Document:

BEAR
        STEARNS ASSET BACKED SECURITIES I LLC,

       

      Depositor,

       

      EMC
        MORTGAGE CORPORATION,

       

      Seller
        and Company,

       

      LASALLE
        BANK NATIONAL ASSOCIATION,

       

      Master
        Servicer and Securities Administrator,

       

      and

       

      CITIBANK,
        N.A.

       

      Trustee

       

      
        	 	 	 

      

      

       

      POOLING
        AND SERVICING AGREEMENT

       

      Dated
        as
        of May 1, 2006

       

      
        	 	 	 

      

      

      SACO
        I
        TRUST 2006-6

       

      MORTGAGE-BACKED
        CERTIFICATES, SERIES 2006-6

       

      

      
        
          
            

            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      TABLE
        OF CONTENTS

       

      
        	
                ARTICLE
                  I DEFINITIONS

              
	
                Section
                  1.01

              	
                Defined
                  Terms.

              
	
                Section
                  1.02

              	
                Allocation
                  of Certain Interest Shortfalls.

              
	 	 
	
                ARTICLE
                  II
                  CONVEYANCE OF TRUST FUND REPRESENTATIONS AND WARRANTIES

              
	
                Section
                  2.01

              	
                Conveyance
                  of Trust Fund.

              
	
                Section
                  2.02

              	
                Acceptance
                  of the Mortgage Loans.

              
	
                Section
                  2.03

              	
                Representations,
                  Warranties and Covenants of the Company, the Master Servicer, and
                  EMC as
                  Seller.

              
	
                Section
                  2.04

              	
                Representations
                  and Warranties of the Depositor.

              
	
                Section
                  2.05

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

              
	
                Section
                  2.06

              	
                Countersignature
                  and Delivery of Certificates.

              
	
                Section
                  2.07

              	
                Purposes
                  and Powers of the Trust.

              
	 	 
	
                ARTICLE
                  III
                  ADMINISTRATION AND SERVICING OF EMC MORTGAGE LOANS by the
                  company

              
	
                Section
                  3.01

              	
                The
                  Company.

              
	
                Section
                  3.02

              	
                Due-on-Sale
                  Clauses; Assumption Agreements.

              
	
                Section
                  3.03

              	
                Subservicers.

              
	
                Section
                  3.04

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

              
	
                Section
                  3.05

              	
                Optional
                  Purchase of Certain Mortgage Loans.

              
	
                Section
                  3.06

              	
                Release
                  of Mortgage Files.

              
	
                Section
                  3.07

              	
                Maintenance
                  of Hazard Insurance.

              
	
                Section
                  3.08

              	
                Presentment
                  of Claims and Collection of Proceeds.

              
	
                Section
                  3.09

              	
                Books
                  and Records.

              
	
                Section
                  3.10

              	
                Custodians
                  to Retain Possession of Certain Insurance Policies and
                  Documents.

              
	
                Section
                  3.11

              	
                Fidelity
                  Bond, Errors and Omissions Insurance.

              
	
                Section
                  3.12

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

              
	
                Section
                  3.13

              	
                Servicing
                  Compensation.

              
	
                Section
                  3.14

              	
                REO
                  Property.

              
	
                Section
                  3.15

              	
                Liquidation
                  Reports.

              
	
                Section
                  3.16

              	
                Annual
                  Statement as to Compliance.

              
	
                Section
                  3.17

              	
                Assessments
                  of Compliance and Attestation Reports.

              
	
                Section
                  3.18

              	
                Reports
                  Filed with Securities and Exchange Commission.

              
	
                Section
                  3.19

              	
                Intention
                  of the Parties and Interpretation.

              
	 	 
	
                ARTICLE
                  IV
                  MASTER SERVICING OF MORTGAGE LOANS BY MASTER SERVICER

              
	
                Section
                  4.01

              	
                Master
                  Servicer.

              
	
                Section
                  4.02

              	
                Monitoring
                  of Company and Servicer.

              
	
                Section
                  4.03

              	
                Fidelity
                  Bond.

              
	
                Section
                  4.04

              	
                Power
                  to Act; Procedures.

              
	
                Section
                  4.05

              	
                Due-on-Sale
                  Clauses; Assumption Agreements.

              
	
                Section
                  4.06

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

              
	
                Section
                  4.07

              	
                Presentment
                  of Claims and Collection of Proceeds.

              
	
                Section
                  4.08

              	
                Realization
                  Upon Defaulted Mortgage Loans.

              
	
                Section
                  4.09

              	
                Compensation
                  of the Master Servicer.

              
	
                Section
                  4.10

              	
                REO
                  Property.

              
	
                Section
                  4.11

              	
                [Reserved].

              
	
                Section
                  4.12

              	
                [Reserved].

              
	
                Section
                  4.13

              	
                UCC.

              
	
                Section
                  4.14

              	
                Reserve
                  Fund; Payments to and from Swap Administrator; Supplemental Interest
                  Trust.

              
	
                Section
                  4.15

              	
                Tax
                  Treatment of Class IO Distribution Amounts in the Event of
                  Resecuritization of Class A, Class M or Class B
                  Certificates.

              
	 	 
	
                ARTICLE
                  V
                  ACCOUNTS

              
	
                Section
                  5.01

              	
                Collection
                  of Mortgage Loan Payments; Protected Account.

              
	
                Section
                  5.02

              	
                Permitted
                  Withdrawals From the Protected Account.

              
	
                Section
                  5.03

              	
                Reports
                  to the Master Servicer.

              
	
                Section
                  5.04

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

              
	
                Section
                  5.05

              	
                Protected
                  Accounts.

              
	
                Section
                  5.06

              	
                Master
                  Servicer Collection Account.

              
	
                Section
                  5.07

              	
                Permitted
                  Withdrawals and Transfers from the Master Servicer Collection
                  Account.

              
	
                Section
                  5.08

              	
                Distribution
                  Account.

              
	
                Section
                  5.09

              	
                Permitted
                  Withdrawals and Transfers from the Distribution
                  Account.

              
	 	 
	
                ARTICLE
                  VI
                  DISTRIBUTIONS AND ADVANCES

              
	
                Section
                  6.01

              	
                Advances.

              
	
                Section
                  6.02

              	
                Compensating
                  Interest Payments.

              
	
                Section
                  6.03

              	
                REMIC
                  Distributions.

              
	
                Section
                  6.04

              	
                Distributions.

              
	
                Section
                  6.05

              	
                Allocation
                  of Realized Losses.

              
	
                Section
                  6.06

              	
                Monthly
                  Statements to Certificateholders.

              
	
                Section
                  6.07

              	
                REMIC
                  Designations and REMIC Distributions.

              
	 	 
	
                ARTICLE
                  VII
                  THE CERTIFICATES

              
	
                Section
                  7.01

              	
                The
                  Certificates.

              
	
                Section
                  7.02

              	
                Certificate
                  Register; Registration of Transfer and Exchange of
                  Certificates.

              
	
                Section
                  7.03

              	
                Mutilated,
                  Destroyed, Lost or Stolen Certificates.

              
	
                Section
                  7.04

              	
                Persons
                  Deemed Owners.

              
	
                Section
                  7.05

              	
                Access
                  to List of Certificateholders’ Names and Addresses.

              
	
                Section
                  7.06

              	
                Book-Entry
                  Certificates.

              
	
                Section
                  7.07

              	
                Notices
                  to Depository.

              
	
                Section
                  7.08

              	
                Definitive
                  Certificates.

              
	
                Section
                  7.09

              	
                Maintenance
                  of Office or Agency.

              
	 	 
	
                ARTICLE
                  VIII
                  THE DEPOSITOR, COMPANy AND THE MASTER SERVICER

              
	
                Section
                  8.01

              	
                Liabilities
                  of the Depositor, the Company and the Master Servicer.

              
	
                Section
                  8.02

              	
                Merger
                  or Consolidation of the Depositor or the Master
                  Servicer.

              
	
                Section
                  8.03

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

              
	
                Section
                  8.04

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

              
	
                Section
                  8.05

              	
                Master
                  Servicer and Company Not to Resign.

              
	
                Section
                  8.06

              	
                Successor
                  Master Servicer.

              
	
                Section
                  8.07

              	
                Sale
                  and Assignment of Master Servicing.

              
	 	 
	
                ARTICLE
                  IX
                  DEFAULT; TERMINATION OF MASTER SERVICER; Termination of
                  company

              
	
                Section
                  9.01

              	
                Events
                  of Default.

              
	
                Section
                  9.02

              	
                Trustee
                  to Act; Appointment of Successor.

              
	
                Section
                  9.03

              	
                Notification
                  to Certificateholders.

              
	
                Section
                  9.04

              	
                Waiver
                  of Defaults.

              
	
                Section
                  9.05

              	
                Company
                  Default.

              
	
                Section
                  9.06

              	
                Waiver
                  of Company Defaults.

              
	 	 
	
                ARTICLE
                  X
                  CONCERNING THE TRUSTEE AND THE SECURITIES ADMINISTRATOR

              
	
                Section
                  10.01

              	
                Duties
                  of Trustee and the Securities Administrator.

              
	
                Section
                  10.02

              	
                Certain
                  Matters Affecting the Trustee and the Securities
                  Administrator.

              
	
                Section
                  10.03

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

              
	
                Section
                  10.04

              	
                Trustee
                  and Securities Administrator May Own Certificates.

              
	
                Section
                  10.05

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

              
	
                Section
                  10.06

              	
                Eligibility
                  Requirements for Trustee and Securities Administrator.

              
	
                Section
                  10.07

              	
                Insurance.

              
	
                Section
                  10.08

              	
                Resignation
                  and Removal of Trustee and Securities Administrator.

              
	
                Section
                  10.09

              	
                Successor
                  Trustee or Securities Administrator.

              
	
                Section
                  10.10

              	
                Merger
                  or Consolidation of Trustee or Securities
                  Administrator.

              
	
                Section
                  10.11

              	
                Appointment
                  of Co-Trustee or Separate Trustee.

              
	
                Section
                  10.12

              	
                Tax
                  Matters.

              
	
                Section
                  10.13

              	
                REMIC-Related
                  Covenants.

              
	 	 
	
                ARTICLE
                  XI
                  TERMINATION

              
	
                Section
                  11.01

              	
                Termination
                  upon Liquidation or Repurchase of all Mortgage Loans.

              
	
                Section
                  11.02

              	
                Final
                  Distribution on the Certificates.

              
	
                Section
                  11.03

              	
                Additional
                  Termination Requirements.

              
	 	 
	
                ARTICLE
                  XII
                  MISCELLANEOUS PROVISIONS

              
	
                Section
                  12.01

              	
                Amendment.

              
	
                Section
                  12.02

              	
                Recordation
                  of Agreement; Counterparts.

              
	
                Section
                  12.03

              	
                Governing
                  Law.

              
	
                Section
                  12.04

              	
                Intention
                  of Parties.

              
	
                Section
                  12.05

              	
                Notices.

              
	
                Section
                  12.06

              	
                Severability
                  of Provisions.

              
	
                Section
                  12.07

              	
                Assignment.

              
	
                Section
                  12.08

              	
                Limitation
                  on Rights of Certificateholders.

              
	
                Section
                  12.09

              	
                Inspection
                  and Audit Rights.

              
	
                Section
                  12.10

              	
                Certificates
                  Nonassessable and Fully Paid.

              
	
                Section
                  12.11

              	
                Third
                  Party Rights.

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Exhibits

       

      
        	
                Exhibit
                  A-1

              	
                Form
                  of Class A Certificates

              
	
                Exhibit
                  A-2

              	
                Form
                  of Class M Certificates

              
	
                Exhibit
                  A-3

              	
                Form
                  of Class B Certificates

              
	
                Exhibit
                  A-4

              	
                Form
                  of Class C Certificates

              
	
                Exhibit
                  A-5

              	
                Form
                  of Class R Certificates

              
	
                Exhibit
                  B

              	
                Mortgage
                  Loan Schedule

              
	
                Exhibit
                  C

              	
                Form
                  of Transfer Affidavit

              
	
                Exhibit
                  D

              	
                Form
                  of Transferor Certificate

              
	
                Exhibit
                  E

              	
                Form
                  of Investment Letter (Non-Rule 144A)

              
	
                Exhibit
                  F

              	
                Form
                  of Rule 144A and Related Matters Certificate

              
	
                Exhibit
                  G

              	
                Form
                  of Request for Release

              
	
                Exhibit
                  H

              	
                DTC
                  Letter of Representations

              
	
                Exhibit
                  I

              	
                Schedule
                  of Mortgage Loans with Lost Notes

              
	
                Exhibit
                  J

              	
                Form
                  of LaSalle Custodial Agreement

              
	
                Exhibit
                  K 

              	
                Form
                  of Wells Fargo Custodial Agreement

              
	
                Exhibit
                  L

              	
                Form
                  of Mortgage Loan Purchase Agreement

              
	
                Exhibit
                  M

              	
                Form
                  of Back-Up Certification

              
	
                Exhibit
                  N

              	
                Interest
                  Swap Agreement

              
	
                Exhibit
                  O

              	
                Servicing
                  Criteria to Be Addressed in Assessment of Compliance

              
	
                Exhibit
                  P

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

              
	
                Exhibit
                  Q

              	
                Additional
                  Disclosure Notification

              
	
                Exhibit
                  S

              	
                Form
                  of GMACM Servicing Agreement

              
	
                Exhibit
                  U

              	
                Form
                  of GMACM Assignment, Assumption and Recognition
                  Agreement

              

      

      

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      POOLING
        AND SERVICING AGREEMENT, dated as of May 1, 2006, among BEAR STEARNS ASSET
        BACKED SECURITIES I LLC, a Delaware limited liability company, as depositor
        (the
“Depositor”), EMC MORTGAGE CORPORATION, a Delaware corporation, as seller (in
        such capacity, a “seller”) and as company (in such capacity, the “Company”),
        LASALLE BANK NATIONAL ASSOCIATION, a national banking association, as master
        servicer (in such capacity, the “Master Servicer”) and as securities
        administrator (in such capacity, the “Securities Administrator”) and CITIBANK,
        N.A., a national banking association, as trustee (the “Trustee”).

       

      PRELIMINARY
        STATEMENT

       

      The
        Depositor is the owner of the Trust Fund that is hereby conveyed to the Trustee
        in return for the Certificates. On or prior to the Closing Date, the Depositor
        acquired the Mortgage Loans from the Seller. On the Closing Date, the Depositor
        will sell the Mortgage Loans and certain other property to the Trust Fund
        and
        receive in consideration therefor Certificates evidencing the entire beneficial
        ownership interest in the Trust Fund.

       

      REMIC
        I

       

      As
        provided herein, the Securities Administrator, on behalf of the Trustee will
        elect to treat the segregated pool of assets consisting of the Mortgage Loans
        and certain other related assets subject to this Agreement (other than the
        Reserve Fund, any Prepayment Charge Waiver Amounts and, for the avoidance
        of
        doubt, the Supplemental Interest Trust, the Interest Rate Swap Agreement,
        the
        Swap Account and any rights or obligations in respect of the Swap Administration
        Agreement) as a REMIC (as defined herein) for federal income tax purposes,
        and
        such segregated pool of assets will be designated as “REMIC I”. The Class R-1
        Certificates will represent the sole class of Residual Interests (as defined
        herein) in REMIC I for purposes of the REMIC Provisions (as defined herein).
        The
        following table irrevocably sets forth the designation, the Uncertificated
        REMIC
        I Pass-Through Rate, the initial Uncertificated Principal Balance and, for
        purposes of satisfying Treasury Regulation Section 1.860G-1(a)(4)(iii), the
        “latest possible maturity date” for each of the REMIC I Regular Interests (as
        defined herein). None of the REMIC I Regular Interests will be
        certificated.

       

      
        	
                Designation

              	 	
                Uncertificated
                  REMIC I 

                Pass-Through
                  Rate

              	 	
                Initial
                  Uncertificated Principal Balance

              	 	
                Latest
                  Possible Maturity Date (1)

              	 
	
                I-1-A

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                10,805,000.80

              	 	 	
                June
                  25, 2036

              	 
	
                I-1-B

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                10,805,000.80

              	 	 	
                June
                  25, 2036

              	 
	
                I-2-A

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                10,422,015.70

              	 	 	
                June
                  25, 2036

              	 
	
                I-2-B

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                10,422,015.70

              	 	 	
                June
                  25, 2036

              	 
	
                I-3-A

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                10,052,586.41

              	 	 	
                June
                  25, 2036

              	 
	
                I-3-B

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                10,052,586.41

              	 	 	
                June
                  25, 2036

              	 
	
                I-4-A

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                9,696,233.62

              	 	 	
                June
                  25, 2036

              	 
	
                I-4-B

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                9,696,233.62

              	 	 	
                June
                  25, 2036

              	 
	
                I-5-A

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                9,352,494.94

              	 	 	
                June
                  25, 2036

              	 
	
                I-5-B

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                9,352,494.94

              	 	 	
                June
                  25, 2036

              	 
	
                I-6-A

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                9,020,924.33

              	 	 	
                June
                  25, 2036

              	 
	
                I-6-B

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                9,020,924.33

              	 	 	
                June
                  25, 2036

              	 
	
                I-7-A

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                8,701,091.50

              	 	 	
                June
                  25, 2036

              	 
	
                I-7-B

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                8,701,091.50

              	 	 	
                June
                  25, 2036

              	 
	
                I-8-A

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                8,392,581.37

              	 	 	
                June
                  25, 2036

              	 
	
                I-8-B

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                8,392,581.37

              	 	 	
                June
                  25, 2036

              	 
	
                I-9-A

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                8,094,993.53

              	 	 	
                June
                  25, 2036

              	 
	
                I-9-B

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                8,094,993.53

              	 	 	
                June
                  25, 2036

              	 
	
                I-10-A

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                7,807,941.71

              	 	 	
                June
                  25, 2036

              	 
	
                I-10-B

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                7,807,941.71

              	 	 	
                June
                  25, 2036

              	 
	
                I-11-A

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                7,531,053.29

              	 	 	
                June
                  25, 2036

              	 
	
                I-11-B

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                7,531,053.29

              	 	 	
                June
                  25, 2036

              	 
	
                I-12-A

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                7,263,968.83

              	 	 	
                June
                  25, 2036

              	 
	
                I-12-B

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                7,263,968.83

              	 	 	
                June
                  25, 2036

              	 
	
                I-13-A

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                7,006,341.58

              	 	 	
                June
                  25, 2036

              	 
	
                I-13-B

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                7,006,341.58

              	 	 	
                June
                  25, 2036

              	 
	
                I-14-A

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                6,757,837.05

              	 	 	
                June
                  25, 2036

              	 
	
                I-14-B

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                6,757,837.05

              	 	 	
                June
                  25, 2036

              	 
	
                I-15-A

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                6,518,132.56

              	 	 	
                June
                  25, 2036

              	 
	
                I-15-B

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                6,518,132.56

              	 	 	
                June
                  25, 2036

              	 
	
                I-16-A

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                6,286,916.86

              	 	 	
                June
                  25, 2036

              	 
	
                I-16-B

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                6,286,916.86

              	 	 	
                June
                  25, 2036

              	 
	
                I-17-A

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                6,063,889.66

              	 	 	
                June
                  25, 2036

              	 
	
                I-17-B

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                6,063,889.66

              	 	 	
                June
                  25, 2036

              	 
	
                I-18-A

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                5,848,761.33

              	 	 	
                June
                  25, 2036

              	 
	
                I-18-B

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                5,848,761.33

              	 	 	
                June
                  25, 2036

              	 
	
                I-19-A

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                5,641,252.43

              	 	 	
                June
                  25, 2036

              	 
	
                I-19-B

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                5,641,252.43

              	 	 	
                June
                  25, 2036

              	 
	
                I-20-A

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                5,441,093.43

              	 	 	
                June
                  25, 2036

              	 
	
                I-20-B

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                5,441,093.43

              	 	 	
                June
                  25, 2036

              	 
	
                I-21-A

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                5,248,024.32

              	 	 	
                June
                  25, 2036

              	 
	
                I-21-B

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                5,248,024.32

              	 	 	
                June
                  25, 2036

              	 
	
                I-22-A

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                5,061,794.26

              	 	 	
                June
                  25, 2036

              	 
	
                I-22-B

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                5,061,794.26

              	 	 	
                June
                  25, 2036

              	 
	
                I-23-A

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                4,882,161.29

              	 	 	
                June
                  25, 2036

              	 
	
                I-23-B

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                4,882,161.29

              	 	 	
                June
                  25, 2036

              	 
	
                I-24-A

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                4,708,892.02

              	 	 	
                June
                  25, 2036

              	 
	
                I-24-B

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                4,708,892.02

              	 	 	
                June
                  25, 2036

              	 
	
                I-25-A

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                4,541,761.29

              	 	 	
                June
                  25, 2036

              	 
	
                I-25-B

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                4,541,761.29

              	 	 	
                June
                  25, 2036

              	 
	
                I-26-A

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                4,380,551.89

              	 	 	
                June
                  25, 2036

              	 
	
                I-26-B

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                4,380,551.89

              	 	 	
                June
                  25, 2036

              	 
	
                I-27-A

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                4,225,054.32

              	 	 	
                June
                  25, 2036

              	 
	
                I-27-B

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                4,225,054.32

              	 	 	
                June
                  25, 2036

              	 
	
                I-28-A

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                4,075,066.45

              	 	 	
                June
                  25, 2036

              	 
	
                I-28-B

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                4,075,066.45

              	 	 	
                June
                  25, 2036

              	 
	
                I-29-A

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                3,930,393.32

              	 	 	
                June
                  25, 2036

              	 
	
                I-29-B

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                3,930,393.32

              	 	 	
                June
                  25, 2036

              	 
	
                I-30-A

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                3,790,846.86

              	 	 	
                June
                  25, 2036

              	 
	
                I-30-B

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                3,790,846.86

              	 	 	
                June
                  25, 2036

              	 
	
                I-31-A

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                3,656,245.64

              	 	 	
                June
                  25, 2036

              	 
	
                I-31-B

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                3,656,245.64

              	 	 	
                June
                  25, 2036

              	 
	
                I-32-A

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                3,526,414.64

              	 	 	
                June
                  25, 2036

              	 
	
                I-32-B

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                3,526,414.64

              	 	 	
                June
                  25, 2036

              	 
	
                I-33-A

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                3,401,185.05

              	 	 	
                June
                  25, 2036

              	 
	
                I-33-B

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                3,401,185.05

              	 	 	
                June
                  25, 2036

              	 
	
                I-34-A

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                3,280,394.00

              	 	 	
                June
                  25, 2036

              	 
	
                I-34-B

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                3,280,394.00

              	 	 	
                June
                  25, 2036

              	 
	
                I-35-A

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                3,163,884.41

              	 	 	
                June
                  25, 2036

              	 
	
                I-35-B

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                3,163,884.41

              	 	 	
                June
                  25, 2036

              	 
	
                I-36-A

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                3,051,504.73

              	 	 	
                June
                  25, 2036

              	 
	
                I-36-B

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                3,051,504.73

              	 	 	
                June
                  25, 2036

              	 
	
                I-37-A

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                2,943,108.77

              	 	 	
                June
                  25, 2036

              	 
	
                I-37-B

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                2,943,108.77

              	 	 	
                June
                  25, 2036

              	 
	
                I-38-A

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                2,838,555.52

              	 	 	
                June
                  25, 2036

              	 
	
                I-38-B

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                2,838,555.52

              	 	 	
                June
                  25, 2036

              	 
	
                I-39-A

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                2,737,708.95

              	 	 	
                June
                  25, 2036

              	 
	
                I-39-B

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                2,737,708.95

              	 	 	
                June
                  25, 2036

              	 
	
                I-40-A

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                2,640,437.84

              	 	 	
                June
                  25, 2036

              	 
	
                I-40-B

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                2,640,437.84

              	 	 	
                June
                  25, 2036

              	 
	
                I-41-A

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                2,546,615.62

              	 	 	
                June
                  25, 2036

              	 
	
                I-41-B

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                2,546,615.62

              	 	 	
                June
                  25, 2036

              	 
	
                I-42-A

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                2,456,120.18

              	 	 	
                June
                  25, 2036

              	 
	
                I-42-B

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                2,456,120.18

              	 	 	
                June
                  25, 2036

              	 
	
                I-43-A

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                2,368,833.74

              	 	 	
                June
                  25, 2036

              	 
	
                I-43-B

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                2,368,833.74

              	 	 	
                June
                  25, 2036

              	 
	
                I-44-A

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                2,284,642.69

              	 	 	
                June
                  25, 2036

              	 
	
                I-44-B

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                2,284,642.69

              	 	 	
                June
                  25, 2036

              	 
	
                I-45-A

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                61,796,664.63

              	 	 	
                June
                  25, 2036

              	 
	
                I-45-B

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                61,796,664.63

              	 	 	
                June
                  25, 2036

              	 

      

      _____________________________________

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

       

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

       

      REMIC
        II

       

      As
        provided herein, the
        Securities Administrator on behalf of 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-2 Certificates will
        represent the sole class of Residual Interests in REMIC II for purposes of
        the
        REMIC Provisions. The
        following table irrevocably sets forth the designation, the Uncertificated
        REMIC
        II Pass-Through Rate, the initial Uncertificated Principal Balance and, for
        purposes of satisfying Treasury Regulation Section 1.860G-1(a)(4)(iii), the
        “latest possible maturity date” for each of the REMIC II Regular Interests (as
        defined herein). None of the REMIC II Regular Interests will be
        certificated.

       

      
        	
                Designation

              	 	
                Uncertificated
                  REMIC II

                Pass-Through
                  Rate

              	 	
                Initial
                  Uncertificated Principal Balance

              	 	
                Latest
                  Possible Maturity Date (1)

              	 
	
                AA

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                596,314,267.74

              	 	 	
                June
                  25, 2036

              	 
	
                A

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                4,396,290.00

              	 	 	
                June
                  25, 2036

              	 
	
                M-1

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                328,580.00

              	 	 	
                June
                  25, 2036

              	 
	
                M-2

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                295,110.00

              	 	 	
                June
                  25, 2036

              	 
	
                M-3

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                136,910.00

              	 	 	
                June
                  25, 2036

              	 
	
                M-4

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                133,870.00

              	 	 	
                June
                  25, 2036

              	 
	
                M-5

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                109,530.00

              	 	 	
                June
                  25, 2036

              	 
	
                M-6

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                97,360.00

              	 	 	
                June
                  25, 2036

              	 
	
                B-1

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                100,400.00

              	 	 	
                June
                  25, 2036

              	 
	
                B-2

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                88,230.00

              	 	 	
                June
                  25, 2036

              	 
	
                B-3

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                60,850.00

              	 	 	
                June
                  25, 2036

              	 
	
                B-4

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                63,890.00

              	 	 	
                June
                  25, 2036

              	 
	
                ZZ

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                6,358,658.93

              	 	 	
                June
                  25, 2036

              	 
	
                IO

              	 	 	
                (2)

              	
                 

              	 	
                (3)

              	
                 

              	 	
                June
                  25, 2036

              	 

      

      ___________________________

      
        	
                (1)

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

              

      

      .

      
        	
                (2)

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

              

      

      

      
        	
                (3)

              	
                REMIC
                  II Regular Interest IO will not have an Uncertificated Principal
                  Balance
                  but will accrue interest on its uncertificated notional amount
                  calculated
                  in accordance with the definition of “Uncertificated Notional Amount”
                  herein.

              

      

      

       

      

       

      REMIC
        III

       

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

       

      The
        following table irrevocably sets forth the designation, Pass-Through Rate,
        Initial Certificate Principal Balance (or initial Uncertificated Principal
        Balance, in the case of the Class C Interest and the Class IO Interest) and,
        for
        purposes of satisfying Treasury Regulation Section 1.860G-1(a)(4)(iii), the
        “latest possible maturity date” for each class of Certificates and interests
        that represents ownership of one or more of the Regular Interests in REMIC
        III
        created hereunder.

       

      Each
        Certificate, other than the Class C Certificates and Class R Certificates,
        represents ownership of a Regular Interest in REMIC III and also represents
        (i)
        the right to receive certain amounts specified herein in respect of Basis
        Risk
        Shortfall Carry Forward Amounts (as defined herein) and (ii) the obligation
        to
        pay Class IO Distribution Amounts (as defined herein). The entitlement to
        principal of the Regular Interest which corresponds to each Certificate shall
        be
        equal in amount and timing to the entitlement to principal of such Certificate.
        Each Class C Certificate represents ownership of a Regular Interest in REMIC
        III
        and also represents (i) the obligation to pay certain amounts specified herein
        in respect of Basis Risk Shortfall Carry Forward Amounts and (ii) the right
        to
        receive Class IO Distribution Amounts.

       

      
        	
                Designation

              	
                Pass-Through
                  Rate

              	
                Initial
                  Certificate

                or
                  Uncertificated

                Principal
                  Balance

              	
                Latest
                  Possible

                Maturity
                  Date (1)

              
	
                A(4)

              	
                Variable(2)

              	
                $

              	
                439,629,000.00

              	
                June
                  25, 2036

              
	
                M-1(4)

              	
                Variable(2)

              	
                $

              	
                32,858,000.00

              	
                June
                  25, 2036

              
	
                M-2(4)

              	
                Variable(2)

              	
                $

              	
                29,511,000.00

              	
                June
                  25, 2036

              
	
                M-3(4)

              	
                Variable(2)

              	
                $

              	
                13,691,000.00

              	
                June
                  25, 2036

              
	
                M-4(4)

              	
                Variable(2)

              	
                $

              	
                13,387,000.00

              	
                June
                  25, 2036

              
	
                M-5(4)

              	
                Variable(2)

              	
                $

              	
                10,953,000.00

              	
                June
                  25, 2036

              
	
                M-6(4)

              	
                Variable(2)

              	
                $

              	
                9,736,000.00

              	
                June
                  25, 2036

              
	
                B-1(4)

              	
                Variable(2)

              	
                $

              	
                10,040,000.00

              	
                June
                  25, 2036

              
	
                B-2(4)

              	
                Variable(2)

              	
                $

              	
                8,823,000.00

              	
                June
                  25, 2036

              
	
                B-3(4)

              	
                Variable(2)

              	
                $

              	
                6,085,000.00

              	
                June
                  25, 2036

              
	
                B-4(4)

              	
                Variable(2)

              	
                $

              	
                6,389,000.00

              	
                June
                  25, 2036

              
	
                Class
                  C Interest

              	
                Variable(2)(3)

              	
                $

              	
                27,381,946.67

              	
                June
                  25, 2036

              
	
                Class
                  IO Interest

              	
                (5)

              	 	
                (6)

              	
                June
                  25, 2036

              

      

      

      ______________________________________

      (1) For
        purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the
        Distribution Date in the month following the maturity date for the Mortgage
        Loan
        with the latest maturity date has been designated as the “latest possible
        maturity date” for each Regular Interest in REMIC III the ownership of which is
        represented by the Class A, Class M and Class B Certificates, the Class C
        Interest and the Class IO Interest.

       

      (2) Calculated
        in accordance with the definition of “Pass-Through Rate” herein. Each Regular
        Interest in REMIC III which corresponds to a Class A, Class M or Class B
        Certificate will have the same Pass-Through Rate as such Certificate, except
        with respect to the Net WAC Cap Rate. The Net WAC Cap Rate for each such
        Regular
        Interest in REMIC III and Certificate is specified in the definition of “Net WAC
        Cap Rate.”

       

      (3) The
        Class
        C Interest will not accrue interest on tits Uncertificated Principal Balance,
        but will accrue interest on its Uncertificated Notional Amount as described
        herein.

       

      (4)
         This
        Class of Certificates represents ownership of a Regular Interest in REMIC
        III.
        Any amount distributed on this Class of Certificates on any Distribution
        Date in
        excess of the amount distributable on the related Regular Interest in REMIC
        III
        on such Distribution Date shall be treated for federal income tax purposes
        as
        having been paid from the Reserve Fund or the Supplemental Interest Trust,
        as
        applicable, and any amount distributable on the related Regular Interest
        in
        REMIC III on such Distribution Date in excess of the amount distributable
        on
        such Class of Certificates on such Distribution Date shall be treated for
        such
        purposes as having been distributed to the Holders of such Certificates and
        then
        paid by such Holders to the Supplemental Interest Trust, all pursuant to
        and as
        further provided in Section 4.14 hereof.

       

      (5) For
        federal income tax purposes, the Class IO Interest will not have a Pass-Through
        Rate, but will be entitled to 100% of the amounts distributed on REMIC II
        Regular Interest IO.

      

      (6) For
        federal income tax purposes, the Class IO Interest will not have an
        Uncertificated Principal Balance, but will have a notional amount equal to
        the
        Uncertificated Notional Amount of REMIC II Regular Interest IO.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      REMIC
        IV

       

      As
        provided herein, the Securities Administrator on behalf of the Trustee will
        elect to treat the segregated pool of assets consisting of the Class C Interest
        as a REMIC for federal income tax purposes, and such segregated pool of assets
        will be designated as “REMIC IV”. The Class R-4 Interest represents the sole
        class of Residual Interests in REMIC IV for purposes of the REMIC
        Provisions.

       

      The
        following table sets forth the Class designation, Pass-Through Rate, Initial
        Certificate Principal Balance and, for purposes of satisfying Treasury
        Regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for
        the indicated Class of Certificates that represents a Regular Interest in
        REMIC
        IV created hereunder:

       

      
        	
                Class
                  Designation

              	
                Pass-Through
                  Rate

              	
                Initial
                  Certificate

                Principal
                  Balance

              	
                Latest
                  Possible

                Maturity
                  Date(1)

              
	
                C

              	
                Variable(2)

              	
                $27,381,946.67

              	
                June
                  25, 2036

              

      

      

      _______________

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

      

      (2) The
        Class
        C Certificates will not accrue interest on their uncertificated principal
        balance, but will receive 100% of the amounts received in respect of the
        Class C
        Interest. 

       

      REMIC
        V

       

      As
        provided herein, the Securities Administrator on behalf of the Trustee shall
        elect to treat the segregated pool of assets consisting of the Class IO Interest
        as a REMIC for federal income tax purposes, and such segregated pool of assets
        will be designated as “REMIC V”. The Class R-5 Interest represents the sole
        class of Residual Interests in REMIC V for purposes of the REMIC
        Provisions.

       

      The
        following table sets forth the designation, Pass-Through Rate, initial
        Uncertificated Principal Balance and, for purposes of satisfying Treasury
        Regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for
        the indicated class of interests that represents a Regular Interest in REMIC
        V
        created hereunder:

       

      
        	
                Designation

              	
                Pass-Through
                  Rate

              	
                Initial
                  Uncertificated Principal Balance

              	
                Latest
                  Possible

                Maturity
                  Date(1)

              
	
                IO(2)

              	
                (3)

              	
                (4)

              	
                June
                  25, 2036

              

      

      _______________

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

              

      

      
        	(2)	
                REMIC
                  V Regular Interest IO will be held as an asset of the Supplemental
                  Interest Trust.

              

      

      
        	(3)	
                REMIC
                  V Regular Interest IO will not have a Pass-Through Rate, but will
                  receive
                  100% of the amounts received in respect of the Class IO Interest.
                  

              

      

      
        	(4)	
                REMIC
                  V Regular Interest IO will not have an Uncertificated Principal
                  Balance,
                  but will have a notional amount equal to the Uncertificated Notional
                  Amount of the Class IO Interest.

              

      

       

      The
        Trust
        Fund shall be named, and may be referred to as, the “SACO I Trust 2006-6.” The
        Certificates issued hereunder may be referred to as “Mortgage-Backed
        Certificates, Series 2006-6” (including for purposes of any endorsement or
        assignment of a Mortgage Note or Mortgage).

       

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

       

      

      

      ARTICLE
        I

       

      DEFINITIONS

       

      Section
        1.01  Defined
        Terms. 

       

      Whenever
        used in this Agreement, the following words and phrases, unless otherwise
        expressly provided or unless the context otherwise requires, shall have the
        meanings specified in this Article.

       

      10-K
        Filing Deadline:
        The
        meaning set forth in Section 3.18(a)(iv).

       

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

       

      Accepted
        Servicing Practices:
        With
        respect to each EMC Mortgage Loan, those customary mortgage servicing practices
        (including collection procedures) that are in accordance with all applicable
        statutes, regulations and prudent mortgage banking practices for mortgage
        loans
        of the same type and quality as such Mortgage Loan in the jurisdiction where
        the
        related Mortgaged Property is located.

       

      Account:
        The
        Distribution Account, the Master Servicer Collection Account, the Reserve
        Fund
        and any Protected Account.

       

      Accrual
        Period:
        With
        respect to the Certificates (other than the Class C Certificates and the
        Residual Certificates) and any Distribution Date, the period from and including
        the immediately preceding Distribution Date (or with respect to the first
        Accrual Period, the Closing Date) to and including the day prior to such
        Distribution Date. With respect to the Class C Certificates and the Class
        C
        Interest and any Distribution Date, the calendar month immediately preceding
        such Distribution Date. All calculations of interest on the Certificates
        (other
        than the Class C Certificates and the Residual Certificates) will be made
        on the
        basis of the actual number of days elapsed in the related Accrual Period.
        All
        calculations of interest on the Class C Certificates and the Class C Interest
        will be made on the basis of a 360-day year consisting of twelve 30-day
        months.

       

      Additional
        Disclosure Notification:
        The
        form of notice set forth in Exhibit Q.

       

      Additional
        Form 10-D Disclosure:
        The
        meaning set forth in Section 3.19(a)(i).

       

      Additional
        Form 10-K Disclosure:
        The
        meaning set forth in Section 3.19(a)(iii).

       

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

       

      Affected
        Party:
        An
“Affected Party” as defined in the Swap Agreement.

       

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

       

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

       

      Annual
        Statement of Compliance:
        As
        defined in Section 3.16.

       

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

       

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

       

      Assignment
        Agreement:
        The
        First Horizon Assignment Agreement or the GMAC Mortgage Corporation Assignment
        Agreement, as applicable.

       

      Assessment
        of Compliance:
        As
        defined in Section 3.17.

       

      Attestation
        Report:
        As
        defined in Section 3.17.

       

      Attesting
        Party:
        As
        defined in Section 3.17.

       

      Back-Up
        Certification:
        As
        defined in Section 3.18.

       

      Basis
        Risk Shortfall Carry Forward Amount:
        With
        respect to any Distribution Date and any Class of Class A, Class M and Class
        B
        Certificates, an amount equal to the sum of (A) the excess, if any, of (a)
        the
        amount of Current Interest that such Class would have been entitled to receive
        on such Distribution Date had the Pass-Though Rate applicable to such Class
        been
        calculated at a per annum rate equal to One-Month LIBOR plus the related
        Certificate Margin, over (b) the amount of Current Interest that such Class
        received on such Distribution Date if the Pass-Through Rate is limited to
        the
        Net WAC Cap Rate and (B) the Basis Risk Shortfall Carry Forward Amount for
        the
        previous Distribution Date not previously paid, together with interest thereon
        at a rate equal to the related Pass-Through Rate for the current Distribution
        Date.

       

      Bankruptcy
        Code:
        Title
        11 of the United States Code.

       

      Book-Entry
        Certificates:
        Any of
        the Certificates that shall be registered in the name of the Depository or
        its
        nominee, the ownership of which is reflected on the books of the Depository
        or
        on the books of a Person maintaining an account with the Depository (directly,
        as a “Depository Participant”, or indirectly, as an indirect participant in
        accordance with the rules of the Depository and as described in Section 7.06).
        As of the Closing Date, each Class of Regular Certificates (other than the
        Class
        B-4 Certificates and Class C Certificates) constitutes a Class of Book-Entry
        Certificates.

       

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

       

      Certificate:
        Any one
        of the certificates of any Class executed and authenticated by the Securities
        Administrator in substantially the forms attached hereto as Exhibits A-1
        through
        A-5.

       

      Certificate
        Margin:
        With
        respect to the Class A Certificates and, for purposes of the definition of
        “One-Month LIBOR Pass-Through Rate”, REMIC II Regular Interest A, 0.130% per
        annum in the case of each Distribution Date through and including the first
        possible Optional Termination Date and 0.260% per annum in the case of each
        Distribution Date thereafter.

       

      With
        respect to the Class M-1 Certificates and, for purposes of the definition
        of
“One-Month LIBOR Pass-Through Rate”, REMIC II Regular Interest M-1, 0.300% per
        annum in the case of each Distribution Date through and including the first
        possible Optional Termination Date and 0.450% per annum in the case of each
        Distribution Date thereafter.

       

      With
        respect to the Class M-2 Certificates and, for purposes of the definition
        of
“One-Month LIBOR Pass-Through Rate”, REMIC II Regular Interest M-2, 0.320% per
        annum in the case of each Distribution Date through and including the first
        possible Optional Termination Date and 0.480% per annum in the case of each
        Distribution Date thereafter.

       

      With
        respect to the Class M-3 Certificates and, for purposes of the definition
        of
“One-Month LIBOR Pass-Through Rate”, REMIC II Regular Interest M-3, 0.350% per
        annum in the case of each Distribution Date through and including the first
        possible Optional Termination Date and 0.525% per annum in the case of each
        Distribution Date thereafter.

       

      With
        respect to the Class M-4 Certificates and, for purposes of the definition
        of
“One-Month LIBOR Pass-Through Rate”, REMIC II Regular Interest M-4, 0.400% per
        annum in the case of each Distribution Date through and including the first
        possible Optional Termination Date and 0.600% per annum in the case of each
        Distribution Date thereafter.

       

      With
        respect to the Class M-5 Certificates and, for purposes of the definition
        of
“One-Month LIBOR Pass-Through Rate”, REMIC II Regular Interest M-5, 0.450% per
        annum in the case of each Distribution Date through and including the first
        possible Optional Termination Date and 0.625% per annum in the case of each
        Distribution Date thereafter.

       

      With
        respect to the Class M-6 Certificates and, for purposes of the definition
        of
“One-Month LIBOR Pass-Through Rate”, REMIC II Regular Interest M-6, 0.500% per
        annum in the case of each Distribution Date through and including the first
        possible Optional Termination Date and 0.750% per annum in the case of each
        Distribution Date thereafter.

       

      With
        respect to the Class B-1 Certificates and, for purposes of the definition
        of
“One-Month LIBOR Pass-Through Rate”, REMIC II Regular Interest B-1, 0.950% per
        annum in the case of each Distribution Date through and including the first
        possible Optional Termination Date and 1.425% per annum in the case of each
        Distribution Date thereafter.

       

      With
        respect to the Class B-2 Certificates and, for purposes of the definition
        of
“One-Month LIBOR Pass-Through Rate”, REMIC II Regular Interest B-2, 1.100% per
        annum in the case of each Distribution Date through and including the first
        possible Optional Termination Date and 1.650% per annum in the case of each
        Distribution Date thereafter.

       

      With
        respect to the Class B-3 Certificates and, for purposes of the definition
        of
“One-Month LIBOR Pass-Through Rate”, REMIC II Regular Interest B-3, 1.950% per
        annum in the case of each Distribution Date through and including the first
        possible Optional Termination Date and 2.925% per annum in the case of each
        Distribution Date thereafter.

       

      With
        respect to the Class B-4 Certificates and, for purposes of the definition
        of
“One-Month LIBOR Pass-Through Rate”, REMIC II Regular Interest B-4, 3.500% per
        annum in the case of each Distribution Date through and including the first
        possible Optional Termination Date and 5.000% per annum in the case of each
        Distribution Date thereafter.

       

      Certificate
        Notional Amount:
        With
        respect to the Class C Certificates and any Distribution Date, an amount
        equal
        to the Stated Principal Balance of the Mortgage Loans as of the beginning
        of the
        related Due Period. The initial Certificate Notional Amount of the Class
        C
        Certificates shall be $608,483,946.67. For federal income tax purposes, the
        Certificate Notional Amount for any Distribution Date shall be an amount
        equal
        to the Uncertificated Notional Amount for the Class C Interest for such
        Distribution Date

      

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

       

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

       

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

       

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

       

      Certification
        Parties:
        The
        meaning set forth in Section 3.19(a)(iii).

       

      Certifying
        Person:
        The
        meaning set forth in Section 3.19(a)(iii).

       

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

       

      Class
        A Certificates:
        Any of
        the Class A Certificates.

       

      Class
        A Principal Distribution Amount:
        For
        any
        Distribution Date, an amount equal to the lesser of (x) the Principal
        Distribution Amount for such Distribution Date and (y) the excess, if any,
        of
        (i) the aggregate Certificate Principal Balance of the Class A Certificates
        immediately prior to such Distribution Date, over (ii) the lesser of (a)
        the
        product of (1) 44.50% and (2) the aggregate Stated Principal Balance of the
        Mortgage Loans as of the last day of the related Due Period (after giving
        effect
        to scheduled payments of principal due during the related Due Period, to
        the
        extent received or advanced, and unscheduled collections of principal received
        during the related Prepayment Period, and after reduction for Realized Losses
        incurred during the related Due Period), and (b) the aggregate Stated Principal
        Balance of the Mortgage Loans as of the last day of the related Due Period
        (after giving effect to scheduled payments of principal due during the related
        Due Period, to the extent received or advanced, and unscheduled collections
        of
        principal received during the related Prepayment Period, and after reduction
        for
        Realized Losses incurred during the related Due Period) minus the
        Overcollateralization Floor.

       

      Class
        A Certificate:
        Any
        Certificate designated as a “Class A Certificate” on the face thereof, in the
        form of Exhibit A-1 hereto, representing the right to the Percentage Interest
        of
        distributions provided for the Class A Certificates as set forth herein and
        evidencing (i) a Regular Interest in REMIC III, (ii) the right to receive
        Basis
        Risk Shortfall Carry Forward Amounts and (iii) the obligation to pay Class
        IO
        Distribution Amounts.

       

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

       

      Class
        B-1 Certificate:
        Any
        Certificate designated as a “Class B-1 Certificate” on the face thereof, in the
        form of Exhibit A-3 hereto, representing the right to its Percentage Interest
        of
        distributions provided for the Class B-1 Certificates as set forth herein
        and
        evidencing (i) a Regular Interest in REMIC III, (ii) the right to receive
        Basis
        Risk Shortfall Carry Forward Amounts and (iii) the obligation to pay Class
        IO
        Distribution Amounts.

       

      Class
        B-1 Principal Distribution Amount:
        For any
        Distribution Date, an amount equal to the lesser of (x) the remaining Principal
        Distribution Amount for such Distribution Date after distribution of the
        Class A
        Principal Distribution Amount, the Class M-1 Principal Distribution Amount,
        the
        Class M-2 Principal Distribution Amount, the Class M-3 Principal Distribution
        Amount, the Class M-4 Principal Distribution Amount, the Class M-5 Principal
        Distribution Amount and the Class M-6 Principal Distribution Amount and (y)
        the
        excess, if any, of (a) the sum of (1) 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),
        (2) 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), (3) 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), (4) 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), (5) 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), (6) 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), (7) 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 (8) the Certificate Principal
        Balance of the Class B-1 Certificates immediately prior to such Distribution
        Date, over (b) the lesser of (1) the product of (x) 84.00% and (y) the aggregate
        Stated Principal Balance of the Mortgage Loans as of the last day of the
        related
        Due Period (after giving effect to scheduled payments of principal due during
        the related Due Period, to the extent received or advanced, and unscheduled
        collections of principal received during the related Prepayment Period, and
        after reduction for Realized Losses incurred during the related Due Period),
        and
        (2) the aggregate Stated Principal Balance of the Mortgage Loans as of the
        last
        day of the related Due Period (after giving effect to scheduled payments
        of
        principal due during the related Due Period, to the extent received or advanced,
        and unscheduled collections of principal received during the related Prepayment
        Period, and after reduction for Realized Losses incurred during the related
        Due
        Period) minus the Overcollateralization Floor.

       

      Class
        B-2 Certificate:
        Any
        Certificate designated as a “Class B-2 Certificate” on the face thereof, in the
        form of Exhibit A-3 hereto, representing the right to its Percentage Interest
        of
        distributions provided for the Class B-2 Certificates as set forth herein
        and
        evidencing (i) a Regular Interest in REMIC III, (ii) the right to receive
        Basis
        Risk Shortfall Carry Forward Amounts and (iii) the obligation to pay Class
        IO
        Distribution Amounts.

       

      Class
        B-2 Principal Distribution Amount:
        For any
        Distribution Date, an amount equal to the lesser of (x) the remaining Principal
        Distribution Amount for such Distribution Date after distribution of the
        Class A
        Principal Distribution Amount, the Class M-1 Principal Distribution Amount,
        the
        Class M-2 Principal Distribution Amount, the Class M-3 Principal Distribution
        Amount, the Class M-4 Principal Distribution Amount, the Class M-5 Principal
        Distribution Amount, the Class M-6 Principal Distribution Amount and the
        Class
        B-1 Principal Distribution Amount and (y) the excess, if any, of (a) the
        sum of
        (1) 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), (2) 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), (3) 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), (4) 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), (5) 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), (6) 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), (7) 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), (8) the Certificate Principal
        Balance of the Class B-1 Certificates (after taking into account the
        distribution of the Class B-1 Principal Distribution Amount on such Distribution
        Date) and (9) the Certificate Principal Balance of the Class B-2 Certificates
        immediately prior to such Distribution Date, over (b) the lesser of (1) the
        product of (x) 86.90% and (y) the aggregate Stated Principal Balance of the
        Mortgage Loans as of the last day of the related Due Period (after giving
        effect
        to scheduled payments of principal due during the related Due Period, to
        the
        extent received or advanced, and unscheduled collections of principal received
        during the related Prepayment Period, and after reduction for Realized Losses
        incurred during the related Due Period), and (2) the aggregate Stated Principal
        Balance of the Mortgage Loans as of the last day of the related Due Period
        (after giving effect to scheduled payments of principal due during the related
        Due Period, to the extent received or advanced, and unscheduled collections
        of
        principal received during the related Prepayment Period, and after reduction
        for
        Realized Losses incurred during the related Due Period) minus the
        Overcollateralization Floor.

       

      Class
        B-3 Certificate:
        Any
        Certificate designated as a “Class B-3 Certificate” on the face thereof, in the
        form of Exhibit A-3 hereto, representing the right to its Percentage Interest
        of
        distributions provided for the Class B-3 Certificates as set forth herein
        and
        evidencing (i) a Regular Interest in REMIC III, (ii) the right to receive
        Basis
        Risk Shortfall Carry Forward Amounts and (iii) the obligation to pay Class
        IO
        Distribution Amounts. 

       

      Class
        B-3 Principal Distribution Amount:
        For any
        Distribution Date, an amount equal to the lesser of (x) the remaining Principal
        Distribution Amount for such Distribution Date after distribution of the
        Class A
        Principal Distribution Amount, the Class M-1 Principal Distribution Amount,
        the
        Class M-2 Principal Distribution Amount, the Class M-3 Principal Distribution
        Amount, the Class M-4 Principal Distribution Amount, the Class M-5 Principal
        Distribution Amount, the Class M-6 Principal Distribution Amount, the Class
        B-1
        Principal Distribution Amount, and the Class B-2 Principal Distribution Amount
        and (y) the excess, if any, of (a) the sum of (1) 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), (2) 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), (3) 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), (4) 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), (5) 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), (6) 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), (7) 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), (8) the Certificate Principal Balance of the Class B-1 Certificates
        (after taking into account the distribution of the Class B-1 Principal
        Distribution Amount on such Distribution Date), (9) the Certificate Principal
        Balance of the Class B-2 Certificates (after taking into account the
        distribution of the Class B-2 Principal Distribution Amount on such Distribution
        Date) and (10) the Certificate Principal Balance of the Class B-3 Certificates
        immediately prior to such Distribution Date, over (b) the lesser of (1) the
        product of (x) 88.90% and (y) the aggregate Stated Principal Balance of the
        Mortgage Loans as of the last day of the related Due Period (after giving
        effect
        to scheduled payments of principal due during the related Due Period, to
        the
        extent received or advanced, and unscheduled collections of principal received
        during the related Prepayment Period, and after reduction for Realized Losses
        incurred during the related Due Period), and (2) the aggregate Stated Principal
        Balance of the Mortgage Loans as of the last day of the related Due Period
        (after giving effect to scheduled payments of principal due during the related
        Due Period, to the extent received or advanced, and unscheduled collections
        of
        principal received during the related Prepayment Period, and after reduction
        for
        Realized Losses incurred during the related Due Period) minus the
        Overcollateralization Floor.

       

      Class
        B-4 Certificate:
        Any
        Certificate designated as a “Class B-4 Certificate” on the face thereof, in the
        form of Exhibit A-3 hereto, representing the right to its Percentage Interest
        of
        distributions provided for the Class B-4 Certificates as set forth herein
        and
        evidencing (i) a Regular Interest in REMIC III, (ii) the right to receive
        Basis
        Risk Shortfall Carry Forward Amounts and (iii) the obligation to pay Class
        IO
        Distribution Amounts. 

       

      Class
        B-4 Principal Distribution Amount:
        For any
        Distribution Date, an amount equal to the lesser of (x) the remaining Principal
        Distribution Amount for such Distribution Date after distribution of the
        Class A
        Principal Distribution Amount, the Class M-1 Principal Distribution Amount,
        the
        Class M-2 Principal Distribution Amount, the Class M-3 Principal Distribution
        Amount, the Class M-4 Principal Distribution Amount, the Class M-5 Principal
        Distribution Amount, the Class M-6 Principal Distribution Amount, the Class
        B-1
        Principal Distribution Amount, the Class B-2 Principal Distribution Amount
        and
        the Class B-3 Principal Distribution Amount and (y) the excess, if any, of
        (a)
        the sum of (1) 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), (2) 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), (3) 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), (4) 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), (5) 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), (6) 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), (7) 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), (8) the Certificate Principal
        Balance of the Class B-1 Certificates (after taking into account the
        distribution of the Class B-1 Principal Distribution Amount on such Distribution
        Date), (9) the Certificate Principal Balance of the Class B-2 Certificates
        (after taking into account the distribution of the Class B-2 Principal
        Distribution Amount on such Distribution Date), (10) the Certificate Principal
        Balance of the Class B-3 Certificates (after taking into account the
        distribution of the Class B-3 Principal Distribution Amount on such Distribution
        Date) and (11) the Certificate Principal Balance of the Class B-4 Certificates
        immediately prior to such Distribution Date, over (b) the lesser of (1) the
        product of (x) 91.00% and (y) the aggregate Stated Principal Balance of the
        Mortgage Loans as of the last day of the related Due Period (after giving
        effect
        to scheduled payments of principal due during the related Due Period, to
        the
        extent received or advanced, and unscheduled collections of principal received
        during the related Prepayment Period, and after reduction for Realized Losses
        incurred during the related Due Period), and (2) the aggregate Stated Principal
        Balance of the Mortgage Loans as of the last day of the related Due Period
        (after giving effect to scheduled payments of principal due during the related
        Due Period, to the extent received or advanced, and unscheduled collections
        of
        principal received during the related Prepayment Period, and after reduction
        for
        Realized Losses incurred during the related Due Period) minus the
        Overcollateralization Floor.

       

      Class
        C Certificate:
        Any
        Certificate designated as a “Class C Certificate” on the face thereof, in the
        form of Exhibit A-4 hereto, representing the right to its Percentage Interest
        of
        distributions provided for the Class C Certificates herein and evidencing
        (i) a
        Regular Interest in REMIC IV, (ii) the obligation to pay Basis Risk Shortfall
        Carry Forward Amounts, (iii)
        the
        right to receive Class IO Distribution Amounts and (iv) the right to receive
        any
        Prepayment Charge Waiver Amounts.

       

      Class
        C Distribution Amount:
        With
        respect to any Distribution Date, the sum of (i) the Current Interest for
        the
        Class C Interest for such Distribution Date, (ii) any Overcollateralization
        Release Amount for such Distribution Date and (iii) without duplication,
        any
        Subsequent Recoveries not distributed to the Class A, Class M and Class B
        Certificates on such Distribution Date; provided, however, that, on any
        Distribution Date after the Distribution Date on which the Certificate Principal
        Balances of the Class A, Class M and Class B Certificates have been reduced
        to
        zero, the Class C Distribution Amount shall include the Overcollateralization
        Amount.

       

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

       

      Class
        IO Distribution Amount:
        As
        defined in Section 4.14 hereof. For purposes of clarity, the Class IO
        Distribution Amount for any Distribution Date shall equal the amount payable
        to
        the Swap Administrator on such Distribution Date in excess of the amount
        payable
        on REMIC V Regular Interest IO on such Distribution Date, all as further
        provided in Section 4.14 hereof.

       

      Class
        IO Interest:
        An
        uncertificated interest in the Trust Fund held by the Trustee on behalf of
        the
        holders of REMIC V Regular Interest IO, evidencing a Regular Interest in
        REMIC V
        for purposes of the REMIC Provisions.

       

      Class
        M Certificates:
        Any of
        the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5 and Class M-6
        Certificates.

       

      Class
        M-1 Certificate:
        Any
        Certificate designated as a “Class M-1 Certificate” on the face thereof, in the
        form of Exhibit A-2 hereto, representing the right to its Percentage Interest
        of
        distributions provided for the Class M-1 Certificates as set forth herein
        and
evidencing
        (i) a Regular Interest in REMIC III, (ii) the right to receive Basis Risk
        Shortfall Carry Forward Amounts and (iii) the obligation to pay Class IO
        Distribution Amounts.

       

      Class
        M-1 Principal Distribution Amount:
        For any
        Distribution Date, an amount equal to the lesser of (x) the remaining Principal
        Distribution Amount for such Distribution Date after distribution of the
        Class A
        Principal Distribution Amount and (y) the excess, if any, of (a) the sum
        of (1)
        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 (2) the Certificate Principal Balance
        of
        the Class M-1 Certificates immediately prior to such Distribution Date, over
        (b)
        the lesser of (1) the product of (x) 55.30% and (y) the aggregate Stated
        Principal Balance of the Mortgage Loans as of the last day of the related
        Due
        Period (after giving effect to scheduled payments of principal due during
        the
        related Due Period, to the extent received or advanced, and unscheduled
        collections of principal received during the related Prepayment Period, and
        after reduction for Realized Losses incurred during the related Due Period),
        and
        (2) the aggregate Stated Principal Balance of the Mortgage Loans as of the
        last
        day of the related Due Period (after giving effect to scheduled payments
        of
        principal due during the related Due Period, to the extent received or advanced,
        and unscheduled collections of principal received during the related Prepayment
        Period, and after reduction for Realized Losses incurred during the related
        Due
        Period) minus the Overcollateralization Floor.

       

      Class
        M-2 Certificate:
        Any
        Certificate designated as a “Class M-2 Certificate” on the face thereof, in the
        form of Exhibit A-2 hereto, representing the right to its Percentage Interest
        of
        distributions provided for the Class M-2 Certificates as set forth herein
        and
        evidencing (i) a Regular Interest in REMIC III, (ii) the right to receive
        Basis
        Risk Shortfall Carry Forward Amounts and (iii) the obligation to pay Class
        IO
        Distribution Amounts. 

       

      Class
        M-2 Principal Distribution Amount:
        For any
        Distribution Date, an amount equal to the lesser of (x) the remaining Principal
        Distribution Amount for such Distribution Date after distribution of the
        Class A
        Principal Distribution Amount and the Class M-1 Principal Distribution Amount
        and (y) the excess, if any, of (a) the sum of (1) 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), (2) 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 (3) the Certificate Principal
        Balance of the Class M-2 Certificates immediately prior to such Distribution
        Date, over (b) the lesser of (1) the product of (x) 65.00% and (y) the aggregate
        Stated Principal Balance of the Mortgage Loans as of the last day of the
        related
        Due Period (after giving effect to scheduled payments of principal due during
        the related Due Period, to the extent received or advanced, and unscheduled
        collections of principal received during the related Prepayment Period, and
        after reduction for Realized Losses incurred during the related Due Period),
        and
        (2) the aggregate Stated Principal Balance of the Mortgage Loans as of the
        last
        day of the related Due Period (after giving effect to scheduled payments
        of
        principal due during the related Due Period, to the extent received or advanced,
        and unscheduled collections of principal received during the related Prepayment
        Period, and after reduction for Realized Losses incurred during the related
        Due
        Period) minus the Overcollateralization Floor.

       

      Class
        M-3 Certificate:
        Any
        Certificate designated as a “Class M-3 Certificate” on the face thereof, in the
        form of Exhibit A-2 hereto, representing the right to its Percentage Interest
        of
        distributions provided for the Class M-3 Certificates as set forth herein
        and
        evidencing (i) a Regular Interest in REMIC III, (ii) the right to receive
        Basis
        Risk Shortfall Carry Forward Amounts and (iii) the obligation to pay Class
        IO
        Distribution Amounts. 

       

      Class
        M-3 Principal Distribution Amount:
        For any
        Distribution Date, an amount equal to the lesser of (x) the remaining Principal
        Distribution Amount for such Distribution Date after distribution of the
        Class A
        Principal Distribution Amount, the Class M-1 Principal Distribution Amount
        and
        the Class M-2 Principal Distribution Amount and (y) the excess, if any, of
        (a)
        the sum of (1) 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), (2) 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), (3) 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 (4) the Certificate Principal
        Balance of the Class M-3 Certificates immediately prior to such Distribution
        Date, over (b) the lesser of (1) the product of (x) 69.50% and (y) the aggregate
        Stated Principal Balance of the Mortgage Loans as of the last day of the
        related
        Due Period (after giving effect to scheduled payments of principal due during
        the related Due Period, to the extent received or advanced, and unscheduled
        collections of principal received during the related Prepayment Period, and
        after reduction for Realized Losses incurred during the related Due Period),
        and
        (2) the aggregate Stated Principal Balance of the Mortgage Loans as of the
        last
        day of the related Due Period (after giving effect to scheduled payments
        of
        principal due during the related Due Period, to the extent received or advanced,
        and unscheduled collections of principal received during the related Prepayment
        Period, and after reduction for Realized Losses incurred during the related
        Due
        Period) minus the Overcollateralization Floor.

       

      Class
        M-4 Certificate:
        Any
        Certificate designated as a “Class M-4 Certificate” on the face thereof, in the
        form of Exhibit A-2 hereto, representing the right to its Percentage Interest
        of
        distributions provided for the Class M-4 Certificates as set forth herein
        and
        evidencing (i) a Regular Interest in REMIC III, (ii) the right to receive
        Basis
        Risk Shortfall Carry Forward Amounts and (iii) the obligation to pay Class
        IO
        Distribution Amounts. 

       

      Class
        M-4 Principal Distribution Amount:
        For any
        Distribution Date, an amount equal to the lesser of (x) the remaining Principal
        Distribution Amount for such Distribution Date after distribution of the
        Class A
        Principal Distribution Amount, the Class M-1 Principal Distribution Amount,
        the
        Class M-2 Principal Distribution Amount and the Class M-3 Principal Distribution
        Amount and (y) the excess, if any, of (a) the sum of (1) 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), (2) 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), (3) 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), (4) 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 (5) the Certificate Principal
        Balance of the Class M-4 Certificates immediately prior to such Distribution
        Date, over (b) the lesser of (1) the product of (x) 73.90% and (y) the aggregate
        Stated Principal Balance of the Mortgage Loans as of the last day of the
        related
        Due Period (after giving effect to scheduled payments of principal due during
        the related Due Period, to the extent received or advanced, and unscheduled
        collections of principal received during the related Prepayment Period, and
        after reduction for Realized Losses incurred during the related Due Period),
        and
        (2) the aggregate Stated Principal Balance of the Mortgage Loans as of the
        last
        day of the related Due Period (after giving effect to scheduled payments
        of
        principal due during the related Due Period, to the extent received or advanced,
        and unscheduled collections of principal received during the related Prepayment
        Period, and after reduction for Realized Losses incurred during the related
        Due
        Period) minus the Overcollateralization Floor.

       

      Class
        M-5 Certificate:
        Any
        Certificate designated as a “Class M-5 Certificate” on the face thereof, in the
        form of Exhibit A-2 hereto, representing the right to its Percentage Interest
        of
        distributions provided for the Class M-5 Certificates as set forth herein
        and
        evidencing (i) a Regular Interest in REMIC III, (ii) the right to receive
        Basis
        Risk Shortfall Carry Forward Amounts and (iii) the obligation to pay Class
        IO
        Distribution Amounts.

       

      Class
        M-5 Principal Distribution Amount:
        For any
        Distribution Date, an amount equal to the lesser of (x) the remaining Principal
        Distribution Amount for such Distribution Date after distribution of the
        Class A
        Principal Distribution Amount, the Class M-1 Principal Distribution Amount,
        the
        Class M-2 Principal Distribution Amount, the Class M-3 Principal Distribution
        Amount and the Class M-4 Principal Distribution Amount and (y) the excess,
        if
        any, of (a) the sum of (1) 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), (2) 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), (3) 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), (4) 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), (5) 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 (6) the Certificate Principal
        Balance of the Class M-5 Certificates immediately prior to such Distribution
        Date, over (b) the lesser of (1) the product of (x) 77.50% and (y) the aggregate
        Stated Principal Balance of the Mortgage Loans as of the last day of the
        related
        Due Period (after giving effect to scheduled payments of principal due during
        the related Due Period, to the extent received or advanced, and unscheduled
        collections of principal received during the related Prepayment Period, and
        after reduction for Realized Losses incurred during the related Due Period),
        and
        (2) the aggregate Stated Principal Balance of the Mortgage Loans as of the
        last
        day of the related Due Period (after giving effect to scheduled payments
        of
        principal due during the related Due Period, to the extent received or advanced,
        and unscheduled collections of principal received during the related Prepayment
        Period, and after reduction for Realized Losses incurred during the related
        Due
        Period) minus the Overcollateralization Floor.

       

      Class
        M-6 Certificate:
        Any
        Certificate designated as a “Class M-6 Certificate” on the face thereof, in the
        form of Exhibit A-2 hereto, representing the right to its Percentage Interest
        of
        distributions provided for the Class M-6 Certificates as set forth herein
        and
        evidencing (i) a Regular Interest in REMIC III, (ii) the right to receive
        Basis
        Risk Shortfall Carry Forward Amounts and (iii) the obligation to pay Class
        IO
        Distribution Amounts.

       

      Class
        M-6 Principal Distribution Amount:
        For any
        Distribution Date, an amount equal to the lesser of (x) the remaining Principal
        Distribution Amount for such Distribution Date after distribution of the
        Class A
        Principal Distribution Amount, the Class M-1 Principal Distribution Amount,
        the
        Class M-2 Principal Distribution Amount, the Class M-3 Principal Distribution
        Amount, the Class M-4 Principal Distribution Amount and the Class M-5 Principal
        Distribution Amount and (y) the excess, if any, of (a) the sum of (1) 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), (2) 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), (3) 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), (4) 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), (5) 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), (6) 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 (7) the Certificate Principal
        Balance of the Class M-6 Certificates immediately prior to such Distribution
        Date, over (b) the lesser of (1) the product of (x) 80.70% and (y) the aggregate
        Stated Principal Balance of the Mortgage Loans as of the last day of the
        related
        Due Period (after giving effect to scheduled payments of principal due during
        the related Due Period, to the extent received or advanced, and unscheduled
        collections of principal received during the related Prepayment Period, and
        after reduction for Realized Losses incurred during the related Due Period),
        and
        (2) the aggregate Stated Principal Balance of the Mortgage Loans as of the
        last
        day of the related Due Period (after giving effect to scheduled payments
        of
        principal due during the related Due Period, to the extent received or advanced,
        and unscheduled collections of principal received during the related Prepayment
        Period, and after reduction for Realized Losses incurred during the related
        Due
        Period) minus the Overcollateralization Floor.

       

      Class
        R Certificate:
        Any of
        the Class R-1, Class R-2, Class R-3 or Class RX Certificates.

       

      Class
        R-1 Certificate:
        Any
        Certificate designated a “Class R-1 Certificate” on the face thereof, in the
        form set forth in Exhibit A-5 hereto, evidencing the Residual Interest in
        REMIC
        I and representing the right to the Percentage Interest of distributions
        provided for the Class R-1 Certificates as set forth herein.

       

      Class
        R-2 Certificate:
        Any
        Certificate designated a “Class R-2 Certificate” on the face thereof, in the
        form set forth in Exhibit A-5 hereto, evidencing the Residual Interest in
        REMIC
        II and representing the right to the Percentage Interest of distributions
        provided for the Class R-2 Certificates as set forth herein.

       

      Class
        R-3 Certificate:
        Any
        Certificate designated a “Class R-3 Certificate” on the face thereof, in the
        form set forth in Exhibit A-5 hereto, evidencing the Residual Interest in
        REMIC
        III and representing the right to the Percentage Interest of distributions
        provided for the Class R-3 Certificates as set forth herein.

       

      Class
        RX Certificate:
        Any
        Certificate designated a “Class RX Certificate” on the face thereof, in
        substantially the form set forth in Exhibit A-5 hereto, evidencing the ownership
        of the Class R-4 Interest and Class R-5 Interest and representing the right
        to
        the Percentage Interest of distributions provided for the Class RX Certificates
        as set forth herein.

       

      Class
        R-4 Interest:
        The
        uncertificated Residual Interest in REMIC IV.

       

      Class
        R-5 Interest:
        The
        uncertificated Residual Interest in REMIC V.

       

      Closing
        Date:
        May 30,
        2006.

       

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

       

      Collection
        Period:
        With
        respect to any distribution date,
        the calendar month preceding the month in which such distribution date
        occurs.

       

      Combined
        Loan-to-Value Ratio:
        With
        respect to any Mortgage Loan and as of any date of determination, the fraction
        (expressed as a percentage) the numerator of which is the sum of (i) original
        principal balance of the related Mortgage Loan at such date of determination
        and
        (ii) the unpaid principal balance of the related first lien Mortgage Loan
        as of
        the date of origination of that Mortgage Loan and the denominator of which
        is
        the applicable Appraised Value of the related Mortgaged Property at
        origination.

       

      Commission:
        The
        U.S. Securities and Exchange Commission.

       

      Company:
        EMC.

       

      Company
        Default:
        As
        defined in Section 9.05 hereof.

       

      Compensating
        Interest:
        With
        respect to any Distribution Date, (i) in the case of any Servicer, an amount,
        not to exceed the Servicing Fee, to be deposited in the Protected Account
        by
        such Servicer with respect to the payment of a Prepayment Interest Shortfall
        related to a voluntary prepayment as described in Section 6.02(a) hereof
        on a
        Mortgage Loan subject to this Agreement and (ii) in the case of the Master
        Servicer, an amount not to exceed that portion of the Master Servicing Fee
        payable to the Master Servicer. If the related Servicer fails to make such
        payment, the Master Servicer shall be obligated to do so to the extent provided
        in Section 6.02(b) hereof.

       

      Corporate
        Trust Office:
        (i)
        With respect to the Trustee, the designated corporate trust office of the
        Trustee, currently located at Citibank, N.A., 388 Greenwich Street, 14th
        Floor,
        New York, New York 10013, and (ii) with respect to the Securities Administrator,
        the designated office of the Securities Administrator currently located at
        135
        South LaSalle Street, Suite 1625, Chicago, Illinois 60603 Attention: Global
        Securities and Trust Services Group — SACO 2006-6 or at such other address as
        the Trustee or Securities Administrator, as applicable, may designate from
        time
        to time by notice to the Certificateholders, the Depositor, the Trustee,
        the
        Master Servicer, the Securities Administrator and EMC or at the principal
        corporate trust office of any successor Trustee. 

       

      Corresponding
        Certificate:
        With
        respect to each REMIC II Regular Interest (other than REMIC II Regular Interests
        AA, ZZ and IO), the Certificate with the corresponding designation. With
        respect
        to each REMIC III Regular Interest (other than the Class C Interest and the
        Class IO Interest), the related Certificate representing an ownership
        therein.

       

      Cumulative
        Realized Loss Percentage:
        With
        respect to the Certificates and any Distribution Date, the percentage obtained
        by dividing (x) the aggregate Realized Losses on the Mortgage Loans incurred
        since the related Cut-off Date through the end of the related Due Period
        by (y)
        the aggregate Stated Principal Balance of the Mortgage Loans as of the related
        Cut-off Date.

       

      Current
        Interest:
        As of
        any Distribution Date, with respect to the Certificates and interests of
        each
        class (other than the Residual Interests and the Residual Certificates),
        (i) the
        interest accrued on the Certificate Principal Balance, or Certificate Notional
        Amount or Uncertificated Notional Amount, as applicable, during the related
        Accrual Period at the applicable Pass-Through Rate, or the interest otherwise
        payable thereto, plus any amount previously distributed with respect to interest
        for such Certificate or interest that has been recovered as a voidable
        preference by a trustee in bankruptcy minus (ii) the sum of (a) any Prepayment
        Interest Shortfall for such Distribution Date, to the extent not covered
        by
        Compensating Interest and (b) any Relief Act Interest Shortfalls during the
        related Due Period, provided, however, that for purposes of calculating Current
        Interest for any such class, amounts specified in clause (ii) hereof for
        any
        such Distribution Date shall be allocated first to the Class C Certificates
        and
        the Class C Interest in reduction of amounts otherwise distributable to such
        Certificates and interest on such Distribution Date and then any excess shall
        be
        allocated to each Class of Class A, Class M and Class B Certificates
pro
        rata
        based on
        the respective amounts of interest accrued pursuant to clause (i) hereof
        for
        each such Class on such Distribution Date.

       

      Current
        Specified Enhancement Percentage: With
        respect to any Distribution Date, the percentage obtained by dividing (x)
        the
        sum of (i) the aggregate Certificate Principal Balance of the Class M
        Certificates and Class B Certificates and (ii) the Overcollateralization
        Amount,
        in each case prior to the distribution of the Principal Distribution Amount
        on
        such Distribution Date, by (y) the aggregate Stated Principal Balance of
        the
        Mortgage Loans as of the end of the related Due Period (after giving effect
        to
        scheduled payments of principal due during the related Due Period, to the
        extent
        received or advanced, and unscheduled collections of principal received during
        the related Prepayment Period, and after reduction for Realized Losses incurred
        during the related Due Period).

       

      Custodial
        Agreements:
        The
        LaSalle Custodial Agreement or Wells Fargo Custodial Agreement, as applicable.
        

       

      Custodians:
        (i)
        Wells Fargo, or any successor custodian appointed pursuant to the provisions
        hereof and the Wells Fargo Custodial Agreement and (ii) LaSalle, or any
        successor custodian appointed pursuant to the provisions hereof and the LaSalle
        Custodial Agreement.

       

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

       

      Cut-off
        Date Principal Balance:
        As to
        any Mortgage Loan, the unpaid principal balance thereof as of the close of
        business on the Cut-off Date after application of all Principal Prepayments
        received prior to the Cut-off Date and scheduled payments of principal due
        on or
        before the Cut-off Date, whether or not received, but without giving effect
        to
        any installments of principal received in respect of Due Dates after the
        Cut-off
        Date. The Cut-off Date Principal Balance of the Mortgage Loans is
        $608,483,946.67.

       

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

       

      Defaulting
        Party:
        A
“Defaulting Party” as defined in the Interest Rate Swap Agreement.

       

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

       

      Definitive
        Certificates:
        As
        defined in Section 7.06.

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      Designated
        Depository Institution:
        A
        depository institution (commercial bank, federal savings bank, mutual savings
        bank or savings and loan association) or trust company (which may include
        the
        Trustee, the Securities Administrator and the Master Servicer), the deposits
        of
        which are fully insured by the FDIC to the extent provided by law.

       

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

       

      Distribution
        Account:
        The
        segregated trust account or accounts created and maintained by the Securities
        Administrator pursuant to Section 5.08 in the name of the Trustee for the
        benefit of the Certificateholders, which shall be entitled “LaSalle Bank
        National Association, as Securities Administrator, on behalf of Citibank,
        N.A.,
        as Trustee, in trust for the registered holders of Bear Stearns Asset Backed
        Securities I LLC, SACO I Trust 2006-6, Mortgage-Backed Certificates, Series
        2006-6.” The Distribution Account must be an Eligible Account.

       

      Distribution
        Account Deposit Date:
        Two
        Business Days prior to each Distribution Date.

       

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

       

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

       

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

       

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

       

      EMC:
        EMC
        Mortgage Corporation, a Delaware corporation, and its successors and
        assigns.

       

      EMC
        Mortgage Loans:
        The
        Mortgage Loans serviced by the Company pursuant to the terms of this Agreement
        and identified as such on the Mortgage Loan Schedule for which EMC is the
        applicable Seller.

       

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

       

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

       

      Event
        of Default:
        As
        defined in Section 9.01 hereof.

       

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

       

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

       

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

       

      Excess
        Spread:
        With
        respect to any Distribution Date, the excess, if any, of (i) the Interest
        Funds
        for such Distribution Date over (ii) the sum of the Current Interest on the
        Class A, Class M and Class B Certificates and Interest Carry Forward Amounts
        on
        the Class A Certificates (other than Interest Carry Forward Amounts paid
        pursuant to Section 5.04(a)(3)(A)), in each case for such Distribution
        Date.

       

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

       

      Extra
        Principal Distribution Amount:
        With
        respect to any Distribution Date, the lesser of (i) the excess, if any, of
        the
        Overcollateralization Target Amount for such Distribution Date over the
        Overcollateralization Amount for such Distribution Date (after giving effect
        to
        distributions of principal on the Certificates other than any Extra Principal
        Distribution Amount) and (ii) the Excess Spread for such Distribution
        Date.

       

      Extraordinary
        Trust Fund Expenses:
        Any
        amounts reimbursable to the Trustee, or any director, officer, employee or
        agent
        of the Trustee, from the Trust Fund, and any amounts reimbursable, (other
        than
        Advances and Servicing Advances), to the Depositor, the Securities
        Administrator, the Master Servicer, any Custodian, or any director, officer,
        employee or agent thereof, and any other amounts payable or reimbursable
        from
        the Trust Fund as Extraordinary Trust Fund Expenses pursuant to the terms
        of the
        Pooling and Servicing Agreement and/or the Custodial Agreements, including
        Extraordinary Trust Fund Expenses not reimbursed in any prior calendar year
        as a
        result of the Extraordinary Trust Fund Expenses Cap. Extraordinary Trust
        Fund
        Expenses for any calendar year, to the extent they may exceed the Extraordinary
        Trust Fund Expenses Cap, shall be paid pro rata from the amounts available
        therefor.

       

      Extraordinary
        Trust Fund Expenses Cap:
        $250,000 for each calendar year; provided, however, that such cap will not
        apply
        to any costs and expenses (i) of the Trustee incurred in connection with
        the
        termination of the Securities Administrator or the Master Servicer, the transfer
        of master servicing to a successor Master Servicer and any costs incurred
        with
        the replacement of either Custodian or (ii) of the Master Servicer incurred
        in
        connection with the termination of the Company or a Servicer and the transfer
        of
        servicing to a successor servicer.

       

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

       

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

       

      Final
        Certification:
        The
        certification by a Custodian substantially in the form of Exhibit Three to
        the
        related Custodial Agreement.

       

      Final
        Recovery Determination:
        With
        respect to any defaulted Mortgage Loan or any REO Property (other than a
        Mortgage Loan or REO Property purchased by EMC pursuant to or as contemplated
        by
        Section 2.04(d) or Section 11.01), a determination made by the Company pursuant
        to this Agreement or the related Servicer pursuant to the Servicing Agreement
        that all Insurance Proceeds, Liquidation Proceeds and other payments or
        recoveries which the Company or such Servicer, in its reasonable good faith
        judgment, expects to be finally recoverable in respect thereof have been
        so
        recovered. The Master Servicer shall maintain records, based solely on
        information provided by the Company and the related Servicer, of each Final
        Recovery Determination made thereby.

       

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

       

      Form
        8-K Disclosure Information:
        The
        meaning set forth in Section 3.19(a)(ii).

       

      Freddie
        Mac:
        Federal
        Home Loan Mortgage Corporation, or any successor thereto.

       

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

       

      GMAC
        Mortgage Corporation:
        GMAC
        Mortgage Corporation and any successor thereto.

       

      GMACM
        Assignment Agreement:
        The
        Assignment, Assumption and Recognition Agreement substantially in the form
        of
        Exhibit V, dated as of May 30, 2006, among EMC, the Trustee, and GMACM
        evidencing the assignment of the GMACM Agreement to the Trust.

       

      GMACM
        Loans:
        Those
        Mortgage Loans subject to this Agreement which were purchased by EMC from
        GMACM
        pursuant to the GMACM Servicing Agreement.

       

      GMACM
        Servicing Agreement:
        The
        Servicing Agreement, dated as of May 1, 2001, as amended by Amendment No.
        1,
        dated as of October 1, 2001, Amendment No. 2, dated as of July 31, 2002 and
        Amendment No. 3, dated as of December 20, 2005 substantially in the form
        of
        Exhibit S, between EMC Mortgage Corporation and GMACM.

       

      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 Mortgage Loan.

       

      Indemnified
        Persons:
        The
        Trustee, the Master Servicer, the Company, the Trust Fund and the Securities
        Administrator, including LaSalle Bank National Association in its individual
        capacity, and their respective officers, directors, agents and employees
        and,
        with respect to the Trustee, any separate co-trustee and its officers,
        directors, agents and employees.

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      Insured
        Expenses:
        Expenses covered by any insurance policy with respect to the Mortgage
        Loans.

       

      Interest
        Carry Forward Amount:
        As of
        any Distribution Date and with respect to each Class of Certificates (other
        than
        the Class C Certificates and the Residual Certificates), the sum of (i) the
        excess of (a) the Current Interest for such Class with respect to such
        Distribution Date and any prior Distribution Dates over (b) the amount actually
        distributed to such Class of Certificates with respect to interest on such
        Distribution Dates and (ii) interest thereon (to the extent permitted by
        applicable law) at the applicable Pass-Through Rate for such Class for the
        related Accrual Period including the Accrual Period relating to such
        Distribution Date.

       

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

       

      Interest
        Funds:
        With
        respect to any Distribution Date (1) the sum, without duplication, of (a)
        all
        scheduled interest during the related Due Period with respect to the Mortgage
        Loans less the Servicing Fee and the Master Servicing Fee, if any, (b) all
        Advances relating to interest with respect to the related Mortgage Loans
        made on
        or prior to the related Distribution Account Deposit Date, (c) all Compensating
        Interest with respect to the Mortgage Loans and required to be remitted by
        the
        Servicer or the Master Servicer pursuant to this Agreement with respect to
        such
        Distribution Date, (d) Liquidation Proceeds and Subsequent Recoveries with
        respect to the related Mortgage Loans collected during the related Prepayment
        Period (to the extent such Liquidation Proceeds and Subsequent Recoveries
        relate
        to interest), (e) all amounts relating to interest with respect to each Mortgage
        Loan repurchased by EMC pursuant to Sections 2.02 and 2.03 and by EMC pursuant
        to Section 3.05, in each case to the extent remitted by the Master Servicer
        to
        the Distribution Account pursuant to this Agreement and (f) the interest
        portion
        of any proceeds received from the exercise of an Optional Termination, minus
        (2)
        all amounts relating to interest required to be reimbursed pursuant to Sections
        5.02 and 5.09 or as otherwise set forth in this Agreement and (ii) any Net
        Swap
        Payment or Swap Termination Payment (not due to a Swap Provider Trigger Event
        and to the extent not paid by the Swap Administrator from any upfront payment
        received pursuant to any replacement interest rate swap agreement that may
        be
        entered into by the Supplemental Interest Trust Trustee) owed to the Swap
        Administrator for payment to the Swap Provider for such Distribution Date
        and
        any such payments remaining unpaid for any prior Distribution
        Dates.

       

      Interest
        Rate Swap Agreement:
        The
        interest rate swap agreement between the Swap Provider and the Supplemental
        Interest Trust Trustee, together with any schedules, confirmations or other
        agreements relating thereto, attached hereto as Exhibit N-1.

       

      Interim
        Certification:
        The
        certification by a Custodian substantially in the form of Exhibit Two to
        the
        related Custodial Agreement.

       

      LaSalle:
        LaSalle
        Bank National Association, and any successor in interest.

       

      LaSalle
        Custodial Agreement:
        The
        Custodial Agreement, dated as of May 30, 2006, among the Depositor, EMC,
        as
        Seller, the Master Servicer, the Trustee and LaSalle as Custodian relating
        to
        the Mortgage Loans identified in such Custodial Agreement.

       

      Last
        Scheduled Distribution Date:
        Solely
        for purposes of the face of the Certificates, the Distribution Date in June
        2036. 

       

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

       

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

       

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

       

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

       

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

       

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

       

      Marker
        Rate:
        With
        respect to the Class C Interest and any Distribution Date, a per annum rate
        equal to two (2) times the weighted average of the Uncertificated REMIC III
        Pass-Through Rates for the REMIC II Regular Interests (other than REMIC II
        Regular Interests AA and IO), with the rate on each such REMIC II Regular
        Interest (other than REMIC II Regular Interest ZZ) subject to a cap equal
        to the
        lesser of (i) the Pass-Through Rate for the Corresponding Certificate determined
        without regard to the related Net WAC Cap Rate and (ii) the Net WAC Cap Rate
        for
        the REMIC III
        Regular
        Interest the ownership of which is represented by the Corresponding Certificate
        for the purpose of this calculation for such Distribution Date, and with
        the
        rate on REMIC II Regular Interest ZZ subject to a cap of zero for the purpose
        of
        this calculation; provided, however, that solely for this purpose, the related
        cap with respect to each REMIC II Regular Interest (other than REMIC II Regular
        Interests AA, ZZ and IO) shall be multiplied by a fraction, the numerator
        of
        which is 30 and the denominator of which is the actual number of days in
        the
        related Accrual Period.

       

      Master
        Servicer:
        LaSalle
        Bank National Association, in its capacity as master servicer, and its
        successors and assigns or any successor master servicer appointed as herein
        provided.

       

      Master
        Servicer Collection Account:
        The
        trust accounts or accounts created and maintained pursuant to Section 5.06
        hereof, which shall be entitled “LaSalle Bank National Association, as master
        servicer, on behalf of Citibank, N.A., as Trustee f/b/o holders of Bear Stearns
        Asset Backed Securities I LLC, Mortgage-Backed Certificates, Series 2006-6
        -
        Master Servicer Collection Account”. The Master Servicer Collection Account may
        be a sub-account of the Distribution Account.

       

      Master
        Servicing Compensation:
        For any
        Distribution Date, the Master Servicing Fee for such Distribution
        Date.

       

      Master
        Servicing Fee:
        As to
        each Mortgage Loan and any Distribution Date, an amount equal to 1/12th of
        the
        Master Servicing Fee Rate multiplied by the Stated Principal Balance of such
        Mortgage Loan as of the Due Date in the month preceding the month in which
        such
        Distribution Date occurs.

       

      Master
        Servicing Fee Rate:
        0.0150%
        per annum.

       

      Master
        Servicing Officer:
        Any
        officer of the Master Servicer responsible for the master servicing of the
        Mortgage Loans.

       

      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.

       

      Maximum
        Uncertificated Accrued Interest Deferral Amount:
        With
        respect to any Distribution Date, the excess of (i) accrued interest at the
        Uncertificated REMIC II Pass-Through Rate applicable to REMIC II Regular
        Interest ZZ for such Distribution Date on a balance equal to the Uncertificated
        Principal Balance of REMIC II Regular Interest ZZ minus the REMIC II
        Overcollateralization Amount, in each case for such Distribution Date, over
        (ii)
        the aggregate amount of Uncertificated Accrued Interest for such Distribution
        Date on the REMIC II Regular Interests (other than REMIC II Regular Interests
        AA, ZZ and IO), with the rate on each such REMIC II Regular Interest subject
        to
        a cap equal to the lesser of (x) the Pass Through Rate for the Corresponding
        Certificate determined without regard to the related Net WAC Cap Rate and
        (y)
        the Net WAC Cap Rate for the REMIC III Regular Interest the ownership of
        which
        is represented by the Corresponding Certificate for the purpose of this
        calculation for such Distribution Date; provided, however, that solely for
        this
        purpose, the related cap with respect to each REMIC II Regular Interest (other
        than REMIC II Regular Interests AA, ZZ and IO) shall be multiplied by a
        fraction, the numerator of which is 30 and the denominator of which is the
        actual number of days in the related Accrual Period.

       

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

       

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

       

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

       

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

       

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

       

      Monthly
        Statement:
        The
        statement prepared and delivered by the Securities Administrator pursuant
        to
        Section 6.06.

       

      Moody’s:
        Moody’s
        Investors Service, Inc., and any successor thereto.

       

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

       

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

       

      Mortgage
        Loan Purchase Agreement:
        The
        Mortgage Loan Purchase Agreement, dated as of May 30, 2006, between EMC,
        as
        Seller and the Depositor, as purchaser, in the form attached hereto as Exhibit
        L.

       

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

       

      Mortgage
        Loans:
        Such of
        the mortgage loans transferred and assigned to the Trustee pursuant to the
        provisions hereof, as from time to time are held as a part of the Trust Fund
        (including any REO Property), notwithstanding foreclosure or other acquisition
        of title of the related Mortgaged Property.

       

      Mortgage
        Loan Schedule:
        The
        list of Mortgage Loans (as from time to time amended by the Company or the
        Master Servicer to reflect the deletion of Deleted Mortgage Loans and the
        addition of Replacement Mortgage Loans pursuant to the provisions of this
        Agreement) transferred to the Trustee as part of the Trust Fund and from
        time to
        time subject to this Agreement, the Mortgage Loan Schedule being attached
        hereto
        as Exhibit B, with respect to the Mortgage Loans and as amended from time
        to
        time to reflect the repurchase or substitution of Mortgage Loans pursuant
        to
        this Agreement or the Mortgage Loan Purchase Agreement, as the case may be,
        setting forth the following information with respect to each Mortgage
        Loan:

       

      (a)  the
        city,
        state and zip code of the Mortgaged Property; 

      (b)  the
        property type;

      (c)  the
        Mortgage Interest Rate;

      (d)  the
        Servicing Fee Rate;

      (e)  the
        Master Servicer's Fee Rate;

      (f)  the
        LPMI
        Fee;

      (g)  the
        Net
        Rate;

      (h)  the
        maturity date;

      (i)  the
        stated original term to maturity;

      (j)  the
        stated remaining term to maturity;

      (k)  the
        original Principal Balance;

      (l)  the
        first
        payment date;

      (m)  the
        principal and interest payment in effect as of the Cut-off Date;

      (n)  the
        unpaid Principal Balance as of the Cut-off Date;

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

      (p)  the
        insurer of any Primary Mortgage Insurance Policy;

      (q)  the
        MIN
        with respect to each MOM Loan;

      (r)  the
        Gross
        Margin, if applicable;

      (s)  the
        next
        Adjustment Date, if applicable;

      (t)  the
        Maximum Mortgage Rate, if applicable;

      (u)  the
        Minimum Mortgage Rate, if applicable;

      (v)  the
        Periodic Rate Cap, if applicable; 

      (w)  the
        loan
        group, if applicable;

      (x)  a
        code
        indicating whether the Mortgage Loan is negatively amortizing;

      (y)  which
        Mortgage Loans adjust after an initial fixed-rate period of one, two, three,
        five, seven or ten years or any other period; 

      (z)  the
        Prepayment Charge, if any;

      (aa)  lien
        position (e.g., first lien or second lien);

      (bb)  a
        code
        indicating whether the Mortgage Loan is has a balloon payment;

      (cc)  a
        code
        indicating whether the Mortgage Loan is an interest-only loan; 

      (dd)  the
        interest-only term, if applicable;

      (ee)  the
        Mortgage Loan Seller; and

      (ff)  the
        original amortization term.

      

      Such
        schedule also shall set forth for all of the Mortgage Loans, the total number
        of
        Mortgage Loans, the total of each of the amounts described under (n) and
        (j)
        above, the weighted average by principal balance as of the Cut-off Date of
        each
        of the rates described under (c) through (h) above, and the weighted average
        remaining term to maturity by unpaid principal balance as of the Cut-off
        Date.

       

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

       

      Mortgage
        Rate:
        With
        respect to each Mortgage Loan, the rate set forth in the related Mortgage
        Note.
        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.

       

      Mortgagor:
        The
        obligors on a Mortgage Note.

       

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

       

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

       

      Net
        WAC Cap Rate:
        With
        respect to any Distribution Date and any Class of Class A, Class M or Class
        B
        Certificates, a per annum rate equal to the excess, if any, of (A) the weighted
        average of the Net Mortgage Rates on the then outstanding Mortgage Loans,
        weighted based on their Stated Principal Balances as of the related Due Date
        prior to giving effect to any reduction in the Stated Principal Balances
        of such
        Mortgage Loans on such Due Date, over (B) a per annum rate equal to the sum
        of
        the Net Swap Payment and Swap Termination Payment not due to a Swap Provider
        Trigger Event payable to the Swap Provider, in each case on such Distribution
        Date (to the extent not paid by the Supplemental Interest Trust from any
        upfront
        payment received pursuant to any related replacement interest rate swap
        agreement that may be entered into by the Supplemental Interest Trust Trustee),
        divided by the aggregate outstanding
        Stated
        Principal Balance of the Mortgage Loans
        as of
        the related Due Date prior to giving effect to any reduction in the Stated
        Principal Balances of such Mortgage Loans on such due date, multiplied by
        12.
        The Net
        WAC Cap Rate for such Classes of Certificates will be calculated based on
        a
        360-day year and the actual number of days elapsed in the related Accrual
        Period. With respect to any Distribution Date and each REMIC III Regular
        Interest the ownership of which is represented by a Class A, Class M or Class
        B
        Certificate, a per annum rate equal to the weighted average (adjusted for
        the
        actual number of days elapsed in the related Accrual Period) of the
        Uncertificated REMIC II Pass-Through Rates on the REMIC II Regular Interests
        (other than REMIC II Regular Interest IO), weighted on the basis of the
        Uncertificated Principal Balances of each such REMIC II Regular Interest
        immediately prior to such Distribution Date.

       

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

       

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

       

      Notional
        Amount:
        With
        respect to each Distribution Date and the Interest Rate Swap Agreement, the
        notional amount for the related calculation period as set forth in the related
        schedule set forth in Exhibit N-1 or Exhibit N-2, respectively.

       

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

       

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

       

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

       

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

       

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

       

      Optional
        Termination Date:
        The
        Distribution Date on which the Stated Principal Balance of all of the Mortgage
        Loans is equal to or less than 20% of the Stated Principal Balance of all
        of the
        Mortgage Loans as of the Cut-off Date.

       

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

       

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

       

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

       

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

       

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

       

      Overcollateralization
        Amount:
        With
        respect to any Distribution Date, the excess, if any, of the aggregate Stated
        Principal Balance of the Mortgage Loans as of the last day of the related
        Due
        Period (after
        giving effect to scheduled payments of principal due during the related Due
        Period, to the extent received or advanced, and unscheduled collections of
        principal received during the related Prepayment Period, and after reduction
        for
        Realized Losses incurred during the related Due Period) over
        the
        aggregate Certificate Principal Balance of the Certificates (other than the
        Class C Certificates) on such Distribution Date (after taking into account
        the
        payment of principal other than any Extra Principal Distribution Amount on
        such
        Certificates).

       

      Overcollateralization
        Floor:
        With
        respect to the Certificates, an amount equal to 0.50% of the aggregate Stated
        Principal Balance of the Mortgage Loans as of the Cut-off Date.

       

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

       

      Overcollateralization
        Target Amount:
        With
        respect to any Distribution Date (a) prior to the Stepdown Date, 4.50% of
        the
        aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
        Date,
        (b) on or after the Stepdown Date and if a Trigger Event is not in effect,
        the
        greater of (i) the lesser of (1) 4.50% of the aggregate Stated Principal
        Balance
        of the Mortgage Loans as of the Cut-off Date and (2) 9.00% of the then current
        aggregate Stated Principal Balance of the Mortgage Loans as of the last day
        of
        the related Due Period (after giving effect to scheduled payments of principal
        due during the related Due Period, to the extent received or advanced, and
        unscheduled collections of principal received during the related Prepayment
        Period, and after reduction for Realized Losses incurred during the related
        Due
        Period) and (ii) the Overcollateralization Floor or (c) on or after the Stepdown
        Date and if a Trigger Event is in effect, the Overcollateralization Target
        Amount for the immediately preceding Distribution Date.

       

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

       

      Pass-Through
        Rate:
        With
        respect to the Class A, Class M and Class B Certificates and, for purposes
        of
        the definition of “Marker Rate” and “Maximum Uncertificated Accrued Interest
        Deferral Amount”, the REMIC II Regular Interests for which such Certificates are
        the Corresponding Certificates, and any Distribution Date, a rate per annum
        equal to the lesser of (i) a per annum rate equal to One-Month LIBOR plus
        the
        related Certificate Margin for such Distribution Date, (ii) 11.00% per annum
        and
        (iii) the Net WAC Cap Rate for such Distribution Date. 

       

      With
        respect to the Class C Interest and any Distribution Date, a rate per annum
        equal to the percentage equivalent of a fraction, the numerator of which
        is the
        sum of the amount determined for each REMIC II Regular Interest (other than
        REMIC II Regular Interest IO) equal to the product of (a) the excess, if
        any, of
        the Uncertificated REMIC II Pass-Through Rate for such REMIC II Regular Interest
        over the Marker Rate and (b) a notional amount equal to the Uncertificated
        Principal Balance of such REMIC II Regular Interest, and the denominator
        of
        which is the aggregate Uncertificated Principal Balance of such REMIC II
        Regular
        Interests.

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      Prepayment
        Assumption:
        A
        prepayment rate for the Mortgage Loans of 35% CPR. 

       

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

       

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

       

      Prepayment
        Interest Excess:
        With
        respect to any Distribution Date, for each EMC Mortgage Loan that was the
        subject of a Principal Prepayment in full or in part during the portion of
        the
        related Prepayment Period occurring between the first day of the calendar
        month
        in which such Distribution Date occurs and the Determination Date of the
        calendar month in which such Distribution Date occurs, an amount equal to
        interest (to the extent received) at the applicable Net Mortgage Rate on
        the
        amount of such Principal Prepayment for the number of days commencing on
        the
        first day of the calendar month in which such Distribution Date occurs and
        ending on the last date through which interest is collected from the related
        Mortgagor.

       

      Prepayment
        Interest Shortfall:
        With
        respect to any Distribution Date and any Mortgage Loan, for each Mortgage
        Loan
        that was the subject of a partial Principal Prepayment, a Principal Prepayment
        in full, or that became a Liquidated Loan during the related Prepayment Period,
        (other than a Principal Prepayment in full resulting from the purchase of
        a
        Mortgage Loan pursuant to Section 2.02, 2.03, 3.05 or 11.01 hereof), the
        amount,
        if any, by which (i) one month’s interest at the applicable Net Mortgage Rate on
        the Stated Principal Balance of such Mortgage Loan immediately prior to such
        Principal Prepayment (or liquidation) or in the case of a partial Principal
        Prepayment on the amount of such prepayment (or liquidation proceeds) exceeds
        (ii) the amount of interest paid or collected in connection with such Principal
        Prepayment or such liquidation proceeds less the sum of (a) the Master Servicing
        Fee and (b) the Servicing Fee.

       

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

       

      Principal
        Distribution Amount:
        With
        respect to any Distribution Date, an amount equal to (x) the sum of (1) the
         Principal
        Remittance Amount for such Distribution Date and (2) any Extra Principal
        Distribution Amount for such Distribution Date minus (y) the amount of any
        Overcollateralization Release Amount for such Distribution Date.

       

      Principal
        Funds:
        With
        respect to any Distribution Date, (1) the sum, without duplication, of (a)
        all
        scheduled principal collected during the related Due Period, (b) all Advances
        relating to principal made on or before the Distribution Account Deposit
        Date
        with respect to the Mortgage Loans, (c) Principal Prepayments with respect
        to
        the Mortgage Loans exclusive of prepayment charges or penalties collected
        during
        the related Prepayment Period, (d) the Stated Principal Balance of each Mortgage
        Loan that was repurchased by EMC pursuant to Sections 2.02 and 2.03, (e)
        the aggregate of all Substitution Adjustment Amounts for the related
        Determination Date in connection with the substitution of any Mortgage Loans
        pursuant to Section 2.03(d), (f) all Liquidation Proceeds and Subsequent
        Recoveries with respect to the Mortgage Loans collected during the related
        Prepayment Period (to the extent such Liquidation Proceeds and Subsequent
        Recoveries relate to principal), in each case to the extent remitted by the
        Master Servicer to the Distribution Account pursuant to this Agreement and
        (g)
        amounts in respect of principal paid by the Majority Class C Certificateholder
        or the Master Servicer, as applicable, pursuant to Section 11.01, minus (2)
        all
        amounts required to be reimbursed pursuant to Sections 5.02 and 5.09 or as
        otherwise set forth in this Agreement and (ii) any Net Swap Payments or Swap
        Termination Payments (not due to a Swap Provider Trigger Event and to the
        extent
        not paid by the Swap Administrator from any upfront payment received pursuant
        to
        any replacement interest rate swap agreement that may be entered into by
        the
        Supplemental Interest Trust Trustee) owed to the Swap Administrator for payment
        to the Swap Provider for such Distribution Date and any such payments remaining
        unpaid for any prior Distribution Dates, in each case to the extent not paid
        from Interest Funds. 

       

      Principal
        Prepayment:
        Any
        Mortgagor payment or other recovery of (or proceeds with respect to) principal
        on a Mortgage Loan (including loans purchased or repurchased under Sections
        2.02, 2.03, 3.05 and 11.01 hereof) that is received in advance of its scheduled
        Due Date and is not accompanied by an amount as to interest representing
        scheduled interest due on any date or dates in any month or months subsequent
        to
        the month of prepayment. Partial Principal Prepayments shall be applied by
        the
        Company or the related Servicer, as appropriate, in accordance with the terms
        of
        the related Mortgage Note.

