      Servicer acknowledges and agrees that the Servicing Fee represents reasonable
      compensation for performing such services and that the entire Servicing Fee
      shall be treated by the Servicer, for accounting and tax purposes, as
      compensation for the servicing and administration of the Mortgage Loans pursuant
      to this Agreement; and

     

    (xiii)  The
      Servicer has complied with all applicable anti-money laundering laws and
      regulations, including, without limitation, the USA PATRIOT Act of
      2001.

     

    It
      is
      understood and agreed that the representations, warranties and covenants set
      forth in this Section
      2.05
      shall
      survive delivery of the Mortgage Files to the Trustee and shall inure to the
      benefit of the Trustee, the Depositor and the Certificateholders. Upon discovery
      by any of the Depositor, the Servicer or the Trustee of a breach of any of
      the
      foregoing representations, warranties and covenants which materially and
      adversely affects the value of any Mortgage Loan or the interests therein of
      the
      Certificateholders, the party discovering such breach shall give prompt written
      notice (but in no event later than two Business Days following such discovery)
      to the Trustee. Subject to Section
      7.01,
      unless
      such breach shall not be susceptible of cure within 90 days, the obligation
      of
      the Servicer set forth in this Section
      2.05
      to cure
      breaches shall constitute the sole remedy against the Servicer available to
      the
      Certificateholders, the Depositor and the Trustee on behalf of the
      Certificateholders respecting a breach of the representations, warranties and
      covenants contained in this Section
      2.05.
      Notwithstanding the foregoing, within 90 days of the earlier of discovery by
      the
      Servicer or receipt of notice by the Servicer of the breach of the
      representation or covenant of the Servicer set forth in Section
      2.05(ix)
      above,
      which breach materially and adversely affects the interests of the Holders
      of
      the Class P Certificates in any Prepayment Charge, the Servicer shall 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 Custodial
      Account.

     

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

     

    SECTION
      2.07  Conveyance
      of the REMIC I Regular Interests; Acceptance of REMIC II by the
      Trustee.
      The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey to the Trustee, without recourse
      all the right, title and interest of the Depositor in and to the REMIC I Regular
      Interests for the benefit of the Class R-II Interest and REMIC II (as holder
      of
      the REMIC I Regular Interests). The Trustee acknowledges receipt of the REMIC
      I
      Regular Interests and declares that it holds and will hold the same in trust
      for
      the exclusive use and benefit of all present and future holders of the Class
      R-II Interest and REMIC II (as holder of the REMIC I Regular Interests). The
      rights of the holders of the Class R-II Interest and REMIC II (as holder of
      the
      REMIC I Regular Interests) to receive distributions from the proceeds of REMIC
      II in respect of the Class R-II Interest and REMIC II Regular Interests,
      respectively, and all ownership interests evidenced or constituted by the Class
      R-II Interest and the REMIC II Regular Interests, shall be as set forth in
      this
      Agreement.

     

    SECTION
      2.08  Issuance
      of Class R Certificates.
      The
      Trustee acknowledges the assignment to it of the REMIC Regular Interests and,
      concurrently therewith and in exchange therefor, pursuant to the written request
      of the Depositor executed by an officer of the Depositor, the Trustee has
      executed, authenticated and delivered to or upon the order of the Depositor,
      the
      Class R Certificates in authorized denominations.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    ARTICLE
      III

     

    ADMINISTRATION
      AND SERVICING

    OF
      THE
      MORTGAGE LOANS

     

    SECTION
      3.01  Servicer
      to Act as Servicer.
      The
      Servicer shall service and administer the Mortgage Loans on behalf of the Trust
      Fund and in the best interests of and for the benefit of the Certificateholders
      (as determined by the Servicer in its reasonable judgment) in accordance with
      all applicable laws and the terms of this Agreement and the respective Mortgage
      Loans and, to the extent consistent with such terms, in the same manner in
      which
      it services and administers similar mortgage loans for its own portfolio, and
      in
      accordance with customary and usual standards of practice of mortgage lenders
      and loan servicers administering similar mortgage loans but without regard
      to:

     

    (i)  any
      relationship that the Servicer, any Sub-Servicer or any Affiliate of the
      Servicer or any Sub-Servicer 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 Advances or Servicing Advances; or

     

    (iv)  the
      Servicer’s or any Sub-Servicer’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 (a) shall seek the timely
      and
      complete recovery of principal and interest on the Mortgage Notes and (b) shall
      waive (or permit a Sub-Servicer to waive) a Prepayment Charge only under the
      following circumstances: (i) such waiver is standard and customary in servicing
      similar Mortgage Loans, relates to a default or a reasonably foreseeable default
      and would, in the reasonable judgment of the Servicer, maximize recovery of
      total proceeds taking into account the value of such Prepayment Charge and
      the
      related Mortgage Loan or (ii) such Prepayment Charge is unenforceable in
      accordance with applicable law or the collection of such related Prepayment
      Charge would otherwise violate applicable law. If a Prepayment Charge is waived
      as permitted by meeting the standards described in clause
      (ii)
      above,
      then the Servicer shall enforce the obligation of RFC under the Mortgage Loan
      Purchase Agreement 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 Custodial Account together with and at the time that the amount prepaid
      on the related Mortgage Loan is required to be deposited into the Custodial
      Account. Notwithstanding any other provisions of this Agreement, any payments
      made by RFC in respect of any waived Prepayment Charges pursuant to clause
      (ii)
      above
      shall be deemed to be paid outside of the Trust Fund.

     

    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 Sub-Servicers 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
      Sub-Servicer is hereby authorized and empowered by the Trustee when the Servicer
      believes it appropriate in its best judgment, for the benefit of the
      Certificateholders, in accordance with the servicing standards set forth above,
      to execute and deliver, on behalf of the Trust Fund, the Certificateholders
      and
      the Trustee or any of them, and upon written notice to the Trustee, any and
      all
      instruments of satisfaction or cancellation, or of partial or full release
      or
      discharge, 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 and Certificateholders. 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. Subject to Section
      3.17,
      the
      Trustee shall execute, at the written request of the Servicer, and furnish
      to
      the Servicer and any Sub-Servicer any special or limited powers of attorney
      and
      other documents necessary or appropriate to enable the Servicer or any
      Sub-Servicer to carry out their servicing and administrative duties hereunder
      and the Trustee shall not be liable for the actions of the Servicer or any
      Sub-Servicers under such powers of attorney.

     

    Subject
      to Section
      3.09
      hereof,
      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
      related collections from the Mortgagors pursuant to Section
      3.09,
      and
      further as provided in Section
      3.11.
      Any
      cost incurred by the Servicer or by Sub-Servicers in effecting the timely
      payment of taxes and assessments on a Mortgaged Property shall not, for the
      purpose of calculating distributions to Certificateholders, be added to the
      unpaid principal balance of the related Mortgage Loan, notwithstanding that
      the
      terms of such Mortgage Loan so permit.

     

    The
      Servicer further is authorized and empowered by the Trustee, on behalf of the
      Certificateholders and the Trustee, in its own name or in the name of the
      Sub-Servicer, when the Servicer or the Sub-Servicer, as the case may be,
      believes it is appropriate in its best judgment to register any Mortgage Loan
      on
      the MERS System, or cause the removal from the registration of any Mortgage
      Loan
      on the MERS System, to execute and deliver, on behalf of the Trustee and the
      Certificateholders or any of them, any and all instruments of assignment and
      other comparable instruments with respect to such assignment or re-recording
      of
      a Mortgage in the name of MERS, solely as nominee for the Trustee and its
      successors and assigns. Any reasonable expenses (i) incurred as a result of
      MERS
      discontinuing or becoming unable to continue operations in connection with
      the
      MERS System or (ii) if the affected Mortgage Loan is in default or, in the
      judgment of the Servicer, such default is reasonably foreseeable, incurred
      in
      connection with the actions described in the preceding sentence, shall be
      subject to withdrawal by the Servicer from the Custodial Account.

     

    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
      4.03)
      and 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 (unless, as provided in
Section
      3.07,
      the
      Mortgagor is in default with respect to the Mortgage Loan or such default is,
      in
      the judgment of the Servicer, reasonably foreseeable) 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 Treasury regulations promulgated thereunder) and (B) cause
      any Trust REMIC to fail to qualify as a REMIC under the Code or the imposition
      of any tax on “prohibited transactions” or “contributions after the startup
      date” under the REMIC Provisions.

     

    The
      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  Sub-Servicing
      Agreements Between Servicer and Sub-Servicers.
      (a)
      Subject
      to Section
      14.01(d),
      the
      Servicer may enter into Sub-Servicing Agreements with Sub-Servicers for the
      servicing and administration of the Mortgage Loans; provided,
      however,
      that
      such agreements would not result in a withdrawal or a downgrading by any Rating
      Agency of the rating on any Class of Certificates (it being understood that
      the
      Servicer shall not be obligated to obtain a specific letter to such effect).
      The
      Trustee is hereby authorized to acknowledge, at the request of the Servicer,
      any
      Sub-Servicing Agreement that, based on an Officers’ Certificate of the Servicer
      delivered to the Trustee (upon which the Trustee can conclusively rely), meets
      the requirements applicable to Sub-Servicing Agreements set forth in this
      Agreement and that is otherwise permitted under this Agreement.

     

    Each
      Sub-Servicer shall be (i) authorized to transact business in the state or states
      where the related Mortgaged Properties it is to service are situated, if and
      to
      the extent required by applicable law to enable the Sub-Servicer to perform
      its
      obligations hereunder and under the Sub-Servicing Agreement and (ii) a Freddie
      Mac or Fannie Mae approved mortgage servicer. Each Sub-Servicing Agreement
      must
      impose on the Sub-Servicer requirements conforming to the provisions set forth
      in Section
      3.08
      and
      provide for servicing of the Mortgage Loans consistent with the terms of this
      Agreement. The Servicer will examine each Sub-Servicing Agreement and will
      be
      familiar with the terms thereof. The terms of any Sub-Servicing Agreement will
      not be inconsistent with any of the provisions of this Agreement. The Servicer
      and the Sub-Servicers may enter into and make amendments to the Sub-Servicing
      Agreements or enter into different forms of Sub-Servicing Agreements;
provided,
      however,
      that
      any such amendments or different forms shall be consistent with and not violate
      the provisions of this Agreement, and that no such amendment or different form
      shall be made or entered into which could be reasonably expected to be
      materially adverse to the interests of the Certificateholders without the
      consent of the Holders of Certificates entitled to at least 66% of the Voting
      Rights; provided, further, that the consent of the Holders of Certificates
      entitled to at least 66% of the Voting Rights shall not be required (i) to
      cure
      any ambiguity or defect in a Sub-Servicing Agreement, (ii) to correct, modify
      or
      supplement any provisions of a Sub-Servicing Agreement, or (iii) to make any
      other provisions with respect to matters or questions arising under a
      Sub-Servicing Agreement, which, in each case, shall not be inconsistent with
      the
      provisions of this Agreement. Any variation without the consent of the Holders
      of Certificates entitled to at least 66% of the Voting Rights from the
      provisions set forth in Section
      3.08
      relating
      to insurance or priority requirements of Sub-Servicing Accounts, or credits
      and
      charges to the Sub-Servicing Accounts or the timing and amount of remittances
      by
      the Sub-Servicers to the Servicer, are conclusively deemed to be inconsistent
      with this Agreement and therefore prohibited. The Servicer shall deliver to
      the
      Trustee, upon its request, copies of all Sub-Servicing Agreements, and any
      amendments or modifications thereof, promptly upon the Servicer’s execution and
      delivery of such instruments.

     

    (b)  As
      part
      of its servicing activities hereunder, the Servicer, for the benefit of the
      Trustee and the Certificateholders, shall enforce the obligations of each
      Sub-Servicer under the related Sub-Servicing Agreement, including, without
      limitation, any obligation of a Sub-Servicer to make advances in respect of
      delinquent payments as required by a Sub-Servicing Agreement, or to purchase
      a
      Mortgage Loan on account of missing or defective documentation or on account
      of
      a breach of a representation, warranty or covenant, as described in Section
      2.03(a). Such enforcement, including, without limitation, the legal prosecution
      of claims, termination of Sub-Servicing Agreements, and the pursuit of other
      appropriate remedies, shall be in such form and carried out to such an extent
      and at such time as the 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 enforcing the obligations of a Sub-Servicer 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.

     

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

     

    Any
      Sub-Servicing Agreement shall include the provision that such agreement may
      be
      immediately terminated by the Trustee (if the Trustee is acting as Servicer)
      without fee, in accordance with the terms of this Agreement, in the event that
      the Servicer (or the Trustee, if it is then acting as Servicer) shall, for
      any
      reason, no longer be the Servicer (including termination due to a Servicer
      Event
      of Default).

     

    SECTION
      3.04  Liability
      of the Servicer.
      Notwithstanding any Sub-Servicing Agreement or the provisions of this Agreement
      relating to agreements or arrangements between the Servicer and a Sub-Servicer
      or reference to actions taken through a Sub-Servicer or otherwise, the Servicer
      shall remain obligated and primarily liable to the Trustee and the
      Certificateholders for the servicing and administering of the Mortgage Loans
      in
      accordance with the provisions of Section
      3.01
      without
      diminution of such obligation or liability by virtue of such Sub-Servicing
      Agreements or arrangements or by virtue of indemnification from the Sub-Servicer
      and to the same extent and under the same terms and conditions as if the
      Servicer alone were servicing and administering the Mortgage Loans. The Servicer
      shall be entitled to enter into any agreement with a Sub-Servicer for
      indemnification of the Servicer by such Sub-Servicer and nothing contained
      in
      this Agreement shall be deemed to limit or modify such
      indemnification.

     

    SECTION
      3.05  No
      Contractual Relationship Between Sub-Servicers, the Trustee or the
      Certificateholders.
      Any
      Sub-Servicing Agreement that may be entered into and any other transactions
      or
      services relating to the Mortgage Loans involving a Sub-Servicer in its capacity
      as such shall be deemed to be between the Sub-Servicer and the Servicer alone,
      and the Trustee and the Certificateholders shall not be deemed parties thereto
      and shall have no claims, rights, obligations, duties or liabilities with
      respect to the Sub-Servicer except as set forth in Section
      3.06.
      The
      Servicer shall be solely liable for all fees owed by it to any Sub-Servicer,
      irrespective of whether the Servicer’s compensation pursuant to this Agreement
      is sufficient to pay such fees. The foregoing provision shall not in any way
      limit a Sub-Servicer’s obligation to cure an omission or defect.

     

    SECTION
      3.06  Assumption
      or Termination of Sub-Servicing Agreements by the Trustee.
      In the
      event the Servicer shall for any reason no longer be the Servicer (including
      by
      reason of the occurrence of a Servicer Event of Default), the Trustee, its
      designee or other successor Servicer shall thereupon assume all of the rights
      and obligations of the Servicer under each Sub-Servicing Agreement that the
      Servicer may have entered into, unless the Trustee, such designee or other
      successor Servicer elects to terminate any Sub-Servicing Agreement in accordance
      with its terms as provided in Section
      3.03.
      Upon
      such assumption, the Trustee, its designee or the successor Servicer for the
      Trustee appointed pursuant to Section
      7.02
      shall be
      deemed, subject to Section
      3.03,
      to have
      assumed all of the Servicer’s interest therein and to have replaced the Servicer
      as a party to each Sub-Servicing Agreement to the same extent as if each
      Sub-Servicing Agreement had been assigned to the assuming party, except that
      (i)
      the Servicer shall not thereby be relieved of any liability or obligations
      under
      any Sub-Servicing Agreement that arose before it ceased to be the Servicer
      and
      (ii) none of the Trustee, its designee 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.

     

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

     

    The
      Servicing Fee payable to the Trustee as successor Servicer or other successor
      Servicer shall be payable from payments received on the Mortgage Loans in the
      amount and in the manner set forth in this Agreement.

     

    SECTION
      3.07  Collection
      of Certain Mortgage Loan Payments.
      The
      Servicer shall make reasonable efforts to collect all payments called for under
      the terms and provisions of the Mortgage Loans, and shall, to the extent such
      procedures shall be consistent with this Agreement and the terms and provisions
      of any applicable insurance policies, follow such collection procedures as
      it
      would follow with respect to mortgage loans comparable to the Mortgage Loans
      and
      held for its own account. Consistent with the foregoing, the Servicer may in
      its
      discretion (i) waive any late payment charge or, if applicable, any penalty
      interest, or (ii) extend the due dates for the Monthly Payments due on a
      Mortgage Note for a period of not greater than 180 days; provided,
      however,
      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
      4.03
      and in
      accordance with the amortization schedule of such Mortgage Loan without
      modification thereof by reason of such arrangement. 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, capitalize past due Monthly Payments and outstanding
      Servicing Advances or extend the final maturity date of such Mortgage Loan),
      accept payment from the related Mortgagor of an amount less than the Stated
      Principal Balance in final satisfaction of such Mortgage Loan (such payment,
      a
“Short
      Pay-off”),
      or
      consent to the postponement of strict compliance with any such term or otherwise
      grant indulgence to any Mortgagor (any and all such waivers, modifications,
      variances, forgiveness of principal or interest, postponements, or indulgences
      collectively referred to herein as “forbearance”), provided,
      however,
      that in
      no event shall the Servicer grant any such forbearance (other than as permitted
      by the second sentence of this Section) with respect to any one Mortgage Loan
      more than once in any 12 month period or more than three times over the life
      of
      such Mortgage Loan. 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 Mortgage File.

     

    SECTION
      3.08  Sub-Servicing
      Accounts.
      In
      those cases where a Sub-Servicer is servicing a Mortgage Loan pursuant to a
      Sub-Servicing Agreement, the Sub-Servicer will be required to establish and
      maintain one or more accounts (collectively, the “Sub-Servicing
      Account”).
      The
      Sub-Servicing Account shall be an Eligible Account and shall comply with all
      requirements of this Agreement relating to the Custodial Account. The
      Sub-Servicer shall deposit in the clearing account in which it customarily
      deposits payments and collections on mortgage loans in connection with its
      mortgage loan servicing activities on a daily basis, and in no event more than
      one Business Day after the Sub-Servicer’s receipt thereof, all proceeds of
      Mortgage Loans received by the Sub-Servicer less its servicing compensation
      to
      the extent permitted by the Sub-Servicing Agreement, and shall thereafter
      deposit such amounts in the Sub-Servicing Account, in no event more than two
      Business Days after the receipt of such amounts. The Sub-Servicer shall
      thereafter deposit such proceeds in the Custodial Account or remit such proceeds
      to the Servicer for deposit in the Custodial Account not later than two Business
      Days after the deposit of such amounts in the Sub-Servicing Account. For
      purposes of this Agreement, the Servicer shall be deemed to have received
      payments on the Mortgage Loans when the Sub-Servicer receives such
      payments.

     

    SECTION
      3.09  Collection
      of Taxes, Assessments and Similar Items; Servicing Accounts.
      On or
      before the second Distribution Date, the Servicer shall establish and maintain,
      or cause to be established and maintained, one or more accounts (the
“Servicing
      Accounts”),
      into
      which all collections from the Mortgagors (or related advances from
      Sub-Servicers) for the payment of taxes, assessments, hazard insurance premiums
      and comparable items for the account of the Mortgagors (“Escrow
      Payments”)
      shall
      be deposited and retained. Servicing Accounts shall be Eligible Accounts. The
      Servicer shall deposit in the clearing account in which it customarily deposits
      payments and collections on mortgage loans in connection with its mortgage
      loan
      servicing activities on a daily basis, and in no event more than one Business
      Day after the Servicer’s receipt thereof, all Escrow Payments collected on
      account of the Mortgage Loans and shall thereafter deposit such Escrow Payments
      in the Servicing Accounts, in no event more than two Business Days after the
      receipt of such Escrow Payments, all Escrow Payments collected on account of
      the
      Mortgage Loans for the purpose of effecting the timely payment of any such
      items
      as required under the terms of this Agreement. Withdrawals of amounts from
      a
      Servicing Account may be made only to (i) effect payment of taxes, assessments,
      hazard insurance premiums, and comparable items in a manner and at a time that
      assures that the lien priority of the Mortgage is not jeopardized (or, with
      respect to the payment of taxes, in a manner and at a time that avoids the
      loss
      of the Mortgaged Property due to a tax sale or the foreclosure as a result
      of a
      tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided
      in the related Sub-Servicing Agreement) out of related collections for any
      advances made pursuant to Section
      3.01
      (with
      respect to taxes and assessments) and Section
      3.14
      (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 Servicing Account; or (v) clear and
      terminate the Servicing Account at the termination of the Servicer’s obligations
      and responsibilities in respect of the Mortgage Loans under this Agreement
      in
      accordance with Article
      IX.
      In the
      event the Servicer shall deposit in a Servicing Account any amount not required
      to be deposited therein, it may at any time withdraw such amount from such
      Servicing Account, any provision herein to the contrary notwithstanding. The
      Servicer will be responsible for the administration of the Servicing Accounts
      and will be obligated to make Servicing Advances to such accounts when and
      as
      necessary to avoid the lapse of insurance coverage on the Mortgaged Property,
      or
      which the Servicer knows, or in the exercise of the required standard of care
      of
      the Servicer hereunder should know, is necessary to avoid the loss of the
      Mortgaged Property due to a tax sale or the foreclosure as a result of a tax
      lien. If any such payment has not been made and the Servicer receives notice
      of
      a tax lien that jeopardizes the lien of the Mortgage Loan, the Servicer will,
      within 10 business days of such notice, advance or cause to be advanced funds
      necessary to discharge such lien on the Mortgaged Property. As part of its
      servicing duties, the Servicer or Sub-Servicers shall pay to the Mortgagors
      interest on funds in the Servicing Accounts, to the extent required by law
      and,
      to the extent that interest earned on funds in the Servicing Accounts is
      insufficient, to pay such interest from its or their own funds, without any
      reimbursement therefor. The Servicer may pay to itself any excess interest
      on
      funds in the Servicing Accounts, to the extent such action is in conformity
      with
      the Servicing Standard, is permitted by law and such amounts are not required
      to
      be paid to Mortgagors or used for any of the other purposes set forth
      above.

     

    SECTION
      3.10  Custodial
      Account and Certificate Account.
      (a)
      On or
      before the second Distribution Date, on behalf of the Trust Fund, the Servicer
      shall establish and maintain, or cause to be established and maintained, one
      or
      more accounts (such account or accounts, the “Custodial
      Account”),
      held
      in trust for the benefit of the Trustee and the Certificateholders. On behalf
      of
      the Trust Fund, the Servicer shall deposit or cause to be deposited in the
      clearing account in which it customarily deposits payments and collections
      on
      mortgage loans in connection with its mortgage loan servicing activities on
      a
      daily basis, and in no event more than one Business Day after the Servicer’s
      receipt thereof, and shall thereafter deposit in the Custodial Account, in
      no
      event more than two Business Days after the Servicer’s receipt thereof, 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 (but not
      Prepayment Charges), 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, Liquidation Proceeds (other than proceeds collected in
      respect of any particular REO Property and amounts paid in connection with
      a
      purchase of Mortgage Loans and REO Properties pursuant to Section
      9.01)
      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 Custodial Account;

     

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

     

    (vi)  all
      proceeds of any Mortgage Loan repurchased or purchased in accordance with
Section
      2.03,
      Section
      3.16
      or
Section
      9.01;

     

    (vii)  all
      amounts required to be deposited in connection with shortfalls in principal
      amount of Qualified Substitute Mortgage Loans pursuant to Section
      2.03;
      and

     

    (viii)  all
      Prepayment Charges collected by the Servicer and any Servicer Prepayment Charge
      Payment Amounts in connection with the Principal Prepayment of any of the
      Mortgage Loans.

     

    The
      foregoing requirements for deposit in the Custodial Account shall be exclusive,
      it being understood and agreed that, without limiting the generality of the
      foregoing, payments in the nature of Servicing Fees, late payment charges,
      assumption fees, insufficient funds charges and ancillary income (other than
      Prepayment Charges) need not be deposited by the Servicer in the Custodial
      Account and may be retained by the Servicer as additional compensation. In
      the
      event the Servicer shall deposit in the Custodial Account any amount not
      required to be deposited therein, it may at any time withdraw such amount from
      the Custodial Account, any provision herein to the contrary
      notwithstanding.

     

    (b)  On
      behalf
      of the Trust Fund, the Trustee shall establish and maintain one or more accounts
      (such account or accounts, the “Certificate
      Account”),
      held
      in trust for the benefit of the Trustee, the Trust Fund and the
      Certificateholders. On behalf of the Trust Fund, the Servicer shall deliver
      to
      the Trustee in immediately available funds for deposit in the Certificate
      Account by 1:00 p.m. New York time (i) on the Servicer Remittance Date, that
      portion of the Available Distribution Amount (calculated without regard to
      the
      references in clause
      (2)
      of the
      definition thereof to amounts that may be withdrawn from the Certificate
      Account) for the related Distribution Date then on deposit in the Custodial
      Account and the amount of all Prepayment Charges collected during the applicable
      Prepayment Period by the Servicer and Servicer Prepayment Charge Payment Amounts
      in connection with the Principal Prepayment of any of the Mortgage Loans then
      on
      deposit in the Custodial Account and the amount of any funds reimbursable to
      an
      Advancing Person pursuant to Section
      3.26
      and (ii)
      on each Business Day as of the commencement of which the balance on deposit
      in
      the Custodial Account exceeds $75,000 following any withdrawals pursuant to
      the
      next succeeding sentence, the amount of such excess, but only if the Custodial
      Account constitutes an Eligible Account solely pursuant to clause
      (ii)
      of the
      definition of “Eligible Account.” If the balance on deposit in the Custodial
      Account exceeds $75,000 as of the commencement of business on any Business
      Day
      and the Custodial Account constitutes an Eligible Account solely pursuant to
      clause
      (ii)
      of the
      definition of “Eligible Account,” the Servicer shall, on or before 1:00 p.m. New
      York time on such Business Day, withdraw from the Custodial Account any and
      all
      amounts payable or reimbursable to the Depositor, the Servicer, the Trustee,
      RFC, the Seller or any Sub-Servicer pursuant to Section
      3.11
      and
      shall pay such amounts to the Persons entitled thereto.

     

    (c)  Funds
      in
      the Custodial Account and the Certificate 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 Trustee of the location of the Custodial
      Account maintained by it when established and prior to any change thereof.
      The
      Trustee shall give notice to the Servicer and the Depositor of the location
      of
      the Certificate Account when established and prior to any change
      thereof.

     

    (d)  Funds
      held in the Custodial Account at any time may be delivered by the Servicer
      to
      the Trustee for deposit in an account (which may be the Certificate Account
      and
      must satisfy the standards for the Certificate Account as set forth in the
      definition thereof) and for all purposes of this Agreement shall be deemed
      to be
      a part of the Custodial Account (and in such event, the Servicer shall provide
      the Trustee with written instructions regarding the investment of such funds);
      provided,
      however,
      that
      the Trustee shall have the sole authority to withdraw any funds held pursuant
      to
      this subsection
      (d).
      In the
      event the Servicer shall deliver to the Trustee for deposit in the Certificate
      Account any amount not required to be deposited therein, it may at any time
      request in writing that the Trustee withdraw such amount from the Certificate
      Account and remit to it any such amount, any provision herein to the contrary
      notwithstanding. In no event shall the Trustee incur liability as a result
      of
      withdrawals from the Certificate Account at the direction of the Servicer in
      accordance with the immediately preceding sentence. In addition, the Servicer
      shall deliver to the Trustee from time to time for deposit, and the Trustee
      shall so deposit, in the Certificate Account:

     

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

     

    (ii)  any
      amounts required to be deposited pursuant to Section
      3.23(d)
      or
(f)
      in
      connection with any REO Property;

     

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

     

    (iv)  any
      Compensating Interest required to be deposited pursuant to Section
      3.24
      in
      connection with any Prepayment Interest Shortfall.

     

    (e)  The
      Servicer shall deposit in the Custodial Account any amounts required to be
      deposited pursuant to Section
      3.12(b)
      in
      connection with losses realized on Permitted Investments with respect to funds
      held in the Custodial Account (and the Certificate Account to the extent that
      funds therein are deemed to be part of the Custodial Account).

     

    SECTION
      3.11  Withdrawals
      from the Custodial Account and Certificate Account.
      (a)
      The
      Servicer shall, from time to time, make withdrawals from the Custodial Account
      for any of the following purposes or as described in Section
      4.03:

     

    (i)  to
      remit
      to the Trustee for deposit in the Certificate Account the amounts required
      to be
      so remitted pursuant to Section
      3.10(b)
      or
      permitted to be so remitted pursuant to the first sentence of Section
      3.10(d);

     

    (ii)  subject
      to Section
      3.16(d),
      to
      reimburse the Servicer for (a) any unreimbursed Advances to the extent of
      amounts received which represent Late Collections (net of the related Servicing
      Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds on
      Mortgage Loans with respect to which such Advances were made in accordance
      with
      the provisions of Section
      4.03;
      (b) any
      unreimbursed Advances with respect to the final liquidation of a Mortgage Loan
      that are Nonrecoverable Advances, but only to the extent that Late Collections,
      Liquidation Proceeds and Insurance Proceeds received with respect to such
      Mortgage Loan are insufficient to reimburse the Servicer for such unreimbursed
      Advances; or (c) subject to Section
      4.03(b),
      any
      unreimbursed Advances to the extent of funds held in the Custodial Account
      for
      future distribution that were not included in Available Funds for the preceding
      Distribution Date;

     

    (iii)  subject
      to Section
      3.16(d),
      to pay
      the Servicer or any Sub-Servicer, as applicable, (a) any unpaid Servicing Fees,
      (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan,
      but
      only to the extent of any Late Collections, Liquidation Proceeds, Insurance
      Proceeds and Subsequent Recoveries received with respect to such Mortgage Loan,
      and (c) any Servicing Advances with respect to the final liquidation of a
      Mortgage Loan that are Nonrecoverable Advances, but only to the extent that
      Late
      Collections, Liquidation Proceeds and Insurance Proceeds received with respect
      to such Mortgage Loan are insufficient to reimburse the Servicer or any
      Sub-Servicer for Servicing Advances;

     

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

     

    (v)  to
      pay to
      the Servicer, the Depositor, RFC or the Seller, as the case may be, with respect
      to each Mortgage Loan that has previously been purchased or replaced pursuant
      to
Section
      2.03
      or
Section
      3.16(c)
      all
      amounts received thereon subsequent to the date of purchase or substitution,
      as
      the case may be;

     

    (vi)  to
      reimburse the Servicer for any Advance or Servicing Advance previously made
      which the Servicer has determined to be a Nonrecoverable Advance in accordance
      with the provisions of Section
      4.03;

     

    (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
      3.16(b);

     

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

     

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

     

    (x)  [reserved];
      and

     

    (xi)  to
      clear
      and terminate the Custodial Account pursuant to Section
      9.01.

     

    The
      foregoing requirements for withdrawal from the Custodial Account shall be
      exclusive. In the event the Servicer shall deposit in the Custodial Account
      any
      amount not required to be deposited therein, it may at any time withdraw such
      amount from the Custodial Account, any provision herein to the contrary
      notwithstanding.

     

    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
      Custodial Account, to the extent held by or on behalf of it, pursuant to
subclauses
      (ii),
      (iii),
      (iv),
      (v),
      (vi),
      (vii)
      and
(viii)
      above.
      The Servicer shall provide written notification to the Trustee, on or prior
      to
      the next succeeding Servicer Remittance Date, upon making any withdrawals from
      the Custodial Account pursuant to subclause
      (vi)
      above;
      provided that an Officers’ Certificate in the form described under Section
      4.03(d)
      shall
      suffice for such written notification to the Trustee in respect of subclause
      (vi)
      hereof.

     

    (b)  The
      Trustee shall, from time to time, make withdrawals from the Certificate Account,
      for any of the following purposes, without priority:

     

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

     

    (ii)  to
      pay to
      itself amounts to which it is entitled pursuant to Section
      8.05
      or for
      Extraordinary Trust Fund Expenses;

     

    (iii)  to
      reimburse itself pursuant to Section
      7.02;

     

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

     

    (v)  to
      pay to
      an Advancing Person reimbursements for Advances and/or Servicing Advances
      pursuant to Section
      3.26;
      and

     

    (vi)  to
      clear
      and terminate the Certificate Account pursuant to Section
      9.01.

     

    SECTION
      3.12  Investment
      of Funds in the Custodial Account and the Certificate Account.
      (a)
      The
      Servicer may direct any depository institution maintaining the Custodial Account
      and any REO Account to invest the funds on deposit in such accounts (each such
      account, for the purposes of this Section
      3.12
      an
“Investment
      Account”)
      in one
      or more Permitted Investments bearing interest or sold at a discount, and
      maturing, unless payable on demand, (i) no later than the Business Day
      immediately preceding the date on which such funds are required to be withdrawn
      from such account pursuant to this Agreement, if a Person other than the Trustee
      is the obligor thereon, and (ii) no later than the date on which such funds
      are
      required to be withdrawn from such account pursuant to this Agreement, if the
      Trustee is the obligor thereon. Amounts in the Certificate Account shall be
      held
      uninvested. All such Permitted Investments shall be held to maturity, unless
      payable on demand. Any investment of funds in an Investment Account shall be
      made in the name of the Trustee for the benefit of the Certificateholders.
      The
      Trustee shall be entitled to sole possession (except with respect to investment
      direction of funds held in the Custodial Account or any REO Account and any
      income and gain realized thereon) over each such investment, and any certificate
      or other instrument evidencing any such investment shall be delivered directly
      to the Trustee or its agent, together with any document of transfer necessary
      to
      transfer title to such investment to the Trustee or its nominee. In the event
      amounts on deposit in an Investment Account are at any time invested in a
      Permitted Investment payable on demand, the party with investment discretion
      over such Investment Account shall:

     

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

     

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

     

    (b)  All
      income and gain realized from the investment of funds deposited in the Custodial
      Account and any REO Account held by or on behalf of the Servicer, shall be
      for
      the benefit of the Servicer and shall be subject to its withdrawal in accordance
      with Section
      3.11
      or
Section
      3.23,
      as
      applicable. The Servicer shall deposit in the Custodial Account or any REO
      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)  Except
      as
      otherwise expressly provided in this Agreement, if any default occurs in the
      making of a payment due under any Permitted Investment, or if a default occurs
      in any other performance required under any Permitted Investment (of which
      a
      Responsible Officer of the Trustee obtains actual knowledge), the Trustee may
      and, subject to Section
      8.01
      and
Section
      8.02(v),
      upon
      the request of the Holders of Certificates representing more than 50% of the
      Voting Rights allocated to any Class of Certificates, shall take such action
      as
      may be appropriate to enforce such payment or performance, including the
      institution and prosecution of appropriate proceedings.

     

    (d)  The
      Trustee or its Affiliates are permitted to receive additional compensation
      that
      could be deemed to be in the Trustee’s economic self-interest for (i) serving as
      investment adviser, administrator, shareholder servicing agent, custodian or
      sub-custodian with respect to certain of the Permitted Investments and (ii)
      effecting or using Affiliates to effect transactions in certain Permitted
      Investments. Such compensation shall not be considered an amount that is
      reimbursable or payable to the Trustee pursuant to Section
      3.11
      or
3.12
      or
      otherwise payable in respect of Extraordinary Trust Fund Expenses.

     

    SECTION
      3.13  [Reserved].

     

    SECTION
      3.14  Maintenance
      of Hazard Insurance and Errors and Omissions and Fidelity
      Coverage.
      (a)
      The
      Servicer shall cause to be maintained for each Mortgage Loan hazard insurance
      with extended coverage on the related Mortgaged Property in an amount which
      is
      at least equal to the lesser of the current principal balance of such Mortgage
      Loan and 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,
      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. The Servicer will comply
      in
      the performance of this Agreement with all reasonable rules and requirements
      of
      each insurer under any such hazard policies. Any amounts to be collected by
      the
      Servicer under any such policies (other than amounts to be applied to the
      restoration or repair of the property subject to the related Mortgage or amounts
      to be released to the Mortgagor in accordance with 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 Custodial Account, subject to withdrawal pursuant to
Section
      3.11,
      if
      received in respect of a Mortgage Loan, or in the REO Account, subject to
      withdrawal pursuant to Section
      3.23,
      if
      received in respect of an REO Property. Any cost incurred by the Servicer in
      maintaining any such insurance shall not, for the purpose of calculating
      distributions to Certificateholders, be added to the unpaid principal balance
      of
      the related Mortgage Loan, notwithstanding that the terms of such Mortgage
      Loan
      so permit. It is understood and agreed that no earthquake or other additional
      insurance is to be required of any Mortgagor other than pursuant to such
      applicable laws and regulations as shall at any time be in force and as shall
      require such additional insurance. If the Mortgaged Property or REO Property
      is
      at any time in an area identified in the Federal Register by the Federal
      Emergency Management Agency as having special flood hazards 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).

     

    In
      the
      event that the Servicer shall obtain and maintain a blanket policy with an
      insurer having a General Policy Rating of A:X or better in Best’s Key Rating
      Guide (or such other rating that is comparable to such rating) insuring against
      hazard losses on all of the Mortgage Loans, it shall conclusively be deemed
      to
      have satisfied its obligations as set forth in the first two sentences of this
      Section
      3.14,
      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
      3.14,
      and
      there shall have been one or more losses which would have been covered by such
      policy, deposit to the Custodial 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, the
      Trustee and Certificateholders, claims under any such blanket policy in a timely
      fashion in accordance with the terms of such policy.

     

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

     

    SECTION
      3.15  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 be required to take such action if in its sole business
      judgment the Servicer believes it is not in the best interests of the Trust
      Fund
      and shall not exercise any such rights if prohibited by law from doing so.
      If
      the Servicer reasonably believes it is unable under applicable law to enforce
      such “due-on-sale” clause, or if any of the other conditions set forth in the
      proviso to the preceding sentence apply, the Servicer will enter into an
      assumption and modification agreement from or with the person to whom such
      property has been conveyed or is proposed to be conveyed, pursuant to which
      such
      person becomes liable under the Mortgage Note and, to the extent permitted
      by
      applicable state law, the Mortgagor remains liable thereon. The Servicer is
      also
      authorized to enter into a substitution of liability agreement with such person,
      pursuant to which the original Mortgagor is released from liability and such
      person is substituted as the Mortgagor and becomes liable under the Mortgage
      Note, provided that no such substitution shall be effective unless such person
      satisfies the underwriting criteria of RFC and has a credit risk rating at
      least
      equal to that of the original Mortgagor. In connection with any assumption
      or
      substitution, the Servicer shall apply RFC’s underwriting standards and follow
      such practices and procedures as shall be normal and usual in its general
      mortgage servicing activities and as it applies to other mortgage loans owned
      solely by it. The Servicer shall not take or enter into any assumption and
      modification agreement, however, unless (to the extent practicable in the
      circumstances) it shall have received confirmation, in writing, of the continued
      effectiveness of any applicable hazard insurance policy. Any fee collected
      by
      the Servicer in respect of an assumption, modification or substitution of
      liability agreement shall be retained by the Servicer as additional servicing
      compensation. In connection with any such assumption, no material term of the
      Mortgage Note (including but not limited to the related Mortgage Rate and the
      amount of the Monthly Payment) may be amended or modified, except as otherwise
      required pursuant to the terms thereof. The Servicer shall notify the Trustee
      that any such substitution, modification or assumption agreement has been
      completed by forwarding to the Trustee the executed original of such
      substitution, modification or assumption agreement, which document shall be
      added to the related Mortgage File and shall, for all purposes, be considered
      a
      part of such Mortgage File to the same extent as all other documents and
      instruments constituting a part thereof.

     

    Notwithstanding
      the foregoing paragraph or any other provision of this Agreement, the Servicer
      shall not be deemed to be in default, breach or any other violation of its
      obligations hereunder by reason of any assumption of a Mortgage Loan by
      operation of law or by the terms of the Mortgage Note or any assumption which
      the Servicer may be restricted by law from preventing, for any reason whatever.
      For purposes of this Section
      3.15,
      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
      3.16  Realization
      Upon Defaulted Mortgage Loans.
      (a)
      The
      Servicer shall exercise its discretion, consistent with customary servicing
      procedures and the terms of this Agreement, with respect to the enforcement
      and
      servicing of defaulted Mortgage Loans in such manner as will maximize the
      receipt of principal and interest with respect thereto, including, but not
      limited to, the modification of such Mortgage Loan, or foreclosure upon the
      related Mortgaged Property and disposition thereof.

     

    In
      furtherance of the foregoing, the Servicer shall use its best efforts,
      consistent with Accepted Servicing Practices, to foreclose upon or otherwise
      comparably convert the ownership of properties securing such of the Mortgage
      Loans as come into and continue in default and as to which no satisfactory
      arrangements can be made for collection of delinquent payments pursuant to
      Section
      3.07.
      The
      Servicer shall be responsible for all costs and expenses incurred by it in
      any
      such proceedings; provided,
      however,
      that
      such costs and expenses will be recoverable as Servicing Advances by the
      Servicer as contemplated in Section
      3.11
      and
Section
      3.23.
      The
      foregoing is subject to the provision that, in any case in which Mortgaged
      Property shall have suffered damage from an Uninsured Cause, the Servicer shall
      not be required to expend its own funds toward the restoration of such property
      unless it shall determine in its discretion that such restoration will increase
      the proceeds of liquidation of the related Mortgage Loan after reimbursement
      to
      itself for such expenses.

     

    (b)  Notwithstanding
      the foregoing provisions of this Section
      3.16
      or any
      other provision of this Agreement, with respect to any Mortgage Loan as to
      which
      the Servicer has received actual notice of, or has actual knowledge of, the
      presence of any toxic or hazardous substance on the related Mortgaged Property,
      the Servicer shall not, on behalf of the Trust Fund either (i) obtain title
      to
      such Mortgaged Property as a result of or in lieu of foreclosure or otherwise,
      or (ii) otherwise acquire possession of, or take any other action with respect
      to, such Mortgaged Property, if, as a result of any such action, the Trustee,
      the Trust Fund or the Certificateholders would be considered to hold title
      to,
      to be a “mortgagee-in-possession” of, or to be an “owner” or “operator” of such
      Mortgaged Property within the meaning of the Comprehensive Environmental
      Response, Compensation and Liability Act of 1980, as amended from time to time,
      or any comparable law, unless the Servicer has also previously determined,
      based
      on its reasonable judgment and a report prepared by an Independent Person who
      regularly conducts environmental audits using customary industry standards,
      that:

     

    (1)  such
      Mortgaged Property is in compliance with applicable environmental laws or,
      if
      not, that it would be in the best economic interest of the Trust Fund to take
      such actions as are necessary to bring the Mortgaged Property into compliance
      therewith; and

     

    (2)  there
      are
      no circumstances present at such Mortgaged Property relating to the use,
      management or disposal of any hazardous substances, hazardous materials,
      hazardous wastes, or petroleum-based materials for which investigation, testing,
      monitoring, containment, clean-up or remediation could be required under any
      federal, state or local law or regulation, or that if any such materials are
      present for which such action could be required, that it would be in the best
      economic interest of the Trust Fund to take such actions with respect to the
      affected Mortgaged Property.

     

    The
      cost
      of the environmental audit report contemplated by this Section
      3.16
      shall be
      advanced by the Servicer, subject to the Servicer’s right to be reimbursed
      therefor from the Custodial Account as provided in Section
      3.11(a)(iii)
      and
(a)(vi),
      such
      right of reimbursement being prior to the rights of Certificateholders to
      receive any amount in the Custodial Account received in respect of the affected
      Mortgage Loan or other Mortgage Loans.

     

    If
      the
      Servicer determines, as described above, that it is in the best economic
      interest of the Trust Fund to take such actions as are necessary to bring any
      such Mortgaged Property into compliance with applicable environmental laws,
      or
      to take such action with respect to the containment, clean-up or remediation
      of
      hazardous substances, hazardous materials, hazardous wastes or petroleum-based
      materials affecting any such Mortgaged Property, then the Servicer shall take
      such action as it deems to be in the best economic interest of the Trust Fund;
      provided that any amounts disbursed by the Servicer pursuant to this
Section
      3.16(b)
      shall
      constitute Servicing Advances, subject to Section
      4.03(d).
      The
      cost of any such compliance, containment, cleanup or remediation shall be
      advanced by the Servicer, subject to the Servicer’s right to be reimbursed
      therefor from the Custodial Account as provided in Section
      3.11(a)(iii)
      and
(a)(vi),
      such
      right of reimbursement being prior to the rights of Certificateholders to
      receive any amount in the Custodial Account received in respect of the affected
      Mortgage Loan or other Mortgage Loans.

     

    (c)  [Reserved].

     

    (d)  Proceeds
      received in connection with any Final Recovery Determination, as well as any
      recovery resulting from a partial collection of Insurance Proceeds, Liquidation
      Proceeds or Subsequent Recoveries, in respect of any Mortgage Loan, will be
      applied in the following order of priority: first,
      to
      unpaid Servicing Fees; second,
      to
      reimburse the Servicer or any Sub-Servicer for any related unreimbursed
      Servicing Advances pursuant to Section 3.11(a)(iii) and Advances pursuant to
      Section 3.11(a)(ii); third,
      to
      accrued and unpaid interest on the Mortgage Loan, to the date of the Final
      Recovery Determination, or to the Due Date prior to the Distribution Date on
      which such amounts are to be distributed if not in connection with a Final
      Recovery Determination; and fourth,
      as a
      recovery of principal of the Mortgage Loan. The portion of the recovery so
      allocated to unpaid Servicing Fees shall be reimbursed to the Servicer or any
      Sub-Servicer pursuant to Section 3.11(a)(iii).

     

    SECTION
      3.17  Trustee
      to Cooperate; Release of Mortgage Files.
      (a)
      Upon the
      payment in full of any Mortgage Loan, or upon the receipt by the Servicer of
      a
      notification that payment in full shall be escrowed in a manner customary for
      such purposes, the Servicer shall immediately notify or cause to be notified
      the
      Trustee by a certification in the form of Exhibit
      E
      or such
      form mutually agreed upon by the Servicer and the Trustee (which certification
      shall include a statement to the effect that all amounts received or to be
      received in connection with such payment which are required to be deposited
      in
      the Custodial Account pursuant to Section
      3.10
      have
      been or will be so deposited) of a Servicing Officer and shall request delivery
      to it of the Mortgage File. Upon receipt of such certification and request,
      the
      Trustee shall, within three Business Days, release the related Mortgage File
      to
      the Servicer at no cost to the Trustee or the Trust Fund, and the Servicer
      is
      authorized to cause the removal from the registration on the MERS® System of any
      such Mortgage, if applicable. No expenses incurred in connection with any
      instrument of satisfaction or deed of reconveyance shall be chargeable to the
      Custodial Account or the Certificate Account.

     

    (b)  From
      time
      to time and as appropriate for the servicing or foreclosure of any Mortgage
      Loan, including, for this purpose, collection under any insurance policy
      relating to the Mortgage Loans, the Trustee shall, upon any request made by
      or
      on behalf of the Servicer and delivery to the Trustee of a Request for Release
      in the form of Exhibit
      E
      or such
      form mutually agreed upon by the Servicer and the Trustee, release the related
      Mortgage File to the Servicer within three Business Days, and the Trustee shall,
      at the direction of the Servicer, execute such documents as shall be necessary
      to the prosecution of any such proceedings. Such Request for Release shall
      obligate the Servicer to return each and every document previously requested
      from the Mortgage File to the Trustee when the need therefor by the Servicer
      no
      longer exists, unless (i) the Mortgage Loan has been liquidated and the
      Liquidation Proceeds relating to the Mortgage Loan have been deposited in the
      Custodial Account or (ii) the Mortgage File or such document has been delivered
      to an attorney, or to a public trustee or other public official as required
      by
      law, for purposes of initiating or pursuing legal action or other proceedings
      for the foreclosure of the Mortgaged Property either judicially or
      non-judicially, and the Servicer has delivered, or caused to be delivered,
      to
      the Trustee an additional Request for Release certifying as to such liquidation
      or action or proceedings. Upon the request of the Trustee, the Servicer shall
      provide notice to the Trustee of 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 Custodial Account have been so deposited, or that such Mortgage Loan
      has become an REO Property, any outstanding Requests for Release with respect
      to
      such Mortgage Loan shall be released by the Trustee to the Servicer or its
      designee.

     

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

     

    SECTION
      3.18  Servicing
      Compensation.
      As
      compensation for the activities of the Servicer hereunder, the Servicer shall
      be
      entitled to the Servicing Fee with respect to each Mortgage Loan payable solely
      from payments of interest in respect of such Mortgage Loan, subject to
Section
      3.24.
      In
      addition, the Servicer shall be entitled to recover unpaid Servicing Fees out
      of
      Insurance Proceeds, Liquidation Proceeds or Subsequent Recoveries to the extent
      permitted by Section
      3.11(a)(iii)
      and out
      of amounts derived from the operation and sale of an REO Property to the extent
      permitted by Section
      3.23.
      Except
      as provided in Section
      3.26,
      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 Sub-Servicer
      pursuant to a Sub-Servicing Agreement entered into under Section
      3.02.

     

    Additional
      servicing compensation in the form of assumption fees, late payment charges,
      insufficient funds charges, ancillary income or otherwise (subject to
Section
      3.24
      and
      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 Custodial Account and pursuant to Section
      3.23(b)
      to
      withdraw from any REO Account, as additional servicing compensation, interest
      or
      other income earned on deposits therein, subject to Section
      3.12
      and
Section
      3.24.
      The
      Servicer shall be required to pay all expenses incurred by it in connection
      with
      its servicing activities hereunder (including premiums for the insurance
      required by Section
      3.14,
      to the
      extent such premiums are not paid by the related Mortgagors or by a Sub-Servicer
      or reimbursable as Servicing Advances, servicing compensation of each
      Sub-Servicer, and to the extent provided herein in Section
      8.05,
      the
      expenses of the Trustee) and shall not be entitled to reimbursement therefor
      except as specifically provided herein.

     

    SECTION
      3.19  Reports
      to the Trustee and Others; Custodial Account Statements.
      Not
      later than twenty days after each Distribution Date, the Servicer shall forward
      to the Trustee (upon the Trustee’s request) and the Depositor the most current
      available bank statement for the Custodial Account. Copies of such statement
      shall be provided by the Trustee to any Certificateholder and to any Person
      identified to the Trustee as a prospective transferee of a Certificate, upon
      request at the expense of the requesting party, provided such statement is
      delivered by the Servicer to the Trustee.

     

    SECTION
      3.20  [Reserved].

     

    SECTION
      3.21  [Reserved].

     

    SECTION
      3.22  Access
      to Certain Documentation.
      The
      Servicer shall provide to the Office of Thrift Supervision, the FDIC, and any
      other federal or state banking or insurance regulatory authority that may
      exercise authority over any Certificateholder or Certificate Owner, access
      to
      the documentation in the Servicer’s possession regarding the Mortgage Loans
      required by applicable laws and regulations. Such access shall be afforded
      without charge, but only upon reasonable request and during normal business
      hours at the offices of the Servicer designated by it. In addition, access
      to
      the documentation in the Servicer’s possession regarding the Mortgage Loans will
      be provided to any Certificateholder or Certificate Owner, the Trustee and
      to
      any Person identified to the Servicer as a prospective transferee of a
      Certificate; provided,
      however,
      that
      providing access to such Person will not violate any applicable laws, upon
      reasonable request during normal business hours at the offices of the Servicer
      designated by it at the expense of the Person requesting such
      access.

     

    SECTION
      3.23  Title,
      Management and Disposition of REO Property.
      (a)
      The deed
      or certificate of sale of any REO Property shall be taken in the name of the
      Trustee, or its nominee, on behalf of the Trust Fund and for the benefit of
      the
      Certificateholders. The Servicer, on behalf of REMIC I, shall either sell any
      REO Property prior to the end of the third taxable year after REMIC I acquires
      ownership of such REO Property for purposes of Section 860G(a)(8) of the Code
      or
      request from the Internal Revenue Service, no later than 60 days before the
      day
      on which the three-year grace period would otherwise expire, an extension of
      the
      three-year grace period, unless the Servicer shall have delivered to the Trustee
      an Opinion of Counsel, addressed to the Trustee and the Depositor, to the effect
      that the holding by REMIC I of such REO Property subsequent to three years
      after
      its acquisition will not result in the imposition on any Trust REMIC of taxes
      on
“prohibited transactions” thereof, as defined in Section 860F of the Code, or
      cause any Trust REMIC to fail to qualify as a REMIC under Federal law at any
      time that any Certificates are outstanding. The Servicer shall manage, conserve,
      protect and operate each REO Property for the Certificateholders solely for
      the
      purpose of its prompt disposition and sale in a manner which does not cause
      such
      REO Property to fail to qualify as “foreclosure property” within the meaning of
      Section 860G(a)(8) of the Code or result in the receipt by any Trust REMIC
      of
      any “income from non-permitted assets” within the meaning of Section
      860F(a)(2)(B) of the Code, or any “net income from foreclosure property” which
      is subject to taxation under the REMIC Provisions.

     

    (b)  The
      Servicer shall segregate and hold all funds collected and received in connection
      with the operation of any REO Property separate and apart from its own funds
      and
      general assets and shall establish and maintain, or cause to be established
      and
      maintained, with respect to REO Properties, an account held in trust for the
      Trustee for the benefit of the Certificateholders (the “REO
      Account”),
      which
      shall be an Eligible Account. The Servicer shall be permitted to allow the
      Custodial Account to serve as the REO Account, subject to separate ledgers
      for
      each REO Property. The Servicer shall be entitled to retain or withdraw any
      interest income paid on funds deposited in the REO Account.

     

    (c)  The
      Servicer shall have the sole discretion to determine whether an immediate sale
      of an REO Property or continued management of such REO Property is in the best
      interests of the Certificateholders. In furtherance of the foregoing, the
      Servicer shall have full power and authority, subject only to the specific
      requirements and prohibitions of this Agreement, to do any and all things in
      connection with any REO Property as are consistent with the manner in which
      the
      Servicer manages and operates similar property owned by the Servicer or any
      of
      its Affiliates, all on such terms and for such period as the Servicer deems
      to
      be in the best interests of Certificateholders. In connection therewith, the
      Servicer shall deposit, or cause to be deposited in the clearing account in
      which it customarily deposits payments and collections on mortgage loans in
      connection with its mortgage loan servicing activities on a daily basis, and
      in
      no event more than one Business Day after the Servicer’s receipt thereof, and
      shall thereafter deposit in the REO Account, in no event more than two Business
      Days after the Servicer’s receipt thereof, all revenues received by it with
      respect to an REO Property and shall withdraw therefrom funds necessary for
      the
      proper operation, management and maintenance of such REO Property including,
      without limitation:

     

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

     

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

     

    (iii)  all
      costs
      and expenses necessary to maintain such REO Property.

     

    To
      the
      extent that amounts on deposit in the REO Account with respect to an REO
      Property are insufficient for the purposes set forth in clauses
      (i)
      through
(iii)
      above
      with respect to such REO Property, the Servicer shall advance from its own
      funds
      such amount as is necessary for such purposes if, but only if, the Servicer
      would make such advances if the Servicer owned the REO Property and if in the
      Servicer’s judgment, the payment of such amounts will be recoverable from the
      rental or sale of the REO Property.

     

    Notwithstanding
      the foregoing, the Servicer shall not and the Trustee shall not knowingly
      authorize the Servicer to:

     

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

     

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

     

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

     

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

     

    unless,
      in any such case, the Servicer has obtained an Opinion of Counsel, provided
      to
      the Servicer and the Trustee, to the effect that such action will not cause
      such
      REO Property to fail to qualify as “foreclosure property” within the meaning of
      Section 860G(a)(8) of the Code at any time that it is held by REMIC I, in which
      case the Servicer may take such actions as are specified in such Opinion of
      Counsel.

     

    The
      Servicer may contract with any Independent Contractor for the operation and
      management of any REO Property, provided that:

     

    (i) the
      terms
      and conditions of any such contract shall not be inconsistent
      herewith;

     

    (ii) any
      such
      contract shall require, or shall be administered to require, that the
      Independent Contractor pay all costs and expenses incurred in connection with
      the operation and management of such REO Property, including those listed above
      and remit all related revenues (net of such costs and expenses) to the Servicer
      as soon as practicable, but in no event later than thirty days following the
      receipt thereof by such Independent Contractor;

     

    (iii) none
      of
      the provisions of this Section
      3.23(c)
      relating
      to any such contract or to actions taken through any such Independent Contractor
      shall be deemed to relieve the Servicer of any of its duties and obligations
      to
      the Trustee on behalf of the Certificateholders with respect to the operation
      and management of any such REO Property; and

     

    (iv) the
      Servicer shall be obligated with respect thereto to the same extent as if it
      alone were performing all duties and obligations in connection with the
      operation and management of such REO Property.

     

    The
      Servicer shall be entitled to enter into any agreement with any Independent
      Contractor performing services for it related to its duties and obligations
      hereunder for indemnification of the Servicer by such Independent Contractor,
      and nothing in this Agreement shall be deemed to limit or modify such
      indemnification. The Servicer shall be solely liable for all fees owed by it
      to
      any such Independent Contractor, irrespective of whether the Servicer’s
      compensation pursuant to Section
      3.18
      is
      sufficient to pay such fees; provided,
      however,
      that to
      the extent that any payments made by such Independent Contractor would
      constitute Servicing Advances if made by the Servicer, such amounts shall be
      reimbursable as Servicing Advances made by the Servicer.

     

    (d)  In
      addition to the withdrawals permitted under Section
      3.23(c),
      the
      Servicer may from time to time make withdrawals from the REO Account for any
      REO
      Property: (i) to pay itself or any Sub-Servicer unpaid Servicing Fees in respect
      of the related Mortgage Loan; and (ii) to reimburse itself or any Sub-Servicer
      for unreimbursed Servicing Advances and Advances made in respect of such REO
      Property or the related Mortgage Loan. On the Servicer Remittance Date, the
      Servicer shall withdraw from each REO Account maintained by it and deposit
      into
      the Certificate Account in accordance with Section
      3.10(d)(ii),
      for
      distribution on the related Distribution Date in accordance with Section
      4.01,
      the
      income from the related REO Property received during the prior calendar month,
      net of any withdrawals made pursuant to Section
      3.23(c)
      or this
Section
      3.23(d).

     

    (e)  Subject
      to the time constraints set forth in Section
      3.23(a),
      each
      REO Disposition shall be carried out by the Servicer at such price and upon
      such
      terms and conditions as the Servicer shall deem necessary or advisable, as
      shall
      be normal and usual in its Accepted Servicing Practices.

     

    (f)  The
      proceeds from the REO Disposition, net of any amount required by law to be
      remitted to the Mortgagor under the related Mortgage Loan and net of any payment
      or reimbursement to the Servicer or any Sub-Servicer as provided above, shall
      be
      deposited in the Certificate Account in accordance with Section
      3.10(d)(ii)
      on the
      Servicer Remittance Date in the month following the receipt thereof for
      distribution on the related Distribution Date in accordance with Section
      4.01.
      Any REO
      Disposition shall be for cash only (unless changes in the REMIC Provisions
      made
      subsequent to the Startup Day allow a sale for other
      consideration).

     

    (g)  The
      Servicer shall file information returns with respect to the receipt of mortgage
      interest received in a trade or business, reports of foreclosures and
      abandonments of any Mortgaged Property and cancellation of indebtedness income
      with respect to any Mortgaged Property as required by Sections 6050H, 6050J
      and
      6050P of the Code, respectively. Such reports shall be in form and substance
      sufficient to meet the reporting requirements imposed by such Sections 6050H,
      6050J and 6050P of the Code.

     

    SECTION
      3.24  Obligations
      of the Servicer in Respect of Prepayment Interest Shortfalls.
      Not
      later than 1:00 p.m. New York time on each Servicer Remittance Date, the
      Servicer shall remit to the Certificate Account an amount (“Compensating
      Interest”)
      equal
      to the lesser of (A) the aggregate of the Prepayment Interest Shortfalls for
      the
      related Distribution Date resulting from Principal Prepayment in full or in
      part
      during the related Due Period and (B) its aggregate Servicing Fee received
      in
      the related Due Period and any interest or investment income earned on funds
      deposited in the Custodial Account. The Servicer shall not have the right to
      reimbursement for any amounts remitted to the Trustee in respect of Compensating
      Interest. Such amounts so remitted shall be included in the Available
      Distribution Amount and distributed therewith on the next Distribution Date.
      The
      Servicer shall not be obligated to pay Compensating Interest with respect to
      Relief Act Interest Shortfall.

     

    SECTION
      3.25  Obligations
      of the Servicer in Respect of Mortgage Rates and Monthly
      Payments.
      In the
      event that a shortfall in any collection on or liability with respect to any
      Mortgage Loan results from or is attributable to adjustments to Mortgage Rates,
      Monthly Payments or Stated Principal Balances that were made by the Servicer
      in
      a manner not consistent with the terms of the related Mortgage Note applicable
      laws, regulations and rulings and this Agreement, the Servicer, upon discovery
      or receipt of notice thereof, shall immediately deliver to the Trustee for
      deposit in the Certificate Account from its own funds the amount of any such
      shortfall and shall indemnify and hold harmless the Trust Fund, the Trustee, the
      Depositor and any successor Servicer in respect of any such liability. Such
      indemnities shall survive the termination or discharge of this Agreement.
      Notwithstanding the foregoing, this Section
      3.25
      shall
      not limit the ability of the Servicer to seek recovery of any such amounts
      from
      the related Mortgagor under the terms of the related Mortgage Note, as permitted
      by law.

     

    SECTION
      3.26  Advance
      Facility.
      (a)
      The
      Servicer is hereby authorized to enter into a financing or other facility (any
      such arrangement an “Advance
      Facility”)
      with
      any Person which provides that such Person (an “Advancing
      Person”)
      may
      fund Advances and/or Servicing Advances to the Trust Fund under this Agreement,
      although no such facility shall reduce or otherwise affect the Servicer’s
      obligation to fund such Advances and/or Servicing Advances. If the Servicer
      enters into such an Advance Facility pursuant to this Section
      3.26,
      upon
      reasonable request of the Advancing Person, the Trustee shall execute a letter
      of acknowledgment, confirming its receipt of notice of the existence of such
      Advance Facility. To the extent that an Advancing Person funds any Advance
      or
      any Servicing Advance and the Servicer provides the Trustee with an Officers’
Certificate that such Advancing Person is entitled to reimbursement, such
      Advancing Person shall be entitled to receive reimbursement pursuant to this
      Agreement for such amount to the extent provided in Section
      3.26(b).
      Such
      Officers’ Certificate must specify the amount of the reimbursement, the Section
      of this Agreement that permits the applicable Advance or Servicing Advance
      to be
      reimbursed and the section(s) of the Advance Facility that entitle the Advancing
      Person to request reimbursement from the Trustee, rather than the Servicer
      or
      proof of an event of default under the Advance Facility. The Trustee shall
      have
      no duty or liability with respect to any calculation of any reimbursement to
      be
      paid to an Advancing Person and shall be entitled to rely without independent
      investigation on the Advancing Person’s notice provided pursuant to this
Section
      3.26.
      The
      Trustee shall have no responsibility to track or monitor the administration
      of
      the Advance Facility. An Advancing Person whose obligations hereunder are
      limited to the funding of Advances and/or Servicing Advances shall not be
      required to meet the qualifications of the Servicer or a Sub-Servicer pursuant
      to Section
      3.02
      hereof
      and will not be deemed to be a Sub-Servicer under this Agreement.

     

    (b)  If
      an
      advancing facility is entered into, then the Servicer shall not be permitted
      to
      reimburse itself therefor under Section
      3.11(a)(ii),
      Section
      3.11(a)(iii)
      and
Section
      3.11(a)(vi)
      prior to
      the remittance to the Trust Fund, but instead the Servicer shall remit such
      amounts in accordance with the documentation establishing the Advance Facility
      to such Advancing Person or to a trustee, agent or custodian (an “Advance
      Facility Trustee”)
      designated by such Advancing Person. The Trustee is hereby authorized to pay
      to
      the Advancing Person, reimbursements for Advances and Servicing Advances from
      the Certificate Account to the same extent the Servicer would have been
      permitted to reimburse itself for such Advances and/or Servicing Advances in
      accordance with Section
      3.11(a)(ii),
      Section
      3.11(a)(iii)
      and
Section
      3.11(a)(vi),
      as the
      case may be, had the Servicer itself funded such Advance or Servicing Advance.
      The Trustee is hereby authorized to pay directly to the Advancing Person such
      portion of the Servicing Fee as the parties to any advancing facility agree
      in
      writing.

     

    (c)  All
      Advances and Servicing Advances made pursuant to the terms of this Agreement
      shall be deemed made and shall be reimbursed on a “first in-first out” (FIFO)
      basis.

     

    (d)  Any
      amendment to this Section
      3.26
      or to
      any other provision of this Agreement that may be necessary or appropriate
      to
      effect the terms of an Advance Facility as described generally in this
Section
      3.26,
      including amendments to add provisions relating to a successor Servicer, may
      be
      entered into by the Trustee and the Servicer without the consent of any
      Certificateholder, notwithstanding anything to the contrary in this Agreement;
      provided,
      however,
      such
      amendment shall otherwise comply with Section
      13.01
      hereof.
      All costs and expenses (including attorneys’ fees) of each party hereto related
      to such amendment shall be borne by the Servicer without reimbursement from
      the
      Trust Fund.

     

    SECTION
      3.27  Net
      WAC Rate Carryover Reserve Account.
      (a)
      No later
      than the Closing Date, the Trustee shall establish and maintain with itself,
      a
      separate, segregated trust account (the “Net WAC Rate Carryover Reserve
      Account”) titled, “Net WAC Rate Carryover Reserve Account, Wells Fargo Bank,
      N.A., as Trustee, in trust for the registered holders of Carrington Mortgage
      Loan Trust, Series 2006-RFC1, Asset-Backed Pass-Through Certificates.” On the
      Business Day prior to each Distribution Date, the Trustee will deposit any
      amounts received under the Cap Contracts into the Net WAC Carryover Reserve
      Account. All amounts deposited in the Net WAC Rate Carryover Reserve Account
      shall be distributed to the Holders of the Class A Certificates and the
      Mezzanine Certificates in the manner set forth in Section
      4.01(a)(4).

     

    (b)  On
      each
      Distribution Date as to which there is a Net WAC Rate Carryover Amount payable
      to the Class A Certificates or the Mezzanine Certificates, the Trustee has
      been
      directed by the Class CE Certificateholders to, and therefore will, deposit
      into
      the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(4),
      rather
      than distributing such amounts to the Class CE Certificateholders. On each
      such
      Distribution Date, the Trustee shall hold all such amounts for the benefit
      of
      the Holders of the Class A Certificates and the Mezzanine Certificates, and
      will
      distribute such amounts to the Holders of the Class A Certificates and the
      Mezzanine Certificates in the amounts and priorities set forth in Section
      4.01(a)(4).

     

    (c)  For
      federal and state income tax purposes, the Class CE Certificateholders will
      be
      deemed to be the owners of the Net WAC Rate Carryover Reserve Account and
      amounts deposited into the Net WAC Rate Carryover Reserve Account (other than
      amounts paid on the Cap Contracts) shall be treated as amounts distributed
      by
      REMIC II to the Holders of the Class CE Certificates. Upon the termination
      of
      the Trust Fund, or the payment in full of the Class A Certificates and the
      Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Rate
      Carryover Reserve Account will be released by the Trust Fund and distributed
      to
      the Class CE Certificateholders or their designees. The Net WAC Rate Carryover
      Reserve Account will be part of the Trust Fund but not part of any REMIC and
      any
      payments to the Holders of the Class A Certificates or the Mezzanine
      Certificates of Net WAC Rate Carryover Amounts will not be payments with respect
      to a “regular interest” in a REMIC within the meaning of Code Section
      860(G)(a)(1).

     

    (d)  By
      accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees
      to direct the Trustee, and the Trustee hereby is directed, to deposit into
      the
      Net WAC Rate Carryover Reserve Account the amounts described above on each
      Distribution Date as to which there is any Net WAC Rate Carryover Amount rather
      than distributing such amounts to the Class CE Certificateholders. By accepting
      a Class CE Certificate, each Class CE Certificateholder further agrees that
      such
      direction is given for good and valuable consideration, the receipt and
      sufficiency of which is acknowledged by such acceptance.

     

    (e)  Amounts
      on deposit in the Net WAC Rate Carryover Reserve Account shall remain
      uninvested.

     

    (f)  For
      federal tax return and information reporting, the right of the Holders of the
      Class A Certificates and the Mezzanine Certificates to receive payments from
      the
      Net WAC Rate Carryover Reserve Account in respect of any Net WAC Rate Carryover
      Amount each shall be assigned a de minimis value.

     

    SECTION
      3.28  Solicitations.
      From
      and after the Closing Date, the Servicer agrees that it will not take any action
      or permit or cause any action to be taken by any of its agents and Affiliates,
      or by any independent contractors or independent mortgage brokerage companies
      on
      the Servicer’s behalf, to personally, by telephone, mail or electronic mail,
      solicit the Mortgagor under any Mortgage Loan for the purpose of refinancing
      such Mortgage Loan; provided,
      that
      the Servicer may solicit any Mortgagor for whom the Servicer has received a
      request for verification of mortgage, a request for demand for payoff, a
      mortgagor initiated written or verbal communication indicating a desire to
      prepay the related Mortgage Loan, another mortgage company has pulled a credit
      report on the mortgagor or the mortgagor initiates a title search; provided
      further, it is understood and agreed that promotions undertaken by the Servicer
      or any of its Affiliates which (i) concern optional insurance products or other
      additional products or (ii) are directed to the general public at large,
      including, without limitation, mass mailings based on commercially acquired
      mailing lists, newspaper, radio and television advertisements shall not
      constitute solicitation under this Section, nor is the Servicer prohibited
      from
      responding to unsolicited requests or inquiries made by a Mortgagor or an agent
      of a Mortgagor. Furthermore, the Servicer shall be permitted to include in
      its
      monthly statements to borrowers or otherwise, statements regarding the
      availability of the Servicer’s counseling services with respect to refinancing
      mortgage loans.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    ARTICLE
      IV

     

    PAYMENTS
      TO CERTIFICATEHOLDERS

     

    SECTION
      4.01  Distributions.
      (a)
      (1) On
      each Distribution Date, the following amounts, in the following order of
      priority, shall be distributed by REMIC I to REMIC II on account of the REMIC
      I
      Regular Interests or withdrawn from the Certificate Account and distributed
      to
      the holders of the Class R-I Interest, as the case may be:

     

    (i) first,
      to
      Holders of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTA1,
      REMIC I Regular Interest I-LTA2, REMIC I Regular Interest I-LTA3, REMIC I
      Regular Interest I-LTA4, REMIC I Regular Interest I-LTM1, REMIC I Regular
      Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest
      I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC
      I Regular Interest I-LTM7, REMIC I Regular Interest I-LTM8, REMIC I Regular
      Interest I-LTM9, REMIC I Regular Interest I-LTM10 and REMIC I Regular Interest
      I-LTZZ, in an amount equal to (A) the Uncertificated Interest for such
      Distribution Date, plus
      (B) any
      amounts in respect thereof remaining unpaid from previous Distribution Dates.
      Amounts payable as Uncertificated Interest in respect of REMIC I Regular
      Interest I-LTZZ shall be reduced when the sum of the REMIC I Overcollateralized
      Amount is less than the REMIC I Required Overcollateralized Amount, by the
      lesser of (x) the amount of such difference and (y) the Maximum I-LTZZ
      Uncertificated Interest Deferral Amount and such amounts will be payable to
      the
      Holders of REMIC I Regular Interest I-LTA1, REMIC I Regular Interest I-LTA2,
      REMIC I Regular Interest I-LTA3, REMIC I Regular Interest I-LTA4, REMIC I
      Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular
      Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest
      I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC
      I Regular Interest I-LTM8, REMIC I Regular Interest I-LTM9, REMIC Regular
      Interest I-LTM10 in the same proportion as the Overcollateralization Increase
      Amount is allocated to the Corresponding Certificates and the Uncertificated
      Balance of REMIC I Regular Interest I-LTZZ shall be increased by such
      amount;

     

    (ii) second,
      to the Holders of REMIC I Regular Interests, in an amount equal to the remainder
      of the Available Distribution Amount for such Distribution Date after the
      distributions made pursuant to clause
      (i)
      above,
      allocated as follows:

     

    (a) 98.00%
      of such
      remainder (less the amount payable in clause
      (e)
      below),
      to the Holders of REMIC I Regular Interest I-LTAA, until the Uncertificated
      Balance of such REMIC I Regular Interest is reduced to zero;

     

    2%
      of
      such remainder, first to the Holders of REMIC I Regular Interest I-LTA1, REMIC
      I
      Regular Interest I-LTA2, REMIC I Regular Interest I-LTA3, REMIC I Regular
      Interest I-LTA4, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest
      I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC
      I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular
      Interest I-LTM7, REMIC I Regular Interest I-LTM8, REMIC I Regular Interest
      I-LTM9, REMIC Regular Interest I-LTM10, 1.00% of and in the same proportion
      as
      principal payments are allocated to the Corresponding Certificates, until the
      Uncertificated Balances of such REMIC I Regular Interests are reduced to zero;
      and second, to the Holders of REMIC I Regular Interest I-LTZZ, (less the amount
      payable in clause
      (c)
      below),
      until the Uncertificated Balance of such REMIC I Regular Interest is reduced
      to
      zero; then

     

    (b) to
      the
      Holders of REMIC I Regular Interest I-LTP, on the Distribution Date immediately
      following the expiration of the latest Prepayment Charge as identified on the
      Prepayment Charge Schedule or any Distribution Date thereafter until $100 has
      been distributed pursuant to this clause; and

     

    (c) any
      remaining amount to the Holders of the Class R Certificates (as Holder of the
      Class R-I Interest);

     

    provided,
      however,
      that
      98.00% and 2.00% of any principal payments that are attributable to an
      Overcollateralization Reduction Amount shall be allocated to Holders of REMIC
      I
      Regular Interest I-LTAA and REMIC I Regular Interest I-LTZZ,
      respectively.

     

    (2) On
      each
      Distribution Date, the Trustee shall withdraw from the Certificate Account
      an
      amount equal to the Interest Remittance Amount and distribute to the
      Certificateholders the following amounts, in the following order of
      priority:

     

    (i) to
      the
      Holders of each Class of the Class A Certificates, on a pro
      rata
      basis
      based on the entitlement of each such Class, an amount equal to the Senior
      Interest Distribution Amount allocable to such Class of the Class A
      Certificates; and

     

    (ii) sequentially,
      to the Holders of the Class M-1 Certificates, Class M-2 Certificates, Class
      M-3
      Certificates, Class M-4 Certificates, Class M-5 Certificates, Class M-6
      Certificates, Class M-7 Certificates, Class M-8 Certificates, Class M-9
      Certificates and Class M-10 Certificates, in that order, an amount equal to
      the
      Interest Distribution Amount allocable to each such Class.

     

    (3) On
      each
      Distribution Date occurring prior to the Credit Support Depletion Date, the
      Trustee shall withdraw from the Certificate Account an amount equal to the
      Principal Distribution Amount and distribute to the Certificateholders the
      following amounts, in the following order of priority:

     

    (A) On
      each
      such Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger
      Event is in effect, the Principal Distribution Amount shall be distributed
      in
      the following order of priority:

     

    (i) sequentially,
      to the holders of the Class A-1 Certificates, Class A-2 Certificates, Class
      A-3
      Certificates and Class A-4 Certificates, in that order, until the aggregate
      Certificate Principal Balance of the Class A Certificates have been reduced
      to
      zero; and

     

    (ii) sequentially,
      to the holders of the Class M-1 Certificates, Class M-2 Certificates, Class
      M-3
      Certificates, Class M-4 Certificates, Class M-5 Certificates, Class M-6
      Certificates, Class M-7 Certificates, Class M-8 Certificates, Class M-9
      Certificates and Class M-10 Certificates, in that order, until the Certificate
      Principal Balance of each such Class has been reduced to zero.

     

    (B) On
      each
      such Distribution Date (a) on or after the Stepdown Date and (b) on which a
      Trigger Event is not in effect, the Principal Distribution Amount shall be
      distributed in the following order of priority:

     

    (i) sequentially,
      to the holders of the Class A-1 Certificates, Class A-2 Certificates, Class
      A-3
      Certificates and Class A-4 Certificates, in that order, up to an amount equal
      to
      the Class A Principal Distribution Amount, until the aggregate Certificate
      Principal Balances of the Class A Certificates have been reduced to zero;
      and

     

    (ii) sequentially,
      to the Holders of the Class M-1 Certificates, Class M-2 Certificates, Class
      M-3
      Certificates, Class M-4 Certificates, Class M-5 Certificates, Class M-6
      Certificates, Class M-7 Certificates, Class M-8 Certificates, Class M-9
      Certificates and Class M-10 Certificates, in that order, up to an amount equal
      to the related Class M Principal Distribution Amount until the Certificate
      Principal Balances of each such class has been reduced to zero.

     

    On
      or
      after the occurrence of the Credit Support Depletion Date, all priorities
      relating to distributions as described in Section 4.01(a)(3) of this Agreement
      in respect of principal among the Class A Certificates will be disregarded,
      and
      the Principal Distribution Amount will be distributed to the remaining Class
      A
      Certificates on a pro-rata
      basis in
      accordance with their respective outstanding Certificate Principal
      Balances.

     

    (4) On
      each
      Distribution Date, the Net Monthly Excess Cashflow shall be distributed by
      the
      Trustee as follows:

     

    (i) to
      the
      Holders of the Class or Classes of Certificates then entitled to receive
      distributions in respect of principal, as part of the Principal Distribution
      Amount in an amount equal to the Overcollateralization Increase Amount for
      the
      Certificates, applied to reduce the Certificate Principal Balance of such
      Certificates until the aggregate Certificate Principal Balance of such
      Certificates is reduced to zero;

     

    (ii) sequentially,
      to the Holders of the Class M-1 Certificates, Class M-2 Certificates, Class
      M-3
      Certificates, Class M-4 Certificates, Class M-5 Certificates, Class M-6
      Certificates, Class M-7 Certificates, Class M-8 Certificates, Class M-9
      Certificates and Class M-10 Certificates, in that order, in each case, in an
      amount equal to the Interest Carry Forward Amount allocable to such Class of
      Certificates;

     

    (iii) on
      a
pro
      rata
      basis to
      the Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates
      and
      Class A-4 Certificates, and sequentially to the Class M-1 Certificates, Class
      M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5
      Certificates, Class M-6 Certificates, Class M-7 Certificates, Class M-8
      Certificates, Class M-9 Certificates and Class M-10 Certificates, in that order,
      in each case up to the related Allocated Realized Loss Amount related to each
      such Class of Certificates for such Distribution Date;

     

    (iv) to
      the
      Net WAC Rate Carryover Reserve Account, the amount by which any Net WAC Rate
      Carryover Amounts for such Distribution Date exceed the amounts received by
      the
      Trustee under the Cap Contracts;

     

    (v) to
      the
      Holders of the Class CE Certificates, (a) the Interest Distribution Amount
      and
      any Overcollateralization Reduction Amount for such Distribution Date and (b)
      on
      any Distribution Date on which the aggregate Certificate Principal Balance
      of
      the Class A Certificates and the Mezzanine Certificates have been reduced to
      zero, any remaining amounts in reduction of the Certificate Principal Balance
      of
      the Class CE Certificates, until the Certificate Principal Balance thereof
      has
      been reduced to zero; and

     

    (vi) to
      the
      Holders of the Class R Certificates, any remaining amounts; provided that if
      such Distribution Date is the Distribution Date immediately following the
      expiration of the latest Prepayment Charge term on a Mortgage Loan as identified
      on the Mortgage Loan Schedule or any Distribution Date thereafter, then any
      such
      remaining amounts will be distributed first, to the Holders of the Class P
      Certificates, until the Certificate Principal Balance thereof has been reduced
      to zero; and second, to the Holders of the Class R Certificates.

     

    (5) On
      each
      Distribution Date, after making the distributions of the Available Distribution
      Amount as set forth above, the Trustee will withdraw from the Net WAC Rate
      Carryover Reserve Account, to the extent of amounts remaining on deposit
      therein, the amount of any Net WAC Rate Carryover Amount with respect to the
      Class A Certificates and the Mezzanine Certificates for such Distribution Date
      and distribute such amount as follows:

     

    (A) concurrently,
      to the Class A Certificates, on a pro
      rata
      basis
      based on the outstanding balance of each such class immediately prior to the
      Distribution Date, but only to the extent of amounts paid under the Class A
      Cap
      Contract and only up to the related Net WAC Carryover Amount;

     

    (B) concurrently,
      to the Mezzanine Certificates, on a pro
      rata
      basis
      based on the outstanding balance of each such class immediately prior to the
      Distribution Date, but only to the extent of amounts paid under the Mezzanine
      Cap Contract and only up to the related Net WAC Carryover Amount;
      and

     

    (C) to
      the
      Class A Certificates, any related unpaid Net WAC Rate Carryover Amount (after
      taking into account distributions pursuant to clause (A) above), distributed
      on
      a pro rata basis based on the remaining undistributed Net WAC Rate Carryover
      Amount, but only to the extent of amounts remaining under the Class A Cap
      Contract;

     

    (D) to
      the
      Mezzanine Certificates, any related unpaid Net WAC Rate Carryover Amount (after
      taking into account distributions pursuant to clause (B) above), distributed
      on
      a pro rata basis based on the remaining undistributed Net WAC Rate Carryover
      Amount, but only to the extent of amounts remaining under the Mezzanine Cap
      Contract; and

     

    (E) to
      the
      Class A Certificates and Mezzanine Certificates from Net Monthly Excess Cash
      Flow, any related unpaid Net WAC Carryover Amount (after taking into account
      distributions pursuant to (A) through (D) above), distributed in the following
      order of priority: (i) to the Class A Certificates, on a pro rata basis based
      first on the outstanding certificate principal balance immediately prior to
      the
      Distribution Date, and second on such remaining undistributed Net WAC Carryover
      Amount, (ii) sequentially to the Mezzanine Certificates any such remaining
      undistributed Net WAC Carryover Amount for each class.

     

    (b)  On
      each
      Distribution Date, the Trustee shall withdraw any amounts then on deposit in
      the
      Certificate Account that represent Prepayment Charges collected by the Servicer,
      during the related Prepayment Period in connection with the Principal Prepayment
      of any of the Mortgage Loans or any Servicer Prepayment Charge Payment Amount
      and shall distribute such amounts to the Holders of the Class P Certificates.
      Such distributions shall not be applied to reduce the Certificate Principal
      Balance of the Class P Certificates.

     

    Following
      the foregoing distributions, an amount equal to the amount of Subsequent
      Recoveries shall be applied to increase the Certificate Principal Balance of
      the
      Class of Certificates with the Highest Priority up to the extent of such
      Realized Losses previously allocated to that Class of Certificates pursuant
      to
Section
      4.04.
      An
      amount equal to the amount of any remaining Subsequent Recoveries shall be
      applied to increase the Certificate Principal Balance of the Class of
      Certificates with the next Highest Priority, up to the amount of such Realized
      Losses previously allocated to that Class of Certificates pursuant to
Section
      4.04.
      Holders
      of such Certificates will not be entitled to any distribution in respect of
      interest on the amount of such increases for any Interest Accrual Period
      preceding the Distribution Date on which such increase occurs. Any such
      increases shall be applied to the Certificate Principal Balance of each
      Certificate of such Class in accordance with its respective Percentage
      Interest.

     

    (c)  All
      distributions made with respect to each Class of Certificates on each
      Distribution Date shall be allocated pro
      rata
      among
      the outstanding Certificates in such Class based on their respective Percentage
      Interests. Payments in respect of each Class of Certificates on each
      Distribution Date shall be made to the Holders of the respective Class of record
      on the related Record Date (except as otherwise provided in Section
      4.01(e)
      or
Section
      9.01
      respecting the final distribution on such Class), based on the aggregate
      Percentage Interest represented by their respective Certificates, and shall
      be
      made by wire transfer of immediately available funds to the account of any
      such
      Holder at a bank or other entity having appropriate facilities therefor, if
      such
      Holder shall (i) own Certificates having denominations aggregating at least
      $1,000,000 and (ii) have so notified the Trustee in writing at least five
      Business Days prior to the Record Date immediately prior to such Distribution
      Date, or otherwise by check mailed by first class mail to the address of such
      Holder appearing in the Certificate Register. The final distribution on each
      Certificate shall be made in like manner, but only upon presentment and
      surrender of such Certificate at the office of the Trustee maintained for such
      purpose pursuant to Section
      8.12
      or such
      other location specified in the notice to Certificateholders of such final
      distribution.

     

    Each
      distribution with respect to a Book-Entry Certificate shall be paid to the
      Depository, as Holder thereof, and the Depository shall be responsible for
      crediting the amount of such distribution to the accounts of its Depository
      Participants in accordance with its normal procedures. Each Depository
      Participant shall be responsible for disbursing such distribution to the
      Certificate Owners that it represents and to each indirect participating
      brokerage firm (a “brokerage firm” or “indirect participating firm”) for which
      it acts as agent. Each brokerage firm shall be responsible for disbursing funds
      to the Certificate Owners that it represents. None of the Trustee, the Depositor
      or the Servicer shall have any responsibility therefor except as otherwise
      provided by this Agreement or applicable law.

     

    (d)  The
      rights of the Certificateholders to receive distributions in respect of the
      Certificates, and all interests of the Certificateholders in such distributions,
      shall be as set forth in this Agreement. None of the Holders of any Class of
      Certificates, the Trustee or the Servicer shall in any way be responsible or
      liable to the Holders of any other Class of Certificates in respect of amounts
      properly previously distributed on the Certificates.

     

    (e)  Except
      as
      otherwise provided in Section
      9.01,
      whenever the Trustee expects that the final distribution with respect to any
      Class of Certificates will be made on the next Distribution Date, the Trustee
      shall, no later than three (3) days before the related Distribution Date (to
      the
      extent that an accurate Remittance Report is received in a timely manner by
      the
      Trustee), mail to each Holder on such date of such Class of Certificates a
      notice to the effect that:

     

    (i) the
      Trustee expects that the final distribution with respect to such Class of
      Certificates will be made on such Distribution Date but only upon presentation
      and surrender of such Certificates at the office of the Trustee therein
      specified, and

     

    (ii) no
      interest shall accrue on such Certificates from and after the end of the related
      Interest Accrual Period.

     

    Any
      funds
      not distributed to any Holder or Holders of Certificates of such Class on such
      Distribution Date because of the failure of such Holder or Holders to tender
      their Certificates shall, on such date, be set aside and held in trust by the
      Trustee and credited to the account of the appropriate non-tendering Holder
      or
      Holders. If any Certificates as to which notice has been given pursuant to
      this
Section
      4.01(e)
      shall
      not have been surrendered for cancellation within six months after the time
      specified in such notice, the Trustee shall mail a second notice to the
      remaining non-tendering Certificateholders to surrender their Certificates
      for
      cancellation in order to receive the final distribution with respect thereto.
      If
      within one year after the second notice all such Certificates shall not have
      been surrendered for cancellation, the Trustee shall, directly or through an
      agent, mail a final notice to the remaining non-tendering Certificateholders
      concerning surrender of their Certificates and shall continue to hold any
      remaining funds for the benefit of non-tendering Certificateholders. The costs
      and expenses of maintaining the funds in trust and of contacting such
      Certificateholders shall be paid out of the assets held in trust for such
      Certificateholders. If within one year after the final notice any such
      Certificates shall not have been surrendered for cancellation, the Trustee
      shall
      pay to Bear, Stearns & Co. Inc., as representative for the underwriters, in
      accordance with its wiring instructions, all such amounts, and all rights of
      non-tendering Certificateholders in or to such amounts shall thereupon cease.
      No
      interest shall accrue or be payable to any Certificateholder on any amount
      held
      in trust by the Trustee as a result of such Certificateholder’s failure to
      surrender its Certificate(s) for final payment thereof in accordance with this
      Section
      4.01(e).
      Any
      such amounts held in trust by the Trustee shall be held in an Eligible Account
      and shall be held uninvested.

     

    (f)  Notwithstanding
      anything to the contrary herein, (i) in no event shall the Certificate Principal
      Balance of a Class A Certificate or a Mezzanine Certificate be reduced more
      than
      once in respect of any particular amount allocated to such Certificate in
      respect of Realized Losses pursuant to Section
      4.04
      and (ii)
      in no event shall the Uncertificated Balance of a REMIC I Regular Interest
      be
      reduced more than once in respect of any particular amount both
      (a) allocated to such REMIC I Regular Interest in respect of Realized
      Losses pursuant to Section
      4.04
      and (b)
      distributed on such REMIC I Regular Interest in reduction of the Uncertificated
      Balance thereof pursuant to this Section
      4.01.

     

    SECTION
      4.02  Statements
      to Certificateholders.
      On the
      24th
      day of
      any month, or if such 24th
      day is
      not a Business Day, the Business Day immediately following such 24th
      day, the
      Trustee shall prepare and make available via its website to each Holder of
      the
      Regular Certificates, a statement as to the distributions made on such
      Distribution Date setting forth:

     

    (i)  applicable
      Record Date and Determination Date for calculating such
      distribution;

     

    (ii)  the
      aggregate amount of payments received and the sources thereof for distributions,
      fees and expenses;

     

    (iii)  the
      amount of the distribution made on such Distribution Date to the Holders of
      the
      Certificates of each Class allocable to principal;

     

    (iv)  the
      amount of the distribution made on such Distribution Date to the Holders of
      the
      Class P Certificates allocable to Prepayment Charges;

     

    (v)  the
      amount of the distribution made on such Distribution Date to the Holders of
      the
      Certificates of each Class allocable to interest;

     

    (vi)  the
      amount of any fees or expenses paid, and the identity of the party receiving
      such fees or expenses, including the aggregate Servicing Fee received by the
      Servicer during the related Due Period and such other information which a
      Certificateholder reasonably requests, to enable Certificateholders to prepare
      their tax returns;

     

    (vii)  the
      amount of Net
      Monthly Excess Cashflow or
      and
      the disposition of such Net Monthly Excess Cashflow;

     

    (viii)  the
      balance of the Net WAC Rate Carryover Reserve Account, if any, at the opening
      of
      business and the close of business on such Distribution Date;

     

    (ix)  the
      aggregate amount, terms and general purpose of Advances made or reimbursed
      for
      such Distribution Date;

     

    (x)  any
      material breaches of mortgage loan representations or warranties or covenants
      in
      this Agreement;

     

    (xi)  any
      material modifications, extensions or waivers to the terms of the Mortgage
      Loans
      during the related Due Period or that have cumulatively become material over
      time;

     

    (xii)  information
      regarding any new issuance of asset-backed securities backed by the same asset
      pool or any pool asset changes;

     

    (xiii)  the
      aggregate Stated Principal Balance of the Mortgage Loans and any REO Properties
      at the close of business on such Distribution Date;

     

    (xiv)  the
      number, aggregate principal balance, weighted average remaining term to maturity
      and weighted average Mortgage Rate of the Mortgage Loans as of the related
      Due
      Date;

     

    (xv)  delinquency
      and loss information (according to the OTS delinquency calculation method)
      relating to the Mortgage Loans, including the number and aggregate unpaid
      principal balance of Mortgage Loans (a) delinquent 30 to 59 days, (b)
      delinquent 60 to 89 days, (c) delinquent 90 or more days, in each case, as
      of
      the last day of the preceding calendar month, (d) as to which foreclosure
      proceedings have been commenced and (e) with respect to which the related
      Mortgagor has filed for protection under applicable bankruptcy laws, with
      respect to whom bankruptcy proceedings are pending or with respect to whom
      bankruptcy protection is in force;

     

    (xvi)  with
      respect to any Mortgage Loan that became an REO Property during the preceding
      calendar month, the loan number of such Mortgage Loan, the unpaid principal
      balance and the Stated Principal Balance of such Mortgage Loan as of the date
      it
      became an REO Property;

     

    (xvii)  the
      book
      value of any REO Property as of the close of business on the last Business
      Day
      of the calendar month preceding the Distribution Date;

     

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

     

    (xix)  the
      aggregate amount of Realized Losses incurred during the related Prepayment
      Period (or, in the case of Bankruptcy Losses allocable to interest, during
      the
      related Due Period), separately identifying whether such Realized Losses
      constituted Bankruptcy Losses and the aggregate amount of Realized Losses
      incurred since the Closing Date and the aggregate amount of Subsequent
      Recoveries received during the related Prepayment Period and the cumulative
      amount of Subsequent Recoveries received since the Closing Date;

     

    (xx)  the
      aggregate amount of Extraordinary Trust Fund Expenses withdrawn from the
      Custodial Account (based on information supplied by the Servicer) or from the
      Certificate Account for such Distribution Date;

     

    (xxi)  the
      aggregate Certificate Principal Balance and Notional Amount, as applicable,
      of
      each Class of Certificates, after giving effect to the distributions, and
      allocations of Realized Losses, made on such Distribution Date, separately
      identifying any reduction thereof due to allocations of Realized
      Losses;

     

    (xxii)  the
      Certificate Factor for each such Class of Certificates applicable to such
      Distribution Date;

     

    (xxiii)  the
      Interest Distribution Amount in respect of the Class A Certificates, the
      Mezzanine Certificates and the Class CE Certificates for such Distribution
      Date
      and the Interest Carry Forward Amount, if any, with respect to the Class A
      Certificates and the Mezzanine Certificates on such Distribution Date, and
      in
      the case of the Class A Certificates, the Mezzanine Certificates and the Class
      CE Certificates, separately identifying any reduction thereof due to allocations
      of Realized Losses, Prepayment Interest Shortfalls and Relief Act Interest
      Shortfalls;

     

    (xxiv)  the
      aggregate amount of any Prepayment Interest Shortfall for such Distribution
      Date, to the extent not covered by payments by the Servicer pursuant to
Section
      3.24;

     

    (xxv)  the
      aggregate amount of Relief Act Interest Shortfalls for such Distribution
      Date;

     

    (xxvi)  the
      Overcollateralization Target Amount and the Credit Enhancement Percentage for
      such Distribution Date;

     

    (xxvii)  the
      Overcollateralization Increase Amount, if any, for such Distribution
      Date;

     

    (xxviii)  the
      Overcollateralization Reduction Amount, if any, for such Distribution
      Date;

     

    (xxix)  the
      respective Pass-Through Rates applicable to the Class A Certificates and the
      Mezzanine Certificates for such Distribution Date and the Pass-Through Rate
      applicable to the Class A Certificates and the Mezzanine Certificates for the
      immediately succeeding Distribution Date;

     

    (xxx)  the
      Net
      WAC Rate Carryover Amount for the Class A Certificates and the Mezzanine
      Certificates, if any, for such Distribution Date and the amount remaining unpaid
      after reimbursements therefor on such Distribution Date;

     

    (xxxi)  whether
      a
      Trigger Event is in effect; and

     

    (xxxii)  payments,
      if any, made under the Cap Contracts.

     

    The
      Trustee shall make such statement (and, at its option, any additional files
      containing the same information in an alternative format) available each month
      to Certificateholders, the Servicer and the Rating Agencies via the Trustee’s
      internet website. The Trustee’s internet website shall initially be located at
      https://www.ctslink.com and assistance in using the website can be obtained
      by
      calling the Trustee’s investor relations desk at 1-301-815-6600. Parties that
      are unable to use the above distribution options are entitled to have a paper
      copy mailed to them via first class mail by calling the investor relations
      desk
      and indicating such. The Trustee shall have the right to change the way such
      statements are distributed in order to make such distribution more convenient
      and/or more accessible to the above parties and the Trustee shall provide timely
      and adequate notification to all above parties regarding any such
      changes.

     

    In
      the
      case of information furnished pursuant to subclauses
      (iii), (iv)
      and
(v)
      above,
      the amounts shall be expressed as a dollar amount per Single Certificate of
      the
      relevant Class.

     

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

     

    Within
      a
      reasonable period of time after the end of each calendar year, the Trustee
      shall
      furnish to each Person who at any time during the calendar year was a Holder
      of
      a Residual Certificate a statement setting forth the amount, if any, actually
      distributed with respect to the Residual Certificates, as appropriate,
      aggregated for such calendar year or applicable portion thereof during which
      such Person was a Certificateholder.

     

    The
      Trustee shall, upon request, furnish to each Certificateholder, during the
      term
      of this Agreement, such periodic, special, or other reports or information,
      whether or not provided for herein, as shall be reasonable with respect to
      the
      Certificateholder, or otherwise with respect to the purposes of this Agreement,
      all such reports or information to be provided at the expense of the
      Certificateholder in accordance with such reasonable and explicit instructions
      and directions as the Certificateholder may provide. For purposes of this
Section
      4.02,
      the
      Trustee’s duties are limited to the extent that the Trustee receives timely
      reports as required from the Servicer.

     

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

     

    SECTION
      4.03  Remittance
      Reports; Advances.
      (a)
      On the
      third Business Day following each Determination Date but in no event later
      than
      the 20th
      day of
      each month (or if such 20th
      day is
      not a Business Day, the preceding Business Day), the Servicer shall deliver
      to
      the Trustee by telecopy or electronic mail (or by such other means as the
      Servicer and the Trustee may agree from time to time) a Remittance Report with
      respect to the related Distribution Date. On the same date, the Servicer shall
      electronically transmit to the Trustee (in a format acceptable to the Trustee),
      a data file containing the information set forth in such Remittance Report
      (including but not limited to the date elements specified in Schedule 4 hereto
      or in such form mutually agreed upon by the Servicer and the Trustee) with
      respect to the related Distribution Date or if electronic transmission is not
      available, the Servicer shall forward to the Trustee by overnight mail a
      computer readable magnetic tape. Such Remittance Report will include (i) the
      amount of Advances to be made by the Servicer in respect of the related
      Distribution Date, the aggregate amount of Advances outstanding after giving
      effect to such Advances, and the aggregate amount of Nonrecoverable Advances
      in
      respect of such Distribution Date and (ii) such other information with respect
      to the Mortgage Loans as the Trustee may reasonably require to perform the
      calculations necessary to make the distributions contemplated by Section
      4.01
      and to
      prepare the statements to Certificateholders contemplated by Section
      4.02.
      The
      Trustee shall not be responsible to recompute, recalculate or verify any
      information provided to it by the Servicer.

     

    (b)  The
      amount of Advances to be made by the Servicer for any Distribution Date shall
      equal, subject to Section
      4.03(d),
      the sum
      of, (i) the aggregate amount of Monthly Payments (with each interest portion
      thereof net of the related Servicing Fee), due on the related Due Date in
      respect of the Mortgage Loans, which Monthly Payments were delinquent as of
      the
      close of business on the related Determination Date and (ii) with respect to
      each REO Property, which REO Property was acquired during or prior to the
      related Prepayment Period and as to which REO Property an REO Disposition did
      not occur during the related Prepayment Period, an amount equal to the excess,
      if any, of the REO Imputed Interest on such REO Property for the most recently
      ended calendar month, over the net income from such REO Property transferred
      to
      the Certificate Account pursuant to Section
      3.23
      for
      distribution on such Distribution Date.

     

    By
      1:00
      p.m. New York time on the Servicer Remittance Date, the Servicer shall remit
      in
      immediately available funds to the Trustee for deposit in the Certificate
      Account an amount equal to the aggregate amount of Advances, if any, to be
      made
      in respect of the Mortgage Loans and REO Properties for the related Distribution
      Date either (i) from its own funds or (ii) from the Custodial 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 Custodial Account
      that amounts held for future distribution have been, as permitted by this
Section
      4.03,
      used by
      the Servicer in discharge of any such Advance) or (iii) in the form of any
      combination of (i) and (ii) aggregating the total amount of Advances to be
      made
      by the Servicer with respect to the Mortgage Loans and REO Properties. Any
      amounts held for future distribution and so used or withdrawn by the Servicer
      as
      permitted in Section
      3.11(a)(ii)
      shall be
      appropriately reflected in the Servicer’s records and replaced by the Servicer
      by deposit in the Custodial Account on or before any future Servicer Remittance
      Date to the extent that the Available Distribution Amount for the related
      Distribution Date (determined without regard to Advances to be made on the
      Servicer Remittance Date) shall be less than the total amount that would be
      distributed to the Classes of Certificateholders pursuant to Section
      4.01
      on such
      Distribution Date if such amounts held for future distributions had not been
      so
      used to make Advances. The Trustee will provide notice to the Servicer by
      telecopy by the close of business on the Business Day prior to the Distribution
      Date in the event that the amount remitted by the Servicer to the Trustee on
      such date is less than the amount required to be remitted by the Servicer as
      set
      forth in the Remittance Report for the related Distribution Date.

     

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

     

    (d)  Notwithstanding
      anything herein to the contrary, no Advance or Servicing Advance shall be
      required to be made hereunder by the Servicer if such Advance or Servicing
      Advance would, if made, constitute a Nonrecoverable Advance or Nonrecoverable
      Servicing Advance, respectively. The determination by the Servicer that it
      has
      made a Nonrecoverable Advance or a Nonrecoverable Servicing Advance or that
      any
      proposed Advance or Servicing Advance, if made, would constitute a
      Nonrecoverable Advance or Nonrecoverable Servicing Advance, respectively, shall
      be evidenced by a certification of a Servicing Officer delivered to the
      Depositor and the Trustee.

     

    SECTION
      4.04  Allocation
      of Realized Losses.
      (a)
      Prior to
      each Determination Date, the Servicer shall determine as to each Mortgage Loan
      and REO Property: (i) the total amount of Realized Losses, if any, incurred
      in
      connection with any Final Recovery Determinations made during the related
      Prepayment Period; (ii) whether and the extent to which such Realized Losses
      constituted Bankruptcy Losses; and (iii) the respective portions of such
      Realized Losses allocable to interest and allocable to principal. Prior to
      each
      Determination Date, the Servicer shall also determine as to each Mortgage Loan:
      (i) the total amount of Realized Losses, if any, incurred in connection with
      any
      Deficient Valuations made during the related Prepayment Period; and (ii) the
      total amount of Realized Losses, if any, incurred in connection with Debt
      Service Reductions in respect of Monthly Payments due during the related Due
      Period. The information described in the two preceding sentences that is to
      be
      supplied by the Servicer shall be evidenced by an Officers’ Certificate
      delivered to the Trustee by the Servicer prior to the Determination Date
      immediately following the end of (i) in the case of Bankruptcy Losses allocable
      to interest, the Due Period during which any such Realized Loss was incurred,
      and (ii) in the case of all other Realized Losses, the Prepayment Period
      during which any such Realized Loss was incurred.

     

    (b)  All
      Realized Losses on the Mortgage Loans shall be allocated or covered by the
      Trustee on each Distribution Date as follows: first, to the Accrued Certificate
      Interest for the Class CE Certificates for the related Interest Accrual Period;
      second, to the Class CE Certificates, until the Certificate Principal Balance
      thereof has been reduced to zero; third, to the Class M-10 Certificates, until
      the Certificate Principal Balance thereof has been reduced to zero; fourth,
      to
      the Class M-9 Certificates, until the Certificate Principal Balance thereof
      has
      been reduced to zero; fifth, to the Class M-8 Certificates, until the
      Certificate Principal Balance thereof has been reduced to zero; sixth, to the
      Class M-7 Certificates until the Certificate Principal Balance thereof has
      been
      reduced to zero; seventh, to the Class M-6 Certificates until the Certificate
      Principal Balance thereof has been reduced to zero; eighth, to the Class M-5
      Certificates until the Certificate Principal Balance thereof has been reduced
      to
      zero; ninth, to the Class M-4 Certificates until the Certificate Principal
      Balance thereof has been reduced to zero; tenth, to the Class M-3 Certificates
      until the Certificate Principal Balance thereof has been reduced to zero;
      eleventh, to the Class M-2 Certificates, until the Certificate Principal Balance
      thereof has been reduced to zero; twelfth, to the Class M-1 Certificates, until
      the Certificate Principal Balance thereof has been reduced to zero; and
      thirteenth, concurrently, to the Class A-1 Certificates, Class A-2 Certificates,
      Class A-3 Certificates and Class A-4 Certificates on a pro
      rata
      basis
      based on the Certificate Principal Balance of each such Class of Certificates,
      until their respective Certificate Principal Balances have been reduced to
      zero.

     

    All
      Realized Losses to be allocated to the Certificate Principal Balances of all
      Classes on any Distribution Date shall be so allocated after the actual
      distributions to be made on such date as provided above. All references above
      to
      the Certificate Principal Balance of any Class of Certificates shall be to
      the
      Certificate Principal Balance of such Class immediately prior to the relevant
      Distribution Date, before reduction thereof by any Realized Losses, in each
      case
      to be allocated to such Class of Certificates, on such Distribution
      Date.

     

    Any
      allocation of Realized Losses to a Class A Certificate or Mezzanine Certificate
      on any Distribution Date shall be made by reducing the Certificate Principal
      Balance thereof by the amount so allocated and any allocation of Realized Losses
      to a Class CE Certificates shall be made by reducing the amount otherwise
      payable in respect thereof pursuant to Section
      4.01(a)(4)(vi).
      No
      allocations of any Realized Losses shall be made to the Certificate Principal
      Balances of the Class P Certificates.

     

    As
      used
      herein, an allocation of a Realized Loss on a “pro
      rata
      basis”
among two or more specified Classes of Certificates means an allocation on
      a
pro
      rata
      basis,
      among the various Classes so specified, to each such Class of Certificates
      on
      the basis of their then outstanding Certificate Principal Balances prior to
      giving effect to distributions to be made on such Distribution Date. All
      Realized Losses and all other losses allocated to a Class of Certificates
      hereunder will be allocated among the Certificates of such Class in proportion
      to the Percentage Interests evidenced thereby.

     

    (c)  All
      Realized Losses on the Mortgage Loans shall be allocated by the Trustee on
      each
      Distribution Date to the following REMIC I Regular Interests in the specified
      percentages, as follows: first, to Uncertificated Interest payable to the REMIC
      I Regular Interest I-LTAA and REMIC I Regular Interest I-LTZZ up to an aggregate
      amount equal to the REMIC I Interest Loss Allocation Amount, 98% and 2%,
      respectively; second, to the Uncertificated Balances of the REMIC I Regular
      Interest I-LTAA and REMIC I Regular Interest I-LTZZ up to an aggregate amount
      equal to the REMIC I Principal Loss Allocation Amount, 98% and 2%, respectively;
      third, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC
      I Regular Interest I-LTM10 and REMIC I Regular Interest I-LTZZ, 98%, 1% and
      1%,
      respectively, until the Uncertificated Balance of REMIC I Regular Interest
      I-LTM10 has been reduced to zero; fourth, to the Uncertificated Balances of
      REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM9 and REMIC
      I
      Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated
      Balance of REMIC I Regular Interest I-LTM9 has been reduced to zero; fifth,
      to
      the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular
      Interest I-LTM8 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Balance of REMIC I Regular Interest
      I-LTM8 has been reduced to zero; sixth, to the Uncertificated Balances of REMIC
      I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM7 and REMIC I Regular
      Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance
      of REMIC I Regular Interest I-LTM7 has been reduced to zero; seventh to the
      Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular
      Interest I-LTM6 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Balance of REMIC I Regular Interest
      I-LTM6 has been reduced to zero; eighth to the Uncertificated Balances of REMIC
      I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM5 and REMIC I Regular
      Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance
      of REMIC I Regular Interest I-LTM5 has been reduced to zero; ninth to the
      Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular
      Interest I-LTM4 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Balance of REMIC I Regular Interest
      I-LTM4 has been reduced to zero; tenth, to the Uncertificated Balances of REMIC
      I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM3 and REMIC I Regular
      Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance
      of REMIC I Regular Interest I-LTM3 has been reduced to zero; eleventh, to the
      Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular
      Interest I-LTM2 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Balance of REMIC I Regular Interest
      I-LTM2 has been reduced to zero; twelfth, to the Uncertificated Balances of
      REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM1 and REMIC
      I
      Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated
      Balance of REMIC I Regular Interest I-LTM1 has been reduced to zero; and
      thirteenth, concurrently, to the Uncertificated Balances of REMIC I Regular
      Interest I-LTAA, REMIC I Regular Interest I-LTA1, I-LTA2, I-LTA3 and I-LTA4
      on a
pro
      rata
      basis,
      and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until their
      respective Uncertificated Balance of REMIC I Regular Interest has been reduced
      to zero.