       

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

       

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

       

      Prospectus
        Supplement:
        The
        Prospectus Supplement dated May 25, 2006 relating to the public offering
        of the
        Offered Certificates.

       

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

       

      PUD:
        A
        Planned Unit Development.

       

      Purchase
        Price:
        With
        respect to any Mortgage Loan (x) required to be repurchased by the Seller
        pursuant to Section 2.02 or 2.03 hereof or (y) that EMC has a right to purchase
        pursuant to Section 3.05 hereof, an amount equal to the sum of (i) 100% of
        the
        outstanding principal balance of the Mortgage Loan as of the date of such
        purchase (or if the related Mortgaged Property was acquired with respect
        thereto, 100% of the outstanding principal balance at the date of the
        acquisition), plus (ii) accrued interest thereon at the applicable Mortgage
        Rate
        through the first day of the month in which the Purchase Price is to be
        distributed to Certificateholders, reduced by any portion of the Servicing
        Fee,
        Servicing Advances and Advances payable to the purchaser of the Mortgage
        Loan
        plus and (iii) any costs and damages (if any) incurred by the Trust in
        connection with any violation of such Mortgage Loan of any anti-predatory
        lending laws.

       

      QIB:
        A
        Qualified Institutional Buyer as defined in Rule 144A promulgated under the
        Securities Act.

       

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

       

      Realized
        Loss:
        With
        respect to each Mortgage Loan as to which a Final Recovery Determination
        has
        been made, an amount (not less than zero) equal to (i) the unpaid principal
        balance of such Mortgage Loan as of the commencement of the calendar month
        in
        which the Final Recovery Determination was made, plus (ii) accrued interest
        from
        the Due Date as to which interest was last paid by the Mortgagor through
        the end
        of the calendar month in which such Final Recovery Determination was made,
        calculated in the case of each calendar month during such period (A) at an
        annual rate equal to the annual rate at which interest was then accruing
        on such
        Mortgage Loan and (B) on a principal amount equal to the Stated Principal
        Balance of such Mortgage Loan as of the close of business on the Distribution
        Date during such calendar month, minus (iii) the proceeds, if any, received
        in
        respect of such Mortgage Loan during the calendar month in which such Final
        Recovery Determination was made, net of amounts that are payable therefrom
        to
        the Company pursuant to this Agreement or the related Servicer pursuant to
        the
        related Servicing Agreement. In addition, to the extent the Company, the
        Servicer or the Master Servicer receives Subsequent Recoveries with respect
        to
        any Mortgage Loan, the amount of the Realized Loss with respect to that Mortgage
        Loan will be reduced to the extent such recoveries are distributed to any
        Class
        of Certificates or applied to increase the Excess Spread on any Distribution
        Date.

       

      With
        respect to any REO Property as to which a Final Recovery Determination has
        been
        made, an amount (not less than zero) equal to (i) the unpaid principal balance
        of the related Mortgage Loan as of the date of acquisition of such REO Property
        on behalf of REMIC I, plus (ii) accrued interest from the Due Date as to
        which
        interest was last paid by the Mortgagor in respect of the related Mortgage
        Loan
        through the end of the calendar month immediately preceding the calendar
        month
        in which such REO Property was acquired, calculated in the case of each calendar
        month during such period (A) at an annual rate equal to the annual rate at
        which
        interest was then accruing on the related Mortgage Loan and (B) on a principal
        amount equal to the Stated Principal Balance of the related Mortgage Loan
        as of
        the close of business on the Distribution Date during such calendar month,
        plus
        (iii) REO Imputed Interest for such REO Property for each calendar month
        commencing with the calendar month in which such REO Property was acquired
        and
        ending with the calendar month in which such Final Recovery Determination
        was
        made, minus (iv) the aggregate of all unreimbursed Advances and Servicing
        Advances.

       

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

       

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

       

      Record
        Date:
        With
        respect to any Distribution Date and the Certificates (other than the Class
        B-4,
        Class C and Residual Certificates), so long as such Classes of Certificates
        are
        Book-Entry Certificates, the Business Day preceding such Distribution Date,
        and
        otherwise, the close of business on the last Business Day of the month preceding
        the month in which such Distribution Date occurs. With respect to the Class
        B-4,
        Class C and Residual Certificates, so long as such Classes of Certificates
        remain non Book-Entry Certificates, the close of business on the last Business
        Day of the month preceding the month in which such Distribution Date
        occurs.

       

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

       

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

       

      Regular
        Certificate:
        Any
        Certificate other than a Residual Certificate.

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      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 Uncertificated REMIC I
        Pass-Through Rate in effect from time to time, and shall be entitled to
        distributions of principal, subject to the terms and conditions hereof, in
        an
        aggregate amount equal to its initial Uncertificated Principal Balance as
        set
        forth in the Preliminary Statement hereto. The designations for the respective
        REMIC I Regular Interests are set forth in the Preliminary Statement hereto.
        The
        REMIC I Regular Interests consist of REMIC I Regular Interests I-1-A through
        REMIC I Regular Interest I-45-B, each as designated in the Preliminary Statement
        hereto.

       

      REMIC
        II:
        The
        segregated pool of assets described in the Preliminary Statement and Section
        6.07(a).

       

      REMIC
        II Interest Loss Allocation Amount:
        With
        respect to any Distribution Date, an amount (subject to adjustment based
        on the
        actual number of days elapsed in the respective Accrual Period) equal to
        (a) the
        product of (i) the aggregate Stated Principal Balance of the Mortgage Loans
        and
        the related REO Properties then outstanding and (ii) the Uncertificated REMIC
        II
        Pass-Through Rate for REMIC II Regular Interest AA minus the Marker Rate,
        divided by (b) 12.

       

      REMIC
        II Overcollateralization Amount:
        With
        respect to any date of determination, (i) 1.00% of the aggregate Uncertificated
        Principal Balance of the REMIC II Regular Interests (other than REMIC II
        Regular
        Interest I-IO) minus (ii) the aggregate Uncertificated Principal Balance
        of each
        REMIC II Regular Interest for which a Class A, Class M or Class B Certificate
        is
        a Corresponding Certificate, in each case as of such date of
        determination.

       

      REMIC
        II Principal Loss Allocation Amount:
        With
        respect to any Distribution Date, an amount equal to the product of (i) the
        aggregate Stated Principal Balance of the Mortgage Loans and the related
        REO
        Properties then outstanding and (ii) 1 minus a fraction, the numerator of
        which
        is two (2) times the aggregate Uncertificated Principal Balance of each REMIC
        II
        Regular Interest for which a Class A, Class M or Class B Certificate is a
        Corresponding Certificate and the denominator of which is the aggregate
        Uncertificated Principal Balance of each REMIC II Regular Interest for which
        a
        Class A, Class M or Class B Certificate is a Corresponding Certificate and
        REMIC
        II Regular Interest ZZ.

       

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

       

      REMIC
        II Required Overcollateralization Amount:
        1.00%
        of the Overcollateralization Target Amount.

       

      REMIC
        III:
        The
        segregated pool of assets described in the Preliminary Statement and Section
        6.07(a).

       

      REMIC
        III Regular Interest:
        The
        Class C Interest, Class IO Interest or any Regular Interest in REMIC III
        the
        ownership of which is represented by any of the Class A, Class M and Class
        B
        Certificates.

       

      REMIC
        IV:
        The
        segregated pool of assets consisting of the Class C Interest conveyed in
        trust
        to the Trustee, for the benefit of the Holders of the Class C Certificates
        and
        the Class RX Certificate (in respect of the Class R-4 Interest), with respect
        to
        which a separate REMIC election is to be made.

       

      REMIC
        V:
        The
        segregated pool of assets consisting of the Class IO Interest conveyed in
        trust
        to the Trustee, for the benefit of the holders of REMIC V Regular Interest
        IO
        and the Class RX Certificate (in respect of the Class R-5 Interest), with
        respect to which a separate REMIC election is to be made.

       

      REMIC
        Opinion:
        Shall
        mean an Opinion of Counsel to the effect that the proposed action will not
        cause
        any of REMIC I, REMIC II, REMIC III, REMIC IV or REMIC V to fail to qualify
        as a
        REMIC at any time that any Certificates are outstanding.

       

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

       

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

       

      REMIC
        Termination Payment:
        As
        defined in Section 11.01.

       

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

       

      Remittance
        Report:
        Shall
        mean a report to the Securities Administrator in an electronic format (or
        by
        such other means as the Master Servicer and the Securities Administrator
        may
        agree from time to time) containing such data and information, as agreed
        to by
        the Master Servicer and the Securities Administrator such as to permit the
        Securities Administrator to prepare the Monthly Statement to
        Certificateholders.

       

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

       

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

       

      Replacement
        Mortgage Loan:
        A
        Mortgage Loan or Mortgage Loans in the aggregate substituted by EMC for a
        Deleted Mortgage Loan, which must, on the date of such substitution, as
        confirmed in a Request for Release, (i) have a Stated Principal Balance,
        after
        deduction of the principal portion of the Scheduled Payment due in the month
        of
        substitution, not in excess of, and not less than 90% of, the Stated Principal
        Balance of the Deleted Mortgage Loan; (ii) have a fixed Mortgage Rate not
        less
        than or more than 1% per annum higher than the Mortgage Rate of the Deleted
        Mortgage Loan; (iii) have the same or higher credit quality characteristics
        than
        that of the Deleted Mortgage Loan; (iv) have a Combined Loan-to-Value Ratio
        no
        higher than that of the Deleted Mortgage Loan; (v) have a remaining term
        to
        maturity no greater than (and not more than one year less than) that of the
        Deleted Mortgage Loan; (vi) not permit conversion of the Mortgage Rate from
        a
        fixed rate to a variable rate; (vii) have the same lien priority as the Deleted
        Mortgage Loan; (viii) constitute the same occupancy type as the Deleted Mortgage
        Loan or be owner occupied; (ix) comply with each representation and warranty
        set
        forth in Section 7 of the Mortgage Loan Purchase Agreement; (x) the related
        Custodian has delivered a Final Certification noting no defects or
        exceptions.

       

      Reportable
        Event:
        The
        meaning set forth in Section 3.18(a)(iii).

       

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

       

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

       

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

       

      Reserve
        Fund:
        Shall
        mean the separate trust account created and maintained by the Securities
        Administrator pursuant to Section 4.14 hereof.

       

      Reserve
        Fund Deposit:
        With
        respect to the Reserve Fund, an amount equal to $5,000, which the Depositor
        shall initially deposit into the Reserve Fund pursuant to Section 4.14
        hereof.

       

      Residual
        Certificates:
        The
        Class R-1, Class R-2, Class R-3 and Class RX Certificates (representing
        ownership of the Class R-4 Interest and Class R-5 Interest), each evidencing
        the
        sole class of Residual Interests in the related REMIC.

       

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

       

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

       

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

       

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

       

      Sarbanes-Oxley
        Certification:
        The
        meaning set forth in Section 3.19(a)(iii).

       

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

       

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

       

      Securities
        Administrator:
        LaSalle
        Bank National Association, in its capacity as securities administrator
        hereunder, and its successors and assigns.

       

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

       

      Seller:
        EMC in
        its capacity as seller of the Mortgage Loans to the Depositor.

       

      Senior
        Certificates:
        Any of
        the Class A Certificates.

       

      Servicer:
        Any of
        EMC and GMACM.

       

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

       

      Servicing
        Advances:
        All
        customary, reasonable and necessary “out of pocket” costs and expenses
        (including reasonable legal fees) incurred in the performance by the Servicers
        or the Company of their servicing obligations hereunder or under the related
        Servicing Agreement, including, but not limited to, the cost of (i) the
        preservation, restoration and protection of a Mortgaged Property, (ii) any
        enforcement or judicial proceedings, including foreclosures, and including
        any
        expenses incurred in relation to any such proceedings that result from the
        Mortgage Loan being registered in the MERS® System, (iii) the management and
        liquidation of any REO Property (including, without limitation, realtor’s
        commissions) and (iv) compliance with any obligations under Section 3.07
        hereof
        to cause insurance to be maintained.

       

      Servicing
        Agreement:
        The
        GMACM Servicing Agreement.

       

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

       

      Servicing
        Fee:
        As to
        each EMC Mortgage Loan and any Distribution Date, an amount equal to
        1/12th
        of the
        Servicing Fee Rate multiplied by the Stated Principal Balance of such EMC
        Mortgage Loan payable solely from interest collections as of the Due Date
        in the
        month preceding the month in which such Distribution Date occurs. As to each
        Mortgage Loan serviced by the Servicer and any Distribution Date, an amount
        equal to 1/12th
        of the
        Servicing Fee multiplied by the unpaid principal balance of each such mortgage
        loan payable solely from interest collections, as of the Due Date in the
        month
        preceding the month in which such Distribution Date occurs.

       

      Servicing
        Fee Rate:
        0.5000%
        per annum.

       

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

       

      Significance
        Estimate:
        With
        respect to any Distribution Date, and in accordance with Item 1115 of Regulation
        AB, shall be an amount determined based on the reasonable good-faith estimate
        by
        the Seller or its affiliate of the aggregate maximum probable exposure of
        the
        outstanding Class A, Class M and Class B Certificates to the Interest Swap
        Agreement. 

       

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

       

      Sixty-Day
        Plus Delinquency Percentage:
        With
        respect to any Distribution Date, is the arithmetic average for each of the
        three successive Distribution Dates ending with the applicable Distribution
        Date
        of the percentage equivalent of a fraction, the numerator of which is the
        aggregate Stated Principal Balance of the Mortgage Loans that are 60 or more
        days delinquent in the payment of principal or interest for the relevant
        Distribution Date, including any Mortgage Loans in foreclosure, REO and Mortgage
        Loans with a related Mortgagor subject to bankruptcy proceedings, and the
        denominator of which is the aggregate Stated Principal Balance of all of
        the
        Mortgage Loans immediately preceding such Distribution Date.

       

      Seller:
        EMC.

       

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

       

      Stated
        Principal Balance:
        With
        respect to any Mortgage Loan or related REO Property and any Distribution
        Date,
        the Cut-off Date Principal Balance thereof minus the sum of (i) the principal
        portion of the Scheduled Payments due with respect to such Mortgage Loan
        during
        each Due Period ending prior to such Distribution Date (and irrespective
        of any
        delinquency in their payment), (ii) all Principal Prepayments with respect
        to
        such Mortgage Loan received prior to or during the related Prepayment Period,
        and all Liquidation Proceeds to the extent applied by the Company or the
        related
        Servicer as recoveries of principal in accordance with Section 3.12 or the
        related Servicing Agreement with respect to such Mortgage Loan, that were
        received by the Company or the related Servicer as of the close of business
        on
        the last day of the Prepayment Period related to such Distribution Date and
        (iii) any Realized Losses on such Mortgage Loan incurred during the related
        Prepayment Period. The Stated Principal Balance of a Liquidated Loan equals
        zero.

       

      Stepdown
        Date:
        The
        earlier to occur of, (I) the first Distribution Date following the Distribution
        Date for which the Certificate Principal Balance for each of the Class A
        Certificates has been reduced to zero, and (II) the later to occur of (a)
        the
        Distribution Date in June 2009 or (b) the first Distribution Date on which
        the
        Current Specified Enhancement Percentage is greater than or equal to
        55.50%.

       

      Subordinated
        Certificates:
        The
        Class M, Class B, Class C and Residual Certificates.

       

      Subsequent
        Recoveries:
        As of
        any Distribution Date, amounts received by the Master Servicer (net of any
        related expenses permitted to be reimbursed pursuant to Section 5.02) or
        surplus
        amounts held by the Master Servicer, Company and the related Servicer to
        cover
        estimated expenses (including, but not limited to, recoveries in respect
        of the
        representations and warranties made by EMC pursuant to the Mortgage Loan
        Purchase Agreement) specifically related to a Mortgage Loan that was the
        subject
        of a liquidation or final disposition of any REO Property prior to the related
        Prepayment Period that resulted in a Realized Loss.

       

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

       

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

       

      Successor
        Master Servicer:
        The
        meaning ascribed to such term pursuant to Section 8.06.

       

      Supplemental
        Interest Trust:
        The
        corpus of a trust created pursuant to Section 4.14 of this Agreement and
        designated as the “Supplemental Interest Trust,” consisting of the Interest Rate
        Swap Agreement, the rights in respect of the Swap Administration Agreement
        and
        the Swap Account. For the avoidance of doubt, the Supplemental Interest Trust,
        the Interest Rate Swap Agreement, the Swap Account and the Swap Administration
        Agreement do not constitute parts of the Trust Fund or any REMIC.

       

      Supplemental
        Interest Trust Trustee:
        LaSalle
        not in its individual capacity but solely in its capacity as trustee of the
        Supplemental Interest Trust and any successor thereto, and any corporation
        or
        national banking association resulting from or surviving any consolidation
        or
        merger to which it or its successors may be a party.

       

      Swap
        Account:
        The
        separate trust account created and maintained by the Swap Administrator,
        and
        held within the Supplemental Interest Trust, pursuant to the Swap Administration
        Agreement.

       

      Swap
        Administrator:
        LaSalle
        acting as swap administrator under the Swap Administration
        Agreement.

       

      Swap
        Administration Agreement:
        The
        Swap Administration Agreement, dated May 30, 2006, pursuant to which the
        Swap
        Administrator will make payments to the related Swap Provider and the Trust
        Fund, and certain other payments, as such agreement may be amended or
        supplemented from time to time.

       

      Swap
        LIBOR:
        For any
        Distribution Date, a per annum rate equal to the Floating Rate Option (as
        defined in the Interest Rate Swap Agreement) for the related Calculation
        Period
        (as defined in the Interest Rate Swap Agreement).

       

      Swap
        Optional Termination Payment:
        As
        defined in Section 11.01

       

      Swap
        Provider:
        The
        swap provider under the Swap Agreement either (a) entitled to receive payments
        from the Swap Administrator from amounts payable by the Trust Fund under
        this
        Agreement or (b) required to make payments to the Swap Administrator for
        payment
        to the Trust Fund, in either case pursuant to the terms of the Swap Agreement,
        and any successor in interest or assign. Initially, the Swap Provider shall
        be
        Bear Stearns Financial Products Inc.

       

      Swap
        Provider Trigger Event:
        With
        respect to any Distribution Date, (i) an Event of Default under the Swap
        Agreement with respect to which the Swap Provider is a Defaulting Party,
        (ii) a
        Termination Event under the Swap Agreement with respect to which the Swap
        Provider is the sole Affected Party, or (iii) an Additional Termination Event
        under the Swap Agreement with respect to which the Swap Provider is the sole
        Affected Party.

       

      Swap
        Termination Payment:
        Upon
        the designation of an “Early Termination Date” as defined in the Swap Agreement,
        the payment to be made by the Swap Administrator to the Swap Provider from
        payments from the Trust Fund, or by the Swap Provider to the Swap Administrator
        for payment to the Trust Fund, as applicable, pursuant to the terms of the
        Swap
        Agreement.

       

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

       

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

       

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

       

      Trigger
        Event:
        With
        respect to any Distribution Date, a “ Trigger Event” shall have occurred if any
        of the following tests is not satisfied: (i) the Sixty-Day Plus Delinquency
        Percentage is less than 14.25% of the Current Specified Enhancement Percentage,
        or (ii) (A) for any Distribution Date from and including the Distribution
        Date
        in June 2008 to and including the Distribution Date in May 2009, the Cumulative
        Realized Loss Percentage for such Distribution Date is less than 2.20% plus
        an
        additional 1/12th of 2.75% for each Distribution Date thereafter up to and
        including the Distribution Date in May 2009, (B) for any Distribution Date
        from
        and including the Distribution Date in June 2009 to and including the
        Distribution Date in May 2010, the Cumulative Realized Loss Percentage for
        such
        Distribution Date is less than 4.95% plus an additional 1/12th of 2.75% for
        each
        Distribution Date thereafter up to and including the Distribution Date in
        May
        2010, (C) for any Distribution Date from and including the Distribution Date
        in
        June 2010 to and including the Distribution Date in May 2011, the Cumulative
        Realized Loss Percentage for such Distribution Date is less than 7.70% plus
        an
        additional 1/12th of 1.80% for each Distribution Date thereafter up to and
        including the Distribution Date in May 2011, (D) for any Distribution Date
        from
        and including the Distribution Date in June 2011 to and including the
        Distribution Date in May 2012, the Cumulative Realized Loss Percentage for
        such
        Distribution Date is less than 9.50% plus an additional 1/12th of 0.50% for
        each
        Distribution Date thereafter up to and including the Distribution Date in
        May
        2012, and (E) for any Distribution Date thereafter, the Cumulative Realized
        Loss
        Percentage for such Distribution Date is less than 10.00%.

       

      Trust:
        As
        defined in Section 2.07.

       

      Trust
        Fund:
        The
        corpus of the trust created hereunder consisting of (i) the Mortgage Loans
        and
        all interest accruing and principal due with respect thereto after the Cut-off
        Date to the extent not applied in computing the Cut-off Date Principal Balance
        thereof; (ii) the Distribution Account, the Reserve Fund, the Master Servicer
        Collection Account maintained by the Master Servicer and the Protected Accounts
        maintained by the Company and the related Servicers and all amounts deposited
        therein pursuant to the applicable provisions of this Agreement and the
        Servicing Agreements; (iii) property that secured a Mortgage Loan and has
        been
        acquired by foreclosure, deed in lieu of foreclosure or otherwise; (iv) the
        mortgagee’s rights under the Insurance Policies with respect to the Mortgage
        Loans; (v) the Servicing Agreements and the Assignment Agreements; (vii)
        the
        rights under the Swap Administration Agreement, (viii) the rights under the
        Mortgage Loan Purchase Agreement; and (ix) all proceeds of the foregoing,
        including proceeds of conversion, voluntary or involuntary, of any of the
        foregoing into cash or other liquid property. The Reserve Fund shall constitute
        an asset of the Trust Fund but will not be included in REMIC I, REMIC II,
        REMIC
        III, REMIC IV or REMIC V.

       

      Trustee:
        Citibank, N.A., a national banking association, as trustee for the benefit
        of
        the Certificateholders under this Agreement, and any successor thereto, and
        any
        corporation or national banking association resulting from or surviving any
        consolidation or merger to which it or its successors may be a party and
        any
        successor trustee as may from time to time be serving as successor trustee
        hereunder.

       

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

       

      Uncertificated
        Notional Amount:
        With
        respect to the Class C Interest and any Distribution Date, an amount equal
        to
        the aggregate Uncertificated Principal Balance of the REMIC II Regular Interests
        (other than REMIC II Regular Interest IO) for such Distribution
        Date.

       

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

       

      
        	
                Distribution
                  Date

              	
                REMIC
                  I Regular Interests

              
	
                1

              	
                I-1-A
                  through I-45-A

              
	
                2

              	
                I-2-A
                  through I-45-A

              
	
                3

              	
                I-3-A
                  through I-45-A

              
	
                4

              	
                I-4-A
                  through I-45-A

              
	
                5

              	
                I-5-A
                  through I-45-A

              
	
                6

              	
                I-6-A
                  through I-45-A

              
	
                7

              	
                I-7-A
                  through I-45-A

              
	
                8

              	
                I-8-A
                  through I-45-A

              
	
                9

              	
                I-9-A
                  through I-45-A

              
	
                10

              	
                I-10-A
                  through I-45-A

              
	
                11

              	
                I-11-A
                  through I-45-A

              
	
                12

              	
                I-12-A
                  through I-45-A

              
	
                13

              	
                I-13-A
                  through I-45-A

              
	
                14

              	
                I-14-A
                  through I-45-A

              
	
                15

              	
                I-15-A
                  through I-45-A

              
	
                16

              	
                I-16-A
                  through I-45-A

              
	
                17

              	
                I-17-A
                  through I-45-A

              
	
                18

              	
                I-18-A
                  through I-45-A

              
	
                19

              	
                I-19-A
                  through I-45-A

              
	
                20

              	
                I-20-A
                  through I-45-A

              
	
                21

              	
                I-21-A
                  through I-45-A

              
	
                22

              	
                I-22-A
                  through I-45-A

              
	
                23

              	
                I-23-A
                  through I-45-A

              
	
                24

              	
                I-24-A
                  through I-45-A

              
	
                25

              	
                I-25-A
                  through I-45-A

              
	
                26

              	
                I-26-A
                  through I-45-A

              
	
                27

              	
                I-27-A
                  through I-45-A

              
	
                28

              	
                I-28-A
                  through I-45-A

              
	
                29

              	
                I-29-A
                  through I-45-A

              
	
                30

              	
                I-30-A
                  through I-45-A

              
	
                31

              	
                I-31-A
                  through I-45-A

              
	
                32

              	
                I-32-A
                  through I-45-A

              
	
                33

              	
                I-33-A
                  through I-45-A

              
	
                34

              	
                I-34-A
                  through I-45-A

              
	
                35

              	
                I-35-A
                  through I-45-A

              
	
                36

              	
                I-36-A
                  through I-45-A

              
	
                37

              	
                I-37-A
                  through I-45-A

              
	
                38

              	
                I-38-A
                  through I-45-A

              
	
                39

              	
                I-39-A
                  through I-45-A

              
	
                40

              	
                I-40-A
                  through I-45-A

              
	
                41

              	
                I-41-A
                  through I-45-A

              
	
                42

              	
                I-42-A
                  through I-45-A

              
	
                43

              	
                I-43-A
                  through I-45-A

              
	
                44

              	
                I-44-A
                  through I-45-A

              
	
                45

              	
                I-45-A

              
	
                thereafter

              	
                $0.00

              

      

      

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

       

      Uncertificated
        Pass-Through Rate:
        The
        Uncertificated REMIC I Pass-Through Rate or Uncertificated REMIC II Pass-Through
        Rate.

       

      Uncertificated
        Principal Balance:
        The
        amount of REMIC Regular Interests and Class C Interest outstanding as of
        any
        date of determination. As of the Closing Date, the Uncertificated Principal
        Balance of each REMIC Regular Interest and Class C Interest shall equal the
        amount set forth in the Preliminary Statement hereto as its initial
        uncertificated principal balance. On each Distribution Date, the Uncertificated
        Principal Balance of the REMIC Regular Interests shall be reduced by all
        distributions of principal made on such REMIC Regular Interests on such
        Distribution Date pursuant to Section 6.07 and, if and to the extent necessary
        and appropriate, shall be further reduced on such Distribution Date by Realized
        Losses as provided in Section 6.05, and the Uncertificated Principal Balance
        of
        REMIC II Regular Interest ZZ shall be increased by interest deferrals as
        provided in Section 6.07(c)(1)(ii). The Uncertificated Principal Balance
        of each
        REMIC Regular Interest and Class C Interest shall never be less than zero.
        With
        respect to the Class C Interest as of any date of determination, an amount
        equal
        to the excess, if any, of (A) the then aggregate Uncertificated Principal
        Balance of the REMIC II Regular Interests over (B) the then aggregate
        Certificate Principal Balance of the Class A, Class M and Class B Certificates
        then outstanding.

       

      Uncertificated
        REMIC I Pass-Through Rate:
        With
        respect to each REMIC I Regular Interest ending with the designation “A” and any
        Distribution Date, a per annum rate equal to the weighted average Net Mortgage
        Rate of the Mortgage Loans multiplied by 2, subject to a maximum rate of
        10.8100%. With respect to each REMIC I Regular Interest ending with the
        designation “B” and any Distribution Date, a per annum rate equal to the greater
        of (x) the excess, if any, of (1) 2 multiplied by the weighted average Net
        Mortgage Rate of the Mortgage Loans over (2) 10.8100% and (y) 0.00% per annum.
        

       

      Uncertificated
        REMIC II Pass-Through Rate:
        With
        respect to REMIC II Regular Interest AA, each REMIC II Regular Interest for
        which a Class A, Class M or Class B Certificate is the Corresponding Certificate
        and REMIC II Regular Interest ZZ, and any Distribution Date, a per annum
        rate
        equal to the weighted average of (x) the weighted average of the Uncertificated
        REMIC I Pass-Through Rates for the REMIC I Regular Interests ending with
        the
        designation “B” for such Distribution Date, weighted on the basis of the
        Uncertificated Principal Balances of each such REMIC I Regular Interest for
        such
        Distribution Date and (y) the weighted average of the rates listed below
        for the
        REMIC I Regular Interests ending with the designation “A” for such Distribution
        Date list below, weighted on the basis of the Uncertificated Principal Balances
        of each such REMIC I Regular Interest for such Distribution Date:

       

      
        	
                Distribution
                  Date

              	
                REMIC
                  I Regular Interest

              	
                Rate

              
	
                1

              	
                I-1-A
                  through I-45-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC I Pass-Through Rate

              
	 	 	 
	
                2

              	
                I-2-A
                  through I-45-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC I Pass-Through Rate

              
	 	
                I-1-A

              	
                Uncertificated
                  REMIC I Pass-Through Rate

              
	
                3

              	
                I-3-A
                  through I-45-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC I Pass-Through Rate

              
	 	
                I-1-A
                  through I-2-A

              	
                Uncertificated
                  REMIC I Pass-Through Rate

              
	
                4

              	
                I-4-A
                  through I-45-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC I Pass-Through Rate

              
	 	
                I-1-A
                  through I-3-A

              	
                Uncertificated
                  REMIC I Pass-Through Rate

              
	
                5

              	
                I-5-A
                  through I-45-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC I Pass-Through Rate

              
	 	
                I-1-A
                  through I-4-A

              	
                Uncertificated
                  REMIC I Pass-Through Rate

              
	
                6

              	
                I-6-A
                  through I-45-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC I Pass-Through Rate

              
	 	
                I-1-A
                  through I-5-A

              	
                Uncertificated
                  REMIC I Pass-Through Rate

              
	
                7

              	
                I-7-A
                  through I-45-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC I Pass-Through Rate

              
	 	
                I-1-A
                  through I-6-A

              	
                Uncertificated
                  REMIC I Pass-Through Rate

              
	
                8

              	
                I-8-A
                  through I-45-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC I Pass-Through Rate

              
	 	
                I-1-A
                  through I-7-A

              	
                Uncertificated
                  REMIC I Pass-Through Rate

              
	
                9

              	
                I-9-A
                  through I-45-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC I Pass-Through Rate

              
	 	
                I-1-A
                  through I-8-A

              	
                Uncertificated
                  REMIC I Pass-Through Rate

              
	
                10

              	
                I-10-A
                  through I-45-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC I Pass-Through Rate

              
	 	
                I-1-A
                  through I-9-A

              	
                Uncertificated
                  REMIC I Pass-Through Rate

              
	
                11

              	
                I-11-A
                  through I-45-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC I Pass-Through Rate

              
	 	
                I-1-A
                  through I-10-A

              	
                Uncertificated
                  REMIC I Pass-Through Rate

              
	
                12

              	
                I-12-A
                  through I-45-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC I Pass-Through Rate

              
	 	
                I-1-A
                  through I-11-A

              	
                Uncertificated
                  REMIC I Pass-Through Rate

              
	
                13

              	
                I-13-A
                  through I-45-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC I Pass-Through Rate

              
	 	
                I-1-A
                  through I-12-A

              	
                Uncertificated
                  REMIC I Pass-Through Rate

              
	
                14

              	
                I-14-A
                  through I-45-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC I Pass-Through Rate

              
	 	
                I-1-A
                  through I-13-A

              	
                Uncertificated
                  REMIC I Pass-Through Rate

              
	
                15

              	
                I-15-A
                  through I-45-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC I Pass-Through Rate

              
	 	
                I-1-A
                  through I-14-A

              	
                Uncertificated
                  REMIC I Pass-Through Rate

              
	
                16

              	
                I-16-A
                  through I-45-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC I Pass-Through Rate

              
	 	
                I-1-A
                  through I-15-A

              	
                Uncertificated
                  REMIC I Pass-Through Rate

              
	
                17

              	
                I-17-A
                  through I-45-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC I Pass-Through Rate

              
	 	
                I-1-A
                  through I-16-A

              	
                Uncertificated
                  REMIC I Pass-Through Rate

              
	
                18

              	
                I-18-A
                  through I-45-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC I Pass-Through Rate

              
	 	
                I-1-A
                  through I-17-A

              	
                Uncertificated
                  REMIC I Pass-Through Rate

              
	
                19

              	
                I-19-A
                  through I-45-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC I Pass-Through Rate

              
	 	
                I-1-A
                  through I-18-A

              	
                Uncertificated
                  REMIC I Pass-Through Rate

              
	
                20

              	
                I-20-A
                  through I-45-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC I Pass-Through Rate

              
	 	
                I-1-A
                  through I-19-A

              	
                Uncertificated
                  REMIC I Pass-Through Rate

              
	
                21

              	
                I-21-A
                  through I-45-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC I Pass-Through Rate

              
	 	
                I-1-A
                  through I-20-A

              	
                Uncertificated
                  REMIC I Pass-Through Rate

              
	
                22

              	
                I-22-A
                  through I-45-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC I Pass-Through Rate

              
	 	
                I-1-A
                  through I-21-A

              	
                Uncertificated
                  REMIC I Pass-Through Rate

              
	
                23

              	
                I-23-A
                  through I-45-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC I Pass-Through Rate

              
	 	
                I-1-A
                  through I-22-A

              	
                Uncertificated
                  REMIC I Pass-Through Rate

              
	
                24

              	
                I-24-A
                  through I-45-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC I Pass-Through Rate

              
	 	
                I-1-A
                  through I-23-A

              	
                Uncertificated
                  REMIC I Pass-Through Rate

              
	
                25

              	
                I-25-A
                  through I-45-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC I Pass-Through Rate

              
	 	
                I-1-A
                  through I-24-A

              	
                Uncertificated
                  REMIC I Pass-Through Rate

              
	
                26

              	
                I-26-A
                  through I-45-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC I Pass-Through Rate

              
	 	
                I-1-A
                  through I-25-A

              	
                Uncertificated
                  REMIC I Pass-Through Rate

              
	
                27

              	
                I-27-A
                  through I-45-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC I Pass-Through Rate

              
	 	
                I-1-A
                  through I-26-A

              	
                Uncertificated
                  REMIC I Pass-Through Rate

              
	
                28

              	
                I-28-A
                  through I-45-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC I Pass-Through Rate

              
	 	
                I-1-A
                  through I-27-A

              	
                Uncertificated
                  REMIC I Pass-Through Rate

              
	
                29

              	
                I-29-A
                  through I-45-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC I Pass-Through Rate

              
	 	
                I-1-A
                  through I-28-A

              	
                Uncertificated
                  REMIC I Pass-Through Rate

              
	
                30

              	
                I-30-A
                  through I-45-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC I Pass-Through Rate

              
	 	
                I-1-A
                  through I-29-A

              	
                Uncertificated
                  REMIC I Pass-Through Rate

              
	
                31

              	
                I-31-A
                  through I-45-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC I Pass-Through Rate

              
	 	
                I-1-A
                  through I-30-A

              	
                Uncertificated
                  REMIC I Pass-Through Rate

              
	
                32

              	
                I-32-A
                  through I-45-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC I Pass-Through Rate

              
	 	
                I-1-A
                  through I-31-A

              	
                Uncertificated
                  REMIC I Pass-Through Rate

              
	
                33

              	
                I-33-A
                  through I-45-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC I Pass-Through Rate

              
	 	
                I-1-A
                  through I-32-A

              	
                Uncertificated
                  REMIC I Pass-Through Rate

              
	
                34

              	
                I-34-A
                  through I-45-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC I Pass-Through Rate

              
	 	
                I-1-A
                  through I-33-A

              	
                Uncertificated
                  REMIC I Pass-Through Rate

              
	
                35

              	
                I-35-A
                  through I-45-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC I Pass-Through Rate

              
	 	
                I-1-A
                  through I-34-A

              	
                Uncertificated
                  REMIC I Pass-Through Rate

              
	
                36

              	
                I-36-A
                  through I-45-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC I Pass-Through Rate

              
	 	
                I-1-A
                  through I-35-A

              	
                Uncertificated
                  REMIC I Pass-Through Rate

              
	
                37

              	
                I-37-A
                  through I-45-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC I Pass-Through Rate

              
	 	
                I-1-A
                  through I-36-A

              	
                Uncertificated
                  REMIC I Pass-Through Rate

              
	
                38

              	
                I-38-A
                  through I-45-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC I Pass-Through Rate

              
	 	
                I-1-A
                  through I-37-A

              	
                Uncertificated
                  REMIC I Pass-Through Rate

              
	
                39

              	
                I-39-A
                  through I-45-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC I Pass-Through Rate

              
	 	
                I-1-A
                  through I-38-A

              	
                Uncertificated
                  REMIC I Pass-Through Rate

              
	
                40

              	
                I-40-A
                  through I-45-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC I Pass-Through Rate

              
	 	
                I-1-A
                  through I-39-A

              	
                Uncertificated
                  REMIC I Pass-Through Rate

              
	
                41

              	
                I-41-A
                  through I-45-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC I Pass-Through Rate

              
	 	
                I-1-A
                  through I-40-A

              	
                Uncertificated
                  REMIC I Pass-Through Rate

              
	
                42

              	
                I-42-A
                  through I-45-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC I Pass-Through Rate

              
	 	
                I-1-A
                  through I-41-A

              	
                Uncertificated
                  REMIC I Pass-Through Rate

              
	
                43

              	
                I-43-A
                  through I-45-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC I Pass-Through Rate

              
	 	
                I-1-A
                  through I-42-A

              	
                Uncertificated
                  REMIC I Pass-Through Rate

              
	
                44

              	
                I-44-A
                  through I-45-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC I Pass-Through Rate

              
	 	
                I-1-A
                  through I-43-A

              	
                Uncertificated
                  REMIC I Pass-Through Rate

              
	
                45

              	
                I-45-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC I Pass-Through Rate

              
	 	
                I-1-A
                  through I-44-A

              	
                Uncertificated
                  REMIC I Pass-Through Rate

              
	
                thereafter

              	
                I-1-A
                  through I-45-A

              	
                Uncertificated
                  REMIC I Pass-Through Rate

              

      

       

      With
        respect to REMIC II Regular Interest IO and any Distribution Date, a per
        annum
        rate equal to the excess, if any, of (x) the weighted average of the
        Uncertificated REMIC I Pass-Through Rates for the REMIC I Regular Interests
        ending with the designation “A” for such Distribution Date, over (y) 2
        multiplied by Swap LIBOR.

       

      Unpaid
        Realized Loss Amount:
        With
        respect to the Class A Certificates and as to any Distribution Date is the
        excess of Applied Realized Loss Amounts with respect to such Class over the
        sum
        of all distributions in reduction of the Applied Realized Loss Amounts on
        all
        previous Distribution Dates. Any amounts distributed to the Class A Certificates
        in respect of any Unpaid Realized Loss Amount shall not be applied to reduce
        the
        Certificate Principal Balance of such Class.

       

      Voting
        Rights:
        The
        portion of the voting rights of all the Certificates that is allocated to
        any
        Certificate for purposes of the voting provisions hereunder. Voting Rights
        shall
        be allocated (i) 93% to the Class A, Class M and Class B Certificates, (ii)
        3%
        to the Class C Certificates until paid in full, (iii) 1% to each of the Class
        R-1, Class R-2, Class R-3 Certificates and Class RX Certificates, with the
        allocation among the Certificates (other than the Class C Certificates and
        Residual Certificates) to be in proportion to the Certificate Principal Balance
        of each Class relative to the Certificate Principal Balance of all other
        such
        Classes. Voting Rights will be allocated among the Certificates of each such
        Class in accordance with their respective Percentage Interests.

       

      Wells
        Fargo:
        Wells
        Fargo Bank, N.A., and any successor in interest.

       

      Wells
        Fargo Custodial Agreement:
        The
        Custodial Agreement, dated as of May 30, 2006, among the Depositor, EMC,
        as
        Seller, the Master Servicer, the Trustee and Wells Fargo Bank, N.A. as Custodian
        relating to the Mortgage Loans identified in such Custodial
        Agreement.

       

      Section
        1.02  Allocation
        of Certain Interest Shortfalls. 

       

      For
        purposes of calculating the amount of Current Interest for the Class A, Class
        M,
        Class B and Class C Certificates for any Distribution Date, the aggregate
        amount
        of any Prepayment Interest Shortfalls (to the extent not covered by payments
        by
        the Company or the Master Servicer pursuant to Section 6.02) and any Relief
        Act
        Interest Shortfalls incurred in respect of the Mortgage Loans for any
        Distribution Date shall be allocated first, to the Class C Interest based
        on,
        and to the extent of, one month’s interest at the then applicable Pass-Through
        Rate on the Uncertificated Notional Amount thereof and, thereafter, among
        the
        Class A, Class M and Class B Certificates, in each case on a pro
        rata
        basis
        based on, and to the extent of, one month’s interest at the then applicable
        respective Pass-Through Rates on the respective Certificate Principal Balances
        of each such Certificate.

       

      For
        purposes of calculating the amount of Uncertificated Accrued 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
        Company or the Master Servicer pursuant to Section 6.02) and any Relief Act
        Interest Shortfalls incurred in respect of the Mortgage Loans for any
        Distribution Date shall be allocated first, to REMIC I Regular Interests
        ending
        with the designation “B, pro
        rata,
        based
        on, and to the extent of, one month’s interest at the then applicable respective
        Uncertificated REMIC I Pass-Through Rates on the respective Uncertificated
        Principal Balances of each such REMIC I Regular Interest, and then, to REMIC
        I
        Regular Interests ending with the designation “A”, pro
        rata,
        based
        on, and to the extent of, one month’s interest at the then applicable respective
        Uncertificated REMIC I Pass-Through Rates on the respective Uncertificated
        Principal Balances of each such REMIC I Regular Interest.

       

      For
        purposes of calculating the amount of Uncertificated Accrued Interest for
        the
        REMIC II Regular Interests for any Distribution Date, the aggregate amount
        of
        any Prepayment Interest Shortfalls (to the extent not covered by payments
        by the
        Company or the Master Servicer pursuant to Section 6.02) and any Relief Act
        Interest Shortfalls incurred in respect of the Mortgage Loans for any
        Distribution Date shall be allocated first, to Uncertificated Accrued Interest
        payable to REMIC II Regular Interest AA and REMIC II Regular Interest ZZ
        up to
        an aggregate amount equal to the REMIC II Interest Loss Allocation Amount,
        98%
        and 2%, respectively, and thereafter among REMIC II Regular Interest AA,
        each
        REMIC II Regular Interest for which a Class A, Class M or Class B Certificate
        is
        the Corresponding Certificate and REMIC II Regular Interest ZZ, pro
        rata,
        based
        on, and to the extent of, one month’s interest at the then applicable respective
        Uncertificated REMIC II Pass-Through Rates on the respective Uncertificated
        Principal Balances of each such REMIC II Regular Interest.

       

      

      ARTICLE
        II

      CONVEYANCE
        OF TRUST FUND

      REPRESENTATIONS
        AND WARRANTIES

       

      Section
        2.01  Conveyance
        of Trust Fund.

       

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

       

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

       

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

       

      In
        connection with such sale, the Depositor has delivered to, and deposited
        with,
        the Trustee or the related Custodian, as its agent, the following documents
        or
        instruments with respect to each Mortgage Loan so assigned: (i) the original
        Mortgage Note, including any riders thereto, endorsed without recourse in
        blank
        or to order of “Citibank, N.A., as Trustee for certificateholders of SACO I
        Trust 2006-6, Mortgage-Backed Certificates, Series 2006-6,” and showing an
        unbroken chain of endorsements from the original payee thereof to the Person
        endorsing it to the Trustee, (ii) the original Mortgage and, if the related
        Mortgage Loan is a MOM Loan, noting the presence of the MIN and language
        indicating that such Mortgage Loan is a MOM Loan, which shall have been recorded
        (or if the original is not available, a copy), with evidence of such recording
        indicated thereon (or if clause (x) in the proviso below applies, shall be
        in
        recordable form), (iii) unless the Mortgage Loan is a MOM Loan, the assignment
        (either an original or a copy, which may be in the form of a blanket assignment
        if permitted in the jurisdiction in which the Mortgaged Property is located)
        to
        the Trustee of the Mortgage with respect to each Mortgage Loan in the name
        of
“Citibank, N.A., as Trustee for certificateholders of SACO I Trust
        2006-6. Mortgage-Backed Certificates, Series 2006-6,” which shall have been
        recorded (or if clause (x) in the proviso below applies, shall be in recordable
        form), (iv) an original or a copy of all intervening assignments of the
        Mortgage, if any, with evidence of recording thereon, (v) the original policy
        of
        title insurance or mortgagee’s certificate of title insurance or commitment or
        binder for title insurance, if available, or a copy thereof, or, in the event
        that such original title insurance policy is unavailable, a photocopy thereof,
        or in lieu thereof, a current lien search on the related Mortgaged Property
        and
        (vi) originals or copies of all available assumption, modification or
        substitution agreements, if any; provided, however, that in lieu of the
        foregoing, the related Seller may deliver the following documents, under
        the
        circumstances set forth below: (x) if any Mortgage, assignment thereof to
        the
        Trustee or intervening assignments thereof have been delivered or are being
        delivered to recording offices for recording and have not been returned in
        time
        to permit their delivery as specified above, the Depositor may deliver a
        true
        copy thereof with a certification by such Seller or the title company issuing
        the commitment for title insurance, on the face of such copy, substantially
        as
        follows: “Certified to be a true and correct copy of the original, which has
        been transmitted for recording”; and (y) in lieu of the Mortgage Notes relating
        to the Mortgage Loans identified in the list set forth in Exhibit I, the
        Depositor may deliver a lost note affidavit and indemnity and a copy of the
        original note, if available; and provided, further, however, that in the
        case of
        Mortgage Loans which have been prepaid in full after the Cut-off Date and
        prior
        to the Closing Date, the Depositor, in lieu of delivering the above documents,
        may deliver to the Trustee and the related Custodian a certification of a
        Servicing Officer to such effect and in such case shall deposit all amounts
        paid
        in respect of such Mortgage Loans, in the Master Servicer Collection Account
        or
        in the Distribution Account on the Closing Date. In the case of the documents
        referred to in clause (x) above, the Depositor shall deliver such documents
        to
        the Trustee or the related Custodian promptly after they are received. EMC
        shall
        cause, at its expense, the Mortgage and intervening assignments, if any,
        and to
        the extent required in accordance with the foregoing, the assignment of the
        Mortgage to the Trustee to be submitted for recording promptly after the
        Closing
        Date; provided that EMC need not cause to be recorded (a) any assignment
        in any
        jurisdiction under the laws of which, as evidenced by an Opinion of Counsel
        addressed to the Trustee delivered by EMC to the Trustee, the Custodians
        and
        each Rating Agency, the recordation of such assignment is not necessary to
        protect the Trustee’s interest in the related Mortgage Loan or (b) if MERS is
        identified on the Mortgage or on a properly recorded assignment of the Mortgage
        as the mortgagee of record solely as nominee for the related Seller and its
        successors and assigns. In the event that either Seller, the Depositor or
        the
        Master Servicer or the Securities Administrator gives written notice to the
        Trustee that a court has recharacterized the sale of the Mortgage Loans as
        a
        financing, EMC shall submit or cause to be submitted for recording as specified
        above each such previously unrecorded assignment to be submitted for recording
        as specified above at the expense of the Trust. In the event a Mortgage File
        is
        released to the Company or the related Servicer as a result of such Person
        having completed a Request for Release, the related Custodian shall, if not
        so
        completed, complete the assignment of the related Mortgage in the manner
        specified in clause (iii) above.

       

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

       

      All
        original documents relating to the Mortgage Loans that are not delivered
        to the
        Trustee or the related Custodian on its behalf are and shall be held by or
        on
        behalf of the Seller or the Depositor, as the case may be, in trust for the
        benefit of the Trustee on behalf of the Certificateholders. Any such original
        document delivered to or held by the Depositor, shall be delivered promptly
        to
        the Custodian on the Trustee’s behalf. 

       

      Whenever
        it is provided for in this Agreement that any document, evidence or information
        relating to a Mortgage Loan to be included in a Mortgage File be delivered
        or
        supplied to the Trustee, such delivery or supply shall be made to the
        appropriate Custodian pursuant to the related Custodial Agreement.

       

      Section
        2.02  Acceptance
        of the Mortgage Loans. 

       

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

       

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

       

      (c)  In
        the
        event that a Mortgage Loan is repurchased by EMC in accordance with
        subsections 2.02(a) or (b) above or Section 2.03, EMC shall remit the
        applicable Purchase Price to the Master Servicer for deposit in the Master
        Servicer Collection Account and shall provide written notice to the Securities
        Administrator and the Trustee detailing the components of the Purchase Price,
        signed by a Servicing Officer. Upon deposit of the Purchase Price in the
        Master
        Servicer Collection Account and upon receipt of a Request for Release with
        respect to such Mortgage Loan, the related Custodian will release to EMC
        the
        related Mortgage File and the Trustee shall execute and deliver all instruments
        of transfer or assignment, without recourse, representation or warranty
        furnished to it by the related Seller, as are necessary to vest in
        EMC title to and rights under the Mortgage Loan. Such purchase shall be
        deemed to have occurred on the date on which the deposit into the Master
        Servicer Collection Account was made. The Securities Administrator shall
        promptly use its best efforts to notify each Rating Agency of such repurchase
        in
        accordance with Section 12.05. The obligation of EMC to cure, repurchase or
        substitute for any Mortgage Loan as to which a defect in a constituent document
        exists shall be the sole remedies respecting such defect available to the
        Certificateholders or to the Trustee on their behalf.

       

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

       

      Section
        2.03  Representations,
        Warranties and Covenants of the Company, the Master Servicer, and EMC as
        Seller. 

       

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

       

      (i)  It
        is
        duly organized and is validly existing and in good standing under the laws
        of
        the State of Delaware and is duly authorized and qualified to transact any
        and
        all business contemplated by this Agreement to be conducted by it in any
        state
        in which a Mortgaged Property related to an EMC Mortgage Loan is located
        or is
        otherwise not required under applicable law to effect such qualification
        and, in
        any event, is in compliance with the doing business laws of any such state,
        to
        the extent necessary to ensure its ability to enforce each EMC Mortgage Loan,
        to
        service the EMC Mortgage Loans in accordance with the terms of the Mortgage
        Loan
        Purchase Agreement and this Agreement and to perform any of its other
        obligations under this Agreement in accordance with the terms hereof or
        thereof.

       

      (ii)  It
        has
        the full corporate power and authority to service each Mortgage Loan, and
        to
        execute, deliver and perform, and to enter into and consummate the transactions
        contemplated by this Agreement and has duly authorized by all necessary
        corporate action on its part the execution, delivery and performance of this
        Agreement; and this Agreement, assuming the due authorization, execution
        and
        delivery hereof by the other parties hereto or thereto, as applicable,
        constitutes its legal, valid and binding obligation, enforceable against
        it in
        accordance with its terms, except that (a) the enforceability hereof may
        be
        limited by bankruptcy, insolvency, moratorium, receivership and other similar
        laws relating to creditors’ rights generally and (b) the remedy of specific
        performance and injunctive and other forms of equitable relief may be subject
        to
        equitable defenses and to the discretion of the court before which any
        proceeding therefor may be brought.

       

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

       

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

       

      (v)  No
        litigation is pending or, to the best of its knowledge, threatened, against
        it
        that would materially and adversely affect (a) the execution, delivery or
        enforceability of this Agreement (b) its ability to service the EMC Mortgage
        Loans, (c) to perform any of its other obligations under this Agreement in
        accordance with the terms hereof, (d) its business operations, financial
        conditions, or properties or assets owned by it, or (e) its ability to carry
        on
        its business as now conducted.

       

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

       

      (vii)  The
        servicing practices used by the Company in respect of each Mortgage Loan
        have
        been, and will continue to be, compliant in all material respects with
        applicable laws and regulations.

       

      (b)  LaSalle
        Bank National Association, in its capacity as Master Servicer and Securities
        Administrator hereby represents and warrants to the Seller, the Depositor
        and
        the Trustee as follows, as of the Closing Date:

       

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

       

      (ii)  It
        has
        the full corporate power and authority to execute, deliver and perform, and
        to
        enter into and consummate the transactions contemplated by this Agreement
        and
        has duly authorized by all necessary corporate action on its part the execution,
        delivery and performance of this Agreement; and this Agreement, assuming
        the due
        authorization, execution and delivery hereof by the other parties hereto,
        constitutes its legal, valid and binding obligation, enforceable against
        it in
        accordance with its terms, except that (a) the enforceability hereof may
        be
        limited by bankruptcy, insolvency, moratorium, receivership and other similar
        laws relating to creditors’ rights generally and (b) the remedy of specific
        performance and injunctive and other forms of equitable relief may be subject
        to
        equitable defenses and to the discretion of the court before which any
        proceeding therefor may be brought.

       

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

       

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

       

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

       

      (c)  EMC
        (in
        its capacity as Seller) hereby represents and warrants to the Depositor and
        the
        Trustee as follows, as of the Closing Date:

       

      (i)  EMC
        is
        duly organized as a Delaware corporation and is validly existing and in good
        standing under the laws of the State of Delaware and is duly authorized and
        qualified to transact any and all business contemplated by this Agreement
        to be
        conducted by EMC in any state in which a Mortgaged Property is located or
        is
        otherwise not required under applicable law to effect such qualification
        and, in
        any event, is in compliance with the doing business laws of any such state,
        to
        the extent necessary to ensure its ability to enforce each Mortgage Loan,
        to
        sell the Mortgage Loans in accordance with the terms of the Mortgage Loan
        Purchase Agreement and to perform any of its other obligations under this
        Agreement in accordance with the terms hereof.

       

      (ii)  EMC
        has
        the full corporate power and authority to sell each Mortgage Loan, and to
        execute, deliver and perform, and to enter into and consummate the transactions
        contemplated by this Agreement and has duly authorized by all necessary
        corporate action on the part of EMC the execution, delivery and performance
        of
        this Agreement, assuming the due authorization, execution and delivery hereof
        by
        the other parties hereto or thereto, as applicable, constitutes a legal,
        valid
        and binding obligation of EMC, enforceable against EMC in accordance with
        its
        terms, except that (a) the enforceability hereof may be limited by bankruptcy,
        insolvency, moratorium, receivership and other similar laws relating to
        creditors’ rights generally and (b) the remedy of specific performance and
        injunctive and other forms of equitable relief may be subject to equitable
        defenses and to the discretion of the court before which any proceeding therefor
        may be brought.

       

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

       

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

       

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

       

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

       

      (vii)  With
        respect to each Mortgage Loan as of the Closing Date (or such other date
        as may
        be specified in Section 7 of the Mortgage Loan Purchase Agreement), EMC hereby
        remakes and restates each of the representations and warranties set forth
        in
        Section 7 of the Mortgage Loan Purchase Agreement to the Depositor and the
        Trustee to the same extent as if fully set forth herein.

       

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

       

      With
        respect to any Replacement Mortgage Loan or Loans, EMC (in its capacity as
        Seller) shall deliver to the Trustee or the related Custodian on its behalf
        for
        the benefit of the Certificateholders such documents and agreements as are
        required by Section 2.01. No substitution will be made in any calendar month
        after the Determination Date for such month. Notwithstanding the foregoing,
        such
        substitution must be done within two years of the Closing Date. Scheduled
        Payments due with respect to Replacement Mortgage Loans in the Due Period
        related to the Distribution Date on which such proceeds are to be distributed
        shall not be part of the Trust Fund and will be retained by EMC (in its capacity
        as Seller). For the month of substitution, distributions to Certificateholders
        will include the Scheduled Payment due on any Deleted Mortgage Loan for the
        related Due Period and thereafter EMC (in its capacity as Seller) shall be
        entitled to retain all amounts received in respect of such Deleted Mortgage
        Loan. The Master Servicer shall amend the Mortgage Loan Schedule for the
        benefit
        of the Certificateholders to reflect the removal of each such Deleted Mortgage
        Loan and the substitution of the Replacement Mortgage Loan or Loans and the
        Master Servicer shall deliver the amended Mortgage Loan Schedule to the
        Securities Administrator, the Trustee and the related Custodian. Upon such
        substitution, the Replacement Mortgage Loan or Loans shall be subject to
        the
        terms of this Agreement in all respects, and EMC shall be deemed to have
        made
        with respect to such Replacement Mortgage Loan or Loans, as of the date of
        substitution, the representations and warranties set forth in Section 7 or
        Section 8 of the Mortgage Loan Purchase Agreement with respect to such Mortgage
        Loan. Upon any such substitution and the deposit into the Master Servicer
        Collection Account of the amount required to be deposited therein in connection
        with such substitution as described in the following paragraph and receipt
        by
        the related Custodian of a Request for Release for such Mortgage Loan, the
        related Custodian shall release to EMC the Mortgage File relating to such
        Deleted Mortgage Loan and held for the benefit of the Certificateholders
        and the
        Trustee shall execute and deliver at EMC’s direction such instruments of
        transfer or assignment as have been prepared by EMC, in each case without
        recourse, representation or warranty as shall be necessary to vest in EMC, or
        its respective designee, title to the Trustee’s interest in any Deleted Mortgage
        Loan substituted for pursuant to this Section 2.03.

       

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

       

      In
        the
        event that EMC (in its capacity as Seller) shall have repurchased a Mortgage
        Loan, the Purchase Price therefor shall be deposited into the Master Servicer
        Collection Account maintained by the Master Servicer, on the Determination
        Date
        for the Distribution Date in the month following the month during which EMC
        became obligated to repurchase or replace such Mortgage Loan and upon such
        deposit of the Purchase Price, the delivery of an Opinion of Counsel if required
        by Section 2.05 and the receipt of a Request for Release, the related Custodian
        shall release the related Mortgage File held for the benefit of the
        Certificateholders to EMC, and the Trustee shall execute and deliver at such
        Person’s direction the related instruments of transfer or assignment prepared by
        EMC, in each case without recourse, representation or warranty, as shall
        be
        necessary to transfer title from the Trustee for the benefit of the
        Certificateholders and transfer the Trustee’s interest to EMC to any
        Mortgage Loan purchased pursuant to this Section 2.03. It is understood and
        agreed that the obligation under this Agreement of EMC to cure, repurchase
        or
        replace any Mortgage Loan as to which a breach has occurred and is continuing
        shall constitute the sole remedies against EMC (in its capacity as Seller)
        respecting such breach available to the Certificateholders, the Depositor
        or the
        Trustee.

       

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

       

      Section
        2.04  Representations
        and Warranties of the Depositor. 

       

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

       

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

       

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

       

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

       

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

       

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

       

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

      

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

       

      It
        is
        understood and agreed that the representations and warranties set forth in
        this
        Section 2.04 shall survive delivery of the Mortgage Files to the Trustee
        or the
        related Custodian for the benefit of the Certificateholders. Upon discovery
        by
        the Depositor or the Trustee of a breach of such representations and warranties,
        the party discovering such breach shall give prompt written notice to the
        others
        and to each Rating Agency.

       

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

       

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

       

      (b)  Upon
        discovery by the Depositor, EMC or the Master Servicer that any Mortgage
        Loan
        does not constitute a “qualified mortgage” within the meaning of Section
        860G(a)(3) of the Code, the party discovering such fact shall promptly (and
        in
        any event within 5 Business Days of discovery) give written notice thereof
        to
        the other parties and the Trustee and the Securities Administrator. In
        connection therewith, EMC shall either (i) substitute, if the conditions in
        Section 2.03 with respect to substitutions are satisfied, a Replacement Mortgage
        Loan for the affected Mortgage Loan, or (ii) repurchase the affected Mortgage
        Loan within 90 days of such discovery in the same manner as it would a Mortgage
        Loan for a breach of representation or warranty in accordance with Section
        2.03.
        The Trustee shall reconvey to EMC the Mortgage Loan to be released pursuant
        hereto (and the related Custodian shall deliver the related Mortgage File)
        in
        the same manner, and on the same terms and conditions, as it would a Mortgage
        Loan repurchased for breach of a representation or warranty in accordance
        with
        Section 2.03.

       

      Section
        2.06  Countersignature
        and Delivery of Certificates. 

       

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

       

      (b)  The
        Depositor, concurrently with the execution and delivery hereof, does hereby
        transfer, assign, set over and otherwise convey in trust to the Trustee without
        recourse all the right, title and interest of the Depositor in and to the
        REMIC
        I Regular Interests and the other assets of REMIC II for the benefit of the
        holders of the REMIC II Regular Interests and the Class R-2 Certificates.
        The
        Trustee acknowledges receipt of the REMIC I Regular Interests (which are
        uncertificated) and the other assets of REMIC II and declares that it holds
        and
        will hold the same in trust for the exclusive use and benefit of the holders
        of
        the REMIC II Regular Interests and the Class R-2 Certificates.

       

      (c)  The
        Depositor, concurrently with the execution and delivery hereof, does hereby
        transfer, assign, set over and otherwise convey in trust to the Trustee without
        recourse all the right, title and interest of the Depositor in and to the
        REMIC
        II Regular Interests and the other assets of REMIC III for the benefit of
        the
        holders of the Regular Certificates (other than the Class C Certificates),
        the
        Class C Interest, the Class IO Interest and the Class R-3 Certificates. The
        Trustee acknowledges receipt of the REMIC II Regular Interests (which are
        uncertificated) and the other assets of REMIC III and declares that it holds
        and
        will hold the same in trust for the exclusive use and benefit of the holders
        of
        the Regular Certificates (other than the Class C Certificates), the Class
        C
        Interest, the Class IO Interest and the Class R-3 Certificates.

       

      (d)  The
        Depositor, concurrently with the execution and delivery hereof, does hereby
        transfer, assign, set over and otherwise convey in trust to the Trustee without
        recourse all the right, title and interest of the Depositor in and to the
        Class
        C Interest for the benefit of the Holders of the Class C Certificates and
        Class
        RX Certificates (in respect of the Class R-4 Interest). The Trustee acknowledges
        receipt of the Class C Interest (which is uncertificated) and declares that
        it
        holds and will hold the same in trust for the exclusive use and benefit of
        the
        Holders of the Class C Certificates and Class RX Certificates (in respect
        of the
        Class R-4 Interest).

       

      (e)  The
        Depositor, concurrently with the execution and delivery hereof, does hereby
        transfer, assign, set over and otherwise convey in trust to the Trustee without
        recourse all the right, title and interest of the Depositor in and to the
        Class
        IO Interest for the benefit of the holders of the REMIC V Regular Interest
        IO
        and Class RX Certificates (in respect of the Class R-5 Interest). The Trustee
        acknowledges receipt of the Class IO Interest (which is uncertificated) and
        declares that it holds and will hold the same in trust for the exclusive
        use and
        benefit of the holders of the REMIC V Regular Interest IO and Class RX
        Certificates (in respect of the Class R-5 Interest).

       

      Section
        2.07  Purposes
        and Powers of the Trust.

       

      The
        purpose of the common law trust, created hereunder (the “Trust”), is to engage
        in the following activities:

       

      (a)  acquire
        and hold the Mortgage Loans and the other assets of the Trust Fund and the
        proceeds therefrom for the benefit of the Certificateholders;

       

      (b)  to
        issue
        the Certificates sold to the Depositor in exchange for the Mortgage Loans
        and
        the other assets of the Trust Fund;

       

      (c)  to
        make
        distributions on the Certificates;

       

      (d)  to
        engage
        in those activities that are necessary, suitable or convenient to accomplish
        the
        foregoing or are incidental thereto or connected therewith; and

       

      (e)  subject
        to compliance with this Agreement, to engage in such other activities as
        may be
        required in connection with conservation of the Trust Fund and the making
        of
        distributions to the Certificateholders.

       

      The
        Trust
        is hereby authorized to engage in the foregoing activities. The Trust shall
        not
        engage in any activity other than in connection with the foregoing or other
        than
        as required or authorized by the terms of this Agreement while any Certificate
        is outstanding.

       

      ARTICLE
        III

      ADMINISTRATION
        AND SERVICING OF EMC MORTGAGE LOANS BY THE COMPANY

       

      Section
        3.01  The
        Company. 

       

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

       

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

       

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

       

      If
        the
        Mortgage relating to a Mortgage Loan had a lien senior to the Mortgage Loan
        on
        the related Mortgaged Property as of the Cut-off Date, then the Company may
        consent to the refinancing of the prior senior lien, provided that the following
        requirements are met:

       

      (i)  the
        resulting Combined Loan-to-Value Ratio of such Mortgage Loan is no higher
        than
        the Combined Loan-to-Value Ratio prior to such refinancing; and

       

      (ii)  the
        interest rate, or, in the case of an adjustable rate existing senior lien,
        the
        maximum interest rate, for the loan evidencing the refinanced senior lien
        is no
        more than 2.0% higher than the interest rate or the maximum interest rate,
        as
        the case may be, on the loan evidencing the existing senior lien immediately
        prior to the date of such refinancing; and

       

      (iii)  the
        loan
        evidencing the refinanced senior lien is not subject to negative
        amortization.

       

      The
        Trustee shall furnish the Company and the related Servicer with any powers
        of
        attorney and other documents in form as provided to it necessary or appropriate
        to enable the Company and the related Servicer to service and administer
        the
        related Mortgage Loans and REO Property, to execute and deliver instruments
        of
        satisfaction or cancellation, or of partial or full release or discharge,
        and to
        foreclose upon or otherwise liquidate Mortgaged Property, and to appeal,
        prosecute or defend in any court action relating to the Mortgage Loans or
        the
        Mortgaged Property, in accordance with the related Servicing Agreement and
        this
        Agreement.

       

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

       

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

       

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

       

      Section
        3.03  Subservicers. 

       

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

       

      At
        the
        cost and expense of the Company, without any right of reimbursement from
        its
        Protected Account, the Company shall be entitled to terminate the rights
        and
        responsibilities of a subservicer and arrange for any servicing responsibilities
        to be performed by a successor subservicer; provided, however, that nothing
        contained herein shall be deemed to prevent or prohibit the Company, at the
        Company’s option, from electing to service the related Mortgage Loans itself. In
        the event that the Company’s responsibilities and duties under this Agreement
        are terminated pursuant to Section 9.01, the Company shall at its own cost
        and
        expense terminate the rights and responsibilities of each subservicer effective
        as of the date of termination of the Company. The Company shall pay all fees,
        expenses or penalties necessary in order to terminate the rights and
        responsibilities of each subservicer from the Company’s own funds without
        reimbursement from the Trust Fund.

       

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

       

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

       

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

       

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

       

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

       

      Section
        3.05  Optional
        Purchase of Certain Mortgage Loans. 

       

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

       

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

       

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

       

      Section
        3.06  Release
        of Mortgage Files. 

       

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

       

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

       

      Section
        3.07  Maintenance
        of Hazard Insurance. 

       

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

       

      In
        the
        event that the Company shall obtain and maintain a blanket policy insuring
        against hazard losses on all of the EMC Mortgage Loans, it shall conclusively
        be
        deemed to have satisfied its obligations as set forth in the first sentence
        of
        this Section 3.07, it being understood and agreed that such policy may contain
        a
        deductible clause on terms substantially equivalent to those commercially
        available and maintained by comparable servicers. If such policy contains
        a
        deductible clause, the Company shall, in the event that there shall not have
        been maintained on the related Mortgaged Property a policy complying with
        the
        first sentence of this Section 3.07, and there shall have been a loss that
        would
        have been covered by such policy, deposit in the Protected Account maintained
        by
        the Company the amount not otherwise payable under the blanket policy because
        of
        such deductible clause. Such deposit shall be from the Company’s own funds
        without reimbursement therefor. In connection with its activities as
        administrator and servicer of the EMC Mortgage Loans, the Company agrees
        to
        present, on behalf of itself and the Trustee for the benefit of the
        Certificateholders claims under any such blanket policy.

       

      Section
        3.08  Presentment
        of Claims and Collection of Proceeds. 

      

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

         

      

      Section
        3.09  Books
        and
        Records.

       

      The
        Company shall be responsible for maintaining, and shall maintain, a complete
        set
        of books and records for the EMC Mortgage Loans which shall be appropriately
        identified in the Company’s computer system to clearly reflect the ownership of
        the EMC Mortgage Loans by the Trust. In particular, the Company shall maintain
        in its possession, available for inspection by the Master Servicer, the
        Securities Administrator and the Trustee and shall deliver to the Master
        Servicer, the Securities Administrator and the Trustee upon demand, evidence
        of
        compliance with all federal, state and local laws, rules and regulations.
        The
        Trustee, the Securities Administrator and the Master Servicer, and any
        governmental or regulatory agency with jurisdiction over the Trustee, the
        Securities Administrator or the Master Servicer, as applicable, shall have
        the
        right, upon reasonable advance notice to the Company, to inspect and examine
        the
        books and records of the Company. To the extent that original documents are
        not
        required for purposes of realization of Liquidation Proceeds or Insurance
        Proceeds, documents maintained by the Company may be in the form of microfilm
        or
        microfiche or such other reliable means of recreating original documents,
        including, but not limited to, optical imagery techniques so long as the
        Company
        complies with the requirements of Accepted Servicing Practices. During the
        term
        of this Agreement, the Company shall, upon reasonable advance notice, make
        available a Servicing Officer to the Master Servicer for answering questions
        and
        responding to inquiries. 

       

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

       

      Payments
        on the Mortgage Loans, including any payoffs, made in accordance with the
        related Mortgage File will be entered in the Company’s set of books and records
        no more than two business days after receipt and identification, and allocated
        to principal or interest as specified in the related Mortgage File.

       

      Section
        3.10  Custodians
        to Retain Possession of Certain Insurance Policies and Documents.

       

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

       

      Section
        3.11  Fidelity
        Bond, Errors and Omissions Insurance. 

       

      The
        Company shall maintain, at its own expense, a blanket fidelity bond and an
        errors and omissions insurance policy, with broad coverage with responsible
        companies on all officers, employees or other persons acting in any capacity
        with regard to the EMC Mortgage Loans and who handle funds, money, documents
        and
        papers relating to the EMC Mortgage Loans. The fidelity bond and errors and
        omissions insurance shall be in the form of the Mortgage Banker’s Blanket Bond
        and shall protect and insure the Company against losses, including forgery,
        theft, embezzlement, fraud, errors and omissions and negligent acts of such
        persons. Such fidelity bond shall also protect and insure the Company against
        losses in connection with the failure to maintain any insurance policies
        required pursuant to this Agreement and the release or satisfaction of an
        EMC
        Mortgage Loan which is not in accordance with Accepted Servicing Practices.
        No
        provision of this Section 3.11 requiring the fidelity bond and errors and
        omissions insurance shall diminish or relieve the Company from its duties
        and
        obligations as set forth in this Agreement. The minimum coverage under any
        such
        bond and insurance policy shall be at least equal to the corresponding amounts
        required by Accepted Servicing Practices. The Company shall deliver to the
        Master Servicer annually (together with the Company’s Annual Statement of
        Compliance required under Section 3.16 hereof) a certificate from the surety
        and
        the insurer as to the existence of the fidelity bond and errors and omissions
        insurance policy (along with a copy of such policy then in effect) and shall
        obtain a statement from the surety and the insurer that such fidelity bond
        or
        insurance policy shall in no event be terminated or materially modified without
        thirty days prior written notice to the Master Servicer and the Trustee.
        The
        Company shall notify the Master Servicer, the Securities Administrator and
        the
        Trustee in writing within five business days of receipt of notice that such
        fidelity bond or insurance policy will be, or has been, materially modified
        or
        terminated. The Trustee for the benefit of the Certificateholders must be
        named
        as loss payees on the fidelity bond and as additional insured on the errors
        and
        omissions policy.

       

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

       

      (a)  The
        Company shall use reasonable efforts to foreclose upon or otherwise comparably
        convert the ownership of properties securing such of the EMC Mortgage Loans
        as
        come into and continue in default and as to which no satisfactory arrangements
        can be made for collection of delinquent payments. In connection with such
        foreclosure or other conversion, the Company shall follow such practices
        and
        procedures as it shall deem necessary or advisable and as shall be normal
        and
        usual in its general mortgage servicing activities and the requirements of
        the
        insurer under any Required Insurance Policy; provided that the Company shall
        not
        be required to expend its own funds in connection with any foreclosure or
        towards the restoration of any property unless it shall determine (i) that
        such
        restoration and/or foreclosure will increase the proceeds of liquidation
        of the
        EMC Mortgage Loan after reimbursement to itself of such expenses and (ii)
        that
        such expenses will be recoverable to it through Insurance Proceeds or
        Liquidation Proceeds (respecting which it shall have priority for purposes
        of
        withdrawals from the Protected Account maintained by the Company pursuant
        to
        Section 5.02). If the Company reasonably believes that Liquidation Proceeds
        with
        respect to any such EMC Mortgage Loan would not be increased as a result
        of such
        foreclosure or other action, such EMC Mortgage Loan will be charged-off and
        will
        become a Liquidated Loan. The Company will give notice of any such charge-off
        and related Final Recovery Determination to the Trustee and the Master Servicer
        pursuant to Section 5.03. The Company shall be responsible for all other
        costs
        and expenses incurred by it in any such proceedings; provided that such costs
        and expenses shall be Servicing Advances and that it shall be entitled to
        reimbursement thereof from the proceeds of liquidation of the related Mortgaged
        Property, as contemplated in Section 5.02. If the Company has knowledge that
        a
        Mortgaged Property that the Company is contemplating acquiring in foreclosure
        or
        by deed- in-lieu of foreclosure is located within a one-mile radius of any
        site
        with environmental or hazardous waste risks known to the Company, the Company
        will, prior to acquiring the related Mortgaged Property, consider such risks
        and
        only take action in accordance with its established environmental review
        procedures. 

       

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

       

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

       

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

       

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

       

      The
        proceeds of any Liquidated Loan, as well as any recovery resulting from a
        partial collection of related Liquidation Proceeds or any income from a an
        REO
        Property, will be applied in the following order of priority: first, to
        reimburse the Company and the Master Servicer for any related unreimbursed
        Servicing Advances, Master Servicing Fees and Servicing Fees, pursuant to
        Section 5.02 or this Section 3.12; second, to reimburse the Company and the
        Master Servicer for any unreimbursed Advances, pursuant to Section 5.02 or
        this
        Section 3.12; third, to accrued and unpaid interest (to the extent no Advance
        has been made for such amount) on the EMC Mortgage Loan or related REO Property,
        at the Net Mortgage Rate to the first day of the month in which such amounts
        are
        required to be distributed; and fourth, as a recovery of principal of the
        EMC
        Mortgage Loan.

       

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

       

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

       

      Section
        3.13  Servicing
        Compensation. 

       

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

       

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

       

      Section
        3.14  REO
        Property. 

       

      (a)  In
        the
        event the Trust Fund acquires ownership of any REO Property in respect of
        any
        related EMC Mortgage Loan, the deed or certificate of sale shall be issued
        to
        the Trustee, or to its nominee, on behalf of the related Certificateholders.
        The
        Company shall sell any such REO Property as expeditiously as possible and
        in
        accordance with the provisions of this Agreement. Pursuant to its efforts
        to
        sell such REO Property, the Company shall protect and conserve such REO Property
        in the manner and to the extent required herein, in accordance with the REMIC
        Provisions.

       

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

       

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

       

      Section
        3.15  Liquidation
        Reports. 

       

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

       

      Section
        3.16  Annual
        Statement as to Compliance. 

       

      The
        Company, the Master Servicer and the Securities Administrator shall each
        deliver
        to the Securities Administrator and the Depositor, not later than March
        15th
        of each
        calendar year beginning in 2007, an Officer’s Certificate (an “Annual Statement
        of Compliance”) stating, as to each signatory thereof, that (i) a review of the
        activities of each such party during the preceding calendar year and of its
        performance under this Agreement and/or other applicable servicing agreement
        has
        been made under such officer’s supervision and (ii) to the best of such
        officer’s knowledge, based on such review, each such party has fulfilled all of
        its obligations under this Agreement and/or other applicable servicing agreement
        in all material respects throughout such year, or, if there has been a failure
        to fulfill any such obligation in any material respect, specifying each such
        failure known to such officer and the nature and status of cure provisions
        thereof. Such Annual Statement of Compliance shall contain no restrictions
        or
        limitations on its use. In the event that the Company, the Securities
        Administrator or the Master Servicer has delegated any servicing
        responsibilities with respect to the Mortgage Loans to a subservicer or
        subcontractor, such subservicer or subcontractor shall be directed by such
        delegating party to deliver a similar Annual Statement of Compliance (with
        respect to any related Servicing Agreement), to the Securities Administrator
        and
        the Depositor as described above as and when required with respect to the
        Company, the Master Servicer and the Securities Administrator.

       

      Failure
        of the Master Servicer to comply with this Section 3.16 (including with respect
        to the time frames required in this Section) shall be deemed an Event of
        Default
        with respect to such party, and the Trustee at the direction of the Depositor,
        shall, in addition to whatever rights the Trustee may have under this Agreement
        and at law or in equity or to damages, including injunctive relief and specific
        performance, upon notice immediately terminate all of the rights and obligations
        of the Master Servicer under this Agreement and in and to the Mortgage Loans
        and
        the proceeds thereof without compensating the Master Servicer for the same.
        Failure of the Company to comply with this Section 3.16 (including with respect
        to the timeframes required in this Section) which failure results in a failure
        to timely file the related Form 10-K, shall be deemed a Company Default and
        the
        Master Servicer at the direction of the Depositor shall, in addition to whatever
        rights the Master Servicer may have under this Agreement and at law or in
        equity
        or to damages, including injunctive relief and specific performance, upon
        notice
        immediately terminate all of the rights and obligations of the Company under
        this Agreement and in and to the Mortgage Loans and the proceeds thereof
        without
        compensating the Company for the same. Failure of the Securities Administrator
        to comply with this Section 3.16 (including with respect to the time frames
        required in this Section) shall be deemed a default and the Trustee at the
        direction of the Depositor shall, in addition to whatever rights the Trustee
        may
        have under this Agreement and at law or in equity or to damages, including
        injunctive relief and specific performance, upon notice immediately terminate
        all of the rights and obligations of the Securities Administrator under this
        Agreement and in and to the Mortgage Loans and the proceeds thereof without
        compensating the Securities Administrator for the same. This paragraph shall
        supersede any other provision in this Agreement or any other agreement to
        the
        contrary.

       

      Section
        3.17  Assessments
        of Compliance and Attestation Reports. 

       

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

       

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

       

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

       

      (c)  An
        assessment by such officer of the related Attesting Party’s compliance with the
        applicable Servicing Criteria for the period consisting of the preceding
        calendar year, including disclosure of any material instance of noncompliance
        with respect thereto during such period, which assessment shall be based
        on the
        activities such Attesting Party performs with respect to asset-backed securities
        transactions taken as a whole involving the related Attesting Party, that
        are
        backed by the same asset type as the Mortgage Loans;

       

      (d)  A
        statement that a registered public accounting firm has issued an attestation
        report on the related Attesting Party’s Assessment of Compliance for the period
        consisting of the preceding calendar year; and

       

      (e)  A
        statement as to which of the Servicing Criteria, if any, are not applicable
        to
        such Attesting Party, which statement shall be based on the activities such
        Attesting Party performs with respect to asset-backed securities transactions
        taken as a whole involving such Attesting Party, that are backed by the same
        asset type as the Mortgage Loans.

       

      Such
        report at a minimum shall address each of the Servicing Criteria specified
        on
        Exhibit P hereto which are indicated as applicable to the related Attesting
        Party.

       

      On
        or
        before March 15th of each calendar year beginning in 2007, each Attesting
        Party
        shall furnish to the Securities Administrator and the Depositor a report
        (an
“Attestation Report”) by a registered public accounting firm that attests to,
        and reports on, the Assessment of Compliance made by the related Attesting
        Party, as required by Rules 13a-18 and 15d-18 of the Exchange Act and Item
        1122(b) of Regulation AB, which Attestation Report must be made in accordance
        with standards for attestation reports issued or adopted by the Public Company
        Accounting Oversight Board. 

       

      Each
        of
        the Company, the Securities Administrator and the Master Servicer shall cause
        any subservicer and each subcontractor determined by it to be “participating in
        the servicing function” within the meaning of Item 1122 of Regulation AB, to
        deliver to the Securities Administrator and the Depositor an Assessment of
        Compliance and Attestation Report as and when provided above along with an
        indication of what Servicing Criteria are addressed in such
        assessment.

       

      Such
        Assessment of Compliance, as to any subservicer, shall at a minimum address
        each
        of the Servicing Criteria specified on Exhibit O hereto which are indicated
        as
        applicable to any “primary servicer.” The Securities Administrator shall confirm
        that the assessments, taken as a whole, address all of the Servicing Criteria
        and taken individually address the Servicing Criteria for each party as set
        forth on Exhibit O and notify the Depositor of any exceptions. Notwithstanding
        the foregoing, as to any subcontractor (as defined in the related servicing
        agreement), an Assessment of Compliance is not required to be delivered unless
        it is required as part of a Form 10-K with respect to the Trust
        Fund.

       

      Failure
        of the Master Servicer or the Company, as applicable, to comply with this
        Section 3.17 (including with respect to the timeframes required in this Section)
        shall be deemed an Event of Default with respect to the Master Servicer and
        a
        Company Default with respect to the Company, and the Master Servicer or the
        Trustee at the direction of the Depositor shall, in addition to whatever
        rights
        the Master Servicer or the Trustee, as applicable, may have under this Agreement
        and at law or in equity or to damages, including injunctive relief and specific
        performance, upon notice immediately terminate all the rights and obligations
        of
        the applicable party under this Agreement and in and to the Mortgage Loans
        and
        the proceeds thereof without compensating the applicable party for the same.
        This paragraph shall supersede any other provision in this Agreement or any
        other agreement to the contrary.

       

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

       

      Section
        3.18  Reports
        Filed with Securities and Exchange Commission.

       

      (a)  (i)Within
        15
        days after each Distribution Date, the Securities Administrator shall, in
        accordance with industry standards, prepare and file with the Commission
        via the
        Electronic Data Gathering and Retrieval System (“EDGAR”), a Form 10-D, signed by
        the Master Servicer, with a copy of the Monthly Statement to be furnished
        by the
        Securities Administrator to the Certificateholders for such Distribution
        Date;
        provided that the Securities Administrator shall have received no later than
        seven (7) calendar days after the related Distribution Date, all information
        required to be provided to the Securities Administrator as described in clause
        (a)(ii) below. Any disclosure in addition to the Monthly Statement that is
        required to be included on Form 10-D (“Additional Form 10-D Disclosure”)
shall
        be,
        pursuant to the paragraph immediately below, reported by the parties set
        forth
        on Exhibit P and by the Trustee to the Securities Administrator and the
        Depositor and approved by the Depositor, and the Securities Administrator
        will
        have no duty or liability for any failure hereunder to determine or prepare
        any
        Additional Form 10-D Disclosure absent such reporting (other than with respect
        to when it is the reporting party as set forth in Exhibit P) and
        approval.

       

      (ii)  (A)
        Within seven (7) calendar days after the related Distribution Date, (i) the
        parties set forth in Exhibit P and the Trustee shall be required to provide,
        pursuant to section 3.18(a)(v) below, to the Securities Administrator and
        the
        Depositor, to the extent known by a responsible officer thereof, in
        EDGAR-compatible format, or in such other form as otherwise agreed upon by
        the
        Securities Administrator and the Depositor and such party, the form and
        substance of any Additional Form 10-D Disclosure, if applicable, and (ii)
        the
        Depositor will approve, as to form and substance, or disapprove, as the case
        may
        be, the inclusion of the Additional Form 10-D Disclosure on Form 10-D.
Subject
        to the foregoing, the Securities Administrator has no duty under this Agreement
        to monitor or enforce the performance by the other parties listed on Exhibit
        P
        or by the Trustee of their duties under this paragraph or to proactively
        solicit
        or procure from such parties any Additional Form 10-D Disclosure information.
        The Depositor will be responsible for any reasonable out-of-pocket expenses
        incurred by the Securities
        Administrator in connection with including any Additional Form 10-D Disclosure
        on Form 10-D pursuant to this Section. 

       

      After
        preparing the Form 10-D, the Securities Administrator shall forward
        electronically a draft copy of the Form 10-D to the Depositor and the Master
        Servicer for review. No later than two (2) Business Days prior to the 15th
        calendar day after the related Distribution Date, a duly authorized officer
        of
        the Master Servicer 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 Securities Administrator. If a Form 10-D cannot be
        filed
        on time or if a previously filed Form 10-D needs to be amended, the Securities
        Administrator will follow the procedures set forth in Section 3.18(a)(vi).
        Promptly (but no later than one (1) Business Day) after filing with the
        Commission, the Securities Administrator will make available on its internet
        website identified in Section 6.06 a final executed copy of each Form 10-D.
        The
        signing party at the Master Servicer can be contacted as set forth in Section
        12.05. Form
        10-D
        requires the registrant to indicate (by checking "yes" or "no") that it "(1)
        has
        filed all reports required to be filed by Section 13 or 15(d) of the Exchange
        Act during the preceding 12 months (or for such shorter period that the
        registrant was required to file such reports), and (2) has been subject to
        such
        filing requirements for the past 90 days. The Depositor shall notify the
        Securities Administrator in writing, no later than the fifth calendar day
        after
        the related Distribution Date with respect to the filing of a report on Form
        10-D, if the answer to the questions should be "no." The Securities
        Administrator shall be entitled to rely on the representations made by the
        Depositor in Section 2.04(vi) in preparing, executing and/or filing any such
        Form 10-D. 

      

      (B)  The
        parties to this Agreement acknowledge that the performance by the Securities
        Administrator of its duties under Sections 3.18(a)(i) and (vi) 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 such Sections. The parties to this Agreement acknowledge that the
        performance by each of the Master Servicer and the Securities Administrator
        of
        its duties under this Section 3.18(a)(ii) related to the timely preparation,
        execution and filing of Form 10-D is also contingent upon the Servicers,
        the
        Custodians and any subservicers or subcontractors strictly observing deadlines
        no later than those set forth in this paragraph that are applicable to the
        parties to this Agreement in the delivery to the Securities Administrator
        of any
        necessary Additional Form 10-D Disclosure pursuant to the related Servicing
        Agreements, Custodial Agreements or any other applicable agreement. The
        Securities Administrator shall have no liability for any loss, expense, damage,
        claim arising out of or with respect to any failure to properly prepare and/or
        timely file such Form 10-D, where such failure results from the Securities
        Administrator’s inability or failure to receive, on a timely basis, any
        information from any other party hereto needed to prepare, arrange for execution
        or file such Form 10-D, not resulting from its own negligence, bad faith
        or
        willful misconduct. 

       

      (iii)  (A)
        Within four (4) Business Days after the occurrence of an event requiring
        disclosure on Form 8-K (each such event, a “Reportable Event”), the Securities
        Administrator shall prepare and file, at the direction of the Depositor,
        on
        behalf of the Trust any Form 8-K, as required by the Exchange Act; provided
        that, the Depositor shall file the initial Form 8-K in connection with the
        issuance of the Certificates. Any disclosure or information related to a
        Reportable Event or that is otherwise required to be included on Form 8-K
        (“Form
        8-K Disclosure Information”) shall be, pursuant to the paragraph immediately
        below, reported by the parties set forth on Exhibit P and by the Trustee
        to the
        Securities Administrator and the Depositor and approved by the Depositor,
        and
        the Securities Administrator will have no duty or liability for any failure
        hereunder to determine or prepare any Additional Form 8-K Disclosure absent
        such
        reporting (other than with respect to when it is the reporting party as set
        forth in Exhibit P) and approval.

       

      (B)  For
        so
        long as the Trust is subject to the Exchange Act reporting requirements,
        no
        later than 5 p.m. New York City time on the 2nd Business Day after the
        occurrence of a Reportable Event (i) the parties set forth in Exhibit P and
        the
        Trustee shall be required pursuant to Section 3.18(a)(v) below to provide
        to the
        Securities Administrator and the Depositor, to the extent known by a responsible
        officer thereof, in EDGAR-compatible format, or in such other form as otherwise
        agreed upon by the Securities Administrator and the Depositor and such party,
        the form and substance of any Form 8-K Disclosure Information, if applicable,
        and (ii) the Depositor 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. Subject to the foregoing, the Securities Administrator has no duty under
        this Agreement to monitor or enforce the performance by the other parties
        listed
        on Exhibit P or by the Trustee of their duties under this paragraph or to
        proactively solicit or procure from such parties any Form 8-K Disclosure
        Information. The Depositor will be responsible for any reasonable out-of-pocket
        expenses incurred by the Securities Administrator in connection with including
        any Form 8-K Disclosure Information on Form 8-K pursuant to this Section.
        

       

      (C)  After
        preparing the Form 8-K, the Securities Administrator shall forward
        electronically a draft copy of the Form 8-K to the Depositor and the Master
        Servicer for review. No later than the end of business New York City time
        on the
        3rd Business Day after the Reportable Event, a duly authorized officer of
        the
        Master Servicer 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 Securities Administrator. If a Form 8-K cannot be filed on time
        or
        if a previously filed Form 8-K needs to be amended, the Securities Administrator
        will follow the procedures set forth in Section 3.18(a)(vi). Promptly (but
        no
        later than one (1) Business Day) after filing with the Commission, the
        Securities Administrator will, make available on its internet website identified
        in Section 6.06 a final executed copy of each Form 8-K. The signing party
        at the
        Master Servicer can be contacted as set forth in Section 12.05. The parties
        to
        this Agreement acknowledge that the performance by the Securities Administrator
        of its duties under this Section 3.18(a)(iii) 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
        3.18(a)(iii). It is understood by the parties hereto that the performance
        by
        each of the Master Servicer and the Securities Administrator of its duties
        under
        this Section 3.18(a)(iii) related to the timely preparation, execution and
        filing of Form 8-K is also contingent upon the Servicers, the Custodians
        and any
        subservicers or subcontractors strictly observing deadlines no later than
        those
        set forth in this paragraph that are applicable to the parties to this Agreement
        in the delivery to the Securities Administrator of any necessary Form 8-K
        Disclosure Information pursuant to the related Servicing Agreements, Custodial
        Agreements or any other applicable agreement. The Securities Administrator
        shall
        have no liability for any loss, expense, damage, claim arising out of or
        with
        respect to any failure to properly prepare and/or timely file such Form 8-K,
        where such failure results from the Securities Administrator’s inability or
        failure to 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.

       

      (iv)  (A)
        Within 90 days after the end of each fiscal year of the Trust or such earlier
        date as may be required by the Exchange Act (the “10-K Filing Deadline”) (it
        being understood that the fiscal year for the Trust ends on December 31st
        of
        each year), commencing in March 2007, the Securities Administrator shall
        prepare
        and file on behalf of the Trust a Form 10-K, in form and substance as required
        by the Exchange Act. Each such Form 10-K shall include the following items,
        in
        each case to the extent they have been delivered to the Securities Administrator
        within the applicable timeframes set forth in this Agreement, (I) an Annual
        Statement of Compliance for the Master Servicer, the Securities Administrator,
        the Company and any subservicer or subcontractor (to the extent Regulation
        AB
        requires the Annual Statement of Compliance of any such subservicer and
        subcontractor to be attached to Form 10-K), as described under Section 3.16,
        (II)(A) the Assessment of Compliance with Servicing Criteria for the Master
        Servicer, the Company, each subservicer and subcontractor participating in
        the
        servicing function, the Securities Administrator and the Custodian, as described
        under Section 3.17, and (B) if the Assessment of Compliance of the Master
        Servicer, the Company, each subservicer and subcontractor, the Securities
        Administrator or the Custodian described under Section 3.17 identifies any
        material instance of noncompliance, disclosure identifying such instance
        of
        noncompliance, or if the Assessment of Compliance of the Master Servicer,
        the
        Company, the subservicer, the subcontractor, the Securities Administrator
        or the
        Custodian described under Section 3.17 is not included as an exhibit to such
        Form 10-K, disclosure that such report is not included and an explanation
        why
        such report is not included, (III)(A) the registered public accounting firm
        Attestation Report for the Master Servicer, the subservicer, the subcontractor,
        the Company, the Securities Administrator and the Custodian, as described
        under
        Section 3.17, and (B) if any registered public accounting firm Attestation
        Report described under Section 3.17 identifies any material instance of
        noncompliance, disclosure identifying such instance of noncompliance, or
        if any
        such registered public accounting firm Attestation Report is not included
        as an
        exhibit to such Form 10-K, disclosure that such report is not included and
        an
        explanation why such report is not included, and (IV) a Sarbanes-Oxley
        Certification (“Sarbanes-Oxley Certification”) as described in this Section 3.18
        (a)(iv)(D) below. Any disclosure or information in addition to (I) through
        (IV)
        above that is required to be included on Form 10-K (“Additional Form 10-K
        Disclosure”) shall be, pursuant to the paragraph immediately below, reported by
        the parties set forth on Exhibit P and by the Trustee to the Securities
        Administrator and the Depositor and approved by the Depositor, and the
        Securities Administrator will have no duty or liability for any failure
        hereunder to determine or prepare any Additional Form 10-K Disclosure absent
        such reporting (other than with respect to when it is the reporting party
        as set
        forth in Exhibit P) and approval.

       

      (B)  No
        later
        than March 15th of each year that the Trust is subject to the Exchange Act
        reporting requirements, commencing in 2007, (i) the parties set forth in
        Exhibit
        P and the Trustee shall be required to provide pursuant to Section 3.18(a)(v)
        below to the Securities Administrator and the Depositor, to the extent known,
        in
        EDGAR-compatible format, or in such other form as otherwise agreed upon by
        the
        Securities Administrator and the Depositor and such party, the form and
        substance of any Additional Form 10-K Disclosure, if applicable, and (ii)
        the
        Depositor will approve, as to form and substance, or disapprove, as the case
        may
        be, the inclusion of the Additional Form 10-K Disclosure on Form 10-K. Subject
        to the foregoing, the Securities Administrator has no duty under this Agreement
        to monitor or enforce the performance by the other parties listed on Exhibit
        P
        and the Trustee of their duties under this paragraph or to proactively solicit
        or procure from such parties any Additional Form 10-K Disclosure information.
        The Depositor will be responsible for any reasonable out-of-pocket expenses
        incurred by the Securities Administrator in connection with including any
        Additional Form 10-K Disclosure on Form 10-K pursuant to this
        Section.

       

      (C)  After
        preparing the Form 10-K, the Securities Administrator shall forward
        electronically a draft copy of the Form 10-K to the Depositor and the Master
        Servicer for review. Form 10-K requires the registrant to indicate (by checking
        "yes" or "no") that it (1) has filed all reports required to be filed by
        Section
        13 or 15(d) of the Exchange Act during the preceding 12 months (or for such
        shorter period that the registrant was required to file such reports), and
        (2)
        has been subject to such filing requirements for the past 90 days. The Depositor
        shall notify the Securities Administrator in writing, no later than the 15th
        calendar day of March in any year in which the Trust is subject to the reporting
        requirements of the Exchange Act, if the answer to the questions should be
        "no."
        The Securities Administrator shall be entitled to rely on the representations
        made by the Depositor in Section 2.04(vi) in preparing, executing and/or
        filing
        any such Form 10-K. No later than 12:00 p.m. New York City time on the 4th
        Business Day prior to the 10-K Filing Deadline, a senior officer of the Master
        Servicer in charge of the master servicing function shall sign the Form 10-K
        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 Securities Administrator.
        If a Form 10-K cannot be filed on time or if a previously filed Form 10-K
        needs
        to be amended, the Securities Administrator will follow the procedures set
        forth
        in Section 3.18(a)(vi). Promptly (but no later than one (1) Business Day)
        after
        filing with the Commission, the Securities Administrator will make available
        on
        its internet website identified in Section 6.06 a final executed copy of
        each
        Form 10-K. The signing party at the Master Servicer can be contacted as set
        forth in Section 12.05. The parties to this Agreement acknowledge that the
        performance by the Securities Administrator of its duties under Sections
        3.18(a)(iv) related to the timely preparation and filing of Form 10-K is
        contingent upon such parties strictly observing all applicable deadlines
        in the
        performance of their duties under such Sections and Section 3.16 and Section
        3.17. It is understood by the parties hereto that the performance by the
        Master
        Servicer and the Securities Administrator of its duties under this Section
        3.18(a)(iv) related to the timely preparation, execution and filing of Form
        10-K
        is also contingent upon the Servicers, the Custodians and any subservicer
        or
        subcontractor strictly observing deadlines no later than those set forth
        in this
        paragraph that are applicable to the parties to this Agreement in the delivery
        to the Securities Administrator of any necessary Additional Form 10-K
        Disclosure, any annual statement of compliance and any assessment of compliance
        and attestation pursuant to the related Servicing Agreements, the Custodial
        Agreements or any other applicable agreement. The Securities Administrator
        shall
        have no liability for any loss, expense, damage, claim arising out of or
        with
        respect to any failure to properly prepare and/or timely file such Form 10-K,
        where such failure results from the Securities Administrator’s inability or
        failure to receive, on a timely basis, any information from any other party
        hereto needed to prepare, arrange for execution or file such Form 10-K, not
        resulting from its own negligence, bad faith or willful misconduct.

       

      (D)  Each
        Form
        10-K shall include a certification (the “Sarbanes-Oxley Certification”) required
        to be included therewith pursuant to the Sarbanes-Oxley Act. The Securities
        Administrator and the Company shall, and each such party shall cause any
        subservicer or subcontractor engaged by it to, provide to the Person who
        signs
        the Sarbanes-Oxley Certification (the “Certifying Person”), by March 15 of each
        year in which the Trust is subject to the reporting requirements of the Exchange
        Act and otherwise within a reasonable period of time upon request, a
        certification (a “Back-Up Certification”), in the form attached hereto as
        Exhibit M upon which the Certifying Person, the entity for which the Certifying
        Person acts as an officer, and such entity’s officers, directors and Affiliates
        (collectively with the Certifying Person, “Certification Parties”) can
        reasonably rely; provided, however, that the Securities Administrator and
        the
        Company shall not be required to undertake an analysis of any accountant’s
        report attached as an exhibit to the Form 10-K. The senior officer of the
        Master
        Servicer in charge of the master servicing function shall serve as the
        Certifying Person on behalf of the Trust. Such officer of the Certifying
        Person
        can be contacted as set forth in Section 12.05. In the event the Securities
        Administrator is terminated or resigns pursuant to the terms of this Agreement,
        the Securities Administrator shall provide a Back-Up Certification to the
        Certifying Person pursuant to this Section 3.18(a)(iv) with respect to the
        period of time it was subject to this Agreement. Notwithstanding the foregoing,
        (i) the Master Servicer and the Securities Administrator shall not be required
        to deliver a Back-Up Certification to each other if both are the same Person
        and
        the Master Servicer is the Certifying Person and (ii) the Master Servicer
        shall
        not be obligated to sign the Sarbanes-Oxley Certification in the event that
        it
        does not receive any Back-Up Certification required to be furnished to it
        pursuant to this section or any Servicing Agreement or Custodial
        Agreement.

       

      (v)  With
        respect to any Additional Form 10-D Disclosure, Additional Form 10-K Disclosure
        or any Form 8-K Disclosure Information (collectively, the “Additional
        Disclosure”) relating to the Trust Fund in the form attached hereto as Exhibit
        Q, the Securities Administrator’s obligation to include such Additional
        Information in the applicable Exchange Act report is subject to receipt from
        the
        entity that is indicated in Exhibit P as the responsible party for providing
        that information, if other than the Securities Administrator, as and when
        required as described in Section 3.18(a)(i) through (iv) above. Each of the
        Master Servicer, Custodian, Seller, Company and the Depositor hereby agree
        to
        notify and provide to the extent known to the Securities Administrator and
        the
        Depositor all Additional Disclosure relating to the Trust Fund, with respect
        to
        which such party is indicated in Exhibit P as the responsible party for
        providing that information. Within
        five Business Days of each Distribution Date of each year that the Trust
        is
        subject to the Exchange Act reporting requirements, the Depositor shall make
        available to the Securities Administrator the related Significance Estimate
        and
        the Securities Administrator shall use such information to calculate the
        related
        Significance Percentage. If the Significance Percentage meets either of the
        threshold levels detailed in Item 1115(b)(1) or 1115(b)(2) of Regulation
        AB, the
        Securities Administrator shall deliver written notification to the Depositor
        and
        the Swap Provider to that effect. The
        Securities Administrator shall request and the Depositor shall obtain from
        the
        Swap Provider any information required under Regulation AB to the extent
        required under the Swap Agreement. The Depositor will be obligated pursuant
        to
        the Swap Agreement to provide to the Securities Administrator any information
        that may be required to be included in any Form 10-D, Form 8-K or Form 10-K
        or
        written notification instructing the Securities Administrator that such
        Additional Disclosure regarding the Swap Provider is not necessary for such
        Distribution Date. 

       

      So
        long
        as the Depositor is subject to the filing requirements of the Exchange Act
        with
        respect to the Trust Fund, the Trustee shall notify the Securities Administrator
        and the Depositor of any bankruptcy or receivership with respect to the Trustee
        or of any proceedings of the type described under Item 1117 of Regulation
        AB
        that have occurred as of the end of the related Due Period, together with
        a
        description thereof, no later than the date on which such information is
        required to be reported to the Securities Administrator and the Depositor
        by the
        other parties hereto as set forth under this Section 3.18. In addition, the
        Trustee shall notify the Securities Administrator and the Depositor of (i)
        any
        affiliations or relationships that develop after the Closing Date between
        the
        Trustee and the Depositor, the Seller, the Securities Administrator, the
        Master
        Servicer or the Custodian of the type described under Item 1119 of Regulation
        AB, and (ii) the occurrence of an Event of Default (with respect to the Master
        Servicer) actually
        known to a Responsible Officer of the Trustee
        together, in each case, with a description thereof, no later than the date
        on
        which such information is required to be reported to the Securities
        Administrator and the Depositor by the other parties hereto as set forth
        under
        this Section 3.18. Any notice required to be given by the Trustee to the
        Securities Administrator and the Depositor pursuant to this paragraph shall
        be
        accompanied by an Additional Disclosure Notification form attached hereto
        as
        Exhibit Q and shall be submitted in EDGAR-compatible format. Should
        the identification of any of the Depositor, the Seller, the Securities
        Administrator, the Master Servicer or the Custodian change, the Depositor
        shall
        promptly notify the Trustee.

       

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

       

      (B)  In
        the
        event that the Securities Administrator is unable to timely file with the
        Commission all or any required portion of any Form 8-K, 10-D or 10-K required
        to
        be filed by this Agreement because required disclosure information was either
        not delivered to it or delivered to it after the delivery deadlines set forth
        in
        this Agreement or for any other reason, the Securities Administrator will
        promptly notify the Depositor and the Master Servicer. In the case of Form
        10-D
        and 10-K, the parties hereto will cooperate to prepare and file a Form 12b-25
        and a 10-D/A and 10-K/A as applicable, pursuant to Rule 12b-25 of the Exchange
        Act. In the case of Form 8-K, the Securities Administrator will, upon receipt
        of
        all required Form 8-K Disclosure Information and upon the approval and direction
        of the Depositor, include such disclosure information on the next Form 10-D.
        In
        the event that any previously filed Form 8-K, 10-D or 10-K needs to be amended,
        the Securities Administrator will notify the Depositor and the Master Servicer
        and the parties hereto will cooperate to prepare any necessary 8-K/A, 10-D/A
        or
        10-K/A. Any Form 15, Form 12b-25 or any amendment to Form 8-K, Form 10-D
        or Form
        10-K shall be signed by the appropriate officer of the Master Servicer. The
        parties hereto acknowledge that the performance by the Securities Administrator
        of its duties under this Section 3.18(a)(vi) related to the timely preparation
        and filing of Form 15, a Form 12b-25 or any amendment to Form 8-K, Form 10-D
        or
        Form 10-K is contingent upon such parties performing their duties under this
        Section. The Securities Administrator shall have no liability for any loss,
        expense, damage, claim arising out of or with respect to any failure to properly
        prepare and/or timely file any such Form 15, Form 12b-25 or any amendments
        to
        Form 8-K, Form 10-D or Form 10-K, where such failure results from the Securities
        Administrator’s inability or failure to receive, on a timely basis, any
        information from any other party hereto needed to prepare, arrange for execution
        or file such Form 15, Form 12b-25 or any amendments to Forms 8-K, Form 10-D
        or
        Form 10-K, not resulting from its own negligence, bad faith or willful
        misconduct.

       

      The
        parties hereto agree to promptly furnish to the Securities Administrator,
        from
        time to time upon request, such further information, reports and financial
        statements within its control or possession related to this Agreement and
        the
        Mortgage Loans as the Securities Administrator reasonably deems appropriate
        to
        prepare and file all necessary reports with the Commission. The Securities
        Administrator shall have no responsibility to file any items other than those
        specified in this Section 3.18; provided, however, the Securities Administrator
        shall cooperate with the Depositor in connection with any additional filings
        with respect to the Trust Fund as the Depositor deems necessary under the
        Exchange Act. Copies of all reports filed by the Securities Administrator
        under
        the Exchange Act shall be sent to: the Depositor c/o Bear, Stearns & Co.
        Inc., Attn: Managing Director Analysis and Control, One Metrotech Center
        North,
        Brooklyn, New York 11202-3859. Fees and expenses incurred by the Securities
        Administrator in connection with this Section 3.18 shall not be reimbursable
        from the Trust Fund. The Depositor shall be responsible for any reasonable
        fees
        and expenses assessed or incurred by the Securities Administrator to the
        extent
        set forth in this Section 3.18.

       

      (b)  The
        Securities Administrator shall indemnify and hold harmless each of the Company,
        the Depositor and the Master Servicer (if the Master Servicer is unaffiliated
        with the Securities Administrator) and their respective officers, directors
        and
        affiliates from and against any losses, damages, penalties, fines, forfeitures,
        reasonable and necessary legal fees and related costs, judgments and other
        costs
        and expenses arising out of or based upon a breach of the Securities
        Administrator’s obligations under Sections 3.16, 3.17 and 3.18 or the Securities
        Administrator’s negligence, bad faith or willful misconduct in connection
        therewith. In addition, the Securities Administrator shall indemnify and
        hold
        harmless the Depositor and the Master Servicer (if the Master Servicer is
        unaffiliated with the Securities Administrator) and each of their officers,
        directors and affiliates from and against any losses, damages, penalties,
        fines,
        forfeitures, reasonable and necessary legal fees and related costs, judgments
        and other costs and expenses arising out of or based upon (i) any untrue
        statement or alleged untrue statement of any material fact contained in any
        Back-Up Certification, the Annual Statement of Compliance, the Assessment
        of
        Compliance, any Additional Disclosure or other information provided by the
        Securities Administrator pursuant to Section 3.16, 3.17 and 3.18 (the
“Securities Administrator Information”), or (ii) the omission or alleged
        omission to state therein a material fact required to be stated therein or
        necessary to make the statements therein, in light of the circumstances in
        which
        they were made, not misleading; provided, by way of clarification, that clause
        (ii) of this paragraph shall be construed solely by reference to the Securities
        Administrator Information and not to any other information communicated in
        connection with the Certificates, without regard to whether the Securities
        Administrator Information or any portion thereof is presented together with
        or
        separately from such other information.

       

      The
        Depositor shall indemnify and hold harmless each of the Company, the Securities
        Administrator and the Master Servicer and their officers, directors and
        affiliates from and against any losses, damages, penalties, fines, forfeitures,
        reasonable and necessary legal fees and related costs, judgments and other
        costs
        and expenses arising out of or based upon a breach of the obligations of
        the
        Depositor under Sections 3.16, 3.17 and 3.18 or the Depositor’s negligence, bad
        faith or willful misconduct in connection therewith.

       

      The
        Master Servicer shall indemnify and hold harmless each of the Company, the
        Securities Administrator (if the Securities Administrator is unaffiliated
        with
        the Master Servicer) and the Depositor and their respective officers, directors
        and affiliates from and against any losses, damages, penalties, fines,
        forfeitures, reasonable and necessary legal fees and related costs, judgments
        and other costs and expenses arising out of or based upon a breach of the
        obligations of the Master Servicer under Sections 3.16, 3.17 and 3.18 or
        the
        Master Servicer’s negligence, bad faith or willful misconduct in connection
        therewith. In addition, the Master Servicer shall indemnify and hold harmless
        the Depositor and each of its officers, directors and affiliates from and
        against any losses, damages, penalties, fines, forfeitures, reasonable and
        necessary legal fees and related costs, judgments and other costs and expenses
        arising out of or based upon (i) any untrue statement or alleged untrue
        statement of any material fact contained in any Annual Statement of Compliance,
        any Assessment of Compliance, any Attestation Report, any Additional Disclosure
        or other information provided by the Master Servicer pursuant to Section
        3.16,
        3.17 and 3.18 (the “Master Servicer Information”), or (ii) the omission or
        alleged omission to state therein a material fact required to be stated therein
        or necessary to make the statements therein, in light of the circumstances
        in
        which they were made, not misleading; provided, by way of clarification,
        that
        clause (ii) of this paragraph shall be construed solely by reference to the
        Master Servicer Information and not to any other information communicated
        in
        connection with the Certificates, without regard to whether the Master Servicer
        Information or any portion thereof is presented together with or separately
        from
        such other information.

       

      The
        Company shall indemnify and hold harmless each of the Depositor, the Securities
        Administrator and the Master Servicer and their respective officers, directors
        and affiliates from and against any losses, damages, penalties, fines,
        forfeitures, reasonable and necessary legal fees and related costs, judgments
        and other costs and expenses arising out of or based upon a breach of the
        obligations of the Company under Sections 3.16, 3.17 and 3.18 or the Company’s
        negligence, bad faith or willful misconduct in connection therewith. In
        addition, the Company shall indemnify and hold harmless each of the
        Depositor, the Securities Administrator and the Master Servicer and their
        respective officers, directors and affiliates from and against any losses,
        damages, penalties, fines, forfeitures, reasonable and necessary legal fees
        and
        related costs, judgments and other costs and expenses arising out of or based
        upon (i) any untrue statement or alleged untrue statement of any material
        fact
        contained in any Back-Up Certification, the Annual Statement of Compliance,
        the
        Assessment of Compliance, any Attestation Report, any Additional Disclosure
        or
        other information provided by or on behalf of the Company or on behalf of
        any
        subservicer or subcontractor of the Company pursuant to Section 3.16, 3.17
        and
        3.18 (the “Company Information”), or (ii) the omission or alleged omission to
        state therein a material fact required to be stated therein or necessary
        to make
        the statements therein, in light of the circumstances in which they were
        made,
        not misleading; provided, by way of clarification, that clause (ii) of this
        paragraph shall be construed solely by reference to the Company Information
        and
        not to any other information communicated in connection with the Certificates,
        without regard to whether the Company Information or any portion thereof
        is
        presented together with or separately from such other information.

       

      If
        the
        indemnification provided for herein is unavailable or insufficient to hold
        harmless the Depositor, the Securities Administrator or the Master Servicer,
        as
        applicable, then the defaulting party, in connection with any conduct for
        which
        it is providing indemnification for under this Section 3.18(b), agrees that
        it
        shall contribute to the amount paid or payable by the other parties as a
        result
        of the losses, claims, damages or liabilities of the other party in such
        proportion as is appropriate to reflect the relative fault and the relative
        benefit of the respective parties.

       

      The
        indemnification provisions set forth in this Section 3.18(b) shall survive
        the
        termination of this Agreement or the termination of any party to this
        Agreement.

       

      (c)  Nothing
        shall be construed from the foregoing subsections (a) and (b) to require
        the
        Securities Administrator or any officer, director or Affiliate thereof to
        sign
        any Form 10-K or any certification contained therein. Furthermore, the inability
        of the Securities Administrator to file a Form 10-K as a result of the lack
        of
        required information as set forth in Section 3.18(a) or required signatures
        on
        such Form 10-K or any certification contained therein shall not be regarded
        as a
        breach by the Securities Administrator of any obligation under this
        Agreement.

       

      (d)  Notwithstanding
        the provisions of Section 11.01, this Section 3.18 may be amended without
        the
        consent of the Certificateholders.

       

      (e)  Any
        report, notice or notification to be delivered by the Company, the Master
        Servicer or the Securities Administrator to the Depositor pursuant to this
        Section 3.18, may be delivered via facsimile to Reg AB Compliance Manager,
        via
        email to RegABNotifications@bear.com or, in the case of a notification,
        telephonically by calling Reg AB Compliance Manager at
        212-272-7525.

       

      Section
        3.19  Intention
        of the Parties and Interpretation. 

       

      Each
        of
        the parties acknowledges and agrees that the purpose of Sections 3.16, 3.17
        and
        3.18 of this Agreement is to facilitate compliance by the Seller, the Depositor,
        the Master Servicer and the Securities Administrator with the provisions
        of
        Regulation AB promulgated by the SEC under the 1934 Act (17 C.F.R. §§ 229.1100 -
        229.1123), as such may be amended from time to time and subject to clarification
        and interpretive advice as may be issued by the staff of the SEC from time
        to
        time. Therefore, each of the parties agrees that (a) the obligations of the
        parties hereunder shall be interpreted in such a manner as to accomplish
        that
        purpose, (b) the parties’ obligations hereunder will be supplemented and
        modified as necessary to be consistent with any such amendments, interpretive
        advice or guidance, convention or consensus among active participants in
        the
        asset-backed securities markets, advice of counsel, or otherwise in respect
        of
        the requirements of Regulation AB, (c) the parties shall comply with requests
        made by the Sponsor or the Depositor or other applicable party hereto for
        delivery of additional or different information as the Securities Administrator,
        the Master Servicer, the Sponsor or the Depositor may determine in good faith
        is
        necessary to comply with the provisions of Regulation AB, and (d) no amendment
        of this Agreement shall be required to effect any such changes in the parties’
obligations as are necessary to accommodate evolving interpretations of the
        provisions of Regulation AB.

       

      

       

      ARTICLE
        IV

      MASTER
        SERVICING OF MORTGAGE LOANS BY MASTER SERVICER

       

      Section
        4.01  Master
        Servicer.

       

      The
        Master Servicer shall, beginning on the Closing Date, supervise, monitor
        and
        oversee the obligation of the Company and the related Servicer to service
        and
        administer their respective Mortgage Loans in accordance with the terms of
        this
        Agreement and the related Servicing Agreement, respectively and shall have
        full
        power and authority to do any and all things which it may deem necessary
        or
        desirable in connection with such master servicing. In performing its
        obligations hereunder, the Master Servicer shall act in a manner consistent
        with
        Accepted Master Servicing Practices. Furthermore, the Master Servicer shall
        oversee and consult with the Company and the related Servicer as necessary
        from
        time-to-time to carry out the Master Servicer’s obligations hereunder, shall
        receive and review certain reports, information and other data provided to
        the
        Master Servicer by the Company and the related Servicer and shall enforce
        the
        obligations, conditions and covenants of the Company and related Servicer
        to the
        extent set forth in this Agreement and the related Servicing Agreement,
        respectively. The Master Servicer shall monitor the Company and the related
        Servicer’s servicing activities with respect to each related Mortgage Loan,
        reconcile the results of such monitoring with such information described
        in the
        previous sentence and received by the Master Servicer on a monthly basis
        and
        coordinate corrective adjustments to the Company’s, the Servicer’s and Master
        Servicer’s records, and based on such reconciled and corrected information, the
        Master Servicer shall provide such information to the Securities Administrator
        as shall be necessary in order for it to prepare the statements specified
        in
        Section 6.06 and any other information and statements required hereunder.
        The
        Master Servicer shall reconcile the results of its Mortgage Loan monitoring
        with
        the actual remittances of the Company and each Servicer pursuant to this
        Agreement and the related Servicing Agreement, respectively. The Master Servicer
        shall be entitled to conclusively rely on the Mortgage Loan data provided
        by the
        Company and the related Servicer and shall have no liability for any errors
        in
        such Mortgage Loan data.

       

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

       

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

       

      Section
        4.02  Monitoring
        of Company and Servicer. 

       

      (a) In
        the
        review of the Company’s and the related Servicer’s activities, the Master
        Servicer may rely upon the Annual Statement of Compliance of the Company
        and the
        related Servicer with regard to such Person’s compliance with the terms of this
        Agreement or the related Servicing Agreement; provided that no such reliance
        will relieve the Master Servicer of its obligations pursuant to this Agreement.
        In the event that the Master Servicer, in its judgment, determines that the
        Company or the related Servicer should be terminated in accordance with this
        Agreement or the related Servicing Agreement, or that a notice should be
        sent
        pursuant to this Agreement or the related Servicing Agreement with respect
        to
        the occurrence of an event that, unless cured, would constitute grounds for
        such
        termination, the Master Servicer shall notify the Depositor and the Trustee
        thereof and the Master Servicer shall issue such notice or take such other
        action as it deems appropriate.

       

      (b) The
        Master Servicer, for the benefit of the Trustee and the Certificateholders,
        shall enforce the obligations of the Company under this Agreement and of
        the
        related Servicer under the related Servicing Agreement, and shall, in the
        event
        that the Company or the related Servicer fails to perform its obligations
        in
        accordance with this Agreement or the related Servicing Agreement, subject
        to
        the preceding paragraph, terminate the rights and obligations of such Person
        thereunder and act as servicer of the related Mortgage Loans or to instruct
        the
        Trustee to enter into a new Servicing Agreement with a successor Servicer
        selected by the Master Servicer; provided, however, it is understood and
        acknowledged by the parties hereto that there shall be a period of transition
        (not to exceed 90 days) before the actual servicing functions can be fully
        transferred to such successor Servicer; provided further, if the Servicer
        or the
        Company has failed to advance or failed to make a payment so that the Master
        Servicer has had to advance its own funds, then the Master Servicer may
        terminate the Servicer or the Company. Such enforcement, including, without
        limitation, the legal prosecution of claims, termination of the related
        Servicing Agreement and the pursuit of other appropriate remedies, shall
        be in
        such form and carried out to such an extent and at such time as the Master
        Servicer, in its good faith business judgment, would require were it the
        owner
        of the related Mortgage Loans. The Master Servicer shall pay the costs of
        such
        enforcement at its own expense, subject to its right of reimbursement pursuant
        to the provisions of this Agreement or the related Servicing Agreement, provided
        that the Master Servicer shall not be required to prosecute or defend any
        legal
        action except to the extent that the Master Servicer shall have received
        reasonable indemnity for its costs and expenses in pursuing such
        action.

       

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

       

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

       

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

       

      Section
        4.03  Fidelity
        Bond.

       

      The
        Master Servicer, at its expense, shall (i) maintain in effect a blanket fidelity
        bond and an errors and omissions insurance policy, affording coverage with
        respect to all directors, officers, employees and other Persons acting on
        such
        Master Servicer’s behalf, and covering errors and omissions in the performance
        of the Master Servicer’s obligations hereunder or (ii) self insure if LaSalle
        maintains with any Rating Agency the equivalent of a long term unsecured
        debt
        rating of “A”. The errors and omissions insurance policy and the fidelity bond
        referred to in (i) above shall be in such form and amount generally acceptable
        for entities serving as master servicers.

       

      Section
        4.04  Power
        to
        Act; Procedures.

       

      The
        Master Servicer shall master service the Mortgage Loans and shall have full
        power and authority, subject to the REMIC Provisions and the provisions of
        Article XI hereof, to do any and all things that it may deem necessary or
        desirable in connection with the master servicing and administration of the
        Mortgage Loans, including but not limited to the power and authority (i)
        to
        execute and deliver, on behalf of the Certificateholders, the Trustee and
        the
        Securities Administrator, customary consents or waivers and other instruments
        and documents, (ii) to consent to transfers of any Mortgaged Property and
        assumptions of the Mortgage Notes and related Mortgages, (iii) to collect
        any
        Insurance Proceeds and Liquidation Proceeds, and (iv) to effectuate foreclosure
        or other conversion of the ownership of the Mortgaged Property securing any
        Mortgage Loan, in each case, in accordance with the provisions of this Agreement
        and the related Servicing Agreement, as applicable; provided, however, that
        the
        Master Servicer shall not (and, consistent with its responsibilities under
        Section 4.02, shall not permit the Company or the related Servicer to) knowingly
        or intentionally take any action, or fail to take (or fail to cause to be
        taken)
        any action reasonably within its control and the scope of duties more
        specifically set forth herein, that, under the REMIC Provisions, if taken
        or not
        taken, as the case may be, would cause REMIC I, REMIC II, REMIC III, REMIC
        IV or
        REMIC V to fail to qualify as a REMIC or result in the imposition of a tax
        upon
        the Trust Fund (including but not limited to the tax on prohibited transactions
        as defined in Section 860F(a)(2) of the Code and the tax on contributions
        to a
        REMIC set forth in Section 860G(d) of the Code) unless the Master Servicer
        has
        received an Opinion of Counsel (but not at the expense of the Master Servicer)
        to the effect that the contemplated action, or failure to take action, will
        not
        cause REMIC I, REMIC II, REMIC III, REMIC IV or REMIC V to fail to qualify
        as a
        REMIC or result in the imposition of a tax upon REMIC I, REMIC II, REMIC
        III,
        REMIC IV or REMIC V, as the case may be. 

       

      The
        Trustee shall execute and deliver such other documents, as the Master Servicer
        may request, to enable the Master Servicer to master service and administer
        the
        Mortgage Loans and carry out its duties hereunder, in each case in accordance
        with Accepted Master Servicing Practices (and the Trustee shall have no
        liability for misuse of any such powers of attorney by the Master Servicer,
        the
        Company or the related Servicer). If the Master Servicer or the Trustee has
        been
        advised that it is likely that the laws of the state in which action is to
        be
        taken prohibit such action if taken in the name of the Trustee or that the
        Trustee would be adversely affected under the “doing business” or tax laws of
        such state if such action is taken in its name, the Master Servicer shall
        join
        with the Trustee in the appointment of a co-trustee pursuant to Section 10.11
        hereof. In the performance of its duties hereunder, the Master Servicer shall
        be
        an independent contractor and shall not, except in those instances where
        it is
        taking action in the name of the Trustee, be deemed to be the agent of the
        Trustee.

       

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

       

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

       

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

       

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

       

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

       

      Section
        4.07  Presentment
        of Claims and Collection of Proceeds.

      

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

         

      

      Section
        4.08  Realization
        Upon Defaulted Mortgage Loans.

       

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

       

      Section
        4.09  Compensation
        of the Master Servicer.

       

      The
        Master Servicer shall be entitled to the Master Servicing Fee on each
        Distribution Date as compensation for the performance of its obligations
        hereunder. The Master Servicer shall be required to pay all expenses incurred
        by
        it in connection with its activities hereunder and shall not be entitled
        to
        reimbursement therefor except as provided in this Agreement.

       

      Section
        4.10  REO
        Property.

       

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

       

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

       

      Section
        4.11  [Reserved].

       

      Section
        4.12  [Reserved].

       

      Section
        4.13  UCC. 

       

      EMC
        shall
        file any financing statements, continuation statements or amendments thereto
        required by any change in the Uniform Commercial Code.

       

      Section
        4.14  
        Reserve
        Fund; Payments to and from Swap Administrator; Supplemental Interest
        Trust. 

       

      (a)  As
        of the
        Closing Date, the Securities Administrator shall establish and maintain in
        the
        name of the Supplemental Interest Trust Trustee, a separate trust for the
        benefit of the Holders of the Class A, Class M, Class B and Class C Certificates
        and the Swap Provider. The Supplemental Interest Trust shall hold the Interest
        Rate Swap Agreement, the Swap Administration Agreement and the Swap Account.
        The
        Swap
        Account shall be an Eligible Account, and funds on deposit therein shall
        be held
        separate and apart from, and shall not be commingled with, any other moneys,
        including, without limitation, other moneys of the Securities Administrator
        held
        pursuant to this Agreement. In performing its duties hereunder and under
        the
        Interest Rate Swap Agreement and the rights in respect of the Swap
        Administration Agreement, the Supplemental Interest Trust Trustee shall be
        entitled to the same rights, protections and indemnities as provided to the
        Securities Administrator hereunder.

       

      (b)  On
        or
        before the Closing Date, the Securities Administrator shall establish a Reserve
        Fund on behalf of the Holders of the Certificates. On the Closing Date, the
        Depositor shall cause an amount equal to the Reserve Fund Deposit to be
        deposited into the Reserve Fund. The Reserve Fund must be an Eligible Account.
        The Reserve Fund shall be titled “ Reserve Fund, LaSalle Bank National
        Association, as Securities Administrator on behalf of Citibank, N.A. as Trustee
        for the benefit of holders of Bear Stearns Asset Backed Securities I LLC,
        SACO I
        Trust 2006-6, Mortgage-Backed Certificates, Series 2006-6, Certificates”. The
        Securities Administrator shall deposit in the Reserve Fund all payments received
        from the Swap Administrator that are payable to the Trust Fund pursuant to
        the
        Swap Administration Agreement. On each Distribution Date, the Securities
        Administrator shall remit such amounts received from the Swap Administrator
        to
        the Holders of the Class A, Class M and Class B Certificates in the manner
        provided in clause (d) below. In addition, on each Distribution Date as to
        which
        there is a Basis Risk Shortfall Carry Forward Amount payable to any Class
        of
        Class A, Class M or Class B Certificates, the Securities Administrator shall
        deposit the amounts distributable pursuant to clauses (C) and (D) of Section
        6.04(a)(3) into the Reserve Fund, and the Securities Administrator has been
        directed by the Class C Certificateholder to distribute any amounts then
        on
        deposit in the Reserve Fund to the Holders of the Class A, Class -M or Class
        B
        Certificates in respect of the Basis Risk Shortfall Carry Forward Amounts
        for
        each such Class in the priorities set forth in clauses (C) and (D) of Section
        6.04(a)(3). Any amount paid to the Holders of Class A, Class M or Class B
        Certificates from amounts distributable pursuant to clauses (C) and (D) of
        Section 6.04(a)(3) pursuant to the preceding sentence in respect of Basis
        Risk
        Shortfall Carry Forward Amounts shall be treated as distributed to the Class
        C
        Certificateholder in respect of the Class C Certificates and paid by the
        Class C
        Certificateholder to the Holders of the Class A, Class M and Class B
        Certificates, as applicable. Any payments to the Holders of the Class A,
        Class M
        and Class B Certificates in respect of Basis Risk Shortfall Carry Forward
        Amounts, whether pursuant to the second preceding sentence or pursuant to
        clause
        (d) below, shall not be payments with respect to a Regular Interest in a
        REMIC
        within the meaning of Section 860G(a)(1) of the Code.

       

      (c)  Net
        Swap
        Payments and Swap Termination Payments (other than Swap Termination Payments
        resulting from a Swap Provider Trigger Event and to the extent not paid by
        the
        Swap Administrator on behalf of the Supplemental Interest Trust Trustee from
        any
        upfront payment received pursuant to any replacement interest rate swap
        agreement that may be entered into by the Supplemental Interest Trust Trustee)
        payable by the Swap Administrator, on behalf of the Supplemental Interest
        Trust
        Trustee, to the Swap Provider pursuant to the Interest Rate Swap Agreement
        shall
        be deducted from Interest Funds, and to the extent of any such remaining
        amounts
        due, from Principal Funds, prior to any distributions to the Certificateholders.
        On or before each Distribution Date, such amounts shall be remitted to the
        Swap
        Administrator, and deposited into the Swap Account, first to make any Net
        Swap
        Payment owed to the Swap Provider pursuant to the Interest Rate Swap Agreement
        for such Distribution Date and for prior Distribution Dates, if any, and
        second
        to make any Swap Termination Payment (not due to a Swap Provider Trigger
        Event
        and to the extent not paid by the Swap Administrator on behalf of the
        Supplemental Interest Trust Trustee from any upfront payment received pursuant
        to any related replacement interest rate swap agreement that may be entered
        into
        by the Supplemental Interest Trust Trustee) owed to the Swap Provider pursuant
        to the Interest Rate Swap Agreement for such Distribution Date and for prior
        Distribution Dates, if any. For federal income tax purposes, such amounts
        paid
        to the Supplemental Interest Trust on each Distribution Date shall first
        be
        deemed paid to the Supplemental Interest Trust in respect of REMIC V Regular
        Interest IO to the extent of the amount distributable on such REMIC V Regular
        Interest IO on such Distribution Date, and any remaining amount shall be
        deemed
        paid to the Supplemental Interest Trust in respect of a Class IO Distribution
        Amount. Any Swap Termination Payment triggered by a Swap Provider Trigger
        Event
        owed to the Swap Provider pursuant to the Interest Rate Swap Agreement will
        be
        subordinated to distributions to the Holders of the Class A, Class M and
        Class B
        Certificates and shall be paid as set forth under Section 6.04(a)(3). In
        addition, the Swap Administrator shall remit to the Swap Provider any Swap
        Optional Termination Payment paid as part of the Mortgage Loan Purchase Price
        and remitted to the Supplemental Interest Trust pursuant to Section
        11.01.

       

      (d)  On
        or
        before each Distribution Date, Net Swap Payments payable by the Swap Provider
        pursuant to the Interest Rate Swap Agreement to the Swap Administrator, on
        behalf of the Supplemental Interest Trust Trustee, will be deposited by the
        Swap
        Administrator, acting on behalf of the Supplemental Interest Trust Trustee,
        into
        the Swap Account pursuant to the Swap Administration Agreement. The Swap
        Administrator shall, to the extent provided in the Swap Administration
        Agreement, remit amounts on deposit in the Swap Account to the Securities
        Administrator for deposit into the Reserve Fund. On each Distribution Date,
        to
        the extent required, the Securities Administrator shall withdraw such amounts
        from the Reserve Fund to distribute to the Certificates in the following
        order
        of priority:

       

      (i)  first,
        (a) to
        each Class of Class A Certificates, on a pro
        rata
        basis,
        to pay Current Interest and any Interest Carry Forward Amount to the extent
        due
        to the interest portion of a Realized Loss, in each case to the extent not
        fully
        paid pursuant to Section 6.04(a)(1) and (b) any Unpaid Realized Loss Amounts
        for
        each such Class, based on the Certificate Principal Balances
        thereof;

       

      (ii)  second,
        sequentially to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5,
        Class
        M-6, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates, in that
        order,
        to pay Current Interest to the extent not fully paid pursuant to Section
        6.04(a)(1) and any Interest Carry Forward Amount to the extent due to the
        interest portion of a Realized Loss;

       

      (iii)  third,
        to pay
        first, to each Class of Class A Certificates, on a pro
        rata
        basis,
        based on the amount of Basis Risk Shortfall Carry Forward Amount for each
        such
        Class, and second, sequentially to the Class M-1, Class M-2, Class M-3, Class
        M-4, Class M-5, Class M-6, Class B-1, Class B-2, Class B-3 and Class B-4
        Certificates, in that order, any Basis Risk Shortfall Carry Forward Amounts
        for
        such Distribution Date; and

       

      (iv)  fourth,
        to pay
        as principal to the Class A, Class M and Class B Certificates as part of
        the
Extra
        Principal Distribution Amount
        payable
        under Section 6.04(a)(2) until the Overcollateralization Target Amount has
        been
        reached, to the extent not paid from Excess Spread pursuant to Section
        6.04(a)(3) for such Distribution Date. For the avoidance of doubt, any amounts
        distributable pursuant to this clause (v) shall be limited to rebuilding
        overcollateralization to the extent overcollateralization has been reduced
        through Realized Losses.

       

      (e)  The
        Reserve Fund is an “outside reserve fund” within the meaning of Treasury
        Regulation Section 1.860G-2(h) and shall be an asset of the Trust Fund but
        not
        an asset of any REMIC. The Securities Administrator on behalf of the Trust
        shall
        be the nominal owner of the Reserve Fund. The Class C Certificateholder shall
        be
        the beneficial owner of the Reserve Fund, subject to the power of the Securities
        Administrator to transfer amounts under Section 6.04. Amounts in the Reserve
        Fund shall, at the written direction of the Class C Certificateholder to
        the
        Securities Administrator, be invested in Permitted Investments that mature
        no
        later than the Business Day prior to the next succeeding Distribution Date.
        All
        net income and gain from such investments shall be distributed to the Class
        C
        Certificateholders, not as a distribution in respect of any interest in any
        REMIC, on such Distribution Date. In the absence of written instructions
        to the
        Securities Administrator, amounts on deposit in the Reserve Fund shall remain
        uninvested. All amounts earned on amounts on deposit in the Reserve Fund shall
        be taxable to the Class -C Certificateholder. Any losses on such investments
        shall be deposited in the Reserve Fund by the Class C Certificateholder out
        of
        its own funds immediately as realized. The
        Swap
        Account, which is created and maintained by the Swap Administrator pursuant
        to
        the Swap Administration Agreement, is an “outside reserve fund” within the
        meaning of Treasury Regulation Section 1.860G-2(h) and shall not be an asset
        of
        any REMIC created hereunder. The beneficial owner of the Swap Account is
        identified, and other matters relating to the Swap Account are addressed,
        in the
        Swap Administration Agreement.

       

      (f)  The
        Securities Administrator shall treat the Holders of Certificates (other than
        the
        Class C Certificates and Class R Certificates) as having entered into a notional
        principal contract with respect to the Holders of the Class C Certificates.
        Pursuant to each such notional principal contract, all Holders of Certificates
        (other than the Class C Certificates and Class R Certificates) shall be treated
        as having agreed to pay, on each Distribution Date, to the Holder of the
        Class C
        Certificates an aggregate amount equal to the excess, if any, of (i) the
        amount
        payable on such Distribution Date on the REMIC III Regular Interest
        corresponding to such Class of Certificates over (ii) the amount payable
        on such
        Class of Certificates on such Distribution Date (such excess, a “Class IO
        Distribution Amount”). A Class IO Distribution Amount payable from interest
        collections shall be allocated pro
        rata
        among
        such Certificates based on the excess of, with respect to each such Certificate,
        (i) the amount of interest otherwise payable to the REMIC III Regular Interest
        relating to such Certificate over (ii) the amount of interest payable to
        such
        Certificate at a per annum rate equal to the Net WAC Cap Rate, and a Class
        IO
        Distribution Amount payable from principal collections shall be allocated
        to the
        most subordinate Class of Certificates with an outstanding principal balance
        to
        the extent of such balance. In addition, pursuant to such notional principal
        contract, the Holder of the Class C Certificates shall be treated as having
        agreed to pay Basis Risk Shortfall Carry Forward Amounts with respect to
        the
        Holders of the Certificates (other than the Class C Certificates and Class
        R
        Certificates) in accordance with the terms of this Agreement. Any payments
        to
        the Certificates from amounts deemed received in respect of this notional
        principal contract shall not be payments with respect to a Regular Interest
        in a
        REMIC within the meaning of Code Section 860G(a)(1). However, any payment
        from
        the Certificates (other than the Class C Certificates and Class R Certificates)
        of a Class IO Distribution Amount shall be treated for tax purposes as having
        been received by the Holders of such Certificates in respect of their interests
        in REMIC III and as having been paid by such Holders to the Swap Administrator
        pursuant to the notional principal contract. Thus, each Certificate (other
        than
        the Class R Certificates) shall be treated as representing not only ownership
        of
        a Regular Interest in REMIC III, but also ownership of an interest in, and
        obligations with respect to, a notional principal contract.

       

      Section
        4.15  Reserved.
        

       

      Section
        4.16  Tax
        Treatment of Class IO Distribution Amounts in the Event of Resecuritization
        of
        Class A, Class M or Class B Certificates. 

       

      In
        the
        event that any Class A, Class M or Class B Certificate is resecuritized in
        a
        REMIC (the “Resecuritization REMIC”), for federal income tax purposes, (i)
        payments on the REMIC III Regular Interest corresponding to such Class A,
        Class
        M or Class B Certificate shall, for the avoidance of doubt, be deemed to
        include
        the related Class IO Distribution Amount, and (ii) to the extent provided
        in the
        operative documents for the Resecuritization REMIC, (a) payments on the “regular
        interests” issued by the Resecuritization REMIC shall be deemed to include in
        the aggregate such Class IO Distribution Amount, and (b) such Class IO
        Distribution Amount shall be deemed paid to the Holder of the Class C
        Certificates pursuant to a notional principal contract entered into by the
        holders of one or more “regular interests” issued by the Resecuritization REMIC
        (“Resecuritization Holders”) and the Holder of the Class C Certificates. In such
        event, Class IO Distribution Amounts deemed paid by Resecuritization Holders
        under clause (b) of the immediately preceding sentence shall be paid on behalf
        of such holders pursuant to Section 4.14(c) hereof.

       

      ARTICLE
        V

      ACCOUNTS

       

      Section
        5.01  Collection
        of Mortgage Loan Payments; Protected Account. 

       

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

       

      In
        accordance with the standards of the first paragraph of Section 3.01, the
        Company shall not waive (or permit a sub-servicer to waive) any Prepayment
        Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof
        shall have been limited by bankruptcy, insolvency, moratorium, receivership
        and
        other similar laws relating to creditors’ rights generally, (ii) the enforcement
        thereof is illegal, or any local, state or federal agency has threatened
        legal
        action if the prepayment penalty is enforced, (iii) the collectability thereof
        shall have been limited due to acceleration in connection with a foreclosure
        or
        other involuntary payment or (iv) such waiver is standard and customary in
        servicing similar Mortgage Loans and relates to a default or a reasonably
        foreseeable default and would, in the reasonable judgment of the Company,
        maximize recovery of total proceeds taking into account the value of such
        Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge
        is
        waived, but does not meet the standards described above, then the Company
        is
        required to pay the amount of such waived Prepayment Charge, for the benefit
        of
        the related Class C Certificates, by remitting such amount to the Master
        Servicer by the Remittance Date.
        Payments
        of such waived charges shall not be payments in respect of any Regular
        Interest.

       

      (b)  The
        Company shall establish and maintain a Protected Account (which shall at
        all
        times be an Eligible Account) with a depository institution in the name of
        the
        Company for the benefit of the Trustee on behalf of the Certificateholders
        and
        designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A.,
        as Trustee, for the benefit of the certificateholders, in trust for registered
        holders of Bear Stearns Asset Backed Securities I LLC, Mortgage-Backed
        Certificates, Series 2006-6”. The Company shall deposit or cause to be deposited
        into the Protected Account on a daily basis within one Business Day of receipt,
        except as otherwise specifically provided herein, the following payments
        and
        collections remitted by subservicers or received by it in respect of the
        EMC
        Mortgage Loans subsequent to the Cut-off Date (other than in respect of
        principal and interest due on the EMC Mortgage Loans on or before the Cut-off
        Date) and the following amounts required to be deposited hereunder:

       

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

       

      (ii)  all
        payments on account of interest on the EMC Mortgage Loans net of the related
        Servicing Fee permitted under Section 3.13, if any;

       

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

       

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

       

      (v)  any
        amounts required to be deposited by the Company pursuant to Section
        3.07;

       

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

       

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

       

      The
        foregoing requirements for deposit by the Company
        into the Protected Account shall be exclusive, it being understood and agreed
        that, without limiting the generality of the foregoing, payments in the nature
        of late payment charges or assumption fees, if collected, need not be deposited
        by the Company. In the event that the Company shall deposit any amount not
        required to be deposited and not otherwise subject to withdrawal pursuant
        to
        Section 5.02, it may at any time withdraw or direct the institution maintaining
        the Protected Account, to withdraw such amount from the Protected Account,
        any
        provision herein to the contrary notwithstanding. Such withdrawal or direction
        may be accomplished by delivering written notice thereof to the institution
        maintaining the Protected Account, that describes the amounts deposited in
        error
        in the Protected Account. The Company shall maintain adequate records with
        respect to all withdrawals made pursuant to this Section. All funds deposited
        in
        the Protected Account shall be held in trust for the Certificateholders until
        withdrawn in accordance with Section 5.02.

       

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

       

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

       

      Section
        5.02  Permitted
        Withdrawals From the Protected Account. 

       

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

       

      (i)  to
        pay
        itself (to the extent not previously paid to or withheld by the Company),
        as
        servicing compensation in accordance with Section 3.13, that portion of any
        payment of interest that equals the Servicing Fee for the period with respect
        to
        which such interest payment was made, and, as additional servicing compensation,
        those other amounts set forth in Section 3.13;

       

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

       

      (iii)  to
        reimburse the Company
        for any
        previously made portion of a Servicing Advance or an Advance made by the
        Company
        that, in
        the good faith judgment of the Company,
        will
        not be ultimately recoverable by it from the related Mortgagor, any related
        Liquidation Proceeds, Insurance Proceeds or otherwise (a “Nonrecoverable
        Advance”), to the extent not reimbursed pursuant to clause (ii) or clause (v);
        provided that such reimbursement pursuant to this subclause shall be limited
        to
        amounts received from EMC Mortgage Loans from which such Servicing Advance
        was
        made;

       

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

       

      (v)  to
        pay to
        EMC (in its capacity as Seller), the Depositor or itself, as applicable,
        with
        respect to each EMC Mortgage Loan or property acquired in respect thereof
        that
        has been purchased pursuant to Section 2.02, 2.03 or 3.05 of this Agreement,
        all
        amounts received thereon and not taken into account in determining the related
        Stated Principal Balance of such repurchased EMC Mortgage Loan;

       

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

       

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

       

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

       

      In
        addition, no later than 1:00 p.m. New York City time on the Remittance Date,
        the
        Company shall withdraw from the Protected Account and remit to the Master
        Servicer, for deposit in the Master Servicer Collection Account the amount
        required to be withdrawn therefrom pursuant to Section 5.05 hereof.

       

      With
        respect to any remittance received by the Master Servicer from EMC after
        the
        date on which such remittance was due, EMC shall pay to the Master Servicer
        interest on any such late payment at an annual rate equal to the Prime Rate,
        adjusted as of the date of each change, plus two percentage points, but in
        no
        event greater that the maximum amount permitted by applicable law. Such interest
        shall be remitted to the Master Servicer on the date such late payment is
        made
        and shall cover the period commencing with the day following the date on
        which
        such remittance was due and ending with the Business Day on which such
        remittance is made, both inclusive. The payment by EMC of any such interest
        shall not be deemed an extension of time for payment or a waiver of any Event
        of
        Default with respect to EMC.

       

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

       

      Section
        5.03  Reports
        to the Master Servicer.

       

      (a) On
        or before the tenth calendar day of each month, the Company shall furnish
        to the
        Master Servicer electronically in a format acceptable to the Master Servicer
        loan accounting reports in the investor’s assigned loan number order to document
        the payment activity on each EMC Mortgage Loan on an individual mortgage
        loan
        basis. With respect to each month, such loan accounting reports shall be
        in the
        format agreed to by the Company and the Master Servicer, including but not
        limited to the following information with respect to each EMC Mortgage
        Loan:

       

      (i)  with
        respect to each Scheduled Payment (on both an actual and scheduled basis
        with
        respect to Mortgage Loan balances and on an actual basis with respect to
        paid-through dates), the amount of such remittance allocable to principal
        (including a separate breakdown of any Principal Prepayment, including the
        amount of any Prepayment Interest Shortfall);

       

      (ii)  with
        respect to each Monthly Payment, the amount of such remittance allocable
        to
        scheduled interest;

       

      (iii)  the
        amount of servicing compensation received by the Company during the prior
        calendar month;

       

      (iv)  the
        aggregate stated principal balance of the EMC Mortgage Loans;

       

      (v)  the
        aggregate amount of Advances made by the Company pursuant to Section
        6.01;

       

      (vi)  the
        aggregate of any expenses reimbursed to the Company during the prior calendar
        month pursuant to Section 5.02;

       

      (vii)  the
        number and aggregate Stated Principal Balance of the Mortgage Loans (A)
        Delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcy) (1)
        30
        days Delinquent, (2) 60 days Delinquent and (3) 90 days or more Delinquent,
        (B)
        in foreclosure and delinquent and (1) 30 days Delinquent, (2) 60 days Delinquent
        and (3) 90 days or more Delinquent (C) in bankruptcy and delinquent (1) 30
        days
        Delinquent, (2) 60 days Delinquent and (3) 90 days or more Delinquent, in
        each
        case as of the close of business on the last day of the calendar month preceding
        such Distribution Date; 

       

      (viii)  the
        amount of any Prepayment Charges collected by the Company and the amount
        of
        Prepayment Charges paid by the Company in connection with a waiver that is
        not
        permitted under this Agreement, and

       

      (ix)  any
        other
        information necessary for the Securities Administrator to prepare the Monthly
        Statement pursuant to Section 6.06, including any information required to
        be
        provided pursuant to Item 1121 of Regulation AB.

       

      On
        or
        before the seventeenth calendar day of each month, or if such day is not
        a
        Business Day, the succeeding Business Day, the Company shall furnish to the
        Master Servicer electronically in a format acceptable to the Master Servicer
        a
        report of all Principal Prepayments made during the related Prepayment
        Period.

       

      (b) The
        Master Servicer and the Securities Administrator shall be entitled to rely
        conclusively on the data provided by the Company and the related Servicer
        pursuant to Section 5.03(a) above and shall have no liability for any errors
        in
        such Mortgage Loan data.

       

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

       

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

       

      Withdrawals
        of amounts so collected from the Escrow Accounts may be made only to effect
        timely payment of taxes, assessments, hazard insurance premiums, condominium
        or
        PUD association dues, or comparable items, to reimburse the Company out of
        related collections for any payments made with respect to each EMC Mortgage
        Loan
        pursuant to Section 3.01 (with respect to taxes and assessments and insurance
        premiums) and Section 3.07 (with respect to hazard insurance), to refund
        to any
        Mortgagors for any EMC Mortgage Loans any sums as may be determined to be
        overages, to pay interest, if required by law or the terms of the related
        Mortgage or Mortgage Note, to such Mortgagors on balances in the Escrow Account
        or to clear and terminate the Escrow Account at the termination of this
        Agreement in accordance with Section 11.01 thereof. The Escrow Account shall
        not
        be a part of the Trust Fund.

       

      Section
        5.05  Protected
        Accounts. 

       

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

       

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

       

      (c) To
        the
        extent provided in this Agreement or the related Servicing Agreement and
        subject
        to this Article V, on or before 1:00 p.m. New York City time on each Remittance
        Date, the Company or the related Servicer shall withdraw or shall cause to
        be
        withdrawn from its Protected Account and shall immediately deposit or cause
        to
        be deposited in the Master Servicer Collection Account amounts representing
        the
        following collections and payments (other than with respect to principal
        of or
        interest on the Mortgage Loans due on or before the Cut-off Date):

       

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

       

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

       

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

       

      (iv) any
        amount to be used as an Advance; and

       

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

       

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

       

      Section
        5.06  Master
        Servicer Collection Account. 

       

      (a)  The
        Master Servicer shall establish and maintain in the name of LaSalle Bank
        National Association, as Master Servicer, on behalf of the Trustee, for the
        benefit of the Certificateholders, the Master Servicer Collection Account
        which
        shall be an Eligible Account. The Master Servicer will deposit in the Master
        Servicer Collection Account as identified by the Master Servicer and as received
        by the Master Servicer, the following amounts:

       

      (i)  any
        Advance and any Compensating Interest Payments;

       

      (ii)  any
        Insurance Proceeds, Liquidation Proceeds or Subsequent Recoveries received
        by
        the Master Servicer;

       

      (iii)  the
        Repurchase Price with respect to any Mortgage Loans purchased by the Seller
        pursuant to Section 2.02 or 2.03, the Repurchase Price with respect to any
        Mortgage Loans purchased by EMC pursuant to Section 3.05, and all proceeds
        of
        any Mortgage Loans or property acquired with respect thereto repurchased
        by the
        Seller or its designee pursuant to Section 11.01;

       

      (iv)  any
        amounts required to be deposited with respect to losses on investments of
        deposits in the Master Servicer Collection Account; and

       

      (v)  any
        other
        amounts received by or on behalf of the Master Servicer or the Trustee and
        required to be deposited in the Master Servicer Collection Account pursuant
        to
        this Agreement.

       

      (b)  All
        amounts deposited to the Master Servicer Collection Account shall be held
        by the
        Master Servicer in the name of the Trustee in trust for the benefit of the
        Certificateholders in accordance with the terms and provisions of this
        Agreement. The requirements for crediting the Master Servicer Collection
        Account
        shall be exclusive, it being understood and agreed that, without limiting
        the
        generality of the foregoing, payments in the nature of late payment charges
        or
        assumption, tax service, statement account or payoff, substitution,
        satisfaction, release and other like fees and charges, need not be credited
        by
        the Master Servicer to the Master Servicer Collection Account. 

       

      (c)  The
        amount at any time credited to the Master Servicer Collection Account may
        be
        invested, in the name of the Trustee, or its nominee, for the benefit of
        the
        Certificateholders, in Permitted Investments or be held in cash as directed
        by
        the Securities Administrator. All Permitted Investments shall mature or be
        subject to redemption or withdrawal on or before, and shall be held until,
        the
        next succeeding Distribution Account Deposit Date. Any and all investment
        earnings from the Master Servicer Collection Account shall be paid to the
        Securities Administrator. The risk of loss of moneys required to be distributed
        to the Certificateholders resulting from such investments shall be borne
        by and
        be the risk of the Securities Administrator. The Securities Administrator
        shall
        deposit the amount of any such loss in the Master Servicer Collection Account
        within two Business Days of receipt of notification of such loss but not
        later
        than the second Business Day prior to the Distribution Date on which the
        moneys
        so invested are required to be distributed to the
        Certificateholders.

       

      Section
        5.07  Permitted
        Withdrawals and Transfers from the Master Servicer Collection
        Account. 

       

      (a)  The
        Master Servicer will make such withdrawals or transfers from the Master Servicer
        Collection Account as the Master Servicer has designated for such transfer
        or
        withdrawal pursuant to this Agreement. The Master Servicer may clear and
        terminate the Master Servicer Collection Account pursuant to Section 11.01
        and
        from time to time remove amounts deposited in error.

       

      (b)  On
        an
        ongoing basis, the Master Servicer shall withdraw from the Master Servicer
        Collection Account to pay itself as provided in Section 4.09 and to pay any
        expenses, costs and liabilities recoverable by the Trustee, the Swap Provider,
        the Master Servicer, each Custodian or the Securities Administrator pursuant
        to
        Sections 4.02, 8.03, 8.04 (subject in each case to the Extraordinary Trust
        Fund
        Expenses Cap), 9.05 and 10.05; provided however, that the Master Servicer
        shall
        be obligated to pay from its own funds any amounts which it is required to
        pay
        under Section 8.03(a).

       

      (c)  In
        addition, on or before each Distribution Account Deposit Date, the Master
        Servicer shall remit to the Securities Administrator for deposit in the
        Distribution Account any Advances required to be made by the Master Servicer
        with respect to the Mortgage Loans.

       

      (d)  No
        later
        than 3:00 p.m. New York time on each Distribution Account Deposit Date, the
        Master Servicer will transfer all available funds on deposit in the Master
        Servicer Collection Account with respect to the related Distribution Date
        to the
        Securities Administrator for deposit in the Distribution Account. In the
        event
        that the Master Servicer shall deposit or cause to be deposited to the
        Distribution Account any amount not required to be credited thereto, the
        Securities Administrator, upon receipt of a written request therefor signed
        by a
        Master Servicing Officer of the Master Servicer, shall promptly transfer
        such
        amount to the Master Servicer, any provision herein to the contrary
        notwithstanding.

       

      Section
        5.08  Distribution
        Account. 

       

      (a)  The
        Securities Administrator shall establish and maintain in the name of the
        Securities Administrator, on behalf of the Trustee, for the benefit of the
        Certificateholders, the Distribution Account as a segregated trust account
        or
        accounts.

       

      (b)  All
        amounts deposited to the Distribution Account shall be held by the Securities
        Administrator in the name of the Trustee in trust for the benefit of the
        Certificateholders in accordance with the terms and provisions of this
        Agreement.

       

      (c)  The
        Distribution Account shall constitute an Eligible Account of the Trust Fund
        segregated on the books of the Securities Administrator and held by the
        Securities Administrator, and the Distribution Account and the funds deposited
        therein shall not be subject to, and shall be protected from, all claims,
        liens,
        and encumbrances of any creditors or depositors of the Securities Administrator
        (whether made directly, or indirectly through a liquidator or receiver of
        the
        Securities Administrator). The amount at any time credited to the Distribution
        Account may be, as directed by the Securities Administrator, held either
        uninvested or invested in the name of the Trustee, in such Permitted Investments
        as may be selected by the Securities Administrator on such direction which
        mature not later than the Business Day immediately preceding the next
        Distribution Date. Permitted Investments in respect of the Distribution Account
        shall not be sold or disposed of prior to their maturity. All investment
        earnings on amounts on deposit in the Distribution Account or benefit from
        funds
        uninvested therein from time to time shall be for the account of the Securities
        Administrator. The Securities Administrator shall be permitted to receive
        distribution of any and all investment earnings from the Distribution Account
        on
        each Distribution Date. If there is any loss on a Permitted Investment or
        demand
        deposit, the Securities Administrator shall deposit the amount of the loss
        in
        the Distribution Account from its own funds. With respect to the Distribution
        Account and the funds deposited therein, the Securities Administrator shall
        take
        such action as may be necessary to ensure that the Certificateholders shall
        be
        entitled to the priorities afforded to such a trust account (in addition
        to a
        claim against the estate of the Trustee) as provided by 12 U.S.C. § 92a(e), and
        applicable regulations pursuant thereto, if applicable.

       

      Section
        5.09  Permitted
        Withdrawals and Transfers from the Distribution Account. 

       

      (a)  The
        Securities Administrator will from time to time make or cause to be made
        such
        withdrawals or transfers from the Distribution Account as are designated
        for
        such transfer or withdrawal pursuant to this Agreement and the Servicing
        Agreement (limited in the case of amounts due the Master Servicer to those
        not
        withdrawn from the Master Servicer Collection Account in accordance with
        the
        terms of this Agreement):

       

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

       

      (ii)  to
        reimburse the Master Servicer, the Company or the related Servicer from
        Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage
        Loan for unreimbursed amounts expended by the Master Servicer, the Company
        or
        the related Servicer in good faith in connection with the restoration of
        the
        related Mortgaged Property which was damaged by an uninsured cause or in
        connection with the liquidation of such Mortgage Loan; provided, however,
        that
        such reimbursement pursuant to this clause shall be limited to amounts recovered
        from Mortgage Loans from which such expenditures were made;

       

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

       

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

       

      (v)  to
        pay
        the Master Servicer as set forth in Section 4.09;

       

      (vi)  to
        reimburse the Master Servicer for expenses, costs and liabilities incurred
        by
        and reimbursable to it pursuant to Sections 4.02, 8.04(c) and (d) and 12.02
        or
        otherwise reimbursable to it pursuant to this Agreement;

       

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

       

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

       

      (ix)  to
        reimburse the Trustee, the Custodian or the Securities Administrator for
        expenses, costs and liabilities incurred by or reimbursable to it pursuant
        to
        this Agreement (to the extent not reimbursed from the Master Servicer Collection
        Account in accordance with Section 5.07), subject to the Extraordinary Trust
        Fund Expenses Cap;

       

      (x)  to
        remove
        amounts deposited in error; and

       

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

       

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

       

      (c)  On
        each
        Distribution Date, the Securities Administrator shall distribute the related
        Interest Remittance Amount and Principal Distribution Amount to the extent
        of
        funds on deposit in the Distribution Account to the holders of the related
        Certificates in accordance with Section 6.04.

       

       

      ARTICLE
        VI

       

      DISTRIBUTIONS
        AND ADVANCES

       

      Section
        6.01  Advances. 

       

      (a) The
        Company shall make an Advance with respect to any EMC Mortgage Loan and deposit
        such Advance in the Master Servicer Collection Account no later than 1:00
        p.m.
        Eastern time on the Remittance Date in immediately available funds. The Company
        or the related Servicer, as applicable, shall be obligated to make any such
        Advance only to the extent that such advance would not be a Nonrecoverable
        Advance. If the Company or the related Servicer shall have determined that
        it
        has made a Nonrecoverable Advance or that a proposed Advance or a lesser
        portion
        of such Advance would constitute a Nonrecoverable Advance, the Company or
        the
        related Servicer, as the case may be, shall deliver (i) to the Securities
        Administrator for the benefit of the Certificateholders funds constituting
        the
        remaining portion of such Advance, if applicable, and (ii) to the Depositor,
        the
        Master Servicer, each Rating Agency, and the Trustee an Officer’s Certificate
        setting forth the basis for such determination. 

       

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

       

      Each
        Servicer will discontinue making advances with respect to any Mortgage Loan
        that
        becomes 90 days delinquent. In addition, each Servicer must charge off a
        Mortgage Loan at the time such Mortgage Loan becomes 180 days delinquent
        unless
        such Servicer reasonably believes that it may be able to obtain a significant
        net recovery through foreclosure proceedings or other conversion of the related
        mortgaged property. Once
        a
        Mortgage Loan is charged off, the related Servicer will not be entitled to
        any
        additional servicing fee for such Mortgage Loan, except to the extent of
        any
        unpaid servicing fees and expenses which will be reimbursable from any
        recoveries on such Mortgage Loan, and the Mortgage Loan will be treated as
        a
        liquidated Mortgage Loan giving rise to a Realized Loss. If the related Servicer
        determines that a significant net recovery is possible through foreclosure
        proceedings or other liquidation of the related mortgaged property on a Mortgage
        Loan that becomes 90 days delinquent, the related Servicer may continue making
        advances on such Mortgage Loan.

       

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

       

      (b) If
        the
        Scheduled Payment on a Mortgage Loan that was due on a related Due Date and
        is
        delinquent other than as a result of application of the Relief Act and for
        which
        the Company or the related Servicer was required to make an Advance pursuant
        to
        this Agreement or the related Servicing Agreement exceeds the amount deposited
        in the Master Servicer Collection Account which shall be used for an Advance
        with respect to such Mortgage Loan, the Master Servicer will deposit in the
        Master Servicer Collection Account not later than the Distribution Account
        Deposit Date immediately preceding the related Distribution Date an amount
        equal
        to such deficiency, net of the Master Servicing Fee and the Servicing Fee
        for
        such Mortgage Loan except to the extent the Master Servicer determines any
        such
        Advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds
        or
        future payments on the Mortgage Loan for which such Advance was made. Subject
        to
        the foregoing, the Master Servicer shall continue to make such Advances through
        the date that the Company or the related Servicer is required to do so under
        this Agreement or the related Servicing Agreement, as applicable. If applicable,
        on the Distribution Account Deposit Date, the Master Servicer shall present
        an
        Officer’s Certificate to the Trustee (i) stating that the Master Servicer elects
        not to make an Advance in a stated amount and (ii) detailing the reason it
        deems
        the advance to be nonrecoverable. The Master Servicer may rely on any
        non-recoverability determination of the Company or any Servicer.

       

      Subject
        to and in accordance with the provisions of Article IX hereof, in the event
        the
        Master Servicer fails to make such Advance, then the Trustee, as Successor
        Master Servicer, shall be obligated to make such Advance, subject to the
        provisions of this Section 6.01.

       

      Section
        6.02  Compensating
        Interest Payments. 

       

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

       

      (b)  The
        Master Servicer shall enforce the obligation of each Servicer under the related
        Servicing Agreement to remit any required Compensating Interest to the Master
        Servicer Collection Account on the Remittance Date.

       

      (c)  The
        Master Servicer shall be required to remit to the Securities Administrator
        for
        deposit in the Distribution Account the amount of any Compensating Interest,
        to
        the extent of the Master Servicing Compensation for such Distribution Date,
        in
        the event the Company or the related Servicer is required to make such payment
        but fails to do so.

       

      Section
        6.03  REMIC
        Distributions.

       

      On
        each Distribution Date, the Securities Administrator shall be deemed to have
        allocated distributions to the REMIC Regular Interests and the REMIC III
        Regular
        Interests in accordance with Section 6.07 hereof.

       

      Section
        6.04  Distributions. 

       

      (a)  Subject
        to Section 4.14(c), on each Distribution Date, an amount equal to the Interest
        Funds and Principal Funds for such Distribution Date shall be withdrawn by
        the
        Securities Administrator to the extent of any such funds in the Distribution
        Account and distributed in the following order of priority:

       

      (1)  Interest
        Funds shall be distributed in the following manner and order of
        priority:

       

      (A)  To
        the
        Class A Certificates, the Current Interest and any Interest Carry Forward
        Amount
        based on the entitlement of such Class; and

       

      (B)  From
        remaining Interest Funds to the Class M-1, Class M-2, Class M-3, Class M-4,
        Class M-5, Class M-6, Class B-1, Class B-2, Class B-3 and Class B-4
        Certificates, in that order, the Current Interest for each such
        Class.

       

      Any
        Excess Spread to the extent necessary to meet a level of overcollateralization
        equal to the Overcollateralization Target Amount will be the Extra Principal
        Distribution Amount and will be included as part of the Principal Distribution
        Amount. Any Remaining Excess Spread together with any Overcollateralization
        Release Amount will be applied as Excess Cashflow and distributed pursuant
        to
        clauses (a)(3)(A) through (G) below.

       

      On
        any
        Distribution Date, any Relief Act Interest Shortfalls and any Prepayment
        Interest Shortfalls to the extent not covered by Compensating Interest will
        be
        allocated as set forth in the definition of “Current Interest”
herein.

       

      (2)  Principal
        Funds, including any Extra Principal Distribution Amount, shall be distributed
        in the following manner and order of priority:

       

      (A)  For
        each
        Distribution Date (i) prior to the Stepdown Date or (ii) on which a Trigger
        Event is in effect:

       

      (i)  To
        the
        Class A Certificates, the Principal Distribution Amount for such Distribution
        Date based on the Certificate Principal Balance of such Class, until the
        Certificate Principal Balance thereof is reduced to zero;

       

      (ii)  To
        the
        Class M-1 Certificates, from any remaining Principal Funds for such Distribution
        Date, the remaining Principal Distribution Amount, until the Certificate
        Principal Balance thereof is reduced to zero;

       

      (iii)  To
        the
        Class M-2 Certificates, from any remaining Principal Funds for such Distribution
        Date, the remaining Principal Distribution Amount, until the Certificate
        Principal Balance thereof is reduced to zero;

       

      (iv)  To
        the
        Class M-3 Certificates, from any remaining Principal Funds for such Distribution
        Date, the remaining Principal Distribution Amount, until the Certificate
        Principal Balance thereof is reduced to zero;

       

      (v)  To
        the
        Class M-4 Certificates, from any remaining Principal Funds for such Distribution
        Date, the remaining Principal Distribution Amount, until the Certificate
        Principal Balance thereof is reduced to zero;

       

      (vi)  To
        the
        Class M-5 Certificates, from any remaining Principal Funds for such Distribution
        Date, the remaining Principal Distribution Amount, until the Certificate
        Principal Balance thereof is reduced to zero;

       

      (vii)  To
        the
        Class M-6 Certificates, from any remaining Principal Funds for such Distribution
        Date, the remaining Principal Distribution Amount, until the Certificate
        Principal Balance thereof is reduced to zero; 

       

      (viii)  To
        the
        Class B-1 Certificates, from any remaining Principal Funds for such Distribution
        Date, the remaining Principal Distribution Amount, until the Certificate
        Principal Balance thereof is reduced to zero; 

       

      (ix)  To
        the
        Class B-2 Certificates, from any remaining Principal Funds for such Distribution
        Date, the remaining Principal Distribution Amount, until the Certificate
        Principal Balance thereof is reduced to zero; 

       

      (x)  To
        the
        Class B-3 Certificates, from any remaining Principal Funds for such Distribution
        Date, the remaining Principal Distribution Amount, until the Certificate
        Principal Balance thereof is reduced to zero; and

       

      (xi)  To
        the
        Class B-4 Certificates, from any remaining Principal Funds for such Distribution
        Date, the remaining Principal Distribution Amount, until the Certificate
        Principal Balance thereof is reduced to zero;

       

      (B)  For
        each
        Distribution Date on or after the Stepdown Date, so long as a Trigger Event
        is
        not in effect:

       

      (i)  To
        the
        Class A Certificates, the Class A Principal Distribution Amount for such
        Distribution Date based on the Certificate Principal Balances of such Class,
        until the Certificate Principal Balance thereof is reduced to zero;

       

      (ii)  To
        the
        Class M-1 Certificates, from any remaining Principal
        Distribution Amount for such Distribution Date, the Class M-1 Principal
        Distribution Amount, until the Certificate Principal Balance thereof is reduced
        to zero;

       

      (iii)  To
        the
        Class M-2 Certificates, from any remaining Principal Distribution Amount
        for
        such Distribution Date, the Class M-2 Principal Distribution Amount, until
        the
        Certificate Principal Balance thereof is reduced to zero;

       

      (iv)  To
        the
        Class M-3 Certificates, from any remaining Principal Distribution Amount
        for
        such Distribution Date, the Class M-3 Principal Distribution Amount, until
        the
        Certificate Principal Balance thereof is reduced to zero;

       

      (v)  To
        the
        Class M-4 Certificates, from any remaining Principal Distribution Amount
        for
        such Distribution Date, the Class M-4 Principal Distribution Amount, until
        the
        Certificate Principal Balance thereof is reduced to zero;

       

      (vi)  To
        the
        Class M-5 Certificates, from any remaining Principal Distribution Amount
        for
        such Distribution Date, the Class M-5 Principal Distribution Amount, until
        the
        Certificate Principal Balance thereof is reduced to zero;

       

      (vii)  To
        the
        Class M-6 Certificates, from any remaining Principal Distribution Amount
        for
        such Distribution Date, the Class M-6 Principal Distribution Amount, until
        the
        Certificate Principal Balance thereof is reduced to zero;

       

      (viii)  To
        the
        Class B-1 Certificates, from any remaining Principal Distribution Amount
        for
        such Distribution Date, the Class B-1 Principal Distribution Amount, until
        the
        Certificate Principal Balance thereof is reduced to zero; 

       

      (ix)  To
        the
        Class B-2 Certificates, from any remaining Principal Distribution Amount
        for
        such Distribution Date, the Class B-2 Principal Distribution Amount, until
        the
        Certificate Principal Balance thereof is reduced to zero;

       

      (x)  To
        the
        Class B-3 Certificates, from any remaining Principal Distribution Amount
        for
        such Distribution Date, the Class B-3 Principal Distribution Amount, until
        the
        Certificate Principal Balance thereof is reduced to zero; and

       

      (xi)  To
        the
        Class B-4 Certificates, from any remaining Principal Distribution Amount
        for
        such Distribution Date, the Class B-4 Principal Distribution Amount, until
        the
        Certificate Principal Balance thereof is reduced to zero.

       

      (3)  Any
        Excess Cashflow shall be distributed in the following manner and order of
        priority:

       

      (A)  from
        any
        remaining Excess Cashflow, to the Class A Certificates, (a) first,
        any
        remaining Interest Carry Forward Amount for such Class to the extent not
        fully
        paid pursuant to clause (a)(1)(A) above and Section 4.14(d) and (b) second,
        any
        Unpaid Realized Loss Amount for such Class for such Distribution Date to
        the
        extent not fully paid pursuant to Section 4.14(d);

       

      (B)  from
        any
        remaining Excess Cashflow, sequentially, to the Class M-1, Class M-2, Class
        M-3,
        Class M-4, Class M-5, Class M-6, Class B-1, Class B-2, Class B-3 and Class
        B-4
        Certificates, in that order, an amount equal to the Interest Carry Forward
        Amount for each such Class for such Distribution Date, to the extent not
        fully
        paid pursuant to Section 4.14(d);

       

      (C)  from
        any
        remaining Excess Cashflow otherwise distributable to the Class C Interest
        and
        the Class C Certificates, to the Reserve Fund, (i) first, to pay to the Class
        A
        Certificates any Basis Risk Shortfall Carry Forward Amount for such Class
        for
        such Distribution Date, if any, to the extent not fully paid pursuant to
        Section
        4.14(d) and to the extent such amount exceeds the amounts then on deposit
        in the
        Reserve Fund, and (ii) second, to maintain a balance in the Reserve Fund
        equal
        to the Reserve Fund Deposit;

       

      (D)  from
        any
        remaining Excess Cashflow otherwise distributable to the Class C Interest
        and
        the Class C Certificates, to the Reserve Fund, (i) first, to pay to the Class
        M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class B-1, Class
        B-2, Class B-3 and Class B-4 Certificates, sequentially in that order, any
        Basis
        Risk Shortfall Carry Forward Amount for each such Class for such Distribution
        Date,
        if any,
to
        the
        extent not fully paid pursuant to Section 4.14(d) and to the extent such
        amount
        exceeds the amounts then on deposit in the Reserve Fund, and (ii) second,
        to
        maintain a balance in the Reserve Fund equal to the Reserve Fund
        Deposit;

       

      (E)  from
        any
        remaining Excess Cashflow, first to the Class A Certificates, and then
        sequentially to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5,
        Class
        M-6, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates, in that
        order,
        the amount of Relief Act Shortfalls and any Prepayment Interest Shortfalls
        allocated to such Classes of Certificates, to the extent not previously
        reimbursed;

       

      (F)  from
        any
        remaining Excess Cashflow, to the Swap Administrator for payment to the Swap
        Provider, any Swap Termination Payments due to a Swap Provider Trigger Event
        owed by the Trust Fund (to the extent not paid by the Swap Administrator
        from
        any upfront payment received pursuant to any replacement interest rate swap
        agreement that may be entered into by the Supplemental Interest Trust
        Trustee);

       

      (G)  from
        any
        remaining Excess Cashflow, to the Class C Interest and Class C Certificates,
        an
        amount equal to the Class C Distribution Amount reduced by amounts distributed
        in clauses (C) and (D) above; and

       

      (H)  from
        any
        remaining Excess Cashflow to each of the Class R-1, Class R-2, Class R-3
        and
        Class RX Certificates, based on the related REMIC in which such cashflow
        remains.

       

      On
        each
        Distribution Date, all amounts in respect of Prepayment Charges shall be
        distributed to the Holders of the Class C Certificates, provided that such
        distributions shall not be in reduction of the principal balance thereof.
        

       

      In
        addition, notwithstanding the foregoing clause (a)(2), to the extent a Class
        IO
        Distribution Amount is payable from principal collections, Principal
        Distribution Amounts will be deemed paid to the most subordinate Class of
        Regular Certificates, until the Certificate Principal Balance thereof has
        been
        reduced to zero, and such amount will be paid pursuant to Section
        4.14(f).

       

      In
        addition, notwithstanding the foregoing, on any Distribution Date after the
        Distribution Date on which the Certificate Principal Balance of a Class of
        Class
        A, Class M or Class B Certificates has been reduced to zero, that Class of
        Certificates will be retired and will no longer be entitled to distributions,
        including distributions in respect of Prepayment Interest Shortfalls or Basis
        Risk Shortfall Carry Forward Amounts.

       

      (b)  In
        addition to the foregoing distributions, with respect to any Subsequent
        Recoveries, the Company or the related Servicer, as applicable, shall deposit
        such funds into the Protected Account pursuant to Section 5.01(b)(iii). If,
        after taking into account such Subsequent Recoveries, the amount of a related
        Realized Loss is reduced, the amount of such Subsequent Recoveries will be
        applied to increase the Certificate Principal Balance of the related Class
        of
        Certificates with the highest payment priority to which Realized Losses have
        been allocated, but not by more than the amount of Realized Losses previously
        allocated to that Class of Certificates pursuant to Section 6.05; provided,
        however, to the extent that no reductions to a Certificate Principal Balance
        of
        any Class of Certificates currently exists as the result of a prior allocation
        of a Realized Loss, such Subsequent Recoveries will be applied as Excess
        Cashflow. The amount of any remaining Subsequent Recoveries will be applied
        to
        increase the Certificate Principal Balance of the Class of Certificates with
        the
        next highest payment priority, up to the amount of such Realized Losses
        previously allocated to that Class of Certificates pursuant to Section 6.05,
        and
        so on. Holders of such Certificates will not be entitled to any payment in
        respect of Current Interest on the amount of such increases for any Interest
        Accrual Period preceding the Distribution Date on which such increase occurs.
        Any such increases shall be applied to the Certificate Principal Balance
        of each
        Certificate of such Class in accordance with its respective Percentage
        Interest.

       

      (c)  Subject
        to Section 11.02 hereof respecting the final distribution, on each Distribution
        Date the Securities Administrator shall make distributions to each
        Certificateholder of record on the preceding Record Date either by wire transfer
        in immediately available funds to the account of such Holder at a bank or
        other
        entity having appropriate facilities therefor, if such Holder has so notified
        the Securities Administrator at least 5 Business Days prior to the related
        Record Date, or, if not, by check mailed by first class mail to such
        Certificateholder at the address of such Holder appearing in the Certificate
        Register. Notwithstanding the foregoing, but subject to Section 11.02 hereof
        respecting the final distribution, distributions with respect to Certificates
        registered in the name of a Depository shall be made to such Depository in
        immediately available funds.

       

      (d)  On
        or
        before 5:00 p.m. Eastern time on the fourth Business Day immediately
        preceding each Distribution Date or as otherwise agreed upon by the Securities
        Administrator and the Master Servicer, the Master Servicer shall deliver
        the
        Remittance Report to the Securities Administrator.

       

      Section
        6.05  Allocation
        of Realized Losses. 

       

      (a)  All
        Realized Losses on the Mortgage Loans shall be allocated by the Securities
        Administrator on each Distribution Date as follows: first, to Excess Spread
        as
        part of the payment in respect of the Extra Principal Distribution Amount
        for
        such Distribution Date; second, to the Class C Interest and Class C
        Certificates, until the Certificate Principal Balance or Uncertificated
        Principal Balance thereof, as applicable, has been reduced to zero; third,
        to
        the Class B-4 Certificates, until the Certificate Principal Balance thereof
        has
        been reduced to zero; fourth, to the Class B-3 Certificates, until the
        Certificate Principal Balance thereof has been reduced to zero; fifth, to
        the
        Class B-2 Certificates, until the Certificate Principal Balance thereof has
        been
        reduced to zero; sixth, to the Class B-1 Certificates, until the Certificate
        Principal Balance thereof has been reduced to zero; seventh, to the Class
        M-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; eleveth, 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, to the Class A Certificates. 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.

       

      (b)  Any
        allocation of Realized Losses to a Class of Certificates or the Class C Interest
        on any Distribution Date shall be made by reducing the Certificate Principal
        Balance or Uncertificated Principal Balance thereof by the amount so allocated;
        any allocation of Realized Losses to the Excess Spread shall be made by reducing
        the amount otherwise payable in respect of the Class C Interest and the Class
        C
        Certificates pursuant to clause (G) of Section 6.04(a)(3). 

       

      Once
        Realized Losses have been allocated to a Class of Class A, Class M or Class
        B
        Certificates, such amounts with respect to such Certificates will no longer
        accrue interest nor will such amounts in respect of interest be reinstated
        thereafter. 

       

      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) (i) All
        Realized Losses on the Mortgage Loans shall be allocated on each Distribution
        Date to REMIC I Regular Interest I-1-A through REMIC I Regular Interest I-45-B,
        starting with the lowest numerical denomination until the Uncertificated
        Principal Balance of each such REMIC I Regular Interest has been reduced
        to
        zero; provided that, for REMIC I Regular Interests with the same numerical
        denomination, such Realized Losses shall be allocated pro
        rata
        between
        such REMIC I Regular Interests. All Realized Losses on the Mortgage Loans
        shall
        be allocated on each Distribution Date to the following REMIC II Regular
        Interests in the specified percentages, as follows: first, to Uncertificated
        Accrued Interest payable to REMIC II Regular Interest AA and REMIC II Regular
        Interest ZZ up to an aggregate amount equal to the REMIC II Interest Loss
        Allocation Amount (without duplication of shortfalls allocated pursuant to
        Section 1.02), 98.00% and 2.00%, respectively; second, to the Uncertificated
        Principal Balances of REMIC II Regular Interest AA and REMIC II Regular Interest
        ZZ up to an aggregate amount equal to the REMIC II Principal Loss Allocation
        Amount, 98.00% and 2.00%, respectively; third, to the Uncertificated Principal
        Balances of REMIC II Regular Interest AA, REMIC II Regular Interest B-4 and
        REMIC II Regular Interest ZZ, 98.00%, 1.00% and 1.00%, respectively, until
        the
        Uncertificated Principal Balance of REMIC II Regular Interest B-4 has been
        reduced to zero; fourth, to the Uncertificated Principal Balances of REMIC
        II
        Regular Interest AA, REMIC II Regular Interest B-3 and REMIC II Regular Interest
        ZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Principal
        Balance of REMIC II Regular Interest B-3 has been reduced to zero; fifth,
        to the
        Uncertificated Principal Balances of REMIC II Regular Interest AA, REMIC
        II
        Regular Interest B-2 and REMIC II Regular Interest ZZ, 98.00%, 1.00% and
        1.00%,
        respectively, until the Uncertificated Principal Balance of REMIC II Regular
        Interest B-2 has been reduced to zero; sixth, to the Uncertificated Principal
        Balances of REMIC II Regular Interest AA, REMIC II Regular Interest B-1 and
        REMIC II Regular Interest ZZ, 98.00%, 1.00% and 1.00%, respectively, until
        the
        Uncertificated Principal Balance of REMIC II Regular Interest B-1 has been
        reduced to zero; seventh, to the Uncertificated Principal Balances of REMIC
        II
        Regular Interest AA, REMIC II Regular Interest M-6 and REMIC II Regular Interest
        ZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Principal
        Balance of REMIC II Regular Interest M-6 has been reduced to zero; eighth,
        to
        the Uncertificated Principal Balances of REMIC II Regular Interest AA, REMIC
        II
        Regular Interest M-5 and REMIC II Regular Interest ZZ, 98.00%, 1.00% and
        1.00%,
        respectively, until the Uncertificated Principal Balance of REMIC II Regular
        Interest M-5 has been reduced to zero; ninth, to the Uncertificated Principal
        Balances of REMIC II Regular Interest AA, REMIC II Regular Interest M-4 and
        REMIC II Regular Interest ZZ, 98.00%, 1.00% and 1.00%, respectively, until
        the
        Uncertificated Principal Balance of REMIC II Regular Interest M-4 has been
        reduced to zero; tenth, to the Uncertificated Principal Balances of REMIC
        II
        Regular Interest AA, REMIC II Regular Interest M-3 and REMIC II Regular Interest
        ZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Principal
        Balance of REMIC II Regular Interest M-3 has been reduced to zero; eleventh,
        to
        the Uncertificated Principal Balances of REMIC II Regular Interest AA, REMIC
        II
        Regular Interest M-2 and REMIC II Regular Interest ZZ, 98.00%, 1.00% and
        1.00%,
        respectively, until the Uncertificated Principal Balance of REMIC II Regular
        Interest M-2 has been reduced to zero; twelfth, to the Uncertificated Principal
        Balances of REMIC II Regular Interest AA, REMIC II Regular Interest M-1 and
        REMIC II Regular Interest ZZ, 98.00%, 1.00% and 1.00%, respectively, until
        the
        Uncertificated Principal Balance of REMIC II Regular Interest M-1 has been
        reduced to zero; and thirteenth, to the Uncertificated Principal Balances
        of
        REMIC II Regular Interest AA, REMIC II Regular Interest A and REMIC II Regular
        Interest ZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated
        Principal Balance of REMIC II Regular Interest A has been reduced to
        zero.

       

      Section
        6.06  Monthly
        Statements to Certificateholders. 

       

      (a)  Not
        later
        than each Distribution Date, the Securities Administrator shall prepare and
        make
        available to each Holder of Certificates, the Trustee, the Swap Provider,
        the
        Master Servicer and the Depositor a statement setting forth for the
        Certificates:

       

      (i)  the
        applicable record dates, accrual periods, determination dates for calculating
        distributions and general distribution dates;

       

      (ii)  the
        total
        cash flows received and the general sources thereof;

       

      (iii)  the
        amount, if any, of fees or expenses accrued and paid, with an identification
        of
        the payee and the general purpose of such fees including the related amount
        of
        the Servicing Fees paid to or retained by the applicable Servicer or the
        Master
        Servicer for the related Due Period;

       

      (iv)  the
        amount of any Net Swap Payment payable to the Swap Administrator, any Net
        Swap
        Payment payable to the Swap Provider, any Swap Termination Payment payable
        to
        the Swap Administrator and any Swap Termination Payment payable to the Swap
        Provider;

       

      (v)  the
        amount of the related distribution to Holders of each Class allocable to
        principal, separately identifying (A) the aggregate amount of any Principal
        Prepayments included therein, (B) the aggregate of all scheduled payments
        of
        principal included therein and (C) the Extra Principal Distribution Amount
        (if
        any);

       

      (vi)  the
        Interest Carry Forward Amounts and any Basis Risk Shortfall Carry Forward
        Amounts for the Certificates (if any);

       

      (vii)  the
        Pass-Through Rate for each Class of Class A, Class M and Class B Certificates
        with respect to the current Accrual Period, and, if applicable, whether such
        Pass-Through Rate was limited by the related Net WAC Cap Rate;

       

      (viii)  the
        Certificate Principal Balance or Certificate Notional Amount, as applicable,
        of
        each Class before and after giving effect (i) to all distributions allocable
        to
        principal on such Distribution Date and (ii) the allocation of any Applied
        Realized Loss Amounts for such Distribution Date;

       

      (ix)  the
        number and Stated Principal Balance of all the Mortgage Loans for such
        Distribution Date, together with updated pool composition
        information;

       

      (x)  the
        Pass-Through Rate for each Class of Class A, Class M and Class B Certificates
        with respect to the current Accrual Period, and, if applicable, whether such
        Pass-Through Rate was limited by the Net WAC Cap Rate;

       

      (xi)  the
        aggregate amount of Advances included in the distribution on such Distribution
        Date (including the general purpose of such Advances), the aggregate amount
        of
        unreimbursed Advances at the close of business on the Distribution Date,
        and the
        general source of funds for reimbursements;

       

      (xii)  the
        number and aggregate Stated Principal Balance of the Mortgage Loans (A)
        Delinquent, exclusive of Mortgage Loans in foreclosure, (1) 30 days Delinquent,
        (2) 60 days Delinquent and (3) 90 days or more Delinquent, and (B) in
        foreclosure and Delinquent (1) 30 days Delinquent, (2) 60 days Delinquent
        and
        (3) 90 days or more Delinquent, in each case as of the close of business
        on the
        last day of the calendar month preceding such Distribution Date;

       

      (xiii)  the
        amount of, if any, of excess cashflow or excess spread and the application
        of
        such excess cashflow;

       

      (xiv)  the
        aggregate Stated Principal Balance of, and Realized Loss on, such Mortgage
        Loans
        as of the end of the related Prepayment Period;

       

      (xv)  information
        on loss, delinquency or other tests used for determining early amortization,
        liquidation, stepdowns or other performance triggers as more completely
        described in the prospectus supplement and whether the trigger was
        met;

       

      (xvi)  the
        total
        number and principal balance of any real estate owned or REO Properties as
        of
        the close of business on the last day of the calendar month preceding such
        Distribution Date;

       

      (xvii)  the
        cumulative Realized Losses through the end of the preceding month;

       

      (xviii)  the
        three
        month rolling average of the percent equivalent of a fraction, the numerator
        of
        which is the aggregate Stated Principal Balance of the Mortgage Loans that
        are
        60 days or more delinquent or are in bankruptcy or foreclosure or are REO
        Properties, and the denominator of which is the aggregate Stated Principal
        Balance of all of the Mortgage Loans, in each case as of the close of business
        on the last day of the calendar month preceding such Distribution
        Date,

       

      (xix)  if
        applicable, material modifications, extensions or waivers to Mortgage Loan
        terms, fees, penalties or payments during the preceding calendar month or
        that
        have become material over time;

       

      (xx)  material
        breaches of Mortgage Loan representations or warranties or transaction
        covenants; 

       

      (xxi)  the
        amount of the Prepayment Charges remitted by the master servicer and the
        amount
        on deposit in
        the
        related reserve fund; 

       

      (xxii)  the
        amount of any Net Swap Payment payable to the Trust, any Net Swap Payment
        payable to the related Swap Provider, any Swap Termination Payment payable
        to
        the Trust and any Swap Termination Payment payable to the Swap
        Provider.

       

      (xxiii)  information
        regarding any new issuance of securities backed by the same asset pool, any
        pool
        asset changes, such as additions or removals of Mortgage Loans from the Trust
        Fund, if applicable; and

       

      (xxiv)  any
        material changes in the solicitation, credit-granting, underwriting,
        origination, acquisition or Mortgage Loan selection criteria or procedures,
        as
        applicable, used to originate, acquire or select Mortgage Loans for the Trust
        Fund.

       

      The
        Depositor covenants that if there is a material change in the solicitation,
        credit-granting, underwriting, origination, acquisition or Mortgage Loan
        selection criteria or procedures, as applicable, used to originate, acquire
        or
        select Mortgage Loans for the Trust Fund that it will notify the Securities
        Administrator five calendar days before each Distribution Date, and if no
        such
        notification occurs, the Securities Administrator has no obligation to report
        with respect to (xxiv). The Depositor covenants to the Securities Administrator
        that there will be no new issuance of securities backed by the same asset
        pool,
        so the Securities Administrator will only be responsible in (xxiii) above
        for
        reporting any pool asset changes, such as additions or removals of Mortgage
        Loans from the Trust Fund.

       

      The
        foregoing information and reports shall be prepared and determined by the
        Securities Administrator based solely on Mortgage Loan data provided to the
        Securities Administrator by the Master Servicer (in a format agreed to by
        the
        Securities Administrator and the Master Servicer) no later than four (4)
        Business Days or as otherwise agreed upon by the Securities Administrator
        and
        the Master Servicer prior to the Distribution Date. In preparing or furnishing
        the foregoing information, the Securities Administrator shall be entitled
        to
        rely conclusively on the accuracy of the information or data regarding the
        Mortgage Loans and the related REO Property that has been provided to the
        Securities Administrator by the Master Servicer, and the Securities
        Administrator shall not be obligated to verify, recompute, reconcile or
        recalculate any such information or data. The Securities Administrator shall
        be
        entitled to conclusively rely on the Mortgage Loan data provided by the Master
        Servicer and shall have no liability for any errors in such Mortgage Loan
        data.

       

      The
        Securities Administrator will make such statement (and, at its option, any
        additional files containing the same information in an alternative format)
        available each month to the parties hereto, the Certificateholders and each
        Rating Agency via the Securities Administrator’s internet website. The
        Securities Administrator’s internet website shall initially be located at
        www.etrustee.net.
        Assistance in using the website can be obtained by calling the Securities
        Administrator’s customer service desk at (312) 992-1743. Parties that are unable
        to use the above distribution option are entitled to have a paper copy mailed
        to
        them via first class mail by calling the customer service desk and indicating
        such. The Securities Administrator shall have the right to change the way
        such
        statements are distributed in order to make such distribution more convenient
        and/or more accessible to the above parties and the Securities Administrator
        shall provide timely and adequate notification to all above parties regarding
        any such changes.

       

      As
        a
        condition to access the Securities Administrator’s internet website, the
        Securities Administrator may require registration and the acceptance of a
        disclaimer. The Securities Administrator will not be liable for the
        dissemination of information in accordance with this Agreement.

       

      (b)  The
        Securities Administrator’s responsibility for making the above information
        available to the Certificateholders is limited to the availability, timeliness
        and accuracy of the information derived from the Master Servicer, the Company
        and the related Servicers. The Securities Administrator will make available
        a
        copy of each statement provided pursuant to this Section 6.06 to each Rating
        Agency on its website at www.etrustee.net.

       

      (c)  Within
        a
        reasonable period of time after the end of each calendar year, the Securities
        Administrator shall cause to be furnished upon written request to each Person
        who at any time during the calendar year was a Certificateholder, a statement
        containing the information set forth in clauses (a)(i) and (a)(ii) of this
        Section 6.06 aggregated for such calendar year or applicable portion thereof
        during which such Person was a Certificateholder. Such obligation of the
        Securities Administrator shall be deemed to have been satisfied to the extent
        that substantially comparable information shall be provided by the Securities
        Administrator pursuant to any requirements of the Code as from time to time
        in
        effect.

       

      (d)  The
        Securities Administrator shall furnish quarterly to the Holders of the Residual
        Certificates each applicable Form 1066Q and shall respond promptly to written
        requests made not more frequently than quarterly by any Holder of a Residual
        Certificate with respect to the following matters:

       

      (i) The
        original projected principal and interest cash flows on the Closing Date
        on each
        class of Regular Interests and Residual Interests created hereunder and on
        the
        related Mortgage Loans, based on the Prepayment Assumption;

       

      (ii) The
        projected remaining principal and interest cash flows as of the end of any
        calendar quarter with respect to each class of Regular Interests and Residual
        Interests created hereunder and the related Mortgage Loans, based on the
        Prepayment Assumption;

       

      (iii) The
        applicable Prepayment Assumption and any interest rate assumptions used in
        determining the projected principal and interest cash flows described
        above;

       

      (iv) The
        original issue discount (or, in the case of the Mortgage Loans, market discount)
        or premium accrued or amortized through the end of such calendar quarter
        with
        respect to each class of Regular Interests or Residual Interests created
        hereunder and to the related Mortgage Loans, together with each constant
        yield
        to maturity used in computing the same;

       

      (v) The
        treatment of losses realized with respect to the related Mortgage Loans or
        the
        Regular Interests created hereunder, including the timing and amount of any
        cancellation of indebtedness income of a REMIC with respect to such Regular
        Interests or bad debt deductions claimed with respect to the related Mortgage
        Loans;

       

      (vi) The
        amount and timing of any non-interest expenses of a REMIC; and

       

      (vii) Any
        taxes
        (including penalties and interest) imposed on the REMIC, including, without
        limitation, taxes on “prohibited transactions,” “contributions” or “net income
        from foreclosure property” or state or local income or franchise
        taxes.

       

      The
        information pursuant to clauses (i), (ii), (iii) and (iv) above shall be
        provided by the Depositor pursuant to Section 10.12.

       

      Section
        6.07  REMIC
        Designations and REMIC Distributions. 

       

      (a)  The
        Securities Administrator on behalf of the Trustee shall elect that each of
        REMIC
        I, REMIC II, REMIC III, REMIC IV and REMIC V shall be treated as a REMIC
        under
        Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement
        or in the administration of this Agreement shall be resolved in a manner
        that
        preserves the validity of such REMIC elections. The assets of REMIC I shall
        include the Mortgage Loans and all interest owing in respect of and principal
        due thereon, the Distribution Account, the Master Servicer Collection Account,
        the Protected Accounts maintained by the Company and the related Servicer,
        any
        REO Property, any proceeds of the foregoing and any other assets related
        to the
        Mortgage Loans subject to this Agreement (other than the Reserve Fund, any
        Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the
        Supplemental Interest Trust, the Interest Rate Swap Agreement, the Swap Account
        and any rights or obligations in respect of the Swap Administration Agreement).
        The REMIC I Regular Interests shall constitute the assets of REMIC II. The
        REMIC
        II Regular Interests shall constitute the assets of REMIC III. The Class
        C
        Interest shall constitute the assets of REMIC IV. The Class IO Interest shall
        constitute the assets of REMIC V.

       

      (b)  (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 Distribution Account and distributed to the
        Holders of the Class R-1 Certificates, as the case may be:

       

      (i)  from
        the
        Interest Funds and Principal Funds, in each case determined without regard
        to
        the related clause 2(ii) in the definitions thereof, to holders of each of
        the
        REMIC I Regular Interests I-1-A through I-45-B, pro
        rata,
        in an
        amount equal to (A) the Uncertificated Accrued Interest for such REMIC I
        Regular
        Interests for such Distribution Date, plus (B) any amounts payable in respect
        thereof remaining unpaid from previous Distribution Dates;

       

      (ii)  to
        the
        extent of Interest Funds and Principal Funds, in each case determined without
        regard to the related clause 2(ii) in the definitions thereof, remaining
        after
        the distributions made pursuant to clause (i) above, payments of principal
        shall
        be allocated as follows: to REMIC I Regular Interests I-1-A through I-45-B
        starting with the lowest numerical denomination, until the Uncertificated
        Principal Balance of each such REMIC I Regular Interest is reduced to zero;
        provided that, for REMIC I Regular Interests with the same numerical
        denomination, such payments of principal shall be allocated pro
        rata
        between
        such REMIC I Regular Interests; and

       

      (iii)  any
        remaining amount to the Holders of the Class R-1 Certificates.

       

      (2) On
        each
        Distribution Date, amounts representing Prepayment Charges on the Mortgage
        loans
        shall be deemed distributed to the REMIC I Regular Interests, pro
        rata, provided
        that such amounts shall not reduce the Uncertificated Principal Balances
        of the
        REMIC I Regular Interests. 

       

      (c) (1) On
        each
        Distribution Date, the following amounts, in the following order of priority,
        shall be distributed by REMIC II to REMIC III on account of the REMIC II
        Regular
        Interests or withdrawn from the Distribution Account and distributed to the
        Holders of the Class R-2 Certificates, as the case may be:

       

      (i)  from
        the
        Interest Funds and Principal Funds, in each case determined without regard
        to
        the related clause 2(ii) in the definitions thereof, to the holders of REMIC
        II
        Regular Interest IO, in an amount equal to (A) the Uncertificated Accrued
        Interest for such REMIC II Regular Interest for such Distribution Date, plus
        (B)
        any amounts in respect thereof remaining unpaid from previous Distribution
        Dates; 

       

      (ii)  to
        the
        extent of the Interest Funds and Principal Funds, in each case determined
        without regard to the related clause 2(ii) in the definitions thereof, remaining
        after the distribution pursuant to clause (i), to the holders of each REMIC
        II
        Regular Interest (other than REMIC II Regular Interest IO), pro
        rata,
        in an
        amount equal to (A) the Uncertificated Accrued Interest for such REMIC II
        Regular Interest for such Distribution Date, plus (B) any amounts in respect
        thereof remaining unpaid from previous Distribution Dates. Amounts payable
        as
        Uncertificated Accrued Interest in respect of REMIC II Regular Interest ZZ
        shall
        be reduced when the REMIC II Overcollateralization Amount is less than the
        REMIC
        II Required Overcollateralization Amount, by the lesser of (x) the amount
        of
        such difference and (y) the Maximum Uncertificated Accrued Interest Deferral
        Amount, and such amount will be payable to the holders of each REMIC II Regular
        Interest for which a Class A, Class M or Class B Certificate is the
        Corresponding Certificate in the same proportion as the Extra Principal
        Distribution Amount is allocated to the Corresponding Certificates for each
        such
        REMIC II Regular Interest, and the Uncertificated Principal Balance of REMIC
        II
        Regular Interest ZZ shall be increased by such amount;

       

      (iii)  to
        the
        holders of REMIC II Regular Interests (other than REMIC II Regular Interest
        IO)
        in an amount equal to the remainder of the funds related to the Mortgage
        Loans
        for such Distribution Date after the distributions made pursuant to clauses
        (i)
        and (ii) above, allocated as follows:

       

      (A)  98%
        of
        such remainder to the holders of REMIC II Regular Interest AA, until the
        Uncertificated Principal Balance of such REMIC II Regular Interest is reduced
        to
        zero;

       

      (B)  2%
        of
        such remainder, first, to the holders of each REMIC II Regular Interest for
        which a Class A, Class M or Class B Certificate is the Corresponding
        Certificate, in an aggregate amount equal to 1% of and in the same proportion
        as
        principal payments are allocated to the Corresponding Certificates for each
        such
        REMIC II Regular Interest, until the Uncertificated Principal Balances of
        such
        REMIC II Regular Interests are reduced to zero; and second, to the holders
        of
        REMIC II Regular Interest ZZ, until the Uncertificated Principal Balance
        of such
        REMIC II Regular Interest is reduced to zero; and

       

      (C) any
        remaining amount to the Holders of the Class R-2 Certificates.

       

      (2) On
        each
        Distribution Date, 100% of the Prepayment Charges deemed distributed on the
        REMIC I Regular Interests shall be distributed, pro
        rata, to
        the
        holders of the REMIC II Regular Interests (other than REMIC II Regular Interest
        IO), provided that such amounts shall not reduce the Uncertificated Principal
        Balances of the REMIC II Regular Interests.

       

      (d) On
        each
        Distribution Date, interest shall be deemed payable from REMIC III to the
        holders of each REMIC III Regular Interest the ownership of which is represented
        by the Class A, Class M and Class B Certificates at a pass-through rate equal
        to
        the lesser of (i) the Pass-Through Rate for the Corresponding Certificate
        determined without regard to the Net WAC Cap Rate and (ii) the Net WAC Cap
        Rate
        for the REMIC III Regular Interest the ownership of which is represented
        by the
        Corresponding Certificate for such Distribution Date, in each case on a
        principal balance equal to the Certificate Principal Balance of the
        Corresponding Certificate for such Distribution Date. For the avoidance of
        doubt, principal shall be payable to, and shortfalls, losses and prepayments
        shall be allocable to, the REMIC III Regular Interests the ownership of which
        is
        represented by the Class A, Class M and Class B Certificates as such amounts
        are
        payable and allocable to the Corresponding Certificates. 

       

      (e) On
        each
        Distribution Date, an aggregate amount equal to the amounts distributed pursuant
        to Sections 6.04(a)(3)(C), (D) and (G) on such date shall be deemed distributed
        from REMIC III to REMIC IV in respect of the Class C Distribution Amount
        distributable to the Class C Interest, and 100% of the Prepayment Charges
        deemed
        distributed on the REMIC II Regular Interests shall be deemed distributed
        from
        REMIC III to REMIC IV in respect of the Class C Interest.

       

      (f) On
        each
        Distribution Date, 100% of the amount deemed distributed on REMIC II Regular
        Interest IO shall be deemed distributed by REMIC III to REMIC V in respect
        of
        the Class IO Interest. Such amounts shall be deemed distributed by REMIC
        V in
        respect of REMIC V Regular Interest IO for deposit into the Supplemental
        Interest Trust.

       

      

      ARTICLE
        VII

       

      THE
        CERTIFICATES

       

      Section
        7.01  The
        Certificates. 

       

      The
        Certificates shall be substantially in the forms attached hereto as Exhibits
        A-1
        through A-5. The Certificates shall be issuable in registered form, in the
        minimum dollar denominations, integral dollar multiples in excess thereof
        (except that one Certificate of each Class may be issued in a different amount
        which must be in excess of the applicable minimum dollar denomination) and
        aggregate dollar denominations as set forth in the following table:

       

      
        	
                Class

              	
                Minimum

                Denomination

              	
                Integral

                Multiple
                  in

                Excess
                  of

                Minimum

              	
                Original

                Certificate

                Principal
                  Balance

              
	
                I-A

              	
                $

              	
                100,000

              	
                $

              	
                1.00

              	
                $

              	 
	
                I-M-1

              	
                $

              	
                100,000

              	
                $

              	
                1.00

              	
                $

              	 
	
                I-M-2

              	
                $

              	
                100,000

              	
                $

              	
                1.00

              	 	 
	
                I-M-3

              	
                $

              	
                100,000

              	
                $

              	
                1.00

              	 	 
	
                I-M-4

              	
                $

              	
                100,000

              	
                $

              	
                1.00

              	 	 
	
                I-M-5

              	
                $

              	
                100,000

              	
                $

              	
                1.00

              	 	 
	
                I-M-6

              	
                $

              	
                100,000

              	
                $

              	
                1.00

              	 	 
	
                I-B-1

              	
                $

              	
                100,000

              	
                $

              	
                1.00

              	
                $

              	 
	
                I-B-2

              	
                $

              	
                100,000

              	
                $

              	
                1.00

              	
                $

              	 
	
                I-B-3

              	
                $

              	
                100,000

              	
                $

              	
                1.00

              	
                $

              	 
	
                I-B-4

              	
                $

              	
                100,000

              	
                $

              	
                1.00

              	
                $

              	 
	
                I-C

              	
                $

              	
                10%

              	
                $

              	
                1%

              	
                $

              	 
	
                I-R-1

              	
                $

              	
                100%

              	
                $

              	
                N/A

              	
                $

              	
                N/A

              
	
                I-R-2

              	
                $

              	
                100%

              	
                $

              	
                N/A

              	
                $

              	
                N/A

              
	
                I-R-3

              	
                $

              	
                100%

              	
                $

              	
                N/A

              	
                $

              	
                N/A

              
	
                I-RX

              	
                $

              	
                100%

              	
                $

              	
                N/A

              	
                $

              	
                N/A

              

      

      

       

      The
        Certificates shall be executed by manual or facsimile signature on behalf
        of the
        Securities Administrator by an authorized officer. Certificates bearing the
        manual or facsimile signatures of individuals who were, at the time when
        such
        signatures were affixed, authorized to sign on behalf of the Securities
        Administrator shall bind the Securities Administrator, notwithstanding that
        such
        individuals or any of them have ceased to be so authorized prior to the
        authentication and delivery of such Certificates or did not hold such offices
        at
        the date of such authentication and delivery. No Certificate shall be entitled
        to any benefit under this Agreement, or be valid for any purpose, unless
        there
        appears on such Certificate the countersignature of the Securities Administrator
        by manual signature, and such countersignature upon any Certificate shall
        be
        conclusive evidence, and the only evidence, that such Certificate has been
        duly
        countersigned and delivered hereunder. All Certificates shall be dated the
        date
        of their countersignature. On the Closing Date, the Securities Administrator
        shall authenticate the Certificates to be issued at the written direction
        of the
        Depositor, or any affiliate thereof.

       

      The
        Depositor shall provide, or cause to be provided, to the Securities
        Administrator on a continuous basis, an adequate inventory of Certificates
        to
        facilitate transfers.

       

      Section
        7.02  Certificate
        Register; Registration of Transfer and Exchange of Certificates.

       

      (a)  The
        Securities Administrator shall maintain, or cause to be maintained in accordance
        with the provisions of Section 7.09 hereof, a Certificate Register for the
        Trust
        Fund in which, subject to the provisions of subsections (b) and (c) below
        and to
        such reasonable regulations as it may prescribe, the Securities Administrator
        shall provide for the registration of Certificates and of Transfers and
        exchanges of Certificates as herein provided. Upon surrender for registration
        of
        Transfer of any Certificate, the Securities Administrator shall authenticate
        and
        deliver, in the name of the designated transferee or transferees, one or
        more
        new Certificates of the same Class and of like aggregate Percentage
        Interest.

       

      At
        the option of a Certificateholder, Certificates may be exchanged for other
        Certificates of the same Class in authorized denominations and evidencing
        the
        same aggregate Percentage Interest upon surrender of the Certificates to
        be
        exchanged at the office or agency of the Securities
        Administrator.
        Whenever any Certificates are so surrendered for exchange, the Securities
        Administrator
        shall execute, authenticate, and deliver the Certificates that the
        Certificateholder making the exchange is entitled to receive. Every Certificate
        presented or surrendered for registration of Transfer or exchange shall be
        accompanied by a written instrument of Transfer in form satisfactory to the
        Securities
        Administrator
        duly executed by the holder thereof or his attorney duly authorized in
        writing.

       

      No
        service charge to the Certificateholders shall be made for any registration
        of
        Transfer or exchange of Certificates, but payment of a sum sufficient to
        cover
        any tax or governmental charge that may be imposed in connection with any
        Transfer or exchange of Certificates may be required.

       

      All
        Certificates surrendered for registration of Transfer or exchange shall be
        canceled and subsequently destroyed by the Securities
        Administrator
        in accordance with the Securities
        Administrator’s
        customary procedures.

       

      (b)  Subject
        to Subsection 7.07 and, in the case of any Global Certificate or Private
        Certificate upon the satisfaction of the conditions set forth below, upon
        surrender for registration of transfer of any Certificate at any office or
        agency of the Securities Administrator maintained for such purpose, the
        Securities Administrator shall sign, countersign and shall deliver, in the
        name
        of the designated transferee or transferees, a new Certificate of a like
        Class
        and aggregate Percentage Interest, but bearing a different number.