     

    SECTION
      4.05  Compliance
      with Withholding Requirements.
      Notwithstanding any other provision of this Agreement, the Trustee shall comply
      with all federal withholding requirements respecting payments to
      Certificateholders of interest or original issue discount that the Trustee
      reasonably believes are applicable under the Code. The consent of
      Certificateholders shall not be required for such withholding. In the event
      the
      Trustee does withhold any amount from interest or original issue discount
      payments or advances thereof to any Certificateholder pursuant to federal
      withholding requirements, the Trustee shall indicate the amount withheld to
      such
      Certificateholders.

     

    SECTION
      4.06  Exchange
      Commission; Additional Information.
      (a)
      Notwithstanding anything herein to the contrary, the Depositor, and not the
      Trustee, shall be responsible for executing each Form 10-K filed on behalf
      of
      the Trust.

     

    Within
      15
      days after each Distribution Date, the Trustee shall, in accordance with
      applicable law, prepare and file with the Commission via the Electronic Data
      Gathering and Retrieval System (“EDGAR”),
      any
      Form 10-D (or other comparable Form containing the same or comparable
      information or other information mutually agreed upon), in the form and
      substance as required by the Exchange Act, with a copy of the statement to
      the
      Certificateholders for such Distribution Date as an exhibit thereto. Any
      necessary disclosure in addition to the statement to the Certificateholders
      that
      is required to be included on Form 10-D (“Additional
      Form 10-D Disclosure”)
      shall,
      pursuant to the paragraph immediately below, be reported by the Seller, the
      Depositor, the Trustee, the Trust, any servicer under Item 1108(a)(3) of
      Regulation AB, any originator under Item 1110(b) of Regulation AB, any other
      party contemplated by Items 1100(d)(1), 1112(b), Item 1114(b)(2) or 115(b)
      of
      Regulation AB as identified to the Trustee by the Depositor (together the
“Reporting
      Parties”),
      any
      party so required under and directed and approved by the Depositor, and the
      Trustee will have no duty or liability for any failure hereunder to determine
      or
      prepare any Additional Form 10-D Disclosure absent such reporting, direction
      and
      approval.

     

    For
      so
      long as the Trust is subject to the reporting requirements of the Securities
      Exchange Act of 1934, as amended (the “Exchange
      Act”),
      within 5 calendar days after the related Distribution Date, (i) the Reporting
      Parties shall be required to provide to the Trustee and the Depositor, to the
      extent known, in EDGAR-compatible form, or in such other form as otherwise
      agreed upon by the Trustee and the Depositor and such party, the form and
      substance of the Additional Form 10-D Disclosure applicable to such party,
      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 Trustee has no duty under this Agreement to monitor or enforce the
      performance by the Reporting Parties of their duties under this paragraph or
      proactively solicit or procure from such parties any Additional Form 10-D
      Disclosure information. The Depositor will be responsible for any reasonable
      fees and expenses assessed or incurred by the Trustee in connection with
      including any Additional Form 10-D Disclosure on Form 10-D pursuant to this
      paragraph.

     

    After
      preparing the Form 10-D, the Trustee shall forward electronically a draft copy
      of the Form 10-D to the Depositor for review. No later than 2 Business Days
      prior to the 15th calendar day after the related Distribution Date, a senior
      officer of the Depositor shall sign the Form 10-D and return an electronic
      or
      fax copy of such signed Form 10-D (with an original executed hard copy to follow
      by overnight mail) to the Trustee. If a Form 10-D cannot be filed on time or
      if
      a previously filed Form 10-D needs to be amended, the Trustee will follow the
      procedures set forth in the second paragraph of Section
      4.06(d).
      Promptly (but no later than 1 Business Day) after filing with the Commission,
      the Trustee will make available on its internet website a final executed copy
      of
      each Form 10-D prepared and filed by the Trustee. The signing party at the
      Depositor can be contacted as described in Section
      13.05
      hereto.
      The parties to this Agreement acknowledge that the performance by the Trustee
      of
      its duties under this Section
      4.06(a)
      related
      to the timely preparation 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
      4.06(a).
      The
      Trustee 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 10-D, where such failure results from the Trustee’s inability or failure to
      receive, on a timely basis, any information from any other party hereto needed
      to prepare, arrange for execution or file such Form 10-D, not resulting from
      its
      own negligence, bad faith or willful misconduct.

     

    (b)  Within
      90
      days after the end of each fiscal year of the Trust or such earlier date as
      may
      be required by the Exchange Act (the “10-K
      Filing Deadline”)
      (it
      being understood that the fiscal year for the Trust ends on December 31st of
      each year), commencing in March 2007, the Trustee 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 Trustee within the applicable
      time frames set forth in this Agreement, (i) an annual compliance statement
      for
      the Servicer and each Additional Servicer, as described under Section
      12.04,
      (ii)(A)
      the annual reports on assessment of compliance with servicing criteria for
      the
      Servicer, each Additional Servicer and the Trustee, as described under
Sections
      11.04
      and
12.05,
      and (B)
      if the Servicer’s, each Additional Servicer’s or the Trustee’s report on
      assessment of compliance with servicing criteria described under Sections
      11.04
      and
12.05
      identifies any material instance of noncompliance, disclosure identifying such
      instance of noncompliance, or if the Servicer’s, each Additional Servicer’s or
      the Trustee’s report on assessment of compliance with servicing criteria
      described under Sections
      11.04
      and
12.05
      is not
      included as an exhibit to such Form 10-K, disclosure that such report is not
      included and an explanation why such report is not included, (iii)(A) the
      registered public accounting firm attestation report for the Servicer, each
      Additional Servicer and the Trustee, as described under Sections
      11.04
      and
12.05,
      and (B)
      if any registered public accounting firm attestation report described under
      Sections
      11.04
      and
12.05
      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 certificate. In addition, the Trustee shall
      sign a certification (in the form attached hereto as Exhibit
      I-2)
      for the
      benefit of the Depositor and its officers, directors and Affiliates regarding
      certain aspects of the Servicer’s Backup Sarbanes Certification (the
“Trustee
      Certification”)
      (provided,
      however,
      that
      the Trustee shall not undertake an analysis of the accountant’s report attached
      as an exhibit to Form 10-K). Any necessary disclosure that is required to be
      included on Form 10-K (“Additional
      Form 10-K Disclosure”)
      shall,
      pursuant to the paragraph immediately below, be reported by the Reporting
      Parties and directed and approved by the Depositor, and the Trustee will have
      no
      duty or liability for any failure hereunder to determine or prepare any
      Additional Form 10-K Disclosure absent such reporting, direction and
      approval.

     

    For
      so
      long as the Trust is subject to the reporting requirements of the Exchange
      Act,
      no later than March 10 (with a 5 calendar day cure period), commencing in March
      2007 (i) the Reporting Parties shall be required to provide to the Trustee
      and
      the Depositor, to the extent known, in EDGAR-compatible form, or in such other
      form as otherwise agreed upon by the Trustee and the Depositor and such party,
      the form and substance of the Additional Form 10-K Disclosure applicable to
      such
      party, 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 Trustee has no duty under this Agreement to monitor
      or enforce the performance by the Reporting Parties 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 Trustee in connection
      with including any Additional Form 10-K Disclosure on Form 10-K pursuant to
      this
      paragraph.

     

    After
      preparing the Form 10-K, the Trustee shall forward electronically a draft copy
      of the Form 10-K to the Depositor for review. No later than end of business
      New
      York City time on the 4th Business Day prior to the 10-K Filing Deadline, a
      senior officer of the Depositor shall sign the Form 10-K and related Sarbanes
      Certification (as defined below) to be filed with the SEC, and return an
      electronic or fax copy of such signed Form 10-K (with an original executed
      hard
      copy to follow by overnight mail) to the Trustee. If a Form 10-K cannot be
      filed
      on time or if a previously filed Form 10-K needs to be amended, the Trustee
      will
      follow the procedures set forth in the second paragraph of Section
      4.06(d).
      Promptly (but no later than 1 Business Day) after filing with the Commission,
      the Trustee will make available on its internet website a final executed copy
      of
      each Form 10-K prepared and filed by the Trustee. The signing party at the
      Depositor can be contacted as described in Section
      13.05.
      The
      parties to this Agreement acknowledge that the performance by the Trustee of
      its
      duties under this Section
      4.06(b)
      related
      to the timely preparation and filing of Form 10-K is contingent upon such
      parties (and any Additional Servicer or Servicing Function Participant) strictly
      observing all applicable deadlines in the performance of their duties under
      this
Section
      4.06,
      Sections
      11.04
      and
12.05
      and
Section
      12.04.
      The
      Trustee 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 10-K, where such failure results from the Trustee’s inability or failure to
      receive, on a timely basis, any information from any other party hereto needed
      to prepare, arrange for execution or file such Form 10-K, not resulting from
      its
      own negligence, bad faith or willful misconduct.

     

    (c)  Within
      four (4) Business Days after the occurrence of an event requiring disclosure
      on
      Form 8-K (each such event, a “Reportable
      Event”),
      and
      if requested by the Depositor and to the extent it receives the Form 8-K
      Disclosure Information described below, the Trustee shall prepare and file
      on
      behalf of the Trust any Form 8-K, as required by the Exchange Act, provided
      that
      the Depositor shall file the initial Form 8-K in connection with the issuance
      of
      the Certificates. Any 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,
      pursuant to the paragraph immediately below, be reported by the Reporting
      Parties and directed and approved by the Depositor, and the Trustee will have
      no
      duty or liability for any failure hereunder to determine or prepare any Form
      8-K
      Disclosure Information absent such reporting, direction and
      approval.

     

    For
      so
      long as the Trust is subject to the reporting requirements of the Exchange
      Act,
      no later than end of business on the 2nd Business Day after the occurrence
      of a
      Reportable Event (i) the Reporting Parties hereto shall be required to provide
      to the Trustee and the Depositor, to the extent known, in EDGAR-compatible
      form,
      or in such other form as otherwise agreed upon by the Trustee and the Depositor
      and such party, the form and substance of the Form 8-K Disclosure Information
      applicable to such party, and (ii) the Depositor will approve, as to form and
      substance, or disapprove, as the case may be, the inclusion of the Form 8-K
      Disclosure Information on Form 8-K. The Trustee has no duty under this Agreement
      to monitor or enforce the performance by the Reporting Parties of their duties
      under this paragraph or proactively solicit or procure from such parties any
      Form 8-K Disclosure Information. The Depositor will be responsible for any
      reasonable fees and expenses assessed or incurred by the Trustee in connection
      with including any Form 8-K Disclosure Information on Form 8-K pursuant to
      this
      paragraph.

     

    After
      preparing the Form 8-K, the Trustee shall forward electronically a draft copy
      of
      the Form 8-K to the Depositor and the Servicer, if applicable, for review.
      No
      later than Noon New York City time on the 4th Business Day after the Reportable
      Event, a senior officer of the Depositor shall sign the Form 8-K and return
      an
      electronic or fax copy of such signed Form 8-K (with an original executed hard
      copy to follow by overnight mail) to the Trustee. If a Form 8-K cannot be filed
      on time or if a previously filed Form 8-K needs to be amended, the Trustee
      will
      follow the procedures set forth in the second paragraph of Section
      4.06(d).
      Promptly (but no later than 1 Business Day) after filing with the Commission,
      the Trustee will, make available on its internet website a final executed copy
      of each Form 8-K prepared and filed by the Trustee. The signing party at the
      Depositor can be contacted as described in Section
      13.05.
      The
      parties to this Agreement acknowledge that the performance by the Trustee of
      its
      duties under this Section
      4.06(c)
      related
      to the timely preparation and filing of Form 8-K is contingent upon such parties
      strictly observing all applicable deadlines in the performance of their duties
      under this Section
      4.06(c).
      The
      Trustee 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 Trustee’s inability or failure to
      receive, on a timely basis, any information from any other party hereto needed
      to prepare, arrange for execution or file such Form 8-K, not resulting from
      its
      own negligence, bad faith or willful misconduct.

     

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

     

    In
      the
      event that the Trustee 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 Trustee will promptly notify the Depositor and the
      Servicer of such inability to make a timely filing with the Commission. In
      the
      case of Form 10-D and 10-K, the Depositor, Servicer and Trustee 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 Trustee 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 succeeding Form 10-D to be filed for the Trust. In the event that
      any
      previously filed Form 8-K, 10-D or 10-K needs to be amended, the Trustee will
      notify the Depositor and the Servicer and such parties agree to 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 or 10-K shall be signed by a senior officer of the Trustee
      and any amendment to Form 10-D shall be signed by a senior officer of the
      Depositor. The Depositor and Servicer acknowledge that the performance by the
      Trustee of its duties under this Section
      4.06(d)
      related
      to the timely preparation and filing of Form 15, a Form 12b-25 or any amendment
      to Form 8-K, 10-D or 10-K is contingent upon the Servicer and the Depositor
      performing their duties under this Section. The Trustee 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 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
      Trustee’s inability or failure to receive, on a timely basis, any information
      from any other party hereto needed to prepare, arrange for execution or file
      such Form 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
      Trustee shall have no responsibility to file any items other than those
      specified in this Section
      4.06;
      provided,
      however,
      the
      Trustee and the Servicer will cooperate with the Depositor in connection with
      any additional filings with respect to the Trust Fund as the Depositor deems
      necessary under the Exchange Act.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    ARTICLE
      V

     

    THE
      CERTIFICATES

     

    SECTION
      5.01  The
      Certificates.
      (a)
      The
      Certificates in the aggregate will represent the entire beneficial ownership
      interest in the Mortgage Loans and all other assets included in REMIC
      I.

     

    The
      Certificates will be substantially in the forms annexed hereto as Exhibits
      A-1
      through
A-17.
      The
      Certificates of each Class will be issuable in registered form only, in
      denominations of authorized Percentage Interests as described in the definition
      thereof. Each Certificate will share ratably in all rights of the related
      Class.

     

    Upon
      original issue, the Certificates shall be executed, authenticated and delivered
      by the Trustee to or upon the written order of the Depositor. The Certificates
      shall be executed by manual or facsimile signature on behalf of the Trustee
      by
      an authorized signatory. Certificates bearing the manual or facsimile signatures
      of individuals who were at any time the proper officers of the Trustee shall
      bind the Trustee notwithstanding that such individuals or any of them have
      ceased to hold such offices prior to the authentication and delivery of such
      Certificates or did not hold such offices at the date of such Certificates.
      No
      Certificate shall be entitled to any benefit under this Agreement or be valid
      for any purpose, unless there appears on such Certificate a certificate of
      authentication substantially in the form provided herein executed by the Trustee
      by manual signature, and such certificate of authentication shall be conclusive
      evidence, and the only evidence, that such Certificate has been duly
      authenticated and delivered hereunder. All Certificates shall be dated the
      date
      of their authentication.

     

    (b)  The
      Class
      A Certificates and the Mezzanine Certificates shall initially be issued as
      one
      or more Certificates held by the Book-Entry Custodian or, if appointed to hold
      such Certificates as provided below, the Depository and registered in the name
      of the Depository or its nominee and, except as provided below, registration
      of
      such Certificates may not be transferred by the Trustee except to another
      Depository that agrees to hold such Certificates for the respective Certificate
      Owners with Ownership Interests therein. The Certificate Owners shall hold
      their
      respective Ownership Interests in and to such Certificates through the
      book-entry facilities of the Depository and, except as provided below, shall
      not
      be entitled to definitive, fully registered Certificates (“Definitive
      Certificates”)
      in
      respect of such Ownership Interests. All transfers by Certificate Owners of
      their respective Ownership Interests in the Book-Entry Certificates shall be
      made in accordance with the procedures established by the Depository Participant
      or brokerage firm representing such Certificate Owner. Each Depository
      Participant shall only transfer the Ownership Interests in the Book-Entry
      Certificates of Certificate Owners it represents or of brokerage firms for
      which
      it acts as agent in accordance with the Depository’s normal procedures. The
      Trustee is hereby initially appointed as the Book-Entry Custodian and hereby
      agrees to act as such in accordance herewith and in accordance with the
      agreement that it has with the Depository authorizing it to act as such. The
      Book-Entry Custodian may, and, if it is no longer qualified to act as such,
      the
      Book-Entry Custodian shall, appoint, by a written instrument delivered to the
      Depositor, the Servicer, the Trustee and, if the Trustee is not the Book-Entry
      Custodian, the Trustee, any other transfer agent (including the Depository
      or
      any successor Depository) to act as Book-Entry Custodian under such conditions
      as the predecessor Book-Entry Custodian and the Depository or any successor
      Depository may prescribe, provided that the predecessor Book-Entry Custodian
      shall not be relieved of any of its duties or responsibilities by reason of
      any
      such appointment of other than the Depository. If the Trustee resigns or is
      removed in accordance with the terms hereof, the successor Trustee or, if it
      so
      elects, the Depository shall immediately succeed to its predecessor’s duties as
      Book-Entry Custodian. The Depositor shall have the right to inspect, and to
      obtain copies of, any Certificates held as Book-Entry Certificates by the
      Book-Entry Custodian.

     

    The
      Trustee, the Servicer and the Depositor may for all purposes (including the
      making of payments due on the respective Classes of Book-Entry Certificates)
      deal with the Depository as the authorized representative of the Certificate
      Owners with respect to the respective Classes of Book-Entry Certificates for
      the
      purposes of exercising the rights of Certificateholders hereunder. The rights
      of
      Certificate Owners with respect to the respective Classes of Book-Entry
      Certificates shall be limited to those established by law and agreements between
      such Certificate Owners and the Depository Participants and brokerage firms
      representing such Certificate Owners. Multiple requests and directions from,
      and
      votes of, the Depository as Holder of any Class of Book-Entry Certificates
      with
      respect to any particular matter shall not be deemed inconsistent if they are
      made with respect to different Certificate Owners. The Trustee may establish
      a
      reasonable record date in connection with solicitations of consents from or
      voting by Certificateholders and shall give notice to the Depository of such
      record date.

     

    If
      (i)(A)
      the Depositor advises the Trustee in writing that the Depository is no longer
      willing or able to properly discharge its responsibilities as Depository, and
      (B) the Depositor is unable to locate a qualified successor or (ii) after the
      occurrence of a Servicer Event of Default, Certificate Owners representing
      in
      the aggregate not less than 66% of the Ownership Interests of the Book-Entry
      Certificates advise the Trustee through the Depository, in writing, that the
      continuation of a book-entry system through the Depository is no longer in
      the
      best interests of the Certificate Owners, the Trustee shall notify all
      Certificate Owners, through the Depository, of the occurrence of any such event
      and of the availability of Definitive Certificates to Certificate Owners
      requesting the same. Upon surrender to the Trustee of the Book-Entry
      Certificates by the Book-Entry Custodian or the Depository, as applicable,
      accompanied by registration instructions from the Depository for registration
      of
      transfer, the Trustee shall cause the Definitive Certificates to be issued.
      Such
      Definitive Certificates will be issued in minimum denominations of $25,000,
      except that any beneficial ownership that was represented by a Book-Entry
      Certificate in an amount less than $25,000 immediately prior to the issuance
      of
      a Definitive Certificate shall be issued in a minimum denomination equal to
      the
      amount represented by such Book-Entry Certificate. None of the Depositor, the
      Servicer or the Trustee shall be liable for any delay in the delivery of such
      instructions and may conclusively rely on, and shall be protected in relying
      on,
      such instructions. Upon the issuance of Definitive Certificates all references
      herein to obligations imposed upon or to be performed by the Depository shall
      be
      deemed to be imposed upon and performed by the Trustee, to the extent applicable
      with respect to such Definitive Certificates, and the Trustee shall recognize
      the Holders of the Definitive Certificates as Certificateholders
      hereunder.

     

    SECTION
      5.02  Registration
      of Transfer and Exchange of Certificates.
      (a)
      The
      Trustee shall cause to be kept at one of the offices or agencies to be appointed
      by the Trustee in accordance with the provisions of Section
      8.11,
      a
      Certificate Register for the Certificates in which, subject to such reasonable
      regulations as it may prescribe, the Trustee shall provide for the registration
      of Certificates and of transfers and exchanges of Certificates as herein
      provided.

     

    (b)  No
      transfer of any Class M-10 Certificate, Class CE Certificate, Class P
      Certificate or Residual Certificate (the “Private
      Certificates”)
      shall
      be made unless that transfer is made pursuant to an effective registration
      statement under the Securities Act of 1933, as amended (the “1933
      Act”),
      and
      effective registration or qualification under applicable state securities laws,
      or is made in a transaction that does not require such registration or
      qualification. In the event that such a transfer of a Private Certificate is
      to
      be made without registration or qualification (other than in connection with
      (i)
      the initial transfer of any such Certificate by the Depositor to an Affiliate
      of
      the Depositor, (ii) the transfer of any such Class CE or Class P Certificate
      to
      the issuer under the Indenture or the indenture trustee under the Indenture
      or
      (iii) a transfer of any such Class CE or Class P Certificate from the issuer
      under the Indenture or the indenture trustee under the Indenture to the
      Depositor or an Affiliate of the Depositor), the Trustee shall require receipt
      of: (i) if such transfer is purportedly being made in reliance upon Rule 144A
      under the 1933 Act, written certifications from the Certificateholder desiring
      to effect the transfer and from such Certificateholder’s prospective transferee,
      substantially in the forms attached hereto as Exhibit
      F-1;
      and
      (ii) in all other cases, an Opinion of Counsel satisfactory to it that such
      transfer may be made without such registration (which Opinion of Counsel shall
      not be an expense of the Trust Fund or of the Depositor, the Trustee, the
      Servicer in its capacity as such or any Sub-Servicer), together with copies
      of
      the written certification(s) of the Certificateholder desiring to effect the
      transfer and/or such Certificateholder’s prospective transferee upon which such
      Opinion of Counsel is based, if any. None of the Depositor or the Trustee is
      obligated to register or qualify any such Certificates under the 1933 Act or
      any
      other securities laws or to take any action not otherwise required under this
      Agreement to permit the transfer of such Certificates without registration
      or
      qualification. Any Certificateholder desiring to effect the transfer of any
      such
      Certificate shall, and does hereby agree to, indemnify the Trustee, the
      Depositor and the Servicer against any liability that may result if the transfer
      is not so exempt or is not made in accordance with such federal and state
      laws.

     

    Notwithstanding
      the foregoing, in the event of any such transfer of any Ownership Interest
      in
      any Private Certificate that is a Book-Entry Certificate, except with respect
      to
      the initial transfer of any such Ownership Interest by the Depositor, such
      transfer shall be required to be made in reliance upon Rule 144A under the
      1933
      Act, and the transferee will be deemed to have made each of the transferee
      representations and warranties set forth Exhibit
      F-1
      hereto
      in respect of such interest as if it was evidenced by a Definitive Certificate.
      The Certificate Owner of any such Ownership Interest in any such Book-Entry
      Certificate desiring to effect such transfer shall, and does hereby agree to,
      indemnify the Trustee 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.

     

    Notwithstanding
      the foregoing, no certification or Opinion of Counsel described in this
Section
      5.02(b)
      will be
      required in connection with the transfer, on the Closing Date, of any Class
      R
      Certificate by the Depositor to an “accredited investor” within the meaning of
      Rule 501(d) of the 1933 Act.

     

    (c)  (i)No
      transfer of a Private Certificate (other than a Class
      M-10 Certificate)
      or any interest therein shall be made to any Plan, any Person acting, directly
      or indirectly, on behalf of any such Plan or any Person acquiring such Private
      Certificates with “plan assets” (within the meaning of the Department of Labor
      regulation promulgated at 29 C. F. R. § 2510.3-101 (“Plan
      Assets”))
      of a
      Plan, as certified by such transferee in the form of Exhibit
      G,
      unless
      the Trustee is provided with an Opinion of Counsel acceptable to and in form
      and
      substance satisfactory to the Depositor, the Trustee and the Servicer to the
      effect that the purchase and holding of such Private Certificates is permissible
      under applicable law, will not constitute or result in any non-exempt prohibited
      transaction under Section 406 of ERISA or Section 4975 of the Code (or
      comparable provisions of any subsequent enactments) and will not subject the
      Depositor, the Servicer, the Trustee or the Trust Fund to any obligation or
      liability (including obligations or liabilities under ERISA or Section 4975
      of
      the Code) in addition to those undertaken in this Agreement, which Opinion
      of
      Counsel shall not be an expense of the Depositor, the Servicer, the Trustee
      or
      the Trust Fund.

     

    (ii) In
      the
      case of a Class A Certificate, Class M-1 Certificate, Class M-2 Certificate,
      Class M-3 Certificate, Class M-4 Certificate, Class M-5 Certificate, Class
      M-6
      Certificate, Class M-7 Certificate, Class M-8 Certificate, Class M-9 Certificate
      or Class M-10 Certificate, each
      beneficial owner of such a Certificate or any interest therein shall be deemed
      to have represented, by virtue of its acquisition or holding of such Certificate
      or any interest therein, that either (A) it is not a Plan or using Plan Assets,
      (B) it has acquired and is holding such Certificate in reliance on the
      Underwriters’ Exemption, and that it understands that there are certain
      conditions to the availability of the Underwriters’ Exemption, including that
      such Certificate must be rated, at the time of purchase, not lower than “BBB-”
(or its equivalent) by Fitch, S&P or Moody’s and the Certificates are so
      rated, that it is an accredited investor as defined in Rule 501(a)(1) of
      Regulation D of the Securities Act of 1933, as amended, and that it will obtain
      a representation from any transferee that such transferee is an accredited
      investor, or (C)(1) it is an insurance company, (2) the source of funds used
      to
      acquire or hold such Certificate or any interest therein is an “insurance
      company general account,” as such term is defined in Prohibited
      Transaction Class Exemption (“PTCE”)
      95-60,
      and (3) the conditions in Sections I and III of PTCE 95-60 have been
      satisfied.

     

    (iii) Neither
      a
      certification nor an Opinion of Counsel shall be required in connection with
      (A)
      the initial transfer of any such Certificate by the Depositor to an Affiliate
      of
      the Depositor, (B) the transfer of any such Certificate to the issuer under
      the
      Indenture or the indenture trustee under the Indenture or (C) a transfer of
      any
      such Certificate from the issuer under the Indenture or the indenture trustee
      under the Indenture to the Depositor or an Affiliate of the Depositor (in which
      case such transferee shall be deemed to have represented that it is not
      purchasing with Plan Assets) and the Trustee shall be entitled to conclusively
      rely upon a representation (which, upon the request of the Trustee, shall be
      a
      written representation) from the Depositor of the status of such transferee
      as
      an affiliate of the Depositor.

     

    (iv) If
      any
      Certificate or any interest therein is acquired or held in violation of the
      provisions of this Section 5.02(c), the next preceding permitted beneficial
      owner will be treated as the beneficial owner of that Certificate retroactive
      to
      the date of transfer to the purported beneficial owner. Any
      purported beneficial owner whose acquisition or holding of any such Certificate
      or any interest therein was effected in violation of the provisions of this
      Section 5.02(c) shall indemnify and hold harmless the Depositor, the Servicer,
      the Trustee and the Trust Fund from and against any and all liabilities, claims,
      costs or expenses incurred by those parties as a result of that acquisition
      or
      holding.

     

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

     

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

     

    (B) In
      connection with any proposed Transfer of any Ownership Interest in a Residual
      Certificate, the Trustee shall require delivery to it, and shall not register
      the Transfer of any Residual Certificate until its receipt of, an affidavit
      and
      agreement (a “Transfer
      Affidavit and Agreement,”
in
      the
      form attached hereto as Exhibit
      F-2)
      from
      the proposed Transferee, in form and substance satisfactory to the Trustee,
      representing and warranting, among other things, that such Transferee is a
      Permitted Transferee, that it is not acquiring its Ownership Interest in the
      Residual Certificate that is the subject of the proposed Transfer as a nominee,
      trustee or agent for any Person that is not a Permitted Transferee, that for
      so
      long as it retains its Ownership Interest in a Residual Certificate, it will
      endeavor to remain a Permitted Transferee, and that it has reviewed the
      provisions of this Section
      5.02(d)
      and
      agrees to be bound by them.

     

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

     

    (D) Each
      Person holding or acquiring any Ownership Interest in a Residual Certificate
      shall agree (x) to require a Transfer Affidavit and Agreement in the form
      attached hereto as Exhibit
      F-2
      from any
      other Person to whom such Person attempts to transfer its Ownership Interest
      in
      a Residual Certificate and (y) not to transfer its Ownership Interest unless
      it
      provides a Transferor Affidavit (in the form attached hereto as Exhibit
      F-2)
      to the
      Trustee stating that, among other things, it has no actual knowledge that such
      other Person is not a Permitted Transferee.

     

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

     

    (ii)  The
      Trustee will register the Transfer of any Residual Certificate only if it shall
      have received the Transfer Affidavit and Agreement and all of such other
      documents as shall have been reasonably required by the Trustee as a condition
      to such registration. In addition, no Transfer of a Residual Certificate shall
      be made unless the Trustee shall have received a representation letter from
      the
      Transferee of such Certificate to the effect that such Transferee is a Permitted
      Transferee.

     

    (iii)  (A)If
      any
      purported Transferee shall become a Holder of a Residual Certificate in
      violation of the provisions of this Section
      5.02(d),
      then
      the last preceding Permitted Transferee shall be restored, to the extent
      permitted by law, to all rights as holder thereof retroactive to the date of
      registration of such Transfer of such Residual Certificate. The Trustee shall
      be
      under no liability to any Person for any registration of Transfer of a Residual
      Certificate that is in fact not permitted by this Section
      5.02(d)
      or for
      making any payments due on such Certificate to the holder thereof or for taking
      any other action with respect to such holder under the provisions of this
      Agreement.

     

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

     

    (iv)  The
      Trustee shall make available to the Internal Revenue Service and those Persons
      specified by the REMIC Provisions all information necessary to compute any
      tax
      imposed (A) as a result of the Transfer of an Ownership Interest in a Residual
      Certificate to any Person who is a Disqualified Organization, including the
      information described in Treasury regulations sections 1.860D-1(b)(5) and
      1.860E-2(a)(5) with respect to the “excess inclusions” of such Residual
      Certificate and (B) as a result of any regulated investment company, real estate
      investment trust, common trust fund, partnership, trust estate or organization
      described in Section 1381 of the Code that holds an Ownership Interest in a
      Residual Certificate having as among its record holders at any time any Person
      which is a Disqualified Organization. Reasonable compensation for providing
      such
      information may be accepted by the Trustee.

     

    (v)  The
      provisions of this Section
      5.02(d)
      set
      forth prior to this subsection
      (v)
      may be
      modified, added to or eliminated, provided that there shall have been delivered
      to the Trustee at the expense of the party seeking to modify, add to or
      eliminate any such provision the following:

     

    (A) written
      notification from each Rating Agency to the effect that the modification,
      addition to or elimination of such provisions will not cause such Rating Agency
      to downgrade its then-current ratings of any Class of Certificates;
      and

     

    (B) an
      Opinion of Counsel, in form and substance satisfactory to the Trustee, to the
      effect that such modification of, addition to or elimination of such provisions
      will not cause any Trust REMIC to cease to qualify as a REMIC and will not
      cause
      any Trust REMIC to be subject to an entity-level tax caused by the Transfer
      of
      any Residual Certificate to a Person that is not a Permitted Transferee or
      a
      Person other than the prospective transferee to be subject to a REMIC-tax caused
      by the Transfer of a Residual Certificate to a Person that is not a Permitted
      Transferee.

     

    (e)  Subject
      to the preceding subsections, upon surrender for registration of transfer of
      any
      Certificate at any office or agency of the Trustee maintained for such purpose
      pursuant to Section
      8.12,
      the
      Trustee shall execute, authenticate and deliver, in the name of the designated
      Transferee or Transferees, one or more new Certificates of the same Class of
      a
      like aggregate Percentage Interest.

     

    (f)  At
      the
      option of the Holder thereof, any Certificate may be exchanged for other
      Certificates of the same Class with authorized denominations and a like
      aggregate Percentage Interest, upon surrender of such Certificate to be
      exchanged at any office or agency of the Trustee maintained for such purpose
      pursuant to Section
      8.12.
      Whenever any Certificates are so surrendered for exchange, the Trustee shall
      execute, authenticate and deliver, the Certificates which the Certificateholder
      making the exchange is entitled to receive. Every Certificate presented or
      surrendered for transfer or exchange shall (if so required by the Trustee)
      be
      duly endorsed by, or be accompanied by a written instrument of transfer in
      the
      form satisfactory to the Trustee duly executed by, the Holder thereof or his
      attorney duly authorized in writing. In addition, with respect to each Class
      R
      Certificate, the Holder thereof may exchange, in the manner described above,
      such Class R Certificate for two separate Certificates, each representing such
      Holder’s respective Percentage Interest in the Class R-I Interest and the Class
      R-II Interest, respectively, in each case that was evidenced by the Class R
      Certificate being exchanged.

     

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

     

    (h)  All
      Certificates surrendered for transfer and exchange shall be canceled and
      destroyed by the Trustee in accordance with its customary
      procedures.

     

    SECTION
      5.03  Mutilated,
      Destroyed, Lost or Stolen Certificates.
      If (i)
      any mutilated Certificate is surrendered to the Trustee, or the Trustee receives
      evidence to its satisfaction of the destruction, loss or theft of any
      Certificate, and (ii) there is delivered to the Trustee such security or
      indemnity as may be required by it to save it harmless, then, in the absence
      of
      actual knowledge by the Trustee that such Certificate has been acquired by
      a
      bona fide purchaser, the Trustee shall execute, authenticate and deliver in
      exchange for or in lieu of any such mutilated, destroyed, lost or stolen
      Certificate, a new Certificate of the same Class and of like denomination and
      Percentage Interest but bearing a number not contemporaneously outstanding.
      Upon
      the issuance of any new Certificate under this Section, the Trustee may require
      the payment of a sum sufficient to cover any tax or other governmental charge
      that may be imposed in relation thereto and any other expenses (including the
      fees and expenses of the Trustee) connected therewith. Any replacement
      Certificate issued pursuant to this Section shall constitute complete and
      indefeasible evidence of ownership in the applicable REMIC created hereunder,
      as
      if originally issued, whether or not the lost, stolen or destroyed Certificate
      shall be found at any time.

     

    SECTION
      5.04  Persons
      Deemed Owners.
      Prior
      to due presentation of a Certificate for registration of transfer, the
      Depositor, the Servicer, the Trustee and any agent of any of them may treat
      the
      Person in whose name any Certificate is registered as the owner of such
      Certificate for the purpose of receiving distributions pursuant to Section
      4.01
      and for
      all other purposes whatsoever, and none of the Depositor, the Servicer, the
      Trustee or any agent of any of them shall be affected by notice to the
      contrary.

     

    SECTION
      5.05  Certain
      Available Information.
      On or
      prior to the date of the first sale of any Private Certificate to an Independent
      third party, the Depositor shall provide to the Trustee a copy of any private
      placement memorandum or other disclosure document used by the Depositor in
      connection with the offer and sale of such Certificates. In addition, if any
      such private placement memorandum or disclosure document is revised, amended
      or
      supplemented at any time following the delivery thereof to the Trustee, the
      Depositor promptly shall inform the Trustee of such event and shall deliver
      to
      the Trustee a copy of the private placement memorandum or disclosure document,
      as revised, amended or supplemented. The Trustee shall maintain at its Corporate
      Trust Office and shall make available free of charge during normal business
      hours for review by any Holder of a Certificate, a Certificate Owner or any
      Person identified to the Trustee as a prospective transferee of a Certificate,
      originals or copies of the following items: (i) in the case of a Holder, a
      Certificate Owner or prospective transferee of a Private Certificate, the
      related private placement memorandum or other disclosure document relating
      to
      such Class of Certificates, in the form most recently provided to the Trustee;
      and (ii) in all cases, (A) this Agreement and any amendments hereof entered
      into pursuant to Section
      13.01,
      (B) all
      monthly statements required to be delivered to Certificateholders of the
      relevant Class pursuant to Section
      4.02
      since
      the Closing Date, and all other notices, reports, statements and written
      communications delivered to the Certificateholders of the relevant Class
      pursuant to this Agreement since the Closing Date, (C) all certifications
      delivered by a Responsible Officer of the Trustee since the Closing Date
      pursuant to Section
      10.01(h),
      (D) any
      and all Officers’ Certificates delivered to the Trustee by the Servicer since
      the Closing Date to evidence the Servicer’s determination that any Advance or
      Servicing Advance was, or if made, would be a Nonrecoverable Advance or
      Nonrecoverable Servicing Advance, respectively, and (E) any and all Officers’
Certificates delivered to the Trustee by the Servicer since the Closing Date
      pursuant to Section
      4.04(a).
      Copies
      and mailing of any and all of the foregoing items will be available from the
      Trustee upon request at the expense of the Person requesting the
      same.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    ARTICLE
      VI

     

    THE
      DEPOSITOR AND THE SERVICER

     

    SECTION
      6.01  Respective
      Liabilities of the Depositor and the Servicer.
      The
      Depositor and the Servicer each shall be liable in accordance herewith only
      to
      the extent of the obligations specifically imposed by this Agreement upon them
      in their respective capacities as Depositor and Servicer and undertaken
      hereunder by the Depositor and the Servicer herein.

     

    SECTION
      6.02  Merger
      or Consolidation of the Depositor or the Servicer.
      Subject
      to the following paragraph, the Depositor will keep in full effect its
      existence, rights and franchises as a corporation under the laws of the
      jurisdiction of its incorporation. Subject to the following paragraph, the
      Servicer will keep in full effect its existence, rights and franchises as a
      corporation under the laws of the jurisdiction of its incorporation. The
      Depositor and the Servicer each will obtain and preserve its qualification
      to do
      business as a foreign corporation in each jurisdiction in which such
      qualification is or shall be necessary to protect the validity and
      enforceability of this Agreement, the Certificates or any of the Mortgage Loans
      and to perform its respective duties under this Agreement.

     

    The
      Depositor or the Servicer may be merged or consolidated with or into any Person,
      or transfer all or substantially all of its assets to any Person, in which
      case
      any Person resulting from any merger or consolidation to which the Depositor
      or
      the 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 be qualified to service
      mortgage loans on behalf of Fannie Mae or Freddie Mac; and provided further
      that
      the Rating Agencies’ ratings of the Class A Certificates and the Mezzanine
      Certificates in effect immediately prior to such merger or consolidation will
      not be qualified, reduced or withdrawn as a result thereof (as evidenced by
      a
      letter to such effect from the Rating Agencies).

     

    SECTION
      6.03  Limitation
      on Liability of the Depositor, the Servicer and Others.
      (a)
      Subject
      to Subsection
      6.03(b),
      the
      Servicer (except the Trustee if it is required to succeed the Servicer
      hereunder) indemnifies and holds each Certificateholder harmless against any
      and
      all claims, losses, penalties, fines, forfeitures, reasonable legal fees and
      related costs, judgments, and any other costs, fees and expenses that any
      Certificateholder may sustain in any way related to the failure of the Servicer
      to perform its duties and service the Mortgage Loans in compliance with the
      terms of this Agreement. The Servicer shall immediately notify the Trustee
      for
      further notice to each Certificateholder if a claim is made that may result
      in
      such claims, losses, penalties, fines, forfeitures, legal fees or related costs,
      judgments, or any other costs, fees and expenses, and the Servicer shall assume
      the defense of any such claim and pay all expenses in connection therewith,
      including reasonable counsel fees, and promptly pay, discharge and satisfy
      any
      judgment or decree which may be entered against the Certificateholder in respect
      of such claim. The provisions of this Section 6.03 shall survive the termination
      of this Agreement and the payment of the outstanding Certificates.

     

    (b)  None
      of
      the Depositor, the Servicer or any of the directors, officers, employees or
      agents of the Depositor or the Servicer shall be under any liability to the
      Trustee, Trust Fund or the Certificateholders for any action taken or for
      refraining from the taking of any action in good faith pursuant to this
      Agreement, or for errors in judgment; provided,
      however,
      that
      this provision shall not protect the Depositor, the Servicer or any such person
      against any breach of warranties, representations or covenants made herein,
      or
      against any specific liability imposed on the Servicer pursuant hereto, or
      against any liability which would otherwise be imposed by reason of willful
      misfeasance, bad faith or negligence in the performance of duties or by reason
      of reckless disregard of obligations and duties hereunder. The Depositor, the
      Servicer and any director, officer, employee or agent of the Depositor or the
      Servicer may rely in good faith on any document of any kind which, prima facie,
      is properly executed and submitted by any Person respecting any matters arising
      hereunder. The Depositor, the Servicer and any director, officer, employee
      or
      agent of the Depositor or the Servicer shall be indemnified by the Trust Fund
      and held harmless against any loss, liability or expense (including reasonable
      legal fees and disbursements of counsel) incurred on their part that may be
      sustained in connection with, arising out of, or related to, any claim or legal
      action (including any pending or threatened claim or legal action) relating
      to
      this Agreement or the Certificates, other than any loss, liability or expense
      relating to any specific Mortgage Loan or Mortgage Loans (except as any such
      loss, liability or expense shall be otherwise reimbursable pursuant to this
      Agreement) or any loss, liability or expense incurred by reason of willful
      misfeasance, bad faith or negligence in the performance of duties hereunder
      or
      by reason of reckless disregard of obligations and duties hereunder. 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 duties under this
      Agreement and that in its opinion may involve it in any expense or liability;
      provided,
      however,
      that
      the Depositor or the Servicer may in its discretion undertake any such action
      which it may deem necessary or desirable with respect to this Agreement and
      the
      rights and duties of the parties hereto and the interests of the
      Certificateholders hereunder. In such event, the legal expenses and costs of
      such action and any liability resulting therefrom shall be expenses, costs
      and
      liabilities of the Trust Fund, and the Depositor or the Servicer shall be
      entitled to be reimbursed therefor from the Custodial Account as and to the
      extent provided in Section
      3.11,
      any
      such right of reimbursement being prior to the rights of the Certificateholders
      to receive any amount in the Custodial Account. Nothing in this Subsection
      6.03(b)
      shall
      affect the Servicer’s obligation to supervise, or to take such actions as are
      necessary to ensure, the servicing and administration of the Mortgage Loans
      pursuant to Subsection
      3.01(a).

     

    SECTION
      6.04  Limitation
      on Resignation of the Servicer.
      (a)
      Subject
      to the provisions of Section
      7.01
      and
Section
      6.02,
      the
      Servicer shall not resign from the obligations and duties hereby imposed on
      it
      except (i) upon determination that the performance of its obligations or 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
      or its subsidiaries or Affiliates, the other activities of the Servicer so
      causing such a conflict being of a type and nature carried on by the Servicer
      or
      its subsidiaries or Affiliates at the date of this Agreement or (ii) upon
      satisfaction of the following conditions: (a) the Servicer has proposed a
      successor servicer to the Trustee in writing and such proposed successor
      servicer is reasonably acceptable to the Depositor and the Trustee and (b)
      each
      Rating Agency shall have delivered a letter to the Trustee prior to the
      appointment of the successor servicer stating that the proposed appointment
      of
      such successor servicer as Servicer hereunder will not result in the reduction
      or withdrawal of the then current rating of the Certificates; provided, however,
      that no such resignation by the Servicer shall become effective until such
      successor servicer or, in the case of (i) above, the Trustee shall have assumed
      the Servicer’s responsibilities and obligations hereunder or the Trustee shall
      have designated, a successor servicer in accordance with Section
      7.02.
      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 pursuant to clause (i) above shall be evidenced
      by an Opinion of Counsel to such effect delivered to the Trustee.

     

    (b)  Except
      as
      expressly provided herein, the Servicer shall not assign or transfer any of
      its
      rights, benefits or privileges hereunder to any other Person, or delegate to
      or
      subcontract with, or authorize or appoint any other Person to perform any of
      the
      duties, covenants or obligations to be performed by the Servicer hereunder.
      The
      foregoing prohibition on assignment shall not prohibit the Servicer from
      designating a Sub-Servicer as payee of any indemnification amount payable to
      the
      Servicer hereunder; provided,
      however,
      that as
      provided in Section
      3.06
      hereof,
      no Sub-Servicer shall be a third-party beneficiary hereunder and the parties
      hereto shall not be required to recognize any Sub-Servicer as an indemnitee
      under this Agreement.

     

    SECTION
      6.05  Rights
      of the Depositor in Respect of the Servicer.
      The
      Servicer shall afford (and any Sub-Servicing Agreement shall provide that each
      Sub-Servicer shall afford) the Depositor and the Trustee, upon reasonable
      notice, during normal business hours, access to all records maintained by the
      Servicer (and any such Sub-Servicer) in respect of the Servicer’s rights and
      obligations hereunder and access to officers of the Servicer (and those of
      any
      such Sub-Servicer) responsible for such obligations. Upon request, the Servicer
      shall furnish to the Depositor and the Trustee its (and any such Sub-Servicer’s)
      most recent financial statements and such other information relating to the
      Servicer’s capacity to perform its obligations under this Agreement as it
      possesses (and that any such Sub-Servicer possesses). To the extent such
      information is not otherwise available to the public, the Depositor and the
      Trustee shall not disseminate any information obtained pursuant to the preceding
      two sentences without the Servicer’s written consent, except as required
      pursuant to this Agreement or to the extent that it is appropriate to do so
      (i)
      in working with legal counsel, auditors, taxing authorities or other
      governmental agencies, (ii) pursuant to any law, rule, regulation, order,
      judgment, writ, injunction or decree of any court or governmental authority
      having jurisdiction over the Depositor and the Trustee or the Trust Fund, and
      in
      any case, the Depositor or the Trustee, (iii) in disclosure of any and all
      information that is or becomes publicly known, or information obtained by the
      Trustee from sources other than the Depositor or the Servicer, (iv) in
      disclosure as required pursuant to this Agreement or (v) in disclosure of any
      and all information (A) in any preliminary or final offering circular,
      registration statement or contract or other document pertaining to the
      transactions contemplated by the Agreement approved in advance by the Servicer
      or (B) to any affiliate, independent or internal auditor, agent, employee or
      attorney of the Trustee having a need to know the same, provided that the
      Trustee advises such recipient of the confidential nature of the information
      being disclosed and uses its best efforts to assure the confidentiality of
      any
      such disseminated non-public information. The Depositor may, but is not
      obligated to, enforce the obligations of the Servicer under this Agreement
      and
      may, but is not obligated to, perform, or cause a designee to perform, any
      defaulted obligation of the Servicer under this Agreement or exercise the rights
      of the Servicer under this Agreement; provided that the Servicer shall not
      be
      relieved of any of its obligations under this Agreement by virtue of such
      performance by the Depositor or its designee. The Depositor shall not have
      any
      responsibility or liability for any action or failure to act by the Servicer
      and
      is not obligated to supervise the performance of the Servicer under this
      Agreement or otherwise.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    ARTICLE
      VII

     

    DEFAULT

     

    SECTION
      7.01  Servicer
      Events of Default.
      (a)“Servicer
      Event of Default,”
      wherever used herein, means any one of the following events:

     

    (i)  any
      failure by the Servicer to remit to the Trustee for distribution to the
      Certificateholders any payment (other than an Advance required to be made from
      its own funds on any Servicer Remittance Date pursuant to Section
      4.03)
      required to be made under the terms of the Certificates and this Agreement
      which
      continues unremedied for a period of 5 Business Days 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 the Trustee (in which case notice
      shall be provided by telecopy), or to the Servicer, the Depositor and the
      Trustee by the Holders of Certificates entitled to at least 25% of the Voting
      Rights; or

     

    (ii)  any
      failure on the part of the Servicer duly to observe or perform in any material
      respect any other of the covenants or agreements on the part of the Servicer
      contained in this Agreement, or the breach by the Servicer of any representation
      and warranty contained in Section
      2.05,
      which
      continues unremedied for a period of 30 days (or if such failure or breach
      cannot be remedied within 30 days, then such remedy shall have been commenced
      within 30 days and diligently pursued thereafter; provided,
      however,
      that in
      no event shall such failure or breach be allowed to exist for a period of
      greater than 90 days) or 15 days in the case of a failure to pay the 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 the Trustee, or to the Servicer, the Depositor and the Trustee by the Holders
      of Certificates entitled to at least 25% of the Voting Rights and
      (ii) actual knowledge of such failure by a Servicing Officer;
      or

     

    (iii)  a
      decree
      or order of a court or agency or supervisory authority having jurisdiction
      in
      the premises in an involuntary case under any present or future federal or
      state
      bankruptcy, insolvency or similar law or the appointment of a conservator or
      receiver or liquidator in any insolvency, readjustment of debt, marshalling
      of
      assets and liabilities or similar proceeding, or for the winding-up or
      liquidation of its affairs, shall have been entered against the Servicer and
      such decree or order shall have remained in force undischarged or unstayed
      for a
      period of 90 days; or

     

    (iv)  the
      Servicer shall consent to the appointment of a conservator or receiver or
      liquidator in any insolvency, readjustment of debt, marshalling of assets and
      liabilities or similar proceedings of or relating to it or of or relating to
      all
      or substantially all of its property; or

     

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

     

    (vi)  any
      failure by the Servicer of the Servicer Termination Test; or

     

    (vii)  any
      failure of the Servicer to make any Advance on any Servicer Remittance Date
      required to be made from its own funds pursuant to Section
      4.03
      which
      continues unremedied until 12:00 p.m. New York time on the Business Day
      immediately following the Servicer Remittance Date.

     

    If
      a
      Servicer Event of Default described in clauses
      (i)
      through
(vi)
      of this
      Section shall occur, then, and in each and every such case, so long as such
      Servicer Event of Default shall not have been remedied, the Trustee may, and
      at
      the written direction of the Holders of Certificates entitled to at least 66%
      of
      Voting Rights, the Trustee shall, by notice in writing to the Servicer and
      to
      the Depositor, terminate all of the rights and obligations of the Servicer
      in
      its capacity as Servicer under this Agreement, to the extent permitted by law,
      in and to the Mortgage Loans and the proceeds thereof. If a Servicer Event
      of
      Default described in clause
      (vii)
      hereof
      shall occur, the Trustee shall, by notice in writing to the Servicer, terminate
      all of the rights and obligations of the Servicer in its capacity as Servicer
      under this Agreement in and to the Mortgage Loans and the proceeds thereof
      and
      the Trustee as successor Servicer, or another successor servicer appointed
      in
      accordance with Section
      7.02,
      shall
      immediately make such Advance. On or after the receipt by the Servicer of such
      written notice, all authority and power of the Servicer under this Agreement,
      whether with respect to the Certificates (other than as a Holder of any
      Certificate) or the Mortgage Loans or otherwise, shall pass to and be vested
      in
      the Trustee pursuant to and under this Section, and, without limitation, the
      Trustee is hereby authorized and empowered, as attorney-in-fact or otherwise,
      to
      execute and deliver, on behalf of and at the expense of the Servicer, any and
      all documents and other instruments and to do or accomplish all other acts
      or
      things necessary or appropriate to effect the purposes of such notice of
      termination, whether to complete the transfer and endorsement or assignment
      of
      the Mortgage Loans and related documents, or otherwise, provided,
      however,
      the
      parties acknowledge that notwithstanding the preceding sentence there may be
      a
      transition period, not to exceed 90 days, in order to effect the transfer of
      the
      Servicing obligations to the Trustee or other successor servicer. The Servicer
      agrees promptly (and in any event no later than ten Business Days subsequent
      to
      such notice) to provide the Trustee with all documents and records requested
      by
      it to enable it to assume the Servicer’s functions under this Agreement, and to
      cooperate with the Trustee in effecting the termination of the Servicer’s
      responsibilities and rights under this Agreement, including, without limitation,
      the transfer within one Business Day to the Trustee for administration by it
      of
      all cash amounts which at the time shall be or should have been credited by
      the
      Servicer to the Custodial Account held by or on behalf of the Servicer, the
      Certificate Account or any REO Account or Servicing Account held by or on behalf
      of the Servicer or thereafter be received with respect to the Mortgage Loans
      or
      any REO Property serviced by the Servicer (provided,
      however,
      that
      the Servicer shall continue to be entitled to receive all amounts accrued or
      owing to it under this Agreement on or prior to the date of such termination,
      whether in respect of Advances, Servicing Advances or otherwise, and shall
      continue to be entitled to the benefits of Section
      6.03,
      notwithstanding any such termination, with respect to events occurring prior
      to
      such termination). For purposes of this Section
      7.01,
      the
      Trustee shall not be deemed to have knowledge of a Servicer Event of Default
      unless a Responsible Officer of the Trustee assigned to and working in the
      Trustee’s Corporate Trust Office has actual knowledge thereof or unless written
      notice of any event which is in fact such a Servicer Event of Default is
      received by the Trustee and such notice references the Certificates, the Trust
      Fund or this Agreement.

     

    SECTION
      7.02  Trustee
      to Act; Appointment of Successor.
      (a)
      (1) On
      and after the time the Servicer receives a notice of termination in accordance
      with Section
      13.05
      hereof,
      the Trustee, or such other person appointed by the Trustee pursuant to this
      paragraph, shall separately assume and become the successor in all respects
      to
      the Servicer in its capacity as Servicer under this Agreement and the
      transactions set forth or provided for herein, and all the responsibilities,
      duties and liabilities relating thereto and arising thereafter shall be assumed
      by the Trustee (except for any representations or warranties of the Servicer
      under this Agreement, the responsibilities, duties and liabilities contained
      in
Section
      2.05
      and the
      obligation to deposit amounts in respect of losses pursuant to Section
      3.12)
      by the
      terms and provisions hereof including, without limitation, the Servicer’s
      obligations to make Advances pursuant to Section
      4.03;
      provided,
      however,
      that if
      the Trustee is prohibited by law or regulation from obligating itself to make
      advances regarding delinquent mortgage loans, then the Trustee shall not be
      obligated to make Advances pursuant to Section
      4.03;
      and
      provided further, that any failure to perform such duties or responsibilities
      caused by the Servicer’s failure to provide information required by Section
      7.01
      shall
      not be considered a default by the Trustee as successor to the Servicer
      hereunder. As compensation therefor, the Trustee shall be entitled to the
      Servicing Fee and all funds relating to the Mortgage Loans to which the Servicer
      would have been entitled if it had continued to act hereunder. Notwithstanding
      the above and subject to Section
      7.02(a)(2)
      below,
      the Trustee may, if it shall be unwilling to so act, or shall, if it is unable
      to so act or if it is prohibited by law from making advances regarding
      delinquent mortgage loans or if the Holders of Certificates entitled to at
      least
      66% of the Voting Rights so request in writing to the Trustee promptly appoint
      or petition a court of competent jurisdiction to appoint, a Fannie Mae or
      Freddie Mac approved mortgage loan servicing institution acceptable to each
      Rating Agency without qualification, withdrawal or downgrading of the ratings
      then assigned to any of the Certificates and having a net worth of not less
      than
      $10,000,000, as the successor to the Servicer under this Agreement in the
      assumption of all or any part of the responsibilities, duties or liabilities
      of
      the Servicer under this Agreement.

     

    All
      Servicing Transfer Costs shall be paid by the predecessor Servicer upon
      presentation of reasonable documentation of such costs (provided, that if the
      Trustee is the predecessor Servicer by reason of this Section
      7.02,
      such
      costs shall be paid by the Servicer preceding the Trustee as successor
      servicer), and if such predecessor or initial Servicer, as applicable, defaults
      in its obligation to pay such costs, such costs shall be paid by the successor
      Servicer or the Trustee (in which case the successor Servicer or the Trustee,
      as
      applicable, shall be entitled to reimbursement therefor from the assets of
      the
      Trust Fund).

     

    (2) No
      appointment of a successor to the Servicer under this Agreement shall be
      effective until the assumption by the successor of all of the Servicer’s
      responsibilities, duties and liabilities hereunder. In connection with such
      appointment and assumption described herein, the Trustee may make such
      arrangements for the compensation of such successor out of payments on Mortgage
      Loans as it and such successor shall agree; provided,
      however,
      that no
      such compensation shall be in excess of that permitted the Servicer as such
      hereunder. The Depositor, the Trustee and such successor shall take such action,
      consistent with this Agreement, as shall be necessary to effectuate any such
      succession. Pending appointment of a successor to the Servicer under this
      Agreement, the Trustee shall act in such capacity as hereinabove
      provided.

     

    SECTION
      7.03  Notification
      to Certificateholders.
      (a)
      Upon any
      termination of the Servicer pursuant to Section
      7.01
      above or
      any appointment of a successor to the Servicer pursuant to Section
      7.02
      above,
      the Trustee shall give prompt written notice thereof to Certificateholders
      at
      their respective addresses appearing in the Certificate Register.

     

    (b)  Not
      later
      than the later of 60 days after the occurrence of any event, which constitutes
      or which, with notice or lapse of time or both, would constitute a Servicer
      Event of Default or five days after a Responsible Officer of the Trustee becomes
      aware of the occurrence of such an event, the Trustee shall transmit by mail
      to
      all Holders of Certificates notice of each such occurrence, unless such default
      or Servicer Event of Default shall have been cured or waived.

     

    SECTION
      7.04  Waiver
      of Servicer Events of Default.
      Holders
      representing at least 66% of the Voting Rights evidenced by all Classes of
      Certificates affected by any default or Servicer Event of Default hereunder
      may
      waive such default or Servicer Event of Default; provided,
      however,
      that a
      default or Servicer Event of Default under clause
      (i)
      or
(vii)
      of
Section
      7.01
      may be
      waived only by all of the Holders of the Regular Certificates. Upon any such
      waiver of a default or Servicer Event of Default, such default or Servicer
      Event
      of Default shall cease to exist and shall be deemed to have been remedied for
      every purpose hereunder. No such waiver shall extend to any subsequent or other
      default or Servicer Event of Default or impair any right consequent thereon
      except to the extent expressly so waived.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    ARTICLE
      VIII

     

    CONCERNING
      THE TRUSTEE

     

    SECTION
      8.01  Duties
      of Trustee.
      (a)
      The
      Trustee, prior to the occurrence of a Servicer Event of Default and after the
      curing of all Servicer Events of Default which may have occurred, undertakes
      to
      perform such duties and only such duties as are specifically set forth in this
      Agreement. During a Servicer Event of Default (which has not been cured or
      waived), the Trustee shall exercise such of the rights and powers vested in
      it
      by this Agreement, and use the same degree of care and skill in their exercise
      as a prudent person would exercise or use under the circumstances in the conduct
      of such person’s own affairs. Any permissive right of the Trustee enumerated in
      this Agreement shall not be construed as a duty.

     

    (b)  The
      Trustee, upon receipt of all resolutions, certificates, statements, opinions,
      reports, documents, orders or other instruments furnished to the Trustee which
      are specifically required to be furnished pursuant to any provision of this
      Agreement, shall examine them to determine whether they conform on their face
      to
      the requirements of this Agreement. If any such instrument is found not to
      conform on its face to the requirements of this Agreement in a material manner,
      the Trustee shall take such action as it deems appropriate to have the
      instrument corrected, and if the instrument is not corrected to its
      satisfaction, will provide notice thereof to the
      Certificateholders.

     

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

     

    (i)  Prior
      to
      the occurrence of a Servicer Event of Default, and after the curing of all
      such
      Servicer Events of Default which may have occurred, the duties and obligations
      of the Trustee shall be determined solely by the express provisions of this
      Agreement, the Trustee shall not be liable except for the performance of such
      duties and obligations as are specifically set forth in this Agreement, no
      implied covenants or obligations shall be read into this Agreement against
      the
      Trustee and, in the absence of bad faith on the part of the Trustee, the Trustee
      may conclusively rely, as to the truth of the statements and the correctness
      of
      the opinions expressed therein, upon any certificates or opinions furnished
      to
      the Trustee that conform to the requirements of this Agreement;

     

    (ii)  The
      Trustee shall not be personally liable for an error of judgment made in good
      faith by a Responsible Officer or Responsible Officers of the Trustee unless
      it
      shall be proved that the Trustee was negligent in ascertaining the pertinent
      facts; and

     

    (iii)  The
      Trustee shall not be personally liable with respect to any action taken,
      suffered or omitted to be taken by it in good faith in accordance with the
      direction of the Holders of Certificates entitled to at least 25% of the Voting
      Rights relating to the time, method and place of conducting any proceeding
      for
      any remedy available to the Trustee or exercising any trust or power conferred
      upon it, under this Agreement.

     

    (d)  The
      Trustee shall timely pay, from its own funds, the amount of any and all federal,
      state and local taxes imposed on the Trust Fund or its assets or transactions
      including, without limitation, (A) “prohibited transaction” penalty taxes as
      defined in Section 860F of the Code, if, when and as the same shall be due
      and
      payable, (B) any tax on contributions to a Trust REMIC after the Closing Date
      imposed by Section 860G(d) of the Code and (C) any tax on “net income from
      foreclosure property” as defined in Section 860G(c) of the Code, but only if
      such taxes arise out of a breach by the Trustee of its obligations hereunder,
      which breach constitutes negligence or misconduct of the Trustee.

     

    SECTION
      8.02  Certain
      Matters Affecting the Trustee.
      (a)
      Except
      as otherwise provided in Section 8.01:

     

    (i)  The
      Trustee may request and conclusively rely upon and shall be fully protected
      in
      acting or refraining from acting upon any resolution, Officers’ Certificate,
      certificate of auditors or any other certificate, statement, instrument,
      opinion, report, notice, request, consent, order, appraisal, bond or other
      paper
      or document reasonably believed by it to be genuine and to have been signed
      or
      presented by the proper party or parties;

     

    (ii)  The
      Trustee may consult with counsel and any Opinion of Counsel shall be full and
      complete authorization and protection in respect of any action taken or suffered
      or omitted by it hereunder in good faith and in accordance with such Opinion
      of
      Counsel;

     

    (iii)  The
      Trustee shall not be under any obligation to exercise any of the trusts or
      powers vested in it by this Agreement or to institute, conduct or defend any
      litigation hereunder or in relation hereto at the request, order or direction
      of
      any of the Certificateholders, pursuant to the provisions of this Agreement,
      unless such Certificateholders shall have offered to the Trustee security or
      indemnity reasonably satisfactory to it against the costs, expenses and
      liabilities which may be incurred therein or thereby; nothing contained herein
      shall, however, relieve the Trustee of the obligation, upon the occurrence
      of a
      Servicer Event of Default (which has not been cured or waived), to exercise
      such
      of the rights and powers vested in it by this Agreement, and to use the same
      degree of care and skill in their exercise as a prudent person would exercise
      or
      use under the circumstances in the conduct of such person’s own
      affairs;

     

    (iv)  The
      Trustee shall not be personally liable for any action taken, suffered or omitted
      by it in good faith and believed by it to be authorized or within the discretion
      or rights or powers conferred upon it by this Agreement;

     

    (v)  Prior
      to
      the occurrence of a Servicer Event of Default hereunder and after the curing
      of
      all Servicer Events of Default which may have occurred, the Trustee shall not
      be
      bound to make any investigation into the facts or matters stated in any
      resolution, certificate, statement, instrument, opinion, report, notice,
      request, consent, order, approval, bond or other paper or document, unless
      requested in writing to do so by the Holders of Certificates entitled to at
      least 25% of the Voting Rights; provided,
      however,
      that if
      the payment within a reasonable time to the Trustee of the costs, expenses
      or
      liabilities likely to be incurred by it in the making of such investigation
      is,
      in the opinion of the Trustee not reasonably assured to the Trustee by such
      Certificateholders, the Trustee may require indemnity reasonably satisfactory
      to
      it against such expense or liability from such Certificateholders as a condition
      to taking any such action;

     

    (vi)  The
      Trustee may execute any of the trusts or powers hereunder or perform any duties
      hereunder either directly or by or through agents, accountants 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;

     

    (vii)  The
      Trustee shall have no obligation to invest and reinvest any cash held in the
      absence of timely and specific written investment direction from the Servicer
      or
      the Depositor. In no event shall the Trustee be liable for the selection of
      investments or for investment losses incurred thereon. The Trustee shall have
      no
      liability in respect of losses incurred as a result of the liquidation of any
      investment incurred as a result of the liquidation of any investment prior
      to
      its stated maturity or the failure of the Servicer or the Depositor to provide
      timely written investment direction; and

     

    (viii)  In
      order
      to comply with its duties under the USA Patriot Act of 2001, the Trustee shall
      obtain and verify certain information and documentation from the other parties
      to this Agreement including, but not limited to, each such party’s name, address
      and other identifying information.

     

    (b)  All
      rights of action under this Agreement or under any of the Certificates,
      enforceable by the Trustee, may be enforced by it without the possession of
      any
      of the Certificates, or the production thereof at the trial or other proceeding
      relating thereto, and any such suit, action or proceeding instituted by the
      Trustee shall be brought in the name of the Trustee for the benefit of all
      the
      Holders of such Certificates, subject to the provisions of this
      Agreement.

     

    SECTION
      8.03  Trustee
      Not Liable for Certificates or Mortgage Loans.
      The
      recitals contained herein and in the Certificates (other than the signature
      of
      the Trustee, the authentication of the Certificate Registrar on the
      Certificates, the acknowledgments of the Trustee contained in Article
      II
      and the
      representations and warranties of the Trustee in Section
      8.13)
      shall
      be taken as the statements of the Depositor and the Trustee assumes no
      responsibility for their correctness. The Trustee makes no representations
      or
      warranties as to the validity or sufficiency of this Agreement (other than
      as
      specifically set forth with respect to such party in Section
      8.13)
      or of
      the Certificates (other than the signature of the Trustee and authentication
      of
      the Certificate Registrar on the Certificates) or of any Mortgage Loan or
      related document or of MERS or the MERS® System. The Trustee shall not be
      accountable for the use or application by the Depositor of any of the
      Certificates or of the proceeds of such Certificates, or for the use or
      application of any funds paid to the Depositor or the Servicer in respect of
      the
      Mortgage Loans or deposited in or withdrawn from the Custodial Account by the
      Servicer, other than any funds held by or on behalf of the Trustee in accordance
      with Section
      3.10,
      subject
      to Section
      8.01.

     

    SECTION
      8.04  Trustee
      May Own Certificates.
      The
      Trustee in its individual capacity or any other capacity may become the owner
      or
      pledgee of Certificates with the same rights it would have if it were not
      Trustee.

     

    SECTION
      8.05  Trustee’s
      Fees and Expenses.
      (a)
      The
      Trustee shall withdraw from the Certificate Account on each Distribution Date
      and pay to itself the Trustee Fee. The Trustee, or any director, officer,
      employee or agent of the Trustee shall be indemnified by the Trust Fund and
      held
      harmless against any loss, liability or expense (not including expenses,
      disbursements and advances incurred or made by the Trustee including the
      compensation and the expenses and disbursements of its agents and counsel,
      in
      the ordinary course of the Trustee’s performance in accordance with the
      provisions of this Agreement) incurred by the Trustee in connection with any
      Servicer Event of Default (not including expenses, disbursements and advances
      incurred or made by the Trustee in its capacity as successor Servicer), default,
      claim or legal action or any pending or threatened claim or legal action arising
      out of or in connection with the acceptance or administration of its obligations
      and duties under this Agreement or the Cap Contracts, other than any loss,
      liability or expense (i) resulting from a breach of the Servicer’s obligations
      and duties under this Agreement (for which the Servicer indemnifies pursuant
      to
Sections
      8.05(b)
      and
10.03(b)),
      (ii)
      for the expenses of preparing and filing Tax Returns pursuant to Section
      10.01(d)
      or (iii)
      any loss, liability or expense incurred by reason of its willful misfeasance,
      bad faith or negligence in the performance of its duties hereunder or by reason
      of reckless disregard of its respective obligations and duties hereunder. Any
      amounts payable to the Trustee, or any director, officer, employee or agent
      of
      the Trustee in respect of the indemnification provided by this paragraph (a),
      or
      pursuant to any other right of reimbursement from the Trust Fund that the
      Trustee, or any director, officer, employee or agent of the Trustee, may have
      hereunder in its capacity as such, may be withdrawn by the Trustee from the
      Certificate Account at any time.

     

    (b)  The
      Servicer agrees to indemnify the Trustee from, and hold it harmless against,
      any
      loss, liability or expense (including reasonable legal fees and disbursements
      of
      counsel) resulting from a breach of the Servicer’s obligations and duties under
      this Agreement. Such indemnity shall survive the termination or discharge of
      this Agreement and the resignation or removal of the Trustee. Any payment
      hereunder made by the Servicer to the Trustee shall be from the Servicer’s own
      funds, without reimbursement from the Trust Fund therefor.

     

    The
      provisions of this Section
      8.05
      shall
      survive the termination of this Agreement or the earlier resignation or removal
      of the Trustee.

     

    SECTION
      8.06  Eligibility
      Requirements for Trustee.
      The
      Trustee hereunder shall at all times be a corporation or an association (other
      than the Depositor, the Seller, the Servicer or any Affiliate of the foregoing)
      organized and doing business under the laws of any state or the United States
      of
      America, authorized under such laws to exercise corporate trust powers, having
      a
      combined capital and surplus of at least $50,000,000 and subject to supervision
      or examination by federal or state authority. If such corporation or association
      publishes reports of conditions at least annually, pursuant to law or to the
      requirements of the aforesaid supervising or examining authority, then for
      the
      purposes of this Section the combined capital and surplus of such corporation
      or
      association shall be deemed to be its combined capital and surplus as set forth
      in its most recent report of condition so published. Any successor trustee
      appointed pursuant to Section
      8.07
      shall
      have a sufficient rating so as to maintain the then-current ratings of the
      Certificates. In case at any time the Trustee shall cease to be eligible in
      accordance with the provisions of this Section, the Trustee shall resign
      immediately in the manner and with the effect specified in Section
      8.07.

     

    SECTION
      8.07  Resignation
      and Removal of the Trustee.
      The
      Trustee may at any time resign and be discharged from the trust hereby created
      by giving written notice thereof to the Depositor, the Servicer and the
      Certificateholders. Upon receiving such notice of resignation of the Trustee,
      the Depositor shall promptly appoint a successor trustee by written instrument,
      in duplicate, one copy of which instrument shall be delivered to the resigning
      Trustee and one copy to the successor trustee. A copy of such instrument shall
      be delivered to the Certificateholders, the Trustee and the Servicer by the
      Depositor. If no successor trustee shall have been so appointed and have
      accepted appointment within 30 days after the giving of such notice of
      resignation or removal, the Trustee may petition any court of competent
      jurisdiction for the appointment of a successor trustee.

     

    If
      at any
      time the Trustee shall cease to be eligible in accordance with the provisions
      of
Section
      8.06
      and
      shall fail to resign after written request therefor by the Depositor, or if
      at
      any time the Trustee shall become incapable of acting, or shall be adjudged
      bankrupt or insolvent, or a receiver of the Trustee or of its 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, then the Depositor may remove the Trustee and appoint a successor
      trustee by written instrument, in duplicate, which instrument shall be delivered
      to the Trustee so removed and to the successor trustee. A copy of such
      instrument shall be delivered to the Certificateholders and the Servicer by
      the
      Depositor.

     

    The
      Holders of Certificates entitled to at least 66% of the Voting Rights may at
      any
      time remove the Trustee and 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 instruments shall be delivered to
      the
      Depositor, one complete set to the Trustee so removed and one complete set
      to
      the successor so appointed. A copy of such instrument shall be delivered to
      the
      Certificateholders and the Servicer by the Depositor.

     

    Any
      resignation or removal of the Trustee and appointment of a successor trustee
      pursuant to any of the provisions of this Section shall not become effective
      until acceptance of appointment by the successor trustee as provided in
Section
      8.08.
      Any
      costs associated with removing and replacing the Trustee shall be payable by
      the
      Trustee being removed or replaced if such Trustee is being removed or replaced
      for cause.

     

    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
      an instrument accepting such appointment hereunder, and thereupon the
      resignation or removal of the predecessor trustee shall become effective and
      such successor trustee without any further act, deed or conveyance, shall become
      fully vested with all the rights, powers, duties and obligations of its
      predecessor hereunder, with the like effect as if originally named as trustee
      herein. The predecessor trustee shall deliver to the successor trustee all
      Mortgage Files and related documents and statements, as well as all moneys,
      held
      by it hereunder (other than any Mortgage Files at the time held by a custodian,
      which custodian shall become the agent of any successor trustee hereunder),
      and
      the Depositor and the predecessor trustee shall execute and deliver such
      instruments and do such other things as may reasonably be required for more
      fully and certainly vesting and confirming in the successor trustee all such
      rights, powers, duties and obligations.

     

    No
      successor trustee shall accept appointment as provided in this Section unless
      at
      the time of such acceptance such successor trustee shall be eligible under
      the
      provisions of Section
      8.06
      and the
      appointment of such successor trustee shall not result in a downgrading of
      any
      Class of Certificates by either Rating Agency, as evidenced by a letter from
      each Rating Agency.

     

    Upon
      acceptance of appointment by a successor trustee as provided in this Section,
      the Depositor shall mail notice of the succession of such trustee hereunder
      to
      all Holders of Certificates at their addresses as shown in the Certificate
      Register. If the Depositor fails to mail such notice within 10 days after
      acceptance of appointment by the successor trustee, the successor trustee shall
      cause such notice to be mailed at the expense of the Depositor.

     

    SECTION
      8.09  Merger
      or Consolidation of Trustee.
      Any
      corporation or association into which the Trustee may be merged or converted
      or
      with which it may be consolidated or any corporation or association resulting
      from any merger, conversion or consolidation to which the Trustee shall be
      a
      party, or any corporation or association succeeding to the business of the
      Trustee shall be the successor of the Trustee hereunder, provided such
      corporation or association shall be eligible under the provisions of
Section
      8.06,
      without
      the execution or filing of any paper or any further act on the part of any
      of
      the parties hereto, anything herein to the contrary
      notwithstanding.

     

    SECTION
      8.10  Appointment
      of Co-Trustee or Separate Trustee.
      (a)
      Notwithstanding any other provisions hereof, at any time, for the purpose of
      meeting any legal requirements of any jurisdiction in which any part of REMIC
      I
      or property securing the same may at the time be located, the 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 REMIC I, and to vest in such Person
      or
      Persons, in such capacity, such title to REMIC I, or any part thereof, and,
      subject to the other provisions of this Section
      8.10,
      such
      powers, duties, obligations, rights and trusts as the Servicer and the Trustee
      may consider necessary or desirable. Any such co-trustee or separate trustee
      shall be subject to the written approval of the Servicer. If the Servicer shall
      not have joined in such appointment within 15 days after the receipt by it
      of a
      request so to do, or in case a Servicer Event of Default shall have occurred
      and
      be continuing, the Trustee alone shall have the power to make such appointment.
      No co-trustee or separate trustee hereunder shall be required to meet the terms
      of eligibility as a successor trustee under Section
      8.06
      hereunder and no notice to Holders of Certificates of the appointment of
      co-trustee(s) or separate trustee(s) shall be required under Section
      8.08
      hereof.
      The Servicer shall be responsible for the fees of any co-trustee or separate
      trustee appointed under this Section
      8.10.

     

    (b)  In
      the
      case of any appointment of a co-trustee or separate trustee pursuant to this
      Section
      8.10,
      all
      rights, powers, duties and obligations conferred or imposed upon the Trustee
      shall be conferred or imposed upon and exercised or performed by the Trustee
      and
      such separate trustee or co-trustee jointly, except to the extent that under
      any
      law of any jurisdiction in which any particular act or acts are to be performed
      by the Trustee (whether as Trustee hereunder or as successor to the Servicer
      hereunder), the Trustee shall be incompetent or unqualified to perform such
      act
      or acts, in which event such rights, powers, duties and obligations (including
      the holding of title to REMIC I or any portion thereof in any such jurisdiction)
      shall be exercised and performed by such separate trustee or co-trustee at
      the
      direction of the Trustee.

     

    (c)  Any
      notice, request or other writing given to the Trustee shall be deemed to have
      been given to each of the then separate trustees and co-trustees, as effectively
      as if given to each of them. Every instrument appointing any separate trustee
      or
      co-trustee shall refer to this Agreement and the conditions of this Article
      VIII.
      Each
      separate trustee and co-trustee, upon its acceptance of the trust conferred,
      shall be vested with the estates or property specified in its instrument of
      appointment, either jointly with the Trustee or separately, as may be provided
      therein, subject to all the provisions of this Agreement, specifically including
      every provision of this Agreement relating to the conduct of, affecting the
      liability of, or affording protection to, the Trustee. Every such instrument
      shall be filed with the Trustee and a copy thereof given to the Depositor and
      the Servicer.

     

    (d)  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  Trustee
      to Execute Cap Contract.
      The
      Depositor hereby directs the Trustee to execute, deliver and perform its
      obligations under the Cap Contracts on the Closing Date and thereafter on behalf
      of the Holders of the Class A Certificates and the Mezzanine Certificates.
      The
      Depositor, the Servicer and the Holders of the Class A Certificates and the
      Mezzanine Certificates by their acceptance of such Certificates acknowledge
      and
      agree that the Trustee shall execute, deliver and perform its obligations under
      the Cap Contracts and shall do so solely in its capacity as Trustee of the
      Trust
      Fund and not in its individual capacity.

     

    SECTION
      8.12  Appointment
      of Office or Agency.
      The
      Trustee shall maintain an office or agency in the United States where the
      Certificates may be surrendered for registration of transfer or exchange, and
      presented for final distribution. As of the Closing Date, the Trustee designates
      its Corporate Trust Office in Minneapolis, Minnesota for such purposes. Notices
      and demands to or upon the Trustee in respect of the Certificates and this
      Agreement may be delivered at the Corporate Trust Office in Columbia,
      Maryland.

     

    SECTION
      8.13  Representations
      and Warranties of the Trustee.
      The
      Trustee hereby represents and warrants, solely as to itself, to the Servicer
      and
      the Depositor, as of the Closing Date, that:

     

    (i)  It
      is a
      national banking association duly organized, validly existing and in good
      standing under the laws of the United States.

     

    (ii)  The
      execution and delivery of this Agreement by it, and the performance and
      compliance with the terms of this Agreement by it, will not violate its charter
      or bylaws.

     

    (iii)  It
      has
      the full power and authority to enter into and consummate all transactions
      contemplated by this Agreement, has duly authorized the execution, delivery
      and
      performance of this Agreement, and has duly executed and delivered this
      Agreement.

     

    (iv)  This
      Agreement, assuming due authorization, execution and delivery by the other
      parties hereto, constitutes a valid, legal and binding obligation of it,
      enforceable against it in accordance with the terms hereof, subject to (A)
      applicable bankruptcy, insolvency, receivership, reorganization, moratorium
      and
      other laws affecting the enforcement of creditors’ rights generally, and (B)
      general principles of equity, regardless of whether such enforcement is
      considered in a proceeding in equity or at law.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    ARTICLE
      IX

     

    TERMINATION

     

    SECTION
      9.01  Termination
      Upon Repurchase or Liquidation of All Mortgage Loans.
      (a)
      Subject
      to Section
      9.02,
      the
      respective obligations and responsibilities under this Agreement of the
      Depositor, the Servicer and the Trustee (other than the obligations of the
      Servicer to the Trustee pursuant to Section
      8.05
      and of
      the Servicer to make remittances to the Trustee and the Trustee to make payments
      in respect of the REMIC I Regular Interests and the Classes of Certificates
      as
      hereinafter set forth) shall terminate upon payment to the Certificateholders
      and the deposit of all amounts held by or on behalf of the Trustee and required
      hereunder to be so paid or deposited on the Distribution Date coinciding with
      or
      following the earlier to occur of (i) the purchase by the Terminator (as defined
      below) of all Mortgage Loans and each REO Property remaining in REMIC I and
      (ii)
      the final payment or other liquidation (or any advance with respect thereto)
      of
      the last Mortgage Loan or REO Property remaining in REMIC I; provided,
      however,
      that in
      no event shall the trust created hereby continue beyond the earlier of (a)
      the
      expiration of 21 years from the death of the last survivor of the descendants
      of
      Joseph P. Kennedy, the late ambassador of the United States to the Court of
      St.
      James, living on the date hereof and (b) the latest possible Maturity Date.
      Subject to Section
      3.10
      hereof,
      the purchase by the Terminator of all Mortgage Loans and each REO Property
      remaining in REMIC I shall be at a price equal to the greater of (i) the Stated
      Principal Balance of the Mortgage Loans and the appraised value of any REO
      Properties (such appraisal to be conducted by an Independent appraiser mutually
      agreed upon by the Terminator and, to the extent that the Class A Certificates
      or a Class of Mezzanine Certificates will not receive all amounts owed to it
      as
      a result of the termination, the Trustee, in their reasonable discretion) and
      (ii) the fair market value of the Mortgage Loans and the REO Properties (as
      determined by the Terminator and, to the extent that the Class A Certificates
      or
      a Class of Mezzanine Certificates will not receive all amounts owed to it as
      a
      result of the termination, the Trustee (it being understood and agreed that
      any
      determination by the Trustee shall be made solely in reliance on an appraisal
      by
      an Independent appraiser as provided above)), as of the close of business on
      the
      third Business Day next preceding the date upon which notice of any such
      termination is furnished to the related Certificateholders pursuant to
Section
      9.01(c),
      in each
      case plus
      accrued
      and unpaid interest thereon at the weighted average of the Mortgage Rates
      through the end of the Due Period preceding the final Distribution Date
plus
      unreimbursed Servicing Advances, Advances, any unpaid Servicing Fees allocable
      to such Mortgage Loans and REO Properties and any accrued and unpaid Net WAC
      Rate Carryover Amounts (the “Termination
      Price”);
      provided,
      however,
      such
      option may only be exercised if the Termination Price is sufficient to pay
      all
      interest accrued on, as well as amounts necessary to retire the principal
      balance of, each class of notes issued pursuant to the Indenture. If the
      determination of the fair market value of the Mortgage Loans and REO Properties
      shall be required to be made by the Terminator and an Independent appraiser
      as
      provided above, (A) such appraisal shall be obtained at no expense to the
      Trustee and (B) the Trustee may conclusively rely on, and shall be protected
      in
      relying on, such appraisal.

     

    (b)  The
      majority Holder of the Class CE Certificates shall have the right (the party
      exercising such right, the “Terminator”)
      to
      purchase all of the Mortgage Loans and each REO Property remaining in REMIC
      I
      pursuant to clause
      (i)
      of the
      preceding paragraph in the manner set forth in Section
      9.01(c)
      below if
      the aggregate Stated Principal Balance of the Mortgage Loans and each REO
      Property remaining in the Trust Fund at the time of such election is reduced
      to
      less than 10% of the aggregate Stated Principal Balance of the Mortgage Loans
      as
      of the Cut-off Date. By acceptance of a Residual Certificate, the Holders of
      the
      Residual Certificates agree, in connection with any termination hereunder,
      to
      assign and transfer any amounts in excess of par, and to the extent received
      in
      respect of such termination, to pay any such amounts to the Holders of the
      Class
      CE Certificates.

     

    (c)  Notice
      of
      the liquidation of the Certificates shall be given promptly by the Trustee
      by
      letter to Certificateholders mailed (a) in the event such notice is given in
      connection with the purchase of the Mortgage Loans and each REO Property by
      the
      Terminator, not earlier than the 10th
      day and
      not later than the 20th
      day of
      the month next preceding the month of the final distribution on the related
      Certificates or (b) otherwise during the month of such final distribution on
      or
      before the Determination Date in such month, in each case specifying (i) the
      Distribution Date upon which the Trust Fund will terminate and the final payment
      in respect of the REMIC I Regular Interests, as applicable and the related
      Certificates will be made upon presentation and surrender of the related
      Certificates at the office of the Trustee therein designated, (ii) the amount
      of
      any such final payment, (iii) that no interest shall accrue in respect of the
      REMIC I Regular Interests or the related Certificates from and after the
      Interest Accrual Period relating to the final Distribution Date therefor and
      (iv) that the Record Date otherwise applicable to such Distribution Date is
      not
      applicable, payments being made only upon presentation and surrender of the
      related Certificates at the office of the Trustee. In the event such notice
      is
      given in connection with the purchase of all of the Mortgage Loans and each
      REO
      Property remaining in REMIC I by the Terminator, the Terminator shall deliver
      to
      the Trustee for deposit in the Certificate Account, not later than the third
      Business Day preceding the date for such final payment, an amount in immediately
      available funds equal to the above-described purchase price. The Trustee shall
      remit to the Servicer from such funds deposited in the Certificate Account
      (i)
      any amounts which the Servicer would be permitted to withdraw and retain from
      the Custodial Account pursuant to Section
      3.11
      and (ii)
      any other amounts otherwise payable by the Trustee to the Servicer from amounts
      on deposit in the Certificate Account pursuant to the terms of this Agreement,
      in each case prior to making any final distributions pursuant to Section
      10.01(d)
      below.
      Upon certification to the Trustee by the Terminator of the making of such final
      deposit, the Trustee shall promptly release to the Terminator the Mortgage
      Files
      for the remaining Mortgage Loans, and the Trustee shall execute all assignments,
      endorsements and other instruments necessary to effectuate such
      transfer.

     

    Immediately
      following the deposit of funds in trust hereunder in respect of the
      Certificates, the Trust Fund shall terminate.

     

    SECTION
      9.02  Additional
      Termination Requirements.
      (a)
      In the
      event that the Terminator purchases all the Mortgage Loans and each REO Property
      or the final payment on or other liquidation of the last Mortgage Loan or REO
      Property remaining in REMIC I pursuant to Section
      9.01,
      the
      Trust Fund (or the applicable Trust REMIC) shall be terminated in accordance
      with the following additional requirements:

     

    (i)  The
      Trustee shall specify the first day in the 90-day liquidation period in a
      statement attached to each Trust REMIC’s final Tax Return pursuant to Treasury
      regulation Section 1.860F-1 and shall satisfy all requirements of a qualified
      liquidation under Section 860F of the Code and any regulations thereunder,
      as
      evidenced by an Opinion of Counsel obtained at the expense of the
      Terminator;

     

    (ii)  During
      such 90-day liquidation period and, at or prior to the time of making of the
      final payment on the Certificates, the Trustee shall sell all of the assets
      of
      REMIC I to the Terminator for cash; and

     

    (iii)  At
      the
      time of the making of the final payment on the Certificates, the Trustee shall
      distribute or credit, or cause to be distributed or credited, to the Holders
      of
      the Residual Certificates in respect of the Class R-I Interest all cash on
      hand
      in the Trust Fund (other than cash retained to meet claims), and the Trust
      Fund
      shall terminate at that time.

     

    (b)  At
      the
      expense of the requesting Terminator (or, if the Trust Fund is being terminated
      as a result of the occurrence of the event described in clause
      (ii)
      of the
first
      paragraph
      of
Section
      9.01,
      at the
      expense of the Depositor without the right of reimbursement from the Trust
      Fund), the Terminator shall prepare or cause to be prepared the documentation
      required in connection with the adoption of a plan of liquidation of each Trust
      REMIC pursuant to this Section
      9.02.

     

    (c)  By
      their
      acceptance of Certificates, the Holders thereof hereby agree to authorize the
      Trustee to specify the 90-day liquidation period for each Trust REMIC, which
      authorization shall be binding upon all successor
      Certificateholders.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    ARTICLE
      X

     

    REMIC
      PROVISIONS

     

    SECTION
      10.01  REMIC
      Administration.
      (a)
      The
      Trustee shall elect to treat each Trust REMIC as a REMIC under the Code and,
      if
      necessary, under applicable state law. Each such election will be made by the
      Trustee on Form 1066 or other appropriate federal tax or information return
      or
      any appropriate state return for the taxable year ending on the last day of
      the
      calendar year in which the Certificates are issued. For the purposes of the
      REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be
      designated as the Regular Interests in REMIC I and the Class R-I Interest shall
      be designated as the sole class of Residual Interests in REMIC I. The Class
      A
      Certificates and the Mezzanine Certificates shall be designated as the Regular
      Interests in REMIC II and the Class R-II Interest shall be designated as the
      sole class of Residual Interests in REMIC II. The Trustee shall not permit
      the
      creation of any “interests” in any Trust REMIC (within the meaning of Section
      860G of the Code) other than the REMIC I Regular Interests and the interests
      represented by the Certificates.

     

    (b)  The
      Closing Date is hereby designated as the “Startup Day” of each Trust REMIC
      within the meaning of Section 860G(a)(9) of the Code.

     

    (c)  The
      Trustee shall be reimbursed for any and all expenses relating to any tax audit
      of the Trust Fund (including, but not limited to, any professional fees or
      any
      administrative or judicial proceedings with respect to each Trust REMIC that
      involve the Internal Revenue Service or state tax authorities), including the
      expense of obtaining any tax related Opinion of Counsel required to be obtained
      hereunder. The Trustee, as agent for each Trust REMIC’s tax matters person shall
      (i) act on behalf of the Trust Fund in relation to any tax matter or controversy
      involving any Trust REMIC and (ii) represent the Trust Fund in any
      administrative or judicial proceeding relating to an examination or audit by
      any
      governmental taxing authority with respect thereto. The holder of the largest
      Percentage Interest of each Class of Residual Certificates shall be designated,
      in the manner provided under Treasury regulations section 1.860F-4(d) and
      Treasury regulations section 301.6231(a)(7)-1, as the tax matters person of
      the
      Trust REMICs created hereunder. By their acceptance thereof, the holder of
      the
      largest Percentage Interest of the Residual Certificates hereby agrees to
      irrevocably appoint the Trustee or an Affiliate as its agent to perform all
      of
      the duties of the tax matters person for the Trust Fund.

     

    (d)  The
      Trustee shall prepare, sign and file all of the Tax Returns (including Form
      8811, which must be filed within 30 days following the Closing Date) in respect
      of each Trust REMIC created hereunder. The expenses of preparing and filing
      such
      returns shall be borne by the Trustee without any right of reimbursement
      therefor.

     

    (e)  The
      Trustee shall perform on behalf of each Trust REMIC all reporting and other
      tax
      compliance duties that are the responsibility of such REMIC under the Code,
      the
      REMIC Provisions or other compliance guidance issued by the Internal Revenue
      Service or any state or local taxing authority. Among its other duties, as
      required by the Code, the REMIC Provisions or other such compliance guidance,
      the Trustee shall provide (i) to any Transferor of a Residual Certificate such
      information as is necessary for the application of any tax relating to the
      transfer of a Residual Certificate to any Person who is not a Permitted
      Transferee, (ii) to the Certificateholders such information or reports as are
      required by the Code or the REMIC Provisions including reports relating to
      interest, original issue discount and market discount or premium (using the
      Prepayment Assumption as required) and (iii) to the Internal Revenue Service
      the
      name, title, address and telephone number of the person who will serve as the
      representative of each Trust REMIC. The Depositor shall provide or cause to
      be
      provided to the Trustee, within ten (10) days after the Closing Date, all
      information or data that the Trustee reasonably determines to be relevant for
      tax purposes as to the valuations and issue prices of the Certificates,
      including, without limitation, the price, yield, prepayment assumption and
      projected cash flow of the Certificates.

     

    (f)  The
      Trustee shall take such action and shall cause each Trust REMIC created
      hereunder to take such action as shall be necessary to create or maintain the
      status thereof as a REMIC under the REMIC Provisions. The Trustee shall not
      take
      any action or cause the Trust Fund to take any action or fail to take (or fail
      to cause to be taken) any action that, under the REMIC Provisions, if taken
      or
      not taken, as the case may be, could (i) endanger the status of each Trust
      REMIC
      as a REMIC or (ii) result in the imposition of a tax upon the Trust Fund
      (including but not limited to the tax on prohibited transactions as defined
      in
      Section 860F(a)(2) of the Code and the tax on contributions to a REMIC set
      forth
      in Section 860G(d) of the Code) (either such event, an “Adverse
      REMIC Event”)
      unless
      the Trustee has received an Opinion of Counsel, addressed to the Trustee (at
      the
      expense of the party seeking to take such action but in no event at the expense
      of the Trustee) to the effect that the contemplated action will not, with
      respect to any Trust REMIC, endanger such status or result in the imposition
      of
      such a tax, nor shall the Servicer take or fail to take any action (whether
      or
      not authorized hereunder) as to which the Trustee has advised it in writing
      that
      it has received an Opinion of Counsel to the effect that an Adverse REMIC Event
      could occur with respect to such action; provided that the Servicer may
      conclusively rely on such Opinion of Counsel and shall incur no liability for
      its action or failure to act in accordance with such Opinion of Counsel. In
      addition, prior to taking any action with respect to any Trust REMIC or the
      respective assets of each, or causing any Trust REMIC to take any action, which
      is not contemplated under the terms of this Agreement, the Servicer will consult
      with the Trustee or its designee, in writing, with respect to whether such
      action could cause an Adverse REMIC Event to occur with respect to any Trust
      REMIC and the Servicer shall not take any such action or cause any Trust REMIC
      to take any such action as to which the Trustee has advised it in writing that
      an Adverse REMIC Event could occur; provided that the Servicer may conclusively
      rely on such writing and shall incur no liability for its action or failure
      to
      act in accordance with such writing. The Trustee may consult with counsel to
      make such written advice, and the cost of same shall be borne by the party
      seeking to take the action not permitted by this Agreement, but in no event
      shall such cost be an expense of the Trustee. At all times as may be required
      by
      the Code, the Trustee will ensure that substantially all of the assets of REMIC
      I will consist of “qualified mortgages” as defined in Section 860G(a)(3) of the
      Code and “permitted investments” as defined in Section 860G(a)(5) of the Code,
      to the extent such obligations are within the Trustee’s control and not
      otherwise inconsistent with the terms of this Agreement.

     

    (g)  In
      the
      event that any tax is imposed on “prohibited transactions” of any Trust REMIC
      created hereunder as defined in Section 860F(a)(2) of the Code, on the “net
      income from foreclosure property” of such REMIC as defined in Section 860G(c) of
      the Code, on any contributions to any such REMIC after the Startup Day therefor
      pursuant to Section 860G(d) of the Code, or any other tax is imposed by the
      Code
      or any applicable provisions of state or local tax laws, such tax shall be
      charged (i) to the Trustee pursuant to Section
      10.03
      hereof,
      if such tax arises out of or results from a breach by the Trustee of any of
      its
      obligations under this Article
      X,
      (ii) to
      the Servicer pursuant to Section
      10.03
      hereof,
      if such tax arises out of or results from a breach by the Servicer of any of
      its
      obligations under Article
      III
      or this
Article
      X,
      or
      (iii) in all other cases, against amounts on deposit in the Certificate Account
      and shall be paid by withdrawal therefrom.

     

    (h)  On
      or
      before April 15 of each calendar year, commencing April 15, 2007, the Trustee
      shall deliver to each Rating Agency an Officer’s Certificate of the Trustee
      stating the Trustee’s compliance with this Article
      X.

     

    (i)  The
      Trustee shall, for federal income tax purposes, maintain books and records
      with
      respect to each Trust REMIC on a calendar year and on an accrual
      basis.

     

    (j)  Following
      the Startup Day, neither the Servicer nor the Trustee shall accept any
      contributions of assets to any Trust REMIC other than in connection with any
      Qualified Substitute Mortgage Loan delivered in accordance with Section
      2.03
      unless
      it shall have received an Opinion of Counsel to the effect that the inclusion
      of
      such assets in the Trust Fund will not cause any Trust REMIC to fail to qualify
      as a REMIC at any time that any Certificates are outstanding or subject any
      Trust REMIC to any tax under the REMIC Provisions or other applicable provisions
      of federal, state and local law or ordinances.

     

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

     

    SECTION
      10.02  Prohibited
      Transactions and Activities.
      None of
      the Depositor, the Servicer or the Trustee shall sell, dispose of or substitute
      for any of the Mortgage Loans (except in connection with (i) the foreclosure
      of
      a Mortgage Loan, including but not limited to, the acquisition or sale of a
      Mortgaged Property acquired by deed in lieu of foreclosure, (ii) the bankruptcy
      of REMIC I, (iii) the termination of REMIC I pursuant to Article
      IX
      of this
      Agreement, (iv) a substitution pursuant to Article
      II
      of this
      Agreement or (v) a purchase of Mortgage Loans pursuant to Article
      II
      or
III
      of this
      Agreement), nor acquire any assets for any Trust REMIC (other than REO Property
      acquired in respect of a defaulted Mortgage Loan), nor sell or dispose of any
      investments in the Custodial Account or the Certificate Account for gain, nor
      accept any contributions to any Trust REMIC after the Closing Date (other than
      a
      Qualified Substitute Mortgage Loan delivered in accordance with Section
      2.03),
      unless
      it has received an Opinion of Counsel, addressed to the Trustee (at the expense
      of the party seeking to cause such sale, disposition, substitution, acquisition
      or contribution but in no event at the expense of the Trustee) that such sale,
      disposition, substitution, acquisition or contribution will not (a) affect
      adversely the status of any Trust REMIC as a REMIC or (b) cause any Trust REMIC
      to be subject to a tax on “prohibited transactions” or “contributions” pursuant
      to the REMIC Provisions.

     

    SECTION
      10.03  Servicer
      and Trustee Indemnification.
      (a)
      The
      Trustee agrees to indemnify the Trust Fund, the Depositor and the Servicer
      for
      any taxes and costs including, without limitation, any reasonable attorneys’
fees imposed on or incurred by the Trust Fund, the Depositor or the Servicer
      as
      a result of a breach of the Trustee’s covenants set forth in this Article
      X.

     

    (b)  The
      Servicer agrees to indemnify the Trust Fund, the Depositor and the Trustee
      for
      any taxes and costs including, without limitation, any reasonable attorneys’
fees imposed on or incurred by the Trust Fund, the Depositor or the Trustee,
      as
      a result of a breach of the Servicer’s covenants set forth in Article
      III
      or this
Article
      X.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    ARTICLE
      XI

     

    TRUSTEE
      COMPLIANCE WITH REGULATION AB

     

    SECTION
      11.01  Intent
      of the Parties; Reasonableness.
      The
      Seller, the Trustee, the Depositor and the Servicer acknowledge and agree that
      the purpose of Article XI of this Agreement is to facilitate compliance by
      the
      Seller and the Depositor with the provisions of Regulation AB and related rules
      and regulations of the Commission. Neither the Seller nor the Depositor shall
      exercise its right to request delivery of information or other performance
      under
      these provisions other than in good faith, or for purposes other than compliance
      with the Securities Act, the Exchange Act and the rules and regulations of
      the
      Commission thereunder. Each of the Depositor, the Seller, the Servicer and
      the
      Trustee acknowledges that interpretations of the requirements of Regulation
      AB
      may change over time, whether due to interpretive guidance provided by the
      Commission or its staff, consensus among participants in the asset-backed
      securities markets, advice of counsel, or otherwise, and agrees to comply with
      requests made by the Seller or the Depositor in good faith for delivery of
      information under these provisions on the basis of evolving interpretations
      of
      Regulation AB. Each of the Servicer and the Trustee shall cooperate fully with
      the Seller to deliver to the Seller (including any of its assignees or
      designees) and the Depositor, any and all statements, reports, certifications,
      records and any other information necessary in the good faith determination
      of
      the Seller or the Depositor to permit the Seller or the Depositor to comply
      with
      the provisions of Regulation AB, together with such disclosures relating to
      the
      Servicer, the Trustee and the Mortgage Loans, or the servicing of the Mortgage
      Loans, reasonably believed by the Seller or the Depositor to be necessary in
      order to effect such compliance.

     

    SECTION
      11.02  Additional
      Representations and Warranties of the Trustee.
      For so
      long as the Trust is subject to the reporting requirements of the Exchange
      Act,
      the Trustee agrees that:

     

    (a)  The
      Trustee shall be deemed to represent to the Seller and to the Depositor, as
      of
      the date hereof and the date on which information is provided to the Seller
      or
      the Depositor under Sections
      11.01,
      11.02(b)
      or
11.03
      that,
      except as disclosed in writing to the Seller or the Depositor prior to such
      date: (i) it is not aware and has not received notice that any default, early
      amortization or other performance triggering event has occurred as to any other
      Securitization Transaction due to any act or failure to act of the Trustee;
      (ii)
      it has not been terminated as trustee in a securitization of mortgage loans,
      (iii) there are no aspects of its financial condition that could have a material
      adverse effect on its performance of its trustee obligations under this
      Agreement or any other Securitization Transaction as to which it is the trustee;
      (iv) there are no material legal or governmental proceedings pending (or known
      to be contemplated) against it that would be material to Certificateholders;
      and
      (v) there are no affiliations, relationships or transactions outside the
      ordinary course of business relating to the Trustee, with respect to the
      Depositor or any sponsor, issuing entity, servicer, trustee, originator,
      significant obligor, enhancement or support provider or other material
      transaction party (as such terms are used in Regulation AB) relating to the
      Securitization Transaction contemplated by the Agreement (the “Transaction
      Parties”).

     

    (b)  If
      so
      requested by the Seller or the Depositor on any date following the date on
      which
      information is first provided to the Seller or the Depositor under Section
      11.03,
      the
      Trustee shall, within five Business Days following such request, confirm in
      writing the accuracy of the representations and warranties set forth in
      paragraph (a) of this Section or, if any such representation and warranty is
      not
      accurate as of the date of such request or such confirmation, provide reasonably
      adequate disclosure of the pertinent facts, in writing, to the requesting
      party.

     

    SECTION
      11.03  Information
      to Be Provided by the Trustee.

     

    (a)  For
      so
      long as the Trust is subject to the reporting requirements of the Exchange
      Act,
      for the purpose of satisfying the Depositor’s and the Seller’s reporting
      obligation under the Exchange Act with respect to any class of asset-backed
      securities, the Trustee shall provide to the Servicer and the Seller a written
      description of (A) any litigation or governmental proceedings pending against
      the Trustee as of the last day of the calendar month that would be material
      to
      Certificateholders, and (B) any affiliations or relationships (as described
      in
      Item 1119 of Regulation AB) that develop following the Closing Date between
      the
      Trustee and any Transaction Party of the type described in Section
      11.02(a)(iv)
      or
11.02(a)(v)
      as of
      the last day of each calendar year. Any descriptions required with respect
      to
      legal proceedings, as well as updates to previously provided descriptions,
      under
      this Section
      11.03
      shall be
      given no later than five Business Days prior to the Determination Date following
      the month in which the relevant event occurs, and any notices and descriptions
      required with respect to affiliations, as well as updates to previously provided
      descriptions, under this Section
      11.03
      shall be
      given no later than January 31 of the calendar year following the year in which
      the relevant event occurs. As of the date the Depositor or the Trustee files
      each Report on Form 10-D and Report on Form 10-K with respect to the
      Certificates, the Trustee will be deemed to represent that any information
      previously provided under this Article
      XI
      is
      materially correct and does not have any material omissions unless the Trustee
      has provided an update to such information.

     

    (b)  In
      addition to such information as the Trustee is obligated to provide pursuant
      to
      other provisions of this Agreement, if so requested by the Servicer or the
      Seller in its reasonable good faith determination, the Trustee shall provide
      such information regarding the performance or servicing of the Mortgage Loans
      as
      is reasonably required to facilitate preparation of distribution reports in
      accordance with Item 1121 of Regulation AB.

     

    SECTION
      11.04  Report
      on Assessment of Compliance and Attestation.
      On or
      before March 1 of each calendar year, the Trustee shall:

     

    (a)  deliver
      to the Seller and the Depositor a report (in form and substance reasonably
      satisfactory to the Seller and the Depositor) regarding the Trustee’s assessment
      of compliance with the applicable Servicing Criteria during the immediately
      preceding calendar year, as required under Rules 13a-18 and 15d-18 of the
      Exchange Act and Item 1122 of Regulation AB. Such report shall be addressed
      to
      the Seller and the Depositor and signed by an authorized officer of the Trustee,
      and shall address each of the Servicing Criteria specified on a certification
      substantially in the form of Exhibit J-2 hereto;

     

    (b)  deliver
      to the Seller and the Depositor a report of a registered public accounting
      firm
      reasonably acceptable to the Seller and the Depositor that attests to, and
      reports on, the assessment of compliance made by the Trustee and delivered
      pursuant to the preceding paragraph. Such attestation shall be in accordance
      with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act
      and
      the Exchange Act;

     

    SECTION
      11.05  Indemnification;
      Remedies.
      (a) The
      Trustee shall indemnify the Seller, each affiliate of the Seller, the Depositor,
      the Servicer, each broker dealer acting as underwriter, placement agent or
      initial purchaser, each Person who controls any of such parties (within the
      meaning of Section 15 of the Securities Act and Section 20 of the Exchange
      Act);
      and the respective present and former directors, officers, employees and agents
      of each of the foregoing, and shall hold each of them harmless from and against
      any losses, damages, penalties, fines, forfeitures, legal fees and expenses
      and
      related costs, judgments, and any other costs, fees and expenses that any of
      them may sustain arising out of or based upon:

     

    (i)  (A)
      any
      untrue statement of a material fact contained or alleged to be contained in
      any
      (w) compliance certificate or report regarding the Trustee’s assessment of
      compliance delivered by the Trustee or any Subcontractor of the Trustee pursuant
      to Section
      11.04(a),
      (x) any
      report of a registered public accounting firm delivered by or on behalf of
      the
      Trustee or any Subcontractor of the Trustee pursuant to Section 11.04(b), or
      (y)
      any information about the Trustee provided by it pursuant to Section
      11.01,
      11.02
      or
11.03
      (collectively, the “Trustee
      Information”),
      or
      (B) the omission or alleged omission to state in the Trustee Information a
      material fact required to be stated in the Trustee Information or necessary
      in
      order to make the statements therein, in the light of the circumstances under
      which they were made, not misleading;

     

    (ii)  any
      failure by the Trustee to deliver any information, report, certification,
      accountants’ letter or other material when and as required under this
Article
      XI;
      or

     

    (iii)  any
      breach by the Trustee of a representation or warranty set forth in Section
      11.02(a)
      or in a
      writing furnished pursuant to Section
      11.02(b).

     

    (b)  In
      the
      case of any failure of performance described in clause
      (ii)
      of this
Section
      11.05(a),
      the
      Trustee shall promptly reimburse the Seller or the Depositor, as applicable,
      for
      all costs reasonably incurred by each such party in order to obtain the
      information, report, certification, accountants’ attestation or other material
      not delivered as required by the Trustee and cooperate with the Depositor and
      the Seller to mitigate any damages that may result.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    ARTICLE
      XII

     

    SERVICER
      COMPLIANCE WITH REGULATION AB

     

    SECTION
      12.01  Intent
      of the Parties; Reasonableness.
      The
      Seller, the Depositor and the Servicer acknowledge and agree that the purpose
      of
Article
      XII
      of this
      Agreement is to facilitate compliance by the Seller and the Depositor with
      the
      provisions of Regulation AB and related rules and regulations of the Commission.
      Although Regulation AB is applicable by its terms only to offerings of
      asset-backed securities that are registered under the Securities Act, the
      Servicer acknowledges that investors in privately offered securities may require
      that the Seller or the Depositor provide comparable disclosure in unregistered
      offerings. References in this Agreement to compliance with Regulation AB include
      provision of comparable disclosure in private offerings.