       

      (c)  Subject
        to Subsection 7.02(g), so long as a Global Certificate of such Class is
        outstanding and is held by or on behalf of the Depository, transfers of
        beneficial interests in such Global Certificate, or transfers by Holders
        of
        Individual Certificates of such Class to transferees that take delivery in
        the
        form of beneficial interests in the Global Certificate, may be made only
        in
        accordance with this Subsection 7.02(c) and in accordance with the rules
        of the
        Depository:

       

      (i)  In
        the
        case of a beneficial interest in the Global Certificate being transferred
        to an
        Institutional Accredited Investor, such transferee shall be required to take
        delivery in the form of an Individual Certificate or Certificates and the
        Securities Administrator shall register such transfer only upon compliance
        with
        the provisions of Subsection 7.02(h).

       

      (ii)  In
        the
        case of a beneficial interest in a Class of Global Certificates being
        transferred to a transferee that takes delivery in the form of an Individual
        Certificate or Certificates of such Class, except as set forth in clause
        (i)
        above, the Securities Administrator shall register such transfer only upon
        compliance with the provisions of Subsection 7.02(h).

       

      (iii)  In
        the
        case of an Individual Certificate of a Class being transferred to a transferee
        that takes delivery in the form of a beneficial interest in a Global Certificate
        of such Class, the Securities Administrator shall register such transfer
        if the
        transferee has provided the Securities Administrator with a Rule 144A and
        Related Matters Certificate or comparable evidence as to its QIB
        status.

       

      (iv)  No
        restrictions shall apply with respect to the transfer or registration of
        transfer of a beneficial interest in the Global Certificate of a Class to
        a
        transferee that takes delivery in the form of a beneficial interest in the
        Global Certificate of such Class; provided that each such transferee shall
        be
        deemed to have made such representations and warranties contained in the
        Rule
        144A and Related Matters Certificate as are sufficient to establish that
        it is a
        QIB.

       

      (d)  Subject
        to Subsection 7.02(g), an exchange of a beneficial interest in a Global
        Certificate of a Class for an Individual Certificate or Certificates of such
        Class, an exchange of an Individual Certificate or Certificates of a Class
        for a
        beneficial interest in the Global Certificate of such Class and an exchange
        of
        an Individual Certificate or Certificates of a Class for another Individual
        Certificate or Certificates of such Class (in each case, whether or not such
        exchange is made in anticipation of subsequent transfer, and, in the case
        of the
        Global Certificate of such Class, so long as such Certificate is outstanding
        and
        is held by or on behalf of the Depository) may be made only in accordance
        with
        this Subsection 7.02(d) and in accordance with the rules of the
        Depository:

       

      (i)  A
        Holder
        of a beneficial interest in a Global Certificate of a Class may at any time
        exchange such beneficial interest for an Individual Certificate or Certificates
        of such Class.

       

      (ii)  A
        Holder
        of an Individual Certificate or Certificates of a Class may exchange such
        Certificate or Certificates for a beneficial interest in the Global Certificate
        of such Class if such holder furnishes to the Securities Administrator a
        Rule
        144A and Related Matters Certificate or comparable evidence as to its QIB
        status.

       

      (iii)  A
        Holder
        of an Individual Certificate of a Class may exchange such Certificate for
        an
        equal aggregate principal amount of Individual Certificates of such Class
        in
        different authorized denominations without any certification.

       

      (e)  (i)Upon
        acceptance for exchange or transfer of an Individual Certificate of a Class
        for
        a beneficial interest in a Global Certificate of such Class as provided herein,
        the Securities Administrator shall cancel such Individual Certificate and
        shall
        (or shall request the Depository to) endorse on the schedule affixed to the
        applicable Global Certificate (or on a continuation of such schedule affixed
        to
        the Global Certificate and made a part thereof) or otherwise make in its
        books
        and records an appropriate notation evidencing the date of such exchange
        or
        transfer and an increase in the certificate balance of the Global Certificate
        equal to the certificate balance of such Individual Certificate exchanged
        or
        transferred therefor.

       

      (ii) Upon
        acceptance for exchange or transfer of a beneficial interest in a Global
        Certificate of a Class for an Individual Certificate of such Class as provided
        herein, the Securities Administrator shall (or shall request the Depository
        to)
        endorse on the schedule affixed to such Global Certificate (or on a continuation
        of such schedule affixed to such Global Certificate and made a part thereof)
        or
        otherwise make in its books and records an appropriate notation evidencing
        the
        date of such exchange or transfer and a decrease in the certificate balance
        of
        such Global Certificate equal to the certificate balance of such Individual
        Certificate issued in exchange therefor or upon transfer thereof.

       

      (f)  Any
        Individual Certificate issued in exchange for or upon transfer of another
        Individual Certificate or of a beneficial interest in a Global Certificate
        shall
        bear the applicable legends set forth in Exhibit A-2.

       

      (g)  Subject
        to the restrictions on transfer and exchange set forth in this Section 7.02,
        the
        Holder of any Individual Certificate may transfer or exchange the same in
        whole
        or in part (in an initial certificate balance equal to the minimum authorized
        denomination set forth in Section 7.01 above or any integral multiple of
        $1.00
        in excess thereof) by surrendering such Certificate at the Corporate Trust
        Office, or at the office of any transfer agent, together with an executed
        instrument of assignment and transfer satisfactory in form and substance
        to the
        Securities Administrator in the case of transfer and a written request for
        exchange in the case of exchange. The Holder of a beneficial interest in
        a
        Global Certificate may, subject to the rules and procedures of the Depository,
        cause the Depository (or its nominee) to notify the Securities Administrator
        in
        writing of a request for transfer or exchange of such beneficial interest
        for an
        Individual Certificate or Certificates. Following a proper request for transfer
        or exchange, the Securities Administrator shall, within five Business Days
        of
        such request made at the Corporate Trust Office, sign, countersign and deliver
        at the Corporate Trust Office, to the transferee (in the case of transfer)
        or
        Holder (in the case of exchange) or send by first class mail at the risk
        of the
        transferee (in the case of transfer) or Holder (in the case of exchange)
        to such
        address as the transferee or Holder, as applicable, may request, an Individual
        Certificate or Certificates, as the case may require, for a like aggregate
        Percentage Interest and in such authorized denomination or denominations
        as may
        be requested. The presentation for transfer or exchange of any Individual
        Certificate shall not be valid unless made at the Corporate Trust Office
        by the
        registered Holder in person, or by a duly authorized
        attorney-in-fact.

       

      (h)  No
        Transfer of a Private Certificate shall be made unless such Transfer is made
        pursuant to an effective registration statement under the Securities Act
        and any
        applicable state securities laws or is exempt from the registration requirements
        under the Securities Act and such state securities laws. In the event that
        a
        Transfer is to be made in reliance upon an exemption from the Securities
        Act and
        such laws, in order to assure compliance with the Securities Act and such
        laws,
        the Certificateholder desiring to effect such Transfer and such
        Certificateholder’s prospective transferee shall each certify to the Trustee and
        the Securities Administrator in writing the facts (or shall be deemed to
        certify
        in the case of a Book-Entry Certificate) surrounding the Transfer by (x)(i)
        the
        delivery to the Securities Administrator by the Certificateholder desiring
        to
        effect such transfer of a certificate substantially in the form set forth
        in
        Exhibit D (the “Transferor Certificate”) and (ii) the delivery by the
        Certificateholder’s prospective transferee of (A) a letter in substantially the
        form of Exhibit E (the “Investment Letter”) if the prospective transferee is an
        Institutional Accredited Investor or (B) a letter in substantially the form
        of
        Exhibit F (the “Rule 144A and Related Matters Certificate”) if the prospective
        transferee is a QIB or (y) there shall be delivered to the Trustee and the
        Securities Administrator an Opinion of Counsel addressed to the Trustee and
        the
        Securities Administrator that such Transfer may be made pursuant to an exemption
        from the Securities Act, which Opinion of Counsel shall not be an expense
        of the
        Depositor, the Seller, the Master Servicer, the Securities
        Administrator
        or the
        Trustee. Notwithstanding the provisions of the immediately preceding sentence,
        no restrictions shall apply with respect to the transfer or registration
        of
        transfer of a beneficial interest in any Certificate that is a Global
        Certificate of a Class to a transferee that takes delivery in the form of
        a
        beneficial interest in the Global Certificate of such Class provided that
        each
        such transferee shall be deemed to have made such representations and warranties
        contained in the Rule 144A and Related Matters Certificate as are sufficient
        to
        establish that it is a QIB. The Depositor shall provide to any Holder of
        a
        Private Certificate and any prospective transferee designated by any such
        Holder, information regarding the related Certificates and the Mortgage Loans
        and such other information as shall be necessary to satisfy the condition
        to
        eligibility set forth in Rule 144A(d)(4) for Transfer of any such Certificate
        without registration thereof under the Securities Act pursuant to the
        registration exemption provided by Rule 144A. The Trustee, the Securities
        Administrator and the Master Servicer shall cooperate with the Depositor
        in
        providing the Rule 144A information referenced in the preceding sentence,
        including providing to the Depositor such information regarding the
        Certificates, the Mortgage Loans and other matters regarding the Trust Fund
        as
        the Depositor shall reasonably request to meet its obligation under the
        preceding sentence. Each Holder of a Private Certificate desiring to effect
        such
        Transfer shall, and does hereby agree to, indemnify the Trustee, the Depositor,
        the Seller, the Securities Administrator and the Master Servicer against
        any
        liability that may result if the Transfer is not so exempt or is not made
        in
        accordance with such federal and state laws.

       

      The
        Securities Administrator shall be entitled to rely conclusively on any
        certificate required by this Section 7.02 to be executed in connection with
        the
        transfer of any Certificate, and shall be entitled to presume conclusively
        the
        continuing accuracy thereof from time to time, in each case without further
        inquiry or investigation.

       

      The
        Securities Administrator shall not be responsible for ascertaining whether
        any
        transfer complies with, or for otherwise monitoring or determining compliance
        with, the requirements or terms of the 1933 Act, applicable state securities
        laws, ERISA or the Code; except that if a Certificate is required by the
        terms
        of this Section 7.02 to be provided to the Securities Administrator by a
        prospective transferor or transferee, the Securities Administrator shall
        examine
        the same to determine whether it conforms substantially on its face to the
        applicable requirements of this Section 7.02 and that if an opinion of counsel
        is provided, the Securities Administrator shall examine the same to determine
        whether it meets the requirements hereof.

       

      No
        Transfer of an ERISA Restricted Certificate or Class B-4 Certificate shall
        be
        made at any time unless either (i) the transferee of such Certificate provides
        a
        representation, or is deemed to represent in the case of a Global Certificate,
        to the Securities Administrator acceptable to and in form and substance
        satisfactory to the Securities Administrator to the effect that such transferee
        is not a Plan, or a Person acting on behalf of a Plan or using the assets
        of a
        Plan, or (ii) in the case of any such Certificate presented for registration
        in
        the name of a Plan, or a trustee of a Plan or any other person acting on
        behalf
        of a Plan, the Securities Administrator shall have received an Opinion of
        Counsel for the benefit of the Trustee, the Securities Administrator and
        the
        Master Servicer and on which they may rely, satisfactory to the Securities
        Administrator, to the effect that the purchase and holding of such Certificate
        are permissible under applicable law, will not result in any prohibited
        transactions under ERISA or Section 4975 of the Code and will not subject
        the
        Trustee, the Securities Administrator, the Master Servicer or the Depositor
        to
        any obligation in addition to those expressly undertaken in this Agreement,
        which Opinion of Counsel shall not be an expense of the Trustee, the Securities
        Administrator, the Master Servicer or the Depositor, or (iii) in the case
        of a
        Class B-4 Certificate, the transferee provides a representation, or is deemed
        to
        represent in the case of the Global Certificate, or an opinion of counsel
        to the
        effect that the proposed transfer or holding of such Class B-4 Certificate
        and
        the servicing, management and operation of the Trust and its assets: (I)
        will
        not result in any prohibited transaction which is not covered under PTE 84-14,
        PTE 91-38, PTE 90-1, PTE 95-60 or PTE 96-23 and (II) will not give rise to
        any
        obligation on the part of the Depositor, the Master Servicer, the Securities
        Administrator or the Trustee in addition to those expressly undertaken in
        this
        Agreement. Notwithstanding anything else to the contrary herein, any purported
        transfer of an ERISA Restricted Certificate to or on behalf of a Plan without
        the delivery of the Opinion of Counsel as described above shall be void and
        of
        no effect; provided that the restriction set forth in this sentence shall
        not be
        applicable if there has been delivered to the Trustee and the Securities
        Administrator an Opinion of Counsel meeting the requirements of clause (ii)
        of
        the first sentence of this paragraph. Neither the Trustee, the Securities
        Administrator nor the Master Servicer shall be required to monitor, determine
        or
        inquire as to compliance with the transfer restrictions with respect to any
        ERISA Restricted Certificate that is a Book-Entry Certificate, and neither
        the
        Trustee nor the Master Servicer shall have any liability for transfers of
        any
        such Book-Entry Certificates made through the book-entry facilities of any
        Depository or between or among participants of the Depository or Certificate
        Owners made in violation of the transfer restrictions set forth herein. Neither
        the Trustee, the Securities Administrator nor the Master Servicer shall be
        under
        any liability to any Person for any registration of transfer of any ERISA
        Restricted Certificate that is in fact not permitted by this Section 7.02(h)
        or
        for making any payments due on such Certificate to the Holder thereof or
        taking
        any other action with respect to such Holder under the provisions of this
        Agreement.

       

      Each
        beneficial owner of a Class M Certificate or Class B Certificate (other than
        a
        Class B-4 Certificate) or any interest therein shall be deemed to have
        represented, by virtue of its acquisition or holding of that certificate
        or
        interest therein, that either (i) it is not a Plan or investing with “Plan
        Assets”, (ii) it has acquired and is holding such certificate in reliance on the
        Exemption, and that it understands that there are certain conditions to the
        availability of the Exemption, including that the certificate must be rated,
        at
        the time of purchase, not lower than “BBB-” (or its equivalent) by S&P,
        Fitch or Moody’s, and the certificate is so rated or (iii) (1) it is an
        insurance company, (2) the source of funds used to acquire or hold the
        certificate or interest therein is an “insurance company general account,” as
        such term is defined in PTE 95-60, and (3) the conditions in Sections I and
        III
        of PTE 95-60 have been satisfied.

       

      Neither
        the Trustee, the Securities Administrator nor the Master Servicer will be
        required to monitor, determine or inquire as to compliance with the transfer
        restrictions with respect to the Global Certificates. Any attempted or purported
        transfer of any Certificate in violation of the provisions of this Section
        7.02
        shall be void ab initio and such Certificate shall be considered to have
        been
        held continuously by the prior permitted Certificateholder. Any transferor
        of
        any Certificate in violation of such provisions, shall indemnify and hold
        harmless the Trustee, the Securities Administrator and the Master Servicer
        from
        and against any and all liabilities, claims, costs or expenses incurred by
        the
        Trustee, the Securities Administrator or the Master Servicer as a result
        of such
        attempted or purported transfer. Neither the Securities Administrator shall
        have
        any liability for transfer of any such Global Certificates in or through
        book-entry facilities of any Depository or between or among Depository
        Participants or Certificate Owners made in violation of the transfer
        restrictions set forth herein. The Securities Administrator shall be entitled,
        but not obligated, to recover from any Holder of any ERISA Restricted
        Certificate that was in fact a Plan or a Person acting on behalf of a Plan
        at
        the time it became a Holder or, at such subsequent time as it became a Plan
        or
        Person acting on behalf of a Plan, all payments made on such ERISA Restricted
        Certificate at and after either such time. Any such payments so recovered
        by the
        Securities Administrator shall be paid and delivered by the Securities
        Administrator to the last preceding Holder of such Certificate that is not
        a
        Plan or Person acting on behalf of a Plan.

       

      (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 the rights of each
        Person acquiring any Ownership Interest in a Residual Certificate are expressly
        subject to the following provisions:

       

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

       

      (ii)  No
        Ownership Interest in a Residual Certificate may be registered on the Closing
        Date or thereafter transferred, and the Securities
        Administrator
        shall
        not register the Transfer of any Residual Certificate unless, in addition
        to the
        certificates required to be delivered to the Securities
        Administrator
        under
        subparagraph (b) above, the Securities
        Administrator
        shall
        have been furnished with an affidavit (a “Transfer Affidavit”) of the initial
        owner or the proposed transferee in the form attached hereto as Exhibit
        C.

       

      (iii)  Each
        Person holding or acquiring any Ownership Interest in a Residual Certificate
        shall agree (A) to obtain a Transfer Affidavit from any other Person to whom
        such Person attempts to Transfer its Ownership Interest in a Residual
        Certificate, (B) to obtain a Transfer Affidavit from any Person for whom
        such
        Person is acting as nominee, trustee or agent in connection with any Transfer
        of
        a Residual Certificate and (C) not to Transfer its Ownership Interest in
        a
        Residual Certificate or to cause the Transfer of an Ownership Interest in
        a
        Residual Certificate to any other Person if it has actual knowledge that
        such
        Person is not a Permitted Transferee.

       

      (iv)  Any
        attempted or purported Transfer of any Ownership Interest in a Residual
        Certificate in violation of the provisions of this Section 7.02(i) shall
        be
        absolutely null and void and shall vest no rights in the purported Transferee.
        If any purported transferee shall become a Holder of a Residual Certificate
        in
        violation of the provisions of this Section 7.02(i), then the last preceding
        Permitted Transferee shall be restored to all rights as Holder thereof
        retroactive to the date of registration of Transfer of such Residual
        Certificate. Neither the Securities Administrator nor the Trustee shall be
        under
        liability to any Person for any registration of Transfer of a Residual
        Certificate that is in fact not permitted by Section 7.02(h) and this Section
        7.02(i) or for making any payments due on such Certificate to the Holder
        thereof
        or taking any other action with respect to such Holder under the provisions
        of
        this Agreement so long as the Transfer was registered after receipt of the
        related Transfer Affidavit. The Securities Administrator shall be entitled
        but
        not obligated to recover from any Holder of a Residual Certificate that was
        in
        fact not a Permitted Transferee at the time it became a Holder or, at such
        subsequent time as it became other than a Permitted Transferee, all payments
        made on such Residual Certificate at and after either such time. Any such
        payments so recovered by the Securities
        Administrator
        shall be
        paid and delivered by the Securities Administrator to the last preceding
        Permitted Transferee of such Certificate.

       

      (v)  The
        Master Servicer shall make available within 60 days of written request from
        the
Securities
        Administrator,
        all
        information necessary to compute any tax imposed under Section 860E(e) of
        the
        Code as a result of a Transfer of an Ownership Interest in a Residual
        Certificate to any Holder who is not a Permitted Transferee.

       

      The
        restrictions on Transfers of a Residual Certificate set forth in this Section
        7.02(i) shall cease to apply (and the applicable portions of the legend on
        a
        Residual Certificate may be deleted) with respect to Transfers occurring
        after
        delivery to the Securities Administrator of an Opinion of Counsel addressed
        to
        the Securities Administrator, which Opinion of Counsel shall not be an expense
        of the Trustee, the Securities Administrator, the Seller or the Master Servicer
        to the effect that the elimination of such restrictions, or any Transfer
        of a
        Residual Certificate allowed by such elimination, will not cause REMIC I,
        REMIC
        II, REMIC III, REMIC IV or REMIC V, as applicable, to fail to qualify as
        a REMIC
        at any time that the Certificates are outstanding or result in the imposition
        of
        any tax on the Trust Fund, a Certificateholder or another Person. Each Person
        holding or acquiring any Ownership Interest in a Residual Certificate hereby
        consents to any amendment of this Agreement that, based on an Opinion of
        Counsel
        addressed to the Securities Administrator and furnished to the Securities
        Administrator, is reasonably necessary (a) to ensure that the record ownership
        of, or any beneficial interest in, a Residual Certificate is not transferred,
        directly or indirectly, to a Person that is not a Permitted Transferee and
        (b)
        to provide for a means to compel the Transfer of a Residual Certificate that
        is
        held by a Person that is not a Permitted Transferee to a Holder that is a
        Permitted Transferee.

       

      (j)  The
        preparation and delivery of all certificates and opinions referred to above
        in
        this Section 7.02 shall not be an expense of the Trust Fund, the Trustee,
        the
        Depositor, the Seller, the Securities
        Administrator
        or the
        Master Servicer.

       

      Section
        7.03  Mutilated,
        Destroyed, Lost or Stolen Certificates. 

       

      If
        (a) any mutilated Certificate is surrendered to the Securities Administrator,
        or
        the Securities Administrator receives evidence to its satisfaction of the
        destruction, loss or theft of any Certificate and of the ownership thereof
        and
        (b) there is delivered to the Securities Administrator such security or
        indemnity as may be required by them to save the Securities Administrator
        and
        the Trustee harmless, then, in the absence of notice to the Securities
        Administrator that such Certificate has been acquired by a bona fide purchaser,
        the Securities Administrator shall execute, authenticate and deliver, in
        exchange for or in lieu of any such mutilated, destroyed, lost or stolen
        Certificate, a new Certificate of like Class, tenor and Percentage Interest.
        In
        connection with the issuance of any new Certificate under this Section 7.03,
        the
        Securities Administrator may require the payment of a sum sufficient to cover
        any tax or other governmental charge that may be imposed in relation thereto
        and
        any other expenses (including the fees and expenses of the Securities
        Administrator) connected therewith. Any replacement Certificate issued pursuant
        to this Section 7.03 shall constitute complete and indefeasible evidence
        of
        ownership in the Trust Fund, as if originally issued, whether or not the
        lost,
        stolen or destroyed Certificate shall be found at any time. All Certificates
        surrendered to the Securities Administrator under the terms of this Section
        7.03
        shall be canceled and destroyed by the Securities Administrator in accordance
        with its standard procedures without liability on its part.

       

      Section
        7.04  Persons
        Deemed Owners. 

       

      The
        Securities Administrator, the Trustee and any agent of the Securities
        Administrator, the Trustee may treat the person in whose name any Certificate
        is
        registered as the owner of such Certificate for the purpose of receiving
        distributions as provided in this Agreement and for all other purposes
        whatsoever, and neither the Securities Administrator, the Trustee, nor any
        agent
        of the Securities Administrator or the Trustee shall be affected by any notice
        to the contrary.

       

      Section
        7.05  Access
        to
        List of Certificateholders’ Names and Addresses. 

       

      If
        three or more Certificateholders, or in the case of Book-Entry Certificates,
        Certificate Owners (a) request such information in writing from the Securities
        Administrator, (b) state that such Certificateholders or Certificate Owners
        desire to communicate with other Certificateholders or Certificate Owners
        with
        respect to their rights under this Agreement or under the Certificates, and
        (c)
        provide a copy of the communication that such Certificateholders or Certificate
        Owners propose to transmit or if the Depositor or the Master Servicer shall
        request such information in writing from the Securities Administrator, then
        the
        Securities Administrator shall, within ten Business Days after the receipt
        of
        such request, provide the Depositor, the Master Servicer or such
        Certificateholders or Certificate Owners at such recipients’ expense the most
        recent list of the Certificateholders of the Trust Fund held by the Securities
        Administrator, if any. The Depositor and every Certificateholder and Certificate
        Owner, by receiving and holding a Certificate, agree that the Securities
        Administrator shall not be held accountable by reason of the disclosure of
        any
        such information as to the list of the Certificateholders hereunder, regardless
        of the source from which such information was derived.

       

      Section
        7.06  Book-Entry
        Certificates. 

       

      The
        Regular Certificates (other than the Class B-4 Certificates and Class C
        Certificates), upon original issuance, shall be issued in the form of one
        or
        more typewritten Certificates representing the Book-Entry Certificates, to
        be
        delivered to the Depository by or on behalf of the Depositor. Such Certificates
        shall initially be registered on the Certificate Register in the name of
        the
        Depository or its nominee, and no Certificate Owner of such Certificates
        will
        receive a definitive certificate representing such Certificate Owner’s interest
        in such Certificates, except as provided in Section 7.08. Unless and until
        definitive, fully registered Certificates (“Definitive Certificates”) have been
        issued to the Certificate Owners of such Certificates pursuant to Section
        7.08:

       

      (a)  the
        provisions of this Section shall be in full force and effect;

       

      (b)  the
        Depositor, the Securities
        Administrator
        and the
        Trustee may deal with the Depository and the Depository Participants for
        all
        purposes (including the making of distributions) as the authorized
        representative of the respective Certificate Owners of such
        Certificates;

       

      (c)  registration
        of the Book-Entry Certificates may not be transferred by the Securities
        Administrator except to another Depository;

       

      (d)  the
        rights of the respective Certificate Owners of such Certificates shall be
        exercised only through the Depository and the Depository Participants and
        shall
        be limited to those established by law and agreements between the Owners
        of such
        Certificates and the Depository and/or the Depository Participants. Pursuant
        to
        the Depository Agreement, unless and until Definitive Certificates are issued
        pursuant to Section 7.08, the Depository will make book-entry transfers among
        the Depository Participants and receive and transmit distributions of principal
        and interest on the related Certificates to such Depository
        Participants;

       

      (e)  the
        Depository may collect its usual and customary fees, charges and expenses
        from
        its Depository Participants;

       

      (f)  the
        Securities
        Administrator
        may rely
        and shall be fully protected in relying upon information furnished by the
        Depository with respect to its Depository Participants; and

       

      (g)  to
        the
        extent that the provisions of this Section conflict with any other provisions
        of
        this Agreement, the provisions of this Section shall control.

       

      For
        purposes of any provision of this Agreement requiring or permitting actions
        with
        the consent of, or at the direction of, Certificateholders evidencing a
        specified percentage of the aggregate unpaid principal amount of any Class
        of
        Certificates, such direction or consent may be given by Certificate Owners
        (acting through the Depository and the Depository Participants) owning
        Book-Entry Certificates evidencing the requisite percentage of principal
        amount
        of such Class of Certificates.

       

      The
        Private Certificates shall initially be held in fully registered certificated
        form. If at any time the Holders of all of the Certificates of one or more
        such
        Classes request that the Securities Administrator cause such Class to become
        Global Certificates, the Depositor (with the assistance of the Securities
        Administrator) will take such action as may be reasonably required to cause
        the
        Depository to accept such Class or Classes for trading if it may legally
        be so
        traded. If at anytime there are to be Global Certificates, the Global
        Certificates shall be delivered to the Depository by the Depositor or deposited
        with the Securities Administrator as custodian for the Depository.

       

      All
        transfers by Certificate Owners of such respective Classes of Book-Entry
        Certificates and any Global Certificates shall be made in accordance with
        the
        procedures established by the Depository Participant or brokerage firm
        representing such Certificate Owners. Each Depository Participant shall only
        transfer Book-Entry Certificates of Certificate Owners it represents or of
        brokerage firms for which it acts as agent in accordance with the Depository’s
        normal procedures.

       

      Section
        7.07  Notices
        to Depository. 

       

      Whenever
        any notice or other communication is required to be given to Certificateholders
        of a Class with respect to which Book-Entry Certificates have been issued,
        unless and until Definitive Certificates shall have been issued to the related
        Certificate Owners, the Securities Administrator shall give all such notices
        and
        communications to the Depository.

       

      Section
        7.08  Definitive
        Certificates. 

       

      If,
        after
        Book-Entry Certificates have been issued with respect to any Certificates,
        (a)
        the Depositor or the Depository advises the Securities Administrator that
        the
        Depository is no longer willing or able to discharge properly its
        responsibilities under the Depository Agreement with respect to such
        Certificates and the Depositor is unable to locate a qualified successor
        or (b)
        the Depositor, with the consent of Depository Participants, advises the
        Securities Administrator that it elects to terminate the book-entry system
        with
        respect to such Certificates through the Depository, then the Securities
        Administrator shall notify all Certificate Owners of such Certificates, through
        the Depository, of the occurrence of any such event and of the availability
        of
        Definitive Certificates to applicable Certificate Owners requesting the same.
        The Depositor shall provide the Securities Administrator with an adequate
        inventory of certificates to facilitate the issuance and transfer of Definitive
        Certificates. Upon surrender to the Securities Administrator of any such
        Certificates by the Depository, accompanied by registration instructions
        from
        the Depository for registration, the Securities Administrator shall countersign
        and deliver such Definitive Certificates. Neither the Depositor nor the
        Securities Administrator shall be liable for any delay in delivery of such
        instructions and each may conclusively rely on, and shall be protected in
        relying on, such instructions. 

       

      In
        addition, if an Event of Default has occurred and is continuing, each
        Certificate Owner materially adversely affected thereby may at its option
        request a Definitive Certificate evidencing such Certificate Owner’s Voting
        Rights in the related Class of Certificates. In order to make such request,
        such
        Certificate Owner shall, subject to the rules and procedures of the Depository,
        provide the Depository or the related Depository Participant with directions
        for
        the Securities Administrator to exchange or cause the exchange of the
        Certificate Owner’s interest in such Class of Certificates for an equivalent
        Voting Right in fully registered definitive form. Upon receipt by the Securities
        Administrator of instructions from the Depository directing the Securities
        Administrator to effect such exchange (such instructions to contain information
        regarding the Class of Certificates and the Certificate Principal Balance
        being
        exchanged, the Depository Participant account to be debited with the decrease,
        the registered holder of and delivery instructions for the definitive
        Certificate, and any other information reasonably required by the Trustee),
        (i)
        the Securities Administrator shall instruct the Depository to reduce the
        related
        Depository Participant’s account by the aggregate Certificate Principal Balance
        of the definitive Certificate, (ii) the Securities Administrator shall execute,
        authenticate and deliver, in accordance with the registration and delivery
        instructions provided by the Depository, a definitive Certificate evidencing
        such Certificate Owner’s Voting Rights in such Class of Certificates and (iii)
        the Securities Administrator shall execute and authenticate a new Book-Entry
        Certificate reflecting the reduction in the Certificate Principal Balance
        of
        such Class of Certificates by the amount of the definitive
        Certificates.

       

      Section
        7.09  Maintenance
        of Office or Agency. 

       

      The
        Securities Administrator will maintain or cause to be maintained at its expense
        an office or offices or agency or agencies located at LaSalle Bank National
        Association, 135
        South LaSalle Street, Suite 1625, Chicago, IL 60603, Attn: Global Securities
        and
        Trust Services Group - SACO 2006-6,
        where
        Certificates may be surrendered for registration of transfer or exchange.
        The
        Securities Administrator initially designates its Corporate Trust Office,
        as the
        office for such purposes. The Securities Administrator will give prompt written
        notice to the Certificateholders of any change in such location of any such
        office or agency.

      

      ARTICLE
        VIII

      THE
        DEPOSITOR, COMPANY AND THE MASTER SERVICER

       

      Section
        8.01  Liabilities
        of the Depositor, the Company and the Master Servicer. 

       

      Each
        of
        the Depositor, the Company and the Master Servicer shall be liable in accordance
        herewith only to the extent of the obligations specifically imposed upon
        and
        undertaken by it herein.

       

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

       

      (a)  Each
        of
        the Depositor, the Company and the Master Servicer will keep in full force
        and
        effect its existence, rights and franchises as a limited liability company
        under
        the laws of the state of its formation, a corporation under the laws of the
        state of its incorporation or as a national banking association under federal
        law, as applicable, and will obtain and preserve its qualification to do
        business as a foreign corporation in each jurisdiction in which such
        qualification is or shall be necessary to protect the validity and
        enforceability of this Agreement, the Certificates or any of the Mortgage
        Loans
        and to perform its duties under this Agreement.

       

      (b)  Any
        Person into which the Depositor, the Company or the Master Servicer may be
        merged or consolidated, or any corporation resulting from any merger or
        consolidation to which the Depositor, the Company or the Master Servicer
        shall
        be a party, or any Person succeeding to the business of the Depositor, the
        Company or the Master Servicer, shall be the successor of the Depositor,
        the
        Company or the Master Servicer hereunder, without the execution or filing
        of any
        paper or further act on the part of any of the parties hereto, anything herein
        to the contrary notwithstanding.

       

      Section
        8.03  Indemnification
        of the Trustee, the Master Servicer, the Securities Administrator.

       

      (a)  The
        Master Servicer agrees to indemnify the Indemnified Persons for, and to hold
        them harmless against, any loss, liability or expense (including reasonable
        legal fees and disbursements of counsel) incurred on their part that may
        be
        sustained in connection with, arising out of, or relating to, any claim or
        legal
        action (i) related to the Master Servicer’s failure to perform its duties in
        compliance with this Agreement (except as any such loss, liability or expense
        shall be otherwise reimbursable pursuant to this Agreement) or (ii) incurred
        by
        reason of the Master Servicer’s willful misfeasance, bad faith or gross
        negligence in the performance of its duties hereunder or by reason of reckless
        disregard of obligations and duties hereunder, provided, in each case, that
        with
        respect to any such claim or legal action (or pending or threatened claim
        or
        legal action), the affected Indemnified Person shall have given the Master
        Servicer and EMC written notice thereof promptly after such Person shall
        have
        with respect to such claim or legal action knowledge thereof; provided, however
        that the failure to give such notice shall not relieve the Master Servicer
        of
        its indemnification obligations hereunder except to the extent the Master
        Servicer is prejudiced thereby. This indemnity shall survive the resignation
        or
        removal of the Trustee, Master Servicer or the Securities Administrator and
        the
        termination of this Agreement.

       

      (b)  The
        Company agrees to indemnify the Indemnified Persons and to hold them harmless
        from and against any and all claims, losses, damages, penalties, fines,
        forfeitures, legal fees and related costs, judgments, and any other costs,
        fees
        and expenses that the Indemnified Persons may sustain in any way related
        to (i)
        the failure of the Company to perform in any way its duties hereunder and
        service the EMC Mortgage Loans in strict compliance with the terms of this
        Agreement, (ii) breach of any representation or warranty of the Company
        contained herein or (iii) [incurred by reason of the Company’s willful
        misfeasance, bad faith or negligence in the performance of its duties hereunder
        or by reason of reckless disregard of its obligations and duties hereunder.]
        The
        Company shall immediately notify the Master Servicer and the Trustee if a
        claim
        is made by a third party with respect to this Agreement or the EMC Mortgage
        Loans, assume (with the consent of the Master Servicer and the Trustee and
        with
        counsel reasonably satisfactory to the Master Servicer and the Trustee) the
        defense of any such claim and pay all expenses in connection therewith,
        including counsel fees, and promptly pay, discharge and satisfy any judgment
        or
        decree which may be entered against it or any Indemnified Person in respect
        of
        such claim but failure of the Company to give such notice shall not limit
        its
        obligations hereunder. The Company agrees that it will not enter into any
        settlement of any such claim without the consent of the Indemnified Persons
        unless such settlement includes an unconditional release of such Indemnified
        Persons from all liability that is the subject matter of such claim. The
        provisions of this Section 8.03(b) shall survive termination of this
        Agreement.

       

      (c)  EMC
        will
        indemnify any Indemnified Person for any loss, liability or expense of any
        Indemnified Person not otherwise paid or covered pursuant to Subsection (b)
        above. Such indemnification shall survive termination of this
        Agreement.

       

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

       

      (a)  Subject
        to the obligation of the Company and the Master Servicer to indemnify the
        Indemnified Persons pursuant to Section 8.03, neither the Depositor, the
        Company, the Master Servicer nor any of the directors, officers, employees
        or
        agents of the Depositor, the Company and the Master Servicer shall be under
        any
        liability to the Indemnified Persons, the Trust Fund or the Certificateholders
        for taking any action or for refraining from taking any action in good faith
        pursuant to this Agreement, or for errors in judgment; provided, however,
        that
        this provision shall not protect the Depositor, the Company, the Master Servicer
        or any such Person against any breach of warranties or representations made
        herein or any liability which would otherwise be imposed by reason of such
        Person’s willful misfeasance, bad faith or gross negligence in the performance
        of duties or by reason of reckless disregard of obligations and duties
        hereunder.

       

      (b)  The
        Depositor, the Company, the Master Servicer and the Securities Administrator,
        and any of their respective directors, officers, employees or agents may
        rely in
        good faith on any document of any kind prima facie properly executed and
        submitted by any Person respecting any matters arising hereunder.

       

      (c)  The
        Depositor, the Company, the Master Servicer, the Securities Administrator,
        the
        Trustee, each Custodian, LaSalle Bank National Association in its individual
        capacity and any director, officer, employee or agent of the Depositor, the
        Company, the Master Servicer, the Securities Administrator, the Trustee and
        each
        Custodian shall be indemnified by the Trust and held harmless thereby against
        any loss, liability or expense (including reasonable legal fees and
        disbursements of counsel) incurred on their part that may be sustained in
        connection with, arising out of, or related to, any claim or legal action
        (including any pending or threatened claim or legal action) relating to,
        or the
        performance of its obligations under, this Agreement, the Assignment Agreement,
        the Custodial Agreements, the Certificates or Servicing Agreements, other
        than
        (i) in the case of the Company, the Master Servicer or the Securities
        Administrator, any such loss, liability or expense related to the Company’s or
        the Master Servicer’s or Securities Administrator’s failure to perform its
        respective duties in compliance with this Agreement or (ii) in the case of
        the
        Company, the Master Servicer or the Securities Administrator, any such loss,
        liability or expense incurred by reason of the Company’s or the Master
        Servicer’s or the Securities Administrator’s willful misfeasance, bad faith or
        gross negligence in the performance of duties hereunder, or by reason of
        reckless disregard of obligations and duties hereunder or under the Custodial
        Agreement, as applicable, (iii) in the case of the Trustee, any such loss,
        liability or expense incurred by reason of the Trustee’s willful misfeasance,
        bad faith or negligence in the performance of its duties hereunder, or by
        reason
        of its reckless disregard of obligations and duties hereunder and (iv) in
        the
        case of either Custodian, any such loss, liability or expense incurred by
        reason
        of such Custodian’s willful misfeasance, bad faith or negligence in the
        performance of its duties under the related Custodial Agreement, or by reason
        of
        its reckless disregard of obligations and duties thereunder. Such
        indemnification shall survive termination of this Agreement.

       

      (d)  None
        of
        the Depositor, the Company, the Master Servicer or the Securities Administrator
        shall be under any obligation to appear in, prosecute or defend any legal
        action
        that is not incidental to its duties under this Agreement and that in its
        opinion may involve it in any expense or liability; provided, however, the
        Master Servicer may in its discretion, undertake any such action which it
        may
        deem necessary or desirable with respect to this Agreement and the rights
        and
        duties of the parties hereto and the interests of the Certificateholders
        hereunder. In such event, the legal expenses and costs of such action and
        any
        liability resulting therefrom (except any loss, liability or expense incurred
        by
        reason of willful misfeasance, bad faith or negligence in the performance
        of
        duties hereunder or by reason of reckless disregard of obligations and duties
        hereunder) shall be expenses, costs and liabilities of the Trust Fund, and
        the
        Master Servicer shall be entitled to be reimbursed therefor out of the Master
        Servicer Collection Account as provided by Section 5.02. Nothing in this
        Subsection 8.04(d) shall affect the Master Servicer’s obligation to master
        service the Mortgage Loans pursuant to Section 4.01.

       

      (e)  In
        taking
        or recommending any course of action pursuant to this Agreement, unless
        specifically required to do so pursuant to this Agreement, the Master Servicer
        shall not be required to investigate or make recommendations concerning
        potential liabilities which the Trust might incur as a result of such course
        of
        action by reason of the condition of the Mortgaged Properties but shall give
        notice to the Trustee if it has notice of such potential
        liabilities.

       

      (f)  The
        Master Servicer shall not be liable for any acts or omissions of the Company
        or
        the related Servicers.

       

      (g)  The
        Master Servicer may perform any of its duties hereunder or exercise its rights
        hereunder either directly of through Affiliates, agents or
        attorneys.

       

      Section
        8.05  Master
        Servicer and Company Not to Resign.

       

      (a)  Except
        as
        provided in Section 8.07, the Master Servicer shall not resign from the
        obligations and duties hereby imposed on it except (i) with the prior consent
        of
        the Trustee (which
        consent shall not be unreasonably withheld or delayed)
        or (ii)
        upon a determination that any such duties hereunder are no longer permissible
        under applicable law and such impermissibility cannot be cured. Any such
        determination permitting the resignation of the Master Servicer shall be
        evidenced by an Opinion of Counsel, addressed to and delivered to, the Trustee.
        No such resignation by the Master Servicer shall become effective until the
        Trustee or a successor to the Master Servicer reasonably satisfactory to
        the
        Trustee shall have assumed the responsibilities and obligations of the Master
        Servicer in accordance with Section 9.02 hereof. The Trustee shall notify
        each
        Rating Agency of the resignation of the Master Servicer.

       

      (b)  The
        Company shall not resign from the obligations and duties hereby imposed on
        it
        except (i) upon the assignment of its servicing duties with respect to all
        or a
        portion of the EMC Mortgage Loans to an institution that is a Fannie Mae
        and
        Freddie Mac approved seller/servicer in good standing that has a net worth
        of
        not less than $10,000,000 and with the prior written consent of the Master
        Servicer (which consent shall not be unreasonably withheld or delayed) or
        (ii)
        upon the determination that its duties hereunder are no longer permissible
        under
        applicable law and such incapacity cannot be cured by the Company. Any
        determination permitting the resignation of the Company shall be evidenced
        by an
        Opinion of Counsel to such effect addressed to and delivered, to the Master
        Servicer and the Trustee which Opinion of Counsel shall be in form and substance
        acceptable to the Master Servicer and the Trustee. No appointment of a successor
        to the Company shall be effective hereunder unless (a) the Rating Agencies
        have
        confirmed in writing that such appointment will not result in a downgrade,
        qualification or withdrawal of the then current ratings assigned to the
        Certificates, (b) such successor shall have represented that it is meets
        the
        eligibility criteria set forth in clause (i) above, and (c) such successor
        has
        agreed to assume the obligations of the Company hereunder to the extent of
        the
        EMC Mortgage Loans to be serviced by such successor. The Company shall provide
        a
        copy of the written confirmation of the Rating Agencies and the agreement
        executed by such successor to the Master Servicer and the Trustee. No such
        resignation shall become effective until a qualified successor or the Master
        Servicer shall have assumed the Company’s responsibilities and obligations
        hereunder. The Company shall notify the Master Servicer, the Trustee and
        the
        Rating Agencies of the resignation of the Company or the assignment of all
        or a
        portion of its servicing duties hereunder in accordance with this Section
        8.05.

       

      Section
        8.06  Successor
        Master Servicer.

       

      In
        connection with the appointment of any successor master servicer or the
        assumption of the duties of the Master Servicer, EMC or the Trustee may make
        such arrangements for the compensation of such successor master servicer
        out of
        payments on the Mortgage Loans as EMC or the Trustee and such successor master
        servicer shall agree. If the successor master servicer does not agree that
        such
        market value is a fair price, such successor master servicer shall obtain
        two
        quotations of market value from third parties actively engaged in the servicing
        of single-family mortgage loans. In no event shall the compensation of any
        successor master servicer exceed that permitted the Master Servicer hereunder
        without the consent of all of the Certificateholders.

       

      Section
        8.07  Sale
        and
        Assignment of Master Servicing.

       

      The
        Master Servicer may sell and assign its rights and delegate its duties and
        obligations in their entirety as Master Servicer under this Agreement and
        EMC
        may terminate the Master Servicer without cause and select a new Master
        Servicer; provided, however, that: (i) the purchaser or transferee accepting
        such assignment and delegation (a) shall be a Person which shall be qualified
        to
        service mortgage loans for Fannie Mae or Freddie Mac; (b) shall have a net
        worth
        of not less than $15,000,000 (unless otherwise approved by each Rating Agency
        pursuant to clause (ii) below) and meets the eligibility requirements herein
        to
        serve as Master Servicer and Securities Administrator; (c) shall be reasonably
        satisfactory to the Trustee (as evidenced in a writing signed by the Trustee);
        and (d) shall execute and deliver to the Trustee an agreement, in form and
        substance reasonably satisfactory to the Trustee, which contains an assumption
        by such Person of the due and punctual performance and observance of each
        responsibility, covenant and condition of the Master Servicer and the Securities
        Administrator under this Agreement and each Custodial Agreement from and
        after
        the effective date of such assumption agreement; (ii) each Rating Agency
        shall
        be given prior written notice of the identity of the proposed successor to
        the
        Master Servicer and each Rating Agency’s rating of the Certificates in effect
        immediately prior to such assignment, sale and delegation will not be
        downgraded, qualified or withdrawn as a result of such assignment, sale and
        delegation, as evidenced by a letter to such effect delivered to the Master
        Servicer, the Securities Administrator and the Trustee; and (iii) the Master
        Servicer assigning and selling the master servicing shall deliver to the
        Trustee
        an Officer’s Certificate and an Opinion of Counsel addressed to the Trustee,
        each stating that all conditions precedent to such action under this Agreement
        have been satisfied and such action is permitted by and complies with the
        terms
        of this Agreement.

       

      

      ARTICLE
        IX

      DEFAULT;
        TERMINATION OF MASTER SERVICER; TERMINATION OF COMPANY

       

      Section
        9.01  Events
        of
        Default. 

       

      “Event
        of Default,” wherever used herein, means any one of the following
        events:

       

      (i)  any
        failure by the Master Servicer to remit to the Securities Administrator any
        amounts received or collected by the Master Servicer in respect of the Mortgage
        Loans and required to be remitted by it hereunder (other than any Advance),
        which failure shall continue unremedied for one Business Day after the date
        on
        which written notice of such failure shall have been given to the Master
        Servicer by the Trustee or the Depositor, or to the Trustee and the Master
        Servicer by the Holders of Certificates evidencing not less than 25% of the
        Voting Rights evidenced by the Certificates; or

       

      (ii)  any
        failure by the Master Servicer to observe or perform in any material respect
        any
        other of the covenants or agreements on the part of the Master Servicer
        contained in this Agreement or any breach of a representation or warranty
        by the
        Master Servicer, which failure or breach shall continue unremedied for a
        period
        of 60 days after the date on which written notice of such failure shall have
        been given to the Master Servicer by the Trustee or the Depositor, or to
        the
        Trustee and the Master Servicer by the Holders of Certificates evidencing
        not
        less than 25% of the Voting Rights evidenced by the Certificates;
        or

       

      (iii)  a
        decree
        or order of a court or agency or supervisory authority having jurisdiction
        in
        the premises for the appointment of a receiver or liquidator in any insolvency,
        readjustment of debt, marshalling of assets and liabilities or similar
        proceedings, or for the winding-up or liquidation of its affairs, shall have
        been entered against the Master Servicer and such decree or order shall have
        remained in force undischarged or unstayed for a period of 60 consecutive
        days;
        or

       

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

       

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

       

      (vi)  the
        Master Servicer assigns or delegates its duties or rights under this Agreement
        in contravention of the provisions permitting such assignment or delegation
        under Sections 8.05 or 8.07;

       

      (vii)  The
        Master Servicer fails to deposit or cause to be deposited in the Distribution
        Account any Advance (other than a Nonrecoverable Advance) by 5:00 p.m. New
        York
        City time on the first Business Day preceding the Distribution Date;
        or

       

      (viii)  failure
        by the Master Servicer to duly perform, within the required time period,
        its
        obligations under Sections 3.16, 3.17 or 3.18 which failure continues unremedied
        at the end of the cure period set forth under such Sections.

       

      If
        an Event of Default shall occur, then, and in each and every such case, so
        long
        as such Event of Default shall not have been remedied, the Trustee may, and
        at
        the written direction of the Holders of Certificates evidencing not less
        than
        25% of the Voting Rights evidenced by the Certificates or at the written
        direction of the Trustee shall in the case of any Event of Default described
        in
        clauses (i) through (vii) above, by notice in writing to the Master Servicer
        and
        the Swap Provider, with a copy to each
        Rating
        Agency may,
        terminate all of the rights and obligations (but not the liabilities) of
        the
        Master Servicer (and the Securities Administrator if the Master Servicer
        and the
        Securities Administrator are the same entity) under this Agreement and in
        and to
        the Mortgage Loans and the proceeds thereof, other than its rights as a
        Certificateholder hereunder. On or after the receipt by the Master Servicer
        of
        such written notice, all authority and power of the Master Servicer (and,
        if
        applicable, the Securities Administrator) hereunder, whether with respect
        to the
        Mortgage Loans or otherwise, shall pass to and be vested in the Trustee,
        or any
        successor Master Servicer appointed pursuant to Section 9.02 (a “Successor
        Master Servicer” and, if applicable, “Successor Securities Administrator”). Such
        Successor Master Servicer shall thereupon if such Successor Master Servicer
        is a
        successor to the Master Servicer, make any Advance required by Article IV,
        subject, in the case of the Trustee, to Section 9.02. The Trustee is hereby
        authorized and empowered to execute and deliver, on behalf of the terminated
        Master Servicer and, if applicable, the terminated Securities Administrator,
        as
        attorney- in-fact or otherwise, any and all documents and other instruments,
        and
        to do or accomplish all other acts or things necessary or appropriate to
        effect
        the purposes of such notice of termination, whether to complete the transfer
        and
        endorsement or assignment of any Mortgage Loans and related documents, or
        otherwise. Unless expressly provided in such written notice, no such termination
        shall affect any obligation of the Master Servicer to pay amounts owed pursuant
        to Article VIII or Article X. The Master Servicer and, if applicable, the
        Securities Administrator agrees to cooperate with the Trustee in effecting
        the
        termination of the Master Servicer’s and, if applicable, the Securities
        Administrator’s responsibilities and rights hereunder, including, without
        limitation, the transfer to the applicable Successor Master Servicer of all
        cash
        amounts which shall at the time be credited to the Master Servicer Collection
        Account maintained pursuant to Section 5.05, or thereafter be received with
        respect to the applicable Mortgage Loans. The Trustee shall promptly notify
        each
        Rating
        Agency
        of the occurrence of an Event of Default actually
        known to a Responsible Officer of the Trustee.

       

      Notwithstanding
        any termination of the activities of the Master Servicer hereunder, the Master
        Servicer shall be entitled to receive, out of any late collection of a Scheduled
        Payment on a Mortgage Loan that was due prior to the notice terminating the
        Master Servicer’s rights and obligations as Master Servicer hereunder and
        received after such notice, that portion thereof to which the Master Servicer
        would have been entitled pursuant to Section 5.02 and to receive any other
        amounts payable to the Master Servicer hereunder the entitlement to which
        arose
        prior to the termination of its activities hereunder.

       

      Notwithstanding
        the foregoing, if an Event of Default described in clause (vii) of this Section
        9.01 shall occur, the Trustee shall, by notice in writing to the Master
        Servicer, which may be delivered by telecopy, immediately terminate all of
        the
        rights and obligations of the Master Servicer thereafter arising under this
        Agreement, but without prejudice to any rights it may have as a Holder of
        the
        Certificates or to reimbursement of Monthly Advances and other advances of
        its
        own funds, and the Trustee shall act as provided in Section 9.02 to carry
        out
        the duties of the Master Servicer, including the obligation to make any Monthly
        Advance the nonpayment of which was an Event of Default described in clause
        (vii) of this Section 9.01. Any such action taken by the Trustee must be
        prior
        to the distribution on the relevant Distribution Date.

       

      Section
        9.02  Trustee
        to Act; Appointment of Successor. 

       

      On
        and after the time the Master Servicer receives a notice of termination pursuant
        to Section 9.01 hereof the Trustee shall automatically become the successor
        to
        the Master Servicer with respect to the transactions set forth or provided
        for
        herein and after a transition period (not to exceed 90 days), shall be subject
        to all the responsibilities, duties and liabilities relating thereto placed
        on
        the Master Servicer by the terms and provisions hereof; provided, however,
        that
        the
        Company shall have the right to either (a) immediately assume the duties
        of the
        Master Servicer or (b) select a successor Master Servicer;
        provided, further, however that, pursuant to Article V hereof, the Trustee
        in
        its capacity as successor Master Servicer shall be responsible for making
        any
        Advances required to be made by the Master Servicer immediately upon the
        termination of the Master Servicer and any such Advance shall be made on
        the
        Distribution Date on which such Advance was required to be made by the
        predecessor Master Servicer. Effective on the date of such notice of
        termination, as compensation therefor, the Trustee shall be entitled to all
        compensation, reimbursement of expenses and indemnification that the Master
        Servicer would have been entitled to if it had continued to act hereunder,
        provided, however, that the Trustee shall not be (i) liable for any acts
        or
        omissions of the Master Servicer, (ii) obligated to make Advances if it is
        prohibited from doing so under applicable law, (iii) responsible for expenses
        of
        the Master Servicer pursuant to Section 2.03 or (iv) obligated to deposit
        losses
        on any Permitted Investment directed by the Master Servicer. Notwithstanding
        the
        foregoing, the Trustee may, if it shall be unwilling to so act, or shall,
        if it
        is prohibited by applicable law from making Advances pursuant to Article
        VI or
        if it is otherwise unable to so act, appoint, or petition a court of competent
        jurisdiction to appoint, any established mortgage loan servicing institution
        the
        appointment of which does not adversely affect the then current rating of
        the
        Certificates by each
        Rating
        Agency
        as the successor to the Master Servicer hereunder in the assumption of all
        or
        any part of the responsibilities, duties or liabilities of the Master Servicer
        hereunder. Any Successor Master Servicer shall (i) be an institution that
        is a
        Fannie Mae and Freddie Mac approved seller/servicer in good standing, that
        has a
        net worth of at least $15,000,000, and (ii) be willing to act as successor
        servicer of any Mortgage Loans under this Agreement or the related Servicing
        Agreement with respect to which the Company or the original Servicer has
        been
        terminated as servicer, and shall have executed and delivered to the Depositor
        and the Trustee an agreement accepting such delegation and assignment, that
        contains an assumption by such Person of the rights, powers, duties,
        responsibilities, obligations and liabilities of the Master Servicer (other
        than
        any liabilities of the Master Servicer hereof incurred prior to termination
        of
        the Master Servicer under Section 9.01 or as otherwise set forth herein),
        with
        like effect as if originally named as a party to this Agreement, provided
        that
        each Rating Agency shall have acknowledged in writing that its rating of
        the
        Certificates in effect immediately prior to such assignment and delegation
        will
        not be qualified or reduced as a result of such assignment and delegation.
        If
        the Trustee assumes the duties and responsibilities of the Master Servicer
        in
        accordance with this Section 9.02, the Trustee shall not resign as Master
        Servicer until a Successor Master Servicer has been appointed and has accepted
        such appointment. Pending appointment of a successor to the Master Servicer
        hereunder, the Trustee, unless the Trustee is prohibited by law from so acting,
        shall act in such capacity as hereinabove provided. In connection with such
        appointment and assumption, the Trustee may make such arrangements for the
        compensation of such successor out of payments on Mortgage Loans or otherwise
        as
        it and such successor shall agree; provided that no such compensation unless
        agreed to by the Certificateholders shall be in excess of that permitted
        the
        Master Servicer hereunder. The Trustee and such successor shall take such
        action, consistent with this Agreement, as shall be necessary to effectuate
        any
        such succession. Neither the Trustee nor any other Successor Master Servicer
        shall be deemed to be in default hereunder by reason of any failure to make,
        or
        any delay in making, any distribution hereunder or any portion thereof or
        any
        failure to perform, or any delay in performing, any duties or responsibilities
        hereunder, in either case caused by the failure of the Master Servicer and
        the
        Securities Administrator to deliver or provide, or any delay in delivering
        or
        providing, any monies, information, documents or records to it.

       

      The
        costs and expenses of the Trustee in connection with the termination of the
        Master Servicer, appointment of a Successor Master Servicer and, if applicable,
        any transfer of master servicing, including, without limitation, all costs
        and
        expenses associated with the complete transfer of all master servicing data
        and
        the completion, correction or manipulation of such master servicing data
        as may
        be required by the Trustee to correct any errors or insufficiencies in the
        master servicing data or otherwise to enable the Trustee or the Successor
        Master
        Servicer to master service the Mortgage Loans properly and effectively, to
        the
        extent not previously paid by the terminated Master Servicer, shall be payable
        to the Trustee pursuant to Section 10.05 and shall not be subject to the
        cap on
        Extraordinary Trust Fund Expenses.

       

      Section
        9.03  Notification
        to Certificateholders. 

       

      (a)  Upon
        any
        termination of or appointment of a successor to the Master Servicer, the
        Trustee
        shall give prompt written notice thereof to Certificateholders and to each
        Rating Agency.

       

      (b)  Within
        60
        days after the occurrence of any Event of Default, the Trustee shall transmit
        by
        mail to all Certificateholders and the Swap Provider notice of each such
        Event
        of Default hereunder actually known to a Responsible Officer of the Trustee,
        unless such Event of Default shall have been cured or waived.

       

      Section
        9.04  Waiver
        of
        Defaults. 

       

      The
        Trustee shall transmit by mail to all Certificateholders and the Swap Provider,
        within 60 days after the occurrence of any Event of Default actually known
        to a
        Responsible Officer of the Trustee, unless such Event of Default shall have
        been
        cured, notice of each such Event of Default hereunder known to the Trustee.
        The
        Holders of Certificates evidencing not less than 51% of the Voting Rights
        may,
        on behalf of all Certificateholders, waive any default by the Master Servicer
        in
        the performance of its obligations hereunder and the consequences thereof,
        except a default in the making of or the causing to be made of any required
        remittances to the Securities Administrator. Upon any such waiver of a past
        default, such default shall be deemed to cease to exist, and any Event of
        Default arising therefrom shall be deemed to have been timely remedied for
        every
        purpose of this Agreement. No such waiver shall extend to any subsequent
        or
        other default or impair any right consequent thereon except to the extent
        expressly so waived. The Trustee shall give notice of any such waiver to
        each
        Rating
        Agency.

       

      Section
        9.05  Company
        Default.

       

      In
        case one or more of the following events of default by the Company (each,
        a
“Company Default”) shall occur and be continuing, that is to say:

       

      (i)  any
        failure by the Company to remit to the Master Servicer any payment required
        to
        be made under the terms of this Agreement on any Remittance Date;
        or

       

      (ii)  failure
        on the part of the Company duly to observe or perform in any material respect
        any other of the covenants or agreements (other than Sections 3.16, 3.17
        or
        3.18) on the part of the Company set forth in this Agreement, the breach
        of
        which has a material adverse effect and which continue unremedied for a period
        of sixty days (except that such number of days shall be fifteen in the case
        of a
        failure to pay any premium for any insurance policy required to be maintained
        under this Agreement and such failure shall be deemed to have a material
        adverse
        effect) after the date on which written notice of such failure, requiring
        the
        same to be remedied, shall have been given to the Company by the Master
        Servicer; or

       

      (iii)  a
        decree
        or order of a court or agency or supervisory authority having jurisdiction
        for
        the appointment of a conservator or receiver or liquidator in any insolvency,
        bankruptcy, readjustment of debt, marshaling of assets and liabilities or
        similar proceedings, or for the winding-up or liquidation of its affairs,
        shall
        have been entered against the Company and such decree or order shall have
        remained in force undischarged or unstayed for a period of sixty days;
        or

       

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

       

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

       

      (vi)  the
        Company attempts to assign its right to servicing compensation hereunder
        or the
        Company attempts to sell or otherwise dispose of all or substantially all
        of its
        property or assets or to assign this Agreement or the servicing responsibilities
        hereunder or to delegate its duties hereunder or any portion thereof except
        as
        otherwise permitted herein; or

       

      (vii)  the
        Company ceases to be qualified to transact business in any jurisdiction where
        it
        is currently so qualified, but only to the extent such non-qualification
        materially and adversely affects the Company’s ability to perform its
        obligations hereunder; or

       

      (viii)  failure
        by the Company to duly perform, within the required time period, its obligations
        under Section 3.16, Section 3.17 or Section 3.18;

       

      then,
        and in each and every such case, so long as a Company Default shall not have
        been remedied, the Master Servicer, by notice in writing to the Company may,
        in
        addition to whatever rights the Master Servicer and the Trustee on behalf
        of the
        Certificateholders may have under Section 8.03 and at law or equity to damages,
        including injunctive relief and specific performance, terminate all the rights
        and obligations of the Company under this Agreement and in and to the EMC
        Mortgage Loans and the proceeds thereof without compensating the Company
        for the
        same. On or after the receipt by the Company of such written notice, all
        authority and power of Company under this Agreement, whether with respect
        to the
        EMC Mortgage Loans or otherwise, shall pass to and be vested in the Master
        Servicer after a transition period (not to exceed 90 days). Upon written
        request
        from the Master Servicer, the Company shall prepare, execute and deliver,
        any
        and all documents and other instruments, place in the Master Servicer’s
        possession all Mortgage Files relating to the EMC Mortgage Loans, and do
        or
        accomplish all other acts or things necessary or appropriate to effect the
        purposes of such notice of termination, whether to complete the transfer
        and
        endorsement or assignment of the EMC Mortgage Loans and related documents,
        or
        otherwise, at the Company’s sole expense. The Company agrees to cooperate with
        the Master Servicer in effecting the termination of the Company’s
        responsibilities and rights hereunder, including, without limitation, the
        transfer to such successor for administration by it of all cash amounts which
        shall at the time be credited by the Company to its Protected Account or
        Escrow
        Account or thereafter received with respect to the EMC Mortgage Loans or
        any
        related REO Property.

       

      The
        costs and expenses of the Master Servicer in connection with the termination
        of
        the Company, appointment of a successor to the Company, and, if applicable,
        any
        transfer of servicing, including, without limitation, all costs and expenses
        associated with the complete transfer of all servicing data and the completion,
        correction or manipulation of such servicing data as may be required by the
        Master Servicer or other successor to the Company to correct any errors or
        insufficiencies in the servicing data or otherwise to enable the Master Servicer
        or such successor to service the related Mortgage Loans properly and
        effectively, to the extent not previously paid by the terminated Company,
        shall
        be payable to the Master Servicer or such successor pursuant to Section 5.07
        and
        shall not be subject to the cap on Extraordinary Trust Fund
        Expenses.

       

      Section
        9.06  Waiver
        of
        Company Defaults. 

       

      The
        Master Servicer, may waive only by written notice any default by the Company
        in
        the performance of its obligations hereunder and its consequences. Upon any
        such
        waiver of a past default, such default shall cease to exist, and any Company
        Default arising therefrom shall be deemed to have been remedied for every
        purpose of this Agreement. No such waiver shall extend to any subsequent
        or
        other default or impair any right consequent thereon except to the extent
        expressly so waived in writing.

       

      

       

      ARTICLE
        X

       

      CONCERNING
        THE TRUSTEE AND THE SECURITIES ADMINISTRATOR

       

      Section
        10.01  Duties
        of
        Trustee and the Securities Administrator. 

       

      (a)  The
        Trustee, prior to the occurrence of an Event of Default and after the curing
        or
        waiver of all Events of Default which may have occurred, and the Securities
        Administrator each undertake to perform such duties and only such duties
        as are
        specifically set forth in this Agreement as duties of the Trustee and the
        Securities Administrator, respectively. If an Event of Default has occurred
        and
        has not been cured or waived, the Trustee shall exercise such of the rights
        and
        powers vested in it by this Agreement, and the same degree of care and skill
        in
        their exercise, as a prudent person would exercise under the circumstances
        in
        the conduct of such Person’s own affairs.

       

      (b)  Upon
        receipt of all resolutions, certificates, statements, opinions, reports,
        documents, orders or other instruments which are specifically required to
        be
        furnished to the Trustee or the Securities Administrator pursuant to any
        provision of this Agreement, the Trustee or the Securities Administrator,
        respectively, shall examine them to determine whether they are in the form
        required by this Agreement; provided, however, that neither the Trustee or
        the
        Securities Administrator shall be responsible for the accuracy or content
        of any
        resolution, certificate, statement, opinion, report, document, order or other
        instrument furnished by the Master Servicer or pursuant to any provision
        of this
        Agreement; provided, further, that neither the Trustee nor the Securities
        Administrator shall be responsible for the accuracy or verification of any
        calculation provided to it pursuant to this Agreement.

       

      (c)  On
        each
        Distribution Date, the Securities Administrator shall make monthly distributions
        and the final distribution to the related Certificateholders from related
        funds
        in the Distribution Account as provided in Sections 6.04 and 11.01
        herein.

       

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

       

      (i)  Prior
        to
        the occurrence of an Event of Default, and after the curing or waiver of
        all
        such Events of Default which may have occurred with respect to the Trustee
        and
        at all times with respect to the Securities Administrator, the duties and
        obligations of the Trustee and the Securities Administrator shall be determined
        solely by the express provisions of this Agreement, neither the Trustee nor
        the
        Securities Administrator shall be liable except for the performance of their
        respective duties and obligations as are specifically set forth in this
        Agreement, no implied covenants or obligations shall be read into this Agreement
        against the Trustee or the Securities Administrator and, in the absence of
        bad
        faith on the part of the Trustee or the Securities Administrator, respectively,
        the Trustee or the Securities Administrator, respectively, may conclusively
        rely, as to the truth of the statements and the correctness of the opinions
        expressed therein, upon any certificates or opinions furnished to the Trustee
        or
        the Securities Administrator, respectively, and conforming to the requirements
        of this Agreement;

       

      (ii)  Neither
        the Trustee nor the Securities Administrator shall be liable in its individual
        capacity for an error of judgment made in good faith by a Responsible Officer
        or
        Responsible Officers of the Trustee or the Securities Administrator,
        respectively, unless it shall be proved that the Trustee or the Securities
        Administrator, respectively, was negligent in ascertaining the pertinent
        facts;

       

      (iii)  Neither
        the Trustee nor the Securities Administrator shall be liable with respect
        to any
        action taken, suffered or omitted to be taken by it in good faith in accordance
        with the directions of the Holders of Certificates evidencing not less than
        25%
        of the aggregate Voting Rights of the Certificates (or such other percentage
        as
        specifically set forth herein), if such action or non-action relates to the
        time, method and place of conducting any proceeding for any remedy available
        to
        the Trustee or the Securities Administrator, respectively, or exercising
        any
        trust or other power conferred upon the Trustee or the Securities Administrator,
        respectively, under this Agreement;

       

      (iv)  The
        Trustee shall not be required to take notice or be deemed to have notice
        or
        knowledge of any default or Event of Default unless a Responsible Officer
        of the
        Trustee shall have actual knowledge thereof. In the absence of such knowledge,
        the Trustee may conclusively assume there is no such default or Event of
        Default;

       

      (v)  Anything
        in this Agreement to the contrary notwithstanding, in no event shall the
        Trustee
        or the Securities Administrator be liable for special, indirect or consequential
        loss or damage of any kind whatsoever (including but not limited to lost
        profits), even if the Trustee or the Securities Administrator, respectively,
        has
        been advised of the likelihood of such loss or damage and regardless of the
        form
        of action; and

       

      (vi)  None
        of
        the Securities Administrator, the Master Servicer, the Company, the Seller,
        the
        Depositor, the Trustee or the Custodians shall be responsible for the acts
        or
        omissions of the other, it being understood that this Agreement shall not
        be
        construed to render them partners, joint venturers or agents of one
        another.

       

      Neither
        the Trustee nor the Securities
        Administrator
        shall be required to expend or risk its own funds or otherwise incur financial
        liability in the performance of any of its duties hereunder, or in the exercise
        of any of its rights or powers, if there is reasonable ground for believing
        that
        the repayment of such funds or adequate indemnity against such risk or liability
        is not reasonably assured to it, and none of the provisions contained in
        this
        Agreement shall in any event require the Trustee or the Securities
        Administrator
        to perform, or be responsible for the manner of performance of, any of the
        obligations of the Master Servicer or the Company hereunder or the related
        Servicer under the related Servicing Agreement. The Trustee is here by
        authorized and directed to enter into the Assignment Agreements.

       

      (e)  All
        funds
        received by the Securities Administrator and required to be deposited in
        the
        Distribution Account pursuant to this Agreement will be promptly so deposited
        by
        the Securities Administrator.

       

      Section
        10.02  Certain
        Matters Affecting the Trustee and the Securities Administrator. 

       

      (a)  Except
        as
        otherwise provided in Section 10.01:

       

      (i)  The
        Trustee and the Securities Administrator may rely and shall be protected
        in
        acting or refraining from acting in reliance on any resolution or certificate
        of
        the Depositor, the Seller, the Company or the Master Servicer or the related
        Servicer, any certificates of auditors or any other certificate, statement,
        instrument, opinion, report, notice, request, consent, order, appraisal,
        bond or
        other paper or document believed by it to be genuine and to have been signed
        or
        presented by the proper party or parties;

       

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

       

      (iii)  Neither
        the Trustee nor the Securities Administrator shall be under any obligation
        to
        exercise any of the trusts or powers vested in it by this Agreement, other
        than
        its obligation to give notices pursuant to this Agreement, or to institute,
        conduct or defend any litigation hereunder or in relation hereto at the request,
        order or direction of any of the Certificateholders pursuant to the provisions
        of this Agreement, unless such Certificateholders shall have offered to the
        Trustee or the Securities Administrator, as applicable, security or indemnity
        reasonable 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 an Event of Default
        of
        which a Responsible Officer of the Trustee has actual knowledge (which has
        not
        been cured or waived), to exercise such of the rights and powers vested in
        it by
        this Agreement, and to use the same degree of care and skill in their exercise,
        as a prudent person would exercise under the circumstances in the conduct
        of his
        own affairs;

       

      (iv)  Neither
        the Trustee nor the Securities Administrator shall be liable in its individual
        capacity for any action taken, suffered or omitted by it in good faith and
        believed by it to be authorized or within the discretion or rights or powers
        conferred upon it by this Agreement;

       

      (v)  Neither
        the Trustee nor the Securities Administrator shall be bound to make any
        investigation into the facts or matters stated in any resolution, certificate,
        statement, instrument, opinion, report, notice, request, consent, order,
        approval, bond or other paper or document, unless requested in writing to
        do so
        by Holders of Certificates evidencing not less than 25% of the aggregate
        Voting
        Rights of the Certificates and provided that the payment within a reasonable
        time to the Trustee or the Securities Administrator, as applicable, of the
        costs, expenses or liabilities likely to be incurred by it in the making
        of such
        investigation is, in the opinion of the Trustee or the Securities Administrator,
        as applicable, reasonably assured to the Trustee or the Securities
        Administrator, as applicable, by the security afforded to it by the terms
        of
        this Agreement. The Trustee or the Securities Administrator may require
        reasonable indemnity against such expense or liability as a condition to
        taking
        any such action. The reasonable expense of every such examination shall be
        paid
        by the Certificateholders requesting the investigation;

       

      (vi)  The
        Trustee and the Securities Administrator may execute any of the trusts or
        powers
        hereunder or perform any duties hereunder either directly or through Affiliates,
        agents or attorneys; provided, however, that the Trustee may not appoint
        any
        paying agent other than the Securities Administrator to perform any paying
        agent
        functions under this Agreement without the express written consent of the
        Master
        Servicer, which consents will not be unreasonably withheld. Neither the Trustee
        nor the Securities Administrator shall be liable or responsible for the
        misconduct or negligence of any of the Trustee’s or the Securities
        Administrator’s agents or attorneys or paying agent appointed hereunder by the
        Trustee or the Securities Administrator with due care and, when required,
        with
        the consent of the Master Servicer;

       

      (vii)  Should
        the Trustee or the Securities Administrator deem the nature of any action
        required on its part to be unclear or ambiguous, the Trustee or the Securities
        Administrator, respectively, may require prior to such action that it be
        provided by the Depositor with reasonable further instructions; the right
        of the
        Trustee or the Securities Administrator to perform any discretionary act
        enumerated in this Agreement shall not be construed as a duty, and neither
        the
        Trustee nor the Securities Administrator shall be accountable for other
        than its negligence or willful misconduct in the performance of any such
        act;

       

      (viii)  Neither
        the Trustee nor the Securities Administrator shall be required to give any
        bond
        or surety with respect to the execution of the trust created hereby or the
        powers granted hereunder, except as provided in Subsection 10.07;
        and

       

      (ix)  Neither
        the Trustee nor the Securities Administrator shall have any duty to conduct
        any
        affirmative investigation as to the occurrence of any condition requiring
        the
        repurchase of any Mortgage Loan by any Person pursuant to this Agreement,
        or the
        eligibility of any Mortgage Loan for purposes of this Agreement.

       

      (b)  The
        Securities Administrator is hereby directed by the Depositor to execute and
        deliver the Swap Administration Agreement (and any amendments or supplements
        to
        the Swap Administration Agreement as may be requested by the Majority Class
        C
        Certificateholder, regarding the distributions to be made to it or its designees
        thereunder). Amounts payable by the Securities Administrator on any Distribution
        Date to the Swap Administrator shall be paid by the Securities Administrator
        as
        provided herein. The Securities Administrator in its individual capacity
        shall
        have no responsibility for any of the undertakings, agreements or
        representations with respect to the Interest Rate Swap Agreements or the
        Swap
        Administration Agreement, including, without limitation, for making any payments
        thereunder.

       

      It
        is
        acknowledged and agreed that the Person serving as Securities Administrator
        hereunder shall also serve as Swap Administrator under the Swap Administration
        Agreement and act as Supplemental Interest Trust Trustee under the Interest
        Rate
        Swap Agreement. The Securities Administrator, the Swap Administrator and
        the
        Supplemental Interest Trust Trustee are hereby directed by the Depositor
        to
        execute and deliver the Swap Administration Agreement (and any amendments
        or
        supplements to the Swap Administration Agreement as may be requested by the
        Majority Class C Certificateholder, regarding the distributions to be made
        to it
        or its designees thereunder) and the Supplemental Interest Trust Trustee
        is
        hereby directed to execute and deliver the Swap Agreement and to make the
        representations required therein. The Swap Administrator shall not have any
        liability for any failure or delay in payments to the Trust which are required
        under the Swap Administration Agreement where such failure or delay is due
        to
        the failure or delay of the Swap Provider in making such payment to the Swap
        Administrator. Wells Fargo in its individual capacity and as Swap Administrator,
        the Securities Administrator and the Supplemental Interest Trust Trustee
        shall
        be entitled to be indemnified and held harmless by the Trust from and against
        any and all losses, claims, expenses or other liabilities that arise by reason
        of or in connection with the performance or observance by each of the Swap
        Administrator, the Securities Administrator and the Supplemental Interest
        Trust
        Trustee of its duties or obligations under the Swap Agreement or the Swap
        Administration Agreement, except to the extent that the same is due to the
        Swap
        Administrator’s, the Securities Administrator’s or the Supplemental Interest
        Trust Trustee’s gross negligence, willful misconduct or fraud. Any Person
        appointed as successor trustee pursuant to Section 9.02 shall also be required
        to serve as successor Swap Administrator and successor supplemental interest
        trust trustee under the Swap Agreement and the Swap Administration
        Agreement.

       

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

       

      The
        recitals contained herein and in the Certificates (other than the signature
        and
        countersignature of the Securities
        Administrator
        on the Certificates) shall be taken as the statements of the Depositor, and
        neither the Trustee nor the Securities Administrator shall have any
        responsibility for their correctness. Neither the Trustee nor the Securities
        Administrator makes any representation as to the validity or sufficiency
        of, the
        Certificates (other than the signature and countersignature of the Securities
        Administrator on the Certificates), any Custodial Agreement or of any Mortgage
        Loan. The Securities Administrator’s signature and countersignature (or
        countersignature of its agent) on the Certificates shall be solely in its
        capacity as Securities Administrator and shall not constitute the Certificates
        an obligation of the Securities Administrator in any other capacity. Neither
        the
        Trustee nor the Securities Administrator shall be accountable for the use
        or
        application by the Depositor of any of the Certificates or of the proceeds
        of
        such Certificates, or for the use or application of any funds paid to the
        Depositor with respect to the Mortgage Loans. Subject to Section 2.06, neither
        the Trustee nor the Securities Administrator shall be responsible for the
        legality or validity of this Agreement, any Custodial Agreement or any document
        or instrument relating to this Agreement, the validity of the execution of
        this
        Agreement or of any supplement hereto or instrument of further assurance,
        or the
        validity, priority, perfection or sufficiency of the security for the
        Certificates issued hereunder or intended to be issued hereunder. Neither
        the
        Trustee nor the Securities Administrator shall at any time have any
        responsibility or liability for or with respect to the legality, validity
        and
        enforceability of any Mortgage or any Mortgage Loan, or the perfection and
        priority of any Mortgage or the maintenance of any such perfection and priority,
        or for or with respect to the sufficiency of the Trust Fund or its ability
        to
        generate the payments to be distributed to Certificateholders, under this
        Agreement. The Trustee shall not be responsible for filing any financing
        or
        continuation statement in any public office at any time or to otherwise perfect
        or maintain the perfection of any security interest or lien granted to the
        Trustee hereunder or to record this Agreement.

       

      Section
        10.04  Trustee
        and Securities Administrator May Own Certificates. 

       

      Each
        of the Trustee and the Securities Administrator in its individual capacity
        or in
        any capacity other than as Trustee or the Securities Administrator hereunder
        may
        become the owner or pledgee of any Certificates with the same rights it would
        have if it were not the Trustee or the Securities Administrator, as applicable,
        and may otherwise deal with the parties hereto.

       

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

       

      The
        fees and expenses of the Trustee and the Securities Administrator shall be
        paid
        in accordance with a side letter agreement with the Master Servicer and at
        the
        expense of the Master Servicer. In addition, the Securities Administrator
        shall
        be entitled to any investment income on amounts on deposit in the Master
        Servicer Collection Account and the Distribution Account. In addition, the
        Trustee and the Securities Administrator will be entitled to recover from
        the
        Master Servicer Collection Account pursuant to Section 5.07 all reasonable
        out-of-pocket expenses, disbursements and advances and the expenses of the
        Trustee and the Securities Administrator, respectively, incurred in the course
        of its respective engagement hereunder, including without limitation in
        connection with any Event of Default, any breach of this Agreement or any
        claim
        or legal action (including any pending or threatened claim or legal action)
        incurred or made by the Trustee or the Securities Administrator, respectively,
        in the administration of the trusts hereunder (including the reasonable
        compensation, expenses and disbursements of its counsel) except any such
        expense, disbursement or advance as may arise from its negligence or intentional
        misconduct or which is the responsibility of the Certificateholders hereunder.
        If funds in the Master Servicer Collection Account are insufficient therefor,
        the Trustee and the Securities Administrator shall recover such expenses,
        disbursements or advances from EMC and EMC hereby agrees to pay such expenses,
        disbursements or advances upon demand. Such compensation and reimbursement
        obligation shall not be limited by any provision of law in regard to the
        compensation of a trustee of an express trust.

       

      Section
        10.06  Eligibility
        Requirements for Trustee and Securities Administrator. 

       

      The
        Trustee and any successor Trustee and the Securities Administrator and any
        successor Securities Administrator shall during the entire duration of this
        Agreement be a state bank or trust company or a national banking association
        organized and doing business under the laws of a state or the United States
        of
        America, authorized under such laws to exercise corporate trust powers, having
        a
        combined capital and surplus and undivided profits of at least $50,000,000,
        subject to supervision or examination by federal or state authority and rated
        “Baa2” or higher by Moody’s
        with respect to any outstanding long-term unsecured unsubordinated debt,
        and, in
        the case of a successor Trustee or successor Securities Administrator other
        than
        pursuant to Section 10.10, rated in one of the two highest long-term debt
        categories by each
        Rating
        Agency
        or otherwise acceptable to each
        Rating Agency.
        The Trustee shall not be an Affiliate of the Master Servicer. If the Trustee
        publishes reports of condition at least annually, pursuant to law or to the
        requirements of the aforesaid supervising or examining authority, then for
        the
        purposes of this Section 10.06 the combined capital and surplus of such
        corporation shall be deemed to be its total equity capital (combined capital
        and
        surplus) as set forth in its most recent report of condition so published.
        In
        case at any time the Trustee or the Securities Administrator, as applicable,
        shall cease to be eligible in accordance with the provisions of this Section
        10.06, the Trustee or the Securities Administrator shall resign immediately
        in
        the manner and with the effect specified in Section 10.08.

       

      Section
        10.07  Insurance. 

       

      The
        Trustee
        and the Securities Administrator, at their own expense,
        shall
        at all times (A) maintain and keep in full force and effect: (i) fidelity
        insurance, (ii) theft of documents insurance and (iii) forgery insurance
        (which
        may be collectively satisfied by a “Financial Institution Bond” and/or a
“Bankers’ Blanket Bond”) or (B) in the case of the Securities Administrator,
        self insure if LaSalle Bank National Association maintains with any Rating
        Agency the equivalent of a long term unsecured debt rating of “A”. All such
        insurance shall be in amounts, with standard coverage and subject to
        deductibles, as are customary for insurance typically maintained by banks
        or
        their affiliates which act as custodians for investor-owned mortgage pools.
        A
        certificate of an officer of the Trustee or
        the Securities Administrator
        as to
        the Trustee’s or
        the Securities Administrator’s, respectively,
        compliance with this Section 10.07 shall be furnished to any Certificateholder
        upon reasonable written request.

       

      Section
        10.08  Resignation
        and Removal of Trustee and Securities Administrator. 

       

      The
        Trustee and the Securities Administrator may at any time resign (including,
        if the Securities Administrator is affiliated with the Master
        Servicer, in connection with the resignation or termination of the Master
        Servicer) and be discharged from the Trust hereby created by giving written
        notice thereof to the Depositor, the Swap Provider, the Seller, the Securities
        Administrator (or the Trustee, if the Securities Administrator resigns) and
        the
        Master Servicer, with a copy to each
        Rating
        Agency.
        Upon receiving such notice of resignation, the Depositor shall promptly appoint
        a successor trustee or successor securities administrator, as applicable,
        (and
        in the case of the Securities Administrator’s removal, the Trustee may appoint a
        successor securities administrator) by written instrument, in triplicate,
        one
        copy of which instrument shall be delivered to each of the resigning trustee
        or
        securities administrator, as applicable, and the successor trustee or securities
        administrator, as applicable. If no successor trustee or successor securities
        administrator shall have been so appointed and have accepted appointment
        within
        30 days after the giving of such notice of resignation, the resigning Trustee
        or
        Securities Administrator may petition any court of competent jurisdiction
        for
        the appointment of a successor trustee or securities administrator.

       

      If
        at any time (i) the Trustee or the Securities Administrator shall cease to
        be
        eligible in accordance with the provisions of Section 10.06 hereof and shall
        fail to resign after written request thereto by the Depositor, (ii) the Trustee
        or the Securities Administrator shall become incapable of acting, or shall
        be
        adjudged as bankrupt or insolvent, or a receiver of the Trustee or the
        Securities Administrator or of its property shall be appointed, or any public
        officer shall take charge or control of the Trustee or the Securities
        Administrator or of its property or affairs for the purpose of rehabilitation,
        conservation or liquidation, or (iii)(A) a tax is imposed with respect to
        the
        Trust Fund by any state in which the Trustee or the Securities Administrator
        or
        the Trust Fund is located, (B) the imposition of such tax would be avoided
        by
        the appointment of a different trustee or securities administrator and (C)
        the
        Trustee or the Securities Administrator, as applicable, fails to indemnify
        the
        Trust Fund against such tax, then the Depositor or the Master Servicer may
        remove the Trustee or the Securities Administrator , as applicable, (and
        in the
        case of the Securities Administrator’s ineligibility, the Trustee may appoint a
        successor securities administrator) and appoint a successor trustee or successor
        securities administrator, as applicable, by written instrument, in multiple
        copies, a copy of which instrument shall be delivered to the Trustee, the
        Securities Administrator, the Master Servicer and the successor trustee or
        successor securities administrator, as applicable.

       

      The
        Holders evidencing at least 51% of the Voting Rights of each Class of
        Certificates may at any time remove the Trustee or Securities Administrator
        and
        appoint a successor trustee or securities administrator by written instrument
        or
        instruments, in multiple copies, signed by such Holders or their
        attorneys-in-fact duly authorized, one complete set of which instruments
        shall
        be delivered by the successor trustee or successor securities administrator
        to
        each of the Master Servicer, the Trustee or Securities Administrator so removed
        and the successor trustee or securities administrator so appointed. Notice
        of
        any removal of the Trustee or Securities Administrator shall be given to
        each
        Rating Agency by the related successor.

       

      Any
        resignation or removal of the Trustee or the Securities Administrator and
        appointment of a successor trustee or securities administrator pursuant to
        any
        of the provisions of this Section 10.08 shall become effective upon acceptance
        of appointment by the successor trustee or securities administrator as provided
        in Section 10.09 hereof.

       

      Section
        10.09  Successor
        Trustee or Securities Administrator. 

       

      Any
        successor trustee or securities administrator appointed as provided in Section
        10.08 hereof shall execute, acknowledge and deliver to the Depositor, to
        its
        predecessor trustee or predecessor securities administrator, as applicable,
        and
        the Master Servicer an instrument accepting such appointment hereunder and
        thereupon the resignation or removal of the predecessor trustee or securities
        administrator shall become effective and such successor trustee or securities
        administrator without any further act, deed or conveyance, shall become fully
        vested with all the rights, powers, duties and obligations of its predecessor
        hereunder, with the like effect as if originally named as trustee or securities
        administrator herein.

       

      No
        successor trustee or securities administrator shall accept appointment as
        provided in this Section 10.09 unless at the time of such acceptance such
        successor trustee or securities administrator shall be eligible under the
        provisions of Section 10.07 hereof and its appointment shall not adversely
        affect the then current rating of the Certificates.

       

      Upon
        acceptance of appointment by a successor trustee or securities administrator
        as
        provided in this Section 10.09, the successor trustee or securities
        administrator shall mail notice of the succession of such trustee or securities
        administrator hereunder to all Holders of Certificates. If the successor
        trustee
        or securities administrator fails to mail such notice within ten days after
        acceptance of appointment, the Depositor shall cause such notice to be mailed
        at
        the expense of the Trust Fund.

       

      Section
        10.10  Merger
        or
        Consolidation of Trustee or Securities Administrator. 

       

      Any
        corporation, state bank or national banking association into which the Trustee
        or the Securities Administrator may be merged or converted or with which
        it may
        be consolidated or any corporation, state bank or national banking association
        resulting from any merger, conversion or consolidation to which the Trustee
        or
        the Securities Administrator shall be a party, or any corporation, state
        bank or
        national banking association succeeding to substantially all of the corporate
        trust business of the Trustee or of the business of the Securities
        Administrator, shall be the successor of the Trustee or the Securities
        Administrator hereunder, provided that such corporation shall be eligible
        under
        the provisions of Section 10.06 hereof without the execution or filing of
        any
        paper or further act on the part of any of the parties hereto, anything herein
        to the contrary notwithstanding.

       

      Section
        10.11  Appointment
        of Co-Trustee or Separate Trustee. 

       

      Notwithstanding
        any other provisions of this Agreement, at any time, for the purpose of meeting
        any legal requirements of any jurisdiction in which any part of the Trust
        Fund
        or property securing any Mortgage Note may at the time be located, the Master
        Servicer and the Trustee acting jointly shall have the power and shall execute
        and deliver all instruments to appoint one or more Persons approved by the
        Trustee to act as co-trustee or co-trustees jointly with the Trustee, or
        separate trustee or separate trustees, of all or any part of the Trust Fund,
        and
        to vest in such Person or Persons, in such capacity and for the benefit of
        the
        Certificateholders, such title to the Trust Fund or any part thereof, whichever
        is applicable, and, subject to the other provisions of this Section 10.11,
        such
        powers, duties, obligations, rights and trusts as the Master Servicer and
        the
        Trustee may consider necessary or desirable. If the Master Servicer shall
        not
        have joined in such appointment within 15 days after the receipt by it of
        a
        request to do so, or in the case an Event of Default shall have occurred
        and be
        continuing, the Trustee alone shall have the power to make such appointment.
        No
        co-trustee or separate trustee hereunder shall be required to meet the terms
        of
        eligibility as a successor trustee under Section 10.06 and no notice to
        Certificateholders of the appointment of any co-trustee or separate trustee
        shall be required under Section 10.09.

       

      Every
        separate trustee and co-trustee shall, to the extent permitted by law, be
        appointed and act subject to the following provisions and
        conditions:

       

      (i)  All
        rights, powers, duties and obligations conferred or imposed upon the Trustee,
        except for the obligation of the Trustee under this Agreement to advance
        funds
        on behalf of the Master Servicer, shall be conferred or imposed upon and
        exercised or performed by the Trustee and such separate trustee or co-trustee
        jointly (it being understood that such separate trustee or co-trustee is
        not
        authorized to act separately without the Trustee joining in such act), except
        to
        the extent that under any law of any jurisdiction in which any particular
        act or
        acts are to be performed (whether a Trustee hereunder or as a Successor Master
        Servicer hereunder), the Trustee shall be incompetent or unqualified to perform
        such act or acts, in which event such rights, powers, duties and obligations
        (including the holding of title to the Trust Fund or any portion thereof
        in any
        such jurisdiction) shall be exercised and performed singly by such separate
        trustee or co-trustee, but solely at the direction of the Trustee;

       

      (ii)  No
        trustee hereunder shall be held personally liable by reason of any act or
        omission of any other trustee hereunder; and

       

      (iii)  The
        Trustee may at any time accept the resignation of or remove any separate
        trustee
        or co-trustee.

       

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

       

      Any
        separate trustee or co-trustee may, at any time, constitute the Trustee its
        agent or attorney-in-fact, with full power and authority, to the extent not
        prohibited by law, to do any lawful act under or in respect of this Agreement
        on
        its behalf and in its name. If any separate trustee or co- trustee shall
        die,
        become incapable of acting, resign or be removed, all of its estates,
        properties, rights, remedies and trusts shall vest in and be exercised by
        the
        Trustee, to the extent permitted by law, without the appointment of a new
        or
        successor trustee.

       

      Section
        10.12  Tax
        Matters. 

       

      It
        is intended that the Trust Fund shall constitute, and that the affairs of
        the
        Trust Fund shall be conducted so that each REMIC formed hereunder qualifies
        as,
        a “real estate mortgage investment conduit” as defined in and in accordance with
        the REMIC Provisions. In furtherance of such intention, the Securities
        Administrator covenants and agrees that it shall act as agent (and the
        Securities Administrator is hereby appointed to act as agent) on behalf of
        the
        Trust Fund. The Securities Administrator, as agent on behalf of the Trust
        Fund,
        shall do or refrain from doing, as applicable, the following: (a) the Securities
        Administrator shall prepare and file, or cause to be prepared and filed,
        in a
        timely manner, U.S. Real Estate Mortgage Investment Conduit Income Tax Returns
        (Form 1066 or any successor form adopted by the Internal Revenue Service)
        and
        prepare and file or cause to be prepared and filed with the Internal Revenue
        Service and applicable state or local tax authorities income tax or information
        returns for each taxable year with respect to each such REMIC containing
        such
        information and at the times and in the manner as may be required by the
        Code or
        state or local tax laws, regulations, or rules, and furnish, or cause to
        be
        furnished, to Certificateholders the schedules, statements or information
        at
        such times and in such manner as may be required thereby; (b) the Securities
        Administrator shall apply for an employer identification number with the
        Internal Revenue Service via a Form SS-4 or other comparable method for each
        REMIC that is or becomes a taxable entity, and within thirty days of the
        Closing
        Date, furnish or cause to be furnished to the Internal Revenue Service, on
        Forms
        8811 or as otherwise may be required by the Code, the name, title, address,
        and
        telephone number of the Person that the Holders of the Certificates may contact
        for tax information relating thereto, together with such additional information
        as may be required by such Form, and update such information at the time
        or
        times in the manner required by the Code for the Trust Fund; (c) the Securities
        Administrator on behalf of the Trustee shall make, or cause to be made
        elections, on behalf of each REMIC formed hereunder to be treated as a REMIC
        on
        the federal tax return of such REMIC for its first taxable year (and, if
        necessary, under applicable state law); (d) the Securities Administrator
        shall
        prepare and forward, or cause to be prepared and forwarded, to the
        Certificateholders and to the Internal Revenue Service and, if necessary,
        state
        tax authorities, all information returns and reports as and when required
        to be
        provided to them in accordance with the REMIC Provisions, including without
        limitation, the calculation of any original issue discount using the Prepayment
        Assumption; (e) the Securities Administrator shall provide information necessary
        for the computation of tax imposed on the transfer of a Residual Certificate
        to
        a Person that is not a Permitted Transferee, or an agent (including a broker,
        nominee or other middleman) of a Person that is not a Permitted Transferee,
        or a
        pass-through entity in which a Person that is not a Permitted Transferee
        is the
        record holder of an interest (the reasonable cost of computing and furnishing
        such information may be charged to the Person liable for such tax); (f) each
        of
        the Securities Administrator and the Trustee shall, to the extent under its
        control, conduct the affairs of the Trust Fund at all times that any
        Certificates are outstanding so as to maintain the status of each REMIC formed
        hereunder as a REMIC under the REMIC Provisions; (g) neither the Trustee
        nor the
        Securities Administrator shall knowingly or intentionally take any action
        or
        omit to take any action that would cause the termination of the REMIC status
        of
        any REMIC formed hereunder; (h) the Securities Administrator shall pay, from
        the
        sources specified in the penultimate paragraph of this Section 10.12, the
        amount
        of any federal, state and local taxes, including prohibited transaction taxes
        as
        described below, imposed on any REMIC formed hereunder prior to the termination
        of the Trust Fund when and as the same shall be due and payable (but such
        obligation shall not prevent the Securities Administrator or any other
        appropriate Person from contesting any such tax in appropriate proceedings
        and
        shall not prevent the Securities Administrator from withholding payment of
        such
        tax, if permitted by law, pending the outcome of such proceedings); (i) the
        Trustee shall sign or cause to be signed federal, state or local income tax
        or
        information returns or any other document prepared by the Securities
        Administrator pursuant to this Section 10.12 requiring a signature thereon
        by
        the Trustee; (j) the Securities Administrator shall maintain records relating
        to
        each REMIC formed hereunder including but not limited to the income, expenses,
        assets and liabilities of each such REMIC and adjusted basis of the Trust
        Fund
        property determined at such intervals as may be required by the Code, as
        may be
        necessary to prepare the foregoing returns, schedules, statements or
        information; (k) the Securities Administrator shall, for federal income tax
        purposes, maintain books and records with respect to the REMICs on a calendar
        year and on an accrual basis; (l) none of the Trustee, the Master Servicer
        or
        the Securities Administrator shall enter into any arrangement not otherwise
        provided for in this Agreement by which the REMICs will receive a fee or
        other
        compensation for services nor permit the REMICs to receive any income from
        assets other than “qualified mortgages” as defined in Section 860G(a)(3) of the
        Code or “permitted investments” as defined in Section 860G(a)(5) of the Code;
        and (l) as and when necessary and appropriate, the Securities Administrator,
        at
        the expense of the Trust Fund, shall represent the Trust Fund in any
        administrative or judicial proceedings relating to an examination or audit
        by
        any governmental taxing authority, request an administrative adjustment as
        to
        any taxable year of any REMIC formed hereunder, enter into settlement agreements
        with any governmental taxing agency, extend any statute of limitations relating
        to any tax item of the Trust Fund, and otherwise act on behalf of each REMIC
        formed hereunder in relation to any tax matter involving any such
        REMIC.

       

      In
        order to enable each of the Trustee and the Securities Administrator to perform
        its duties as set forth herein, the Depositor shall provide, or cause to
        be
        provided, to the Trustee or the Securities Administrator within 10 days after
        the Closing Date all information or data that the Trustee or the Securities
        Administrator requests in writing and determines to be relevant for tax purposes
        to the valuations and offering prices of the Certificates, including, without
        limitation, the price, yield, prepayment assumption and projected cash flows
        of
        the Certificates and the Mortgage Loans. Thereafter, the Depositor shall
        provide
        to the Trustee or the Securities Administrator promptly upon written request
        therefor, any such additional information or data that the Trustee or the
        Securities Administrator may, from time to time, request in order to enable
        the
        Trustee or the Securities Administrator to perform its duties as set forth
        herein. The Depositor hereby indemnifies each of the Trustee and the Securities
        Administrator for any losses, liabilities, damages, claims or expenses of
        the
        Trustee or the Securities Administrator arising from any errors or
        miscalculations of the Trustee or the Securities Administrator that result
        from
        any failure of the Depositor to provide, or to cause to be provided, accurate
        information or data to the Trustee or the Securities Administrator, as
        applicable, on a timely basis.

       

      In
        the event that any tax is imposed on “prohibited transactions” of any of REMIC
        I, REMIC II, REMIC III, REMIC IV or REMIC V as defined in Section 860F(a)(2)
        of
        the Code, on the “net income from foreclosure property” of the Trust Fund as
        defined in Section 860G(c) of the Code, on any contribution to any of REMIC
        I,
        REMIC II, REMIC III, REMIC IV or REMIC V after the Startup Day pursuant to
        Section 860G(d) of the Code, or any other tax is imposed, including, without
        limitation, any federal, state or local tax or minimum tax imposed upon any
        of
        REMIC I, REMIC II, REMIC III, REMIC IV or REMIC V, and is not paid as otherwise
        provided for herein, such tax shall be paid by (i) the Master Servicer or
        the
        Securities Administrator, if any such tax arises out of or results from a
        breach
        by the Master Servicer or the Securities Administrator of any of its obligations
        under this Agreement, provided, however, in no event shall the Master Servicer
        or the Securities Administrator have any liability (1) for any action or
        omission that is taken in accordance with and compliance with the express
        terms
        of, or which is expressly permitted by the terms of, this Agreement, (2)
        for any
        losses other than arising out of a negligent performance by the Master Servicer
        or the Securities Administrator of its duties and obligations set forth herein,
        or (3) for any special or consequential damages to Certificateholders (in
        addition to payment of principal and interest on the Certificates), (ii)
        any
        party hereto (other than the Master Servicer or the Securities Administrator)
        to
        the extent any such tax arises out of or results from a breach by such other
        party of any of its obligations under this Agreement or (iii) in all other
        cases, or in the event that any liable party hereto fails to honor its
        obligations under the preceding clauses (i) or (ii), the following
        Certificateholders in the following manner: any such tax will be paid first
        with
        amounts otherwise to be distributed to the Class R Certificateholders (pro
        rata)
        and second, with amounts otherwise to be distributed to the Holders of the
        following other Certificates in the following order of priority: first, to
        the
        Class B-4 Certificates, second, to the Class B-3 Certificates, third, to
        the
        Class B-2 Certificates, fourth, to the Class B-1 Certificates, fifth, to
        the the
        Class M-6 Certificates, sixth, to the Class M-5 Certificates, seventh, to
        the
        Class M-4 Certificates, eighth, to the Class M-3 Certificates, ninth, to
        the
        Class M-2 Certificates, tenth, to the Class M-1 Certificates, and eleventh,
        to
        the Class A Certificates.

       

      Notwithstanding
        anything to the contrary contained herein, to the extent that any taxes
        described in the preceding paragraph are payable by the Holder of any
        Certificates (other than the Class R Certificates), the Securities Administrator
        is hereby authorized to retain on any Distribution Date from the Holders
        of the
        Class R Certificates (and, if necessary, second, from the Holders of the
        other
        Certificates in the priority specified in the preceding paragraph), funds
        otherwise distributable to such Holders in an amount sufficient to pay such
        taxes. The Securities Administrator shall promptly notify in writing the
        party
        liable for any such tax of the amount thereof and the due date for the payment
        thereof.

       

      The
        Trustee, the Master Servicer and the Securities Administrator each agree
        that,
        in the event it should obtain any information necessary for the other party
        to
        perform its obligations pursuant to this Section 10.12, it will promptly
        notify
        and provide such information to such other party.

       

      Notwithstanding
        the foregoing, with respect to the preparation and filing of tax returns
        in the
        event that the right to receive payments in respect of Basis Risk Shortfall
        Carry Forward Amounts could be treated as a partnership among the Holders
        of the
        Class A, Class M, Class B and Class C Certificates, the Securities Administrator
        shall not be required to prepare and file partnership tax returns on behalf
        of
        the Trust Fund or portion thereof unless it receives additional reasonable
        compensation for the preparation of such filings and written notification
        from
        either an officer or tax counsel for the Depositor recognizing the creation
        of a
        partnership for federal income tax purposes.

       

      Section
        10.13  REMIC-Related
        Covenants.

       

      For
        as
        long as each REMIC shall exist, the Trustee and the Securities Administrator
        shall act in accordance herewith to assure continuing treatment of such REMIC
        as
        a REMIC, and the Trustee and the Securities Administrator shall comply with
        any
        directions of the Seller, the Company, the Servicer or the Master Servicer
        to
        assure such continuing treatment. In furtherance, but not in limitation,
        of the
        foregoing, neither the Trustee nor the Securities Administrator shall (a)
        sell
        or permit the sale of all or any portion of the Mortgage Loans or of any
        investment of deposits in an Account unless such sale is as a result of a
        repurchase of the Mortgage Loans pursuant to this Agreement or the Trustee
        and
        the Securities Administrator has received a REMIC Opinion addressed to the
        Securities Administrator and the Trustee and the Securities Administrator
        prepared at the expense of the Trust Fund; and (b) other than with respect
        to a
        substitution pursuant to the Mortgage Loan Purchase Agreement or Section
        2.03 of
        this Agreement, as applicable, accept any contribution to any REMIC after
        the
        Startup Day without receipt of a REMIC Opinion.

       

      ARTICLE
        XI

       

      TERMINATION

       

      Section
        11.01  Termination
        upon Liquidation or Repurchase of all Mortgage Loans. 