     

    Neither
      the Seller nor the Depositor shall exercise its right to request delivery of
      information or other performance under these provisions other than in good
      faith, or for purposes other than compliance with the Securities Act, the
      Exchange Act and the rules and regulations of the Commission thereunder (or
      the
      provision in a private offering of disclosure comparable to that required under
      the Securities Act). The Servicer acknowledges that interpretations of the
      requirements of Regulation AB may change over time, whether due to interpretive
      guidance provided by the Commission or its staff, consensus among participants
      in the asset-backed securities markets, advice of counsel, or otherwise, and
      agrees to comply with requests made by the Seller or the Depositor in good
      faith
      for delivery of information under these provisions on the basis of evolving
      interpretations of Regulation AB. In connection with the transactions
      contemplated by this Agreement, the Servicer shall cooperate fully with the
      Seller to deliver to the Seller (including any of its assignees or designees)
      and the Depositor, any and all statements, reports, certifications, records
      and
      any other information necessary in the good faith determination of the Seller
      or
      the Depositor to permit the Seller or the Depositor to comply with the
      provisions of Regulation AB, together with such disclosures relating to the
      Servicer, any Sub-Servicer, any Third-Party Originator and the Mortgage Loans,
      or the servicing of the Mortgage Loans, reasonably believed by the Seller or
      the
      Depositor to be necessary in order to effect such compliance.

     

    The
      Seller (including any of its assignees or designees) shall cooperate with the
      Servicer by providing timely notice of requests for information under these
      provisions and by reasonably limiting such requests to information required,
      in
      the Seller’s reasonable judgment, to comply with Regulation AB.

     

    SECTION
      12.02  Additional
      Representations and Warranties of the Servicer.
      (a)
      The
      Servicer shall be deemed to represent to the Seller and to the Depositor, as
      of
      the date on which information is first provided to the Seller or the Depositor
      under Section
      12.03
      that,
      except as disclosed in writing to the Seller or the Depositor prior to such
      date: (i) the Servicer is not aware and has not received notice that any
      default, early amortization or other performance triggering event has occurred
      as to any other securitization due to any default of the Servicer as servicer;
      (ii) the Servicer has not been terminated as servicer in a residential mortgage
      loan securitization, either due to a servicing default or to application of
      a
      servicing performance test or trigger; (iii) no material noncompliance with
      the
      applicable servicing criteria with respect to other securitizations of
      residential mortgage loans involving the Servicer as servicer has been disclosed
      or reported by the Servicer; (iv) no material changes to the Servicer’s policies
      or procedures with respect to the servicing function it will perform under
      this
      Agreement for mortgage loans of a type similar to the Mortgage Loans have
      occurred during the three-year period immediately preceding the Closing Date;
      (v) there are no changes to the Servicer’s financial condition that could have a
      material adverse effect on the performance by the Servicer of its servicing
      obligations under this Agreement; (vi) there are no legal or governmental
      proceedings pending (or governmental proceedings known to be contemplated)
      against the Servicer, any Sub-Servicer or any Third-Party Originator that are
      material to Certificateholders; and (vii) there are no affiliations,
      relationships or transactions relating to the Servicer, any Sub-Servicer or
      any
      Third-Party Originator with respect to the transactions contemplated by this
      Agreement and any party thereto identified by the Depositor of a type required
      to be described in Item 1119 of Regulation AB.

     

    (b)  If
      so
      requested by the Seller or the Depositor on any date following the date on
      which
      information is first provided to the Seller or the Depositor under Section
      12.03,
      the
      Servicer shall, within five Business Days following such request, confirm in
      writing the accuracy of the representations and warranties set forth in
paragraph
      (a)
      of this
      Section or, if any such representation and warranty is not accurate as of the
      date of such request, provide reasonably adequate disclosure of the pertinent
      facts, in writing, to the requesting party.

     

    SECTION
      12.03  Information
      to Be Provided by the Servicer.
      The
      Servicer shall (i) within five Business Days following a request by the Seller
      or the Depositor, provide to the Seller and the Depositor (or, as applicable,
      cause each Third-Party Originator and each Sub-Servicer to provide), in writing
      and in form and substance reasonably satisfactory to the Seller and the
      Depositor, the information and materials specified in paragraphs
      (a),
      (b),
      (c)
      and
(f)
      of this
      Section, and (ii) as promptly as practicable following notice to or discovery
      by
      the Servicer, provide to the Seller and the Depositor (in writing and in form
      and substance reasonably satisfactory to the Seller and the Depositor) the
      information specified in paragraph
      (d)
      of this
      Section.

     

    (a)  If
      so
      requested by the Seller or the Depositor, the Servicer shall provide such
      information regarding (i) the Servicer, as originator of the Mortgage Loans
      (including as an acquirer of Mortgage Loans from a Qualified Correspondent),
      or
      (ii) each Third-Party Originator, and (iii) as applicable, each Sub-Servicer,
      as
      is requested for the purpose of compliance with Items 1103(a)(1), 1105, 1110,
      1117 and 1119 of Regulation AB. Such information shall include, at a
      minimum:

     

    (A)  the
      originator’s form of organization;

     

    (B)  a
      description of the originator’s origination program and how long the originator
      has been engaged in originating residential mortgage loans, which description
      shall include a discussion of the originator’s experience in originating
      mortgage loans of a similar type as the Mortgage Loans; information regarding
      the size and composition of the originator’s origination portfolio; and
      information that may be material to an analysis of the performance of the
      Mortgage Loans, including the originators’ credit-granting or underwriting
      criteria for mortgage loans of similar type(s) as the Mortgage Loans and such
      other information as the Seller or the Depositor may reasonably request for
      the
      purpose of compliance with Item 1110(b)(2) of Regulation AB;

     

    (C)  a
      description of any legal or governmental proceedings pending (or governmental
      proceedings known to be contemplated) against the Servicer, any Sub-Servicer
      or
      any Third-Party Originator that would be material to Certificateholders;
      and

     

    (D)  a
      description of any affiliation or relationship that is required to be described
      in Item 1119 of Regulation AB between the Servicer, each Third-Party Originator,
      each Sub-Servicer and any of the following parties to a Securitization
      Transaction, as such parties are identified to the Servicer by the Seller or
      the
      Depositor in writing in advance of such Securitization Transaction:

     

    (i)  the
      sponsor;

     

    (ii)  the
      depositor;

     

    (iii)  the
      issuing entity;

     

    (iv)  any
      servicer;

     

    (v)  any
      trustee;

     

    (vi)  any
      originator;

     

    (vii)  any
      significant obligor;

     

    (viii)  any
      enhancement or support provider; and 

     

    (ix)  any
      other
      material transaction party.

     

    (b)  If
      so
      requested by the Seller or the Depositor, the Servicer shall provide (or, as
      applicable, cause each Third-Party Originator to provide) Static Pool
      Information with respect to the mortgage loans (of a similar type as the
      Mortgage Loans) originated by (i) the Servicer, if the Servicer is an originator
      of Mortgage Loans (including as an acquirer of Mortgage Loans from a Qualified
      Correspondent), and/or (ii) each Third-Party Originator. Such Static Pool
      Information shall be prepared by the Servicer (or Third-Party Originator) on
      the
      basis of its reasonable, good faith interpretation of the requirements of Item
      1105(a)(1)-(3) of Regulation AB. The content of such Static Pool Information
      may
      be in the form customarily provided by the Servicer, and need not be customized
      for the Seller or the Depositor. Such Static Pool Information for each vintage
      origination year or prior securitized pool, as applicable, shall be presented
      in
      increments no less frequently than quarterly over the life of the mortgage
      loans
      included in the vintage origination year or prior securitized pool. The most
      recent periodic increment must be as of a date no later than 135 days prior
      to
      the date of the prospectus or other offering document in which the Static Pool
      Information is to be included or incorporated by reference. The Static Pool
      Information shall be provided in an electronic format that provides a permanent
      record of the information provided, such as a portable document format (pdf)
      file, or other such electronic format reasonably required by the Seller or
      the
      Depositor, as applicable.

     

    Promptly
      following notice or discovery of a material error in Static Pool Information
      provided pursuant to the immediately preceding paragraph (including an omission
      to include therein information required to be provided pursuant to such
      paragraph), the Servicer shall provide corrected Static Pool Information to
      the
      Seller or the Depositor, as applicable, in the same format in which Static
      Pool
      Information was previously provided to such party by the Servicer.

     

    If
      so
      requested by the Seller or the Depositor, the Servicer shall provide (or, as
      applicable, cause each Third-Party Originator to provide), at the expense of
      the
      requesting party (to the extent of any additional incremental expense associated
      with delivery pursuant to this Agreement), such agreed-upon procedures letters
      of certified public accountants reasonably acceptable to the Seller or
      Depositor, as applicable, pertaining to Static Pool Information relating to
      prior securitized pools for securitizations closed on or after January 1, 2006
      or, in the case of Static Pool Information with respect to the Servicer’s or
      Third-Party Originator’s originations or purchases, to calendar months
      commencing January 1, 2006, as the Seller or the Depositor shall reasonably
      request. Such letters shall be addressed to and be for the benefit of such
      parties as the Seller or the Depositor shall designate, which may include,
      by
      way of example, the Seller as sponsor, the Depositor and any broker dealer
      acting as underwriter, placement agent or initial purchaser with respect to
      the
      transactions contemplated by this Agreement. Any such statement or letter may
      take the form of a standard, generally applicable document accompanied by a
      reliance letter authorizing reliance by the addressees designated by the Seller
      or the Depositor.

     

    (c)  If
      so
      requested by the Seller or the Depositor, the Servicer shall provide such
      information regarding the Servicer, as servicer of the Mortgage Loans, and
      each
      Sub-Servicer (each of the Servicer and each Sub-Servicer, for purposes of this
      paragraph, a “Servicer”),
      as is
      requested for the purpose of compliance with Item 1108 of Regulation AB. Such
      information shall include, at a minimum:

     

    (A)  the
      Servicer’s form of organization;

     

    (B)  a
      description of how long the Servicer has been servicing residential mortgage
      loans; a general discussion of the Servicer’s experience in servicing assets of
      any type as well as a more detailed discussion of the Servicer’s experience in,
      and procedures for, the servicing function it will perform under this Agreement;
      information regarding the size, composition and growth of the Servicer’s
      portfolio of residential mortgage loans of a type similar to the Mortgage Loans
      and information on factors related to the Servicer that may be material, in
      the
      good faith judgment of the Seller or the Depositor, to any analysis of the
      servicing of the Mortgage Loans or the related asset-backed securities, as
      applicable, including, without limitation:

     

    (i)  whether
      any prior securitizations of mortgage loans of a type similar to the Mortgage
      Loans involving the Servicer have defaulted or experienced an early amortization
      or other performance triggering event because of servicing during the three-year
      period immediately preceding the Closing Date;

     

    (ii)  the
      extent of outsourcing the Servicer utilizes;

     

    (iii)  whether
      there has been previous disclosure of material noncompliance with the applicable
      servicing criteria with respect to other securitizations of residential mortgage
      loans involving the Servicer as a servicer during the three-year period
      immediately preceding the Closing Date;

     

    (iv)  whether
      the Servicer has been terminated as servicer in a residential mortgage loan
      securitization, either due to a servicing default or to application of a
      servicing performance test or trigger; and

     

    (v)  such
      other information as the Seller or the Depositor may reasonably request for
      the
      purpose of compliance with Item 1108(b)(2) and Item 1108(c) of Regulation
      AB;

     

    (C)  a
      description of any material changes during the three-year period immediately
      preceding the Closing Date to the Servicer’s policies or procedures with respect
      to the servicing function it will perform under this Agreement for mortgage
      loans of a type similar to the Mortgage Loans;

     

    (D)  information
      regarding the Servicer’s financial condition, to the extent that there is a
      material risk that an adverse financial event or circumstance involving the
      Servicer could have a material adverse effect on the performance by the Servicer
      of its servicing obligations under this Agreement;

     

    (E)  a
      statement by an authorized officer of the Servicer to the effect that the
      Servicer has made all advances required to be made on residential mortgage
      loans
      serviced by it during such period, or, if such statement would not be accurate,
      information regarding the percentage and type of advances not made as required,
      and the reasons for such failure to advance;

     

    (F)  a
      description of the Servicer’s processes and procedures designed to address any
      special or unique factors involved in servicing loans of a similar type as
      the
      Mortgage Loans;

     

    (G)  a
      description of the Servicer’s processes for handling delinquencies, losses,
      bankruptcies and recoveries, such as through liquidation of mortgaged
      properties, sale of defaulted mortgage loans or workouts; and

     

    (H)  information
      as to how the Servicer defines or determines delinquencies and charge-offs,
      including the effect of any grace period, re-aging, restructuring, partial
      payments considered current or other practices with respect to delinquency
      and
      loss experience.

     

    (d)  For
      the
      purpose of satisfying its reporting obligation under the Exchange Act with
      respect to any class of Certificates for so long as the Depositor is required
      to
      file reports under the Exchange Act with respect to the Certificates, the
      Servicer shall (or shall cause each Sub-Servicer and Third-Party Originator
      to)
      (i) notify the Seller and the Depositor in writing of (A) any litigation or
      governmental proceedings pending against the Servicer, any Sub-Servicer or
      any
      Third-Party Originator that would be material to Certificateholders and (B)
      any
      affiliations or relationships of the type required to be disclosed under Item
      1119 of Regulation AB that develop following the Closing Date between the
      Servicer, any Sub-Servicer or any Third-Party Originator and any of the parties
      specified in clause (D) of paragraph (a) of this Section (and any other parties
      identified in writing by the requesting party) with respect to the issuing
      of
      the Certificates, and (ii) provide to the Seller and the Depositor a description
      of such proceedings, affiliations or relationships.

     

    (e)  As
      a
      condition to the succession to the Servicer or any Sub-Servicer as servicer
      or
      subservicer of at least 10% of the Mortgage Loans under this Agreement by any
      Person (i) into which the Servicer or such Sub-Servicer may be merged or
      consolidated, or (ii) which may be appointed as a successor to the Servicer
      or
      any Sub-Servicer, the Servicer shall provide to the Seller and the Depositor,
      at
      least 15 calendar days prior to the effective date of such succession or
      appointment, (x) written notice to the Seller and the Depositor of such
      succession or appointment and (y) in writing and in form and substance
      reasonably satisfactory to the Seller and the Depositor, all information
      reasonably requested by the Seller or the Depositor in order to comply with
      its
      reporting obligation under Item 6.02 of Form 8-K with respect to any class
      of
      Certificates.

     

    (f)  In
      addition to such information as the Servicer, as servicer, is obligated to
      provide pursuant to other provisions of this Agreement, if so requested by
      the
      Seller or the Depositor, the Servicer shall provide such information regarding
      the performance or servicing of the Mortgage Loans as is reasonably required
      to
      facilitate preparation of distribution reports in accordance with Item 1121
      of
      Regulation AB. Such information shall be provided concurrently with the monthly
      reports otherwise required to be delivered by the Trustee pursuant to
Section
      4.02
      of this
      Agreement, commencing with the first such report due not less than ten Business
      Days following such request.

     

    SECTION
      12.04  Servicer
      Compliance Statement.
      The
      Servicer shall deliver on or before March 15, commencing in 2007, to the Seller,
      the Trustee and the Depositor a statement of compliance addressed to the Seller
      and the Depositor and signed by an authorized officer of the Servicer, to the
      effect that (i) a review of the Servicer’s activities during the immediately
      preceding calendar year (or applicable portion thereof) and of its performance
      under this Agreement during such period has been made under such officer’s
      supervision, and (ii) to the best of such officers’ knowledge, based on such
      review, the Servicer has fulfilled all of its obligations under this Agreement
      in all material respects throughout such calendar year (or applicable portion
      thereof) or, if there has been a failure to fulfill any such obligation in
      any
      material respect, specifically identifying each such failure known to such
      officer and the nature and the status thereof.

     

    SECTION
      12.05  Report
      on Assessment of Compliance and Attestation.
      (a) The
      Servicer shall on or before March 15, commencing in 2007:

     

    (i)  deliver
      to the Seller, the Trustee and the Depositor a report regarding the Servicer’s
      assessment of compliance with the Servicing Criteria during the immediately
      preceding calendar year, as required under Rules 13a-18 and 15d-18 of the
      Exchange Act and Item 1122 of Regulation AB. Such report shall be signed by
      an
      authorized officer of the Servicer, and shall address each of the Servicing
      Criteria specified on a certification substantially in the form of Exhibit
      J-2
      hereto delivered to the Seller concurrently with the execution of this
      Agreement;

     

    (ii)  deliver
      to the Seller, the Trustee and the Depositor a report of a registered public
      accounting firm that attests to, and reports on, the assessment of compliance
      made by the Servicer and delivered pursuant to the preceding paragraph. Such
      attestation shall be in accordance with Rules 1-02(a)(3) and 2-02(g) of
      Regulation S-X under the Securities Act and the Exchange Act; immediately upon
      receipt of such report, the Servicer shall, at its own expense, furnish a copy
      of such report to each Rating Agency. Copies of such statement shall be provided
      by the Trustee to any Certificateholder upon request, provided that such
      statement is delivered by the Servicer to the Trustee;

     

    (iii)  cause
      each Sub-Servicer, and each Subcontractor determined by the Servicer pursuant
      to
      Section 12.06(b) to be “participating in the servicing function” within the
      meaning of Item 1122 of Regulation AB, to deliver to the Seller, the Trustee
      and
      the Depositor an assessment of compliance and accountants’ attestation as and
      when provided in paragraphs (a) and (b) of this Section; and

     

    (iv)  not
      later
      than March 1 of the calendar year in which such certification is to be
      delivered, deliver to the Seller and the Depositor a backup certification in
      the
      form attached hereto as Exhibit
      I-1.

     

    The
      Servicer acknowledges that the parties identified in clause
      (a)(iv)
      above
      may rely on the certification provided by the Servicer pursuant to such clause
      in signing a Sarbanes Certification and filing such with the Commission. Neither
      the Seller nor the Depositor will request delivery of a certification under
      clause
      (a)(iv)
      above
      unless the Depositor is required under the Exchange Act to file an annual report
      on Form 10-K with respect to the Certificates.

     

    (b)  Each
      assessment of compliance provided by a Sub-Servicer pursuant to Section
      12.05(a)(i)
      shall
      address each of the Servicing Criteria specified on a certification
      substantially in the form of Exhibit
      J-2
      hereto
      delivered to the Seller concurrently with the execution of this Agreement or,
      in
      the case of a Sub-Servicer subsequently appointed as such, on or prior to the
      date of such appointment. An assessment of compliance provided by a
      Subcontractor pursuant to Section
      12.05(a)(iii)
      need not
      address any elements of the Servicing Criteria other than those specified by
      the
      Servicer pursuant to Section
      12.06.

     

    SECTION
      12.06  Use
      of
      Sub-Servicers and Subcontractors.
      The
      Servicer shall not hire or otherwise utilize the services of any Sub-Servicer
      to
      fulfill any of the obligations of the Servicer as servicer under this Agreement
      unless the Servicer complies with the provisions of paragraph
      (a)
      of this
      Section. The Servicer shall not hire or otherwise utilize the services of any
      Subcontractor, and shall not permit any Sub-Servicer to hire or otherwise
      utilize the services of any Subcontractor, to fulfill any of the obligations
      of
      the Servicer as servicer under this Agreement unless the Servicer complies
      with
      the provisions of paragraph
      (b)
      of this
      Section.

     

    (a)  It
      shall
not
      be
      necessary for the Servicer to seek the consent of the Seller or the Depositor
      to
      the utilization of any Sub-Servicer. The Servicer shall cause any Sub-Servicer
      used by the Servicer (or by any Sub-Servicer) for the benefit of the Seller
      and
      the Depositor to comply with the provisions of this Section and with Sections
      12.02, 12.03(c) and (e), 12.04, 12.05 and 12.07 of this Agreement to the same
      extent as if such Sub-Servicer were the Servicer, and to provide the information
      required with respect to such Sub-Servicer under Section 12.03(d) of this
      Agreement. The Servicer shall be responsible for obtaining from each
      Sub-Servicer and delivering to the Seller and the Depositor any servicer
      compliance statement required to be delivered by such Sub-Servicer under Section
      12.04, any assessment of compliance and attestation required to be delivered
      by
      such Sub-Servicer under Section 12.05 and any certification required to be
      delivered to the Depositor as and when required to be delivered under Section
      12.05.

     

    (b)  It
      shall
      not be necessary for the Servicer to seek the consent of the Seller or the
      Depositor to the utilization of any
      Subcontractor. The Servicer shall promptly upon request provide to the Seller
      and the Depositor (or any designee of the Depositor, such as a master servicer
      or administrator) a written description (in form and substance satisfactory
      to
      the Seller and the Depositor) of the role and function of each Subcontractor
      utilized by the Servicer or any Sub-Servicer, specifying (i) the identity of
      each such Subcontractor, (ii) which (if any) of such Subcontractors are
“participating in the servicing function” within the meaning of Item 1122 of
      Regulation AB, and (iii) which elements of the Servicing Criteria will be
      addressed in assessments of compliance provided by each Subcontractor identified
      pursuant to clause
      (ii)
      of this
      paragraph.

     

    As
      a
      condition to the utilization of any Subcontractor determined to be
“participating in the servicing function” within the meaning of Item 1122 of
      Regulation AB, the Servicer shall cause any such Subcontractor used by the
      Servicer (or by any Sub-Servicer) for the benefit of the Seller and the
      Depositor to comply with the provisions of Sections
      12.05
      and
12.07
      of this
      Agreement to the same extent as if such Subcontractor were the Servicer
      performing the servicing functions of the Subcontractor. The Servicer shall
      be
      responsible for obtaining from each Subcontractor and delivering to the Seller
      and the Depositor any assessment of compliance and attestation required to
      be
      delivered by such Subcontractor under Section
      12.05,
      in each
      case as and when required to be delivered.

     

    SECTION
      12.07  Indemnification;
      Remedies.
      (a) The
      Servicer shall indemnify the Trustee, the Depositor, the Seller, each affiliate
      of the Seller, and each of the following parties participating in the
      transactions contemplated by this Agreement: each sponsor and issuing entity;
      each Person responsible for the preparation, execution or filing of any report
      required to be filed with the Commission with respect to such transactions,
      or
      for execution of a certification pursuant to Rule 13a-14(d) or Rule 15d-14(d)
      under the Exchange Act with respect to such transactions; each broker dealer
      acting as underwriter, placement agent or initial purchaser, each Person who
      controls any of such parties or the Depositor (within the meaning of Section
      15
      of the Securities Act and Section 20 of the Exchange Act); and the respective
      present and former directors, officers, employees and agents of each of the
      foregoing and of the Depositor, and shall hold each of them harmless from and
      against any losses, damages, penalties, fines, forfeitures, reasonable legal
      fees and expenses and related costs, judgments, and any other costs, fees and
      expenses that any of them may sustain arising out of or based upon:

     

    (i)  (A)
      any
      untrue statement of a material fact contained or alleged to be contained in
      any
      information, report, certification, accountants’ letter or other material
      provided in written or electronic form under this Article
      XII
      by or on
      behalf of the Servicer, or provided under this Article
      XII
      by or on
      behalf of any Sub-Servicer, Subcontractor or Third-Party Originator
      (collectively, the “Servicer
      Information”),
      or
      (B) the omission or alleged omission to state in the Servicer Information a
      material fact required to be stated in the Servicer Information or necessary
      in
      order to make the statements therein, in the light of the circumstances under
      which they were made, not misleading; provided,
      by way
      of clarification, that clause
      (B)
      of this
      paragraph shall be construed solely by reference to the Servicer Information
      and
      not to any other information communicated in connection with a sale or purchase
      of securities, without regard to whether the Servicer Information or any portion
      thereof is presented together with or separately from such other
      information;

     

    (ii)  any
      failure by the Servicer, any Sub-Servicer, any Subcontractor or any Third-Party
      Originator to deliver any information, report, certification, accountants’
letter or other material when and as required under this Article
      XII,
      including any failure by the Servicer to identify pursuant to Section
      12.06(b)
      any
      Subcontractor “participating in the servicing function” within the meaning of
      Item 1122 of Regulation AB; or

     

    (iii)  any
      breach by the Servicer of a representation or warranty set forth in Section
      12.02(a)
      or in a
      writing furnished pursuant to Section
      12.02(b)
      and made
      as of a date prior to the Closing Date, to the extent that such breach is not
      cured by such closing date, or any breach by the Servicer of a representation
      or
      warranty in a writing furnished pursuant to Section
      12.02(b)
      to the
      extent made as of a date subsequent to such closing date.

     

    In
      the
      case of any failure of performance described in clause
      (a)(ii)
      of this
      Section, the Servicer shall promptly reimburse the Seller, 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
      transactions contemplated hereunder, or for execution of a certification
      pursuant to Rule 13a-14(d) or Rule 15d-14(d) under the Exchange Act with respect
      to the transactions contemplated by this Agreement, 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 Sub-Servicer, any Subcontractor or any Third-Party
      Originator.

     

    (b)  (i)
      Any
      failure by the Servicer, any Sub-Servicer, any Subcontractor or any Third-Party
      Originator to deliver any information, report, certification, accountants’
letter or other material when and as required under this Article
      XII,
      or any
      breach by the Servicer of a representation or warranty set forth in Section
      12.02(a)
      or in a
      writing furnished pursuant to Section
      12.02(b)
      and made
      as of a date prior to the Closing Date, to the extent that such breach is not
      cured by such closing date, or any breach by the Servicer of a representation
      or
      warranty in a writing furnished pursuant to Section
      12.02(b)
      to the
      extent made as of a date subsequent to such closing date, shall, except as
      provided in clause
      (ii)
      of this
      paragraph, immediately and automatically, without notice or grace period,
      constitute an Event of Default with respect to the Servicer under this Agreement
      and shall entitle the Depositor, in its sole discretion, to terminate the rights
      and obligations of the Servicer as servicer under this Agreement without payment
      (notwithstanding anything in this Agreement to the contrary) of any compensation
      to the Servicer; provided
      that to
      the extent that any provision of this Agreement expressly provides for the
      survival of certain rights or obligations following termination of the Servicer
      as servicer, such provision shall be given effect.

     

    (ii)  Any
      failure by the Servicer, any Sub-Servicer or any Subcontractor to deliver any
      information, report, certification or accountants’ letter when and as required
      under Section
      12.04
      or
12.05,
      including (except as provided below) any failure by the Servicer to identify
      pursuant to Section
      12.06(b)
      any
      Subcontractor “participating in the servicing function” within the meaning of
      Item 1122 of Regulation AB, which continues unremedied for ten calendar days
      after the date on which such information, report, certification or accountants’
letter was required to be delivered shall constitute an Event of Default with
      respect to the Servicer under this Agreement, and shall entitle Depositor,
      as
      applicable, in its sole discretion to terminate the rights and obligations
      of
      the Servicer as servicer under this Agreement without payment (notwithstanding
      anything in this Agreement to the contrary) of any compensation to the Servicer;
      provided
      that to
      the extent that any provision of this Agreement expressly provides for the
      survival of certain rights or obligations following termination of the Servicer
      as servicer, such provision shall be given effect.

     

    Neither
      the Seller nor the Depositor shall be entitled to terminate the rights and
      obligations of the Servicer pursuant to this subparagraph
      (b)(ii)
      if a
      failure of the Servicer to identify a Subcontractor “participating in the
      servicing function” within the meaning of Item 1122 of Regulation AB was
      attributable solely to the role or functions of such Subcontractor with respect
      to mortgage loans other than the Mortgage Loans.

     

    (iii)  The
      Servicer shall promptly reimburse the Seller (or any designee of the Seller,
      such as a master servicer) and the Depositor, as applicable, for all reasonable
      expenses incurred by the Seller (or such designee) or the Depositor, as such
      are
      incurred, in connection with the termination of the Servicer as servicer and
      the
      transfer of servicing of the Mortgage Loans to a successor servicer. The
      provisions of this paragraph shall not limit whatever rights the Seller or
      the
      Depositor may have under other provisions of this Agreement or otherwise,
      whether in equity or at law, such as an action for damages, specific performance
      or injunctive relief.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    ARTICLE
      XIII

     

    MISCELLANEOUS
      PROVISIONS

     

    SECTION
      13.01  Amendment.
      This
      Agreement may be amended from time to time by the Depositor, the Servicer and
      the Trustee without the consent of any of the Certificateholders, (i) to cure
      any ambiguity or defect, (ii) to correct, modify or supplement any provisions
      herein (including to give effect to the expectations of Certificateholders),
      (iii) to amend the provisions of Section
      4.06,
      (iv) to
      change the timing and/or nature of deposits into the Custodial Account or the
      Certificate Account or to change the name in which the Custodial Account is
      maintained, provided
      that (A)
      the Servicer Remittance Date shall in no event be later than the related
      Distribution Date, (B) such change shall not, as evidenced by an Opinion of
      Counsel, adversely affect in any material respect the interests of any
      Certificateholder and (C) such change shall not result in a reduction of the
      rating assigned to any Class of Certificates below the lower of the then-current
      rating or the rating assigned to such Certificates as of the Closing Date,
      as
      evidenced by a letter from each Rating Agency to such effect, (v) to modify,
      eliminate or add to any of its provisions to such extent as shall be necessary
      or desirable to maintain the qualification of any Trust REMIC created hereunder
      as a Trust REMIC at all times that any Certificate is outstanding or to avoid
      or
      minimize the risk of the imposition of any tax on the Trust Fund pursuant to
      the
      Code that would be a claim against the Trust Fund, provided
      that the
      Trustee has received an Opinion of Counsel to the effect that (A) such action
      is
      necessary or desirable to maintain such qualification or to avoid or minimize
      the risk of the imposition of any such tax and (B) such action will not
      adversely affect in any material respect the interests of any Certificateholder,
      (vi) such amendment is made to conform the terms of this Agreement to the terms
      described in the Prospectus dated May 16, 2006 together with the Prospectus
      Supplement dated May 19, 2006, or (vii) to make any other provisions with
      respect to matters or questions arising under this Agreement which shall not
      be
      inconsistent with the provisions of this Agreement, provided
      that any such action pursuant to clauses (i), (ii), (iii) or (vii),
      as
      evidenced by either (a) an Opinion of Counsel delivered to the Trustee that
      such
      action will not adversely affect in any material respect the interests of any
      Certificateholder or (b) written notice to the Depositor, the Servicer and
      the Trustee from the Rating Agencies that such action 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). No amendment shall be deemed
      to
      adversely affect in any material respect the interests of any Certificateholder
      who shall have consented thereto, and no Opinion of Counsel or Rating Agency
      confirmation shall be required to address the effect of any such amendment
      on
      any such consenting Certificateholder. Notwithstanding the foregoing, neither
      an
      Opinion of Counsel nor written notice to the Depositor, the Servicer and the
      Trustee from the Rating Agencies will be required in connection with an
      amendment to the provisions of Section
      4.06.

     

    This
      Agreement may also be amended from time to time by the Depositor, the Servicer
      and the Trustee with the consent of the Holders of Certificates entitled to
      at
      least 66% of the Voting Rights for the purpose of adding any provisions to
      or
      changing in any manner or eliminating any of the provisions of this Agreement
      or
      of modifying in any manner the rights of the Holders of Certificates;
provided,
      however,
      that no
      such amendment shall (i) reduce in any manner the amount of, or delay the timing
      of, payments received on Mortgage Loans which are required to be distributed
      on
      any Certificate without the consent of the Holder of such Certificate, (ii)
      adversely affect in any material respect the interests of the Holders of any
      Class of Certificates (as evidenced by either (a) an Opinion of Counsel
      delivered to the Trustee or (b) written notice to the Depositor, the
      Servicer and the Trustee from the Rating Agencies that such action 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) in a manner, other
      than as described in (i) or (iii) modify the consents required by the
      immediately preceding clauses
      (i)
      and
(ii)
      without
      the consent of the Holders of all Certificates then outstanding. Notwithstanding
      any other provision of this Agreement, for purposes of the giving or withholding
      of consents pursuant to this Section
      13.01,
      Certificates registered in the name of the Depositor or the Servicer or any
      Affiliate thereof shall be entitled to Voting Rights with respect to matters
      affecting such Certificates.

     

    Notwithstanding
      any contrary provision of this Agreement, the Trustee shall not consent to
      any
      amendment to this Agreement unless it shall have first received an Opinion
      of
      Counsel to the effect that such amendment (i) will not result in the imposition
      of any tax on any Trust REMIC pursuant to the REMIC Provisions or cause any
      Trust REMIC to fail to qualify as a REMIC at any time that any Certificates
      are
      outstanding and (ii) is authorized or permitted hereunder.

     

    Promptly
      after the execution of any such amendment the Trustee shall furnish a copy
      of
      such amendment to each Certificateholder.

     

    It
      shall
      not be necessary for the consent of Certificateholders under this Section
      13.01
      to
      approve the particular form of any proposed amendment, but it shall be
      sufficient if such consent shall approve the substance thereof. The manner
      of
      obtaining such consents and of evidencing the authorization of the execution
      thereof by Certificateholders shall be subject to such reasonable regulations
      as
      the Trustee may prescribe.

     

    The
      cost
      of any Opinion of Counsel to be delivered pursuant to this Section
      13.01
      shall be
      borne by the Person seeking the related amendment, but in no event shall such
      Opinion of Counsel be an expense of the Trustee.

     

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

     

    SECTION
      13.02  Recordation
      of Agreement; Counterparts.
      To the
      extent permitted by applicable law, this Agreement is subject to recordation
      in
      all appropriate public offices for real property records in all of the counties
      or other comparable jurisdictions in which any or all of the Mortgaged
      Properties are situated, and in any other appropriate public recording office
      or
      elsewhere. The Servicer shall effect such recordation at the Trust’s expense
      upon the request in writing of a Certificateholder, but only if such direction
      is accompanied by an Opinion of Counsel (provided at the expense of the
      Certificateholder requesting recordation) to the effect that such recordation
      would materially and beneficially affect the interests of the Certificateholders
      or is required by law.

     

    For
      the
      purpose of facilitating the recordation of this Agreement as herein provided
      and
      for other purposes, this Agreement may be executed simultaneously in any number
      of counterparts, each of which counterparts shall be deemed to be an original,
      and such counterparts shall constitute but one and the same
      instrument.

     

    SECTION
      13.03  Limitation
      on Rights of Certificateholders.
      The
      death or incapacity of any Certificateholder shall not operate to terminate
      this
      Agreement or the Trust Fund, nor entitle such Certificateholder’s legal
      representative or heirs to claim an accounting or to take any action or commence
      any proceeding in any court for a petition or winding up of the Trust Fund,
      or
      otherwise affect the rights, obligations and liabilities of the parties hereto
      or any of them.

     

    No
      Certificateholder shall have any right to vote (except as provided herein)
      or in
      any manner otherwise control the operation and management of the Trust Fund,
      or
      the obligations of the parties hereto, nor shall anything herein set forth
      or
      contained in the terms of the Certificates be construed so as to constitute
      the
      Certificateholders from time to time as partners or members of an association;
      nor shall any Certificateholder be under any liability to any third party by
      reason of any action taken by the parties to this Agreement pursuant to any
      provision hereof.

     

    No
      Certificateholder shall have any right by virtue or by availing itself of any
      provisions of this Agreement to institute any suit, action or proceeding in
      equity or at law upon or under or with respect to this Agreement, unless such
      Holder previously shall have given to the Trustee a written notice of an Event
      of Default and of the continuance thereof, as hereinbefore provided, the Holders
      of Certificates evidencing not less than 25% of the Voting Rights evidenced
      by
      the Certificates shall also have made written request to the Trustee 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
      13.03,
      each
      and every Certificateholder, the Trustee shall be entitled to such relief as
      can
      be given either at law or in equity.

     

    SECTION
      13.04  Governing
      Law.
      THIS
      AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE SUBSTANTIVE
      LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED
      IN THE STATE OF NEW YORK AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
      HERETO AND THE CERTIFICATEHOLDERS SHALL BE DETERMINED IN ACCORDANCE WITH SUCH
      LAWS WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF (OTHER THAN
      SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAWS).

     

    SECTION
      13.05  Notices.
      All
      directions, demands and notices hereunder shall be in writing and shall be
      deemed to have been duly given when received if personally delivered at or
      mailed by first class mail, postage prepaid, or by express delivery service
      or
      delivered in any other manner specified herein, to (a) in the case of the
      Depositor, Stanwich Asset Acceptance Company, L.L.C., Seven Greenwich Office
      Park, 599 West Putnam Avenue, Greenwich, Connecticut 06830, Attention:
      President, or such other address or telecopy number as may hereafter be
      furnished to the Servicer and the Trustee in writing by the Depositor, (b)
      in
      the case of the Servicer, Homecomings Financial Network, Inc., 2711 N. Haskell
      Avenue, Suite 900, Dallas, Texas 75204, Attention: Nancy Marks, with a copy
      to
      Residential Funding Corporation, 2500 Normandale Lake Blvd., Suite 600,
      Minneapolis, MN 55437, Attention: Structured Finance, or such other address
      or
      telecopy number as may hereafter be furnished to the Trustee and the Depositor
      in writing by the Servicer and (c) in the case of the Trustee, at its Corporate
      Trust Office in Columbia, Maryland, or such other address or telecopy number
      as
      may hereafter be furnished to the Servicer and the Depositor in writing by
      the
      Trustee. Any notice required or permitted to be given to a Certificateholder
      shall be given by first class mail, postage prepaid, at the address of such
      Holder as shown in the Certificate Register. Any notice so mailed within the
      time prescribed in this Agreement shall be conclusively presumed to have been
      duly given when mailed, whether or not the Certificateholder receives such
      notice. A copy of any notice required to be telecopied hereunder also shall
      be
      mailed to the appropriate party in the manner set forth above.

     

    SECTION
      13.06  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
      13.07  Notice
      to Rating Agencies.
      The
      Trustee shall use its best efforts promptly to provide notice to the Rating
      Agencies with respect to each of the following of which it has actual
      knowledge:

     

    Any
      material change or amendment to this Agreement;

     

    The
      occurrence of any Servicer Event of Default that has not been cured or
      waived;

     

    The
      resignation or termination of the Servicer or the Trustee;

     

    The
      repurchase or substitution of Mortgage Loans pursuant to or as contemplated
      by
Section
      2.03;

     

    The
      final
      payment to the Holders of any Class of Certificates;

     

    Any
      change in the location of the Custodial Account or the Certificate Account;
      and

     

    Any
      event
      that would result in the inability of the Trustee, as successor servicer, to
      make advances regarding delinquent Mortgage Loans.

     

    In
      addition, the Trustee shall make available to each Rating Agency copies of
      each
      report to Certificateholders described in Section
      4.02
      and the
      Servicer shall promptly furnish to each Rating Agency copies of the
      following:

     

    Each
      annual statement as to compliance described in Section
      12.05(i);
      and

     

    Each
      annual independent public accountants’ servicing report described in
Section
      12.05(ii).

     

    Any
      such
      notice pursuant to this Section
      13.07
      shall be
      in writing and shall be deemed to have been duly given if personally delivered
      at or mailed by first class mail, postage prepaid, or by express delivery
      service to Fitch Ratings, One State Street Plaza, New, York, New York 10004,
      facsimile number: (212) 344-1986; Moody’s Investors Service, Inc., 99 Church
      Street, New York, New York 10007; and to Standard & Poor’s Ratings Services,
      a division of the McGraw-Hill Companies, Inc., 55 Water Street, New York, New
      York 10007 or such other addresses as the Rating Agencies may designate in
      writing to the parties hereto.

     

    SECTION
      13.08  Article
      and Section References.
      All
      article and section references used in this Agreement, unless otherwise
      provided, are to articles and sections in this Agreement.

     

    SECTION
      13.09  Grant
      of Security Interest.
      It is
      the express intent of the parties hereto that the conveyance of the Mortgage
      Loans by the Depositor to the Trustee, be, and be construed as, a sale of the
      Mortgage Loans by the Depositor and not a pledge of the Mortgage Loans to secure
      a debt or other obligation of the Depositor. However, in the event that,
      notwithstanding the aforementioned intent of the parties, the Mortgage Loans
      are
      held to be property of the Depositor, then, (a) it is the express intent of
      the
      parties that such conveyance be deemed a pledge of the Mortgage Loans by the
      Depositor to the Trustee to secure a debt or other obligation of the Depositor
      and (b) (1) this Agreement shall also be deemed to be a security agreement
      within the meaning of Articles 8 and 9 of the Uniform Commercial Code as in
      effect from time to time in the State of New York; (2) the conveyance provided
      for in Section
      2.01
      hereof
      shall be deemed to be a grant by the Depositor to the Trustee of a security
      interest in all of the Depositor’s right, title and interest in and to (i) such
      Mortgage Loans and all amounts payable to the holders of the Mortgage Loans
      in
      accordance with the terms thereof and all proceeds of the conversion, voluntary
      or involuntary, of the foregoing into cash, instruments, securities or other
      property and Prepayment Charges related thereto as from time to time are subject
      to this Agreement, together with the Mortgage Files relating thereto, and
      together with all collections thereon and proceeds thereof; (ii) any REO
      Property, together with all collections thereon and proceeds thereof; (iii)
      the
      Depositor’s rights with respect to the Mortgage Loans under all insurance
      policies required to be maintained pursuant to this Agreement and any proceeds
      thereof; (iv) the Depositor’s rights under the Mortgage Loan Purchase Agreement
      (including any security interest created thereby); (v) the Custodial Account
      (other than any amounts representing any Servicer Prepayment Charge Payment
      Amount), the Certificate Account (other than any amounts representing any
      Servicer Prepayment Charge Payment Amount) and any REO Account, and such assets
      that are deposited therein from time to time and any investments thereof,
      together with any and all income, proceeds and payments with respect thereto;
      (vi) the Net WAC Rate Carryover Reserve Account; and (vii) the Depositor’s
      rights under the Cap Contracts and all payments received under the Cap
      Contracts; (3) the obligations secured by such security agreement shall be
      deemed to be all of the Depositor’s obligations under this Agreement, including
      the obligation to provide to the Certificateholders the benefits of this
      Agreement relating to the Mortgage Loans and the Trust Fund; and (4)
      notifications to persons holding such property, and acknowledgments, receipts
      or
      confirmations from persons holding such property, shall be deemed notifications
      to, or acknowledgments, receipts or confirmations from, financial
      intermediaries, bailees or agents (as applicable) of the Trustee for the purpose
      of perfecting such security interest under applicable law. Accordingly, the
      Depositor hereby grants to the Trustee a security interest in the Mortgage
      Loans
      and all other property described in clause
      (2)
      of the
preceding
      sentence,
      for the
      purpose of securing to the Trustee the performance by the Depositor of the
      obligations described in clause
      (3)
      of the
preceding
      sentence.
      Notwithstanding the foregoing, the parties hereto intend the conveyance pursuant
      to Section
      2.01
      to be a
      true, absolute and unconditional sale of the Mortgage Loans and assets
      constituting the Trust Fund by the Depositor to the Trustee.

     

    SECTION
      13.10  Intention
      of Parties.
      It is
      the express intent of the parties hereto that the conveyance of the Mortgage
      Notes, Mortgages, assignments of Mortgages, title insurance policies and any
      modifications, extensions and/or assumption agreements and private mortgage
      insurance policies relating to the Mortgage Loans by the Seller to the
      Depositor, and by the Depositor to the Trustee be, and be construed as, an
      absolute sale thereof to the Depositor or the Trustee, as applicable. It is,
      further, not the intention of the parties that such conveyance be deemed a
      pledge thereof by the Seller to the Depositor, or by the Depositor to the
      Trustee. However, in the event that, notwithstanding the intent of the parties,
      such assets are held to be the property of the Seller or the Depositor, as
      applicable, or if for any other reason the Mortgage Loan Purchase Agreement
      or
      this Agreement is held or deemed to create a security interest in such assets,
      then (i) the Mortgage Loan Purchase Agreement and this Agreement shall each
      be
      deemed to be a security agreement within the meaning of the Uniform Commercial
      Code of the State of New York and (ii) the conveyance provided for in the
      Mortgage Loan Purchase Agreement from the Seller to the Depositor, and the
      conveyance provided for in this Agreement from the Depositor to the Trustee,
      shall be deemed to be an assignment and a grant by the Seller or the Depositor,
      as applicable, for the benefit of the Certificateholders, of a security interest
      in all of the assets that constitute the Trust Fund, whether now owned or
      hereafter acquired.

     

    The
      Depositor for the benefit of the Certificateholders shall, to the extent
      consistent with this Agreement, take such actions as may be necessary to ensure
      that, if this Agreement were deemed to create a security interest in the assets
      of the Trust Fund, such security interest would be deemed to be a perfected
      security interest of first priority under applicable law and will be maintained
      as such throughout the term of the Agreement.

     

    SECTION
      13.11  Assignment.
      Notwithstanding anything to the contrary contained herein, except as provided
      pursuant to Section
      6.02,
      this
      Agreement may not be assigned by the Servicer or the Depositor.

     

    SECTION
      13.12  Inspection
      and Audit Rights.
      The
      Servicer agrees that, on reasonable prior 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 such Mortgage Loans with its
      officers, employees and independent public accountants (and by this provision
      the Servicer hereby authorizes such accountants to discuss with such
      representative such affairs, finances and accounts), all at such reasonable
      times and as often as may be reasonably requested. Any out-of-pocket expense
      incident to the exercise by the Depositor or the Trustee of any right under
      this
Section
      13.12
      shall be
      borne by the party requesting such inspection, subject to such party’s right to
      reimbursement hereunder (in the case of the Trustee, pursuant to Section
      8.05
      hereof).

     

    SECTION
      13.13  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
      Trustee pursuant to this Agreement, are and shall be deemed fully
      paid.

     

    SECTION
      13.14  Perfection
      Representations.
      The
      Perfection Representations shall be a part of this Agreement for all
      purposes.

     

    SECTION
      13.15  Notice
      to Holder of Class CE Certificate.
      Upon
      actual knowledge by a Servicing Officer of an event which constitutes a Servicer
      Event of Default under Section
      7.01
      of this
      Agreement or gives rise to an indemnity claim under Sections
      3.25,
      8.05(b),
      10.03(b)
      or
14.02(g)
      of this
      Agreement, such Servicing Officer shall promptly (but in no event later than
      two
      Business Days following such knowledge) provide written notice to the Holder
      of
      the Class CE Certificate of such event.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    ARTICLE
      XIV

     

    RIGHTS
      OF
      THE CLASS CE CERTIFICATEHOLDER

     

    SECTION
      14.01  Reports
      and Notices.
      (a)
      In
      connection with the performance of its duties under this Agreement relating
      to,
      among other things, the collection of Mortgage Loans, the Servicer shall provide
      to the Class CE Certificateholder the following notices and reports in a timely
      manner and using the same methodology and calculations used in its standard
      servicing reports to the Trustee. The Servicer shall send all such notices
      and
      reports to the Class CE Certificateholder in electronic format unless otherwise
      specified herein or agreed to in writing by the Class CE
      Certificateholder.

     

    (i)  The
      Servicer shall, within ten Business Days after each Distribution Date,
      commencing in June 2006, provide to the Class CE Certificateholder a report
      of
      each Mortgage Loan in the Trust Fund, indicating the information contained
      in
Exhibit
      L
      for the
      Due Period relating to such Distribution Date and to the extent such information
      is reasonably available to the Servicer.

     

    (ii)  Within
      ten Business Days after each Distribution Date commencing in June 2006, the
      Servicer shall provide the Class CE Certificateholder with a report listing
      each
      Mortgage Loan that has liquidated or paid off. Such report shall specify, if
      applicable and to the extent the information is reasonably available to the
      Servicer: (a) mortgage loan number; (b) outstanding Stated Principal
      Balance of the mortgage loan upon its liquidation; (c) Realized Loss or gain;
      (d) Liquidation Proceeds; (e) payoff date; (f) Prepayment Charges
      collected.

     

    (iii)  Where
      applicable, the Servicer shall provide the Class CE Certificateholder with
      copies of all primary mortgage insurance claims filed, as well as the actual
      amount paid in respect of any claim. Copies of any primary mortgage insurance
      claims will be provided to the Class CE Certificateholder within ten Business
      Days of their filing with the mortgage insurance company.

     

    (iv)  The
      Servicer shall provide the Class CE Certificateholder with a copy of the monthly
      reporting to the Trustee, and of any notice submitted to the Trustee regarding
      a
      loan modification. Such notice shall be provided to the Class CE
      Certificateholder simultaneous with its delivery to the Trustee.

     

    (v)  On
      a
      monthly basis, the Servicer shall provide the Class CE Certificateholder with
      a
      delinquency report detailing at a minimum the percentages of 30-day, 60-day
      and
      90-day delinquencies in the Servicer’s total portfolio that move into
      foreclosure and the percentage of foreclosed loans the Servicer’s total
      portfolio that remain in foreclosure.

     

    (b)  The
      Servicer shall make its servicing personnel available during their normal
      business hours to respond to reasonable inquiries, either orally or in writing
      by facsimile transmission, express mail, or electronic mail, transmitted by
      the
      Class CE Certificateholder in connection with any Mortgage Loan identified
      in a
      report under subsection
      14.01(a)(i)
      through
      (iv) which has been given to the Class CE Certificateholder; provided that
      the
      Servicer shall only be required to provide information that is reasonably
      accessible to its servicing personnel.

     

    (c)  If
      reasonably requested by the Class CE Certificateholder, the Servicer shall
      make
      available to the Class CE Certificateholder access to the underwriting files
      for
      defaulted Mortgage Loans, in original, photocopied or imaged form, to the extent
      such files have been provided to the Servicer. The Class CE Certificateholder
      agrees to protect the confidentiality of the documents and information contained
      in underwriting files from all parties other than the Depositor and Trustee,
      and
      agrees not to remove, mark or destroy any of the documents contained
      therein.

     

    (d)  With
      respect to all Mortgage Loans which are serviced at any time by the Servicer
      through a Sub-Servicer which has been approved by the Class CE Certificateholder
      pursuant to the next succeeding sentence, the Servicer shall be entitled to
      rely
      for all purposes hereunder, including for purposes of fulfilling its reporting
      obligations under this Section
      14.01,
      on the
      accuracy and completeness of any information provided to it by the applicable
      subservicer. The Servicer shall not allow any Mortgage Loan to be serviced
      by a
      Sub-Servicer without the prior written consent of the Class CE
      Certificateholder.

     

    (e)  The
      Servicer shall permit the Class CE Certificateholder to conduct an on-site
      review and evaluation of the Servicer’s operations as they relate to the
      Mortgage Loans no more than annually, unless circumstances warrant special
      review. Such review and evaluation will be conducted upon at least 30 days
      written notice to the Servicer by the Class CE Certificateholder, and shall be
      conducted at the Class CE Certificateholder’s expense. The review is intended to
      benefit the Servicer, as well as to assist the Class CE Certificateholder in
      adjusting its monitoring approach to fit the default procedures in place. The
      Class CE Certificateholder will conduct such review and evaluation during normal
      business hours and use its best efforts to cause the least practicable
      interruption to the Servicer’s business. During the course of the on-site
      evaluation, the Servicer will make available to the Class CE Certificateholder
      access to the Servicer’s policies and procedures regarding the management and
      liquidation of defaulted Mortgage Loans. The written findings of such review
      and
      evaluation will be presented to the Servicer for review and comment. Other
      than
      a comfort letter to the Depositor summarizing the review and evaluation of
      the
      Servicer, the Class CE Certificateholder will not divulge the written findings
      of such review to any party without the prior written consent of the
      Servicer.

     

    SECTION
      14.02  Class
      CE Certificateholder’s Directions With Respect to Defaulted Mortgage
      Loans.
      (a)
      All
      parties to this Agreement acknowledge that the Class CE Certificateholder’s
      advice is made in the form of directions, and that the Class CE
      Certificateholder has the right to direct the Servicer in performing its duties
      under this Agreement. The Servicer must accept such advice, subject to the
      duties of the Servicer set forth in this Agreement.

     

    (b)  The
      Class
      CE Certificateholder may provide the Servicer with advice regarding the
      management of specific defaulted Mortgage Loans. Such advice may be made in
      writing, in the form of electronic mail. The advice provided to the Servicer
      may
      be based on observations made in conjunction with the data provided pursuant
      to
      the Section
      14.01
      of this
      Agreement, or in conjunction with the Class CE Certificateholder’s periodic
      review of the Servicer’s operations. The advice may include comparable analysis
      of the performance of the Mortgage Loans in the Trust Fund with similar mortgage
      loans serviced by other mortgage loan servicers. Such advice also may take
      the
      form of benchmark comparisons that identify and interpret the Servicer’s
      strengths and weaknesses relative to similar, unidentified servicers in the
      industry.

     

    (c)  In
      all
      cases where the Class CE Certificateholder makes directions to the Servicer,
      the
      Class CE Certificateholder will protect the confidentiality of the Servicer
      and
      other servicers in the industry whose work is monitored by the Class CE
      Certificateholder. Under no circumstances will the Class CE Certificateholder
      divulge any materials confidential of the Servicer, whether a party to this
      Agreement or not, or the details of any Servicer’s proprietary system or
      approaches.

     

    (d)  All
      advice offered to the Servicer by the Class CE Certificateholder will be kept
      confidential by the Class CE Certificateholder, except as disclosed as a finding
      in the Class CE Certificateholder’s review and evaluation of the Servicer, as
      discussed in Section
      13.01(e),
      or in
      reports to the Depositor.

     

    (e)  The
      Servicer’s obligations under this Article
      XIV
      shall
      terminate upon the termination of the Trust Fund pursuant to Section
      9.01.

     

    (f)  Neither
      the Servicer nor the Class CE Certificateholder nor any of their respective
      directors, officers, employees or agents shall be under any liability for any
      action taken or for refraining from the taking of any action in good faith
      pursuant to this Article
      XIV
      or for
      errors in judgment; provided,
      however,
      that
      this provision shall not protect the Servicer or the Class CE Certificateholder
      or any such Person against any liability which would otherwise be imposed by
      reason of willful malfeasance or bad faith. The Servicer and the Class CE
      Certificateholder and any director, officer, employee or agent thereof 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.

     

    (g)  The
      Servicer or the Class CE Certificateholder, as applicable, (“Indemnitor”)
      shall
      indemnify, defend and hold harmless the other (“Indemnitee”)
      and
      its officers, directors, agents and employees from and against all claims,
      losses, expenses, fees (including attorneys’ and expert witnesses’ fees), costs
      and judgments involving the rights and obligations of this Article
      XIV
      that may
      be asserted against Indemnitee (a) that result from the acts or omissions of
      the
      Indemnitor (including, without limitation, any advice or directions provided
      pursuant to this Section
      14.02),
      or (b)
      result from third party claims of intellectual property
      infringement.

     

    (h)  The
      Class
      CE Certificateholder agrees that all information supplied by or on behalf of
      the
      Servicer shall be used by the Class CE Certificateholder only for the benefit
      of
      the Certificateholders of the Trust Fund. Notwithstanding anything to the
      contrary in this Agreement, the Class CE Certificateholder shall be entitled
      to
      retain all records or other information supplied to Class CE Certificateholder
      pursuant to this Agreement.

     

    [Signatures
      follow]

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

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

     

    
      	
              STANWICH
                ASSET ACCEPTANCE COMPANY, L.L.C., as Depositor

            
	 	 
	
              By:

            	/s/
              Bruce M. Rose
	
              Name:

            	Bruce
              M. Rose
	
              Title:

            	President
	 	 
	 	 
	
              HOMECOMINGS
                FINANCIAL NETWORK, INC., as Servicer

            
	 	 
	 	 
	
              By:

            	/s/
              Robert L. Appel
	
              Name:

            	Robert
              L. Appel
	
              Title:

            	Managing
              Director, Servicing
	 	 
	 	 
	
              WELLS
                FARGO BANK, N.A., as Trustee

            
	 	 
	 	 
	
              By:

            	/s/
              Darron C. Woodus
	
              Name:

            	Darron
              C. Woodus
	
              Title:

            	Assistant
              Vice President

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF CONNECTICUT

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF FAIRFIELD

            	
              )

            	 

    

    

     

    On
      the 19th day of May 2006, before me, a notary public in and for said
      State, personally appeared Bruce M. Rose, known to me to be President of
      Stanwich Asset Acceptance Company, L.L.C., one of the entities that executed
      the
      within instrument, and also known to me to be the person who executed it on
      behalf of said entity, and acknowledged to me that such entity executed the
      within instrument.

     

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

     

    
      	 	/s/
              Peter L. Salce
	 	
              Notary
                Public

            

    

    [Notarial
      Seal]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              STATE
                OF MINNESOTA

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF HENNEPIN

            	
              )

            	 

    

     

    
      On
        the
        24th day of May 2006, before me, a notary public in and for said State,
        personally appeared Robert L. Appel, known to me to be a Managing Director
        of
        Homecomings Financial Network, Inc., one of the entities that executed the
        within instrument, and also known to me to be the person who executed it
        on
        behalf of said entity, and acknowledged to me that such entity executed the
        within instrument.

       

    

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

     

    
      	 	/s/
              Amy Sue Olson
	 	
              Notary
                Public

            

    

    [Notarial
      Seal]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF MARYLAND 

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF HOWARD 

            	
              )

            	 

    

     

    
      On
        the
        24th day of May 2006, before me, a notary public in and for said State,
        personally appeared Darron C. Woodus, known to me to be an Assistant Vice
        President of Wells Fargo Bank, N.A., one of the entities that executed the
        within instrument, and also known to me to be the person who executed it
        on
        behalf of said entity, and acknowledged to me that such entity executed the
        within instrument.

    

     

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

     

    
      	 	
              /s/
                Graham M. Oglesby

            
	 	
              Notary
                Public

            

    

    [Notarial
      Seal]

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      Appendix
        A

       

      DEFINITIONS
        AND USAGE

       

      The
        following rules of construction and usage shall be applicable to any agreement
        or instrument that is governed by this Appendix:

       

      (a)  All
        terms
        defined in this Appendix shall have the defined meanings when used in any
        agreement or instrument governed hereby and in any certificate or other document
        made or delivered pursuant thereto unless otherwise defined
        therein.

       

      (b)  As
        used
        herein, in any agreement or instrument governed hereby and in any certificate
        or
        other document made or delivered pursuant thereto, accounting terms not defined
        in this Appendix or in any such agreement, instrument, certificate or other
        document, and accounting terms partly defined in this Appendix or in any
        such
        agreement, instrument, certificate or other document, to the extent not defined,
        shall have the respective meanings given to them under generally accepted
        accounting principles as in effect on the date of such agreement or instrument.
        To the extent that the definitions of accounting terms in this Appendix or
        in
        any such agreement, instrument, certificate or other document are inconsistent
        with the meanings of such terms under generally accepted accounting principles,
        the definitions contained in this Appendix or in any such instrument,
        certificate or other document shall control.

       

      The
        words
“hereof,” “herein,” “hereunder” and words of similar import when used in an
        agreement or instrument refer to such agreement or instrument as a whole
        and not
        to any particular provision or subdivision thereof; references in an agreement
        or instrument to “Article,” “Section” or another subdivision or to an attachment
        are, unless the context otherwise requires, to an article, section or
        subdivision of or an attachment to such agreement or instrument; and the
        term
“including” and its variations mean “including without limitation.”

       

      The
        definitions contained in this Appendix are equally applicable to both the
        singular and plural forms of such terms and to the masculine as well as to
        the
        feminine and neuter genders of such terms.

       

      Any
        agreement, instrument or statute defined or referred to below or in any
        agreement or instrument that is governed by this Appendix means such agreement
        or instrument or statute as from time to time amended, modified or supplemented,
        including (in the case of agreements or instruments) by waiver or consent
        and
        (in the case of statutes) by succession of comparable successor statutes
        and
        includes (in the case of agreements or instruments) references to all
        attachments thereto and instruments incorporated therein. References to a
        Person
        are also to its permitted successors and assigns.

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      Definitions

       

      “Accepted
        Servicing Practices”:
        The
        servicing standards set forth in Section
        3.01
        of the
        Pooling and Servicing Agreement.

       

      “Accrued
        Certificate Interest”:
        With
        respect to any Class A Certificate, Mezzanine Certificate and the Class CE
        Certificates and each Distribution Date, interest accrued during the related
        Interest Accrual Period at the Pass-Through Rate for such Certificate for
        such
        Distribution Date on the Certificate Principal Balance, in the case of the
        Class
        A Certificates and the Mezzanine Certificates, or on the Notional Amount,
        in the
        case of the Class CE Certificates, of such Certificate immediately prior
        to such
        Distribution Date. The Class P Certificates are not entitled to distributions
        in
        respect of interest and, accordingly, will not accrue interest. All
        distributions of interest on the Class A Certificates and the Mezzanine
        Certificates will be calculated on the basis of a 360-day year and the actual
        number of days in the applicable Interest Accrual Period. All distributions
        of
        interest on the Class CE Certificates will be based on a 360-day year consisting
        of twelve 30-day months. Accrued Certificate Interest with respect to each
        Distribution Date, as to any Class A Certificate, Mezzanine Certificate or
        the
        Class CE Certificates, shall be reduced by an amount equal to the portion
        allocable to such Certificate pursuant to Section
        1.02
        of the
        Pooling and Servicing Agreement of the sum of (a) the aggregate Prepayment
        Interest Shortfall, if any, for such Distribution Date to the extent not
        covered
        by payments pursuant to Section
        3.24
        of the
        Pooling and Servicing Agreement and (b) the aggregate amount of any Relief
        Act
        Interest Shortfall, if any, for such Distribution Date. In addition, Accrued
        Certificate Interest with respect to each Distribution Date, as to the Class
        CE
        Certificates, shall be reduced by an amount equal to the portion allocable
        to
        the Class CE Certificates of Realized Losses, if any, pursuant to Section
        4.04
        of the
        Pooling and Servicing Agreement.

       

      “Additional
        Form 10-D Disclosure”
has
        the
        meaning set forth in Section
        4.06(a)
        of the
        Pooling and Servicing Agreement.

       

      “Additional
        Form 10-K Disclosure”
has
        the
        meaning set forth in Section
        4.06(b)
        of the
        Pooling and Servicing Agreement.

       

      “Additional
        Servicer”
means
        (i) each affiliated servicer meeting the requirements of Item 1108(a)(2)(ii)
        of
        Regulation AB that services any of the Mortgage Loans, and (ii) each
        unaffiliated servicer meeting the requirements of Item 1108(a)(2)(iii) of
        Regulation AB (other than the Trustee), who services 10% or more of the Mortgage
        Loans.

       

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

       

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

       

      “Advance”:
        As to
        any Mortgage Loan or REO Property, any advance made by the Servicer in respect
        of any Distribution Date pursuant to Section
        4.03
        of the
        Pooling and Servicing Agreement.

       

      “Advance
        Facility”:
        As
        defined in Section
        3.26(a)
        of the
        Pooling and Servicing Agreement.

       

      “Advance
        Facility Trustee”:
        As
        defined in Section
        3.26(b)
        of the
        Pooling and Servicing Agreement.

       

      “Advancing
        Person”:
        As
        defined in Section
        3.26(a)
        of the
        Pooling and Servicing Agreement.

       

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

       

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

       

      “Assignment”:
        An
        assignment of Mortgage, notice of transfer or equivalent instrument, in
        recordable form (excepting therefrom, if applicable, the mortgage recordation
        information which has not been required pursuant to Section
        2.01
        of the
        Pooling and Servicing Agreement or returned by the applicable recorder’s
        office), which is sufficient under the laws of the jurisdiction wherein the
        related Mortgaged Property is located to reflect of record the sale of the
        Mortgage, which assignment, notice of transfer or equivalent instrument may
        be
        in the form of one or more blanket assignments covering Mortgages secured
        by
        Mortgaged Properties located in the same county, if permitted by
        law.

       

      “Available
        Distribution Amount”:
        With
        respect to any Distribution Date, an amount equal to (1) the sum of
        (a) the aggregate of the amounts on deposit in the Custodial Account and
        Certificate Account as of the close of business on the related Determination
        Date, (b) the aggregate of any amounts received in respect of an REO
        Property withdrawn from any REO Account and deposited in the Certificate
        Account
        for such Distribution Date pursuant to Section
        3.23
        of the
        Pooling and Servicing Agreement, (c) the aggregate of any amounts deposited
        in the Certificate Account by the Servicer in respect of Prepayment Interest
        Shortfalls for such Distribution Date pursuant to Section
        3.24
        of the
        Pooling and Servicing Agreement, (d) the aggregate of any Advances made by
        the Servicer for such Distribution Date pursuant to Section
        4.03
        of the
        Pooling and Servicing Agreement and (e) the aggregate of any Advances made
        by the Trustee as successor Servicer or any other successor Servicer for
        such
        Distribution Date pursuant to Section
        7.02
        of the
        Pooling and Servicing Agreement, reduced (to not less than zero), by
        (2) the portion of the amount described in clause
        (1)(a)
        above
        that represents (i) Monthly Payments on the Mortgage Loans received from a
        Mortgagor on or prior to the Determination Date but due during any Due Period
        subsequent to the related Due Period, (ii) Principal Prepayments on the
        Mortgage Loans received after the related Prepayment Period (together with
        any
        interest payments received with such Principal Prepayments to the extent
        they
        represent the payment of interest accrued on the Mortgage Loans during a
        period
        subsequent to the related Prepayment Period) (other than Prepayment Charges),
        (iii) Liquidation Proceeds and Insurance Proceeds received in respect of
        the Mortgage Loans after the related Prepayment Period, (iv) amounts
        reimbursable or payable to the Depositor, the Servicer, the Trustee, the
        Custodian, the Seller or any Sub-Servicer pursuant to Section
        3.11,
        Section
        3.12,
        Section
        8.05
        of the
        Pooling and Servicing Agreement or otherwise payable in respect of Extraordinary
        Trust Fund Expenses, (v) the Trustee Fee payable from the Certificate Account
        pursuant to Section
        8.05
        of the
        Pooling and Servicing Agreement, (vi) amounts deposited in the Custodial
        Account
        or the Certificate Account in error and (vii) the amount of any Prepayment
        Charges collected by the Servicer in connection with the Principal Prepayment
        of
        any of the Mortgage Loans or any Servicer Prepayment Charge Payment
        Amount.

       

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

       

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

       

      “Bloomberg”:
        As
        defined in Section
        4.02
        of the
        Pooling and Servicing Agreement.

       

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

       

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

       

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

       

      “Cap
        Contracts”:
        Collectively, the Class A Cap Contract and the Mezzanine Cap
        Contract.

       

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

       

      “Certificate”:
        Any
        one of the Carrington Mortgage Loan Trust, Series 2006-RFC1 Asset-Backed
        Pass-Through Certificates, Class A-1, Class A-2, Class A-3, Class A-4, Class
        M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class
        M-8, Class M-9, Class M-10, Class CE, Class P and Class R issued under the
        Pooling and Servicing Agreement.

       

      “Certificate
        Account”:
        The
        trust account or accounts created and maintained by the Trustee pursuant
        to
Section
        3.10(b)
        of the
        Pooling and Servicing Agreement, which shall be entitled “Wells Fargo Bank,
        N.A., as Trustee, in trust for the registered holders of Carrington Mortgage
        Loan Trust, Series 2006-RFC1 Asset-Backed Pass-Through Certificates.” The
        Certificate Account must be an Eligible Account.

       

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

       

      “Certificateholder”
or
        “Holder”:
        The
        Person in whose name a Certificate is registered in the Certificate Register,
        except that a Disqualified Organization or a Non-United States Person shall
        not
        be a Holder of a Residual Certificate for any purpose of the Pooling and
        Servicing Agreement and, solely for the purpose of giving any consent pursuant
        to the Pooling and Servicing Agreement, any Certificate registered in the
        name
        of the Depositor or the Servicer or any Affiliate thereof shall be deemed
        not to
        be outstanding and the Voting Rights to which it is entitled shall not be
        taken
        into account in determining whether the requisite percentage of Voting Rights
        necessary to effect any such consent has been obtained, except as otherwise
        provided in Section
        13.01
        of the
        Pooling and Servicing Agreement. The Trustee may conclusively rely upon a
        certificate of the Depositor or the Servicer in determining whether a
        Certificate is held by an Affiliate thereof. All references herein to “Holders”
or “Certificateholders” shall reflect the rights of Certificate Owners as they
        may indirectly exercise such rights through the Depository and participating
        members thereof, except as otherwise specified herein; provided,
        however,
        that
        the Trustee shall be required to recognize as a “Holder” or “Certificateholder”
only the Person in whose name a Certificate is registered in the Certificate
        Register.

       

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

       

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

       

      “Certificate
        Register”:
        The
        register maintained pursuant to Section
        5.02
        of the
        Pooling and Servicing Agreement.

       

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

       

      “Class
        A Cap Contract”:
        The
        cap contract, dated as of the Closing Date, between the Trustee on behalf
        of the
        Trust and the counterparty thereunder for the benefit of the Holders of the
        Class A Certificates in the form attached to the Pooling and Servicing Agreement
        as Exhibit
        K.

       

      “Class
        A-1 Certificates”:
        Any
        one of the Class A-1 Certificates executed, authenticated and delivered by the
        Trustee, substantially in the form annexed hereto as Exhibit
        A-1
        and
        evidencing (i) a Regular Interest in REMIC II for purposes of the REMIC
        Provisions and (ii) the right to receive payments under the Class A Cap Contract
        to the extent described herein.

       

      “Class
        A-2 Certificates”:
        Any
        one of the Class A-2 Certificates executed, authenticated and delivered by
        the
        Trustee, substantially in the form annexed hereto as Exhibit
        A-2
        and
        evidencing (i) a Regular Interest in REMIC II for purposes of the REMIC
        Provisions and (ii) the right to receive payments under the Class A Cap Contract
        to the extent described herein.

       

      “Class
        A-3 Certificates”:
        Any
        one of the Class A-3 Certificates executed, authenticated and delivered by
        the
        Trustee, substantially in the form annexed hereto as Exhibit
        A-3
        and
        evidencing (i) a Regular Interest in REMIC II for purposes of the REMIC
        Provisions and (ii) the right to receive payments under the Class A Cap Contract
        to the extent described herein.

       

      “Class
        A-4 Certificates”:
        Any
        one of the Class A-4 Certificates executed, authenticated and delivered by
        the
        Trustee, substantially in the form annexed hereto as Exhibit
        A-4
        and
        evidencing (i) a Regular Interest in REMIC II for purposes of the REMIC
        Provisions and (ii) the right to receive payments under the Class A Cap Contract
        to the extent described herein.

       

      “Class
        A Certificates”:
        Collectively, the Class A-1 Certificates, the Class A-2 Certificates, the
        Class
        A-3 Certificates and the Class A-4 Certificates.

       

      “Class
        A Principal Distribution Amount”:
        With
        respect to any Distribution Date, the excess of (x) the aggregate Certificate
        Principal Balance of the Class A Certificates immediately prior to such
        Distribution Date over (y) the lesser of (A) the product of (i) the applicable
        Subordination Percentage and (ii) the aggregate Stated Principal Balance
        of the
        Mortgage Loans as of the last day of the related Due Period and (B) the excess,
        if any, of the aggregate Stated Principal Balance of the Mortgage Loans as
        of
        the last day of the related Due Period over
        the
        Overcollateralization Floor Amount.

       

      “Class
        CE Certificate”:
        Any
        one of the Class CE Certificates executed, authenticated and delivered by
        the
        Trustee, substantially in the form annexed hereto as Exhibit
        A-15
        and
        evidencing two Regular Interests in REMIC II for purposes of the REMIC
        Provisions.

       

      “Class
        M-1 Certificate”:
        Any
        one of the Class M-1 Certificates executed, authenticated and delivered by
        the
        Trustee, substantially in the form annexed hereto as Exhibit
        A-5
        and
        evidencing (i) a Regular Interest in REMIC II for purposes of the REMIC
        Provisions and (ii) the right to receive payments under the Mezzanine Cap
        Contract to the extent described herein.

       

      “Class
        M-1 Principal Distribution Amount”:
        With
        respect to any Distribution Date, the excess of (x) the sum of (i) the aggregate
        Certificate Principal Balance of the Class A Certificates (after taking into
        account the distribution of the Class A Principal Distribution Amount on
        such
        Distribution Date) and (ii) the Certificate Principal Balance of the Class
        M-1
        Certificates immediately prior to such Distribution Date over (y) the lesser
        of
        (A) the product of (i) the applicable Subordination Percentage and (ii) the
        aggregate Stated Principal Balance of the Mortgage Loans as of the last day
        of
        the related Due Period and (B) the excess, if any, of the aggregate Stated
        Principal Balance of the Mortgage Loans as of the last day of the related
        Due
        Period over
        the
        Overcollateralization Floor Amount.

       

      “Class
        M-2 Certificate”:
        Any
        one of the Class M-2 Certificates executed, authenticated and delivered by
        the
        Trustee, substantially in the form annexed hereto as Exhibit
        A-6
        and
        evidencing (i) a Regular Interest in REMIC II for purposes of the REMIC
        Provisions and (ii) the right to receive payments under the Mezzanine Cap
        Contract to the extent described herein.

       

      “Class
        M-2 Principal Distribution Amount”:
        With
        respect to any Distribution Date, the excess of (x) the sum of (i) the aggregate
        Certificate Principal Balance of the Class A Certificates (after taking into
        account the distribution of the Class A Principal Distribution Amount on
        such
        Distribution Date), (ii) the Certificate Principal Balance of the Class M-1
        Certificates (after taking into account the distribution of the Class M-1
        Principal Distribution Amount on such Distribution Date) and (iii) the
        Certificate Principal Balance of the Class M-2 Certificates immediately prior
        to
        such Distribution Date over (y) the lesser of (A) the product of (i) the
        applicable Subordination Percentage and (ii) the aggregate Stated Principal
        Balance of the Mortgage Loans as of the last day of the related Due Period
        and
        (B) the excess, if any, of the aggregate Stated Principal Balance of the
        Mortgage Loans as of the last day of the related Due Period over
        the
        Overcollateralization Floor Amount.

       

      “Class
        M-3 Certificate”:
        Any
        one of the Class M-3 Certificates executed, authenticated and delivered by
        the
        Trustee, substantially in the form annexed hereto as Exhibit
        A-7
        and
        evidencing (i) a Regular Interest in REMIC II for purposes of the REMIC
        Provisions and
        (ii)
        the right to receive payments
        under
        the Mezzanine Cap Contract to the extent described herein.

       

      “Class
        M-3 Principal Distribution Amount”:
        With
        respect to any Distribution Date, the excess of (x) the sum of (i) the aggregate
        Certificate Principal Balance of the Class A Certificates (after taking into
        account the distribution of the Class A Principal Distribution Amount on
        such
        Distribution Date), (ii) the Certificate Principal Balance of the Class M-1
        Certificates (after taking into account the distribution of the Class M-1
        Principal Distribution Amount on such Distribution Date), (iii) the Certificate
        Principal Balance of the Class M-2 Certificates (after taking into account
        the
        distribution of the Class M-2 Principal Distribution Amount on such Distribution
        Date) and (iv) the Certificate Principal Balance of the Class M-3 Certificates
        immediately prior to such Distribution Date over (y) the lesser of (A) the
        product of (i) the applicable Subordination Percentage and (ii) the aggregate
        Stated Principal Balance of the Mortgage Loans as of the last day of the
        related
        Due Period and (B) the excess, if any, of the aggregate Stated Principal
        Balance
        of the Mortgage Loans as of the last day of the related Due Period over
        the
        Overcollateralization Floor Amount.

       

      “Class
        M-4 Certificate”:
        Any
        one of the Class M-4 Certificates executed, authenticated and delivered by
        the
        Trustee, substantially in the form annexed hereto as Exhibit
        A-8
        and
        evidencing (i) a Regular Interest in REMIC II for purposes of the REMIC
        Provisions and (ii) the right to receive payments under the Mezzanine Cap
        Contract to the extent described herein.

       

      “Class
        M-4 Principal Distribution Amount”:
        With
        respect to any Distribution Date, the excess of (x) the sum of (i) the aggregate
        Certificate Principal Balance of the Class A Certificates (after taking into
        account the distribution of the Class A Principal Distribution Amount on
        such
        Distribution Date), (ii) the Certificate Principal Balance of the Class M-1
        Certificates (after taking into account the distribution of the Class M-1
        Principal Distribution Amount on such Distribution Date), (iii) the Certificate
        Principal Balance of the Class M-2 Certificates (after taking into account
        the
        distribution of the Class M-2 Principal Distribution Amount on such Distribution
        Date), (iv) the Certificate Principal Balance of the Class M-3 Certificates
        (after taking into account the distribution of the Class M-3 Principal
        Distribution Amount on such Distribution Date) and (v) the Certificate Principal
        Balance of the Class M-4 Certificates immediately prior to such Distribution
        Date over (y) the lesser of (A) the product of (i) the applicable Subordination
        Percentage and (ii) the aggregate Stated Principal Balance of the Mortgage
        Loans
        as of the last day of the related Due Period and (B) the excess, if any,
        of the
        aggregate Stated Principal Balance of the Mortgage Loans as of the last day
        of
        the related Due Period over
        the
        Overcollateralization Floor Amount.

       

      “Class
        M-5 Certificate”:
        Any
        one of the Class M-5 Certificates executed, authenticated and delivered by
        the
        Trustee, substantially in the form annexed hereto as Exhibit
        A-9
        and
        evidencing (i) a Regular Interest in REMIC II for purposes of the REMIC
        Provisions and (ii) the right to receive payments under the Mezzanine Cap
        Contract to the extent described herein.

       

      “Class
        M-5 Principal Distribution Amount”:
        With
        respect to any Distribution Date, the excess of (x) the sum of (i) the aggregate
        Certificate Principal Balance of the Class A Certificates (after taking into
        account the distribution of the Class A Principal Distribution Amount on
        such
        Distribution Date), (ii) the Certificate Principal Balance of the Class M-1
        Certificates (after taking into account the distribution of the Class M-1
        Principal Distribution Amount on such Distribution Date), (iii) the Certificate
        Principal Balance of the Class M-2 Certificates (after taking into account
        the
        distribution of the Class M-2 Principal Distribution Amount on such Distribution
        Date), (iv) the Certificate Principal Balance of the Class M-3 Certificates
        (after taking into account the distribution of the Class M-3 Principal
        Distribution Amount on such Distribution Date), (v) the Certificate Principal
        Balance of the Class M-4 Certificates (after taking into account the
        distribution of the Class M-4 Principal Distribution Amount on such Distribution
        Date) and (vi) the Certificate Principal Balance of the Class M-5 Certificates
        immediately prior to such Distribution Date over (y) the lesser of (A) the
        product of (i) the applicable Subordination Percentage and (ii) the aggregate
        Stated Principal Balance of the Mortgage Loans as of the last day of the
        related
        Due Period and (B) the excess, if any, of the aggregate Stated Principal
        Balance
        of the Mortgage Loans as of the last day of the related Due Period over
        the
        Overcollateralization Floor Amount.

       

      “Class
        M-6 Certificate”:
        Any
        one of the Class M-6 Certificates executed, authenticated and delivered by
        the
        Trustee, substantially in the form annexed hereto as Exhibit
        A-10
        and
        evidencing (i) a Regular Interest in REMIC II for purposes of the REMIC
        Provisions and (ii) the right to receive payments under the Mezzanine Cap
        Contract to the extent described herein.

       

      “Class
        M-6 Principal Distribution Amount”:
        With
        respect to any Distribution Date, the excess of (x) the sum of (i) the aggregate
        Certificate Principal Balance of the Class A Certificates (after taking into
        account the distribution of the Class A Principal Distribution Amount on
        such
        Distribution Date), (ii) the Certificate Principal Balance of the Class M-1
        Certificates (after taking into account the distribution of the Class M-1
        Principal Distribution Amount on such Distribution Date), (iii) the Certificate
        Principal Balance of the Class M-2 Certificates (after taking into account
        the
        distribution of the Class M-2 Principal Distribution Amount on such Distribution
        Date), (iv) the Certificate Principal Balance of the Class M-3 Certificates
        (after taking into account the distribution of the Class M-3 Principal
        Distribution Amount on such Distribution Date), (v) the Certificate Principal
        Balance of the Class M-4 Certificates (after taking into account the
        distribution of the Class M-4 Principal Distribution Amount on such Distribution
        Date), (vi) the Certificate Principal Balance of the Class M-5 Certificates
        (after taking into account the distribution of the Class M-5 Principal
        Distribution Amount on such Distribution Date) and (vii) the Certificate
        Principal Balance of the Class M-6 Certificates immediately prior to such
        Distribution Date over (y) the lesser of (A) the product of (i) the applicable
        Subordination Percentage and (ii) the aggregate Stated Principal Balance
        of the
        Mortgage Loans as of the last day of the related Due Period and (B) the excess,
        if any, of the aggregate Stated Principal Balance of the Mortgage Loans as
        of
        the last day of the related Due Period over
        the
        Overcollateralization Floor Amount.

       

      “Class
        M-7 Certificate”:
        Any
        one of the Class M-7 Certificates executed, authenticated and delivered by
        the
        Trustee, substantially in the form annexed hereto as Exhibit
        A-11
        and
        evidencing (i) a Regular Interest in REMIC II for purposes of the REMIC
        Provisions and (ii) the right to receive payments under the Mezzanine Cap
        Contract to the extent described herein.

       

      “Class
        M-7 Principal Distribution Amount”:
        With
        respect to any Distribution Date, the excess of (x) the sum of (i) the aggregate
        Certificate Principal Balance of the Class A Certificates (after taking into
        account the distribution of the Class A Principal Distribution Amount on
        such
        Distribution Date), (ii) the Certificate Principal Balance of the Class M-1
        Certificates (after taking into account the distribution of the Class M-1
        Principal Distribution Amount on such Distribution Date), (iii) the Certificate
        Principal Balance of the Class M-2 Certificates (after taking into account
        the
        distribution of the Class M-2 Principal Distribution Amount on such Distribution
        Date), (iv) the Certificate Principal Balance of the Class M-3 Certificates
        (after taking into account the distribution of the Class M-3 Principal
        Distribution Amount on such Distribution Date), (v) the Certificate Principal
        Balance of the Class M-4 Certificates (after taking into account the
        distribution of the Class M-4 Principal Distribution Amount on such Distribution
        Date), (vi) the Certificate Principal Balance of the Class M-5 Certificates
        (after taking into account the distribution of the Class M-5 Principal
        Distribution Amount on such Distribution Date), (vii) the Certificate Principal
        Balance of the Class M-6 Certificates (after taking into account the
        distribution of the Class M-6 Principal Distribution Amount on such Distribution
        Date) and (viii) the Certificate Principal Balance of the Class M-7 Certificates
        immediately prior to such Distribution Date over (y) the lesser of (A) the
        product of (i) the applicable Subordination Percentage and (ii) the aggregate
        Stated Principal Balance of the Mortgage Loans as of the last day of the
        related
        Due Period and (B) the excess, if any, of the aggregate Stated Principal
        Balance
        of the Mortgage Loans as of the last day of the related Due Period over
        the
        Overcollateralization Floor Amount.

       

      “Class
        M-8 Certificate”:
        Any
        one of the Class M-8 Certificates executed, authenticated and delivered by
        the
        Trustee, substantially in the form annexed hereto as Exhibit
        A-12
        and
        evidencing (i) a Regular Interest in REMIC II for purposes of the REMIC
        Provisions and (ii) the right to receive payments under the Mezzanine Cap
        Contract to the extent described herein.

       

      “Class
        M-8 Principal Distribution Amount”:
        With
        respect to any Distribution Date, the excess of (x) the sum of (i) the aggregate
        Certificate Principal Balance of the Class A Certificates (after taking into
        account the distribution of the Class A Principal Distribution Amount on
        such
        Distribution Date), (ii) the Certificate Principal Balance of the Class M-1
        Certificates (after taking into account the distribution of the Class M-1
        Principal Distribution Amount on such Distribution Date), (iii) the Certificate
        Principal Balance of the Class M-2 Certificates (after taking into account
        the
        distribution of the Class M-2 Principal Distribution Amount on such Distribution
        Date), (iv) the Certificate Principal Balance of the Class M-3 Certificates
        (after taking into account the distribution of the Class M-3 Principal
        Distribution Amount on such Distribution Date), (v) the Certificate Principal
        Balance of the Class M-4 Certificates (after taking into account the
        distribution of the Class M-4 Principal Distribution Amount on such Distribution
        Date), (vi) the Certificate Principal Balance of the Class M-5 Certificates
        (after taking into account the distribution of the Class M-5 Principal
        Distribution Amount on such Distribution Date), (vii) the Certificate Principal
        Balance of the Class M-6 Certificates (after taking into account the
        distribution of the Class M-6 Principal Distribution Amount on such Distribution
        Date), (viii) the Certificate Principal Balance of the Class M-7 Certificates
        (after taking into account the distribution of the Class M-7 Principal
        Distribution Amount on such Distribution Date) and (ix) the Certificate
        Principal Balance of the Class M-8 Certificates immediately prior to such
        Distribution Date over (y) the lesser of (A) the product of (i) the applicable
        Subordination Percentage and (ii) the aggregate Stated Principal Balance
        of the
        Mortgage Loans as of the last day of the related Due Period and (B) the excess,
        if any, of the aggregate Stated Principal Balance of the Mortgage Loans as
        of
        the last day of the related Due Period over
        the
        Overcollateralization Floor Amount.

       

      “Class
        M-9 Certificate”:
        Any
        one of the Class M-9 Certificates executed, authenticated and delivered by
        the
        Trustee, substantially in the form annexed hereto as Exhibit
        A-13
        and
        evidencing (i) a Regular Interest in REMIC II for purposes of the REMIC
        Provisions and (ii) the right to receive payments under the Mezzanine Cap
        Contract to the extent described herein.

       

      “Class
        M-9 Principal Distribution Amount”:
        With
        respect to any Distribution Date, the excess of (x) the sum of (i) the aggregate
        Certificate Principal Balance of the Class A Certificates (after taking into
        account the distribution of the Class A Principal Distribution Amount on
        such
        Distribution Date), (ii) the Certificate Principal Balance of the Class M-1
        Certificates (after taking into account the distribution of the Class M-1
        Principal Distribution Amount on such Distribution Date), (iii) the Certificate
        Principal Balance of the Class M-2 Certificates (after taking into account
        the
        distribution of the Class M-2 Principal Distribution Amount on such Distribution
        Date), (iv) the Certificate Principal Balance of the Class M-3 Certificates
        (after taking into account the distribution of the Class M-3 Principal
        Distribution Amount on such Distribution Date), (v) the Certificate Principal
        Balance of the Class M-4 Certificates (after taking into account the
        distribution of the Class M-4 Principal Distribution Amount on such Distribution
        Date), (vi) the Certificate Principal Balance of the Class M-5 Certificates
        (after taking into account the distribution of the Class M-5 Principal
        Distribution Amount on such Distribution Date), (vii) the Certificate Principal
        Balance of the Class M-6 Certificates (after taking into account the
        distribution of the Class M-6 Principal Distribution Amount on such Distribution
        Date), (viii) the Certificate Principal Balance of the Class M-7 Certificates
        (after taking into account the distribution of the Class M-7 Principal
        Distribution Amount on such Distribution Date), (ix) the Certificate Principal
        Balance of the Class M-8 Certificates (after taking into account the
        distribution of the Class M-8 Principal Distribution Amount on such Distribution
        Date) and (x) the Certificate Principal Balance of the Class M-9 Certificates
        immediately prior to such Distribution Date over (y) the lesser of (A) the
        product of (i) the applicable Subordination Percentage and (ii) the aggregate
        Stated Principal Balance of the Mortgage Loans as of the last day of the
        related
        Due Period and (B) the excess, if any, of the aggregate Stated Principal
        Balance
        of the Mortgage Loans as of the last day of the related Due Period over
        the
        Overcollateralization Floor Amount.

       

      “Class
        M-10 Certificate”:
        Any
        one of the Class M-10 Certificates executed, authenticated and delivered
        by the
        Trustee, substantially in the form annexed hereto as Exhibit
        A-14
        and
        evidencing (i) a Regular Interest in REMIC II for purposes of the REMIC
        Provisions and (ii) the right to receive payments under the Mezzanine Cap
        Contract to the extent described herein.

       

      “Class
        M-10 Principal Distribution Amount”:
        With
        respect to any Distribution Date, the excess of (x) the sum of (i) the aggregate
        Certificate Principal Balance of the Class A Certificates (after taking into
        account the distribution of the Class A Principal Distribution Amount on
        such
        Distribution Date), (ii) the Certificate Principal Balance of the Class M-1
        Certificates (after taking into account the distribution of the Class M-1
        Principal Distribution Amount on such Distribution Date), (iii) the Certificate
        Principal Balance of the Class M-2 Certificates (after taking into account
        the
        distribution of the Class M-2 Principal Distribution Amount on such Distribution
        Date), (iv) the Certificate Principal Balance of the Class M-3 Certificates
        (after taking into account the distribution of the Class M-3 Principal
        Distribution Amount on such Distribution Date), (v) the Certificate Principal
        Balance of the Class M-4 Certificates (after taking into account the
        distribution of the Class M-4 Principal Distribution Amount on such Distribution
        Date), (vi) the Certificate Principal Balance of the Class M-5 Certificates
        (after taking into account the distribution of the Class M-5 Principal
        Distribution Amount on such Distribution Date), (vii) the Certificate Principal
        Balance of the Class M-6 Certificates (after taking into account the
        distribution of the Class M-6 Principal Distribution Amount on such Distribution
        Date), (viii) the Certificate Principal Balance of the Class M-7 Certificates
        (after taking into account the distribution of the Class M-7 Principal
        Distribution Amount on such Distribution Date), (ix) the Certificate Principal
        Balance of the Class M-8 Certificates (after taking into account the
        distribution of the Class M-8 Principal Distribution Amount on such Distribution
        Date), (x) the Certificate Principal Balance of the Class M-9 Certificates
        (after taking into account the distribution of the Class M-9 Principal
        Distribution Amount on such Distribution Date) and (xi) the Certificate
        Principal Balance of the Class M-10 Certificates immediately prior to such
        Distribution Date over (y) the lesser of (A) the product of (i) the applicable
        Subordination Percentage and (ii) the aggregate Stated Principal Balance
        of the
        Mortgage Loans as of the last day of the related Due Period and (B) the excess,
        if any, of the aggregate Stated Principal Balance of the Mortgage Loans as
        of
        the last day of the related Due Period over
        the
        Overcollateralization Floor Amount.

       

      “Class
        P Certificate”:
        Any
        one of the Class P Certificates executed, authenticated and delivered by
        the
        Trustee, substantially in the form annexed hereto as Exhibit
        A-16
        and
        evidencing a Regular Interest in REMIC II for purposes of the REMIC
        Provisions.

       

      “Class
        R Certificate”:
        Any
        one of the Class R Certificates executed, authenticated and delivered by
        the
        Trustee, substantially in the form annexed hereto as Exhibit
        A-17
        and
        evidencing the ownership of the Class R-I Interest and the Class R-II
        Interest.

       

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

       

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

       

      “Closing
        Date”:
        May
        24, 2006.

       

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

       

      “Commission”:
        The
        Securities and Exchange Commission.

       

      “Compensating
        Interest”:
        As
        defined in Section 3.24 of the Pooling and Servicing Agreement.

       

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

       

      “Corporate
        Trust Office”:
        The
        principal corporate trust office of the Trustee at which at any particular
        time
        its corporate trust business in connection with the Pooling and Servicing
        Agreement shall be administered, which office at the date of the execution
        of
        the Pooling and Servicing Agreement is located at (i) for purposes of the
        transfer and exchange of the certificates, Sixth Street and Marquette Avenue,
        Minneapolis, Minnesota 55479-0113, Attention: Corporate Trust Services -
        Carrington 2006-RFC1, and (ii) for all other purposes, 9062 Old Annapolis
        Road,
        Columbia, Maryland 21045, Attention: Client Manager - Carrington
        2006-RFC1.

       

      “Corresponding
        Certificate”:
        With
        respect to each REMIC I Regular Interest set forth below, the Regular
        Certificate set forth in the table below:

       

      
        	
                REMIC
                  I 

                Regular
                  Interest

              	
                Certificate

              
	
                I-LTA1

              	
                Class
                  A-1

              
	
                I-LTA2

              	
                Class
                  A-2

              
	
                I-LTA3

              	
                Class
                  A-3

              
	
                I-LTA4

              	
                Class
                  A-4

              
	
                I-LTM1

              	
                Class
                  M-1

              
	
                I-LTM2

              	
                Class
                  M-2

              
	
                I-LTM3

              	
                Class
                  M-3

              
	
                I-LTM4

              	
                Class
                  M-4

              
	
                I-LTM5

              	
                Class
                  M-5

              
	
                I-LTM6

              	
                Class
                  M-6

              
	
                I-LTM7

              	
                Class
                  M-7

              
	
                I-LTM8

              	
                Class
                  M-8

              
	
                I-LTM9

              	
                Class
                  M-9

              
	
                I-LTM10

              	
                Class
                  M-10

              
	
                I-LTP

              	
                Class
                  P

              

      

      

      “Credit
        Enhancement Percentage”:
        For
        any Distribution Date, the percentage equivalent of a fraction, the numerator
        of
        which is the sum of the aggregate Certificate Principal Balance of the Mezzanine
        Certificates and the Class CE Certificates, calculated after taking into
        account
        payments of principal on the Mortgage Loans and distribution of the Principal
        Distribution Amount to the Holders of the Certificates then entitled to
        distributions of principal on such Distribution Date, and the denominator
        of
        which is the aggregate Stated Principal Balance of the Mortgage Loans as
        of the
        last day of the related Due Period (after giving effect to scheduled payments
        of
        principal due during the related Due Period, to the extent received or advanced,
        and unscheduled collections of principal received during the related Prepayment
        Period).

       

      “Credit
        Support Depletion Date”:
        The
        first Distribution Date on which the Certificate Principal Balances of the
        Mezzanine Certificates have been reduced to zero.

       

      “Custodial
        Account”:
        The
        account or accounts created and maintained, or caused to be created and
        maintained, by the Servicer pursuant to Section
        3.10(a)
        of the
        Pooling and Servicing Agreement, which shall be entitled “Homecomings Financial
        Network, Inc., as Servicer for Wells Fargo Bank, N.A., as Trustee, in trust
        for
        the registered holders of Carrington Mortgage Loan Trust, Series 2006-RFC1,
        Asset-Backed Pass-Through Certificates.” The Custodial Account must be an
        Eligible Account.

       

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

       

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

       

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

       

      “Definitive
        Certificates”:
        As
        defined in Section
        5.01(b)
        of the
        Pooling and Servicing Agreement.

       

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

       

      “Delinquency
        Percentage”:
        As
        of the
        last day of the related Due Period, the percentage equivalent of a fraction,
        the
        numerator
        of
        which is the aggregate unpaid principal balance of the
        Rolling
        Three-Month Delinquency Average of the Mortgage Loans plus the aggregate
        unpaid
        principal balance of the Mortgage Loans that, as of the last day of the previous
        calendar month, are in foreclosure, have been converted to REO Properties
        or
        have been discharged by reason of bankruptcy, and the denominator of which
        is
        the aggregate unpaid principal balance of the Mortgage Loans and REO Properties
        as of the last day of the previous calendar month; provided,
        however,
        that
        any Mortgage Loan purchased by the Servicer pursuant to Section 3.16(c)
        of the
        Pooling and Servicing Agreement shall not be included in either the numerator
        or
        the denominator for purposes of calculating the Delinquency
        Percentage.

       

      “Depositor”:
        Stanwich Asset Acceptance Company, L.L.C., a Delaware limited liability company,
        or its successor in interest.

       

      “Depository”:
        The
        Depository Trust Company, or any successor Depository hereafter named. The
        nominee of the initial Depository, for purposes of registering those
        Certificates that are to be Book-Entry Certificates, is Cede & Co. The
        Depository shall at all times be a “clearing corporation” as defined in Section
        8-102(a)(5) of the Uniform Commercial Code of the State of New York and a
        “clearing agency” registered pursuant to the provisions of Section 17A of the
        Exchange Act.

       

      “Depository
        Institution”:
        Any
        depository institution or trust company, including the Trustee, that (a)
        is
        incorporated under the laws of the United States of America or any State
        thereof, (b) is subject to supervision and examination by federal or state
        banking authorities and (c) has outstanding unsecured commercial paper or
        other
        short-term unsecured debt obligations (or, in the case of a depository
        institution that is the principal subsidiary of a holding company, such holding
        company has unsecured commercial paper or other short-term unsecured debt
        obligations) that are rated at least P-1 by Moody’s, F-1 by Fitch (if rated by
        Fitch) and A-1+ by S&P.

       

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

       

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

       

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

       

      “Disqualified
        Organization”:
        Any
        organization defined as a “disqualified organization” under Section 860E(e)(5)
        of the Code, including, if not otherwise included, any of the following:
        (i) the
        United States, any State or political subdivision thereof, any possession
        of the
        United States, or any agency or instrumentality of any of the foregoing (other
        than an instrumentality which is a corporation if all of its activities are
        subject to tax and, except for Freddie Mac, a majority of its board of directors
        is not selected by such governmental unit), (ii) any foreign government,
        any
        international organization, or any agency or instrumentality of any of the
        foregoing, (iii) any organization (other than certain farmers’ cooperatives
        described in Section 521 of the Code) which is exempt from the tax imposed
        by
        Chapter 1 of the Code (including the tax imposed by Section 511 of the Code
        on
        unrelated business taxable income), (iv) rural electric and telephone
        cooperatives described in Section 1381(a)(2)(C) of the Code, (v) an “electing
        large partnership” and (vi) any other Person as set forth in an Opinion of
        Counsel delivered to the Trustee and the Depositor to the effect that the
        holding of an Ownership Interest in a Residual Certificate by such Person
        may
        cause any Trust REMIC or any Person having an Ownership Interest in any Class
        of
        Certificates (other than such Person) to incur a liability for any federal
        tax
        imposed under the Code that would not otherwise be imposed but for the Transfer
        of an Ownership Interest in a Residual Certificate to such Person. The terms
        “United States,” “State” and “international organization” shall have the
        meanings set forth in Section 7701 of the Code or successor
        provisions.

       

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

       

      “Due
        Date”:
        With
        respect to each Mortgage Loan and any Distribution Date, the first day of
        the
        calendar month in which such Distribution Date occurs on which the Monthly
        Payment for such Mortgage Loan was due (or, in the case of any Mortgage Loan
        under terms of which the Monthly Payment for such Mortgage Loan was due on
        a day
        other than the first day of the calendar month in which such Distribution
        Date
        occurs, the day during the related Due Period on which such Monthly Payment
        was
        due), in each case exclusive of any days of grace.

       

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

       

      “EDGAR”:
        As
        defined in Section
        4.06
        of the
        Pooling and Servicing Agreement.

       

      “Eligible
        Account”:
        Any of
        (i) an account or accounts maintained with a Depository Institution, (ii)
        an
        account or accounts the deposits in which are fully insured by the FDIC or
        (iii) a segregated non-interest bearing trust account or accounts
        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 Code of Federal
        Regulation Section 9.10(b), which, in either case, has corporate trust powers,
        acting in its fiduciary capacity.

       

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

       

      “Escrow
        Payments”:
        As
        defined in Section
        3.09
        of the
        Pooling and Servicing Agreement.

       

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

       

      “Exchange
        Act”:
        As
        defined in Section
        4.06
        of the
        Pooling and Servicing Agreement.

       

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

       

      “Extraordinary
        Trust Fund Expense”:
        Any
        amounts reimbursable to the Trustee or any director, officer, employee or
        agent
        of the Trustee from the Trust Fund pursuant to Section
        8.05
        or
Section
        10.01(c)
        of the
        Pooling and Servicing Agreement and any amounts payable from the Certificate
        Account in respect of taxes pursuant to Section
        10.01(g)(iii)
        of the
        Pooling and Servicing Agreement and any costs of the Trustee for the recording
        of the Assignments pursuant to Section
        2.01
        of the
        Pooling and Servicing Agreement (to the extent the Seller is unable to pay
        such
        costs).

       

      “Fannie
        Mae”:
        Fannie
        Mae, a federally chartered and privately owned corporation organized and
        existing under the Federal National Mortgage Association Charter Act, or
        any
        successor thereto.

       

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

       

      “ FHLMC”:
        The
        Federal Home Loan Mortgage Corporation or any successor thereto.

       

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

       

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

       

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

       

      “Formula
        Rate”:
        For
        any Distribution Date and the Class A Certificates and the Mezzanine
        Certificates, One-Month LIBOR plus
        the
        related Margin.

       

      “Freddie
        Mac”:
        Freddie Mac, 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 set forth
        in
        the related Mortgage Note that is added to the Index on each Adjustment Date
        in
        accordance with the terms of the related Mortgage Note used to determine
        the
        Mortgage Rate for such Adjustable-Rate Mortgage Loan.

       

      “Highest
        Priority”:
        As of
        any date of determination, the Class of Mezzanine Certificates then outstanding
        with a Certificate Principal Balance greater than zero, with the highest
        priority for payments pursuant to Section
        4.01
        of the
        Pooling and Servicing Agreement, in the following order: 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 Certificates.

       

      “Indenture”:
        An
        indenture relating to the issuance of notes secured by the Class CE
        Certificates, the Class P Certificates and/or the Class R Certificates (or
        any
        portion thereof).

       

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

       

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

       

      “Index”:
        With
        respect to each Adjustable-Rate Mortgage Loan and each related Adjustment
        Date,
        the index specified in the related Mortgage Note.

       

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

       

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

       

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

       

      “Interest
        Determination Date”:
        With
        respect to the Class A Certificates, the Mezzanine Certificates, REMIC I
        Regular
        Interest I-LTA1, REMIC I Regular Interest I-LTA2, REMIC I Regular Interest
        I-LTA3, REMIC I Regular Interest I-LTA4, REMIC I Regular Interest I-LTM1,
        REMIC
        I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular
        Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest
        I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular Interest I-LTM8,
        REMIC
        I Regular Interest I-LTM9, REMIC I Regular Interest I-LTM10 and any Interest
        Accrual Period therefor, the second London Business Day preceding the
        commencement of such Interest Accrual Period.

       

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

       

      “Interest
        Remittance Amount”:
        For
        any Distribution Date, that portion of the Available Distribution Amount
        for the
        related Distribution Date that represents interest received or advanced on
        the
        Mortgage Loans.

       

      “Investment
        Account”:
        As
        defined in Section
        3.12
        of the
        Pooling and Servicing Agreement.

       

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

       

      “Liquidation
        Event”:
        With
        respect to any Mortgage Loan, any of the following events: (i) such
        Mortgage Loan is paid in full; (ii) a Final Recovery Determination is made
        as to
        such Mortgage Loan; or (iii) such Mortgage Loan is removed from REMIC I,
        by
        reason of its being purchased, sold or replaced pursuant to or as contemplated
        by Section
        2.03,
        Section
        3.16(c)
        or
Section
        9.01
        of the
        Pooling and Servicing Agreement. With respect to any REO Property, either
        of the
        following events: (i) a Final Recovery Determination is made as to such REO
        Property; or (ii) such REO Property is removed from REMIC I by reason of
        its
        being purchased pursuant to Section
        9.01
        of the
        Pooling and Servicing Agreement.

       

      “Liquidation
        Proceeds”:
        The
        amount (other than Insurance Proceeds or amounts received in respect of the
        rental of any REO Property prior to REO Disposition) received by the Servicer
        in
        connection with (i) the taking of all or a part of a Mortgaged Property by
        exercise of the power of eminent domain or condemnation, (ii) the liquidation
        of
        a defaulted Mortgage Loan through a trustee’s sale, foreclosure sale or
        otherwise, or (iii) the repurchase, substitution or sale of a Mortgage Loan
        or
        an REO Property pursuant to or as contemplated by Section
        2.03,
        Section 3.16(c),
        Section
        3.23
        or
Section
        9.01
        of the
        Pooling and Servicing Agreement.

       

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

       

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

       

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

       

      
        	
                Class

              	
                REMIC
                  I Regular Interest

              	
                Margin

              
	 	 	
                (1)
                  (%)

              	
                (2)
                  (%)

              
	
                A-1

              	
                I-LTA1

              	
                0.040

              	
                0.080

              
	
                A-2

              	
                I-LTA2

              	
                0.100

              	
                0.200

              
	
                A-3

              	
                I-LTA3

              	
                0.150

              	
                0.300

              
	
                A-4

              	
                I-LTA4

              	
                0.240

              	
                0.480

              
	
                M-1

              	
                I-LTM1

              	
                0.270

              	
                0.405

              
	
                M-2

              	
                I-LTM2

              	
                0.290

              	
                0.435

              
	
                M-3

              	
                I-LTM3

              	
                0.310

              	
                0.465

              
	
                M-4

              	
                I-LTM4

              	
                0.350

              	
                0.525

              
	
                M-5

              	
                I-LTM5

              	
                0.380

              	
                0.570

              
	
                M-6

              	
                I-LTM6

              	
                0.460

              	
                0.690

              
	
                M-7

              	
                I-LTM7

              	
                0.860

              	
                1.290

              
	
                M-8

              	
                I-LTM8

              	
                1.050

              	
                1.575

              
	
                M-9

              	
                I-LTM9

              	
                1.870

              	
                2.805

              
	
                M-10

              	
                I-LTM10

              	
                2.500

              	
                3.750

              

      

      __________

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

      (2) For
        each
        Interest Accrual Period thereafter.

       

      “Marker
        Rate”:
        With
        respect to the Class CE Certificates or the REMIC II Regular Interest CE-IO
        and
        any Distribution Date, a per annum rate equal to two (2) multiplied by the
        weighted average of the REMIC I Remittance Rates for the REMIC I Regular
        Interests (other than REMIC I Regular Interest I-LTP and REMIC I Regular
        Interest I-LTAA), with the rate on each such REMIC I Regular Interest (other
        than REMIC I Regular Interest I-LTZZ) subject to a cap equal to the Pass-Through
        Rate for the related Corresponding Certificate and with the rate on REMIC
        I
        Regular Interest I-LTZZ subject to a cap of zero, in each case for purposes
        of
        this calculation; provided,
        however,
        each
        cap shall be multiplied by a fraction, the numerator of which is the actual
        number of days elapsed in the related Interest Accrual Period and the
        denominator of which is 30.

       

      “Maximum
        I-LTZZ Uncertificated Interest Deferral Amount”:
        With
        respect to any Distribution Date, the excess of (i) accrued interest at the
        REMIC I Remittance Rate applicable to REMIC I Regular Interest I-LTZZ for
        such
        Distribution Date on a balance equal to the Uncertificated Balance of REMIC
        I
        Regular Interest I-LTZZ minus
        the
        REMIC I Overcollateralized Amount, in each case for such Distribution Date,
        over
        (ii) Uncertificated Interest on REMIC I Regular Interest I-LTA1, REMIC I
        Regular Interest I-LTA2, REMIC I Regular Interest I-LTA3, REMIC I Regular
        Interest I-LTA4, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest
        I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4,
        REMIC
        I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular
        Interest I-LTM7, REMIC I Regular Interest I-LTM8, REMIC I Regular Interest
        I-LTM9 and REMIC I Regular Interest I-LTM10 for such Distribution Date, with
        the
        rate on each such REMIC I Regular Interest subject to a cap equal to the
        lesser
        of (i) One-Month LIBOR plus
        the
        related Margin for the related Corresponding Certificate and (ii) the Net
        WAC Pass-Through Rate for the related Corresponding Certificate; provided,
        however,
        each
        cap shall be multiplied by a fraction, the numerator of which is the actual
        number of days elapsed in the related Interest Accrual Period and the
        denominator of which is 30.

       

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

       

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

       

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

       

      “Mezzanine
        Cap Contract”:
        The
        cap contract between the Trustee on behalf of the Trust and the counterparty
        thereunder for the benefit of the Holders of the Mezzanine Certificates in
        the
        form attached to the Pooling and Servicing Agreement as Exhibit
        K.

       

      “Mezzanine
        Certificates”:
        Collectively, the Class M-1 Certificates, the Class M-2 Certificates, the
        Class
        M-3 Certificates, the Class M-4 Certificates, the Class M-5 Certificates,
        the
        Class M-6 Certificates, the Class M-7 Certificates, the Class M-8 Certificates,
        the Class M-9 Certificates and the Class M-10 Certificates.

       

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

       

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

       

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

       

      “Monthly
        Payment”:
        With
        respect to any Mortgage Loan, the scheduled monthly payment of principal
        and
        interest on such Mortgage Loan which is payable by the related Mortgagor
        from
        time to time under the related Mortgage Note, determined: (a) after giving
        effect to (i) any Deficient Valuation and/or Debt Service Reduction with
        respect
        to such Mortgage Loan and (ii) any reduction in the amount of interest
        collectible from the related Mortgagor pursuant to the Relief Act; (b) without
        giving effect to any extension granted or agreed to by the Servicer pursuant
        to
Section
        3.07
        of the
        Pooling and Servicing Agreement and (c) on the assumption that all other
        amounts, if any, due under such Mortgage Loan are paid when due.

       

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

       

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

       

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

       

      “Mortgage
        Loan”:
        Each
        mortgage loan transferred and assigned to the Trustee and delivered to the
        Trustee pursuant to Section
        2.01
        or
Section
        2.03(b)
        of the
        Pooling and Servicing Agreement, as held from time to time as a part of the
        Trust Fund, the Mortgage Loans so held being identified in the Mortgage Loan
        Schedule.

       

      “Mortgage
        Loan Purchase Agreement”:
        The
        agreement among the Seller, RFC and the Depositor, regarding the sale of
        the
        Mortgage Loans by the Seller to the Depositor, substantially in the form
        of
Exhibit
        D
        annexed
        hereto.

       

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

       

      

        	(i) 	
                the
                  Mortgage Loan identifying number;

              

         

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

              

         

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

              

         

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

              

         

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

              

         

        	(vi) 	
                the
                  original months to maturity;

              

         

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

              

         

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

              

         

        	(ix) 	
                [reserved];

              

         

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

              

         

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

              

         

        	(xii) 	
                [reserved];

              

         

        	(xiii) 	
                [reserved];

              

         

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

              

         

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

              

         

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

              

         

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

              

         

        	(xviii) 	
                with
                  respect to each Adjustable-Rate Mortgage Loan, the Adjustment
                  Dates;

              

         

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

              

         

        	(xx) 	
                a
                  code indicating the purpose of the Mortgage Loan (i.e., purchase
                  financing, Rate/Term Refinancing, Cash-Out
                  Refinancing);

              

         

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

              

         

        	(xxii) 	
                with
                  respect to each Adjustable-Rate Mortgage Loan, the Minimum Mortgage
                  Rate;

              

         

        	(xxiii) 	
                the
                  Mortgage Rate at origination;

              

         

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

              

         

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

              

         

        	(xxvi) 	
                with
                  respect to each Adjustable-Rate Mortgage Loan, the
                  Index;

              

         

        	(xxvii) 	
                [reserved]

              

         

        	(xxviii) 	
                a
                  code indicating whether the Mortgage Loan is an Adjustable Rate
                  Mortgage
                  Loan or a Fixed Rate Mortgage Loan;

              

         

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

              

         

        	(xxx) 	
                the
                  Value of the Mortgaged Property;

              

         

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

              

         

        	(xxxii) 	
                a
                  code indicating if the Mortgaged Property is subject to a primary
                  insurance policy or lender paid mortgage insurance
                  policy;

              

         

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

              

         

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

              

         

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

              

         

        	(xxxvi) 	
                a
                  code indicating whether the Mortgaged Property is subject to a
                  first lien
                  or a subordinate lien;

              

         

        	(xxxvii) 	
                the
                  number of months since the Mortgagor’s bankruptcy disposition, if
                  applicable;

              

         

        	(xxxviii) 	
                the
                  number of months since foreclosure disposition for the Mortgagor’s
                  previous mortgage loan, if applicable;

              

         

        	(xxxix) 	
                the
                  Mortgage Loan payment history in a ticker
                  format;

              

         

        	(xl) 	
                the
                  total amount of points and fees charged such Mortgage
                  Loan;

              

         

        	(xli) 	
                the
                  maximum first Adjustment Date Mortgage Rate
                  adjustment;

              

         

        	(xlii) 	
                RFC’s
                  risk grade;

              

         

        	(xliii) 	
                the
                  Servicing Fee Rate for such Mortgage Loan;
                  and

              

         

        	(xliv) 	
                the
                  MIN, if applicable.

              

         

      

       

      The
        Mortgage Loan Schedule shall set forth the following information with respect
        to
        the Mortgage Loans in the aggregate as of the Cut-off Date:

       

      
        	(1)  	
                the
                  number of Mortgage Loans;

              

      

       

      
        	(2)  	
                the
                  current Stated Principal Balance of the Mortgage
                  Loans;

              

      

       

      
        	(3)  	
                the
                  weighted average Mortgage Rate of the Mortgage
                  Loans;

              

      

       

      
        	(4)  	
                weighted
                  average maturity of the Mortgage Loans;
                  and

              

      

       

      
        	(5)  	
                the
                  delinquency status.

              

      

       

      The
        Mortgage Loan Schedule shall be amended from time to time by the Depositor
        in
        accordance with the provisions of the Pooling and Servicing Agreement. With
        respect to any Qualified Substitute Mortgage Loan, the Cut-off Date shall
        refer
        to the related Cut-off Date for such Mortgage Loan, determined in accordance
        with the definition of Cut-off Date herein.

       

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

       

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

       

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

       

      “Mortgaged
        Property”:
        The
        underlying property securing a Mortgage Loan, including any REO Property,
        consisting of a fee simple estate in a parcel of land improved by a Residential
        Dwelling.

       

      “Mortgagor”:
        The
        obligor on a Mortgage Note.

       

      “Net
        Monthly Excess Cashflow”:
        With
        respect to any Distribution Date, the sum of (i) any Overcollateralization
        Reduction Amount and (ii) the excess of (x) the Available Distribution Amount
        for such Distribution Date over (y) the sum for such Distribution Date of
        (A) the Senior Interest Distribution Amount distributable to the holders of
        the Class A Certificates, (B) the Interest Distribution Amount distributable
        to
        the holders of the Mezzanine Certificates and (C) the Principal Remittance
        Amount.

       

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

       

      “Net
        WAC Pass-Through Rate”:
        With
        respect to the Class A Certificates and the Mezzanine Certificates and any
        Distribution Date, a rate per annum (adjusted for the actual number of days
        in
        the related Interest Accrual Period) equal to the weighted average of the
        Expense Adjusted Mortgage Rates of the Mortgage Loans, weighted on the basis
        of
        the respective Stated Principal Balances of the Mortgage Loans as of the
        first
        day of the related Due Period. For federal income tax purposes, the Net WAC
        Pass-Through Rate calculated pursuant to the immediately preceding sentence
        shall be the equivalent of that which is provided in such immediately preceding
        sentence expressed as a per annum rate equal to the weighted average of the
        aggregate REMIC I Remittance Rates on the REMIC I Regular Interests, weighted
        on
        the basis of the Uncertificated Balance of such REMIC I Regular
        Interests.

       

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

       

      “Net
        WAC Rate Carryover Reserve Account”:
        As
        defined in Section
        3.27
        of the
        Pooling and Servicing Agreement.

       

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

       

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

       

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

       

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

       

      “Notional
        Amount”:
        With
        respect to the Class CE Certificates and any Distribution Date, the aggregate
        Uncertificated Balance of the REMIC I Regular Interests for such Distribution
        Date.

       

      “Officers’
        Certificate”:
        A
        certificate signed by the Chairman of the Board, the Vice Chairman of the
        Board,
        the President or a vice president (however denominated), and by the Treasurer,
        the Secretary, or one of the assistant treasurers or assistant secretaries
        of
        the Servicer, the Seller or the Depositor, as applicable.

       

      “One-Month
        LIBOR”:
        With
        respect to the Class A Certificates, the Mezzanine Certificates and for purposes
        of the Marker Rate and Maximum I-LTZZ Uncertificated Interest Deferral Amount,
        REMIC I Regular Interest I-LTA1, REMIC I Regular Interest I-LTA2, REMIC I
        Regular Interest I-LTA3, REMIC I Regular Interest I-LTA4, REMIC I Regular
        Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest
        I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5,
        REMIC
        I Regular Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular
        Interest I-LTM8, REMIC I Regular Interest I-LTM9 and REMIC I Regular Interest
        I-LTM10 and any Interest Accrual Period therefor, the rate determined by
        the
        Trustee on the related Interest Determination Date on the basis of the offered
        rate for one-month U.S. dollar deposits, as such rate appears on Telerate
        Page
        3750 as of 11:00 a.m. (London time) on such Interest Determination Date;
        provided that if such rate does not appear on Telerate Page 3750, the rate
        for
        such date will be determined on the basis of the offered rates of the Reference
        Banks for one-month U.S. dollar deposits, as of 11:00 a.m. (London time)
        on such
        Interest Determination Date. In such event, the Trustee will request the
        principal London office of each of the Reference Banks to provide a quotation
        of
        its rate. If on such Interest Determination Date, two or more Reference Banks
        provide such offered quotations, One-Month LIBOR for the related Interest
        Accrual Period shall be the arithmetic mean of such offered quotations (rounded
        upwards if necessary to the nearest whole multiple of 1/16%). If on such
        Interest Determination Date, fewer than two Reference Banks provide such
        offered
        quotations, One-Month LIBOR for the related Interest Accrual Period shall
        be the
        higher of (i) LIBOR as determined on the previous Interest Determination
        Date and (ii) the Reserve Interest Rate. Notwithstanding the foregoing, if,
        under the priorities described above, LIBOR for an Interest Determination
        Date
        would be based on LIBOR for the previous Interest Determination Date for
        the
        third consecutive Interest Determination Date, the Trustee, after consultation
        with the Depositor, shall select an alternative comparable index (over which
        the
        Trustee has no control), used for determining one-month Eurodollar lending
        rates
        that is calculated and published (or otherwise made available) by an independent
        party. The establishment of One-Month LIBOR by the Trustee and the Trustee’s
        subsequent calculation of the interest rates applicable to the Certificates
        for
        the relevant Interest Accrual Period, in the absence of manifest error, shall
        be
        final and binding.

       

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

       

      “Original
        Mortgage Loan”:
        Any of
        the Mortgage Loans included in REMIC I as of the Closing Date.

       

      “Overcollateralization
        Amount”:
        With
        respect to any Distribution Date, the excess, if any, of (a) the aggregate
        Stated Principal Balances of the Mortgage Loans and REO Properties as of
        the
        last day of the related Due Period over (b) the sum of the aggregate Certificate
        Principal Balance of the Class A Certificates, the Mezzanine Certificates
        and
        the Class P Certificates.

       

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

       

      “Overcollateralization
        Floor Amount”:
        With
        respect to any Distribution Date, the amount equal to 0.50% of the aggregate
        Stated Principal Balance of the Mortgage Loans as of the Cut-off
        Date.

       

      “Overcollateralization
        Increase Amount”:
        With
        respect to any Distribution Date, the lesser of (a) the Overcollateralization
        Deficiency Amount as of such Distribution Date (calculated for this purpose
        only
        after assuming that 100% of the Principal Remittance Amount on such Distribution
        Date has been distributed) and (b) the amount of Accrued Certificate Interest
        payable on the Class CE Certificates on such Distribution Date as reduced
        by
        Realized Losses allocated thereto with respect to such Distribution Date
        pursuant to Section
        4.04
        of the
        Pooling and Servicing Agreement.

       

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

       

      “Overcollateralization
        Target Amount”:
        With
        respect to any Distribution Date, (i) prior to the Stepdown Date, an amount
        equal to 3.80% of the aggregate outstanding Stated Principal Balance of the
        Mortgage Loans as of the Cut-off Date, (ii) on or after the Stepdown Date
        provided a Trigger Event is not in effect, the greater of (x) 7.60% of the
        then
        current aggregate outstanding Stated Principal Balance of the Mortgage Loans
        as
        of the last day of the related Due Period and (y) the Overcollateralization
        Floor Amount, or (iii) on or after the Stepdown Date and if a Trigger Event
        is
        in effect, the Overcollateralization Target Amount for the immediately preceding
        Distribution Date. Notwithstanding the foregoing, on and after any Distribution
        Date following the reduction of the aggregate Certificate Principal Balance
        of
        the Class A Certificates, Mezzanine Certificates and Class P Certificates
        to
        zero, the Overcollateralization Target Amount shall be zero.

       

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

       

      “Pass-Through
        Rate”:
        With
        respect to the Class A Certificates and the Mezzanine Certificates and any
        Distribution Date, the lesser of (x) the related Formula Rate for such
        Distribution Date and (y) the Net WAC Pass-Through Rate for such Distribution
        Date. With respect to the Class CE Certificates and any Distribution Date,
        (i) a
        per annum rate equal to the percentage equivalent of a fraction, the numerator
        of which is (x) the interest on the Uncertificated Balance of each REMIC
        I
        Regular Interest described in clause
        (y)
        below
        computed at a rate equal to the related REMIC I Remittance Rate minus
        the
        Marker Rate and the denominator of which is (y) the aggregate Uncertificated
        Balance of REMIC I Regular Interest I-LTAA, I-LTA1, I-LTA2, I-LTA3, I-LTA4,
        I-LTM1, I-LTM2, I-LTM3, I-LTM4, I-LTM5, I-LTM6, I-LTM7, I-LTM8, I-LTM9, I-LTM10
        and I-LTZZ and (ii) 100% of the interest on REMIC I Regular Interest I-LTP,
        expressed as a per annum rate.

       

      “Percentage
        Interest”:
        With
        respect to any Class of Certificates (other than the Residual Certificates),
        the
        undivided percentage ownership in such Class evidenced by such Certificate,
        expressed as a percentage, the numerator of which is the initial Certificate
        Principal Balance or Notional Amount represented by such Certificate and
        the
        denominator of which is the aggregate initial Certificate Principal Balance
        or
        initial Notional Amount of all of the Certificates of such Class. The Class
        A
        Certificates and the Class M-1 Certificates are issuable only in minimum
        Percentage Interests corresponding to minimum initial Certificate Principal
        Balances of $100,000 and integral multiples of $1.00 in excess thereof. The
        Mezzanine Certificates (other than the Class M-1 Certificates) are issuable
        only
        in minimum Percentage Interests corresponding to minimum initial Certificate
        Principal Balances of $250,000 and integral multiples of $1 in excess thereof.
        The Class P Certificates are issuable only in Percentage Interests corresponding
        to initial Certificate Principal Balances of $20 and integral multiples thereof.
        The Class CE Certificates are issuable only in minimum Percentage Interests
        corresponding to minimum initial Certificate Principal Balances of $100,000
        and
        integral multiples of $1.00 in excess thereof; provided,
        however,
        that a
        single Certificate of each such Class of Certificates may be issued having
        a
        Percentage Interest corresponding to the remainder of the aggregate initial
        Certificate Principal Balance or Notional Amount of such Class or to an
        otherwise authorized denomination for such Class plus
        such
        remainder. With respect to any Residual Certificate, the undivided percentage
        ownership in such Class evidenced by such Certificate, as set forth on the
        face
        of such Certificate. The Residual Certificates are issuable in Percentage
        Interests of 20% and multiples thereof.

       

      “Perfection
        Representations”:
        The
        representations, warranties and covenants set forth in Schedule 3 attached
        to
        the Pooling and Servicing Agreement.

       

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

       

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

       

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

              

      

       

      
        	(ii)  	
                demand
                  and time deposits in, certificates of deposit of, or bankers’ acceptances
                  issued by, any Depository
                  Institution;

              

      

       

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

              

      

       

      
        	(iv)  	
                securities
                  bearing interest or sold at a discount that are issued by any corporation
                  incorporated under the laws of the United States of America or
                  any state
                  thereof and that are rated by each Rating Agency that rates such
                  securities in its highest long-term unsecured rating categories
                  at the
                  time of such investment or contractual commitment providing for
                  such
                  investment, which securities mature in 365 days or
                  less;

              

      

       

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

              

      

       

      
        	(vi)  	
                units
                  of money market funds, including those managed or advised by the
                  Trustee
                  or its Affiliates, that have been rated “AAA” by Fitch (if rated by Fitch)
                  and “AAAm” or “AAAm-G” by S&P and “Aaa” by Moody’s;
                  and

              

      

       

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

              

      

       

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

       

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

       

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

       

      “Plan”:
        Any
“employee benefit plan” as defined in Section 3(3) of ERISA that is subject to
        Title I of ERISA, any “plan” as defined in Section 4975(e)(1) of the Code that
        is subject to Section 4975 of the Code or any entity deemed to hold plan
        assets
        of any of the foregoing.

       

      “Pooling
        and Servicing Agreement”:
        The
        Pooling and Servicing Agreement dated and effective as of May 1, 2006, among
        Stanwich Asset Acceptance Company, L.L.C., a Delaware limited liability company,
        as Depositor, Homecomings Financial Network, Inc., a Delaware corporation,
        as
        Servicer, and Wells Fargo Bank, N.A., as Trustee, as amended and supplemented
        from time to time.

       

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

       

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

       

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

       

      

        	(i)  	
                the
                  Mortgage Loan identifying number;

              

         

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

              

         

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

              

         

        	(iv)  	
                the
                  term of the related Prepayment Charge;

              

         

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

              

         

        	(vi)  	
                remaining
                  prepayment term in months.

              

         

      

      “Prepayment
        Interest Shortfall”:
        With
        respect to any Distribution Date, for each Mortgage Loan that was the subject
        of
        a Principal Prepayment in full or in part during the portion of the related
        Prepayment Period occurring between the first day of the related Prepayment
        Period and the last day of the calendar month preceding the month in which
        such
        Distribution Date occurs, an amount equal to interest at the applicable Net
        Mortgage Rate on the amount of such Principal Prepayment for the number of
        days
        commencing on the date on which the prepayment is applied and ending on the
        last
        day of the calendar month preceding the month in which such Distribution
        Date
        occurs. The obligations of the Servicer in respect of any Prepayment Interest
        Shortfall are set forth in Section
        3.24
        of the
        Pooling and Servicing Agreement.

       

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

       

      “Principal
        Distribution Amount”:
        With
        respect to any Distribution Date, an amount, not less than zero, equal to
        the
        sum of:

       

      
        	(i)  	
                the
                  principal portion of each Monthly Payment on the Mortgage Loans
                  due during
                  the related Due Period, received on or prior to the related Determination
                  Date or Advanced on or prior to the related Determination
                  Date;

              

      

       

      
        	(ii)  	
                the
                  Stated Principal Balance of any Mortgage Loan that was purchased
                  during
                  the related Prepayment Period pursuant to or as contemplated by
                  Section
                  2.03,
                  Section
                  3.16(c)
                  or
                  Section
                  9.01
                  of
                  the Pooling and Servicing Agreement and the amount of any shortfall
                  deposited in the Custodial Account in connection with the substitution
                  of
                  a Deleted Mortgage Loan pursuant to Section
                  2.03
                  of
                  the Pooling and Servicing Agreement during the related Prepayment
                  Period;

              

      

       

      
        	(iii)  	
                the
                  principal portion of all other unscheduled collections (including,
                  without
                  limitation, Principal Prepayments, Insurance Proceeds, Liquidation
                  Proceeds, Subsequent Recoveries and REO Principal Amortization)
                  received
                  during the related Prepayment Period, net of any portion thereof
                  that
                  represents a recovery of principal for which an Advance was made
                  by the
                  Servicer pursuant to Section
                  4.03
                  of
                  the Pooling and Servicing Agreement in respect of a preceding Distribution
                  Date; and

              

      

       

      
        	(iv)  	
                the
                  amount of any Overcollateralization Increase Amount for such Distribution
                  Date; minus

              

      

       

      
        	(v)  	
                the
                  amount of any Overcollateralization Reduction Amount for such Distribution
                  Date.

              

      

       

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

       

      “Principal
        Remittance Amount”:
        With
        respect to any Distribution Date, the sum of the amounts set forth in (i)
        through (iii) of the definition of Principal Distribution Amount.

       

      “Private
        Certificates”:
        As
        defined in Section
        5.02(b)
        of the
        Pooling and Servicing Agreement.

       

      “Prospectus
        Supplement”:
        The
        Prospectus Supplement, dated May 19, 2006, relating to the public offering
        of
        the Class A Certificates and the Mezzanine Certificates (other than the Class
        M-10 Certificates).

       

      “PTCE”:
        A
        Prohibited Transaction Class Exemption issued by the United States Department
        of
        Labor which provides that exemptive relief is available to any party to any
        transaction which satisfies the conditions of the exemption.

       

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

       

      “Qualified
        Correspondent”:
        Any
        Person from which RFC purchased Mortgage Loans, provided that the following
        conditions are satisfied: (i) such Mortgage Loans were originated pursuant
        to an
        agreement between RFC and such Person that contemplated that such Person
        would
        underwrite mortgage loans from time to time, for sale to RFC, in accordance
        with
        underwriting guidelines designated by RFC (“Designated Guidelines”) or
        guidelines that do not vary materially from such Designated Guidelines; (ii)
        such Mortgage Loans were in fact underwritten as described in clause (i)
        above
        and were acquired by RFC within 180 days after origination; (iii) either
        (x) the
        Designated Guidelines were, at the time such Mortgage Loans were originated,
        used by RFC in origination of mortgage loans of the same type as the Mortgage
        Loans for RFC’s own account or (y) the Designated Guidelines were, at the time
        such Mortgage Loans were underwritten, designated by RFC on a consistent
        basis
        for use by lenders in originating mortgage loans to be purchased by RFC;
        and
        (iv) RFC employed, at the time such Mortgage Loans were acquired by RFC,
        pre-purchase or post-purchase quality assurance procedures (which may involve,
        among other things, review of a sample of mortgage loans purchased during
        a
        particular time period or through particular channels) designed to ensure
        that
        Persons from which it purchased mortgage loans properly applied the underwriting
        criteria designated by RFC.

       

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

       

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

       

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

       

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

       

      With
        respect to any REO Property as to which a Final Recovery Determination has
        been
        made, an amount (not less than zero) equal to (i) the unpaid principal balance
        of the related Mortgage Loan as of the date of acquisition of such REO Property
        on behalf of REMIC I, plus
        (ii)
        accrued interest from the Due Date as to which interest was last paid by
        the
        Mortgagor in respect of the related Mortgage Loan through the end of the
        calendar month immediately preceding the calendar month in which such REO
        Property was acquired, calculated in the case of each calendar month during
        such
        period (A) at an annual rate equal to the annual rate at which interest was
        then
        accruing on the related Mortgage Loan and (B) on a principal amount equal
        to the
        Stated Principal Balance of the related Mortgage Loan as of the close of
        business on the Distribution Date during such calendar month, plus
        (iii)
        REO Imputed Interest for such REO Property for each calendar month commencing
        with the calendar month in which such REO Property was acquired and ending
        with
        the calendar month in which such Final Recovery Determination was made,
plus
        (iv) any
        amounts previously withdrawn from the Custodial Account in respect of the
        related Mortgage Loan pursuant to Section
        3.11(a)(ix)
        and
Section
        3.16(b)
        of the
        Pooling and Servicing Agreement, minus
        (v)
        the
        aggregate of all Advances and Servicing Advances (in the case of Servicing
        Advances, without duplication of amounts netted out of the rental income,
        Insurance Proceeds and Liquidation Proceeds described in clause
        (vi)
        below)
        made by the Servicer in respect of such REO Property or the related Mortgage
        Loan for which the Servicer has been or, in connection with such Final Recovery
        Determination, will be reimbursed pursuant to Section
        3.23
        of the
        Pooling and Servicing Agreement out of rental income, Insurance Proceeds
        and
        Liquidation Proceeds received in respect of such REO Property, minus
        (vi)
        the
        total of all net rental income, Insurance Proceeds and Liquidation Proceeds
        received in respect of such REO Property that has been, or in connection
        with
        such Final Recovery Determination, will be transferred to the Certificate
        Account pursuant to Section
        3.23
        of the
        Pooling and Servicing Agreement.

       

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

       

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

       

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

       

      Realized
        Losses allocated to the Class CE Certificates shall be allocated first to
        the
        REMIC II Regular Interest CE-IO in reduction of the accrued but unpaid interest
        thereon until such accrued and unpaid interest shall have been reduced to
        zero
        and then to the REMIC II Regular Interest CE-PO in reduction of the Principal
        Balance thereof.

       

      “Record
        Date”:
        With
        respect to each Distribution Date and any Book-Entry Certificate, the Business
        Day immediately preceding such Distribution Date. With respect to each
        Distribution Date and any other Certificates, including any Definitive
        Certificates, the last Business Day of the month immediately preceding the
        month
        in which such Distribution Date occurs, except in the case of the first Record
        Date which shall be the Closing Date.

       

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

       

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

       

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

       

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

       

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

       

      “Relief
        Act”:
        The
        Servicemembers Civil Relief Act.

       

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

       

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

       

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

       

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

       

      “REMIC
        I Overcollateralized Amount”:
        With
        respect to any date of determination, (i) 1% of the aggregate Uncertificated
        Balance of the REMIC I Regular Interests (other than REMIC I Regular Interest
        I-LTP) minus
        (ii) the
        aggregate Uncertificated Balance of REMIC I Regular Interest I-LTA1, REMIC
        I
        Regular Interest I-LTA2, REMIC I Regular Interest I-LTA3, REMIC I Regular
        Interest I-LTA4, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest
        I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4,
        REMIC
        I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular
        Interest I-LTM7, REMIC I Regular Interest I-LTM8, REMIC I Regular Interest
        I-LTM9, REMIC I Regular Interest I-LTM10, in each case as of such date of
        determination.

       

      “REMIC
        I Principal Loss Allocation Amount”:
        With
        respect to any Distribution Date, an amount equal to the product of (i) the
        aggregate Stated Principal Balance of the Mortgage Loans and REO Properties
        then
        outstanding and (ii) 1 minus
        a
        fraction, the numerator of which is two times the aggregate Uncertificated
        Balance of REMIC I Regular Interest I-LTA1, REMIC I Regular Interest I-LTA2,
        REMIC I Regular Interest I-LTA3, REMIC I Regular Interest I-LTA4, REMIC I
        Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular
        Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest
        I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I-LTM7,
        REMIC
        I Regular Interest I-LTM8, REMIC I Regular Interest I-LTM9 and REMIC I Regular
        Interest I-LTM10 and the denominator of which is the aggregate Uncertificated
        Balance of REMIC I Regular Interest I-LTA1, REMIC I Regular Interest I-LTA2,
        REMIC I Regular Interest I-LTA3, REMIC I Regular Interest I-LTM1, REMIC I
        Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular
        Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest
        I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular Interest I-LTM8,
        REMIC
        I Regular Interest I-LTM9, REMIC I Regular Interest I-LTM10 and REMIC I Regular
        Interest I-LTZZ.

       

      “REMIC
        I Regular Interest”:
        Any of
        the separate non-certificated beneficial ownership interests in REMIC I issued
        hereunder and designated as a “regular interest” in REMIC I. Each REMIC I
        Regular Interest shall accrue interest at the related REMIC I Remittance
        Rate in
        effect from time to time or shall otherwise be entitled to interest as set
        forth
        herein, and shall be entitled to distributions of principal, subject to the
        terms and conditions of the Pooling and Servicing Agreement, in an aggregate
        amount equal to its initial Uncertificated Balance as set forth in the
Preliminary
        Statement
        hereto.
        The REMIC I Regular Interests are as follows: REMIC I Regular Interest I-LTAA,
        REMIC I Regular Interest I-LTA1, REMIC I Regular Interest I-LTA2, REMIC I
        Regular Interest I-LTA3, REMIC I Regular Interest I-LTA4, REMIC I Regular
        Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest
        I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5,
        REMIC
        I Regular Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular
        Interest I-LTM8, REMIC I Regular Interest I-LTM9, REMIC I Regular Interest
        I-LTM10, REMIC I Regular Interest I-LTZZ and REMIC I Regular Interest
        I-LTP.

       

      “REMIC
        I Remittance Rate”:
        With
        respect to each REMIC I Regular Interest and any Distribution Date, the weighted
        average of the Expense Adjusted Mortgage Rates of the Mortgage Loans, weighted
        based on their Stated Principal Balances as of the first day of the related
        Due
        Period.

       

      “REMIC
        I Required Overcollateralized Amount”:
        1% of
        the Overcollateralization Target Amount.

       

      “REMIC
        II”:
        The
        segregated pool of assets consisting of all of the REMIC I Regular Interests
        conveyed in trust to the Trustee, for the benefit of the Class A Certificates,
        the Mezzanine Certificates, the Class CE Certificates, the Class P Certificates
        and the Class R-II Interest and all amounts deposited therein, with respect
        to
        which a separate REMIC election is to be made.

       

      “REMIC
        II Regular Interests”:
        Any
        Regular Interest issued by REMIC II, the ownership of which is evidenced
        by a
        Class A Certificate, Class M Certificate or Class CE Certificate.

       

      “REMIC
        II Regular Interest CE-IO”:
        A
        separate non-certificated regular interest of REMIC II designated as a REMIC
        II
        Regular Interest. REMIC II Regular Interest CE-IO shall have no entitlement
        to
        principal and shall be entitled to distributions of interest subject to the
        terms and conditions of the Pooling and Servicing Agreement, in an aggregate
        amount equal to interest distributable with respect to the Class CE Certificates
        pursuant to the terms and conditions of the Pooling and Servicing
        Agreement.

       

      “REMIC
        II Regular Interest CE-PO”:
        A
        separate non-certificated regular interest of REMIC II designated as a REMIC
        II
        Regular Interest. REMIC II Regular Interest CE-PO shall have no entitlement
        to
        interest and shall be entitled to distributions of principal subject to the
        terms and conditions of the Pooling and Servicing Agreement, in an aggregate
        amount equal to principal distributable with respect to the Class CE
        Certificates pursuant to the terms and conditions of the Pooling and Servicing
        Agreement.

       

      “REMIC
        Provisions”:
        Provisions of the federal income tax law relating to real estate mortgage
        investment conduits, which appear at Section 860A through 860G of the Code,
        and
        related provisions, and proposed, temporary and final regulations and published
        rulings, notices and announcements promulgated thereunder, as the foregoing
        may
        be in effect from time to time.

       

      “Remittance
        Report”:
        A
        report in form and substance acceptable to the Trustee on an electronic data
        file or tape prepared by the Servicer pursuant to Section
        4.03
        of the
        Pooling and Servicing Agreement, with such additions, deletions and
        modifications as agreed to by the Trustee and the Servicer.

       

      “Rents
        from Real Property”:
        With
        respect to any REO Property, gross income of the character described in Section
        856(d) of the Code as being included in the term “rents from real
        property.”

       

      “REO
        Account”:
        The
        account or accounts maintained, or caused to be maintained, by the Servicer
        in
        respect of an REO Property pursuant to Section
        3.23
        of the
        Pooling and Servicing Agreement.

       

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

       

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

       

      “REO
        Principal Amortization”:
        With
        respect to any REO Property, for any calendar month, the excess, if any,
        of (a)
        the aggregate of all amounts received in respect of such REO Property during
        such calendar month, whether in the form of rental income, sale proceeds
        (including, without limitation, that portion of the Termination Price paid
        in
        connection with a purchase of all of the Mortgage Loans and REO Properties
        pursuant to Section
        9.01
        of the
        Pooling and Servicing Agreement that is allocable to such REO Property) or
        otherwise, net of any portion of such amounts (i) payable pursuant to
Section
        3.23(c)
        of the
        Pooling and Servicing Agreement in respect of the proper operation, management
        and maintenance of such REO Property or (ii) payable or reimbursable to the
        Servicer pursuant to Section
        3.23(d)
        of the
        Pooling and Servicing Agreement for unpaid Servicing Fees in respect of the
        related Mortgage Loan and unreimbursed Servicing Advances and Advances in
        respect of such REO Property or the related Mortgage Loan, over (b) the REO
        Imputed Interest in respect of such REO Property for such calendar
        month.

       

      “REO
        Property”:
        A
        Mortgaged Property acquired by the Servicer on behalf of REMIC I through
        foreclosure or deed-in-lieu of foreclosure, as described in Section
        3.23
        of the
        Pooling and Servicing Agreement.

       

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

       

      “Reserve
        Interest Rate”:
        With
        respect to any Interest Determination Date, the rate per annum that the Trustee
        determines to be either (i) the arithmetic mean (rounded upwards if necessary
        to
        the nearest whole multiple of 1/16%) of the one-month U.S. dollar lending
        rates
        which New York City banks selected by the Trustee, after consultation with
        the
        Depositor, are quoting on the relevant Interest Determination Date to the
        principal London offices of leading banks in the London interbank market
        or (ii)
        in the event that the Trustee can determine no such arithmetic mean, the
        lowest
        one-month U.S. dollar lending rate which New York City banks selected by
        the
        Trustee, after consultation with the Depositor, are quoting on such Interest
        Determination Date to leading European banks.

       

      “Residential
        Dwelling”:
        Any
        one of the following: (i) an attached, detached or semi-detached one-family
        dwelling, (ii) an attached, detached or semi-detached two- to four-family
        dwelling, (iii) a one-family dwelling unit in a Fannie Mae eligible condominium
        project, (iv) an attached, detached or semi-detached one-family dwelling in
        a planned unit development, none of which is a co-operative or mobile home
        (as
        defined in 42 United States Code, Section 5402(6)).

       

      “Residual
        Certificates”:
        The
        Class R Certificates.

       

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

       

      “Responsible
        Officer”:
        When
        used with respect to the Trustee, any vice president, managing director,
        director, any assistant vice president, the Secretary, any assistant secretary,
        the Treasurer, any assistant treasurer, any associate, any trust officer
        or
        assistant trust officer or any other officer of the Trustee having direct
        responsibility over the Pooling and Servicing Agreement or otherwise engaged
        in
        performing functions similar to those performed by any of the above designated
        officers and, with respect to a particular matter, to whom such matter is
        referred because of such officer’s knowledge of and familiarity with the
        particular subject.

       

      “RFC”:
        Residential Funding Corporation, a Delaware corporation, or its successor
        in
        interest.

       

      “Rolling
        Three-Month Delinquency Average”:
        With
        respect to any Distribution Date, the average aggregate unpaid principal
        balance
        of the Mortgage Loans delinquent 60 days or more for each of the three (or
        one
        and two, in the case of the Distribution Dates in June 2006 and July 2006,
        respectively) immediately preceding months.

       

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

       

      “Securitization
        Transaction”:
        Any
        transaction involving either (1) a sale or other transfer of some or all
        of the
        Mortgage Loans directly or indirectly to an issuing entity in connection
        with an
        issuance of publicly offered or privately placed, rated or unrated
        mortgage-backed securities or (2) an issuance of publicly offered or privately
        placed, rated or unrated securities, the payments on which are determined
        primarily by reference to one or more portfolios of residential mortgage
        loans
        consisting, in whole or in part, of some or all of the Mortgage
        Loans.

       

      “Seller”:
        Carrington Securities, LP, a Delaware limited partnership, or its successor
        in
        interest, in its capacity as seller under the Mortgage Loan Purchase
        Agreement.

       

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

       

      “Servicer”:
        Homecomings Financial Network, Inc., a Delaware corporation, or any successor
        servicer appointed as herein provided, in its capacity as Servicer
        hereunder.

       

      “Servicer
        Event of Default”:
        One or
        more of the events described in Section
        7.01
        of the
        Pooling and Servicing Agreement.

       

      “Servicer
        Information”:
        As
        defined in Section
        12.07(a)(i)
        of the
        Pooling and Servicing Agreement.

       

      “Servicer
        Prepayment Charge Payment Amount”:
        The
        amounts payable by the Servicer in respect of any waived Prepayment Charges
        pursuant to Section
        3.01
        of the
        Pooling and Servicing Agreement.

       

      “Servicer
        Remittance Date”:
        With
        respect to any Distribution Date, by 1:00 p.m. New York time on the Business
        Day
        preceding the related Distribution Date.

       

      “Servicer
        Termination Test”:
        The
        Servicer Termination Test will be failed with respect to any Distribution
        Date
        if the aggregate amount of Realized Losses incurred since the Cut-off Date
        through the last day of the related Due Period (reduced by the aggregate
        amount
        of Subsequent Recoveries received from the Cut-off Date through the last
        day of
        the related Due Period) divided by aggregate Stated Principal Balance of
        the
        Mortgage Loans as of the Cut-off Date exceeds the applicable percentages
        set
        forth below with respect to such Distribution Date:

       

      
        	
                Payment
                  Date Occurring In

              	
                Percentage
                  (%)

              
	
                June
                  2009 through May 2010

              	
                3.50

              
	
                June
                  2010 through May 2111

              	
                5.00

              
	
                June
                  2011 through May 2012

              	
                6.25

              
	
                June
                  2012 and thereafter 

              	
                7.00

              

      

      

      “Servicing
        Account”:
        The
        account or accounts created and maintained pursuant to Section
        3.09
        of the
        Pooling and Servicing Agreement.

       

      “Servicing
        Advances”:
        The
        reasonable “out-of-pocket” costs and expenses (including legal fees) incurred by
        the Servicer in connection with a default, delinquency or other unanticipated
        event by the Servicer in the performance of its servicing obligations,
        including, but not limited to, the cost of (i) the preservation, restoration,
        inspection and protection of a Mortgaged Property, (ii) any enforcement or
        judicial proceedings, including but not limited to 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 Section
        3.01,
        Section
        3.09,
        Section
        3.14,
        Section
        3.16
        and
Section
        3.23
        of the
        Pooling and Servicing Agreement. The Servicer shall not be required to make
        any
        Nonrecoverable Servicing Advances.

       

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

       

      “Servicing
        Fee”:
        With
        respect to each Mortgage Loan and for any calendar month, an amount equal
        to the
        Servicing Fee Rate accrued for one month (or in the event of any payment
        of
        interest which accompanies a Principal Prepayment in full or in part made
        by the
        Mortgagor during such calendar month, interest for the number of days covered
        by
        such payment of interest) on the same principal amount on which interest
        on such
        Mortgage Loan accrues for such calendar month, calculated on the basis of
        a
        360-day year consisting of twelve 30-day months. A portion of such Servicing
        Fee
        may be retained by any Sub-Servicer as its servicing compensation.

       

      “Servicing
        Fee Rate”:
        The
        Servicing Fee Rate for any Distribution Date is at least 0.29% per annum
        and not
        more than 0.54% per annum of the outstanding principal balance of the applicable
        mortgage loan, as specified in the Mortgage Loan Schedule.

       

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

       

      “Servicing
        Transfer Costs”:
        Shall
        mean all reasonable costs and expenses incurred by the Trustee in connection
        with the transfer of servicing from a predecessor servicer, including, without
        limitation, any reasonable costs or expenses associated with the complete
        transfer of all servicing data and the completion, correction or manipulation
        of
        such servicing data as may be required by the Trustee to correct any errors
        or
        insufficiencies in the servicing data or otherwise to enable the Trustee
        (or any
        successor servicer appointed pursuant to Section
        7.02
        of the
        Pooling and Servicing Agreement) to service the Mortgage Loans properly and
        effectively and any fees associated with MERS.

       

      “Single
        Certificate”:
        With
        respect to any Class of Certificates (other than the Class P Certificates
        and
        the Residual Certificates), a hypothetical Certificate of such Class evidencing
        a Percentage Interest for such Class corresponding to an initial Certificate
        Principal Balance of $1,000. With respect to the Class P Certificates and
        the
        Residual Certificates, a hypothetical Certificate of such Class evidencing
        a
        100% Percentage Interest in such Class.

       

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

       

      “Stated
        Principal Balance”:
        With
        respect to any Mortgage Loan: (a) as of any date of determination up to but
        not
        including the Distribution Date on which the proceeds, if any, of a Liquidation
        Event with respect to such Mortgage Loan would be distributed, the principal
        balance of such Mortgage Loan as of the Cut-off Date, as shown on the Mortgage
        Loan Schedule, minus
        the sum
        of (i) the principal portion of each Monthly Payment due on a Due Date
        subsequent to the Cut-off Date, to the extent received from the Mortgagor
        or
        advanced by the Servicer and distributed pursuant to Section
        4.01
        of the
        Pooling and Servicing Agreement on or before such date of determination,
        (ii)
        all Principal Prepayments received after the Cut-off Date, to the extent
        distributed pursuant to Section
        4.01
        of the
        Pooling and Servicing Agreement on or before such date of determination,
        (iii)
        all Liquidation Proceeds and Insurance Proceeds applied by the Servicer as
        recoveries of principal in accordance with the provisions of Section
        3.16
        of the
        Pooling and Servicing Agreement, to the extent distributed pursuant to
Section
        4.01
        of the
        Pooling and Servicing Agreement on or before such date of determination,
        and
        (iv) any Realized Loss incurred with respect thereto as a result of a Deficient
        Valuation made during or prior to the Prepayment Period for the most recent
        Distribution Date coinciding with or preceding such date of determination;
        and
        (b) as of any date of determination coinciding with or subsequent to the
        Distribution Date on which the proceeds, if any, of a Liquidation Event with
        respect to such Mortgage Loan would be distributed, zero. With respect to
        any
        REO Property: (a) as of any date of determination up to but not including
        the
        Distribution Date on which the proceeds, if any, of a Liquidation Event with
        respect to such REO Property would be distributed, an amount (not less than
        zero) equal to the Stated Principal Balance of the related Mortgage Loan
        as of
        the date on which such REO Property was acquired on behalf of REMIC I,
minus
        the sum
        of (i) if such REO Property was acquired before the Distribution Date in
        any
        calendar month, the principal portion of the Monthly Payment due on the Due
        Date
        in the calendar month of acquisition, to the extent advanced by the Servicer
        and
        distributed pursuant to Section
        4.01
        of the
        Pooling and Servicing Agreement on or before such date of determination,
        and
        (ii) the aggregate amount of REO Principal Amortization in respect of such
        REO
        Property for all previously ended calendar months, to the extent distributed
        pursuant to Section
        4.01
        of the
        Pooling and Servicing Agreement on or before such date of determination;
        and (b)
        as of any date of determination coinciding with or subsequent to the
        Distribution Date on which the proceeds, if any, of a Liquidation Event with
        respect to such REO Property would be distributed, zero.

       

      “Stepdown
        Date”:
        The
        later to occur of (a) the Distribution Date occurring in June 2009 and (b)
        the
        first Distribution Date on which the Credit Enhancement Percentage (calculated
        for this purpose only prior to any distribution of the Principal Distribution
        Amount to the holders of the Certificates then entitled to distributions
        of
        principal on such Distribution Date) is equal to or greater than
        48.30%.

       

      “Subcontractor”:
        Any
        vendor, subcontractor or other Person (but not including the Trustee, except
        to
        the extent described in Article
        XI)
        that is
        not responsible for the overall servicing (as “servicing” is commonly understood
        by participants in the mortgage-backed securities market) of Mortgage Loans
        but
        performs one or more discrete functions identified in Item 1122(d) of Regulation
        AB with respect to Mortgage Loans under the direction or authority of the
        Servicer or a Sub-Servicer.

       

      “Subordination
        Percentage”:
        With
        respect to each class of Class A and Mezzanine Certificates, the applicable
        approximate percentage set forth in the table below.

       

      
        	
                Class

              	
                Percentage
                  (%)

              	
                Class

              	
                Percentage
                  (%)

              
	
                A

              	
                51.70

              	
                M-7

              	
                85.30

              
	
                M-1

              	
                59.50

              	
                M-8

              	
                88.10

              
	
                M-2

              	
                66.80

              	
                M-9

              	
                90.10

              
	
                M-3

              	
                71.10

              	
                M-10

              	
                92.40

              
	
                M-4

              	
                75.00

              	 	 
	
                M-5

              	
                78.80

              	 	 
	
                M-6

              	
                82.10

              	 	 

      

      

      “Sub-Servicer”:
        Any
        Person with which the Servicer has entered into a Sub-Servicing Agreement
        and
        which meets the qualifications of a Sub-Servicer pursuant to Section
        3.02
        of the
        Pooling and Servicing Agreement.

       

      “Sub-Servicing
        Account”:
        As
        defined in Section
        3.08
        of the
        Pooling and Servicing Agreement.

       

      “Sub-Servicing
        Agreement”:
        The
        written contract between the Servicer and a Sub-Servicer relating to servicing
        and administration of certain Mortgage Loans as provided in Section
        3.02
        of the
        Pooling and Servicing Agreement.

       

      “Subsequent
        Recoveries”:
        As of
        any Distribution Date, unexpected amounts received by the Servicer (net of
        any
        related expenses permitted to be reimbursed to the Servicer) specifically
        related to a Mortgage Loan that was the subject of a liquidation or an REO
        Disposition prior to the related Prepayment Period that resulted in a Realized
        Loss. If Subsequent Recoveries are received, they will be included as part
        of
        the Principal Remittance Amount for the following Distribution Date. In
        addition, after giving effect to all distributions on a Distribution Date,
        the
        amount of such Subsequent Recoveries will increase the Certificate Principal
        Balance first, of the Class A Certificates then outstanding, if a Realized
        Loss
        had been allocated to the Class A Certificates, on a pro
        rata
        basis by
        the amount of such Subsequent Recoveries, and second, of the class of Mezzanine
        Certificates then outstanding with the highest distribution priority to which
        a
        Realized Loss was allocated. Thereafter, such class of Class A and Mezzanine
        Certificates will accrue interest on the increased Certificate Principal
        Balance.

       

      “Substitution
        Shortfall Amount”:
        As
        defined in Section
        2.03(b)
        of the
        Pooling and Servicing Agreement.

       

      “Tax
        Returns”:
        The
        federal income tax return on Internal Revenue Service Form 1066, U.S. Real
        Estate Mortgage Investment Conduit Income Tax Return, including Schedule
        Q
        thereto, Quarterly Notice to Residual Interest Holders of REMIC Taxable Income
        or Net Loss Allocation, or any successor forms, to be filed on behalf of
        the
        Trust Fund due to the classification of portions thereof as REMICs under
        the
        REMIC Provisions, together with any and all other information reports or
        returns
        that may be required to be furnished to the Certificateholders or filed with
        the
        Internal Revenue Service or any other governmental taxing authority under
        any
        applicable provisions of federal, state or local tax laws.

       

      “Telerate
        Page 3750”:
        The
        display designated as page “3750” on the Dow Jones Telerate Capital Markets
        Report (or such other page as may replace page 3750 on that report for the
        purpose of displaying London interbank offered rates of major
        banks).

       

      “Termination
        Price”:
        As
        defined in Section
        9.01
        of the
        Pooling and Servicing Agreement.

       

      “Terminator”:
        As
        defined in Section
        9.01
        of the
        Pooling and Servicing Agreement.

       

      “Third-Party
        Originator”:
        Each
        Person, other than a Qualified Correspondent, that originated Mortgage Loans
        acquired by RFC.

       

      “Transaction
        Party”:
        As
        defined in Section
        11.02
        of the
        Pooling and Servicing Agreement.

       

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

       

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

       

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

       

      “Trigger
        Event”:
        A
        Trigger Event is in effect on any Distribution Date on or after the Stepdown
        Date if:

       

      (1) the
        Delinquency Percentage exceeds 32.00% of the then current Credit Enhancement
        Percentage for the prior Distribution Date; or

       

      (2) the
        aggregate amount of Realized Losses incurred since the Cut-off Date through
        the
        last day of the related Due Period (after giving effect to scheduled payments
        of
        principal due during the related Due Period, to the extent received or advanced,
        and unscheduled collections of principal received during the related Prepayment
        Period, reduced by the aggregate amount of Subsequent Recoveries received
        since
        the Cut-off Date through the last day of the related Due Period) divided
        by
        aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
        Date
        exceeds the applicable percentages set forth below with respect to such
        Distribution Date:

       

      
        	
                Distribution
                  Date Occurring In

              	
                Percentage
                  (%)

              
	
                June
                  2009 through May 2010

              	
                3.50

              
	
                June
                  2010 through May 2011

              	
                5.00

              
	
                June
                  2011 through May 2012

              	
                6.25

              
	
                June
                  2012 and thereafter

              	
                7.00

              

      

      

      “Trust
        Fund”:
        Collectively, all of the assets of each Trust REMIC, the Net WAC Rate Carryover
        Reserve Account, the Cap Contracts and the other assets conveyed by the
        Depositor to the Trustee pursuant to Section
        2.01
        of the
        Pooling and Servicing Agreement.

       

      “Trust
        REMIC”:
        Any of
        REMIC I or REMIC II.

       

      “Trustee”:
        Wells
        Fargo Bank, N.A., a national banking association, or its successor in interest,
        or any successor trustee appointed as herein provided.

       

      “Trustee
        Information”:
        As
        defined in Section
        11.05
        of the
        Pooling and Servicing Agreement.

       

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

       

      “Trustee
        Fee Rate”:
        0.0025% per annum.

       

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

       

      “Uncertificated
        Interest”:
        With
        respect to any REMIC I Regular Interest for any Distribution Date, one month’s
        interest at the REMIC I Remittance Rate applicable to such REMIC I Regular
        Interest for such Distribution Date, accrued on the Uncertificated Balance
        thereof immediately prior to such Distribution Date. Uncertificated Interest
        in
        respect of any REMIC I Regular Interest shall accrue on the basis of a 360-day
        year consisting of twelve 30-day months. Uncertificated Interest with respect
        to
        each Distribution Date, as to any REMIC I Regular Interest, shall be reduced
        by
        an amount equal to the sum of (a) the aggregate Prepayment Interest Shortfall,
        if any, for such Distribution Date to the extent not covered by payments
        pursuant to Section
        3.24
        of the
        Pooling and Servicing Agreement and (b) the aggregate amount of any Relief
        Act
        Interest Shortfall, if any allocated, in each case, to such REMIC I Regular
        Interest pursuant to Section 1.02
        of the
        Pooling and Servicing Agreement. In addition, Uncertificated Interest with
        respect to each Distribution Date, as to any REMIC I Regular Interest shall
        be
        reduced by Realized Losses, if any, allocated to such REMIC I Regular Interest
        pursuant to Section
        1.02
        and
Section
        4.04
        of the
        Pooling and Servicing Agreement.

       

      “Underwriters’
        Exemption”:
        An
        individual exemption issued by the United States Department of Labor, Prohibited
        Transaction Exemption 90-30, as amended by PTE 97-34, PTE 2000-58 and PTE
        2002-41, to Bear, Stearns & Co. Inc., for specific offerings in which Bear,
        Stearns & Co. Inc. or any person directly or indirectly, through one or more
        intermediaries, controlling, controlled by or under common control with Bear,
        Stearns & Co. Inc. is an underwriter, placement agent or a manager or
        co-manager of the underwriting syndicate or selling group where the trust
        and
        the offered certificates meet specified conditions. The Underwriters’ Exemption,
        as amended, provides a partial exemption for transactions involving certificates
        representing a beneficial interest in a trust and entitling the holder to
        pass-through payments of principal, interest and/or other payments with respect
        to the trust’s assets.

       

      “Uninsured
        Cause”:
        Any
        cause of damage to a Mortgaged Property such that the complete restoration
        of
        such property is not fully reimbursable by the hazard insurance policies
        required to be maintained pursuant to Section
        3.14
        of the
        Pooling and Servicing Agreement.

       

      “United
        States Person”:
        A
        citizen or resident of the United States, a corporation, partnership (or
        other
        entity treated as a corporation or partnership for United States federal
        income
        tax purposes) created or organized in, or under the laws of, the United States,
        any state thereof, or the District of Columbia (except in the case of a
        partnership, to the extent provided in Treasury regulations) provided that,
        for
        purposes solely of the restrictions on the transfer of Class R Certificates,
        no
        partnership or other entity treated as a partnership for United States federal
        income tax purposes shall be treated as a United States Person unless all
        persons that own an interest in such partnership either directly or through
        any
        entity that is not a corporation for United States federal income tax purposes
        are required by the applicable operative agreement to be United States Persons,
        or an estate the income of which from sources without the United States is
        includible in gross income for United States federal income tax purposes
        regardless of its connection with the conduct of a trade or business within
        the
        United States, or a trust if a court within the United States is able to
        exercise primary supervision over the administration of the trust and one
        or
        more United States persons have authority to control all substantial decisions
        of the trust. The term “United States” shall have the meaning set forth in
        Section 7701 of the Code or successor provisions.

       

      “Value”:
        With
        respect to any Mortgaged Property, the lesser of (i) the lesser of (a) the
        value
        thereof as determined by an appraisal made for the Originator of the Mortgage
        Loan at the time of origination of the Mortgage Loan by an appraiser who
        met the
        minimum requirements of Fannie Mae and Freddie Mac and (b) the value thereof
        as
        determined by a review appraisal conducted by the Originator in accordance
        with
        the Originator’s underwriting guidelines, and (ii) the purchase price paid for
        the related Mortgaged Property by the Mortgagor with the proceeds of the
        Mortgage Loan; provided,
        however,
        (A) in
        the case of a Refinanced Mortgage Loan, such value of the Mortgaged Property
        is
        based solely upon clause (i) above.

       

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

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      A-1

     

    FORM
      OF
      CLASS A-1 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE 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 IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      (THE “CODE”).

     

    

    
      	
              Series
                2006-RFC1

               

              Pass-Through
                Rate: Variable

               

              Cut-off
                Date: May 1, 2006

               

              Date
                of Pooling and Servicing Agreement: May 1, 2006

               

              First
                Distribution Date: June 26, 2006

               

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class A-1 Certificates as of
                the
                Closing Date: 

              $320,333,000

               

              Denomination:
                $320,333,000

               

              Servicer:
                Homecomings Financial Network, Inc.

               

              Trustee:
                Wells Fargo Bank, N.A.

               

              Closing
                Date: May 24, 2006

               

              CUSIP:
                14453E AA 0[
                ]144531 DZ 0

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    ASSET-BACKED
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
      consisting primarily of a pool of conventional one-
      to
      four-family, adjustable-rate and fixed-rate, interest-only and fully-amortizing,
      first lien and second lien mortgage loans
      (the
“Mortgage Loans”) formed and sold by

     

    STANWICH
      ASSET ACCEPTANCE COMPANY, L.L.C.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN STANWICH ASSET
      ACCEPTANCE COMPANY, L.L.C., THE SERVICER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE
      AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE
      GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class A-1 Certificates as of the Closing
      Date) in that certain beneficial ownership interest evidenced by all the Class
      A-1 Certificates in REMIC II created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Stanwich Asset
      Acceptance Company, L.L.C. (hereinafter called the “Depositor,” which term
      includes any successor entity under the Agreement), the Servicer and the
      Trustee, a summary of certain of the pertinent provisions of which is set forth
      hereafter. To the extent not defined herein, the capitalized terms used herein
      have the meanings assigned in the Agreement. This Certificate is issued under
      and is subject to the terms, provisions and conditions of the Agreement, to
      which Agreement the Holder of this Certificate by virtue of the acceptance
      hereof assents and by which such Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class A-1
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Trustee by wire transfer in immediately available
      funds to the account of the Person entitled thereto if such Person shall have
      so
      notified the Trustee in writing at least five Business Days prior to the Record
      Date immediately prior to such Distribution Date or otherwise by check mailed
      by
      first class mail to the address of the Person entitled thereto, as such name
      and
      address shall appear on the Certificate Register. Notwithstanding the above,
      the
      final distribution on this Certificate will be made after due notice by the
      Trustee of the pendency of such distribution and only upon presentation and
      surrender of this Certificate at the office or agency appointed by the Trustee
      for that purpose as provided in the Agreement.

     

    The
      Pass-Through Rate applicable to the calculation of interest payable with respect
      to this Certificate on any Distribution Date shall equal a rate per annum equal
      to the lesser of (i) the related Formula Rate for such Distribution Date and
      (ii) the related Net WAC Pass-Through Rate for such Distribution
      Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Asset-Backed Pass-Through Certificates of the Series specified on the face
      hereof (herein called the “Certificates”) and representing a Percentage Interest
      in the Class of Certificates specified on the face hereof equal to the
      denomination specified on the face hereof divided by the aggregate Certificate
      Principal Balance of the Class of Certificates specified on the face
      hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Custodial Account and the Certificate Account may be made from time to time
      for
      purposes other than distributions to Certificateholders, such purposes including
      reimbursement of advances made, or certain expenses incurred, with respect
      to
      the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Servicer, the Trustee, and the rights of the Certificateholders under the
      Agreement at any time by the Depositor, the Servicer and the Trustee with the
      consent of the Holders of Certificates entitled to at least 66% of the Voting
      Rights. Any such consent by the Holder of this Certificate shall be conclusive
      and binding on such Holder and upon all future Holders of this Certificate
      and
      of any Certificate issued upon the transfer hereof or in exchange herefor or
      in
      lieu hereof whether or not notation of such consent is made upon this
      Certificate. The Agreement also permits the amendment thereof, in certain
      limited circumstances, without the consent of the Holders of any of the
      Certificates.

     

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

     

    Each
      beneficial owner of this Certificate or any interest therein shall be deemed
      to
      have represented, by virtue of its acquisition or holding of such Certificate
      or
      any interest therein, that either (A) it is not an “employee benefit plan” as
      defined in Section 3(3) of the Employee Retirement Income Security Act of 1974,
      as amended (“ERISA”), that is subject to Title I of ERISA, any “plan” as defined
      in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the
      “Code”), that is subject to Section 4975 of the Code or any entity deemed to
      hold plan assets of any of the foregoing, (B) it has acquired and is holding
      this Certificate in reliance on the underwriters’ exemption, and that it
      understands that there are certain conditions to the availability of the
      underwriters’ exemption, including that this Certificate must be rated, at the
      time of purchase, not lower than “BBB-” (or its equivalent) by Fitch, S&P or
      Moody’s and the Certificate is so rated, that it is an accredited investor as
      defined in Rule 501(a)(1) of Regulation D of the Securities Act of 1933, as
      amended, and that it will obtain a representation from any transferee that
      such
      transferee is an accredited investor, or (C)(1) it is an insurance company,
      (2)
      the source of funds used to acquire or hold this Certificate or any interest
      therein is an “insurance company general account,” as such term is defined in
      Prohibited Transaction Class Exemption (“PTCE”)
      95-60,
      and (3) the conditions in Sections I and III of PTCE 95-60 have been
      satisfied.

     

    If
      this
      Certificate or any interest therein is acquired or held in violation of the
      provisions of Section 5.02(c) of the Agreement, the next preceding permitted
      beneficial owner will be treated as the beneficial owner of this Certificate
      retroactive to the date of transfer to the purported beneficial owner.
Any
      purported beneficial owner whose acquisition or holding of any this Certificate
      or any interest therein was effected in violation of the provisions of Section
      5.02(c) of the Agreement shall indemnify and hold harmless the Depositor, the
      Servicer, the Trustee and the Trust Fund from and against any and all
      liabilities, claims, costs or expenses incurred by those parties as a result
      of
      that acquisition or holding.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge that may be imposed in connection with any transfer
      or
      exchange of Certificates.

     

    The
      Depositor, the Servicer, the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Servicer, the Trustee nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trustee and required to be paid to them pursuant to the Agreement following
      the
      earlier of (i) the final payment or other liquidation (or any advance with
      respect thereto) of the last Mortgage Loan and REO Property remaining in REMIC
      I
      and (ii) the purchase by the party designated in the Agreement at a price
      determined as provided in the Agreement from REMIC I of all the Mortgage Loans
      and all property acquired in respect of such Mortgage Loans. The Agreement
      permits, but does not require, the party designated in the Agreement to purchase
      from REMIC I all the Mortgage Loans and all property acquired in respect of
      any
      Mortgage Loan at a price determined as provided in the Agreement. The exercise
      of such right will effect early retirement of the Certificates; however, such
      right to purchase is subject to the aggregate Stated Principal Balance of the
      Mortgage Loans at the time of purchase being less than 10% of the aggregate
      Stated Principal Balance of the Mortgage Loans as of the Cut-off
      Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trustee assumes no responsibility for their correctness.

     

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

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

     

    Dated:
      May 24, 2006

     

    

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A., as Trustee

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A., as Trustee

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Signatory

            

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT -

            	
              Custodian

            
	 	 	 	
              (Cust)     (Minor)

            
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	 	
              under
                Uniform Gifts

            
	 	 	 	
              to
                Minors Act

            
	
              JT
                TEN -

            	
              as
                joint tenants with right if 

            	 	 
	 	
              survivorship
                and not as

            	 	
              (State)

            
	 	
              tenants
                in common

            	 	 

    

    

    Additional
      abbreviations may also be used though not in the above list.

     

    ASSIGNMENT

    

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        

       

      
         

        
          	 

        

      

      
        	 

      

      (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee)

       

      a
        Percentage Interest equal to____% evidenced by the within Asset-Backed
        Pass-Through Certificate and hereby authorize(s) the registration of transfer
        of
        such interest to assignee on the Certificate Register of the Trust
        Fund.

       

       

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

       

      
         

        
          	 

        

        
          
            	 

          

          
 

        

      

    

    Dated:

     

    
      	 	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

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

    
      	
              to

            	 	
              ,

            
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	
              ,

            
	
              Applicable
                statements should be mailed to

            	 	 
	
              _____________________________________________________________________________

            	
              .

            
	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    EXHIBIT
      A-2

     

    FORM
      OF
      CLASS A-2 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE 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 IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      (THE “CODE”).

     

    

    
      	
              Series
                2006-RFC1

               

              Pass-Through
                Rate: Variable

               

              Cut-off
                Date: May 1, 2006

               

              Date
                of Pooling and Servicing Agreement: May 1, 2006

               

              First
                Distribution Date: June 26, 2006

               

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class A-2 Certificates as of
                the
                Closing Date: $134,074,000

               

              Denomination:
                $134,074,000

               

              Servicer:
                Homecomings Financial Network, Inc.

               

              Trustee:
                Wells Fargo Bank, N.A.

               

              Closing
                Date: May 24, 2006

               

              CUSIP:
                14453E AB 8

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    ASSET-BACKED
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
      consisting primarily of a pool of conventional one- to four-family,
      adjustable-rate and fixed-rate, interest-only and fully-amortizing, first lien
      and second lien mortgage loans (the “Mortgage Loans”) formed and sold
      by

     

    STANWICH
      ASSET ACCEPTANCE COMPANY, L.L.C.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN STANWICH ASSET
      ACCEPTANCE COMPANY, L.L.C., THE SERVICER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE
      AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE
      GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class A-2 Certificates as of the Closing
      Date) in that certain beneficial ownership interest evidenced by all the Class
      A-2 Certificates in REMIC II created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Stanwich Asset
      Acceptance Company, L.L.C. (hereinafter called the “Depositor,” which term
      includes any successor entity under the Agreement), the Servicer and the
      Trustee, a summary of certain of the pertinent provisions of which is set forth
      hereafter. To the extent not defined herein, the capitalized terms used herein
      have the meanings assigned in the Agreement. This Certificate is issued under
      and is subject to the terms, provisions and conditions of the Agreement, to
      which Agreement the Holder of this Certificate by virtue of the acceptance
      hereof assents and by which such Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class A-2
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Trustee by wire transfer in immediately available
      funds to the account of the Person entitled thereto if such Person shall have
      so
      notified the Trustee in writing at least five Business Days prior to the Record
      Date immediately prior to such Distribution Date or otherwise by check mailed
      by
      first class mail to the address of the Person entitled thereto, as such name
      and
      address shall appear on the Certificate Register. Notwithstanding the above,
      the
      final distribution on this Certificate will be made after due notice by the
      Trustee of the pendency of such distribution and only upon presentation and
      surrender of this Certificate at the office or agency appointed by the Trustee
      for that purpose as provided in the Agreement.

     

    The
      Pass-Through Rate applicable to the calculation of interest payable with respect
      to this Certificate on any Distribution Date shall equal a rate per annum equal
      to the lesser of (i) the related Formula Rate for such Distribution Date and
      (ii) the related Net WAC Pass-Through Rate for such Distribution
      Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Asset-Backed Pass-Through Certificates of the Series specified on the face
      hereof (herein called the “Certificates”) and representing a Percentage Interest
      in the Class of Certificates specified on the face hereof equal to the
      denomination specified on the face hereof divided by the aggregate Certificate
      Principal Balance of the Class of Certificates specified on the face
      hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Custodial Account and the Certificate Account may be made from time to time
      for
      purposes other than distributions to Certificateholders, such purposes including
      reimbursement of advances made, or certain expenses incurred, with respect
      to
      the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Servicer, the Trustee, and the rights of the Certificateholders under the
      Agreement at any time by the Depositor, the Servicer and the Trustee with the
      consent of the Holders of Certificates entitled to at least 66% of the Voting
      Rights. Any such consent by the Holder of this Certificate shall be conclusive
      and binding on such Holder and upon all future Holders of this Certificate
      and
      of any Certificate issued upon the transfer hereof or in exchange herefor or
      in
      lieu hereof whether or not notation of such consent is made upon this
      Certificate. The Agreement also permits the amendment thereof, in certain
      limited circumstances, without the consent of the Holders of any of the
      Certificates.

     

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

     

    Each
      beneficial owner of this Certificate or any interest therein shall be deemed
      to
      have represented, by virtue of its acquisition or holding of such Certificate
      or
      any interest therein, that either (A) it is not an “employee benefit plan” as
      defined in Section 3(3) of the Employee Retirement Income Security Act of 1974,
      as amended (“ERISA”), that is subject to Title I of ERISA, any “plan” as defined
      in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the
      “Code”), that is subject to Section 4975 of the Code or any entity deemed to
      hold plan assets of any of the foregoing, (B) it has acquired and is holding
      this Certificate in reliance on the underwriters’ exemption, and that it
      understands that there are certain conditions to the availability of the
      underwriters’ exemption, including that this Certificate must be rated, at the
      time of purchase, not lower than “BBB-” (or its equivalent) by Fitch, S&P or
      Moody’s and the Certificate is so rated, that it is an accredited investor as
      defined in Rule 501(a)(1) of Regulation D of the Securities Act of 1933, as
      amended, and that it will obtain a representation from any transferee that
      such
      transferee is an accredited investor, or (C)(1) it is an insurance company,
      (2)
      the source of funds used to acquire or hold this Certificate or any interest
      therein is an “insurance company general account,” as such term is defined in
      Prohibited Transaction Class Exemption (“PTCE”)
      95-60,
      and (3) the conditions in Sections I and III of PTCE 95-60 have been
      satisfied.

     

    If
      this
      Certificate or any interest therein is acquired or held in violation of the
      provisions of Section 5.02(c) of the Agreement, the next preceding permitted
      beneficial owner will be treated as the beneficial owner of this Certificate
      retroactive to the date of transfer to the purported beneficial owner. Any
      purported beneficial owner whose acquisition or holding of any this Certificate
      or any interest therein was effected in violation of the provisions of Section
      5.02(c) of the Agreement shall indemnify and hold harmless the Depositor, the
      Servicer, the Trustee and the Trust Fund from and against any and all
      liabilities, claims, costs or expenses incurred by those parties as a result
      of
      that acquisition or holding.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge that may be imposed in connection with any transfer
      or
      exchange of Certificates.

     

    The
      Depositor, the Servicer, the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Servicer, the Trustee nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trustee and required to be paid to them pursuant to the Agreement following
      the
      earlier of (i) the final payment or other liquidation (or any advance with
      respect thereto) of the last Mortgage Loan and REO Property remaining in REMIC
      I
      and (ii) the purchase by the party designated in the Agreement at a price
      determined as provided in the Agreement from REMIC I of all the Mortgage Loans
      and all property acquired in respect of such Mortgage Loans. The Agreement
      permits, but does not require, the party designated in the Agreement to purchase
      from REMIC I all the Mortgage Loans and all property acquired in respect of
      any
      Mortgage Loan at a price determined as provided in the Agreement. The exercise
      of such right will effect early retirement of the Certificates; however, such
      right to purchase is subject to the aggregate Stated Principal Balance of the
      Mortgage Loans at the time of purchase being less than 10% of the aggregate
      Stated Principal Balance of the Mortgage Loans as of the Cut-off
      Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trustee assumes no responsibility for their correctness.

     

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

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

     

    Dated:
      May 24, 2006

     

    

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A., as Trustee

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A., as Trustee

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Signatory

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT -

            	
              Custodian

            
	 	 	 	
              (Cust)     (Minor)

            
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	 	
              under
                Uniform Gifts

            
	 	 	 	
              to
                Minors Act

            
	
              JT
                TEN -

            	
              as
                joint tenants with right if 

            	 	 
	 	
              survivorship
                and not as

            	 	
              (State)

            
	 	
              tenants
                in common

            	 	 

    

    

    Additional
      abbreviations may also be used though not in the above list.

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
      _________________________________________________________________

     

    _____________________________________________________________________________

     

    _____________________________________________________________________________

     

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Asset-Backed Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trustee to issue a new Certificate of a like Percentage
      Interest and Class to the above named assignee and deliver such Certificate
      to
      the following address:
      ___________________________________________________________________________________________________________________________________________________________.

     

    Dated:

     

    
      	 	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

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

    
      	
              to

            	 	
              ,

            
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	
              ,

            
	
              Applicable
                statements should be mailed to

            	 	 
	
              _____________________________________________________________________________

            	
              .

            
	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    EXHIBIT
      A-3

     

    FORM
      OF
      CLASS A-3 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE 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 IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      (THE “CODE”).

     

    

    
      	
              Series
                2006-RFC1

               

              Pass-Through
                Rate: Variable

               

              Cut-off
                Date: May 1, 2006

               

              Date
                of Pooling and Servicing Agreement: May 1, 2006

               

              First
                Distribution Date: June 26, 2006

               

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class A-3 Certificates as of
                the
                Closing Date: $87,509,000

               

              Denomination:
                $87,509,000

               

              Servicer:
                Homecomings Financial Network, Inc.

               

              Trustee:
                Wells Fargo Bank, N.A.

               

              Closing
                Date: May 24, 2006

               

              CUSIP:
                14453E AC 6

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    ASSET-BACKED
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
      consisting primarily of a pool of conventional one- to four-family,
      adjustable-rate and fixed-rate, interest-only and fully-amortizing, first lien
      and second lien mortgage loans (the “Mortgage Loans”) formed and sold
      by

     

    STANWICH
      ASSET ACCEPTANCE COMPANY, L.L.C.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN STANWICH ASSET
      ACCEPTANCE COMPANY, L.L.C., THE SERVICER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE
      AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE
      GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class A-3 Certificates as of the Closing
      Date) in that certain beneficial ownership interest evidenced by all the Class
      A-3 Certificates in REMIC II created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Stanwich Asset
      Acceptance Company, L.L.C. (hereinafter called the “Depositor,” which term
      includes any successor entity under the Agreement), the Servicer and the
      Trustee, a summary of certain of the pertinent provisions of which is set forth
      hereafter. To the extent not defined herein, the capitalized terms used herein
      have the meanings assigned in the Agreement. This Certificate is issued under
      and is subject to the terms, provisions and conditions of the Agreement, to
      which Agreement the Holder of this Certificate by virtue of the acceptance
      hereof assents and by which such Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class A-3
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Trustee by wire transfer in immediately available
      funds to the account of the Person entitled thereto if such Person shall have
      so
      notified the Trustee in writing at least five Business Days prior to the Record
      Date immediately prior to such Distribution Date or otherwise by check mailed
      by
      first class mail to the address of the Person entitled thereto, as such name
      and
      address shall appear on the Certificate Register. Notwithstanding the above,
      the
      final distribution on this Certificate will be made after due notice by the
      Trustee of the pendency of such distribution and only upon presentation and
      surrender of this Certificate at the office or agency appointed by the Trustee
      for that purpose as provided in the Agreement.

     

    The
      Pass-Through Rate applicable to the calculation of interest payable with respect
      to this Certificate on any Distribution Date shall equal a rate per annum equal
      to the lesser of (i) the related Formula Rate for such Distribution Date and
      (ii) the related Net WAC Pass-Through Rate for such Distribution
      Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Asset-Backed Pass-Through Certificates of the Series specified on the face
      hereof (herein called the “Certificates”) and representing a Percentage Interest
      in the Class of Certificates specified on the face hereof equal to the
      denomination specified on the face hereof divided by the aggregate Certificate
      Principal Balance of the Class of Certificates specified on the face
      hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Custodial Account and the Certificate Account may be made from time to time
      for
      purposes other than distributions to Certificateholders, such purposes including
      reimbursement of advances made, or certain expenses incurred, with respect
      to
      the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Servicer, the Trustee, and the rights of the Certificateholders under the
      Agreement at any time by the Depositor, the Servicer and the Trustee with the
      consent of the Holders of Certificates entitled to at least 66% of the Voting
      Rights. Any such consent by the Holder of this Certificate shall be conclusive
      and binding on such Holder and upon all future Holders of this Certificate
      and
      of any Certificate issued upon the transfer hereof or in exchange herefor or
      in
      lieu hereof whether or not notation of such consent is made upon this
      Certificate. The Agreement also permits the amendment thereof, in certain
      limited circumstances, without the consent of the Holders of any of the
      Certificates.

     

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

     

    Each
      beneficial owner of this Certificate or any interest therein shall be deemed
      to
      have represented, by virtue of its acquisition or holding of such Certificate
      or
      any interest therein, that either (A) it is not an “employee benefit plan” as
      defined in Section 3(3) of the Employee Retirement Income Security Act of 1974,
      as amended (“ERISA”), that is subject to Title I of ERISA, any “plan” as defined
      in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the
      “Code”), that is subject to Section 4975 of the Code or any entity deemed to
      hold plan assets of any of the foregoing, (B) it has acquired and is holding
      this Certificate in reliance on the underwriters’ exemption, and that it
      understands that there are certain conditions to the availability of the
      underwriters’ exemption, including that this Certificate must be rated, at the
      time of purchase, not lower than “BBB-” (or its equivalent) by Fitch, S&P or
      Moody’s and the Certificate is so rated, that it is an accredited investor as
      defined in Rule 501(a)(1) of Regulation D of the Securities Act of 1933, as
      amended, and that it will obtain a representation from any transferee that
      such
      transferee is an accredited investor, or (C)(1) it is an insurance company,
      (2)
      the source of funds used to acquire or hold this Certificate or any interest
      therein is an “insurance company general account,” as such term is defined in
      Prohibited Transaction Class Exemption (“PTCE”)
      95-60,
      and (3) the conditions in Sections I and III of PTCE 95-60 have been
      satisfied.

     

    If
      this
      Certificate or any interest therein is acquired or held in violation of the
      provisions of Section 5.02(c) of the Agreement, the next preceding permitted
      beneficial owner will be treated as the beneficial owner of this Certificate
      retroactive to the date of transfer to the purported beneficial owner. Any
      purported beneficial owner whose acquisition or holding of any this Certificate
      or any interest therein was effected in violation of the provisions of Section
      5.02(c) of the Agreement shall indemnify and hold harmless the Depositor, the
      Servicer, the Trustee and the Trust Fund from and against any and all
      liabilities, claims, costs or expenses incurred by those parties as a result
      of
      that acquisition or holding.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge that may be imposed in connection with any transfer
      or
      exchange of Certificates.

     

    The
      Depositor, the Servicer, the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Servicer, the Trustee nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trustee and required to be paid to them pursuant to the Agreement following
      the
      earlier of (i) the final payment or other liquidation (or any advance with
      respect thereto) of the last Mortgage Loan and REO Property remaining in REMIC
      I
      and (ii) the purchase by the party designated in the Agreement at a price
      determined as provided in the Agreement from REMIC I of all the Mortgage Loans
      and all property acquired in respect of such Mortgage Loans. The Agreement
      permits, but does not require, the party designated in the Agreement to purchase
      from REMIC I all the Mortgage Loans and all property acquired in respect of
      any
      Mortgage Loan at a price determined as provided in the Agreement. The exercise
      of such right will effect early retirement of the Certificates; however, such
      right to purchase is subject to the aggregate Stated Principal Balance of the
      Mortgage Loans at the time of purchase being less than 10% of the aggregate
      Stated Principal Balance of the Mortgage Loans as of the Cut-off
      Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trustee assumes no responsibility for their correctness.

     

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

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

     

    Dated:
      May 24, 2006

     

    

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A., as Trustee

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A., as Trustee

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Signatory

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT -

            	
              Custodian

            
	 	 	 	
              (Cust)     (Minor)

            
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	 	
              under
                Uniform Gifts

            
	 	 	 	
              to
                Minors Act

            
	
              JT
                TEN -

            	
              as
                joint tenants with right if 

            	 	 
	 	
              survivorship
                and not as

            	 	
              (State)

            
	 	
              tenants
                in common

            	 	 

    

    

    Additional
      abbreviations may also be used though not in the above list.

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
      _________________________________________________________________

     

    _____________________________________________________________________________

     

    _____________________________________________________________________________

     

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Asset-Backed Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trustee to issue a new Certificate of a like Percentage
      Interest and Class to the above named assignee and deliver such Certificate
      to
      the following address:
      ___________________________________________________________________________________________________________________________________________________________.

     

    Dated:

     

    
      	 	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

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

    
      	
              to

            	 	
              ,

            
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	
              ,

            
	
              Applicable
                statements should be mailed to

            	 	 
	
              _____________________________________________________________________________

            	
              .

            
	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      A-4

     

    FORM
      OF
      CLASS A-4 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE 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 IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      (THE “CODE”).

     

    

    
      	
              Series
                2006-RFC1

              Pass-Through
                Rate: Variable

              Cut-off
                Date: May 1, 2006

              Date
                of Pooling and Servicing Agreement: May 1, 2006

              First
                Distribution Date: June 26, 2006

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class A-4 Certificates as of
                the
                Closing Date: $40,954,000

              Denomination:
                $40,954,000

              Servicer:
                Homecomings Financial Network, Inc.

              Trustee:
                Wells Fargo Bank, N.A.

              Closing
                Date: May 24, 2006

              CUSIP:
                14453E AD 4

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE
      OF THIS
      CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE
      OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN
      THE AMOUNT SHOWN ABOVE AS THE DENOMINATION OF THIS CERTIFICATE.

     

    ASSET-BACKED
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
      consisting primarily of a pool of conventional one- to four-family,
      adjustable-rate and fixed-rate, interest-only and fully-amortizing, first lien
      and second lien mortgage loans (the “Mortgage Loans”) formed and sold
      by

     

    STANWICH
      ASSET ACCEPTANCE COMPANY, L.L.C.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN STANWICH ASSET
      ACCEPTANCE COMPANY, L.L.C., THE SERVICER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE
      AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE
      GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class A-4 Certificates as of the Closing
      Date) in that certain beneficial ownership interest evidenced by all the Class
      A-4 Certificates in REMIC II created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Stanwich Asset
      Acceptance Company, L.L.C. (hereinafter called the “Depositor,” which term
      includes any successor entity under the Agreement), the Servicer and the
      Trustee, a summary of certain of the pertinent provisions of which is set forth
      hereafter. To the extent not defined herein, the capitalized terms used herein
      have the meanings assigned in the Agreement. This Certificate is issued under
      and is subject to the terms, provisions and conditions of the Agreement, to
      which Agreement the Holder of this Certificate by virtue of the acceptance
      hereof assents and by which such Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class A-4
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Trustee by wire transfer in immediately available
      funds to the account of the Person entitled thereto if such Person shall have
      so
      notified the Trustee in writing at least five Business Days prior to the Record
      Date immediately prior to such Distribution Date or otherwise by check mailed
      by
      first class mail to the address of the Person entitled thereto, as such name
      and
      address shall appear on the Certificate Register. Notwithstanding the above,
      the
      final distribution on this Certificate will be made after due notice by the
      Trustee of the pendency of such distribution and only upon presentation and
      surrender of this Certificate at the office or agency appointed by the Trustee
      for that purpose as provided in the Agreement.

     

    The
      Pass-Through Rate applicable to the calculation of interest payable with respect
      to this Certificate on any Distribution Date shall equal a rate per annum equal
      to the lesser of (i) the related Formula Rate for such Distribution Date and
      (ii) the related Net WAC Pass-Through Rate for such Distribution
      Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Asset-Backed Pass-Through Certificates of the Series specified on the face
      hereof (herein called the “Certificates”) and representing a Percentage Interest
      in the Class of Certificates specified on the face hereof equal to the
      denomination specified on the face hereof divided by the aggregate Certificate
      Principal Balance of the Class of Certificates specified on the face
      hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Custodial Account and the Certificate Account may be made from time to time
      for
      purposes other than distributions to Certificateholders, such purposes including
      reimbursement of advances made, or certain expenses incurred, with respect
      to
      the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Servicer, the Trustee, and the rights of the Certificateholders under the
      Agreement at any time by the Depositor, the Servicer and the Trustee with the
      consent of the Holders of Certificates entitled to at least 66% of the Voting
      Rights. Any such consent by the Holder of this Certificate shall be conclusive
      and binding on such Holder and upon all future Holders of this Certificate
      and
      of any Certificate issued upon the transfer hereof or in exchange herefor or
      in
      lieu hereof whether or not notation of such consent is made upon this
      Certificate. The Agreement also permits the amendment thereof, in certain
      limited circumstances, without the consent of the Holders of any of the
      Certificates.

     

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

     

    Each
      beneficial owner of this Certificate or any interest therein shall be deemed
      to
      have represented, by virtue of its acquisition or holding of such Certificate
      or
      any interest therein, that either (A) it is not an “employee benefit plan” as
      defined in Section 3(3) of the Employee Retirement Income Security Act of 1974,
      as amended (“ERISA”), that is subject to Title I of ERISA, any “plan” as defined
      in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the
      “Code”), that is subject to Section 4975 of the Code or any entity deemed to
      hold plan assets of any of the foregoing, (B) it has acquired and is holding
      this Certificate in reliance on the underwriters’ exemption, and that it
      understands that there are certain conditions to the availability of the
      underwriters’ exemption, including that this Certificate must be rated, at the
      time of purchase, not lower than “BBB-” (or its equivalent) by Fitch, S&P or
      Moody’s and the Certificate is so rated, that it is an accredited investor as
      defined in Rule 501(a)(1) of Regulation D of the Securities Act of 1933, as
      amended, and that it will obtain a representation from any transferee that
      such
      transferee is an accredited investor, or (C)(1) it is an insurance company,
      (2)
      the source of funds used to acquire or hold this Certificate or any interest
      therein is an “insurance company general account,” as such term is defined in
      Prohibited Transaction Class Exemption (“PTCE”)
      95-60,
      and (3) the conditions in Sections I and III of PTCE 95-60 have been
      satisfied.

     

    If
      this
      Certificate or any interest therein is acquired or held in violation of the
      provisions of Section 5.02(c) of the Agreement, the next preceding permitted
      beneficial owner will be treated as the beneficial owner of this Certificate
      retroactive to the date of transfer to the purported beneficial owner. Any
      purported beneficial owner whose acquisition or holding of any this Certificate
      or any interest therein was effected in violation of the provisions of Section
      5.02(c) of the Agreement shall indemnify and hold harmless the Depositor, the
      Servicer, the Trustee and the Trust Fund from and against any and all
      liabilities, claims, costs or expenses incurred by those parties as a result
      of
      that acquisition or holding.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge that may be imposed in connection with any transfer
      or
      exchange of Certificates.

     

    The
      Depositor, the Servicer, the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Servicer, the Trustee nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trustee and required to be paid to them pursuant to the Agreement following
      the
      earlier of (i) the final payment or other liquidation (or any advance with
      respect thereto) of the last Mortgage Loan and REO Property remaining in REMIC
      I
      and (ii) the purchase by the party designated in the Agreement at a price
      determined as provided in the Agreement from REMIC I of all the Mortgage Loans
      and all property acquired in respect of such Mortgage Loans. The Agreement
      permits, but does not require, the party designated in the Agreement to purchase
      from REMIC I all the Mortgage Loans and all property acquired in respect of
      any
      Mortgage Loan at a price determined as provided in the Agreement. The exercise
      of such right will effect early retirement of the Certificates; however, such
      right to purchase is subject to the aggregate Stated Principal Balance of the
      Mortgage Loans at the time of purchase being less than 10% of the aggregate
      Stated Principal Balance of the Mortgage Loans as of the Cut-off
      Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trustee assumes no responsibility for their correctness.

     

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

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

     

    Dated:
      May 24, 2006

     

    

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A., as Trustee

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A., as Trustee

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Signatory

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT -

            	
              Custodian

            
	 	 	 	
              (Cust)     (Minor)

            
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	 	
              under
                Uniform Gifts

            
	 	 	 	
              to
                Minors Act

            
	
              JT
                TEN -

            	
              as
                joint tenants with right if 

            	 	 
	 	
              survivorship
                and not as

            	 	
              (State)

            
	 	
              tenants
                in common

            	 	 

    

    

    Additional
      abbreviations may also be used though not in the above list.

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
      _________________________________________________________________

     

    _____________________________________________________________________________

     

    _____________________________________________________________________________

     

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Asset-Backed Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trustee to issue a new Certificate of a like Percentage
      Interest and Class to the above named assignee and deliver such Certificate
      to
      the following address:
      ______________________________________________________________________________

     

    _____________________________________________________________________________.

     

    Dated:

     

    
      	 	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

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

    
      	
              to

            	 	
              ,

            
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	
              ,

            
	
              Applicable
                statements should be mailed to

            	 	 
	
              _____________________________________________________________________________

            	
              .

            
	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      A-5

     

    FORM
      OF
      CLASS M-1 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE 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 IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      (THE “CODE”).

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES TO THE EXTENT DESCRIBED
      IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

     

    
      	
              Series
                2006-RFC1

              Pass-Through
                Rate: Variable

              Cut-off
                Date: May 1, 2006

              Date
                of Pooling and Servicing Agreement: May 1, 2006

              First
                Distribution Date: June 26, 2006

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class M-1 Certificates as of
                the
                Closing Date: $29,970,000

              Denomination:
                $29,970,000

              Servicer:
                Homecomings Financial Network, Inc.

              Trustee:
                Wells Fargo Bank, N.A.

              Closing
                Date: May 24, 2006

              CUSIP:
                14453E AE 2

            

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ASSET-BACKED
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
      consisting primarily of a pool of conventional one- to four-family,
      adjustable-rate and fixed-rate, interest-only and fully-amortizing, first lien
      and second lien mortgage loans (the “Mortgage Loans”) formed and sold
      by

     

    STANWICH
      ASSET ACCEPTANCE COMPANY, L.L.C.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN STANWICH ASSET
      ACCEPTANCE COMPANY, L.L.C., THE SERVICER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE
      AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE
      GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class M-1 Certificates as of the Closing
      Date) in that certain beneficial ownership interest evidenced by all the Class
      M-1 Certificates in REMIC II created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Stanwich Asset
      Acceptance Company, L.L.C. (hereinafter called the “Depositor,” which term
      includes any successor entity under the Agreement), the Servicer and the
      Trustee, a summary of certain of the pertinent provisions of which is set forth
      hereafter. To the extent not defined herein, the capitalized terms used herein
      have the meanings assigned in the Agreement. This Certificate is issued under
      and is subject to the terms, provisions and conditions of the Agreement, to
      which Agreement the Holder of this Certificate by virtue of the acceptance
      hereof assents and by which such Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class M-1
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Trustee by wire transfer in immediately available
      funds to the account of the Person entitled thereto if such Person shall have
      so
      notified the Trustee in writing at least five Business Days prior to the Record
      Date immediately prior to such Distribution Date or otherwise by check mailed
      by
      first class mail to the address of the Person entitled thereto, as such name
      and
      address shall appear on the Certificate Register. Notwithstanding the above,
      the
      final distribution on this Certificate will be made after due notice by the
      Trustee of the pendency of such distribution and only upon presentation and
      surrender of this Certificate at the office or agency appointed by the Trustee
      for that purpose as provided in the Agreement.

     

    The
      Pass-Through Rate applicable to the calculation of interest payable with respect
      to this Certificate on any Distribution Date shall equal a rate per annum equal
      to the lesser of (i) the related Formula Rate for such Distribution Date and
      (ii) the related Net WAC Pass-Through Rate for such Distribution
      Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Asset-Backed Pass-Through Certificates of the Series specified on the face
      hereof (herein called the “Certificates”) and representing a Percentage Interest
      in the Class of Certificates specified on the face hereof equal to the
      denomination specified on the face hereof divided by the aggregate Certificate
      Principal Balance of the Class of Certificates specified on the face
      hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Custodial Account and the Certificate Account may be made from time to time
      for
      purposes other than distributions to Certificateholders, such purposes including
      reimbursement of advances made, or certain expenses incurred, with respect
      to
      the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Servicer, the Trustee and the rights of the Certificateholders under the
      Agreement at any time by the Depositor, the Servicer and the Trustee with the
      consent of the Holders of Certificates entitled to at least 66% of the Voting
      Rights. Any such consent by the Holder of this Certificate shall be conclusive
      and binding on such Holder and upon all future Holders of this Certificate
      and
      of any Certificate issued upon the transfer hereof or in exchange herefor or
      in
      lieu hereof whether or not notation of such consent is made upon this
      Certificate. The Agreement also permits the amendment thereof, in certain
      limited circumstances, without the consent of the Holders of any of the
      Certificates.

     

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

     

    Each
      beneficial owner of this Certificate or any interest therein shall be deemed
      to
      have represented, by virtue of its acquisition or holding of such Certificate
      or
      any interest therein, that either (A) it is not an “employee benefit plan” as
      defined in Section 3(3) of the Employee Retirement Income Security Act of 1974,
      as amended (“ERISA”), that is subject to Title I of ERISA, any “plan” as defined
      in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the
      “Code”), that is subject to Section 4975 of the Code or any entity deemed to
      hold plan assets of any of the foregoing, (B) it has acquired and is holding
      this Certificate in reliance on the underwriters’ exemption, and that it
      understands that there are certain conditions to the availability of the
      underwriters’ exemption, including that this Certificate must be rated, at the
      time of purchase, not lower than “BBB-” (or its equivalent) by Fitch, S&P or
      Moody’s and the Certificate is so rated, that it is an accredited investor as
      defined in Rule 501(a)(1) of Regulation D of the Securities Act of 1933, as
      amended, and that it will obtain a representation from any transferee that
      such
      transferee is an accredited investor, or (C)(1) it is an insurance company,
      (2)
      the source of funds used to acquire or hold this Certificate or any interest
      therein is an “insurance company general account,” as such term is defined in
      Prohibited Transaction Class Exemption (“PTCE”)
      95-60,
      and (3) the conditions in Sections I and III of PTCE 95-60 have been
      satisfied.

     

    If
      this
      Certificate or any interest therein is acquired or held in violation of the
      provisions of Section 5.02(c) of the Agreement, the next preceding permitted
      beneficial owner will be treated as the beneficial owner of this Certificate
      retroactive to the date of transfer to the purported beneficial owner. Any
      purported beneficial owner whose acquisition or holding of any this Certificate
      or any interest therein was effected in violation of the provisions of Section
      5.02(c) of the Agreement shall indemnify and hold harmless the Depositor, the
      Servicer, the Trustee and the Trust Fund from and against any and all
      liabilities, claims, costs or expenses incurred by those parties as a result
      of
      that acquisition or holding.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge that may be imposed in connection with any transfer
      or
      exchange of Certificates.

     

    The
      Depositor, the Servicer, the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Servicer, the Trustee nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trustee and required to be paid to them pursuant to the Agreement following
      the
      earlier of (i) the final payment or other liquidation (or any advance with
      respect thereto) of the last Mortgage Loan and REO Property remaining in REMIC
      I
      and (ii) the purchase by the party designated in the Agreement at a price
      determined as provided in the Agreement from REMIC I of all the Mortgage Loans
      and all property acquired in respect of such Mortgage Loans. The Agreement
      permits, but does not require, the party designated in the Agreement to purchase
      from REMIC I all the Mortgage Loans and all property acquired in respect of
      any
      Mortgage Loan at a price determined as provided in the Agreement. The exercise
      of such right will effect early retirement of the Certificates; however, such
      right to purchase is subject to the aggregate Stated Principal Balance of the
      Mortgage Loans at the time of purchase being less than 10% of the aggregate
      Stated Principal Balance of the Mortgage Loans as of the Cut-off
      Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trustee assumes no responsibility for their correctness.

     

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

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

     

    Dated:
      May 24, 2006

     

    

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A., as Trustee

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A., as Trustee

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Signatory

            

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT -

            	
              Custodian

            
	 	 	 	
              (Cust)     (Minor)

            
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	 	
              under
                Uniform Gifts

            
	 	 	 	
              to
                Minors Act

            
	
              JT
                TEN -

            	
              as
                joint tenants with right if 

            	 	 
	 	
              survivorship
                and not as

            	 	
              (State)

            
	 	
              tenants
                in common

            	 	 

    

    

    Additional
      abbreviations may also be used though not in the above list.

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
      _________________________________________________________________

     

    _____________________________________________________________________________

     

    _____________________________________________________________________________

     

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Asset-Backed Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trustee to issue a new Certificate of a like Percentage
      Interest and Class to the above named assignee and deliver such Certificate
      to
      the following address:
      ______________________________________________________________________________

     

    _____________________________________________________________________________.

     

    Dated:

     

    
      	 	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

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

    
      	
              to

            	 	
              ,

            
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	
              ,

            
	
              Applicable
                statements should be mailed to

            	 	 
	
              _____________________________________________________________________________

            	
              .

            
	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      A-6

     

    FORM
      OF
      CLASS M-2 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE 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 IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      (THE “CODE”).

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES AND THE CLASS M-1
      CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
      REFERRED TO HEREIN.

     

    
      	
              Series
                2006-RFC1

              Pass-Through
                Rate: Variable

              Cut-off
                Date: May 1, 2006

              Date
                of Pooling and Servicing Agreement: May 1, 2006

              First
                Distribution Date: June 26, 2006

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class M-2 Certificates as of
                the
                Closing Date: $28,048,000

              Denomination:
                $28,048,000

              Servicer:
                Homecomings Financial Network, Inc.

              Trustee:
                Wells Fargo Bank, N.A.

              Closing
                Date: May 24, 2006

              CUSIP:
                14453E AF 9

            

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ASSET-BACKED
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
      consisting primarily of a pool of conventional one- to four-family,
      adjustable-rate and fixed-rate, interest-only and fully-amortizing, first lien
      and second lien mortgage loans (the “Mortgage Loans”) formed and sold
      by

     

    STANWICH
      ASSET ACCEPTANCE COMPANY, L.L.C.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN STANWICH ASSET
      ACCEPTANCE COMPANY, L.L.C., THE SERVICER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE
      AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE
      GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class M-2 Certificates as of the Closing
      Date) in that certain beneficial ownership interest evidenced by all the Class
      M-2 Certificates in REMIC II created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Stanwich Asset
      Acceptance Company, L.L.C. (hereinafter called the “Depositor,” which term
      includes any successor entity under the Agreement), the Servicer and the
      Trustee, a summary of certain of the pertinent provisions of which is set forth
      hereafter. To the extent not defined herein, the capitalized terms used herein
      have the meanings assigned in the Agreement. This Certificate is issued under
      and is subject to the terms, provisions and conditions of the Agreement, to
      which Agreement the Holder of this Certificate by virtue of the acceptance
      hereof assents and by which such Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class M-2
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Trustee by wire transfer in immediately available
      funds to the account of the Person entitled thereto if such Person shall have
      so
      notified the Trustee in writing at least five Business Days prior to the Record
      Date immediately prior to such Distribution Date or otherwise by check mailed
      by
      first class mail to the address of the Person entitled thereto, as such name
      and
      address shall appear on the Certificate Register. Notwithstanding the above,
      the
      final distribution on this Certificate will be made after due notice by the
      Trustee of the pendency of such distribution and only upon presentation and
      surrender of this Certificate at the office or agency appointed by the Trustee
      for that purpose as provided in the Agreement.

     

    The
      Pass-Through Rate applicable to the calculation of interest payable with respect
      to this Certificate on any Distribution Date shall equal a rate per annum equal
      to the lesser of (i) the related Formula Rate for such Distribution Date and
      (ii) the related Net WAC Pass-Through Rate for such Distribution
      Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Asset-Backed Pass-Through Certificates of the Series specified on the face
      hereof (herein called the “Certificates”) and representing a Percentage Interest
      in the Class of Certificates specified on the face hereof equal to the
      denomination specified on the face hereof divided by the aggregate Certificate
      Principal Balance of the Class of Certificates specified on the face
      hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Custodial Account and the Certificate Account may be made from time to time
      for
      purposes other than distributions to Certificateholders, such purposes including
      reimbursement of advances made, or certain expenses incurred, with respect
      to
      the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Servicer, the Trustee and the rights of the Certificateholders under the
      Agreement at any time by the Depositor, the Servicer and the Trustee with the
      consent of the Holders of Certificates entitled to at least 66% of the Voting
      Rights. Any such consent by the Holder of this Certificate shall be conclusive
      and binding on such Holder and upon all future Holders of this Certificate
      and
      of any Certificate issued upon the transfer hereof or in exchange herefor or
      in
      lieu hereof whether or not notation of such consent is made upon this
      Certificate. The Agreement also permits the amendment thereof, in certain
      limited circumstances, without the consent of the Holders of any of the
      Certificates.

     

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

     

    Each
      beneficial owner of this Certificate or any interest therein shall be deemed
      to
      have represented, by virtue of its acquisition or holding of such Certificate
      or
      any interest therein, that either (A) it is not an “employee benefit plan” as
      defined in Section 3(3) of the Employee Retirement Income Security Act of 1974,
      as amended (“ERISA”), that is subject to Title I of ERISA, any “plan” as defined
      in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the
      “Code”), that is subject to Section 4975 of the Code or any entity deemed to
      hold plan assets of any of the foregoing, (B) it has acquired and is holding
      this Certificate in reliance on the underwriters’ exemption, and that it
      understands that there are certain conditions to the availability of the
      underwriters’ exemption, including that this Certificate must be rated, at the
      time of purchase, not lower than “BBB-” (or its equivalent) by Fitch, S&P or
      Moody’s and the Certificate is so rated, that it is an accredited investor as
      defined in Rule 501(a)(1) of Regulation D of the Securities Act of 1933, as
      amended, and that it will obtain a representation from any transferee that
      such
      transferee is an accredited investor, or (C)(1) it is an insurance company,
      (2)
      the source of funds used to acquire or hold this Certificate or any interest
      therein is an “insurance company general account,” as such term is defined in
      Prohibited Transaction Class Exemption (“PTCE”)
      95-60,
      and (3) the conditions in Sections I and III of PTCE 95-60 have been
      satisfied.

     

    If
      this
      Certificate or any interest therein is acquired or held in violation of the
      provisions of Section 5.02(c) of the Agreement, the next preceding permitted
      beneficial owner will be treated as the beneficial owner of this Certificate
      retroactive to the date of transfer to the purported beneficial owner. Any
      purported beneficial owner whose acquisition or holding of any this Certificate
      or any interest therein was effected in violation of the provisions of Section
      5.02(c) of the Agreement shall indemnify and hold harmless the Depositor, the
      Servicer, the Trustee and the Trust Fund from and against any and all
      liabilities, claims, costs or expenses incurred by those parties as a result
      of
      that acquisition or holding.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge that may be imposed in connection with any transfer
      or
      exchange of Certificates.

     

    The
      Depositor, the Servicer, the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Servicer, the Trustee nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trustee and required to be paid to them pursuant to the Agreement following
      the
      earlier of (i) the final payment or other liquidation (or any advance with
      respect thereto) of the last Mortgage Loan and REO Property remaining in REMIC
      I
      and (ii) the purchase by the party designated in the Agreement at a price
      determined as provided in the Agreement from REMIC I of all the Mortgage Loans
      and all property acquired in respect of such Mortgage Loans. The Agreement
      permits, but does not require, the party designated in the Agreement to purchase
      from REMIC I all the Mortgage Loans and all property acquired in respect of
      any
      Mortgage Loan at a price determined as provided in the Agreement. The exercise
      of such right will effect early retirement of the Certificates; however, such
      right to purchase is subject to the aggregate Stated Principal Balance of the
      Mortgage Loans at the time of purchase being less than 10% of the aggregate
      Stated Principal Balance of the Mortgage Loans as of the Cut-off
      Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trustee assumes no responsibility for their correctness.

     

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

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

     

    Dated:
      May 24, 2006

     

    

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A., as Trustee

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A., as Trustee

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Signatory

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT -

            	
              Custodian

            
	 	 	 	
              (Cust)     (Minor)

            
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	 	
              under
                Uniform Gifts

            
	 	 	 	
              to
                Minors Act

            
	
              JT
                TEN -

            	
              as
                joint tenants with right if 

            	 	 
	 	
              survivorship
                and not as

            	 	
              (State)

            
	 	
              tenants
                in common

            	 	 

    

    

    Additional
      abbreviations may also be used though not in the above list.

     

    
      ASSIGNMENT

       

       

      
        	
                FOR
                  VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
                  transfer(s) unto

              	 
	 
	 

      

       

      (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) a Percentage Interest equal to ____%
        evidenced by the within Asset-Backed Pass-Through Certificates and hereby
        authorize(s) the registration of transfer of such interest to assignee on
        the
        Certificate Register of the Trust Fund.

       

      I
        (we)
        further direct the Trustee to issue a new Certificate of a like Percentage
        Interest and Class to the above named assignee and deliver such Certificate
        to
        the following address: 

      
        
          	 
	 

        

      

       

      Dated:

       

      
        	 	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

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

    
      	
              to

            	 	
              ,

            
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	
              ,

            
	
              Applicable
                statements should be mailed to

            	 	 
	
              _____________________________________________________________________________

            	
              .

            
	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      A-7

     

    FORM
      OF
      CLASS M-3 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE 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 IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      (THE “CODE”).

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
      CERTIFICATES AND THE CLASS M-2 CERTIFICATES TO THE EXTENT DESCRIBED IN THE
      POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

     

    
      	
              Series
                2006-RFC1

              Pass-Through
                Rate: Variable

              Cut-off
                Date: May 1, 2006

              Date
                of Pooling and Servicing Agreement: May 1, 2006

              First
                Distribution Date: June 26, 2006

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class M-3 Certificates as of
                the
                Closing Date: $16,522,000

              Denomination:
                $16,522,000

              Servicer:
                Homecomings Financial Network, Inc.

              Trustee:
                Wells Fargo Bank, N.A.

              Closing
                Date: May 24, 2006

              CUSIP:
                14453E AG 7

            

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ASSET-BACKED
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
      consisting primarily of a pool of conventional one- to four-family,
      adjustable-rate and fixed-rate, interest-only and fully-amortizing, first lien
      and second lien mortgage loans (the “Mortgage Loans”) formed and sold
      by

     

    STANWICH
      ASSET ACCEPTANCE COMPANY, L.L.C.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN STANWICH ASSET
      ACCEPTANCE COMPANY, L.L.C., THE SERVICER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE
      AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE
      GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class M-3 Certificates as of the Closing
      Date) in that certain beneficial ownership interest evidenced by all the Class
      M-3 Certificates in REMIC II created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Stanwich Asset
      Acceptance Company, L.L.C. (hereinafter called the “Depositor,” which term
      includes any successor entity under the Agreement), the Servicer and the
      Trustee, a summary of certain of the pertinent provisions of which is set forth
      hereafter. To the extent not defined herein, the capitalized terms used herein
      have the meanings assigned in the Agreement. This Certificate is issued under
      and is subject to the terms, provisions and conditions of the Agreement, to
      which Agreement the Holder of this Certificate by virtue of the acceptance
      hereof assents and by which such Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class M-3
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Trustee by wire transfer in immediately available
      funds to the account of the Person entitled thereto if such Person shall have
      so
      notified the Trustee in writing at least five Business Days prior to the Record
      Date immediately prior to such Distribution Date or otherwise by check mailed
      by
      first class mail to the address of the Person entitled thereto, as such name
      and
      address shall appear on the Certificate Register. Notwithstanding the above,
      the
      final distribution on this Certificate will be made after due notice by the
      Trustee of the pendency of such distribution and only upon presentation and
      surrender of this Certificate at the office or agency appointed by the Trustee
      for that purpose as provided in the Agreement.

     

    The
      Pass-Through Rate applicable to the calculation of interest payable with respect
      to this Certificate on any Distribution Date shall equal a rate per annum equal
      to the lesser of (i) the related Formula Rate for such Distribution Date and
      (ii) the related Net WAC Pass-Through Rate for such Distribution
      Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Asset-Backed Pass-Through Certificates of the Series specified on the face
      hereof (herein called the “Certificates”) and representing a Percentage Interest
      in the Class of Certificates specified on the face hereof equal to the
      denomination specified on the face hereof divided by the aggregate Certificate
      Principal Balance of the Class of Certificates specified on the face
      hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Custodial Account and the Certificate Account may be made from time to time
      for
      purposes other than distributions to Certificateholders, such purposes including
      reimbursement of advances made, or certain expenses incurred, with respect
      to
      the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Servicer, the Trustee and the rights of the Certificateholders under the
      Agreement at any time by the Depositor, the Servicer and the Trustee with the
      consent of the Holders of Certificates entitled to at least 66% of the Voting
      Rights. Any such consent by the Holder of this Certificate shall be conclusive
      and binding on such Holder and upon all future Holders of this Certificate
      and
      of any Certificate issued upon the transfer hereof or in exchange herefor or
      in
      lieu hereof whether or not notation of such consent is made upon this
      Certificate. The Agreement also permits the amendment thereof, in certain
      limited circumstances, without the consent of the Holders of any of the
      Certificates.

     

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

     

    Each
      beneficial owner of this Certificate or any interest therein shall be deemed
      to
      have represented, by virtue of its acquisition or holding of such Certificate
      or
      any interest therein, that either (A) it is not an “employee benefit plan” as
      defined in Section 3(3) of the Employee Retirement Income Security Act of 1974,
      as amended (“ERISA”), that is subject to Title I of ERISA, any “plan” as defined
      in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the
      “Code”), that is subject to Section 4975 of the Code or any entity deemed to
      hold plan assets of any of the foregoing, (B) it has acquired and is holding
      this Certificate in reliance on the underwriters’ exemption, and that it
      understands that there are certain conditions to the availability of the
      underwriters’ exemption, including that this Certificate must be rated, at the
      time of purchase, not lower than “BBB-” (or its equivalent) by Fitch, S&P or
      Moody’s and the Certificate is so rated, that it is an accredited investor as
      defined in Rule 501(a)(1) of Regulation D of the Securities Act of 1933, as
      amended, and that it will obtain a representation from any transferee that
      such
      transferee is an accredited investor, or (C)(1) it is an insurance company,
      (2)
      the source of funds used to acquire or hold this Certificate or any interest
      therein is an “insurance company general account,” as such term is defined in
      Prohibited Transaction Class Exemption (“PTCE”)
      95-60,
      and (3) the conditions in Sections I and III of PTCE 95-60 have been
      satisfied.