       

      Subject
        to Section 11.03, the obligations and responsibilities of the Depositor,
        the
        Master Servicer, the Securities Administrator, the Seller and the Trustee
        created hereby with respect to the Trust Fund shall terminate upon the earlier
        of (a) the purchase by the Majority Class C Certificateholder of all of the
        Mortgage Loans (and related REO Properties) remaining in the Trust Fund at
        a
        price (the “Mortgage Loan Purchase Price”) equal to the sum of (i) 100% of the
        Stated Principal Balance of each related Mortgage Loan (other than in respect
        of
        REO Property), (ii) accrued interest thereon at the applicable Mortgage Rate
        to,
        but not including, the first day of the month of such purchase, (iii) the
        appraised value of any REO Property in the Trust Fund (up to the Stated
        Principal Balance of the related Mortgage Loan), such appraisal to be conducted
        by an appraiser mutually agreed upon by the related servicer and the Trustee
        and
        (iv) unreimbursed out-of pocket costs of the Company, the Servicers or the
        Master Servicer, including unreimbursed Servicing Advances and the principal
        portion of any unreimbursed Advances made on the Mortgage Loans prior to
        the
        exercise of such repurchase right (v) any unreimbursed costs and expenses
        of the
        Trustee and the Securities Administrator payable pursuant to Section 10.05
        and
        (vi) any
        Swap
        Termination Payment (which shall include any Net Swap Payment payable by
        the
        Trust Fund for the final Distribution Date) payable to the Swap Provider
        which
        remains unpaid or which is due to the exercise of such option (the “Swap
        Optional Termination Payment”) and
        (b)
        the later of (i) the maturity or other liquidation (or any Advance with respect
        thereto) of the last Mortgage Loan remaining in the Trust Fund and the
        disposition of all REO Property and (ii) the distribution to Certificateholders
        of all amounts required to be distributed to them pursuant to this Agreement.
        In
        no event shall the Trust Fund created hereby continue beyond the earlier
        of (i)
        the expiration of 21 years from the death of the last survivor of the
        descendants of Joseph P. Kennedy, the late Ambassador of the United States
        to
        the Court of St. James, living on the date hereof and (ii) the Latest Possible
        Maturity Date.

       

      The
        right to repurchase all Mortgage Loans and REO Properties by the Majority
        Class
        C Certificateholder pursuant to clause (a) in the preceding paragraph shall
        be
        conditioned upon the Stated Principal Balance of all of the Mortgage Loans
        in
        the Trust Fund, at the time of any such repurchase, aggregating 20% or less
        of
        the aggregate Cut-off Date Principal Balance of all of the Mortgage Loans.
        

       

      Only
        an
        amount equal to the Mortgage Loan Purchase Price less any Swap Optional
        Termination Payment (the “REMIC Termination Payment”) shall be made available
        for distribution to the Regular Certificates. Any Swap Optional Termination
        Payment paid as part of the Mortgage Loan Purchase Price and deposited into
        the
        Distribution Account shall be withdrawn by the Securities Administrator from
        the
        Distribution Account and remitted to the Supplemental Interest Trust to be
        paid
        in accordance with Section 4.14(c). The Swap Optional Termination Payment
        shall
        not be part of any REMIC and shall not be paid into any account which is
        part of
        any REMIC. 

       

      Notwithstanding
        the foregoing, the provisions of Section 8.03 hereof shall survive the
        termination of this Agreement.

       

      Section
        11.02  Final
        Distribution on the Certificates.

       

      If
        on any
        Determination Date, (i) the Master Servicer determines that there are no
        related
        Outstanding Mortgage Loans and no other funds or assets in the Trust Fund
        other
        than the funds in the Master Servicer Collection Account, the Master Servicer
        shall direct the Securities Administrator to send a final distribution notice
        promptly to each related Certificateholder or (ii) the Securities Administrator
        determines that a Class of Certificates shall be retired after a final
        distribution on such Class, the Securities Administrator shall notify the
        related Certificateholders within five (5) Business Days after such
        Determination Date that the final distribution in retirement of such Class
        of
        Certificates is scheduled to be made on the immediately following Distribution
        Date. Any final distribution made pursuant to the immediately preceding sentence
        shall be made only upon presentation and surrender of the related Certificates
        at the Corporate Office of the Securities Administrator. If the Majority
        Class C
        Certificateholder, elects to terminate the Trust Fund pursuant to Section
        11.01,
        at least 20 days prior to the date notice is to be mailed to the
        Certificateholders, the Majority Class C Certificateholder, shall notify
        the
        Depositor, the Master Servicer, the Securities Administrator, the Trustee
        and
        the Swap Provider of the date the Majority Class C Certificateholder, intends
        to
        terminate the Trust Fund. The Master Servicer shall remit the related Mortgage
        Loan Purchase Price to the Securities Administrator on the Business Day prior
        to
        the Distribution Date for such Optional Termination by the Majority Class
        C
        Certificateholder, as applicable.

       

      Notice
        of any termination of the Trust Fund, specifying the Distribution Date on
        which
        related Certificateholders may surrender their Certificates for payment of
        the
        final distribution and cancellation, shall be given promptly by the Securities
        Administrator by letter to Certificateholders mailed not later than two Business
        Days after the Determination Date in the month of such final distribution.
        Any
        such notice shall specify (a) the Distribution Date upon which final
        distribution on the Certificates shall be made upon presentation and surrender
        of Certificates at the office therein designated, (b) the amount of such
        final
        distribution, (c) the location of the office or agency at which such
        presentation and surrender must be made and (d) that the Record Date otherwise
        applicable to such Distribution Date is not applicable, distributions being
        made
        only upon presentation and surrender of the Certificates at the office therein
        specified. The Securities Administrator will give such notice to each Rating
        Agency at the time such notice is given to Certificateholders.

       

      In
        the event such notice is given, the Master Servicer shall cause all funds
        in the
        Master Servicer Collection Account to be remitted to the Securities
        Administrator for deposit in the Distribution Account on the Business Day
        prior
        to the applicable Distribution Date in an amount equal to the final distribution
        in respect of the Certificates. Upon such final deposit with respect to the
        Trust Fund and the receipt by the Custodian of a Request for Release therefor,
        the Custodian shall promptly release to the Master Servicer, as applicable
        the
        Mortgage Files for the Mortgage Loans and the Trustee shall execute and deliver
        any documents prepared and delivered to it which are necessary to transfer
        any
        REO Property.

       

      Upon
        presentation and surrender of the Certificates, the Securities Administrator
        shall cause to be distributed to Certificateholders of each Class in accordance
        with the Remittance Report the amounts allocable to such Certificates held
        in
        the Distribution Account in the order and priority set forth in Section 6.04
        hereof on the final Distribution Date and in proportion to their respective
        Percentage Interests.

       

      In
        the event that any affected Certificateholders shall not surrender Certificates
        for cancellation within six months after the date specified in the above
        mentioned written notice, the Securities Administrator shall give a second
        written notice to the remaining Certificateholders to surrender their
        Certificates for cancellation and receive the final distribution with respect
        thereto. If within six months after the second notice all the applicable
        Certificates shall not have been surrendered for cancellation, the Securities
        Administrator may take appropriate steps, or may appoint an agent to take
        appropriate steps, to contact the remaining Certificateholders concerning
        surrender of their Certificates, and the cost thereof shall be paid out of
        the
        funds and other assets that remain a part of the Trust Fund. If within one
        year
        after the second notice all related Certificates shall not have been surrendered
        for cancellation, the related Residual Certificateholders shall be entitled
        to
        all unclaimed funds and other assets of the Trust Fund that remain subject
        hereto.

       

      Section
        11.03  Additional
        Termination Requirements. 

       

      (a)  Upon
        exercise by the Majority Class C Certificateholder, of its purchase option
        as
        provided in Section 11.01, the Trust Fund shall be terminated in accordance
        with
        the following additional requirements, unless each of the Trustee and the
        Securities Administrator have been supplied with an Opinion of Counsel addressed
        to the Trustee and the Securities Administrator, at the expense of the Majority
        Class C Certificateholder, to the effect that the failure of the Trust Fund
        to
        comply with the requirements of this Section 11.03 will not (i) result in
        the
        imposition of taxes on “prohibited transactions” of a REMIC, or (ii) cause a
        REMIC to fail to qualify as a REMIC at any time that any Certificates are
        outstanding:

       

      (1)  The
        Majority Class C Certificateholder shall establish a 90-day liquidation period
        for REMIC I, REMIC II, REMIC III, REMIC IV and REMIC V and notify the Trustee
        and Securities Administrator thereof, and the Securities Administrator shall
        in
        turn specify the first day of such period in a statement attached to the
        tax
        returns for REMIC I, REMIC II, REMIC III, REMIC IV and REMIC V pursuant to
        Treasury Regulation Section 1.860F-1. The Majority Class C Certificateholder
        shall satisfy all the requirements of a qualified liquidation under Section
        860F
        of the Code and any regulations thereunder with respect to each REMIC related
        to
        the terminated Trust Fund, as evidenced by an Opinion of Counsel addressed
        to
        the Securities Administrator and the Trustee obtained at the expense of the
        Majority Class C Certificateholder;

       

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

       

      (3)  At
        the
        time of the making of the final payment on the Certificates, the Securities
        Administrator shall distribute or credit, or cause to be distributed or
        credited, to the Holders of the Residual Certificates all cash on hand (other
        than cash retained to meet claims), and REMIC I, REMIC II, REMIC III, REMIC
        IV
        and REMIC V shall terminate at that time.

       

      (4)  By
        their
        acceptance of the Certificates, the Holders thereof hereby authorize the
        adoption of a 90-day liquidation period and plan of complete liquidation
        for
        each related REMIC, which authorization shall be binding upon all successor
        Certificateholders.

       

      (5)  The
        Securities Administrator, as agent for each REMIC, hereby agrees to adopt
        and
        sign such a plan of complete liquidation meeting the requirements for a
        qualified liquidation under Section 860F of the Code and any regulations
        thereunder upon the written request of the Majority Class C Certificateholder
        and the receipt of the Opinion of Counsel referred to in Section 11.03(a)(1),
        and to take such other action in connection therewith as may be reasonably
        requested by the Majority Class C Certificateholder.

       

      ARTICLE
        XII

       

      MISCELLANEOUS
        PROVISIONS

       

      Section
        12.01  Amendment.

       

      This
        Agreement may be amended from time to time by parties hereto without the
        consent
        of any of the Certificateholders to cure any ambiguity, to correct or supplement
        any provisions herein (including to give effect to the expectations of
        investors), to change the manner in which the Master Servicer Collection
        Account
        maintained by the Master Servicer or the Protected Account maintained by
        the
        Company is maintained or to make such other provisions with respect to matters
        or questions arising under this Agreement as shall not be inconsistent with
        any
        other provisions herein if such action shall not, as evidenced by an Opinion
        of
        Counsel addressed to the Trustee (which opinion shall be an expense of the
        party
        requesting such opinion but in any case shall not be an expense of the Trustee),
        adversely affect in any material respect the interests of any Certificateholder;
        provided that any such amendment shall be deemed not to adversely affect
        in any
        material respect the interests of the Certificateholders and no such Opinion
        of
        Counsel shall be required if the Person requesting such amendment obtains
        a
        letter from each
        Rating
        Agency
        stating that such amendment would not result in the downgrading or withdrawal
        of
        the respective ratings then assigned to the Certificates.

       

      Notwithstanding
        the foregoing, without the consent of the Certificateholders, the parties
        hereto
        may at any time and from time to time amend this Agreement to modify, eliminate
        or add to any of its provisions to such extent as shall be necessary or
        appropriate to maintain the qualification of any of REMIC
        I,
        REMIC II, REMIC III, REMIC IV or REMIC V as
        a REMIC under the Code or to avoid or minimize the risk of the imposition
        of any
        tax on any of REMIC
        I,
        REMIC II, REMIC III, REMIC IV or REMIC V pursuant
        to the Code that would be a claim against any of REMIC
        I,
        REMIC II, REMIC III, REMIC IV or REMIC V
        at any time prior to the final redemption of the Certificates, provided that
        the
        Trustee, the Securities Administrator have been provided an Opinion of Counsel
        addressed to the Trustee, which opinion shall be an expense of the party
        requesting such opinion but in any case shall not be an expense of the Trustee,
        the Securities Administrator or the Trust Fund, to the effect that such action
        is necessary or appropriate to maintain such qualification or to avoid or
        minimize the risk of the imposition of such a tax.

       

      This
        Agreement may also be amended from time to time by the parties hereto with
        the
        consent of the Holders of each Class of Certificates affected thereby evidencing
        over 50% of the Voting Rights of such Class or Classes for the purpose of
        adding
        any provisions to or changing in any manner or eliminating any of the provisions
        of this Agreement or of modifying in any manner the rights of the Holders
        of
        Certificates; provided that no such amendment shall (i) reduce in any manner
        the
        amount of, or delay the timing of, payments required to be distributed on
        any
        Certificate without the consent of the Holder of such Certificate, (ii) cause
        any of REMIC
        I,
        REMIC II, REMIC III, REMIC IV or REMIC V to
        cease to qualify as a REMIC or (iii) reduce the aforesaid percentages of
        Certificates of each Class the Holders of which are required to consent to
        any
        such amendment without the consent of the Holders of all Certificates of
        such
        Class then outstanding.

       

      Notwithstanding
        any contrary provision of this Agreement, the Trustee shall not consent to
        any
        amendment to this Agreement unless it shall have first received an Opinion
        of
        Counsel addressed to the Trustee and the Securities Administrator, which
        opinion
        shall be an expense of the party requesting such amendment but in any case
        shall
        not be an expense of the Trustee or the Securities Administrator, to the
        effect
        that such amendment will not (other than an amendment pursuant to clause
        (ii)
        of, and in accordance with, the preceding paragraph) cause the imposition
        of any
        tax on any of REMIC
        I,
        REMIC II, REMIC III, REMIC IV or REMIC V or
        the Certificateholders or cause any of REMIC
        I,
        REMIC II, REMIC III, REMIC IV or REMIC V to
        cease to qualify as a REMIC at any time that any Certificates are outstanding.
        Further, nothing in this Agreement shall require the Trustee to enter into
        an
        amendment without receiving an Opinion of Counsel, satisfactory to the Trustee
        (i) that such amendment is permitted and is not prohibited by this Agreement
        and
        (ii) that all requirements for amending this Agreement (including any consent
        of
        the applicable Certificateholders) have been complied with.

       

      Notwithstanding
        any of the other provisions of this Section 12.01, none of the Depositor,
        the
        Master Servicer, the Company, the Securities Administrator or the Trustee
        shall
        (i) enter into any amendment to this Agreement that could have an adverse
        effect
        on the rights of the Swap Provider under Section 4.14, Section 4.15, Section
        6.04(a)(3)(F), Section 6.04(b)(3)(F) or Section 11.01 of this Agreement without
        the prior written consent of the Swap Provider, which consent shall not be
        unreasonably withheld or (ii) enter into any amendment that could have a
        materially adverse effect on the Swap Provider without the prior written
        consent
        of the Swap Provider, which consent shall not be unreasonably
        withheld.

      

      Promptly
        after the execution of any amendment to this Agreement requiring the consent
        of
        Certificateholders, the Trustee shall furnish written notification of the
        substance of such amendment to each Certificateholder, the Swap Provider
        and
        each
        Rating
        Agency.

       

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

       

      Section
        12.02  Recordation
        of Agreement; Counterparts. 

       

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

       

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

       

      Section
        12.03  Governing
        Law. 

       

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

       

      Section
        12.04  Intention
        of Parties. 

       

      It
        is the express intent of the parties hereto that the conveyance of the Mortgage
        Notes, Mortgages, assignments of Mortgages, title insurance policies and
        any
        modifications, extensions and/or assumption agreements and private mortgage
        insurance policies relating to the Mortgage Loans by the 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 each 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
        12.05  Notices. 

       

      (a)  The
        Securities Administrator shall use
        its
        best efforts to
        promptly
        provide notice to each Rating Agency and the Swap Provider with respect to
        each
        of the following of which a Responsible Officer of the Securities Administrator
        has actual knowledge:

       

      (i)  Any
        material change or amendment to this Agreement;

       

      (ii)  The
        occurrence of any Event of Default that has not been cured;

       

      (iii)  The
        resignation or termination of the Master Servicer, the Securities Administrator
        or the Trustee and the appointment of any successor;

       

      (iv)  The
        repurchase or substitution of Mortgage Loans pursuant to Sections 2.02, 2.03,
        3.05 and 11.01; and

       

      (v)  The
        final
        payment to Certificateholders.

       

      (b)  All
        directions, demands and notices hereunder shall be in writing and shall be
        deemed to have been duly given when delivered at or mailed by registered
        mail,
        return receipt requested, postage prepaid, or by recognized overnight courier,
        or by facsimile transmission to a number provided by the appropriate party
        if
        receipt of such transmission is confirmed to (i) in the case of the Depositor,
        Bear Stearns Asset Backed Securities I LLC, 383 Madison Avenue, New York,
        New
        York 10179, Attention: Chief Counsel and with respect to Regulation AB
        notifications to the Depositor at regabnotifications@bear.com; (ii) in the
        case
        of EMC or the Company, EMC Mortgage Corporation, 909 Hidden Ridge Drive,
        Irving,
        Texas 75038, Attention: Ralene Ruyle or such other address as may be hereafter
        furnished to the other parties hereto by the Master Servicer in writing;
        (iii)
        in the case of the Trustee, at its Corporate Trust Office or such other address
        as the Trustee may hereafter furnish to the other parties hereto, (iv) in
        the
        case of the Master Servicer or the Securities Administrator, 135 South LaSalle
        Street, Suite 1625, Chicago, Illinois 60603, Attention: Global Securities
        and
        Trust Services Group-SACO 2006-6 or such other address as may be hereafter
        furnished to the other parties hereto by the Securities Administrator in
        writing, (v) in the case of Moody’s, 99 Church Street, New York, New York 10007,
        Attention: Home Equity Monitoring, or such other address as may be hereafter
        furnished to the other parties hereto by Moody’s in writing and (vi) in the case
        of Standard & Poor’s, a division of The McGraw-Hill Companies, Inc., 55
        Water Street, 41st Floor, New York, New York 10041 or such other address
        as may
        be hereafter furnished to the other parties hereto by Standard & Poor’s in
        writing. Any notice delivered to EMC, the Master Servicer, the Securities
        Administrator or the Trustee under this Agreement shall be effective only
        upon
        receipt. Any notice required or permitted to be mailed to a Certificateholder,
        unless otherwise provided herein, shall be given by first-class mail, postage
        prepaid, at the address of such Certificateholder as shown in the Certificate
        Register; any notice so mailed within the time prescribed in this Agreement
        shall be conclusively presumed to have been duly given, whether or not the
        Certificateholder receives such notice.

       

      Section
        12.06  Severability
        of Provisions. 

       

      If
        any one or more of the covenants, agreements, provisions or terms of this
        Agreement shall be for any reason whatsoever held invalid, then such covenants,
        agreements, provisions or terms shall be deemed severable from the remaining
        covenants, agreements, provisions or terms of this Agreement and shall in
        no way
        affect the validity or enforceability of the other provisions of this Agreement
        or of the Certificates or the rights of the Holders thereof.

       

      Section
        12.07  Assignment. 

       

      Notwithstanding
        anything to the contrary contained herein, except as provided pursuant to
        Section 8.02, this Agreement may not be assigned by the Master Servicer,
        EMC or
        the Depositor.

       

      Section
        12.08  Limitation
        on Rights of Certificateholders. 

       

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

       

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

       

      No
        Certificateholder shall have any right by virtue or by availing itself of
        any
        provisions of this Agreement to institute any suit, action or proceeding
        in
        equity or at law upon or under or with respect to this Agreement, unless
        such
        Holder previously shall have given to the Trustee 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 12.08, each and every Certificateholder and
        the
        Trustee shall be entitled to such relief as can be given either at law or
        in
        equity.

       

      Section
        12.09  Inspection
        and Audit Rights. 

       

      The
        Master Servicer agrees that, on reasonable prior notice, it will permit any
        representative of the Depositor or the Trustee during the Master Servicer’s
        normal business hours, to examine all the books of account, records, reports
        and
        other papers of the Master Servicer relating to the Mortgage Loans, to make
        copies and extracts therefrom, to cause such books to be audited by independent
        certified public accountants selected by the Depositor and the Trustee and
        to
        discuss its affairs, finances and accounts relating to such Mortgage Loans
        with
        its officers, employees and independent public accountants (and by this
        provision the Master Servicer hereby authorizes such accountants to discuss
        with
        such representative such affairs, finances and accounts), all at such reasonable
        times and as often as may be reasonably requested. Any out-of-pocket expense
        incident to the exercise by the Depositor or the Trustee of any right under
        this
        Section 12.09 shall be borne by the party requesting such inspection, subject
        to
        such party’s right to reimbursement hereunder (in the case of the Trustee,
        pursuant to Section 10.05 hereof.

       

      Section
        12.10  Certificates
        Nonassessable and Fully Paid. 

       

      It
        is the intention of the Depositor that Certificateholders shall not be
        personally liable for obligations of the Trust Fund, that the interests in
        the
        Trust Fund represented by the Certificates shall be nonassessable for any
        reason
        whatsoever, and that the Certificates, upon due authentication thereof by
        the
        Securities Administrator pursuant to this Agreement, are and shall be deemed
        fully paid.

       

      Section
        12.11  Third
        Party Rights. 

       

      The
        Swap
        Provider and the Swap Administrator shall be third-party beneficiaries of
        this
        Agreement to the same extent as if they were parties hereto, and shall have
        the
        right to enforce the provisions of this Agreement. 

       

      *
        *
        *

       

      

      
        
          
            

            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      IN
        WITNESS WHEREOF, the Depositor, the Seller, the Company, the Master Servicer,
        the Securities Administrator and the Trustee have caused their names to be
        signed hereto by their respective officers thereunto duly authorized as of
        the
        day and year first above written.

       

      
        	 	 	 	 	 	 	 	
                BEAR
                  STEARNS ASSET BACKED

                SECURITIES
                  I LLC,

                as
                  Depositor

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	
                Name:

              	
                Joseph
                  T. Jurkowski, Jr.

              
	 	 	 	 	 	 	 	
                Title:

              	
                Vice
                  President

              
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                EMC
                  MORTGAGE CORPORATION,

                as
                  Seller and Company

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	
                Name:

              	 
	 	 	 	 	 	 	 	
                Title:

              	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                LASALLE
                  BANK NATIONAL

                ASSOCIATION,

                as
                  Master Servicer and Securities Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	
                Name:

              	 
	 	 	 	 	 	 	 	
                Title:

              	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                CITIBANK,
                  N.A.,

                as
                  Trustee

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	
                Name:

              	 
	 	 	 	 	 	 	 	
                Title:

              	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      

      
        	
                STATE
                  OF NEW YORK

              	
                )

              
	 	
                )
                  ss.:

              
	
                COUNTY
                  OF NEW YORK

              	
                )

              

      

      

       

      On
        this 30th
        day of May, 2006, before me, a notary public in and for said State, appeared
        ___________, personally known to me on the basis of satisfactory evidence
        to be
        an authorized representative of Bear Stearns Asset Backed Securities I LLC,
        one
        of the companies that executed the within instrument, and also known to me
        to be
        the person who executed it on behalf of such limited liability company and
        acknowledged to me that such limited liability company executed the within
        instrument.

       

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

       

      

      
        	 	 
	 	
                Notary
                  Public

              

      

      

       

      [Notarial
        Seal]

       

      

       

      
        
          
            

            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      

       

      

      
        	
                STATE
                  OF TEXAS

              	
                )

              
	 	
                )
                  ss.:

              
	
                COUNTY
                  OF DALLAS

              	
                )

              

      

      

       

      On
        this 30th
        day of May, 2006, before me, a notary public in and for said State, appeared
        _______________________, personally known to me on the basis of satisfactory
        evidence to be an authorized representative of EMC Mortgage Corporation,
        one of
        the corporations that executed the within instrument, and also known to me
        to be
        the person who executed it on behalf of such corporation and acknowledged
        to me
        that such corporation executed the within instrument.

       

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

       

      

      
        	 	 
	 	
                Notary
                  Public

              

      

      

       

      [Notarial
        Seal]

       

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      

      
        	
                STATE
                  OF ILLINOIS

              	
                )

              
	 	
                )
                  ss.:

              
	
                COUNTY
                  OF

              	
                )

              

      

      

       

      On
        this 30th
        day of May, 2006, before me, a notary public in and for said State, appeared
        ___________, personally known to me on the basis of satisfactory evidence
        to be
        an Assistant Vice President of LaSalle Bank National Association that executed
        the within instrument, and also known to me to be the person who executed
        it on
        behalf of such national banking association, and acknowledged to me that
        such
        national banking association executed the within instrument.

       

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

       

      

      
        	 	 
	 	
                Notary
                  Public

              

      

      

       

      [Notarial
        Seal]

       

      

       

      
        
          
            

            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      

      
        	
                STATE
                  OF NEW YORK

              	
                )

              
	 	
                )
                  ss.:

              
	
                COUNTY
                  OF NEW YORK

              	
                )

              

      

      

       

      On
        this 30th
        day of May, 2006, before me, a notary public in and for said State, appeared
        ________________, personally known to me on the basis of satisfactory evidence
        to be an authorized representative of Citibank, N.A. that executed the within
        instrument, and also known to me to be the person who executed it on behalf
        of
        such national banking association, and acknowledged to me that such national
        banking association executed the within instrument.

       

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

       

      

      
        	 	 
	 	
                Notary
                  Public

              

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    
       

      EXHIBIT
        A-1

       

      FORM
        OF CLASS A CERTIFICATES

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR
        INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE
        DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE
        CODE OF
        1986 (THE “CODE”).

       

      THE
        CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL BE DECREASED BY THE
        PRINCIPAL PAYMENTS HEREON AND REALIZED LOSSES ALLOCABLE HERETO. ACCORDINGLY,
        FOLLOWING THE INITIAL ISSUANCE OF THE CERTIFICATES, THE CERTIFICATE PRINCIPAL
        BALANCE OF THIS CERTIFICATE WILL BE DIFFERENT FROM THE DENOMINATION SHOWN
        BELOW.
        ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS CERTIFICATE PRINCIPAL
        BALANCE BY INQUIRY OF THE SECURITIES ADMINISTRATOR NAMED
        HEREIN.

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY TO THE DEPOSITOR OR ITS AGENT FOR REGISTRATION OF TRANSFER,
        EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME
        OF
        CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
        OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY
        TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
        PERSON
        IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
        HEREIN.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      
        	
                Certificate
                  No. 1

              	
                Adjustable
                  Pass-Through Rate

              
	 	 
	
                Class
                  A

              	 
	 	 
	
                Date
                  of Pooling and Servicing Agreement

                and
                  Cut-off Date:

                May
                  1, 2006

              	
                Aggregate
                  Initial Certificate Principal

                Balance
                  of this Certificate as of the Cut-off

                Date:

                $[__________]

              
	 	 
	
                First
                  Distribution Date:

                June
                  25, 2006

              	
                Initial
                  Certificate Principal Balance of this

                Certificate
                  as of the Cut-off Date:

                $[__________]

              
	 	 
	
                Master
                  Servicer and Securities Administrator:

                LaSalle
                  Bank National Association

              	
                CUSIP:
                  [__________]

              
	 	 
	
                Last
                  Scheduled Distribution Date:

                [__________],
                  2036

              	 

      

      

       

      SACO
        I
        TRUST 2006-6

      MORTGAGE-BACKED
        CERTIFICATE

      SERIES
        2006-6

       

      evidencing
        a Percentage Interest in the distributions allocable to the Class [A
        Certificates with respect to a Trust Fund consisting primarily of a pool
        of
        certain fixed rate, junior lien one- to four-family mortgage loans sold by
        BEAR
        STEARNS ASSET BACKED SECURITIES I LLC.

       

      This
        Certificate is payable solely from the assets of the Trust Fund, and does
        not
        represent an obligation of or interest in Bear Stearns Asset Backed Securities
        I
        LLC, the Master Servicer, the Securities Administrator or the Trustee referred
        to below or any of their affiliates or any other person. Neither this
        Certificate nor the underlying Mortgage Loans are guaranteed or insured by
        any
        governmental entity or by Bear Stearns Asset Backed Securities I LLC, the
        Master
        Servicer, the Securities Administrator or the Trustee or any of their affiliates
        or any other person. None of Bear Stearns Asset Backed Securities I LLC,
        the
        Master Servicer or any of their affiliates will have any obligation with
        respect
        to any certificate or other obligation secured by or payable from payments
        on
        the Certificates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced hereby in the beneficial ownership interest of Certificates of
        the
        same Class as this Certificate in a trust (the “Trust Fund”) generally
        consisting of conventional, closed-end, second lien, fixed rate mortgage
        loans
        secured by one- to four- family residences (collectively, the “Mortgage Loans”)
        sold by Bear Stearns Asset Backed Securities I LLC (“BSABS I”). The Mortgage
        Loans were sold by EMC Mortgage Corporation (“EMC”) to BSABS I. LaSalle Bank
        National Association will act as master servicer of the Mortgage Loans (in
        that
        capacity, the “Master Servicer,” which term includes any successors thereto
        under the Agreement referred to below). The Trust Fund was created pursuant
        to
        the Pooling and Servicing Agreement, dated as of the Cut-off Date specified
        above (the “Agreement”), among BSABS I, as depositor (the “Depositor”), EMC
        Mortgage Corporation as sponsor and company, LaSalle Bank National Association,
        as Master Servicer and securities administrator (the “Securities Administrator”)
        and Citibank, N.A., as trustee (the “Trustee”), a summary of certain of the
        pertinent provisions of which is set forth hereafter. To the extent not defined
        herein, capitalized terms used herein shall have the meaning ascribed to
        them in
        the Agreement. This Certificate is issued under and is subject to the terms,
        provisions and conditions of the Agreement, to which Agreement the Holder
        of
        this Certificate by virtue of its acceptance hereof assents and by which
        such
        Holder is bound.

       

      Interest
        on this Certificate will accrue from and including the immediately preceding
        Distribution Date (or with respect to the First Distribution Date, the Closing
        Date) to and including the day prior to the current Distribution Date on
        the
        Certificate Principal Balance hereof at a per annum rate equal to the
        Pass-Through Rate set forth above. The Securities Administrator will distribute
        on the 25th day of each month, or, if such 25th day is not a Business Day,
        the
        immediately following Business Day (each, a “Distribution Date”), commencing on
        the First Distribution Date specified above, to the Person in whose name
        this
        Certificate is registered at the close of business on the Business Day
        immediately preceding such Distribution Date so long as such Certificate
        remains
        in book-entry form (and otherwise, the close of business on the last Business
        Day of the month immediately preceding the month of such Distribution Date),
        an
        amount equal to the product of the Percentage Interest evidenced by this
        Certificate and the amount (of interest and principal, if any) required to
        be
        distributed to the Holders of Certificates of the same Class as this
        Certificate. The Assumed Final Distribution Date is the Distribution Date
        in the
        month following the latest scheduled maturity date of any Mortgage
        Loan.

       

      Distributions
        on this Certificate will be made by the Securities Administrator by check
        mailed
        to the address of the Person entitled thereto as such name and address shall
        appear on the Certificate Register or, if such Person so requests by notifying
        the Securities Administrator in writing as specified in the Agreement.
        Notwithstanding the above, the final distribution on this Certificate will
        be
        made after due notice by the Securities Administrator of the pendency of
        such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Securities Administrator for that purpose
        and
        designated in such notice. The initial Certificate Principal Balance of this
        Certificate is set forth above. The Certificate Principal Balance hereof
        will be
        reduced to the extent of distributions allocable to principal hereon and
        any
        Realized Losses allocable hereto.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as set
        forth on the face hereof (the “Certificates”). The Certificates, in the
        aggregate, evidence the entire beneficial ownership interest in the Trust
        Fund
        formed pursuant to the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the Trust Fund for payment hereunder and that neither the
        Trustee
        nor the Securities Administrator is liable to the Certificateholders for
        any
        amount payable under this Certificate or the Agreement or, except as expressly
        provided in the Agreement, subject to any liability under the
        Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced hereby, and the rights, duties and immunities
        of the Securities Administrator and the Trustee.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor
        and
        the rights of the Certificateholders under the Agreement from time to time
        by
        the parties thereto with the consent of the Holders of each Class of
        Certificates affected thereby evidencing over 50% of the Voting Rights of
        such
        Class or Classes. Any such consent by the the Holder of this Certificate
        shall
        be conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        lieu
        hereof whether or not notation of such consent is made upon this Certificate.
        The Agreement also permits the amendment thereof, in certain limited
        circumstances, without the consent of the Holders of any of the
        Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable with the Securities
        Administrator upon surrender of this Certificate for registration of transfer
        at
        the offices or agencies maintained by the Securities Adminstrator for such
        purposes, duly endorsed by, or accompanied by a written instrument of transfer
        in form satisfactory to the Securities Adminstrator duly executed by the
        Holder
        hereof or such Holder’s attorney duly authorized in writing, and thereupon one
        or more new Certificates in authorized denominations representing a like
        aggregate Percentage Interest will be issued to the designated
        transferee.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in the
        Classes and denominations specified in the Agreement. As provided in the
        Agreement and subject to certain limitations therein set forth, this Certificate
        is exchangeable for one or more new Certificates evidencing the same Class
        and
        in the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made to the Certificateholders for any such registration
        of transfer, but the Securities Administrator may require payment of a sum
        sufficient to cover any tax or other governmental charge payable in connection
        therewith. The Depositor, the Master Servicer, the Securities Administrator,
        the
        Trustee and any agent of any of them may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Master Servicer, the Securities Administrator, the Trustee
        or any
        such agent shall be affected by notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby (other
        than the obligations to make payments to Certificateholders with respect
        to the
        termination of the Agreement) shall terminate upon the earlier of (i) the
        later
        of (A) the maturity or other liquidation (or Advance with respect thereto)
        of
        the last Mortgage Loan remaining in the Trust Fund and disposition of all
        property acquired upon foreclosure or deed in lieu of foreclosure of any
        Mortgage Loan and (B) the remittance of all funds due under the Agreement,
        or
        (ii) the optional repurchase by the party named in the Agreement of all the
        Mortgage Loans and other assets of the Trust Fund in accordance with the
        terms
        of the Agreement. Such optional repurchase may be made only on or after the
        first Distribution Date on which the aggregate Stated Principal Balance of
        the
        Mortgage Loans is less than or equal to a certain percentage of the aggregate
        Stated Principal Balance of the Mortgage Loans as of the Cut-off Date as
        set
        forth in the Agreement. The exercise of such right will effect the early
        retirement of the Certificates. In no event, however, will the Trust Fund
        created by the Agreement continue beyond the earlier of (i) the expiration
        of 21
        years after the death of certain persons identified in the Agreement and
        (ii)
        the Latest Possible Maturity Date (as defined in the Agreement).

       

      Unless
        this Certificate has been countersigned by an authorized signatory of the
        Securities Administrator by manual signature, this Certificate shall not
        be
        entitled to any benefit under the Agreement, or be valid for any
        purpose.

       

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Securities Administrator has caused this Certificate
        to be
        duly executed.

       

      
        	
                Dated:
                  ____________, 2006

              	 	
                LASALLE
                  BANK NATIONAL

                ASSOCIATION,
                  not in its individual capacity

                but
                  solely as Securities Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Authorized
                  Signatory

              

      

      

       

      CERTIFICATE
        OF AUTHENTICATION

       

      This
        is
        one of the Class A Certificates referred to in the within-mentioned
        Agreement.

       

      
        	 	 	
                LASALLE
                  BANK NATIONAL

                ASSOCIATION,
                  Authorized signatory of

                LaSalle
                  Bank National Association , not in its

                individual
                  capacity but solely as Securities

                Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Authorized
                  Signatory

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        __________________________________ (Please print or typewrite name and address
        including postal zip code of assignee) a Percentage Interest evidenced by
        the
        within Asset-Backed Certificate and hereby authorizes the transfer of
        registration of such interest to assignee on the Certificate Register of
        the
        Trust Fund.

       

      I
        (We)
        further direct the Certificate Registrar to issue a new Certificate of a
        like
        denomination and Class, to the above named assignee and deliver such Certificate
        to the following address:

      

      
        	 
	 

      

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

      DISTRIBUTION
        INSTRUCTIONS

      

      
        	
                The
                  assignee should include the following for purposes of
                  distribution:

              
	 
	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A-2

       

      Form
        of
        Class M-[_] Certificates

       

      THIS
        CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE GROUP [__] SENIOR
        CERTIFICATES [,] [THE CLASS M-1 CERTIFICATES] [,] [THE CLASS M-2 CERTIFICATES]
        [,] [THE CLASS M-3 CERTIFICATES] [,] [THE CLASS M-4 CERTIFICATES] [,] [THE
        CLASS
        M-5 CERTIFICATES] [,] [AND] [THE CLASS M-6 CERTIFICATES] AS DESCRIBED IN
        THE
        AGREEMENT (AS DEFINED BELOW).

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR
        INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE
        DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE
        CODE OF
        1986 (THE “CODE”).

       

      EACH
        HOLDER OF A CERTIFICATE OR BENEFICIAL OWNERSHIP SHALL BE DEEMED TO HAVE MADE
        THE
        REPRESENTATIONS SET FORTH IN SECTION 7.02(h) OF THE POOLING AND SERVICING
        AGREEMENT.

       

      THE
        CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL BE DECREASED BY THE
        PRINCIPAL PAYMENTS HEREON AND REALIZED LOSSES ALLOCABLE HERETO. ACCORDINGLY,
        FOLLOWING THE INITIAL ISSUANCE OF THE CERTIFICATES, THE CERTIFICATE PRINCIPAL
        BALANCE OF THIS CERTIFICATE WILL BE DIFFERENT FROM THE DENOMINATION SHOWN
        BELOW.
        ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS CERTIFICATE PRINCIPAL
        BALANCE BY INQUIRY OF THE SECURITIES ADMINISTRATOR NAMED
        HEREIN.

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY TO THE DEPOSITOR OR ITS AGENT FOR REGISTRATION OF TRANSFER,
        EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME
        OF
        CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
        OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY
        TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
        PERSON
        IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
        HEREIN.

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      

      
        	
                Certificate
                  No.1

              	
                Adjustable
                  Pass-Through Rate

              
	 	 
	
                Class
                  M-[_] Subordinate

              	 
	 	 
	
                Date
                  of Pooling and Servicing Agreement

                and
                  Cut-off Date:

                May
                  1, 2006

              	
                Aggregate
                  Initial Certificate Principal

                Balance
                  of this Certificate as of the Cut-off

                Date:

                $[__________]

              
	 	 
	
                First
                  Distribution Date:

                June
                  25, 2006

              	
                Initial
                  Certificate Principal Balance of this

                Certificate
                  as of the Cut-off Date:

                $[__________]

              
	 	 
	
                Master
                  Servicer and Securities Administrator:

                LaSalle
                  Bank National Association

              	
                CUSIP:
                  [__________]

              
	 	 
	
                Last
                  Scheduled Distribution Date:

                [__________],
                  2036

              	 
	 	 

      

      

       

      SACO
        I
        TRUST 2006-6

      MORTGAGE-BACKED
        CERTIFICATE

      SERIES
        2006-6

       

      evidencing
        a Percentage Interest in the distributions allocable to the Class M-[_]
        Certificates with respect to a Trust Fund consisting primarily of a pool
        of
        certain fixed rate, junior lien one- to four-family mortgage loans sold by
        BEAR
        STEARNS ASSET BACKED SECURITIES I LLC.

       

      This
        Certificate is payable solely from the assets of the Trust Fund, and does
        not
        represent an obligation of or interest in Bear Stearns Asset Backed Securities
        I
        LLC, the Master Servicer, the Securities Administrator or the Trustee referred
        to below or any of their affiliates or any other person. Neither this
        Certificate nor the underlying Mortgage Loans are guaranteed or insured by
        any
        governmental entity or by Bear Stearns Asset Backed Securities I LLC, the
        Master
        Servicer, the Securities Administrator or the Trustee or any of their affiliates
        or any other person. None of Bear Stearns Asset Backed Securities I LLC,
        the
        Master Servicer or any of their affiliates will have any obligation with
        respect
        to any certificate or other obligation secured by or payable from payments
        on
        the Certificates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced hereby in the beneficial ownership interest of Certificates of
        the
        same Class as this Certificate in a trust (the “Trust Fund”) generally
        consisting of conventional, closed-end, second lien, fixed rate mortgage
        loans
        secured by one- to four- family residences (collectively, the “Mortgage Loans”)
        sold by Bear Stearns Asset Backed Securities I LLC (“BSABS I”). The Mortgage
        Loans were sold by EMC Mortgage Corporation (“EMC”) to BSABS I. LaSalle Bank
        National Association will act as master servicer of the Mortgage Loans (in
        that
        capacity, the “Master Servicer,” which term includes any successors thereto
        under the Agreement referred to below). The Trust Fund was created pursuant
        to
        the Pooling and Servicing Agreement, dated as of the Cut-off Date specified
        above (the “Agreement”), among BSABS I, as depositor (the “Depositor”), EMC
        Mortgage Corporation as sponsor and company, LaSalle Bank National Association,
        as Master Servicer and securities administrator (the “Securities Administrator”)
        and Citibank, N.A., as trustee (the “Trustee”), a summary of certain of the
        pertinent provisions of which is set forth hereafter. To the extent not defined
        herein, capitalized terms used herein shall have the meaning ascribed to
        them in
        the Agreement. This Certificate is issued under and is subject to the terms,
        provisions and conditions of the Agreement, to which Agreement the Holder
        of
        this Certificate by virtue of its acceptance hereof assents and by which
        such
        Holder is bound.

       

      Interest
        on this Certificate will accrue from and including the immediately preceding
        Distribution Date (or with respect to the First Distribution Date, the Closing
        Date) to and including the day prior to the current Distribution Date on
        the
        Certificate Principal Balance hereof at a per annum rate equal to the
        Pass-Through Rate set forth above. The Securities Administrator will distribute
        on the 25th day of each month, or, if such 25th day is not a Business Day,
        the
        immediately following Business Day (each, a “Distribution Date”), commencing on
        the First Distribution Date specified above, to the Person in whose name
        this
        Certificate is registered at the close of business on the Business Day
        immediately preceding such Distribution Date so long as such Certificate
        remains
        in book-entry form (and otherwise, the close of business on the last Business
        Day of the month immediately preceding the month of such Distribution Date),
        an
        amount equal to the product of the Percentage Interest evidenced by this
        Certificate and the amount (of interest and principal, if any) required to
        be
        distributed to the Holders of Certificates of the same Class as this
        Certificate. The Assumed Final Distribution Date is the Distribution Date
        in the
        month following the latest scheduled maturity date of any Mortgage
        Loan.

       

      Each
        holder of a Certificate or beneficial ownership shall be deemed to have made
        the
        representations set forth in Section 7.02(h) of the Pooling and Servicing
        Agreement.

       

      Distributions
        on this Certificate will be made by the Securities Administrator by check
        mailed
        to the address of the Person entitled thereto as such name and address shall
        appear on the Certificate Register or, if such Person so requests by notifying
        the Securities Administrator in writing as specified in the Agreement.
        Notwithstanding the above, the final distribution on this Certificate will
        be
        made after due notice by the Securities Administrator of the pendency of
        such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Securities Administrator for that purpose
        and
        designated in such notice. The initial Certificate Principal Balance of this
        Certificate is set forth above. The Certificate Principal Balance hereof
        will be
        reduced to the extent of distributions allocable to principal hereon and
        any
        Realized Losses allocable hereto.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as set
        forth on the face hereof (the “Certificates”). The Certificates, in the
        aggregate, evidence the entire beneficial ownership interest in the Trust
        Fund
        formed pursuant to the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the Trust Fund for payment hereunder and that neither the
        Trustee
        nor the Securities Administrator is liable to the Certificateholders for
        any
        amount payable under this Certificate or the Agreement or, except as expressly
        provided in the Agreement, subject to any liability under the
        Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced hereby, and the rights, duties and immunities
        of the Securities Administrator and the Trustee.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor
        and
        the rights of the Certificateholders under the Agreement from time to time
        by
        the parties thereto with the consent of the Holders of each Class of
        Certificates affected thereby evidencing over 50% of the Voting Rights of
        such
        Class or Classes. Any such consent by the Holder of this Certificate shall
        be
        conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        lieu
        hereof whether or not notation of such consent is made upon this Certificate.
        The Agreement also permits the amendment thereof, in certain limited
        circumstances, without the consent of the Holders of any of the
        Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable with the Securities
        Administrator upon surrender of this Certificate for registration of transfer
        at
        the offices or agencies maintained by the Securities Administrator for such
        purposes, duly endorsed by, or accompanied by a written instrument of transfer
        in form satisfactory to the Securities Administrator duly executed by the
        Holder
        hereof or such Holder’s attorney duly authorized in writing, and thereupon one
        or more new Certificates in authorized denominations representing a like
        aggregate Percentage Interest will be issued to the designated
        transferee.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in the
        Classes and denominations specified in the Agreement. As provided in the
        Agreement and subject to certain limitations therein set forth, this Certificate
        is exchangeable for one or more new Certificates evidencing the same Class
        and
        in the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made to the Certificateholders for any such registration
        of transfer, but the Securities Administrator may require payment of a sum
        sufficient to cover any tax or other governmental charge payable in connection
        therewith. The Depositor, the Master Servicer, the Securities Administrator,
        the
        Trustee and any agent of any of them may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Master Servicer, the Securities Administrator, the Trustee
        or any
        such agent shall be affected by notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby (other
        than the obligations to make payments to Certificateholders with respect
        to the
        termination of the Agreement) shall terminate upon the earlier of (i) the
        later
        of (A) the maturity or other liquidation (or Advance with respect thereto)
        of
        the last Mortgage Loan remaining in the Trust Fund and disposition of all
        property acquired upon foreclosure or deed in lieu of foreclosure of any
        Mortgage Loan and (B) the remittance of all funds due under the Agreement,
        or
        (ii) the optional repurchase by the party named in the Agreement of all the
        Mortgage Loans and other assets of the Trust Fund in accordance with the
        terms
        of the Agreement. Such optional repurchase may be made only on or after the
        first Distribution Date on which the aggregate Stated Principal Balance of
        the
        Mortgage Loans is less than or equal to a certain percentage of the aggregate
        Stated Principal Balance of the Mortgage Loans as of the Cut-off Date as
        set
        forth in the Agreement. The exercise of such right will effect the early
        retirement of the Certificates. In no event, however, will the Trust Fund
        created by the Agreement continue beyond the earlier of (i) the expiration
        of 21
        years after the death of certain persons identified in the Agreement and
        (ii)
        the Latest Possible Maturity Date (as defined in the Agreement).

       

      Unless
        this Certificate has been countersigned by an authorized signatory of the
        Securities Administrator by manual signature, this Certificate shall not
        be
        entitled to any benefit under the Agreement, or be valid for any
        purpose.

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Securities Administrator has caused this Certificate
        to be
        duly executed.

       

      
        	
                Dated:
                  ____________, 2006

              	 	
                LASALLE
                  BANK NATIONAL

                ASSOCIATION,
                  not in its individual capacity

                but
                  solely as Securities Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Authorized
                  Signatory

              

      

      

       

      CERTIFICATE
        OF AUTHENTICATION

       

      This
        is
        one of the Class M-[_] Certificates referred to in the within-mentioned
        Agreement.

       

      
        	 	 	
                 

                LASALLE
                  BANK NATIONAL

                ASSOCIATION,
                  Authorized signatory of

                LaSalle
                  Bank National Association , not in its

                individual
                  capacity but solely as Securities

                Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Authorized
                  Signatory

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        __________________________________ (Please print or typewrite name and address
        including postal zip code of assignee) a Percentage Interest evidenced by
        the
        within Asset-Backed Certificate and hereby authorizes the transfer of
        registration of such interest to assignee on the Certificate Register of
        the
        Trust Fund.

       

      I
        (We)
        further direct the Certificate Registrar to issue a new Certificate of a
        like
        denomination and Class, to the above named assignee and deliver such Certificate
        to the following address:

      

      
        	 
	 

      

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

      DISTRIBUTION
        INSTRUCTIONS

      

      
        	
                The
                  assignee should include the following for purposes of
                  distribution:

              
	 
	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A-3

       

      

      FORM
        OF
        CLASS B-[1][2][3][4] CERTIFICATES

       

      THIS
        CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE GROUP [__] SENIOR
        CERTIFICATES, CLASS M CERTIFICATES [,] [AND] [CLASS B-2 CERTIFICATES] [,]
        [AND]
        [CLASS [,] B-3 CERTIFICATES] AS DESCRIBED IN THE AGREEMENT (AS DEFINED
        BELOW).

       

      THE
        CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL BE DECREASED BY THE
        PRINCIPAL PAYMENTS HEREON AND REALIZED LOSSES ALLOCABLE THERETO. ACCORDINGLY,
        FOLLOWING THE INITIAL ISSUANCE OF THE CERTIFICATES, THE CERTIFICATE PRINCIPAL
        BALANCE OF THIS CERTIFICATE WILL BE DIFFERENT FROM THE DENOMINATION SHOWN
        BELOW.
        ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS CERTIFICATE PRINCIPAL
        BALANCE BY INQUIRY OF THE SECURITIES ADMINISTRATOR NAMED
        HEREIN.

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR
        INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE
        DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE
        CODE OF
        1986, AS AMENDED (THE “CODE”).

       

      EACH
        HOLDER OF A CERTIFICATE OR BENEFICIAL OWNERSHIP SHALL BE DEEMED TO HAVE MADE
        THE
        REPRESENTATIONS SET FORTH IN SECTION 7.02(h) OF THE POOLING AND SERVICING
        AGREEMENT.

       

      [For
        Class B-4] [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(D) OF THE AGREEMENT.]

       

      [For
        Class B-4] [NOTWITHSTANDING THE PREVIOUS PARAGRAPH, A CERTIFICATION WILL
        NOT BE
        REQUIRED WITH RESPECT TO THE TRANSFER OF THIS CERTIFICATE TO A DEPOSITORY,
        OR
        FOR ANY SUBSEQUENT TRANSFER OF THIS CERTIFICATE FOR SO LONG AS THIS CERTIFICATE
        IS A BOOK-ENTRY CERTIFICATE. ANY TRANSFEREE OF THIS CERTIFICATE WILL BE DEEMED
        TO HAVE REPRESENTED BY VIRTUE OF ITS PURCHASE OR HOLDING OF THIS CERTIFICATE
        (OR
        INTEREST HEREIN) THAT SUCH TRANSFEREE IS A “QUALIFIED INSTITUTIONAL BUYER”
WITHIN THE MEANING OF RULE 144A UNDER THE 1933 ACT.]

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY TO THE DEPOSITOR OR ITS AGENT FOR REGISTRATION OF TRANSFER,
        EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME
        OF
        CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
        OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY
        TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
        PERSON
        IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
        HEREIN.

       

      [For
        Class B-4] [THIS CERTIFICATE MAY NOT BE ACQUIRED DIRECTLY OR INDIRECTLY BY,
        OR
        ON BEHALF OF, AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT WHICH
        IS
        SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
        AS
        AMENDED, OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED,
        UNLESS THE TRANSFEREE CERTIFIES OR REPRESENTS THAT THE PROPOSED TRANSFER
        AND
        HOLDING OF A CERTIFICATE AND THE SERVICING, MANAGEMENT AND OPERATION OF THE
        TRUST AND ITS ASSETS: (I) WILL NOT RESULT IN ANY PROHIBITED TRANSACTION WHICH
        IS
        NOT COVERED UNDER AN INDIVIDUAL OR CLASS PROHIBITED TRANSACTION EXEMPTION,
        INCLUDING, BUT NOT LIMITED TO, PROHIBITED TRANSACTION EXEMPTION (“PTE”) 84-14,
        PTE 91-38, PTE 90-1, PTE 95-60 OR PTE 96-23 AND (II) WILL NOT GIVE RISE TO
        ANY
        DIFFERENT OR ADDITIONAL OBLIGATIONS ON THE PART OF THE DEPOSITOR, THE MASTER
        SERVICER, THE SECURITIES ADMINISTRATOR OR THE TRUSTEE, WHICH WILL BE DEEMED
        REPRESENTED BY AN OWNER OF A BOOK-ENTRY CERTIFICATE OR A GLOBAL CERTIFICATE
        OR
        UNLESS THE OPINION SPECIFIED IN SECTION 7.02 OF THE AGREEMENT IS
        PROVIDED.]

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                Certificate
                  No. [_]

              	
                Adjustable
                  Pass-Through Rate

              
	 	 
	
                Class
                  B-[1][2][3][4] Subordinate

              	 
	 	 
	
                Date
                  of Pooling and Servicing Agreement

                and
                  Cut-off Date:

                May
                  1, 2006

              	
                Aggregate
                  Initial Certificate Principal

                Balance
                  of this Certificate as of the Cut-off

                Date:

                $[__________]

              
	 	 
	
                First
                  Distribution Date:

                June
                  25, 2006

              	
                Initial
                  Certificate Principal Balance of this

                Certificate
                  as of the Cut-off Date:

                $[__________]

              
	 	 
	
                Master
                  Servicer and Securities Administrator:

                LaSalle
                  Bank National Association

              	
                CUSIP:
                  [__________]

              
	 	 
	
                Last
                  Scheduled Distribution Date:

                [__________],
                  2036

              	 
	 	 

      

      

       

      SACO
        I
        TRUST 2006-6

      MORTGAGE-BACKED
        CERTIFICATE

      SERIES
        2006-6

       

      evidencing
        a Percentage Interest in the distributions allocable to the Class B-[1][2][3][4]
        Certificates with respect to a Trust Fund consisting primarily of a pool
        of
        certain fixed rate, junior lien one- to four-family mortgage loans sold by
        BEAR
        STEARNS ASSET BACKED SECURITIES I LLC.

       

      This
        Certificate is payable solely from the assets of the Trust Fund, and does
        not
        represent an obligation of or interest in Bear Stearns Asset Backed Securities
        I
        LLC, the Master Servicer or the Trustee referred to below or any of their
        affiliates or any other person. Neither this Certificate nor the underlying
        Mortgage Loans are guaranteed or insured by any governmental entity or by
        Bear
        Stearns Asset Backed Securities I LLC, the Master Servicer or the Trustee
        or any
        of their affiliates or any other person. None of Bear Stearns Asset Backed
        Securities I LLC, the Master Servicer or any of their affiliates will have
        any
        obligation with respect to any certificate or other obligation secured by
        or
        payable from payments on the Certificates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced hereby in the beneficial ownership interest of Certificates of
        the
        same Class as this Certificate in a trust (the “Trust Fund”) generally
        consisting of conventional, closed-end, second lien, fixed rate mortgage
        loans
        secured by one- to four- family residences (collectively, the “Mortgage Loans”)
        sold by Bear Stearns Asset Backed Securities I LLC (“BSABS I”). The Mortgage
        Loans were sold by EMC Mortgage Corporation (“EMC”) to BSABS I. LaSalle Bank
        National Association will act as master servicer of the Mortgage Loans (in
        that
        capacity, the “Master Servicer,” which term includes any successors thereto
        under the Agreement referred to below). The Trust Fund was created pursuant
        to
        the Pooling and Servicing Agreement, dated as of the Cut-off Date specified
        above (the “Agreement”), among BSABS I, as depositor (the “Depositor”), EMC
        Mortgage Corporation as sponsor and company, LaSalle Bank National Association,
        as Master Servicer and securities administrator (the “Securities Administrator”)
        and Citibank, N.A., as trustee (the “Trustee”), a summary of certain of the
        pertinent provisions of which is set forth hereafter. To the extent not defined
        herein, capitalized terms used herein shall have the meaning ascribed to
        them in
        the Agreement. This Certificate is issued under and is subject to the terms,
        provisions and conditions of the Agreement, to which Agreement the Holder
        of
        this Certificate by virtue of its acceptance hereof assents and by which
        such
        Holder is bound.

       

      [For
        Class B-1, Class B-2 and Class B-3] [Interest
        on this Certificate will accrue from and including the immediately preceding
        Distribution Date (or with respect to the First Distribution Date, the Closing
        Date) to and including the day prior to the current Distribution Date on
        the
        Certificate Principal Balance hereof at a per annum rate equal to the
        Pass-Through Rate set forth above. The Securities Administrator will distribute
        on the 25th day of each month, or, if such 25th day is not a Business Day,
        the
        immediately following Business Day (each, a “Distribution Date”), commencing on
        the First Distribution Date specified above, to the Person in whose name
        this
        Certificate is registered at the close of business on the Business Day
        immediately preceding such Distribution Date so long as such Certificate
        remains
        in book-entry form (and otherwise, the close of business on the last Business
        Day of the month immediately preceding the month of such Distribution Date),
        an
        amount equal to the product of the Percentage Interest evidenced by this
        Certificate and the amount (of interest and principal, if any) required to
        be
        distributed to the Holders of Certificates of the same Class as this
        Certificate. The Assumed Final Distribution Date is the Distribution Date
        in the
        month following the latest scheduled maturity date of any Mortgage
        Loan.]

       

      [For
        Class B-4] [Interest on this Certificate will accrue from and including the
        immediately preceding Distribution Date (or with respect to the First
        Distribution Date, the Closing Date) to and including the day prior to the
        current Distribution Date on the Certificate Principal Balance hereof at
        a per
        annum rate equal to the Pass-Through Rate set forth above. The Securities
        Administrator will distribute on the 25th day of each month, or, if such
        25th
        day is not a Business Day, the immediately following Business Day (each,
        a
“Distribution Date”), commencing on the First Distribution Date specified above,
        to the Person in whose name this Certificate is registered at the close of
        business on the last Business Day of the month immediately preceding the
        month
        of such Distribution date so long as this Certificate remains in non-book
        entry
        form (and otherwise, the close of business on the Business Day immediately
        preceding such Distribution Date) an amount equal to the product of the
        Percentage Interest evidenced by this Certificate and the amount (of interest
        and principal, if any) required to be distributed to the Holders of Certificates
        of the same Class as this Certificate.] The Last Scheduled Distribution Date
        is
        the Distribution Date in the month following the latest scheduled maturity
        date
        of any Mortgage Loan.

       

      Distributions
        on this Certificate will be made by the Securities Administrator by check
        mailed
        to the address of the Person entitled thereto as such name and address shall
        appear on the Certificate Register or, if such Person so requests by notifying
        the Securities Administrator in writing as specified in the Agreement.
        Notwithstanding the above, the final distribution on this Certificate will
        be
        made after due notice by the Securities Administrator of the pendency of
        such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Securities Administrator for that purpose
        and
        designated in such notice. The initial Certificate Principal Balance of this
        Certificate is set forth above. The Certificate Principal Balance hereof
        will be
        reduced to the extent of distributions allocable to principal hereon and
        any
        Realized Losses allocable hereto.

       

      [For
        Class B-4] [No
        transfer of this Class B-4 Certificate will be made unless such transfer
        is (i)
        exempt from the registration requirements of the Securities Act of 1933,
        as
        amended, and any applicable state securities laws or is made in accordance
        with
        said Act and laws and (ii) made in accordance with Section 7.02 of the
        Agreement. Notwithstanding the foregoing, the certifications will not be
        required with respect to the transfer of this Certificate to a Depository,
        or
        for any subsequent transfer of this Certificate for so long as this Certificate
        is a Book-Entry Certificate.]

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as set
        forth on the face hereof (the “Certificates”). The Certificates, in the
        aggregate, evidence the entire beneficial ownership interest in the Trust
        Fund
        formed pursuant to the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the Trust Fund for payment hereunder and that neither the
        Trustee
        nor the Securities Administrator is liable to the Certificateholders for
        any
        amount payable under this Certificate or the Agreement or, except as expressly
        provided in the Agreement, subject to any liability under the
        Agreement.

       

      Each
        holder of a Certificate or beneficial ownership shall be deemed to have made
        the
        representations set forth in Section 7.02(h) of the Agreement.

       

      [For
        Class B-4] [This Certificate may not be acquired directly or indirectly by,
        or
        on behalf of, an employee benefit plan or other retirement arrangement which
        is
        subject to Title I of the Employee Retirement Income Security Act of 1974,
        as
        amended, or Section 4975 of the Internal Revenue Code of 1986, as amended,
        unless the transferee certifies or represents that the proposed transfer
        and
        holding of a Certificate and the servicing, management and operation of the
        trust and its assets: (i) will not result in any prohibited transaction which
        is
        not covered under an individual or class prohibited transaction exemption,
        including, but not limited to, Prohibited Transaction Exemption (“PTE”) 84-14,
        PTE 91-38, PTE 90-1, PTE 95-60 or PTE 96-23 and (ii) will not give rise to
        any
        additional obligations on the part of the Depositor, the Master Servicer
        or the
        Trustee, which will be deemed represented by an owner of a Book-Entry
        Certificate or a Global Certificate or unless an opinion specified in section
        7.02 of the Agreement is provided.]

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced hereby, and the rights, duties and immunities
        of the Securities Administrator and the Trustee.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor
        and
        the rights of the Certificateholders under the Agreement from time to time
        by
        the parties thereto with the consent of the the Holders of each Class of
        Certificates affected thereby evidencing over 50% of the Voting Rights of
        such
        Class or Classes. Any such consent by the Holder of this Certificate shall
        be
        conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        lieu
        hereof whether or not notation of such consent is made upon this Certificate.
        The Agreement also permits the amendment thereof, in certain limited
        circumstances, without the consent of the Holders of any of the
        Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable with the Securities
        Administrator upon surrender of this Certificate for registration of transfer
        at
        the offices or agencies maintained by the Securities Adminstrator for such
        purposes, duly endorsed by, or accompanied by a written instrument of transfer
        in form satisfactory to the Securities Adminstrator duly executed by the
        Holder
        hereof or such Holder’s attorney duly authorized in writing, and thereupon one
        or more new Certificates in authorized denominations representing a like
        aggregate Percentage Interest will be issued to the designated
        transferee.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in the
        Classes and denominations specified in the Agreement. As provided in the
        Agreement and subject to certain limitations therein set forth, this Certificate
        is exchangeable for one or more new Certificates evidencing the same Class
        and
        in the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made to the Certificateholders for any such registration
        of transfer, but the Securities Administrator may require payment of a sum
        sufficient to cover any tax or other governmental charge payable in connection
        therewith. The Depositor, the Master Servicer, the Securities Administrator,
        the
        Trustee and any agent of any of them may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Master Servicer, the Securities Administrator, the Trustee
        or any
        such agent shall be affected by notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby (other
        than the obligations to make payments to Certificateholders with respect
        to the
        termination of the Agreement) shall terminate upon the earlier of (i) the
        later
        of (A) the maturity or other liquidation (or Advance with respect thereto)
        of
        the last Mortgage Loan remaining in the Trust Fund and disposition of all
        property acquired upon foreclosure or deed in lieu of foreclosure of any
        Mortgage Loan and (B) the remittance of all funds due under the Agreement,
        or
        (ii) the optional repurchase by the party named in the Agreement of all the
        Mortgage Loans and other assets of the Trust Fund in accordance with the
        terms
        of the Agreement. Such optional repurchase may be made only on or after the
        first Distribution Date on which the aggregate Stated Principal Balance of
        the
        Mortgage Loans is less than or equal to a certain percentage of the aggregate
        Stated Principal Balance of the Mortgage Loans as of the Cut-off Date as
        set
        forth in the Agreement. The exercise of such right will effect the early
        retirement of the Certificates. In no event, however, will the Trust Fund
        created by the Agreement continue beyond the earlier of (i) the expiration
        of 21
        years after the death of certain persons identified in the Agreement and
        (ii)
        the Latest Possible Maturity Date (as defined in the Agreement).

       

      Unless
        this Certificate has been countersigned by an authorized signatory of the
        Securities Administrator by manual signature, this Certificate shall not
        be
        entitled to any benefit under the Agreement, or be valid for any
        purpose.

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Securities Administrator has caused this Certificate
        to be
        duly executed.

       

      
        	
                Dated:
                  ____________, 2006

              	 	
                LASALLE
                  BANK NATIONAL

                ASSOCIATION,
                  not in its individual capacity

                but
                  solely as Securities Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Authorized
                  Signatory

              

      

      

       

      CERTIFICATE
        OF AUTHENTICATION

       

      This
        is
        one of the Class B-[1][2][3][4] Certificates referred to in the within-mentioned
        Agreement.

       

      
        	 	 	
                LASALLE
                  BANK NATIONAL

                ASSOCIATION,
                  Authorized signatory of

                LaSalle
                  Bank National Association , not in its

                individual
                  capacity but solely as Securities

                Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Authorized
                  Signatory

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        __________________________________ (Please print or typewrite name and address
        including postal zip code of assignee) a Percentage Interest evidenced by
        the
        within Asset-Backed Certificate and hereby authorizes the transfer of
        registration of such interest to assignee on the Certificate Register of
        the
        Trust Fund.

       

      I
        (We)
        further direct the Certificate Registrar to issue a new Certificate of a
        like
        denomination and Class, to the above named assignee and deliver such Certificate
        to the following address:

      

      
        	 
	 

      

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

      DISTRIBUTION
        INSTRUCTIONS

      

      
        	
                The
                  assignee should include the following for purposes of
                  distribution:

              
	 
	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A-4

       

      FORM
        OF CLASS C CERTIFICATES

       

      THIS
        CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE GROUP [_] SENIOR
        CERTIFICATES, THE CLASS M CERTIFICATES AND THE CLASS B CERTIFICATES AS DESCRIBED
        IN THE AGREEMENT (AS DEFINED BELOW).

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR
        INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE
        DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE
        CODE OF
        1986 (THE “CODE”).

       

      THIS
        CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
        ACT OF
        1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY STATE SECURITIES LAWS. THE
        HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
        MAY
        BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE
        WITH
        THE SECURITIES ACT AND OTHER APPLICABLE LAWS AND ONLY (1) PURSUANT TO RULE
        144A
        UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY
        BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A
        (A
“QIB”), PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF
        A
        QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE,
        PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) PURSUANT
        TO
        AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES
        ACT (IF
        AVAILABLE) OR (3) IN CERTIFICATED FORM TO AN “INSTITUTIONAL ACCREDITED INVESTOR”
WITHIN THE MEANING THEREOF IN RULE 501(a)(1), (2), (3) or (7) OF REGULATION
        D
        UNDER THE ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS COME WITHIN
        SUCH
        PARAGRAPHS PURCHASING NOT FOR DISTRIBUTION IN VIOLATION OF THE SECURITIES
        ACT,
        SUBJECT TO (A) THE RECEIPT BY THE SECURITIES ADMINISTRATOR OF A LETTER
        SUBSTANTIALLY IN THE FORM PROVIDED IN THE AGREEMENT AND (B) THE RECEIPT BY
        THE
        SECURITIES ADMINISTRATOR OF SUCH OTHER EVIDENCE ACCEPTABLE TO THE SECURITIES
        ADMINISTRATOR THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS IN COMPLIANCE
        WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS OR IN EACH CASE IN ACCORDANCE
        WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED STATES AND ANY OTHER
        APPLICABLE JURISDICTION.

       

      NO
        TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
        PROVIDES EITHER A CERTIFICATION PURSUANT TO SECTION 7.02(h) OF THE AGREEMENT
        OR
        AN OPINION OF COUNSEL SATISFACTORY TO THE SECURITIES ADMINISTRATOR THAT THE
        PURCHASE AND HOLDING OF THIS CERTIFICATE ARE PERMISSIBLE UNDER APPLICABLE
        LAW,
        WILL NOT CONSTITUTE OR RESULT IN ANY NON-EXEMPT PROHIBITED TRANSACTIONS UNDER
        SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
        (“ERISA”) OR SECTION 4975 OF THE CODE AND WILL NOT SUBJECT THE TRUSTEE, THE
        SECURITIES ADMINISTRATOR, THE MASTER SERVICER OR THE DEPOSITOR TO ANY OBLIGATION
        OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE
        AGREEMENT.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                Certificate
                  No.1

              	
                Percentage
                  Interest: 100%

              
	 	 
	
                Class
                  C

              	
                Adjustable
                  Pass-Through Rate

              
	 	 
	
                Date
                  of Pooling and Servicing Agreement

                and
                  Cut-off Date:

                May
                  1, 2006

              	
                Initial
                  Certificate Notional Amount of this

                Certificate
                  as of the Cut-off Date:

                $[__________]

              
	 	 
	
                First
                  Distribution Date:

                June
                  25, 2006

              	
                Aggregate
                  Certificate Notional Amount of this

                Certificate
                  as of the Cut-off Date:

                $[__________]

              
	 	 
	
                Master
                  Servicer and Securities Administrator:

                LaSalle
                  Bank National Association

              	
                CUSIP:
                  [__________]

              
	 	 
	
                Last
                  Scheduled Distribution Date:

                [__________],
                  2036

              	 
	 	 

      

      

       

      SACO
        I
        TRUST 2006-6

      MORTGAGE-BACKED
        CERTIFICATE

      SERIES
        2006-6

       

      evidencing
        a Percentage Interest in the distributions allocable to the Class C Certificates
        with respect to a Trust Fund consisting primarily of a pool of certain fixed
        rate, junior lien one- to four-family mortgage loans sold by BEAR STEARNS
        ASSET
        BACKED SECURITIES I LLC.

       

      This
        Certificate is payable solely from the assets of the Trust Fund, and does
        not
        represent an obligation of or interest in Bear Stearns Asset Backed Securities
        I
        LLC, the Master Servicer, the Securities Administrator or the Trustee referred
        to below or any of their affiliates or any other person. Neither this
        Certificate nor the underlying Mortgage Loans are guaranteed or insured by
        any
        governmental entity or by Bear Stearns Asset Backed Securities I LLC, the
        Master
        Servicer, the Securities Administrator or the Trustee or any of their affiliates
        or any other person. None of Bear Stearns Asset Backed Securities I LLC,
        the
        Master Servicer or any of their affiliates will have any obligation with
        respect
        to any certificate or other obligation secured by or payable from payments
        on
        the Certificates.

       

      This
        certifies that ______________ is the registered owner of the Percentage Interest
        evidenced hereby in the beneficial ownership interest of Certificates of
        the
        same Class as this Certificate in a trust (the “Trust Fund”) generally
        consisting of conventional, closed-end, second lien, fixed rate mortgage
        loans
        secured by one- to four- family residences (collectively, the “Mortgage Loans”)
        sold by Bear Stearns Asset Backed Securities I LLC (“BSABS I”). The Mortgage
        Loans were sold by EMC Mortgage Corporation (“EMC”) to BSABS I. LaSalle Bank
        National Association will act as master servicer of the Mortgage Loans (in
        that
        capacity, the “Master Servicer,” which term includes any successors thereto
        under the Agreement referred to below). The Trust Fund was created pursuant
        to
        the Pooling and Servicing Agreement, dated as of the Cut-off Date specified
        above (the “Agreement”), among BSABS I, as depositor (the “Depositor”), EMC
        Mortgage Corporation as sponsor and company, LaSalle Bank National Association,
        as Master Servicer and securities administrator (the “Securities Administrator”)
        and Citibank, N.A., as trustee (the “Trustee”), a summary of certain of the
        pertinent provisions of which is set forth hereafter. To the extent not defined
        herein, capitalized terms used herein shall have the meaning ascribed to
        them in
        the Agreement. This Certificate is issued under and is subject to the terms,
        provisions and conditions of the Agreement, to which Agreement the Holder
        of
        this Certificate by virtue of its acceptance hereof assents and by which
        such
        Holder is bound.

       

      The
        Securities Administrator will distribute on the 25th day of each month, or,
        if
        such 25th day is not a Business Day, the immediately following Business Day
        (each, a “Distribution Date”), commencing on the First Distribution Date
        specified above, to the Person in whose name this Certificate is registered
        at
        the close of business on the last day (or if such last day is not a Business
        Day, the Business Day immediately preceding such last day) of the calendar
        month
        immediately preceding the month in which the Distribution Date occurs, an
        amount
        equal to the product of the Percentage Interest evidenced by this Certificate
        and the amounts required to be distributed to the Holders of Certificates
        of the
        same Class as this Certificate. 

       

      Distributions
        on this Certificate will be made by the Securities Administrator by check
        mailed
        to the address of the Person entitled thereto as such name and address shall
        appear on the Certificate Register or, if such Person so requests by notifying
        the Securities Administrator in writing as specified in the Agreement.
        Notwithstanding the above, the final distribution on this Certificate will
        be
        made after due notice by the Securities Administrator of the pendency of
        such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Securities Administrator for that purpose
        and
        designated in such notice. 

       

      No
        transfer of this Certificate shall be made unless the transfer is made pursuant
        to an effective registration statement under the Securities Act of 1933,
        as
        amended (the “1933 Act”), and an effective registration or qualification under
        applicable state securities laws, or is made in a transaction that does not
        require such registration or qualification. In the event that such a transfer
        of
        this Certificate is to be made without registration or qualification, the
        Securities Administrator shall require receipt of (i) if such transfer is
        purportedly being made in reliance upon Rule 144A under the 1933 Act, written
        certifications from the Holder of the Certificate desiring to effect the
        transfer, and from such Holder’s prospective transferee, substantially in the
        forms attached to the Agreement as Exhibit D and either Exhibit E or Exhibit
        F,
        as applicable, and (ii) in all other cases, an Opinion of Counsel satisfactory
        to it that such transfer may be made without such registration or qualification
        (which Opinion of Counsel shall not be an expense of the Trust Fund or of
        the
        Depositor, the Securities Administrator, the Trustee, or the Master Servicer
        in
        their respective capacities as such), together with copies of the written
        certification(s) of the Holder of the Certificate desiring to effect the
        transfer and/or such Holder’s prospective transferee upon which such Opinion of
        Counsel is based. Neither the Depositor, the Trustee nor the Securities
        Administrator is obligated to register or qualify the Class of Certificates
        specified on the face hereof under the 1933 Act or any other securities law
        or
        to take any action not otherwise required under the Agreement to permit the
        transfer of such Certificates without registration or qualification. Any
        Holder
        desiring to effect a transfer of this Certificate shall be required to indemnify
        the Trustee, the Securities Administrator, the Depositor, the Seller and
        the
        Master Servicer against any liability that may result if the transfer is
        not so
        exempt or is not made in accordance with such federal and state
        laws.

       

      No
        transfer of this Class [_]-C Certificate will be made unless the Securities
        Administrator shall have received either (i) the opinion of counsel set forth
        in
        Section 7.02(h) of the Agreement or (ii) a representation letter under Section
        7.02 of the Agreement, in the form as described by the Agreement, stating
        that
        the transferee is not an employee benefit or other plan subject to the
        prohibited transaction provisions of ERISA or Section 4975 of the Code (a
        “Plan”), or any other person acting, directly or indirectly, on behalf of or
        purchasing any Certificate with “plan assets” of any Plan.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as set
        forth on the face hereof (the “Certificates”). The Certificates, in the
        aggregate, evidence the entire beneficial ownership interest in the Trust
        Fund
        formed pursuant to the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the Trust Fund for payment hereunder and that neither the
        Trustee
        nor the Securities Administrator is liable to the Certificateholders for
        any
        amount payable under this Certificate or the Agreement or, except as expressly
        provided in the Agreement, subject to any liability under the
        Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced hereby, and the rights, duties and immunities
        of the Trustee and Securities Administrator.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor
        and
        the rights of the Certificateholders under the Agreement from time to time
        by
        the parties thereto with the consent of the Holders of each Class of
        Certificates affected thereby evidencing over 50% of the Voting Rights of
        such
        Class or Classes. Any such consent by the Holder of this Certificate shall
        be
        conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        lieu
        hereof whether or not notation of such consent is made upon this Certificate.
        The Agreement also permits the amendment thereof, in certain limited
        circumstances, without the consent of the Holders of any of the
        Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable with the Securities
        Administrator upon surrender of this Certificate for registration of transfer
        at
        the offices or agencies maintained by the Securities Administrator for such
        purposes, duly endorsed by, or accompanied by a written instrument of transfer
        in form satisfactory to the Securities Administrator duly executed by the
        Holder
        hereof or such Holder’s attorney duly authorized in writing, and thereupon one
        or more new Certificates in authorized denominations representing a like
        aggregate Percentage Interest will be issued to the designated
        transferee.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in the
        Classes and denominations specified in the Agreement. As provided in the
        Agreement and subject to certain limitations therein set forth, this Certificate
        is exchangeable for one or more new Certificates evidencing the same Class
        and
        in the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made to the Certificateholders for any such registration
        of transfer, but the Securities Administrator may require payment of a sum
        sufficient to cover any tax or other governmental charge payable in connection
        therewith. The Depositor, the Master Servicer, the Securities Administrator,
        the
        Trustee and any agent of any of them may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Master Servicer, the Securities Administrator, the Trustee
        or any
        such agent shall be affected by notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby (other
        than the obligations to make payments to Certificateholders with respect
        to the
        termination of the Agreement) shall terminate upon the earlier of (i) the
        later
        of (A) the maturity or other liquidation (or Advance with respect thereto)
        of
        the last Mortgage Loan remaining in the Trust Fund and disposition of all
        property acquired upon foreclosure or deed in lieu of foreclosure of any
        Mortgage Loan and (B) the remittance of all funds due under the Agreement,
        or
        (ii) the optional repurchase by the party named in the Agreement of all the
        Mortgage Loans and other assets of the Trust Fund in accordance with the
        terms
        of the Agreement. Such optional repurchase may be made only on or after the
        first Distribution Date on which the aggregate Stated Principal Balance of
        the
        Mortgage Loans is less than or equal to a certain percentage of the aggregate
        Stated Principal Balance of the Mortgage Loans as of the Cut-off Date as
        set
        forth in the Agreement. The exercise of such right will effect the early
        retirement of the Certificates. In no event, however, will the Trust Fund
        created by the Agreement continue beyond the earlier of (i) the expiration
        of 21
        years after the death of certain persons identified in the Agreement and
        (ii)
        the Latest Possible Maturity Date (as defined in the Agreement).

       

      Unless
        this Certificate has been countersigned by an authorized signatory of the
        Securities Administrator by manual signature, this Certificate shall not
        be
        entitled to any benefit under the Agreement, or be valid for any
        purpose.

       

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Securities Administrator has caused this Certificate
        to be
        duly executed.

       

      
        	
                Dated:
                  ____________, 2006

              	 	
                LASALLE
                  BANK NATIONAL

                ASSOCIATION,
                  not in its individual capacity

                but
                  solely as Securities Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Authorized
                  Signatory

              

      

      

       

      CERTIFICATE
        OF AUTHENTICATION

       

      This
        is
        one of the Class C Certificates referred to in the within-mentioned
        Agreement.

       

      
        	 	 	
                 

                LASALLE
                  BANK NATIONAL

                ASSOCIATION,
                  Authorized signatory of

                LaSalle
                  Bank National Association , not in its

                individual
                  capacity but solely as Securities

                Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Authorized
                  Signatory

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        __________________________________ (Please print or typewrite name and address
        including postal zip code of assignee) a Percentage Interest evidenced by
        the
        within Asset-Backed Certificate and hereby authorizes the transfer of
        registration of such interest to assignee on the Certificate Register of
        the
        Trust Fund.

       

      I
        (We)
        further direct the Certificate Registrar to issue a new Certificate of a
        like
        denomination and Class, to the above named assignee and deliver such Certificate
        to the following address:

      

      
        	 
	 

      

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

      DISTRIBUTION
        INSTRUCTIONS

      

      
        	
                The
                  assignee should include the following for purposes of
                  distribution:

              
	 
	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A-5

       

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

       

      THIS
        CERTIFICATE MAY NOT BE HELD BY OR TRANSFERRED TO A NON-UNITED STATES PERSON
        OR A
        DISQUALIFIED ORGANIZATION (AS DEFINED BELOW).

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “RESIDUAL INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
        (THE “CODE”).

       

      NO
        TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
        PROVIDES EITHER A CERTIFICATION PURSUANT TO SECTION 7.02(h) OF THE AGREEMENT
        OR
        AN OPINION OF COUNSEL SATISFACTORY TO THE TRUSTEE THAT THE PURCHASE AND HOLDING
        OF THIS CERTIFICATE ARE PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT CONSTITUTE
        OR
        RESULT IN ANY NON EXEMPT PROHIBITED TRANSACTIONS UNDER SECTION 406 OF THE
        EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) OR SECTION
        4975 OF THE CODE AND WILL NOT SUBJECT THE TRUSTEE, MASTER SERVICER OR THE
        DEPOSITOR TO ANY OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN
        IN THE
        AGREEMENT.

       

      ANY
        RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
        IF
        THE PROPOSED TRANSFEREE PROVIDES A TRANSFER AFFIDAVIT TO THE SECURITIES
        ADMINISTRATOR THAT (1) SUCH TRANSFEREE IS NOT (A) THE UNITED STATES, ANY
        STATE
        OR POLITICAL SUBDIVISION THEREOF, ANY POSSESSION OF THE UNITED STATES, OR
        ANY
        AGENCY OR INSTRUMENTALITY OF ANY OF THE FOREGOING (OTHER THAN AN INSTRUMENTALITY
        WHICH IS A CORPORATION IF ALL OF ITS ACTIVITIES ARE SUBJECT TO TAX AND EXCEPT
        FOR FREDDIE MAC, A MAJORITY OF ITS BOARD OF DIRECTORS IS NOT SELECTED BY
        SUCH
        GOVERNMENTAL UNIT), (B) A FOREIGN GOVERNMENT, ANY INTERNATIONAL ORGANIZATION,
        OR
        ANY AGENCY OR INSTRUMENTALITY OF EITHER OF THE FOREGOING, (C) ANY ORGANIZATION
        (OTHER THAN CERTAIN FARMERS’ COOPERATIVES DESCRIBED IN SECTION 521 OF THE CODE)
        WHICH IS EXEMPT FROM THE TAX IMPOSED BY CHAPTER 1 OF THE CODE UNLESS SUCH
        ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE CODE (INCLUDING
        THE TAX IMPOSED BY SECTION 511 OF THE CODE ON UNRELATED BUSINESS TAXABLE
        INCOME), (D) RURAL ELECTRIC AND TELEPHONE COOPERATIVES DESCRIBED IN SECTION
        1381(a)(2)(C) OF THE CODE, (E) AN ELECTING LARGE PARTNERSHIP UNDER SECTION
        775(a) OF THE CODE (ANY SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES (A),
        (B),
        (C), (D) OR (E) BEING HEREIN REFERRED TO AS A “DISQUALIFIED ORGANIZATION”), OR
        (F) AN AGENT OF A DISQUALIFIED ORGANIZATION, (2) SUCH TRANSFEREE IS A UNITED
        STATES PERSON UNDER SECTION 7701 OF THE CODE, (3) NO PURPOSE OF SUCH TRANSFER
        IS
        TO IMPEDE THE ASSESSMENT OR COLLECTION OF TAX AND (4) SUCH TRANSFEREE SATISFIES
        CERTAIN ADDITIONAL CONDITIONS RELATING TO THE FINANCIAL CONDITION OF THE
        PROPOSED TRANSFEREE. NOTWITHSTANDING THE REGISTRATION IN THE CERTIFICATE
        REGISTER OR ANY TRANSFER, SALE OR OTHER DISPOSITION OF THIS CERTIFICATE TO
        A
        DISQUALIFIED ORGANIZATION OR AN AGENT OF A DISQUALIFIED ORGANIZATION OR A
        NON-UNITED STATES PERSON, SUCH REGISTRATION SHALL BE DEEMED TO BE OF NO LEGAL
        FORCE OR EFFECT WHATSOEVER AND SUCH PERSON SHALL NOT BE DEEMED TO BE A
        CERTIFICATEHOLDER FOR ANY PURPOSE HEREUNDER, INCLUDING, BUT NOT LIMITED TO,
        THE
        RECEIPT OF DISTRIBUTIONS ON THIS CERTIFICATE. EACH HOLDER OF THIS CERTIFICATE
        BY
        ACCEPTANCE OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE CONSENTED TO THE
        PROVISIONS OF THIS PARAGRAPH.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                Certificate
                  No.1

              	 
	 	 
	
                Class
                  R[-1][-2][-3][-X]

              	
                Percentage
                  Interest: 100%

              
	 	 
	
                Date
                  of Pooling and Servicing Agreement

                and
                  Cut-off Date:

                May
                  1, 2006

              	 
	 	 
	
                First
                  Distribution Date:

                June
                  25, 2006

              	 
	 	 
	
                Master
                  Servicer and Securities Administrator:

                LaSalle
                  Bank National Association

              	
                CUSIP:
                  [__________]

              
	 	 
	
                Last
                  Scheduled Distribution Date:

                [__________],
                  2036

              	 
	 	 

      

      

       

      SACO
        I
        TRUST 2006-6

      MORTGAGE-BACKED
        CERTIFICATE

      SERIES
        2006-6

       

      evidencing
        a fractional undivided interest in the distributions allocable to the Class
        R[-1][-2][-3][-X] Certificates with respect to a Trust Fund consisting primarily
        of a pool of certain fixed rate, junior lien one- to four-family mortgage
        loans
        sold by BEAR STEARNS ASSET BACKED SECURITIES I LLC.

       

      This
        Certificate is payable solely from the assets of the Trust Fund, and does
        not
        represent an obligation of or interest in Bear Stearns Asset Backed Securities
        I
        LLC, the Master Servicer, the Securities Administrator or the Trustee referred
        to below or any of their affiliates or any other person. Neither this
        Certificate nor the underlying Mortgage Loans are guaranteed or insured by
        any
        governmental entity or by Bear Stearns Asset Backed Securities I LLC, the
        Master
        Servicer, the Securities Administrator or the Trustee or any of their affiliates
        or any other person. None of Bear Stearns Asset Backed Securities I LLC,
        the
        Master Servicer or any of their affiliates will have any obligation with
        respect
        to any certificate or other obligation secured by or payable from payments
        on
        the Certificates.

       

      This
        certifies that Bear, Stearns Securities Corp is the registered owner of the
        Percentage Interest evidenced hereby in the beneficial ownership interest
        of
        Certificates of the same Class as this Certificate in a trust (the “Trust Fund”)
        generally consisting of conventional, closed-end, second lien, fixed rate
        mortgage loans secured by one- to four- family residences (collectively,
        the
“Mortgage Loans”) sold by Bear Stearns Asset Backed Securities I LLC (“BSABS
        I”). The Mortgage Loans were sold by EMC Mortgage Corporation (“EMC”) to BSABS
        I. LaSalle Bank National Association will act as master servicer of the Mortgage
        Loans (in that capacity, the “Master Servicer,” which term includes any
        successors thereto under the Agreement referred to below). The Trust Fund
        was
        created pursuant to the Pooling and Servicing Agreement, dated as of the
        Cut-off
        Date specified above (the “Agreement”), among BSABS I, as depositor (the
“Depositor”), EMC Mortgage Corporation as sponsor and company, LaSalle Bank
        National Association, as Master Servicer and securities administrator (the
        “Securities Administrator”) and Citibank, N.A., as trustee (the “Trustee”), a
        summary of certain of the pertinent provisions of which is set forth hereafter.
        To the extent not defined herein, capitalized terms used herein shall have
        the
        meaning ascribed to them in the Agreement. This Certificate is issued under
        and
        is subject to the terms, provisions and conditions of the Agreement, to which
        Agreement the Holder of this Certificate by virtue of its acceptance hereof
        assents and by which such Holder is bound.

       

      Each
        Holder of this Certificate will be deemed to have agreed to be bound by the
        restrictions set forth in the Agreement to the effect that (i) each person
        holding or acquiring any Ownership Interest in this Certificate must be a
        Permitted Transferee, (ii) the transfer of any Ownership Interest in this
        Certificate will be conditioned upon the delivery to the Trustee of, among
        other
        things, an affidavit to the effect that it is a Permitted Transferee, (iii)
        any
        attempted or purported transfer of any Ownership Interest in this Certificate
        in
        violation of such restrictions will be absolutely null and void and will
        vest no
        rights in the purported transferee, and (iv) if any person other than a
        Permitted Transferee acquires any Ownership Interest in this Certificate
        in
        violation of such restrictions, then the Depositor will have the right, in
        its
        sole discretion and without notice to the Holder of this Certificate, to
        sell
        this Certificate to a purchaser selected by the Depositor, which purchaser
        may
        be the Depositor, or any affiliate of the Depositor, on such terms and
        conditions as the Depositor may choose.

       

      The
        Securities Administrator will distribute on the 25th day of each month, or,
        if
        such 25th day is not a Business Day, the immediately following Business Day
        (each, a “Distribution Date”), commencing on the First Distribution Date
        specified above, to the Person in whose name this Certificate is registered
        at
        the close of business on the last day (or if such last day is not a Business
        Day, the Business Day immediately preceding such last day) of the calendar
        month
        immediately preceding the month in which the Distribution Date occurs, an
        amount
        equal to the product of the Percentage Interest evidenced by this Certificate
        and the amounts required to be distributed to the Holders of Certificates
        of the
        same Class as this Certificate.

       

      Distributions
        on this Certificate will be made by the Securities Administrator by check
        mailed
        to the address of the Person entitled thereto as such name and address shall
        appear on the Certificate Register or, if such Person so requests by notifying
        the Securities Administrator in writing as specified in the Agreement.
        Notwithstanding the above, the final distribution on this Certificate will
        be
        made after due notice by the Securities Administrator of the pendency of
        such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Securities Administrator for that purpose
        and
        designated in such notice.

       

      No
        transfer of this Class R[-1][-2][-3][-X] Certificate will be made unless
        the
        Trustee and Securities Administrator shall have received either (i) the opinion
        of counsel set forth in Section 7.02(h) of the Agreement or (ii) a
        representation letter under Section 7.02 of the Agreement, in the form as
        described by the Agreement, stating that the transferee is not an employee
        benefit or other plan subject to the prohibited transaction provisions of
        ERISA
        or Section 4975 of the Code (a “Plan”), or any other person acting, directly or
        indirectly, on behalf of or purchasing any Certificate with “plan assets” of any
        Plan.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as set
        forth on the face hereof (the “Certificates”). The Certificates, in the
        aggregate, evidence the entire beneficial ownership interest in the Trust
        Fund
        formed pursuant to the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the Trust Fund for payment hereunder and that the Trustee
        and the
        Securities Administrator are not liable to the Certificateholders for any
        amount
        payable under this Certificate or the Agreement or, except as expressly provided
        in the Agreement, subject to any liability under the Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced hereby, and the rights, duties and immunities
        of the Securities Administrator and the Trustee.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor
        and
        the rights of the Certificateholders under the Agreement from time to time
        by
        the parties thereto with the consent of the Holders of each Class of
        Certificates affected thereby evidencing over 50% of the Voting Rights of
        such
        Class or Classes. Any such consent by the Holder of this Certificate shall
        be
        conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        lieu
        hereof whether or not notation of such consent is made upon this Certificate.
        The Agreement also permits the amendment thereof, in certain limited
        circumstances, without the consent of the Holders of any of the
        Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable with the Securities
        Administrator upon surrender of this Certificate for registration of transfer
        at
        the offices or agencies maintained by the Securities Administrator for such
        purposes, duly endorsed by, or accompanied by a written instrument of transfer
        in form satisfactory to the Securities Administrator duly executed by the
        Holder
        hereof or such Holder’s attorney duly authorized in writing, and thereupon one
        or more new Certificates in authorized denominations representing a like
        aggregate Percentage Interest will be issued to the designated
        transferee.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in the
        Classes and denominations specified in the Agreement. As provided in the
        Agreement and subject to certain limitations therein set forth, this Certificate
        is exchangeable for one or more new Certificates evidencing the same Class
        and
        in the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made to the Certificateholders for any such registration
        of transfer, but the Securities Administrator may require payment of a sum
        sufficient to cover any tax or other governmental charge payable in connection
        therewith. The Depositor, the Master Servicer, the Securities Administrator,
        the
        Trustee and any agent of any of them may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Master Servicer, the Securities Administrator, the Trustee
        or any
        such agent shall be affected by notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby (other
        than the obligations to make payments to Certificateholders with respect
        to the
        termination of the Agreement) shall terminate upon the earlier of (i) the
        later
        of (A) the maturity or other liquidation (or Advance with respect thereto)
        of
        the last Mortgage Loan remaining in the Trust Fund and disposition of all
        property acquired upon foreclosure or deed in lieu of foreclosure of any
        Mortgage Loan and (B) the remittance of all funds due under the Agreement,
        or
        (ii) the optional repurchase by the party named in the Agreement of all the
        Mortgage Loans and other assets of the Trust Fund in accordance with the
        terms
        of the Agreement. Such optional repurchase may be made only on or after the
        first Distribution Date on which the aggregate Stated Principal Balance of
        the
        Mortgage Loans is less than or equal to a certain percentage of the aggregate
        Stated Principal Balance of the Mortgage Loans as of the Cut-off Date as
        set
        forth in the Agreement. The exercise of such right will effect the early
        retirement of the Certificates. In no event, however, will the Trust Fund
        created by the Agreement continue beyond the earlier of (i) the expiration
        of 21
        years after the death of certain persons identified in the Agreement and
        (ii)
        the Latest Possible Maturity Date (as defined in the Agreement).

       

      Unless
        this Certificate has been countersigned by an authorized signatory of the
        Securities Administrator by manual signature, this Certificate shall not
        be
        entitled to any benefit under the Agreement, or be valid for any
        purpose.

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Securities Administrator has caused this Certificate
        to be
        duly executed.

       

      
        	
                Dated:
                  ____________, 2006

              	 	
                LASALLE
                  BANK NATIONAL

                ASSOCIATION,
                  not in its individual capacity

                but
                  solely as Securities Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Authorized
                  Signatory

              

      

      

       

      CERTIFICATE
        OF AUTHENTICATION

       

      This
        is
        one of the Class R[-1][-2][-3][-X] Certificates referred to in the
        within-mentioned Agreement.

       

      
        	 	 	
                LASALLE
                  BANK NATIONAL

                ASSOCIATION,
                  Authorized signatory of

                LaSalle
                  Bank National Association , not in its

                individual
                  capacity but solely as Securities

                Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Authorized
                  Signatory

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        __________________________________ (Please print or typewrite name and address
        including postal zip code of assignee) a Percentage Interest evidenced by
        the
        within Asset-Backed Certificate and hereby authorizes the transfer of
        registration of such interest to assignee on the Certificate Register of
        the
        Trust Fund.

       

      I
        (We)
        further direct the Certificate Registrar to issue a new Certificate of a
        like
        denomination and Class, to the above named assignee and deliver such Certificate
        to the following address:

      

      
        	 
	 

      

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

      DISTRIBUTION
        INSTRUCTIONS

      

      
        	
                The
                  assignee should include the following for purposes of
                  distribution:

              
	 
	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        B

       

      MORTGAGE
        LOAN SCHEDULE

       

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        C

       

      FORM
        OF
        TRANSFER AFFIDAVIT

       

      

       

      
        	 	
                Affidavit
                  pursuant to Section 860E(e)(4) of the Internal 

                Revenue
                  Code of 1986, as amended, and for other
                  purposes

              

      

      

       

      
        	
                STATE
                  OF

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF

              	
                )

              	 

      

       

      [NAME
        OF
        OFFICER], being first duly sworn, deposes and says:

       

      1. That
        he/she is [Title of Officer] of [Name of Investor] (the “Investor”), a [savings
        institution] [corporation] duly organized and existing under the laws of
        [the
        State of _____] [the United States], on behalf of which he makes this
        affidavit.

       

      2. That
        (i)
        the Investor is not a “disqualified organization” as defined in Section
        860E(e)(5) of the Internal Revenue Code of 1986, as amended (the “Code”), or an
        electing large partnership as defined in Section 775(a) of the Code, and
        will
        not be a disqualified organization or an electing large partnership as of
        [Closing Date] [date of purchase]; (ii) it is not acquiring the SACO I Trust
        2006-6, Series 2006-6, Class R[-1][-2][-3][-X] Certificates (the “Residual
        Certificates”) for the account of a disqualified organization or an electing
        large partnership; (iii) it consents to any amendment of the Pooling and
        Servicing Agreement that shall be deemed necessary by Bear Stearns Asset
        Backed
        Securities I LLC (upon advice of counsel) to constitute a reasonable arrangement
        to ensure that the Residual Certificates will not be owned directly or
        indirectly by a disqualified organization or an electing large partnership;
        and
        (iv) it will not transfer such Residual Certificates unless (a) it has received
        from the transferee an affidavit in substantially the same form as this
        affidavit containing these same seven representations and (b) as of the time
        of
        the transfer, it does not have actual knowledge that such affidavit is
        false.

       

      3. That
        the
        Investor is one of the following: (i) a citizen or resident of the United
        States, (ii) a corporation or partnership (including an entity treated as
        a
        corporation or partnership for federal income tax purposes) created or organized
        in, or under the laws of, the United States or any state thereof or the District
        of Columbia (except, in the case of a partnership, to the extent provided
        in
        regulations), provided that no partnership or other entity treated as a
        partnership for United States federal income tax purposes shall be treated
        as a
        United States person within the meaning of the Code unless all persons that
        own
        an interest in such partnership either directly or through any entity that
        is
        not a corporation for United States federal income tax purposes are United
        States persons, (iii) an estate whose income is subject to United States
        federal
        income tax regardless of its source, or (iv) a trust other than a “foreign
        trust” as defined in Section 7701 (a)(31) of the Code.

       

      4. That
        the
        Investor’s taxpayer identification number is
        ______________________.

       

      5. That
        no
        purpose of the acquisition of the Residual Certificates is to avoid or impede
        the assessment or collection of tax.

       

      6. That
        the
        Investor understands that, as the holder of the Residual Certificates, the
        Investor may incur tax liabilities in excess of any cash flows generated
        by such
        Residual Certificates.

       

      7. That
        the
        Investor intends to pay taxes associated with holding the Residual Certificates
        as they become due.

       

      IN
        WITNESS WHEREOF, the Investor has caused this instrument to be executed on
        its
        behalf, pursuant to authority of its Board of Directors, by its [Title of
        Officer] this ____ day of _________, 20__.

       

      
        	 	 	 	 	 	 	 	
                [NAME
                  OF INVESTOR]

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	
                Name:

              	
                [Name
                  of Officer]

              
	 	 	 	 	 	 	 	
                Title:

              	
                [Title
                  of Officer]

              
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	
                [Address
                  of Investor for receipt of distributions]

              
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	
                Address
                  of Investor for receipt of tax
                  information:

              

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Personally
        appeared before me the above-named [Name of Officer], known or proved to
        me to
        be the same person who executed the foregoing instrument and to be the [Title
        of
        Officer] of the Investor, and acknowledged to me that he/she executed the
        same
        as his/her free act and deed and the free act and deed of the
        Investor.

       

      Subscribed
        and sworn before me this ___ day of _________, 20___.

       

      NOTARY
        PUBLIC

       

      COUNTY
        OF

       

      STATE
        OF

       

      My
        commission expires the ___ day of ___________________, 20___.