     

    If
      this
      Certificate or any interest therein is acquired or held in violation of the
      provisions of Section 5.02(c) of the Agreement, the next preceding permitted
      beneficial owner will be treated as the beneficial owner of this Certificate
      retroactive to the date of transfer to the purported beneficial owner. Any
      purported beneficial owner whose acquisition or holding of any this Certificate
      or any interest therein was effected in violation of the provisions of Section
      5.02(c) of the Agreement shall indemnify and hold harmless the Depositor, the
      Servicer, the Trustee and the Trust Fund from and against any and all
      liabilities, claims, costs or expenses incurred by those parties as a result
      of
      that acquisition or holding.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge that may be imposed in connection with any transfer
      or
      exchange of Certificates.

     

    The
      Depositor, the Servicer, the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Servicer, the Trustee nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trustee and required to be paid to them pursuant to the Agreement following
      the
      earlier of (i) the final payment or other liquidation (or any advance with
      respect thereto) of the last Mortgage Loan and REO Property remaining in REMIC
      I
      and (ii) the purchase by the party designated in the Agreement at a price
      determined as provided in the Agreement from REMIC I of all the Mortgage Loans
      and all property acquired in respect of such Mortgage Loans. The Agreement
      permits, but does not require, the party designated in the Agreement to purchase
      from REMIC I all the Mortgage Loans and all property acquired in respect of
      any
      Mortgage Loan at a price determined as provided in the Agreement. The exercise
      of such right will effect early retirement of the Certificates; however, such
      right to purchase is subject to the aggregate Stated Principal Balance of the
      Mortgage Loans at the time of purchase being less than 10% of the aggregate
      Stated Principal Balance of the Mortgage Loans as of the Cut-off
      Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trustee assumes no responsibility for their correctness.

     

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

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

     

    Dated:
      May 24, 2006

     

    

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A., as Trustee

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A., as Trustee

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Signatory

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT -

            	
              Custodian

            
	 	 	 	
              (Cust)     (Minor)

            
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	 	
              under
                Uniform Gifts

            
	 	 	 	
              to
                Minors Act

            
	
              JT
                TEN -

            	
              as
                joint tenants with right if 

            	 	 
	 	
              survivorship
                and not as

            	 	
              (State)

            
	 	
              tenants
                in common

            	 	 

    

    

    Additional
      abbreviations may also be used though not in the above list.

     

    ASSIGNMENT

     

     

    
      	
              FOR
                VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
                transfer(s) unto

            	 
	 
	 

    

     

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Asset-Backed Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trustee to issue a new Certificate of a like Percentage
      Interest and Class to the above named assignee and deliver such Certificate
      to
      the following address: 

    
      
        	 
	 

      

    

     

    Dated:

     

    
      	 	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

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

    
      	
              to

            	 	
              ,

            
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	
              ,

            
	
              Applicable
                statements should be mailed to

            	 	 
	
               

            	
              .

            
	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      A-8

     

    FORM
      OF
      CLASS M-4 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE 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 IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      (THE “CODE”).

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
      CERTIFICATES, THE CLASS M-2 CERTIFICATES AND THE CLASS M-3 CERTIFICATES TO
      THE
      EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
      HEREIN.

     

    
      	
              Series
                2006-RFC1

              Pass-Through
                Rate: Variable

              Cut-off
                Date: May 1, 2006

              Date
                of Pooling and Servicing Agreement: May 1, 2006

              First
                Distribution Date: June 26, 2006

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class M-4 Certificates as of
                the
                Closing Date: $14,985,000

              Denomination:
                $14,985,000

              Servicer:
                Homecomings Financial Network, Inc.

              Trustee:
                Wells Fargo Bank, N.A.

              Closing
                Date: May 24, 2006

              CUSIP:
                14453E AH 5

            

    

     

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ASSET-BACKED
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
      consisting primarily of a pool of conventional one- to four-family,
      adjustable-rate and fixed-rate, interest-only and fully-amortizing, first lien
      and second lien mortgage loans (the “Mortgage Loans”) formed and sold
      by

     

    STANWICH
      ASSET ACCEPTANCE COMPANY, L.L.C.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN STANWICH ASSET
      ACCEPTANCE COMPANY, L.L.C., THE SERVICER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE
      AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE
      GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class M-4 Certificates as of the Closing
      Date) in that certain beneficial ownership interest evidenced by all the Class
      M-4 Certificates in REMIC II created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Stanwich Asset
      Acceptance Company, L.L.C. (hereinafter called the “Depositor,” which term
      includes any successor entity under the Agreement), the Servicer and the
      Trustee, a summary of certain of the pertinent provisions of which is set forth
      hereafter. To the extent not defined herein, the capitalized terms used herein
      have the meanings assigned in the Agreement. This Certificate is issued under
      and is subject to the terms, provisions and conditions of the Agreement, to
      which Agreement the Holder of this Certificate by virtue of the acceptance
      hereof assents and by which such Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class M-4
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Trustee by wire transfer in immediately available
      funds to the account of the Person entitled thereto if such Person shall have
      so
      notified the Trustee in writing at least five Business Days prior to the Record
      Date immediately prior to such Distribution Date or otherwise by check mailed
      by
      first class mail to the address of the Person entitled thereto, as such name
      and
      address shall appear on the Certificate Register. Notwithstanding the above,
      the
      final distribution on this Certificate will be made after due notice by the
      Trustee of the pendency of such distribution and only upon presentation and
      surrender of this Certificate at the office or agency appointed by the Trustee
      for that purpose as provided in the Agreement.

     

    The
      Pass-Through Rate applicable to the calculation of interest payable with respect
      to this Certificate on any Distribution Date shall equal a rate per annum equal
      to the lesser of (i) the related Formula Rate for such Distribution Date and
      (ii) the related Net WAC Pass-Through Rate for such Distribution
      Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Asset-Backed Pass-Through Certificates of the Series specified on the face
      hereof (herein called the “Certificates”) and representing a Percentage Interest
      in the Class of Certificates specified on the face hereof equal to the
      denomination specified on the face hereof divided by the aggregate Certificate
      Principal Balance of the Class of Certificates specified on the face
      hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Custodial Account and the Certificate Account may be made from time to time
      for
      purposes other than distributions to Certificateholders, such purposes including
      reimbursement of advances made, or certain expenses incurred, with respect
      to
      the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Servicer, the Trustee and the rights of the Certificateholders under the
      Agreement at any time by the Depositor, the Servicer and the Trustee with the
      consent of the Holders of Certificates entitled to at least 66% of the Voting
      Rights. Any such consent by the Holder of this Certificate shall be conclusive
      and binding on such Holder and upon all future Holders of this Certificate
      and
      of any Certificate issued upon the transfer hereof or in exchange herefor or
      in
      lieu hereof whether or not notation of such consent is made upon this
      Certificate. The Agreement also permits the amendment thereof, in certain
      limited circumstances, without the consent of the Holders of any of the
      Certificates.

     

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

     

    Each
      beneficial owner of this Certificate or any interest therein shall be deemed
      to
      have represented, by virtue of its acquisition or holding of such Certificate
      or
      any interest therein, that either (A) it is not an “employee benefit plan” as
      defined in Section 3(3) of the Employee Retirement Income Security Act of 1974,
      as amended (“ERISA”), that is subject to Title I of ERISA, any “plan” as defined
      in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the
      “Code”), that is subject to Section 4975 of the Code or any entity deemed to
      hold plan assets of any of the foregoing, (B) it has acquired and is holding
      this Certificate in reliance on the underwriters’ exemption, and that it
      understands that there are certain conditions to the availability of the
      underwriters’ exemption, including that this Certificate must be rated, at the
      time of purchase, not lower than “BBB-” (or its equivalent) by Fitch, S&P or
      Moody’s and the Certificate is so rated, that it is an accredited investor as
      defined in Rule 501(a)(1) of Regulation D of the Securities Act of 1933, as
      amended, and that it will obtain a representation from any transferee that
      such
      transferee is an accredited investor, or (C)(1) it is an insurance company,
      (2)
      the source of funds used to acquire or hold this Certificate or any interest
      therein is an “insurance company general account,” as such term is defined in
      Prohibited Transaction Class Exemption (“PTCE”)
      95-60,
      and (3) the conditions in Sections I and III of PTCE 95-60 have been
      satisfied.

     

    If
      this
      Certificate or any interest therein is acquired or held in violation of the
      provisions of Section 5.02(c) of the Agreement, the next preceding permitted
      beneficial owner will be treated as the beneficial owner of this Certificate
      retroactive to the date of transfer to the purported beneficial owner. Any
      purported beneficial owner whose acquisition or holding of any this Certificate
      or any interest therein was effected in violation of the provisions of Section
      5.02(c) of the Agreement shall indemnify and hold harmless the Depositor, the
      Servicer, the Trustee and the Trust Fund from and against any and all
      liabilities, claims, costs or expenses incurred by those parties as a result
      of
      that acquisition or holding.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge that may be imposed in connection with any transfer
      or
      exchange of Certificates.

     

    The
      Depositor, the Servicer, the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Servicer, the Trustee nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trustee and required to be paid to them pursuant to the Agreement following
      the
      earlier of (i) the final payment or other liquidation (or any advance with
      respect thereto) of the last Mortgage Loan and REO Property remaining in REMIC
      I
      and (ii) the purchase by the party designated in the Agreement at a price
      determined as provided in the Agreement from REMIC I of all the Mortgage Loans
      and all property acquired in respect of such Mortgage Loans. The Agreement
      permits, but does not require, the party designated in the Agreement to purchase
      from REMIC I all the Mortgage Loans and all property acquired in respect of
      any
      Mortgage Loan at a price determined as provided in the Agreement. The exercise
      of such right will effect early retirement of the Certificates; however, such
      right to purchase is subject to the aggregate Stated Principal Balance of the
      Mortgage Loans at the time of purchase being less than 10% of the aggregate
      Stated Principal Balance of the Mortgage Loans as of the Cut-off
      Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trustee assumes no responsibility for their correctness.

     

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

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

     

    Dated:
      May 24, 2006

     

    

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A., as Trustee

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A., as Trustee

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Signatory

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT -

            	
              Custodian

            
	 	 	 	
              (Cust)     (Minor)

            
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	 	
              under
                Uniform Gifts

            
	 	 	 	
              to
                Minors Act

            
	
              JT
                TEN -

            	
              as
                joint tenants with right if 

            	 	 
	 	
              survivorship
                and not as

            	 	
              (State)

            
	 	
              tenants
                in common

            	 	 

    

    

    Additional
      abbreviations may also be used though not in the above list.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      ASSIGNMENT

       

       

      
        	
                FOR
                  VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
                  transfer(s) unto

              	 
	 
	 

      

       

      (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) a Percentage Interest equal to ____%
        evidenced by the within Asset-Backed Pass-Through Certificates and hereby
        authorize(s) the registration of transfer of such interest to assignee on
        the
        Certificate Register of the Trust Fund.

       

      I
        (we)
        further direct the Trustee to issue a new Certificate of a like Percentage
        Interest and Class to the above named assignee and deliver such Certificate
        to
        the following address: 

      
        
          	 
	 

        

      

       

      Dated:

       

      
        	 	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

    

    
 

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

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

    
      	
              to

            	 	
              ,

            
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	
              ,

            
	
              Applicable
                statements should be mailed to

            	 	 
	
               

            	
              .

            
	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    EXHIBIT
      A-9

     

    FORM
      OF
      CLASS M-5 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE 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 IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      (THE “CODE”).

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
      CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES AND THE
      CLASS M-4 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING
      AGREEMENT REFERRED TO HEREIN.

     

    
      	
              Series
                2006-RFC1

              Pass-Through
                Rate: Variable

              Cut-off
                Date: May 1, 2006

              Date
                of Pooling and Servicing Agreement: May 1, 2006

              First
                Distribution Date: June 26, 2006

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class M-5 Certificates as of
                the
                Closing Date: $14,601,000

              Denomination:
                $14,601,000

              Servicer:
                Homecomings Financial Network, Inc.

              Trustee:
                Wells Fargo Bank, N.A.

              Closing
                Date: May 24, 2006

              CUSIP:
                14453E AJ 1

            

    

     

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ASSET-BACKED
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
      consisting primarily of a pool of conventional one- to four-family,
      adjustable-rate and fixed-rate, interest-only and fully-amortizing, first lien
      and second lien mortgage loans (the “Mortgage Loans”) formed and sold
      by

     

    STANWICH
      ASSET ACCEPTANCE COMPANY, L.L.C.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN STANWICH ASSET
      ACCEPTANCE COMPANY, L.L.C., THE SERVICER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE
      AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE
      GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class M-5 Certificates as of the Closing
      Date) in that certain beneficial ownership interest evidenced by all the Class
      M-5 Certificates in REMIC II created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Stanwich Asset
      Acceptance Company, L.L.C. (hereinafter called the “Depositor,” which term
      includes any successor entity under the Agreement), the Servicer and the
      Trustee, a summary of certain of the pertinent provisions of which is set forth
      hereafter. To the extent not defined herein, the capitalized terms used herein
      have the meanings assigned in the Agreement. This Certificate is issued under
      and is subject to the terms, provisions and conditions of the Agreement, to
      which Agreement the Holder of this Certificate by virtue of the acceptance
      hereof assents and by which such Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class M-5
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Trustee by wire transfer in immediately available
      funds to the account of the Person entitled thereto if such Person shall have
      so
      notified the Trustee in writing at least five Business Days prior to the Record
      Date immediately prior to such Distribution Date or otherwise by check mailed
      by
      first class mail to the address of the Person entitled thereto, as such name
      and
      address shall appear on the Certificate Register. Notwithstanding the above,
      the
      final distribution on this Certificate will be made after due notice by the
      Trustee of the pendency of such distribution and only upon presentation and
      surrender of this Certificate at the office or agency appointed by the Trustee
      for that purpose as provided in the Agreement.

     

    The
      Pass-Through Rate applicable to the calculation of interest payable with respect
      to this Certificate on any Distribution Date shall equal a rate per annum equal
      to the lesser of (i) the related Formula Rate for such Distribution Date and
      (ii) the related Net WAC Pass-Through Rate for such Distribution
      Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Asset-Backed Pass-Through Certificates of the Series specified on the face
      hereof (herein called the “Certificates”) and representing a Percentage Interest
      in the Class of Certificates specified on the face hereof equal to the
      denomination specified on the face hereof divided by the aggregate Certificate
      Principal Balance of the Class of Certificates specified on the face
      hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Custodial Account and the Certificate Account may be made from time to time
      for
      purposes other than distributions to Certificateholders, such purposes including
      reimbursement of advances made, or certain expenses incurred, with respect
      to
      the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Servicer, the Trustee and the rights of the Certificateholders under the
      Agreement at any time by the Depositor, the Servicer and the Trustee with the
      consent of the Holders of Certificates entitled to at least 66% of the Voting
      Rights. Any such consent by the Holder of this Certificate shall be conclusive
      and binding on such Holder and upon all future Holders of this Certificate
      and
      of any Certificate issued upon the transfer hereof or in exchange herefor or
      in
      lieu hereof whether or not notation of such consent is made upon this
      Certificate. The Agreement also permits the amendment thereof, in certain
      limited circumstances, without the consent of the Holders of any of the
      Certificates.

     

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

     

    Each
      beneficial owner of this Certificate or any interest therein shall be deemed
      to
      have represented, by virtue of its acquisition or holding of such Certificate
      or
      any interest therein, that either (A) it is not an “employee benefit plan” as
      defined in Section 3(3) of the Employee Retirement Income Security Act of 1974,
      as amended (“ERISA”), that is subject to Title I of ERISA, any “plan” as defined
      in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the
      “Code”), that is subject to Section 4975 of the Code or any entity deemed to
      hold plan assets of any of the foregoing, (B) it has acquired and is holding
      this Certificate in reliance on the underwriters’ exemption, and that it
      understands that there are certain conditions to the availability of the
      underwriters’ exemption, including that this Certificate must be rated, at the
      time of purchase, not lower than “BBB-” (or its equivalent) by Fitch, S&P or
      Moody’s and the Certificate is so rated, that it is an accredited investor as
      defined in Rule 501(a)(1) of Regulation D of the Securities Act of 1933, as
      amended, and that it will obtain a representation from any transferee that
      such
      transferee is an accredited investor, or (C)(1) it is an insurance company,
      (2)
      the source of funds used to acquire or hold this Certificate or any interest
      therein is an “insurance company general account,” as such term is defined in
      Prohibited Transaction Class Exemption (“PTCE”)
      95-60,
      and (3) the conditions in Sections I and III of PTCE 95-60 have been
      satisfied.

     

    If
      this
      Certificate or any interest therein is acquired or held in violation of the
      provisions of Section 5.02(c) of the Agreement, the next preceding permitted
      beneficial owner will be treated as the beneficial owner of this Certificate
      retroactive to the date of transfer to the purported beneficial owner. Any
      purported beneficial owner whose acquisition or holding of any this Certificate
      or any interest therein was effected in violation of the provisions of Section
      5.02(c) of the Agreement shall indemnify and hold harmless the Depositor, the
      Servicer, the Trustee and the Trust Fund from and against any and all
      liabilities, claims, costs or expenses incurred by those parties as a result
      of
      that acquisition or holding.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge that may be imposed in connection with any transfer
      or
      exchange of Certificates.

     

    The
      Depositor, the Servicer, the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Servicer, the Trustee nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trustee and required to be paid to them pursuant to the Agreement following
      the
      earlier of (i) the final payment or other liquidation (or any advance with
      respect thereto) of the last Mortgage Loan and REO Property remaining in REMIC
      I
      and (ii) the purchase by the party designated in the Agreement at a price
      determined as provided in the Agreement from REMIC I of all the Mortgage Loans
      and all property acquired in respect of such Mortgage Loans. The Agreement
      permits, but does not require, the party designated in the Agreement to purchase
      from REMIC I all the Mortgage Loans and all property acquired in respect of
      any
      Mortgage Loan at a price determined as provided in the Agreement. The exercise
      of such right will effect early retirement of the Certificates; however, such
      right to purchase is subject to the aggregate Stated Principal Balance of the
      Mortgage Loans at the time of purchase being less than 10% of the aggregate
      Stated Principal Balance of the Mortgage Loans as of the Cut-off
      Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trustee assumes no responsibility for their correctness.

     

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

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

     

    Dated:
      May 24, 2006

     

    

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A., as Trustee

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A., as Trustee

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Signatory

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT -

            	
              Custodian

            
	 	 	 	
              (Cust)     (Minor)

            
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	 	
              under
                Uniform Gifts

            
	 	 	 	
              to
                Minors Act

            
	
              JT
                TEN -

            	
              as
                joint tenants with right if 

            	 	 
	 	
              survivorship
                and not as

            	 	
              (State)

            
	 	
              tenants
                in common

            	 	 

    

    

    Additional
      abbreviations may also be used though not in the above list.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      ASSIGNMENT

       

       

      
        	
                FOR
                  VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
                  transfer(s) unto

              	 
	 
	 

      

       

      (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) a Percentage Interest equal to ____%
        evidenced by the within Asset-Backed Pass-Through Certificates and hereby
        authorize(s) the registration of transfer of such interest to assignee on
        the
        Certificate Register of the Trust Fund.

       

      I
        (we)
        further direct the Trustee to issue a new Certificate of a like Percentage
        Interest and Class to the above named assignee and deliver such Certificate
        to
        the following address: 

      
        
          	 
	 

        

      

       

      Dated:

       

      
        	 	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

    

    
 

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

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

    
      	
              to

            	 	
              ,

            
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	
              ,

            
	
              Applicable
                statements should be mailed to

            	 	 
	
               

            	
              .

            
	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    EXHIBIT
      A-10

     

    FORM
      OF
      CLASS M-6 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE 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 IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      (THE “CODE”).

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
      CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE CLASS
      M-4 CERTIFICATES AND THE CLASS M-5 CERTIFICATES TO THE EXTENT DESCRIBED IN
      THE
      POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

     

    
      	
              Series
                2006-RFC1

              Pass-Through
                Rate: Variable

              Cut-off
                Date: May 1, 2006

              Date
                of Pooling and Servicing Agreement: May 1, 2006

              First
                Distribution Date: June 26, 2006

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class M-6 Certificates as of
                the
                Closing Date: $12,679,000

              Denomination:
                $12,679,000

              Servicer:
                Homecomings Financial Network, Inc.

              Trustee:
                Wells Fargo Bank, N.A.

              Closing
                Date: May 24, 2006

              CUSIP:
                14453E AK 8

            

    

     

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ASSET-BACKED
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
      consisting primarily of a pool of conventional one- to four-family,
      adjustable-rate and fixed-rate, interest-only and fully-amortizing, first lien
      and second lien mortgage loans (the “Mortgage Loans”) formed and sold
      by

     

    STANWICH
      ASSET ACCEPTANCE COMPANY, L.L.C.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN STANWICH ASSET
      ACCEPTANCE COMPANY, L.L.C., THE SERVICER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE
      AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE
      GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class M-6 Certificates as of the Closing
      Date) in that certain beneficial ownership interest evidenced by all the Class
      M-6 Certificates in REMIC II created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Stanwich Asset
      Acceptance Company, L.L.C. (hereinafter called the “Depositor,” which term
      includes any successor entity under the Agreement), the Servicer and the
      Trustee, a summary of certain of the pertinent provisions of which is set forth
      hereafter. To the extent not defined herein, the capitalized terms used herein
      have the meanings assigned in the Agreement. This Certificate is issued under
      and is subject to the terms, provisions and conditions of the Agreement, to
      which Agreement the Holder of this Certificate by virtue of the acceptance
      hereof assents and by which such Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class M-6
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Trustee by wire transfer in immediately available
      funds to the account of the Person entitled thereto if such Person shall have
      so
      notified the Trustee in writing at least five Business Days prior to the Record
      Date immediately prior to such Distribution Date or otherwise by check mailed
      by
      first class mail to the address of the Person entitled thereto, as such name
      and
      address shall appear on the Certificate Register. Notwithstanding the above,
      the
      final distribution on this Certificate will be made after due notice by the
      Trustee of the pendency of such distribution and only upon presentation and
      surrender of this Certificate at the office or agency appointed by the Trustee
      for that purpose as provided in the Agreement.

     

    The
      Pass-Through Rate applicable to the calculation of interest payable with respect
      to this Certificate on any Distribution Date shall equal a rate per annum equal
      to the lesser of (i) the related Formula Rate for such Distribution Date and
      (ii) the related Net WAC Pass-Through Rate for such Distribution
      Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Asset-Backed Pass-Through Certificates of the Series specified on the face
      hereof (herein called the “Certificates”) and representing a Percentage Interest
      in the Class of Certificates specified on the face hereof equal to the
      denomination specified on the face hereof divided by the aggregate Certificate
      Principal Balance of the Class of Certificates specified on the face
      hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Custodial Account and the Certificate Account may be made from time to time
      for
      purposes other than distributions to Certificateholders, such purposes including
      reimbursement of advances made, or certain expenses incurred, with respect
      to
      the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Servicer, the Trustee and the rights of the Certificateholders under the
      Agreement at any time by the Depositor, the Servicer and the Trustee with the
      consent of the Holders of Certificates entitled to at least 66% of the Voting
      Rights. Any such consent by the Holder of this Certificate shall be conclusive
      and binding on such Holder and upon all future Holders of this Certificate
      and
      of any Certificate issued upon the transfer hereof or in exchange herefor or
      in
      lieu hereof whether or not notation of such consent is made upon this
      Certificate. The Agreement also permits the amendment thereof, in certain
      limited circumstances, without the consent of the Holders of any of the
      Certificates.

     

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

     

    Each
      beneficial owner of this Certificate or any interest therein shall be deemed
      to
      have represented, by virtue of its acquisition or holding of such Certificate
      or
      any interest therein, that either (A) it is not an “employee benefit plan” as
      defined in Section 3(3) of the Employee Retirement Income Security Act of 1974,
      as amended (“ERISA”), that is subject to Title I of ERISA, any “plan” as defined
      in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the
      “Code”), that is subject to Section 4975 of the Code or any entity deemed to
      hold plan assets of any of the foregoing, (B) it has acquired and is holding
      this Certificate in reliance on the underwriters’ exemption, and that it
      understands that there are certain conditions to the availability of the
      underwriters’ exemption, including that this Certificate must be rated, at the
      time of purchase, not lower than “BBB-” (or its equivalent) by Fitch, S&P or
      Moody’s and the Certificate is so rated, that it is an accredited investor as
      defined in Rule 501(a)(1) of Regulation D of the Securities Act of 1933, as
      amended, and that it will obtain a representation from any transferee that
      such
      transferee is an accredited investor, or (C)(1) it is an insurance company,
      (2)
      the source of funds used to acquire or hold this Certificate or any interest
      therein is an “insurance company general account,” as such term is defined in
      Prohibited Transaction Class Exemption (“PTCE”)
      95-60,
      and (3) the conditions in Sections I and III of PTCE 95-60 have been
      satisfied.

     

    If
      this
      Certificate or any interest therein is acquired or held in violation of the
      provisions of Section 5.02(c) of the Agreement, the next preceding permitted
      beneficial owner will be treated as the beneficial owner of this Certificate
      retroactive to the date of transfer to the purported beneficial owner. Any
      purported beneficial owner whose acquisition or holding of any this Certificate
      or any interest therein was effected in violation of the provisions of Section
      5.02(c) of the Agreement shall indemnify and hold harmless the Depositor, the
      Servicer, the Trustee and the Trust Fund from and against any and all
      liabilities, claims, costs or expenses incurred by those parties as a result
      of
      that acquisition or holding.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge that may be imposed in connection with any transfer
      or
      exchange of Certificates.

     

    The
      Depositor, the Servicer, the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Servicer, the Trustee nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trustee and required to be paid to them pursuant to the Agreement following
      the
      earlier of (i) the final payment or other liquidation (or any advance with
      respect thereto) of the last Mortgage Loan and REO Property remaining in REMIC
      I
      and (ii) the purchase by the party designated in the Agreement at a price
      determined as provided in the Agreement from REMIC I of all the Mortgage Loans
      and all property acquired in respect of such Mortgage Loans. The Agreement
      permits, but does not require, the party designated in the Agreement to purchase
      from REMIC I all the Mortgage Loans and all property acquired in respect of
      any
      Mortgage Loan at a price determined as provided in the Agreement. The exercise
      of such right will effect early retirement of the Certificates; however, such
      right to purchase is subject to the aggregate Stated Principal Balance of the
      Mortgage Loans at the time of purchase being less than 10% of the aggregate
      Stated Principal Balance of the Mortgage Loans as of the Cut-off
      Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trustee assumes no responsibility for their correctness.

     

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

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

     

    Dated:
      May 24, 2006

     

    

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A., as Trustee

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A., as Trustee

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Signatory

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT -

            	
              Custodian

            
	 	 	 	
              (Cust)     (Minor)

            
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	 	
              under
                Uniform Gifts

            
	 	 	 	
              to
                Minors Act

            
	
              JT
                TEN -

            	
              as
                joint tenants with right if 

            	 	 
	 	
              survivorship
                and not as

            	 	
              (State)

            
	 	
              tenants
                in common

            	 	 

    

    

    Additional
      abbreviations may also be used though not in the above list.

     

    
      ASSIGNMENT

       

       

      
        	
                FOR
                  VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
                  transfer(s) unto

              	 
	 
	 

      

       

      (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) a Percentage Interest equal to ____%
        evidenced by the within Asset-Backed Pass-Through Certificates and hereby
        authorize(s) the registration of transfer of such interest to assignee on
        the
        Certificate Register of the Trust Fund.

       

      I
        (we)
        further direct the Trustee to issue a new Certificate of a like Percentage
        Interest and Class to the above named assignee and deliver such Certificate
        to
        the following address: 

      
        
          	 
	 

        

      

       

      Dated:

       

      
        	 	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

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

    
      	
              to

            	 	
              ,

            
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	
              ,

            
	
              Applicable
                statements should be mailed to

            	 	 
	
               

            	
              .

            
	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    EXHIBIT
      A-11

     

    FORM
      OF
      CLASS M-7 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE 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 IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      (THE “CODE”).

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
      CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE CLASS
      M-4 CERTIFICATES, THE CLASS M-5 CERTIFICATES AND THE M-6 CERTIFICATES TO THE
      EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
      HEREIN.

     

    
      	
              Series
                2006-RFC1

              Pass-Through
                Rate: Variable

              Cut-off
                Date: May 1, 2006

              Date
                of Pooling and Servicing Agreement: May 1, 2006

              First
                Distribution Date: June 26, 2006

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class M-7 Certificates as of
                the
                Closing Date: $12,295,000

              Denomination:
                $12,295,000

              Servicer:
                Homecomings Financial Network, Inc.

              Trustee:
                Wells Fargo Bank, N.A.

              Closing
                Date: May 24, 2006

              CUSIP:
                14453E AL 6

            

    

     

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
THE DENOMINATION OF THIS CERTIFICATE.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ASSET-BACKED
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
      consisting primarily of a pool of conventional one- to four-family,
      adjustable-rate and fixed-rate, interest-only and fully-amortizing, first lien
      and second lien mortgage loans (the “Mortgage Loans”) formed and sold
      by

     

    STANWICH
      ASSET ACCEPTANCE COMPANY, L.L.C.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN STANWICH ASSET
      ACCEPTANCE COMPANY, L.L.C., THE SERVICER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE
      AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE
      GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class M-7 Certificates as of the Closing
      Date) in that certain beneficial ownership interest evidenced by all the Class
      M-7 Certificates in REMIC II created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Stanwich Asset
      Acceptance Company, L.L.C. (hereinafter called the “Depositor,” which term
      includes any successor entity under the Agreement), the Servicer and the
      Trustee, a summary of certain of the pertinent provisions of which is set forth
      hereafter. To the extent not defined herein, the capitalized terms used herein
      have the meanings assigned in the Agreement. This Certificate is issued under
      and is subject to the terms, provisions and conditions of the Agreement, to
      which Agreement the Holder of this Certificate by virtue of the acceptance
      hereof assents and by which such Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class M-7
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Trustee by wire transfer in immediately available
      funds to the account of the Person entitled thereto if such Person shall have
      so
      notified the Trustee in writing at least five Business Days prior to the Record
      Date immediately prior to such Distribution Date or otherwise by check mailed
      by
      first class mail to the address of the Person entitled thereto, as such name
      and
      address shall appear on the Certificate Register. Notwithstanding the above,
      the
      final distribution on this Certificate will be made after due notice by the
      Trustee of the pendency of such distribution and only upon presentation and
      surrender of this Certificate at the office or agency appointed by the Trustee
      for that purpose as provided in the Agreement.

     

    The
      Pass-Through Rate applicable to the calculation of interest payable with respect
      to this Certificate on any Distribution Date shall equal a rate per annum equal
      to the lesser of (i) the related Formula Rate for such Distribution Date and
      (ii) the related Net WAC Pass-Through Rate for such Distribution
      Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Asset-Backed Pass-Through Certificates of the Series specified on the face
      hereof (herein called the “Certificates”) and representing a Percentage Interest
      in the Class of Certificates specified on the face hereof equal to the
      denomination specified on the face hereof divided by the aggregate Certificate
      Principal Balance of the Class of Certificates specified on the face
      hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Custodial Account and the Certificate Account may be made from time to time
      for
      purposes other than distributions to Certificateholders, such purposes including
      reimbursement of advances made, or certain expenses incurred, with respect
      to
      the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Servicer, the Trustee and the rights of the Certificateholders under the
      Agreement at any time by the Depositor, the Servicer and the Trustee with the
      consent of the Holders of Certificates entitled to at least 66% of the Voting
      Rights. Any such consent by the Holder of this Certificate shall be conclusive
      and binding on such Holder and upon all future Holders of this Certificate
      and
      of any Certificate issued upon the transfer hereof or in exchange herefor or
      in
      lieu hereof whether or not notation of such consent is made upon this
      Certificate. The Agreement also permits the amendment thereof, in certain
      limited circumstances, without the consent of the Holders of any of the
      Certificates.

     

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

     

    Each
      beneficial owner of this Certificate or any interest therein shall be deemed
      to
      have represented, by virtue of its acquisition or holding of such Certificate
      or
      any interest therein, that either (A) it is not an “employee benefit plan” as
      defined in Section 3(3) of the Employee Retirement Income Security Act of 1974,
      as amended (“ERISA”), that is subject to Title I of ERISA, any “plan” as defined
      in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the
      “Code”), that is subject to Section 4975 of the Code or any entity deemed to
      hold plan assets of any of the foregoing, (B) it has acquired and is holding
      this Certificate in reliance on the underwriters’ exemption, and that it
      understands that there are certain conditions to the availability of the
      underwriters’ exemption, including that this Certificate must be rated, at the
      time of purchase, not lower than “BBB-” (or its equivalent) by Fitch, S&P or
      Moody’s and the Certificate is so rated, that it is an accredited investor as
      defined in Rule 501(a)(1) of Regulation D of the Securities Act of 1933, as
      amended, and that it will obtain a representation from any transferee that
      such
      transferee is an accredited investor, or (C)(1) it is an insurance company,
      (2)
      the source of funds used to acquire or hold this Certificate or any interest
      therein is an “insurance company general account,” as such term is defined in
      Prohibited Transaction Class Exemption (“PTCE”)
      95-60,
      and (3) the conditions in Sections I and III of PTCE 95-60 have been
      satisfied.

     

    If
      this
      Certificate or any interest therein is acquired or held in violation of the
      provisions of Section 5.02(c) of the Agreement, the next preceding permitted
      beneficial owner will be treated as the beneficial owner of this Certificate
      retroactive to the date of transfer to the purported beneficial owner. Any
      purported beneficial owner whose acquisition or holding of any this Certificate
      or any interest therein was effected in violation of the provisions of Section
      5.02(c) of the Agreement shall indemnify and hold harmless the Depositor, the
      Servicer, the Trustee and the Trust Fund from and against any and all
      liabilities, claims, costs or expenses incurred by those parties as a result
      of
      that acquisition or holding.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge that may be imposed in connection with any transfer
      or
      exchange of Certificates.

     

    The
      Depositor, the Servicer, the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Servicer, the Trustee nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trustee and required to be paid to them pursuant to the Agreement following
      the
      earlier of (i) the final payment or other liquidation (or any advance with
      respect thereto) of the last Mortgage Loan and REO Property remaining in REMIC
      I
      and (ii) the purchase by the party designated in the Agreement at a price
      determined as provided in the Agreement from REMIC I of all the Mortgage Loans
      and all property acquired in respect of such Mortgage Loans. The Agreement
      permits, but does not require, the party designated in the Agreement to purchase
      from REMIC I all the Mortgage Loans and all property acquired in respect of
      any
      Mortgage Loan at a price determined as provided in the Agreement. The exercise
      of such right will effect early retirement of the Certificates; however, such
      right to purchase is subject to the aggregate Stated Principal Balance of the
      Mortgage Loans at the time of purchase being less than 10% of the aggregate
      Stated Principal Balance of the Mortgage Loans as of the Cut-off
      Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trustee assumes no responsibility for their correctness.

     

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

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

     

    Dated:
      May 24, 2006

     

    

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A., as Trustee

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A., as Trustee

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Signatory

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT -

            	
              Custodian

            
	 	 	 	
              (Cust)     (Minor)

            
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	 	
              under
                Uniform Gifts

            
	 	 	 	
              to
                Minors Act

            
	
              JT
                TEN -

            	
              as
                joint tenants with right if 

            	 	 
	 	
              survivorship
                and not as

            	 	
              (State)

            
	 	
              tenants
                in common

            	 	 

    

    

    Additional
      abbreviations may also be used though not in the above list.

     

    
      ASSIGNMENT

       

       

      
        	
                FOR
                  VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
                  transfer(s) unto

              	 
	 
	 

      

       

      (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) a Percentage Interest equal to ____%
        evidenced by the within Asset-Backed Pass-Through Certificates and hereby
        authorize(s) the registration of transfer of such interest to assignee on
        the
        Certificate Register of the Trust Fund.

       

      I
        (we)
        further direct the Trustee to issue a new Certificate of a like Percentage
        Interest and Class to the above named assignee and deliver such Certificate
        to
        the following address: 

      
        
          	 
	 

        

      

       

      Dated:

       

      
        	 	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

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

    
      	
              to

            	 	
              ,

            
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	
              ,

            
	
              Applicable
                statements should be mailed to

            	 	 
	
               

            	
              .

            
	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    EXHIBIT
      A-12

     

    FORM
      OF
      CLASS M-8 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE 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 IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      (THE “CODE”).

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
      CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE CLASS
      M-4 CERTIFICATES, THE CLASS M-5 CERTIFICATES, THE CLASS M-6 CERTIFICATES AND
      THE
      CLASS M-7 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING
      AGREEMENT REFERRED TO HEREIN.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	
              Series
                2006-RFC1

              Pass-Through
                Rate: Variable

              Cut-off
                Date: May 1, 2006

              Date
                of Pooling and Servicing Agreement: May 1, 2006

              First
                Distribution Date: June 26, 2006

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class M-8 Certificates as of
                the
                Closing Date: $10,758,000

              Denomination:
                $10,758,000

              Servicer:
                Homecomings Financial Network, Inc.

              Trustee:
                Wells Fargo Bank, N.A.

              Closing
                Date: May 24, 2006

              CUSIP:
                14453E AM 4

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ASSET-BACKED
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
      consisting primarily of a pool of conventional one- to four-family,
      adjustable-rate and fixed-rate, interest-only and fully-amortizing, first lien
      and second lien mortgage loans (the “Mortgage Loans”) formed and sold
      by

     

    STANWICH
      ASSET ACCEPTANCE COMPANY, L.L.C.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN STANWICH ASSET
      ACCEPTANCE COMPANY, L.L.C., THE SERVICER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE
      AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE
      GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class M-8 Certificates as of the Closing
      Date) in that certain beneficial ownership interest evidenced by all the Class
      M-8 Certificates in REMIC II created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Stanwich Asset
      Acceptance Company, L.L.C. (hereinafter called the “Depositor,” which term
      includes any successor entity under the Agreement), the Servicer and the
      Trustee, a summary of certain of the pertinent provisions of which is set forth
      hereafter. To the extent not defined herein, the capitalized terms used herein
      have the meanings assigned in the Agreement. This Certificate is issued under
      and is subject to the terms, provisions and conditions of the Agreement, to
      which Agreement the Holder of this Certificate by virtue of the acceptance
      hereof assents and by which such Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class M-8
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Trustee by wire transfer in immediately available
      funds to the account of the Person entitled thereto if such Person shall have
      so
      notified the Trustee in writing at least five Business Days prior to the Record
      Date immediately prior to such Distribution Date or otherwise by check mailed
      by
      first class mail to the address of the Person entitled thereto, as such name
      and
      address shall appear on the Certificate Register. Notwithstanding the above,
      the
      final distribution on this Certificate will be made after due notice by the
      Trustee of the pendency of such distribution and only upon presentation and
      surrender of this Certificate at the office or agency appointed by the Trustee
      for that purpose as provided in the Agreement.

     

    The
      Pass-Through Rate applicable to the calculation of interest payable with respect
      to this Certificate on any Distribution Date shall equal a rate per annum equal
      to the lesser of (i) the related Formula Rate for such Distribution Date and
      (ii) the related Net WAC Pass-Through Rate for such Distribution
      Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Asset-Backed Pass-Through Certificates of the Series specified on the face
      hereof (herein called the “Certificates”) and representing a Percentage Interest
      in the Class of Certificates specified on the face hereof equal to the
      denomination specified on the face hereof divided by the aggregate Certificate
      Principal Balance of the Class of Certificates specified on the face
      hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Custodial Account and the Certificate Account may be made from time to time
      for
      purposes other than distributions to Certificateholders, such purposes including
      reimbursement of advances made, or certain expenses incurred, with respect
      to
      the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Servicer, the Trustee and the rights of the Certificateholders under the
      Agreement at any time by the Depositor, the Servicer and the Trustee with the
      consent of the Holders of Certificates entitled to at least 66% of the Voting
      Rights. Any such consent by the Holder of this Certificate shall be conclusive
      and binding on such Holder and upon all future Holders of this Certificate
      and
      of any Certificate issued upon the transfer hereof or in exchange herefor or
      in
      lieu hereof whether or not notation of such consent is made upon this
      Certificate. The Agreement also permits the amendment thereof, in certain
      limited circumstances, without the consent of the Holders of any of the
      Certificates.

     

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

     

    Each
      beneficial owner of this Certificate or any interest therein shall be deemed
      to
      have represented, by virtue of its acquisition or holding of such Certificate
      or
      any interest therein, that either (A) it is not an “employee benefit plan” as
      defined in Section 3(3) of the Employee Retirement Income Security Act of 1974,
      as amended (“ERISA”), that is subject to Title I of ERISA, any “plan” as defined
      in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the
      “Code”), that is subject to Section 4975 of the Code or any entity deemed to
      hold plan assets of any of the foregoing, (B) it has acquired and is holding
      this Certificate in reliance on the underwriters’ exemption, and that it
      understands that there are certain conditions to the availability of the
      underwriters’ exemption, including that this Certificate must be rated, at the
      time of purchase, not lower than “BBB-” (or its equivalent) by Fitch, S&P or
      Moody’s and the Certificate is so rated, that it is an accredited investor as
      defined in Rule 501(a)(1) of Regulation D of the Securities Act of 1933, as
      amended, and that it will obtain a representation from any transferee that
      such
      transferee is an accredited investor, or (C)(1) it is an insurance company,
      (2)
      the source of funds used to acquire or hold this Certificate or any interest
      therein is an “insurance company general account,” as such term is defined in
      Prohibited Transaction Class Exemption (“PTCE”)
      95-60,
      and (3) the conditions in Sections I and III of PTCE 95-60 have been
      satisfied.

     

    If
      this
      Certificate or any interest therein is acquired or held in violation of the
      provisions of Section 5.02(c) of the Agreement, the next preceding permitted
      beneficial owner will be treated as the beneficial owner of this Certificate
      retroactive to the date of transfer to the purported beneficial owner. Any
      purported beneficial owner whose acquisition or holding of any this Certificate
      or any interest therein was effected in violation of the provisions of Section
      5.02(c) of the Agreement shall indemnify and hold harmless the Depositor, the
      Servicer, the Trustee and the Trust Fund from and against any and all
      liabilities, claims, costs or expenses incurred by those parties as a result
      of
      that acquisition or holding.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge that may be imposed in connection with any transfer
      or
      exchange of Certificates.

     

    The
      Depositor, the Servicer, the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Servicer, the Trustee nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trustee and required to be paid to them pursuant to the Agreement following
      the
      earlier of (i) the final payment or other liquidation (or any advance with
      respect thereto) of the last Mortgage Loan and REO Property remaining in REMIC
      I
      and (ii) the purchase by the party designated in the Agreement at a price
      determined as provided in the Agreement from REMIC I of all the Mortgage Loans
      and all property acquired in respect of such Mortgage Loans. The Agreement
      permits, but does not require, the party designated in the Agreement to purchase
      from REMIC I all the Mortgage Loans and all property acquired in respect of
      any
      Mortgage Loan at a price determined as provided in the Agreement. The exercise
      of such right will effect early retirement of the Certificates; however, such
      right to purchase is subject to the aggregate Stated Principal Balance of the
      Mortgage Loans at the time of purchase being less than 10% of the aggregate
      Stated Principal Balance of the Mortgage Loans as of the Cut-off
      Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trustee assumes no responsibility for their correctness.

     

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

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

     

    Dated:
      May 24, 2006

     

    

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A., as Trustee

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A., as Trustee

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Signatory

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT -

            	
              Custodian

            
	 	 	 	
              (Cust)     (Minor)

            
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	 	
              under
                Uniform Gifts

            
	 	 	 	
              to
                Minors Act

            
	
              JT
                TEN -

            	
              as
                joint tenants with right if 

            	 	 
	 	
              survivorship
                and not as

            	 	
              (State)

            
	 	
              tenants
                in common

            	 	 

    

    

    Additional
      abbreviations may also be used though not in the above list.

     

    
      ASSIGNMENT

    

     

     

    
      	
              FOR
                VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
                transfer(s) unto

            	 
	 
	 

    

     

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Asset-Backed Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trustee to issue a new Certificate of a like Percentage
      Interest and Class to the above named assignee and deliver such Certificate
      to
      the following address: 

    
      
        	 
	 

      

    

     

    Dated:

     

    
      	 	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

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

    
      	
              to

            	 	
              ,

            
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	
              ,

            
	
              Applicable
                statements should be mailed to

            	 	 
	
               

            	
              .

            
	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    EXHIBIT
      A-13

     

    FORM
      OF
      CLASS M-9 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE 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 IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      (THE “CODE”).

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
      CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE CLASS
      M-4 CERTIFICATES, THE CLASS M-5 CERTIFICATES, THE CLASS M-6 CERTIFICATES, THE
      CLASS M-7 CERTIFICATES AND CLASS M-8 CERTIFICATES TO THE EXTENT DESCRIBED IN
      THE
      POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	
              Series
                2006-RFC1

              Pass-Through
                Rate: Variable

              Cut-off
                Date: May 1, 2006

              Date
                of Pooling and Servicing Agreement: May 1, 2006

              First
                Distribution Date: June 26, 2006

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class M-9 Certificates as of
                the
                Closing Date: $7,685,000

              Denomination:
                $7,685,000

              Servicer:
                Homecomings Financial Network, Inc.

              Trustee:
                Wells Fargo Bank, N.A.

              Closing
                Date: May 24, 2006

              CUSIP:
                14453E AN 2

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ASSET-BACKED
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
      consisting primarily of a pool of conventional one- to four-family,
      adjustable-rate and fixed-rate, interest-only and fully-amortizing, first lien
      and second lien mortgage loans (the “Mortgage Loans”) formed and sold
      by

     

    STANWICH
      ASSET ACCEPTANCE COMPANY, L.L.C.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN STANWICH ASSET
      ACCEPTANCE COMPANY, L.L.C., THE SERVICER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE
      AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE
      GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class M-9 Certificates as of the Closing
      Date) in that certain beneficial ownership interest evidenced by all the Class
      M-9 Certificates in REMIC II created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Stanwich Asset
      Acceptance Company, L.L.C. (hereinafter called the “Depositor,” which term
      includes any successor entity under the Agreement), the Servicer and the
      Trustee, a summary of certain of the pertinent provisions of which is set forth
      hereafter. To the extent not defined herein, the capitalized terms used herein
      have the meanings assigned in the Agreement. This Certificate is issued under
      and is subject to the terms, provisions and conditions of the Agreement, to
      which Agreement the Holder of this Certificate by virtue of the acceptance
      hereof assents and by which such Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class M-9
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Trustee by wire transfer in immediately available
      funds to the account of the Person entitled thereto if such Person shall have
      so
      notified the Trustee in writing at least five Business Days prior to the Record
      Date immediately prior to such Distribution Date or otherwise by check mailed
      by
      first class mail to the address of the Person entitled thereto, as such name
      and
      address shall appear on the Certificate Register. Notwithstanding the above,
      the
      final distribution on this Certificate will be made after due notice by the
      Trustee of the pendency of such distribution and only upon presentation and
      surrender of this Certificate at the office or agency appointed by the Trustee
      for that purpose as provided in the Agreement.

     

    The
      Pass-Through Rate applicable to the calculation of interest payable with respect
      to this Certificate on any Distribution Date shall equal a rate per annum equal
      to the lesser of (i) the related Formula Rate for such Distribution Date and
      (ii) the related Net WAC Pass-Through Rate for such Distribution
      Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Asset-Backed Pass-Through Certificates of the Series specified on the face
      hereof (herein called the “Certificates”) and representing a Percentage Interest
      in the Class of Certificates specified on the face hereof equal to the
      denomination specified on the face hereof divided by the aggregate Certificate
      Principal Balance of the Class of Certificates specified on the face
      hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Custodial Account and the Certificate Account may be made from time to time
      for
      purposes other than distributions to Certificateholders, such purposes including
      reimbursement of advances made, or certain expenses incurred, with respect
      to
      the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Servicer, the Trustee and the rights of the Certificateholders under the
      Agreement at any time by the Depositor, the Servicer and the Trustee with the
      consent of the Holders of Certificates entitled to at least 66% of the Voting
      Rights. Any such consent by the Holder of this Certificate shall be conclusive
      and binding on such Holder and upon all future Holders of this Certificate
      and
      of any Certificate issued upon the transfer hereof or in exchange herefor or
      in
      lieu hereof whether or not notation of such consent is made upon this
      Certificate. The Agreement also permits the amendment thereof, in certain
      limited circumstances, without the consent of the Holders of any of the
      Certificates.

     

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

     

    Each
      beneficial owner of this Certificate or any interest therein shall be deemed
      to
      have represented, by virtue of its acquisition or holding of such Certificate
      or
      any interest therein, that either (A) it is not an “employee benefit plan” as
      defined in Section 3(3) of the Employee Retirement Income Security Act of 1974,
      as amended (“ERISA”), that is subject to Title I of ERISA, any “plan” as defined
      in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the
      “Code”), that is subject to Section 4975 of the Code or any entity deemed to
      hold plan assets of any of the foregoing, (B) it has acquired and is holding
      this Certificate in reliance on the underwriters’ exemption, and that it
      understands that there are certain conditions to the availability of the
      underwriters’ exemption, including that this Certificate must be rated, at the
      time of purchase, not lower than “BBB-” (or its equivalent) by Fitch, S&P or
      Moody’s and the Certificate is so rated, that it is an accredited investor as
      defined in Rule 501(a)(1) of Regulation D of the Securities Act of 1933, as
      amended, and that it will obtain a representation from any transferee that
      such
      transferee is an accredited investor, or (C)(1) it is an insurance company,
      (2)
      the source of funds used to acquire or hold this Certificate or any interest
      therein is an “insurance company general account,” as such term is defined in
      Prohibited Transaction Class Exemption (“PTCE”)
      95-60,
      and (3) the conditions in Sections I and III of PTCE 95-60 have been
      satisfied.

     

    If
      this
      Certificate or any interest therein is acquired or held in violation of the
      provisions of Section 5.02(c) of the Agreement, the next preceding permitted
      beneficial owner will be treated as the beneficial owner of this Certificate
      retroactive to the date of transfer to the purported beneficial owner. Any
      purported beneficial owner whose acquisition or holding of any this Certificate
      or any interest therein was effected in violation of the provisions of Section
      5.02(c) of the Agreement shall indemnify and hold harmless the Depositor, the
      Servicer, the Trustee and the Trust Fund from and against any and all
      liabilities, claims, costs or expenses incurred by those parties as a result
      of
      that acquisition or holding.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge that may be imposed in connection with any transfer
      or
      exchange of Certificates.

     

    The
      Depositor, the Servicer, the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Servicer, the Trustee nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trustee and required to be paid to them pursuant to the Agreement following
      the
      earlier of (i) the final payment or other liquidation (or any advance with
      respect thereto) of the last Mortgage Loan and REO Property remaining in REMIC
      I
      and (ii) the purchase by the party designated in the Agreement at a price
      determined as provided in the Agreement from REMIC I of all the Mortgage Loans
      and all property acquired in respect of such Mortgage Loans. The Agreement
      permits, but does not require, the party designated in the Agreement to purchase
      from REMIC I all the Mortgage Loans and all property acquired in respect of
      any
      Mortgage Loan at a price determined as provided in the Agreement. The exercise
      of such right will effect early retirement of the Certificates; however, such
      right to purchase is subject to the aggregate Stated Principal Balance of the
      Mortgage Loans at the time of purchase being less than 10% of the aggregate
      Stated Principal Balance of the Mortgage Loans as of the Cut-off
      Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trustee assumes no responsibility for their correctness.

     

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

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

     

    Dated:
      May 24, 2006

     

    

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A., as Trustee

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A., as Trustee

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Signatory

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT -

            	
              Custodian

            
	 	 	 	
              (Cust)     (Minor)

            
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	 	
              under
                Uniform Gifts

            
	 	 	 	
              to
                Minors Act

            
	
              JT
                TEN -

            	
              as
                joint tenants with right if 

            	 	 
	 	
              survivorship
                and not as

            	 	
              (State)

            
	 	
              tenants
                in common

            	 	 

    

    

    Additional
      abbreviations may also be used though not in the above list.

     

    
      ASSIGNMENT

       

       

      
        	
                FOR
                  VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
                  transfer(s) unto

              	 
	 
	 

      

       

      (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) a Percentage Interest equal to ____%
        evidenced by the within Asset-Backed Pass-Through Certificates and hereby
        authorize(s) the registration of transfer of such interest to assignee on
        the
        Certificate Register of the Trust Fund.

       

      I
        (we)
        further direct the Trustee to issue a new Certificate of a like Percentage
        Interest and Class to the above named assignee and deliver such Certificate
        to
        the following address: 

      
        
          	 
	 

        

      

       

      Dated:

       

      
        	 	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

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

    
      	
              to

            	 	
              ,

            
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	
              ,

            
	
              Applicable
                statements should be mailed to

            	 	 
	
               

            	
              .

            
	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    EXHIBIT
      A-14

     

    FORM
      OF
      CLASS M-10 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE 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 IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      (THE “CODE”).

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
      CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE CLASS
      M-4 CERTIFICATES, THE CLASS M-5 CERTIFICATES, THE CLASS M-6 CERTIFICATES, THE
      CLASS M-7 CERTIFICATES, THE CLASS M-8 CERTIFICATES AND THE CLASS M-9
      CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
      REFERRED TO HEREIN.

     

    THIS
      CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT
      OF
      1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD
      OR
      TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR IS SOLD
      OR
      TRANSFERRED IN TRANSACTIONS THAT ARE EXEMPT FROM REGISTRATION UNDER SUCH ACT
      AND
      UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS
      OF SECTION 5.02 OF THE AGREEMENT.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	
              Series
                2006-RFC1

              Pass-Through
                Rate: Variable

              Cut-off
                Date: May 1, 2006

              Date
                of Pooling and Servicing Agreement: May 1, 2006

              First
                Distribution Date: June 26, 2006

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class M-10 Certificates as of
                the
                Closing Date: $8,837,000

              Denomination:
                $8,837,000

              Servicer:
                Homecomings Financial Network, Inc.

              Trustee:
                Wells Fargo Bank, N.A.

              Closing
                Date: May 24, 2006

              CUSIP:
                14453E AP 7

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ASSET-BACKED
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
      consisting primarily of a pool of conventional one- to four-family,
      adjustable-rate and fixed-rate, interest-only and fully-amortizing, first lien
      and second lien mortgage loans (the “Mortgage Loans”) formed and sold
      by

     

    STANWICH
      ASSET ACCEPTANCE COMPANY, L.L.C.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN STANWICH ASSET
      ACCEPTANCE COMPANY, L.L.C., THE SERVICER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE
      AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE
      GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class M-10 Certificates as of the Closing
      Date) in that certain beneficial ownership interest evidenced by all the Class
      M-10 Certificates in REMIC II created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Stanwich Asset
      Acceptance Company, L.L.C. (hereinafter called the “Depositor,” which term
      includes any successor entity under the Agreement), the Servicer and the
      Trustee, a summary of certain of the pertinent provisions of which is set forth
      hereafter. To the extent not defined herein, the capitalized terms used herein
      have the meanings assigned in the Agreement. This Certificate is issued under
      and is subject to the terms, provisions and conditions of the Agreement, to
      which Agreement the Holder of this Certificate by virtue of the acceptance
      hereof assents and by which such Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class M-10
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Trustee by wire transfer in immediately available
      funds to the account of the Person entitled thereto if such Person shall have
      so
      notified the Trustee in writing at least five Business Days prior to the Record
      Date immediately prior to such Distribution Date or otherwise by check mailed
      by
      first class mail to the address of the Person entitled thereto, as such name
      and
      address shall appear on the Certificate Register. Notwithstanding the above,
      the
      final distribution on this Certificate will be made after due notice by the
      Trustee of the pendency of such distribution and only upon presentation and
      surrender of this Certificate at the office or agency appointed by the Trustee
      for that purpose as provided in the Agreement.

     

    The
      Pass-Through Rate applicable to the calculation of interest payable with respect
      to this Certificate on any Distribution Date shall equal a rate per annum equal
      to the lesser of (i) the related Formula Rate for such Distribution Date and
      (ii) the related Net WAC Pass-Through Rate for such Distribution
      Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Asset-Backed Pass-Through Certificates of the Series specified on the face
      hereof (herein called the “Certificates”) and representing a Percentage Interest
      in the Class of Certificates specified on the face hereof equal to the
      denomination specified on the face hereof divided by the aggregate Certificate
      Principal Balance of the Class of Certificates specified on the face
      hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Custodial Account and the Certificate Account may be made from time to time
      for
      purposes other than distributions to Certificateholders, such purposes including
      reimbursement of advances made, or certain expenses incurred, with respect
      to
      the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Servicer, the Trustee and the rights of the Certificateholders under the
      Agreement at any time by the Depositor, the Servicer and the Trustee with the
      consent of the Holders of Certificates entitled to at least 66% of the Voting
      Rights. Any such consent by the Holder of this Certificate shall be conclusive
      and binding on such Holder and upon all future Holders of this Certificate
      and
      of any Certificate issued upon the transfer hereof or in exchange herefor or
      in
      lieu hereof whether or not notation of such consent is made upon this
      Certificate. The Agreement also permits the amendment thereof, in certain
      limited circumstances, without the consent of the Holders of any of the
      Certificates.

     

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

     

    No
      transfer of this Certificate shall be made unless the transfer is made pursuant
      to an effective registration statement under the Securities Act of 1933, as
      amended (the “1933 Act”), and an effective registration or qualification under
      applicable state securities laws, or is made in a transaction that does not
      require such registration or qualification. In the event that such a transfer
      of
      this Certificate is to be made without registration or qualification, the
      Trustee shall require receipt of written certifications from the Holder of
      the
      Certificate desiring to effect the transfer, and from such Holder’s prospective
      transferee, substantially in the forms attached to the Agreement as Exhibit
      F-1.
      None of the Depositor or the Trustee is obligated to register or qualify the
      Class of Certificates specified on the face hereof under the 1933 Act or any
      other securities law or to take any action not otherwise required under the
      Agreement to permit the transfer of such Certificates without registration
      or
      qualification. Any Holder desiring to effect a transfer of this Certificate
      shall be required to indemnify the Trustee, the Depositor and the Servicer
      against any liability that may result if the transfer is not so exempt or is
      not
      made in accordance with such federal and state laws.

     

    Each
      beneficial owner of this Certificate or any interest therein shall be deemed
      to
      have represented, by virtue of its acquisition or holding of such Certificate
      or
      any interest therein, that either (A) it is not an “employee benefit plan” as
      defined in Section 3(3) of the Employee Retirement Income Security Act of 1974,
      as amended (“ERISA”), that is subject to Title I of ERISA, any “plan” as defined
      in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the
      “Code”), that is subject to Section 4975 of the Code or any entity deemed to
      hold plan assets of any of the foregoing, (B) it has acquired and is holding
      this Certificate in reliance on the underwriters’ exemption, and that it
      understands that there are certain conditions to the availability of the
      underwriters’ exemption, including that this Certificate must be rated, at the
      time of purchase, not lower than “BBB-” (or its equivalent) by Fitch, S&P or
      Moody’s and the Certificate is so rated, that it is an accredited investor as
      defined in Rule 501(a)(1) of Regulation D of the Securities Act of 1933, as
      amended, and that it will obtain a representation from any transferee that
      such
      transferee is an accredited investor, or (C)(1) it is an insurance company,
      (2)
      the source of funds used to acquire or hold this Certificate or any interest
      therein is an “insurance company general account,” as such term is defined in
      Prohibited Transaction Class Exemption (“PTCE”)
      95-60,
      and (3) the conditions in Sections I and III of PTCE 95-60 have been
      satisfied.

     

    If
      this
      Certificate or any interest therein is acquired or held in violation of the
      provisions of Section 5.02(c) of the Agreement, the next preceding permitted
      beneficial owner will be treated as the beneficial owner of this Certificate
      retroactive to the date of transfer to the purported beneficial owner. Any
      purported beneficial owner whose acquisition or holding of any this Certificate
      or any interest therein was effected in violation of the provisions of Section
      5.02(c) of the Agreement shall indemnify and hold harmless the Depositor, the
      Servicer, the Trustee and the Trust Fund from and against any and all
      liabilities, claims, costs or expenses incurred by those parties as a result
      of
      that acquisition or holding.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge that may be imposed in connection with any transfer
      or
      exchange of Certificates.

     

    The
      Depositor, the Servicer, the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Servicer, the Trustee nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trustee and required to be paid to them pursuant to the Agreement following
      the
      earlier of (i) the final payment or other liquidation (or any advance with
      respect thereto) of the last Mortgage Loan and REO Property remaining in REMIC
      I
      and (ii) the purchase by the party designated in the Agreement at a price
      determined as provided in the Agreement from REMIC I of all the Mortgage Loans
      and all property acquired in respect of such Mortgage Loans. The Agreement
      permits, but does not require, the party designated in the Agreement to purchase
      from REMIC I all the Mortgage Loans and all property acquired in respect of
      any
      Mortgage Loan at a price determined as provided in the Agreement. The exercise
      of such right will effect early retirement of the Certificates; however, such
      right to purchase is subject to the aggregate Stated Principal Balance of the
      Mortgage Loans at the time of purchase being less than 10% of the aggregate
      Stated Principal Balance of the Mortgage Loans as of the Cut-off
      Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trustee assumes no responsibility for their correctness.

     

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

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

     

    Dated:
      May 24, 2006

     

    

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A., as Trustee

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A., as Trustee

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Signatory

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT -

            	
              Custodian

            
	 	 	 	
              (Cust)     (Minor)

            
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	 	
              under
                Uniform Gifts

            
	 	 	 	
              to
                Minors Act

            
	
              JT
                TEN -

            	
              as
                joint tenants with right if 

            	 	 
	 	
              survivorship
                and not as

            	 	
              (State)

            
	 	
              tenants
                in common

            	 	 

    

    

    Additional
      abbreviations may also be used though not in the above list.

     

    
      ASSIGNMENT

       

       

      
        	
                FOR
                  VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
                  transfer(s) unto

              	 
	 
	 

      

       

      (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) a Percentage Interest equal to ____%
        evidenced by the within Asset-Backed Pass-Through Certificates and hereby
        authorize(s) the registration of transfer of such interest to assignee on
        the
        Certificate Register of the Trust Fund.

       

      I
        (we)
        further direct the Trustee to issue a new Certificate of a like Percentage
        Interest and Class to the above named assignee and deliver such Certificate
        to
        the following address: 

      
        
          	 
	 

        

      

       

      Dated:

       

      
        	 	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

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

    
      	
              to

            	 	
              ,

            
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	
              ,

            
	
              Applicable
                statements should be mailed to

            	 	 
	
               

            	
              .

            
	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    EXHIBIT
      A-15

     

    FORM
      OF
      CLASS CE CERTIFICATE

     

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

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, AND THE MEZZANINE
      CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
      REFERRED TO HEREIN.

     

    THIS
      CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT
      OF
      1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD
      OR
      TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR IS SOLD
      OR
      TRANSFERRED IN TRANSACTIONS THAT ARE EXEMPT FROM REGISTRATION UNDER SUCH ACT
      AND
      UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS
      OF SECTION 5.02 OF THE AGREEMENT.

     

    NO
      TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
      ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
      AS
      AMENDED, OR THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE WITH THE PROCEDURES
      DESCRIBED HEREIN.

     

    
      	
              Series:
                2006-RFC1

              Cut-off
                Date: May 1, 2006

              Date
                of Pooling and Servicing Agreement: May 1, 2006

              First
                Distribution Date: June 26, 2006

              No.
                1

              Aggregate
                Notional Amount of the Class

              CE
                Certificates as of the Closing Date:

              $
                768,450,936

              Notional
                Amount: $ 768,450,936

            	
              Aggregate
                Certificate Principal Balance of the Class CE Certificates as of
                the
                Closing Date: $29,200,936

              Denomination:
                $29,200,936

              Servicer:
                Homecomings Financial Network, Inc.

              Trustee:
                Wells Fargo Bank, N.A.

              Closing
                Date: May 24, 2006

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    ASSET-BACKED
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
      consisting primarily of a pool of conventional one- to four-family,
      adjustable-rate and fixed-rate, interest-only and fully-amortizing, first lien
      and second lien mortgage loans (the “Mortgage Loans”) formed and sold
      by

     

    STANWICH
      ASSET ACCEPTANCE COMPANY, L.L.C.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN STANWICH ASSET
      ACCEPTANCE COMPANY, L.L.C., THE SERVICER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE
      AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE
      GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

     

    This
      certifies that Wells Fargo Bank, N.A., as Indenture Trustee under the Indenture,
      dated May 24, 2006, relating to the Carrington NIM Trust 2006-RFC1 Notes, is
      the
      registered owner of a Percentage Interest (obtained by dividing the denomination
      of this Certificate by the aggregate Certificate Principal Balance of the Class
      CE Certificates as of the Closing Date) in that certain beneficial ownership
      interest evidenced by all the Class CE Certificates in REMIC II created pursuant
      to a Pooling and Servicing Agreement, dated as specified above (the
“Agreement”), among Stanwich Asset Acceptance Company, L.L.C. (hereinafter
      called the “Depositor,” which term includes any successor entity under the
      Agreement), the Servicer and the Trustee, a summary of certain of the pertinent
      provisions of which is set forth hereafter. To the extent not defined herein,
      the capitalized terms used herein have the meanings assigned in the Agreement.
      This Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class CE
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Trustee by wire transfer in immediately available
      funds to the account of the Person entitled thereto if such Person shall have
      so
      notified the Trustee in writing at least five Business Days prior to the Record
      Date immediately prior to such Distribution Date or otherwise by check mailed
      by
      first class mail to the address of the Person entitled thereto, as such name
      and
      address shall appear on the Certificate Register. Notwithstanding the above,
      the
      final distribution on this Certificate will be made after due notice by the
      Trustee of the pendency of such distribution and only upon presentation and
      surrender of this Certificate at the office or agency appointed by the Trustee
      for that purpose as provided in the Agreement.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Asset-Backed Pass-Through Certificates of the Series specified on the face
      hereof (herein called the “Certificates”) and representing a Percentage Interest
      in the Class of Certificates specified on the face hereof equal to the
      denomination specified on the face hereof divided by the aggregate Certificate
      Principal Balance of the Class of Certificates specified on the face
      hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Custodial Account and the Certificate Account may be made from time to time
      for
      purposes other than distributions to Certificateholders, such purposes including
      reimbursement of advances made, or certain expenses incurred, with respect
      to
      the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Servicer, the Trustee and the rights of the Certificateholders under the
      Agreement at any time by the Depositor, the Servicer and the Trustee with the
      consent of the Holders of Certificates entitled to at least 66% of the Voting
      Rights. Any such consent by the Holder of this Certificate shall be conclusive
      and binding on such Holder and upon all future Holders of this Certificate
      and
      of any Certificate issued upon the transfer hereof or in exchange herefor or
      in
      lieu hereof whether or not notation of such consent is made upon this
      Certificate. The Agreement also permits the amendment thereof, in certain
      limited circumstances, without the consent of the Holders of any of the
      Certificates.

     

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

     

    No
      transfer of this Certificate shall be made unless the transfer is made pursuant
      to an effective registration statement under the Securities Act of 1933, as
      amended (the “1933 Act”), and an effective registration or qualification under
      applicable state securities laws, or is made in a transaction that does not
      require such registration or qualification. In the event that such a transfer
      of
      this Certificate is to be made without registration or qualification, the
      Trustee shall require receipt of (i) if such transfer is purportedly being
      made
      in reliance upon Rule 144A under the 1933 Act, written certifications from
      the
      Holder of the Certificate desiring to effect the transfer, and from such
      Holder’s prospective transferee, substantially in the forms attached to the
      Agreement as Exhibit F-1, and (ii) in all other cases, an Opinion of Counsel
      satisfactory to it that such transfer may be made without such registration
      or
      qualification (which Opinion of Counsel shall not be an expense of the Trust
      Fund or of the Depositor, the Trustee or the Servicer in their respective
      capacities as such), together with copies of the written certification(s) of
      the
      Holder of the Certificate desiring to effect the transfer and/or such Holder’s
      prospective transferee upon which such Opinion of Counsel is based. None of
      the
      Depositor or the Trustee is obligated to register or qualify the Class of
      Certificates specified on the face hereof under the 1933 Act or any other
      securities law or to take any action not otherwise required under the Agreement
      to permit the transfer of such Certificates without registration or
      qualification. Any Holder desiring to effect a transfer of this Certificate
      shall be required to indemnify the Trustee, the Depositor and the Servicer
      against any liability that may result if the transfer is not so exempt or is
      not
      made in accordance with such federal and state laws.

     

    No
      transfer of this Certificate or any interest therein shall be made to any
“employee benefit plan” as defined in Section 3(3) of the Employee Retirement
      Income Security Act of 1974, as amended (“ERISA”), that is subject to Title I of
      ERISA, any “plan” as defined in Section 4975(e)(1) of the Internal Revenue Code
      of 1986, as amended (the “Code”), that is subject to Section 4975 of the Code or
      any entity deemed to hold plan assets of any of the foregoing (each, a “Plan”),
      any Person acting, directly or indirectly, on behalf of any such Plan or any
      Person acquiring this Certificate with “plan assets” (within the meaning of the
      Department of Labor regulation promulgated at 29 C. F. R. § 2510.3-101
      (“Plan
      Assets”))
      of a
      Plan, as certified by such transferee in the form of Exhibit
      G
      to the
      Agreement, unless the Trustee is provided with an Opinion of Counsel acceptable
      to and in form and substance satisfactory to the Depositor, the Trustee and
      the
      Servicer to the effect that the purchase and holding of this Certificate is
      permissible under applicable law, will not constitute or result in any
      non-exempt prohibited transaction under Section 406 of ERISA or Section 4975
      of
      the Code (or comparable provisions of any subsequent enactments) and will not
      subject the Depositor, the Servicer, the Trustee or the Trust Fund to any
      obligation or liability (including obligations or liabilities under ERISA or
      Section 4975 of the Code) in addition to those undertaken in the Agreement,
      which Opinion of Counsel shall not be an expense of the Depositor, the Servicer,
      the Trustee or the Trust Fund.

     

    If
      this
      Certificate or any interest therein is acquired or held in violation of the
      provisions of Section 5.02(c) of the Agreement, the next preceding permitted
      beneficial owner will be treated as the beneficial owner of this Certificate
      retroactive to the date of transfer to the purported beneficial owner. Any
      purported beneficial owner whose acquisition or holding of any this Certificate
      or any interest therein was effected in violation of the provisions of Section
      5.02(c) of the Agreement shall indemnify and hold harmless the Depositor, the
      Servicer, the Trustee and the Trust Fund from and against any and all
      liabilities, claims, costs or expenses incurred by those parties as a result
      of
      that acquisition or holding.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge that may be imposed in connection with any transfer
      or
      exchange of Certificates.

     

    The
      Depositor, the Servicer, the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Servicer, the Trustee nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trustee and required to be paid to them pursuant to the Agreement following
      the
      earlier of (i) the final payment or other liquidation (or any advance with
      respect thereto) of the last Mortgage Loan and REO Property remaining in REMIC
      I
      and (ii) the purchase by the party designated in the Agreement at a price
      determined as provided in the Agreement from REMIC I of all the Mortgage Loans
      and all property acquired in respect of such Mortgage Loans. The Agreement
      permits, but does not require, the party designated in the Agreement to purchase
      from REMIC I all the Mortgage Loans and all property acquired in respect of
      any
      Mortgage Loan at a price determined as provided in the Agreement. The exercise
      of such right will effect early retirement of the Certificates; however, such
      right to purchase is subject to the aggregate Stated Principal Balance of the
      Mortgage Loans at the time of purchase being less than 10% of the aggregate
      Stated Principal Balance of the Mortgage Loans as of the Cut-off
      Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trustee assumes no responsibility for their correctness.

     

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

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

     

    Dated:
      May 24, 2006

     

    

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A., as Trustee

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A., as Trustee

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Signatory

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT -

            	
              Custodian

            
	 	 	 	
              (Cust)     (Minor)

            
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	 	
              under
                Uniform Gifts

            
	 	 	 	
              to
                Minors Act

            
	
              JT
                TEN -

            	
              as
                joint tenants with right if 

            	 	 
	 	
              survivorship
                and not as

            	 	
              (State)

            
	 	
              tenants
                in common

            	 	 

    

    

    Additional
      abbreviations may also be used though not in the above list.

     

    
      ASSIGNMENT

       

       

      
        	
                FOR
                  VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
                  transfer(s) unto

              	 
	 
	 

      

       

      (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) a Percentage Interest equal to ____%
        evidenced by the within Asset-Backed Pass-Through Certificates and hereby
        authorize(s) the registration of transfer of such interest to assignee on
        the
        Certificate Register of the Trust Fund.

       

      I
        (we)
        further direct the Trustee to issue a new Certificate of a like Percentage
        Interest and Class to the above named assignee and deliver such Certificate
        to
        the following address: 

      
        
          	 
	 

        

      

       

      Dated:

       

      
        	 	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

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

    
      	
              to

            	 	
              ,

            
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	
              ,

            
	
              Applicable
                statements should be mailed to

            	 	 
	
               

            	
              .

            
	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    EXHIBIT
      A-16

     

    FORM
      OF
      CLASS P CERTIFICATE

     

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

     

    THIS
      CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT
      OF
      1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD
      OR
      TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR IS SOLD
      OR
      TRANSFERRED IN TRANSACTIONS THAT ARE EXEMPT FROM REGISTRATION UNDER SUCH ACT
      AND
      UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS
      OF SECTION 5.02 OF THE AGREEMENT.

     

    NO
      TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
      ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
      AS
      AMENDED, OR THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE WITH THE PROCEDURES
      DESCRIBED HEREIN.

     

    

    
      	
              Series:
                2006-RFC1

              Cut-off
                Date and date of Pooling and Servicing Agreement: May 1, 2006

              First
                Distribution Date: June 26, 2006

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class P Certificates as of the
                Closing Date: $100

              Denomination:
                $100

              Servicer:
                Homecomings Financial Network, Inc.

              Trustee:
                Wells Fargo Bank, N.A.

              Closing
                Date: May 24, 2006

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    ASSET-BACKED
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
      consisting primarily of a pool of conventional one- to four-family,
      adjustable-rate and fixed-rate, interest-only and fully-amortizing, first lien
      and second lien mortgage loans (the “Mortgage Loans”) formed and sold
      by

     

    STANWICH
      ASSET ACCEPTANCE COMPANY, L.L.C.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN STANWICH ASSET
      ACCEPTANCE COMPANY, L.L.C., THE SERVICER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE
      AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE
      GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

     

    This
      certifies Wells Fargo Bank, N.A., as Indenture Trustee under the Indenture,
      dated May 24, 2006, relating to the Carrington NIM Trust 2006-RFC1 Notes, is
      the
      registered owner of a Percentage Interest (obtained by dividing the denomination
      of this Certificate by the aggregate Certificate Principal Balance of the Class
      P Certificates as of the Closing Date) in that certain beneficial ownership
      interest evidenced by all the Class P Certificates in REMIC II created pursuant
      to a Pooling and Servicing Agreement, dated as specified above (the
“Agreement”), among Stanwich Asset Acceptance Company, L.L.C. (hereinafter
      called the “Depositor,” which term includes any successor entity under the
      Agreement), the Servicer and the Trustee, a summary of certain of the pertinent
      provisions of which is set forth hereafter. To the extent not defined herein,
      the capitalized terms used herein have the meanings assigned in the Agreement.
      This Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class P Certificates
      on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Trustee by wire transfer in immediately available
      funds to the account of the Person entitled thereto if such Person shall have
      so
      notified the Trustee in writing at least five Business Days prior to the Record
      Date immediately prior to such Distribution Date or otherwise by check mailed
      by
      first class mail to the address of the Person entitled thereto, as such name
      and
      address shall appear on the Certificate Register. Notwithstanding the above,
      the
      final distribution on this Certificate will be made after due notice by the
      Trustee of the pendency of such distribution and only upon presentation and
      surrender of this Certificate at the office or agency appointed by the Trustee
      for that purpose as provided in the Agreement.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Asset-Backed Pass-Through Certificates of the Series specified on the face
      hereof (herein called the “Certificates”) and representing a Percentage Interest
      in the Class of Certificates specified on the face hereof equal to the
      denomination specified on the face hereof divided by the aggregate Certificate
      Principal Balance of the Class of Certificates specified on the face
      hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Custodial Account and the Certificate Account may be made from time to time
      for
      purposes other than distributions to Certificateholders, such purposes including
      reimbursement of advances made, or certain expenses incurred, with respect
      to
      the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Servicer, the Trustee and the rights of the Certificateholders under the
      Agreement at any time by the Depositor, the Servicer and the Trustee with the
      consent of the Holders of Certificates entitled to at least 66% of the Voting
      Rights. Any such consent by the Holder of this Certificate shall be conclusive
      and binding on such Holder and upon all future Holders of this Certificate
      and
      of any Certificate issued upon the transfer hereof or in exchange herefor or
      in
      lieu hereof whether or not notation of such consent is made upon this
      Certificate. The Agreement also permits the amendment thereof, in certain
      limited circumstances, without the consent of the Holders of any of the
      Certificates.

     

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

     

    No
      transfer of this Certificate shall be made unless the transfer is made pursuant
      to an effective registration statement under the Securities Act of 1933, as
      amended (the “1933 Act”), and an effective registration or qualification under
      applicable state securities laws, or is made in a transaction that does not
      require such registration or qualification. In the event that such a transfer
      of
      this Certificate is to be made without registration or qualification, the
      Trustee shall require receipt of (i) if such transfer is purportedly being
      made
      in reliance upon Rule 144A under the 1933 Act, written certifications from
      the
      Holder of the Certificate desiring to effect the transfer, and from such
      Holder’s prospective transferee, substantially in the forms attached to the
      Agreement as Exhibit F-1, and (ii) in all other cases, an Opinion of Counsel
      satisfactory to it that such transfer may be made without such registration
      or
      qualification (which Opinion of Counsel shall not be an expense of the Trust
      Fund or of the Depositor, the Trustee or the Servicer in their respective
      capacities as such), together with copies of the written certification(s) of
      the
      Holder of the Certificate desiring to effect the transfer and/or such Holder’s
      prospective transferee upon which such Opinion of Counsel is based. None of
      the
      Depositor or the Trustee is obligated to register or qualify the Class of
      Certificates specified on the face hereof under the 1933 Act or any other
      securities law or to take any action not otherwise required under the Agreement
      to permit the transfer of such Certificates without registration or
      qualification. Any Holder desiring to effect a transfer of this Certificate
      shall be required to indemnify the Trustee, the Depositor and the Servicer
      against any liability that may result if the transfer is not so exempt or is
      not
      made in accordance with such federal and state laws.

     

    No
      transfer of this Certificate or any interest therein shall be made to any
“employee benefit plan” as defined in Section 3(3) of the Employee Retirement
      Income Security Act of 1974, as amended (“ERISA”), that is subject to Title I of
      ERISA, any “plan” as defined in Section 4975(e)(1) of the Internal Revenue Code
      of 1986, as amended (the “Code”), that is subject to Section 4975 of the Code or
      any entity deemed to hold plan assets of any of the foregoing (each, a “Plan”),
      any Person acting, directly or indirectly, on behalf of any such Plan or any
      Person acquiring this Certificate with “plan assets” (within the meaning of the
      Department of Labor regulation promulgated at 29 C. F. R. § 2510.3-101
      (“Plan
      Assets”))
      of a
      Plan, as certified by such transferee in the form of Exhibit
      G
      to the
      Agreement, unless the Trustee is provided with an Opinion of Counsel acceptable
      to and in form and substance satisfactory to the Depositor, the Trustee and
      the
      Servicer to the effect that the purchase and holding of this Certificate is
      permissible under applicable law, will not constitute or result in any
      non-exempt prohibited transaction under Section 406 of ERISA or Section 4975
      of
      the Code (or comparable provisions of any subsequent enactments) and will not
      subject the Depositor, the Servicer, the Trustee or the Trust Fund to any
      obligation or liability (including obligations or liabilities under ERISA or
      Section 4975 of the Code) in addition to those undertaken in the Agreement,
      which Opinion of Counsel shall not be an expense of the Depositor, the Servicer,
      the Trustee or the Trust Fund.

     

    If
      this
      Certificate or any interest therein is acquired or held in violation of the
      provisions of Section 5.02(c) of the Agreement, the next preceding permitted
      beneficial owner will be treated as the beneficial owner of this Certificate
      retroactive to the date of transfer to the purported beneficial owner. Any
      purported beneficial owner whose acquisition or holding of any this Certificate
      or any interest therein was effected in violation of the provisions of Section
      5.02(c) of the Agreement shall indemnify and hold harmless the Depositor, the
      Servicer, the Trustee and the Trust Fund from and against any and all
      liabilities, claims, costs or expenses incurred by those parties as a result
      of
      that acquisition or holding.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge that may be imposed in connection with any transfer
      or
      exchange of Certificates.

     

    The
      Depositor, the Servicer, the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Servicer, the Trustee nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trustee and required to be paid to them pursuant to the Agreement following
      the
      earlier of (i) the final payment or other liquidation (or any advance with
      respect thereto) of the last Mortgage Loan and REO Property remaining in REMIC
      I
      and (ii) the purchase by the party designated in the Agreement at a price
      determined as provided in the Agreement from REMIC I of all the Mortgage Loans
      and all property acquired in respect of such Mortgage Loans. The Agreement
      permits, but does not require, the party designated in the Agreement to purchase
      from REMIC I all the Mortgage Loans and all property acquired in respect of
      any
      Mortgage Loan at a price determined as provided in the Agreement. The exercise
      of such right will effect early retirement of the Certificates; however, such
      right to purchase is subject to the aggregate Stated Principal Balance of the
      Mortgage Loans at the time of purchase being less than 10% of the aggregate
      Stated Principal Balance of the Mortgage Loans as of the Cut-off
      Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trustee assumes no responsibility for their correctness.

     

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

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

     

    Dated:
      May 24, 2006

     

    

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A., as Trustee

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A., as Trustee

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Signatory

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT -

            	
              Custodian

            
	 	 	 	
              (Cust)     (Minor)

            
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	 	
              under
                Uniform Gifts

            
	 	 	 	
              to
                Minors Act

            
	
              JT
                TEN -

            	
              as
                joint tenants with right if 

            	 	 
	 	
              survivorship
                and not as

            	 	
              (State)

            
	 	
              tenants
                in common

            	 	 

    

    

    Additional
      abbreviations may also be used though not in the above list.

     

    
      ASSIGNMENT

       

       

      
        	
                FOR
                  VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
                  transfer(s) unto

              	 
	 
	 

      

       

      (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) a Percentage Interest equal to ____%
        evidenced by the within Asset-Backed Pass-Through Certificates and hereby
        authorize(s) the registration of transfer of such interest to assignee on
        the
        Certificate Register of the Trust Fund.

       

      I
        (we)
        further direct the Trustee to issue a new Certificate of a like Percentage
        Interest and Class to the above named assignee and deliver such Certificate
        to
        the following address: 

      
        
          	 
	 

        

      

       

      Dated:

       

      
        	 	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

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

    
      	
              to

            	 	
              ,

            
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	
              ,

            
	
              Applicable
                statements should be mailed to

            	 	 
	
               

            	
              .

            
	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    EXHIBIT
      A-17

     

    FORM
      OF
      CLASS R-I CERTIFICATE

     

    THIS
      CERTIFICATE MAY NOT BE TRANSFERRED TO A NON-UNITED STATES PERSON.

     

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

     

    ANY
      RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
      IN
      ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING
      AGREEMENT REFERRED TO HEREIN.

     

    THIS
      CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT
      OF
      1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD
      OR
      TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR IS SOLD
      OR
      TRANSFERRED IN TRANSACTIONS THAT ARE EXEMPT FROM REGISTRATION UNDER SUCH ACT
      AND
      UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS
      OF SECTION 5.02 OF THE AGREEMENT.

     

    NO
      TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
      ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
      AS
      AMENDED, OR THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE WITH THE PROCEDURES
      DESCRIBED HEREIN.

     

    ANY
      RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
      IF
      THE PROPOSED TRANSFEREE PROVIDES (I) AN AFFIDAVIT TO THE TRUSTEE THAT (A) SUCH
      TRANSFEREE IS NOT (1) THE UNITED STATES OR ANY POSSESSION THEREOF, ANY STATE
      OR
      POLITICAL SUBDIVISION THEREOF, ANY FOREIGN GOVERNMENT, ANY INTERNATIONAL
      ORGANIZATION, OR ANY AGENCY OR INSTRUMENTALITY OF ANY OF THE FOREGOING, (2)
      ANY
      ORGANIZATION (OTHER THAN A COOPERATIVE DESCRIBED IN SECTION 521 OF THE CODE)
      THAT IS EXEMPT FROM THE TAX IMPOSED BY CHAPTER 1 OF THE CODE UNLESS SUCH
      ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE CODE, (3)
      ANY
      ORGANIZATION DESCRIBED IN SECTION 1381(A)(2)(C) OF THE CODE (ANY SUCH PERSON
      DESCRIBED IN THE FOREGOING CLAUSES (1), (2) OR (3) SHALL HEREINAFTER BE REFERRED
      TO AS A “DISQUALIFIED ORGANIZATION”) OR (4) AN AGENT OF A DISQUALIFIED
      ORGANIZATION AND (B) NO PURPOSE OF SUCH TRANSFER IS TO IMPEDE THE ASSESSMENT
      OR
      COLLECTION OF TAX, AND (II) SUCH TRANSFEREE SATISFIES CERTAIN ADDITIONAL
      CONDITIONS RELATING TO THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE.
      NOTWITHSTANDING THE REGISTRATION IN THE CERTIFICATE REGISTER OF ANY TRANSFER,
      SALE OR OTHER DISPOSITION OF THIS CERTIFICATE TO A DISQUALIFIED ORGANIZATION
      OR
      AN AGENT OF A DISQUALIFIED ORGANIZATION, SUCH REGISTRATION SHALL BE DEEMED
      TO BE
      OF NO LEGAL FORCE OR EFFECT WHATSOEVER AND SUCH PERSON SHALL NOT BE DEEMED
      TO BE
      A CERTIFICATEHOLDER FOR ANY PURPOSE HEREUNDER, INCLUDING, BUT NOT LIMITED TO,
      THE RECEIPT OF DISTRIBUTIONS ON THIS CERTIFICATE. EACH HOLDER OF THIS
      CERTIFICATE BY ACCEPTANCE HEREOF SHALL BE DEEMED TO HAVE CONSENTED TO THE
      PROVISIONS OF THIS PARAGRAPH AND THE PROVISIONS OF SECTION 5.02(D) OF THE
      POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN. ANY PERSON THAT IS A
      DISQUALIFIED ORGANIZATION IS PROHIBITED FROM ACQUIRING BENEFICIAL OWNERSHIP
      OF
      THIS CERTIFICATE.

     

    

    
      	
              Series
                2006-RFC1

              Cut-off
                Date and date of Pooling and Servicing Agreement: May 1, 2006

              First
                Distribution Date: June 26, 2006

              No.1
                

            	
              Aggregate
                Percentage Interest of the Class R-I Certificates as of the Closing
                Date:
                100.00%

              Servicer:
                Homecomings Financial Network, Inc.

              Trustee:
                Wells Fargo Bank, N.A.

              Closing
                Date: May 24, 2006

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ASSET-BACKED
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
      consisting primarily of a pool of conventional one- to four-family,
      adjustable-rate and fixed-rate, interest-only and fully-amortizing, first lien
      and second lien mortgage loans (the “Mortgage Loans”) formed and sold
      by

     

    STANWICH
      ASSET ACCEPTANCE COMPANY, L.L.C.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN STANWICH ASSET
      ACCEPTANCE COMPANY, L.L.C., THE SERVICER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE
      AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE
      GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

     

    This
      certifies that Greenwich
      Residual Venture, LLC is
      the
      registered owner of a Percentage Interest (as specified above) in that certain
      beneficial ownership interest evidenced by all the Certificates of the Class
      to
      which this Certificate belongs created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Stanwich Asset
      Acceptance Company, L.L.C. (hereinafter called the “Depositor,” which term
      includes any successor entity under the Agreement), the Servicer and the
      Trustee, a summary of certain of the pertinent provisions of which is set forth
      hereafter. To the extent not defined herein, the capitalized terms used herein
      have the meanings assigned in the Agreement. This Certificate is issued under
      and is subject to the terms, provisions and conditions of the Agreement, to
      which Agreement the Holder of this Certificate by virtue of the acceptance
      hereof assents and by which such Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class R-I
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Trustee by wire transfer in immediately available
      funds to the account of the Person entitled thereto if such Person shall have
      so
      notified the Trustee in writing at least five Business Days prior to the Record
      Date immediately prior to such Distribution Date or otherwise by check mailed
      by
      first class mail to the address of the Person entitled thereto, as such name
      and
      address shall appear on the Certificate Register. Notwithstanding the above,
      the
      final distribution on this Certificate will be made after due notice by the
      Trustee of the pendency of such distribution and only upon presentation and
      surrender of this Certificate at the office or agency appointed by the Trustee
      for that purpose as provided in the Agreement.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Asset-Backed Pass-Through Certificates of the Series specified on the face
      hereof (herein called the “Certificates”) and representing a Percentage Interest
      in the Class of Certificates specified on the face hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Custodial Account and the Certificate Account may be made from time to time
      for
      purposes other than distributions to Certificateholders, such purposes including
      reimbursement of advances made, or certain expenses incurred, with respect
      to
      the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Servicer and the Trustee and the rights of the Certificateholders under the
      Agreement at any time by the Depositor, the Servicer and the Trustee with the
      consent of the Holders of Certificates entitled to at least 66% of the Voting
      Rights. Any such consent by the Holder of this Certificate shall be conclusive
      and binding on such Holder and upon all future Holders of this Certificate
      and
      of any Certificate issued upon the transfer hereof or in exchange herefor or
      in
      lieu hereof whether or not notation of such consent is made upon this
      Certificate. The Agreement also permits the amendment thereof, in certain
      limited circumstances, without the consent of the Holders of any of the
      Certificates.

     

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

     

    No
      transfer of this Certificate shall be made unless the transfer is made pursuant
      to an effective registration statement under the Securities Act of 1933, as
      amended (the “1933 Act”), and an effective registration or qualification under
      applicable state securities laws, or is made in a transaction that does not
      require such registration or qualification. In the event that such a transfer
      of
      this Certificate is to be made without registration or qualification, the
      Trustee shall require receipt of (i) if such transfer is purportedly being
      made
      in reliance upon Rule 144A under the 1933 Act, written certifications from
      the
      Holder of the Certificate desiring to effect the transfer, and from such
      Holder’s prospective transferee, substantially in the forms attached to the
      Agreement as Exhibit F-1, and (ii) in all other cases, an Opinion of Counsel
      satisfactory to it that such transfer may be made without such registration
      or
      qualification (which Opinion of Counsel shall not be an expense of the Trust
      Fund or of the Depositor, the Trustee or the Servicer in their respective
      capacities as such), together with copies of the written certification(s) of
      the
      Holder of the Certificate desiring to effect the transfer and/or such Holder’s
      prospective transferee upon which such Opinion of Counsel is based. None of
      the
      Depositor or the Trustee is obligated to register or qualify the Class of
      Certificates specified on the face hereof under the 1933 Act or any other
      securities law or to take any action not otherwise required under the Agreement
      to permit the transfer of such Certificates without registration or
      qualification. Any Holder desiring to effect a transfer of this Certificate
      shall be required to indemnify the Trustee, the Depositor and the Servicer
      against any liability that may result if the transfer is not so exempt or is
      not
      made in accordance with such federal and state laws.

     

    No
      transfer of this Certificate or any interest therein shall be made to any
“employee benefit plan” as defined in Section 3(3) of the Employee Retirement
      Income Security Act of 1974, as amended (“ERISA”), that is subject to Title I of
      ERISA, any “plan” as defined in Section 4975(e)(1) of the Internal Revenue Code
      of 1986, as amended (the “Code”), that is subject to Section 4975 of the Code or
      any entity deemed to hold plan assets of any of the foregoing (each, a “Plan”),
      any Person acting, directly or indirectly, on behalf of any such Plan or any
      Person acquiring this Certificate with “plan assets” (within the meaning of the
      Department of Labor regulation promulgated at 29 C. F. R. § 2510.3-101
      (“Plan
      Assets”))
      of a
      Plan, as certified by such transferee in the form of Exhibit
      G
      to the
      Agreement, unless the Trustee is provided with an Opinion of Counsel acceptable
      to and in form and substance satisfactory to the Depositor, the Trustee and
      the
      Servicer to the effect that the purchase and holding of this Certificate is
      permissible under applicable law, will not constitute or result in any
      non-exempt prohibited transaction under Section 406 of ERISA or Section 4975
      of
      the Code (or comparable provisions of any subsequent enactments) and will not
      subject the Depositor, the Servicer, the Trustee or the Trust Fund to any
      obligation or liability (including obligations or liabilities under ERISA or
      Section 4975 of the Code) in addition to those undertaken in the Agreement,
      which Opinion of Counsel shall not be an expense of the Depositor, the Servicer,
      the Trustee or the Trust Fund.

     

    If
      this
      Certificate or any interest therein is acquired or held in violation of the
      provisions of Section 5.02(c) of the Agreement, the next preceding permitted
      beneficial owner will be treated as the beneficial owner of this Certificate
      retroactive to the date of transfer to the purported beneficial owner. Any
      purported beneficial owner whose acquisition or holding of any this Certificate
      or any interest therein was effected in violation of the provisions of Section
      5.02(c) of the Agreement shall indemnify and hold harmless the Depositor, the
      Servicer, the Trustee and the Trust Fund from and against any and all
      liabilities, claims, costs or expenses incurred by those parties as a result
      of
      that acquisition or holding.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge that may be imposed in connection with any transfer
      or
      exchange of Certificates.

     

    Prior
      to
      registration of any transfer, sale or other disposition of this Certificate,
      the
      proposed transferee shall provide to the Trustee (i) an affidavit to the effect
      that such transferee is any Person other than a Disqualified Organization or
      the
      agent (including a broker, nominee or middleman) of a Disqualified Organization,
      and (ii) a certificate that acknowledges that (A) the Class R-I Certificates
      have been designated as a residual interest in a REMIC, (B) it will include
      in
      its income a pro
      rata share
      of
      the net income of the Trust Fund and that such income may be an “excess
      inclusion,” as defined in the Code, that, with certain exceptions, cannot be
      offset by other losses or benefits from any tax exemption, and (C) it expects
      to
      have the financial means to satisfy all of its tax obligations including those
      relating to holding the Class R-I Certificates. Notwithstanding the registration
      in the Certificate Register of any transfer, sale or other disposition of this
      Certificate to a Disqualified Organization or an agent (including a broker,
      nominee or middleman) of a Disqualified Organization, such registration shall
      be
      deemed to be of no legal force or effect whatsoever and such Person shall not
      be
      deemed to be a Certificateholder for any purpose, including, but not limited
      to,
      the receipt of distributions in respect of this Certificate.

     

    The
      Holder of this Certificate, by its acceptance hereof, shall be deemed to have
      consented to the provisions of Section 5.02 of the Agreement and to any
      amendment of the Agreement deemed necessary by counsel of the Depositor to
      ensure that the transfer of this Certificate to any Person other than a
      Permitted Transferee or any other Person will not cause the Trust Fund to cease
      to qualify as a REMIC or cause the imposition of a tax upon the
      REMIC.

     

    The
      Depositor, the Servicer, the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Servicer, the Trustee nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trustee and required to be paid to them pursuant to the Agreement following
      the
      earlier of (i) the final payment or other liquidation (or any advance with
      respect thereto) of the last Mortgage Loan and REO Property remaining in REMIC
      I
      and (ii) the purchase by the party designated in the Agreement at a price
      determined as provided in the Agreement from REMIC I of all the Mortgage Loans
      and all property acquired in respect of such Mortgage Loans. The Agreement
      permits, but does not require, the party designated in the Agreement to purchase
      from REMIC I all the Mortgage Loans and all property acquired in respect of
      any
      Mortgage Loan at a price determined as provided in the Agreement. The exercise
      of such right will effect early retirement of the Certificates; however, such
      right to purchase is subject to the aggregate Stated Principal Balance of the
      Mortgage Loans at the time of purchase being less than 10% of the aggregate
      Stated Principal Balance of the Mortgage Loans as of the Cut-off
      Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trustee assumes no responsibility for their correctness.

     

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

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

     

    Dated:
      May 24, 2006

     

    

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A., as Trustee

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A., as Trustee

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Signatory

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT -

            	
              Custodian

            
	 	 	 	
              (Cust)     (Minor)

            
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	 	
              under
                Uniform Gifts

            
	 	 	 	
              to
                Minors Act

            
	
              JT
                TEN -

            	
              as
                joint tenants with right if 

            	 	 
	 	
              survivorship
                and not as

            	 	
              (State)

            
	 	
              tenants
                in common

            	 	 

    

    

    Additional
      abbreviations may also be used though not in the above list.

     

    
      ASSIGNMENT

       

       

      
        	
                FOR
                  VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
                  transfer(s) unto

              	 
	 
	 

      

       

      (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) a Percentage Interest equal to ____%
        evidenced by the within Asset-Backed Pass-Through Certificates and hereby
        authorize(s) the registration of transfer of such interest to assignee on
        the
        Certificate Register of the Trust Fund.

       

      I
        (we)
        further direct the Trustee to issue a new Certificate of a like Percentage
        Interest and Class to the above named assignee and deliver such Certificate
        to
        the following address: 

      
        
          	 
	 

        

      

       

      Dated:

       

      
        	 	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

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

    
      	
              to

            	 	
              ,

            
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	
              ,

            
	
              Applicable
                statements should be mailed to

            	 	 
	
               

            	
              .

            
	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    EXHIBIT
      A-18

     

    FORM
      OF
      CLASS R-II CERTIFICATE

     

    THIS
      CERTIFICATE MAY NOT BE TRANSFERRED TO A NON-UNITED STATES PERSON.

     

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

     

    ANY
      RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
      IN
      ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING
      AGREEMENT REFERRED TO HEREIN.

     

    THIS
      CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT
      OF
      1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD
      OR
      TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR IS SOLD
      OR
      TRANSFERRED IN TRANSACTIONS THAT ARE EXEMPT FROM REGISTRATION UNDER SUCH ACT
      AND
      UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS
      OF SECTION 5.02 OF THE AGREEMENT.

     

    NO
      TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
      ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
      AS
      AMENDED, OR THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE WITH THE PROCEDURES
      DESCRIBED HEREIN.

     

    ANY
      RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
      IF
      THE PROPOSED TRANSFEREE PROVIDES (I) AN AFFIDAVIT TO THE TRUSTEE THAT (A) SUCH
      TRANSFEREE IS NOT (1) THE UNITED STATES OR ANY POSSESSION THEREOF, ANY STATE
      OR
      POLITICAL SUBDIVISION THEREOF, ANY FOREIGN GOVERNMENT, ANY INTERNATIONAL
      ORGANIZATION, OR ANY AGENCY OR INSTRUMENTALITY OF ANY OF THE FOREGOING, (2)
      ANY
      ORGANIZATION (OTHER THAN A COOPERATIVE DESCRIBED IN SECTION 521 OF THE CODE)
      THAT IS EXEMPT FROM THE TAX IMPOSED BY CHAPTER 1 OF THE CODE UNLESS SUCH
      ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE CODE, (3)
      ANY
      ORGANIZATION DESCRIBED IN SECTION 1381(A)(2)(C) OF THE CODE (ANY SUCH PERSON
      DESCRIBED IN THE FOREGOING CLAUSES (1), (2) OR (3) SHALL HEREINAFTER BE REFERRED
      TO AS A “DISQUALIFIED ORGANIZATION”) OR (4) AN AGENT OF A DISQUALIFIED
      ORGANIZATION AND (B) NO PURPOSE OF SUCH TRANSFER IS TO IMPEDE THE ASSESSMENT
      OR
      COLLECTION OF TAX, AND (II) SUCH TRANSFEREE SATISFIES CERTAIN ADDITIONAL
      CONDITIONS RELATING TO THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE.
      NOTWITHSTANDING THE REGISTRATION IN THE CERTIFICATE REGISTER OF ANY TRANSFER,
      SALE OR OTHER DISPOSITION OF THIS CERTIFICATE TO A DISQUALIFIED ORGANIZATION
      OR
      AN AGENT OF A DISQUALIFIED ORGANIZATION, SUCH REGISTRATION SHALL BE DEEMED
      TO BE
      OF NO LEGAL FORCE OR EFFECT WHATSOEVER AND SUCH PERSON SHALL NOT BE DEEMED
      TO BE
      A CERTIFICATEHOLDER FOR ANY PURPOSE HEREUNDER, INCLUDING, BUT NOT LIMITED TO,
      THE RECEIPT OF DISTRIBUTIONS ON THIS CERTIFICATE. EACH HOLDER OF THIS
      CERTIFICATE BY ACCEPTANCE HEREOF SHALL BE DEEMED TO HAVE CONSENTED TO THE
      PROVISIONS OF THIS PARAGRAPH AND THE PROVISIONS OF SECTION 5.02(D) OF THE
      POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN. ANY PERSON THAT IS A
      DISQUALIFIED ORGANIZATION IS PROHIBITED FROM ACQUIRING BENEFICIAL OWNERSHIP
      OF
      THIS CERTIFICATE.

     

    

    
      	
              Series
                2006-RFC1

              Cut-off
                Date and date of Pooling and Servicing Agreement: May 1, 2006

              First
                Distribution Date: June 26, 2006

              No.1
                

            	
              Aggregate
                Percentage Interest of the Class R-II Certificates as of the Closing
                Date:
                100.00%

              Servicer:
                Homecomings Financial Network, Inc.

              Trustee:
                Wells Fargo Bank, N.A.

              Closing
                Date: May 24, 2006

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ASSET-BACKED
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
      consisting primarily of a pool of conventional one- to four-family,
      adjustable-rate and fixed-rate, interest-only and fully-amortizing, first lien
      and second lien mortgage loans (the “Mortgage Loans”) formed and sold
      by

     

    STANWICH
      ASSET ACCEPTANCE COMPANY, L.L.C.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN STANWICH ASSET
      ACCEPTANCE COMPANY, L.L.C., THE SERVICER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE
      AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE
      GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

     

    This
      certifies that Greenwich Residual Venture, LLC is the registered owner of a
      Percentage Interest (as specified above) in that certain beneficial ownership
      interest evidenced by all the Certificates of the Class to which this
      Certificate belongs created pursuant to a Pooling and Servicing Agreement,
      dated
      as specified above (the “Agreement”), among Stanwich Asset Acceptance Company,
      L.L.C. (hereinafter called the “Depositor,” which term includes any successor
      entity under the Agreement), the Servicer and the Trustee, a summary of certain
      of the pertinent provisions of which is set forth hereafter. To the extent
      not
      defined herein, the capitalized terms used herein have the meanings assigned
      in
      the Agreement. This Certificate is issued under and is subject to the terms,
      provisions and conditions of the Agreement, to which Agreement the Holder of
      this Certificate by virtue of the acceptance hereof assents and by which such
      Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class R-II
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Trustee by wire transfer in immediately available
      funds to the account of the Person entitled thereto if such Person shall have
      so
      notified the Trustee in writing at least five Business Days prior to the Record
      Date immediately prior to such Distribution Date or otherwise by check mailed
      by
      first class mail to the address of the Person entitled thereto, as such name
      and
      address shall appear on the Certificate Register. Notwithstanding the above,
      the
      final distribution on this Certificate will be made after due notice by the
      Trustee of the pendency of such distribution and only upon presentation and
      surrender of this Certificate at the office or agency appointed by the Trustee
      for that purpose as provided in the Agreement.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Asset-Backed Pass-Through Certificates of the Series specified on the face
      hereof (herein called the “Certificates”) and representing a Percentage Interest
      in the Class of Certificates specified on the face hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Custodial Account and the Certificate Account may be made from time to time
      for
      purposes other than distributions to Certificateholders, such purposes including
      reimbursement of advances made, or certain expenses incurred, with respect
      to
      the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Servicer and the Trustee and the rights of the Certificateholders under the
      Agreement at any time by the Depositor, the Servicer and the Trustee with the
      consent of the Holders of Certificates entitled to at least 66% of the Voting
      Rights. Any such consent by the Holder of this Certificate shall be conclusive
      and binding on such Holder and upon all future Holders of this Certificate
      and
      of any Certificate issued upon the transfer hereof or in exchange herefor or
      in
      lieu hereof whether or not notation of such consent is made upon this
      Certificate. The Agreement also permits the amendment thereof, in certain
      limited circumstances, without the consent of the Holders of any of the
      Certificates.

     

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

     

    No
      transfer of this Certificate shall be made unless the transfer is made pursuant
      to an effective registration statement under the Securities Act of 1933, as
      amended (the “1933 Act”), and an effective registration or qualification under
      applicable state securities laws, or is made in a transaction that does not
      require such registration or qualification. In the event that such a transfer
      of
      this Certificate is to be made without registration or qualification, the
      Trustee shall require receipt of (i) if such transfer is purportedly being
      made
      in reliance upon Rule 144A under the 1933 Act, written certifications from
      the
      Holder of the Certificate desiring to effect the transfer, and from such
      Holder’s prospective transferee, substantially in the forms attached to the
      Agreement as Exhibit F-1, and (ii) in all other cases, an Opinion of Counsel
      satisfactory to it that such transfer may be made without such registration
      or
      qualification (which Opinion of Counsel shall not be an expense of the Trust
      Fund or of the Depositor, the Trustee or the Servicer in their respective
      capacities as such), together with copies of the written certification(s) of
      the
      Holder of the Certificate desiring to effect the transfer and/or such Holder’s
      prospective transferee upon which such Opinion of Counsel is based. None of
      the
      Depositor or the Trustee is obligated to register or qualify the Class of
      Certificates specified on the face hereof under the 1933 Act or any other
      securities law or to take any action not otherwise required under the Agreement
      to permit the transfer of such Certificates without registration or
      qualification. Any Holder desiring to effect a transfer of this Certificate
      shall be required to indemnify the Trustee, the Depositor and the Servicer
      against any liability that may result if the transfer is not so exempt or is
      not
      made in accordance with such federal and state laws.

     

    No
      transfer of this Certificate or any interest therein shall be made to any
“employee benefit plan” as defined in Section 3(3) of the Employee Retirement
      Income Security Act of 1974, as amended (“ERISA”), that is subject to Title I of
      ERISA, any “plan” as defined in Section 4975(e)(1) of the Internal Revenue Code
      of 1986, as amended (the “Code”), that is subject to Section 4975 of the Code or
      any entity deemed to hold plan assets of any of the foregoing (each, a “Plan”),
      any Person acting, directly or indirectly, on behalf of any such Plan or any
      Person acquiring this Certificate with “plan assets” (within the meaning of the
      Department of Labor regulation promulgated at 29 C. F. R. § 2510.3-101
      (“Plan
      Assets”))
      of a
      Plan, as certified by such transferee in the form of Exhibit
      G
      to the
      Agreement, unless the Trustee is provided with an Opinion of Counsel acceptable
      to and in form and substance satisfactory to the Depositor, the Trustee and
      the
      Servicer to the effect that the purchase and holding of this Certificate is
      permissible under applicable law, will not constitute or result in any
      non-exempt prohibited transaction under Section 406 of ERISA or Section 4975
      of
      the Code (or comparable provisions of any subsequent enactments) and will not
      subject the Depositor, the Servicer, the Trustee or the Trust Fund to any
      obligation or liability (including obligations or liabilities under ERISA or
      Section 4975 of the Code) in addition to those undertaken in the Agreement,
      which Opinion of Counsel shall not be an expense of the Depositor, the Servicer,
      the Trustee or the Trust Fund.