       

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        D

       

      FORM
        OF
        TRANSFEROR CERTIFICATE

       

      ______________,
        200___

       

      Bear
        Stearns Asset Backed Securities I LLC

      383
        Madison Avenue

      New
        York,
        New York 10179

       

      LaSalle
        Bank National Association

      135
        South
        LaSalle Street, Suite 1625

      Chicago,
        Illinois 60603

       

      Attention:
        SACO I Trust 2006-6

       

      
        	
                Re:

              	
                SACO
                  I Trust 2006-6, Mortgage-Backed Certificates, Series 2006-6
                  (the “Certificates”), including the Class [__] Certificates
                  (the “Privately Offered
                  Certificates”)

              

      

       

      Ladies
        and Gentlemen:

       

      In
        connection with the sale by ___________ (the “Seller”) to ________ (the
“Purchaser”) of $_________ Initial Certificate Principal Balance of
        Mortgage-Backed Certificates, Series 2006-6, Class _____ (the “Certificates”),
        issued pursuant to the Pooling and Servicing Agreement (the “Pooling and
        Servicing Agreement”), dated as of May 1, 2006, among Bear Stearns Asset Backed
        Securities I LLC, as depositor (the “Depositor”), EMC Mortgage Corporation, as
        sponsor and as company, LaSalle Bank National Association as master servicer
        and
        securities administrator and Citibank, N.A., as trustee (the “Trustee”). The
        Seller hereby certifies, represents and warrants to, a covenants with, the
        Depositor and the Trustee that:

       

      Neither
        the Seller nor anyone acting on its behalf (a) has offered, pledged, sold,
        disposed of or otherwise transferred any Certificate, any interest in any
        Certificate or any other similar security to any person in any manner, (b)
        has
        solicited any offer to buy or to accept a pledge, disposition or other transfer
        of any Certificate, any interest in any Certificate or any other similar
        security from any person in any manner, (c) has otherwise approached or
        negotiated with respect to any Certificate, any interest in any Certificate
        or
        any other similar security with any person in any manner, (d) has made any
        general solicitation by means of general advertising or in any other manner,
        or
        (e) has taken any other action, that (as to any of (a) through (e) above)
        would
        constitute a distribution of the Certificates under the Securities Act of
        1933
        (the “Act”), that would render the disposition of any Certificate a violation of
        Section 5 of the Act or any state securities law, or that would require
        registration or qualification pursuant thereto. The Seller will not act in
        any
        manner set forth in the foregoing sentence with respect to any Certificate.
        The
        Seller has not and will not sell or otherwise transfer any of the Certificates,
        except in compliance with the provisions of the Pooling and Servicing
        Agreement.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	 	 	 	 	 	 	 	
                Very
                  truly yours,

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                (Seller)

              	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	
                Name:

              	 
	 	 	 	 	 	 	 	
                Title:

              	 

      

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        E

       

      FORM
        OF
        INVESTMENT LETTER (NON-RULE 144A)

       

      [Date]

      [SELLER]

       

      Bear
        Stearns Asset Backed Securities I LLC

      383
        Madison Avenue

      New
        York,
        New York 10179

       

      LaSalle
        Bank National Association

      135
        South
        LaSalle Street, Suite 1625

      Chicago,
        Illinois 60603

       

      
        	
                Re:

              	
                SACO
                  I Trust 2006-6, Mortgage-Backed Certificates, Series 2006-6
                  (the “Certificates”), including the Class [__] Certificates
                  (the “Privately Offered
                  Certificates”)

              

      

       

      Dear
        Ladies and Gentlemen:

       

      In
        connection with our purchase of Privately Offered Certificates, we confirm
        that:

       

      
        	
                (i)

              	
                we
                  understand that the Privately Offered Certificates are not being
                  registered under the Securities Act of 1933, as amended (the “Act”) or any
                  applicable state securities or “Blue Sky” laws, and are being sold to us
                  in a transaction that is exempt from the registration requirements
                  of such
                  laws;

                 

              
	
                (ii)

              	
                any
                  information we desired concerning the Certificates, including the
                  Privately Offered Certificates, the trust in which the Certificates
                  represent the entire beneficial ownership interest (the “Trust”) or any
                  other matter we deemed relevant to our decision to purchase Privately
                  Offered Certificates has been made available to us;

                 

              
	
                (iii)

              	
                we
                  are able to bear the economic risk of investment in Privately Offered
                  Certificates; we are an institutional “accredited investor” as defined in
                  Section 501(a) of Regulation D promulgated under the Act and a
                  sophisticated institutional investor;

                 

              
	
                (iv)

              	
                we
                  are acquiring Privately Offered Certificates for our own account,
                  not as
                  nominee for any other person, and not with a present view to any
                  distribution or other disposition of the Privately Offered
                  Certificates;

                 

              
	
                (v)

              	
                we
                  agree the Privately Offered Certificates must be held indefinitely
                  by us
                  (and may not be sold, pledged, hypothecated or in any way disposed
                  of)
                  unless subsequently registered under the Act and any applicable
                  state
                  securities or “Blue Sky” laws or an exemption from the registration
                  requirements of the Act and any applicable state securities or
“Blue Sky”
                  laws is available;

                 

              
	
                (vi)

              	
                we
                  agree that in the event that at some future time we wish to dispose
                  of or
                  exchange any of the Privately Offered Certificates (such disposition
                  or
                  exchange not being currently foreseen or contemplated), we will
                  not
                  transfer or exchange any of the Privately Offered Certificates
                  unless:

                 

              
	 	
                (A)
                  (1) the sale is to an Eligible Purchaser (as defined below), (2)
                  if
                  required by the Pooling and Servicing Agreement (as defined below)
                  a
                  letter to substantially the same effect as either this letter or,
                  if the
                  Eligible Purchaser is a Qualified Institutional Buyer as defined
                  under
                  Rule 144A of the Act, the Rule 144A and Related Matters Certificate
                  in the
                  form attached to the Pooling and Servicing Agreement (as defined
                  below)
                  (or such other documentation as may be acceptable to the Trustee)
                  is
                  executed promptly by the purchaser and delivered to the addressees
                  hereof
                  and (3) all offers or solicitations in connection with the sale,
                  whether
                  directly or through any agent acting on our behalf, are limited
                  only to
                  Eligible Purchasers and are not made by means of any form of general
                  solicitation or general advertising whatsoever; and

                 

              
	 	
                (B)
                  if the Privately Offered Certificate is not registered under the
                  Act (as
                  to which we acknowledge you have no obligation), the Privately
                  Offered
                  Certificate is sold in a transaction that does not require registration
                  under the Act and any applicable state securities or “blue sky” laws and,
                  if LaSalle Bank National Association. (the “Securities Administrator”) so
                  requests, a satisfactory Opinion of Counsel is furnished to such
                  effect,
                  which Opinion of Counsel shall be an expense of the transferor
                  or the
                  transferee;

                 

              
	
                (vii)

              	
                we
                  agree to be bound by all of the terms (including those relating
                  to
                  restrictions on transfer) of the Pooling and Servicing, pursuant
                  to which
                  the Trust was formed; we have reviewed carefully and understand
                  the terms
                  of the Pooling and Servicing Agreement;

                 

              
	
                (viii)

              	
                we
                  either: (i) are not acquiring the Privately Offered Certificates
                  directly
                  or indirectly by, or on behalf of, an employee benefit plan or
                  other
                  retirement arrangement which is subject to Title I of the Employee
                  Retirement Income Security Act of 1974, as amended, and/or section
                  4975 of
                  the Internal Revenue Code of 1986, as amended, or (ii) have provided
                  the
                  Opinion of Counsel required by the Agreement. 

                 

              
	
                (ix)

              	
                We
                  understand that each of the Privately Offered Certificates bears,
                  and will
                  continue to bear, a legend to substantiate the following effect:
                  THIS
                  CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
                  ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY STATE
                  SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE,
                  AGREES
                  THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE
                  TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER
                  APPLICABLE LAWS AND ONLY (1) PURSUANT TO RULE 144A UNDER THE SECURITIES
                  ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A
                  QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A (A
“QIB”),
                  PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT
                  OF A
                  QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER,
                  RESALE,
                  PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
                  (2)
                  PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144
                  UNDER THE
                  SECURITIES ACT (IF AVAILABLE) OR (3) IN CERTIFICATED FORM TO AN
                  “INSTITUTIONAL ACCREDITED INVESTOR” WITHIN THE MEANING THEREOF IN RULE
                  501(a)(1), (2), (3) or (7) OF REGULATION D UNDER THE ACT OR ANY
                  ENTITY IN
                  WHICH ALL OF THE EQUITY OWNERS COME WITHIN SUCH PARAGRAPHS PURCHASING
                  NOT
                  FOR DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, SUBJECT TO
                  (A) THE
                  RECEIPT BY THE SECURITIES ADMINISTRATOR OF A LETTER SUBSTANTIALLY
                  IN THE
                  FORM PROVIDED IN THE AGREEMENT AND (B) THE RECEIPT BY THE SECURITIES
                  ADMINISTRATOR OF SUCH OTHER EVIDENCE ACCEPTABLE TO THE SECURITIES
                  ADMINISTRATOR THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS
                  IN
                  COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS OR
                  IN EACH
                  CASE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED
                  STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH HOLDER OF A
                  CERTIFICATE
                  OR BENEFICIAL OWNERSHIP SHALL BE DEEMED TO HAVE MADE THE REPRESENTATIONS
                  SET FORTH IN SECTION 7.02(h) OF THE POOLING
                  AGREEMENT.

              

      

      

       

      “Eligible
        Purchaser”
        means a
        corporation, partnership or other entity which we have reasonable grounds
        to
        believe and do believe (i) can make representations with respect to itself
        to
        substantially the same effect as the representations set forth herein, and
        (ii)
        is either a Qualified Institutional Buyer as defined under Rule 144A of the
        Act
        or an institutional “Accredited Investor” as defined under Rule 501 of the
        Act.

       

      Terms
        not
        otherwise defined herein shall have the meanings assigned to them in the
        Pooling
        and Servicing Agreement, dated as of May 1, 2006, among Bear Stearns Asset
        Backed Securities I LLC, as depositor (the “Depositor”), EMC Mortgage
        Corporation, as sponsor and as company, LaSalle Bank National Association
        as
        master servicer and securities administrator and Citibank, N.A., as Trustee
        (the
“Pooling and Servicing Agreement’).

       

      If
        the
        Purchaser proposes that its Certificates be registered in the name of a nominee
        on its behalf, the Purchaser has identified such nominee below, and has caused
        such nominee to complete the Nominee Acknowledgment at the end of this
        letter.

       

      Name
        of
        Nominee (if any): __________________________

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, this document has been executed by the undersigned who is
        duly
        authorized to do so on behalf of the undersigned Eligible Purchaser on the
        ___
        day of ________, 20___.

       

      
        	 	 	 	 	 	 	 	
                Very
                  truly yours,

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                [PURCHASER]

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                (Authorized

                  Officer)

              
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                (Attorney-in-fact)

              

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Nominee
        Acknowledgment

       

      The
        undersigned hereby acknowledges and agrees that as to the Certificates being
        registered in its name, the sole beneficial owner thereof is and shall be
        the
        Purchaser identified above, for whom the undersigned is acting as
        nominee.

       

      
        	 	 	 	 	 	 	 	
                [NAME
                  OF NOMINEE]

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                (Authorized
                  Officer)

              
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                (Attorney-in-fact)

              

      

      

       

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        F

       

      FORM
        OF
        RULE 144A AND RELATED MATTERS CERTIFICATE

       

      [SELLER]

       

      Bear
        Stearns Asset Backed Securities I LLC

      383
        Madison Avenue

      New
        York,
        New York 10179

       

      LaSalle
        Bank National Association

      135
        South
        LaSalle Street, Suite 1625

      Chicago,
        Illinois 60603

       

      
        	
                Re:

              	
                SACO
                  I Trust 2006-6, Mortgage-Backed Certificates, Series
                  2006-6 (the “Certificates”), including the Class [__] Certificates
                  (the “Privately Offered
                  Certificates”)

              

      

      

      Dear
        Ladies and Gentlemen:

       

      In
        connection with our purchase of Privately Offered Certificates, the undersigned
        certifies to each of the parties to whom this letter is addressed that it
        is a
        qualified institutional buyer (as defined in Rule 144A under the Securities
        Act
        of 1933, as amended (the “Act”)) as follows:

       

      1. It
        owned
        and/or invested on a discretionary basis eligible securities (excluding
        affiliate’s securities, bank deposit notes and CD’s, loan participations,
        repurchase agreements, securities owned but subject to a repurchase agreement
        and swaps), as described below:

       

      Date:
        ______________, 20__ (must be on or after the close of its most recent fiscal
        year)

       

      Amount:
        $
        _____________________; and

       

      2. The
        dollar amount set forth above is:

       

      
        	 	
                a.

              	
                greater
                  than $100 million and the undersigned is one of the following
                  entities:

              

      

       

      
        	
                (1)

              	
                [_]

              	
                an
                  insurance company as defined in Section 2(13) of the Act1 ;
                  or

                 

              
	
                (2)

              	
                [_]

              	
                an
                  investment company registered under the Investment Company Act
                  or any
                  business development company as defined in Section 2(a)(48) of
                  the
                  Investment Company Act of 1940; or

                 

              
	
                (3)

              	
                [_]

              	
                a
                  Small Business Investment Company licensed by the U.S. Small Business
                  Administration under Section 301(c) or (d) of the Small Business
                  Investment Act of 1958; or

                 

              
	
                (4)

              	
                [_]

              	
                a
                  plan (i) established and maintained by a state, its political
                  subdivisions, or any agency or instrumentality of a state or its
                  political
                  subdivisions, the laws of which permit the purchase of securities
                  of this
                  type, for the benefit of its employees and (ii) the governing investment
                  guidelines of which permit the purchase of securities of this type;
                  or

                 

              
	
                (5)

              	
                [_]

              	
                a
                  business development company as defined in Section 202(a)(22) of
                  the
                  Investment Advisers Act of 1940; or

                 

              
	
                (6)

              	
                [_]

              	
                a
                  corporation (other than a U.S. bank, savings and loan association
                  or
                  equivalent foreign institution), partnership, Massachusetts or
                  similar
                  business trust, or an organization described in Section 501(c)(3)
                  of the
                  Internal Revenue Code; or

                 

              
	
                (7)

              	
                [_]

              	
                a
                  U.S. bank, savings and loan association or equivalent foreign institution,
                  which has an audited net worth of at least $25 million as demonstrated
                  in
                  its latest annual financial statements; or

                 

              
	
                (8)

              	
                [_]

              	
                an
                  investment adviser registered under the Investment Advisers Act;
                  or

                 

              
	 	
                b.

              	
                [_]

              	
                greater
                  than $10 million, and the undersigned is a broker-dealer registered
                  with
                  the SEC; or

                 

              
	 	
                c.

              	
                [_]

              	
                less
                  than $10 million, and the undersigned is a broker-dealer registered
                  with
                  the SEC and will only purchase Rule 144A securities in transactions
                  in
                  which it acts as a riskless principal (as defined in Rule 144A);
                  or

                 

              
	 	
                d.

              	
                [_]

              	
                less
                  than $100 million, and the undersigned is an investment company
                  registered
                  under the Investment Company Act of 1940, which, together with
                  one or more
                  registered investment companies having the same or an affiliated
                  investment adviser, owns at least $100 million of eligible securities;
                  or

                 

              
	 	
                e.

              	
                [_]

              	
                less
                  than $100 million, and the undersigned is an entity, all the equity
                  owners
                  of which are qualified institutional
                  buyers.

              

      

      

       

      The
        undersigned further certifies that it is purchasing a Privately Offered
        Certificate for its own account or for the account of others that independently
        qualify as “Qualified Institutional Buyers” as defined in Rule 144A. It is aware
        that the sale of the Privately Offered Certificates is being made in reliance
        on
        its continued compliance with Rule 144A. It is aware that the transferor
        may
        rely on the exemption from the provisions of Section 5 of the Act provided
        by
        Rule 144A. The undersigned understands that the Privately Offered Certificates
        may be resold, pledged or transferred only to (i) a person reasonably believed
        to be a Qualified Institutional Buyer that purchases for its own account
        or for
        the account of a Qualified Institutional Buyer to whom notice is given that
        the
        resale, pledge or transfer is being made in reliance in Rule 144A, or (ii)
        an
        institutional “accredited investor,” as such term is defined under Rule 501 of
        the Act in a transaction that otherwise does not constitute a public
        offering.

       

      The
        undersigned agrees that if at some future time it wishes to dispose of or
        exchange any of the Privately Offered Certificates, it will not transfer
        or
        exchange any of the Privately Offered Certificates to a Qualified Institutional
        Buyer without first obtaining a Rule 144A and Related Matters Certificate
        in the
        form hereof from the transferee and delivering such certificate to the
        addressees hereof. Prior to making any transfer of Privately Offered
        Certificates, if the proposed Transferee is an institutional “accredited
        investor,” the transferor shall obtain from the transferee and deliver to the
        addressees hereof an Investment Letter in the form attached to the Pooling
        and
        Servicing Agreement, dated as of May 1, 2006, among Bear Stearns Asset Backed
        Securities I LLC, as depositor (the “Depositor”), EMC Mortgage Corporation, as
        sponsor and as company, LaSalle Bank National Association as master servicer
        and
        securities administrator and Citibank, N.A., as Trustee, pursuant to which
        the
        Certificates were issued.

       

      The
        undersigned certifies that it either: (i) is not acquiring the Privately
        Offered
        Certificates directly or indirectly by, or on behalf of, an employee benefit
        plan or other retirement arrangement which is subject to Title I of the Employee
        Retirement Income Security Act of 1974, as amended, and/or section 4975 of
        the
        Internal Revenue Code of 1986, as amended, or (ii) has provided the Opinion
        of
        Counsel required by the Agreement. 

       

      If
        the
        Purchaser proposes that its Certificates be registered in the name of a nominee
        on its behalf, the Purchaser has identified such nominee below, and has caused
        such nominee to complete the Nominee Acknowledgment at the end of this
        letter.

       

      Name
        of
        Nominee (if any): ________________________

      

      

      

        

        
          1 A
            purchase by an insurance company for one or more of its separate accounts,
            as
            defined by Section 2(a)(37) of the Investment Company Act of 1940, which
            are
            neither registered nor required to be registered thereunder, shall be
            deemed to
            be a purchase for the account of such insurance company.

        

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      IN
        WITNESS WHEREOF, this document has been executed by the undersigned who is
        duly
        authorized to do so on behalf of the undersigned Eligible Purchaser on the
        ____
        day of ___________, 20___.

       

      
        	 	 	 	 	 	 	 	
                Very
                  truly yours,

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                [PURCHASER]

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                (Authorized
                  Officer)

              
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                (Attorney-in-fact)

              

      

      

       

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Nominee
        Acknowledgment

       

      The
        undersigned hereby acknowledges and agrees that as to the Certificates being
        registered in its name, the sole beneficial owner thereof is and shall be
        the
        Purchaser identified above, for whom the undersigned is acting as
        nominee.

       

      
        	 	 	 	 	 	 	 	
                [NAME
                  OF NOMINEE]

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                (Authorized
                  Officer)

              
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                (Attorney-in-fact)

              

      

      

       

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        G

       

      FORM
        OF
        REQUEST FOR RELEASE

       

      
        	
                To:

              	
                   
                  LaSalle Bank National Association

              

      

      135
        South
        LaSalle Street, Suite 1625

      Chicago,
        Illinois 60603

      

       

      
        	
                RE:

              	
                Pooling
                  and Servicing Agreement, dated as of May 1, 2006, among Bear Stearns
                  Asset
                  Backed Securities I LLC, as Depositor, EMC Mortgage Corporation,
                  as
                  sponsor and as company, LaSalle Bank National Association as master
                  servicer and securities administrator and Citibank, N.A., as
                  Trustee

              

      

      

      In
        connection with the administration of the Mortgage Loans held by you pursuant
        to
        the above-captioned Pooling and Servicing Agreement, we request the release,
        and
        hereby acknowledge receipt, of the Mortgage File for the Mortgage Loan described
        below, for the reason indicated.

       

      Mortgage
        Loan Number:

       

      Mortgagor
        Name, Address & Zip Code:

       

      Reason
        for Requesting Documents (check one):

       

      
        	
                _____

              	
                1.

              	
                Mortgage
                  Paid in Full and proceeds have been deposited into the Custodial
                  Account

                 

              
	
                _____

              	
                2.

              	
                Foreclosure

                 

              	 
	
                _____

              	
                3.

              	
                Substitution

                 

              	 
	
                _____

              	
                4.

              	
                Other
                  Liquidation

                 

              	 
	
                _____

              	
                5.

              	
                Nonliquidation

              	
                Reason:_________________________________

                 

              
	
                _____

              	
                6.

              	
                California
                  Mortgage Loan paid in full

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                (authorized
                  signer)

              
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                Issuer:

              	 
	 	 	 	 	 	 	 	
                Address:

              	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                Date:

              	 

      

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        H

       

      DTC
        LETTER OF REPRESENTATIONS

      

      [Provided
        Upon Request]

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        I

       

      SCHEDULE
        OF MORTGAGE LOANS WITH LOST NOTES

      

      [Provided
        Upon Request]

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        J

       

      FORM
        OF
        LASALLE CUSTODIAL AGREEMENT

       

      THIS
        CUSTODIAL AGREEMENT (as amended and supplemented from time to time, the
“Agreement”), dated as of May 30, 2006, by and among CITIBANK, N.A., not
        individually but solely as trustee under the Pooling and Servicing Agreement
        defined below (including its successors under the Pooling and Servicing
        Agreement defined below, in that capacity, the “Trustee”), BEAR STEARNS ASSET
        BACKED SECURITIES I LLC, as depositor (together with any successor in interest,
        the “Depositor”), EMC MORTGAGE CORPORATION, as sponsor (“EMC” and the “Sponsor”)
        and as company (together with any successor in interest or successor under
        the
        Pooling and Servicing Agreement referred to below, the “Company”) and LASALLE
        BANK NATIONAL ASSOCIATION, as master servicer (together with any successor
        in
        interest, the “Master Servicer”), securities administrator (in that capacity,
        the “Securities Administrator”) and as custodian (together with any successor in
        interest or any successor in interest or any successor appointed hereunder,
        the
“Custodian”).

       

      WITNESSETH
        THAT:

       

      WHEREAS,
        the Depositor, EMC, the Master Servicer, the Securities Administrator and
        the
        Trustee have entered into a Pooling and Servicing Agreement, dated as of
        May 1,
        2006, relating to the issuance of SACO I Trust 2006-6, Mortgage-Backed
        Certificates, Series 2006-6 (as in effect on the date of this Agreement,
        and as
        amended and supplemented from time to time, the “Pooling and Servicing
        Agreement”); and all custodian obligations are defined herein. In the event any
        custodian obligations are defined in the Pooling and Servicing Agreement,
        this
        custodial agreement shall supercede.

       

      WHEREAS,
        the Custodian has agreed to act as agent for the Trustee on behalf of the
        Certificateholders for the purposes of receiving and holding certain documents
        and other instruments delivered by the Depositor, the Sponsor or the Master
        Servicer under the Pooling and Servicing Agreement and the Servicers, if
        any,
        under their respective Servicing Agreements, all upon the terms and conditions
        and subject to the limitations hereinafter set forth;

       

      NOW,
        THEREFORE, in consideration of the premises and the mutual covenants and
        agreements hereinafter set forth, the Trustee, the Depositor, the Sponsor,
        the
        Master Servicer, the Company and the Custodian hereby agree as
        follows:

       

       

      ARTICLE
        I.

       

      DEFINITIONS

       

      Section
        1.1.  Definitions.
        For the
        purposes of this Agreement, the following terms shall have the indicated
        meanings unless the context or use indicates another or different meaning
        and
        intent, the definitions of such terms are equally applicable to the singular
        and
        the plural forms of such terms, the words “herein,” “hereof” and “hereunder” and
        other words of similar import refer to this Agreement as a whole and not
        to any
        particular section or other subdivision, and section references refer to
        sections of this Agreement.

       

      “Agreement”
        shall mean this Custodial Agreement, as further supplemented or amended from
        time to time.

       

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

       

      “Closing
        Date” shall mean May 30, 2006.

       

      “Master
        Servicer” shall mean LaSalle Bank National Association, in its capacity as
        master servicer, and its successors and assigns.

       

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

       

      “MERS
        Mortgage Loan” shall mean any Mortgage Loan registered with MERS on the MERS®
system.

       

      “MERS®
        System” shall mean the system of recording transfers of Mortgages electronically
        maintained by MERS.

       

      “MIN”
        shall mean the Mortgage Identification Number for Mortgage Loans registered
        with
        MERS on the MERS System.

       

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

       

      “Mortgage”
        shall mean the mortgage, deed of trust or other instrument creating a first
        or
        second lien on or first or second priority ownership interest in an estate
        in
        fee simple in real property securing a Mortgage Note.

       

      “Mortgage
        Assignment” shall mean an assignment of the Mortgage in recordable form,
        sufficient under the laws of the jurisdiction wherein the related Mortgaged
        Property is located to reflect the sale of the Mortgage.

       

      “Mortgage
        File” shall have the meaning set forth in Section 2 hereof.

       

      “Mortgage
        Loan” shall mean a first or subordinate lien mortgage loan or a first or
        subordinate lien home equity line of credit on a one-to-four family residential
        property.

       

      “Mortgage
        Loan Schedule” shall mean the electronic schedule of Mortgage Loans identified
        in Schedule A.

       

      “Mortgaged
        Property” shall mean the real property securing repayment of a Mortgage
        Loan.

       

      “Mortgagor”
        shall mean the obligor on a Mortgage Note.

       

      “Note”
        shall mean any promissory note or other evidence of indebtedness evidencing
        the
        indebtedness of a Mortgagor under a Mortgage Loan.

       

      “Servicer”
        shall mean the related servicer of the Mortgage Loans.

       

      “Trustee”
        shall mean Citibank, N.A., a national banking association, not in its individual
        capacity, but solely in its capacity as trustee for the benefit of the
        Certificateholders under this Agreement, and any successor thereto, and any
        corporation or national banking association resulting from or surviving any
        consolidation or merger to which it or its successors may be a party and
        any
        successor trustee as may from time to time be serving as successor trustee
        hereunder.

       

      Any
        Capitalized terms used in this Agreement and not defined herein shall have
        the
        meanings assigned in the Pooling and Servicing Agreement, unless otherwise
        required by the context herein.

       

       

      ARTICLE
        II.

       

      CUSTODY
        OF MORTGAGE DOCUMENTS

       

      Section
        2.1.  Custodian
        to Act as Agent: Acceptance of Mortgage Files.
        The
        Custodian, as the duly appointed custodial agent of the Trustee for these
        purposes, acknowledges (subject to any exceptions noted in the Initial
        Certification referred to in Section 2.3(a)) receipt of the Mortgage Files
        relating to the Mortgage Loans identified on Schedule A attached hereto (the
        “Mortgage Loan Schedule”) and declares that it holds and will hold such Mortgage
        Files as agent for the Trustee, in trust, for the use and benefit of all
        present
        and future Certificateholders.

       

      Section
        2.2.  Recordation
        of Assignments.
        If any
        Mortgage File includes one or more assignments of Mortgage that have not
        been
        recorded and the related Mortgage Loan is not a MERS Loan or the Custodian
        has
        not received written instructions from the related Seller or the Trustee
        that
        the related Mortgaged Properties are located in jurisdictions under the laws
        of
        which the recordation of such assignment is not necessary to protect the
        Trustee’s interest therein, each such assignment shall be delivered by the
        Custodian to the related Seller for the purpose of recording it in the
        appropriate public office for real property records, and the Sponsor, at
        no
        expense to the Custodian, shall promptly cause to be recorded in the appropriate
        public office for real property records each such assignment of Mortgage
        and,
        upon receipt thereof from such public office, shall return each such assignment
        of Mortgage to the Custodian.

       

      Section
        2.3.  Review
        of Mortgage Files.

       

      (a)  The
        documents set forth in the definition “Mortgage File” herein shall be delivered
        and released to the Custodian relating to each of the Mortgage Loans to be
        purchased on a Closing Date. The related Mortgage Loans shall be identified
        in
        the Mortgage Loan Schedule in electronic format which shall be delivered
        to the
        Custodian by the Depositor at least two Business Days prior to each Closing
        Date. On or prior to the Closing Date, the Custodian shall deliver to EMC,
        the
        Master Servicer and the Trustee an Initial Certification in the form annexed
        hereto as Exhibit One evidencing receipt (subject to any exceptions noted
        therein) of a Mortgage File for each of the Mortgage Loans listed on Schedule
        A
        attached hereto (the “Mortgage Loan Schedule”).

       

      (b)  Within
        90
        days thereafter, the Custodian agrees, for the benefit of Certificateholders
        to
        review each such document, and shall deliver to EMC, the Master Servicer
        and the
        Trustee an Interim Certification in the form annexed hereto as Exhibit Two
        to
        the effect that all such documents have been executed and received and that
        such
        documents relate to the Mortgage Loans identified on the Mortgage Loan Schedule,
        except for any exceptions listed on Schedule A attached to such Interim
        Certification. The Custodian shall be under no duty or obligation to inspect,
        review or examine said documents, instruments, certificates or other papers
        to
        determine that the same are genuine, enforceable, or appropriate for the
        represented purpose or that they have actually been recorded or that they
        are
        other than what they purport to be on their face.

       

      (c)  Not
        later
        than 180 days after the Closing Date, the Custodian shall review, for the
        benefit of Certificateholders, the Mortgage Files and deliver to the Sponsor,
        the Master Servicer and the Trustee a Final Certification in the form annexed
        hereto as Exhibit Three evidencing whether each document required to be recorded
        has been returned from the recording office with evidence of recording thereon
        and the Custodian has received either an original or a copy thereof. If the
        Custodian finds any document missing, or to be unrelated, determined on the
        basis of the mortgagor name, original principal balance and loan number,
        to the
        mortgage loans identified on the Mortgage Loan Schedule or to appear defective
        on its face, the Custodian shall note such defect in the exception report
        attached to the Final Certification and shall promptly notify the Trustee.
        

       

      (d)  In
        reviewing the Mortgage Files as provided herein, the Custodian shall make
        no
        representation as to and shall not be responsible to verify (i) the validity,
        legality, enforceability, due authorization, recordability, sufficiency or
        genuineness of any of the documents included in any Mortgage File or (ii)
        the
        collectibility, insurability, effectiveness or suitability of any of the
        documents in any Mortgage File.

       

      In
        performing any such review, the Custodian may conclusively rely on the purported
        due execution and genuineness of any such document and on the purported
        genuineness of any signature thereon.

       

      Upon
        receipt of written request from EMC, the Master Servicer or the Trustee,
        the
        Custodian shall as soon as practicable supply such Person with a list of
        all of
        the documents relating to the Mortgage Loans missing from the Mortgage
        Files.

       

      Section
        2.4.  Custodian
        to Cooperate: Release of Mortgage Files.
        Upon
        receipt of written notice per Exhibit Four or Electronic Release Request
        per
        Exhibit Five from the Trustee that EMC has repurchased a Mortgage Loan pursuant
        to Article II of the Pooling and Servicing Agreement, and a request for release
        (a “Request for Release”) confirming that the purchase price therefor has been
        paid as required under the Pooling and Servicing Agreement, then the Custodian
        agrees to promptly release to EMC the related Mortgage File.

       

      Upon
        the
        Custodian’s receipt of a Request for Release from the Master Servicer
        substantially in the form of Exhibit Four attached hereto or Electronic Release
        Request per Exhibit Five, stating that it has received payment in full of
        a
        Mortgage Loan or that payment in full will be escrowed in a manner customary
        for
        such purposes, the Custodian agrees promptly to release to the Company or
        the
        related Servicer, the related Mortgage File. The Depositor shall deliver
        to the
        Custodian and the Custodian agrees to review in accordance with the provisions
        of the Custodial Agreement the Mortgage Note and other documents constituting
        the Mortgage File with respect to any Replacement Mortgage Loan.

       

      From
        time
        to time as is appropriate for the servicing or foreclosure of any Mortgage
        Loan,
        the Company or the related Servicer, as applicable, shall deliver to the
        Custodian a Request for Release per Exhibit Four or Electronic Release Request
        per Exhibit Five requesting that possession of all of the Mortgage File be
        released to the Company or the related Servicer, as applicable, and certifying
        as to the reason for such release. Upon receipt of the foregoing, the Custodian
        shall deliver the Mortgage File to the Company or the related Servicer, as
        applicable. All Mortgage Files so released to the Company or the related
        Servicer, as applicable, shall be held by it in trust for the Trustee for
        the
        use and benefit of all present and future Certificateholders. The Company
        or the
        related Servicer, as applicable, shall cause each Mortgage File or any document
        therein so released to be returned to the Custodian when the need therefore
        by
        the Company or the related Servicer, as applicable, no longer exists, unless
        (i)
        the Mortgage Loan has been liquidated, or (ii) the Mortgage File or such
        document has been delivered to an attorney, or to a public trustee or other
        public official as required by law, for purposes of initiating or pursuing
        legal
        action or other proceedings for the foreclosure of the Mortgaged Property
        either
        judicially or non-judicially, and the Company or the related Servicer, as
        applicable, has delivered to the Custodian a certificate of a Servicing Officer
        certifying as to the name and address of the Person to which such Mortgage
        File
        or such document was delivered and the purpose or purposes of such
        delivery.

       

      At
        any
        time that the Company or the related Servicer is required to deliver to the
        Custodian a Request for Release, the Company or the related Servicer, as
        applicable, shall deliver two copies of the Request for Release if delivered
        in
        hard copy or the Company or the related Servicer, as applicable, may furnish
        such Request for Release electronically to the Custodian, in which event
        the
        Servicing Officer transmitting the same shall be deemed to have signed the
        Request for Release. In connection with any Request for Release of a Mortgage
        File because of a repurchase of a Mortgage Loan, such Request for Release
        shall
        be accompanied by an assignment of mortgage, without recourse, representation
        or
        warranty from the Trustee to EMC (unless such Mortgage Loan is a MOM Loan)
        and
        the related Mortgage Note shall be endorsed without recourse, representation
        or
        warranty by the Trustee (unless such Mortgage Loans is registered on the
        MERS
        System) and be returned to EMC. In connection with any Request for Release
        of a
        Mortgage File because of the payment in full of a Mortgage Loan, such Request
        for Release shall be accompanied by a certificate of satisfaction or other
        similar instrument to be executed by or on behalf of the Trustee and returned
        to
        the Company or the related Servicer, as applicable.

       

      Section
        2.5.  Assumption
        Agreements.
        In the
        event that any assumption agreement, substitution of liability agreement
        or sale
        of servicing agreement is entered into with respect to any Mortgage Loan
        subject
        to this Agreement, to the extent provided in the Pooling and Servicing
        Agreement, shall enforce any obligation of the related Servicer, to the extent
        set forth in the Servicing Agreement or with respect to EMC as company, the
        Pooling and Servicing Agreement, to notify the Custodian that such assumption
        or
        substitution agreement has been completed by forwarding to the Custodian
        the
        original of such assumption or substitution agreement, which shall be added
        to
        the related Mortgage File and, for all purposes, shall be considered a part
        of
        such Mortgage File to the same extent as all other documents and instruments
        constituting parts thereof.

       

       

      ARTICLE
        III.

       

      CONCERNING
        THE CUSTODIAN

       

      Section
        3.1.  Custodian
        as Bailee and Agent of the Trustee.
        With
        respect to each Mortgage Note, Mortgage and other documents constituting
        each
        Mortgage File which are delivered to the Custodian, the Custodian is exclusively
        the bailee and custodial agent of the Trustee and has no instructions to
        hold
        any Mortgage Note or Mortgage for the benefit of any person other than the
        Trustee, the Certificateholders and undertakes to perform such duties and
        only
        such duties as are specifically set forth in this Agreement. Except upon
        compliance with the provisions of Section 2.4 of this Agreement, no Mortgage
        Note, Mortgage or Mortgage File shall be delivered by the Custodian to the
        Sponsor, the Depositor, any Servicer or the Master Servicer or otherwise
        released from the possession of the Custodian.

       

      Section
        3.2.  Custodian
        May Own Certificates.
        The
        Custodian in its individual or any other capacity may become the owner or
        pledgee of interests in the Mortgage Loans with the same rights it would
        have if
        it were not Custodian.

       

      Section
        3.3.  Master
        Servicer to Pay Custodian’s Fees and Expenses.
        The
        Master Servicer covenants and agrees to pay pursuant to a separate fee schedule
        to the Custodian from time to time, and the Custodian shall be entitled to,
        reasonable compensation for all services rendered by it in the exercise and
        performance of any of the powers and duties hereunder of the Custodian, and
        the
        Master Servicer will pay or reimburse the Custodian (which payment or
        reimbursement shall be reimbursed to the Master Servicer pursuant to the
        Pooling
        and Servicing Agreement) upon its request for all reasonable expenses,
        disbursements and advances incurred or made by the Custodian in accordance
        with
        any of the provisions of this Agreement (including the reasonable compensation
        and the expenses and disbursements of its counsel and of all persons not
        regularly in its employ), except any such expense, disbursement or advance
        as
        may arise from its negligence or bad faith. 

       

      Section
        3.4.  Custodian
        May Resign; Trustee May Remove Custodian.
        The
        Custodian may resign from the obligations and duties hereby imposed upon
        it as
        such obligations and duties relate to its acting as Custodian of the Mortgage
        Loans. Upon receiving such written notice of resignation, the Trustee shall
        either take custody of the Mortgage Files itself and give prompt written
        notice
        thereof to the Depositor, the Master Servicer and the Custodian, or promptly
        appoint a successor Custodian by written instrument, in duplicate, one copy
        of
        which instrument shall be delivered to the resigning Custodian and one copy
        to
        the successor Custodian. If the Trustee shall not have taken custody of the
        Mortgage Files and no successor Custodian shall have been so appointed and
        have
        accepted appointment within 30 days after the giving of such written notice
        of
        resignation, the resigning Custodian may petition any court of competent
        jurisdiction for the appointment of a successor Custodian.

       

      Any
        resignation of the Custodian and appointment of a successor Custodian pursuant
        to any of the provisions of this Section 3.4 shall become effective upon
        acceptance of appointment by the successor Custodian. The Trustee shall give
        prompt notice to the Depositor and the Master Servicer of the appointment
        of any
        successor Custodian. Notwithstanding anything to the contrary set forth herein,
        no successor Custodian shall be appointed by the Trustee without the prior
        approval of the Depositor and the Master Servicer. 

       

      Section
        3.5.  Merger
        or Consolidation of Custodian.
        Any
        Person into which the Custodian may be merged or converted or with which
        it may
        be consolidated, or any Person resulting from any merger, conversion or
        consolidation to which the Custodian shall be a party, or any Person succeeding
        to the business of the Custodian, shall be the successor of the Custodian
        hereunder, without the execution or filing of any paper or any further act
        on
        the part of any of the parties hereto, anything herein to the contrary
        notwithstanding; provided that such successor is a depository institution
        subject to supervision or examination by federal or state authority and is
        able
        to satisfy the other requirements contained in Section 3.6 and is not affiliated
        with the Sponsor and the Sponsor’s affiliates.

       

      Section
        3.6.  Representations
        of the Custodian.
        The
        Custodian hereby represents that it is a depository institution subject to
        supervision or examination by a federal or state authority, has a combined
        capital and surplus of at least $15,000,000 and is qualified to do business
        in
        the jurisdictions in which it will hold any Mortgage File.

       

      Section
        3.7.  Limitation
        on Liability.
        Neither
        the Custodian nor any of its directors, officers, agents or employees, shall
        be
        liable for any action taken or omitted to be taken by it or them hereunder
        or in
        connection herewith in good faith and believed (which belief may be based
        upon
        the opinion or advice of counsel selected by it in the exercise of reasonable
        care) by it or them to be within the purview of this Agreement, except for
        its
        or their own negligence, lack of good faith or willful misconduct. The Custodian
        and any director, officer, employee or agent of the Custodian 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. In no event shall the
        Custodian or its directors, officers, agents and employees be held liable
        for
        any special, indirect or consequential damages resulting from any action
        taken
        or omitted to be taken by it or them hereunder or in connection herewith
        even if
        advised of the possibility of such damages.

       

      Notwithstanding
        anything herein to the contrary, the Custodian agrees to indemnify the Trust
        Fund and the Trustee and each of their respective officers, directors and
        agents
        for any and all liabilities, obligations, losses, damages, payments, costs
        or
        expenses of any kind whatsoever that may be imposed on, incurred by or asserted
        against the Trustee or the Trust Fund, due to any negligent performance by
        the
        Custodian of its duties and responsibilities under this Agreement; provided,
        however, that the Custodian shall not be liable to any of the foregoing Persons
        for any amount and any portion of any such amount resulting from the willful
        misfeasance, bad faith or negligence of such person, and the Custodian’s
        reliance on instructions from the Trustee or the Master Servicer. The provisions
        of this Section 3.7 shall survive the termination of this Custodial
        Agreement.

       

      LaSalle
        Bank National Association, as Custodian and in its individual capacity, and
        its
        directors, officers, employees and agents shall be entitled to indemnification
        and defense from the Trust Fund for any loss, liability or expense incurred
        without negligence, willful misconduct, bad faith on their part, arising
        out of,
        or in connection with, the acceptance or administration of the custodial
        arrangement created hereunder, including the costs and expenses of defending
        themselves against any claim or liability in connection with the exercise
        or
        performance of any of their powers or duties hereunder.

       

      Section
        3.8.  Limitation
        of Duties. The Custodian in its capacity as such:

       

      (a)  in
        the
        course of its review of the Mortgage Files, shall not be required to make
        determinations (1) of a legal nature or (2) as to the authority of any officer
        or agent of the Master Servicer, Trustee or other entity who has executed
        (or
        certified with respect to) any document which is part of the Mortgage File;
        

       

      (b)  shall
        have no duties or obligations other than those specifically set forth herein
        or
        as may subsequently be agreed upon in writing by the parties hereto and shall
        use the same degree of care and skill as is reasonably expected of financial
        institutions acting in comparable capacities;

       

      (c)  will
        be
        regarded as making no representations and having no responsibilities as to
        the
        validity, sufficiency, value, genuineness, ownership or transferability of
        any
        Mortgage Loans and will not be required to and will not make any representations
        as to the validity, value or genuineness of the Mortgage Loans;

       

      (d)  shall
        not
        be obligated to take any legal action hereunder which might in its judgment
        involve any expense or liability unless it has been furnished with reasonable
        indemnity;

       

      (e)  may
        rely
        on and shall be protected in acting upon any certificate, instrument, opinion,
        notice, letter, telegram or other document, or any security, delivered to it and
        reasonably believed by it to be genuine and to have been signed by the Master
        Servicer or the Trustee;

       

      (f)  may
        rely
        on and shall be protected in acting upon the written instructions of the
        Master
        Servicer or the Trustee and such employees and representatives of the Master
        Servicer and the Trustee, as applicable, may hereinafter designate in
        writing;

       

      (g)  may
        consult counsel satisfactory to it (including counsel for the Master Servicer)
        and the opinion of such counsel shall be full and complete authorization
        and
        protection in respect of any action taken, suffered, or omitted by it hereunder
        in good faith and in accordance with the opinion of such counsel (provided
        that
        the fees of such counsel in connection with such consultation and opinion
        shall
        be paid by the Custodian); and

       

      (h)  shall
        not
        be liable for any error of judgment, or for any act done or step taken or
        omitted by it, in good faith, or for any mistake of fact or law, or for anything
        which it may do or refrain from doing in connection therewith, except in
        the
        case of a breach of any of the Custodian’s obligations hereunder, negligence or
        willful misconduct.

       

      The
        Custodian shall be held to the same standard of conduct, and shall be entitled
        to the same protections, privileges and immunities as other custodians acting
        in
        a custodial capacity are generally afforded.

       

      No
        covenant or agreement contained herein shall be deemed to be the covenant
        or
        agreement of any member of the Board of Directors, or any director, officer,
        agent, employee or representative of the Trustee, Master Servicer or the
        Custodian in his or her individual capacity and none of such persons shall
        be
        subject to any personal liability or accountability by reason of the execution
        of this Agreement, whether by virtue of any constitution, statute or rule
        of law
        or by the enforcement of any assessment or penalty, or otherwise.

       

       

      ARTICLE
        IV.

       

      Compliance
        with Regulation AB

       

      Section
        4.1.  Intent
        of the parties; Reasonableness.
        The
        parties hereto acknowledge and agree that the purpose of this Article IV
        is to
        facilitate compliance by the Depositor with the provisions of Regulation
        AB and
        related rules and regulations of the Commission. The Depositor shall not
        exercise its right to request delivery of information or other performance
        under
        these provisions other than in good faith, or for purposes other than compliance
        with the Securities Act, the Exchange Act and the rules and regulations of
        the
        Commission under the Securities Act and the Exchange Act. Each of the parties
        hereto acknowledges that interpretations of the requirements of Regulation
        AB
        may change over time, whether due to interpretive guidance provided by the
        Commission or its staff, consensus among participants in the mortgage-backed
        securities markets, advice of counsel, or otherwise, and agrees to comply
        with
        requests made by the Depositor in good faith for delivery of information
        under
        these provisions on the basis of evolving interpretations of Regulation AB.
        The
        Custodian shall cooperate reasonably with the Depositor to deliver to the
        Depositor (including any of its assignees or designees), any and all disclosure,
        statements, reports, certifications, records and any other information necessary
        in the reasonable, good faith determination of the Depositor to permit the
        Depositor to comply with the provisions of Regulation AB.

       

      Section
        4.2.  Additional
        Representations and Warranties of the Custodian.

       

      (a)  The
        Custodian shall be deemed to represent to the Depositor as of the date hereof
        and on each date on which information is provided to the Depositor under
        Section
        4.3 that, except as disclosed in writing to the Depositor prior to such date:
        (i) there are no aspects of its financial condition that could have a material
        adverse effect on the performance by it of its Custodian obligations under
        this
        Agreement or any other Securitization Transaction as to which it is the
        custodian; (ii) there are no material legal or governmental proceedings pending
        (or known to be contemplated) against it; and (iii) there are no affiliations,
        relationships or transactions relating to the Custodian with respect to the
        Depositor or any sponsor, issuing entity, servicer, trustee, originator,
        significant obligor, enhancement or support provider or other material
        transaction party (other than the master servicer) (as such terms are used
        in
        Regulation AB) relating to the Securitization Transaction contemplated by
        the
        Agreement, as identified by the Depositor to the Custodian in writing as
        of the
        Closing Date (each, a “Transaction Party”).

       

      (b)  If
        so
        requested by the Depositor on any date following the Closing Date, the Custodian
        shall, within five Business Days following such request, confirm in writing
        the
        accuracy of the representations and warranties set forth in paragraph (a)
        of
        this Section or, if any such representation and warranty is not accurate
        as of
        the date of such confirmation, provide reasonably adequate disclosure of
        the
        pertinent facts, in writing, to the requesting party. Any such request from
        the
        Depositor shall not be given more than once each calendar quarter, unless
        the
        Depositor shall have a reasonable basis for a determination that any of the
        representations and warranties may not be accurate.

       

      Section
        4.3.  Additional
        Information to Be Provided by the Custodian.
        For so
        long as the Trust is subject to the reporting obligations under the Exchange
        Act, for the purpose of satisfying the Depositor 's reporting obligation
        under
        the Exchange Act with respect to any class of publicly offered Certificates,
        the
        Custodian shall (a) notify the Depositor in writing of any material litigation
        or governmental proceedings pending against the Custodian that would be material
        to Certificateholders, and (b) provide to the Depositor a written description
        of
        such proceedings. Any notices and descriptions required under this Section
        4.3
        shall be given no later than five Business Days prior to the Determination
        Date
        following the month in which the Custodian has knowledge of the occurrence
        of
        the relevant event. As of the date the Depositor or Master Servicer files
        each
        Report on Form 10-D or Form 10-K with respect to the Certificates, the Custodian
        will be deemed to represent that any information previously provided under
        this
        Section 4.3, if any, is materially correct and does not have any material
        omissions unless the Custodian has provided an update to such
        information.

       

      Section
        4.4.  Report
        on Assessment of Compliance and Attestation.
        On or
        before March 15 of each calendar year that the Trust is subject to the reporting
        requirements of the Exchange Act, the Custodian (to the extent the Custodian
        is
        not also serving as Trustee) shall:

       

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

       

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

       

      Section
        4.5.  Indemnification;
        Remedies.

       

      (a)  The
        Custodian shall indemnify the Depositor, each affiliate of the Depositor,
        the
        Master Servicer and each broker dealer acting as underwriter, placement agent
        or
        initial purchaser of the Certificates or each Person who controls any of
        such
        parties (within the meaning of Section 15 of the Securities Act and Section
        20
        of the Exchange Act); and the respective present and former directors, officers,
        employees and agents of each of the foregoing, and shall hold each of them
        harmless from and against any losses, damages, penalties, fines, forfeitures,
        legal fees and expenses and related costs, judgments, and any other costs,
        fees
        and expenses that any of them may sustain arising out of or based upon any
        failure by the Custodian to deliver any report on assessment of compliance
        or
        accountants’ attestation when and as required under this Article
        IV.

       

      (b)  In
        the
        case of any failure of performance described in clause (ii) of Section 4.5(a),
        the Custodian shall promptly reimburse the Depositor for all costs reasonably
        incurred by the Depositor in order to obtain the information, report,
        certification, accountants’ letter or other material not delivered as required
        by the Custodian.

       

       

      ARTICLE
        V.

       

      MISCELLANEOUS
        PROVISIONS

       

      Section
        5.1.  Notices.  All
        notices, requests, consents and demands and other communications required
        under
        this Agreement or pursuant to any other instrument or document delivered
        hereunder shall be in writing and, unless otherwise specifically provided,
        may
        be delivered personally, by telegram or telex, or by registered or certified
        mail, postage prepaid, return receipt requested, at the addresses specified
        on
        the signature page hereof (unless changed by the particular party whose address
        is stated herein by similar notice in writing), in which case the notice
        will be
        deemed delivered when received.

       

      Section
        5.2.  Amendments.
        No
        modification or amendment of or supplement to this Agreement shall be valid
        or
        effective unless the same is in writing and signed by all parties hereto.
        The
        Trustee shall give prompt notice to the Custodian of any amendment or supplement
        to the Pooling and Servicing Agreement and furnish the Custodian with written
        copies thereof.

       

      Section
        5.3.  GOVERNING
        LAW.
        THIS
        AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
        OF
        THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF
        OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.

       

      Section
        5.4.  Recordation
        of Agreement.
        To the
        extent permitted by applicable law, this Agreement is subject to recordation
        in
        all appropriate public offices for real property records in all the counties
        or
        other comparable jurisdictions in which any or all of the properties subject
        to
        the Mortgages are situated, and in any other appropriate public recording
        office
        or elsewhere, such recordation to be effected by the Depositor and at the
        Trust’s expense, but only upon direction accompanied by an Opinion of Counsel
        reasonably satisfactory to the Depositor to the effect that the failure to
        effect such recordation is likely to materially and adversely affect the
        interests of the Certificateholders.

       

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

       

      Section
        5.5.  Severability
        of Provisions.  If
        any one or more of the covenants, agreements, provisions or terms of this
        Agreement shall be for any reason whatsoever held invalid, then such covenants,
        agreements, provisions or terms shall be deemed severable from the remaining
        covenants, agreements, provisions or terms of this Agreement and shall in
        no way
        affect the validity or enforceability of the other provisions of this Agreement
        or of the Certificates or the rights of the holders thereof.

       

      [Signature
        Page Attached]

       

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, this Agreement is executed as of the date first above
        written.

      

      
        	
                Address:

                388
                  Greenwich Street, 14th Floor

                New
                  York, New York 10013

                 

                Attention:
                  SACO I Trust, Series 2006-6

                Telecopy:
                  (212) 816-5527

                 

              	
                CITIBANK,
                  N.A., not individually but solely as Trustee

                 

                By:__________________________________

                Name:

                Title:

              
	
                Address:

                383
                  Madison Avenue

                New
                  York, New York 10179

              	
                BEAR
                  STEARNS ASSET BACKED SECURITIES I LLC

                 

                 

                By:__________________________________

                Name: 

                Title: 

                 

              
	
                Address:

                909
                  Hidden Ridge Drive, Suite 200

                Irving,
                  Texas 75038

              	
                EMC
                  MORTGAGE CORPORATION

                 

                By:__________________________________

                Name: 

                Title:
                  

              
	 	 
	
                Address:

                2571
                  Busse Rd., Suite 200

                Elk
                  Grove Village, Illinois 60007

              	
                LASALLE
                  BANK NATIONAL ASSOCIATION,
                  as Custodian

                 

                By:__________________________________

                Name: 

                Title: 

              
	
                Address:

                135
                  South
                  LaSalle Street, Suite 1625

                Chicago,
                  Illinois 60603

              	
                LASALLE
                  BANK NATIONAL ASSOCIATION, as Master Servicer and Securities
                  Administrator

                 

                By:__________________________________

                Name: 

                Title: 

              

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        	
                STATE
                  OF NEW YORK

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF NEW YORK

              	
                )

              	 

      

      

       

      On
        the
        30th day of May 2006 before me, a notary public in and for said State,
        personally appeared _________________, known to me to be a(n)
        __________________of Citibank, N.A., one of the parties that executed the
        within
        agreement, and also known to me to be the person who executed the within
        agreement on behalf of said party and acknowledged to me that such party
        executed the within instrument.

       

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

       

      ________________________________

      Notary
        Public

       

      [SEAL]

       

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        	
                STATE
                  OF NEW YORK

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF NEW YORK

              	
                )

              	 

      

      

       

      On
        the
        30th day of May 2006 before me, a notary public in and for said State,
        personally appeared ____________________, known to me to be a Vice President
        of
        Bear Stearns Asset Backed Securities I LLC, and also known to me to be the
        person who executed the within instrument on behalf of said party, and
        acknowledged to me that such party executed the within instrument.

       

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

       

      ______________________________

      Notary
        Public

       

      [SEAL]

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        	
                STATE
                  OF TEXAS

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF DALLAS

              	
                )

              	 

      

      

       

      On
        the
        30th day of May 2006 before me, a notary public in and for said State,
        personally appeared ____________________, known to me to be a(n)
        _____________________ of EMC Mortgage Corporation, one of the parties that
        executed the within instrument, and also known to me to be the person who
        executed the within instrument on behalf of said party, and acknowledged
        to me
        that such party executed the within instrument.

       

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

       

      ______________________________

      Notary
        Public

       

      [Notarial
        Seal]

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        	
                STATE
                  OF ILLINOIS

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF 

              	
                )

              	 

      

      

       

      On
        the
        30th day of May 2006 before me, a notary public in and for said State,
        personally appeared ___________________, known to me to be a(n)
        __________________ of LaSalle Bank National Association, one of the parties
        that
        executed the within instrument, and also known to me to be the person who
        executed it on behalf of said party, and acknowledged to me that such party
        executed the within instrument.

       

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

       

      ______________________________

      Notary
        Public

       

      [Notarial
        Seal] 

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        	
                STATE
                  OF ILLINOIS

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF 

              	
                )

              	 

      

      

       

      On
        the
        30th day of May 2006 before me, a notary public in and for said State,
        personally appeared ____________________, known to me to be an Assistant
        Vice
        President of LaSalle Bank National Association, one of the parties that executed
        the within instrument, and also known to me to be the person who executed
        it on
        behalf of said party, and acknowledged to me that such party executed the
        within
        instrument.

       

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

       

      ______________________________

      Notary
        Public

       

      [Notarial
        Seal] 

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SCHEDULE
        A

      

      MORTGAGE
        LOAN SCHEDULE

      

      (Provided
        upon request)

      

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        ONE

      

       

      FORM
        OF
        CUSTODIAN INITIAL CERTIFICATION

       

                                                                                                
        May 30, 2006

       

      Citibank,
        N.A.

      388
        Greenwich Street, 14th Floor

      New
        York,
        New York 10013

      Attn:
        Structured Finance - SACO I Trust, Series 2006-6

      

      LaSalle
        Bank National Association

      135
        South
        LaSalle Street, Suite 1625

      Chicago,
        Illinois 60603

      Attn:
        Global Securities and Trust Services - SACO I Trust 2006-6

      

      EMC
        Mortgage Corporation

      909
        Hidden Ridge Drive, Suite 200

      Irving,
        Texas 75038

      Attention:
        SACO I Inc., Series 2006-6

       

      
        	 	
                Re:

              	
                Custodial
                  Agreement, dated as of May 30, 2006, by
                  and

              

      

                                                     
        among Citibank, N.A., LaSalle Bank National Association,

                     
        Bear Stearns Asset Backed Securities I LLC and EMC

                     
        Mortgage Corporation relating to SACO I Trust 2006-6,

      
                                                       
          Mortgage-Backed Certificates, Series
          2006-6                       

      

       

       

      Ladies
        and Gentlemen:

       

      In
        accordance with Section 2.3(a) of the above-captioned Custodial Agreement,
        the
        undersigned, as Custodian, hereby certifies that it has received the following
        documents with respect to each Mortgage Loan listed in the Mortgage Loan
        Schedule, with any exceptions listed on Schedule A attached hereto: (i) an
        original note, including any riders thereto, endorsed without recourse to
        the
        order of blank or to “Citibank, N.A., as Trustee for certificateholders of SACO
        I Trust 2006-6, Mortgage Pass-Through Certificates, Series 2006-6 under the
        Pooling and Servicing Agreement dated as of May 1, 2006 for SACO I Trust
        2006-6
        Mortgage Pass-Through Certificates, Series 2006-6,” and showing an unbroken
        chain of endorsements from the original payee thereof to the person endorsing
        it
        to the Trustee; (ii) an original mortgage and, if the related mortgage loan
        is a
        MERS Loan, registered with MERS, noting the presence of the mortgage
        identification number and language indicating that such mortgage loan is
        a MERS
        Loan, which shall have been recorded (or if the original is not available,
        a
        copy) with evidence of such recording indicated thereon (or if clause (x) in the
        proviso below applies, shall be in recordable form); (iii) unless the mortgage
        loan is a MERS Loan, the assignment (either an original or a copy, which
        may be
        in the form of a blanket assignment if permitted in the jurisdiction in which
        the mortgage property is located) to the Trustee of the mortgage with respect
        to
        each mortgage loan in the name of ___________________________, which shall
        have
        been recorded (of if clause (x) in the proviso below applies, shall be in
        recordable form); (iv) an original or a copy of all intervening assignments
        of
        the mortgage, if any, with evidence of recording thereon; (v) the original
        policy of title insurance or mortgagee’s certificate of title insurance or
        commitment or binder for title insurance, if available, or a copy thereof,
        or,
        in the event that such original title insurance policy is unavailable, a
        photocopy thereof, or in lieu thereof, a current lien search on the related
        mortgaged property; and (vi) originals or copies of all available assumption,
        modification or substitution agreements, if any; provided, however, that
        in lieu
        of the foregoing, the Seller may deliver the following documents, under the
        circumstances set forth below: (x) if any mortgage, assignment thereof to
        the
        Trustee or intervening assignments thereof have been delivered or are being
        delivered to recording offices for recording and have not been returned in
        time
        to permit their delivery as specified above, the Depositor may deliver a
        true
        copy thereof with a certification by the Seller or the title company issuing
        the
        commitment for title insurance, on the face of such copy, substantially as
        follows: “Certified to be a true and correct copy of the original, which has
        been transmitted for recording”; and (y) in lieu of the mortgage notes relating
        to the mortgage loans identified in the list attached hereto, the Depositor
        may
        deliver a lost note affidavit and indemnity and a copy of the original note,
        if
        available.

       

      Capitalized
        words and phrases used herein shall have the respective meanings assigned
        to
        them in the above-captioned Custodial Agreement.

       

      LASALLE
        BANK NATIONAL ASSOCIATION, as Custodian

       

      By:_______________________________________

      Name:____________________________________

      Title:_____________________________________

       

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SCHEDULE
        A

       

      (PROVIDED
        UPON REQUEST)

       

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        TWO

      

       

      FORM
        OF
        CUSTODIAN INTERIM CERTIFICATION

       

                                                                                          
        [DATE]

       

      Citibank,
        N.A.

      388
        Greenwich Street, 14th Floor

      New
        York,
        New York 10013

      Attn:
        Structured Finance - SACO I Trust, Series 2006-6

      

      LaSalle
        Bank National Association

      135
        South
        LaSalle Street, Suite 1625

      Chicago,
        Illinois 60603

      Attn:
        Global Securities and Trust Services - SACO I Trust 2006-6

       

      EMC
        Mortgage Corporation

      909
        Hidden Ridge Drive, Suite 200

      Irving,
        Texas 75038

      Attention:
        SACO I Inc., Series 2006-6

       

      
        	 	
                Re:

              	
                Custodial
                  Agreement, dated as of May 30, 2006, by
                  and

              

      

                                                     
        among Citibank, N.A., LaSalle Bank National Association,

                                                     
        Bear Stearns Asset Backed Securities I LLC and EMC

                                                     
        Mortgage Corporation relating to SACO I Trust 2006-6,

      
                                                       
          Mortgage-Backed Certificates, Series
          2006-6                       

      

       

      Ladies
        and Gentlemen:

       

      In
        accordance with Section 2.3(b) of the above-captioned Custodial Agreement,
        the
        undersigned, as Custodian, hereby certifies that it has received and reviewed
        the documents described in its initial certification dated May 30, 2006 and
        has
        determined that: all documents have been executed and received and that such
        documents relate to the Mortgage Loans identified on the Mortgage Loan Schedule,
        with any exceptions listed on Schedule A attached hereto.

       

      Capitalized
        words and phrases used herein shall have the respective meanings assigned
        to
        them in the above-captioned Custodial Agreement.

       

      LASALLE
        BANK NATIONAL ASSOCIATION, as Custodian

      

       

      By:_______________________________________

      Name:____________________________________

      Title:_____________________________________

       

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SCHEDULE
        A

       

      (PROVIDED
        UPON REQUEST)

       

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        THREE

       

      

       

      FORM
        OF
        CUSTODIAN FINAL CERTIFICATION

       

                                                                             
        [DATE]

       

      Citibank,
        N.A.

      388
        Greenwich Street, 14th Floor

      New
        York,
        New York 10013

      Attn:
        Structured Finance - SACO I Trust, Series 2006-6

      

      LaSalle
        Bank National Association

      135
        South
        LaSalle Street, Suite 1625

      Chicago,
        Illinois 60603

      Attn:
        Global Securities and Trust Services - SACO I Trust 2006-6

       

      EMC
        Mortgage Corporation

      909
        Hidden Ridge Drive, Suite 200

      Irving,
        Texas 75038

      Attention:
        SACO I Inc., Series 2006-6

       

      
        	 	
                Re:

              	
                Custodial
                  Agreement, dated as of May 30, 2006, by
                  and

              

      

                     
        among Citibank, N.A., LaSalle Bank National Association,

                     
        Bear Stearns Asset Backed Securities I LLC and EMC

                     
        Mortgage Corporation relating to SACO I Trust 2006-6,

      
                                                       
          Mortgage-Backed Certificates, Series
          2006-6                        

      

       

      Ladies
        and Gentlemen:

       

      In
        accordance with Section 2.3(c) of the above-captioned Custodial Agreement,
        the
        undersigned, as Custodian, hereby certifies that it has received and reviewed
        the documents described in its initial certification dated May 30, 2006 and
        has
        determined that: all documents have been executed and received and that such
        documents relate to the Mortgage Loans identified on the Mortgage Loan Schedule,
        with any exceptions listed on Schedule A attached hereto.

      

      Capitalized
        words and phrases used herein shall have the respective meanings assigned
        to
        them in the above-captioned Custodial Agreement.

       

      LASALLE
        BANK NATIONAL ASSOCIATION, as Custodian

      

       

      By:_______________________________________

      Name:____________________________________

      Title:_____________________________________

       

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SCHEDULE
        A

       

      (PROVIDED
        UPON REQUEST)

       

      

       

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        FOUR

       

      

       

      FORM
        OF
        REQUEST FOR RELEASE OF DOCUMENTS AND RECEIPT

       

      

      

      To: [Name/Address
        of Owner]

       

      

      

      Attention:
        

       

      
        	 	
                Re:

              	
                Custodial
                  Agreement, dated as of May 30, 2006, by
                  and

              

      

                     
        among Citibank, N.A., LaSalle Bank National Association,

                     
        Bear Stearns Asset Backed Securities I LLC and EMC

                     
        Mortgage Corporation relating to SACO I Trust 2006-6,

      
                                                       
          Mortgage-Backed Certificates, Series
          2006-6                         

      

       

      

      In
        connection with the Mortgage Files that you hold pursuant to the Custodial
        Agreement, we request the release, and acknowledge receipt of the Mortgage
        file/[specify document] for the Mortgage Loan described below, the reason
        indicated.

      

      Mortgagor’s
        Name, Address and Zip Code:

      

      

      Mortgage
        Loan Number:

      

      

      Reason
        for Requesting Documents: (check one)

      

      _____
        1.
        Mortgage Loan paid in full. ([The Master Servicer] [A Servicer] [the Trustee]
        hereby certifies that all amounts received in connection therewith have been
        credited to
        __________________________________________________________________________.)

      

      _____
        2.
        Mortgage Loan in foreclosure.

      

      _____
        3.
        Repurchase. (The [Master Servicer] [Trustee] hereby certifies that the
        repurchase price has been credited to
        __________________________________________________________________________.)

      

      _____
        4.
        Mortgage Loan liquidated by _______________________________________. ([The
        Master Servicer] [A Servicer] [The Trustee] hereby certifies that all proceeds
        of the foreclosure, insurance, condemnation or other liquidation have been
        finally received and credited to
        _____________________________________.

      

      _____
        5.
        Other (explain):  

      
        	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                (authorized
                  signer)

              
	 	 	 	 	 	 	 	 	 

      

      

      
        	 	 	 	 	 	 	
                Issuer:

              	 
	 	 	 	 	 	 	
                Address:

              	 
	 	 	 	 	 	 	
                Date:

              	 

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        FIVE

      

      ELECTRONIC
        RELEASE REQUEST (Excel)

       

      
        	
                Collateral
                  Release Tasks 

              	
                 

              
	
                 

              	
                 

              
	
                Required
                  Field Header

              	
                Description

              
	
                 

              	
                 

              
	
                customer

              	
                Value
                  can be constant of '1018'
                  

              
	
                 

              	
                 

              
	
                poolnum

              	
                pool
                  number if available, can be left blank as well

              
	
                 

              	
                 

              
	
                loanid

              	
                EMC
                  loan#, required field

              
	
                 

              	
                 

              
	
                loc_code

              	
                Codes
                  must be mutually agreed upon with custodian. Examples are PDPO=
                  loans
                  released for payoff, FORC = loans released for foreclosure, OLIQ=
                  loans
                  released for repurchase, NLIQ = loans released for
                  non-liquidation/correction.

              
	
                 

              	
                 

              
	
                rel_code

              	
                Codes
                  must be mutually agreed upon with custodian. Examples are 

                1
                  =
                  payoff, 2 = foreclosure, 4 = repurchase, 5 =
                  non-liquidation.

              
	
                 

              	
                 

              
	
                rel_doclist

              	
                Can
                  be left blank

              
	
                 

              	
                 

              
	
                notation

              	
                “Name
                  of Person File Being Released To @ Company Name” (i.e. Sharon
                  Ayers@EMC)

              
	
                 

              	
                 

              
	
                reqstr

              	
                Can
                  be left blank

              
	
                 

              	
                 

              
	
                reqstr_sig

              	
                Signatory
                  code assigned to requestor, TBD

              
	
                 

              	
                 

              
	
                amend

              	
                0
                  =
                  new release request, 1= amend an existing released record (i.e.
                  FORC to
                  PDPO)

              

      

      

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        SIX

      

      SERVICING
        CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

      

      The
        assessment of compliance to be delivered by the Custodian shall address,
        at a
        minimum, the criteria identified below as “Applicable Servicing
        Criteria”:

      

      
        	
                 

                Servicing
                  Criteria

              	
                Applicable

                Servicing
                  Criteria

              
	
                Reference

              	
                Criteria

              	 
	 	
                General
                  Servicing Considerations

              	 
	
                 

                1122(d)(1)(i)

              	
                Policies
                  and procedures are instituted to monitor any performance or other
                  triggers
                  and events of default in accordance with the transaction
                  agreements

              	 
	
                 

                1122(d)(1)(ii)

              	
                If
                  any material servicing activities are outsourced to third parties,
                  policies and procedures are instituted to monitor the third party’s
                  performance and compliance with such servicing activities

              	 
	
                 

                1122(d)(1)(iii)

              	
                Any
                  requirements in the transaction agreements to maintain a back-up
                  servicer
                  for the pool assets are maintained.

              	 
	
                 

                 

                1122(d)(1)(iv)

              	
                A
                  fidelity bond and errors and omissions policy is in effect on the
                  party
                  participating in the servicing function throughout the reporting
                  period in
                  the amount of coverage required by and otherwise in accordance
                  with the
                  terms of the transaction agreements.

              	 
	 	
                 

                Cash
                  Collection and Administration

              	 
	
                 

                 

                1122(d)(2)(i)

              	
                Payments
                  on pool assets are deposited into the appropriate custodial bank
                  accounts
                  and related bank clearing accounts no more than two business days
                  following receipt, or such other number of days specified in the
                  transaction agreements.

              	 
	
                 

                1122(d)(2)(ii)

              	
                Disbursements
                  made via wire transfer on behalf of an obligor or to an investor
                  are made
                  only by authorized personnel.

              	 
	
                 

                1122(d)(2)(iii)

              	
                Advances
                  of funds or guarantees regarding collections, cash flows or distributions,
                  and any interest or other fees charged for such advances are made,
                  reviewed and approved as specified in the transaction
                  agreements.

              	 
	
                 

                 

                1122(d)(2)(iv)

              	
                The
                  related accounts for the transaction, such as cash reserve accounts
                  or
                  accounts established as a form of overcollateralization, are separately
                  maintained (e.g., with respect to commingling of cash) as set forth
                  in the
                  transaction agreements.

              	 
	
                 

                 

                 

                1122(d)(2)(v)

              	
                Each
                  custodial account is maintained at a federally insured depository
                  institution as set forth in the transaction agreements. For purposes
                  of
                  this criterion, “federally insured depository institutions” with respect
                  to a foreign financial institution means a foreign financial institution
                  that meets the requirements of Rule 13k-1(b)(1) of the Securities
                  Exchange
                  Act. 

              	 
	
                1122(d)(2)(vi)

              	
                Unissued
                  checks are safeguarded so as to prevent unauthorized
                  access.

              	 
	
                 

                 

                 

                 

                 

                1122(d)(2)(vii)

              	
                Reconciliations
                  are prepared on a monthly basis for all asset-backed securities
                  related
                  bank accounts, including custodial accounts and related bank clearing
                  accounts. These reconciliations are (A) mathematically accurate;
                  (B)
                  prepared within 30 calendar days after the bank statement cutoff
                  date, or
                  such other number of days specified in the transaction agreements;
                  (C)
                  reviewed and approved by someone other than the person who prepared
                  the
                  reconciliations; and (D) contain explanations for reconciling items,
                  These
                  reconciling items are resolved within 90 calendar days of their
                  original
                  identification, or such other number of days specified in the transaction
                  agreements.

              	 
	 	
                 

                Investor
                  Remittances and Reporting

              	 
	
                 

                 

                 

                 

                1122(d)(3)(i)

              	
                Reports
                  to investors, including those to be filed with the Commission,
                  are
                  maintained in accordance with the transaction agreements and applicable
                  Commission requirements. Specifically, such reports (A) are prepared
                  in
                  accordance with timeframes and other terms set forth in the transaction
                  agreements, (B) provide information calculated in accordance with
                  the
                  terms specified in the transaction agreements; (C) are filed with
                  the
                  Commission as required by its rules and regulations; and (D) agree
                  with
                  investors; or the trustee’s records as to the total unpaid principal
                  balance and number of pool assets serviced by the
                  servicer.

              	 
	
                 

                1122(d)(3)(ii)

              	
                Amounts
                  due to investors are allocated and remitted in accordance with
                  timeframes,
                  distribution priority and other terms set forth in the transaction
                  agreements.

              	 
	
                 

                1122(d)(3)(iii)

              	
                Disbursements
                  made to an investor are posted within two business days to the
                  servicer’s
                  investor records, or such other number of days specified in the
                  transaction agreements.

              	 
	
                 

                1122(d)(3)(iv)

              	
                Amounts
                  remitted to investors per the investor reports agree with cancelled
                  checks, or other form of payment, or custodial bank
                  statements.

              	 
	 	
                 

                Pool
                  Asset Administration

              	 
	
                 

                1122(d)(4)(i)

              	
                Collateral
                  or security on pool assets is maintained as required by the transaction
                  agreements or related asset pool documents.

              	
                √

              
	
                 

                1122(d)(4)(ii)

              	
                Pool
                  assets and related documents are safeguarded as required by the
                  transaction agreements.

              	
                √

              
	
                 

                1122(d)(4)(iii)

              	
                Any
                  additions, removals or substitutions to the asset pool are made,
                  reviewed
                  and approved in accordance with any conditions or requirements
                  in the
                  transaction agreements

              	
                √2 

              
	
                 

                 

                 

                1122(d)(4)(iv)

              	
                Payments
                  on pool assets, including any payoffs, made in accordance with
                  the related
                  pool asset documents are posted to the servicer’s obligor records
                  maintained no more than two business days after receipt, or such
                  other
                  number of days specified in the transaction agreements, and allocated
                  to
                  principal, interest or other items (e.g., escrow) in accordance
                  with the
                  related pool asset documents.

              	 
	
                 

                1122(d)(4)(v)

              	
                The
                  servicer’s records regarding the pool assets agree with the servicer’s
                  records with respect to an obligor’s unpaid principal
                  balance.

              	 
	
                 

                 

                1122(d)(4)(vi)

              	
                Changes
                  with respect to the terms or status of an obligor’s pool asset (e.g., loan
                  modifications or re-agings) are made, reviewed and approved by
                  authorized
                  personnel in accordance with the transaction agreements and related
                  pool
                  asset documents.

              	 
	
                 

                 

                1122(d)(4)(vii)

              	
                Loss
                  mitigation of recovery actions (e.g., forbearance plans, modifications
                  and
                  deed in lieu of foreclosure, foreclosures and repossessions, as
                  applicable) are initiated, conducted and concluded in accordance
                  with the
                  timeframes or other requirements established by the transaction
                  documents.

              	 
	
                 

                 

                 

                 

                1122(d)(4)(viii)

              	
                Records
                  documenting collection efforts are maintained during the period
                  a pool
                  asset is delinquent in accordance with the transaction agreements.,
                  Such
                  records are maintained in at least a monthly basis, or such other
                  period
                  specified in the transaction agreements, and describe the entity’s
                  activities in monitoring delinquent pool assets including, for
                  example,
                  phone calls, letters and payment rescheduling plans in cases where
                  delinquency is deemed temporary (e.g., illness or
                  unemployment).

              	 
	
                 

                1122(d)(4)(ix)

              	
                Adjustments
                  to interest rates or rates of return for pool assets with variable
                  rates
                  are computed based on the related pool asset documents.

              	 
	
                 

                 

                 

                 

                1122(d)(4)(x)

              	
                Regarding
                  any funds held in trust for an obligor (such as escrow accounts);
                  (A) such
                  funds are analyzed, in accordance with the obligor’s pool asset documents,
                  on at least an annual basis, or such other period specified in
                  the
                  transaction agreements; (B) interest on such funds is paid, or
                  credited,
                  to obligors in accordance with applicable pool asset documents
                  and state
                  laws; and (C) such funds are returned to the obligor within 3-
                  calendar
                  days of full repayment of the related pool asset, or such other
                  number of
                  days specified in the transaction agreements.

              	 
	
                 

                 

                1122(d)(4)(xi)

              	
                Payments
                  made on behalf of an obligor (such as tax ore insurance payments)
                  are made
                  on or before the related penalty or expiration dates, as indicated
                  on the
                  appropriate bills or notices for such payments, provided that such
                  support
                  has been received by the service at least 30 calendar days prior
                  to these
                  dates, or such other number of days specified in the transaction
                  agreements.

              	 
	
                 

                 

                1122(d)(4)(xii)

              	
                Any
                  late payment penalties in connection with any payment to be made
                  on behalf
                  of an obligor are paid from the servicer’s funds and not charged to the
                  obligor, unless the late payment was due to the obligor’s error or
                  omission.

              	 
	
                1122(d)(4)(xiii)

              	
                Disbursements
                  made on behalf of an obligor are posted within two business days
                  to the
                  obligor’s records maintained by the servicer, or such other number of days
                  specified in the transaction agreements.

              	 
	
                1122(d)(4)(xiv)

              	
                Delinquencies,
                  charge-offs and uncollectible funds are recognized and recorded
                  in
                  accordance with the transaction agreements.

              	 
	
                1122(d)(4)(xv)

              	
                Any
                  external enhancement or other support, identified in item 1114(a)(1)
                  through (3) or item 1115 of Regulation AB, is maintained as set
                  forth in
                  the transaction agreements.

              	 

      

      

      

       

      

       

      

      

        

        
          2 Only
            with
            respect to the logistics of adding, removing or substituting loan
            files.

        

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        K

       

      FORM
        OF
        WELLS FARGO CUSTODIAL AGREEMENT

       

      THIS
        CUSTODIAL AGREEMENT (as amended and supplemented from time to time, the
“Agreement”), dated as of May 30, 2006, by and among CITIBANK, N.A., not
        individually but solely as trustee under the Pooling and Servicing Agreement
        defined below (including its successors under the Pooling and Servicing
        Agreement defined below, in that capacity, the “Trustee”), BEAR STEARNS ASSET
        BACKED SECURITIES I LLC, as depositor (together with any successor in interest,
        the “Depositor”), EMC MORTGAGE CORPORATION, as sponsor (“EMC” and the “Sponsor”)
        and as company (together with any successor in interest or successor under
        the
        Pooling and Servicing Agreement referred to below, the “Company”), LASALLE
        BANK NATIONAL ASSOCIATION, as master servicer (together
        with any successor in interest or successor under the Pooling and Servicing
        Agreement referred to below, the “Master Servicer”) and securities administrator
        (together with any successor in interest or successor under the Pooling and
        Servicing Agreement referred to below, the “Securities Administrator”) and WELLS
        FARGO BANK, N.A., as custodian (together with any successor in interest or
        any
        successor appointed hereunder, the “Custodian”).

       

      WITNESSETH
        THAT:

       

      WHEREAS,
        the Depositor, EMC, the Master Servicer, the Securities Administrator and
        the
        Trustee have entered into a Pooling and Servicing Agreement, dated as of
        May 1,
        2006, relating to the issuance of SACO I Trust 2006-6, Mortgage-Backed
        Certificates, Series 2006-6 (as in effect on the date of this Agreement,
        and as
        amended and supplemented from time to time, the “Pooling and Servicing
        Agreement”) and all custodian obligations are defined herein. In the event any
        custodian obligations are defined in the Pooling and Servicing Agreement,
        this
        custodial agreement shall supercede.

       

      WHEREAS,
        the Custodian has agreed to act as agent for the Trustee on behalf of the
        Certificateholders for the purposes of receiving and holding certain documents
        and other instruments delivered by the Depositor, the EMC or the Master Servicer
        under the Pooling and Servicing Agreement and the Servicers under their
        respective Servicing Agreements, all upon the terms and conditions and subject
        to the limitations hereinafter set forth;

       

      NOW,
        THEREFORE, in consideration of the premises and the mutual covenants and
        agreements hereinafter set forth, the Trustee, the Depositor, the Sponsor,
        the
        Master Servicer, the Company and the Custodian hereby agree as
        follows:

       

       

      ARTICLE
        I

       

      DEFINITIONS

       

      Capitalized
        terms used in this Agreement and not defined herein shall have the meanings
        assigned in the Pooling and Servicing Agreement, unless otherwise required
        by
        the context herein.

       

       

      ARTICLE
        II

       

      CUSTODY
        OF MORTGAGE DOCUMENTS

       

      Section
        2.1.  Custodian
        to Act as Agent: Acceptance of Mortgage Files.
        The
        Custodian, as the duly appointed custodial agent of the Trustee for these
        purposes, acknowledges (subject to any exceptions noted in the Initial
        Certification referred to in Section 2.3(a)) receipt of the Mortgage Files
        relating to the Mortgage Loans identified on the schedule attached hereto
        (the
“Mortgage Files”) and declares that it holds and will hold such Mortgage Files
        as agent for the Trustee, in trust, for the use and benefit of all present
        and
        future Certificateholders.

       

      Section
        2.2.  Recordation
        of Assignments.
        If any
        Mortgage File includes one or more assignments of Mortgage that have not
        been
        recorded pursuant to the provisions of Section 2.01 of the Pooling and Servicing
        Agreement and the related Mortgage Loan is not a MOM Loan or the related
        Mortgaged Properties are located in jurisdictions specifically excluded by
        the
        Opinion of Counsel delivered to the Trustee pursuant to Section 2.01 of the
        Pooling and Servicing Agreement, each such assignment shall be delivered
        by the
        Custodian to the related Seller for the purpose of recording it in the
        appropriate public office for real property records, and the Seller, at no
        expense to the Custodian, shall promptly cause to be recorded in the appropriate
        public office for real property records each such assignment of Mortgage
        and,
        upon receipt thereof from such public office, shall return each such assignment
        of Mortgage to the Custodian.

       

      Section
        2.3.  Review
        of Mortgage Files.

       

      (a)  On
        or
        prior to the Closing Date, in accordance with Section 2.02 of the Pooling
        and
        Servicing Agreement, the Custodian shall deliver to EMC, the Master Servicer
        and
        the Trustee an Initial Certification in the form annexed hereto as Exhibit
        One
        evidencing receipt (subject to any exceptions noted therein) of a Mortgage
        File
        for each of the Mortgage Loans listed on Schedule A attached hereto (the
        “Mortgage Loan Schedule”).

       

      (b)  Within
        90
        days of the Closing Date, the Custodian agrees, for the benefit of
        Certificateholders, to review, in accordance with the provisions of Section
        2.02
        of the Pooling and Servicing Agreement, each such document, and shall deliver
        to
        EMC, the Master Servicer and the Trustee an Interim Certification in the
        form
        annexed hereto as Exhibit Two to the effect that all such documents have
        been
        executed and received and that such documents relate to the Mortgage Loans
        identified on the Mortgage Loan Schedule, except for any exceptions listed
        on
        Schedule A attached to such Interim Certification. The Custodian shall be
        under
        no duty or obligation to inspect, review or examine said documents, instruments,
        certificates or other papers to determine that the same are genuine,
        enforceable, or appropriate for the represented purpose or that they have
        actually been recorded or that they are other than what they purport to be
        on
        their face.

       

      (c)  Not
        later
        than 180 days after the Closing Date, the Custodian shall review, for the
        benefit of Certificateholders, the Mortgage Files as provided in Section
        2.02 of
        the Pooling and Servicing Agreement and deliver to the Sponsor, the Master
        Servicer and the Trustee a Final Certification in the form annexed hereto
        as
        Exhibit Three evidencing the completeness of the Mortgage Files. 

       

      (d)  In
        reviewing the Mortgage Files as provided herein and in the Pooling and Servicing
        Agreement, the Custodian shall make no representation as to and shall not
        be
        responsible to verify (i) the validity, legality, enforceability, due
        authorization, recordability, sufficiency or genuineness of any of the documents
        included in any Mortgage File or (ii) the collectability, insurability,
        effectiveness or suitability of any of the documents in any Mortgage
        File.

       

      Upon
        receipt of written request from EMC, the Master Servicer or the Trustee,
        the
        Custodian shall as soon as practicable supply such Person with a list of
        all of
        the documents relating to the Mortgage Loans missing from the Mortgage
        Files.

       

      Section
        2.4.  Notification
        of Breaches of Representations and Warranties.
        Upon
        discovery by the Custodian of a breach of any representation or warranty
        made by
        the Depositor as set forth in the Pooling and Servicing Agreement with respect
        to a Mortgage Loan relating to a Mortgage File, the Custodian shall give
        prompt
        written notice to the Depositor, the Master Servicer and the
        Trustee.

       

      Section
        2.5.  Custodian
        to Cooperate: Release of Mortgage Files.
        Upon
        receipt of written notice from the Master Servicer or Trustee that EMC has
        repurchased one or more Mortgage Loans pursuant to Article II of the Pooling
        and
        Servicing Agreement, and a request for release (a “Request for Release”)
        confirming that the purchase price therefor has been deposited in the Master
        Servicer Collection Account or the Distribution Account, then the Custodian
        agrees to promptly release to EMC the related Mortgage Files.

       

      Upon
        the
        Custodian’s receipt of a Request for Release substantially in the form of
        Exhibit G to the Pooling and Servicing Agreement signed by a Servicing Officer
        of a Servicer, stating that it has received payment in full of a Mortgage
        Loan
        or that payment in full will be escrowed in a manner customary for such
        purposes, the Custodian agrees promptly to release to such Servicer, the
        related
        Mortgage File. The Depositor shall deliver to the Custodian and the Custodian
        agrees to review in accordance with the provisions of this Agreement the
        Mortgage Note and other documents constituting the Mortgage File with respect
        to
        any Replacement Mortgage Loan.

       

      From
        time
        to time as is appropriate for the servicing or foreclosure of any Mortgage
        Loan,
        including, for this purpose, the Company or the related Servicer, as applicable,
        shall deliver to the Custodian a Request for Release signed by a Servicing
        Officer requesting that possession of all of the Mortgage File be released
        to
        the Company or the related Servicer, as applicable, and certifying as to
        the
        reason for such release and that such release will not invalidate any insurance
        coverage provided in respect of the Mortgage Loan. Upon receipt of the
        foregoing, the Custodian shall deliver the Mortgage File to the Company or
        the
        related Servicer, as applicable. All Mortgage Files so released to the Company
        or the related Servicer, as applicable, shall be held by it in trust for
        the
        Trustee for the use and benefit of all present and future Certificateholders.
        The Company or the related Servicer, as applicable, shall cause each Mortgage
        File or any document therein so released to be returned to the Custodian
        when
        the need therefore by the Company or the related Servicer, as applicable,
        no
        longer exists, unless (i) the Mortgage Loan has been liquidated and the
        Liquidation Proceeds relating to the Mortgage Loan have been deposited in
        the
        Master Servicer Collection Account or the Distribution Account or (ii) the
        Mortgage File or such document has been delivered to an attorney, or to a
        public
        trustee or other public official as required by law, for purposes of initiating
        or pursuing legal action or other proceedings for the foreclosure of the
        Mortgaged Property either judicially or non-judicially, and the Company or
        the
        related Servicer, as applicable, has delivered to the Custodian a certificate
        of
        a Servicing Officer certifying as to the name and address of the Person to
        which
        such Mortgage File or such document was delivered and the purpose or purposes
        of
        such delivery.

       

      At
        any
        time that the Company or the related Servicer is required to deliver to the
        Custodian a Request for Release, the Company or the related Servicer, as
        applicable, shall deliver two copies of the Request for Release if delivered
        in
        hard copy or the Company or the related Servicer, as applicable, may furnish
        such Request for Release electronically to the Custodian, in which event
        the
        Servicing Officer transmitting the same shall be deemed to have signed the
        Request for Release. In connection with any Request for Release of a Mortgage
        File because of a repurchase of a Mortgage Loan, such Request for Release
        shall
        be accompanied by an assignment of mortgage, without recourse, representation
        or
        warranty from the Trustee to EMC (unless such Mortgage Loan is a MOM Loan)
        and
        the related Mortgage Note shall be endorsed without recourse, representation
        or
        warranty by the Trustee and be returned to EMC; provided, however, that in
        the
        case of a Mortgage Loan that is registered on the MERS System, no assignment
        of
        mortgage or endorsement of the Mortgage Note by the Trustee shall be required.
        In connection with any Request for Release of a Mortgage File because of
        the
        payment in full of a Mortgage Loan, such Request for Release shall be
        accompanied by a certificate of satisfaction or other similar instrument
        to be
        executed by or on behalf of the Trustee and returned to the Company or the
        related Servicer, as applicable.

       

      Section
        2.6.  Assumption
        Agreements.
        In the
        event that any assumption agreement, substitution of liability agreement
        or sale
        of servicing agreement is entered into with respect to any Mortgage Loan
        subject
        to this Agreement in accordance with the terms and provisions of the Pooling
        and
        Servicing Agreement, the Master Servicer, to the extent provided in the Pooling
        and Servicing Agreement, shall enforce any obligation of the related Servicer
        under the related Servicing Agreement, or in the case of EMC, the Pooling
        and
        Servicing Agreement, to notify the Custodian that such assumption or
        substitution agreement has been completed by forwarding to the Custodian
        the
        original of such assumption or substitution agreement, which shall be added
        to
        the related Mortgage File and, for all purposes, shall be considered a part
        of
        such Mortgage File to the same extent as all other documents and instruments
        constituting parts thereof.

       

       

      ARTICLE
        III

       

      CONCERNING
        THE CUSTODIAN

       

      Section
        3.1.  Custodian
        as Bailee and Agent of the Trustee.
        With
        respect to each Mortgage Note, Mortgage and other documents constituting
        each
        Mortgage File which are delivered to the Custodian, the Custodian is exclusively
        the bailee and custodial agent of the Trustee and has no instructions to
        hold
        any Mortgage Note or Mortgage for the benefit of any person other than the
        Trustee and the Certificateholders and undertakes to perform such duties
        and
        only such duties as are specifically set forth in this Agreement and in the
        Pooling and Servicing Agreement. Except upon compliance with the provisions
        of
        Section 2.5 of this Agreement, no Mortgage Note, Mortgage or Mortgage File
        shall
        be delivered by the Custodian to the Company, the Depositor, any Servicer
        or the
        Master Servicer or otherwise released from the possession of the
        Custodian.

       

      Section
        3.2.  Custodian
        May Own Certificates.
        The
        Custodian and its affiliates in their individual or any other capacity may
        become the owner or pledgee of Certificates with the same rights such persons
        would have if the Custodian were not Custodian hereunder.

       

      Section
        3.3.  Custodian’s
        Fees and Expenses.
        The
        Master Servicer covenants and agrees to pay to the Custodian from time to
        time a
        fee as agreed upon by such parties as reasonable compensation for all services
        rendered by it in the exercise and performance of any of the powers and duties
        hereunder of the Custodian. Upon its request, the Custodian shall be paid
        or
        reimbursed from the Trust Fund for all reasonable expenses, disbursements
        and
        advances incurred or made by the Custodian in accordance with any of the
        provisions of this Agreement (including the reasonable compensation and the
        expenses and disbursements of its legal counsel and of all persons not regularly
        in its employ), except any such expense, disbursement or advance as may arise
        from the Custodian’s negligence or bad faith or to the extent that such cost or
        expense is indemnified by the Depositor pursuant to the Pooling and Servicing
        Agreement.

       

      Section
        3.4.  Custodian
        May Resign; Trustee May Remove Custodian.
        The
        Custodian may resign from the obligations and duties hereby imposed upon
        it as
        such obligations and duties relate to its acting as Custodian of the Mortgage
        Loans hereunder. Upon receiving such written notice of resignation, the Trustee
        shall either take custody of the Mortgage Files itself and give prompt written
        notice thereof to the Depositor, the Master Servicer and the Custodian, or
        promptly appoint a successor Custodian by written instrument, in duplicate,
        one
        copy of which instrument shall be delivered to the resigning Custodian and
        one
        copy to the successor Custodian. If the Trustee shall not have taken custody
        of
        the Mortgage Files and no successor Custodian shall have been so appointed
        and
        have accepted appointment within 30 days after the giving of such written
        notice
        of resignation, the resigning Custodian may petition any court of competent
        jurisdiction for the appointment of a successor Custodian.

       

      The
        Trustee, at the direction of 25% of the Certificateholders, shall remove
        the
        Custodian at any time upon 60 days prior written notice to Custodian. In
        such
        event, the Trustee shall appoint, or petition a court of competent jurisdiction
        to appoint, a successor Custodian hereunder. Any successor Custodian shall
        be a
        depository institution subject to supervision or examination by federal or
        state
        authority shall be able to satisfy the other requirements contained in Section
        3.6 and shall be unaffiliated with the Master Servicer, the Company and the
        Depositor.

       

      Any
        resignation or removal of the Custodian and appointment of a successor Custodian
        pursuant to any of the provisions of this Section 3.4 shall become effective
        upon acceptance of appointment by the successor Custodian. The Trustee shall
        give prompt notice to the Depositor and the Master Servicer of the appointment
        of any successor Custodian. Notwithstanding anything to the contrary set
        forth
        herein, no successor Custodian shall be appointed by the Trustee without
        the
        prior approval of the Depositor and the Master Servicer.

       

      Section
        3.5.  Merger
        or Consolidation of Custodian.
        Any
        Person into which the Custodian may be merged or converted or with which
        it may
        be consolidated, or any Person resulting from any merger, conversion or
        consolidation to which the Custodian shall be a party, or any Person succeeding
        to the business of the Custodian (by sale of assets, stock or a combination
        of
        both), shall be the successor of the Custodian hereunder, without the execution
        or filing of any paper or any further act on the part of any of the parties
        hereto, anything herein to the contrary notwithstanding; provided that such
        successor is a depository institution subject to supervision or examination
        by
        federal or state authority and is able to satisfy the other requirements
        contained in Section 3.6 and is unaffiliated with the Master Servicer or
        the
        Depositor.

       

      Section
        3.6.  Representations
        of the Custodian.
        The
        Custodian hereby represents that it is a depository institution subject to
        supervision or examination by a federal or state authority, has a combined
        capital and surplus of at least $15,000,000 and is qualified to do business
        in
        the jurisdictions in which it will hold any Mortgage File.

       

      Section
        3.7.  Limitation
        on Liability.
        Neither
        the Custodian nor any of its directors, officers, agents or employees, shall
        be
        liable for any action taken or omitted to be taken by it or them hereunder
        or in
        connection herewith in good faith and believed (which belief may be based
        upon
        the opinion or advice of counsel selected by it in the exercise of reasonable
        care) by it or them to be within the purview of this Agreement, except for
        its
        or their own negligence, bad faith or willful misconduct. The Custodian and
        any
        director, officer, employee or agent of the Custodian 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. In no event shall the Custodian
        or its directors, officers, agents and employees be held liable for any special,
        indirect or consequential damages (“Special Damages”) resulting from any action
        taken or omitted to be taken by it or them hereunder or in connection herewith
        even if advised of the possibility of such damages.

       

      Notwithstanding
        anything herein to the contrary, the Custodian agrees to indemnify the Trust
        Fund and the Trustee and each of their respective officers, directors and
        agents
        for any and all liabilities, obligations, losses, damages, payments, costs
        or
        expenses of any kind whatsoever (except Special Damages) that may be imposed
        on,
        incurred by or asserted against the Trustee or the Trust Fund, due to any
        act or
        omission by the Custodian with respect to the Mortgage Files; provided, however,
        that the Custodian shall not be liable to any of the foregoing Persons for
        any
        amount and any portion of any such amount resulting from the willful
        misfeasance, bad faith or negligence of such Person. The provisions of this
        Section 3.7 shall survive the termination of this Custodial
        Agreement.

       

      The
        Custodian and its directors, officers, employees and agents shall be entitled
        to
        indemnification and defense from the Trust Fund for any loss, liability damages,
        payments, costs or expense incurred without negligence, willful misconduct,
        bad
        faith on their part, arising out of, or in connection with, the acceptance
        or
        administration of the custodial arrangement created hereunder, including
        without
        limitation the costs and expenses of defending themselves against any claim
        or
        liability in connection with the exercise or performance of any of their
        powers
        or duties hereunder.

       

       

      ARTICLE
        IV

       

      COMPLIANCE
        WITH REGULATION AB

       

      Section
        4.1.  Intent
        of the Parties; Reasonableness.
        The
        parties hereto acknowledge and agree that the purpose of this Article IV
        is to
        facilitate compliance by the Depositor with the provisions of Regulation
        AB and
        related rules and regulations of the Commission. The Depositor shall not
        exercise its right to request delivery of information or other performance
        under
        these provisions other than in good faith, or for purposes other than compliance
        with the Securities Act, the Exchange Act and the rules and regulations of
        the
        Commission under the Securities Act and the Exchange Act. Each of the parties
        hereto acknowledges that interpretations of the requirements of Regulation
        AB
        may change over time, whether due to interpretive guidance provided by the
        Commission or its staff, consensus among participants in the mortgage-backed
        securities markets, advice of counsel, or otherwise, and agrees to comply
        with
        requests made by the Depositor in good faith for delivery of information
        under
        these provisions on the basis of evolving interpretations of Regulation AB.
        The
        Custodian shall cooperate reasonably with the Depositor to deliver to the
        Depositor (including any of its assignees or designees), any and all disclosure,
        statements, reports, certifications, records and any other information necessary
        in the reasonable, good faith determination of the Depositor to permit the
        Depositor to comply with the provisions of Regulation AB.

       

      Section
        4.2.  Additional
        Representations and Warranties of the Custodian.

       

      (a)  The
        Custodian hereby represents and warrants that the information set forth in
        the
        Prospectus Supplement under the caption “Description of the Certificates - The
        Custodians” (the “Custodian Disclosure”) does not contain any untrue statement
        of a material fact or omit to state a material fact required to be stated
        therein or necessary in order to make the statements therein, in the light
        of
        the circumstances under which they were made, not misleading.

       

      (b)  The
        Custodian shall be deemed to represent to the Depositor as of the date hereof
        and on each date on which information is provided to the Depositor under
        Section
        4.3 that, except as disclosed in writing to the Depositor prior to such date:
        (i) there are no aspects of its financial condition that could have a material
        adverse effect on the performance by it of its Custodian obligations under
        this
        Agreement or any other Securitization Transaction as to which it is the
        custodian; (ii) there are no material legal or governmental proceedings pending
        (or known to be contemplated) against it; and (iii) there are no affiliations,
        relationships or transactions relating to the Custodian with respect to the
        Depositor or any sponsor, issuing entity, servicer, trustee, originator,
        significant obligor, enhancement or support provider or other material
        transaction party (as such terms are used in Regulation AB) relating to the
        Securitization Transaction contemplated by the Agreement, as identified by
        the
        Depositor to the Custodian in writing as of the Closing Date (each, a
“Transaction Party”).

       

      (c)  If
        so
        requested by the Depositor on any date following the Closing Date, the Custodian
        shall, within five Business Days following such request, confirm in writing
        the
        accuracy of the representations and warranties set forth in paragraph (a)
        of
        this Section or, if any such representation and warranty is not accurate
        as of
        the date of such confirmation, provide reasonably adequate disclosure of
        the
        pertinent facts, in writing, to the requesting party. Any such request from
        the
        Depositor shall not be given more than once each calendar quarter, unless
        the
        Depositor shall have a reasonable basis for a determination that any of the
        representations and warranties may not be accurate.

       

      Section
        4.3.  Additional
        Information to Be Provided by the Custodian.
        For so
        long as the Certificates are outstanding, for the purpose of satisfying the
        Depositor's reporting obligation under the Exchange Act with respect to any
        class of Certificates, the Custodian shall (a) notify the Depositor in writing
        of any material litigation or governmental proceedings pending against the
        Custodian that would be material to Certificateholders, and (b) provide to
        the
        Depositor a written description of such proceedings. Any notices and
        descriptions required under this Section 4.3 shall be given no later than
        five
        Business Days prior to the Determination Date following the month in which
        the
        Custodian has knowledge of the occurrence of the relevant event. As of the
        date
        the Depositor or Master Servicer files each Report on Form 10-D or Form 10-K
        with respect to the Certificates, the Custodian will be deemed to represent
        that
        any information previously provided under this Section 4.3, if any, is
        materially correct and does not have any material omissions unless the Custodian
        has provided an update to such information.

       

      Section
        4.4.  Report
        on Assessment of Compliance and Attestation.
        On or
        before March 15 of each calendar year, the Custodian shall:

       

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

       

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

       

      Section
        4.5.  Indemnification;
        Remedies.

       

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

       

      (i) (A)
        any
        untrue statement of a material fact contained or alleged to be contained
        in the
        Custodian Disclosure and any information, report, certification, accountants’
attestation or other material provided under this Article IV by or on behalf
        of
        the Custodian (collectively, the “Custodian Information”), or (B) the omission
        or alleged omission to state in the Custodian Information a material fact
        required to be stated in the Custodian Information or necessary in order
        to make
        the statements therein, in the light of the circumstances under which they
        were
        made, not misleading; or

       

      (ii) any
        failure by the Custodian to deliver any information, report, certification,
        accountants’ attestation or other material when and as required under this
        Article IV.

       

      (b) In
        the
        case of any failure of performance described in clause (ii) of Section 4.5(a),
        the Custodian shall promptly reimburse the Depositor for all costs reasonably
        incurred by the Depositor in order to obtain the information, report,
        certification, accountants’ letter or other material not delivered as required
        by the Custodian.

      
 

      ARTICLE
        V

       

      MISCELLANEOUS
        PROVISIONS

       

      Section
        5.1.  Notices.
        All
        notices, requests, consents and demands and other communications required
        under
        this Agreement or pursuant to any other instrument or document delivered
        hereunder shall be in writing and, unless otherwise specifically provided,
        may
        be delivered personally, by telegram or telex, or by registered or certified
        mail, postage prepaid, return receipt requested, at the addresses specified
        on
        the signature page hereof (unless changed by the particular party whose address
        is stated herein by similar notice in writing), in which case the notice
        will be
        deemed delivered when received.

       

      Section
        5.2.  Amendments.
        No
        modification or amendment of or supplement to this Agreement shall be valid
        or
        effective unless the same is in writing and signed by all parties hereto.
        The
        Trustee shall give prompt notice to the Custodian of any amendment or supplement
        to the Pooling and Servicing Agreement and furnish the Custodian with written
        copies thereof.

       

      Section
        5.3.  GOVERNING
        LAW.
        THIS
        AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
        OF
        THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF
        OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.

       

      Section
        5.4.  Recordation
        of Agreement.
        To the
        extent permitted by applicable law, this Agreement is subject to recordation
        in
        all appropriate public offices for real property records in all the counties
        or
        other comparable jurisdictions in which any or all of the properties subject
        to
        the Mortgages are situated, and in any other appropriate public recording
        office
        or elsewhere, such recordation to be effected by the Depositor and at the
        Trust’s expense, but only upon direction accompanied by an Opinion of Counsel
        reasonably satisfactory to the Depositor to the effect that the failure to
        effect such recordation is likely to materially and adversely affect the
        interests of the Certificateholders.

       

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

       

      Section
        5.5.  Severability
        of Provisions.
        If any
        one or more of the covenants, agreements, provisions or terms of this Agreement
        shall be for any reason whatsoever held invalid, then such covenants,
        agreements, provisions or terms shall be deemed severable from the remaining
        covenants, agreements, provisions or terms of this Agreement and shall in
        no way
        affect the validity or enforceability of the other provisions of this Agreement
        or of the Certificates or the rights of the holders thereof.

       

      [Signature
        Page Follows]

       

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, this Agreement is executed as of the date first above
        written.

       

      
        	
                Address:

                388
                  Greenwich Street, 14th Floor

                New
                  York, New York 10013

                Attention:
                  SACO I Trust, Series 2006-6

                Telecopy
                  (212) 816-5527

              	
                CITIBANK,
                  N.A., as Trustee

                 

                By:__________________________________

                Name:
                  

                Title:

                 

              
	
                Address:

                383
                  Madison Avenue

                New
                  York, New York 10179

              	
                BEAR
                  STEARNS ASSET BACKED SECURITIES I LLC

                 

                By:__________________________________

                Name: 

                Title: 

                 

              
	
                Address:

                909
                  Hidden Ridge Drive, Suite 200

                Irving,
                  Texas 75038

              	
                EMC
                  MORTGAGE CORPORATION

                 

                By:__________________________________

                Name: 

                Title:

              
	 	 
	
                Address:

                1015
                  10th Avenue Southeast, MS 0031

                Minneapolis,
                  MN 55414

                Attention:
                  SACO I 2006-6

                Telecopy:

                Confirmation:

                 

              	
                WELLS
                  FARGO BANK, N.A., as Custodian

                 

                By:__________________________________

                Name:

                Title:

              
	
                Address:

                135
                  South
                  LaSalle Street, Suite 1625

                Chicago,
                  IL 60603

              	
                LASALLE
                  BANK NATIONAL ASSOCIATION, as Master Servicer and Securities
                  Administrator

                 

                By:__________________________________

                Name: 

                Title: 

              

      

      

       

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        	
                STATE
                  OF NEW YORK

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF NEW YORK

              	
                )

              	 

      

      

       

      On
        the
        30th day of May 2006 before me, a notary public in and for said State,
        personally appeared _________________, known to me to be a(n)
        __________________of Citibank, N.A., one of the parties that executed the
        within
        agreement, and also known to me to be the person who executed the within
        agreement on behalf of said party and acknowledged to me that such party
        executed the within instrument.

       

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

       

      ______________________________

      Notary
        Public

       

      [SEAL]

       

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        	
                STATE
                  OF NEW YORK

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF NEW YORK

              	
                )

              	 

      

      

       

      On
        the
        30th day of May 2006 before me, a notary public in and for said State,
        personally appeared _________________, known to me to be a Vice President
        of
        Bear Stearns Asset Backed Securities I LLC, and also known to me to be the
        person who executed the within instrument on behalf of said party, and
        acknowledged to me that such party executed the within instrument.

       

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

       

      ______________________________

      Notary
        Public

       

      [SEAL]

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        	
                STATE
                  OF TEXAS

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF DALLAS

              	
                )

              	 

      

      

       

      On
        the
        30th day of May 2006 before me, a notary public in and for said State,
        personally appeared _______________________, known to me to be a(n)
        __________________ of EMC Mortgage Corporation, one of the parties that executed
        the within instrument, and also known to me to be the person who executed
        the
        within instrument on behalf of said party, and acknowledged to me that such
        party executed the within instrument.

       

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

       

      ______________________________

      Notary
        Public

       

      [SEAL]

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        	
                STATE
                  OF MINNESOTA

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF HENNEPIN

              	
                )

              	 

      

      

       

      On
        the
        30th day of May 2006 before me, a notary public in and for said State,
        personally appeared _________________, known to me to be a(n)
        __________________of Wells Fargo Bank, N.A., one of the parties that executed
        the within agreement, and also known to me to be the person who executed
        the
        within agreement on behalf of said party and acknowledged to me that such
        party
        executed the within instrument.

       

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

       

      ______________________________

      Notary
        Public

       

      [SEAL]

       

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        	
                STATE
                  OF ILLINOIS

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF 

              	
                )

              	 

      

      

       

      On
        the
        30th day of May 2006 before me, a notary public in and for said State,
        personally appeared _________________, known to me to be an Assistant Vice
        President of LaSalle Bank National Association, one of the parties that executed
        the within agreement, and also known to me to be the person who executed
        the
        within agreement on behalf of said party and acknowledged to me that such
        party
        executed the within instrument.

       

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

       

      ______________________________

      Notary
        Public

       

      [SEAL]

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SCHEDULE
        A

      

      MORTGAGE
        LOAN SCHEDULE

      

      (Provided
        upon request)

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        ONE

      

       

      FORM
        OF
        CUSTODIAN INITIAL CERTIFICATION

       

                                                                                          
        May 30, 2006

       

      Citibank,
        N.A.

      388
        Greenwich Street, 14th Floor

      New
        York,
        New York 10013

      Attn:
        Structured Finance - SACO I Trust, Series 2006-6

       

      LaSalle
        Bank National Association

      135
        South
        LaSalle Street, Suite 1625

      Chicago,
        Illinois 60603

      Attn:
        Global Securities and Trust Services - SACO I Trust 2006-6

       

      EMC
        Mortgage Corporation

      909
        Hidden Ridge Drive, Suite 200

      Irving,
        Texas 75038

      Attention:
        SACO I Inc., Series 2006-6

       

      
        	 	
                Re:

              	
                Custodial
                  Agreement, dated as of May 30, 2006, by
                  and

              

      

                     
        among Bear Stearns Asset Backed Securities I LLC, EMC

                     
        Mortgage Corporation, Citibank, N.A., LaSalle Bank

                     
        National Association and Wells Fargo Bank, N.A., as

                     
        Custodian relating to SACO I Trust 2006-6, Mortgage

      
                                                       
          Backed Certificates, Series
          2006-6                                        

      

       

       

      Ladies
        and Gentlemen:

       

      In
        accordance with Section 2.3(a) of the above-captioned Custodial Agreement,
        and
        subject to Section 2.02(a) of the Pooling and Servicing Agreement, the
        undersigned, as Custodian, hereby certifies that it has received a Mortgage
        File
        (which contains an original Mortgage Note or lost note affidavit) to the
        extent
        required in Section 2.01 of the Pooling and Servicing Agreement with respect
        to
        each Mortgage Loan listed in the Mortgage Loan Schedule, with any exceptions
        listed on Schedule A attached hereto.

       

      Capitalized
        words and phrases used herein shall have the respective meanings assigned
        to
        them in the above-captioned Custodial Agreement.

      

       

      WELLS
        FARGO BANK, N.A.

      

       

      By:_______________________________________

      Name:____________________________________

      Title:_____________________________________

       

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SCHEDULE
        A

       

      (PROVIDED
        UPON REQUEST)

       

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        TWO

      

       

      FORM
        OF
        CUSTODIAN INTERIM CERTIFICATION

       

                                                                                      
        [DATE]

       

      Citibank,
        N.A.

      388
        Greenwich Street, 14th Floor

      New
        York,
        New York 10013

      Attn:
        Structured Finance - SACO I Trust, Series 2006-6

       

      LaSalle
        Bank National Association

      135
        South
        LaSalle Street, Suite 1625

      Chicago,
        Illinois 60603

      Attn:
        Global Securities and Trust Services - SACO I Trust 2006-6

       

      EMC
        Mortgage Corporation

      909
        Hidden Ridge Drive, Suite 200

      Irving,
        Texas 75038

      Attention:
        SACO I Inc., Series 2006-6

       

      
        	 	
                Re:

              	
                Custodial
                  Agreement, dated as of May 30, 2006, by
                  and

              

      

                      among
        Bear Stearns Asset Backed Securities I LLC, EMC

                     
        Mortgage Corporation, Citibank, N.A., LaSalle Bank

                     
        National Association and Wells Fargo Bank, N.A., as

                     
        Custodian relating to SACO I Trust 2006-6, Mortgage

      
                                                       
          Backed Certificates, Series
          2006-6                                         

      

       

       

      Ladies
        and Gentlemen:

       

      In
        accordance with Section 2.3(b) of the above-captioned Custodial Agreement
        and
        subject to Section 2.02(a) of the Pooling and Servicing Agreement, the
        undersigned, as Custodian, hereby certifies that it has received a Mortgage
        File
        to the extent required pursuant to Section 2.01 of the Pooling and Servicing
        Agreement with respect to each Mortgage Loan listed in the Mortgage Loan
        Schedule, and it has reviewed the Mortgage File and the Mortgage Loan Schedule
        and has determined that: all required documents have been executed and received
        and that such documents relate to the Mortgage Loans identified on the Mortgage
        Loan Schedule, with any exceptions listed on Schedule A attached
        hereto.

       

      Capitalized
        words and phrases used herein shall have the respective meanings assigned
        to
        them in the above-captioned Custodial Agreement.

      WELLS
        FARGO BANK, N.A.

      

       

      By:_______________________________________

      Name:____________________________________

      Title:_____________________________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SCHEDULE
        A

       

      (PROVIDED
        UPON REQUEST)

       

       

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        THREE

      

       

      FORM
        OF
        CUSTODIAN FINAL CERTIFICATION

       

                                                             
        [DATE]

       

      Citibank,
        N.A.

      388
        Greenwich Street, 14th Floor

      New
        York,
        New York 10013

      Attn:
        Structured Finance - SACO I Trust, Series 2006-6

       

      LaSalle
        Bank National Association

      135
        South
        LaSalle Street, Suite 1625

      Chicago,
        Illinois 60603

      Attn:
        Global Securities and Trust Services - SACO I Trust 2006-6

       

      EMC
        Mortgage Corporation

      909
        Hidden Ridge Drive, Suite 200

      Irving,
        Texas 75038

      Attention:
        SACO I Inc., Series 2006-6

       

      
        	 	
                Re:

              	
                Custodial
                  Agreement, dated as of May 30, 2006, by
                  and

              

      

                     
        among Bear Stearns Asset Backed Securities I LLC, EMC

                     
        Mortgage Corporation, Citibank, N.A., LaSalle Bank

                     
        National Association and Wells Fargo Bank, N.A., as

                     
        Custodian relating to SACO I Trust 2006-6, Mortgage

      
                                                       
          Backed Certificates, Series
          2006-6                                          

      

       

       

      Ladies
        and Gentlemen:

       

      In
        accordance with Section 2.3(c) of the above-captioned Custodial Agreement
        and,
        subject to Section 2.02(a) of the Pooling and Servicing Agreement, the
        undersigned, as Custodian, hereby certifies that it has received a Mortgage
        File
        to the extent required pursuant to Section 2.01 of the Pooling and Servicing
        Agreement with respect to each Mortgage Loan listed in the Mortgage Loan
        Schedule, and it has reviewed the Mortgage File and the Mortgage Loan Schedule
        and has determined that: all required documents have been executed and received
        and that such documents relate to the Mortgage Loans identified on the Mortgage
        Loan Schedule, with any exceptions listed on Schedule A attached
        hereto.

       

      Capitalized
        words and phrases used herein shall have the respective meanings assigned
        to
        them in the above-captioned Custodial Agreement or in the Pooling and Servicing
        Agreement, as applicable.

       

      WELLS
        FARGO BANK, N.A.

      

       

      By:_______________________________________

      Name:____________________________________

      Title:_____________________________________

       

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SCHEDULE
        A

       

      (PROVIDED
        UPON REQUEST)

       

       

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        FOUR

       

      SERVICING
        CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

       

      The
        assessment of compliance to be delivered by the Custodian shall address,
        at a
        minimum, the criteria identified below as “Applicable Servicing
        Criteria”:

       

      
        	
                 

                Servicing
                  Criteria

              	
                Applicable

                Servicing
                  Criteria

              
	
                Reference

              	
                Criteria

              	 
	 	
                General
                  Servicing Considerations

              	 
	
                1122(d)(1)(i)

              	
                Policies
                  and procedures are instituted to monitor any performance or other
                  triggers
                  and events of default in accordance with the transaction
                  agreements

              	 
	
                1122(d)(1)(ii)

              	
                If
                  any material servicing activities are outsourced to third parties,
                  policies and procedures are instituted to monitor the third party’s
                  performance and compliance with such servicing activities

              	 
	
                1122(d)(1)(iii)

              	
                Any
                  requirements in the transaction agreements to maintain a back-up
                  servicer
                  for the pool assets are maintained.

              	 
	
                1122(d)(1)(iv)

              	
                A
                  fidelity bond and errors and omissions policy is in effect on the
                  party
                  participating in the servicing function throughout the reporting
                  period in
                  the amount of coverage required by and otherwise in accordance
                  with the
                  terms of the transaction agreements.

              	 
	 	
                 

                Cash
                  Collection and Administration

              	 
	
                1122(d)(2)(i)

              	
                Payments
                  on pool assets are deposited into the appropriate custodial bank
                  accounts
                  and related bank clearing accounts no more than two business days
                  following receipt, or such other number of days specified in the
                  transaction agreements.

              	 
	
                1122(d)(2)(ii)

              	
                Disbursements
                  made via wire transfer on behalf of an obligor or to an investor
                  are made
                  only by authorized personnel.

              	 
	
                1122(d)(2)(iii)

              	
                Advances
                  of funds or guarantees regarding collections, cash flows or distributions,
                  and any interest or other fees charged for such advances are made,
                  reviewed and approved as specified in the transaction
                  agreements.

              	 
	
                1122(d)(2)(iv)

              	
                The
                  related accounts for the transaction, such as cash reserve accounts
                  or
                  accounts established as a form of overcollateralization, are separately
                  maintained (e.g., with respect to commingling of cash) as set forth
                  in the
                  transaction agreements.

              	 
	
                1122(d)(2)(v)

              	
                Each
                  custodial account is maintained at a federally insured depository
                  institution as set forth in the transaction agreements. For purposes
                  of
                  this criterion, “federally insured depository institutions” with respect
                  to a foreign financial institution means a foreign financial institution
                  that meets the requirements of Rule 13k-1(b)(1) of the Securities
                  Exchange
                  Act. 

              	 
	
                1122(d)(2)(vi)

              	
                Unissued
                  checks are safeguarded so as to prevent unauthorized
                  access.

              	 
	
                1122(d)(2)(vii)

              	
                Reconciliations
                  are prepared on a monthly basis for all asset-backed securities
                  related
                  bank accounts, including custodial accounts and related bank clearing
                  accounts. These reconciliations are (A) mathematically accurate;
                  (B)
                  prepared within 30 calendar days after the bank statement cutoff
                  date, or
                  such other number of days specified in the transaction agreements;
                  (C)
                  reviewed and approved by someone other than the person who prepared
                  the
                  reconciliations; and (D) contain explanations for reconciling items,
                  These
                  reconciling items are resolved within 90 calendar days of their
                  original
                  identification, or such other number of days specified in the transaction
                  agreements.

              	 
	 	
                 

                Investor
                  Remittances and Reporting

              	 
	
                1122(d)(3)(i)

              	
                Reports
                  to investors, including those to be filed with the Commission,
                  are
                  maintained in accordance with the transaction agreements and applicable
                  Commission requirements. Specifically, such reports (A) are prepared
                  in
                  accordance with timeframes and other terms set forth in the transaction
                  agreements, (B) provide information calculated in accordance with
                  the
                  terms specified in the transaction agreements; (C) are filed with
                  the
                  Commission as required by its rules and regulations; and (D) agree
                  with
                  investors; or the trustee’s records as to the total unpaid principal
                  balance and number of pool assets serviced by the
                  servicer.

              	 
	
                1122(d)(3)(ii)

              	
                Amounts
                  due to investors are allocated and remitted in accordance with
                  timeframes,
                  distribution priority and other terms set forth in the transaction
                  agreements.

              	 
	
                1122(d)(3)(iii)

              	
                Disbursements
                  made to an investor are posted within two business days to the
                  servicer’s
                  investor records, or such other number of days specified in the
                  transaction agreements.

              	 
	
                1122(d)(3)(iv)

              	
                Amounts
                  remitted to investors per the investor reports agree with cancelled
                  checks, or other form of payment, or custodial bank
                  statements.

              	 
	 	
                 

                Pool
                  Asset Administration

              	 
	
                1122(d)(4)(i)

              	
                Collateral
                  or security on pool assets is maintained as required by the transaction
                  agreements or related asset pool documents.

              	
                √

              
	
                1122(d)(4)(ii)

              	
                Pool
                  assets and related documents are safeguarded as required by the
                  transaction agreements.

              	
                √

              
	
                 

                1122(d)(4)(iii)

              	
                Any
                  additions, removals or substitutions to the asset pool are made,
                  reviewed
                  and approved in accordance with any conditions or requirements
                  in the
                  transaction agreements

              	 
	
                1122(d)(4)(iv)

              	
                Payments
                  on pool assets, including any payoffs, made in accordance with
                  the related
                  pool asset documents are posted to the servicer’s obligor records
                  maintained no more than two business days after receipt, or such
                  other
                  number of days specified in the transaction agreements, and allocated
                  to
                  principal, interest or other items (e.g., escrow) in accordance
                  with the
                  related pool asset documents.

              	 
	
                1122(d)(4)(v)

              	
                The
                  servicer’s records regarding the pool assets agree with the servicer’s
                  records with respect to an obligor’s unpaid principal
                  balance.

              	 
	
                1122(d)(4)(vi)

              	
                Changes
                  with respect to the terms or status of an obligor’s pool asset (e.g., loan
                  modifications or re-agings) are made, reviewed and approved by
                  authorized
                  personnel in accordance with the transaction agreements and related
                  pool
                  asset documents.

              	 
	
                1122(d)(4)(vii)

              	
                Loss
                  mitigation of recovery actions (e.g., forbearance plans, modifications
                  and
                  deed in lieu of foreclosure, foreclosures and repossessions, as
                  applicable) are initiated, conducted and concluded in accordance
                  with the
                  timeframes or other requirements established by the transaction
                  documents.

              	 
	
                1122(d)(4)(viii)

              	
                Records
                  documenting collection efforts are maintained during the period
                  a pool
                  asset is delinquent in accordance with the transaction agreements.,
                  Such
                  records are maintained in at least a monthly basis, or such other
                  period
                  specified in the transaction agreements, and describe the entity’s
                  activities in monitoring delinquent pool assets including, for
                  example,
                  phone calls, letters and payment rescheduling plans in cases where
                  delinquency is deemed temporary (e.g., illness or
                  unemployment).

              	 
	
                1122(d)(4)(ix)

              	
                Adjustments
                  to interest rates or rates of return for pool assets with variable
                  rates
                  are computed based on the related pool asset documents.

              	 
	
                1122(d)(4)(x)

              	
                Regarding
                  any funds held in trust for an obligor (such as escrow accounts);
                  (A) such
                  funds are analyzed, in accordance with the obligor’s pool asset documents,
                  on at least an annual basis, or such other period specified in
                  the
                  transaction agreements; (B) interest on such funds is paid, or
                  credited,
                  to obligors in accordance with applicable pool asset documents
                  and state
                  laws; and (C) such funds are returned to the obligor within 3-
                  calendar
                  days of full repayment of the related pool asset, or such other
                  number of
                  days specified in the transaction agreements.

              	 
	
                1122(d)(4)(xi)

              	
                Payments
                  made on behalf of an obligor (such as tax ore insurance payments)
                  are made
                  on or before the related penalty or expiration dates, as indicated
                  on the
                  appropriate bills or notices for such payments, provided that such
                  support
                  has been received by the service at least 30 calendar days prior
                  to these
                  dates, or such other number of days specified in the transaction
                  agreements.

              	 
	
                1122(d)(4)(xii)

              	
                Any
                  late payment penalties in connection with any payment to be made
                  on behalf
                  of an obligor are paid from the servicer’s funds and not charged to the
                  obligor, unless the late payment was due to the obligor’s error or
                  omission.

              	 
	
                1122(d)(4)(xiii)

              	
                Disbursements
                  made on behalf of an obligor are posted within two business days
                  to the
                  obligor’s records maintained by the servicer, or such other number of days
                  specified in the transaction agreements.

              	 
	
                1122(d)(4)(xiv)

              	
                Delinquencies,
                  charge-offs and uncollectible funds are recognized and recorded
                  in
                  accordance with the transaction agreements.

              	 
	
                1122(d)(4)(xv)

              	
                Any
                  external enhancement or other support, identified in item 1114(a)(1)
                  through (3) or item 1115 of Regulation AB, is maintained as set
                  forth in
                  the transaction agreements.

              	 

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        L

       

      FORM
        OF
        MORTGAGE LOAN PURCHASE AGREEMENT

       

      MORTGAGE
        LOAN PURCHASE AGREEMENT, dated as of May 30, 2006, as amended and supplemented
        by any and all amendments hereto (collectively, “this
        Agreement”),
        by
        and among EMC MORTGAGE CORPORATION, a Delaware corporation (the “Sponsor”
or
        a
“Mortgage Loan Seller”) and BEAR STEARNS ASSET BACKED SECURITIES I LLC, a
        Delaware limited liability company (the “Purchaser”).

       

      Upon
        the
        terms and subject to the conditions of this Agreement, the Mortgage Loan
        Seller
        agrees to sell, and the Purchaser agrees to purchase, certain conventional,
        closed-end, fixed rate junior-lien mortgage loans secured by one- to four-family
        residences (collectively, the “Mortgage
        Loans”)
        as
        described herein. The Purchaser intends to deposit the Mortgage Loans into
        a
        trust fund (the “Trust
        Fund”)
        and
        create SACO I Trust 2006-6, Mortgage-Backed Certificates, Series 2006-6 (the
        “Certificates”),
        under
        a pooling and servicing agreement, to be dated as of May 1, 2006 (the
“Pooling
        and Servicing Agreement”),
        among
        the Purchaser, as depositor, EMC, as Sponsor and as company, LaSalle Bank
        National Association, as master servicer (in that capacity, the “Master
        Servicer”)
        and
        securities administrator (in that capacity, the “Securities Administrator”) and
        Citibank, N.A., as trustee (the “Trustee”).

       

      The
        Purchaser has filed with the Securities and Exchange Commission (the
“Commission”)
        a
        registration statement on Form S-3 (Number 333-131374) relating to its
        Mortgage-Backed Certificates and the offering of certain series thereof
        (including certain classes of the Certificates) from time to time in accordance
        with Rule 415 under the Securities Act of 1933, as amended, and the rules
        and
        regulations of the Commission promulgated thereunder (the “Securities
        Act”).
        Such
        registration statement, when it became effective under the Securities Act,
        and
        the prospectus relating to the public offering of certain classes of the
        Certificates by the Purchaser (the “Public
        Offering”),
        as
        each may be amended or supplemented from time to time pursuant to the Securities
        Act or otherwise, are referred to herein as the “Registration
        Statement”
and
        the
“Prospectus,”
        respectively. The “Free
        Writing Prospectus”
shall
        mean the free writing prospectus, dated April 25, 2006. The
        “Prospectus
        Supplement”
shall
        mean that supplement, dated April 26, 2006 to the Prospectus, dated April
        5,
        2006, relating to certain classes of Certificates. With
        respect to the Public Offering of certain classes of the Certificates, Bear,
        Stearns & Co. Inc. (“Bear
        Stearns”)
        and the
        Purchaser have entered into a terms agreement, dated as of April 25, 2006,
        to an
        underwriting agreement, dated April 21, 2006 (together, the “Underwriting
        Agreement”)
        between
        Bear Stearns and the Purchaser.

       

      Now,
        therefore, in consideration of the premises and the mutual agreements set
        forth
        herein, the parties hereto agree as follows:

       

      SECTION
        1.  Definitions.
        Certain
        terms are defined herein. Capitalized terms used herein but not defined herein
        shall have the meanings specified in the Pooling and Servicing Agreement.
        The
        following other terms are defined as follows:

       

      Acquisition
        Price:
        With
        respect to the Sponsor and the sale of the Mortgage Loans, cash in an amount
        equal to $            *          
        (plus
        $         *         
        in
        accrued interest) and the retained certificates. 

       

      Bear
        Stearns:
        Bear,
        Stearns & Co. Inc.

       

      Closing
        Date:
        May 30,
        2006.

       

      Custodial
        Agreement:
        Any of
        the LaSalle Custodial Agreement or Wells Fargo Custodial Agreement.

       

      Cut-off
        Date:
        May 1,
        2006.

       

      Cut-off
        Date Balance:
        Shall
        mean $[_________].

       

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

       

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

       

      EMC:
        EMC
        Mortgage Corporation.

       

      LaSalle:
        LaSalle
        Bank National Association, or its successors in interest.

       

      LaSalle
        Custodial Agreement:
        The
        custodial agreement, dated as of May 30, 2006, among the Depositor, the Mortgage
        Loan Seller, the Master Servicer and the Securities Administrator, the Trustee
        and LaSalle Bank National Association as Custodian relating to the Mortgage
        Loans identified in such custodial agreement. 

       

      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.

       

      Moody’s:
        Moody’s
        Investor Service, Inc., or its successors in interest.

       

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

       

      Mortgage
        File:
        The
        items referred to in Exhibit
        1
        pertaining to a particular Mortgage Loan and any additional documents required
        to be added to such documents pursuant to this Agreement.

       

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

       

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

       

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

       

      Opinion
        of Counsel:
        A
        written opinion of counsel, who may be counsel for the Mortgage Loan Seller
        or
        the Purchaser, reasonably acceptable to the Trustee.

       

      Person:
        Any
        legal person, including any individual, corporation, partnership, joint venture,
        association, joint stock company, trust, unincorporated organization or
        government or any agency or political subdivision thereof.

       

      Purchase
        Price:
        With
        respect to any Mortgage Loan required to be purchased by the Sponsor (on
        its own
        behalf as a Mortgage Loan Seller) pursuant to the applicable provisions of
        this
        Agreement, an amount equal to the sum of (i) 100% of the principal remaining
        unpaid on such Mortgage Loan as of the date of purchase (including if a
        foreclosure has already occurred, the principal balance of the related Mortgage
        Loan at the time the Mortgaged Property was acquired), (ii) accrued and unpaid
        interest thereon at the Mortgage Interest Rate through and including the
        last
        day of the month of purchase and (iii) any costs and damages (if any) incurred
        by the Trust in connection with any violation of such Mortgage Loan of any
        anti-predatory lending laws.

       

      Rating
        Agencies:
        Moody’s
        and Standard & Poor’s, each a “Rating Agency”.

       

      Replacement
        Mortgage Loan:
        A
        mortgage loan substituted for a Deleted Mortgage Loan which must meet on
        the
        date of such substitution the requirements stated herein and in the Pooling
        and
        Servicing Agreement; upon such substitution, such mortgage loan shall be
        a
“Mortgage Loan” hereunder.

       

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

       

      Standard
        & Poor’s:
        Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. or its
        successors in interest.

       

      Value:
        The
        value of the Mortgaged Property at the time of origination of the related
        Mortgage Loan, such value being the lesser of (i) the value of such property
        set
        forth in an appraisal accepted by the applicable originator of the Mortgage
        Loan
        or (ii) the sales price of such property at the time of
        origination.

       

      Wells
        Fargo:
        Wells
        Fargo Bank, National Association, or its successor in interest.

       

      Wells
        Fargo Custodial Agreement:
        The
        custodial agreement, dated as of May 30, 2006, among the Depositor, the Mortgage
        Loan Seller, the Master Servicer and Securities Administrator, the Trustee
        and
        Wells Fargo Bank, National Association as Custodian relating to the Mortgage
        Loans identified in such custodial agreement.

       

      SECTION
        2.  Purchase
        and Sale of the Mortgage Loans and Related Rights. 

       

      (a)  Upon
        satisfaction of the conditions set forth in Section 11 hereof, the Mortgage
        Loan
        Seller agrees to sell, and the Purchaser agrees to purchase the Mortgage
        Loans
        sold by the Mortgage Loan Seller having an aggregate outstanding principal
        balance as of the Cut-off Date equal to the Cut-off Date Balance.

       

      (b)  The
        closing for the purchase and sale of the Mortgage Loans and the closing for
        the
        issuance of the Certificates will take place on the Closing Date at the office
        of the Purchaser’s counsel in New York, New York or such other place as the
        parties shall agree.

       

      (c)  Upon
        the
        satisfaction of the conditions set forth in Section 11 hereof, on the Closing
        Date, the Purchaser shall pay to the Mortgage Loan Seller the related
        Acquisition Price for the Mortgage Loans sold by the Mortgage Loan Seller
        in
        immediately available funds by wire transfer to such account or accounts
        as
        shall be designated by the Mortgage Loan Seller.

       

      SECTION
        3.  Mortgage
        Loan Schedules.
        The
        Sponsor (on its own behalf as Mortgage Loan Seller) agrees to provide to
        the
        Purchaser as of the date hereof a preliminary listing of the Mortgage Loans
        (the
“Preliminary
        Mortgage Loan Schedule”)
        setting forth the information listed on Exhibit 2 to this Agreement with
        respect
        to each of the Mortgage Loans being sold by the Mortgage Loan Seller. If
        there
        are changes to the Preliminary Mortgage Loan Schedule, the Sponsor (on its
        own
        behalf as Mortgage Loan Seller) shall provide to the Purchaser as of the
        Closing
        Date a final schedule (the “Final
        Mortgage Loan Schedule”)
        setting forth the information listed on Exhibit
        2
        to this
        Agreement with respect to each of the Mortgage Loans being sold by the Mortgage
        Loan Seller to the Purchaser. The Final Mortgage Loan Schedule shall be
        delivered to the Purchaser on the Closing Date, shall be attached to an
        amendment to this Agreement to be executed on the Closing Date by the parties
        hereto and shall be in form and substance mutually agreed to by the Sponsor
        (on
        its own behalf as Mortgage Loan Seller) and the Purchaser (the “Amendment”).
        If
        there are no changes to the Preliminary Mortgage Loan Schedule, the Preliminary
        Mortgage Loan Schedule shall be the Final Mortgage Loan Schedule for all
        purposes hereof.

       

      SECTION
        4.  Mortgage
        Loan Transfer. 

       

      (a)  The
        Purchaser will be entitled to all scheduled payments of principal and interest
        on the Mortgage Loans due after the Cut-off Date (regardless of when actually
        collected) and all payments thereof. The Mortgage Loan Seller will be entitled
        to all scheduled payments of principal and interest on the Mortgage Loans
        sold
        by it to the Purchaser due on or before the Cut-off Date (including payments
        collected after the Cut-off Date) and all payments thereof. Such principal
        amounts and any interest thereon belonging to the Mortgage Loan Seller as
        described above will not be included in the aggregate outstanding principal
        balance of the Mortgage Loans as of the Cut-off Date as set forth on the
        Final
        Mortgage Loan Schedule.

       

      (b)  Pursuant
        to various conveyancing documents to be executed on the Closing Date and
        pursuant to the Pooling and Servicing Agreement, the Purchaser will assign
        on
        the Closing Date all of its right, title and interest in and to the Mortgage
        Loans to the Trustee for the benefit of the Certificateholders. In connection
        with the transfer and assignment of the Mortgage Loans, Mortgage Loan Seller
        has
        delivered or will deliver or cause to be delivered to the Trustee, or the
        Custodian on behalf of the Trustee, by the Closing Date or such later date
        as is
        agreed to by the Purchaser and the Mortgage Loan Seller (each of the Closing
        Date and such later date is referred to as a “Mortgage
        File Delivery Date”),
        the
        items of the respective Custodian’s Mortgage File, provided,
        however,
        that in
        lieu of the foregoing, the Mortgage Loan Seller may deliver the following
        documents, under the circumstances set forth below: (x) in lieu of the original
        Mortgage, assignments to the Trustee or intervening assignments thereof which
        have been delivered, are being delivered or will upon receipt of recording
        information relating to the Mortgage required to be included thereon, be
        delivered to recording offices for recording and have not been returned in
        time
        to permit their delivery as specified above, the Mortgage Loan Seller may
        deliver a true copy thereof with a certification by the Mortgage Loan Seller
        or
        the Master Servicer, on the face of such copy, substantially as follows:
        “Certified to be a true and correct copy of the original, which has been
        transmitted for recording;” (y) in lieu of the Mortgage, assignments to the
        Trustee or intervening assignments thereof, if the applicable jurisdiction
        retains the originals of such documents or if the originals are lost (in
        each
        case, as evidenced by a certification from the Mortgage Loan Seller or the
        Master Servicer to such effect), the Mortgage Loan Seller may deliver
        photocopies of such documents containing an original certification by the
        judicial or other governmental authority of the jurisdiction where such
        documents were recorded; and (z) in lieu of the Mortgage Notes relating to
        the
        Mortgage Loans, each identified in the list delivered by the Purchaser to
        the
        Trustee on the Closing Date and attached hereto as Exhibit
        5
        the
        Mortgage Loan Seller may deliver lost note affidavits and indemnities of
        the
        Mortgage Loan Seller; and provided further, however, that in the case of
        Mortgage Loans which have been prepaid in full after the Cut-off Date and
        prior
        to the Closing Date, the Mortgage Loan Seller, in lieu of delivering the
        above
        documents, may deliver to the Trustee a certification by the Mortgage Loan
        Seller or the Master Servicer to such effect. The Mortgage Loan Seller shall
        deliver such original documents (including any original documents as to which
        certified copies had previously been delivered) or such certified copies
        to the
        Trustee, or the related Custodian on behalf of the Trustee, promptly after
        they
        are received. The Sponsor (on its own behalf as Mortgage Loan Seller) shall
        cause the Mortgage and intervening assignments, if any, and the assignment
        of
        the Mortgage to be recorded not later than 180 days after the Closing Date
        unless such assignment is not required to be recorded under the terms set
        forth
        in Section 6(a) hereof.

       

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

       

      (d)  The
        Mortgage Loan Seller and the Purchaser acknowledge hereunder that all of
        the
        Mortgage Loans will ultimately be assigned to Citibank, N.A., as Trustee
        for the
        benefit of the Certificateholders, on the date hereof.

       

      SECTION
        5.  Examination
        of Mortgage Files. 

       

      (a)  On
        or
        before the Mortgage File Delivery Date, the Mortgage Loan Seller will have
        made
        the related Mortgage Files available to the Purchaser or its agent for
        examination which may be at the offices of the Trustee or the Mortgage Loan
        Seller and/or the Mortgage Loan Seller’s custodian. The fact that the Purchaser
        or its agent has conducted or has failed to conduct any partial or complete
        examination of the related Mortgage Files shall not affect the Purchaser’s
        rights to demand cure, repurchase, substitution or other relief as provided
        in
        this Agreement. In furtherance of the foregoing, the Mortgage Loan Seller
        shall
        make the related Mortgage Files available to the Purchaser or its agent from
        time to time so as to permit the Purchaser to confirm the Mortgage Loan Seller’s
        compliance with the delivery and recordation requirements of this Agreement
        and
        the Pooling and Servicing Agreement. In addition, upon request of the Purchaser,
        the Mortgage Loan Seller agrees to provide to the Purchaser, Bear Stearns
        and to
        any investors or prospective investors in the Certificates information regarding
        the Mortgage Loans and their servicing, to make the related Mortgage Files
        available to the Purchaser, Bear Stearns and to such investors or prospective
        investors (which may be at the offices of the related Mortgage Loan Seller
        and/or the Mortgage Loan Seller’s custodian) and to make available personnel
        knowledgeable about the related Mortgage Loans for discussions with the
        Purchaser, Bear Stearns and such investors or prospective investors, upon
        reasonable request during regular business hours, sufficient to permit the
        Purchaser, Bear Stearns and such investors or potential investors to conduct
        such due diligence as any such party reasonably believes is
        appropriate.

       

      (b)  Pursuant
        to the Pooling and Servicing Agreement, on the Closing Date the Trustee (or
        the
        Custodian as obligated under the applicable Custodial Agreement) for the
        benefit
        of the Certificateholders, will review items of the Mortgage Files as set
        forth
        on Exhibit
        1
        and will
        deliver to the Sponsor (on its own behalf as a Mortgage Loan Seller) an initial
        certification in the form attached as Exhibit One to the applicable Custodial
        Agreement.

       

      (c)  Within
        90
        days of the Closing Date, the Trustee or the related Custodian on its behalf
        shall, in accordance with the provisions of Section 2.02 of the Pooling and
        Servicing Agreement, deliver to the Sponsor (on its own behalf as a Mortgage
        Loan Seller) and the Trustee an Interim Certification in the form attached
        as
        Exhibit Two to the applicable Custodial Agreement to the effect that all
        such
        documents have been executed and received and that such documents relate
        to the
        Mortgage Loans identified on the Mortgage Loan Schedule, except for any
        exceptions listed on Schedule A attached to such Interim Certification. The
        related Custodian shall be under no duty or obligation to inspect, review
        or
        examine said documents, instruments, certificates or other papers to determine
        that the same are genuine, enforceable, or appropriate for the represented
        purpose or that they have actually been recorded or that they are other than
        what they purport to be on their face.

       

      (d)  The
        Trustee or the related Custodian on its behalf will review the Mortgage Files
        within 180 days of the Closing Date and will deliver to the Sponsor and the
        Master Servicer, and if reviewed by the related Custodian, the Trustee, a
        final
        certification substantially in the form of Exhibit 3 to the applicable Custodial
        Agreement. If the Trustee or the related Custodian on its behalf is unable
        to
        deliver a final certification with respect to the items listed in Exhibit
        1
        due to
        any document that is missing, has not been executed, is unrelated, determined
        on
        the basis of the Mortgagor name, original principal balance and loan number,
        to
        the Mortgage Loans identified in the Final Mortgage Loan Schedule (a
“Material
        Defect”),
        the
        Trustee or the related Custodian on its behalf shall notify the Sponsor of
        such
        Material Defect. The Sponsor (on its own behalf as a Mortgage Loan Seller)
        shall
        correct or cure any such Material Defect within 90 days from the date of
        notice
        from the Trustee, the Depositor or the Master Servicer of the Material Defect
        and if the Sponsor (on its own behalf as a Mortgage Loan Seller) does not
        correct or cure such Material Defect within such period and such defect
        materially and adversely affects the interests of the Certificateholders
        in the
        related Mortgage Loan, the Sponsor (on its own behalf as a Mortgage Loan
        Seller)
        will, in accordance with the terms of the Pooling and Servicing Agreement,
        within 90 days of the date of notice, provide the Trustee with a Replacement
        Mortgage Loan (if within two years of the Closing Date) or purchase the related
        Mortgage Loan at the applicable Purchase Price; provided,
        however,
        that if
        such defect relates solely to the inability of the Sponsor (on its own behalf
        as
        a Mortgage Loan Seller) to deliver the original security instrument or
        intervening assignments thereof, or a certified copy because the originals
        of
        such documents, or a certified copy, have not been returned by the applicable
        jurisdiction, the Sponsor shall not be required to purchase such Mortgage
        Loan
        if the Sponsor (on its own behalf as a Mortgage Loan Seller) delivers such
        original documents or certified copy promptly upon receipt, but in no event
        later than 360 days after the Closing Date. The foregoing repurchase obligation
        shall not apply in the event that the Sponsor (on its own behalf as a Mortgage
        Loan Seller) cannot deliver such original or copy of any document submitted
        for
        recording to the appropriate recording office in the applicable jurisdiction
        because such document has not been returned by such office; provided that
        the
        Sponsor (on its own behalf as a Mortgage Loan Seller) shall instead deliver
        a
        recording receipt of such recording office or, if such receipt is not available,
        a certificate of the Sponsor (on its own behalf as a Mortgage Loan Seller)
        or a
        Servicing Officer confirming that such documents have been accepted for
        recording, and delivery to the Trustee shall be effected by the Sponsor (on
        its
        own behalf as a Mortgage Loan Seller) within thirty days of its receipt of
        the
        original recorded document.

       

      (e)  At
        the
        time of any substitution, the Sponsor (on its own behalf as a Mortgage Loan
        Seller) shall deliver or cause to be delivered the Replacement Mortgage Loan,
        the related Mortgage File and any other documents and payments required to
        be
        delivered in connection with a substitution pursuant to the Pooling and
        Servicing Agreement. At the time of any purchase or substitution, the Trustee
        shall (i) assign the selected Mortgage Loan to the Sponsor (on its own behalf
        as
        a Mortgage Loan Seller) and shall release or cause the related Custodian
        to
        release the documents (including, but not limited to, the Mortgage, Mortgage
        Note and other contents of the Mortgage File) in the possession of the Trustee
        or the related Custodian, as applicable relating to the Deleted Mortgage
        Loan
        and (ii) execute and deliver such instruments of transfer or assignment,
        in each
        case without recourse, as shall be necessary to vest in the Sponsor (on its
        own
        behalf as a Mortgage Loan Seller) title to such Deleted Mortgage
        Loan.

       

      SECTION
        6.  Recordation
        of Assignments of Mortgage. 

       

      (a)  The
        Sponsor (on its own behalf as Mortgage Loan Seller) will, promptly after
        the
        Closing Date, cause each Mortgage and each assignment of Mortgage from the
        Mortgage Loan Seller to the Trustee, and all unrecorded intervening assignments,
        if any, delivered on or prior to the Closing Date, to be recorded in all
        recording offices in the jurisdictions where the related Mortgaged Properties
        are located; provided,
        however,
        the
        Sponsor (on its own behalf as Mortgage Loan Seller) need not cause to be
        recorded any assignment which relates to a Mortgage Loan that is a MOM Loan
        or
        for which the related Mortgaged Property is located in any jurisdiction under
        the laws of which, as evidenced by an Opinion of Counsel delivered by the
        Sponsor (on its own behalf as Mortgage Loan Seller) to the Trustee and the
        Rating Agencies, the recordation of such assignment is not necessary to protect
        the Trustee’s interest in the related Mortgage Loan; provided,
        however,
        notwithstanding the delivery of any Opinion of Counsel, each assignment of
        Mortgage shall be submitted for recording by the Sponsor (on its own behalf
        as
        Mortgage Loan Seller) in the manner described above, at no expense to the
        Trust
        Fund or Trustee, upon the earliest to occur of (i) reasonable direction by
        the
        Holders of Certificates evidencing Percentage Interests aggregating not less
        than 25% of the Trust, (ii) the occurrence of an Event of Default, (iii)
        the
        occurrence of a bankruptcy, insolvency or foreclosure relating to the Sponsor
        under the Pooling and Servicing Agreement, (iv) the occurrence of a servicing
        transfer or an assignment of the servicing as described in Section 7.07 of
        the
        Pooling and Servicing Agreement or (iv) with respect to any one assignment
        of
        Mortgage, the occurrence of a bankruptcy, insolvency or foreclosure relating
        to
        the Mortgagor under the related Mortgage.

       

      While
        each such Mortgage or assignment is being recorded, if necessary, the Sponsor
        (on its own behalf as a Mortgage Loan Seller) shall leave or cause to be
        left
        with the Trustee or the related Custodian on its behalf a certified copy
        of such
        Mortgage or assignment. In the event that, within 180 days of the Closing
        Date,
        the Trustee has not been provided with an Opinion of Counsel as described
        above
        or received evidence of recording with respect to each Mortgage Loan delivered
        to the Purchaser pursuant to the terms hereof or as set forth above and the
        related Mortgage Loan is not a MOM Loan, the failure to provide evidence
        of
        recording or such Opinion of Counsel shall be considered a Material Defect,
        and
        the provisions of Section 5(c) and (d) shall apply. All customary recording
        fees
        and reasonable expenses relating to the recordation of the assignments of
        mortgage to the Trustee or the Opinion of Counsel, as the case may be, shall
        be
        borne by the Sponsor.

       

      (b)  It
        is the
        express intent of the parties hereto that the conveyance of the Mortgage
        Loans
        by the Mortgage Loan Seller to the Purchaser, as contemplated by this Agreement
        be, and be treated as, a sale. It is, further, not the intention of the parties
        that such conveyance be deemed a pledge of the Mortgage Loans by the Mortgage
        Loan Seller to the Purchaser to secure a debt or other obligation of that
        Mortgage Loan Seller. However, in the event that, notwithstanding the intent
        of
        the parties, the Mortgage Loans are held by a court to continue to be property
        of the Mortgage Loan Seller, then (a) this Agreement shall also be deemed
        to be
        a security agreement within the meaning of Articles 8 and 9 of the applicable
        Uniform Commercial Code; (b) the transfer of the Mortgage Loans provided
        for
        herein shall be deemed to be a grant by the Mortgage Loan Seller to the
        Purchaser of a security interest in all of the Mortgage Loan Seller’s right,
        title and interest in and to the Mortgage Loans and all amounts payable to
        the
        holders of the Mortgage Loans in accordance with the terms thereof and all
        proceeds of the conversion, voluntary or involuntary, of the foregoing into
        cash, instruments, securities or other property, to the extent the Purchaser
        would otherwise be entitled to own such Mortgage Loans and proceeds pursuant
        to
        Section 4 hereof, including all amounts, other than investment earnings,
        from
        time to time held or invested in any accounts created pursuant to the Pooling
        and Servicing Agreement, whether in the form of cash, instruments, securities
        or
        other property; (c) the possession by the Purchaser or the Trustee (or the
        related Custodian on its behalf) of Mortgage Notes and such other items of
        property as constitute instruments, money, negotiable documents or chattel
        paper
        shall be deemed to be “possession by the secured party” for purposes of
        perfecting the security interest pursuant to Section 9-305 (or comparable
        provision) of the applicable Uniform Commercial Code; and (d) notifications
        to
        persons holding such property, and acknowledgments, receipts or confirmations
        from persons holding such property, shall be deemed notifications to, or
        acknowledgments, receipts or confirmations from, financial intermediaries,
        bailees or agents (as applicable) of the Purchaser for the purpose of perfecting
        such security interest under applicable law. Any assignment of the interest
        of
        the Purchaser pursuant to any provision hereof or pursuant to the Pooling
        and
        Servicing Agreement shall also be deemed to be an assignment of any security
        interest created hereby. The Sponsor (on its own behalf as a Mortgage Loan
        Seller) and the Purchaser shall, to the extent consistent with this Agreement,
        take such actions as may be reasonably necessary to ensure that, if this
        Agreement were deemed to create a security interest in the Mortgage Loans,
        such
        security interest would be deemed to be a perfected security interest of
        first
        priority under applicable law and will be maintained as such throughout the
        term
        of the Pooling and Servicing Agreement.

       

      SECTION
        7.  Representations
        and Warranties of the Sponsor Concerning the Mortgage Loans.
        The
        Mortgage Loan Seller hereby represents and warrants to the Purchaser as of
        the
        Closing Date or such other date as may be specified below with respect to
        each
        Mortgage Loan:

       

      (a)  the
        information set forth in the Mortgage Loan Schedule hereto is true and correct
        in all material respects and the information provided to the Rating Agencies,
        including the Mortgage Loan level detail, is true and correct according to
        the
        Rating Agency requirements;

       

      (b)  immediately
        prior to the transfer to the Purchaser, the Mortgage Loan Seller was the
        sole
        owner of beneficial title and holder of each Mortgage and Mortgage Note relating
        to the Mortgage Loans and is conveying the same free and clear of any and
        all
        liens, claims, encumbrances, participation interests, equities, pledges,
        charges
        or security interests of any nature and the Mortgage Loan Seller has full
        right
        and authority to sell or assign the same pursuant to this
        Agreement;

       

      (c)  each
        Mortgage Loan at the time it was made complied in all material respects with
        all
        applicable laws and regulations, including, without limitation, usury, equal
        credit opportunity, disclosure and recording laws and all applicable
        anti-predatory lending laws; and each Mortgage Loan has been serviced in
        all
        material respects in accordance with all applicable laws and regulations,
        including, without limitation, usury, equal credit opportunity, disclosure
        and
        recording laws and all applicable anti-predatory lending laws and the terms
        of
        the related Mortgage Note, the Mortgage and other loan documents;

       

      (d)  there
        is
        no monetary default existing under any Mortgage or the related Mortgage Note
        and
        there is no material event which, with the passage of time or with notice
        and
        the expiration of any grace or cure period, would constitute a default, breach
        or event of acceleration; and neither the Mortgage Loan Seller, any of its
        affiliates nor any servicer of any related Mortgage Loan has taken any action
        to
        waive any default, breach or event of acceleration; and no foreclosure action
        is
        threatened or has been commenced with respect to the Mortgage Loan;

       

      (e)  the
        terms
        of the Mortgage Note and the Mortgage have not been impaired, waived, altered
        or
        modified in any respect, except by written instruments, (i) if required by
        law
        in the jurisdiction where the Mortgaged Property is located, or (ii) to protect
        the interests of the Trustee on behalf of the Certificateholders;

       

      (f)  no
        selection procedure reasonably believed by the Mortgage Loan Seller to be
        adverse to the interests of the Certificateholders was utilized in selecting
        the
        Mortgage Loans;

       

      (g)  each
        Mortgage is a valid and enforceable junior lien on the property securing
        the
        related Mortgage Note and each Mortgaged Property is owned by the Mortgagor
        in
        fee simple (except with respect to common areas in the case of condominiums,
        PUDs and de minimis
        PUDs) or
        by leasehold for a term longer than the term of the related Mortgage, subject
        only to (i) the lien of current real property taxes and assessments, (ii)
        covenants, conditions and restrictions, rights of way, easements and other
        matters of public record as of the date of recording of such Mortgage, such
        exceptions being acceptable to mortgage lending institutions generally or
        specifically reflected in the appraisal obtained in connection with the
        origination of the related Mortgage Loan or referred to in the lender’s title
        insurance policy delivered to the originator of the related Mortgage Loan
        and
        (iii) other matters to which like properties are commonly subject which do
        not
        materially interfere with the benefits of the security intended to be provided
        by such Mortgage;

       

      (h)  there
        is
        no mechanics’ lien or claim for work, labor or material affecting the premises
        subject to any Mortgage which is or may be a lien prior to, or equal with,
        the
        lien of such Mortgage except those which are insured against by the title
        insurance policy referred to in xiii below;

       

      (i)  there
        was
        no delinquent tax or assessment lien against the property subject to any
        Mortgage, except where such lien was being contested in good faith and a
        stay
        had been granted against levying on the property;

       

      (j)  there
        is
        no valid offset, defense or counterclaim to any Mortgage Note or Mortgage,
        including the obligation of the Mortgagor to pay the unpaid principal and
        interest on such Mortgage Note;

       

      (k)  the
        physical property subject to any Mortgage is free of material damage and
        is in
        good repair and there is no proceeding pending or threatened for the total
        or
        partial condemnation of any Mortgaged Property;

       

      (l)  the
        Mortgaged Property and all improvements thereon comply with all requirements
        of
        any applicable zoning and subdivision laws and ordinances;

       

      (m)  a
        lender’s title insurance policy (on an ALTA or CLTA form) or binder, or other
        assurance of title customary in the relevant jurisdiction therefor in a form
        acceptable to Fannie Mae or Freddie Mac, was issued on the date that each
        Mortgage Loan was created by a title insurance company which, to the best
        of the
        Mortgage Loan Seller’s knowledge, was qualified to do business in the
        jurisdiction where the related Mortgaged Property is located, insuring the
        Mortgage Loan Seller and its successors and assigns that the Mortgage is
        a first
        priority lien on the related Mortgaged Property in the original principal
        amount
        of the Mortgage Loan. The Mortgage Loan Seller is the sole insured under
        such
        lender’s title insurance policy, and such policy, binder or assurance is valid
        and remains in full force and effect, and each such policy, binder or assurance
        shall contain all applicable endorsements including a negative amortization
        endorsement, if applicable;

       

      (n)  at
        the
        time of origination, each Mortgaged Property was the subject of an appraisal
        which conformed to the underwriting requirements of the originator of the
        Mortgage Loan and, the appraisal is in a form acceptable to Fannie Mae or
        FHLMC;

       

      (o)  the
        improvements on each Mortgaged Property securing a Mortgage Loan are insured
        (by
        an insurer which is acceptable to the Mortgage Loan Seller) against loss
        by fire
        and such hazards as are covered under a standard extended coverage endorsement
        in the locale in which the Mortgaged Property is located, in an amount which
        is
        not less than the lesser of the maximum insurable value of the improvements
        securing such Mortgage Loan or the outstanding principal balance of the Mortgage
        Loan, but in no event in an amount less than an amount that is required to
        prevent the Mortgagor from being deemed to be a co-insurer thereunder; if
        the
        improvement on the Mortgaged Property is a condominium unit, it is included
        under the coverage afforded by a blanket policy for the condominium project;
        if
        upon origination of the related Mortgage Loan, the improvements on the Mortgaged
        Property were in an area identified as a federally designated flood area,
        a
        flood insurance policy is in effect in an amount representing coverage not
        less
        than the least of (i) the outstanding principal balance of the Mortgage Loan,
        (ii) the restorable cost of improvements located on such Mortgaged Property
        or
        (iii) the maximum coverage available under federal law; and each Mortgage
        obligates the Mortgagor thereunder to maintain the insurance referred to
        above
        at the Mortgagor’s cost and expense;

       

      (p)  each
        Mortgage Loan constitutes a "qualified mortgage" under Section 860G(a)(3)(A)
        of
        the Code and Treasury Regulation Section 1.860G-2(a)(1), (2), (4), (5), (6),
        (7)
        and (9) without reliance on the provisions of Treasury Regulation Section
        1.860G-2(a)(3) or Treasury Regulation Section 1.860G-2(f)(2) or any other
        provision that would allow a Mortgage Loan to be treated as a “qualified
        mortgage” notwithstanding its failure to meet the requirements of Section
        860G(a)(3)(A) of the Code and Treasury Regulation Section 1.860G-2(a)(1),
        (2),
        (4), (5), (6), (7) and (9);

       

      (q)  none
        of
        the Mortgage Loans are (a) loans subject to 12 CFR Part 226.31, 12 CFR Part
        226.32 or 12 CFR Part 226.34 of Regulation Z, the regulation implementing
        TILA,
        which implements the Home Ownership and Equity Protection Act of 1994, as
        amended or (b) “high cost home,” “covered” (excluding home loans defined as
“covered home loans” in the New Jersey Home
        Ownership Security Act of 2002 that were originated between November 26,
        2003
        and July 7, 2004), “high risk home” or “predatory” loans under any applicable
        state, federal or local law (or a similarly classified loan using different
        terminology under a law imposing heightened regulatory scrutiny or additional
        legal liability for residential mortgage loans having high interest rates,
        points and/or fees);

       

      (r)  the
        information set forth in Schedule A of the Prospectus Supplement with respect
        to
        the Mortgage Loans
        is true
        and correct in all material respects; 

       

      (s)  no
        Mortgage Loan (i) is a “high cost loan” or “covered loan” as applicable (as such
terms
        are
        defined in the then current Standard & Poor’s LEVELS® Glossary, which is now
        Version 5.6c, Appendix E, attached hereto as Exhibit 6 or (ii) was originated
        on
        or after October 1, 2002 through March 6, 2003 and is governed by the Georgia
        Fair Lending Act;

       

      (t)  each
        Mortgage Loan was originated in accordance with the underwriting guidelines
        of
        the related originator;

       

      (u)  each
        original Mortgage has been recorded or is in the process of being recorded
        in
        accordance with the requirements of Section 2.01 of the Pooling and Servicing
        Agreement in the appropriate jurisdictions wherein such recordation is required
        to perfect the lien thereof for the benefit of the Trust Fund; 

       

      (v)  the
        related Mortgage File contains each of the documents and instruments listed
        in
        Section 2.01 of the Pooling and Servicing Agreement, subject to any exceptions,
        substitutions and qualifications as are set forth in such Section;

       

      (w)  the
        Mortgage Loans are currently being serviced in accordance with accepted
        servicing practices;

       

      (x)  with
        respect to each Mortgage Loan that has a prepayment penalty feature, each
        such
        prepayment penalty is enforceable and will be enforced by the Mortgage Loan
        Seller and each prepayment penalty
        is
        permitted pursuant to federal, state and local law, provided
        that
        (i) no
        Mortgage Loan will impose a prepayment penalty for a term in excess of five
        years from the date such Mortgage Loan was originated and (ii) such prepayment
        penalty is at least equal to the lesser of (A) the maximum amount permitted
        under applicable law and (B) six months interest at the related Mortgage
        Interest Rate on the amount prepaid in excess of 20% of the original principal
        balance of such Mortgage Loan; and

       

      (y)  If
        any of
        the Mortgage Loans are secured by a leasehold interest, with respect to each
        leasehold interest: the use of leasehold estates for residential properties
        is
        an accepted practice in the area where the related Mortgaged Property is
        located; residential property in such area consisting of leasehold estates
        is
        readily marketable; the lease is recorded and no party is in any way in breach
        of any provision of such lease; the leasehold is in full force and effect
        and is
        not subject to any prior lien or encumbrance by which the leasehold could
        be
        terminated or subject to any charge or penalty; and the remaining term of
        the
        lease does not terminate less than ten years after the maturity date of such
        Mortgage Loan.

       

      It
        is
        understood and agreed that the representations and warranties set forth in
        this
        Section 7 will inure to the benefit of the Purchaser, its successors and
        assigns, notwithstanding any restrictive or qualified endorsement on any
        Mortgage Note or assignment of Mortgage or the examination of any Mortgage
        File.
        Upon any substitution for a Mortgage Loan, the representations and warranties
        set forth above shall be deemed to be made by the Mortgage Loan Seller as
        to any
        Replacement Mortgage Loan as of the date of substitution.

       

      Upon
        discovery or receipt of notice by the Sponsor the Purchaser or the Trustee
        of a
        breach of any representation or warranty of the Sponsor set forth in this
        Section 7 which materially and adversely affects the value of the interests
        of
        the Purchaser, the Certificateholders or the Trustee in any of the Mortgage
        Loans delivered to the Purchaser pursuant to this Agreement, the party
        discovering or receiving notice of such breach shall give prompt written
        notice
        to the others. In the case of any such breach of a representation or warranty
        set forth in this Section 7, within 90 days from the date of discovery by
        the
        Sponsor, or the date the Sponsor is notified by the party discovering or
        receiving notice of such breach (whichever occurs earlier), the Sponsor will
        (i)
        cure such breach in all material respects, (ii) purchase the affected Mortgage
        Loan at the applicable Purchase Price or (iii) if within two years of the
        Closing Date, substitute a qualifying Replacement Mortgage Loan in exchange
        for
        such Mortgage Loan; provided that, (A) in the case of a breach of the
        representation and warranty concerning the Mortgage Loan Schedule contained
        in
        clause (a) of this Section 7, if such breach is material and relates to any
        field on the Mortgage Loan Schedule which identifies any Prepayment Charge
        or
        (B) in the case of a breach of the representation contained in clause (x)
        of
        this Section 7, then, in each case, in lieu of purchasing such Mortgage Loan
        from the Trust Fund at the Purchase Price, the Sponsor shall pay the amount
        of
        the Prepayment Charge (net of any amount previously collected by or paid
        to the
        Trust Fund in respect of such Prepayment Charge) from its own funds and without
        reimbursement therefor, and the Sponsor shall have no obligation to repurchase
        or substitute for such Mortgage Loan. Further, a breach of representation
        (q) or
        (s)(ii) above will be deemed to materially and adversely affect the interests
        of
        the securityholders and shall require a repurchase, substitution or, to the
        extent applicable, a cure of the affected Mortgage Loan(s).The obligations
        of
        the Sponsor to cure, purchase or substitute a qualifying Replacement Mortgage
        Loan shall constitute the Purchaser’s, the Trustee’s and the Certificateholder’s
        sole and exclusive remedy under this Agreement or otherwise respecting a
        breach
        of representations or warranties hereunder with respect to the Mortgage Loans,
        except for the obligation of the Sponsor to indemnify the Purchaser for such
        breach as set forth in and limited by Section 14 hereof.

       

      Any
        cause
        of action against the Sponsor or relating to or arising out of a breach by
        the
        Sponsor of any representations and warranties made in this Section 7 shall
        accrue as to any Mortgage Loan upon (i) discovery of such breach by the Sponsor
        or notice thereof by the party discovering such breach and (ii) failure by
        the
        Sponsor to cure such breach, purchase such Mortgage Loan or substitute a
        qualifying Replacement Mortgage Loan pursuant to the terms hereof.

       

      SECTION
        8.  Representations
        and Warranties Concerning the Sponsor.
        As of
        the date hereof and as of the Closing Date, the Sponsor represents and warrants
        to the Purchaser as to itself in the capacity indicated as follows:

       

      (a)  the
        Sponsor (i) is a corporation duly organized, validly existing and in good
        standing under the laws of the State of Delaware and (ii) is qualified and
        in
        good standing to do business in each jurisdiction where such qualification
        is
        necessary, except where the failure so to qualify would not reasonably be
        expected to have a material adverse effect on the Sponsor’s business as
        presently conducted or on the Sponsor’s ability to enter into this Agreement and
        to consummate the transactions contemplated hereby;

       

      (b)  the
        Sponsor has full power to own its property, to carry on its business as
        presently conducted and to enter into and perform its obligations under this
        Agreement;

       

      (c)  the
        execution and delivery by the Sponsor of this Agreement has been duly authorized
        by all necessary action on the part of the Sponsor; and neither the execution
        and delivery of this Agreement, nor the consummation of the transactions
        herein
        contemplated, nor compliance with the provisions hereof or thereof, will
        conflict with or result in a breach of, or constitute a default under, any
        of
        the provisions of any law, governmental rule, regulation, judgment, decree
        or
        order binding on the Sponsor or its properties or the charter or by-laws
        of the
        Sponsor, except those conflicts, breaches or defaults which would not reasonably
        be expected to have a material adverse effect on the Sponsor’s ability to enter
        into this Agreement and to consummate the transactions contemplated
        hereby;

       

      (d)  the
        execution, delivery and performance by the Sponsor of this Agreement and
        the
        consummation of the transactions contemplated hereby do not require the consent
        or approval of, the giving of notice to, the registration with, or the taking
        of
        any other action in respect of, any state, federal or other governmental
        authority or agency, except those consents, approvals, notices, registrations
        or
        other actions as have already been obtained, given or made and, in connection
        with the recordation of the Mortgages, powers of attorney or assignments
        of
        Mortgages not yet completed;

       

      (e)  this
        Agreement has been duly executed and delivered by the Sponsor and, assuming
        due
        authorization, execution and delivery by the Purchaser or the parties thereto,
        constitutes a valid and binding obligation of the Sponsor enforceable against
        it
        in accordance with its terms (subject to applicable bankruptcy and insolvency
        laws and other similar laws affecting the enforcement of the rights of creditors
        generally);

       

      (f)  there
        are
        no actions, suits or proceedings pending or, to the knowledge of the Sponsor,
        threatened against the Sponsor, before or by any court, administrative agency,
        arbitrator or governmental body (i) with respect to any of the transactions
        contemplated by this Agreement or (ii) with respect to any other matter which
        in
        the judgment of the Sponsor could reasonably be expected to be determined
        adversely to the Sponsor and if determined adversely to the Sponsor materially
        and adversely affect the Sponsor’s ability to perform its obligations under this
        Agreement and the Sponsor is not in default with respect to any order of
        any
        court, administrative agency, arbitrator or governmental body so as to
        materially and adversely affect the transactions contemplated by this Agreement;
        and

       

      (g)  the
        Mortgage Loan Seller’s Information (as defined in Section 14(a) hereof) does not
        include any untrue statement of a material fact or omit to state a material
        fact
        necessary in order to make the statements made, in light of the circumstances
        under which they were made, not misleading.

       

      SECTION
        9.  Representations
        and Warranties Concerning the Purchaser.
        As of
        the date hereof and as of the Closing Date, the Purchaser represents and
        warrants to the Mortgage Loan Seller as follows:

       

      (a)  the
        Purchaser (i) is a limited liability company duly organized, validly existing
        and in good standing under the laws of the State of Delaware and (ii) is
        qualified and in good standing to do business in each jurisdiction where
        such
        qualification is necessary, except where the failure so to qualify would
        not
        reasonably be expected to have a material adverse effect on the Purchaser’s
        business as presently conducted or on the Purchaser’s ability to enter into this
        Agreement and to consummate the transactions contemplated hereby;

       

      (b)  the
        Purchaser has full power to own its property, to carry on its business as
        presently conducted and to enter into and perform its obligations under this
        Agreement;

       

      (c)  the
        execution and delivery by the Purchaser of this Agreement has been duly
        authorized by all necessary action on the part of the Purchaser; and neither
        the
        execution and delivery of this Agreement, nor the consummation of the
        transactions herein contemplated, nor compliance with the provisions hereof,
        will conflict with or result in a breach of, or constitute a default under,
        any
        of the provisions of any law, governmental rule, regulation, judgment, decree
        or
        order binding on the Purchaser or its properties or the certificate of formation
        or limited liability company agreement of the Purchaser, except those conflicts,
        breaches or defaults which would not reasonably be expected to have a material
        adverse effect on the Purchaser’s ability to enter into this Agreement and to
        consummate the transactions contemplated hereby or thereby;

       

      (d)  the
        execution, delivery and performance by the Purchaser of this Agreement and
        the
        consummation of the transactions contemplated hereby or thereby do not require
        the consent or approval of, the giving of notice to, the registration with,
        or
        the taking of any other action in respect of, any state, federal or other
        governmental authority or agency, except those consents, approvals, notices,
        registrations or other actions as have already been obtained, given or
        made;

       

      (e)  this
        Agreement has been duly executed and delivered by the Purchaser and, assuming
        due authorization, execution and delivery by the Mortgage Loan Seller,
        constitutes a valid and binding obligation of the Purchaser enforceable against
        it in accordance with its terms (subject to applicable bankruptcy and insolvency
        laws and other similar laws affecting the enforcement of the rights of creditors
        generally);

       

      (f)  there
        are
        no actions, suits or proceedings pending or, to the knowledge of the Purchaser,
        threatened against the Purchaser, before or by any court, administrative
        agency,
        arbitrator or governmental body (i) with respect to any of the transactions
        contemplated by this Agreement or (ii) with respect to any other matter which
        in
        the judgment of the Purchaser could reasonably be expected to be determined
        adversely to the Purchaser and if determined adversely to the Purchaser
        materially and adversely affect the Purchaser’s ability to perform its
        obligations under this Agreement; and the Purchaser is not in default with
        respect to any order of any court, administrative agency, arbitrator or
        governmental body so as to materially and adversely affect the transactions
        contemplated by this Agreement; and

       

      (g)  the
        Purchaser’s Information (as defined in Section 14(b) hereof) does not include
        any untrue statement of a material fact or omit to state a material fact
        necessary in order to make the statements made, in light of the circumstances
        under which they were made, not misleading.

       

      SECTION
        10.  Conditions
        to Closing. 

       

      (a)  The
        obligations of the Purchaser under this Agreement will be subject to the
        satisfaction, on or prior to the Closing Date, of the following
        conditions:

       

      (1)  Each
        of
        the obligations of the Mortgage Loan Seller required to be performed at or
        prior
        to the Closing Date pursuant to the terms of this Agreement shall have been
        duly
        performed and complied with in all material respects; all of the representations
        and warranties of the Mortgage Loan Seller under this Agreement shall be
        true
        and correct as of the date or dates specified in all material respects; and
        no
        event shall have occurred which, with notice or the passage of time, would
        constitute a default under this Agreement or the Pooling and Servicing
        Agreement; and the Purchaser shall have received certificates to that effect
        signed by authorized officers of each of the Mortgage Loan Seller.

       

      (2)  The
        Purchaser shall have received all of the following closing documents, in
        such
        forms as are agreed upon and reasonably acceptable to the Purchaser, duly
        executed by all signatories other than the Purchaser as required pursuant
        to the
        respective terms thereof:

       

      (i)  If
        required pursuant to Section 3 hereof, the Amendment dated as of the Closing
        Date and any documents referred to therein;

       

      (ii)  If
        required pursuant to Section 3 hereof, the Final Mortgage Loan Schedule
        containing the information set forth on Exhibit
        2
        hereto,
        one copy to be attached to each counterpart of the Amendment;

       

      (iii)  The
        Pooling and Servicing Agreement, in form and substance reasonably satisfactory
        to the Trustee and the Purchaser, and all documents required thereby duly
        executed by all signatories;

       

      (iv)  A
        certificate of an officer of the Sponsor dated as of the Closing Date, in
        a form
        reasonably acceptable to the Purchaser, and attached thereto the resolutions
        of
        the Sponsor authorizing the transactions contemplated by this Agreement,
        together with copies of the articles of incorporation, by-laws and certificate
        of good standing of the Sponsor;

       

      (v)  One
        or
        more opinions of counsel from the Mortgage Loan Seller’s counsel otherwise in
        form and substance reasonably satisfactory to the Purchaser the Trustee and
        each
        Rating Agency;

       

      (vi)  A
        letter
        from each of the Rating Agencies giving each Class of Certificates set forth
        on
        Schedule A hereto the rating set forth therein; and

       

      (vii)  Such
        other documents, certificates (including additional representations and
        warranties) and opinions as may be reasonably necessary to secure the intended
        ratings from each Rating Agency for the Certificates.

       

      (3)  The
        Certificates to be sold to Bear Stearns pursuant to the Underwriting Agreement
        and the Purchase Agreement shall have been issued and sold to Bear
        Stearns.

       

      (4)  The
        Mortgage Loan Seller shall have furnished to the Purchaser such other
        certificates of its officers or others and such other documents and opinions
        of
        counsel to evidence fulfillment of the conditions set forth in this Agreement
        and the transactions contemplated hereby as the Purchaser and their respective
        counsel may reasonably request.

       

      (b)  The
        obligations of the Mortgage Loan Seller under this Agreement shall be subject
        to
        the satisfaction, on or prior to the Closing Date, of the following
        conditions:

       

      (1)  The
        obligations of the Purchaser required to be performed by it on or prior to
        the
        Closing Date pursuant to the terms of this Agreement shall have been duly
        performed and complied with in all material respects, and all of the
        representations and warranties of the Purchaser under this Agreement shall
        be
        true and correct in all material respects as of the date hereof and as of
        the
        Closing Date, and no event shall have occurred which would constitute a breach
        by it of the terms of this Agreement or the Pooling and Servicing Agreement,
        and
        the Mortgage Loan Seller shall have received a certificate to that effect
        signed
        by an authorized officer of the Purchaser.

       

      (2)  The
        Mortgage Loan Seller shall have received copies of all of the following closing
        documents, in such forms as are agreed upon and reasonably acceptable to
        the
        Mortgage Loan Seller, duly executed by all signatories other than the related
        Mortgage Loan Seller as required pursuant to the respective terms
        thereof:

       

      (i)  If
        required pursuant to Section 3 hereof, the Amendment dated as of the Closing
        Date and any documents referred to therein;

       

      (ii)  The
        Pooling and Servicing Agreement, in form and substance reasonably satisfactory
        to the Sponsor and the Trustee, and all documents required thereby duly executed
        by all signatories;

       

      (iii)  A
        certificate of an officer of the Purchaser dated as of the Closing Date,
        in a
        form reasonably acceptable to the Mortgage Loan Seller and attached thereto
        the
        written consent of the member of the Purchaser authorizing the transactions
        contemplated by this Agreement, the Pooling and Servicing Agreement, together
        with copies of the Purchaser’s certificate of formation, limited liability
        company agreement and evidence as to the good standing of the Purchaser dated
        as
        of a recent date;

       

      (iv)  One
        or
        more opinions of counsel from the Purchaser’s counsel in form and substance
        reasonably satisfactory to the Mortgage Loan Seller, the Trustee and the
        Rating
        Agencies; and

       

      (v)  Such
        other documents, certificates (including additional representations and
        warranties) and opinions as may be reasonably necessary to secure the intended
        rating from each Rating Agency for the Certificates.

       

      SECTION
        11.  Fees
        and Expenses.
        Subject
        to Section 17 hereof, the Sponsor (on its own behalf as a Mortgage Loan Seller)
        shall pay on the Closing Date or such later date as may be agreed to by the
        Purchaser (i) the fees and expenses of the Mortgage Loan Seller’s attorneys and
        the reasonable fees and expenses of the Purchaser’s attorneys, (ii) the fees and
        expenses of Deloitte & Touche LLP, (iii) the fee for the use of Purchaser’s
        Registration Statement based on the aggregate original principal amount of
        the
        Certificates and the filing fee of the Commission as in effect on the date
        on
        which the Registration Statement was declared effective, (iv) the fees and
        expenses including counsel’s fees and expenses in connection with any “blue sky”
and legal investment matters, (v) the fees and expenses of the Trustee which
        shall include without limitation the fees and expenses of the Trustee (and
        the
        fees and disbursements of its counsel) with respect to (A) legal and document
        review of this Agreement, the Pooling and Servicing Agreement, the Certificates
        and related agreements, (B) attendance at the Closing and (C) review of the
        Mortgage Loans to be performed by the Trustee or the related Custodian on
        its
        behalf, (vi) the expenses for printing or otherwise reproducing the
        Certificates, the Prospectus and the Prospectus Supplement, (vii) the fees
        and
        expenses of each Rating Agency (both initial and ongoing), (viii) the fees
        and
        expenses relating to the preparation and recordation of mortgage assignments
        (including intervening assignments, if any and if available, to evidence
        a
        complete chain of title from the originator to the Trustee) from the Mortgage
        Loan Seller to the Trustee or the expenses relating to the Opinion of Counsel
        referred to in Section 6(a) hereof, as the case may be and (ix) Mortgage
        File
        due diligence expenses and other out-of-pocket expenses incurred by the
        Purchaser in connection with the purchase of the Mortgage Loans and by Bear
        Stearns in connection with the sale of the Certificates. The Sponsor (on
        its own
        behalf as a Mortgage Loan Seller) additionally agrees to pay directly to
        any
        third party on a timely basis the fees provided for above which are charged
        by
        such third party and which are billed periodically.

       

      SECTION
        12.  Accountants’
        Letters. 

       

      (a)  Deloitte
        & Touche LLP
        will
        review the characteristics of a sample of the Mortgage Loans described in
        the
        Final Mortgage Loan Schedule and will compare those characteristics to the
        description of the Mortgage Loans contained in the Prospectus Supplement
        under
        the captions “Summary—The Mortgage Loans” and “The Mortgage Pool” and in
        Schedule A thereto. The Sponsor (on its own behalf as a Mortgage Loan Seller)
        will cooperate with the Purchaser in making available all information and
        taking
        all steps reasonably necessary to permit such accountants to complete the
        review
        and to deliver the letters required of them under the Underwriting Agreement.
        Deloitte & Touche LLP
        will
        also confirm certain calculations as set forth under the caption “Yield,
        Prepayment and Maturity Considerations” in the Prospectus
        Supplement.

       

      (b)  To
        the
        extent statistical information with respect to the Sponsor’s servicing portfolio
        is included in the Prospectus Supplement under the caption “Servicing of the
        Mortgage Loans—The Master Servicer—Delinquency and Foreclosure Experience of the
        Sponsor,” a letter from the certified public accountant for the Sponsor will be
        delivered to the Purchaser dated the date of the Prospectus Supplement, in
        the
        form previously agreed to by the Sponsor and the Purchaser, with respect
        to such
        statistical information.

       

      SECTION
        13.  Indemnification. 

       

      (a)  The
        Sponsor (on its own behalf as a Mortgage Loan Seller) shall indemnify and
        hold
        harmless the Purchaser and its directors, officers and controlling persons
        (as
        defined in Section 15 of the Securities Act) from and against any loss, claim,
        damage or liability or action in respect thereof, to which they or any of
        them
        may become subject, under the Securities Act or otherwise, insofar as such
        loss,
        claim, damage, liability or action arises out of, or is based upon (i) any
        untrue statement of a material fact contained in the Mortgage
        Loan Seller’s Information
        as
        identified in Exhibit
        3,
        the
        omission to state in the Free Writing Prospectus, the Prospectus Supplement
        or
        Prospectus (or any amendment thereof or supplement thereto approved by the
        Sponsor (on its own behalf as a Mortgage Loan Seller) and in which additional
        Mortgage Loan Seller’s Information is identified), in reliance upon and in
        conformity with Mortgage Loan Seller’s Information a material fact required to
        be stated therein or necessary to make the statements therein in light of
        the
        circumstances in which they were made, not misleading, (ii) any representation
        or warranty assigned or made by the Sponsor in Section 7 or Section 8 hereof
        being, or alleged to be, untrue or incorrect, or (iii) any failure by the
        Sponsor (on its own behalf as a Mortgage Loan Seller) to perform its obligations
        under this Agreement; and the Sponsor (on its own behalf as a Mortgage Loan
        Seller) shall reimburse the Purchaser and each other indemnified party for
        any
        legal and other expenses reasonably incurred by them in connection with
        investigating or defending or preparing to defend against any such loss,
        claim,
        damage, liability or action.

       

      The
        foregoing indemnity agreement is in addition to any liability which the Sponsor
        otherwise may have to the Purchaser or any other such indemnified
        party.

       

      (b)  The
        Purchaser shall indemnify and hold harmless the Mortgage Loan Seller and
        its
        respective directors, officers and controlling persons (as defined in Section
        15
        of the Securities Act) from and against any loss, claim, damage or liability
        or
        action in respect thereof, to which they or any of them may become subject,
        under the Securities Act or otherwise, insofar as such loss, claim, damage,
        liability or action arises out of, or is based upon (i) any untrue statement
        of
        a material fact contained in the Purchaser’s
        Information
        as
        identified in Exhibit
        4,
        the
        omission to state in the Prospectus Supplement or Prospectus (or any amendment
        thereof or supplement thereto approved by the Purchaser and in which additional
        Purchaser’s Information is identified), in reliance upon and in conformity with
        the Purchaser’s Information, a material fact required to be stated therein or
        necessary to make the statements therein in light of the circumstances in
        which
        they were made, not misleading, (ii) any representation or warranty made
        by the
        Purchaser in Section 9 hereof being, or alleged to be, untrue or incorrect,
        or
        (iii) any failure by the Purchaser to perform its obligations under this
        Agreement; and the Purchaser shall reimburse the Mortgage Loan Seller and
        each
        other indemnified party for any legal and other expenses reasonably incurred
        by
        them in connection with investigating or defending or preparing to defend
        any
        such loss, claim, damage, liability or action. The foregoing indemnity agreement
        is in addition to any liability which the Purchaser otherwise may have to
        the
        Mortgage Loan Seller or any other such indemnified party.

       

      (c)  Promptly
        after receipt by an indemnified party under subsection (a) or (b) above of
        notice of the commencement of any action, such indemnified party shall, if
        a
        claim in respect thereof is to be made against the indemnifying party under
        such
        subsection, notify each party against whom indemnification is to be sought
        in
        writing of the commencement thereof (but the failure so to notify an
        indemnifying party shall not relieve it from any liability which it may have
        under this Section 14 except to the extent that it has been prejudiced in
        any
        material respect by such failure or from any liability which it may have
        otherwise). In case any such action is brought against any indemnified party,
        and it notifies an indemnifying party of the commencement thereof, the
        indemnifying party will be entitled to participate therein and, to the extent
        it
        may elect by written notice delivered to the indemnified party promptly (but,
        in
        any event, within 30 days) after receiving the aforesaid notice from such
        indemnified party, to assume the defense thereof with counsel reasonably
        satisfactory to such indemnified party. Notwithstanding the foregoing, the
        indemnified party or parties shall have the right to employ its or their
        own
        counsel in any such case, but the fees and expenses of such counsel shall
        be at
        the expense of such indemnified party or parties unless (i) the employment
        of
        such counsel shall have been authorized in writing by one of the indemnifying
        parties in connection with the defense of such action, (ii) the indemnifying
        parties shall not have employed counsel to have charge of the defense of
        such
        action within a reasonable time after notice of commencement of the action,
        or
        (iii) such indemnified party or parties shall have reasonably concluded that
        there is a conflict of interest between itself or themselves and the
        indemnifying party in the conduct of the defense of any claim or that the
        interests of the indemnified party or parties are not substantially co-extensive
        with those of the indemnifying party (in which case the indemnifying parties
        shall not have the right to direct the defense of such action on behalf of
        the
        indemnified party or parties), in any of which events such fees and expenses
        shall be borne by the indemnifying parties (provided,
        however,
        that
        the indemnifying party shall be liable only for the fees and expenses of
        one
        counsel in addition to one local counsel in the jurisdiction involved. Anything
        in this subsection to the contrary notwithstanding, an indemnifying party
        shall
        not be liable for any settlement or any claim or action effected without
        its
        written consent; provided,
        however,
        that
        such consent was not unreasonably withheld.

       

      (d)  If
        the
        indemnification provided for in paragraphs (a) and (b) of this Section 14
        shall
        for any reason be unavailable to an indemnified party in respect of any loss,
        claim, damage or liability, or any action in respect thereof, referred to
        in
        Section 14, then the indemnifying party shall in lieu of indemnifying the
        indemnified party contribute to the amount paid or payable by such indemnified
        party as a result of such loss, claim, damage or liability, or action in
        respect
        thereof, in such proportion as shall be appropriate to reflect the relative
        benefits received by the Mortgage Loan Seller on the one hand and the Purchaser
        on the other from the purchase and sale of the Mortgage Loans, the offering
        of
        the Certificates and the other transactions contemplated hereunder. No person
        found liable for a fraudulent misrepresentation shall be entitled to
        contribution from any person who is not also found liable for such fraudulent
        misrepresentation.

       

      (e)  The
        parties hereto agree that reliance by an indemnified party on any publicly
        available information or any information or directions furnished by an
        indemnifying party shall not constitute negligence, bad faith or willful
        misconduct by such indemnified party.

       

      SECTION
        14.  Notices.
        All
        demands, notices and communications hereunder shall be in writing but may
        be
        delivered by facsimile transmission subsequently confirmed in writing. Notices
        to the Sponsor shall be directed to EMC Mortgage Corporation, 909 Hidden
        Ridge
        Drive, Suite 200 Irving, Texas 75038, (Telecopy: (972-444-2880)); notices
        to the
        Purchaser shall be directed to Bear Stearns Asset Backed Securities I LLC,
        383
        Madison Avenue, New York, New York 10179, (Telecopy: (212-272-7206)), Attention:
        Chief Counsel; or to any other address as may hereafter be furnished by one
        party to the other party by like notice.  Any such demand, notice or
        communication hereunder shall be deemed to have been received on the date
        received at the premises of the addressee (as evidenced, in the case of
        registered or certified mail, by the date noted on the return receipt) provided
        that it is received on a business day during normal business hours and, if
        received after normal business hours, then it shall be deemed to be received
        on
        the next business day.

       

      SECTION
        15.  Transfer
        of Mortgage Loans.
        The
        Purchaser retains the right to assign the Mortgage Loans and any or all of
        its
        interest under this Agreement to the Trustee without the consent of the Mortgage
        Loan Seller, and, upon such assignment, the Trustee shall succeed to the
        applicable rights and obligations of the Purchaser hereunder; provided, however,
        the Purchaser shall remain entitled to the benefits set forth in Sections
        12, 14
        and 18 hereto and as provided in Section 2(a). Notwithstanding the foregoing,
        the sole and exclusive right and remedy of the Trustee with respect to a
        breach
        of representation or warranty of the Mortgage Loan Seller shall be the cure,
        purchase or substitution obligations of the Sponsor contained in Sections
        5 and
        7 hereof.

       

      SECTION
        16.  Termination.
        This
        Agreement may be terminated (a) by the mutual consent of the parties hereto
        prior to the Closing Date, (b) by the Purchaser, if the conditions to the
        Purchaser’s obligation to close set forth under Section 11(a) hereof are not
        fulfilled as and when required to be fulfilled or (c) by any Mortgage Loan
        Seller, if the conditions to the Mortgage Loan Seller’s obligation to close set
        forth under Section 11(b) hereof are not fulfilled as and when required to
        be
        fulfilled. In the event of termination pursuant to clause (b), the Sponsor
        (on
        its own behalf as a Mortgage Loan Seller) shall pay, and in the event of
        termination pursuant to clause (c), the Purchaser shall pay, all reasonable
        out-of-pocket expenses incurred by the other in connection with the transactions
        contemplated by this Agreement. In the event of a termination pursuant to
        clause
        (a), each party shall be responsible for its own expenses.

       

      SECTION
        17.  Representations,
        Warranties and Agreements to Survive Delivery.
        All
        representations, warranties and agreements contained in this Agreement, or
        contained in certificates of officers of the Mortgage Loan Seller submitted
        pursuant hereto, shall remain operative and in full force and effect and
        shall
        survive delivery of the Mortgage Loans to the Purchaser (and by the Purchaser
        to
        the Trustee). Subsequent to the delivery of the Mortgage Loans to the Purchaser,
        each of the Sponsor’s representations and warranties contained herein with
        respect to the Mortgage Loans shall be deemed to relate to the Mortgage Loans
        actually delivered to the Purchaser and included in the Final Mortgage Loan
        Schedule and any Replacement Mortgage Loan and not to those Mortgage Loans
        deleted from the Preliminary Mortgage Loan Schedule pursuant to Section 3
        hereof
        prior to the Closing.

       

      SECTION
        18.  Severability.
        If any
        provision of this Agreement shall be prohibited or invalid under applicable
        law,
        this Agreement shall be ineffective only to such extent, without invalidating
        the remainder of this Agreement.

       

      SECTION
        19.  Counterparts.
        This
        Agreement may be executed in counterparts, each of which will be an original,
        but which together shall constitute one and the same agreement.

       

      SECTION
        20.  Amendment.
        This
        Agreement cannot be amended or modified in any manner without the prior written
        consent of each party.

       

      SECTION
        21.  GOVERNING
        LAW.
        THIS
        AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
        OF
        THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF
        OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.

       

      SECTION
        22.  Further
        Assurances.
        Each of
        the parties agrees to execute and deliver such instruments and take such
        actions
        as another party may, from time to time, reasonably request in order to
        effectuate the purpose and to carry out the terms of this Agreement including
        any amendments hereto which may be required by either Rating
        Agency.

       

      SECTION
        23.  Successors
        and Assigns. 

       

      (a)  This
        Agreement shall bind and inure to the benefit of and be enforceable by each
        of
        the Mortgage Loan Seller and the Purchaser and their permitted successors
        and
        assigns and, to the extent specified in Section 14 hereof, Bear Stearns,
        and
        their directors, officers and controlling persons (within the meaning of
        federal
        securities laws), to the extent of its rights as a third party beneficiary
        hereunder. The Mortgage Loan Seller acknowledges and agrees that the Purchaser
        may assign its rights under this Agreement (including, without limitation,
        with
        respect to the Sponsor’s representations and warranties respecting the Mortgage
        Loans) to the Trustee. Any person into which any Mortgage Loan Seller may
        be
        merged or consolidated (or any person resulting from any merger or consolidation
        involving the Mortgage Loan Seller), any person resulting from a change in
        form
        of the Mortgage Loan Seller or any person succeeding to the business of the
        Mortgage Loan Seller, shall be considered the “successor” of the Mortgage Loan
        Seller hereunder and shall be considered a party hereto without the execution
        or
        filing of any paper or any further act or consent on the part of any party
        hereto. Except as provided in the two preceding sentences, this Agreement
        cannot
        be assigned, pledged or hypothecated by either party hereto without the written
        consent of the other parties to this Agreement and any such assignment or
        purported assignment shall be deemed null and void.

       

      SECTION
        24.  The
        Mortgage Loan Seller.
        The
        Mortgage Loan Seller will keep in full force and effect its existence, all
        rights and franchises as a corporation or a limited liability company, as
        the
        case may be, under the laws of the State of its incorporation and will obtain
        and preserve its qualification to do business as a foreign corporation or
        a
        limited liability company, as the case may be, in each jurisdiction in which
        such qualification is necessary to perform its obligations under this
        Agreement.

       

      SECTION
        25.  Entire
        Agreement.
        This
        Agreement contains the entire agreement and understanding between the parties
        with respect to the subject matter hereof, and supersedes all prior and
        contemporaneous agreements, understandings, inducements and conditions, express
        or implied, oral or written, of any nature whatsoever with respect to the
        subject matter hereof.

       

      SECTION
        26.  No
        Partnership.
        Nothing
        herein contained shall be deemed or construed to create a partnership or
        joint
        venture between the parties hereto.

       

      

      [Signature
        Page Follows]

      

      

      

        

        
          * Please
            contact Bear Stearns for pricing information.

        

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the parties hereto have caused their names to be signed
        hereto
        by their respective duly authorized officers as of the date first above
        written.

       

      EMC
        MORTGAGE CORPORATION

      

       

      By:_______________________________________

      Name:____________________________________

      Title:_____________________________________

       

      

      BEAR
        STEARNS ASSET BACKED SECURITIES I LLC

      

       

      By:_______________________________________

      Name:____________________________________

      Title:_____________________________________

       

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        1

       

      CONTENTS
        OF MORTGAGE FILE

       

      With
        respect to each Mortgage Loan, the Mortgage File shall include each of the
        following items, which shall be available for inspection by the Purchaser
        or its
        designee, and which shall be delivered to the Purchaser or its designee pursuant
        to the terms of this Agreement.

       

      (i)  The
        original Mortgage Note, including any riders thereto, endorsed without recourse
        to the order of “Citibank, N.A.”, as Trustee for certificateholders of SACO I
        Trust, Mortgage-Backed Certificates, Series 2006-6,” and showing to the extent
        available to the related Mortgage Loan Seller an unbroken chain of endorsements
        from the original payee thereof to the Person endorsing it to the
        Trustee;

       

      (ii)  the
        original Mortgage and, if the related Mortgage Loan is a MOM Loan, noting
        the
        presence of the MIN and language indicating that such Mortgage Loan is a
        MOM
        Loan, which shall have been recorded (or if the original is not available,
        a
        copy), with evidence of such recording indicated thereon (or if clause (x)
        in
        the proviso below applies, shall be in recordable form);

       

      (iii)  unless
        the Mortgage Loan is a MOM Loan, the assignment (either an original or a
        copy,
        which may be in the form of a blanket assignment if permitted in the
        jurisdiction in which the Mortgaged Property is located) to the Trustee of
        the
        Mortgage with respect to each Mortgage Loan in the name of “Citibank, N.A., as
        Trustee for certificateholders of SACO I Trust, Mortgage-Backed Certificates,
        Series 2006-6,” which shall have been recorded (or if clause (x) in the proviso
        below applies, shall be in recordable form);

       

      (iv)  an
        original or a copy of all intervening assignments of the Mortgage, if any,
        to
        the extent available to the related Mortgage Loan Seller, with evidence of
        recording thereon;

       

      (v)  the
        original policy of title insurance or mortgagee’s certificate of title insurance
        or commitment or binder for title insurance, if available, or a copy thereof,
        or, in the event that such original title insurance policy is unavailable,
        a
        photocopy thereof, or in lieu thereof, a current lien search on the related
        Mortgaged Property and

       

      (vi)  originals
        or copies of all available assumption, modification or substitution agreements,
        if any; provided, however, that in lieu of the foregoing, the related Mortgage
        Loan Seller may deliver the following documents, under the circumstances
        set
        forth below: (x) if any Mortgage, assignment thereof to the Trustee or
        intervening assignments thereof have been delivered or are being delivered
        to
        recording offices for recording and have not been returned in time to permit
        their delivery as specified above, the Purchaser may deliver a true copy
        thereof
        with a certification by the related Mortgage Loan Seller or the title company
        issuing the commitment for title insurance, on the face of such copy,
        substantially as follows: “Certified to be a true and correct copy of the
        original, which has been transmitted for recording”; and (y) in lieu of the
        Mortgage Notes relating to the Mortgage Loans identified in the list set
        forth
        in Exhibit J to the Pooling and Servicing Agreement, the Purchaser may deliver
        a
        lost note affidavit and indemnity and a copy of the original note, if available;
        and provided, further, however, that in the case of Mortgage Loans which
        have
        been prepaid in full after the Cut-Off Date and prior to the Closing Date,
        the
        Purchaser, in lieu of delivering the above documents, may deliver to the
        Trustee
        and its Custodian a certification of a Servicing Officer to such effect and
        in
        such case shall deposit all amounts paid in respect of such Mortgage Loans,
        in
        the Protected Account or in the Distribution Account on the Closing Date.
        In the
        case of the documents referred to in clause (x) above, the Purchaser shall
        deliver such documents to the Trustee or its Custodian promptly after they
        are
        received. the Sponsor (on its own behalf as a Mortgage Loan Seller) shall
        cause,
        at its expense, the Mortgage and intervening assignments, if any, and to
        the
        extent required in accordance with the foregoing, the assignment of the Mortgage
        to the Trustee to be submitted for recording promptly after the Closing Date;
        provided that the Sponsor (on its own behalf as a Mortgage Loan Seller) need
        not
        cause to be recorded any assignment (a) in any jurisdiction under the laws
        of
        which, as evidenced by an Opinion of Counsel addressed to the Trustee delivered
        by the Sponsor (on its own behalf as a Mortgage Loan Seller) to the Trustee
        and
        the Rating Agencies, the recordation of such assignment is not necessary
        to
        protect the Trustee’s interest in the related Mortgage Loan or (b) if MERS is
        identified on the Mortgage or on a properly recorded assignment of the Mortgage
        as mortgagee of record solely as nominee for the Sponsor (on its own behalf
        as a
        Mortgage Loan Seller) and its successors and assigns. In the event that the
        Sponsor (on its own behalf as a Mortgage Loan Seller), the Purchaser or the
        Master Servicer gives written notice to the Trustee that a court has
        recharacterized the sale of the Mortgage Loans as a financing, the Sponsor
        (on
        its own behalf as a Mortgage Loan Seller) shall submit or cause to be submitted
        for recording as specified above or, should the Sponsor (on its own behalf
        as a
        Mortgage Loan Seller) fail to perform such obligations, the Master Servicer
        shall cause each such previously unrecorded assignment to be submitted for
        recording as specified above at the expense of the Trust. In the event a
        Mortgage File is released to the Sponsor (on its own behalf as a Mortgage
        Loan
        Seller) or the Master Servicer as a result of such Person having completed
        a
        Request for Release, the Custodian shall, if not so completed, complete the
        assignment of the related Mortgage in the manner specified in clause (iii)
        above.

       

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        2

      

       

      MORTGAGE
        LOAN SCHEDULE INFORMATION

       

      The
        Preliminary and Final Mortgage Loan Schedules shall set forth the following
        information with respect to each Mortgage Loan:

       

      
        	(i)  	
                the
                  loan sequence number;

              

      

       

      
        	(ii)  	
                the
                  Mortgage Loan identifying number;

              

      

       

      
        	(iii)  	
                the
                  EMC Loan identifying number;

              

      

       

      
        	(iv)  	
                the
                  current gross coupon;

              

      

       

      
        	(v)  	
                the
                  Servicing Fee Rate;

              

      

       

      
        	(vi)  	
                the
                  master servicing fee rate, if
                  applicable;

              

      

       

      
        	(vii)  	
                the
                  LPMI Fee, if applicable;

              

      

       

      
        	(viii)  	
                the
                  Trustee Fee Rate;

              

      

       

      
        	(ix)  	
                the
                  current net coupon;

              

      

       

      
        	(x)  	
                the
                  maturity date;

              

      

       

      
        	(xi)  	
                the
                  original principal balance;

              

      

       

      
        	(xii)  	
                the
                  current principal balance;

              

      

       

      
        	(xiii)  	
                the
                  stated original term to maturity;

              

      

       

      
        	(xiv)  	
                the
                  stated remaining term to maturity;

              

      

       

      
        	(xv)  	
                the
                  property type;

              

      

       

      
        	(xvi)  	
                the
                  MIN with respect to each MOM Loan;

              

      

       

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

              

      

       

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

              

      

       

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

              

      

       

      
        	(xx)  	
                with
                  respect to each Adjustable Rate Mortgage Loan, the next Adjustment
                  Date;

              

      

       

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

              

      

       

      
        	(xxii)  	
                the
                  Loan Group;

              

      

       

      
        	(xxiii)  	
                a
                  code indicating whether such Mortgage Loan is a first lien Mortgage
                  Loan
                  or a second lien Mortgage Loan;

              

      

       

      
        	(xxiv)  	
                the
                  Prepayment Charge, if any; and

              

      

       

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        3

      

       

      MORTGAGE
        LOAN SELLER’S INFORMATION

       

       

      All
        information in the Prospectus Supplement described under the following captions:
        “SUMMARY — The Mortgage Loans,” “THE MORTGAGE POOL” and “SCHEDULE A — Mortgage
        Loan Statistical Data.”

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        4

       

       

      PURCHASER’S
        INFORMATION

       

      All
        information in the Prospectus Supplement and the Prospectus, except the Mortgage
        Loan Seller’s Information.

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        5

       

       

      SCHEDULE
        OF LOST NOTES

       

      Available
        Upon Request

       

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        6

       

       

      REVISED
        April 18, 2006

      

      APPENDIX
        E - Standard & Poor’s Predatory Lending Categories

       

      Standard
        & Poor’s has categorized loans governed by anti-predatory lending laws in
        the Jurisdictions listed below into three categories based upon a combination
        of
        factors that include (a) the risk exposure associated with the assignee
        liability and (b) the tests and thresholds set forth in those laws. Note
        that
        certain loans classified by the relevant statute as Covered are included
        in
        Standard & Poor’s High Cost Loan Category because they included thresholds
        and tests that are typical of what is generally considered High Cost by the
        industry.

       

      Standard
        & Poor’s High Cost Loan Categorization

       

      
        	
                State/Jurisdiction

              	
                Name
                  of Anti-Predatory Lending

                Law/Effective
                  Date

              	
                Category
                  under

                Applicable
                  Anti- 

                Predatory
                  Lending Law

              
	
                Arkansas

              	
                Arkansas
                  Home Loan Protection Act,

                Ark.
                  Code Ann. §§ 23-53-101 et
                  seq.

                 

                Effective
                  July 16, 2003

              	
                High
                  Cost Home Loan

              
	
                Cleveland
                  Heights, OH

              	
                Ordinance
                  No. 72-2003 (PSH), Mun.

                Code
                  §§ 757.01 et
                  seq.

                 

                Effective
                  June 2, 2003

              	
                Covered
                  Loan

              
	
                Colorado

              	
                Consumer
                  Equity Protection, Colo. Stat.

                Ann.
                  §§ 5-3.5-101 et
                  seq.

                 

                Effective
                  for covered loans offered or entered into on or after January 1,
                  2003.
                  Other provisions of the Act took effect on June 7, 2002

              	
                Covered
                  Loan

              
	
                Connecticut

              	
                Connecticut
                  Abusive Home Loan

                Lending
                  Practices Act, Conn. Gen. Stat.

                §§
                  36a-746 et
                  seq.

                 

                Effective
                  October 1, 2001

              	
                High
                  Cost Home Loan

              
	
                District
                  of Columbia

              	
                Home
                  Loan Protection Act, D.C. Code

                §§
                  26-1151.01 et
                  seq.

                 

                Effective
                  for loans closed on or after January 28, 2003

              	
                Covered
                  Loan

              
	
                Florida

              	
                Fair
                  Lending Act, Fla. Stat. Ann. §§

                494.0078
                  et
                  seq.

                 

                Effective
                  October 2, 2002

              	
                High
                  Cost Home Loan

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                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

              	
                High
                  Cost Home Loan

              
	
                Georgia
                  as amended

                (Mar.
                  7, 2003 - current)

              	
                Georgia
                  Fair Lending Act, Ga. Code

                Ann.
                  §§ 7-6A-1 et
                  seq.

                 

                Effective
                  for loans closed on or after

                March
                  7, 2003

              	
                High
                  Cost Home Loan

              
	
                HOEPA
                  Section 32

              	
                Home
                  Ownership and Equity Protection

                Act
                  of 1994, 15 U.S.C. § 1639, 12

                C.F.R.
                  §§ 226.32 and 226.34

                 

                Effective
                  October 1, 1995, amendments

                October
                  1, 2002

              	
                High
                  Cost Loan

              
	
                Illinois

              	
                High
                  Risk Home Loan Act, Ill. Comp.

                Stat.
                  tit. 815, §§ 137/5 et
                  seq.

                 

                Effective
                  January 1, 2004 (prior to this date, regulations under
                  Residential

                Mortgage
                  License Act effective from May 14, 2001)

              	
                High
                  Risk Home Loan

              
	
                Kansas

              	
                Consumer
                  Credit Code, Kan. Stat. Ann.

                §§
                  16a-1-101 et
                  seq.

                 

                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

              
	
                State/Jurisdiction

              	
                Name
                  of Anti-Predatory Lending

                Law/Effective
                  Date

              	
                Category
                  under

                Applicable
                  Anti- 

                Predatory
                  Lending Law

              
	
                Massachusetts

              	
                Part
                  40 and Part 32, 209 C.M.R. §§

                32.00
                  et
                  seq.
                  and 209 C.M.R. §§ 40.01 et
                  seq.

                 

                Effective
                  March 22, 2001 and amended from time to time

              	
                High
                  Cost Home Loan

              
	
                Nevada

              	
                Assembly
                  Bill No. 284, Nev. Rev. Stat.

                §§
                  598D.010 et
                  seq.

                 

                Effective
                  October 1, 2003

              	
                Home
                  Loan

              
	
                New
                  Jersey

              	
                New
                  Jersey Home Ownership Security

                Act
                  of 2002, N.J. Rev. Stat. §§ 46:10B- 22 et
                  seq.

                 

                Effective
                  for loans closed on or after November 27, 2003

              	
                High
                  Cost Home Loan

              
	
                New
                  Mexico

              	
                Home
                  Loan Protection Act, N.M. Rev.

                Stat.
                  §§ 58-21A-1 et
                  seq.

                 

                Effective
                  as of January 1, 2004; Revised

                as
                  of February 26, 2004

              	
                High
                  Cost Home Loan

              
	
                New
                  York

              	
                N.Y.
                  Banking Law Article 6-1

                 

                Effective
                  for applications made on or after April 1, 2003

              	
                High
                  Cost Home Loan

              
	
                North
                  Carolina

              	
                Restrictions
                  and Limitations on High

                Cost
                  Home Loans, N.C. Gen. Stat. §§ 24-1.1E et
                  seq.

                 

                Effective
                  July 1, 2000; amended October 1, 2003 (adding open-end lines of
                  credit)

              	
                High
                  Cost Home Loan

              
	
                Ohio

              	
                H.B.
                  386 (codified in various sections of the Ohio Code), Ohio Rev.
                  Code Ann.
                  §§ 1349.25 et
                  seq.

                 

                Effective
                  May 24, 2002

              	
                Covered
                  Loan

              
	
                Oklahoma

              	
                Consumer
                  Credit Code (codified in various sections of Title 14A)

                 

                Effective
                  July 1, 2000; amended effective January 1, 2004

              	
                Subsection
                  10 Mortgage

              
	
                State/Jurisdiction

              	
                Name
                  of Anti-Predatory Lending

                Law/Effective
                  Date

              	
                Category
                  under

                Applicable
                  Anti- 

                Predatory
                  Lending Law

              
	
                South
                  Carolina

              	
                South
                  Carolina High Cost and

                Consumer
                  Home Loans Act, S.C. Code

                Ann.
                  §§ 37-23-10 et
                  seq.

                 

                Effective
                  for loans taken on or after January 1, 2004

              	
                High
                  Cost Home Loan

              
	
                West
                  Virginia

              	
                West
                  Virginia Residential Mortgage Lender, Broker and Servicer Act,
                  W.

                Va.
                  Code Ann. §§ 31-17-1 et
                  seq.

                 

                Effective
                  June 5, 2002

              	
                West
                  Virginia Mortgage Loan Act Loan

              

      

      

      Standard
        & Poor’s Covered Loan Categorization

       

      
        	
                State/Jurisdiction

              	
                Name
                  of Anti-Predatory Lending

                Law/Effective
                  Date

              	
                Category
                  under

                Applicable
                  Anti- 

                Predatory
                  Lending Law

              
	
                Georgia
                  (Oct. 1, 2002 -

                Mar.
                  6, 2003)

              	
                Georgia
                  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 

              

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SCHEDULE
        A

       

      REQUIRED
        RATINGS FOR EACH CLASS OF CERTIFICATES

       

      Public
        Certificates

       

      
        	
                Class

              	
                Standard
                  & Poor’s

              	
                Moody’s

              
	
                A

              	
                AAA

              	
                Aaa

              
	
                M-1

              	
                AA+

              	
                Aa1

              
	
                M-2

              	
                AA

              	
                Aa2

              
	
                M-3

              	
                AA-

              	
                Aa3

              
	
                M-4

              	
                A+

              	
                A1

              
	
                M-5

              	
                A

              	
                A2

              
	
                M-6

              	
                A-

              	
                A3

              
	
                B-1

              	
                BBB+

              	
                Baa1

              
	
                B-2

              	
                BBB

              	
                Baa2

              
	
                B-3

              	
                BBB-

              	
                Baa3

              

      

      

      None
        of
        the above ratings has been lowered, qualified or withdrawn since the dates
        of
        issuance of such ratings by the Rating Agencies.