     

    If
      this
      Certificate or any interest therein is acquired or held in violation of the
      provisions of Section 5.02(c) of the Agreement, the next preceding permitted
      beneficial owner will be treated as the beneficial owner of this Certificate
      retroactive to the date of transfer to the purported beneficial owner. Any
      purported beneficial owner whose acquisition or holding of any this Certificate
      or any interest therein was effected in violation of the provisions of Section
      5.02(c) of the Agreement shall indemnify and hold harmless the Depositor, the
      Servicer, the Trustee and the Trust Fund from and against any and all
      liabilities, claims, costs or expenses incurred by those parties as a result
      of
      that acquisition or holding.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge that may be imposed in connection with any transfer
      or
      exchange of Certificates.

     

    Prior
      to
      registration of any transfer, sale or other disposition of this Certificate,
      the
      proposed transferee shall provide to the Trustee (i) an affidavit to the effect
      that such transferee is any Person other than a Disqualified Organization or
      the
      agent (including a broker, nominee or middleman) of a Disqualified Organization,
      and (ii) a certificate that acknowledges that (A) the Class R-II Certificates
      have been designated as a residual interest in a REMIC, (B) it will include
      in
      its income a pro
      rata share
      of
      the net income of the Trust Fund and that such income may be an “excess
      inclusion,” as defined in the Code, that, with certain exceptions, cannot be
      offset by other losses or benefits from any tax exemption, and (C) it expects
      to
      have the financial means to satisfy all of its tax obligations including those
      relating to holding the Class R-II Certificates. Notwithstanding the
      registration in the Certificate Register of any transfer, sale or other
      disposition of this Certificate to a Disqualified Organization or an agent
      (including a broker, nominee or middleman) of a Disqualified Organization,
      such
      registration shall be deemed to be of no legal force or effect whatsoever and
      such Person shall not be deemed to be a Certificateholder for any purpose,
      including, but not limited to, the receipt of distributions in respect of this
      Certificate.

     

    The
      Holder of this Certificate, by its acceptance hereof, shall be deemed to have
      consented to the provisions of Section 5.02 of the Agreement and to any
      amendment of the Agreement deemed necessary by counsel of the Depositor to
      ensure that the transfer of this Certificate to any Person other than a
      Permitted Transferee or any other Person will not cause the Trust Fund to cease
      to qualify as a REMIC or cause the imposition of a tax upon the
      REMIC.

     

    The
      Depositor, the Servicer, the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Servicer, the Trustee nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trustee and required to be paid to them pursuant to the Agreement following
      the
      earlier of (i) the final payment or other liquidation (or any advance with
      respect thereto) of the last Mortgage Loan and REO Property remaining in REMIC
      I
      and (ii) the purchase by the party designated in the Agreement at a price
      determined as provided in the Agreement from REMIC I of all the Mortgage Loans
      and all property acquired in respect of such Mortgage Loans. The Agreement
      permits, but does not require, the party designated in the Agreement to purchase
      from REMIC I all the Mortgage Loans and all property acquired in respect of
      any
      Mortgage Loan at a price determined as provided in the Agreement. The exercise
      of such right will effect early retirement of the Certificates; however, such
      right to purchase is subject to the aggregate Stated Principal Balance of the
      Mortgage Loans at the time of purchase being less than 10% of the aggregate
      Stated Principal Balance of the Mortgage Loans as of the Cut-off
      Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trustee assumes no responsibility for their correctness.

     

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

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

     

    Dated:
      May 24, 2006

     

    

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A., as Trustee

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            

    

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A., as Trustee

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Signatory

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT -

            	
              Custodian

            
	 	 	 	
              (Cust)     (Minor)

            
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	 	
              under
                Uniform Gifts

            
	 	 	 	
              to
                Minors Act

            
	
              JT
                TEN -

            	
              as
                joint tenants with right if 

            	 	 
	 	
              survivorship
                and not as

            	 	
              (State)

            
	 	
              tenants
                in common

            	 	 

    

    

    Additional
      abbreviations may also be used though not in the above list.

     

    
      ASSIGNMENT

       

       

      
        	
                FOR
                  VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
                  transfer(s) unto

              	 
	 
	 

      

       

      (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) a Percentage Interest equal to ____%
        evidenced by the within Asset-Backed Pass-Through Certificates and hereby
        authorize(s) the registration of transfer of such interest to assignee on
        the
        Certificate Register of the Trust Fund.

       

      I
        (we)
        further direct the Trustee to issue a new Certificate of a like Percentage
        Interest and Class to the above named assignee and deliver such Certificate
        to
        the following address: 

      
        
          	 
	 

        

      

       

      Dated:

       

      
        	 	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

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

    
      	
              to

            	 	
              ,

            
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	
              ,

            
	
              Applicable
                statements should be mailed to

            	 	 
	
               

            	
              .

            
	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    EXHIBIT
      B

     

    [RESERVED]

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      C-1

     

    FORM
      OF
      TRUST RECEIPT AND INITIAL CERTIFICATION

     

    

    
      	 	
              [DATE]

            
	 	 

    

    
      	
              Stanwich
                Asset Acceptance Company, L.L.C.

              Seven
                Greenwich Office Park

              599
                West Putnam Avenue

              Greenwich,
                CT 06830

               

            	 
	
              Carrington
                Securities, LP

              Seven
                Greenwich Office Park

              599
                West Putnam Avenue

              Greenwich,
                CT 06830

            	 

    

    
    

     

    
      	 	
              Re:

            	
              Pooling
                and Servicing Agreement, dated as of May 1, 2006, among Wells Fargo
                Bank,
                N.A., as Trustee, Homecomings Financial Network, Inc. as Servicer
                and
                Stanwich Asset Acceptance Company, L.L.C. as
                Depositor

            

    

     

    Ladies
      and Gentlemen:

     

    In
      accordance with the provisions of Section 2.02 of the above-referenced Pooling
      and Servicing Agreement, the undersigned, as the Trustee, hereby certifies
      that
      it is holding the Mortgage Loans identified on the schedule attached hereto
      for
      the exclusive benefit of the Certificateholders pursuant to the terms and
      conditions of the Pooling and Servicing Agreement, and it has received a
      Mortgage Loan File with respect to each such Mortgage Loan (other than any
      Mortgage Loan specifically identified on the exception report attached hereto)
      and that with respect to each such Mortgage Loan: (i)
      all
      documents constituting part of such Mortgage Loan File required to be delivered
      to it pursuant to the Pooling and Servicing Agreement are in its possession,
      (ii) such documents have been reviewed by the Trustee and appear regular on
      their face and relate to such Mortgage Loan and (iii) based on the Trustee’s
      examination and only as to the foregoing, the information set forth in the
      Mortgage Loan Schedule that corresponds to items (i), (iii) and (xvi) of the
      definition of “Mortgage Loan Schedule” in the Pooling and Servicing Agreement
      accurately reflects information set forth in the Mortgage Loan File. The Trustee
      hereby confirms that it is holding each such Mortgage File for the exclusive
      use
      and benefit of the Certificateholders pursuant to the terms of the Pooling
      and
      Servicing Agreement.

     

    Capitalized
      terms used herein shall have the meaning ascribed to them in Appendix A of
      the
      Pooling and Servicing Agreement.

     

    WELLS
      FARGO BANK, N.A., Trustee

     

    By:___________________________

    Name:

    Title:

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      C-2

     

    FORM
      OF
      FINAL TRUST RECEIPT

     

    
      

      
        	 	
                [DATE]

              
	 

      

    

    
      	
              Stanwich
                Asset Acceptance Company, L.L.C.

              Seven
                Greenwich Office Park

              599
                West Putnam Avenue

              Greenwich,
                CT 06830

            	 
	
              Carrington
                Securities, LP

              Seven
                Greenwich Office Park

              599
                West Putnam Avenue

              Greenwich,
                CT 06830

            	 

    

    
      	
               

               

            	
              Re:

            	
              Pooling
                and Servicing Agreement, dated as of May 1, 2006, among Wells Fargo
                Bank,
                N.A., as Trustee, Homecomings Financial Network, Inc.
                as

            

    

     

    Servicer
      and Stanwich Asset Acceptance Company L.L.C., as Depositor

     

    Ladies
      and Gentlemen:

     

    In
      accordance
      with the provisions of Section 2.02 of the above-referenced Pooling and
      Servicing Agreement, the undersigned, as the Trustee, hereby certifies that
      as
      to each Mortgage Loan listed on the Mortgage Loan Schedule (other than any
      Mortgage Loan paid in full or any Mortgage Loan listed on the attachment hereto)
      it has reviewed the Mortgage Loan Files and has determined that (i) all
      documents required to be delivered to it pursuant to Sections 2.01(i), (ii),
      (iii), (iv), (v) and (vi) of the Pooling and Servicing Agreement are in its
      possession; (ii) such documents have been reviewed by it and appear regular
      on
      their face and relate to such Mortgage Loan; (iii) based
      on
      the Trustee’s examination and only as to the foregoing, the information set
      forth in the Mortgage Loan Schedule that corresponds to items (i), (iii) and
      (xvi) of the definition of “Mortgage Loan Schedule” in the Pooling and Servicing
      Agreement accurately reflects information set forth in the Mortgage Loan File;
      and
      (iv)
      each Mortgage Note has been endorsed as provided in Section 2.02 of the Pooling
      and Servicing Agreement and each Mortgage has been assigned in accordance with
      Section 2.02 of the Pooling and Servicing Agreement. The Trustee makes no
      representations as to (i) the validity, legality, enforceability, sufficiency,
      recordability, due authorization or genuineness of any of the documents
      contained in each Mortgage Loan File or of any of the Mortgage Loans or (ii)
      the
      collectability, insurability, perfection, priority, effectiveness or suitability
      of any such Mortgage Loan.

     

    The
      Trustee hereby confirms that it is holding each such Mortgage Loan File for
      the
      exclusive use and benefit, and subject to the sole direction, of the
      Certificateholders pursuant to the terms and conditions of the Pooling and
      Servicing Agreement.

     

    Capitalized
      terms used herein shall have the meaning ascribed to them in Appendix A of
      the
      Pooling and Servicing Agreement.

     

    WELLS
      FARGO BANK, N.A., Trustee

     

    By:___________________________

    Name:

    Title:

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      D

     

    
      MORTGAGE
        LOAN PURCHASE AGREEMENT

       

      This
        is a
        Mortgage Loan Purchase Agreement (this “Agreement”), dated May 17, 2006, among
        RESIDENTIAL FUNDING CORPORATION, a Delaware corporation (“RFC”), CARRINGTON
        SECURITIES, LP, a Delaware limited partnership (the “Seller”), and STANWICH
        ASSET ACCEPTANCE COMPANY, L.L.C., a Delaware limited liability company (the
        “Purchaser”).

       

      Preliminary
        Statement

       

      The
        Seller intends to sell the Mortgage Loans (as hereinafter identified) to
        the
        Purchaser on the terms and subject to the conditions set forth in this
        Agreement. The Purchaser intends to deposit the Mortgage Loans into a mortgage
        pool comprising the Trust Fund. The Trust Fund will be evidenced by a single
        series of mortgage pass-through certificates designated as Carrington Mortgage
        Loan Trust, Series 2006-RFC1 Asset-Backed Pass-Through Certificates (the
        “Certificates”). The Certificates will consist of eighteen classes of
        certificates and will be issued pursuant to a Pooling and Servicing Agreement,
        dated as of May 1, 2006 (the “Pooling and Servicing Agreement”), among the
        Depositor as depositor, Homecomings Financial Network, Inc. as servicer (the
        “Servicer”), and Wells Fargo Bank, N.A. as trustee (the “Trustee”). Capitalized
        terms used but not defined herein shall have the meanings set forth in Appendix
        A to the Pooling and Servicing Agreement.

       

      The
        parties hereto agree as follows:

       

      Section
        1.  Agreement
        to Purchase.
        The
        Seller agrees to sell and the Purchaser agrees to purchase, on or before
        May 24,
        2006 (the “Closing Date”), certain adjustable-rate and fixed-rate,
        interest-only, balloon and fully-amortizing, first lien and second lien,
        closed-end, subprime mortgage loans purchased by the Seller from RFC (the
        “Mortgage Loans”), having a scheduled principal balance as of the close of
        business on May 1, 2006 (the “Cut-off Date”) of approximately $743,362,000 (the
“Closing Balance”), after giving effect to all payments due on the Mortgage
        Loans on or before the Cut-off Date, whether or not received including the
        right
        to any Prepayment Charges payable by the related Mortgagors in connection
        with
        any Principal Prepayments on the Mortgage Loans, on a servicing-retained
        basis.

       

      Section
        2.  Mortgage
        Loan Schedule.
        The
        Purchaser and the Seller have agreed upon which of the Mortgage Loans are
        to be
        purchased by the Purchaser pursuant to this Agreement and the Seller will
        prepare or cause to be prepared on or prior to the Closing Date a final schedule
        (the “Closing Schedule”) that shall describe such Mortgage Loans and set forth
        all of the Mortgage Loans to be purchased under this Agreement, including
        the
        Prepayment Charges. The Closing Schedule will conform to the requirements
        set
        forth in this Agreement and, with respect to the Mortgage Loans subject to
        this
        Agreement, to the definition of “Mortgage Loan Schedule” under the Pooling and
        Servicing Agreement. The Closing Schedule shall be used as part of the Mortgage
        Loan Schedule under the Pooling and Servicing Agreement and shall be based
        on
        information provided by RFC.

       

      Section
        3.  Consideration.

       

      (a)  In
        consideration for the Mortgage Loans to be purchased hereunder, the Purchaser
        shall, as described in Section 8, pay to or upon the order of the Seller
        in
        immediately available funds an amount (the “Purchase Price”) equal to (i) the
        net sale proceeds of the Class A Certificates and the Mezzanine Certificates
        (other than the Class M-10 Certificates) and (ii) the Class M-10 Certificates,
        the Class CE Certificates and the Class P Certificates.

       

      (b)  The
        Purchaser or any assignee, transferee or designee of the Purchaser shall
        be
        entitled to all scheduled payments of principal due after the Cut-off Date,
        all
        other payments of principal due and collected after the Cut-off Date, and
        all
        payments of interest on the Mortgage Loans allocable to the period after
        the
        Cut-off Date. All scheduled payments of principal and interest due on or
        before
        the Cut-off Date and collected after the Cut-off Date shall belong to
        RFC.

       

      (c)  Pursuant
        to the Pooling and Servicing Agreement, the Purchaser will assign all of
        its
        right, title and interest in and to the Mortgage Loans, together with its
        rights
        under this Agreement, to the Trustee for the benefit of the
        Certificateholders.

       

      Section
        4.  Transfer
        of the Mortgage Loans.

       

      (a)  Possession
        of Mortgage Files.
        The
        Seller does hereby sell, and in connection therewith hereby assigns, to the
        Purchaser, effective as of the Closing Date, without recourse but subject
        to the
        terms of this Agreement, all of its right, title and interest in, to and
        under
        the Mortgage Loans, including the related Prepayment Charges. The contents
        of
        each Mortgage File not delivered to the Purchaser or to any assignee, transferee
        or designee of the Purchaser on or prior to the Closing Date are and shall
        be
        held in trust by the Seller for the benefit of the Purchaser or any assignee,
        transferee or designee of the Purchaser. Upon the sale of the Mortgage Loans,
        the ownership of each Mortgage Note, the related Mortgage and the other contents
        of the related Mortgage File is vested in the Purchaser and the ownership
        of all
        records and documents with respect to the related Mortgage Loan prepared
        by or
        that come into the possession of the Seller on or after the Closing Date
        shall
        immediately vest in the Purchaser and shall be delivered immediately to the
        Purchaser or as otherwise directed by the Purchaser.

       

      (b)  Delivery
        of Mortgage Loan Documents.
        The
        Seller will, on or prior to the Closing Date, deliver or cause to be delivered
        to the Purchaser or any assignee, transferee or designee of the Purchaser
        each
        of the following documents for each Mortgage Loan:

       

      (i)  the
        original Mortgage Note, endorsed in blank or in the following form “Pay to the
        order of Wells Fargo Bank, N.A., as Trustee under the applicable agreement,
        without recourse,” with all prior and intervening endorsements showing a
        complete chain of endorsement from the originator to the Person so endorsing
        to
        the Trustee;

       

      (ii)  the
        original Mortgage (noting the presence of the MIN of the Mortgage Loan and
        language indicating that the Mortgage Loan is a MOM Loan if the Mortgage
        Loan is
        a MOM Loan) with evidence of recording thereon, and the original recorded
        power
        of attorney, if the Mortgage was executed pursuant to a power of attorney,
        with
        evidence of recording thereon;

       

      (iii)  unless
        the Mortgage Loan is registered on the MERS® System, an original Assignment in
        blank;

       

      (iv)  the
        original recorded Assignment or Assignments showing a complete chain of
        assignment from the originator to the Person assigning the Mortgage to the
        Trustee (or to MERS if the Mortgage Loan is registered on the MERS® System and
        noting the presence of MIN) as contemplated by the immediately preceding
        clause
        (iii); and

       

      (v)  the
        original or copies of each assumption, modification or substitution agreement,
        if any.

       

      With
        respect to a maximum of approximately 2.0% of the Original Mortgage Loans,
        by
        outstanding principal balance of the Original Mortgage Loans as of the Cut-off
        Date, if any original Mortgage Note referred to in Section 4(b)(i) above
        cannot
        be located, the obligations of the Seller to deliver such documents shall
        be
        deemed to be satisfied upon delivery to the Purchaser of a photocopy of such
        Mortgage Note, if available, with a lost note affidavit substantially in
        the
        form of Exhibit H attached to the Pooling and Servicing Agreement. If any
        of the
        original Mortgage Notes for which a lost note affidavit was delivered to
        the
        Purchaser is subsequently located, such original Mortgage Note shall be
        delivered to the Purchaser within three Business Days.

       

      If
        any of
        the documents referred to in Sections 4(b)(ii), (iii) or (iv) above has,
        as of
        the Closing Date, been submitted for recording but either (x) has not been
        returned from the applicable public recording office or (y) has been lost
        or
        such public recording office has retained the original of such document,
        the
        obligations of the Seller to deliver such documents shall be deemed to be
        satisfied upon (1) delivery to the Purchaser of a copy of each such document
        certified by RFC in the case of (x) above or the applicable public recording
        office in the case of (y) above to be a true and complete copy of the original
        that was submitted for recording and (2) if such copy is certified by RFC,
        delivery to the Purchaser promptly upon receipt thereof of either the original
        or a copy of such document certified by the applicable public recording office
        to be a true and complete copy of the original. Notice shall be provided
        to the
        Purchaser, the Trustee and the Rating Agencies by the Seller if delivery
        pursuant to clause (2) above will be made more than 180 days after the Closing
        Date. The Seller shall deliver or cause to be delivered to the Purchaser
        promptly upon receipt thereof any other original documents constituting a
        part
        of a Mortgage File received with respect to any Mortgage Loan, including,
        but
        not limited to, any original documents evidencing an assumption or modification
        of any Mortgage Loan.

       

      Except
        with respect to any Mortgage Loan for which MERS is identified on the Mortgage,
        the Seller shall (at the expense of RFC) promptly (within sixty Business
        Days
        following the later of the Closing Date and the date of receipt by the Seller
        of
        the recording information for a Mortgage, but in no event later than ninety
        days
        following the Closing Date) submit or cause to be submitted for recording,
        at no
        expense to the Trust Fund, the Trustee or the Purchaser, in the appropriate
        public office for real property records, each Assignment referred to in Sections
        4(b)(iii) and (iv) above and the Seller shall execute each original Assignment
        or cause each original Assignment to be executed in the following form: “Wells
        Fargo Bank, N.A., as Trustee under the applicable agreement.” In the event that
        any such Assignment is lost or returned unrecorded because of a defect therein,
        the Seller shall promptly prepare or cause to be prepared a substitute
        Assignment or cure or cause to be cured such defect, as the case may be,
        and
        thereafter cause each such Assignment to be duly recorded.

       

      Notwithstanding
        the foregoing, however, for administrative convenience and facilitation of
        servicing and to reduce closing costs, the Assignments shall not be required
        to
        be submitted for recording (except with respect to any Mortgage Loan located
        in
        Maryland) unless the Trustee or the Purchaser receives notice that such failure
        to record would result in a withdrawal or a downgrading by any Rating Agency
        of
        the rating on any Class of Certificates; provided,
        however,
        the
        Seller shall submit or cause to be submitted each Assignment for recording
        in
        the manner described above, except with respect to any Mortgage Loan for
        which
        MERS is identified on the Mortgage, at the expense of RFC and at no expense
        to
        the Trust Fund or the Trustee, upon the earliest to occur of: (i) written
        direction by Holders of Certificates entitled to at least 25% of the Voting
        Rights, (ii) the occurrence of a Servicer Event of Default, (iii) the occurrence
        of a bankruptcy, insolvency or foreclosure relating to the Servicer, (iv)
        the
        occurrence of a servicing transfer as described in Section 7.02 of the Pooling
        and Servicing Agreement, (v) with respect to any one Assignment, the occurrence
        of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under
        the
        related Mortgage and (vi) any Mortgage Loan that is 90 days or more delinquent.
        Upon receipt of written notice that recording of the Assignments is required
        pursuant to one or more of the conditions set forth in the preceding sentence,
        the Seller shall be required to deliver such Assignments or shall cause such
        Assignments to be delivered within 30 days following receipt of such
        notice.

       

      Each
        original document relating to a Mortgage Loan which is not delivered to the
        Purchaser or its assignee, transferee or designee, if held by the Seller,
        shall
        be so held for the benefit of the Purchaser, its assignee, transferee or
        designee.

       

      (c)  Acceptance
        of Mortgage Loans.
        The
        documents delivered pursuant to Section 4(b) hereof shall be reviewed by
        the
        Purchaser or any assignee, transferee or designee of the Purchaser at any
        time
        before or after the Closing Date (and with respect to each document permitted
        to
        be delivered after the Closing Date, within seven days of its delivery) to
        ascertain that all required documents have been executed and received and
        that
        such documents relate to the Mortgage Loans identified on the Mortgage Loan
        Schedule.

       

      (d)  Transfer
        of Interest in Agreements.
        The
        Purchaser has the right to assign its interest under this Agreement, in whole
        or
        in part, to the Trustee, as may be required to effect the purposes of the
        Pooling and Servicing Agreement, without the consent of the Seller or RFC,
        and
        the assignee shall succeed to the rights and obligations hereunder of the
        Purchaser. Any expense reasonably incurred by or on behalf of the Purchaser
        or
        the Trustee in connection with enforcing any obligations of the Seller or
        RFC
        under this Agreement will be promptly reimbursed by the Seller or RFC, as
        applicable.

       

      (e)  Examination
        of Mortgage Files.
        Prior
        to the Closing Date, the Seller shall either (i) deliver in escrow to the
        Purchaser, or to any assignee, transferee or designee of the Purchaser for
        examination, the Mortgage File pertaining to each Mortgage Loan or (ii) make
        such Mortgage Files available to the Purchaser or to any assignee, transferee
        or
        designee of the Purchaser for examination. Such examination may be made by
        the
        Purchaser or the Trustee, and their respective designees, upon reasonable
        notice
        to the Seller during normal business hours before the Closing Date and within
        60
        days after the Closing Date. If any such person makes such examination prior
        to
        the Closing Date and identifies any Mortgage Loans that do not conform to
        the
        requirements of the Purchaser as described in this Agreement, such Mortgage
        Loans shall be deleted from the Closing Schedule. The Purchaser may, at its
        option and without notice to the Seller, purchase all or part of the Mortgage
        Loans without conducting any partial or complete examination. The fact that
        the
        Purchaser or any person has conducted or has failed to conduct any partial
        or
        complete examination of the Mortgage Files shall not affect the rights of
        the
        Purchaser or any assignee, transferee or designee of the Purchaser to demand
        repurchase or other relief as provided herein or under the Pooling and Servicing
        Agreement.

       

      Section
        5.  Representations,
        Warranties and Covenants of RFC and the Seller.

       

      (a)  RFC
        hereby represents and warrants to the Seller and the Purchaser, as of the
        date
        hereof and as of the Closing Date, and covenants, that:

       

      (i)  RFC
        is
        duly organized, validly existing and in good standing under the laws of the
        state of Delaware and is and will remain in compliance with the laws of each
        state in which any Mortgaged Property is located to the extent necessary
        to
        ensure the enforceability of each Mortgage Loan and the servicing of the
        Mortgage Loan in accordance with the terms of this Agreement. No licenses
        or
        approvals obtained by RFC have 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;

       

      (ii)  RFC
        has
        the full power and authority to hold each Mortgage Loan, to sell each Mortgage
        Loan, and to execute, deliver and perform, and to enter into and consummate,
        all
        transactions contemplated by this Agreement. RFC 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 RFC, enforceable against it in accordance with its terms except
        to
        the extent that (i) the enforceability thereof may be limited by bankruptcy,
        insolvency, moratorium, receivership, reorganization, or other similar laws
        relating to creditors’ rights generally and (ii) the remedy of specific
        performance and injunctive relief and other forms of equitable relief may
        be
        subject to the equitable defenses and to the discretion of the court before
        which any proceeding therefore may be brought;

       

      (iii)  The
        execution and delivery of this Agreement by RFC and the performance of and
        compliance with the terms of this Agreement will not violate RFC’s articles of
        incorporation or by-laws or constitute a material default under or result
        in a
        material breach or acceleration of, any material contract, agreement or other
        instrument to which RFC is a party or which may be applicable to RFC or its
        assets;

       

      (iv)  RFC
        is
        not in violation of, and the execution and delivery of this Agreement by
        RFC and
        its performance and compliance with the terms of this Agreement will not
        constitute a violation with respect to, any order or decree of any court
        or any
        order or regulation of any federal, state, municipal or governmental agency
        having jurisdiction over RFC or its assets, which violation might have
        consequences that would materially and adversely affect the condition (financial
        or otherwise) or the operation of RFC or its assets or might have consequences
        that would materially and adversely affect the performance of its obligations
        and duties hereunder;

       

      (v)  RFC
        does
        not believe, nor does it have any reason or cause to believe, that it cannot
        perform each and every covenant of RFC contained in this Agreement;

       

      (vi)  There
        are
        no actions or proceedings against, or investigations of, RFC before any court,
        administrative or other tribunal (A) that might prohibit its entering into
        this
        Agreement, (B) seeking to prevent the consummation of the transactions
        contemplated by this Agreement or (C) that might prohibit or materially and
        adversely affect the performance by RFC of its obligations under, or the
        validity or enforceability of, this Agreement

       

      (vii)  No
        consent, approval, authorization or order of any court or governmental agency
        or
        body is required for the execution, delivery and performance by RFC of, or
        compliance by RFC 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;

       

      (viii)  The
        consummation of the transactions contemplated by this Agreement are in the
        ordinary course of business of RFC; and

       

      (ix)  Neither
        this Agreement nor any written statement, report or other document prepared
        and
        furnished by RFC pursuant to this Agreement or in connection with the
        transactions contemplated hereby contains any untrue statement of material
        fact;

       

      (b)  The
        Seller hereby represents and warrants to RFC and the Purchaser, as of the
        date
        hereof and as of the Closing Date, and covenants, that:

       

      (i)  The
        Seller is duly organized, validly existing and in good standing as a limited
        partnership under the laws of the State of Delaware with full limited
        partnership power and authority to conduct its business as presently conducted
        by it to the extent material to the consummation of the transactions
        contemplated herein. The Seller has the full limited partnership power and
        authority to own the Mortgage Loans and to transfer and convey the Mortgage
        Loans to the Purchaser and has the full limited partnership power and authority
        to execute and deliver, engage in the transactions contemplated by, and perform
        and observe the terms and conditions of this Agreement;

       

      (ii)  The
        Seller has duly authorized the execution, delivery and performance of this
        Agreement, has duly executed and delivered this Agreement, and this Agreement,
        assuming due authorization, execution and delivery by RFC and the Purchaser,
        constitutes a legal, valid and binding obligation of the Seller, enforceable
        against it in accordance with its terms except as the enforceability thereof
        may
        be limited by bankruptcy, insolvency or reorganization;

       

      (iii)  The
        execution, delivery and performance of this Agreement by the Seller (x) does
        not
        conflict and will not conflict with, does not breach and will not result
        in a
        breach of and does not constitute and will not constitute a default (or an
        event, which with notice or lapse of time or both, would constitute a default)
        under (A) any terms or provisions of the certificate of formation or limited
        partnership agreement of the Seller, (B) any term or provision of any material
        agreement, contract, instrument or indenture, to which the Seller is a party
        or
        by which the Seller or any of its property is bound or (C) any law, rule,
        regulation, order, judgment, writ, injunction or decree of any court or
        governmental authority having jurisdiction over the Seller or any of its
        property and (y) does not create or impose and will not result in the creation
        or imposition of any lien, charge or encumbrance which would have a material
        adverse effect upon the Mortgage Loans or any documents or instruments
        evidencing or securing the Mortgage Loans;

       

      (iv)  No
        consent, approval, authorization or order of, registration or filing with,
        or
        notice on behalf of the Seller to any governmental authority or court is
        required, under federal laws or the laws of the State of Delaware, for the
        execution, delivery and performance by the Seller of, or compliance by the
        Seller with, this Agreement or the consummation by the Seller of any other
        transaction contemplated hereby; provided, however, that the Seller makes
        no
        representation or warranty regarding federal or state securities laws in
        connection with the sale or distribution of the Certificates;

       

      (v)  This
        Agreement does not contain any untrue statement of material fact or omit
        to
        state a material fact necessary to make the statements contained herein not
        misleading. The written statements, reports and other documents furnished
        by the
        Seller pursuant to this Agreement or in connection with the transactions
        contemplated hereby taken in the aggregate do not contain any untrue statement
        of material fact or omit to state a material fact necessary to make the
        statements contained therein not misleading;

       

      (vi)  The
        Seller is not in violation of, and the execution and delivery of this Agreement
        by the Seller and its performance and compliance with the terms of this
        Agreement will not constitute a violation with respect to, any order or decree
        of any court or any order or regulation of any federal, state, municipal
        or
        governmental agency having jurisdiction over the Seller or its assets, which
        violation might have consequences that would materially and adversely affect
        the
        condition (financial or otherwise) or the operation of the Seller or its
        assets
        or might have consequences that would materially and adversely affect the
        performance of its obligations and duties hereunder;

       

      (vii)  The
        Seller does not believe, nor does it have any reason or cause to believe,
        that
        it cannot perform each and every covenant contained in this
        Agreement;

       

      (viii)  Immediately
        prior to the sale of the Mortgage Loans to the Purchaser as herein contemplated,
        the Seller will be the owner of the related Mortgage and the indebtedness
        evidenced by the related Mortgage Note, and, upon the payment to the Seller
        of
        the Purchase Price, in the event that the Seller retains or has retained
        record
        title, the Seller shall retain such record title to each Mortgage, each related
        Mortgage Note and the related Mortgage Files with respect thereto in trust
        for
        the Purchaser as the owner thereof from and after the date hereof;

       

      (ix)  There
        are
        no actions or proceedings against, or investigations known to it of, the
        Seller
        before any court, administrative or other tribunal (A) that might prohibit
        its
        entering into this Agreement, (B) seeking to prevent the sale of the Mortgage
        Loans by the Seller or the consummation of the transactions contemplated
        by this
        Agreement or (C) that might prohibit or materially and adversely affect the
        performance by the Seller of its obligations under, or validity or
        enforceability of, this Agreement;

       

      (x)  The
        consummation of the transactions contemplated by this Agreement are in the
        ordinary course of business of the Seller, and the transfer, assignment and
        conveyance of the Mortgage Notes and the Mortgages by the Seller are not
        subject
        to the bulk transfer or any similar statutory provisions;

       

      (xi)  The
        Seller has not dealt with any broker, investment banker, agent or other person,
        except for the Purchaser or any of its affiliates, that may be entitled to
        any
        commission or compensation in connection with the sale of the Mortgage
        Loans;

       

      (xii)  There
        is
        no litigation currently pending or, to the best of the Seller’s knowledge
        without independent investigation, threatened against the Seller that would
        reasonably be expected to adversely affect the transfer of the Mortgage Loans,
        the issuance of the Certificates or the execution, delivery, performance
        or
        enforceability of this Agreement, or that would result in a material adverse
        change in the financial condition of the Seller;

       

      (xiii)  The
        Seller is solvent and will not be rendered insolvent by the consummation
        of the
        transactions contemplated hereby. The Seller is not transferring any Mortgage
        loan with any intent to hinder, delay or defraud any of its creditors;
        and

       

      (xiv)  The
        Seller makes each of the additional representations and warranties set forth
        on
        Schedule I hereto.

       

      Section
        6.  Representations
        and Warranties of RFC Relating to the Mortgage Loans.

       

      RFC
        hereby makes the representations and warranties with respect to each Mortgage
        Loan set forth on Schedule A hereto.

       

      Section
        7.  Repurchase
        Obligation for Defective Documentation and for Breach of Representation and
        Warranty.

       

      (a)  The
        representations and warranties contained in Section 6 shall not be impaired
        by
        any review and examination of Mortgage Files or any failure on the part of
        the
        Seller or the Purchaser to review or examine such documents and shall inure
        to
        the benefit of any assignee, transferee or designee of the Purchaser, including
        the Trustee for the benefit of holders of the Certificates.

       

      Upon
        discovery by the Seller, the Purchaser or any assignee, transferee or designee
        of the Purchaser of any materially defective document in, or that any material
        document was not transferred by or at the direction of the Seller (as listed
        on
        the Trustee’s Preliminary Exception Report) as part of any Mortgage File, or of
        a breach of any of the representations and warranties contained in Section
        6
        that materially and adversely affects the value of any Mortgage Loan or the
        interest therein of the Purchaser or the Purchaser’s assignee, transferee or
        designee, the party discovering such breach shall give prompt written notice
        to
        the Seller (in the case of a missing document) or RFC and the Seller (in
        the
        case of a breach of any of the representations and warranties contained in
        Section 6). Within sixty (60) days of its discovery or its receipt of notice
        of
        any such missing documentation that was not transferred to the Purchaser
        as
        described above, or of materially defective documentation, or of any such
        breach
        of a representation and warranty, RFC or the Seller (or their related designee),
        as applicable, promptly shall deliver such missing document or cure such
        defect
        or breach in all material respects or, in the event RFC or the Seller (or
        their
        related designee) cannot deliver such missing document or cannot cure such
        defect or breach, RFC or the Seller, as applicable, shall, within ninety
        (90)
        days of its discovery or receipt of notice, either (i) repurchase the affected
        Mortgage Loan at the Purchase Price (as such term is defined in the Pooling
        and
        Servicing Agreement) or (ii) pursuant to the provisions of the Pooling and
        Servicing Agreement, cause the removal of such Mortgage Loan from the Trust
        Fund
        and substitute one or more Qualified Substitute Mortgage Loans. RFC or the
        Seller, as applicable, shall amend the Closing Schedule to reflect the
        withdrawal of such Mortgage Loan from the terms of this Agreement and the
        Pooling and Servicing Agreement. RFC or the Seller, as applicable, shall
        deliver
        to the Purchaser such amended Closing Schedule and shall deliver such other
        documents as are required by this Agreement or the Pooling and Servicing
        Agreement within five (5) days of any such amendment. Any repurchase pursuant
        to
        this Section 7(a) shall be accomplished by transfer to an account designated
        by
        the Purchaser of the amount of the Purchase Price in accordance with Section
        2.03 of the Pooling and Servicing Agreement. Any repurchase required by this
        Section shall be made in a manner consistent with Section 2.03 of the Pooling
        and Servicing Agreement.

       

      Notwithstanding
        the foregoing, within 90 days of the earlier of discovery by RFC or receipt
        of
        notice by RFC of the breach of the representation of RFC set forth in Schedule
        A
        hereto which materially and adversely affects the interests of the Holders
        of
        the Class P Certificates in any Prepayment Charge, RFC shall pay the amount
        of
        the scheduled Prepayment Charge, for the benefit of the Holders of the Class
        P
        Certificates by remitting such amount to the Servicer for deposit into the
        Custodial Account, net of any amount previously collected by the Servicer
        or
        paid by the Servicer, for the benefit of the Holders of the Class P Certificates
        in respect of such Prepayment Charge.

       

      (b)  Notwithstanding
        the foregoing, with respect to an alleged breach of a representation and
        warranty which breach is covered by a title insurance policy, the Purchaser
        shall use reasonable efforts to enforce the provisions of any related title
        insurance policy prior to seeking a remedy against RFC or the Seller
        hereunder.

       

      (c)  It
        is
        understood and agreed that the obligations of RFC or the Seller set forth
        in
        this Section 7 to cure or repurchase a defective Mortgage Loan constitute
        the
        sole remedies of the Purchaser against RFC or the Seller respecting a missing
        document or a breach of the representations and warranties contained in Section
        6.

       

      Section
        8.  Closing;
        Payment for the Mortgage Loans.
        The
        closing of the purchase and sale of the Mortgage Loans shall be held at the
        New
        York City office of Thacher Proffitt & Wood LLP at 10:00 a.m. New York City
        time on the Closing Date.

       

      The
        closing shall be subject to each of the following conditions:

       

      (a)  All
        of
        the representations and warranties of the Seller and RFC under this Agreement
        shall be true and correct in all material respects as of the date as of which
        they are made and no event shall have occurred which, with notice or the
        passage
        of time, would constitute a default under this Agreement;

       

      (b)  The
        Purchaser shall have received, or the attorneys of the Purchaser shall have
        received in escrow (to be released from escrow at the time of closing), all
        Closing Documents as specified in Section 9 of this Agreement, in such forms
        as
        are agreed upon and acceptable to the Purchaser, duly executed by all
        signatories other than the Purchaser as required pursuant to the respective
        terms thereof;

       

      (c)  The
        Seller shall have delivered or caused to be delivered and released to the
        Purchaser or to its designee, all documents (including without limitation,
        the
        Mortgage Loans) required to be so delivered by the Purchaser pursuant to
        Section
        2.01 of the Pooling and Servicing Agreement; and

       

      (d)  All
        other
        terms and conditions of this Agreement and the Pooling and Servicing Agreement
        shall have been complied with.

       

      Subject
        to the foregoing conditions, the Purchaser shall deliver or cause to be
        delivered to the Seller on the Closing Date, against delivery and release
        by the
        Seller to the Trustee of all documents required pursuant to the Pooling and
        Servicing Agreement, the consideration for the Mortgage Loans as specified
        in
        Section 3 of this Agreement, by delivery to the Seller of the Purchase
        Price.

       

      Section
        9.  Closing
        Documents.
        Without
        limiting the generality of Section 8 hereof, the closing shall be subject
        to
        delivery of each of the following documents:

       

      (a)  An
        Officer’s Certificate of the Seller, dated the Closing Date, in form
        satisfactory to and upon which the Purchaser and Bear, Stearns & Co. Inc.
        (the “Representative”) may rely, and attached thereto copies of the certificate
        of formation, limited partnership agreement and certificate of good standing
        of
        the Seller;

       

      (b)  An
        Opinion of Counsel of the Seller, dated the Closing Date, in form satisfactory
        to and addressed to the Purchaser and the Representative;

       

      (c)  An
        Officer’s Certificate of RFC, dated the Closing Date, in form satisfactory to
        and upon which the Purchaser and the Representative may rely, and attached
        thereto copies of the certificate of incorporation, by-laws and certificate
        of
        good standing of RFC;

       

      (d)  Such
        opinions of counsel of RFC required by the Master Mortgage Loan Purchase
        and
        Servicing Agreement, dated as of May 24, 2006, by and among Carrington
        Securities, LP, Residential Funding Corporation and Homecomings Financial
        Network, Inc. (the “MMLPSA”);

       

      (e)  Such
        opinions of counsel as the Rating Agencies or the Trustee may request in
        connection with the sale of the Mortgage Loans by the Seller to the Purchaser
        or
        the Seller’s execution and delivery of, or performance under, this
        Agreement;

       

      (f)  A
        letter
        from Deloitte & Touche LLP, certified public accountants, to the effect that
        they have performed certain specified procedures as a result of which they
        determined that certain information of an accounting, financial or statistical
        nature set forth in the Purchaser’s prospectus supplement for Series 2006-RFC1,
        dated May 19, 2006 (the “Prospectus Supplement”) relating to the Offered
        Certificates contained under the captions “Summary—The Mortgage Pool,” “Legal
        Proceedings,” “Risk Factors,” (to the extent of information concerning the
        Mortgage Loans contained therein) and “Description of the Mortgage Pool” agrees
        with the records of RFC; and

       

      (g)  Such
        further information, certificates, opinions and documents as the Purchaser
        or
        the Representative may reasonably request.

       

      Section
        10.  Costs.
        The
        Seller shall pay (or shall reimburse the Purchaser or any other Person to
        the
        extent that the Purchaser or such other Person shall pay) all costs and expenses
        incurred in connection with the transfer and delivery of the Mortgage Loans,
        including without limitation, recording fees, fees for title policy endorsements
        and continuations and, except as set forth in Section 4(b), the fees for
        recording Assignments.

       

      The
        Seller shall pay (or shall reimburse the Purchaser or any other Person to
        the
        extent that the Purchaser or such other Person shall pay) the fees and expenses
        of the Seller’s accountants and attorneys, the costs and expenses incurred in
        connection with producing the Servicer’s or any Subservicer’s loan loss,
        foreclosure and delinquency experience, the costs and expenses incurred in
        connection with obtaining the documents referred to in Section 9, the costs
        and
        expenses of printing (or otherwise reproducing) and delivering this Agreement,
        the Pooling and Servicing Agreement, the Certificates, the prospectus and
        Prospectus Supplement, and any private placement memorandum relating to the
        Certificates and other related documents, the initial fees, costs and expenses
        of the Trustee, the fees and expenses of the Purchaser’s counsel in connection
        with the preparation of all documents relating to the securitization of the
        Mortgage Loans, the filing fee charged by the Securities and Exchange Commission
        for registration of the Certificates, the cost of outside special counsel
        that
        may be required by RFC and the fees charged by any rating agency to rate
        the
        Certificates. All other costs and expenses in connection with the transactions
        contemplated hereunder shall be borne by the party incurring such
        expense.

       

      Section
        11.  [Reserved].

       

      Section
        12.  [Reserved].

       

      Section
        13.  Intent
        of Parties, Mandatory Delivery; Grant of Security Interest.
        The
        sale of the Mortgage Loans as contemplated hereby is absolute and is intended
        by
        both the Seller and the Purchaser to constitute a sale of such Mortgage Loans
        by
        the Seller to the Purchaser. The sale and delivery on the Closing Date of
        the
        Mortgage Loans described on the Mortgage Loan Schedule in accordance with
        the
        terms and conditions of this Agreement is mandatory. It is specifically
        understood and agreed that each Mortgage Loan is unique and identifiable
        on the
        date hereof and that an award of money damages would be insufficient to
        compensate the Purchaser for the losses and damages incurred by the Purchaser
        in
        the event of the Seller’s failure to deliver the Mortgage Loans on or before the
        Closing Date. The Seller hereby grants to the Purchaser a lien on and a
        continuing security interest in the Seller’s interest in each Mortgage Loan and
        each document and instrument evidencing each such Mortgage Loan to secure
        the
        performance by the Seller of its obligation hereunder, and the Seller agrees
        that it holds such Mortgage Loans in custody for the Purchaser, subject to
        the
        Purchaser’s (i) right, prior to the Closing Date, to reject any Mortgage Loan to
        the extent permitted by this Agreement, and (ii) obligation to deliver or
        cause
        to be delivered the consideration for the Mortgage Loans pursuant to Section
        8
        hereof. Any Mortgage Loans rejected by the Purchaser shall concurrently
        therewith be released from the security interest created hereby. All rights
        and
        remedies of the Purchaser under this Agreement are distinct from, and cumulative
        with, any other rights or remedies under this Agreement or afforded by law
        or
        equity and all such rights and remedies may be exercised concurrently,
        independently or successively.

       

      Notwithstanding
        the foregoing, if on the Closing Date, each of the conditions set forth in
        Section 8 hereof shall have been satisfied and the Purchaser shall not have
        paid
        or caused to be paid the Purchase Price, or any such condition shall not
        have
        been waived or satisfied and the Purchaser determines not to pay or cause
        to be
        paid the Purchase Price, the Purchaser shall immediately effect the re-delivery
        of the Mortgage Loans, if delivery to the Purchaser has occurred, and the
        security interest created by this Section 13 shall be deemed to have been
        released.

       

      Section
        14.  Notices.
        All
        demands, notices and communications hereunder shall be in writing and shall
        be
        deemed to have been duly given if personally delivered to or mailed by
        registered mail, postage prepaid, or transmitted by fax and, receipt of which
        is
        confirmed by telephone, if to the Purchaser, addressed to Stanwich Asset
        Acceptance Company, L.L.C., Seven Greenwich Office Park, 599 West Putnam
        Avenue,
        Greenwich, Connecticut 06830 (Telecopy (212-272-7206)) Attention: Darren
        Fulco;
        or such other address as may hereafter be furnished to RFC and the Seller
        in
        writing by the Purchaser; if to RFC, addressed to RFC at Residential Funding
        Corporation, 8400
        Normandale Lake Blvd., Suite 250, Minneapolis, MN 55437, Attention: Structured
        Finance,
        or such
        other address as may hereafter be furnished to the Seller and the Purchaser
        in
        writing by RFC; if to the Seller, addressed to the Seller at Carrington
        Securities, LP, Seven Greenwich Office Park, 599 West Putnam Avenue, Greenwich,
        Connecticut 06830, (Telecopy (212-272-7206)) Attention: Bruce M. Rose, or
        to
        such other address as the Seller may designate in writing to the Purchaser
        and
        RFC.

       

      Section
        15.  Severability
        of Provisions.
        Any
        part, provision, representation or warranty of this Agreement that is prohibited
        or that is held to be void or unenforceable shall be ineffective to the extent
        of such prohibition or unenforceability without invalidating the remaining
        provisions hereof. Any part, provision, representation or warranty of this
        Agreement that is prohibited or unenforceable or is held to be void or
        unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
        to the extent of such prohibition or unenforceability without invalidating
        the
        remaining provisions hereof, and any such prohibition or unenforceability
        in any
        jurisdiction as to any Mortgage Loan shall not invalidate or render
        unenforceable such provision in any other jurisdiction. To the extent permitted
        by applicable law, the parties hereto waive any provision of law which prohibits
        or renders void or unenforceable any provision hereof.

       

      Section
        16.  Agreement
        of Parties.
        The
        Seller, RFC and the Purchaser each agree to execute and deliver such instruments
        and take such actions as either of the others may, from time to time, reasonably
        request in order to effectuate the purpose and to carry out the terms of
        this
        Agreement and the Pooling and Servicing Agreement.

       

      Section
        17.  Survival.
        (a)
        The
        Seller agrees that the representations, warranties and agreements made by
        it
        herein and in any certificate or other instrument delivered pursuant hereto
        shall be deemed to be relied upon by the Purchaser, notwithstanding any
        investigation heretofore or hereafter made by the Purchaser or on its behalf,
        and that the representations, warranties and agreements made by the Seller
        herein or in any such certificate or other instrument shall survive the delivery
        of and payment for the Mortgage Loans and shall continue in full force and
        effect, notwithstanding any restrictive or qualified endorsement on the Mortgage
        Notes and notwithstanding subsequent termination of this Agreement, the Pooling
        and Servicing Agreement or the Trust Fund.

       

      (b)  RFC
        agrees that the representations, warranties and agreements made by it herein
        and
        in any certificate or other instrument delivered pursuant hereto shall be
        deemed
        to be relied upon by the Seller and the Purchaser, notwithstanding any
        investigation heretofore or hereafter made by the Seller or the Purchaser
        or on
        the behalf of either of them, and that the representations, warranties and
        agreements made by RFC herein or in any such certificate or other instrument
        shall continue in full force and effect, notwithstanding subsequent termination
        of this Agreement, the Pooling and Servicing Agreement or the Trust
        Fund.

       

      Section
        18.  GOVERNING
        LAW.
        THIS
        AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS
        OF THE
        STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF (OTHER
        THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS
        LAW).

       

      Section
        19.  Miscellaneous.
        This
        Agreement may be executed in two or more counterparts, each of which when
        so
        executed and delivered shall be an original, but all of which together shall
        constitute one and the same instrument. This Agreement shall inure to the
        benefit of and be binding upon the parties hereto and their respective
        successors and assigns. This Agreement supersedes all prior agreements and
        understandings relating to the subject matter hereof. Neither this Agreement
        nor
        any term hereof may be changed, waived, discharged or terminated orally,
        but
        only by an instrument in writing signed by the party against whom enforcement
        of
        the change, waiver, discharge or termination is sought. The headings in this
        Agreement are for purposes of reference only and shall not limit or otherwise
        affect the meaning hereof.

       

      It
        is the
        express intent of the parties hereto that the conveyance of the Mortgage
        Loans
        by the Seller to the Purchaser as provided in Section 4 hereof be, and be
        construed as, a sale of the Mortgage Loans by the Seller to the Purchaser
        and
        not as a pledge of the Mortgage Loans by the Seller to the Purchaser to secure
        a
        debt or other obligation of the Seller. However, in the event that,
        notwithstanding the aforementioned intent of the parties, the Mortgage Loans
        are
        held to be property of the Seller, then (a) it is the express intent of the
        parties that such conveyance be deemed a pledge of the Mortgage Loans by
        the
        Seller to the Purchaser to secure a debt or other obligation of the Seller
        and
        (b) (1) this Agreement shall also be deemed to be a security agreement within
        the meaning of Articles 8 and 9 of the New York Uniform Commercial Code;
        (2) the
        conveyance provided for in Section 4 hereof shall be deemed to be a grant
        by the
        Seller to the Purchaser of a security interest in all of the Seller’s right,
        title and interest in and to the Mortgage Loans and all amounts payable to
        the
        holders of the Mortgage Loans in accordance with the terms thereof and all
        proceeds of the conversion, voluntary or involuntary, of the foregoing into
        cash, instruments, securities or other property, including without limitation
        all amounts, other than investment earnings, from time to time held or invested
        in the Custodial Account whether in the form of cash, instruments, securities
        or
        other property; (3) the possession by the Purchaser or its agent of Mortgage
        Notes, the related Mortgages and such other items of property that constitute
        instruments, money, negotiable documents or chattel paper shall be deemed
        to be
“possession” by the secured party for purposes of perfecting the security
        interest pursuant to the New York Uniform Commercial Code; and (4) notifications
        to persons holding such property and acknowledgments, receipts or confirmations
        from persons holding such property shall be deemed notifications to, or
        acknowledgments, receipts or confirmations from, financial intermediaries,
        bailees or agents (as applicable) of the Purchaser for the purpose of perfecting
        such security interest under applicable law. Any assignment of the interest
        of
        the Purchaser pursuant to Section 4(d) hereof shall also be deemed to be
        an
        assignment of any security interest created hereby. The Seller and the Purchaser
        shall, to the extent consistent with this Agreement, take such actions as
        may be
        necessary to ensure that, if this Agreement were deemed to create a security
        interest in the Mortgage Loans, such security interest would be deemed to
        be a
        perfected security interest of first priority under applicable law and will
        be
        maintained as such throughout the term of this Agreement and the Pooling
        and
        Servicing Agreement.

       

      [Signatures
        follow]

       

      

      

      

      
        
          
            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      IN
        WITNESS WHEREOF, the Purchaser, the Seller and RFC have caused their names
        to be
        signed by their respective officers thereunto duly authorized as of the date
        first above written.

       

      
        	
                CARRINGTON
                  SECURITIES, LP, as Seller

                By:
                  Carrington Capital Management, LLC, as its general
                  partner

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 
	 	 
	 	 
	
                STANWICH
                  ASSET ACCEPTANCE COMPANY, L.L.C., as Purchaser

              
	 	 
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 
	 	 
	 	 
	
                RESIDENTIAL
                  FUNDING CORPORATION

              
	 	 
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

      

       

      

       

      

       

      
        
          
            

            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      Schedule
        A

       

      Capitalized
        terms used but not defined in this Schedule A shall have the meanings set
        forth
        in the Master Mortgage Loan Purchase and Servicing Agreement, dated as of
        May
        24, 2006, by and among Carrington Securities, LP, Residential Funding
        Corporation and Homecomings Financial Network, Inc. (the “MMLPSA”).

       

      (a)
        Residential Funding Corporation hereby represents and warrants to Carrington
        Securities, LP and Stanwich Asset Acceptance Company, L.L.C. that as to each
        Mortgage Loan as of the Closing Date or as of such other date as specified
        herein:

       

      (1)  The
        information set forth in the related Mortgage Loan Schedule and the Mortgage
        Loan Data Tape delivered to the Purchaser is complete, true and correct as
        of
        the Cut-Off Date, unless another date is set forth in the Mortgage Loan
        Schedule;

       

      (2)  The
        Mortgage Loan is in compliance with all requirements set forth in the related
        Commitment Letter, and the characteristics of the related Mortgage Loan Package
        as set forth in the related Commitment Letter are true and correct: in the
        event
        of any conflict between the terms of any Commitment Letter and this Agreement,
        the terms of the Commitment Letter shall control;

       

      (3)  Each
        document or instrument in the related Mortgage File is in a form prescribed
        in
        the Program Guide and neither the Seller nor any Affiliate has made any
        representations to a Mortgagor that are inconsistent with the mortgage
        instruments used;

       

      (4)  Except
        with respect to payments not yet 30 days past due, all payments required
        to be
        made up to the close of business on the related Closing Date for such Mortgage
        Loan under the terms of the Mortgage Note have been made; the Seller and
        the
        Servicer have 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 except with respect to payments not yet 30
        days
        past due, there has been no delinquency, exclusive of any period of grace,
        in
        any payment by the Mortgagor thereunder since the origination of the Mortgage
        Loan;

       

      (5)  There
        are
        no delinquent taxes, ground rents, water and municipal charges, sewer rents,
        assessments, leasehold payments, or other outstanding charges that will result
        in a lien prior to, or equal with, the lien of the related
        Mortgage;

       

      (6)  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, or in the
        process of being recorded, in the applicable public recording office if
        necessary to maintain the lien priority of the Mortgage, and which have been
        delivered or will be delivered to the Custodian on behalf of the Purchaser;
        the
        substance of any such waiver, alteration or modification has been approved
        by
        the insurer under the Primary Insurance Policy or LPMI Policy, if any, and
        the
        title insurer, in each case 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 insurer under the Primary Insurance Policy or LPMI Policy,
        if
        any, and the title insurer, in each case 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;

       

      (7)  The
        Mortgage Note and the Mortgage are not subject to any right of rescission,
        set-off, counterclaim or defense, including, without limitation, the defense
        of
        usury, nor will the operation of any of the terms of the Mortgage Note and/or
        the Mortgage, or the exercise of any right thereunder, render the Mortgage
        Note
        or the Mortgage unenforceable, in whole or in part, or subject to any right
        of
        rescission, set-off, counterclaim or defense, including the defense of usury
        and
        no such right of rescission, set-off, counterclaim or defense has been asserted
        with respect thereto, and no Mortgagor was a debtor in any state or federal
        bankruptcy or insolvency proceeding at the time the Mortgage Loan was
        originated;

       

      (8)  All
        buildings or other improvements upon the Mortgaged Property are insured by
        an
        insurer acceptable to Fannie Mae and Freddie Mac against loss by fire, hazards
        of extended coverage and such other hazards as are customary in the area
        where
        the Mortgaged Property is located, pursuant to insurance policies conforming
        to
        the requirements of the Program Guide. All such insurance policies contain
        a
        standard mortgagee clause naming the Servicer, its successors and assigns
        as
        mortgagee and no premiums thereon are delinquent. 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 with a generally acceptable insurance carrier, in the amount
        described in the Program Guide (and to the extent required in the Program
        Guide)
        is in effect, which policy conforms to the requirements of Fannie Mae and
        Freddie Mac. The Mortgage obligates the Mortgagor thereunder to obtain and
        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 obtain
        and maintain such insurance at Mortgagor’s cost and expense and to seek
        reimbursement therefor from the Mortgagor. The hazard insurance policy is
        the
        valid and binding obligation of the insurer, is in full force and effect,
        and
        will be in full force and effect and inure to the benefit of the Servicer
        upon
        the consummation of the transactions contemplated by this Agreement. The
        Seller
        has not engaged in, and has no knowledge of the Mortgagor’s having engaged in,
        any act or omission that would impair the coverage of any such policy, the
        benefits of the endorsement provided for herein, or the validity and binding
        effect of either, including, without limitation, no unlawful fee, commission,
        kickback or other unlawful compensation or value of any kind has been or
        will be
        received, retained or realized by any attorney, firm or other person or entity,
        and no such unlawful items have been received, retained or realized by the
        Seller;

       

      (9)  Each
        Mortgage Loan and, if any, the related Prepayment Charge complied in all
        material respects with any and all requirements of any federal, state or
        local
        law including, without limitation, usury, truth in lending, real estate
        settlement procedures, consumer credit protection, equal credit opportunity,
        fair housing or disclosure laws; all predatory and abusive lending laws
        applicable to the origination and servicing of mortgage loans of a type similar
        to the Mortgage Loans have been complied with and the consummation of the
        transactions contemplated hereby will not involve the violation of any such
        laws
        or regulations, and the Seller shall maintain in its possession, available
        for
        the Purchaser’s inspection, and shall deliver to the Purchaser upon demand,
        evidence of compliance with all such requirements;

       

      (10)  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. Neither the Seller nor the Servicer has waived the performance by
        the
        Mortgagor of any action, if the Mortgagor’s failure to perform such action would
        cause the Mortgage Loan to be in default, nor has the Seller or the Servicer
        waived any default resulting from any action or inaction by the
        Mortgagor;

       

      (11)  The
        related Mortgage is properly recorded and is a valid, existing and enforceable
        (A) first lien and first priority security interest with respect to each
        Mortgage Loan which is indicated by the Servicer to be a First Lien (as
        reflected on the related Mortgage Loan Schedule), or (B) second lien and
        second
        priority security interest with respect to each Mortgage Loan which is indicated
        by the Servicer to be a Second Lien Mortgage Loan (as reflected on the Mortgage
        Loan Schedule), in either case, on the Mortgaged Property, including all
        buildings and improvements on the Mortgaged Property and all additions,
        alterations and replacements made at any time with respect to the foregoing.
        The
        lien of the Mortgage is 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 that are permitted under Accepted Servicing Practices
        and acceptable to prudent mortgage lending institutions generally and
        specifically referred to in the lender’s title insurance policy delivered upon
        origination of the Mortgage Loan and which do not adversely affect the Appraised
        Value of the Mortgaged Property, (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 and (d) with respect to each
        Mortgage Loan that is indicated by the Servicer to be a Second Lien Mortgage
        Loan (as reflected on the Mortgage Loan Schedule), a First Lien on the 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 (A) first lien and first priority
        security interest with respect to each Mortgage Loan which is indicated by
        the
        Servicer to be a First Lien (as reflected on the related Mortgage Loan
        Schedule), or (B) second lien and second priority security interest with
        respect
        to each Mortgage Loan which is indicated by the Servicer to be a Second Lien
        Mortgage Loan (as reflected on the Mortgage Loan Schedule), in either case,
        on
        the property described therein and the Seller has full right to sell and
        assign
        the same to the Purchaser;

       

      (12)  The
        Mortgage Note and the related Mortgage are genuine and each is the legal,
        valid
        and binding obligation of the Mortgagor and enforceable by the Purchaser
        against
        such Mortgagor in accordance with its terms, except only as such enforcement
        may
        be limited by bankruptcy, insolvency, reorganization, moratorium or other
        similar laws affecting the enforcement of creditors’ rights generally and by
        law;

       

      (13)  All
        parties to the Mortgage Note, the Mortgage and any other related agreement
        had
        legal capacity to enter into the Mortgage Loan, to execute and deliver the
        Mortgage Note, the Mortgage and any other related agreement and to pledge,
        grant
        or convey the interest therein purported to be conveyed, and the Mortgage
        Note,
        the Mortgage and any other related agreement have been duly and properly
        executed by such parties. The Mortgagor is a natural person;

       

      (14)  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;

       

      (15)  No
        Mortgagor was required to purchase any credit life, disability, accident
        or
        health insurance product as a condition of obtaining the extension of credit.
        No
        Mortgagor obtained a prepaid single premium credit life, disability, accident
        or
        health insurance policy in connection with the origination of the Mortgage
        Loan.
        No proceeds from any Mortgage Loan were used to purchase single-premium credit
        insurance policies;

       

      (16)  Immediately
        prior to the transfer and assignment herein contemplated, the Seller held
        good,
        marketable and indefeasible title to, and was the sole legal, beneficial
        and
        equitable owner of the Mortgage Loan. The Seller has full right and authority
        under all governmental and regulatory bodies having jurisdiction over such
        Seller, subject to no interest or participation of, or agreement with, any
        party, to transfer and sell the Mortgage Loan to the Purchaser pursuant to
        this
        Agreement free and clear of any encumbrance or right of others, equity, lien,
        pledge, charge, mortgage, claim, participation interest or security interest
        of
        any nature (collectively, a “Lien”);
        and
        immediately upon the transfers and assignments herein contemplated, the Seller
        shall have transferred and sold all of its right, title and interest in and
        to
        each Mortgage Loan and the Purchaser will hold good, marketable and indefeasible
        title to, and be the owner of, each Mortgage Loan subject to no Lien other
        than
        any Lien arising through the Purchaser;

       

      (17)  All
        parties which have had any interest in the Mortgage Loan, whether as originator,
        mortgagee, assignee, pledgee or otherwise, are (or, during the period in
        which
        they held and disposed of such interest, were): (A) organized under the laws
        of
        such state, or (B) qualified to do business in such state, or (C) federal
        savings and loan associations or national banks having principal offices
        in such
        state, or (D) not doing business in such state so as to require qualification
        or
        licensing, or (E) not otherwise required to be licensed in such state. All
        parties which have had any interest in the Mortgage Loan 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 or were not required
        to
        be licensed in such state;

       

      (18)  On
        the
        date of its origination and on the Closing Date, the Mortgage Loan was and
        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 Fannie Mae and Freddie Mac, issued by a title insurer
        acceptable to Fannie Mae and Freddie Mac and qualified to do business in
        the
        jurisdiction where the Mortgaged Property is located, insuring (subject to
        the
        exceptions contained above in (17)(a) and (b) and, with respect to each Mortgage
        Loan which is indicated by the Servicer to be a Second Lien Mortgage Loan
        (as
        reflected on the Mortgage Loan Schedule), clause (d)) the Seller, 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. The Servicer is the sole insured of such
        lender’s title insurance policy, and such lender’s title insurance policy is
        valid and remains in full force and effect and will be in full force and
        effect
        upon the consummation of the transactions contemplated by this Agreement.
        No
        claims have been made under such lender’s title insurance policy, and no prior
        holder of the related Mortgage, including the Seller, has done, by act or
        omission, anything which would impair the coverage of such lender’s title
        insurance policy including, without limitation, no unlawful fee, commission,
        kickback or other unlawful compensation or value of any kind has been or
        will be
        received, retained or realized by any attorney, firm or other person or entity,
        and no such unlawful items have been received, retained or realized by the
        Seller;

       

      (19)  There
        is
        no default, breach, violation or event of acceleration existing under the
        Mortgage or the Mortgage Note and no event that, with the passage of time
        or
        with notice and the expiration of any grace or cure period, would constitute
        a
        default, breach, violation or event of acceleration, and neither the Seller
        nor
        the Servicer nor any other entity involved in originating or servicing a
        Mortgage Loan has waived any default, breach, violation or event of
        acceleration. With respect to each Mortgage Loan which is indicated by the
        Servicer to be a Second Lien Mortgage Loan (as reflected on the Mortgage
        Loan
        Schedule) (i) the First Lien is in full force and effect, (ii) there is no
        default, breach, violation or event of acceleration existing under such First
        Lien mortgage or the related mortgage note, (iii) no event which, with the
        passage of time or with notice and the expiration of any grace or cure period,
        would constitute a default, breach, violation or event of acceleration
        thereunder, and either (A) the First Lien mortgage contains a provision which
        allows or (B) applicable law requires, the mortgagee under the Second Lien
        Mortgage Loan to receive notice of, and affords such mortgagee an opportunity
        to
        cure any default by payment in full or otherwise under the First Lien
        mortgage;

       

      (20)  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 that are or may be liens
        prior to, or equal or coordinate with, the lien of the related
        Mortgage;

       

      (21)  As
        of the
        date of origination of the Mortgage Loan, 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;

       

      (22)  Principal
        payments on the Mortgage Loan shall commence (with respect to any newly
        originated Mortgage Loans) or 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. With respect to each Mortgage Loan, the Mortgage
        Note is payable, except as indicated on the Mortgage Loan Schedule, in Monthly
        Payments that, in the case of a Fixed Rate Mortgage Loan, are sufficient
        to
        fully amortize the original principal balance over the original term thereof,
        of
        not more than 40 years, 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 and to pay interest at the
        related Mortgage Interest Rate. The Index for each Adjustable Rate Mortgage
        Loan
        is as defined in the related Commitment Letter and the Mortgage Loan Schedule.
        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
        the
        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. The Mortgage Note does not permit negative amortization. No
        Mortgage Loan is a Convertible Mortgage Loan;

       

      (23)  The
        origination practices used by each originator and collection practices used
        by
        the Servicer with respect to each Mortgage Note and Mortgage have been in
        all
        respects legal, proper, prudent and customary in the mortgage origination
        and
        servicing industry and in accordance with Accepted Servicing Practices. The
        Mortgage Loan has been serviced by the Servicer and any predecessor servicer
        in
        accordance with all applicable laws, rules, regulations and the terms of
        the
        Mortgage Note and Mortgage;

       

      (24)  With
        respect to escrow deposits and Escrow Payments (other than with respect to
        each
        Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage
        Loan
        and for which the mortgagee under the First Lien is collecting Escrow Payments
        (as reflected on the Mortgage Loan Schedule)), if any, all such payments
        are in
        the possession of, or under the control of, the Servicer and there exist
        no
        deficiencies in connection therewith for which customary arrangements for
        repayment thereof have not been made. An escrow of funds is not prohibited
        by
        applicable law with respect to any Mortgage Loan for which such escrow of
        funds
        has been established. No escrow deposits or Escrow Payments or other charges
        or
        payments due the Servicer have been capitalized under any Mortgage or the
        related Mortgage Note and no such escrow deposits or Escrow Payments are
        being
        held by the Servicer for any work on a Mortgaged Property which has not been
        completed;

       

      (25)  All
        Mortgage Interest Rate adjustments have been made in strict compliance with
        state and federal law and the terms of the related Mortgage Note. If, pursuant
        to the terms of the Mortgage Note, another index was selected for determining
        the Mortgage Rate, the same index was used with respect to each Mortgage
        Note
        which required a new index to be selected, and such selection did not conflict
        with the terms of the related Mortgage Note. The Seller or the Servicer executed
        and delivered any and all notices required under applicable law and the terms of
        the related Mortgage Note and Mortgage regarding the Mortgage Interest Rate
        and
        the monthly payment adjustments. Any interest required to be paid pursuant
        to
        state, federal and local law has been properly paid and credited;

       

      (26)  The
        Mortgaged Property is undamaged by waste, earthquake or earth movement,
        windstorm, flood, tornado or other casualty, so as to affect adversely the
        value
        of the Mortgaged Property as security for the Mortgage Loan or the use for
        which
        the premises were intended and there is no proceeding pending or threatened
        for
        the total or partial condemnation thereof nor is such a proceeding currently
        occurring;

       

      (27)  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 or non-judicial
        foreclosure. Upon default by a Mortgagor on a Mortgage Loan and foreclosure
        on,
        or trustee’s sale of, the Mortgaged Property pursuant to the proper procedures,
        the holder of the Mortgage Loan will be able to deliver good and merchantable
        title to the Mortgaged Property. The Mortgagor has not been subject to any
        bankruptcy proceeding or foreclosure proceeding and the Mortgagor has not
        filed
        for protection under applicable bankruptcy laws except as permitted under
        the
        Program Guide. There is no homestead or other exemption available to the
        Mortgagor which would materially interfere with the right to sell the Mortgaged
        Property at a trustee’s sale or the right to foreclose the Mortgage subject to
        applicable federal and state laws and judicial precedent with respect to
        bankruptcy and rights of redemption. The Mortgagor has not notified the Servicer
        and the Servicer has no knowledge of any relief requested or allowed to the
        Mortgagor under the Servicemembers Civil Relief Act, as amended;

       

      (28)  The
        Mortgage Loan was underwritten in accordance with the Program Guide in effect
        at
        the time the Mortgage Loan was originated;

       

      (29)  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;

       

      (30)  The
        Mortgage Note is comprised of one original promissory note;

       

      (31)  The
        Mortgage File contains an appraisal of the related Mortgaged Property which
        (A)
        satisfied the standards of Fannie Mae and Freddie Mac, (B) was conducted
        generally in accordance with the Seller’s Program Guide and included an
        assessment of the fair market value of the related Mortgaged Property at
        the
        time of such appraisal, and (C) was made and signed, prior to the approval
        of
        the Mortgage Loan application, by a qualified appraiser, duly appointed by
        the
        Seller or the Servicer, who 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 Fannie Mae and Freddie Mac. Each appraisal of the
        Mortgage Loan was made in accordance with the relevant provisions of the
        Financial Institutions Reform, Recovery, and Enforcement Act of
        1989;

       

      (32)  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 Purchaser to the trustee under the deed of trust, except in
        connection with a trustee’s sale after default by the Mortgagor;

       

      (33)  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 the Seller, the Servicer, 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;

       

      (34)  To
        the
        extent required by law and the Program Guide, the Mortgagor has executed
        a
        statement to the effect that the Mortgagor has received all disclosure materials
        required by all 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;

       

      (35)  No
        Mortgage Loan was made for the purpose of (a) a construction loan or
        rehabilitation of a Mortgaged Property or (b) facilitating the trade-in or
        exchange of a Mortgaged Property;

       

      (36)  To
        the
        best of the Seller’s knowledge, 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 and fire underwriting certificates,
        have
        been made or obtained from the appropriate authorities. No improvement located
        on or being part of any Mortgaged Property is in violation of any applicable
        zoning law or regulation. To the best of the Seller’s knowledge and with respect
        to each Mortgage Loan that is covered by a Primary Mortgage Insurance Policy,
        the improvement(s) located on or being part of the related Mortgaged Property
        were constructed in accordance with the specifications set forth in the original
        construction plans;

       

      (37)  No
        error,
        omission, misrepresentation, negligence or fraud with respect to the
        origination, modification or amendment of any Mortgage Loan has taken place
        on
        the part of any person, including without limitation the Mortgagor, any
        appraiser, any builder or developer, or any other party involved in the
        origination of the Mortgage Loan or in the application of any insurance in
        relation to such Mortgage Loan. The Seller has reviewed all of the documents
        constituting the Servicing File and has made such inquiries as it deems
        necessary to make and confirm the accuracy of the representations set forth
        herein;

       

      (38)  Each
        original Mortgage was recorded and all subsequent assignments of the original
        Mortgage (other than the assignment to the Purchaser) have been recorded,
        or are
        in the process of being recorded, in the appropriate jurisdictions wherein
        such
        recordation is necessary to perfect the lien thereof as against creditors
        of the
        Seller. The Assignment of Mortgage is in recordable form and is acceptable
        for
        recording under the laws of the jurisdiction in which the Mortgaged Property
        is
        located;

       

      (39)  Any
        principal advances made to the Mortgagor after the date of origination of
        a
        Mortgage Loan but prior to the Cut-off Date have been consolidated with the
        outstanding principal amount secured by the Mortgage, and the secured principal
        amount, as consolidated, bears a single interest rate and single repayment
        term
        reflected on the Mortgage Loan Schedule. The lien of the Mortgage securing
        the
        consolidated principal amount is expressly insured as having (A) first lien
        priority with respect to each Mortgage Loan which is indicated by the Servicer
        to be a First Lien (as reflected on the Mortgage Loan Schedule) or (B) second
        lien priority with respect to each Mortgage Loan which is indicated by the
        Seller to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan
        Schedule), in either case, by a title insurance policy, an endorsement to
        the
        policy insuring the mortgagee’s consolidated interest or by other title evidence
        acceptable to Fannie Mae and Freddie Mac. The consolidated principal amount
        does
        not exceed the original principal amount of the related Mortgage
        Loan;

       

      (40)  Except
        as
        specified in the Mortgage Loan Schedule, no Mortgage Loan has a balloon payment
        feature;

       

      (41)  Each
        Mortgaged Property consists of a fee simple or leasehold interest in a single
        parcel of real property improved by a Residential Dwelling. If the Residential
        Dwelling on the Mortgaged Property is a condominium unit or a unit in a planned
        unit development (other than a de minimis planned unit development) such
        condominium or planned unit development project meets the eligibility
        requirements of Fannie Mae and Freddie Mac;

       

      (42)  With
        respect to each Mortgage Loan secured by a manufactured home: (A) the
        manufactured home is permanently affixed to a foundation which is suitable
        for
        the soil conditions of the site; (B) all foundations, both perimeter and
        interior, have footings that are located below the frost line; (C) any wheels,
        axles and trailer hitches are removed from such manufactured home; and (D)
        the
        related Mortgage Loan is covered under a standard real estate title insurance
        policy that identifies the manufactured home as part of the real property
        and
        insures or indemnifies against any loss if the manufactured home is determined
        not to be part of the real property;

       

      (43)  Each
        Mortgage Loan originated in the state of Texas pursuant to Article XVI,
        Section 50(a)(6) of the Texas Constitution (a “Texas
        Refinance Loan”)
        has
        been originated in compliance with the provisions of Article XVI, Section
        50(a)(6) of the Texas Constitution, Texas Civil Statutes and the Texas Finance
        Code. With respect to each Texas Refinance Loan that is a Cash Out Refinancing,
        the related Mortgage Loan Documents state that the Mortgagor may prepay such
        Texas Refinance Loan in whole or in part without incurring a Prepayment Charge.
        The Seller does not collect any such Prepayment Charges in connection with
        any
        such Texas Refinance Loan;

       

      (44)  Interest
        on each Mortgage Loan is calculated on the basis of a 360-day year consisting
        of
        twelve 30-day months;

       

      (45)  There
        is
        no pending action or proceeding directly involving the Mortgaged Property
        in
        which compliance with any environmental law, rule or regulation is an issue;
        there is no violation of any environmental law, rule or regulation with respect
        to the Mortgaged Property; and nothing further remains to be done to satisfy
        in
        full all requirements of each such law, rule or regulation constituting a
        prerequisite to use and enjoyment of said property;

       

      (46)  The
        Seller shall, at its own expense, cause each Mortgage Loan to be covered
        by a
“life of loan” Tax Service Contract which is assignable to the Purchaser or its
        designee at no cost to the Purchaser or its designee; provided,
        however,
        that if
        the Seller fails to purchase such Tax Service Contract, the Seller shall
        be
        required to reimburse the Purchaser for all costs and expenses incurred by
        the
        Purchaser in connection with the purchase of any such Tax Service
        Contract;

       

      (47)  Each
        Mortgage Loan is covered by a “life of loan” Flood Zone Service Contract which
        is assignable to the Purchaser or its designee at no cost to the Purchaser
        or
        its designee or, for each Mortgage Loan not covered by such Flood Zone Service
        Contract, the Seller agrees to purchase such Flood Zone Service
        Contract;

       

      (48)  None
        of
        the Mortgage Loans are classified as (a) “high cost” loans under the Home
        Ownership and Equity Protection Act of 1994 or (b) “high cost,” “threshold,”
“covered” or “predatory” loans under any other applicable federal, state or
        local law (including without limitation any regulation or ordinance) (or
        a
        similarly classified loan using different terminology under a law imposing
        heightened regulatory scrutiny or additional legal liability for residential
        mortgage loans having high interest rates, points and/or fees);

       

      (49)  The
        Seller 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 become
        delinquent, adversely affect the value of the Mortgage Loan, giving due
        consideration to the facts that the Mortgage Loans are sub-prime Mortgage
        Loans
        and that some of the loans are second-lien loans;

       

      (50)  The
        Servicer and any predecessor servicer with respect to a Mortgage Loan has
        fully
        furnished, in accordance with the Fair Credit Reporting Act and its implementing
        regulations and Accepted Servicing Practices, accurate and complete information
        (e.g., favorable and unfavorable) on its borrower credit files to Equifax,
        Experian and Trans Union Credit Information Company (three of the credit
        repositories), on a monthly basis;

       

      (51)  Each
        First Lien Mortgage Loan identified on the Mortgage Loan Schedule as subject
        to
        a Primary Mortgage Insurance Policy will be subject to a Primary Mortgage
        Insurance Policy, issued by a Qualified Insurer, which insures that portion
        of
        the Mortgage Loan in excess of the portion of the Appraised Value of the
        Mortgaged Property required by Fannie Mae. All provisions of such Primary
        Insurance Policy have been and are being complied with, such policy is in
        full
        force and effect, and all premiums due thereunder have been paid. Any First
        Lien
        Mortgage subject to any such Primary Insurance Policy obligates the Mortgagor
        thereunder to maintain such insurance and to pay all premiums and charges
        in
        connection therewith upon the terms specified in the Program Guide. The Mortgage
        Interest Rate for the Mortgage Loan does not include any such insurance
        premium;

       

      (52)  The
        Seller's verification of the source of down payment has been performed in
        accordance with Exhibit
        16;

       

      (53)  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);

       

      (54)  Each
        Mortgage Loan has a valid and original Credit Score of not less than
        500;

       

      (55)  Each
        Mortgage Loan was originated on or after the date set forth in the related
        Commitment Letter;

       

      (56)  No
        Mortgage Loan had an original term to maturity of more than thirty (30) years,
        unless otherwise set forth in the related Commitment Letter;

       

      (57)  No
        Mortgagor is the obligor on more than two Mortgage Notes;

       

      (58)  Each
        Mortgagor has a debt-to-income ratio of less than or equal to 60%, unless
        otherwise set forth in the related Commitment Letter;

       

      (59)  Each
        Mortgage contains a provision for the acceleration of the payment of the
        unpaid
        principal balance of the related Mortgage Loan in the event the related
        Mortgaged Property is sold without the prior consent of the mortgagee thereunder
        and to the best of the Seller’s knowledge, such provision is
        enforceable;

       

      (60)  With
        respect to each Mortgage Loan which is a Second Lien, (i) the related first
        lien
        does not provide for negative amortization and (ii) either no consent for
        the
        Mortgage Loan is required by the holder of the first lien or such consent
        has
        been obtained and is contained in the Mortgage File;

       

      (61)  No
        Mortgage Loan is a “Specifically Designated National and Blocked Person” as
        designated by the Office of Foreign Assets Control or as a person designated
        in
        Presidential Executive Order 13224 (the “Executive
        Order”)
        as a
        person who commits, threatens to commit, or supports terrorism; no Mortgage
        Loan
        is subject to nullification pursuant to 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, 

       

      (62)  No
        Mortgage Loan has a Prepayment Charge longer than three years after its
        origination. Any Prepayment Charge is in an amount equal to or less than
        the
        lesser of (a) the maximum amount permitted under applicable state law, and
        (b)
        if the Mortgaged Property is secured by residential real property located
        in a
        state other than Arizona, Maine, Massachusetts, New York, South Carolina
        or
        Wisconsin, six months interest on the related prepaid amount;

       

      (63)  The
        Mortgage Loan Documents with respect to each Mortgage Loan subject to Prepayment
        Charges specifically authorizes such Prepayment Charges to be collected and
        such
        Prepayment Charges are permissible and enforceable in accordance with the
        terms
        of the related Mortgage Loan Documents and applicable law (except to the
        extent
        that the enforceability thereof may be limited by bankruptcy, insolvency,
        moratorium, receivership and other similar laws relating to creditors’ rights
        generally or the collectability thereof may be limited due to acceleration
        in
        connection with a foreclosure);

       

      (64)  The
        Mortgaged Property is located in the state identified in the Mortgage Loan
        Schedule and consists of a single parcel of real property with a detached
        single
        family residence erected thereon, or a two- to four-family dwelling, or an
        individual condominium unit in a low rise condominium project, or an individual
        unit in a planned unit development or a de minimis planned unit development
        which is in each case four stories or less. As of the date of origination,
        no
        portion of the Mortgaged Property was used for commercial purposes, and since
        the date of origination, no portion of the Mortgaged Property has been used
        for
        commercial purposes; provided, that Mortgaged Properties which contain a
        home
        office shall not be considered as being used for commercial purposes as long
        as
        the Mortgaged Property has not been altered for commercial purposes and is
        not
        storing any chemicals or raw materials other than those commonly used for
        homeowner repair, maintenance and/or household purposes;

       

      (65)  With
        respect to Adjustable Rate Mortgage Loans, the Index set forth in the Mortgage
        Note is LIBOR, unless otherwise set forth in the related Mortgage Loan
        Schedule;

       

      (66)  With
        respect to each Adjustable Rate Mortgage Loan, the Mortgage Loan Documents
        provide that after the related first Adjustment Date, a related Mortgage
        Loan
        may only be assumed if the party assuming such Mortgage Loan meets certain
        credit requirements stated in the Mortgage Loan Documents;

       

      (67)  To
        the
        best of the Seller’s knowledge, no action has been taken or failed to be taken,
        no event has occurred and no state of facts exists or has existed on or prior
        to
        the Closing Date (whether or not known to the Seller on or prior to such
        date)
        which has resulted or will result in an exclusion from, denial of, or defense
        to
        coverage under any primary mortgage insurance, if any (including, without
        limitation, any exclusions, denials or defenses which would limit or reduce
        the
        availability of the timely payment of the full amount of the loss otherwise
        due
        thereunder to the insured) whether arising out of actions, representations,
        errors, omissions, negligence, or fraud of the Seller, the related Mortgagor
        or
        any party involved in the application for such coverage, including the
        appraisal, plans and specifications and other exhibits or documents submitted
        therewith to the insurer under such insurance policy, or for any other reason
        under such coverage, but not including the failure of such insurer to pay
        by
        reason of such insurer’s breach of such insurance policy or such insurer’s
        financial inability to pay;

       

      (68)  With
        respect to each Mortgage, the Seller or the Servicer has within the last
        twelve
        months (unless such Mortgage was originated within such twelve month period)
        analyzed the required Escrow Payments for each Mortgage and adjusted the
        amount
        of such payments so that, assuming all required payments are timely made,
        any
        deficiency will be eliminated on or before the first anniversary of such
        analysis, or any overage will be refunded to the Mortgagor, in accordance
        with
        RESPA and any other applicable law;

       

      (69)  As
        to
        each consumer report (as defined in the Fair Credit Reporting Act, Public
        Law
        91-508) or other credit information furnished by the Seller to the Purchaser,
        that Seller has full right and authority and is not precluded by law or contract
        from furnishing such information to the Purchaser;

       

      (70)  If
        the
        Mortgage Loan is secured by a long-term residential lease, (1) the lessor
        under
        the lease holds a fee simple interest in the land; (2) the terms of such
        lease
        expressly permit the mortgaging of the leasehold estate, the assignment of
        the
        lease without the lessor’s consent and the acquisition by the holder of the
        Mortgage of the rights of the lessee upon foreclosure or assignment in lieu
        of
        foreclosure or provide the holder of the Mortgage with substantially similar
        protections; (3) the terms of such lease do not (a) allow the termination
        thereof upon the lessee’s default without the holder of the Mortgage being
        entitled to receive written notice of, and opportunity to cure, such default,
        (b) allow the termination of the lease in the event of damage or destruction
        as
        long as the Mortgage is in existence, (c) prohibit the holder of the Mortgage
        from being insured (or receiving proceeds of insurance) under the hazard
        insurance policy or policies relating to the Mortgaged Property or (d) permit
        any increase in rent other than pre-established increases set forth in the
        lease; (4) the original term of such lease is not less than 15 years; (5)
        the
        term of such lease does not terminate earlier than ten years after the maturity
        date of the Mortgage Note; and (6) the Mortgaged Property is located in a
        jurisdiction in which the use of leasehold estates in transferring ownership
        in
        residential properties is a generally accepted practice;

       

      (71)  [reserved];

       

      (72)  To
        the
        best of the Seller’s knowledge, with respect to each Second Lien Mortgage Loan,
        the related first lien mortgage loan is in full force and effect, and there
        is
        no default, breach, violation or event which would permit acceleration existing
        under such first lien mortgage or mortgage note, and no event which, with
        the
        passage of time or with notice and the expiration of any grace or cure period,
        would constitute a default, breach, violation or event which would permit
        acceleration thereunder;

       

      (73)  With
        respect to each Second Lien Mortgage Loan, the related first lien mortgage
        contains a provision which provides for giving notice of default or breach
        to
        the mortgagee under such Second Lien Mortgage Loan and allows such mortgagee
        to
        cure any default under the related first lien mortgage;

       

      (74)  The
        Seller has complied with all applicable anti-money laundering laws and
        regulations, including, without limitation, the USA Patriot Act of
        2001;

       

      (75)  No
        predatory or deceptive lending practices, 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;

       

      (76)  No
        Mortgage Loan is (a) subject to, covered by or in violation of the provisions
        of
        the Homeownership and Equity Protection Act of 1994, as amended, (b) a “high
        cost”, “covered”, “abusive”, “predatory”, “home loan”, “Oklahoma Section 10” or
“high risk” mortgage loan (or a similarly designated loan using different
        terminology) under any federal, state or local law, including without
        limitation, the provisions of the Georgia Fair Lending Act, New York Banking
        Law, Section 6-1, the Arkansas Home Loan Protection Act, effective as of
        June
        14, 2003, Kentucky State Statute KRS 360.100, effective as of June 25, 2003,
        the
        New Jersey Home Ownership Security Act of 2002 (the “NJ Act”), the New Mexico
        Home Loan Protection Act (N.M. Stat. Ann. §§ 58-21A-1 et seq.), the Illinois
        High-Risk Home Loan Act (815 Ill. Comp. Stat. 137/1 et seq.), the Oklahoma
        Home
        Ownership and Equity Protection Act, Nevada Assembly Bill No. 284, effective
        as
        of Oct. 1, 2003, the Minnesota Residential Mortgage Originator and Servicer
        Licensing Act (MN Stat. §58.137), the South Carolina High-Cost and Consumer Home
        Loans Act, effective January 1, 2004, the Massachusetts Predatory Home Loan
        Practices Act, effective November 7, 2004 (Mass. Ann. Laws Ch. 183C), the
        Indiana Home Loan Practices Act, effective January 1, 2005 (Ind. Code Ann.
        §24-9-1 through §24-9-9) or any other statute or regulation providing assignee
        liability to holders of such mortgage loans, or (c) subject to or in violation
        of any such or comparable federal, state or local statutes or
        regulations;

       

      (77)  No
        Mortgage Loan originated or modified on or after October 1, 2002 and prior
        to
        March 7, 2003 is secured by a Mortgaged Property located in the State of
        Georgia;

       

      (78)  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;

       

      (79)  All
        points, fees and charges, including finance charges (whether or not financed,
        assessed, collected or to be collected), in connection with the origination
        and
        servicing of each Mortgage Loan were disclosed in writing to the related
        Mortgagor in accordance with applicable state and federal law and
        regulation;

       

      (80)  Except
        as
        indicated in the Mortgage Loan Schedule, no Mortgage Loan is a “manufactured
        housing loan” pursuant to the NJ Act, and one hundred percent of the amount
        financed of any purchase money Second Lien Mortgage Loan subject to the NJ
        Act
        was used for the purchase of the related Mortgaged Property;

       

      (81)  With
        respect to any Mortgage Loan for which a mortgage loan application was submitted
        by the Mortgagor after April 1, 2004, no such Mortgage Loan secured by a
        Mortgage Property located in the State of Illinois is in violation of the
        provisions of the Illinois Interest Act, including Section 4.1a which provides
        that no such Mortgage Loan with a Mortgage Interest Rate in excess of 8.0%
        per
        annum has lender-imposed fees (or other charges) in excess of 3.0% of the
        original principal balance of the Mortgage Loan;

       

      (82)  Immediately
        prior to the payment of the Purchase Price for each Mortgage Loan, the Seller
        was the owner of record of the related Mortgage and the indebtedness evidenced
        by the related Mortgage Note;

       

      (83)  No
        Mortgage Loan originated on or after November 7, 2004 secured by a Mortgaged
        Property located in the State of Massachusetts is a Refinanced Mortgage
        Loan;

       

      (84)  With
        respect to any Mortgage Loan originated on or after August 1, 2004, neither
        the
        related Mortgage nor the related Mortgage Note requires the borrower to submit
        to arbitration to resolve any dispute arising out of or relating in any way
        to
        the Mortgage Loan;

       

      (85)  With
        respect to each Mortgage Loan that is secured by a ground lease of the related
        Mortgaged Property:

       

      
        	(i)  	
                The
                  Mortgagor is the owner of a valid and subsisting interest as tenant
                  under
                  the ground lease;

              

      

       

      
        	(ii)  	
                The
                  ground lease is in full force and effect, unmodified and not supplemented
                  by any writing or otherwise;

              

      

       

      
        	(iii)  	
                The
                  Mortgagor is not in default under any of the terms thereof and
                  there are
                  no circumstances which, with the passage of time or the giving
                  of notice
                  or both, would constitute an event of default
                  thereunder;

              

      

       

      
        	(iv)  	
                The
                  lessor under the ground lease is not in default under any of the
                  terms or
                  provisions thereof on the part of the lessor to be observed or
                  performed;

              

      

       

      
        	(v)  	
                The
                  term of the ground lease exceeds the maturity date of the related Mortgage
                  Loan by at least ten years;

              

      

       

      
        	(vi)  	
                The
                  ground lease or a memorandum thereof has been recorded and by its
                  terms
                  permits the leasehold estate to be mortgaged. The ground lease
                  grants any
                  leasehold mortgagee standard protection necessary to protect the
                  security
                  of a leasehold mortgagee;

              

      

       

      
        	(vii)  	
                The
                  ground lease does not contain any default provisions that could
                  give rise
                  to forfeiture or termination of the Ground Lease except for the
                  non-payment of the ground lease
                  rents;

              

      

       

      
        	(viii)  	
                The
                  execution, delivery and performance of the Mortgage do not require
                  the
                  consent (other than those consents which have been obtained and
                  are in
                  full force and effect) under, and will not contravene any provision
                  of or
                  cause a default under, the ground lease;
                  and

              

      

       

      
        	(ix)  	
                The
                  ground lease provides that the leasehold can be transferred, mortgaged
                  and
                  sublet an unlimited number of times either without restriction
                  or on
                  payment of a reasonable fee and delivery of reasonable documentation
                  to
                  the lessor.

              

      

       

      

      
        
          
            

            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      Schedule
        I

       

      The
        Seller hereby represents, warrants, and covenants to the Purchaser as follows
        on
        the Closing Date and on each Distribution Date thereafter:

       

      General

       

      1.  This
        Agreement creates a valid and continuing security interest (as defined in
        the
        applicable Uniform Commercial Code (“UCC”)) in the Mortgage Loans in favor of
        the Purchaser which security interest is prior to all other liens, and is
        enforceable as such as against creditors of and purchasers from the
        Seller.

       

      2.  The
        Mortgage Loans constitute “general intangibles” or “instruments” within the
        meaning of the applicable UCC.

       

      3.  The
        Custodial Account and all subaccounts thereof constitute either a deposit
        account or a securities account.

       

      4.  To
        the
        extent that payments and collections received or made with respect to the
        Mortgage Loans constitute securities entitlements, such payments and collections
        have been and will have been credited to the Custodial Account. The securities
        intermediary for the Custodial Account has agreed to treat all assets credited
        to the Custodial Account as “financial assets” within the meaning of the
        applicable UCC.

       

      Creation

       

      5.  The
        Seller owns and has good and marketable title to the Mortgage Loans free
        and
        clear of any lien, claim or encumbrance of any Person, excepting only liens
        for
        taxes, assessments or similar governmental charges or levies incurred in
        the
        ordinary course of business that are not yet due and payable or as to which
        any
        applicable grace period shall not have expired, or that are being contested
        in
        good faith by proper proceedings and for which adequate reserves have been
        established, but only so long as foreclosure with respect to such a lien
        is not
        imminent and the use and value of the property to which the lien attaches
        is not
        impaired during the pendency of such proceeding.

       

      6.  The
        Seller has received all consents and approvals to the sale of the Mortgage
        Loans
        hereunder to the Purchaser required by the terms of the Mortgage Loans that
        constitute instruments.

       

      7.  To
        the
        extent the Custodial Account or subaccounts thereof constitute securities
        entitlements, certificated securities or uncertificated securities, the Seller
        has received all consents and approvals required to transfer to the Purchaser
        its interest and rights in the Custodial Account hereunder.

       

      Perfection

       

      8.  The
        Seller has caused or will have caused, within ten days after the effective
        date
        of this Agreement, the filing of all appropriate financing statements in
        the
        proper filing office in the appropriate jurisdictions under applicable law
        in
        order to perfect the sale of the Mortgage Loans from the Seller to the Purchaser
        and the security interest in the Mortgage Loans granted to the Purchaser
        hereunder.

       

      9.  With
        respect to the Custodial Account and all subaccounts that constitute deposit
        accounts, either:

       

      (i)  the
        Seller has delivered to the Purchaser a fully-executed agreement pursuant
        to
        which the bank maintaining the deposit accounts has agreed to comply with
        all
        instructions originated by the Purchaser directing disposition of the funds
        in
        the Custodial Account without further consent by the Seller; or

       

      (ii)  the
        Seller has taken all steps necessary to cause the Purchaser to become the
        account holder of the Custodial Account.

       

      10.  With
        respect to the Custodial Account or subaccounts thereof that constitute
        securities accounts or securities entitlements, the Seller has caused or
        will
        have caused, within ten days after the effective date of this Agreement,
        the
        filing of all appropriate financing statements in the proper filing office
        in
        the appropriate jurisdictions under applicable law in order to perfect the
        security interest in the Custodial Account granted by the Seller to the
        Purchaser.

       

      Priority

       

      11.  Other
        than the transfer of the Mortgage Loans to the Purchaser pursuant to this
        Agreement, the Seller has not pledged, assigned, sold, granted a security
        interest in, or otherwise conveyed any of the Mortgage Loans. The Seller
        has not
        authorized the filing of, or is not aware of any financing statements against
        the Seller that include a description of collateral covering the Mortgage
        Loans
        other than any financing statement relating to the security interest granted
        to
        the Purchaser hereunder or that has been terminated.

       

      12.  The
        Seller is not aware of any judgment, ERISA or tax lien filings against the
        Seller.

       

      13.  The
        Trustee has in its possession all original copies of the Mortgage Notes that
        constitute or evidence the Mortgage Loans. To the Seller’s knowledge, none of
        the instruments that constitute or evidence the Mortgage Loans has any marks
        or
        notations indicating that they have been pledged, assigned or otherwise conveyed
        to any Person other than the Purchaser or its designee. All financing statements
        filed or to be filed against the Seller in favor of the Purchaser in connection
        herewith describing the Mortgage Loans contain a statement to the following
        effect: “A purchase of or security interest in any collateral described in this
        financing statement will violate the rights of the Purchaser.”

       

      14.  Neither
        the Custodial Account nor any subaccount thereof is in the name of any person
        other than the Seller or the Purchaser or in the name of its nominee. The
        Seller
        has not consented for the securities intermediary of the Custodial Account
        to
        comply with entitlement orders of any person other than the Purchaser or
        its
        designee.

       

      15.  Survival
        of Perfection Representations.
        Notwithstanding any other provision of this Agreement or any other transaction
        document, the Perfection Representations contained in this Schedule shall
        be
        continuing, and remain in full force and effect (notwithstanding any replacement
        of the Servicer or termination of the Servicer’s rights to act as such) until
        such time as all obligations under this Agreement have been finally and fully
        paid and performed.

       

      16.  No
        Waiver.
        The
        parties to this Agreement (i) shall not, without obtaining a confirmation
        of the
        then-current rating of the Certificates waive any of the Perfection
        Representations, and (ii) shall provide the Rating Agencies with prompt written
        notice of any breach of the Perfection Representations, and shall not, without
        obtaining a confirmation of the then-current rating of the Certificates (as
        determined after any adjustment or withdrawal of the ratings following notice
        of
        such breach) waive a breach of any of the Perfection
        Representations.

       

      17.  Seller
        to Maintain Perfection and Priority.
        The
        Seller covenants that, in order to evidence the interests of the Seller and
        the
        Purchaser under this Agreement, the Seller shall take such action, or execute
        and deliver such instruments (other than effecting a Filing (as defined below),
        unless such Filing is effected in accordance with this paragraph) as may
        be
        necessary or advisable (including, without limitation, such actions as are
        requested by the Purchaser) to maintain and perfect, as a first priority
        interest, the Purchaser’s security interest in the Mortgage Loans. The Seller
        shall, from time to time and within the time limits established by law, prepare
        and present to the Purchaser or its designee to authorize (based in reliance
        on
        the Opinion of Counsel hereinafter provided for) the Seller to file, all
        financing statements, amendments, continuations, initial financing statements
        in
        lieu of a continuation statement, terminations, partial terminations, releases
        or partial releases, or any other filings necessary or advisable to continue,
        maintain and perfect the Purchaser’s security interest in the Mortgage Loans as
        a first-priority interest (each a “Filing”). The Seller shall present each such
        Filing to the Purchaser or its designee together with (x) an Opinion of Counsel
        to the effect that such Filing is (i) consistent with the grant of the security
        interest to the Purchaser pursuant to Section 19 of this Agreement, (ii)
        satisfies all requirements and conditions to such Filing in this Agreement
        and
        (iii) satisfies the requirements for a Filing of such type under the Uniform
        Commercial Code in the applicable jurisdiction (or if the Uniform Commercial
        Code does not apply, the applicable statute governing the perfection of security
        interests), and (y) a form of authorization for the Purchaser’s signature. Upon
        receipt of such Opinion of Counsel and form of authorization, the Purchaser
        shall promptly authorize in writing the Seller to, and the Seller shall,
        effect
        such Filing under the UCC without the signature of the Seller or the Purchaser
        where allowed by applicable law. Notwithstanding anything else in the
        transaction documents to the contrary, the Seller shall not have any authority
        to effect a Filing without obtaining written authorization from the Purchaser
        or
        its designee.

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      Exhibit
        1

       

      APPENDIX
        E - Standard & Poor’s Anti-Predatory Lending Categorization

      REVISED
        February 07, 2005

       

      Standard
        & Poor’s has categorized loans governed by anti-predatory lending laws in
        the Jurisdictions listed below into three categories based upon a combination
        of
        factors that include (a) the risk exposure associated with the assignee
        liability and (b) the tests and thresholds set forth in those laws. Note
        that
        certain loans classified by the relevant statute as Covered are included
        in
        Standard & Poor’s High Cost Loan Category because they included thresholds
        and tests that are typical of what is generally considered High Cost by the
        industry.

       

      

      
        	
                Standard
                  & Poor’s High Cost Loan
                  Categorization

              

      

      

      
        	
                State/Jurisdiction

              	
                Name
                  of Anti-Predatory Lending Law/Effective Date

              	
                Category
                  under Applicable Anti-Predatory Lending Law

              
	
                Arkansas

              	
                Arkansas
                  Home Loan Protection Act, Ark. Code Ann. §§ 23-53-101 et seq.

                Effective
                  July 16, 2003

              	
                High
                  Cost Home Loan

              
	
                Cleveland
                  Heights, OH

              	
                Ordinance
                  No. 72-2003 (PSH), Mun. Code §§ 757.01 et seq.

                Effective
                  June 2, 2003 

              	
                Covered
                  Loan

              
	
                Colorado

              	
                Consumer
                  Equity Protection, Colo. Stat. Ann. §§ 5-3.5-101 et seq.

                Effective
                  for covered loans offered or entered into on or after January 1,
                  2003.
                  Other provisions of the Act took effect on June 7, 2002

              	
                Covered
                  Loan

              
	
                Connecticut

              	
                Connecticut
                  Abusive Home Loan Lending Practices Act, Conn. Gen. Stat. §§ 36a-746
                  et seq.

                Effective
                  October 1, 2001

              	
                High
                  Cost Home Loan

              
	
                District
                  of Columbia

              	
                Home
                  Loan Protection Act, D.C. Code §§ 26-1151.01 et seq.

                Effective
                  for loans closed on or after January 28, 2003

              	
                Covered
                  Loan

              
	
                Florida

              	
                Fair
                  Lending Act, Fla. Stat. Ann. §§ 494.0078 et seq.

                Effective
                  October 2, 2002

              	
                High
                  Cost Home Loan

              
	
                Georgia
                  (Oct. 1, 2002 - Mar. 6, 2003)

              	
                Georgia
                  Fair Lending Act, Ga. Code Ann. §§ 7-6A-1 et seq.

                Effective
                  October 1, 2002 - March 6, 2003

              	
                High
                  Cost Home Loan

              
	
                Georgia
                  as amended (Mar. 7, 2003 - current)

              	
                Georgia
                  Fair Lending Act, Ga. Code Ann. §§ 7-6A-1 et seq.

                Effective
                  for loans closed on or after March 7, 2003

              	
                High
                  Cost Home Loan

              
	
                HOEPA
                  Section 32

              	
                Home
                  Ownership and Equity Protection Act of 1994, 15 U.S.C. § 1639, 12 C.F.R.
                  §§ 226.32 and 226.34

                Effective
                  October 1, 1995, amendments October 1, 2002

              	
                High
                  Cost Loan

              
	
                Illinois

              	
                High
                  Risk Home Loan Act, Ill. Comp. Stat. tit. 815, §§ 137/5 et seq.

                Effective
                  January 1, 2004 (prior to this date, regulations under Residential
                  Mortgage License Act effective from May 14, 2001)

              	
                High
                  Risk Home Loan 

              
	
                Indiana

              	
                Indiana
                  Home Loan Practices Act, Ind. Code Ann. §§ 24-9-1-1 et seq.

                Effective
                  for loans originated on or after January 1, 2005.

              	
                High
                  Cost Home Loan

              
	
                Kansas

              	
                Consumer
                  Credit Code, Kan. Stat. Ann. §§ 16a-1-101 et seq.

                Sections
                  16a-1-301 and 16a-3-207 became effective April 14, 1999; Section
                  16a-3-308a became effective July 1, 1999 

              	
                High
                  Loan to Value Consumer Loan (id.§
                  16a-3-207) and;

              
	
                High
                  APR Consumer Loan (id.§
                  16a-3-308a)

              
	
                Kentucky

              	
                2003
                  KY H.B. 287 - High Cost Home Loan Act, Ky. Rev. Stat. §§ 360.100
                  et seq.

                Effective
                  June 24, 2003

              	
                High
                  Cost Home Loan

              
	
                Maine

              	
                Truth
                  in Lending, Me. Rev. Stat. tit. 9-A, §§ 8-101 et seq.

                Effective
                  September 29, 1995 and as amended from time to time

              	
                High
                  Rate High Fee Mortgage

              
	
                Massachusetts

              	
                Part
                  40 and Part 32, 209 C.M.R. §§ 32.00 et seq.
                  and 209 C.M.R. §§ 40.01 et seq.

                Effective
                  March 22, 2001 and amended from time to time

              	
                High
                  Cost Home Loan

              
	 	
                Massachusetts
                  Predatory Home Loan Practices Act

                Mass.
                  Gen. Laws ch. 183C, §§ 1 et seq.

                Effective
                  November 7, 2004

              	
                High
                  Cost Home Mortgage Loan

              
	
                Nevada

              	
                Assembly
                  Bill No. 284, Nev. Rev. Stat. §§ 598D.010 et seq.

                Effective
                  October 1, 2003

              	
                Home
                  Loan

              
	
                New
                  Jersey

              	
                New
                  Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat. §§ 46:10B-22
                  et seq.

                Effective
                  for loans closed on or after November 27, 2003

              	
                High
                  Cost Home Loan

              
	
                New
                  Mexico

              	
                Home
                  Loan Protection Act, N.M. Rev. Stat. §§ 58-21A-1 et seq.

                Effective
                  as of January 1, 2004; Revised as of February 26, 2004

              	
                High
                  Cost Home Loan

              
	
                New
                  York

              	
                N.Y.
                  Banking Law Article 6-l

                Effective
                  for applications made on or after April 1, 2003

              	
                High
                  Cost Home Loan

              
	
                North
                  Carolina

              	
                Restrictions
                  and Limitations on High Cost Home Loans, N.C. Gen. Stat. §§ 24-1.1E
                  et seq.

                Effective
                  July 1, 2000; amended October 1, 2003 (adding open-end lines of
                  credit)

              	
                High
                  Cost Home Loan

              
	
                Ohio

              	
                H.B.
                  386 (codified in various sections of the Ohio Code), Ohio Rev.
                  Code Ann.
                  §§ 1349.25 et seq.

                Effective
                  May 24, 2002

              	
                Covered
                  Loan

              
	
                Oklahoma

              	
                Consumer
                  Credit Code (codified in various sections of Title 14A)

                Effective
                  July 1, 2000; amended effective January 1, 2004

              	
                Subsection
                  10 Mortgage

              
	
                South
                  Carolina

              	
                South
                  Carolina High Cost and Consumer Home Loans Act, S.C. Code Ann.
§§ 37-23-10
                  et seq.

                Effective
                  for loans taken on or after January 1, 2004

              	
                High
                  Cost Home Loan

              
	
                West
                  Virginia 

              	
                West
                  Virginia Residential Mortgage Lender, Broker and Servicer Act,
                  W. Va. Code
                  Ann. §§ 31-17-1 et seq.

                Effective
                  June 5, 2002

              	
                West
                  Virginia Mortgage Loan Act Loan

              

      

      

       

      Standard
        & Poor’s Covered Loan Categorization

      

      
        	
                State/Jurisdiction

              	
                Name
                  of Anti-Predatory Lending Law/Effective Date

              	
                Category
                  under Applicable Anti-Predatory Lending Law

              
	
                Georgia
                  (Oct. 1, 2002 - Mar. 6, 2003)

              	
                Georgia
                  Fair Lending Act, Ga. Code Ann. §§ 7-6A-1 et seq.

                Effective
                  October 1, 2002 - March 6, 2003

              	
                Covered
                  Loan

              
	
                New
                  Jersey

              	
                New
                  Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat. §§ 46:10B-22
                  et seq.

                Effective
                  November 27, 2003 - July 5, 2004

              	
                Covered
                  Home Loan

              

      

      

      
        	
                Standard
                  & Poor’s Home Loan
                  Categorization

              

      

      

      
        	
                State/Jurisdiction

              	
                Name
                  of Anti-Predatory Lending Law/Effective Date

              	
                Category
                  under Applicable Anti-Predatory Lending Law

              
	
                Georgia
                  (Oct. 1, 2002 - Mar. 6, 2003)

              	
                Georgia
                  Fair Lending Act, Ga. Code Ann. §§ 7-6A-1 et seq.

                Effective
                  October 1, 2002 - March 6, 2003

              	
                Home
                  Loan

              
	
                New
                  Jersey

              	
                New
                  Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat. §§ 46:10B-22
                  et seq.

                Effective
                  for loans closed on or after November 27, 2003

              	
                Home
                  Loan

              
	
                New
                  Mexico

              	
                Home
                  Loan Protection Act, N.M. Rev. Stat. §§ 58-21A-1 et seq.

                Effective
                  as of January 1, 2004; Revised as of February 26, 2004

              	
                Home
                  Loan

              
	
                North
                  Carolina

              	
                Restrictions
                  and Limitations on High Cost Home Loans, N.C. Gen. Stat. §§ 24-1.1E
                  et seq.

                Effective
                  July 1, 2000; amended October 1, 2003 (adding open-end lines of
                  credit)

              	
                Consumer
                  Home Loan

              
	
                South
                  Carolina

              	
                South
                  Carolina High Cost and Consumer Home Loans Act, S.C. Code Ann.
§§ 37-23-10
                  et seq.

                Effective
                  for loans taken on or after January 1, 2004

              	
                Consumer
                  Home Loan

              

      

      

       

      

      

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      E

     

    REQUEST
      FOR RELEASE

    (FOR
      TRUSTEE/CUSTODIAN)

     

    
      	
              Loan
                Information

            	 	 
	 	 	 	 
	 	
              Name
                of Mortgagor:

            	 	 
	 	 	 	 
	 	
              Servicer

            	 	 
	 	
              Loan
                No.: 

            	 	 
	 	 	 	 
	
              Trustee/Custodian

            	 	 
	 	 	 	 
	 	
              Name:
                

            	 	 
	 	 	 	 
	 	
              Address:

            	 	 
	 	 	 	 
	 	 	 	 
	 	
              Trustee/Custodian

            	 	 
	 	
              Mortgage
                File No.:

            	 	 
	 	 	 	 
	
              Trustee

            	 	 
	 	 	 	 
	 	
              Name:

            	 	 
	 	 	 	 
	 	
              Address:

            	 	 
	 	 	 	 
	 	 	 	 
	
              Depositor

            	 	 
	 	 	 	 
	 	
              Name:

            	
              STANWICH
                ASSET ACCEPTANCE COMPANY, L.L.C.

            
	 	 	 	 
	 	
              Address:

            	 	 
	 	 	 	 
	 	 	 	 
	 	
              Certificates:
                

            	
              Carrington
                Mortgage Loan Trust, Series 2006-RFC1 Asset-Backed Pass-Through
                Certificates

            	 
	 	 	 	 
	 	 	 	 

    

    

    The
      undersigned Servicer hereby acknowledges that it has received from
      _______________________, as Trustee for the Holders of Carrington Mortgage
      Loan
      Trust, Series 2006-RFC1 Asset-Backed Pass-Through Certificates the documents
      referred to below (the “Documents”). All capitalized terms not otherwise defined
      in this Request for Release shall have the meanings given them in the Pooling
      and Servicing Agreement, dated as of May 1, 2006, among the Trustee, the
      Depositor and the Servicer (the “Pooling and Servicing Agreement”).

     

    ( )
      Promissory Note dated _______________, 20__, in the original principal sum
      of
      $__________, made by _____________________, payable to, or endorsed to the
      order
      of, the Trustee.

     

    ( )
      Mortgage recorded on _________________________ as instrument no.
      ____________________ in the County Recorder’s Office of the County of
      _________________, State of __________________ in book/reel/docket
      _________________ of official records at page/image _____________.

     

    ( )
      Deed of
      Trust recorded on ___________________ as instrument no. ________________ in
      the
      County Recorder’s Office of the County of _________________, State of
      ____________________ in book/reel/docket _________________ of official records
      at page/image ______________.

     

    ( )
      Assignment of Mortgage or Deed of Trust to the Trustee, recorded on
      ___________________ as instrument no. _________ in the County Recorder’s Office
      of the County of _______________, State of _______________________ in
      book/reel/docket ____________ of official records at page/image
      ____________.

     

    ( )
      Other
      documents, including any amendments, assignments or other assumptions of the
      Mortgage Note or Mortgage.

     

    ( ) _____________________________________________

     

    ( ) _____________________________________________

     

    ( ) _____________________________________________

     

    ( ) _____________________________________________

     

    The
      undersigned Servicer hereby acknowledges and agrees as follows:

     

    (1)
      The
      Servicer shall hold and retain possession of the Documents in trust for the
      benefit of the Trustee, solely for the purposes provided in the
      Agreement.

     

    (2)
      The
      Servicer shall not cause or permit the Documents to become subject to, or
      encumbered by, any claim, liens, security interest, charges, writs of attachment
      or other impositions nor shall the Servicer assert or seek to assert any claims
      or rights of setoff to or against the Documents or any proceeds
      thereof.

     

    (3)
      The
      Servicer shall return each and every Document previously requested from the
      Mortgage File to the Trustee when the need therefor no longer exists, unless
      the
      Mortgage Loan relating to the Documents has been liquidated and the proceeds
      thereof have been remitted to the Collection Account and except as expressly
      provided in the Agreement.

     

    (4)
      The
      Documents and any proceeds thereof, including any proceeds of proceeds, coming
      into the possession or control of the Servicer shall at all times be earmarked
      for the account of the Trustee, and the Servicer shall keep the Documents and
      any proceeds separate and distinct from all other property in the Servicer’s
      possession, custody or control.

     

    Dated:

     

    

    
      	 	
              HOMECOMINGS
                FINANCIAL NETWORK, INC.

            
	 	 
	 	 
	 	 
	 	
              By:
                

            	 
	 	
              Name:

            
	 	
              Title:

            

    

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      F-1

     

    FORM
      OF
      TRANSFEROR REPRESENTATION LETTER

     

    [Date]

     

    Wells
      Fargo Bank, N.A.

    Sixth
      and
      Marquette

    Minneapolis,
      MN 55749-0113

    Attention:
      Corporate Trust Services - Carrington Mortgage Loan Trust,
      2006-RFC1

    

    
      	 	
              Re:

            	
              Carrington
                Mortgage Loan Trust, Series 2006-RFC1 Asset-Backed Pass-Through
                Certificates, Class ___, representing a ___% Class Percentage
                Interest

            
	 	 	 

    

    Ladies
      and Gentlemen:

     

    In
      connection with the transfer by ________________ (the “Transferor”) to
      ________________ (the “Transferee”) of the captioned mortgage pass-through
      certificates (the “Certificates”), the Transferor hereby certifies as
      follows:

     

    Neither
      the Transferor nor anyone acting on its behalf has (a) offered, pledged, sold,
      disposed of or otherwise transferred any Certificate, any interest in any
      Certificate or any other similar security to any person in any manner, (b)
      has
      solicited any offer to buy or to accept a pledge, disposition or other transfer
      of any Certificate, any interest in any Certificate or any other similar
      security from any person in any manner, (c) has otherwise approached or
      negotiated with respect to any Certificate, any interest in any Certificate
      or
      any other similar security with any person in any manner, (d) has made any
      general solicitation by means of general advertising or in any other manner,
      (e)
      has taken any other action, that (in the case of each of subclauses (a) through
      (e) above) would constitute a distribution of the Certificates under the
      Securities Act of 1933, as amended (the “1933 Act”), or would render the
      disposition of any Certificate a violation of Section 5 of the 1933 Act or
      any
      state securities law or would require registration or qualification pursuant
      thereto. The Transferor will not act, nor has it authorized or will it authorize
      any person to act, in any manner set forth in the foregoing sentence with
      respect to any Certificate. The Transferor will not sell or otherwise transfer
      any of the Certificates, except in compliance with the provisions of that
      certain Pooling and Servicing Agreement, dated as of May 1, 2006, among Stanwich
      Asset Acceptance Company, L.L.C. as Depositor, Homecomings Financial Network,
      Inc. as Servicer and Wells Fargo Bank, N.A. as Trustee (the “Pooling and
      Servicing Agreement”), pursuant to which Pooling and Servicing Agreement the
      Certificates were issued.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Capitalized
      terms used but not defined herein shall have the meanings assigned thereto
      in
      the Pooling and Servicing Agreement.

     

    
      	 	
              Very
                truly yours,

            
	 	 
	 	
              [Transferor]

            
	 	 
	 	 
	 	
              By:

            	 
	 	
              Name:

            
	 	
              Title:

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    FORM
      OF
      TRANSFEREE REPRESENTATION LETTER

     

    [Date]

     

    Wells
      Fargo Bank, N.A.

    Sixth
      and
      Marquette

    Minneapolis,
      MN 55749-0113

    Attention:
      Corporate Trust Services - Carrington Mortgage Loan Trust,
      2006-RFC1

    

    
      	 	
              Re:

            	
              Carrington
                Mortgage Loan Trust, Series 2006-RFC1 Asset-Backed Pass-Through
                Certificates, Class ___, representing a ___% Percentage
                Interest

            

    

    

    Ladies
      and Gentlemen:

     

    In
      connection with the purchase from ______________________ (the “Transferor”) on
      the date hereof of the captioned trust certificates (the “Certificates”),
      _______________ (the “Transferee”) hereby certifies as follows:

     

    The
      Transferee is a “qualified institutional buyer” as that term is defined in Rule
      144A (“Rule 144A”) under the Securities Act of 1933 (the “1933 Act”) and has
      completed either of the forms of certification to that effect attached hereto
      as
      Annex 1 or Annex 2. The Transferee is aware that the sale to it is being made
      in
      reliance on Rule 144A. The Transferee is acquiring the Certificates for its
      own
      account or for the account of a qualified institutional buyer, and understands
      that such Certificate may be resold, pledged or transferred only (i) to a person
      reasonably believed to be a qualified institutional buyer that purchases for
      its
      own account or for the account of a qualified institutional buyer to whom notice
      is given that the resale, pledge or transfer is being made in reliance on Rule
      144A, or (ii) pursuant to another exemption from registration under the 1933
      Act.

     

    2. 
      The
      Transferee has been furnished with all information regarding (a) the
      Certificates and distributions thereon, (b) the nature, performance and
      servicing of the Mortgage Loans, (c) the Pooling and Servicing Agreement
      referred to below, and (d) any credit enhancement mechanism associated with
      the
      Certificates, that it has requested.

     

    All
      capitalized terms used but not otherwise defined herein have the respective
      meanings assigned thereto in the Pooling and Servicing Agreement, dated as
      of
      May 1, 2006, among Stanwich Asset Acceptance Company, L.L.C. as Depositor,
      Homecomings Financial Network, Inc. as Servicer and Wells Fargo Bank, N.A.
      as
      Trustee, pursuant to which the Certificates were issued.

     

    
      	 	
              [TRANSFEREE]

            
	 	 
	 	
              By:

            	 
	 	
              Name:

            
	 	
              Title:

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ANNEX
      1 TO EXHIBIT F-1

     

    QUALIFIED
      INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

     

    [FOR
      TRANSFEREES OTHER THAN REGISTERED INVESTMENT COMPANIES]

     

    The
      undersigned hereby certifies as follows to [name of Transferor] (the
“Transferor”) and Wells Fargo Bank, N.A., as Trustee, with respect to the
      mortgage pass-through certificates (the “Certificates”) described in the
      Transferee Certificate to which this certification relates and to which this
      certification is an Annex:

     

    1. As
      indicated below, the undersigned is the President, Chief Financial Officer,
      Senior Vice President or other executive officer of the entity purchasing the
      Certificates (the “Transferee”).

     

    2. In
      connection with purchases by the Transferee, the Transferee is a “qualified
      institutional buyer” as that term is defined in Rule 144A under the Securities
      Act of 1933 (“Rule 144A”) because (i) the Transferee owned and/or invested on a
      discretionary basis $______________________1 
      in
      securities (except for the excluded securities referred to below) as of the
      end
      of the Transferee’s most recent fiscal year (such amount being calculated in
      accordance with Rule 144A) and (ii) the Transferee satisfies the criteria in
      the
      category marked below.

     

    ___
      CORPORATION, ETC. The Transferee is a corporation (other than a bank, savings
      and loan association or similar institution), Massachusetts or similar business
      trust, partnership, or any organization described in Section 501(c)(3) of the
      Internal Revenue Code of 1986.

     

    ___
      BANK.
      The Transferee (a) is a national bank or banking institution organized under
      the
      laws of any State, territory or the District of Columbia, the business of which
      is substantially confined to banking and is supervised by the State or
      territorial banking commission or similar official or is a foreign bank or
      equivalent institution, and (b) has an audited net worth of at least $25,000,000
      as demonstrated in its latest annual financial statements, a copy of which
      is
      attached hereto.

     

    ___
      SAVINGS AND LOAN. The Transferee (a) is a savings and loan association, building
      and loan association, cooperative bank, homestead association or similar
      institution, which is supervised and examined by a State or Federal authority
      having supervision over any such institutions or is a foreign savings and loan
      association or equivalent institution and (b) has an audited net worth of at
      least

     

    ___
      BROKER-DEALER. The Transferee is a dealer registered pursuant to Section 15
      of
      the Securities Exchange Act of 1934.

     

    ___
      INSURANCE COMPANY. The Transferee is an insurance company whose primary and
      predominant business activity is the writing of insurance or the reinsuring
      of
      risks underwritten by insurance companies and which is subject to supervision
      by
      the insurance commissioner or a similar official or agency of a State, territory
      or the District of Columbia.

     

    ___
      STATE
      OR LOCAL PLAN. The Transferee is a plan established and maintained by a State,
      its political subdivisions, or any agency or instrumentality of the State or
      its
      political subdivisions, for the benefit of its employees.

     

    ___
      ERISA
      PLAN. The Transferee is an employee benefit plan within the meaning of Title
      I
      of the Employee Retirement Income Security Act of 1974.

     

    ___
      INVESTMENT ADVISOR. The Transferee is an investment advisor registered under
      the
      Investment Advisers Act of 1940.

     

    3. The
      term
“SECURITIES” as used herein DOES NOT INCLUDE (i) securities of issuers that are
      affiliated with the Transferee, (ii) securities that are part of an unsold
      allotment to or subscription by the Transferee, if the Transferee is a dealer,
      (iii) securities issued or guaranteed by the U.S. or any instrumentality
      thereof, (iv) bank deposit notes and certificates of deposit, (v) loan
      participations, (vi) repurchase agreements, (vii) securities owned but subject
      to a repurchase agreement and (viii) currency, interest rate and commodity
      swaps.

     

    4. For
      purposes of determining the aggregate amount of securities owned and/or invested
      on a discretionary basis by the Transferee, the Transferee used the cost of
      such
      securities to the Transferee and did not include any of the securities referred
      to in the preceding paragraph. Further, in determining such aggregate amount,
      the Transferee may have included securities owned by subsidiaries of the
      Transferee, but only if such subsidiaries are consolidated with the Transferee
      in its financial statements prepared in accordance with generally accepted
      accounting principles and if the investments of such subsidiaries are managed
      under the Transferee’s direction. However, such securities were not included if
      the Transferee is a majority-owned, consolidated subsidiary of another
      enterprise and the Transferee is not itself a reporting company under the
      Securities Exchange Act of 1934.

     

    5. The
      Transferee acknowledges that it is familiar with Rule 144A and understands
      that
      the Transferor and other parties related to the Certificates are relying and
      will continue to rely on the statements made herein because one or more sales
      to
      the Transferee may be in reliance on Rule 144A.

     

    
      	
              ___
                

            	
              ___
                

            	
              Will
                the Transferee be purchasing the Certificates

            
	
              Yes
                

            	
              No
                

            	
              only
                for the Transferee’s own account?

            

    

     

    6. If
      the
      answer to the foregoing question is “no”, the Transferee agrees that, in
      connection with any purchase of securities sold to the Transferee for the
      account of a third party (including any separate account) in reliance on Rule
      144A, the Transferee will only purchase for the account of a third party that
      at
      the time is a “qualified institutional buyer” within the meaning of Rule 144A.
      In addition, the Transferee agrees that the Transferee will not purchase
      securities for a third party unless the Transferee has obtained a current
      representation letter from such third party or taken other appropriate steps
      contemplated by Rule 144A to conclude that such third party independently meets
      the definition of “qualified institutional buyer” set forth in Rule
      144A.

     

    7. The
      Transferee will notify each of the parties to which this certification is made
      of any changes in the information and conclusions herein. Until such notice
      is
      given, the Transferee’s purchase of the Certificates will constitute a
      reaffirmation of this certification as of the date of such purchase. In
      addition, if the Transferee is a bank or savings and loan as provided above,
      the
      Transferee agrees that it will furnish to such parties updated annual financial
      statements promptly after they become available.

     

    Dated:

     

    
      	 	 
	 	
              Print
                Name of Transferee

            
	 	 
	 	 
	 	
              By:

            	 
	 	
              Name:

            
	 	
              Title:

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ANNEX
      2 TO EXHIBIT F-1

     

    QUALIFIED
      INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

     

    [FOR
      TRANSFEREES THAT ARE REGISTERED INVESTMENT COMPANIES]

     

    The
      undersigned hereby certifies as follows to [name of Transferor] (the
“Transferor”) and Wells Fargo Bank, N.A., as Trustee, with respect to the
      mortgage pass- through certificates (the “Certificates”) described in the
      Transferee Certificate to which this certification relates and to which this
      certification is an Annex:

     

    1. As
      indicated below, the undersigned is the President, Chief Financial Officer
      or
      Senior Vice President of the entity purchasing the Certificates (the
“Transferee”) or, if the Transferee is a “qualified institutional buyer” as that
      term is defined in Rule 144A under the Securities Act of 1933 (“Rule 144A”)
      because the Transferee is part of a Family of Investment Companies (as defined
      below), is such an officer of the investment adviser (the
“Adviser”).

     

    2. In
      connection with purchases by the Transferee, the Transferee is a “qualified
      institutional buyer” as defined in Rule 144A because (i) the Transferee is an
      investment company registered under the Investment Company Act of 1940, and
      (ii)
      as marked below, the Transferee alone, or the Transferee’s Family of Investment
      Companies, owned at least $100,000,000 in securities (other than the excluded
      securities referred to below) as of the end of the Transferee’s most recent
      fiscal year. For purposes of determining the amount of securities owned by
      the
      Transferee or the Transferee’s Family of Investment Companies, the cost of such
      securities was used.

     

    
      	
              ____
                

            	 	
              The
                Transferee owned $___________________ in securities (other than the
                excluded securities referred to below) as of the end of the Transferee’s
                most recent fiscal year (such amount being calculated in accordance
                with
                Rule 144A).

            
	
              ____
                

            	 	
              The
                Transferee is part of a Family of Investment Companies which owned
                in the
                aggregate $______________ in securities (other than the excluded
                securities referred to below) as of the end of the Transferee’s most
                recent fiscal year (such amount being calculated in accordance with
                Rule
                144A).

            

    

    3. The
      term
“FAMILY OF INVESTMENT COMPANIES” as used herein means two or more registered
      investment companies (or series thereof) that have the same investment adviser
      or investment advisers that are affiliated (by virtue of being majority owned
      subsidiaries of the same parent or because one investment adviser is a majority
      owned subsidiary of the other).

     

    4. The
      term
“SECURITIES” as used herein does not include (i) securities of issuers that are
      affiliated with the Transferee or are part of the Transferee’s Family of
      Investment Companies, (ii) securities issued or guaranteed by the U.S. or any
      instrumentality thereof, (iii) bank deposit notes and certificates of deposit,
      (iv) loan participations, (v) repurchase agreements, (vi) securities owned
      but
      subject to a repurchase agreement and (vii) currency, interest rate and
      commodity swaps.

     

    5. The
      Transferee is familiar with Rule 144A and understands that the parties to which
      this certification is being made are relying and will continue to rely on the
      statements made herein because one or more sales to the Transferee will be
      in
      reliance on Rule 144A. In addition, the Transferee will only purchase for the
      Transferee’s own account.

     

    6. The
      undersigned will notify the parties to which this certification is made of
      any
      changes in the information and conclusions herein. Until such notice, the
      Transferee’s purchase of the Certificates will constitute a reaffirmation of
      this certification by the undersigned as of the date of such
      purchase.

     

    Dated:

     

    
      	 	 
	 	
              Print
                Name of Transferee or Advisor

            
	 	 
	 	 
	 	
              By:

            	 
	 	
              Name:

            
	 	
              Title:

            
	 	 
	 	 
	 	
              IF
                AN ADVISER:

            
	 	 
	 	 
	 	
              Print
                Name of Transferee

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    FORM
      OF TRANSFEREE REPRESENTATION LETTER

     

    The
      undersigned hereby certifies on behalf of the purchaser named below (the
“Purchaser”) as follows:

     

    1. I
      am an
      executive officer of the Purchaser.

     

    2. The
      Purchaser is a “qualified institutional buyer”, as defined in Rule 144A, (“Rule
      144A”) under the Securities Act of 1933, as amended.

     

    3. As
      of the
      date specified below (which is not earlier than the last day of the Purchaser’s
      most recent fiscal year), the amount of “securities”, computed for purposes of
      Rule 144A, owned and invested on a discretionary basis by the Purchaser was
      in
      excess of $100,000,000.

     

    
      	 	
              Name
                of Purchaser

            
	 	 
	 	 
	 	
              By:

            	 
	 	
              Name:

            
	 	
              Title:

            

    

    

    Date
      of
      this certificate:

     

    Date
      of
      information provided in paragraph 3:

    

      

    

    
      
        1 Transferee
          must own and/or invest on a discretionary basis at least $100,000,000 in
          securities unless Transferee is a dealer, and, in that case, Transferee
          must own
          and/or invest on a discretionary basis at least $10,000,000 in securities.
          $25,000,000 as demonstrated in its latest annual financial statements,
          A COPY OF
          WHICH IS ATTACHED HERETO.

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      F-2

     

    FORM
      OF
      TRANSFER AFFIDAVIT AND AGREEMENT

     

    
      	
              STATE
                OF NEW YORK 

            	
              )

            
	
              COUNTY
                OF NEW YORK 

            	
              )

            

    

    

    __________________________,
      being duly sworn, deposes, represents and warrants as follows:

     

    1. I
      am a
      ______________________ of ____________________________ (the “Owner”) a
      corporation duly organized and existing under the laws of ______________, the
      record owner of Carrington Mortgage Loan Trust, Series 2006-RFC1 Asset-Backed
      Pass-Through Certificates, Class R-I Certificates and the Class R-II, (the
      “Class R Certificates”), on behalf of whom I make this affidavit and agreement.
      Capitalized terms used but not defined herein have the respective meanings
      assigned thereto in the Pooling and Servicing Agreement pursuant to which the
      Class R Certificates were issued.

     

    2. The
      Owner
      (i) is and will be a “Permitted Transferee” as of ____________, 20__ and (ii) is
      acquiring the Class R Certificates for its own account or for the account of
      another Owner from which it has received an affidavit in substantially the
      same
      form as this affidavit. A “Permitted Transferee” is any person other than a
“disqualified organization” or a possession of the United States. For this
      purpose, a “disqualified organization” means the United States, any state or
      political subdivision thereof, any agency or instrumentality of any of the
      foregoing (other than an instrumentality all of the activities of which are
      subject to tax and, except for the Federal Home Loan Mortgage Corporation,
      a
      majority of whose board of directors is not selected by any such governmental
      entity) or any foreign government, international organization or any agency
      or
      instrumentality of such foreign government or organization, any rural electric
      or telephone cooperative, or any organization (other than certain farmers’
cooperatives) that is generally exempt from federal income tax unless such
      organization is subject to the tax on unrelated business taxable
      income.

     

    3. The
      Owner
      either (i) is not a Plan, any Person acting, directly or indirectly, on behalf
      of any such Plan or any Person acquiring the Class R Certificates with “plan
      assets” of a Plan (within the meaning of the Department of Labor regulation
      promulgated at 29 C. F. R. § 2510.3-101), or (ii) has provided the Trustee with
      an Opinion of Counsel acceptable to and in form and substance satisfactory
      to
      the Depositor, the Trustee and the Servicer to the effect that the purchase
      and
      holding of the Class R Certificates are permissible under applicable law, will
      not constitute or result in any non-exempt prohibited transaction under Section
      406 of ERISA or Section 4975 of the Code (or comparable provisions of any
      subsequent enactments) and will not subject the Depositor, the Servicer, the
      Trustee or the Trust Fund to any obligation or liability (including obligations
      or liabilities under ERISA or Section 4975 of the Code) in addition to those
      undertaken in the Pooling and Servicing Agreement, which Opinion of Counsel
      shall not be an expense of the Depositor, the Servicer, the Trustee or the
      Trust
      Fund.

     

    4. The
      Owner
      is aware (i) of the tax that would be imposed on transfers of the Class R
      Certificates to disqualified organizations under the Internal Revenue Code
      of
      1986 that applies to all transfers of the Class R Certificates after March
      31,
      1988; (ii) that such tax would be on the transferor or, if such transfer is
      through an agent (which person includes a broker, nominee or middleman) for
      a
      non-Permitted Transferee, on the agent; (iii) that the person otherwise liable
      for the tax shall be relieved of liability for the tax if the transferee
      furnishes to such person an affidavit that the transferee is a Permitted
      Transferee and, at the time of transfer, such person does not have actual
      knowledge that the affidavit is false; and (iv) that each of the Class R
      Certificates may be a “noneconomic residual interest” within the meaning of
      proposed Treasury regulations promulgated under the Code and that the transferor
      of a “noneconomic residual interest” will remain liable for any taxes due with
      respect to the income on such residual interest, unless no significant purpose
      of the transfer is to impede the assessment or collection of tax.

     

    5. The
      Owner
      is aware of the tax imposed on a “pass-through entity” holding the Class R
      Certificates if, at any time during the taxable year of the pass-through entity,
      a non-Permitted Transferee is the record holder of an interest in such entity.
      (For this purpose, a “pass-through entity” includes a regulated investment
      company, a real estate investment trust or common trust fund, a partnership,
      trust or estate, and certain cooperatives.)

     

    6. The
      Owner
      is aware that the Trustee will not register the transfer of any Class R
      Certificate unless the transferee, or the transferee’s agent, delivers to the
      Trustee, among other things, an affidavit in substantially the same form as
      this
      affidavit. The Owner expressly agrees that it will not consummate any such
      transfer if it knows or believes that any of the representations contained
      in
      such affidavit and agreement are false.

     

    7. The
      Owner
      consents to any additional restrictions or arrangements that shall be deemed
      necessary upon advice of counsel to constitute a reasonable arrangement to
      ensure that the Class R Certificates will only be owned, directly or indirectly,
      by an Owner that is a Permitted Transferee.

     

    8. The
      Owner’s taxpayer identification number is _________________.

     

    9. The
      Owner
      has reviewed the restrictions set forth on the face of the Class R Certificates
      and the provisions of Section 5.02(d) of the Pooling and Servicing Agreement
      under which the Class R Certificates were issued (in particular, clauses
      (iii)(A) and (iii)(B) of Section 5.02(d) which authorize the Trustee to deliver
      payments to a person other than the Owner and negotiate a mandatory sale by
      the
      Trustee in the event that the Owner holds such Certificate in violation of
      Section 5.02(d)); and that the Owner expressly agrees to be bound by and to
      comply with such restrictions and provisions.

     

    10. The
      Owner
      is not acquiring and will not transfer the Class R Certificates in order to
      impede the assessment or collection of any tax.

     

    11. The
      Owner
      anticipates that it will, so long as it holds the Class R Certificates, have
      sufficient assets to pay any taxes owed by the holder of such Class R
      Certificates, and hereby represents to and for the benefit of the person from
      whom it acquired the Class R Certificates that the Owner intends to pay taxes
      associated with holding such Class R Certificates as they become due, fully
      understanding that it may incur tax liabilities in excess of any cash flows
      generated by the Class R Certificates.

     

    12. The
      Owner
      has no present knowledge that it may become insolvent or subject to a bankruptcy
      proceeding for so long as it holds the Class R Certificates.

     

    13. The
      Owner
      has no present knowledge or expectation that it will be unable to pay any United
      States taxes owed by it so long as any of the Certificates remain
      outstanding.

     

    14. The
      Owner
      is not acquiring the Class R Certificates with the intent to transfer the Class
      R Certificates to any person or entity that will not have sufficient assets
      to
      pay any taxes owed by the holder of such Class R Certificates, or that may
      become insolvent or subject to a bankruptcy proceeding, for so long as the
      Class
      R Certificates remain outstanding.

     

    15. The
      Owner
      will, in connection with any transfer that it makes of the Class R Certificates,
      obtain from its transferee the representations required by Section 5.02(d)
      of
      the Pooling and Servicing Agreement under which the Class R Certificate were
      issued and will not consummate any such transfer if it knows, or knows facts
      that should lead it to believe, that any such representations are
      false.

     

    16. The
      Owner
      will, in connection with any transfer that it makes of the Class R Certificates,
      deliver to the Trustee an affidavit, which represents and warrants that it
      is
      not transferring the Class R Certificates to impede the assessment or collection
      of any tax and that it has no actual knowledge that the proposed transferee:
      (i)
      has insufficient assets to pay any taxes owed by such transferee as holder
      of
      the Class R Certificates; (ii) may become insolvent or subject to a bankruptcy
      proceeding for so long as the Class R Certificates remains outstanding; and
      (iii) is not a “Permitted Transferee”.

     

    17. The
      Owner
      is a citizen or resident of the United States, a corporation, partnership or
      other entity created or organized in, or under the laws of, the United States
      or
      any political subdivision thereof, or an estate or trust whose income from
      sources without the United States may be included in gross income for United
      States federal income tax purposes regardless of its connection with the conduct
      of a trade or business within the United States.

     

    18. The
      Owner
      of the Class R Certificate, hereby agrees that in the event that the Trust
      Fund
      created by the Pooling and Servicing Agreement is terminated pursuant to Section
      9.01 thereof, the undersigned shall assign and transfer to the Holders of the
      Class CE Certificates (with respect to a termination of REMIC I) any amounts
      in
      excess of par received in connection with such termination. Accordingly, in
      the
      event of such termination, the Trustee is hereby authorized to withhold any
      such
      amounts in excess of par and to pay such amounts directly to the Holders of
      the
      Class CE Certificates. This agreement shall bind and be enforceable against
      any
      successor, transferee or assigned of the undersigned in the Class R Certificate.
      In connection with any transfer of the Class R Certificate, the Owner shall
      obtain an agreement substantially similar to this clause from any subsequent
      owner.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Owner has caused this instrument to be executed on its
      behalf, pursuant to the authority of its Board of Directors, by its [Vice]
      President, attested by its [Assistant] Secretary, this ____ day of __________,
      20__.

     

    

    
      	 	 	
              [OWNER]

            
	 	 	 
	 	 	 
	 	 	
              By:

            	 
	 	 	
              Name:

            
	 	 	
              Title:

            	
              [Vice]
                President

            
	 	 	 
	
              ATTEST:

            	 	 
	 	 	 
	 	 	 
	
              By:

            	 	 	 
	
              Name:

            	 	 
	
              Title:

            	
              [Assistant]
                Secretary

            	 	 

    

    

    Personally
      appeared before me the above-named, known or proved to me to be the same person
      who executed the foregoing instrument and to be a [Vice] President of the Owner,
      and acknowledged to me that [he/she] executed the same as [his/her] free act
      and
      deed and the free act and deed of the Owner.

     

    Subscribed
      and sworn before me this ____ day of __________, 20___.

     

    
      	 	 
	 	
              Notary
                Public

            
	 	 
	 	
              County
                of __________________ 

            
	 	
              State
                of ___________________

            
	 	 
	 	
              My
                Commission expires:

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    FORM
      OF TRANSFEROR AFFIDAVIT

     

    
      	
              STATE
                OF 

            	
              )

            
	
              COUNTY
                OF 

            	
              )

            

    

     

    __________________________,
      being duly sworn, deposes, represents and warrants as follows:

     

    1. I
      am a
      ____________________ of ____________________________ (the “Owner”), a
      corporation duly organized and existing under the laws of ______________, on
      behalf of whom I make this affidavit.

     

    2. The
      Owner
      is not transferring the Class R Certificates (the “Residual Certificates”) to
      impede the assessment or collection of any tax.

     

    3. The
      Owner
      has no actual knowledge that the Person that is the proposed transferee (the
      “Purchaser”) of the Residual Certificates: (i) has insufficient assets to pay
      any taxes owed by such proposed transferee as holder of the Residual
      Certificates; (ii) may become insolvent or subject to a bankruptcy proceeding
      for so long as the Residual Certificates remain outstanding and (iii) is not
      a
      Permitted Transferee.

     

    4. The
      Owner
      understands that the Purchaser has delivered to the Trustee a transfer affidavit
      and agreement in the form attached to the Pooling and Servicing Agreement as
      Exhibit F-2. The Owner does not know or believe that any representation
      contained therein is false.

     

    5. At
      the
      time of transfer, the Owner has conducted a reasonable investigation of the
      financial condition of the Purchaser as contemplated by Treasury Regulations
      Section 1.860E-1(c)(4)(i) and, as a result of that investigation, the Owner
      has
      determined that the Purchaser has historically paid its debts as they became
      due
      and has found no significant evidence to indicate that the Purchaser will not
      continue to pay its debts as they become due in the future. The Owner
      understands that the transfer of a Residual Certificate may not be respected
      for
      United States income tax purposes (and the Owner may continue to be liable
      for
      United States income taxes associated therewith) unless the Owner has conducted
      such an investigation.

     

    6. Capitalized
      terms not otherwise defined herein shall have the meanings ascribed to them
      in
      the Pooling and Servicing Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Owner has caused this instrument to be executed on its
      behalf, pursuant to the authority of its Board of Directors, by its [Vice]
      President, attested by its [Assistant] Secretary, this ____ day of ___________,
      20__.

     

    

    
      	 	 	
              [OWNER]

            
	 	 	 
	 	 	 
	 	 	
              By:

            	 
	 	 	
              Name:

            
	 	 	
              Title:

            	
              [Vice]
                President

            
	 	 	 
	
              ATTEST:

            	 	 
	 	 	 
	 	 	 
	
              By:

            	 	 	 
	
              Name:

            	 	 
	
              Title:

            	
              [Assistant]
                Secretary

            	 	 

    

    

    Personally
      appeared before me the above-named , known or proved to me to be the same person
      who executed the foregoing instrument and to be a [Vice] President of the Owner,
      and acknowledged to me that [he/she] executed the same as [his/her] free act
      and
      deed and the free act and deed of the Owner.

     

    Subscribed
      and sworn before me this ____ day of __________, 20___.

     

    

    
      	 	 
	 	
              Notary
                Public

            
	 	 
	 	
              County
                of __________________ 

            
	 	
              State
                of ___________________

            
	 	 
	 	
              My
                Commission expires:

            

    

    

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    EXHIBIT
      G

     

    FORM
      OF
      CERTIFICATION WITH RESPECT TO ERISA AND THE CODE

     

    _____________,
      20__

     

    Wells
      Fargo Bank, N.A.

    Sixth
      and
      Marquette

    Minneapolis,
      MN 55479-0113

    Attention:
      Corporate Trust Services-Carrington Mortgage Loan Trust, 2006-RFC1

     

    
      	
              Re:

            	
              
                Carrington
                  Mortgage Loan Trust, Series 2006-RFC1 Asset-Backed Pass-Through
                  Certificates

              

            

    

    

    Dear
      Sirs:

     

    _______________________
      (the “Transferee”) intends to acquire from _____________________ (the
“Transferor”) $____________ Initial Certificate Principal Balance of Carrington
      Mortgage Loan Trust, Series 2006-RFC1 Asset-Backed Pass-Through Certificates,
      Class [CE] [P] [R](the “Certificates”), issued pursuant to a Pooling and
      Servicing Agreement (the “Pooling and Servicing Agreement”) dated as of May 1,
      2006, among Stanwich Asset Acceptance Company, L.L.C. as depositor (the
“Depositor”), Homecomings Financial Network, Inc. as servicer (the “Servicer”)
      and Wells Fargo Bank, N.A. as trustee (the “Trustee”). Capitalized terms used
      herein and not otherwise defined shall have the meanings assigned thereto in
      the
      Pooling and Servicing Agreement. The Transferee hereby certifies, represents
      and
      warrants to, and covenants with the Depositor, the Trustee and the Servicer
      that:

     

    The
      Certificates or any interest therein are not being transferred to (i) any
“employee benefit plan” as defined in Section 3(3) of the Employee Retirement
      Income Security Act of 1974, as amended (“ERISA”), that is subject to Title I of
      ERISA, any “plan” as defined in Section 4975(e)(1) of the Internal Revenue Code
      of 1986, as amended (the “Code”), that is subject to Section 4975 of the Code or
      any entity deemed to hold plan assets of any of the foregoing (each, a “Plan”),
      (ii) any Person acting, directly or indirectly, on behalf of any such Plan
      or
      (iii) any Person acquiring the Certificates with “plan assets” of a Plan (within
      the meaning of the Department of Labor regulation promulgated at 29 C.F.R.
§
2510.3-101).

     

     

     

    
      	 	 
	 	
              Very
                truly yours,

            
	 	 
	 	 
	 	 
	 	
              By:

            	 
	 	
              Name:

            
	 	
              Title:

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      H

     

    FORM
      OF
      LOST NOTE AFFIDAVIT

     

    Loan
      #:
      ____________

    Borrower:
      _____________

     

    LOST
      NOTE
      AFFIDAVIT

     

    I,
      as
      ____________________ of ______________________, a _______________ corporation
      am
      authorized to make this Affidavit on behalf of _____________________ (the
“Seller”). In connection with the administration of the Mortgage Loans held by
      ____________________, a _________________ corporation as Seller on behalf of
      Stanwich Asset Acceptance Company, L.L.C., a Delaware limited liability company
      (the “Purchaser”), _____________________ (the “Deponent”), being duly sworn,
      deposes and says that:

     

    
      	
              1.

            	
              The
                Seller’s address is: 

            	 
	 	 	 
	 	 	 
	 	 	 
	
              2. 

            	
              The
                Seller previously delivered to the Purchaser a signed Initial
                Certification with respect to such Mortgage and/or Assignment of
                Mortgage;

            
	 	 
	
              3. 

            	
              Such
                Mortgage Note and/or Assignment of Mortgage was assigned or sold
                to the
                Purchaser by ________________________, a ____________ corporation
                pursuant
                to the terms and provisions of a Mortgage Loan Purchase Agreement
                dated as
                of __________ __, _____;

            
	 	 
	
              4. 

            	
              Such
                Mortgage Note and/or Assignment of Mortgage is not outstanding pursuant
                to
                a request for release of Documents;

            
	 	 
	
              5. 

            	
              Aforesaid
                Mortgage Note and/or Assignment of Mortgage (the “Original”) has been
                lost;

            
	 	 
	
              6. 

            	
              Deponent
                has made or caused to be made a diligent search for the Original
                and has
                been unable to find or recover same;

            
	 	 
	
              7.

            	
              The
                Seller was the Seller of the Original at the time of the loss;
                and

            
	 	 
	
              8. 

            	
              Deponent
                agrees that, if said Original should ever come into Seller’s possession,
                custody or power, Seller will immediately and without consideration
                surrender the Original to the Purchaser.

            
	 	 
	
              9. 

            	
              Attached
                hereto is a true and correct copy of (i) the Note, endorsed in blank
                by
                the Mortgagee and (ii) the Mortgage or Deed of Trust (strike one)
                which
                secures the Note, which Mortgage or Deed of Trust is recorded in
                the
                county where the property is located.

            
	 	 
	
              10. 

            	
              Deponent
                hereby agrees that the Seller (a) shall indemnify and hold harmless
                the
                Purchaser, its successors and assigns, against any loss, liability
                or
                damage, including reasonable attorney’s fees, resulting from the
                unavailability of any Notes, including but not limited to any loss,
                liability or damage arising from (i) any false statement contained
                in this
                Affidavit, (ii) any claim of any party that has already purchased
                a
                mortgage loan evidenced by the Lost Note or any interest in such
                mortgage
                loan, (iii) any claim of any borrower with respect to the existence
                of
                terms of a mortgage loan evidenced by the Lost Note on the related
                property to the fact that the mortgage loan is not evidenced by an
                original note and (iv) the issuance of a new instrument in lieu thereof
                (items (i) through (iv) above hereinafter referred to as the “Losses”) and
                (b) if required by any Rating Agency in connection with placing such
                Lost
                Note into a Pass-Through Transfer, shall obtain a surety from an
                insurer
                acceptable to the applicable Rating Agency to cover any Losses with
                respect to such Lost Note.

            
	 	 
	
              11. 

            	
              This
                Affidavit is intended to be relied upon by the Purchaser, its successors
                and assigns. _____________________, a ______________ corporation
                represents and warrants that is has the authority to perform its
                obligations under this Affidavit of Lost Note.

            
	 	 

    

    Executed
      this ____ day, of ___________ ______.

     

    
      	 	
              SELLER

            
	 	 
	 	 
	 	
              By:

            	 
	 	
              Name:

            
	 	
              Title:

            

    

    

    On
      this
      _____ day of ________, _____, before me appeared _________________ to me
      personally known, who being duly sworn did say that he is the
      _____________________ of ____________________ a ______________ corporation
      and
      that said Affidavit of Lost Note was signed and sealed on behalf of such
      corporation and said acknowledged this instrument to be the free act and deed
      of
      said corporation.

     

    
      	 	
              Signature:

            
	 	 
	 	
              [Seal]

            
	 	 

    

    

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    EXHIBIT
      I-1

     

    FORM
      OF
      ANNUAL CERTIFICATION

     

    
      	 	
              Re:

            	
              The
                Pooling and Servicing Agreement dated May 1, 2006 (the “Agreement”) by and
                among Stanwich Asset Acceptance Company, L.L.C. as depositor (the
                “Depositor”), Homecomings Financial Network, Inc. as servicer (the
                “Servicer”) and Wells Fargo Bank, N.A. as trustee (the
                “Trustee”);

            

    

     

    I,
      ________________________________, the _______________________ of Homecomings
      Financial Network, Inc., certify to the Depositor, and its officers, with the
      knowledge and intent that they will rely upon this certification,
      that:

     

     

    (1) I
      have
      reviewed the servicer compliance statement of the Servicer provided in
      accordance with Item 1123 of Regulation AB (the “Compliance Statement”), the
      report on assessment of the Servicer’s compliance with the applicable servicing
      criteria set forth in Item 1122(d) of Regulation AB (the “Servicing Criteria”),
      provided in accordance with Rules 13a-18 and 15d-18 under Securities Exchange
      Act of 1934, as amended (the “Exchange Act”) and Item 1122 of Regulation AB (the
“Servicing Assessment”), the registered public accounting firm’s attestation
      report provided in accordance with Rules 13a-18 and 15d-18 under the Exchange
      Act and Section 1122(b) of Regulation AB (the “Attestation
      Report”), and all servicing reports, officer’s certificates and other
      information relating to the servicing of the Mortgage Loans by the Servicer
      during 200[ ] that were delivered by the Servicer to the Depositor and the
      Trustee pursuant to the Agreement (collectively, the “Servicer Servicing
      Information”);

     

    (2) Based
      on
      my knowledge, the Servicer Servicing Information, taken as a whole, does not
      contain any untrue statement of a material fact or omit to state a material
      fact
      necessary to make the statements made, in the light of the circumstances under
      which such statements were made, not misleading with respect to the period
      of
      time covered by the Servicer Servicing Information;

     

    (3) Based
      on
      my knowledge, all of the Servicer Servicing Information required to be provided
      by the Servicer under the Agreement has been provided to the Depositor and
      the
      Trustee;

     

    (4) I
      am
      responsible for reviewing the activities performed by the Servicer as servicer
      under the Agreement, and based on my knowledge and the compliance review
      conducted in preparing the Compliance Statement and except as disclosed in
      the
      Compliance Statement, the Servicing Assessment or the Attestation Report, the
      Servicer has fulfilled its obligations under the Agreement in all material
      respects; and

     

    (5) The
      Compliance Statement required to be delivered by the Servicer pursuant to this
      Agreement, and the Servicing Assessment and Attestation Report required to
      be
      provided by the Servicer and by each Subcontractor pursuant to the Agreement,
      have been provided to the Depositor and the Trustee. Any material instances
      of
      noncompliance described in such reports have been disclosed to the Depositor
      and
      the Trustee. Any material instance of noncompliance with the Servicing Criteria
      has been disclosed in such reports.

     

    Date: _________________________

    

     

    
      	 	
              HOMECOMINGS
                FINANCIAL NETWORK, INC.

            
	 	 
	 	
              By:

            	 
	 	
              Name:

            
	 	
              Title:

            
	 	
              Date:

            

    

    

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    EXHIBIT
      I-2

     

    FORM
      OF
      CERTIFICATION TO BE

    PROVIDED
      TO SERVICER BY THE TRUSTEE

     

    
      	 	
              Re:

            	
              Carrington
                Mortgage Loan Trust, Series 2006-RFC1 Asset-Backed Pass-Through
                Certificates

            

    

     

    I,
      [identify the certifying individual], a [title] of Wells Fargo Bank, N.A.,
      as
      Trustee of the Trust, hereby certify to Homecomings Financial Network, Inc.
      (the
“Servicer”), and its officers, directors and affiliates, and with the knowledge
      and intent that they will rely upon this certification, that:

     

    1. The
      Trustee has performed all of the duties specifically required to be performed
      by
      it pursuant to the provisions of the Pooling and Servicing Agreement dated
      May
      1, 2006 (the “Agreement”) by and among Stanwich Asset Acceptance Company, L.L.C.
      as depositor (the “Depositor”), Homecomings Financial Network, Inc. as servicer
      (the “Servicer”) and Wells Fargo Bank, N.A. as trustee (the
“Trustee”);

     

    2. Based
      on
      my knowledge, the information in these distribution reports prepared by the
      Trustee, taken as a whole, does not contain any untrue statement of a material
      fact or omit to state a material fact necessary to make the statements made,
      in
      light of the circumstances under which such statements were made, not misleading
      as of the last day of the period covered by that annual report; and

     

    3. Based
      on
      my knowledge, the distribution information required to be provided by the
      Trustee under the Pooling and Servicing Agreement is included in these
      reports.

     

    Capitalized
      terms used but not defined herein have the meanings ascribed to them in the
      Agreement.

     

    
      	 	
              WELLS
                FARGO BANK, N.A., as Trustee

            
	 	 
	 	
              By:

            	 
	 	
              Name:

            
	 	
              Title:

            
	 	
              Date:

            

    

    

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    EXHIBIT
      J

     

    FORM
      OF
      SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

     

    The
      assessment of compliance to be delivered by [Homecomings Financial Network,
      Inc.. (the “Servicer”)/Wells Fargo Bank, N.A. (the “Trustee”)], shall address,
      at a minimum, the criteria identified as below as “Applicable Servicing
      Criteria”:

    

    
      	
              Servicing
                Criteria 

            	
              Applicable
                Servicing Criteria

            
	
              Reference

            	
              Criteria

            	 
	
               

            	
              General
                Servicing Considerations

            	 
	
              1122(d)(1)(i)

            	
              Policies
                and procedures are instituted to monitor any performance or other
                triggers
                and events of default in accordance with the transaction
                agreements.

            	
              Servicer,

              Trustee

            
	
              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.

            	
              Servicer,

              Trustee

            
	
              1122(d)(1)(iii)

            	
              Any
                requirements in the transaction agreements to maintain a back-up
                servicer
                for the pool assets are maintained.

            	
              N/A

            
	
              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.

            	
              Servicer

            
	
               

            	
              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.

            	
              Servicer,

              Trustee

            
	
              1122(d)(2)(ii)

            	
              Disbursements
                made via wire transfer on behalf of an obligor or to an investor
                are made
                only by authorized personnel.

            	
              Servicer,

              Trustee

            
	
              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.

            	
              Servicer,

              Trustee

            
	
              1122(d)(2)(iv)

            	
              The
                related accounts for the transaction, such as cash reserve accounts
                or
                accounts established as a form of overcollateralization, are separately
                maintained (e.g., with respect to commingling of cash) as set forth
                in the
                transaction agreements.

            	
              Trustee

            
	
              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.

            	
              Servicer,

              Trustee

            
	
              1122(d)(2)(vi)

            	
              Unissued
                checks are safeguarded so as to prevent unauthorized
                access.

            	
              Servicer,

              Trustee

            
	
              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.

            	
              Servicer,

              Trustee

            
	
               

            	
              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.

            	
              Trustee

            
	
              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.

            	
              Trustee

            
	
              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.

            	
              Trustee

            
	
              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.

            	
              Trustee

            
	
               

            	
              Pool
                Asset Administration

            	 
	
              1122(d)(4)(i)

            	
              Collateral
                or security on pool assets is maintained as required by the transaction
                agreements or related asset pool documents.

            	 
	
              1122(d)(4)(ii)

            	
              Pool
                assets and related documents are safeguarded as required by the
                transaction agreements

            	 
	
              1122(d)(4)(iii)

            	
              Any
                additions, removals or substitutions to the asset pool are made,
                reviewed
                and approved in accordance with any conditions or requirements in
                the
                transaction agreements.

            	
              Servicer

            
	
              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.

            	
              Servicer

            
	
              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.

            	
              Servicer

            
	
              1122(d)(4)(vi)

            	
              Changes
                with respect to the terms or status of an obligor's pool asset (e.g.,
                loan
                modifications or re-agings) are made, reviewed and approved by authorized
                personnel in accordance with the transaction agreements and related
                pool
                asset documents.

            	
              Servicer

            
	
              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.

            	
              Servicer

            
	
              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).

            	
              Servicer

            
	
              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.

            	
              Servicer

            
	
              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 asset, or such other number
                of
                days specified in the transaction agreements.

            	
              Servicer

            
	
              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.

            	
              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.

            	
              Servicer

            
	
              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.

            	
              Servicer

            
	
              1122(d)(4)(xiv)

            	
              Delinquencies,
                charge-offs and uncollectible accounts are recognized and recorded
                in
                accordance with the transaction agreements.

            	
              Servicer,

              Trustee

            
	
              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.

            	
              Trustee

            
	
               

            	
               

            	
               

            

    

    

    

    
      	 	
              [HOMECOMINGS
                FINANCIAL NETWORK, INC., as Servicer/ WELLS FARGO BANK, N.A., as
                Trustee]

            
	
              Date:_________________

            	
              By:________________________

              Name:

              Title:

            

    

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    EXHIBIT
      K

     

    FORM
      OF
      CAP CONTRACT AGREEMENT

     

    

      CONFIRMATION

       

      
        	
                TO:

              	
                Wells
                  Fargo Bank, N.A., not individually but solely as trustee for Carrington
                  Mortgage Loan Trust, Series 2006-RFC1 with respect to the Carrington
                  Mortgage Loan Trust, Series 2006-RFC1 Asset-Backed Pass-Through
                  Certificates

              
	 	
                9062
                  Old Anapolis Road

              
	 	
                Columbia,
                  Maryland 21045

              
	
                Attention:

              	
                Client
                  Manager-Carrington Mortgage Loan Trust, 2006-RFC1

              
	
                Telephone:

              	
                (410)
                  884-2000

              
	
                Facsimile:

              	
                (410)
                  715-2380

              
	 	 
	
                FROM:

              	
                Swiss
                  Re Financial Products Corporation

              
	 	
                55
                  East 52nd
                  Street

              
	 	
                New
                  York, New York 10055

              
	
                Attention:

              	
                Head
                  of Operations

              
	
                Facsimile.
                  

              	
                (917)
                  322-7201

              
	 	 
	
                CC:

              	 
	
                Attention:

              	
                Head
                  of Legal

              
	
                Facsimile:

              	
                (212)
                  317-5474

              
	 	 
	
                DATE:

              	
                May
                  24, 2006

              

      

      

      Transaction
        Reference Number: 890472 - Class A Certificates

       

      Dear
        Sir/Madam,

       

      The
        purpose of this letter agreement is to confirm the terms and conditions of
        the
        transaction entered into between Wells Fargo Bank, N.A., not individually
        but
        solely as trustee for Carrington Mortgage Loan Trust, Series 2006-RFC1 with
        respect to the Carrington Mortgage Loan Trust, Series 2006-RFC1 Asset-Backed
        Pass-Through Certificates, and Swiss Re Financial Products Corporation, a
        corporation organized under the laws of the State of Delaware (each a “party”
and together “the parties”) on the Trade Date specified below (the
“Transaction”). This letter agreement constitutes a “Confirmation” as referred
        to in the ISDA Master Agreement specified in paragraph 1 below. In this
        Confirmation, “Party A” means Swiss Re Financial Products Corporation, and
“Party B” means Carrington Mortgage Loan Trust, Series 2006-RFC1, by Wells Fargo
        Bank, N.A., not individually but solely as trustee for Carrington Mortgage
        Loan
        Trust, Series 2006-RFC1 with respect to the Carrington Mortgage Loan Trust,
        Series 2006-RFC1 Asset-Backed Pass-Through Certificates.

       

      The
        definitions and provisions contained in the 2000 ISDA Definitions, as published
        by the International Swaps and Derivatives Association, Inc. (the
“Definitions”), are incorporated into this Confirmation. In the event of any
        inconsistency between the Definitions and this Confirmation, this Confirmation
        will govern.

       

      Other
        capitalized terms used herein (but not otherwise defined) shall have the
        meaning
        specified in that certain Pooling and Servicing Agreement, dated as of May
        1,
        2006 (the “Pooling and Servicing Agreement”), among Stanwich Asset Acceptance
        Company, L.L.C., as Depositor, Homecomings Financial Network, Inc., as Servicer,
        and Wells Fargo Bank, N.A., as Trustee (the “Trustee).

       

      1.  This
        Confirmation evidences a complete binding agreement between the parties as
        to
        the terms of the Transaction to which this Confirmation relates. In addition,
        the parties agree that for the purposes of this Transaction, this Confirmation
        will supplement, form a part of, and be subject to an agreement in the form
        of
        the 1992 ISDA Master Agreement (Multicurrency-Cross Border) as if the parties
        had executed an agreement in such form (but without any Schedule except for
        the
        elections noted below) on the Trade Date of the Transaction (such agreement,
        the
“Form Master Agreement”). In the event of any inconsistency between the
        provisions of the Form Master Agreement and this Confirmation, this Confirmation
        will prevail for the purpose of this Transaction.

       

      Each
        party represents to the other party and will be deemed to represent to the
        other
        party on the date on which it enters into this Transaction that (absent a
        written agreement between the parties that expressly imposes affirmative
        obligations to the contrary for that Transaction):

       

      (a)  Non-Reliance.
        Each
        party has made its own independent decisions to enter into this Transaction
        and
        as to whether this Transaction is appropriate or proper for it based upon
        its
        own judgment and upon advice from such advisors as it has deemed necessary.
        It
        is not relying on any communication (written or oral) of the other party
        as
        investment advice or as a recommendation to enter into this Transaction;
        it
        being understood that information and explanations related to the terms and
        conditions of this Transaction shall not be considered investment advice
        or a
        recommendation to enter into this Transaction. Further, such party has not
        received from the other party any assurance or guarantee as to the expected
        results of this Transaction.

       

      (b)  Evaluation
        and Understanding.
        It is
        capable of evaluating and understanding (on its own behalf or through
        independent professional advice), and understands and accepts, the terms,
        conditions and risks of this Transaction. It is also capable of assuming,
        and
        assumes, the financial and other risks of this Transaction.

       

      (c)  Status
        of Parties.
        The
        other party is not acting as an agent, fiduciary or advisor for it in respect
        of
        this Transaction.

       

      2.  The
        terms
        of the particular Transaction to which this Confirmation relates are as
        follows:

       

      
        	
                Notional
                  Amount:

              	
                With
                  respect to any Calculation Period, the lesser of (i) the aggregate
                  Certificate Principal Balance of the Class A Certificates immediately
                  prior to the distribution date that occurs on or about the Floating
                  Rate
                  Payer Payment Date, and (ii) the amount specified in Schedule A
                  attached
                  hereto

              
	
                Trade
                  Date:

              	
                May
                  17, 2006

              
	
                Effective
                  Date:

              	
                May
                  24, 2006

              
	
                Termination
                  Date:

              	
                February
                  25, 2009, subject to adjustment in accordance with the Following
                  Business
                  Day Convention.

              
	
                Fixed
                  Amounts:

              	 
	
                Fixed
                  Rate Payer:

              	
                Party
                  B

              
	
                Payment
                  Date:

              	
                May
                  24, 2006

              
	
                Fixed
                  Amount:

              	
                USD
                  10,100

              
	
                Floating
                  Amounts:

              	 
	
                Floating
                  Rate Payer:

              	
                Party
                  A

              
	
                Cap
                  Rate I:

              	
                See
                  attached Schedule A under the Column “Cap Rate I (%)”.

              
	
                Floating
                  Rate Payer Period End Dates:

              	
                The
                  25th
                  of
                  each month, commencing on 25th June 2006 in accordance with the
                  Following
                  Business Day Convention.

              
	
                Floating
                  Rate Payer Payment Dates:

              	
                Early
                  Payment shall be applicable. The Floating Rate Payer Payment Dates
                  shall
                  be two Business Days prior to each Floating Rate Payer Period End
                  Date,
                  commencing on June 22, 2006 to and including the date which is
                  two
                  Business Days prior to the Termination Date.

              
	
                Floating
                  Rate Option:

              	
                USD-LIBOR-BBA,
                  provided, however, for any Calculation Period, if the Floating
                  Rate Option
                  is greater than the rate set forth opposite such Calculation Period
                  as set
                  forth in Schedule A under the heading Cap Rate II (%), then the
                  Floating
                  Rate for such Calculation Period shall be deemed to be such
                  rate

              
	
                Designated
                  Maturity:

              	
                One
                  month

              
	
                Spread:

              	
                None

              
	
                Floating
                  Rate Day Count Fraction:

              	
                Actual/360

              
	
                Reset
                  Date:

              	
                First
                  day of each Calculation Period

              
	
                Compounding:

              	
                Inapplicable

              
	
                Business
                  Days:

              	
                New
                  York

              
	
                Calculation
                  Agent:

              	
                Party
                  A; provided,
                  however,
                  if an Event of Default has occurred with respect to Party A, a
                  Reference
                  Market-maker,
                  as
                  designated by Party B, shall be the Calculation
                  Agent.

              

      

      3.  Form
        Master Agreement.

       

      (a)  “Specified
        Entity”
        means,
        in relation to Party A, for the purpose of Section 5(a)(v), Section 5(a)(vi),
        Section 5(a)(vii) and Section 5(b)(iv) of the Form Master Agreement: Not
        Applicable.

       

      (b)  “Specified
        Entity”
        means,
        in relation to Party B, for the purpose of Section 5(a)(v), Section 5(a)(vi),
        Section 5(a)(vii) and Section 5(b)(iv) of the Form Master Agreement: Not
        Applicable.

       

      (c)  “Specified
        Transaction”
        will
        have the meaning specified in Section 14 of the Form Master
        Agreement.

       

      (d)  The
        “Credit
        Event Upon Merger”
        provisions of Section 5(b)(iv) of the Form Master Agreement will not apply
        to
        Party A or to Party B.

       

      (e)  The
        “Automatic
        Early Termination” provision
        of Section 6(a) of the Form Master Agreement will not apply to Party A or
        to
        Party B.

       

      (f)  Governing
        Law.
        The Form
        Master Agreement will be governed by, and construed in accordance with, the
        laws
        of the State of New York without reference to its conflict of laws provisions
        (except for Sections 5-1401 and 5-1402 of the New York General Obligations
        Law).

       

      (g)  The
        phrase “Termination
        Currency”
        means
        United States Dollars.

       

      (h)  Payments
        on Early Termination. For
        the
        purpose of Section 6(e) of the Form Master Agreement, Market Quotation and
        Second Method will apply.

       

      (i)  Events
        of Default.
        The
        Events of Default specified under Sections 5(a)(ii), 5(a)(iv), 5(a)(v) and
        5(a)(vi) of the Form Master Agreement will not apply to Party A; 5(a)(ii),
        5(a)(iii), 5(a)(iv), 5(a)(v) and 5(a)(vi) of the Form Master Agreement will
        not
        apply to Party B. With respect to Party B only, the provisions of Section
        5(a)(vii) clause 2 will not be applicable.

       

      (j)  Tax
        Event.
        The
        provisions of Section 2(d)(i)(4) and 2(d)(ii) of the printed Form Master
        Agreement shall not apply to Party B and Party B shall not be required to
        pay
        any additional amounts referred to therein.

       

      (k)  No
        Set-off.
        Without
        affecting the provisions of the Form Master Agreement requiring the calculation
        of certain net payment amounts, as a result of an Event of Default or Additional
        Termination Event or otherwise, all payments will be made without setoff
        or
        counterclaim. The provisions for Set-off set forth in Section 6(e) of the
        Form
        Master Agreement shall not apply for purposes of this Transaction. 

       

      4.  Recording
        of Conversations.

       

      Each
        party to this Transaction acknowledges and agrees to the tape (and/or other
        electronic) recording of conversations between the parties to this Transaction
        whether by one or other or both of the parties or their agents, and that
        any
        such recordings may be submitted in evidence in any Proceedings relating
        to the
        Form Master Agreement and/or this Transaction. 

       

      5.  Credit
        Support Document.

       

      In
        relation to Party A: A Guaranty of Swiss Re dated as of the date hereof,
        in a
        form acceptable to Party B and, if Party A is required pursuant to Paragraph
        8
        of this Confirmation to post collateral, an ISDA Credit Support
        Annex.

       

      In
        relation to Party B: The Pooling and Servicing Agreement.

       

      6.  Credit
        Support Provider.

       

      In
        relation to Party A: Swiss Reinsurance Company (“Swiss Re”).

       

      In
        relation to Party B: Not Applicable.

       

      7.  Account
        Details.

       

      Account
        for payments to Party A:

       

      PAYMENT
        INSTRUCTION:     JP
        Morgan
        Chase Bank

      Swift:
        CHASUS33

      For
        the
        Account of Swiss Re Financial Products

      ACCT
        #:
        066911184

       

      Account
        for payments to Party B:

       

      PAYMENT
        INSTRUCTION:     Wells
        Fargo Bank, National Association

      ABA#:
        121-000-248

      ACCT
        #:
        3970771416

      ACCT
        NAME: Corporate Trust Clearing

      For
        further credit to ACCT #: 50919101

      REF:
        Client Manager - Carrington Mortgage Loan Trust 2006-RFC1

       

      8.  Additional
        Termination Events.

       

      Downgrade
        of Party A.
        For the
        purpose of this section, a “Ratings Event” shall occur with respect to Party A
        (or its Credit Support Provider) if the long-term and short-term senior
        unsecured deposit ratings of Party A (or its Credit Support Provider) cease
        to
        be at least A and A-1 by Standard & Poor’s Ratings Service, a division of
        the McGraw-Hill Companies, Inc. or any successor thereto (“S&P”) or at least
        A1 and P-1 by Moody’s Investors Service, Inc. or any successor thereto
        (“Moody’s”) or at least A and F1 by Fitch Ratings Ltd. or any successor thereto
        (“Fitch”), to the extent such obligations are rated by S&P or Moody’s or
        Fitch. The failure by Party A to comply with the provisions of Section 15
        hereof
        shall constitute an Additional Termination Event for which Party A shall
        be the
        sole Affected Party.

       

      Swap
        Disclosure Event.
        Upon the
        occurrence of a Swap Disclosure Event (as defined below), if Party A has
        not,
        within 10 days after such Swap Disclosure Event (the “Response Period”) complied
        with one of the solutions listed below, then an Additional Termination Event
        shall have occurred with respect to Party A and Party A shall be the sole
        Affected Party with respect to such Additional Termination Event. 

       

      It
        shall
        be a swap disclosure event (“Swap Disclosure Event”) if at any time after the
        date hereof Carrington Securities, LP (“Carrington Securities”) or Stanwich
        Asset Acceptance Company, L.L.C. (“Stanwich”) notifies Party A that in the
        reasonable discretion of Carrington Securities or Stanwich acting in good
        faith,
        the “aggregate significance percentage” of all derivative instruments (as such
        term is defined in Item 1115(b)(2) of Regulation AB (as defined below)) provided
        by Party A and any of its affiliates to Carrington Mortgage Loan Trust, Series
        2006-RFC1 (the “Significance Percentage”) is 10% or more. 

       

      Following
        a Swap Disclosure Event, Party A shall take one of the following actions
        at its
        own expense: either (I) (a) (i) if the Significance Percentage is 10% or
        more,
        Party A shall provide in an EDGAR compatible format the information set forth
        in
        Item 1115(b)(1) of Regulation AB for Party A (or for its group of affiliated
        entities, if applicable) or (ii) if the Significance Percentage is 20% or
        more,
        Party A provide in an EDGAR compatible format the information set forth in
        Item
        1115(b)(2) of Regulation AB for Party A (or for its group of affiliated
        entities, if applicable) (collectively, the “Reg AB Information”), to Carrington
        Securities or Stanwich and (b) provide written consent to Carrington Securities
        and Stanwich to incorporation by reference of such current Reg AB Information
        as
        is filed with the Securities and Exchange Commission in the reports of Stanwich
        filed pursuant to the Exchange Act, (c) if applicable, cause its outside
        accounting firm to provide its consent to filing or incorporation by reference
        of such accounting firm’s report relating to their audits of such current Reg AB
        Information in the Exchange Act Reports of Stanwich, and (d) provide to
        Carrington Securities and Stanwich any updated Reg AB Information with respect
        to Party A or any entity that consolidates Party A within five days of the
        release of any such updated Reg AB Information;or (II) cause a Reg AB Approved
        Entity (as defined below) to replace Party A as party to this Agreement on
        terms
        substantially similar to this Agreement prior to the expiration of the Response
        Period and cause such Reg AB Approved Entity to provide the Reg AB Information
        prior to the expiration of the Response Period; provided
        however,
        that no
        such transfer to a Reg AB Approved Entity pursuant to (II) above shall occur
        unless the Reg AB Approved entity agrees to terms identical to those contained
        in Paragraph 16 of this Agreement. “Reg AB Approved Entity” means any entity
        that (i) has the ability to provide the Reg AB Information and (ii) meets
        or
        exceeds the Approved Rating Threshold and satisfies the Ratings Agency
        Condition.

       

      “Regulation
        AB” means Subpart 229.1100 - Asset Backed Securities (Regulation AB), 17 C.F.R.
        §§229.1100-229.1123, as such may be amended from time to time, and subject
        to
        such clarification and interpretation as have been provided by the Securities
        and Exchange Commission (“SEC”) 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 SEC, or as may be provided by the SEC or
        its
        staff from time to time.

       

      Optional
        Termination.
        An
        Additional Termination Event shall occur upon unrescindable notice by the
        Terminator (as defined in the Pooling and Servicing Agreement) that it will
        purchase all Mortgage Loans in accordance with Section 9.01 of the Pooling
        and
        Servicing Agreement. With respect to such Additional Termination Event, Party
        B
        shall be the sole Affected Party and this Transaction shall be the sole Affected
        Transaction; provided, however, that notwithstanding Section 6(b)(iv) of
        the
        ISDA Form Master Agreement, only Party B may designate an Early Termination
        Date
        in respect of this Additional Termination Event.

       

      9.  Limitation
        on Events of Default.
        Notwithstanding the terms of Sections 5 and 6 of the Form Master Agreement,
        if
        at any time and so long as Party B has satisfied in full all its payment
        obligations under Section 2(a)(i) of the Form Master Agreement and has at
        the
        time no future payment obligations, whether absolute or contingent, under
        such
        Section, then unless Party A is required pursuant to appropriate proceedings
        to
        return to Party B or otherwise returns to Party B upon demand of Party B
        any
        portion of any such payment, (a) the occurrence of an event described in
        Section
        5(a) of the Form Master Agreement with respect to Party B shall not
        constitute an Event of Default or Potential Event of Default with respect
        to
        Party B as Defaulting Party and (b) Party A shall be entitled to designate
        an Early Termination Date pursuant to Section 6 of the Form Master Agreement
        only as a result of the occurrence of a Termination Event set forth in Section
        5(b)(i) with respect to either Party A as the Affected Party. For purposes
        of
        the Transaction to which this Agreement relates, Party B’s only obligation under
        Section 2(a)(i) of the Form Master Agreement is to pay the Fixed Amount on
        the
        Fixed Rate Payer Payment Date.

       

      10.  Waiver
        of Right to Trial by Jury.

       

      EACH
        PARTY HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHTS TO TRIAL BY JURY WITH
        RESPECT
        TO ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS
        TRANSACTION.

       

      11.  Eligible
        Contract Participant.

       

      Each
        party represents to the other party that it is an “eligible contract
        participant” as defined in Section 1a(12) of the U.S. Commodity Exchange Act, as
        amended.

       

      12.  Notice
        by Facsimile Transmission.

       

      Section
        12(a) of the Form Master Agreement is hereby amended by deleting the
        parenthetical “(except that a notice or other communication under Section 5 or 6
        may not be given by facsimile transmission or electronic messaging
        system).”

       

      13.  Multibranch
        Party.

       

      For
        purpose of Section 10(c) of the Form Master Agreement: (a) Party
        A
        is not a Multibranch Party; and (b) Party B is not a Multibranch
        Party.

       

      14.  Other
        Provisions.

       

      (a)  Addresses
        for notices. As set forth on page 1 hereof.

       

      (b)  For
        the
        purpose of Section 13(c) of the Form Master Agreement: (i) Party A appoints
        as
        its Process Agent, not applicable; and (ii) Party B appoints as its Process
        Agent, not applicable.

       

      (c)  Payer
        Representations.
        For the
        purpose of Section 3(e) of the Form Master Agreement, Party A and Party B
        make
        the following representation:

       

      It
        is not
        required by any applicable law, as modified by the practice of any relevant
        governmental revenue authority, of any relevant jurisdiction to make any
        deduction or withholding for or on account of any tax from any payment (other
        than interest under Section 2(e), 6(d)(ii), or 6(e) of the Form Master
        Agreement) to be made by it to the other party under the Form Master Agreement.
        In making this representation, it may rely on (i) the accuracy of any
        representations made by the other party pursuant to Section 3(f) of the Form
        Master Agreement, (ii) the satisfaction of the agreement contained in Section
        4(a)(i) or 4(a)(iii) of the Form Master Agreement, and the accuracy and
        effectiveness of any document provided by the other party pursuant to Section
        4(a)(i) or 4(a)(iii) of the Form Master Agreement, and (iii) the
        satisfaction of the agreement of the other party contained in Section 4(d)
        of
        the Form Master Agreement, provided
        that it
        shall
        not be a breach of this representation where reliance is placed on clause
        (ii)
        and the other party does not deliver a form or document under Section 4(a)(iii)
        by reason of material prejudice to its legal or commercial
        position.

       

      (d)  Payee
        Representations.
        For the
        purpose of Section 3(f) of the Form Master Agreement, Party A and Party B
        make
        the following representations:

       

      (i)  The
        following representation applies to Party A: Party A is a corporation organized
        under the laws of the State of Delaware.

       

      (ii)  The
        following representation applies to Party B: Party B is a “U.S. person” as that
        term is used in section 1.1441-4(a)(3)(ii) of the United States Treasury
        Regulations (the “Regulations”) for United States federal income tax purposes.

       

      (e)  For
        the
        purpose of Section 4(a)(i) and (ii) of the Form Master Agreement, each Party
        agrees to deliver the following documents as applicable:

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      (i)  Tax
        forms, documents or certificates to be delivered are:

       

      
        	
                Party
                  Required to deliver Document

              	
                Form/Document/Certificate

              	
                Date
                  by which to Delivered

              
	
                Party
                  A and Party B

              	
                An
                  executed U.S. Internal Revenue Service Form W-9 (or any successor
                  thereto).

              	
                (i)
                  Before the first Payment Date hereunder, (ii) promptly upon reasonable
                  demand by the other party and (iii) promptly upon learning that
                  any such
                  form previously provided to the other party has become obsolete
                  or
                  incorrect.

              

      

       

      (ii) Other
        documents to be delivered are:

       

      
        	
                Party
                  Required to deliver Document

              	
                Form/Document/

                Certificate

              	
                Date
                  by which to be Delivered

              	
                Covered
                  by Section 3(d) Representation

              
	
                Party
                  A and Party B 

              	
                Credit
                  Support Document, if any, specified herein, such Credit Support
                  Document
                  being duly executed if required.

              	
                Concurrently
                  with the execution of this agreement.

              	
                Yes

              
	
                Party
                  A and Party B 

              	
                Incumbency
                  certificate or other documents evidencing the authority of the
                  party
                  entering into this agreement or any other document executed in
                  connection
                  with this agreement.

              	
                Concurrently
                  with the execution of this agreement or of any other documents
                  executed in
                  connection with this agreement.

              	
                Yes

              
	
                Party
                  B

              	
                Copy
                  of each report delivered under the Pooling and Servicing Agreement
                  and/or
                  any other Transaction Document.

              	
                Upon
                  availability.

              	
                Yes

              
	
                Party
                  A 

              	
                Legal
                  opinion from counsel for Party A concerning due authorization,
                  enforceability and related matters, addressed to the other party
                  and
                  acceptable to Party B.

              	
                Concurrently
                  with the execution of this agreement.

              	
                No

              
	
                Party A
                  

              	
                Certified
                  copies of all corporate, partnership, trust or membership authorizations,
                  as the case may be, and any other documents with respect to the
                  execution,
                  delivery and performance of this agreement and any Credit Support
                  Document

              	
                Upon
                  execution and delivery of this agreement

              	
                Yes

              

      

       

      (f)  “Affiliate”
        will have the meaning specified in Section 14 of the Form Master Agreement;
        provided, however, that Party B shall be deemed not to have any Affiliates
        for
        purposes of this Transaction.

       

      (g)  Non
        Petition.
        Party A
        hereby agrees that it will not, prior to the date that is one year and one
        day
        (or, if longer, the applicable preference period) after all Certificates
        (as
        such term is defined in the Pooling and Servicing Agreement) issued by Party
        B
        pursuant to the Pooling and Servicing Agreement have been paid in full,
        acquiesce, petition or otherwise invoke or cause Party B to invoke the process
        of any court or governmental authority for the purpose of commencing or
        sustaining a case against Party B under any federal or state bankruptcy,
        insolvency or similar law or for the purpose of appointing a receiver,
        liquidator, assignee, trustee, custodian, sequestrator or other similar official
        for Party B or any substantial part of the property of Party B, or for the
        purpose of ordering the winding up or liquidation of the affairs of Party
        B.
        Nothing herein shall prevent Party A from participating in any such proceeding
        once commenced. The provisions of this paragraph shall survive the termination
        of this Agreement.

       

      (h)  Trustee
        Liability Limitation.
        It is
        expressly understood and agreed by the parties hereto that (i) this confirmation
        is executed and delivered by Wells Fargo Bank, N.A. (“Wells Fargo”), not
        individually or personally but solely as trustee, (ii) each of the
        representations, undertakings and agreements herein made on the part of Party
        B
        is made and intended not as personal representations, undertakings and
        agreements by Wells Fargo but is made and intended for the purpose of binding
        only Party B, (iii) nothing herein contained shall be construed as creating
        any
        liability on Wells Fargo, individually or personally, to perform any covenant
        either expressed or implied contained herein, and (iv) under no circumstances
        shall Wells Fargo be personally liable for the payment of any indebtedness
        or
        expenses of Party B or be liable for the breach or failure of any obligation,
        representation, warranty or covenant made or undertaken by Party B hereunder
        or
        any other related documents. Any resignation or removal of Wells Fargo as
        trustee under the Pooling and Servicing Agreement shall require the assignment
        of this confirmation to Wells Fargo’s replacement.

       

      (i)  The
        Form
        Master Agreement is hereby amended as follows:

       

      The
        word
“third” shall be replaced by the word “second” in the third line of Section
        5(a)(i) of the Form Master Agreement.

       

      (j)  Severability.
        If any
        term, provision, covenant, or condition of this Agreement, or the application
        thereof to any party or circumstance, shall be held to be invalid or
        unenforceable (in whole or in part) for any reason, the remaining terms,
        provisions, covenants, and conditions hereof shall continue in full force
        and
        effect as if this Agreement had been executed with the invalid or unenforceable
        portion eliminated, so long as this Agreement as so modified continues to
        express, without material change, the original intentions of the parties
        as to
        the subject matter of this Agreement and the deletion of such portion of
        this
        Agreement will not substantially impair the respective benefits or expectations
        of the parties.

       

      The
        parties shall endeavor to engage in good faith negotiations to replace any
        invalid or unenforceable term, provision, covenant or condition with a valid
        or
        enforceable term, provision, covenant or condition, the economic effect of
        which
        comes as close as possible to that of the invalid or unenforceable term,
        provision, covenant or condition.

       

      15.  Downgrade
        of Party A.
        

       

      If
        a
        Ratings Event (as defined in Section 8 hereof) shall occur and be continuing
        with respect to Party A, then Party A shall (A) within 5 Business Days of
        such
        Ratings Event, give notice to Party B of the occurrence of such Ratings Event,
        and (B) use reasonable efforts to transfer (at its own cost) Party A’s rights
        and obligations hereunder to another party, subject to satisfaction of the
        Rating Agency Condition (as defined below). Unless such a transfer by Party
        A
        has occurred within 20 Business Days (or within 10 Business Days in the event
        that Party A’s long-term unsecured and unsubordinated debt rating is withdrawn
        or reduced below “BBB-” by S&P) after the occurrence of a Ratings Event,
        Party A shall no later than the end of such 20 Business Day period, post
        eligible collateral at its own cost and satisfactory to Party B (“Eligible
        Collateral”), to secure Party B’s exposure or potential exposure to Party A, and
        such Eligible Collateral shall be provided in accordance with a Credit Support
        Annex to be attached hereto and made a part hereof. The Eligible Collateral
        to
        be posted and the Credit Support Annex to be executed and delivered shall
        be
        subject to the Rating Agency Condition. Valuation and Posting of Eligible
        Collateral shall occur weekly. Notwithstanding the addition of the Credit
        Support Annex and the posting of Eligible Collateral, Party A shall continue
        to
        use reasonable efforts to transfer its rights and obligations hereunder to
        an
        acceptable third party; provided, however, that Party A’s obligations to find a
        transferee and to post Eligible Collateral under such Credit Support Annex
        shall
        remain in effect only for so long as a Ratings Event is continuing with respect
        to Party A. “Rating Agency Condition” means, with respect to any action to be
        taken, a condition that is satisfied when S&P, Moody’s and Fitch have
        confirmed that such action would not result in the downgrade, qualification
        (if
        applicable) or withdrawal of the rating then assigned by such Rating Agency
        to
        the applicable class of Certificates.

       

      16.  Compliance
        with Regulation AB.
        

       

      (a) Party
        A
        agrees and acknowledges that Carrington Securities and Stanwich may be required
        under Regulation AB, to disclose certain financial information regarding
        Party A
        and Swiss Re depending on the applicable “significance percentage” of this
        Agreement, as calculated from time to time in accordance with Item 1115 of
        Regulation AB.

       

      (b) Party
        A,
        or a Reg AB Approved Entity after a Swap Disclosure Event pursuant to Paragraph
        8, as applicable, shall indemnify and hold harmless Carrington Securities,
        Stanwich, their respective directors or officers and any person controlling
        Carrington Securities or Stanwich, from and against any and all losses, claims,
        damages and liabilities caused by any untrue statement or alleged untrue
        statement of a material fact contained in the Reg AB Information that Party
        A or
        such Reg AB Approved Entity, as applicable, provides to Carrington Securities
        or
        Stanwich pursuant to Paragraph 8 (the “Party A Information”) or caused by any
        omission or alleged omission to state in the Party A Information by Party
        A or
        the Reg AB Approved Entity, as applicable, a material fact required to be
        stated
        therein or necessary to make the statements therein, in light of the
        circumstances under which they were made, not misleading. For the avoidance
        of
        doubt, Party A shall provide the indemnity described above with respect to
        any
        Party A Information it is required to provide pursuant to Paragraph 8 and
        any
        Reg AB Approved Entity which has replaced Party A pursuant to Paragraph 8
        shall
        provide the indemnity described above with respect to any Party A Information
        it
        is required to provide from pursuant to Paragraph 8.

       

      17. Netting
        of Payments. The
        parties agree that subparagraph (ii) of Section 2(c) of the Form Master
        Agreement will apply to any Transaction.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Please
        confirm that the foregoing correctly sets forth the terms and conditions
        of our
        agreement by returning within three (3) Business Days via telecopier an executed
        copy of this Confirmation. Failure to respond within such period shall not
        affect the validity or enforceability of this Transaction.

       

      Yours
        sincerely,

       

      
        	
                SWISS
                  RE FINANCIAL PRODUCTS CORPORATION

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

      

       

      Confirmed
        as of the date above:

      

      

      

      By:
        WELLS
        FARGO BANK, N.A., not individually but solely as trustee for Carrington Mortgage
        Loan Trust, Series 2006-RFC1 with respect to the Carrington Mortgage Loan
        Trust,
        Series 2006-RFC1 Asset-Backed Pass-Through Certificates

      

      

      
        	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SCHEDULE
        A
        to the
        Confirmation dated as of May 24, 2006,

      Re:
        Reference Number 890472

      

      Amortization
        Schedule, Floating
        Rate Payer Period End Dates shall be subject
        to adjustment in accordance with the Following Business Day
        Convention.

      

      
        	
                From
                  and including

              	
                To
                  but excluding

              	
                Notional
                  Amount (USD)

              	
                Cap
                  Rate I

                (%)

              	
                Cap
                  Rate II

                (%)

              
	
                May
                  24, 2006

              	
                June
                  25, 2006

              	
                582,870,000.00

              	
                7.601

              	
                11.416

              
	
                June
                  25, 2006

              	
                July
                  25, 2006

              	
                576,592,067.90

              	
                8.117

              	
                11.415

              
	
                July
                  25, 2006

              	
                August
                  25, 2006

              	
                568,606,062.90

              	
                7.858

              	
                11.415

              
	
                August
                  25, 2006

              	
                September
                  25, 2006

              	
                558,917,003.90

              	
                7.865

              	
                11.414

              
	
                September
                  25, 2006

              	
                October
                  25, 2006

              	
                547,541,111.70

              	
                8.141

              	
                11.413

              
	
                October
                  25, 2006

              	
                November
                  25, 2006

              	
                534,509,880.30

              	
                7.885

              	
                11.412

              
	
                November
                  25, 2006

              	
                December
                  25, 2006

              	
                519,862,490.70

              	
                8.162

              	
                11.410

              
	
                December
                  25, 2006

              	
                January
                  25, 2007

              	
                503,661,683.60

              	
                7.908

              	
                11.409

              
	
                January
                  25, 2007

              	
                February
                  25, 2007

              	
                486,123,403.30

              	
                7.922

              	
                11.407

              
	
                February
                  25, 2007

              	
                March
                  25, 2007

              	
                467,445,367.00

              	
                8.801

              	
                11.405

              
	
                March
                  25, 2007

              	
                April
                  25, 2007

              	
                448,662,600.20

              	
                7.962

              	
                11.402

              
	
                April
                  25, 2007

              	
                May
                  25, 2007

              	
                430,420,451.00

              	
                8.251

              	
                11.400

              
	
                May
                  25, 2007

              	
                June
                  25, 2007

              	
                412,704,841.10

              	
                8.001

              	
                11.397

              
	
                June
                  25, 2007

              	
                July
                  25, 2007

              	
                395,500,521.60

              	
                8.293

              	
                11.395

              
	
                July
                  25, 2007

              	
                August
                  25, 2007

              	
                378,792,686.60

              	
                8.045

              	
                11.392

              
	
                August
                  25, 2007

              	
                September
                  25, 2007

              	
                362,566,959.90

              	
                8.069

              	
                11.389

              
	
                September
                  25, 2007

              	
                October
                  25, 2007

              	
                346,809,449.40

              	
                8.372

              	
                11.385

              
	
                October
                  25, 2007

              	
                November
                  25, 2007

              	
                331,506,788.80

              	
                8.125

              	
                11.382

              
	
                November
                  25, 2007

              	
                December
                  25, 2007

              	
                316,124,139.10

              	
                8.431

              	
                11.378

              
	
                December
                  25, 2007

              	
                January
                  25, 2008

              	
                301,054,961.70

              	
                8.253

              	
                11.374

              
	
                January
                  25, 2008

              	
                February
                  25, 2008

              	
                276,323,141.70

              	
                8.339

              	
                11.366

              
	
                February
                  25, 2008

              	
                March
                  25, 2008

              	
                248,372,259.10

              	
                10.560

              	
                11.359

              
	
                March
                  25, 2008

              	
                April
                  25, 2008

              	
                222,362,836.40

              	
                10.694

              	
                11.355

              
	
                April
                  25, 2008

              	
                May
                  25, 2008

              	
                198,450,768.50

              	
                11.177

              	
                11.349

              
	
                May
                  25, 2008

              	
                June
                  25, 2008

              	
                176,241,853.30

              	
                10.951

              	
                11.343

              
	
                June
                  25, 2008

              	
                July
                  25, 2008

              	
                161,491,501.70

              	
                11.472

              	
                11.472

              
	
                July
                  25, 2008

              	
                August
                  25, 2008

              	
                150,251,933.80

              	
                11.223

              	
                11.333

              
	
                August
                  25, 2008

              	
                September
                  25, 2008

              	
                139,392,739.20

              	
                11.862

              	
                11.862

              
	
                September
                  25, 2008

              	
                October
                  25, 2008

              	
                128,892,891.30

              	
                12.684

              	
                12.684

              
	
                October
                  25, 2008

              	
                November
                  25, 2008

              	
                118,739,717.90

              	
                12.454

              	
                12.454

              
	
                November
                  25, 2008

              	
                December
                  25, 2008

              	
                108,848,960.70

              	
                13.097

              	
                13.097

              
	
                December
                  25, 2008

              	
                January
                  25, 2009

              	
                99,265,556.31

              	
                12.945

              	
                12.945

              
	
                January
                  25, 2009

              	
                February
                  25, 2009

              	
                89,722,235.35

              	
                13.268

              	
                13.268

              

      

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      CONFIRMATION

       

      

        
          	
                  TO:

                	
                  Wells
                    Fargo Bank, N.A., not individually but solely as trustee for
                    Carrington
                    Mortgage Loan Trust, Series 2006-RFC1 with respect to the Carrington
                    Mortgage Loan Trust, Series 2006-RFC1 Asset-Backed Pass-Through
                    Certificates

                
	
                   

                	
                  9062
                    Old Anapolis Road

                
	
                   

                	
                  Columbia,
                    Maryland 21045

                
	
                  Attention:

                	
                  Client
                    Manager-Carrington Mortgage Loan Trust, 2006-RFC1

                
	
                  Telephone:

                	
                  (410)
                    884-2000

                
	
                  Facsimile:

                	
                  (410)
                    715-2380

                
	 	 
	
                  FROM:

                	
                  Swiss
                    Re Financial Products Corporation

                
	
                   

                	
                  55
                    East 52nd
                    Street

                
	
                   

                	
                  New
                    York, New York 10055

                
	
                  Attention:

                	
                  Head
                    of Operations

                
	
                  Facsimile.
                    

                	
                  (917)
                    322-7201

                
	 	 
	
                  CC:

                	 
	
                  Attention:

                	
                  Head
                    of Legal

                
	
                  Facsimile:

                	
                  (212)
                    317-5474

                
	 	 
	
                  DATE:

                	
                  May
                    24, 2006

                

        

      

       

      

      DATE: May
        24,
        2006

      

      Transaction
        Reference Number: 890477 - Class M Certificates

       

      Dear
        Sir/Madam,

       

      The
        purpose of this letter agreement is to confirm the terms and conditions of
        the
        transaction entered into between Wells Fargo Bank, N.A., not individually
        but
        solely as trustee for Carrington Mortgage Loan Trust, Series 2006-RFC1 with
        respect to the Carrington Mortgage Loan Trust, Series 2006-RFC1 Asset-Backed
        Pass-Through Certificates, and Swiss Re Financial Products Corporation, a
        corporation organized under the laws of the State of Delaware (each a “party”
and together “the parties”) on the Trade Date specified below (the
“Transaction”). This letter agreement constitutes a “Confirmation” as referred
        to in the ISDA Master Agreement specified in paragraph 1 below. In this
        Confirmation, “Party A” means Swiss Re Financial Products Corporation, and
“Party B” means Carrington Mortgage Loan Trust, Series 2006-RFC1, by Wells Fargo
        Bank, N.A., not individually but solely as trustee for Carrington Mortgage
        Loan
        Trust, Series 2006-RFC1 with respect to the Carrington Mortgage Loan Trust,
        Series 2006-RFC1 Asset-Backed Pass-Through Certificates.

      

      The
        definitions and provisions contained in the 2000 ISDA Definitions, as published
        by the International Swaps and Derivatives Association, Inc. (the
“Definitions”), are incorporated into this Confirmation. In the event of any
        inconsistency between the Definitions and this Confirmation, this Confirmation
        will govern.

       

      Other
        capitalized terms used herein (but not otherwise defined) shall have the
        meaning
        specified in that certain Pooling and Servicing Agreement, dated as of May
        1,
        2006 (the “Pooling and Servicing Agreement”), among Stanwich Asset Acceptance
        Company, L.L.C., as Depositor, Homecomings Financial Network, Inc., as Servicer,
        and Wells Fargo Bank, N.A., as Trustee (the “Trustee).

       

      1. This
        Confirmation evidences a complete binding agreement between the parties as
        to
        the terms of the Transaction to which this Confirmation relates. In addition,
        the parties agree that for the purposes of this Transaction, this Confirmation
        will supplement, form a part of, and be subject to an agreement in the form
        of
        the 1992 ISDA Master Agreement (Multicurrency-Cross Border) as if the parties
        had executed an agreement in such form (but without any Schedule except for
        the
        elections noted below) on the Trade Date of the Transaction (such agreement,
        the
“Form Master Agreement”). In the event of any inconsistency between the
        provisions of the Form Master Agreement and this Confirmation, this Confirmation
        will prevail for the purpose of this Transaction.

       

      Each
        party represents to the other party and will be deemed to represent to the
        other
        party on the date on which it enters into this Transaction that (absent a
        written agreement between the parties that expressly imposes affirmative
        obligations to the contrary for that Transaction):

       

      (a) Non-Reliance.
        Each
        party has made its own independent decisions to enter into this Transaction
        and
        as to whether this Transaction is appropriate or proper for it based upon
        its
        own judgment and upon advice from such advisors as it has deemed necessary.
        It
        is not relying on any communication (written or oral) of the other party
        as
        investment advice or as a recommendation to enter into this Transaction;
        it
        being understood that information and explanations related to the terms and
        conditions of this Transaction shall not be considered investment advice
        or a
        recommendation to enter into this Transaction. Further, such party has not
        received from the other party any assurance or guarantee as to the expected
        results of this Transaction.

       

      (b) Evaluation
        and Understanding.
        It is
        capable of evaluating and understanding (on its own behalf or through
        independent professional advice), and understands and accepts, the terms,
        conditions and risks of this Transaction. It is also capable of assuming,
        and
        assumes, the financial and other risks of this Transaction.

       

      (c) Status
        of Parties.
        The
        other party is not acting as an agent, fiduciary or advisor for it in respect
        of
        this Transaction.

       

      2. The
        terms
        of the particular Transaction to which this Confirmation relates are as
        follows:

       

      
        	
                Notional
                  Amount:

              	
                With
                  respect to any Calculation Period, the lesser of (i) the aggregate
                  Certificate Principal Balance of the Class M Certificates immediately
                  prior to the distribution date that occurs on or about the Floating
                  Rate
                  Payer Payment Date, and (ii) the amount specified in Schedule A
                  attached
                  hereto

              
	
                Trade
                  Date:

              	
                May
                  17, 2006

              
	
                Effective
                  Date:

              	
                May
                  24, 2006

              
	
                Termination
                  Date:

              	
                July
                  25, 2009, subject to adjustment in accordance with the Following
                  Business
                  Day Convention.

              
	
                Fixed
                  Amounts:

              	 
	
                Fixed
                  Rate Payer:

              	
                Party
                  B

              
	
                Payment
                  Date:

              	
                May
                  24, 2006

              
	
                Fixed
                  Amount:

              	
                USD
                  31,000

              
	
                Floating
                  Amounts:

              	 
	
                Floating
                  Rate Payer:

              	
                Party
                  A

              
	
                Cap
                  Rate I:

              	
                See
                  attached Schedule A under the Column “Cap Rate I (%)”.

              
	
                Floating
                  Rate Payer Period End Dates:

              	
                The
                  25th
                  of
                  each month, commencing on 25th June 2006 in accordance with the
                  Following
                  Business Day Convention.

              
	
                Floating
                  Rate Payer Payment Dates:

              	
                Early
                  Payment shall be applicable. The Floating Rate Payer Payment Dates
                  shall
                  be two Business Days prior to each Floating Rate Payer Period End
                  Date,
                  commencing on June 22, 2006 to and including the date which is
                  two
                  Business Days prior to the Termination Date.

              
	
                Floating
                  Rate Option:

              	
                USD-LIBOR-BBA,
                  provided, however, for any Calculation Period, if the Floating
                  Rate Option
                  is greater than the rate set forth opposite such Calculation Period
                  as set
                  forth in Schedule A under the heading Cap Rate II (%), then the
                  Floating
                  Rate for such Calculation Period shall be deemed to be such
                  rate

              
	
                Designated
                  Maturity:

              	
                One
                  month

              
	
                Spread:

              	
                None

              
	
                Floating
                  Rate Day Count Fraction:

              	
                Actual/360

              
	
                Reset
                  Date:

              	
                First
                  day of each Calculation Period

              
	
                Compounding:

              	
                Inapplicable

              
	
                Business
                  Days:

              	
                New
                  York

              
	
                Calculation
                  Agent:

              	
                Party
                  A; provided,
                  however,
                  if an Event of Default has occurred with respect to Party A, a
                  Reference
                  Market-maker,
                  as
                  designated by Party B, shall be the Calculation
                  Agent.

              

      

      3. Form
        Master Agreement.

       

      (a) “Specified
        Entity”
        means,
        in relation to Party A, for the purpose of Section 5(a)(v), Section 5(a)(vi),
        Section 5(a)(vii) and Section 5(b)(iv) of the Form Master Agreement: Not
        Applicable.

       

      (b) “Specified
        Entity”
        means,
        in relation to Party B, for the purpose of Section 5(a)(v), Section 5(a)(vi),
        Section 5(a)(vii) and Section 5(b)(iv) of the Form Master Agreement: Not
        Applicable.

       

      (c) “Specified
        Transaction”
        will
        have the meaning specified in Section 14 of the Form Master
        Agreement.

       

      (d) The
        “Credit
        Event Upon Merger”
        provisions of Section 5(b)(iv) of the Form Master Agreement will not apply
        to
        Party A or to Party B.

       

      (e) The
        “Automatic
        Early Termination” provision
        of Section 6(a) of the Form Master Agreement will not apply to Party A or
        to
        Party B.

       

      (f) Governing
        Law.
        The Form
        Master Agreement will be governed by, and construed in accordance with, the
        laws
        of the State of New York without reference to its conflict of laws provisions
        (except for Sections 5-1401 and 5-1402 of the New York General Obligations
        Law).

       

      (g) The
        phrase “Termination
        Currency”
        means
        United States Dollars.

       

      (h) Payments
        on Early Termination. For
        the
        purpose of Section 6(e) of the Form Master Agreement, Market Quotation and
        Second Method will apply.

       

      (i) Events
        of Default.
        The
        Events of Default specified under Sections 5(a)(ii), 5(a)(iv), 5(a)(v) and
        5(a)(vi) of the Form Master Agreement will not apply to Party A; 5(a)(ii),
        5(a)(iii), 5(a)(iv), 5(a)(v) and 5(a)(vi) of the Form Master Agreement will
        not
        apply to Party B. With respect to Party B only, the provisions of Section
        5(a)(vii) clause 2 will not be applicable.

       

      (j) Tax
        Event.
        The
        provisions of Section 2(d)(i)(4) and 2(d)(ii) of the printed Form Master
        Agreement shall not apply to Party B and Party B shall not be required to
        pay
        any additional amounts referred to therein.

       

      (k) No
        Set-off.
        Without
        affecting the provisions of the Form Master Agreement requiring the calculation
        of certain net payment amounts, as a result of an Event of Default or Additional
        Termination Event or otherwise, all payments will be made without setoff
        or
        counterclaim. The provisions for Set-off set forth in Section 6(e) of the
        Form
        Master Agreement shall not apply for purposes of this Transaction. 

       

       

      4. Recording
        of Conversations.

       

      Each
        party to this Transaction acknowledges and agrees to the tape (and/or other
        electronic) recording of conversations between the parties to this Transaction
        whether by one or other or both of the parties or their agents, and that
        any
        such recordings may be submitted in evidence in any Proceedings relating
        to the
        Form Master Agreement and/or this Transaction.

       

      5. Credit
        Support Document.

       

      In
        relation to Party A: A Guaranty of Swiss Re dated as of the date hereof,
        in a
        form acceptable to Party B and, if Party A is required pursuant to Paragraph
        8
        of this Confirmation to post collateral, an ISDA Credit Support
        Annex.

       

      In
        relation to Party B: The Pooling and Servicing Agreement.

       

      6. Credit
        Support Provider.

       

      In
        relation to Party A: Swiss Reinsurance Company (“Swiss Re”).

       

      In
        relation to Party B: Not Applicable.

       

      7. Account
        Details.

       

      Account
        for payments to Party A:

       

      PAYMENT
        INSTRUCTION:  JP
        Morgan
        Chase Bank

      Swift:
        CHASUS33

      For
        the
        Account of Swiss Re Financial Products

      ACCT
        #:
        066911184

       

      Account
        for payments to Party B:

       

      PAYMENT
        INSTRUCTION: 
Wells
        Fargo Bank, National Association

      ABA#:
        121-000-248

      ACCT
        #:
        3970771416

      ACCT
        NAME: Corporate Trust Clearing

      For
        further credit to ACCT #: 50919101

      REF: Client
        Manager - Carrington Mortgage Loan Trust 2006-RFC1

      

      8. Additional
        Termination Events.

       

      Downgrade
        of Party A.
        For the
        purpose of this section, a “Ratings Event” shall occur with respect to Party A
        (or its Credit Support Provider) if the long-term and short-term senior
        unsecured deposit ratings of Party A (or its Credit Support Provider) cease
        to
        be at least A and A-1 by Standard & Poor’s Ratings Service, a division of
        the McGraw-Hill Companies, Inc. or any successor thereto (“S&P”) or at least
        A1 and P-1 by Moody’s Investors Service, Inc. or any successor thereto
        (“Moody’s”) or at least A and F1 by Fitch Ratings Ltd. or any successor thereto
        (“Fitch”), to the extent such obligations are rated by S&P or Moody’s or
        Fitch. The failure by Party A to comply with the provisions of Section 15
        hereof
        shall constitute an Additional Termination Event for which Party A shall
        be the
        sole Affected Party.

       

      Swap
        Disclosure Event.
        Upon the
        occurrence of a Swap Disclosure Event (as defined below), if Party A has
        not,
        within 10 days after such Swap Disclosure Event (the “Response Period”) complied
        with one of the solutions listed below, then an Additional Termination Event
        shall have occurred with respect to Party A and Party A shall be the sole
        Affected Party with respect to such Additional Termination Event. 

       

      It
        shall
        be a swap disclosure event (“Swap Disclosure Event”) if at any time after the
        date hereof Carrington Securities, LP (“Carrington Securities”) or Stanwich
        Asset Acceptance Company, L.L.C. (“Stanwich”) notifies Party A that in the
        reasonable discretion of Carrington Securities or Stanwich acting in good
        faith,
        the “aggregate significance percentage” of all derivative instruments (as such
        term is defined in Item 1115(b)(2) of Regulation AB (as defined below)) provided
        by Party A and any of its affiliates to Carrington Mortgage Loan Trust, Series
        2006-RFC1 (the “Significance Percentage”) is 10% or more. 

       

      Following
        a Swap Disclosure Event, Party A shall take one of the following actions
        at its
        own expense: either (I) (a) (i) if the Significance Percentage is 10% or
        more,
        Party A shall provide in an EDGAR compatible format the information set forth
        in
        Item 1115(b)(1) of Regulation AB for Party A (or for its group of affiliated
        entities, if applicable) or (ii) if the Significance Percentage is 20% or
        more,
        Party A provide in an EDGAR compatible format the information set forth in
        Item
        1115(b)(2) of Regulation AB for Party A (or for its group of affiliated
        entities, if applicable) (collectively, the “Reg AB Information”), to Carrington
        Securities or Stanwich and (b) provide written consent to Carrington Securities
        and Stanwich to incorporation by reference of such current Reg AB Information
        as
        is filed with the Securities and Exchange Commission in the reports of Stanwich
        filed pursuant to the Exchange Act, (c) if applicable, cause its outside
        accounting firm to provide its consent to filing or incorporation by reference
        of such accounting firm’s report relating to their audits of such current Reg AB
        Information in the Exchange Act Reports of Stanwich, and (d) provide to
        Carrington Securities and Stanwich any updated Reg AB Information with respect
        to Party A or any entity that consolidates Party A within five days of the
        release of any such updated Reg AB Information; or (II) cause a Reg AB Approved
        Entity (as defined below) to replace Party A as party to this Agreement on
        terms
        substantially similar to this Agreement prior to the expiration of the Response
        Period and cause such Reg AB Approved Entity to provide the Reg AB Information
        prior to the expiration of the Response Period; provided
        however,
        that no
        such transfer to a Reg AB Approved Entity pursuant to (II) above shall occur
        unless the Reg AB Approved entity agrees to terms identical to those contained
        in Paragraph 16 of this Agreement. “Reg AB Approved Entity” means any entity
        that (i) has the ability to provide the Reg AB Information and (ii) meets
        or
        exceeds the Approved Rating Threshold and satisfies the Ratings Agency
        Condition.

       

      “Regulation
        AB” means Subpart 229.1100 - Asset Backed Securities (Regulation AB), 17 C.F.R.
        §§229.1100-229.1123, as such may be amended from time to time, and subject
        to
        such clarification and interpretation as have been provided by the Securities
        and Exchange Commission (“SEC”) 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 SEC, or as may be provided by the SEC or
        its
        staff from time to time.

       

      Optional
        Termination.
        An
        Additional Termination Event shall occur upon unrescindable notice by the
        Terminator (as defined in the Pooling and Servicing Agreement) that it will
        purchase all Mortgage Loans in accordance with Section 9.01 of the Pooling
        and
        Servicing Agreement. With respect to such Additional Termination Event, Party
        B
        shall be the sole Affected Party and this Transaction shall be the sole Affected
        Transaction; provided, however, that notwithstanding Section 6(b)(iv) of
        the
        ISDA Form Master Agreement, only Party B may designate an Early Termination
        Date
        in respect of this Additional Termination Event.

       

      9. Limitation
        on Events of Default.
        Notwithstanding the terms of Sections 5 and 6 of the Form Master Agreement,
        if
        at any time and so long as Party B has satisfied in full all its payment
        obligations under Section 2(a)(i) of the Form Master Agreement and has at
        the
        time no future payment obligations, whether absolute or contingent, under
        such
        Section, then unless Party A is required pursuant to appropriate proceedings
        to
        return to Party B or otherwise returns to Party B upon demand of Party B
        any
        portion of any such payment, (a) the occurrence of an event described in
        Section
        5(a) of the Form Master Agreement with respect to Party B shall not
        constitute an Event of Default or Potential Event of Default with respect
        to
        Party B as Defaulting Party and (b) Party A shall be entitled to designate
        an Early Termination Date pursuant to Section 6 of the Form Master Agreement
        only as a result of the occurrence of a Termination Event set forth in Section
        5(b)(i) with respect to either Party A as the Affected Party. For purposes
        of
        the Transaction to which this Agreement relates, Party B’s only obligation under
        Section 2(a)(i) of the Form Master Agreement is to pay the Fixed Amount on
        the
        Fixed Rate Payer Payment Date.

       

      10. Waiver
        of Right to Trial by Jury.

       

      EACH
        PARTY HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHTS TO TRIAL BY JURY WITH
        RESPECT
        TO ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS
        TRANSACTION.

       

      11. Eligible
        Contract Participant.

       

      Each
        party represents to the other party that it is an “eligible contract
        participant” as defined in Section 1a(12) of the U.S. Commodity Exchange Act, as
        amended.

       

      12. Notice
        by Facsimile Transmission.

       

      Section
        12(a) of the Form Master Agreement is hereby amended by deleting the
        parenthetical “(except that a notice or other communication under Section 5 or 6
        may not be given by facsimile transmission or electronic messaging
        system).”

       

      13. Multibranch
        Party.

       

      For
        purpose of Section 10(c) of the Form Master Agreement: (a) Party
        A
        is not a Multibranch Party; and (b) Party B is not a Multibranch
        Party.

       

      14. Other
        Provisions.

       

      (a) Addresses
        for notices. As set forth on page 1 hereof.

       

      (b) For
        the
        purpose of Section 13(c) of the Form Master Agreement: (i) Party A appoints
        as
        its Process Agent, not applicable; and (ii) Party B appoints as its Process
        Agent, not applicable.

       

      (c) Payer
        Representations.
        For the
        purpose of Section 3(e) of the Form Master Agreement, Party A and Party B
        make
        the following representation:

       

      It
        is not
        required by any applicable law, as modified by the practice of any relevant
        governmental revenue authority, of any relevant jurisdiction to make any
        deduction or withholding for or on account of any tax from any payment (other
        than interest under Section 2(e), 6(d)(ii), or 6(e) of the Form Master
        Agreement) to be made by it to the other party under the Form Master Agreement.
        In making this representation, it may rely on (i) the accuracy of any
        representations made by the other party pursuant to Section 3(f) of the Form
        Master Agreement, (ii) the satisfaction of the agreement contained in Section
        4(a)(i) or 4(a)(iii) of the Form Master Agreement, and the accuracy and
        effectiveness of any document provided by the other party pursuant to Section
        4(a)(i) or 4(a)(iii) of the Form Master Agreement, and (iii) the
        satisfaction of the agreement of the other party contained in Section 4(d)
        of
        the Form Master Agreement, provided
        that it
        shall
        not be a breach of this representation where reliance is placed on clause
        (ii)
        and the other party does not deliver a form or document under Section 4(a)(iii)
        by reason of material prejudice to its legal or commercial
        position.

       

      (d) Payee
        Representations.
        For the
        purpose of Section 3(f) of the Form Master Agreement, Party A and Party B
        make
        the following representations:

       

      (i) The
        following representation applies to Party A: Party A is a corporation organized
        under the laws of the State of Delaware.

       

      (ii) The
        following representation applies to Party B: Party B is a “U.S. person” as that
        term is used in section 1.1441-4(a)(3)(ii) of the United States Treasury
        Regulations (the “Regulations”) for United States federal income tax purposes.

       

      (e) For
        the
        purpose of Section 4(a)(i) and (ii) of the Form Master Agreement, each Party
        agrees to deliver the following documents as applicable:

       

       

      (i) Tax
        forms, documents or certificates to be delivered are:

       

      
        	
                Party
                  Required to deliver Document

              	
                Form/Document/Certificate

              	
                Date
                  by which to Delivered

              
	
                Party
                  A and Party B

              	
                An
                  executed U.S. Internal Revenue Service Form W-9 (or any successor
                  thereto).

              	
                (i)
                  Before the first Payment Date hereunder, (ii) promptly upon reasonable
                  demand by the other party and (iii) promptly upon learning that
                  any such
                  form previously provided to the other party has become obsolete
                  or
                  incorrect.

              

      

       

      (ii) Other
        documents to be delivered are:

       

      
        	
                Party
                  Required to deliver Document

              	
                Form/Document/

                Certificate

              	
                Date
                  by which to be Delivered

              	
                Covered
                  by Section 3(d) Representation

              
	
                Party
                  A and Party B 

              	
                Credit
                  Support Document, if any, specified herein, such Credit Support
                  Document
                  being duly executed if required.

              	
                Concurrently
                  with the execution of this agreement.

              	
                Yes

              
	
                Party
                  A and Party B 

              	
                Incumbency
                  certificate or other documents evidencing the authority of the
                  party
                  entering into this agreement or any other document executed in
                  connection
                  with this agreement.

              	
                Concurrently
                  with the execution of this agreement or of any other documents
                  executed in
                  connection with this agreement.

              	
                Yes

              
	
                Party
                  B

              	
                Copy
                  of each report delivered under the Pooling and Servicing Agreement
                  and/or
                  any other Transaction Document.

              	
                Upon
                  availability.

              	
                Yes

              
	
                Party
                  A 

              	
                Legal
                  opinion from counsel for Party A concerning due authorization,
                  enforceability and related matters, addressed to the other party
                  and
                  acceptable to Party B.

              	
                Concurrently
                  with the execution of this agreement.

              	
                No

              
	
                Party A
                  

              	
                Certified
                  copies of all corporate, partnership, trust or membership authorizations,
                  as the case may be, and any other documents with respect to the
                  execution,
                  delivery and performance of this agreement and any Credit Support
                  Document

              	
                Upon
                  execution and delivery of this agreement

              	
                Yes

              

      

       

      (f) “Affiliate”
        will have the meaning specified in Section 14 of the Form Master Agreement;
        provided, however, that Party B shall be deemed not to have any Affiliates
        for
        purposes of this Transaction.

       

      (g) Non
        Petition.
        Party A
        hereby agrees that it will not, prior to the date that is one year and one
        day
        (or, if longer, the applicable preference period) after all Certificates
        (as
        such term is defined in the Pooling and Servicing Agreement) issued by Party
        B
        pursuant to the Pooling and Servicing Agreement have been paid in full,
        acquiesce, petition or otherwise invoke or cause Party B to invoke the process
        of any court or governmental authority for the purpose of commencing or
        sustaining a case against Party B under any federal or state bankruptcy,
        insolvency or similar law or for the purpose of appointing a receiver,
        liquidator, assignee, trustee, custodian, sequestrator or other similar official
        for Party B or any substantial part of the property of Party B, or for the
        purpose of ordering the winding up or liquidation of the affairs of Party
        B.
        Nothing herein shall prevent Party A from participating in any such proceeding
        once commenced. The provisions of this paragraph shall survive the termination
        of this Agreement.

       

      (h) Trustee
        Liability Limitation.
        It is
        expressly understood and agreed by the parties hereto that (i) this confirmation
        is executed and delivered by Wells Fargo Bank, N.A. (“Wells Fargo”), not
        individually or personally but solely as trustee, (ii) each of the
        representations, undertakings and agreements herein made on the part of Party
        B
        is made and intended not as personal representations, undertakings and
        agreements by Wells Fargo but is made and intended for the purpose of binding
        only Party B, (iii) nothing herein contained shall be construed as creating
        any
        liability on Wells Fargo, individually or personally, to perform any covenant
        either expressed or implied contained herein, and (iv) under no circumstances
        shall Wells Fargo be personally liable for the payment of any indebtedness
        or
        expenses of Party B or be liable for the breach or failure of any obligation,
        representation, warranty or covenant made or undertaken by Party B hereunder
        or
        any other related documents. Any resignation or removal of Wells Fargo as
        trustee under the Pooling and Servicing Agreement shall require the assignment
        of this confirmation to Wells Fargo’s replacement.

       

      (i) The
        Form
        Master Agreement is hereby amended as follows:

       

      The
        word
“third” shall be replaced by the word “second” in the third line of Section
        5(a)(i) of the Form Master Agreement.

       

      (j) Severability.
        If any
        term, provision, covenant, or condition of this Agreement, or the application
        thereof to any party or circumstance, shall be held to be invalid or
        unenforceable (in whole or in part) for any reason, the remaining terms,
        provisions, covenants, and conditions hereof shall continue in full force
        and
        effect as if this Agreement had been executed with the invalid or unenforceable
        portion eliminated, so long as this Agreement as so modified continues to
        express, without material change, the original intentions of the parties
        as to
        the subject matter of this Agreement and the deletion of such portion of
        this
        Agreement will not substantially impair the respective benefits or expectations
        of the parties.

       

      The
        parties shall endeavor to engage in good faith negotiations to replace any
        invalid or unenforceable term, provision, covenant or condition with a valid
        or
        enforceable term, provision, covenant or condition, the economic effect of
        which
        comes as close as possible to that of the invalid or unenforceable term,
        provision, covenant or condition.

       

      15. Downgrade
        of Party A.
        

       

      If
        a
        Ratings Event (as defined in Section 8 hereof) shall occur and be continuing
        with respect to Party A, then Party A shall (A) within 5 Business Days of
        such
        Ratings Event, give notice to Party B of the occurrence of such Ratings Event,
        and (B) use reasonable efforts to transfer (at its own cost) Party A’s rights
        and obligations hereunder to another party, subject to satisfaction of the
        Rating Agency Condition (as defined below). Unless such a transfer by Party
        A
        has occurred within 20 Business Days (or within 10 Business Days in the event
        that Party A’s long-term unsecured and unsubordinated debt rating is withdrawn
        or reduced below “BBB-” by S&P) after the occurrence of a Ratings Event,
        Party A shall no later than the end of such 20 Business Day period, post
        eligible collateral at its own cost and satisfactory to Party B (“Eligible
        Collateral”), to secure Party B’s exposure or potential exposure to Party A, and
        such Eligible Collateral shall be provided in accordance with a Credit Support
        Annex to be attached hereto and made a part hereof. The Eligible Collateral
        to
        be posted and the Credit Support Annex to be executed and delivered shall
        be
        subject to the Rating Agency Condition. Valuation and Posting of Eligible
        Collateral shall occur weekly. Notwithstanding the addition of the Credit
        Support Annex and the posting of Eligible Collateral, Party A shall continue
        to
        use reasonable efforts to transfer its rights and obligations hereunder to
        an
        acceptable third party; provided, however, that Party A’s obligations to find a
        transferee and to post Eligible Collateral under such Credit Support Annex
        shall
        remain in effect only for so long as a Ratings Event is continuing with respect
        to Party A. “Rating Agency Condition” means, with respect to any action to be
        taken, a condition that is satisfied when S&P, Moody’s and Fitch have
        confirmed that such action would not result in the downgrade, qualification
        (if
        applicable) or withdrawal of the rating then assigned by such Rating Agency
        to
        the applicable class of Certificates.

       

      16. Compliance
        with Regulation AB.
        

       

      (a) Party
        A
        agrees and acknowledges that Carrington Securities and Stanwich may be required
        under Regulation AB, to disclose certain financial information regarding
        Party A
        and Swiss Re depending on the applicable “significance percentage” of this
        Agreement, as calculated from time to time in accordance with Item 1115 of
        Regulation AB.

       

      (b) Party
        A,
        or a Reg AB Approved Entity after a Swap Disclosure Event pursuant to Paragraph
        8, as applicable, shall indemnify and hold harmless Carrington Securities,
        Stanwich, their respective directors or officers and any person controlling
        Carrington Securities or Stanwich, from and against any and all losses, claims,
        damages and liabilities caused by any untrue statement or alleged untrue
        statement of a material fact contained in the Reg AB Information that Party
        A or
        such Reg AB Approved Entity, as applicable, provides to Carrington Securities
        or
        Stanwich pursuant to Paragraph 8 (the “Party A Information”) or caused by any
        omission or alleged omission to state in the Party A Information by Party
        A or
        the Reg AB Approved Entity, as applicable, a material fact required to be
        stated
        therein or necessary to make the statements therein, in light of the
        circumstances under which they were made, not misleading. For the avoidance
        of
        doubt, Party A shall provide the indemnity described above with respect to
        any
        Party A Information it is required to provide pursuant to Paragraph 8 and
        any
        Reg AB Approved Entity which has replaced Party A pursuant to Paragraph 8
        shall
        provide the indemnity described above with respect to any Party A Information
        it
        is required to provide from pursuant to Paragraph 8.

       

      17. Netting
        of Payments. The
        parties agree that subparagraph (ii) of Section 2(c) of the Form Master
        Agreement will apply to any Transaction.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Please
        confirm that the foregoing correctly sets forth the terms and conditions
        of our
        agreement by returning within three (3) Business Days via telecopier an executed
        copy of this Confirmation. Failure to respond within such period shall not
        affect the validity or enforceability of this Transaction.

       

      Yours
        sincerely,

       

      SWISS
        RE
        FINANCIAL PRODUCTS CORPORATION

       

      

      By: ________________________________________

      Name:

      Title:

      

      

      Confirmed
        as of the date above:

      

      

      

      By:
        WELLS
        FARGO BANK, N.A., not individually but solely as trustee for Carrington Mortgage
        Loan Trust, Series 2006-RFC1 with respect to the Carrington Mortgage Loan
        Trust,
        Series 2006-RFC1 Asset-Backed Pass-Through Certificates

      

      

      By: __________________________________________

      Name:

      Title:

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SCHEDULE
        A
        to the
        Confirmation dated as of May 24, 2006,

      Re:
        Reference Number 890477

      

      Amortization
        Schedule, Floating
        Rate Payer Period End Dates shall be subject
        to adjustment in accordance with the Following Business Day
        Convention.

      

      
        	
                From
                  and including

              	
                To
                  but excluding

              	
                Notional
                  Amount (USD)

              	
                Cap
                  Rate I

                (%)

              	
                Cap
                  Rate II

                (%)

              
	
                May
                  24, 2006

              	
                June
                  25, 2006

              	
                156,380,000.00

              	
                6.703

              	
                10.884

              
	
                June
                  25, 2006

              	
                July
                  25, 2006

              	
                156,380,000.00

              	
                7.191

              	
                10.884

              
	
                July
                  25, 2006

              	
                August
                  25, 2006

              	
                156,380,000.00

              	
                6.939

              	
                10.884

              
	
                August
                  25, 2006

              	
                September
                  25, 2006

              	
                156,380,000.00

              	
                6.940

              	
                10.884

              
	
                September
                  25, 2006

              	
                October
                  25, 2006

              	
                156,380,000.00

              	
                7.196

              	
                10.884

              
	
                October
                  25, 2006

              	
                November
                  25, 2006

              	
                156,380,000.00

              	
                6.944

              	
                10.884

              
	
                November
                  25, 2006

              	
                December
                  25, 2006

              	
                156,380,000.00

              	
                7.197

              	
                10.884

              
	
                December
                  25, 2006

              	
                January
                  25, 2007

              	
                156,380,000.00

              	
                6.945

              	
                10.884

              
	
                January
                  25, 2007

              	
                February
                  25, 2007

              	
                156,380,000.00

              	
                6.946

              	
                10.884

              
	
                February
                  25, 2007

              	
                March
                  25, 2007

              	
                156,380,000.00

              	
                7.758

              	
                10.884

              
	
                March
                  25, 2007

              	
                April
                  25, 2007

              	
                156,380,000.00

              	
                6.951

              	
                10.884

              
	
                April
                  25, 2007

              	
                May
                  25, 2007

              	
                156,380,000.00

              	
                7.204

              	
                10.884

              
	
                May
                  25, 2007

              	
                June
                  25, 2007

              	
                156,380,000.00

              	
                6.952

              	
                10.884

              
	
                June
                  25, 2007

              	
                July
                  25, 2007

              	
                156,380,000.00

              	
                7.205

              	
                10.884

              
	
                July
                  25, 2007

              	
                August
                  25, 2007

              	
                156,380,000.00

              	
                6.954

              	
                10.884

              
	
                August
                  25, 2007

              	
                September
                  25, 2007

              	
                156,380,000.00

              	
                6.955

              	
                10.884

              
	
                September
                  25, 2007

              	
                October
                  25, 2007

              	
                156,380,000.00

              	
                7.212

              	
                10.884

              
	
                October
                  25, 2007

              	
                November
                  25, 2007

              	
                156,380,000.00

              	
                6.960

              	
                10.884

              
	
                November
                  25, 2007

              	
                December
                  25, 2007

              	
                156,380,000.00

              	
                7.214

              	
                10.884

              
	
                December
                  25, 2007

              	
                January
                  25, 2008

              	
                156,380,000.00

              	
                7.023

              	
                10.884

              
	
                January
                  25, 2008

              	
                February
                  25, 2008

              	
                156,380,000.00

              	
                7.047

              	
                10.884

              
	
                February
                  25, 2008

              	
                March
                  25, 2008

              	
                156,380,000.00

              	
                8.959

              	
                10.884

              
	
                March
                  25, 2008

              	
                April
                  25, 2008

              	
                156,380,000.00

              	
                8.965

              	
                10.884

              
	
                April
                  25, 2008

              	
                May
                  25, 2008

              	
                156,380,000.00

              	
                9.259

              	
                10.884

              
	
                May
                  25, 2008

              	
                June
                  25, 2008

              	
                156,380,000.00

              	
                8.914

              	
                10.884

              
	
                June
                  25, 2008

              	
                July
                  25, 2008

              	
                156,380,000.00

              	
                9.237

              	
                10.884

              
	
                July
                  25, 2008

              	
                August
                  25, 2008

              	
                156,380,000.00

              	
                8.921

              	
                10.884

              
	
                August
                  25, 2008

              	
                September
                  25, 2008

              	
                156,380,000.00

              	
                9.334

              	
                10.884

              
	
                September
                  25, 2008

              	
                October
                  25, 2008

              	
                156,380,000.00

              	
                9.871

              	
                10.884

              
	
                October
                  25, 2008

              	
                November
                  25, 2008

              	
                156,380,000.00

              	
                9.526

              	
                10.884

              
	
                November
                  25, 2008

              	
                December
                  25, 2008

              	
                156,380,000.00

              	
                9.857

              	
                10.884

              
	
                December
                  25, 2008

              	
                January
                  25, 2009

              	
                156,380,000.00

              	
                9.532

              	
                10.884

              
	
                January
                  25, 2009

              	
                February
                  25, 2009

              	
                156,380,000.00

              	
                9.540

              	
                10.884

              
	
                February
                  25, 2009

              	
                March
                  25, 2009

              	
                156,380,000.00

              	
                11.156

              	
                11.156

              
	
                March
                  25, 2009

              	
                April
                  25, 2009

              	
                156,380,000.00

              	
                10.543

              	
                10.884

              
	
                April
                  25, 2009

              	
                May
                  25, 2009

              	
                156,380,000.00

              	
                10.911

              	
                10.911

              
	
                May
                  25, 2009

              	
                June
                  25, 2009

              	
                156,380,000.00

              	
                10.535

              	
                10.884

              
	
                June
                  25, 2009

              	
                July
                  25, 2009

              	
                156,380,000.00

              	
                10.922

              	
                10.922

              

      

      

      

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      L

     

    FORM
      OF REPORT PURSUANT TO SECTION 13.01

     

    Data
      to be provided to Class CE Certificate Holder:

     

    Loan
      Number:

    Original
      Loan Amount:

    Current
      Loan Amount:

    Original
      Appraisal Value:

    Original
      LTV:

    Current
      Interest Rate:

    First
      Payment Date:

    Last
      Payment Date:

    Current
      P&I Payment Amount:

    Origination
      Date:

    Loan
      Term:

    Product
      Type (adjustable rate or fixed rate):

    Property
      Type:

    Street
      Address:

    Zip
      Code:

    State:

    Delinquency
      Status:

    Foreclosure
      Flag:

    Bankruptcy
      Flag:

    Payment
      Plan Flag (forbearance):

    MI
      Certificate Number:

    Foreclosure
      Start Date (Referral Date):

    Foreclosure
      Actual Sale Date:

    NOD
      Date:

    REO
      List
      Date:

    REO
      List
      Price:

    Occupancy
      Status:

    Eviction
      Status:

    REO
      Net
      Sales Proceeds:

    REO
      Sales
      Price:

    Current
      Market Value:

    Prepayment
      Flag:

    Prepayment
      Expiration Date:

    Prepayment
      Charges Collected:

    Prepayment
      Premium Waived:

    Prepayment
      Calculation:

    Senior
      Lien Position:

    Senior
      Lien Holder:

    Senior
      Lien Balance:

    Estimated
      Senior Lien Foreclosure Sale Date:

    Senior
      Lien in Foreclosure - Flag:

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    SCHEDULE
      1

     

    MORTGAGE
      LOAN SCHEDULE

     

    
      (Previously
        Filed, Available Upon Request)

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    SCHEDULE
      2

     

    SCHEDULE
      OF PREPAYMENT CHARGES

     

    (AVAILABLE
      UPON REQUEST)

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    SCHEDULE
      3

     

    PERFECTION
      REPRESENTATIONS, WARRANTIES AND COVENANTS

     

    The
      Depositor hereby represents, warrants, and covenants as follows on the Closing
      Date and on each Distribution Date thereafter:

     

    General

     

    1. This
      Agreement creates a valid and continuing security interest (as defined in the
      applicable Uniform Commercial Code (“UCC”)) in the Mortgage Loans in favor of
      the Trustee which security interest is prior to all other liens, and is
      enforceable as such as against creditors of and purchasers from the
      Depositor.

     

    2. The
      Mortgage Loans constitute “general intangibles” or “instruments” within the
      meaning of the applicable UCC.

     

    3. The
      Custodial Account and all subaccounts thereof constitute either a deposit
      account or a securities account.

     

    4. To
      the
      extent that payments and collections received or made with respect to the
      Mortgage Loans constitute securities entitlements, such payments and collections
      have been and will have been credited to the Custodial Account. The securities
      intermediary for the Custodial Account has agreed to treat all assets credited
      to the Custodial Account as “financial assets” within the meaning of the
      applicable UCC.

     

    Creation

     

    5. The
      Depositor owns and has good and marketable title to the Mortgage Loans free
      and
      clear of any lien, claim or encumbrance of any Person, excepting only liens
      for
      taxes, assessments or similar governmental charges or levies incurred in the
      ordinary course of business that are not yet due and payable or as to which
      any
      applicable grace period shall not have expired, or that are being contested
      in
      good faith by proper proceedings and for which adequate reserves have been
      established, but only so long as foreclosure with respect to such a lien is
      not
      imminent and the use and value of the property to which the lien attaches is
      not
      impaired during the pendency of such proceeding.

     

    6. The
      Depositor has received all consents and approvals to the transfer of the
      Mortgage Loans hereunder to the Trustee required by the terms of the Mortgage
      Loans that constitute instruments.

     

    7. To
      the
      extent the Custodial Account or subaccounts thereof constitute securities
      entitlements, certificated securities or uncertificated securities, the
      Depositor has received all consents and approvals required to transfer to the
      Trustee its interest and rights in the Custodial Account hereunder.

     

    Perfection

     

    8. The
      Depositor has caused or will have caused, within ten days after the effective
      date of this Agreement, the filing of all appropriate financing statements
      in
      the proper filing office in the appropriate jurisdictions under applicable
      law
      in order to perfect the transfer of the Mortgage Loans from the Depositor to
      the
      Trustee and the security interest in the Mortgage Loans granted to the Trustee
      hereunder.

     

    9. With
      respect to the Custodial Account and all subaccounts that constitute deposit
      accounts, either:

     

    (i) the
      Depositor has delivered to the Trustee a fully-executed agreement pursuant
      to
      which the bank maintaining the deposit accounts has agreed to comply with all
      instructions originated by the Trustee directing disposition of the funds in
      the
      Custodial Account without further consent by the Depositor; or

     

    (ii) the
      Depositor has taken all steps necessary to cause the Trustee to become the
      account holder of the Custodial Account.

     

    10. With
      respect to the Custodial Account or subaccounts thereof that constitute
      securities accounts or securities entitlements, the Depositor has caused or
      will
      have caused, within ten days after the effective date of this Agreement, the
      filing of all appropriate financing statements in the proper filing office
      in
      the appropriate jurisdictions under applicable law in order to perfect the
      security interest in the Custodial Account granted by the Depositor to the
      Trustee.

     

    Priority

     

    11. Other
      than the transfer of the Mortgage Loans to the Trustee pursuant to this
      Agreement, the Depositor has not pledged, assigned, sold, granted a security
      interest in, or otherwise conveyed any of the Mortgage Loans. The Depositor
      has
      not authorized the filing of, or is not aware of any financing statements
      against the Depositor that include a description of collateral covering the
      Mortgage Loans other than any financing statement relating to the security
      interest granted to the Trustee hereunder or that has been
      terminated.

     

    12. The
      Depositor is not aware of any judgment, ERISA or tax lien filings against the
      Depositor.

     

    13. The
      Trustee has in its possession all original copies of the Mortgage Notes that
      constitute or evidence the Mortgage Loans. To the Depositor’s knowledge, none of
      the instruments that constitute or evidence the Mortgage Loans has any marks
      or
      notations indicating that they have been pledged, assigned or otherwise conveyed
      to any Person other than the Trustee or its designee. All financing statements
      filed or to be filed against the Depositor in favor of the Trustee in connection
      herewith describing the Mortgage Loans contain a statement to the following
      effect: “A purchase of or security interest in any collateral described in this
      financing statement will violate the rights of the Trustee.”

     

    14. Neither
      the Custodial Account nor any subaccount thereof is in the name of any person
      other than the Depositor or the Trustee or in the name of its nominee. The
      Depositor has not consented for the securities intermediary of the Custodial
      Account to comply with entitlement orders of any person other than the Trustee
      or its designee.

     

    15. Survival
      of Perfection Representations.
      Notwithstanding any other provision of this Agreement or any other transaction
      document, the Perfection Representations contained in this Schedule shall be
      continuing, and remain in full force and effect (notwithstanding any replacement
      of the Servicer or termination of the Servicer’s rights to act as such) until
      such time as all obligations under this Agreement have been finally and fully
      paid and performed.

     

    16. No
      Waiver.
      The
      parties to this Agreement (i) shall not, without obtaining a confirmation of
      the
      then-current rating of the Certificates waive any of the Perfection
      Representations, and (ii) shall provide the Rating Agencies with prompt written
      notice of any breach of the Perfection Representations, and shall not, without
      obtaining a confirmation of the then-current rating of the Certificates (as
      determined after any adjustment or withdrawal of the ratings following notice
      of
      such breach) waive a breach of any of the Perfection
      Representations.

     

    17. Depositor
      to Maintain Perfection and Priority.
      The
      Depositor covenants that, in order to evidence the interests of the Depositor
      and the Trustee under this Agreement, the Depositor shall take such action,
      or
      execute and deliver such instruments (other than effecting a Filing (as defined
      below), unless such Filing is effected in accordance with this paragraph) as
      may
      be necessary or advisable (including, without limitation, such actions as are
      requested by the Trustee) to maintain and perfect, as a first priority interest,
      the Trustee’s security interest in the Mortgage Loans. The Depositor shall, from
      time to time and within the time limits established by law, prepare and present
      to the Purchaser or its designee to authorize (based in reliance on the Opinion
      of Counsel hereinafter provided for) the Depositor to file, all financing
      statements, amendments, continuations, initial financing statements in lieu
      of a
      continuation statement, terminations, partial terminations, releases or partial
      releases, or any other filings necessary or advisable to continue, maintain
      and
      perfect the Trustee’s security interest in the Mortgage Loans as a
      first-priority interest (each a “Filing”). The Depositor shall present each such
      Filing to the Trustee or its designee together with (x) an Opinion of Counsel
      to
      the effect that such Filing is (i) consistent with the grant of the security
      interest to the Trustee pursuant to Section 11.09 of this Agreement, (ii)
      satisfies all requirements and conditions to such Filing in this Agreement
      and
      (iii) satisfies the requirements for a Filing of such type under the Uniform
      Commercial Code in the applicable jurisdiction (or if the Uniform Commercial
      Code does not apply, the applicable statute governing the perfection of security
      interests), and (y) a form of authorization for the Trustee’s signature. Upon
      receipt of such Opinion of Counsel and form of authorization, the Trustee shall
      promptly authorize in writing the Depositor to, and the Depositor shall, effect
      such Filing under the UCC without the signature of the Depositor or the Trustee
      where allowed by applicable law. Notwithstanding anything else in the
      transaction documents to the contrary, the Depositor shall not have any
      authority to effect a Filing without obtaining written authorization from the
      Trustee or its designee.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    SCHEDULE
      4

     

    STANDARD
      FILE LAYOUT DATA ELEMENTS

     

    

    
      	
              Column
                Name

            	
              DESCRIPTION

            	
              Decimal

            	
              Comment

            	
              Max
                Size

            
	
              LOAN_NBR

            	
              A
                unique identifier assigned to each loan by the originator.

            	
               

            	
              Text
                up to 10 digits

            	
              10

            
	
              SER_INVESTOR_NBR

            	
              A
                value assigned by the Servicer to define a group of loans.

            	
               

            	
              Text
                up to 10 digits

            	
              20

            
	
              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

            
	
              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

            
	
              NOTE_INT_RATE

            	
              The
                loan interest rate as reported by the Servicer.

            	
              4

            	
              Max
                length of 6

            	
              6

            
	
              ACTL_END
                _PRIN_BAL

            	
              The
                Borrower's actual principal balance at the end of the processing
                cycle.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SCHED_END_PRIN_BAL

            	
              The
                scheduled principal balance due to the investors at the end of a
                processing cycle.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              ACTL_BEG
                _PRIN_BAL

            	
              The
                Borrower's actual principal balance at the beginning of the processing
                cycle.

            	
              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 the investors.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SCHED_PAY_AMT

            	
              The
                scheduled monthly principal and scheduled interest payment that a
                Borrower
                is expected to pay; P&I constant.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SCHED_PRIN_
                AMT

            	
              The
                scheduled principal amount as reported by the Servicer for the current
                cycle.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SERV_CURT
                _AMT_1

            	
              The
                first curtailment amount to be applied.

            	
              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
                _AMT_3

            	
              The
                third curtailment amount to be applied.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
               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, 70=REO, 60=PIF, 63= Substitution,
                65=Repurchase;

            	
              2

            
	 	 	 	 	 
	
              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

            
	
              SCHED_GROSS_INTEREST_AMT

            	
              The
                amount of interest due on the outstanding scheduled principal balance
                in
                the current cycle.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              LOAN_FEE_AMT

            	
              The
                monthly loan fee amount expressed in dollars and cents.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SERV_FEE_RATE

            	
              The
                Servicer's fee rate for a loan as reported by the Servicer.
                

            	
              4

            	
              Max
                length of 6

            	
              6

            
	
              CR_LOSS_AMT

            	
              The
                amount of loss that is classified as a credit.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	 	 	 	 	 
	
              FRAUD_LOSS_AMT

            	
              The
                amount of loss that is attributable to a fraud claim.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              BANKRUPTCY_LOSS_AMT

            	
              The
                amount of loss due to bankruptcy.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SPH_LOSS_AMT

            	
              The
                amount of loss that is classified as a special hazard.

            	
              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 the
                Servicer.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11Unassociated Document

    UNDERWRITING
      AGREEMENT

     

    STANWICH
      ASSET ACCEPTANCE COMPANY, L.L.C.

    Carrington
      Mortgage Loan Trust, Series 2006-RFC1 Asset-Backed Pass-Through
      Certificates

     

    
      	
              $326,012,000

            	
              Adjustable
                Rate

            	
              Class
                A-1 Certificates

            
	
              $136,451,000

            	
              Adjustable
                Rate

            	
              Class
                A-2 Certificates

            
	
              $89,061,000

            	
              Adjustable
                Rate

            	
              Class
                A-3 Certificates

            
	
              $41,680,000

            	
              Adjustable
                Rate

            	
              Class
                A-4 Certificates

            
	
              $30,501,000

            	
              Adjustable
                Rate

            	
              Class
                M-1 Certificates

            
	
              $28,546,000

            	
              Adjustable
                Rate

            	
              Class
                M-2 Certificates

            
	
              $16,815,000

            	
              Adjustable
                Rate

            	
              Class
                M-3 Certificates

            
	
              $15,250,000

            	
              Adjustable
                Rate

            	
              Class
                M-4 Certificates

            
	
              $14,859,000

            	
              Adjustable
                Rate

            	
              Class
                M-5 Certificates

            
	
              $12,904,000

            	
              Adjustable
                Rate

            	
              Class
                M-6 Certificates

            
	
              $12,513,000

            	
              Adjustable
                Rate

            	
              Class
                M-7 Certificates

            
	
              $10,949,000

            	
              Adjustable
                Rate

            	
              Class
                M-8 Certificates

            
	
              $7,821,000

            	
              Adjustable
                Rate

            	
              Class
                M-9 Certificates

            

    

     

    UNDERWRITING
      AGREEMENT

     

    May
      17,
      2006

     

    Bear,
      Stearns & Co. Inc.

    383
      Madison Avenue, 11th
      Floor

    New
      York,
      NY 10179

     

    Citigroup
      Global Markets Inc.

    309
      Greenwich Street, 6th
      Floor

    New
      York,
      NY 10013

     

    Northeast
      Securities, Inc.

    100
      Wall
      Street, 8th
      Floor

    New
      York,
      NY 10005

     

    Residential
      Funding Securities Corporation

    7501
      Wisconsin Avenue, Ste. 900

    Bethesda,
      MD 20814

     

    Ladies
      and Gentlemen:

     

    Stanwich
      Asset Acceptance Company, L.L.C., a Delaware limited liability company (the
      “Company”), proposes to sell to Bear, Stearns & Co. Inc., Citigroup Global
      Markets Inc., Northeast Securities, Inc. and Residential Funding Securities
      Corporation (each an “Underwriter” and collectively the “Underwriters”), the
      respective amounts set forth opposite each Underwriter’s name in Schedule I
      attached hereto of Carrington Mortgage Loan Trust, Series 2006-RFC1 Asset-Backed
      Pass-Through Certificates, Class
      A-1, Class A-2, Class A-3, Class A-4, Class M-1, Class M-2, Class M-3,
      Class M-4, Class M-5, Class M-6, Class M-7, Class M-8 and
      Class M-9 Certificates (collectively,
      the “Certificates” or the “Underwritten Certificates”). The Certificates
      together with the Class M-10, Class CE, Class P, Class R-I and Class R-II
      Certificates of the same series, will evidence the entire beneficial interest
      in
      the Trust Fund (as defined in the Pooling and Servicing Agreement referred
      to
      below), consisting primarily of a pool (the “Pool”) of adjustable-rate and
      fixed-rate, interest-only, balloon and fully-amortizing, first and second lien,
      closed-end, subprime mortgage loans (the “Mortgage Loans”) as described in the
      Prospectus Supplement (as hereinafter defined) to be sold by the
      Company.

     

    The
      Certificates will be issued pursuant to a pooling and servicing agreement (the
      “Pooling and Servicing Agreement”) to be dated as of May 1, 2006 (the “Cut-off
      Date”) among the Company, as depositor, Homecomings Financial Network, Inc., as
      servicer, and Wells Fargo Bank, N.A., as trustee (the “Trustee”). The
      Certificates are described more fully in the Base Prospectus and the Prospectus
      Supplement (each as hereinafter defined) which the Company has furnished to
      the
      Underwriters.

     

    1. 
        Representations,
      Warranties and Covenants.

     

    1.1  The
      Company represents and warrants to, and agrees with each Underwriter
      that:

     

    (a)  The
      Company has filed with the Securities and Exchange Commission (the “Commission”)
      a registration statement (No. 333-130210) on Form S-3 for the registration
      under
      the Securities Act of 1933, as amended (the “Act”), of Mortgage Asset-Backed
      Pass-Through Certificates (issuable in series), including the Certificates,
      which registration statement was prepared by the Company in conformity with
      the
      Act and has become effective, and a copy of which, as amended to the date
      hereof, has heretofore been delivered to you. The Company proposes to file
      with
      the Commission pursuant to Rule 424(b) under the rules and regulations of the
      Commission under the Act (the “1933 Act Regulations”) a prospectus supplement
      dated on or about May 16, 2006 (the “Prospectus Supplement”), to the prospectus
      dated May 16, 2006 (the “Base Prospectus”), relating to the Certificates and the
      method of distribution thereof. Such registration statement (No. 333-130210)
      including exhibits thereto and any information incorporated therein by
      reference, as amended at the date hereof, is hereinafter called the
“Registration Statement”; and the Base Prospectus and the Prospectus Supplement
      and any information incorporated therein by reference, together with any
      amendment thereof or supplement thereto authorized by the Company on or prior
      to
      the Closing Date (as defined herein) for use in connection with the offering
      of
      the Certificates, are hereinafter called the “Prospectus.” Any preliminary form
      of the Prospectus Supplement to be filed pursuant to Rule 424(b) is referred
      to
      as a “Preliminary Prospectus Supplement” and, together with the Base Prospectus,
      and as amended or supplemented if the Company shall have furnished any
      amendments or supplements thereto, a “Preliminary Prospectus.”

     

    (b)  The
      Registration Statement has become effective and remains effective as of the
      date
      hereof, and the Registration Statement as of the effective date (the “Effective
      Date,” as defined in this paragraph), and the Prospectus, as of the date of the
      Prospectus Supplement, complied in all material respects with the applicable
      requirements of the Act and the 1933 Act Regulations; and the Registration
      Statement, as of the Effective Date, did not contain any untrue statement of
      a
      material fact and did not omit to state any material fact required to be stated
      therein or necessary to make the statements therein not misleading and each
      Issuer Free Writing Prospectus (as defined herein) as of its date did not,
      and
      the Approved Offering Materials (as defined herein) and the Designated Static
      Pool Information (as defined herein), taken together, as of the date of the
      Approved Offering Materials did not and as of the Closing Date will not, and
      the
      Prospectus and the Designated Static Pool Information, taken together, as of
      the
      date of the Prospectus Supplement, did not, and as of the Closing Date will
      not,
      contain an untrue statement of a material fact and did not and will not omit
      to
      state a material fact necessary in order to make the statements therein, in
      the
      light of the circumstances under which they were made, not misleading; provided,
      however, that neither the Company nor Carrington Securities, LP (“Carrington
      Securities”) makes any representations or warranties as to the information
      contained in or omitted from the Registration Statement, any Issuer Free Writing
      Prospectus, the Approved Offering Materials or the Prospectus or any amendment
      thereof or supplement thereto relating to the information therein that is
“Excluded Information” (as defined herein); and provided,
      further,
      that
      neither the Company nor Carrington Securities makes any representations or
      warranties as to either (i) any information contained in any Underwriter
      Prepared Issuer FWP (as defined herein), or Underwriter Free Writing Prospectus
      (as defined herein) except, in each case to the extent of (x) any information
      set forth therein that constitutes Pool Information (as defined below) or (y)
      any information accurately extracted from the Preliminary Prospectus Supplement
      or any Issuer Free Writing Prospectus and included in any Underwriter Prepared
      Issuer FWP, or (ii) any information contained in or omitted from the
      portions of the Approved Offering Materials or Prospectus identified by
      underlining or other highlighting as shown in Exhibit B (the “Underwriter
      Information”). The Effective Date shall mean the earlier of the date on which
      the Prospectus Supplement is first used and the time of the first Contract
      of
      Sale (as defined herein) to which such Prospectus Supplement relates. The
      initial effective date of the Registration Statement was within three years
      of
      the Closing Date. If the third anniversary of the initial effective date occurs
      within two years after the Closing Date, the Company will use best efforts
      to
      take such action as may be necessary or appropriate to permit the public
      offering and sale of the Certificates as contemplated hereunder. The Company
      acknowledges that the Underwriter Information constitutes the only information
      furnished in writing by the Underwriters or on the Underwriters’ behalf for use
      in connection with the preparation of the Registration Statement, any
      Preliminary Prospectus or the Prospectus, and each Underwriter confirms that
      the
      Underwriter Information is correct with respect to each of them and the
      Certificates it underwrites. The Company also agrees that the representations
      and warranties contained in this clause (b) will be made in favor and for the
      benefit of Bear, Stearns & Co. Inc. (“Bear”),
      Citigroup Global Markets Inc. (“Citigroup”),
      Northeast Securities, Inc. (“Northeast”)
      and
      Residential Funding Securities Corporation (together with Bear, Citigroup and
      Northeast, the “Initial
      Purchasers”),
      in
      connection with the Purchase Agreement dated May 24, 2006 relating to the Class
      M-10 Certificates, in the event the above-referenced information is used in
      connection with the offer or sale of the Class M-10 Certificates.

     

    (c)  (i)“ABS
      Informational and Computational Materials” shall have the meaning given such
      term in Item 1101 of Regulation AB.

     

    (ii)  “Approved
      Offering Materials” means the Preliminary Prospectus.

     

    (iii)  “Contract
      of Sale” has the same meaning as in Rule 159 of the 1933 Act Regulations and all
      Commission guidance relating to Rule 159.

     

    (iv)  “Designated
      Static Pool Information” shall mean the static pool information referred to in
      the Prospectus under the caption “Description of the Mortgage Pool—Static
      Pool Information” but deemed to be excluded from the Registration Statement and
      Prospectus pursuant to Item 1105(d) of Regulation AB.

     

    (v)  “Excluded
      Information” shall mean, with respect to (x) each of the Registration Statement,
      the Approved Offering Materials and the Prospectus, the information identified
      by underlining or other highlighting as shown on Exhibit A, and (y) each
      Underwriter Prepared Issuer FWP and each Underwriter Free Writing Prospectus,
      all information contained therein which is restated in, or is corrected and
      superseded by, the Approved Offering Materials.

     

    (vi)  “Free
      Writing Prospectus” shall have the meaning given such term in Rules 405 and 433
      of the 1933 Act Regulations.

     

    (vii)  “Issuer
      Free Writing Prospectus” shall mean any Free Writing Prospectus prepared by or
      on behalf of the Company and identified by the Company as an Issuer Free Writing
      Prospectus and relating to the Certificates or the offering thereof (for clarity
      purposes only, the Company identifies the Free Writing Prospectus attached
      hereto as Exhibit D as the only Issuer Free Writing Prospectus in connection
      with the Certificates).

     

    (viii)  “Issuer
      Information” shall mean any information of the type specified in clauses (1) -
      (5) of footnote 271 of Commission Release No. 33-8591 (Securities Offering
      Reform), other than Underwriter Derived Information. Consistent with such
      definition, “Issuer Information” shall not be deemed to include any information
      in a Free Writing Prospectus solely by reason of the Company’s review of the
      materials pursuant to Section 4.4(e) below and, consistent with Securities
      Offering Reform Questions and Answers, November 30, 2005 promulgated by the
      staff of the Commission, “Issuer Information” shall not be deemed to include any
      information in a Free Writing Prospectus solely by reason that the Underwriter
      has agreed not to use such Free Writing Prospectus without consent of the
      Company.

     

    (ix)  “Permitted
      Additional Materials” shall mean information that is not ABS Informational and
      Computational Materials and (x) that are referred to in Section 4.4(c) so
      long as any Issuer Information provided by the Underwriter pursuant to Section
      4.4(c) is limited to information included within the definition of ABS
      Informational and Computational Materials, (y) that constitute Certificate
      price, yield, weighted average life, subscription or allocation information,
      or
      a trade confirmation, or (z) otherwise with respect to which the Company
      has provided written consent to the applicable Underwriter to include in a
      Free
      Writing Prospectus.

     

    (x)  “Pool
      Information” means with respect to any Free Writing Prospectus, the information
      with respect to the characteristics of the Mortgage Loans and administrative
      and
      servicing fees, as provided by or on behalf of the Company or Carrington
      Securities to each applicable Underwriter at the time most recent to the date
      of
      such Free Writing Prospectus.

     

    (xi)  “Underwriter
      Derived Information” shall refer to information of the type described in
      clause (5) of footnote 271 of Commission Release No. 33-8591 (Securities
      Offering Reform) when prepared by any Underwriter, including traditional
      computational and analytical materials prepared by the Underwriter.

     

    (xii)  “Underwriter
      Free Writing Prospectus” shall mean all Free Writing Prospectuses prepared by or
      on behalf of any Underwriter other than any Underwriter Prepared Issuer FWP,
      including any Permitted Additional Materials.

     

    (xiii)  “Underwriter
      Prepared Issuer FWP” shall mean any Free Writing Prospectus prepared by or on
      behalf of any Underwriter that contains any Issuer Information, including any
      Free Writing Prospectus or portion thereof prepared by or on behalf of any
      Underwriter that contains only a description of the final terms of the
      Certificates or of the offering of the Certificates.

     

    (xiv)  “Written
      Communication” shall have the meaning given such term in Rule 405 of the 1933
      Act Regulations.

     

    (d)  The
      Commission has not issued any order preventing or suspending the use of the
      Prospectus or the effectiveness of the Registration Statement and no proceedings
      for such purpose are pending or, to the Company’s knowledge, threatened by the
      Commission. There are no contracts or documents of the Company which are
      required to be filed as exhibits to the Registration Statement pursuant to
      the
      Act or the 1933 Act Regulations which have not been so filed or incorporated
      by
      reference therein on or prior to the Effective Date of the Registration
      Statement other than such documents or materials, if any, as any Underwriter
      delivers to the Company pursuant to Section 5.4 hereof for filing on Form 8-K.
      The conditions for use of Form S-3, as set forth in the general instructions
      thereto, have been satisfied.

     

    (e)  [Reserved].

     

    (f)  The
      Registration Statement and the Prospectus conform in all material respects
      to
      the requirements of the Act and the 1933 Act Regulations.

     

    (g)  The
      documents incorporated by reference in the Prospectus, when they became
      effective or were filed with the Commission, as the case may be, conformed
      in
      all material respects to the requirements of the Act or the Exchange Act, as
      applicable, and the rules and regulations of the Commission thereunder and
      any
      further documents so filed and incorporated by referenced in the Prospectus
      in
      connection with the issuance of the Certificates, when such documents become
      effective or are filed with the Commission, as the case may be, will conform
      in
      all material respects to the requirements of the Act or the Exchange, as
      applicable, and the rules and regulations of the Commission
      thereunder.

     

    (h)  The
      Company has all power and authority necessary to own or hold its properties,
      to
      conduct the business in which it is engaged and to enter into and perform its
      obligations under this Agreement and the Pooling and Servicing Agreement (the
      “Agreements”) and to cause the Certificates to be issued.

     

    (i)  There
      are
      no actions, proceedings or investigations pending with respect to which the
      Company has received service of process before or, to the best of the Company’s
      knowledge, threatened by any court, administrative agency or other tribunal
      to
      which the Company is a party or of which any of its properties is the subject
      (a) which if determined adversely to the Company would have a material adverse
      effect on the business or financial condition of the Company, (b) asserting
      the
      invalidity of any of the Agreements or the Certificates, (c) seeking to prevent
      the issuance of the Certificates or the consummation by the Company or any
      of
      the transactions contemplated by any of the Agreements or (d) which might
      materially and adversely affect the performance by the Company of its
      obligations under, or the validity or enforceability of any of the Agreements
      or
      the Certificates to be issued.

     

    (j)  This
      Agreement has been, and the other Agreements when executed and delivered as
      contemplated hereby and thereby will have been, duly authorized, executed and
      delivered by the Company, and this Agreement constitutes, and the other
      Agreements when executed and delivered as contemplated herein will constitute,
      legal, valid and binding instruments enforceable against the Company in
      accordance with their respective terms, subject as to enforceability to (x)
      applicable bankruptcy, reorganization, insolvency, moratorium or other similar
      laws affecting creditors’ rights generally, (y) general principles of equity
      (regardless of whether enforcement is sought in a proceeding in equity or at
      law), and (z) with respect to rights of indemnity under any of the Agreements,
      limitations of public policy under applicable securities laws.

     

    (k)  The
      execution, delivery and performance of the Agreements by the Company and the
      consummation of the transactions contemplated hereby and thereby, and the
      issuance and delivery of the Certificates do not and will not conflict with
      or
      result in a breach or violation of any of the terms or provisions of, or
      constitute a default under, any indenture, mortgage, deed of trust, loan
      agreement or other agreement or instrument to which the Company is a party,
      by
      which the Company is bound or to which any of the properties or assets of the
      Company or any of its subsidiaries is subject, which breach or violation would
      have a material adverse effect on the business, operations or financial
      condition of the Company or its ability to perform its obligations under any
      of
      the Agreements, nor will such actions result in any violation of the provisions
      of the formation documents of the Company or any statute or any order, rule
      or
      regulation of any court or governmental agency or body having jurisdiction
      over
      the Company or any of its properties or assets, which breach or violation would
      have a material adverse effect on the business, operations or financial
      condition of the Company or its ability to perform its obligations under any
      of
      the Agreements.

     

    (l)  The
      direction by the Company to the Trustee to execute, authenticate, issue and
      deliver the Certificates has been duly authorized by the Company.

     

    (m)  No
      consent, approval, authorization, order, registration or qualification of or
      with any court or governmental agency or body of the United States is required
      for the issuance of the Certificates and the sale of the Underwritten
      Certificates to the Underwriters, or the consummation by the Company of the
      other transactions contemplated by the Agreements except such consents,
      approvals, authorizations, registrations or qualifications as may be required
      under state securities or Blue Sky laws in connection with the purchase and
      distribution of the Underwritten Certificates by the Underwriters or as have
      been obtained.

     

    (n)  At
      the
      time of the execution and delivery of the Pooling and Servicing Agreement,
      the
      Company will: (i) have equitable title to the interest in the Mortgage Loans
      conveyed by Carrington Securities, free and clear of any lien, mortgage, pledge,
      charge, encumbrance, adverse claim or other security interest (collectively,
      “Liens”) and (ii) not have assigned to any person (other than the Trustee) any
      of its right, title or interest in the Mortgage Loans.

     

    (o)  Any
      taxes, fees and other governmental charges in connection with the execution,
      delivery and issuance of the Agreements and the Certificates have been paid
      or
      will be paid at or prior to the Closing Date.

     

    (p)  Since
      the
      respective dates as of which information is given in the Prospectus, there
      has
      not been any material adverse change in the general affairs, management,
      financial condition, or results of operations of the Company or Carrington
      Securities, otherwise than as set forth or contemplated in the Prospectus as
      supplemented or amended as of the Closing Date.

     

    (q)  The
      Company has been duly formed and is validly existing as a limited liability
      company in good standing under the laws of the State of Delaware and has the
      requisite limited liability company power to own its properties and to conduct
      its business as presently conducted by it.

     

    (r)  The
      Company was not, as of any date on or after which a bona fide offer (as used
      in
      Rule 164(h)(2) of the 1933 Act Regulations) of the Certificate is made an
      Ineligible Issuer, as such term is defined in Rule 405 of the 1933 Act
      Regulations. The Company shall comply with all applicable laws and regulations
      applicable to the Company in connection with the use of Free Writing
      Prospectuses, including but not limited to Rules 164 and 433 of the 1933 Act
      Regulations and all Commission guidance relating to Free Writing Prospectuses,
      including but not limited to Commission Release No. 33-8591.

     

    (s)  As
      of the
      Closing Date (as defined herein) the Certificates will conform in all material
      respects to the description thereof contained in the Prospectus and the
      representations and warranties of the Company in the Pooling and Servicing
      Agreement will be true and correct in all material respects.

     

    1.2  [Reserved].

     

    1.3  Each
      Underwriter represents and warrants to and agrees with the Company and
      Carrington Securities that:

     

    (a)  Such
      Underwriter has no present knowledge or expectation that it will be unable
      to
      pay any United States taxes owed by it so long as any of the Certificates remain
      outstanding.

     

    (b)  Such
      Underwriter has no present knowledge or expectation that it will become
      insolvent or subject to a bankruptcy proceeding for so long as any of the
      Certificates remain outstanding.

     

    (c)  Such
      Underwriter hereby certifies that with respect to each class of Certificates
      to
      be maintained on the book-entry records of The Depository Trust Company (“DTC”),
      the interest in each such class of Certificates sold to any person on the date
      of initial sale thereof by such Underwriter will not be less than the minimum
      denomination indicated for such class of Certificates in the Prospectus
      Supplement.

     

    (d)  Such
      Underwriter will have funds available at the Trustee, in such Underwriter’s
      account at such bank at that time of the closing of the sale of the Certificates
      is completed, except for the transfer of funds and the delivery of the
      Certificates. Such funds will be available for immediate transfer into the
      account of the Company maintained at such bank.

     

    (e)  [Reserved].

     

    (f)  As
      of the
      date hereof and as of the Closing Date, such Underwriter has complied with
      all
      of its obligations hereunder, and all Underwriter Prepared Issuer FWP and
      Underwriter Information prepared by such Underwriter are accurate in all
      material respects (taking into account the assumptions explicitly set forth
      in
      such Underwriter Prepared Issuer FWP, except for any Excluded Information and
      to
      the extent of (x) any errors therein that are caused by errors or omissions
      in
      the Pool Information or (y) information accurately extracted from the
      Preliminary Prospectus Supplement or any Issuer Free Writing Prospectus and
      included in any Underwriter Prepared Issuer FWP). The Underwriter Prepared
      Issuer FWP delivered to the Company, if any, constitutes a complete set of
      all
      Underwriter Prepared Issuer FWP furnished by such Underwriter to any investor
      by
      such Underwriter in connection with the offering of any
      Certificates.

     

    2.
        Purchase
      and Sale.
      Subject
      to the terms and conditions and in reliance upon the representations and
      warranties herein set forth, the Company agrees to sell to each Underwriter,
      and
      each Underwriter agrees to purchase from the Company, the Certificates set
      forth
      opposite its name in Schedule I hereto, at a price equal to 100.000% of the
      aggregate certificate principal balance of the Class
      A-1, Class A-2, Class A-3, Class A-4, Class M-1, Class M-2, Class M-3, Class
      M-4,
      Class
      M-5,
      Class
      M-6, Class M-7, Class M-8 and Class M-9 Certificates.

     

    3.
        Delivery
      and Payment.
      Delivery of and payment for the Certificates shall be made at the office of
      Thacher Proffitt & Wood LLP at 10:00 a.m., New York City time, on May 24,
      2006 or such later date as you shall designate, which date and time may be
      postponed by agreement between you and the Company (such date and time of
      delivery and payment for the Certificates being herein called the “Closing
      Date”). Delivery of the Certificates shall be made to you through The Depository
      Trust Company (“DTC”) against payment by you of the purchase price thereof to or
      upon the order of the Company by wire transfer in immediately available
      funds.

     

    4.
        Offering
      by Underwriters.

     

    4.1  It
      is
      understood that the Underwriters propose to offer the Certificates for sale
      to
      the public as set forth in the Prospectus and each Underwriter agrees that
      all
      such offers and sales shall be made in compliance with all applicable laws
      and
      regulations. Prior to the date of the first Contract of Sale made based on
      the
      Approved Offering Materials, no Underwriter has pledged, sold, disposed of
      or
      otherwise transferred any Certificate or any interest in any
      Certificate.

     

    4.2  It
      is
      understood that the Underwriters will solicit offers to purchase the
      Certificates as follows:

     

    (a)  Prior
      to
      the time the Underwriters have received the Approved Offering Materials the
      Underwriters may, in compliance with the provisions of this Agreement, solicit
      offers to purchase Certificates; provided, that the Underwriters shall not
      accept any such offer to purchase a Certificate or any interest in any
      Certificate or Mortgage Loan or otherwise enter into any Contract of Sale for
      any Certificate, any interest in any Certificate or any Mortgage Loan prior
      to
      its conveyance of Approved Offering Materials to the investor.

     

    (b)  Any
      Written Communication relating to the Certificates made by an Underwriter in
      compliance with the terms of this Agreement prior to the time such Underwriter
      has entered into a Contract of Sale for Certificates with the recipient shall
      prominently set forth the following statements (or substantially similar
      statements approved by the Company and as set forth on Exhibit C):

     

    The
      information in this free writing prospectus, if conveyed prior to the time
      of
      your contractual commitment to purchase any of the Certificates, supersedes
      any
      information contained in any prior similar materials relating to the
      Certificates. The information in this free writing prospectus is preliminary,
      and is subject to completion or change. This free writing prospectus is being
      delivered to you solely to provide you with information about the offering
      of
      the Certificates referred to in this free writing prospectus and to solicit
      an
      offer to purchase the Certificates, when, as and if issued. Any such offer
      to
      purchase made by you will not be accepted and will not constitute a contractual
      commitment by you to purchase any of the Certificates, until we have accepted
      your offer to purchase Certificates.

     

    The
      Certificates referred to in these materials are being sold when, as and if
      issued. The issuer is not obligated to issue such Certificates or any similar
      security and the underwriter’s obligation to deliver such Certificates is
      subject to the terms and conditions of the underwriting agreement with the
      issuer and the availability of such Certificates when, as and if issued by
      the
      issuer. You are advised that the terms of the Certificates, and the
      characteristics of the mortgage loan pool backing them, may change (due, among
      other things, to the possibility that mortgage loans that comprise the pool
      may
      become delinquent or defaulted or may be removed or replaced and that similar
      or
      different mortgage loans may be added to the pool, and that one or more classes
      of Certificates may be split, combined or eliminated), at any time prior to
      issuance or availability of a final prospectus. You are advised that
      Certificates may not be issued that have the characteristics described in these
      materials. The underwriter’s obligation to sell such Certificates to you is
      conditioned on the mortgage loans and Certificates having the characteristics
      described in these materials. If for any reason the issuer does not deliver
      such
      Certificates, the underwriter will notify you, and neither the issuer nor any
      underwriter will have any obligation to you to deliver all or any portion of
      the
      Certificates which you have committed to purchase, and none of the issuer nor
      any underwriter will be liable for any costs or damages whatsoever arising
      from
      or related to such non-delivery.

     

    4.3  It
      is
      understood that no Underwriter will enter into a Contract of Sale with any
      investor until the Approved Offering Materials have been conveyed to the
      investor with respect to the Certificates which are the subject of such Contract
      of Sale.

     

    4.4  It
      is
      understood that each Underwriter may prepare and provide to prospective
      investors certain Free Writing Prospectuses, subject to the following
      conditions:

     

    (a)  Unless
      preceded or accompanied by a prospectus satisfying the requirements of Section
      10(a) of the Act, no Underwriter shall convey or deliver any Written
      Communication to any person in connection with the initial offering of the
      Certificates, unless such Written Communication (i) is made in reliance on
      Rule
      134 under the Act, (ii) constitutes a prospectus satisfying the requirements
      of
      Rule 430B under the Act or (iii) constitutes a Free Writing Prospectus (as
      defined in Section 1.1(c) above) consisting solely of (x) information of a
      type included within the definition of ABS Informational and Computational
      Materials (as defined below), (y) Permitted Additional Materials or (z)
      information accurately extracted from the Preliminary Prospectus Supplement
      or
      any Issuer Free Writing Prospectus and included in any Underwriter Prepared
      Issuer FWP or any Underwriter Free Writing Prospectus.

     

    (b)  Each
      Underwriter shall comply with all applicable laws and regulations in connection
      with the use of Free Writing Prospectuses, including but not limited to Rules
      164 and 433 of the 1933 Act Regulations and all Commission guidance relating
      to
      Free Writing Prospectuses, including but not limited to Commission Release
      No.
      33-8591.

     

    (c)  It
      is
      understood and agreed that all information provided by an Underwriter to or
      through Bloomberg or Intex or similar entities for use by prospective investors,
      or imbedded in any CDI file provided to prospective investors, or in any email
      or other electronic message provided to prospective investors, to the extent
      constituting a Free Writing Prospectus, shall be deemed for purposes of this
      Agreement to be an Underwriter Free Writing Prospectus prepared by such
      Underwriter and shall not be subject to the required consent of the Company
      set
      forth in the third sentence in Section 4.4(e). In connection therewith, such
      Underwriter agrees that it shall not provide any information constituting Issuer
      Information through the foregoing media unless (i) such information or
      substantially similar information is contained either in an Issuer Free Writing
      Prospectus or in an Underwriter Prepared Issuer FWP in compliance with Section
      4.4(e) or (ii) to the extent such information consists of the terms of the
      Certificates, the final version of the terms of the Certificates or
      substantially similar information is contained either in an Issuer Free Writing
      Prospectus or in an Underwriter Prepared Issuer FWP in compliance with Section
      4.4(e).

     

    (d)  All
      Free
      Writing Prospectuses provided to prospective investors, whether or not filed
      with the Commission, shall bear a legend including the following statement
      (or a
      substantially similar statement approved by the Company and as set forth on
      Exhibit C):

     

    “THE
      DEPOSITOR HAS FILED A REGISTRATION STATEMENT (INCLUDING A PROSPECTUS) WITH
      THE
      SECURITIES AND EXCHANGE COMMISSION (THE SEC) FOR THE OFFERING TO WHICH THIS
      COMMUNICATION RELATES. BEFORE YOU INVEST, YOU SHOULD READ THE PROSPECTUS IN
      THAT
      REGISTRATION STATEMENT AND OTHER DOCUMENTS THE DEPOSITOR HAS FILED WITH THE
      SEC
      FOR MORE COMPLETE INFORMATION ABOUT THE DEPOSITOR AND THE OFFERING. YOU MAY
      GET
      THESE DOCUMENTS AT NO CHARGE BY VISITING EDGAR ON THE SEC WEB SITE AT
WWW.SEC.GOV.
      ALTERNATIVELY, THE DEPOSITOR, ANY UNDERWRITER OR ANY DEALER PARTICIPATING IN
      THE
      OFFERING WILL ARRANGE TO SEND YOU THE PROSPECTUS AT NO CHARGE IF YOU REQUEST
      IT
      BY CALLING TOLL-FREE 1-8[XX-XXX-XXXX] OR VIA EMAIL AT _________.”

     

    Each
      of
      the Underwriters and the Company shall have the right to request additional
      specific legends or notations to appear on any Free Writing Prospectus and
      shall
      have the right to require changes regarding the use of terminology and the
      right
      to determine the types of information appearing therein with the approval of
      the
      Underwriters or the Company, as applicable (which shall not be unreasonably
      withheld).

     

    (e)  Each
      Underwriter shall deliver to the Company and its counsel (in such format as
      reasonably required by the Company), prior to the proposed date of first use
      thereof (unless such timing requirement is waived by the Company), any
      Underwriter Prepared Issuer FWP (as defined above). To facilitate filing to
      the
      extent required by Section 5.11 or 5.12, as applicable, all Underwriter Derived
      Information shall be set forth in a document separate from any Underwriter
      Prepared Issuer FWP including Issuer Information. Consent to use of any
      Underwriter Prepared Issuer FWP must be given by the Company in written or
      electronic format before an Underwriter provides the Underwriter Prepared Issuer
      FWP to investors pursuant to the terms of this Agreement. Notwithstanding the
      foregoing, each Underwriter shall not be required to deliver or obtain consent
      to use an Underwriter Prepared Issuer FWP to the extent that it does not contain
      substantive changes from or additions to any Underwriter Prepared Issuer FWP
      previously approved by the Company. In the event that an Underwriter uses any
      Underwriter Prepared Issuer FWP without complying with the foregoing
      requirements, that Underwriter Prepared Issuer FWP shall be deemed to be an
      Underwriter Free Writing Prospectus for purposes of Section 7.1 and
      7.2.

     

    (f)  Each
      Underwriter shall provide the Company with a letter from Deloitte & Touche
      LLP, certified public accountants, prior to the Closing Date, satisfactory
      in
      form and substance to the Company, Carrington Securities and their respective
      counsels and the Underwriter, to the effect that such accountants have performed
      certain specified procedures, all of which have been agreed to by the Company
      and the Underwriter, as a result of which they determined that certain
      information of an accounting, financial or statistical nature that is included
      in any Underwriter Prepared Issuer FWP prepared by that Underwriter, other
      than
      any Pool Information therein and any information accurately extracted from
      the
      Preliminary Prospectus Supplement or any Issuer Free Writing Prospectus and
      included in such Underwriter Prepared Issuer FWP, is accurate except as to
      such
      matters that are not deemed by the Company and the Underwriter to be material.
      The foregoing letter shall be at the expense of the applicable
      Underwriter.

     

    (g)  None
      of
      the information in any Free Writing Prospectus may conflict with the information
      then contained in the Registration Statement or any prospectus or prospectus
      supplement that is a part thereof.

     

    (h)  The
      Company shall not be obligated to file any Issuer Free Writing Prospectuses
      that
      have been determined to contain any material error or omission unless such
      Issuer Free Writing Prospectus has been provided to a prospective investor,
      in
      which case, such Underwriter shall cooperate with the Company to prepare a
      corrective Issuer Free Writing Prospectus that such Underwriter will provide
      to
      any such prospective investor and the Company shall file to the extent required
      herein. In the event that an Underwriter becomes aware that, as of the date
      on
      which an investor entered into a Contract of Sale, any Free Writing Prospectus
      prepared by or on behalf of such Underwriter and delivered to such investor
      contained any untrue statement of a material fact or omitted to state a material
      fact necessary in order to make the statements contained therein, in light
      of
      the circumstances under which they were made, not misleading (such Free Writing
      Prospectus, a “Defective Free Writing Prospectus”), such Underwriter shall
      notify the Company thereof as soon as practical but in any event within one
      business day after discovery.

     

    (i)  If
      an
      Underwriter does not provide any Free Writing Prospectuses to the Company
      pursuant to subsection (e) above, such Underwriter shall be deemed to have
      represented, as of the Closing Date, that it did not provide any prospective
      investors with any information in written or electronic form in connection
      with
      the offering of the Certificates that would constitute an Underwriter Prepared
      Issuer FWP.

     

    (j)  In
      the
      event of any delay in the delivery by an Underwriter to the Company of any
      Underwriter Prepared Issuer FWP required to be delivered in accordance with
      subsection (e) above, or in the delivery of the accountant’s comfort letter in
      respect thereof pursuant to subsection (f) above, the Company shall have the
      right to delay the release of the Prospectus to investors or to the
      Underwriters, to delay the Closing Date and to take other appropriate actions
      in
      each case as necessary in order to allow the Company to comply with its
      agreement set forth in Section 5.11 to file such Underwriter Prepared Issuer
      FWP
      by the time specified therein.

     

    (k)  Each
      Underwriter represents that it has in place, and covenants that it shall
      maintain, internal controls and procedures which it reasonably believes to
      be
      sufficient to ensure full compliance with all applicable legal requirements
      of
      the 1933 Act Regulations with respect to the generation and use of Free Writing
      Prospectuses in connection with the offering of the Certificates. In addition,
      each Underwriter shall, for a period of at least three years after the date
      hereof, maintain written and/or electronic records of the
      following:

     

    (i)  any
      Free
      Writing Prospectus used by such Underwriter to solicit offers to purchase
      Certificates to the extent not filed with the Commission;

     

    (ii)  regarding
      each Free Writing Prospectus delivered by such Underwriter to an investor,
      the
      date of such delivery and identity of such investor; and

     

    (iii)  regarding
      each Contract of Sale entered into by such Underwriter, the date, identity
      of
      the investor and the terms of such Contract of Sale, as set forth in the related
      confirmation of trade.

     

    (l)  Each
      Underwriter covenants with the Company that after the final Prospectus is
      available such Underwriter shall not distribute any written information
      concerning the Certificates to a prospective investor unless such information
      is
      preceded or accompanied by the final Prospectus. It is understood and agreed
      that the use of written information in accordance with the preceding sentence
      is
      not a Free Writing Prospectus and is not otherwise restricted or governed in
      any
      way by this Agreement.

     

    (m)  No
      Underwriter shall use any Free Writing Prospectus in connection with the
      solicitation of offers to purchase Certificates from any prospective investor
      in
      a class of Certificates with denominations of less than $100,000 or otherwise
      designated as a “retail” class of Certificates, and no Underwriter shall
      authorize any such use of any Free Writing Prospectus by any dealer that
      purchases any such Certificates from such Underwriter

     

    (n)  Prior
      to
      the Closing Date, the Underwriters covenant to notify the Company and Carrington
      Securities, LP of (x) the date on which the Prospectus Supplement is first
      used
      and (y) the time of the first Contract of Sale to which such Prospectus
      Supplement relates.

     

    4.5  [Reserved].

     

    4.6  Each
      Underwriter agrees that (i) if the Prospectus is not delivered with the
      confirmation in reliance on Rule 172, it will include in every confirmation
      sent
      out by such Underwriter the notice required by Rule 173 informing the investor
      that the sale was made pursuant to the Registration Statement and that the
      investor may request a copy of the Prospectus from such Underwriter; (ii) if
      a
      paper copy of the Prospectus is requested by a person who receives a
      confirmation, such Underwriter shall deliver a printed or paper copy of such
      Prospectus; and (iii) if an electronic copy of the Prospectus is delivered
      by an
      Underwriter for any purpose, such copy shall be the same electronic file
      containing the Prospectus in the identical form transmitted electronically
      to
      such Underwriter by or on behalf of the Company specifically for use by such
      Underwriter pursuant to this Section 4.6; for example, if the Prospectus is
      delivered to an Underwriter by or on behalf of the Company in a single
      electronic file in pdf format, then such Underwriter will deliver the electronic
      copy of the Prospectus in the same single electronic file in pdf format. Each
      Underwriter further agrees that (i) if it delivers to an investor the Prospectus
      in pdf format, upon such Underwriter’s receipt of a request from the investor
      within the period for which delivery of the Prospectus is required, such
      Underwriter will promptly deliver or cause to be delivered to the investor,
      without charge, a paper copy of the Prospectus and (ii) it will provide to
      the
      Company any Underwriter Prepared Issuer FWP, or portions thereof, which the
      Company is required to file with the Commission in electronic format and will
      use reasonable efforts to provide to the Company such Underwriter Prepared
      Issuer FWP, or portions thereof, in either Microsoft Word® or Microsoft Excel®
format and not in pdf format, except to the extent that the Company, in its
      sole
      discretion, waives such requirements.

     

    5. 
        Agreements.
      The
      Company and each Underwriter agree as follows:

     

    5.1  Before
      amending or supplementing the Registration Statement or the Prospectus with
      respect to the Certificates, the Company will furnish you with a copy of each
      such proposed amendment or supplement.

     

    5.2  The
      Company will cause the Preliminary Prospectus and Prospectus Supplement to
      be
      transmitted to the Commission for filing pursuant to Rule 424(b) under the
      Act
      by means reasonably calculated to result in filing with the Commission pursuant
      to said rule.

     

    5.3  If,
      during the period after the first date of the public offering of the
      Certificates in which a prospectus relating to the Certificates is required
      to
      be delivered under the Act, any event occurs as a result of which it is
      necessary to amend or supplement the Prospectus, as then amended or
      supplemented, in order to make the statements therein, in the light of the
      circumstances when the Prospectus is delivered to a purchaser, not misleading,
      or if it shall be necessary to amend or supplement the Prospectus to comply
      with
      the Act or the 1933 Act Regulations, the Company promptly will prepare and
      furnish, at its own expense, to you, either amendments or supplements to the
      Prospectus so that the statements in the Prospectus as so amended or
      supplemented will not, in the light of the circumstances when the Prospectus
      is
      delivered to a purchaser, be misleading or so that the Prospectus will comply
      with law.

     

    5.4  If
      the
      Company or an Underwriter determines or becomes aware that any Written
      Communication (including without limitation any Approved Offering Materials)
      or
      oral statement (when considered in conjunction with all information conveyed
      at
      the time of Contract of Sale) made or prepared by the Company or such
      Underwriter contains an untrue statement of material fact or omits to state
      a
      material fact necessary to make the statements, in light of the circumstances
      under which they were made, not misleading at the time that a Contract of Sale
      was entered into, either the Company or such Underwriter may prepare corrective
      information, with notice to the other party and such Underwriter shall deliver
      such information in a manner reasonably acceptable to both parties, to any
      person with whom a Contract of Sale was entered into based on such written
      communication or oral statement, and such information shall provide any such
      person with the following:

     

    (a)  Adequate
      disclosure of the contractual arrangement;

     

    (b)  Adequate
      disclosure of the person’s rights under the existing Contract of Sale at the
      time termination is sought;

     

    (c)  Adequate
      disclosure of the new information that is necessary to correct the misstatements
      or omissions in the information given at the time of the original Contract
      of
      Sale; and

     

    (d)  A
      meaningful ability to elect to terminate or not terminate the prior Contract
      of
      Sale and to elect to enter into or not enter into a new Contract of
      Sale.

     

    Any
      costs
      incurred to the investor in connection with any such termination or reformation
      shall be subject to Sections 7.1 and 7.2, as applicable.

     

    5.5  In
      connection with any transaction by this Agreement, the Company and each of
      their
      affiliates maintain customary arm’s-length business relationships with each
      Underwriter and each of their respective affiliates, and no fiduciary duty
      on
      the part of the Underwriters or any of their respective affiliates is thereby
      or
      hereby intended or created, and the express disclaimer of any such fiduciary
      relationship on the part of the Underwriters and each of their respective
      affiliates is hereby acknowledged and accepted by the Company and each of its
      affiliates.

     

    5.6  The
      Company will furnish to the Underwriters, without charge, a copy of the
      Registration Statement (including exhibits thereto) and, so long as delivery
      of
      a prospectus by an underwriter or dealer may be required by the Act, as many
      copies of the Prospectus, any documents incorporated by reference therein and
      any amendments and supplements thereto as the Underwriters may reasonably
      request; provided,
      however,
      that if
      the Prospectus is not delivered with the confirmation in reliance on Rule 172
      by
      an Underwriter, such Underwriter will provide the notice specified in Section
      4.6 in every confirmation and will deliver a paper copy of the prospectus to
      those investors that request a paper copy thereof.

     

    5.7  The
      Company agrees, so long as the Certificates shall be outstanding, or until
      such
      time as the Underwriters shall cease to maintain a secondary market in the
      Certificates, whichever first occurs, to deliver to the Underwriters the annual
      statement as to compliance delivered to the Trustee pursuant to Section 3.20
      of
      the Pooling and Servicing Agreement and the annual statement of a firm of
      independent public accountants furnished to the Trustee pursuant to Section
      3.21
      of the Pooling and Servicing Agreement, as soon as such statements are furnished
      to the Company.

     

    5.8  The
      Company will endeavor to arrange for the qualification of the Certificates
      for
      sale under the laws of such jurisdictions as you may reasonably designate and
      will maintain such qualification in effect so long as required for the initial
      distribution of the Certificates; provided, however, that the Company shall
      not
      be required to qualify to do business in any jurisdiction where it is not now
      so
      qualified or to take any action that would subject it to general or unlimited
      service of process in any jurisdiction where it is not now so
      subject.

     

    5.9  If
      the
      transactions contemplated by this Agreement are consummated, the Company or
      Carrington Securities will pay or cause to be paid all expenses incident to
      the
      performance of the obligations of the Company or Carrington Securities under
      this Agreement, and will reimburse you for any reasonable expenses (including
      reasonable fees and disbursements of counsel) reasonably incurred by you in
      connection with qualification of the Certificates for sale and determination
      of
      their eligibility for investment under the laws of such jurisdictions as you
      have reasonably requested pursuant to Section 5.8 above and the printing of
      memoranda relating thereto, for any fees charged by investment rating agencies
      for the rating of the Certificates, and for expenses incurred in distributing
      the Prospectus (including any amendments and supplements thereto) to the
      Underwriters. Except as herein provided, you shall be responsible for paying
      all
      costs and expenses incurred by you, including the fees and disbursements of
      your
      counsel, in connection with the purchase and sale of the
      Certificates.

     

    5.10  If,
      during the period after the Closing Date in which a prospectus relating to
      the
      Certificates is required to be delivered under the Act, the Company receives
      notice that a stop order suspending the effectiveness of the Registration
      Statement or preventing the offer and sale of the Certificates is in effect,
      the
      Company will advise you of the issuance of such stop order.

     

    5.11  The
      Company shall file any Issuer Free Writing Prospectus, and (any Underwriter
      Prepared Issuer FWP provided to it by an Underwriter under Section 4.4) not
      later than the date of first use thereof, except that:

     

    (a)  any
      Issuer Free Writing Prospectus or Underwriter Prepared Issuer FWP or portion
      thereof otherwise required to be filed that contains only (1) a description
      of
      the final terms of the Certificates may be filed by the Company within two
      days
      of the later of the date such final terms have been established for all classes
      of Certificates and the date of first use, and (2) a description of the terms
      of
      the Certificates that does not reflect the final terms after they have been
      established for all classes of all Certificates is not required to be filed;
      and

     

    (b)  if
      the
      Issuer Free Writing Prospectus or Underwriter Prepared Issuer FWP includes
      only
      information of a type included in the definition of ABS Informational and
      Computational Materials, the Company shall file the same within the later of
      two
      business days after such Underwriter first provides this information to
      investors and the date upon which the Company is required to file the Prospectus
      Supplement with the Commission pursuant to Rule 424(b)(3) of the
      Act.

     

    provided
      further,
      that
      prior to the filing of any Underwriter Prepared Issuer FWP by the Company,
      the
      Underwriters must comply with their obligations pursuant to Section 4.4 and
      that
      the Company shall not be required to file any Free Writing Prospectus prepared
      by such Underwriter to the extent such Free Writing Prospectus includes
      information in a Free Writing Prospectus, Preliminary Prospectus or Prospectus
      previously filed with the Commission or that does not contain substantive
      changes from or additions to a Free Writing Prospectus previously filed with
      the
      Commission.

     

    5.12  Each
      Underwriter shall file any Underwriter Free Writing Prospectus that has been
      distributed by such Underwriter in a manner reasonably designed to lead to
      its
      broad, unrestricted dissemination within the later of two business days after
      such Underwriter first provides this information to investors and the date
      upon
      which the Company is required to file the Prospectus Supplement with the
      Commission pursuant to Rule 424(b)(3) of the Act or otherwise as required under
      Rule 433 of the Act; provided,
      however,
      that
      such Underwriter shall not be required to file any Underwriter Free Writing
      Prospectus to the extent such Underwriter Free Writing Prospectus includes
      information in a Free Writing Prospectus, Preliminary Prospectus or Prospectus
      previously filed with the Commission or that does not contain substantive
      changes from or additions to a Free Writing Prospectus previously filed with
      the
      Commission.

     

    5.13  The
      Company acknowledges and agrees that each Underwriter is acting solely in the
      capacity of an arm's length contractual counterparty to the Company with respect
      to the offering of Securities contemplated hereby (including in connection
      with
      determining the terms of the offering) and not as a financial advisor or a
      fiduciary to, or an agent of, the Company or any other person. Additionally,
      no
      Underwriter is advising the Company or any other person as to any legal, tax,
      investment, accounting or regulatory matters in any jurisdiction. The Company
      shall consult with its own advisors concerning such matters and shall be
      responsible for making its own independent investigation and appraisal of the
      transactions contemplated hereby, and the Underwriters shall have no
      responsibility or liability to the Company with respect thereto. Any review
      by
      the Underwriters of the Company, the transactions contemplated hereby or other
      matters relating to such transactions will be performed solely for the benefit
      of the Underwriters and shall not be on behalf of the Company.

     

    6. 
        Conditions
      to the Obligations of the Underwriters.
      The
      Underwriters’ obligation to purchase the Certificates shall be subject to the
      following conditions:

     

    6.1  No
      stop
      order suspending the effectiveness of the Registration Statement shall be in
      effect, and no proceedings for that purpose shall be pending or, to the
      knowledge of the Company, threatened by the Commission; and the Prospectus
      Supplement shall have been filed or transmitted for filing by means reasonably
      calculated to result in a filing with the Commission pursuant to Rule 424(b)
      under the Act.

     

    6.2  Since
      March 1, 2006, there shall have been no material adverse change (not in the
      ordinary course of business) in the condition of the Company or Carrington
      Securities.

     

    6.3  The
      Company shall have delivered to you a certificate, dated the Closing Date,
      of
      the President or a Vice President of the Company to the effect that the signer
      of such certificate has examined this Agreement, the Approved Offering
      Materials, the Prospectus, the Pooling and Servicing Agreement and various
      other
      closing documents, and that, to the best of his or her knowledge after
      reasonable investigation:

     

    (a)  the
      representations and warranties of the Company in this Agreement are true and
      correct in all material respects; and

     

    (b)  the
      Company has, in all material respects, complied with all the agreements and
      satisfied all the conditions on its part to be performed or satisfied hereunder
      at or prior to the Closing Date.

     

    6.4  You
      shall
      have received a negative assurance letter regarding the Preliminary Prospectus
      and Prospectus from Thacher Proffitt & Wood LLP, special counsel for the
      Company and Carrington Securities.

     

    6.5  You
      shall
      have received the opinions of Thacher Proffitt & Wood LLP, special counsel
      for the Company and Carrington Securities, dated the Closing Date in form and
      substance satisfactory to the Underwriters.

     

    6.6  You
      shall
      have received from Mayer,
      Brown, Rowe & Maw LLP, counsel for
      the
      Underwriters, an opinion dated the Closing Date in form and substance
      satisfactory to the Underwriters.

     

    6.7  You
      shall
      have received from Deloitte & Touche LLP, certified public accountants, (a)
      a letter dated the date hereof and satisfactory in form and substance to the
      Underwriters and your counsel, to the effect that they have performed certain
      specified procedures, all of which have been agreed to by you, as a result
      of
      which they determined that certain information of an accounting, financial
      or
      statistical nature set forth in the Prospectus Supplement under the captions
      “Description of the Mortgage Pool,” “Pooling and Servicing Agreement,”
“Description of the Certificates” and “Yield and Prepayment Considerations”
agrees with the records of the Company and Carrington Securities excluding
      any
      questions of legal interpretation and (b) the letter prepared pursuant to
      Section 4.4(f) hereof.

     

    6.8  The
      Class
      A-1, Class A-2, Class A-3 and Class A-4 Certificates shall
      have each been rated “AAA” by Standard & Poor’s, a division of The
      McGraw-Hill Companies, Inc. (“Standard & Poor’s”), “Aaa” by Moody’s
      Investors Service, Inc. (“Moody’s”) and “AAA” by Fitch Ratings (“Fitch”). The
Class
      M-1
      Certificates shall
      have been rated “AA+” by Standard & Poor’s, “Aa1” by Moody’s and “AA+” by
      Fitch . The Class
      M-2
      Certificates shall
      have been rated “AA+” by Standard & Poor’s, “Aa2” by Moody’s and “AA+” by
      Fitch. The Class
      M-3
      Certificates shall
      have been rated “AA” by Standard & Poor’s, “Aa3” by Moody’s and “AA” by
      Fitch. The Class
      M-4
      Certificates shall
      have been rated “AA” by Standard & Poor’s, “A1” by Moody’s and “AA” by
      Fitch. The Class
      M-5
      Certificates shall
      have been rated “AA-” by Standard & Poor’s, “A2” by Moody’s and “AA-” by
      Fitch. The Class
      M-6
      Certificates shall
      have been rated “A+” by Standard & Poor’s, “A3” by Moody’s and “A+” by
      Fitch. The Class
      M-7
      Certificates shall
      have been rated “A” by Standard & Poor’s, “Baa1” by Moody’s and “A-” by
      Fitch. The Class M-8 Certificates shall have been rated “A” by Standard &
Poor’s, “Baa2” by Moody’s and “BBB+” by Fitch. The Class M-9 Certificates shall
      have been rated “BBB+” by Standard & Poor’s, “Baa3” by Moody’s and “BBB+” by
      Fitch.

     

    6.9  You
      shall
      have received the opinion of Nixon Peabody LLP, counsel to the Trustee, dated
      the Closing Date in form and substance satisfactory to the
      Underwriters.

     

    6.10  [Reserved].

     

    6.11  You
      shall
      have received from Thacher Proffitt & Wood LLP, special counsel to the
      Company, reliance letters with respect to any opinions delivered to Standard
      & Poor’s, Moody’s and Fitch.

     

    6.12  The
      Company and Carrington Securities shall have furnished you with such other
      certificates of its officers or others and such other documents or opinions
      as
      you or your counsel may reasonably request.

     

    6.13  Subsequent
      to the execution and delivery of this Agreement and prior to the Closing Date
      none of the following shall have occurred: (i) trading in securities generally
      on the New York Stock Exchange, the American Stock Exchange or the
      over-the-counter market shall have been suspended or minimum prices shall have
      been established on either of such exchanges or such market by the Commission,
      by such exchange or by any other regulatory body or governmental authority
      having jurisdiction; (ii) a banking moratorium shall have been declared by
      Federal or New York state authorities; (iii) the United States shall have become
      engaged in material hostilities, there shall have been an escalation of such
      hostilities involving the United States or there shall have been a declaration
      of war by the United States; (iv) a material disruption in settlement or
      clearing operations shall occur; or (v) there shall have occurred such a
      material adverse change in general economic, political or financial conditions
      (or the effect of international conditions on the financial markets of the
      United States shall be such) which is material and adverse, and in the case
      of
      any of the events specified in clauses (i) through (v), either individually
      or
      together with any other such event makes it in the judgment of the Underwriters,
      impractical to market the Certificates.

     

    The
      Company will furnish you with conformed copies of the above opinions,
      certificates, letters and documents as you reasonably request.

     

    7. 
        Indemnification
      and Contribution.

     

    7.1  The
      Company and Carrington Securities, jointly and severally, agree to indemnify
      and
      hold harmless each Underwriter and each person, if any, who controls any
      Underwriter within the meaning of either Section 15 of the Act or Section 20
      of
      the Securities Exchange Act of 1934, as amended (the “Exchange Act”), from and
      against any and all losses, claims, damages and liabilities (i) caused by any
      untrue statement or alleged untrue statement of a material fact contained in
      the
      Registration Statement for the registration of the Certificates as originally
      filed or in any amendment thereof or other filing incorporated by reference
      therein, or in the Approved Offering Materials or the Prospectus and Designated
      Static Pool Information, taken together, or incorporated by reference in the
      Approved Offering Materials or the Prospectus (if used within the period set
      forth in Section 5.3 hereof and as amended or supplemented if the Company shall
      have furnished any amendments or supplements thereto), or caused by any omission
      or alleged omission to state therein a material fact required to be stated
      therein or necessary to make the statements therein, in light of the
      circumstances under which they were made, not misleading, or (ii) caused by
      any
      untrue statement or alleged untrue statement of a material fact contained in
      any
      Issuer Free Writing Prospectus, or any omission or alleged omission to state
      therein a material fact necessary to make the statements therein, in light
      of
      the circumstances under which they were made, not misleading, or (iii) caused
      by
      any untrue statement of a material fact or alleged untrue statement of a
      material fact contained in (x) any Underwriter Prepared Issuer FWP or any
      Underwriter Free Writing Prospectus or any omission or alleged omission to
      state
      therein a material fact necessary to make the statements therein, in light
      of
      the circumstances under which they were made, not misleading, that in either
      case was caused by any error or omission in any Pool Information or (y) any
      information accurately extracted from the Preliminary Prospectus Supplement
      or
      any Issuer Free Writing Prospectus and included in any Underwriter Prepared
      Issuer FWP or Underwriter Free Writing Prospectus, except insofar as such
      losses, claims, damages, or liabilities are caused by any such untrue statement
      or omission or alleged untrue statement or omission based upon any information
      with respect to which an Underwriter has agreed to indemnify the Company
      pursuant to clause (i) of Section 7.2; provided,
      however,
      that
      none of the Company or Carrington Securities will be liable in any case to
      the
      extent that any such loss, claim, damage or liability arises out of or is based
      upon any such untrue statement or alleged untrue statement or omission or
      alleged omission made therein relating to the Excluded Information. The Company
      and Carrington Securities also agree that the indemnities contained in this
      Section 7.1 and the provisions of Sections 7.3, 7.4, 7.5 and 7.6 relating to
      such indemnities will apply in favor of the Initial Purchasers and each person,
      if any, who controls any Initial Purchaser within the meaning of Section 15
      of
      the Act or Section 20 of the Exchange Act in the event the above-referenced
      information is used in connection with the offer or sale of the Class M-10
      Certificates.

     

    7.2  Each
      Underwriter severally agrees to indemnify and hold harmless the Company,
      Carrington Securities, their respective directors or officers and any person
      controlling the Company or Carrington Securities within the meaning of either
      Section 15 of the Act or Section 20 of the Exchange Act from and against any
      and
      all losses, claims, damages and liabilities (i) caused by any untrue statement
      or alleged untrue statement of material fact contained in the Underwriter
      Information as it relates to such Underwriter, or any omission or alleged
      omission to state therein any material fact required to be stated therein or
      necessary to make the statements therein, in light of the circumstances under
      which they were made, not misleading, (ii) caused by any untrue statement or
      alleged untrue statement of material fact contained in any Underwriter Free
      Writing Prospectus prepared by such Underwriter (except for any information
      accurately extracted from the Preliminary Prospectus Supplement or any Issuer
      Free Writing Prospectus and included in such Underwriter Free Writing
      Prospectus), or any omission or alleged omission to state therein a material
      fact necessary to make the statements therein, in light of the circumstances
      under which they were made, not misleading, (iii) caused by any untrue statement
      or alleged untrue statement of material fact contained in any Underwriter
      Prepared Issuer FWP prepared by such Underwriter (except for any information
      accurately extracted from the Preliminary Prospectus Supplement or any Issuer
      Free Writing Prospectus and included in such Underwriter Prepared Issuer FWP),
      or any omission or alleged omission to state therein a material fact necessary
      to make the statements therein, in light of the circumstances under which they
      were made, not misleading, (iv) caused by any Underwriter Prepared Issuer FWP
      for which the conditions set forth in Section 4.4(e) above are not satisfied
      with respect to the prior consent by the Company, and (v) resulting from such
      Underwriter’s failure to comply with Section 4.3 or failure to file any
      Underwriter Free Writing Prospectus prepared by such Underwriter required to
      be
      filed in accordance with Section 5.12; provided,
      however,
      that
      the indemnification set forth in clauses (ii) and (iii) of this Section 7.2
      shall not apply to the extent of any error or omission in any Underwriter
      Prepared Issuer FWP or any Underwriter Free Writing Prospectus prepared by
      such
      Underwriter that was caused by any error or omission in any Pool Information
      unless such Underwriter has failed to comply with Section 4.3 and such error
      was
      corrected in the Approved Offering Materials; provided,
      further,
      that
      none of the Company, Carrington Securities or any Underwriter will be liable
      in
      any case to the extent that any such loss, claim, damage or liability arises
      out
      of or is based upon any such untrue statement or alleged untrue statement or
      omission or alleged omission made therein relating to the Excluded Information.
      In addition, each Underwriter agrees, severally and not jointly, to indemnify
      and hold harmless the Company, Carrington Securities, their respective directors
      or officers and any person controlling the Company or Carrington Securities
      against any and all losses, claims, damages, liabilities and expenses
      (including, without limitation, reasonable attorneys’ fees) caused by, resulting
      from, relating to, or based upon any legend regarding original issue discount
      on
      any Certificate resulting from incorrect information provided by such
      Underwriter in the certificates described in Section 4.3 hereof.

     

    7.3  In
      case
      any proceeding (including any governmental investigation) shall be instituted
      involving any person in respect of which indemnity may be sought pursuant to
      either Section 7.1 or Section 7.2, such person (the “indemnified party”) shall
      promptly notify the person against whom such indemnity may be sought (the
“indemnifying party”) in writing and the indemnifying party, upon request of the
      indemnified party, shall retain counsel reasonably satisfactory to the
      indemnified party to represent the indemnified party and any others the
      indemnifying party may designate in such proceeding and shall pay the reasonable
      fees and disbursements of such counsel related to such proceeding. In any such
      proceeding, any indemnified party shall have the right to retain its own
      counsel, but the reasonable fees and expenses of such counsel shall be at the
      expense of such indemnified party unless (i) the indemnifying party and the
      indemnified party shall have mutually agreed to the retention of such counsel
      or
      (ii) the named parties to any such proceeding (including any impleaded parties)
      include both the indemnifying party and the indemnified party and representation
      of both parties by the same counsel would be inappropriate due to actual or
      potential differing interests between them. It is understood that the
      indemnifying party shall not, in connection with any proceeding or related
      proceedings in the same jurisdiction, be liable for the reasonable fees and
      expenses of more than one separate firm for all such indemnified parties. Such
      firm shall be designated in writing by you, in the case of parties indemnified
      pursuant to Section 7.1, and by the Company or Carrington Securities, in the
      case of parties indemnified pursuant to Section 7.2. The indemnifying party
      may,
      at its option, at any time upon written notice to the indemnified party, assume
      the defense of any proceeding and may designate counsel reasonably satisfactory
      to the indemnified party in connection therewith provided that the counsel
      so
      designated would have no actual or potential conflict of interest in connection
      with such representation. Unless it shall assume the defense of any proceeding
      the indemnifying party shall not be liable for any settlement of any proceeding
      effected without its written consent, but if settled with such consent or if
      there be a final judgment for the plaintiff, the indemnifying party agrees
      to
      indemnify the indemnified party from and against any loss or liability by reason
      of such settlement or judgment. If the indemnifying party assumes the defense
      of
      any proceeding, it shall be entitled to settle such proceeding with the consent
      of the indemnified party or, if such settlement provides for release of the
      indemnified party in connection with all matters relating to the proceeding
      which have been asserted against the indemnified party in such proceeding by
      the
      other parties to such settlement, without the consent of the indemnified
      party.

     

    7.4  If
      the
      indemnification provided for in this Section 7 is unavailable to an indemnified
      party under Section 7.1 or Section 7.2 hereof or insufficient in respect of
      any
      losses, claims, damages or liabilities referred to therein, then the
      indemnifying party, in lieu of indemnifying such indemnified party, shall
      contribute to the amount paid or payable by such indemnified party as a result
      of such losses, claims, damages or liabilities, in such proportion as is
      appropriate to reflect not only the relative benefits received by the Company
      and Carrington Securities on the one hand and the Underwriters on the other
      from
      the offering of the Certificates but also the relative fault of the Company
      or
      Carrington Securities on the one hand and the related Underwriter on the other
      in connection with the statements or omissions which resulted in such losses,
      claims, damages or liabilities, as well as any other relevant equitable
      considerations. The relative fault of the Company and Carrington Securities
      on
      the one hand and of the related Underwriter on the other shall be determined
      by
      reference to, among other things, whether the untrue or alleged untrue statement
      of a material fact or the omission or alleged omission to state a material
      fact
      relates to information supplied by the Company or by such Underwriter, and
      the
      parties’ relative intent, knowledge, access to information and opportunity to
      correct or prevent such statement or omission. The relative benefits received
      by
      the Company and Carrington Securities on the one hand and of the Underwriters
      on
      the other shall be deemed to be in the same proportion as the total net proceeds
      from the offering (before deducting expenses) received by the Company bear
      to
      the total underwriting discounts and commissions received by the Underwriters.
      Notwithstanding the provisions of this Section 7.4, no Underwriter shall be
      required to contribute any amount in excess of underwriting discounts and
      commissions received by such Underwriter.

     

    7.5  The
      Company, Carrington Securities and the Underwriters agree that it would not
      be
      just and equitable if contribution pursuant to this Section 7 were determined
      by
      pro rata allocation (even if the Underwriters were treated as one entity for
      such purpose) or by any other method of allocation which does not take account
      of the considerations referred to in Section 7.4, above. The amount paid or
      payable by an indemnified party as a result of the losses, claims, damages
      and
      liabilities referred to in this Section 7 shall be deemed to include, subject
      to
      the limitations set forth above, any legal or other expenses reasonably incurred
      by such indemnified party in connection with investigating or defending any
      such
      action or claim except where the indemnified party is required to bear such
      expenses pursuant to Section 7.4; which expenses the indemnifying party shall
      pay as and when incurred, at the request of the indemnified party, to the extent
      that the indemnifying party believes that it will be ultimately obligated to
      pay
      such expenses. The Underwriters’ obligations in this Section 7 to contribute are
      several in proportion to their respective underwriting obligations and not
      joint. In the event that any expenses so paid by the indemnifying party are
      subsequently determined to not be required to be borne by the indemnifying
      party
      hereunder, the party which received such payment shall promptly refund the
      amount so paid to the party which made such payment. No person guilty of
      fraudulent misrepresentation (within the meaning of Section 11(f) of the Act)
      shall be entitled to contribution from any person who was not guilty of such
      fraudulent misrepresentation.

     

    7.6  The
      indemnity and contribution agreements contained in this Section 7 and the
      representations and warranties of the Company and Carrington Securities in
      this
      Agreement shall remain operative and in full force and effect regardless of
      (i)
      any termination of this Agreement, (ii) any investigation made by the
      Underwriters or on behalf of the Underwriters or any person controlling any
      Underwriter or by or on behalf of the Company or Carrington Securities and
      their
      respective directors or officers or any person controlling the Company or
      Carrington Securities and (iii) acceptance of and payment for any of the
      Certificates.

     

    8. 
        Obligations
      of Carrington Securities.
      Carrington Securities agrees with the Underwriters, for the sole and exclusive
      benefit of the Underwriters, each Underwriter’s officers and directors and each
      person controlling an Underwriter within the meaning of the Act, and not for
      the
      benefit of any assignee thereof or any other person or persons dealing with
      any
      Underwriter as follows: in consideration of and as an inducement to their
      agreement to purchase the Underwritten Certificates from the Company, to
      indemnify and hold harmless each Underwriter against any failure by the Company
      to perform its obligations to the Underwriters hereunder, including, without
      limitation, any failure by the Company to honor any obligation to the
      Underwriters pursuant to Sections 7 and 11 (with respect to the survival of
      indemnities) hereof. In the case of any claim against Carrington Securities
      by
      an Underwriter, any officer or director of an Underwriter or any person
      controlling an Underwriter, it shall not be necessary for such claimant to
      first
      pursue any remedy from or exhaust any procedures against the
      Company.

     

    9. 
        Default
      by One or More of the Underwriters.
      If one
      or more of the Underwriters participating in the public offering of the
      Certificates shall fail on the Closing Date to purchase the Certificates which
      it is (or they are) obligated to purchase hereunder (the “Defaulted
      Certificates”), then such of the non-defaulting Underwriters shall have the
      right, within 24 hours thereafter, to make arrangements for one or more of
      the
      non-defaulting Underwriters, or any other underwriters, to purchase all, but
      not
      less than all, of the Defaulted Certificates in such amounts as may be agreed
      upon and upon the terms herein set forth. If, however, the Underwriters have
      not
      completed such arrangements within such 24-hour period, then:

     

    (a)  if
      the
      aggregate principal amount of Defaulted Certificates does not exceed 10% of
      the
      aggregate principal amount of the Certificates to be purchased pursuant to
      this
      Agreement, the non-defaulting Underwriters named in this Agreement shall be
      obligated to purchase the full amount thereof in the proportions that their
      respective underwriting obligations hereunder bear to the underwriting
      obligations of all such non-defaulting Underwriters, or

     

    (b)  if
      the
      aggregate principal amount of Defaulted Certificates exceeds 10% of the
      aggregate principal amount of the Certificates to be purchased pursuant to
      this
      Agreement, this Agreement shall terminate, without any liability on the part
      of
      any non-defaulting Underwriters.

     

    No
      action
      taken pursuant to this Section 9 shall relieve any defaulting Underwriter from
      any liability with respect to any default of such Underwriter under this
      Agreement.

     

    In
      the
      event of a default by any Underwriters as set forth in this Section 9,
      either the Underwriters or the Depositor shall have the right to postpone the
      Closing Date for a period not exceeding five (5) Business Days in order that
      any
      required changes in the Registration Statement or Prospectus or in any other
      documents or arrangements may be effected.

     

    10. 
        Termination.
      This
      Agreement shall be subject to termination by notice given to the Company and
      Carrington Securities, if the sale of the Certificates provided for herein
      is
      not consummated because of any failure or refusal on the part of the Company
      or
      Carrington Securities to comply with the terms or to fulfill any of the
      conditions of this Agreement, or if for any reason the Company or Carrington
      Securities shall be unable to perform their respective obligations under this
      Agreement. If the Underwriters terminate this Agreement in accordance with
      this
      Section 10, the Company or Carrington Securities will reimburse the Underwriters
      for all reasonable out-of-pocket expenses (including reasonable fees and
      disbursements of counsel) that shall have been reasonably incurred by the
      Underwriters in connection with the proposed purchase and sale of the
      Certificates.

     

    11. 
        Certain
      Representations and Indemnities to Survive.
      The
      respective agreements, representations, warranties, indemnities and other
      statements of the Company, Carrington Securities or the officers of any of
      the
      Company, Carrington Securities, and each Underwriter set forth in or made
      pursuant to this Agreement will remain in full force and effect, regardless
      of
      any investigation, or statement as to the results thereof, made by any
      Underwriter or on its behalf or made by or on behalf of any other Underwriter,
      the Company or Carrington Securities or any of their respective officers,
      directors or controlling persons, and will survive delivery of and payment
      for
      the Certificates.

     

    12. 
        Notices.
      All
      communications hereunder will be in writing and effective only on receipt,
      and,
      if sent to the Underwriters will be mailed, delivered or telegraphed and
      confirmed to Bear,
      Stearns & Co. Inc., 383 Madison Avenue, 11th
      Floor,
      New York, NY 10179, Attention: Sally Kawana, or
      if
      sent to the Company, will be mailed, delivered or telegraphed, and confirmed
      to
      it at Stanwich Asset Acceptance Company, L.L.C., Seven Greenwich Office Park,
      599 West Putnam Avenue, Greenwich, Connecticut 06830, Attention: President;
      or,
      if sent to Carrington Securities will be mailed, delivered or telegraphed and
      confirmed to it at Carrington Securities, LP, Seven Greenwich Office Park,
      599
      West Putnam Avenue, Greenwich, Connecticut 06830, Attention: Bruce M.
      Rose.

     

    13. 
        Successors.
      This
      Agreement will inure to the benefit of and be binding upon the parties hereto
      and their respective successors and the officers and directors and controlling
      persons referred to in Section 7 hereof, and their successors and assigns,
      and
      no other person will have any right or obligation hereunder.

     

    14. 
        Applicable
      Law.
      THIS
      AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
      OF
      THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF
      (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS
      LAW).

     

    15. 
        Counterparts.
      This
      Agreement may be executed in any number of counterparts, each of which shall
      be
      deemed an original, which taken together shall constitute one and the same
      instrument.

     

    16. 
        Third-Party
      Beneficiary.
      The
      Initial Purchasers shall be express third-party beneficiaries of Sections 1
      and
      7 of this Agreement.

     

    [SIGNATURES
      BEGIN ON FOLLOWING PAGE.]

     

    

    
      
        
           

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    If
      the
      foregoing is in accordance with your understanding of our agreement, please
      sign
      and return to us a counterpart hereof, whereupon this letter and your acceptance
      shall represent a binding agreement among the Company, Carrington Securities
      and
      the Underwriters.

     

    

    
      	 	Very truly yours,
	 	 	 
	 	STANWICH
              ASSET
              ACCEPTANCE COMPANY, L.L.C.
	 
 	 
 	 
 
	 	By:  	/s/ Bruce
              M. Rose
	 	
              
Name:
Bruce
              M. Rose
	 	Title:
              President

    

     

    
      
        	 	 	 
	 	CARRINGTON
                SECURITIES, LP
	 
 	 
 	 
 
	 	By:  	/s/ Bruce
                M. Rose
	 	
                
Name:
Bruce
                M. Rose
	 	Title:
                President

      

    

    

    The
      foregoing Underwriting Agreement

    is
      hereby
      confirmed and accepted as of

    the
      date
      first above written.

     

    
      	BEAR, STEARNS & CO.
              INC.	 	 	 
	 	
              as
                an Underwriter

               

            	 	 	 
	By:	
              /s/
                Matthew Perkins

            	 	 	 
	
            	
              
                

              

            	 	 	
            
	
              Name:
                Matthew Perkins
Title:
                Senior Managing Director

            	 	 	 

    

     

    
      
        
          	CITIGROUP GLOBAL MARKETS
                  INC.	 	 	 
	 	
                  as
                    an Underwriter

                   

                	 	 	 
	By:	/s/
                  Philip Seares	 	 	 
	
                	
                  
                    

                  

                	 	 	
                
	
                  Name:
                    Philip Seares
Title:
                    Executive Vice President

                	 	 	 

        

         

      

      
        
          
            	NORTHEAST SECURITIES,
                    INC.	 	 	 
	 	
                    as
                      an Underwriter

                     

                  	 	 	 
	By:	/s/
                    Fred Sager	 	 	 
	
                  	
                    
                      

                    

                  	 	 	
                  
	
                    Name:
                      Fred Sager
Title:
                      Syndicate Manager

                  	 	 	 

          

           

        

      

    

    
      
        
          
            	RESIDENTIAL FUNDING
                    SECURITIES
                    CORPORATION	 	 	 
	 	
                    as
                      an Underwriter

                     

                  	 	 	 
	By:	/s/
                    Dennis J. Crosson	 	 	 
	
                  	
                    
                      

                    

                  	 	 	
                  
	
                    Name:
                      Dennis J. Crosson
Title:
                      Director

                  	 	 	 

          

           

        

      

      

        
          
            
               

            

            
            

          

          
            
            

            
              

            

          

          
            
            

            
              

            

          

        

    

    SCHEDULE
      I

     

    
      	
              Underwriter

            	
              Principal
                Amount of Class A-1 Certificates

            
	
              Bear,
                Stearns & Co. Inc.

            	
              $272,283,050

            
	
              Citigroup
                Global Markets Inc.

            	
              $16,016,650

            
	
              Northeast
                Securities, Inc.

            	
              $16,016,650

            
	
              Residential
                Funding Securities Corporation

            	
              $16,016,650

            
	
              Total

            	
              $320,333,000

            
	 	
               

            
	
              Underwriter

            	
              Principal
                Amount of Class A-2 Certificates

            
	
              Bear,
                Stearns & Co. Inc.

            	
              $113,962,900

            
	
              Citigroup
                Global Markets Inc.

            	
              $6,703,700

            
	
              Northeast
                Securities, Inc.

            	
              $6,703,700

            
	
              Residential
                Funding Securities Corporation

            	
              $6,703,700

            
	
              Total

            	
              $134,074,000

            
	 	
               

            
	
              Underwriter

            	
              Principal
                Amount of Class A-3 Certificates

            
	
              Bear,
                Stearns & Co. Inc.

            	
              $74,382,650

            
	
              Citigroup
                Global Markets Inc.

            	
              $4,375,450

            
	
              Northeast
                Securities, Inc.

            	
              $4,375,450

            
	
              Residential
                Funding Securities Corporation

            	
              $4,375,450

            
	
              Total

            	
              $87,509,000

            
	 	
               

            
	
              Underwriter

            	
              Principal
                Amount of Class A-4 Certificates

            
	
              Bear,
                Stearns & Co. Inc.

            	
              $34,810,900

            
	
              Citigroup
                Global Markets Inc.

            	
              $2,047,700

            
	
              Northeast
                Securities, Inc.

            	
              $2,047,700

            
	
              Residential
                Funding Securities Corporation

            	
              $2,047,700

            
	
              Total

            	
              $40,954,000

            
	 	 
	
              Underwriter

            	
              Principal
                Amount of Class M-1 Certificates

            
	
              Bear,
                Stearns & Co. Inc.

            	
              $25,474,500

            
	
              Citigroup
                Global Markets Inc.

            	
              $1,498,500

            
	
              Northeast
                Securities, Inc.

            	
              $1,498,500

            
	
              Residential
                Funding Securities Corporation

            	
              $1,498,500

            
	
              Total

            	
              $29,970,000

            
	 	
               

            
	
              Underwriter

            	
              Principal
                Amount of Class M-2 Certificates

            
	
              Bear,
                Stearns & Co. Inc.

            	
              $23,840,800

            
	
              Citigroup
                Global Markets Inc.

            	
              $1,402,400

            
	
              Northeast
                Securities, Inc.

            	
              $1,402,400

            
	
              Residential
                Funding Securities Corporation

            	
              $1,402,400

            
	
              Total

            	
              $28,048,000

            
	 	 
	
              Underwriter

            	
              Principal
                Amount of Class M-3 Certificates

            
	
              Bear,
                Stearns & Co. Inc.

            	
              $14,043,700

            
	
              Citigroup
                Global Markets Inc.

            	
              $826,100

            
	
              Northeast
                Securities, Inc.

            	
              $826,100

            
	
              Residential
                Funding Securities Corporation

            	
              $826,100

            
	
              Total

            	
              $16,522,000

            
	 	 
	
              Underwriter

            	
              Principal
                Amount of Class M-4 Certificates

            
	
              Bear,
                Stearns & Co. Inc.

            	
              $12,737,250

            
	
              Citigroup
                Global Markets Inc.

            	
              $749,250

            
	
              Northeast
                Securities, Inc.

            	
              $749,250

            
	
              Residential
                Funding Securities Corporation

            	
              $749,250

            
	
              Total

            	
              $14,985,000

            
	 	 
	
              Underwriter

            	
              Principal
                Amount of Class M-5 Certificates

            
	
              Bear,
                Stearns & Co. Inc.

            	
              $12,410,850

            
	
              Citigroup
                Global Markets Inc.

            	
              $730,050

            
	
              Northeast
                Securities, Inc.

            	
              $730,050

            
	
              Residential
                Funding Securities Corporation

            	
              $730,050

            
	
              Total

            	
              $14,601,000

            
	 	 
	
              Underwriter

            	
              Principal
                Amount of Class M-6 Certificates

            
	
              Bear,
                Stearns & Co. Inc.

            	
              $10,777,150

            
	
              Citigroup
                Global Markets Inc.

            	
              $633,950

            
	
              Northeast
                Securities, Inc.

            	
              $633,950

            
	
              Residential
                Funding Securities Corporation

            	
              $633,950

            
	
              Total

            	
              $12,679,000

            
	 	 
	
              Underwriter

            	
              Principal
                Amount of Class M-7 Certificates

            
	
              Bear,
                Stearns & Co. Inc.

            	
              $10,450,750

            
	
              Citigroup
                Global Markets Inc.

            	
              $614,750

            
	
              Northeast
                Securities, Inc.

            	
              $614,750

            
	
              Residential
                Funding Securities Corporation

            	
              $614,750

            
	
              Total

            	
              $12,295,000

            
	 	 
	
              Underwriter

            	
              Principal
                Amount of Class M-8 Certificates

            
	
              Bear,
                Stearns & Co. Inc.

            	
              $9,144,300

            
	
              Citigroup
                Global Markets Inc.

            	
              $537,900

            
	
              Northeast
                Securities, Inc.

            	
              $537,900

            
	
              Residential
                Funding Securities Corporation

            	
              $537,900

            
	
              Total

            	
              $10,758,000

            
	 	 
	
              Underwriter

            	
              Principal
                Amount of Class M-9 Certificates

            
	
              Bear,
                Stearns & Co. Inc.

            	
              $6,532,250

            
	
              Citigroup
                Global Markets Inc.

            	
              $384,250

            
	
              Northeast
                Securities, Inc.

            	
              $384,250

            
	
              Residential
                Funding Securities Corporation

            	
              $384,250

            
	
              Total

            	
              $7,685,000

            

    

    

    
      
        
        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      A

     

    EXCLUDED
      INFORMATION

    

      Available
        upon request

    

    

    
      
        
        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      B

     

    UNDERWRITER
      INFORMATION

     

    Available
      upon request

    
      
        
        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      C

     

    COMPUTATIONAL
      MATERIALS LEGEND

     

    Available
      upon request

     

    
      
        
        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      D

     

    ISSUER
      FREE WRITING PROSPECTUS

     

    Available
      upon request

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00105-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00105-of-00352.parquet"}]]