       

      Private
        Certificates

       

      
        	
                Class

              	
                Standard
                  & Poor’s

              	
                Moody’s

              
	
                B-4

              	
                [__]

              	
                [__]

              
	
                C

              	
                Not
                  Rated

              	
                Not
                  Rated

              
	
                R-1

              	
                Not
                  Rated

              	
                Not
                  Rated

              
	
                R-2

              	
                Not
                  Rated

              	
                Not
                  Rated

              
	
                R-3

              	
                Not
                  Rated

              	
                Not
                  Rated

              
	
                RX

              	
                Not
                  Rated

              	
                Not
                  Rated

              

      

      

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        M

      

      FORM
        OF
        BACK-UP CERTIFICATION

      

       

      Re:  The
        [ ]
        agreement dated as of [ ],
        200[ ]
        (the “Agreement”), among [IDENTIFY PARTIES]

       

      I,
        ________________________________, the _______________________ of [NAME OF
        COMPANY], certify to [the Purchaser], [the Depositor], and the [Master Servicer]
        [Securities Administrator] [Trustee], and their officers, with the knowledge
        and
        intent that they will rely upon this certification, that:

       

      (1) I
        have
        reviewed the servicer compliance statement of the Company provided in accordance
        with Item 1123 of Regulation AB (the “Compliance Statement”), the report on
        assessment of the Company’s compliance with the servicing criteria set forth in
        Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided in accordance
        with Rules 13a-18 and 15d-18 under Securities Exchange Act of 1934, as amended
        (the “Exchange Act”) and Item 1122 of Regulation AB (the “Servicing
        Assessment”), the registered public accounting firm’s attestation report
        provided in accordance with Rules 13a-18 and 15d-18 under the Exchange Act
        and
        Section 1122(b) of Regulation AB (the “Attestation
        Report”), and all servicing reports, officer’s certificates and other
        information relating to the servicing of the Mortgage Loans by the Company
        during 200[ ] that were delivered by the Company to the [Depositor] [Master
        Servicer] [Securities Administrator] [Trustee] pursuant to the Agreement
        (collectively, the “Company Servicing Information”);

       

      (2) Based
        on
        my knowledge, the Company Servicing Information, taken as a whole, does not
        contain any untrue statement of a material fact or omit to state a material
        fact
        necessary to make the statements made, in the light of the circumstances
        under
        which such statements were made, not misleading with respect to the period
        of
        time covered by the Company Servicing Information;

       

      (3) Based
        on
        my knowledge, all of the Company Servicing Information required to be provided
        by the Company under the Agreement has been provided to the [Depositor] [Master
        Servicer] [Securities Administrator] [Trustee];

       

      (4) I
        am
        responsible for reviewing the activities performed by the Company as servicer
        under the Agreement, and based on my knowledge and the compliance review
        conducted in preparing the Compliance Statement and except as disclosed in
        the
        Compliance Statement, the Servicing Assessment or the Attestation Report,
        the
        Company has fulfilled its obligations under the Agreement in all material
        respects; and

       

      (5) The
        Compliance Statement required to be delivered by the Company pursuant to
        the
        Agreement, and the Servicing Assessment and Attestation Report required to
        be
        provided by the Company and by any Subservicer or Subcontractor pursuant
        to the
        Agreement, have been provided to the [Depositor] [Master Servicer]. Any material
        instances of noncompliance described in such reports have been disclosed
        to the
        [Depositor] [Master Servicer]. Any material instance of noncompliance with
        the
        Servicing Criteria has been disclosed in such reports.

      

       

      Date: _________________________

       

      By:

      Name:
         ________________________________
        

      Title:
         ________________________________

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        N-1

       

      GROUP
        I
        INTEREST RATE SWAP AGREEMENT

       

      BEAR
        STEARNS FINANCIAL PRODUCTS INC.

      383
        MADISON AVENUE

      NEW
        YORK,
        NEW YORK 10179

      212-272-4009

      

      

      DATE:                                                  
        May
        30,
        2006

         

      
        	
                TO:

              	
                LaSalle
                  Bank National Association, not individually, but solely as Supplemental
                  Interest Trust Trustee on behalf of the Supplemental Interest Trust
                  (each
                  as defined herein) with respect to SACO I Trust 2006-6 Mortgage
                  Pass-Through Certificates, Series
                  2006-6

              

      

       

      ATTENTION:                                      
        Global
        Securities and Trust Services Group - SACO I Trust 2006-6

      TELEPHONE:                                      
        312-904-8162

      FACSIMILE:                                        
        312-904-1368

      

      FROM:                                                  Derivatives
        Documentation

      TELEPHONE:                                      
        212-272-2711
        

      FACSIMILE:                                        
        212-272-9857
        

      

      SUBJECT:                                           
        Fixed
        Income Derivatives Confirmation and Agreement 

      

      REFERENCE
        NUMBER:                    FXNSC8159

      

      The
        purpose of this letter agreement ("Agreement") is to confirm the terms and
        conditions of the current Transaction entered into on the Trade Date specified
        below (the "Transaction") between Bear Stearns Financial Products Inc. ("BSFP")
        and LaSalle Bank National Association, not individually, but solely as trustee
        (the “Supplemental Interest Trust Trustee”) on behalf of the supplemental
        interest trust (the “Supplemental Interest Trust” and the “Counterparty”) with
        respect to SACO I Trust 2006-6 Mortgage Pass-Through Certificates, Series
        2006-6
        created under the Pooling and Servicing Agreement (the “Pooling and Servicing
        Agreement”), dated as of May 1, 2006, among EMC Mortgage Corporation as sponsor,
        LaSalle Bank National Association as master servicer, LaSalle Bank National
        Association as securities administrator, Bear Stearns Asset Backed Securities
        I
        LLC as depositor and Citibank, N.A. as trustee. This Agreement, which evidences
        a complete and binding agreement between you and us to enter into the
        Transaction on the terms set forth below, constitutes a "Confirmation" as
        referred to in the "ISDA Form Master Agreement" (as defined below), as well
        as a
“Schedule” as referred to in the ISDA Form Master Agreement.

      

      1. This
        Agreement is subject to the 2000
        ISDA Definitions (the
        “Definitions”), as published by the International Swaps and Derivatives
        Association, Inc. (“ISDA”). You and we have agreed to enter into this Agreement
        in lieu of negotiating a Schedule to the 1992 ISDA Master Agreement
        (Multicurrency—Cross Border) form (the "ISDA Form Master Agreement") but,
        rather, an ISDA Form Master Agreement shall be deemed to have been executed
        by
        you and us on the date we entered into the Transaction. Terms capitalized
        but
        not defined herein except
        in the Definitions
        shall
        have the respective meanings attributed to them in the Swap Administration
        Agreement , dated as of May 30, 2006 (this “Agreement”), among LaSalle Bank
        National Association (“LaSalle”), as swap administrator hereunder (in such
        capacity, the “Swap Administrator”), LaSalle Bank National Association, as
        Trustee on behalf of the supplemental interest trust created under the Pooling
        and Servicing Agreement (defined above) (in such capacity, the “Supplemental
        Interest Trust Trustee”) and LaSalle Bank National Association, as securities
        administrator for SACO I Trust 2006-6, Mortgage-Backed Certificates, Series
        2006-6 (in such capacity, the “Securities Administrator”) or, if not defined
        therein, in the Pooling and Servicing Agreement. In the event of any
        inconsistency between the provisions of this Agreement and the Definitions
        or
        the ISDA Form Master Agreement, this Agreement shall prevail for purposes
        of the
        Transaction. Each reference to a “Section” (unless specifically referencing the
        Pooling and Servicing Agreement or the Swap Administration Agreement) or
        to a
“Section” “of this Agreement” will be construed as a reference to a Section of
        the ISDA Form Master Agreement.

       

      2. The
        terms
        of the particular Transaction to which this Confirmation relates are as
        follows:

      

      Notional
        Amount:                                   
With
        respect to any Calculation Period, the amount set forth for such period on
        Schedule I attached hereto.

      

      Trade
        Date:                                              
April
        20,
        2006

      

      Effective
        Date:                                         
May
        30,
        2006

      

      Termination
        Date:                                  
January
        25, 2010, provided, however, for the purposes of determining the Floating
        Amount
        to be paid in respect of the final Calculation Period, such date shall be
        subject to adjustment in accordance with the Following Business Day
        Convention.

      

      Fixed
        Amount:

      

      Fixed
        Rate
        Payer:                         
Counterparty

      

      Fixed
        Rate Payer

      Period
        End
        Dates:                      
The
        25th
        calendar
        day of each month during
        the Term
        of
        this Transaction, commencing June 25, 2006 and ending on the Termination
        Date,
        with No Adjustment.

      

      Fixed
        Rate Payer

      Payment
        Date:                            
The
        25th
        calendar
        day of each month during
        the Term
        of
        this Transaction, commencing June 25, 2006 and ending on the Termination
        Date,
        subject to adjustment in accordance with the Following Business Day
        Convention.

      

      
        	 	 	
                Fixed
                  Rate:

              	
                5.29250%

              

      

      

      

      

      Fixed
        Amount:                             
To
        be
        determined in accordance with the following formula: 

      

                                                                     
        100 * Fixed Rate * Notional Amount * Fixed Rate Day Count Fraction.

       

      Fixed
        Rate Day 

      
        	 	 	
                Count
                  Fraction:

              	
                30/360

              

      

      

      

      Floating
        Amounts: 

      

      Floating
        Rate
        Payer:                   
BSFP

      

      Floating
        Rate Payer 

      Period
        End
        Dates:                      
The
        25th
        calendar
        day of each month during
        the Term
        of
        this Transaction, commencing June 25, 2006 and ending on the Termination
        Date,
        subject to adjustment in accordance with the Following Business Day
        Convention.

      

      Floating
        Rate Payer 

      Payment
        Dates:                           
The
        25th
        calendar
        day of each month during
        the Term
        of
        this Transaction, commencing June 25, 2006 and ending on the Termination
        Date,
        subject to adjustment in accordance with the Following Business Day
        Convention.

       

      Floating
        Rate
        Option:                 
USD-LIBOR-BBA

      

      Floating
        Amount:                        
To
        be
        determined in accordance with the following formula: 

      

                                                                     
        100 * Floating Rate Option * Notional Amount * Floating Rate Day Count
        Fraction 

       

      Designated
        Maturity:                 
One
        month

      

      Floating
        Rate Day 

      Count
        Fraction:                           
Actual/360

      

      Reset
        Dates:                                 
The
        first
        day of each Calculation Period.

      

      Compounding:                             
        Inapplicable

      

         
        Business
        Days:                                   
New
        York
        and Illinois

      

      
        	 	 	
                Calculation
                  Agent:

              	
                BSFP

              

      

      

      

      3. Additional
        Provisions: 

      

      1)
        Each
        party hereto is hereby advised and acknowledges that the other party has
        engaged
        in (or refrained from engaging in) substantial financial transactions and
        has
        taken (or refrained from taking) other material actions in reliance upon
        the
        entry by the parties into the Transaction being entered into on the terms
        and
        conditions set forth herein and in the Pooling and Servicing Agreement relating
        to such Transaction, as applicable. This paragraph 1) shall be deemed repeated
        on the trade date of each Transaction. 

      

      
        	
                4.

              	
                Provisions
                  Deemed Incorporated in a Schedule to the ISDA Form Master
                  Agreement:

              

      

      

      
        	1)  	
                The
                  parties agree that subparagraph (ii) of Section 2(c) of the ISDA
                  Form
                  Master Agreement will apply to any
                  Transaction.

              

      

      

      2)
        Termination
        Provisions.
        For
        purposes of the ISDA Form Master Agreement:

      

      (a) "Specified
        Entity" is not applicable to BSFP or Counterparty for any purpose. 

      

      (b) "Specified
        Transaction" is not applicable to BSFP or Counterparty for any purpose, and,
        accordingly, Section 5(a)(v) shall not apply to BSFP or
        Counterparty.

      

      (c) The
        "Cross Default" provisions of Section 5(a)(vi) will not apply to BSFP or
        to
        Counterparty. 

      

      (d) The
        "Credit Event Upon Merger" provisions of Section 5(b)(iv) will not apply
        to BSFP
        or Counterparty.

       

      (e) With
        respect to Counterparty, the “Bankruptcy Provision” of Section 5(a) (vii) (2)
        shall be deleted in its entirety.

      

      (f) The
        "Automatic Early Termination" provision of Section 6(a) will not apply to
        BSFP
        or to Counterparty.

      

      (g) Payments
        on Early Termination. For the purpose of Section 6(e) of the ISDA Form Master
        Agreement:

      

      (i) Market
        Quotation will apply.

      

      (ii) the
        Second Method will apply. 

      

      (h) "Termination
        Currency" means United States Dollars. 

      

      
        	
                (i)

              	
                Tax
                  Event. The provisions of Section 2(d)(i)(4) and 2(d)(ii) of the
                  printed
                  ISDA Form Master Agreement shall not apply to Counterparty and
                  Counterparty shall not be required to pay any additional amounts
                  referred
                  to therein. 

              

      

       

      3)
        Tax
        Representations. 

      

      
        	 	
                (a)
                  Payer Representations. For the purpose of Section 3(e) of the ISDA
                  Form
                  Master Agreement, each of BSFP and the Counterparty will make the
                  following representations:

              

      

       

      
        	 	
                It
                  is not required by any applicable law, as modified by the practice
                  of any
                  relevant governmental revenue authority, of any Relevant Jurisdiction
                  to
                  make any deduction or withholding for or on account of any Tax
                  from any
                  payment (other than interest under Section 2(e), 6(d)(ii) or 6(e)
                  of the
                  ISDA Form Master Agreement) to be made by it to the other party
                  under this
                  Agreement. In making this representation, it may rely on:
                  

              

      

       

      (i) the
        accuracy of any representations made by the other party pursuant to Section
        3(f)
        of the ISDA Form Master Agreement;

      

      (ii) the
        satisfaction of the agreement contained in Sections 4(a)(i) and 4(a)(iii)
        of the
        ISDA Form Master Agreement and the accuracy and effectiveness of any document
        provided by the other party pursuant to Sections 4(a)(i) and 4(a)(iii) of
        the
        ISDA Form Master Agreement; and

      

      
        	 	 	
                (iii)
                  the satisfaction of the agreement of the other party contained
                  in Section
                  4(d) of the ISDA Form Master Agreement, provided that it shall
                  not be a
                  breach of this representation where reliance is placed on clause
                  (ii) and
                  the other party does not deliver a form or document under Section
                  4(a)(iii) of the ISDA Form Master Agreement by reason of material
                  prejudice to its legal or commercial position.

              

      

      

      (b)
        Payee
        Representations. For the purpose of Section 3(f) of the ISDA Form Master
        Agreement, each of BSFP and the Counterparty make the following representations.
        

       

      The
        following representation will apply to BSFP: 

      

      
        	 	 	
                BSFP
                  is a corporation organized under the laws of the State of Delaware
                  and its
                  U.S. taxpayer identification number is 13-3866307.
                  

              

      

      

      The
        following representation will apply to the Counterparty: 

      

      
        	 	 	
                Counterparty
                  is the Supplemental Interest Trust under the Pooling and Servicing
                  Agreement.

              

      

      

      

      

      4)
        The
        ISDA 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 ISDA Form Master Agreement.

      

      5)
        Documents
        to be Delivered.
        For the
        purpose of Section 4(a) of the ISDA Form Master Agreement:

      

      (1) Tax
        forms, documents, or certificates to be delivered are:

       

      
        	
                Party
                  required to deliver document

              	
                Form/Document/

                Certificate

              	
                Date
                  by which to

                be
                  delivered

                 

              
	
                BSFP
                  and

                the
                  Counterparty

              	
                Any
                  document required or reasonably requested to allow the other party
                  to make
                  payments under this Agreement without any deduction or withholding
                  for or
                  on the account of any Tax or with such deduction or withholding
                  at a
                  reduced rate

              	
                Promptly
                  after the earlier of (i) reasonable demand by either party or (ii)
                  learning that such form or document is
                  required

              

      

       

      (2) Other
        documents to be delivered are:

      

      
        	
                Party
                  required to deliver document

              	
                Form/Document/

                Certificate

              	
                Date
                  by which to

                be
                  delivered

                 

              	
                Covered
                  by Section 3(d) Representation

              
	
                BSFP
                  and

                the
                  Counterparty

              	
                Any
                  documents required by the receiving party to evidence the authority
                  of the
                  delivering party or its Credit Support Provider, if any, for it
                  to execute
                  and deliver this Agreement, any Confirmation, and any Credit Support
                  Documents to which it is a party, and to evidence the authority
                  of the
                  delivering party or its Credit Support Provider to perform its
                  obligations
                  under this Agreement, such Confirmation and/or Credit Support Document,
                  as
                  the case may be

                 

              	
                Upon
                  the execution and delivery of this Agreement and such
                  Confirmation

              	
                Yes

              
	
                BSFP
                  and

                the
                  Counterparty

              	
                A
                  certificate of an authorized officer of the party, as to the incumbency
                  and authority of the respective officers of the party signing this
                  Agreement, any relevant Credit Support Document, or any Confirmation,
                  as
                  the case may be

              	
                Upon
                  the execution and delivery of this Agreement and such
                  Confirmation

              	
                Yes

              

      

      

      
        	
                BSFP

              	
                A
                  copy of the most recent annual report of such party (only if
                  available) and its Credit Support Provider, if any, containing
                  in all
                  cases audited consolidated financial statements for each fiscal
                  year
                  certified by independent certified public accountants and prepared
                  in
                  accordance with generally accepted accounting principles in the
                  United
                  States or in the country in which such party is organized

                 

              	
                Promptly
                  after request by the other party

              	
                Yes

              
	
                Counterparty
                  

              	
                An
                  executed copy of the Pooling and Servicing Agreement and the Swap
                  Administration Agreement

              	
                Within
                  30 days after the date of this Agreement.

              	
                No

              

      

      

      6)
        Miscellaneous.
        Miscellaneous

      

      
        	
                (a)

              	
                Address
                  for Notices: For the purposes of Section 12(a) of the ISDA Form
                  Master Agreement:

              

      

      

      Address
        for notices or communications to BSFP:

      

      Address:               
        383
        Madison Avenue, New York, New York 10179

      Attention:             
        DPC
        Manager

      Facsimile:               (212)
        272-5823

      

      with
        a
        copy to:

      

      Address:               
        One
        Metrotech Center North, Brooklyn, New York 11201

      Attention:             
        Derivative
        Operations - 7th Floor

      Facsimile:              
        (212)
        272-1634

      

      (For
        all
        purposes)

      

      Address
        for notices or communications to the Counterparty:

      

      Address:              
        LaSalle
        Bank National Association

      135
        South
        LaSalle Street, Suite 1625

      Chicago,
        IL 60603

      Attention:             
        Global
        Securities and Trust Services Group

                     
        SACO I Trust 2006-6

      Facsimile:              
        312-904-1368 

      Phone:                   
        312-904-8162

      

      (For
        all
        purposes)

      

      (b)         
         Process
        Agent. For the purpose of Section 13(c) of the ISDA Form Master
        Agreement:

      

      BSFP
        appoints as its 

      Process
        Agent:   Not
        Applicable

      

      The
        Counterparty appoints as its 

      Process
        Agent:  Not
        Applicable

      

      
        	
                (c)

              	
                Offices.
                  The provisions of Section 10(a) of the ISDA Form Master Agreement
                  will not
                  apply to this Agreement; neither BSFP nor the Counterparty have
                  any
                  Offices other than as set forth in the Notices Section and BSFP
                  agrees
                  that, for purposes of Section 6(b) of the ISDA Form Master Agreement,
                  it
                  shall not in future have any Office other than one in the United
                  States.

              

      

      

      
        	
                (d)

              	
                Multibranch
                  Party. For the purpose of Section 10(c) of the ISDA Form Master
                  Agreement:

              

      

      

      BSFP
        is
        not a Multibranch Party.

      

      
        	 	
                The
                  Counterparty is not a Multibranch
                  Party.

              

      

      

      (e)          
         Credit
        Support Document. Not applicable for either BSFP or the
        Counterparty.

      

      
        	
                (f)

              	
                Credit
                  Support Provider.

              

      

      

      BSFP: Not
        Applicable

      

      The
        Counterparty: Not Applicable

      

      (g)         
         Governing
        Law. The parties to this Agreement hereby agree that the law of the State
        of New
        York shall govern their rights and duties in whole, without regard to the
        conflict of law provisions thereof other than New York General Obligations
        Law
        Sections 5-1401 and 5-1402. 

      

      (h)           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. 

      

      (i)          
         Consent
        to Recording. Each party hereto consents to the monitoring or recording,
        at any
        time and from time to time, by the other party of any and all communications
        between officers or employees of the parties, waives any further notice of
        such
        monitoring or recording, and agrees to notify its officers and employees
        of such
        monitoring or recording. 

      

      (j)          
         Waiver
        of
        Jury Trial. Each
        party waives any right it may have to a trial by jury in respect of any
        Proceedings relating to this Agreement or any Credit Support Document.

      

      (k)         
         Set-Off.
        The provisions for Set-off set forth in Section 6(e) of the ISDA Form Master
        Agreement shall not apply for purposes of this Transaction. Notwithstanding
        any
        provision of this Agreement or any other existing or future agreement, each
        party irrevocably waives any and all rights it may have to set off, net,
        recoup
        or otherwise withhold or suspend or condition payment or performance of any
        obligation between it and the other party hereunder against any obligation
        between it and the other party under any other agreements. 

       

      (l)          
         This
        Agreement may be executed in several counterparts, each of which shall be
        deemed
        an original but all of which together shall constitute one and the same
        instrument.

       

      (m)         
         Additional
        Definitional Provisions. 

       

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

       

      “Moody’s”
        means Moody’s Investors Service, Inc., or any successor.

       

      
        	 	
                “S&P”
                  means Standard & Poor's, a division of The McGraw-Hill Companies,
                  Inc.

              

      

       

      
        	 	
                “Fitch”
                  means Fitch Ratings Inc.

              

      

       

      (n) Supplemental
        Interest Trust Trustee Liability Limitations. It is expressly understood
        and
        agreed by the parties hereto that (a) this Agreement is executed and delivered
        by LaSalle Bank National Association (“LaSalle”), not individually or personally
        but solely as trustee on behalf of the Supplemental Interest Trust under
        the
        Pooling and Servicing Agreement and the Swap Administration Agreement, (b)
        each
        of the representations, undertakings and agreements herein made on the part
        of
        the Counterparty is made and intended not as a personal representation,
        undertaking and agreement of LaSalle but is made and intended for the purpose
        of
        binding only the Counterparty, (c) nothing herein contained shall be construed
        as imposing any liability on LaSalle, individually or personally, to perform
        any
        covenant either expressed or implied contained herein, all such liability,
        if
        any, being expressly waived by the parties hereto and by any Person claiming
        by,
        through or under the parties hereto; provided that nothing in this paragraph
        shall relieve LaSalle from performing its duties and obligations under the
        Pooling and Servicing Agreement in accordance with the standard of care set
        forth therein, and (d) under no circumstances shall LaSalle be personally
        liable
        for the payment of any indebtedness or expenses of the Counterparty or be
        liable
        for the breach or failure of any obligation, representation, warranty or
        covenant made or undertaken by the Counterparty under this Agreement or any
        other related documents. Any resignation or removal of LaSalle as Supplemental
        Interest Trust Trustee under the Pooling and Servicing Agreement shall require
        the assignment of this agreement to LaSalle’s replacement.

      

      (o)         
         Additional
        Provisions. The provisions of Sections 5(a)(ii), 5(a)(iii) and 5(a)(iv) of
        the
        ISDA Form Master Agreement shall not apply to BSFP or
        Counterparty.

       

      (p)         
         [reserved]

       

      7)
        "Affiliate": BSFP and Counterparty shall be deemed to not have any Affiliates
        for purposes of this Agreement, including for purposes of Section 6(b)(ii)
        of
        the ISDA Form Master Agreement.

      

      8)
        Additional Termination Events. Additional Termination Events will apply:
        (a) If
        a Rating Agency Downgrade has occurred and BSFP has not, within 30 days,
        complied with Section 9 below, then an Additional Termination Event shall
        have
        occurred with respect to BSFP and BSFP shall be the sole Affected Party with
        respect to such an Additional Termination Event. (b) If the Counterparty
        is
        unable to pay its Class A Certificates or fails or admits in writing its
        inability to pay its Class A Certificates as they become due, then an Additional
        Termination Event shall have occurred with respect to Counterparty and
        Counterparty shall be the sole Affected Party with respect to such Additional
        Termination Event. (c) If, at any time, the Mortgage Loans are purchased
        pursuant to Section 11.01 of the Pooling and Servicing Agreement, then an
        Additional Termination Event shall have occurred with respect to Counterparty
        and Counterparty shall be the sole Affected Party with respect to such
        Additional termination Event; provided, however, that notwithstanding Section
        6(b)(iv) of the ISDA Form Master Agreement, only Counterparty shall have
        the
        right to designate an Early Termination Date in respect of this Additional
        Termination Event. (d) If, upon the occurrence of a Swap Disclosure Event
        (as
        defined in paragraph 15 below) BSFP has not, within 10 Business Days after
        such
        Swap Disclosure Event complied with any of the provisions set forth in clause
        (iii) of paragraph 15 below, then an Additional Termination Event shall have
        occurred with respect to BSFP and BSFP shall be the sole Affected Party with
        respect to such Additional Termination Event. (e) Without
        the prior written consent of BSFP, Counterparty shall not consent to any
        amendment or supplemental agreement to the Pooling and Servicing Agreement
        or
        the Swap Administration Agreement if such amendment or supplemental agreement
        could reasonably be expected to have a material adverse effect on the interests
        of BSFP. Counterparty will furnish to BSFP a copy of each proposed and each
        executed amendment or supplemental agreement and copies of any related Rating
        Agency confirmation therewith, if any. The failure by Counterparty to comply
        with the above shall constitute an Additional Termination Event hereunder,
        upon
        which Counterparty shall be the sole Affected Party and all Transactions
        hereunder shall be Affected Transactions.

      

      9)
        Rating
        Agency Downgrade. In the event that BSFP’s long-term unsecured and
        unsubordinated debt rating is withdrawn or reduced below “AA-” by S&P or its
        long-term unsecured and unsubordinated debt rating is withdrawn or reduced
        below
“Aa3” by Moody’s (and together with S&P, the “Swap Rating Agencies”, and
        such rating thresholds, “Approved Rating Thresholds”), then within 30 days after
        such rating withdrawal or downgrade (unless, within 30 days after such
        withdrawal or downgrade, each such Swap Rating Agency, as applicable, has
        reconfirmed the rating of the SACO I Trust 2006-6, Mortgage Pass-Through
        Certificates, Series 2006-6 (the “Certificates”) and any notes, which was in
        effect immediately prior to such withdrawal or downgrade), BSFP shall, subject
        to the Rating Agency Condition, at its own expense, either (i) seek another
        entity to replace BSFP as party to this Agreement that meets or exceeds the
        Approved Rating Thresholds on terms substantially similar to this Agreement
        or
        (ii) obtain a guaranty of, or a contingent agreement of another person with
        the
        Approved Rating Thresholds, to honor, BSFP’s obligations under this Agreement.
        BSFP’s failure to do any of the foregoing shall, at the Counterparty’s option,
        constitute an Additional Termination Event with BSFP as the Affected Party.
        For
        purposes of this provision, “Rating Agency Condition” means, with respect to any
        particular proposed act or omission to act hereunder that the party acting
        or
        failing to act must consult with any of the Swap Rating Agencies then providing
        a rating of the Certificates and any notes and receive from the Swap Rating
        Agencies a prior written confirmation that the proposed action or inaction
        would
        not cause a downgrade or withdrawal of the then-current rating of the
        Certificates and any notes.

      

      10)
        Payment Instructions. BSFP hereby agrees that, unless notified in writing
        by the
        Swap Administrator of other payment instructions, any and all amounts payable
        by
        BSFP to the Counterparty under this Agreement shall be paid to the Swap
        Administrator at the account specified in Section 5.

      

      11)
        Section 3 of the ISDA Form Master Agreement is hereby amended by adding at
        the
        end thereof the following subsection (g): 

      

      “(g) Relationship
        Between Parties.
        

      

      
        	 	 	
                Each
                  party represents to the other party on each date when it enters
                  into a
                  Transaction that:--

              

      

      

      (1)
        Nonreliance.
        (i) It
        is not relying on any statement or representation of the other party regarding
        the Transaction (whether written or oral), other than the representations
        expressly made in this Agreement or the Confirmation in respect of that
        Transaction and (ii) it has consulted with its own legal, regulatory, tax,
        business, investment, financial and accounting advisors to the extent it
        has
        deemed necessary, and it has made its own investment, hedging and trading
        decisions based upon its own judgment and upon any advice from such advisors
        as
        it has deemed necessary and not upon any view expressed by the other
        party.

       

      (2)
        Evaluation
        and Understanding.
        

      

      (i)
        It
        has the capacity to evaluate (internally or through independent professional
        advice) the Transaction and has made its own decision to enter into the
        Transaction; and

      

      (ii)
        It
        understands the terms, conditions and risks of the Transaction and is willing
        and able to accept those terms and conditions and to assume those risks,
        financially and otherwise. 

      

      (3)
        Purpose.
        It is
        entering into the Transaction for the purposes of managing its borrowings
        or
        investments, hedging its underlying assets or liabilities or in connection
        with
        a line of business. 

      

      (4)
        Status
        of Parties.
        The
        other party is not acting as an agent, fiduciary or advisor for it in respect
        of
        the Transaction.

      

      (5)
        Eligible
        Contract Participant.
        It
        constitutes an “eligible contract participant” as such term is defined in
        Section 1(a)12 of the Commodity Exchange Act, as amended.”

      

      12)
        Non-Recourse.
        Notwithstanding any provision herein or in the ISDA Form Master Agreement
        to the
        contrary, the obligations of Counterparty hereunder are limited recourse
        obligations of Counterparty, payable solely from the Swap Account and the
        proceeds thereof, in accordance with the terms of the Swap Administration
        Agreement and the Pooling and Servicing Agreement. In the event that the
        Swap
        Account and proceeds thereof should be insufficient to satisfy all claims
        outstanding and following the realization of the Swap Account and the proceeds
        thereof, any claims against or obligations of Counterparty under the ISDA
        Form
        Master Agreement or any other confirmation thereunder still outstanding shall
        be
        extinguished and thereafter not revive. The Swap Administrator shall not
        have
        liability for any failure or delay in making a payment hereunder to BSFP
        due to
        any failure or delay in receiving amount in the Swap Account from the Trust
        created pursuant to the Pooling and Servicing Agreement.

      

      13)
        Transfer, Amendment and Assignment. No
        transfer, amendment, waiver, supplement, assignment or other modification
        of
        this Transaction shall be permitted by either party unless (i) each of S&P
        and Moody’s have been provided notice of the same and (ii) S&P, Fitch and
        Moody’s confirm in writing (including by facsimile transmission) within five
        Business Days after such notice is given that they will not downgrade, qualify,
        withdraw or otherwise modify their then-current rating of the
        Certificates.

       

      14)
        Proceedings.
        BSFP
        shall not institute against or cause any other person to institute against,
        or
        join any other person in instituting against Counterparty, the Trustee, the
        Securities Administrator, the Swap Administrator or the trust formed pursuant
        to
        the Pooling and Servicing Agreement any bankruptcy, reorganization, arrangement,
        insolvency or liquidation proceedings, or other proceedings under any federal
        or
        state bankruptcy or similar law for a period of one year and one day (or,
        if
        longer, the applicable preference period) following payment in full of the
        Certificates 

      

      15)
        Compliance
        with Regulation AB. 

      

      (i) BSFP
        agrees and acknowledges that Bear Stearns Asset Backed Securities I LLC (the
        “Depositor”) is required under Regulation AB as defined under the Pooling and
        Servicing Agreement, to disclose certain financial information regarding
        BSFP or
        its group of affiliated entities, if applicable, depending on the aggregate
        “significance percentage” of this Agreement and any other derivative contracts
        between BSFP or its group of affiliated entities, if applicable, and
        Counterparty, as calculated from time to time in accordance with Item 1115
        of
        Regulation AB. 

      

      (ii) It
        shall
        be a swap disclosure event (“Swap Disclosure Event”) if, on any Business Day
        after the date hereof, LaSalle Bank National Association, as securities
        administrator (the “Securities Administrator”) or the Depositor requests from
        BSFP the applicable financial information described in Item 1115 of Regulation
        AB (such request to be based on a reasonable determination by Depositor,
        in good
        faith, that such information is required under Regulation AB) (the “Swap
        Financial Disclosure”).

      

      (iii) Upon
        the
        occurrence of a Swap Disclosure Event, BSFP, at its own expense, shall (1)(a)
        either (i) provide to Depositor the current Swap Financial Disclosure in
        an
        EDGAR-compatible format (for example, such information may be provided in
        Microsoft Word® or Microsoft Excel® format but not in .pdf format) or (ii)
        provide written consent to Depositor to incorporation by reference of such
        current Swap Financial Disclosure that are filed with the Securities and
        Exchange Commission in the reports of the Trust filed pursuant to the Exchange
        Act, (b) if applicable, cause its outside accounting firm to provide its
        consent
        to filing or incorporation by reference of such accounting firm’s report
        relating to their audits of such current Swap Financial Disclosure in the
        Exchange Act Reports of the Depositor, and (c) provide to the Depositor any
        updated Swap Financial Disclosure with respect to BSFP or any entity that
        consolidates BSFP within five days of the release of any such updated Swap
        Financial Disclosure; (2) secure another entity to replace BSFP as party
        to this
        Agreement on terms substantially similar to this Agreement, which entity
        (or a
        guarantor therefor) meets or exceeds the Approved Rating Thresholds and which
        satisfies the Rating Agency Condition and which entity is able to comply
        with
        the requirements of Item 1115 of Regulation AB, or (3) obtain a guaranty
        of
        BSFP’s obligations under this Agreement from an affiliate of BSFP that is able
        to comply with the financial information disclosure requirements of Item
        1115 of
        Regulation AB, and cause such affiliate to provide Swap Financial Disclosure
        and
        any future Swap Financial Disclosure, such that disclosure provided in respect
        of such affiliate will satisfy any disclosure requirements applicable to
        the
        Swap Provider.

      

      (iv) BSFP
        agrees that, in the event that BSFP provides Swap Financial Disclosure to
        Depositor in accordance with clause (iii)(1) of paragraph 15 or causes its
        affiliate to provide Swap Financial Disclosure to Depositor in accordance
        with
        clause (iii)(3) of paragraph 15, it will indemnify and hold harmless Depositor,
        its respective directors or officers and any person controlling Depositor,
        from
        and against any and all losses, claims, damages and liabilities caused by
        any
        untrue statement or alleged untrue statement of a material fact contained
        in
        such Swap Financial Disclosure or caused by any omission or alleged omission
        to
        state in such Swap Financial Disclosure a material fact required to be stated
        therein or necessary to make the statements therein, in light of the
        circumstances under which they were made, not misleading.

      

      (v) If
        Securities Administrator and Depositor reasonably requests, BSFP shall provide
        such other information as may be necessary for Depositor to comply with Item
        1115 of Regulation AB.

      

      (vi) Each
        of
        the Securities Administrator and Depositor shall be an express third party
        beneficiary of this Agreement as if a party hereto to the extent of the
        Securities Administrator’s and the Depositor’s rights explicitly specified in
        this paragraph 15.

      

      
        	 	 	
                NEITHER
                  THE BEAR STEARNS COMPANIES INC. NOR ANY SUBSIDIARY OR AFFILIATE
                  OF THE
                  BEAR STEARNS COMPANIES INC. OTHER THAN BSFP IS AN OBLIGOR OR A
                  CREDIT
                  SUPPORT PROVIDER ON THIS
                  AGREEMENT.

              

      

      

      5. Account
        Details and

      Settlement
        Information:                              Payments
        to BSFP:

      
        	 	 	
                   
                  Citibank, N.A., New York

              

      

         
        ABA Number: 021-0000-89, for the account of

         
        Bear, Stearns Securities Corp.

         
        Account Number: 0925-3186, for further credit to

      Bear
        Stearns Financial Products Inc.

         
        Sub-account Number: 102-04654-1-3

      Attention:
        Derivatives Department   

      

      
        	 	 	 	 	 	
                Payments
                  to Counterparty:

              

      

      
        	 	 	 	 	 	
                LaSalle
                  Bank N.A.

              

      

      
        	 	 	 	 	 	
                ABA
                  Number: 071-000-505

              

      

      
        	 	 	 	 	 	
                LaSalle
                  CHGO/CTR/BNF:/LaSalle Trust

              

      

      Reference
        Trust Account #: 723658.3    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      This
        Agreement may be executed in several counterparts, each of which shall be
        deemed
        an original but all of which together shall constitute one and the same
        instrument.

      

      Counterparty
        hereby agrees to check this Confirmation and to confirm that the foregoing
        correctly sets forth the terms of the Transaction by signing in the space
        provided below and returning to BSFP a facsimile of the fully-executed
        Confirmation to 212-272-9857.
        For
        inquiries regarding U.S. Transactions, please contact Susan
        Donlon by
        telephone at 212-272-2364.
        For
        all
        other inquiries please contact Derivatives
        Documentation by
        telephone at
        353-1-402-6233.
        Originals will be provided for your execution upon your
        request.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      We
        are
        very pleased to have executed this Transaction with you and we look forward
        to
        completing other transactions with you in the near future.

      

      Very
        truly yours,

      

      BEAR
        STEARNS FINANCIAL PRODUCTS INC.

      

      

      

      Section
        5.6.  By:_______________________________

                                                 
           Name:   

                                                    
        Title:     

      

      Counterparty,
        acting through its duly authorized signatory, hereby agrees to, accepts and
        confirms the terms of the foregoing as of the Trade Date.

      

      LaSalle
        Bank National Association, not individually, but solely as Supplemental Interest
        Trust Trustee on behalf of the Supplemental Interest Trust (each as defined
        herein) with respect to SACO I Trust 2006-6 Mortgage Pass-Through Certificates,
        Series 2006-6

      

      

      By: _______________________________
        

      Name: 

      Title:

      

      lm

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      SCHEDULE
        I

       

      (where
        for the purposes of (i) determining Floating Amounts, all such dates subject
        to
        adjustment in accordance with the Following Business Day Convention and (ii)
        determining Fixed Amounts, all such dates subject to No
        Adjustment.)

      

      
        	
                From
                  and including

              	
                To
                  but excluding

              	
                Notional
                  Amount

                (USD)

              
	
                Effective
                  Date

              	
                5/25/2006

              	
                2,901,549.41
                  

              
	
                5/26/2006

              	
                6/25/2006

              	
                2,798,125.68
                  

              
	
                6/26/2006

              	
                7/25/2006

              	
                2,698,378.30
                  

              
	
                7/26/2006

              	
                8/25/2006

              	
                2,602,176.85
                  

              
	
                8/26/2006

              	
                9/25/2006

              	
                2,509,395.52
                  

              
	
                9/26/2006

              	
                10/25/2006

              	
                2,419,912.98
                  

              
	
                10/26/2006

              	
                11/25/2006

              	
                2,333,612.19
                  

              
	
                11/26/2006

              	
                12/25/2006

              	
                2,250,380.26
                  

              
	
                12/26/2006

              	
                1/25/2007

              	
                2,170,108.28
                  

              
	
                1/26/2007

              	
                2/25/2007

              	
                2,092,691.22
                  

              
	
                2/26/2007

              	
                3/25/2007

              	
                2,018,027.76
                  

              
	
                3/26/2007

              	
                4/25/2007

              	
                1,946,020.18
                  

              
	
                4/26/2007

              	
                5/25/2007

              	
                1,876,574.21
                  

              
	
                5/26/2007

              	
                6/25/2007

              	
                1,809,598.94
                  

              
	
                6/26/2007

              	
                7/25/2007

              	
                1,745,006.64
                  

              
	
                7/26/2007

              	
                8/25/2007

              	
                1,682,712.74
                  

              
	
                8/26/2007

              	
                9/25/2007

              	
                1,622,635.64
                  

              
	
                9/26/2007

              	
                10/25/2007

              	
                1,564,696.63
                  

              
	
                10/26/2007

              	
                11/25/2007

              	
                1,508,819.80
                  

              
	
                11/26/2007

              	
                12/25/2007

              	
                1,454,931.93
                  

              
	
                12/26/2007

              	
                1/25/2008

              	
                1,402,962.38
                  

              
	
                1/26/2008

              	
                2/25/2008

              	
                1,352,843.03
                  

              
	
                2/26/2008

              	
                3/25/2008

              	
                1,304,508.17
                  

              
	
                3/26/2008

              	
                4/25/2008

              	
                1,257,894.43
                  

              
	
                4/26/2008

              	
                5/25/2008

              	
                1,212,940.66
                  

              
	
                5/26/2008

              	
                6/25/2008

              	
                1,169,587.90
                  

              
	
                6/26/2008

              	
                7/25/2008

              	
                1,127,779.29
                  

              
	
                7/26/2008

              	
                8/25/2008

              	
                1,087,459.94
                  

              
	
                8/26/2008

              	
                9/25/2008

              	
                1,048,576.97
                  

              
	
                9/26/2008

              	
                10/25/2008

              	
                1,011,079.32
                  

              
	
                10/26/2008

              	
                11/25/2008

              	
                974,917.77
                  

              
	
                11/26/2008

              	
                12/25/2008

              	
                940,044.84
                  

              
	
                12/26/2008

              	
                1/25/2009

              	
                906,414.74
                  

              
	
                1/26/2009

              	
                2/25/2009

              	
                873,983.28
                  

              
	
                2/26/2009

              	
                3/25/2009

              	
                842,707.87
                  

              
	
                3/26/2009

              	
                4/25/2009

              	
                812,547.41
                  

              
	
                4/26/2009

              	
                5/25/2009

              	
                783,462.26
                  

              
	
                5/26/2009

              	
                6/25/2009

              	
                755,414.20
                  

              
	
                6/26/2009

              	
                7/25/2009

              	
                728,366.34
                  

              
	
                7/26/2009

              	
                8/25/2009

              	
                702,283.13
                  

              
	
                8/26/2009

              	
                9/25/2009

              	
                677,130.25
                  

              
	
                9/26/2009

              	
                10/25/2009

              	
                652,874.63
                  

              
	
                10/26/2009

              	
                11/25/2009

              	
                629,484.35
                  

              
	
                11/26/2009

              	
                12/25/2009

              	
                606,928.63
                  

              
	
                12/26/2009

              	
                Termination
                  Date

              	
                585,177.78
                  

              

      

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        N-2

       

      GROUP
        II
        INTEREST RATE SWAP AGREEMENT

       

      BEAR
        STEARNS FINANCIAL PRODUCTS INC.

      383
        MADISON AVENUE

      NEW
        YORK,
        NEW YORK 10179

      212-272-4009

      

      

      DATE:                                                  
        May
        30,
        2006

         

      TO:                                                       
        LaSalle
        Bank National Association, not individually, but solely as Supplemental Interest
        Trust Trustee on behalf of the Supplemental Interest Trust (each as defined
        herein) with respect to SACO I Trust 2006-6 Mortgage Pass-Through Certificates,
        Series 2006-6  

      ATTENTION:                                     
        Global
        Securities and Trust Services Group - SACO I Trust 2006-6

      TELEPHONE:                                     
        312-904-8162

      FACSIMILE:                                       
        312-904-1368

      

      FROM:                                                 
        Derivatives
        Documentation

      TELEPHONE:                                     
        212-272-2711
        

      FACSIMILE:                                       
        212-272-9857
        

      

      SUBJECT:                                           
        Fixed
        Income Derivatives Confirmation and Agreement 

      

      REFERENCE
        NUMBER:                   
FXNSC8158

      

      The
        purpose of this letter agreement ("Agreement") is to confirm the terms and
        conditions of the current Transaction entered into on the Trade Date specified
        below (the "Transaction") between Bear Stearns Financial Products Inc. ("BSFP")
        and LaSalle Bank National Association, not individually, but solely as trustee
        (the “Supplemental Interest Trust Trustee”) on behalf of the supplemental
        interest trust (the “Supplemental Interest Trust” and the “Counterparty”) with
        respect to SACO I Trust 2006-6 Mortgage Pass-Through Certificates, Series
        2006-6
        created under the Pooling and Servicing Agreement (the “Pooling and Servicing
        Agreement”), dated as of May 1, 2006, among EMC Mortgage Corporation as sponsor,
        LaSalle Bank National Association as master servicer, LaSalle Bank National
        Association as securities administrator, Bear Stearns Asset Backed Securities
        I
        LLC as depositor and Citibank, N.A. as trustee. This Agreement, which evidences
        a complete and binding agreement between you and us to enter into the
        Transaction on the terms set forth below, constitutes a "Confirmation" as
        referred to in the "ISDA Form Master Agreement" (as defined below), as well
        as a
“Schedule” as referred to in the ISDA Form Master Agreement.

      

      1. This
        Agreement is subject to the 2000
        ISDA Definitions (the
        “Definitions”), as published by the International Swaps and Derivatives
        Association, Inc. (“ISDA”). You and we have agreed to enter into this Agreement
        in lieu of negotiating a Schedule to the 1992 ISDA Master Agreement
        (Multicurrency—Cross Border) form (the "ISDA Form Master Agreement") but,
        rather, an ISDA Form Master Agreement shall be deemed to have been executed
        by
        you and us on the date we entered into the Transaction. Terms capitalized
        but
        not defined herein except
        in the Definitions
        shall
        have the respective meanings attributed to them in the Swap Administration
        Agreement, dated as of May 30, 2006 (this “Agreement”), among LaSalle Bank
        National Association (“LaSalle”), as swap administrator hereunder (in such
        capacity, the “Swap Administrator”), LaSalle Bank National Association, as
        Trustee on behalf of the supplemental interest trust created under the Pooling
        and Servicing Agreement (defined above) (in such capacity, the “Supplemental
        Interest Trust Trustee”) and LaSalle Bank National Association, as securities
        administrator for SACO I Trust 2006-6, Mortgage-Backed Certificates, Series
        2006-6 (in such capacity, the “Securities Administrator”) or, if not defined
        therein, in the Pooling and Servicing Agreement. In the event of any
        inconsistency between the provisions of this Agreement and the Definitions
        or
        the ISDA Form Master Agreement, this Agreement shall prevail for purposes
        of the
        Transaction. Each reference to a “Section” (unless specifically referencing the
        Pooling and Servicing Agreement or the Swap Administration Agreement) or
        to a
“Section” “of this Agreement” will be construed as a reference to a Section of
        the ISDA Form Master Agreement.

       

      2. The
        terms
        of the particular Transaction to which this Confirmation relates are as
        follows:

      

      Notional
        Amount:                                   
With
        respect to any Calculation Period, the amount set forth for such period on
        Schedule I attached hereto.

      

      Trade
        Date:                                              
April
        20,
        2006

      

      Effective
        Date:                                         
May
        30,
        2006

      

      Termination
        Date:                                   
January
        25, 2010, provided, however, for the purposes of determining the Floating
        Amount
        to be paid in respect of the final Calculation Period, such date shall be
        subject to adjustment in accordance with the Following Business Day
        Convention.

      

      Fixed
        Amount:

      

      Fixed
        Rate
        Payer:                         
Counterparty

      

      Fixed
        Rate Payer

      Period
        End
        Dates:                      
The
        25th
        calendar
        day of each month during
        the Term
        of
        this Transaction, commencing June 25, 2006 and ending on the Termination
        Date,
        with No Adjustment.

      

      Fixed
        Rate Payer

      Payment
        Date:                             
The
        25th
        calendar
        day of each month during
        the Term
        of
        this Transaction, commencing June 25, 2006 and ending on the Termination
        Date,
        subject to adjustment in accordance with the Following Business Day
        Convention.

      

      
        	 	 	
                Fixed
                  Rate:

              	
                5.29250%

              

      

      

      Fixed
        Amount:                             
To
        be
        determined in accordance with the following formula: 

      

                                                                     
        100 * Fixed Rate * Notional Amount * Fixed Rate Day Count Fraction.

       

      Fixed
        Rate Day 

      
        	 	 	
                Count
                  Fraction:

              	
                30/360

              

      

      

      

      Floating
        Amounts: 

      

      Floating
        Rate
        Payer:                   
BSFP

      

      Floating
        Rate Payer 

      Period
        End
        Dates:                      
The
        25th
        calendar
        day of each month during
        the Term
        of
        this Transaction, commencing June 25, 2006 and ending on the Termination
        Date,
        subject to adjustment in accordance with the Following Business Day
        Convention.

      Floating
        Rate Payer 

      Payment
        Dates:                          
The
        25th
        calendar
        day of each month during
        the Term
        of
        this Transaction, commencing June 25, 2006 and ending on the Termination
        Date,
        subject to adjustment in accordance with the Following Business Day
        Convention.

       

      Floating
        Rate
        Option:                 
USD-LIBOR-BBA

      

      Floating
        Amount:                        
To
        be
        determined in accordance with the following formula: 

      

                                                                     
        100 * Floating Rate Option * Notional Amount * Floating Rate Day Count
        Fraction 

       

      Designated
        Maturity:                 
One
        month

      

      Floating
        Rate Day 

      Count
        Fraction:                           
Actual/360

      

      Reset
        Dates:                                
The
        first
        day of each Calculation Period.

      

      Compounding:                             
        Inapplicable

      

      Business
        Days:                                       
New
        York
        and Illinois

      

      
        	 	 	
                Calculation
                  Agent:

              	
                BSFP

              

      

      

      3. Additional
        Provisions: 

      

      1)
        Each
        party hereto is hereby advised and acknowledges that the other party has
        engaged
        in (or refrained from engaging in) substantial financial transactions and
        has
        taken (or refrained from taking) other material actions in reliance upon
        the
        entry by the parties into the Transaction being entered into on the terms
        and
        conditions set forth herein and in the Pooling and Servicing Agreement relating
        to such Transaction, as applicable. This paragraph 1) shall be deemed repeated
        on the trade date of each Transaction. 

      

      

      
        	
                4.

              	
                Provisions
                  Deemed Incorporated in a Schedule to the ISDA Form Master
                  Agreement:

              

      

      

      
        	2)  	
                The
                  parties agree that subparagraph (ii) of Section 2(c) of the ISDA
                  Form
                  Master Agreement will apply to any
                  Transaction.

              

      

      

      2)
        Termination
        Provisions.
        For
        purposes of the ISDA Form Master Agreement:

      

      (a) "Specified
        Entity" is not applicable to BSFP or Counterparty for any purpose. 

      

      (b) "Specified
        Transaction" is not applicable to BSFP or Counterparty for any purpose, and,
        accordingly, Section 5(a)(v) shall not apply to BSFP or
        Counterparty.

      

      (c) The
        "Cross Default" provisions of Section 5(a)(vi) will not apply to BSFP or
        to
        Counterparty. 

      

      (d) The
        "Credit Event Upon Merger" provisions of Section 5(b)(iv) will not apply
        to BSFP
        or Counterparty.

       

      (e) With
        respect to Counterparty, the “Bankruptcy Provision” of Section 5(a) (vii) (2)
        shall be deleted in its entirety.

      

      (f) The
        "Automatic Early Termination" provision of Section 6(a) will not apply to
        BSFP
        or to Counterparty.

      

      (g) Payments
        on Early Termination. For the purpose of Section 6(e) of the ISDA Form Master
        Agreement:

      

      (i) Market
        Quotation will apply.

      

      (ii) the
        Second Method will apply. 

      

      (h) "Termination
        Currency" means United States Dollars. 

      

      
        	
                (i)

              	
                Tax
                  Event. The provisions of Section 2(d)(i)(4) and 2(d)(ii) of the
                  printed
                  ISDA Form Master Agreement shall not apply to Counterparty and
                  Counterparty shall not be required to pay any additional amounts
                  referred
                  to therein. 

              

      

       

      3)
        Tax
        Representations. 

      

      
        	 	
                (a)
                  Payer Representations. For the purpose of Section 3(e) of the ISDA
                  Form
                  Master Agreement, each of BSFP and the Counterparty will make the
                  following representations:

              

      

       

      
        	 	
                It
                  is not required by any applicable law, as modified by the practice
                  of any
                  relevant governmental revenue authority, of any Relevant Jurisdiction
                  to
                  make any deduction or withholding for or on account of any Tax
                  from any
                  payment (other than interest under Section 2(e), 6(d)(ii) or 6(e)
                  of the
                  ISDA Form Master Agreement) to be made by it to the other party
                  under this
                  Agreement. In making this representation, it may rely on:
                  

              

      

       

      (i) the
        accuracy of any representations made by the other party pursuant to Section
        3(f)
        of the ISDA Form Master Agreement;

      

      (ii) the
        satisfaction of the agreement contained in Sections 4(a)(i) and 4(a)(iii)
        of the
        ISDA Form Master Agreement and the accuracy and effectiveness of any document
        provided by the other party pursuant to Sections 4(a)(i) and 4(a)(iii) of
        the
        ISDA Form Master Agreement; and

      

      
        	 	 	
                (iii)
                  the satisfaction of the agreement of the other party contained
                  in Section
                  4(d) of the ISDA Form Master Agreement, provided that it shall
                  not be a
                  breach of this representation where reliance is placed on clause
                  (ii) and
                  the other party does not deliver a form or document under Section
                  4(a)(iii) of the ISDA Form Master Agreement by reason of material
                  prejudice to its legal or commercial position.

              

      

      

      (b)
        Payee
        Representations. For the purpose of Section 3(f) of the ISDA Form Master
        Agreement, each of BSFP and the Counterparty make the following representations.
        

       

      The
        following representation will apply to BSFP: 

      

      
        	 	 	
                BSFP
                  is a corporation organized under the laws of the State of Delaware
                  and its
                  U.S. taxpayer identification number is 13-3866307.
                  

              

      

      

      The
        following representation will apply to the Counterparty: 

      

      
        	 	 	
                Counterparty
                  is the Supplemental Interest Trust under the Pooling and Servicing
                  Agreement.

              

      

       

      4)
        The
        ISDA 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 ISDA Form Master Agreement.

      

      5)
        Documents
        to be Delivered.
        For the
        purpose of Section 4(a) of the ISDA Form Master Agreement:

      

      (1) Tax
        forms, documents, or certificates to be delivered are:

       

      
        	
                Party
                  required to deliver document

              	
                Form/Document/

                Certificate

              	
                Date
                  by which to

                be
                  delivered

                 

              
	
                BSFP
                  and

                the
                  Counterparty

              	
                Any
                  document required or reasonably requested to allow the other party
                  to make
                  payments under this Agreement without any deduction or withholding
                  for or
                  on the account of any Tax or with such deduction or withholding
                  at a
                  reduced rate

              	
                Promptly
                  after the earlier of (i) reasonable demand by either party or (ii)
                  learning that such form or document is
                  required

              

      

       

      (2) Other
        documents to be delivered are:

      

      
        	
                Party
                  required to deliver document

              	
                Form/Document/

                Certificate

              	
                Date
                  by which to

                be
                  delivered

                 

              	
                Covered
                  by Section 3(d) Representation

              
	
                BSFP
                  and

                the
                  Counterparty

              	
                Any
                  documents required by the receiving party to evidence the authority
                  of the
                  delivering party or its Credit Support Provider, if any, for it
                  to execute
                  and deliver this Agreement, any Confirmation, and any Credit Support
                  Documents to which it is a party, and to evidence the authority
                  of the
                  delivering party or its Credit Support Provider to perform its
                  obligations
                  under this Agreement, such Confirmation and/or Credit Support Document,
                  as
                  the case may be

                 

              	
                Upon
                  the execution and delivery of this Agreement and such
                  Confirmation

              	
                Yes

              
	
                BSFP
                  and

                the
                  Counterparty

              	
                A
                  certificate of an authorized officer of the party, as to the incumbency
                  and authority of the respective officers of the party signing this
                  Agreement, any relevant Credit Support Document, or any Confirmation,
                  as
                  the case may be

              	
                Upon
                  the execution and delivery of this Agreement and such
                  Confirmation

              	
                Yes

              

      

      

      
        	
                BSFP

              	
                A
                  copy of the most recent annual report of such party (only if
                  available) and its Credit Support Provider, if any, containing
                  in all
                  cases audited consolidated financial statements for each fiscal
                  year
                  certified by independent certified public accountants and prepared
                  in
                  accordance with generally accepted accounting principles in the
                  United
                  States or in the country in which such party is organized

                 

              	
                Promptly
                  after request by the other party

              	
                Yes

              
	
                Counterparty
                  

              	
                An
                  executed copy of the Pooling and Servicing Agreement and the Swap
                  Administration Agreement

              	
                Within
                  30 days after the date of this Agreement.

              	
                No

              

      

      

      6)
        Miscellaneous.
        Miscellaneous

      

      
        	
                (a)

              	
                Address
                  for Notices: For the purposes of Section 12(a) of the ISDA Form
                  Master Agreement:

              

      

      

      Address
        for notices or communications to BSFP:

      

      Address:               
        383
        Madison Avenue, New York, New York 10179

      Attention:             
        DPC
        Manager 

      Facsimile:              
        (212)
        272-5823

      

      with
        a
        copy to:

      

      Address:               
        One
        Metrotech Center North, Brooklyn, New York 11201

      Attention:              Derivative
        Operations - 7th Floor

      Facsimile:              
        (212)
        272-1634

      

      (For
        all
        purposes)

      

      Address
        for notices or communications to the Counterparty:

      

      Address:               
        LaSalle
        Bank National Association

      135
        South
        LaSalle Street, Suite 1625

      Chicago,
        IL 60603

      Attention:             
        Global
        Securities and Trust Services Group

                     
        SACO I Trust 2006-6

      Facsimile:              
        312-904-1368 

      Phone:                   
        312-904-8162

      

      (For
        all
        purposes)

      

      (b) Process
        Agent. For the purpose of Section 13(c) of the ISDA Form Master
        Agreement:

      

      BSFP
        appoints as its 

      Process
        Agent:   Not
        Applicable

      

      The
        Counterparty appoints as its 

      Process
        Agent:  Not
        Applicable

      

      
        	
                (c)

              	
                Offices.
                  The provisions of Section 10(a) of the ISDA Form Master Agreement
                  will not
                  apply to this Agreement; neither BSFP nor the Counterparty have
                  any
                  Offices other than as set forth in the Notices Section and BSFP
                  agrees
                  that, for purposes of Section 6(b) of the ISDA Form Master Agreement,
                  it
                  shall not in future have any Office other than one in the United
                  States.

              

      

      

      
        	
                (d)

              	
                Multibranch
                  Party. For the purpose of Section 10(c) of the ISDA Form Master
                  Agreement:

              

      

      

      BSFP
        is
        not a Multibranch Party.

      

      
        	 	
                The
                  Counterparty is not a Multibranch
                  Party.

              

      

      

      (e) Credit
        Support Document. Not applicable for either BSFP or the
        Counterparty.

      

      
        	
                (f)

              	
                Credit
                  Support Provider.

              

      

      

      BSFP: Not
        Applicable

      

      The
        Counterparty: Not Applicable

      

      (g) Governing
        Law. The parties to this Agreement hereby agree that the law of the State
        of New
        York shall govern their rights and duties in whole, without regard to the
        conflict of law provisions thereof other than New York General Obligations
        Law
        Sections 5-1401 and 5-1402. 

      

      (h) 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. 

      

      (i) Consent
        to Recording. Each party hereto consents to the monitoring or recording,
        at any
        time and from time to time, by the other party of any and all communications
        between officers or employees of the parties, waives any further notice of
        such
        monitoring or recording, and agrees to notify its officers and employees
        of such
        monitoring or recording. 

      

      (j) Waiver
        of
        Jury Trial. Each
        party waives any right it may have to a trial by jury in respect of any
        Proceedings relating to this Agreement or any Credit Support Document.

      

      (k) Set-Off.
        The provisions for Set-off set forth in Section 6(e) of the ISDA Form Master
        Agreement shall not apply for purposes of this Transaction. Notwithstanding
        any
        provision of this Agreement or any other existing or future agreement, each
        party irrevocably waives any and all rights it may have to set off, net,
        recoup
        or otherwise withhold or suspend or condition payment or performance of any
        obligation between it and the other party hereunder against any obligation
        between it and the other party under any other agreements. 

       

      (l) This
        Agreement may be executed in several counterparts, each of which shall be
        deemed
        an original but all of which together shall constitute one and the same
        instrument.

       

      (m) Additional
        Definitional Provisions. 

       

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

       

      “Moody’s”
        means Moody’s Investors Service, Inc., or any successor.

       

      
        	 	
                “S&P”
                  means Standard & Poor's, a division of The McGraw-Hill Companies,
                  Inc.

              

      

       

      
        	 	
                “Fitch”
                  means Fitch Ratings Inc.

              

      

       

      (n) Supplemental
        Interest Trust Trustee Liability Limitations. It is expressly understood
        and
        agreed by the parties hereto that (a) this Agreement is executed and delivered
        by LaSalle Bank National Association (“LaSalle”), not individually or personally
        but solely as trustee on behalf of the Supplemental Interest Trust under
        the
        Pooling and Servicing Agreement and the Swap Administration Agreement, (b)
        each
        of the representations, undertakings and agreements herein made on the part
        of
        the Counterparty is made and intended not as a personal representation,
        undertaking and agreement of LaSalle but is made and intended for the purpose
        of
        binding only the Counterparty, (c) nothing herein contained shall be construed
        as imposing any liability on LaSalle, individually or personally, to perform
        any
        covenant either expressed or implied contained herein, all such liability,
        if
        any, being expressly waived by the parties hereto and by any Person claiming
        by,
        through or under the parties hereto; provided that nothing in this paragraph
        shall relieve LaSalle from performing its duties and obligations under the
        Pooling and Servicing Agreement in accordance with the standard of care set
        forth therein, and (d) under no circumstances shall LaSalle be personally
        liable
        for the payment of any indebtedness or expenses of the Counterparty or be
        liable
        for the breach or failure of any obligation, representation, warranty or
        covenant made or undertaken by the Counterparty under this Agreement or any
        other related documents. Any resignation or removal of LaSalle as Supplemental
        Interest Trust Trustee under the Pooling and Servicing Agreement shall require
        the assignment of this agreement to LaSalle’s replacement.

      

      (o) Additional
        Provisions. The provisions of Sections 5(a)(ii), 5(a)(iii) and 5(a)(iv) of
        the
        ISDA Form Master Agreement shall not apply to BSFP or
        Counterparty.

       

      (p) [reserved]

       

      7)
        "Affiliate": BSFP and Counterparty shall be deemed to not have any Affiliates
        for purposes of this Agreement, including for purposes of Section 6(b)(ii)
        of
        the ISDA Form Master Agreement.

       

      8)
        Additional Termination Events. Additional Termination Events will apply:
        (a) If
        a Rating Agency Downgrade has occurred and BSFP has not, within 30 days,
        complied with Section 9 below, then an Additional Termination Event shall
        have
        occurred with respect to BSFP and BSFP shall be the sole Affected Party with
        respect to such an Additional Termination Event. (b) If the Counterparty
        is
        unable to pay its Class A Certificates or fails or admits in writing its
        inability to pay its Class A Certificates as they become due, then an Additional
        Termination Event shall have occurred with respect to Counterparty and
        Counterparty shall be the sole Affected Party with respect to such Additional
        Termination Event. (c) If, at any time, the Mortgage Loans are purchased
        pursuant to Section 11.01 of the Pooling and Servicing Agreement, then an
        Additional Termination Event shall have occurred with respect to Counterparty
        and Counterparty shall be the sole Affected Party with respect to such
        Additional termination Event; provided, however, that notwithstanding Section
        6(b)(iv) of the ISDA Form Master Agreement, only Counterparty shall have
        the
        right to designate an Early Termination Date in respect of this Additional
        Termination Event. (d) If, upon the occurrence of a Swap Disclosure Event
        (as
        defined in paragraph 15 below) BSFP has not, within 10 Business Days after
        such
        Swap Disclosure Event complied with any of the provisions set forth in clause
        (iii) of paragraph 15 below, then an Additional Termination Event shall have
        occurred with respect to BSFP and BSFP shall be the sole Affected Party with
        respect to such Additional Termination Event. (e)
        Without
        the prior written consent of BSFP, Counterparty shall not consent to any
        amendment or supplemental agreement to the Pooling and Servicing Agreement
        or
        the Swap Administration Agreement if such amendment or supplemental agreement
        could reasonably be expected to have a material adverse effect on the interests
        of BSFP. Counterparty will furnish to BSFP a copy of each proposed and each
        executed amendment or supplemental agreement and copies of any related Rating
        Agency confirmation therewith, if any. The failure by Counterparty to comply
        with the above shall constitute an Additional Termination Event hereunder,
        upon
        which Counterparty shall be the sole Affected Party and all Transactions
        hereunder shall be Affected Transactions.

       

      9)
        Rating
        Agency Downgrade. In the event that BSFP’s long-term unsecured and
        unsubordinated debt rating is withdrawn or reduced below “AA-” by S&P or its
        long-term unsecured and unsubordinated debt rating is withdrawn or reduced
        below
“Aa3” by Moody’s (and together with S&P, the “Swap Rating Agencies”, and
        such rating thresholds, “Approved Rating Thresholds”), then within 30 days after
        such rating withdrawal or downgrade (unless, within 30 days after such
        withdrawal or downgrade, each such Swap Rating Agency, as applicable, has
        reconfirmed the rating of the SACO I Trust 2006-6, Mortgage Pass-Through
        Certificates, Series 2006-6 (the “Certificates”) and any notes, which was in
        effect immediately prior to such withdrawal or downgrade), BSFP shall, subject
        to the Rating Agency Condition, at its own expense, either (i) seek another
        entity to replace BSFP as party to this Agreement that meets or exceeds the
        Approved Rating Thresholds on terms substantially similar to this Agreement
        or
        (ii) obtain a guaranty of, or a contingent agreement of another person with
        the
        Approved Rating Thresholds, to honor, BSFP’s obligations under this Agreement.
        BSFP’s failure to do any of the foregoing shall, at the Counterparty’s option,
        constitute an Additional Termination Event with BSFP as the Affected Party.
        For
        purposes of this provision, “Rating Agency Condition” means, with respect to any
        particular proposed act or omission to act hereunder that the party acting
        or
        failing to act must consult with any of the Swap Rating Agencies then providing
        a rating of the Certificates and any notes and receive from the Swap Rating
        Agencies a prior written confirmation that the proposed action or inaction
        would
        not cause a downgrade or withdrawal of the then-current rating of the
        Certificates and any notes.

      

      10)
        Payment Instructions. BSFP hereby agrees that, unless notified in writing
        by the
        Swap Administrator of other payment instructions, any and all amounts payable
        by
        BSFP to the Counterparty under this Agreement shall be paid to the Swap
        Administrator at the account specified in Section 5.

      

      11)
        Section 3 of the ISDA Form Master Agreement is hereby amended by adding at
        the
        end thereof the following subsection (g): 

      

      “(g) Relationship
        Between Parties.
        

      

      
        	 	 	
                Each
                  party represents to the other party on each date when it enters
                  into a
                  Transaction that:--

              

      

      

      (1)
        Nonreliance.
        (i) It
        is not relying on any statement or representation of the other party regarding
        the Transaction (whether written or oral), other than the representations
        expressly made in this Agreement or the Confirmation in respect of that
        Transaction and (ii) it has consulted with its own legal, regulatory, tax,
        business, investment, financial and accounting advisors to the extent it
        has
        deemed necessary, and it has made its own investment, hedging and trading
        decisions based upon its own judgment and upon any advice from such advisors
        as
        it has deemed necessary and not upon any view expressed by the other
        party.

      

      (2)
        Evaluation
        and Understanding.
        

      

      (i)
        It
        has the capacity to evaluate (internally or through independent professional
        advice) the Transaction and has made its own decision to enter into the
        Transaction; and

      

      (ii)
        It
        understands the terms, conditions and risks of the Transaction and is willing
        and able to accept those terms and conditions and to assume those risks,
        financially and otherwise. 

      

      (3)
        Purpose.
        It is
        entering into the Transaction for the purposes of managing its borrowings
        or
        investments, hedging its underlying assets or liabilities or in connection
        with
        a line of business. 

      

      (4)
        Status
        of Parties.
        The
        other party is not acting as an agent, fiduciary or advisor for it in respect
        of
        the Transaction.

      

      (5)
        Eligible
        Contract Participant.
        It
        constitutes an “eligible contract participant” as such term is defined in
        Section 1(a)12 of the Commodity Exchange Act, as amended.”

      

      12)
        Non-Recourse.
        Notwithstanding any provision herein or in the ISDA Form Master Agreement
        to the
        contrary, the obligations of Counterparty hereunder are limited recourse
        obligations of Counterparty, payable solely from the Swap Account and the
        proceeds thereof, in accordance with the terms of the Swap Administration
        Agreement and the Pooling and Servicing Agreement. In the event that the
        Swap
        Account and proceeds thereof should be insufficient to satisfy all claims
        outstanding and following the realization of the Swap Account and the proceeds
        thereof, any claims against or obligations of Counterparty under the ISDA
        Form
        Master Agreement or any other confirmation thereunder still outstanding shall
        be
        extinguished and thereafter not revive. The Swap Administrator shall not
        have
        liability for any failure or delay in making a payment hereunder to BSFP
        due to
        any failure or delay in receiving amount in the Swap Account from the Trust
        created pursuant to the Pooling and Servicing Agreement.

      

      13)
        Transfer, Amendment and Assignment. No
        transfer, amendment, waiver, supplement, assignment or other modification
        of
        this Transaction shall be permitted by either party unless (i) each of S&P
        and Moody’s have been provided notice of the same and (ii) S&P, Fitch and
        Moody’s confirm in writing (including by facsimile transmission) within five
        Business Days after such notice is given that they will not downgrade, qualify,
        withdraw or otherwise modify their then-current rating of the
        Certificates.

       

      14)
        Proceedings.
        BSFP
        shall not institute against or cause any other person to institute against,
        or
        join any other person in instituting against Counterparty, the Trustee, the
        Securities Administrator, the Swap Administrator or the trust formed pursuant
        to
        the Pooling and Servicing Agreement any bankruptcy, reorganization, arrangement,
        insolvency or liquidation proceedings, or other proceedings under any federal
        or
        state bankruptcy or similar law for a period of one year and one day (or,
        if
        longer, the applicable preference period) following payment in full of the
        Certificates 

      

      15)
        Compliance
        with Regulation AB. 

      

      (i) BSFP
        agrees and acknowledges that Bear Stearns Asset Backed Securities I LLC (the
        “Depositor”) is required under Regulation AB as defined under the Pooling and
        Servicing Agreement, to disclose certain financial information regarding
        BSFP or
        its group of affiliated entities, if applicable, depending on the aggregate
        “significance percentage” of this Agreement and any other derivative contracts
        between BSFP or its group of affiliated entities, if applicable, and
        Counterparty, as calculated from time to time in accordance with Item 1115
        of
        Regulation AB. 

      

      (ii) It
        shall
        be a swap disclosure event (“Swap Disclosure Event”) if, on any Business Day
        after the date hereof, LaSalle Bank National Association, as securities
        administrator (the “Securities Administrator”) or the Depositor requests from
        BSFP the applicable financial information described in Item 1115 of Regulation
        AB (such request to be based on a reasonable determination by Depositor,
        in good
        faith, that such information is required under Regulation AB) (the “Swap
        Financial Disclosure”).

      

      (iii) Upon
        the
        occurrence of a Swap Disclosure Event, BSFP, at its own expense, shall (1)(a)
        either (i) provide to Depositor the current Swap Financial Disclosure in
        an
        EDGAR-compatible format (for example, such information may be provided in
        Microsoft Word® or Microsoft Excel® format but not in .pdf format) or (ii)
        provide written consent to Depositor to incorporation by reference of such
        current Swap Financial Disclosure that are filed with the Securities and
        Exchange Commission in the reports of the Trust filed pursuant to the Exchange
        Act, (b) if applicable, cause its outside accounting firm to provide its
        consent
        to filing or incorporation by reference of such accounting firm’s report
        relating to their audits of such current Swap Financial Disclosure in the
        Exchange Act Reports of the Depositor, and (c) provide to the Depositor any
        updated Swap Financial Disclosure with respect to BSFP or any entity that
        consolidates BSFP within five days of the release of any such updated Swap
        Financial Disclosure; (2) secure another entity to replace BSFP as party
        to this
        Agreement on terms substantially similar to this Agreement, which entity
        (or a
        guarantor therefor) meets or exceeds the Approved Rating Thresholds and which
        satisfies the Rating Agency Condition and which entity is able to comply
        with
        the requirements of Item 1115 of Regulation AB, or (3) obtain a guaranty
        of
        BSFP’s obligations under this Agreement from an affiliate of BSFP that is able
        to comply with the financial information disclosure requirements of Item
        1115 of
        Regulation AB, and cause such affiliate to provide Swap Financial Disclosure
        and
        any future Swap Financial Disclosure, such that disclosure provided in respect
        of such affiliate will satisfy any disclosure requirements applicable to
        the
        Swap Provider.

      

      (iv) BSFP
        agrees that, in the event that BSFP provides Swap Financial Disclosure to
        Depositor in accordance with clause (iii)(1) of paragraph 15 or causes its
        affiliate to provide Swap Financial Disclosure to Depositor in accordance
        with
        clause (iii)(3) of paragraph 15, it will indemnify and hold harmless Depositor,
        its respective directors or officers and any person controlling Depositor,
        from
        and against any and all losses, claims, damages and liabilities caused by
        any
        untrue statement or alleged untrue statement of a material fact contained
        in
        such Swap Financial Disclosure or caused by any omission or alleged omission
        to
        state in such Swap Financial Disclosure a material fact required to be stated
        therein or necessary to make the statements therein, in light of the
        circumstances under which they were made, not misleading.

      

      (v) If
        Securities Administrator or Depositor reasonably requests, BSFP shall provide
        such other information as may be necessary for Depositor to comply with Item
        1115 of Regulation AB.

      

      (vi) Each
        of
        the Securities Administrator and Depositor shall be an express third party
        beneficiary of this Agreement as if a party hereto to the extent of the
        Securities Administrator’s and the Depositor’s rights explicitly specified in
        this paragraph 15.

      

      
        	 	 	
                NEITHER
                  THE BEAR STEARNS COMPANIES INC. NOR ANY SUBSIDIARY OR AFFILIATE
                  OF THE
                  BEAR STEARNS COMPANIES INC. OTHER THAN BSFP IS AN OBLIGOR OR A
                  CREDIT
                  SUPPORT PROVIDER ON THIS
                  AGREEMENT.

              

      

      

      5. Account
        Details and

      Settlement
        Information:                              
Payments
        to BSFP:

      
        	 	 	
                   
                  Citibank, N.A., New York

              

      

         
        ABA Number: 021-0000-89, for the account of

         
        Bear, Stearns Securities Corp.

         
        Account Number: 0925-3186, for further credit to

      Bear
        Stearns Financial Products Inc.

         
        Sub-account Number: 102-04654-1-3

      Attention:
        Derivatives Department   

      

      
        	 	 	 	 	 	
                Payments
                  to Counterparty:

              

      

      
        	 	 	 	 	 	
                LaSalle
                  Bank N.A.

              

      

      
        	 	 	 	 	 	
                ABA
                  Number: 071-000-505

              

      

      
        	 	 	 	 	 	
                LaSalle
                  CHGO/CTR/BNF:/LaSalle Trust

              

      

      Reference
        Trust Account #: 723658.3   

      

      This
        Agreement may be executed in several counterparts, each of which shall be
        deemed
        an original but all of which together shall constitute one and the same
        instrument.

      

      Counterparty
        hereby agrees to check this Confirmation and to confirm that the foregoing
        correctly sets forth the terms of the Transaction by signing in the space
        provided below and returning to BSFP a facsimile of the fully-executed
        Confirmation to 212-272-9857.
        For
        inquiries regarding U.S. Transactions, please contact Susan
        Donlon by
        telephone at 212-272-2364.
        For
        all
        other inquiries please contact Derivatives
        Documentation by
        telephone at
        353-1-402-6233.
        Originals will be provided for your execution upon your
        request.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      We
        are
        very pleased to have executed this Transaction with you and we look forward
        to
        completing other transactions with you in the near future.

      

      Very
        truly yours,

      

      BEAR
        STEARNS FINANCIAL PRODUCTS INC.

      

      

      

      Section
        5.7.  By:_______________________________

       

                                                    
        Name:   

                                                    
        Title:     

      

      Counterparty,
        acting through its duly authorized signatory, hereby agrees to, accepts and
        confirms the terms of the foregoing as of the Trade Date.

      

      LaSalle
        Bank National Association, not individually, but solely as Supplemental Interest
        Trust Trustee on behalf of the Supplemental Interest Trust (each as defined
        herein) with respect to SACO I Trust 2006-6 Mortgage Pass-Through Certificates,
        Series 2006-6

      

      

      By: _______________________________
        

      Name: 

      Title:

      

      lm

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      SCHEDULE
        I

       

      (where
        for the purposes of (i) determining Floating Amounts, all such dates subject
        to
        adjustment in accordance with the Following Business Day Convention and (ii)
        determining Fixed Amounts, all such dates subject to No
        Adjustment.)

      

      
        	
                From
                  and including

              	
                To
                  but excluding

              	
                Notional
                  Amount

                (USD)

              
	
                Effective
                  Date

              	
                5/25/2006

              	
                4,229,683.46
                  

              
	
                5/26/2006

              	
                6/25/2006

              	
                4,079,464.42
                  

              
	
                6/26/2006

              	
                7/25/2006

              	
                3,934,570.03
                  

              
	
                7/26/2006

              	
                8/25/2006

              	
                3,794,811.83
                  

              
	
                8/26/2006

              	
                9/25/2006

              	
                3,660,008.02
                  

              
	
                9/26/2006

              	
                10/25/2006

              	
                3,529,983.21
                  

              
	
                10/26/2006

              	
                11/25/2006

              	
                3,404,568.23
                  

              
	
                11/26/2006

              	
                12/25/2006

              	
                3,283,599.89
                  

              
	
                12/26/2006

              	
                1/25/2007

              	
                3,166,920.76
                  

              
	
                1/26/2007

              	
                2/25/2007

              	
                3,054,378.98
                  

              
	
                2/26/2007

              	
                3/25/2007

              	
                2,945,828.08
                  

              
	
                3/26/2007

              	
                4/25/2007

              	
                2,841,126.75
                  

              
	
                4/26/2007

              	
                5/25/2007

              	
                2,740,138.67
                  

              
	
                5/26/2007

              	
                6/25/2007

              	
                2,642,732.37
                  

              
	
                6/26/2007

              	
                7/25/2007

              	
                2,548,781.02
                  

              
	
                7/26/2007

              	
                8/25/2007

              	
                2,458,162.25
                  

              
	
                8/26/2007

              	
                9/25/2007

              	
                2,370,758.05
                  

              
	
                9/26/2007

              	
                10/25/2007

              	
                2,286,454.58
                  

              
	
                10/26/2007

              	
                11/25/2007

              	
                2,205,142.01
                  

              
	
                11/26/2007

              	
                12/25/2007

              	
                2,126,714.41
                  

              
	
                12/26/2007

              	
                1/25/2008

              	
                2,051,069.59
                  

              
	
                1/26/2008

              	
                2/25/2008

              	
                1,978,108.99
                  

              
	
                2/26/2008

              	
                3/25/2008

              	
                1,907,737.51
                  

              
	
                3/26/2008

              	
                4/25/2008

              	
                1,839,863.44
                  

              
	
                4/26/2008

              	
                5/25/2008

              	
                1,774,398.30
                  

              
	
                5/26/2008

              	
                6/25/2008

              	
                1,711,256.74
                  

              
	
                6/26/2008

              	
                7/25/2008

              	
                1,650,356.45
                  

              
	
                7/26/2008

              	
                8/25/2008

              	
                1,591,618.00
                  

              
	
                8/26/2008

              	
                9/25/2008

              	
                1,534,964.81
                  

              
	
                9/26/2008

              	
                10/25/2008

              	
                1,480,322.96
                  

              
	
                10/26/2008

              	
                11/25/2008

              	
                1,427,621.20
                  

              
	
                11/26/2008

              	
                12/25/2008

              	
                1,376,790.77
                  

              
	
                12/26/2008

              	
                1/25/2009

              	
                1,327,765.33
                  

              
	
                1/26/2009

              	
                2/25/2009

              	
                1,280,480.93
                  

              
	
                2/26/2009

              	
                3/25/2009

              	
                1,234,875.86
                  

              
	
                3/26/2009

              	
                4/25/2009

              	
                1,190,890.58
                  

              
	
                4/26/2009

              	
                5/25/2009

              	
                1,148,467.67
                  

              
	
                5/26/2009

              	
                6/25/2009

              	
                1,107,551.76
                  

              
	
                6/26/2009

              	
                7/25/2009

              	
                1,068,089.42
                  

              
	
                7/26/2009

              	
                8/25/2009

              	
                1,030,029.11
                  

              
	
                8/26/2009

              	
                9/25/2009

              	
                993,321.13
                  

              
	
                9/26/2009

              	
                10/25/2009

              	
                957,917.52
                  

              
	
                10/26/2009

              	
                11/25/2009

              	
                923,772.04
                  

              
	
                11/26/2009

              	
                12/25/2009

              	
                890,840.06
                  

              
	
                12/26/2009

              	
                Termination
                  Date

              	
                859,078.55
                  

              

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        O

       

      SERVICING
        CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

       

      Definitions

      Primary
        Servicer - transaction party having borrower contact

      Master
        Servicer - aggregator of pool assets

      Securities
        Administrator - waterfall calculator

      Back-up
        Servicer - named in the transaction (in the event a Back up Servicer becomes
        the
        Primary Servicer, follow Primary Servicer obligations)

      Custodian
        - safe keeper of pool assets

      Trustee
        -
        fiduciary of the transaction

      

      Note:
        The
        definitions above describe the essential function that the party performs,
        rather than the party’s title. So, for example, in a particular transaction, the
        trustee may perform the “paying agent” and “securities administrator” functions,
        while in another transaction, the securities administrator may perform these
        functions.

      

      Where
        there are multiple checks for criteria the attesting party will identify
        in
        their management assertion that they are attesting only to the portion of
        the
        distribution chain they are responsible for in the related transaction
        agreements.

      

      Key:        
        X
        - obligation

      [X]
        - under consideration for obligation

       

      
        	
                Reg
                  AB Reference

              	
                Servicing
                  Criteria

              	
                Primary
                  Servicer

              	
                Master
                  Servicer

              	
                Securities
                  Admin

              	
                Custodian

              	
                Trustee

                (nominal)

              
	 	
                General
                  Servicing Considerations

              	 	 	 	 	 
	
                1122(d)(1)(i)

              	
                Policies
                  and procedures are instituted to monitor any performance or other
                  triggers
                  and events of default in accordance with the transaction
                  agreements.

              	
                X

              	
                X

              	
                X

              	 	 
	
                1122(d)(1)(ii)

              	
                If
                  any material servicing activities are outsourced to third parties,
                  policies and procedures are instituted to monitor the third party’s
                  performance and compliance with such servicing activities.

              	
                X

              	
                X

              	 	 	 
	
                1122(d)(1)(iii)

              	
                Any
                  requirements in the transaction agreements to maintain a back-up
                  servicer
                  for the Pool Assets are maintained. 

              	 	 	 	 	 
	
                1122(d)(1)(iv)

              	
                A
                  fidelity bond and errors and omissions policy is in effect on the
                  party
                  participating in the servicing function throughout the reporting
                  period in
                  the amount of coverage required by and otherwise in accordance
                  with the
                  terms of the transaction agreements. 

              	
                X

              	
                X

              	 	 	 
	 	
                Cash
                  Collection and Administration

              	 	 	 	 	 
	
                1122(d)(2)(i)

              	
                Payments
                  on pool assets are deposited into the appropriate custodial bank
                  accounts
                  and related bank clearing accounts no more than two business days
                  following receipt, or such other number of days specified in the
                  transaction agreements. 

              	
                X

              	
                X

              	
                X

              	 	 
	
                1122(d)(2)(ii)

              	
                Disbursements
                  made via wire transfer on behalf of an obligor or to an investor
                  are made
                  only by authorized personnel. 

              	
                X

              	
                X

              	
                X

              	 	 
	
                1122(d)(2)(iii)

              	
                Advances
                  of funds or guarantees regarding collections, cash flows or distributions,
                  and any interest or other fees charged for such advances, are made,
                  reviewed and approved as specified in the transaction agreements.
                  

              	
                X

              	
                X

              	
                X

              	 	 
	
                1122(d)(2)(iv)

              	
                The
                  related accounts for the transaction, such as cash reserve accounts
                  or
                  accounts established as a form of over collateralization, are separately
                  maintained (e.g., with respect to commingling of cash) as set forth
                  in the
                  transaction agreements. 

              	
                X

              	
                X

              	
                X

              	 	 
	
                1122(d)(2)(v)

              	
                Each
                  custodial account is maintained at a federally insured depository
                  institution as set forth in the transaction agreements. For purposes
                  of
                  this criterion, “federally insured depository institution” with respect to
                  a foreign financial institution means a foreign financial institution
                  that
                  meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
                  Act.
                  

              	
                X

              	
                X

              	
                X

              	 	 
	
                1122(d)(2)(vi)

              	
                Unissued
                  checks are safeguarded so as to prevent unauthorized access.
                  

              	
                X

              	 	 	 	 
	
                1122(d)(2)(vii)
                  

              	
                Reconciliations
                  are prepared on a monthly basis for all asset-backed securities
                  related
                  bank accounts, including custodial accounts and related bank clearing
                  accounts. These reconciliations are (A) mathematically accurate;
                  (B)
                  prepared within 30 calendar days after the bank statement cutoff
                  date, or
                  such other number of days specified in the transaction agreements;
                  (C)
                  reviewed and approved by someone other than the person who prepared
                  the
                  reconciliation; and (D) contain explanations for reconciling items.
                  These
                  reconciling items are resolved within 90 calendar days of their
                  original
                  identification, or such other number of days specified in the transaction
                  agreements. 

              	
                X

              	
                X

              	
                X

              	 	 
	 	
                Investor
                  Remittances and Reporting

              	 	 	 	 	 
	
                1122(d)(3)(i)

              	
                Reports
                  to investors, including those to be filed with the Commission,
                  are
                  maintained in accordance with the transaction agreements and applicable
                  Commission requirements. Specifically, such reports (A) are prepared
                  in
                  accordance with timeframes and other terms set forth in the transaction
                  agreements; (B) provide information calculated in accordance with
                  the
                  terms specified in the transaction agreements; (C) are filed with
                  the
                  Commission as required by its rules and regulations; and (D) agree
                  with
                  investors’ or the trustee’s records as to the total unpaid principal
                  balance and number of Pool Assets serviced by the Servicer.
                  

              	
                X

              	
                X

              	
                X

              	 	 
	
                1122(d)(3)(ii)

              	
                Amounts
                  due to investors are allocated and remitted in accordance with
                  timeframes,
                  distribution priority and other terms set forth in the transaction
                  agreements. 

              	
                X

              	
                X

              	
                X

              	 	 
	
                1122(d)(3)(iii)

              	
                Disbursements
                  made to an investor are posted within two business days to the
                  Servicer’s
                  investor records, or such other number of days specified in the
                  transaction agreements. 

              	
                X

              	
                X

              	
                X

              	 	 
	
                1122(d)(3)(iv)

              	
                Amounts
                  remitted to investors per the investor reports agree with cancelled
                  checks, or other form of payment, or custodial bank statements.
                  

              	
                X

              	
                X

              	
                X

              	 	 
	 	
                Pool
                  Asset Administration

              	 	 	 	 	 
	
                1122(d)(4)(i)
                  

              	
                Collateral
                  or security on pool assets is maintained as required by the transaction
                  agreements or related pool asset documents. 

              	
                X

              	 	 	
                X

              	 
	
                1122(d)(4)(ii)

              	
                Pool
                  assets and related documents are safeguarded as required by the
                  transaction agreements 

              	
                X

              	 	 	
                X

              	 
	
                1122(d)(4)(iii)

              	
                Any
                  additions, removals or substitutions to the asset pool are made,
                  reviewed
                  and approved in accordance with any conditions or requirements
                  in the
                  transaction agreements. 

              	
                X

              	
                X

              	
                X

              	
                X1  Only
                  with respect to the logistics of adding, removing or substituting
                  loan
                  files. (only
                  with respect to LaSalle as Custodian)

              	 
	
                1122(d)(4)(iv)

              	
                Payments
                  on pool assets, including any payoffs, made in accordance with
                  the related
                  pool asset documents are posted to the Servicer’s obligor records
                  maintained no more than two business days after receipt, or such
                  other
                  number of days specified in the transaction agreements, and allocated
                  to
                  principal, interest or other items (e.g., escrow) in accordance
                  with the
                  related pool asset documents. 

              	
                X

              	 	 	 	 
	
                1122(d)(4)(v)

              	
                The
                  Servicer’s records regarding the pool assets agree with the Servicer’s
                  records with respect to an obligor’s unpaid principal balance.
                  

              	
                X

              	 	 	 	 
	
                1122(d)(4)(vi)

              	
                Changes
                  with respect to the terms or status of an obligor's pool assets
                  (e.g.,
                  loan modifications or re-agings) are made, reviewed and approved
                  by
                  authorized personnel in accordance with the transaction agreements
                  and
                  related pool asset documents. 

              	
                X

              	
                X

              	 	 	 
	
                1122(d)(4)(vii)

              	
                Loss
                  mitigation or recovery actions (e.g., forbearance plans, modifications
                  and
                  deeds in lieu of foreclosure, foreclosures and repossessions, as
                  applicable) are initiated, conducted and concluded in accordance
                  with the
                  timeframes or other requirements established by the transaction
                  agreements. 

              	
                X

              	
                X

              	 	 	 
	
                1122(d)(4)(viii)

              	
                Records
                  documenting collection efforts are maintained during the period
                  a pool
                  asset is delinquent in accordance with the transaction agreements.
                  Such
                  records are maintained on at least a monthly basis, or such other
                  period
                  specified in the transaction agreements, and describe the entity’s
                  activities in monitoring delinquent pool assets including, for
                  example,
                  phone calls, letters and payment rescheduling plans in cases where
                  delinquency is deemed temporary (e.g., illness or unemployment).
                  

              	
                X

              	 	 	 	 
	
                1122(d)(4)(ix)

              	
                Adjustments
                  to interest rates or rates of return for pool assets with variable
                  rates
                  are computed based on the related pool asset documents. 

              	
                X

              	
                X

              	 	 	 
	
                1122(d)(4)(x)

              	
                Regarding
                  any funds held in trust for an obligor (such as escrow accounts):
                  (A) such
                  funds are analyzed, in accordance with the obligor’s pool asset documents,
                  on at least an annual basis, or such other period specified in
                  the
                  transaction agreements; (B) interest on such funds is paid, or
                  credited,
                  to obligors in accordance with applicable pool asset documents
                  and state
                  laws; and (C) such funds are returned to the obligor within 30
                  calendar
                  days of full repayment of the related pool assets, or such other
                  number of
                  days specified in the transaction agreements. 

              	
                X

              	 	 	 	 
	
                1122(d)(4)(xi)

              	
                Payments
                  made on behalf of an obligor (such as tax or insurance payments)
                  are made
                  on or before the related penalty or expiration dates, as indicated
                  on the
                  appropriate bills or notices for such payments, provided that such
                  support
                  has been received by the servicer at least 30 calendar days prior
                  to these
                  dates, or such other number of days specified in the transaction
                  agreements. 

              	
                X

              	 	 	 	 
	
                1122(d)(4)(xii)

              	
                Any
                  late payment penalties in connection with any payment to be made
                  on behalf
                  of an obligor are paid from the Servicer’s funds and not charged to the
                  obligor, unless the late payment was due to the obligor’s error or
                  omission. 

              	
                X

              	 	 	 	 
	
                1122(d)(4)(xiii)

              	
                Disbursements
                  made on behalf of an obligor are posted within two business days
                  to the
                  obligor’s records maintained by the servicer, or such other number of days
                  specified in the transaction agreements. 

              	
                X

              	 	 	 	 
	
                1122(d)(4)(xiv)
                  

              	
                Delinquencies,
                  charge-offs and uncollectible accounts are recognized and recorded
                  in
                  accordance with the transaction agreements. 

              	
                X

              	
                X

              	 	 	 
	
                1122(d)(4)(xv)

              	
                Any
                  external enhancement or other support, identified in Item 1114(a)(1)
                  through (3) or Item 1115 of Regulation AB, is maintained as set
                  forth in
                  the transaction agreements. 

              	
                X

              	 	
                X

              	 	 

      

      

       

      
___________________

        

      

      
        
          1
            Only
            with
            respect to the logistics of adding, removing or substituting loan
            files.

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

        

      

      EXHIBIT
        P

       

      

      FORM
        10-D, FORM 8-K AND FORM 10-K

      REPORTING
        RESPONSIBILITY

      

      As
        to
        each item described below, the entity indicated as the Responsible Party
        shall
        be primarily responsible for reporting the information to the party identified
        as responsible for preparing the Securities Exchange Act Reports pursuant
        to
        Section 3.18 of the Pooling and Servicing Agreement.

      

      Under
        Item 1 of Form 10-D: a) items marked “monthly statements to certificateholders”
are required to be included in the periodic Distribution Date statement under
        Section 6.06 of the Pooling and Servicing Agreement, provided by the Securities
        Administrator based on information received from the party providing such
        information to the Securities Administrator; and b) items marked “Form 10-D
        report” are required to be in the Form 10-D report but not the monthly
        statements to certificateholders, provided by the party indicated. Information
        under all other Items of Form 10-D is to be included in the Form 10-D report.
        All such information and any other Items of Form 8-K and Form 10-K set forth
        in
        this exhibit shall be sent to the Securities Administrator and the
        Depositor.

      

      
        	
                Form

              	
                Item

              	
                Description

              	
                Servicers

              	
                Master
                  Servicer

              	
                Securities
                  Administrator

              	
                Custodian

              	
                Trustee
                  (nominal)

              	
                Depositor

              	
                Sponsor

              
	
                10-D

              	
                Must
                  be filed within 15 days of the distribution date for the asset-backed
                  securities.

              	 	 	 	 
	
                1

              	
                Distribution
                  and Pool Performance Information

              	 	 	 	 	 	 	 
	
                Item
                  1121(a) - Distribution and Pool Performance
                  Information

              	 	 	 	 	 	 	 
	
                (1)
                  Any applicable record dates, accrual dates, determination dates
                  for
                  calculating distributions and actual distribution dates for the
                  distribution period.

              	 	 	
                X

                 

                (monthly
                  statements to certificateholders)

              	 	 	 	 
	
                (2)
                  Cash flows received and the sources thereof for distributions,
                  fees and
                  expenses.

              	 	 	
                X

                 

                (monthly
                  statements to certificateholders)

              	 	 	 	 
	
                (3)
                  Calculated amounts and distribution of the flow of funds for the
                  period
                  itemized by type and priority of payment, including:

              	 	 	
                X

                 

                (monthly
                  statements to certificateholders)

              	 	 	 	 
	
                (i)
                  Fees or expenses accrued and paid, with an identification of the
                  general
                  purpose of such fees and the party receiving such fees or
                  expenses.

              	 	 	
                X

                 

                (monthly
                  statements to certificateholders)

              	 	 	 	 
	
                (ii)
                  Payments accrued or paid with respect to enhancement or other support
                  identified in Item 1114 of Regulation AB (such as insurance premiums
                  or
                  other enhancement maintenance fees), with an identification of
                  the general
                  purpose of such payments and the party receiving such
                  payments.

              	 	 	
                X

                 

                (monthly
                  statements to certificateholders)

              	 	 	 	 
	
                (iii)
                  Principal, interest and other distributions accrued and paid on
                  the
                  asset-backed securities by type and by class or series and any
                  principal
                  or interest shortfalls or carryovers.

              	 	 	
                X

                 

                (monthly
                  statements to certificateholders)

              	 	 	 	 
	
                (iv)
                  The amount of excess cash flow or excess spread and the disposition
                  of
                  excess cash flow.

              	 	 	
                X

                 

                (monthly
                  statements to certificateholders)

              	 	 	 	 
	
                (4)
                  Beginning and ending principal balances of the asset-backed
                  securities.

              	 	 	
                X

                 

                (monthly
                  statements to certificateholders)

              	 	 	 	 
	
                (5)
                  Interest rates applicable to the pool assets and the asset-backed
                  securities, as applicable. Consider providing interest rate information
                  for pool assets in appropriate distributional groups or incremental
                  ranges.

              	 	 	
                X

                 

                (monthly
                  statements to certificateholders)

              	 	 	 	 
	
                (6)
                  Beginning and ending balances of transaction accounts, such as
                  reserve
                  accounts, and material account activity during the period.

              	 	 	
                X

                 

                (monthly
                  statements to certificateholders)

                 

                (only
                  with respect to reserve accounts)

              	 	 	 	 
	
                (7)
                  Any amounts drawn on any credit enhancement or other support identified
                  in
                  Item 1114 of Regulation AB, as applicable, and the amount of coverage
                  remaining under any such enhancement, if known and
                  applicable.

              	 	 	
                X

                 

                (monthly
                  statements to certificateholders)

              	 	 	 	 
	
                (8)
                  Number and amount of pool assets at the beginning and ending of
                  each
                  period, and updated pool composition information, such as weighted
                  average
                  coupon, weighted average remaining term, pool factors and prepayment
                  amounts.

              	 	 	
                X

                 

                (monthly
                  statements to certificateholders)

              	 	 	
                Updated
                  pool composition information fields to be as specified by Depositor
                  from
                  time to time

              	 
	
                (9)
                  Delinquency and loss information for the period.

              	 	 	
                X

                 

                (monthly
                  statements to certificateholders)

              	 	 	 	 
	
                In
                  addition, describe any material changes to the information specified
                  in
                  Item 1100(b)(5) of Regulation AB regarding the pool assets.
                  (methodology)

              	
                X

              	
                X

              	 	 	 	 	 
	
                (10)
                  Information on the amount, terms and general purpose of any advances
                  made
                  or reimbursed during the period, including the general use of funds
                  advanced and the general source of funds for
                  reimbursements.

              	 	 	
                X

                 

                (monthly
                  statements to certificateholders)

              	 	 	 	 
	
                (11)
                  Any material modifications, extensions or waivers to pool asset
                  terms,
                  fees, penalties or payments during the distribution period or that
                  have
                  cumulatively become material over time.

              	 	 	
                X

                 

                (monthly
                  statements to certificateholders)

              	 	 	 	 
	
                (12)
                  Material breaches of pool asset representations or warranties or
                  transaction covenants.

              	
                X

              	
                X

              	
                X

                 

                (if
                  agreed upon by the parties)

              	 	 	
                X

              	 
	
                (13)
                  Information on ratio, coverage or other tests used for determining
                  any
                  early amortization, liquidation or other performance trigger and
                  whether
                  the trigger was met.

              	 	 	
                X

                 

                (monthly
                  statements to certificateholders)

              	 	 	 	 
	
                (14)
                  Information regarding any new issuance of asset-backed securities
                  backed
                  by the same asset pool, 

              	 	 	 	 	 	
                X

              	 
	
                information
                  regarding any pool asset changes (other than in connection with
                  a pool
                  asset converting into cash in accordance with its terms), such
                  as
                  additions or removals in connection with a prefunding or revolving
                  period
                  and pool asset substitutions and repurchases (and purchase rates,
                  if
                  applicable), and cash flows available for future purchases, such
                  as the
                  balances of any prefunding or revolving accounts, if
                  applicable.

              	
                X

              	
                X

              	
                X

              	 	 	
                X

              	 
	
                Disclose
                  any material changes in the solicitation, credit-granting, underwriting,
                  origination, acquisition or pool selection criteria or procedures,
                  as
                  applicable, used to originate, acquire or select the new pool
                  assets.

              	 	 	 	 	 	
                X

              	
                X

              
	
                Item
                  1121(b) - Pre-Funding or Revolving Period Information

                 

                Updated
                  pool information as required under Item 1121(b).

              	 	 	 	 	 	
                X

              	 
	
                2

              	
                Legal
                  Proceedings

              	 	 	 	 	 	 	 
	
                Item
                  1117 - Legal proceedings pending against the following entities,
                  or their
                  respective property, that is material to Certificateholders, including
                  proceedings known to be contemplated by governmental
                  authorities:

              	 	 	 	 	 	 	 
	
                Sponsor
                  (Seller)

              	 	 	 	 	 	 	
                X

              
	
                Depositor

              	 	 	 	 	 	
                X

              	 
	
                Trustee

              	 	 	 	 	 	 	 
	
                Issuing
                  entity

              	 	 	 	 	 	
                X

              	 
	
                Master
                  Servicer, affiliated Servicer, other Servicer servicing 20% or
                  more of
                  pool assets at time of report, other material servicers

              	
                X

              	
                X

              	 	 	 	 	 
	
                Securities
                  Administrator

              	 	 	
                X

              	 	 	 	 
	
                Originator
                  of 20% or more of pool assets as of the Cut-off Date

              	 	 	 	 	 	
                X

              	 
	
                Custodian

              	 	 	 	
                X

              	 	 	 
	
                3

              	
                Sales
                  of Securities and Use of Proceeds

              	 	 	 	 	 	 	 
	
                Information
                  from Item 2(a) of Part II of Form 10-Q:

                 

                With
                  respect to any sale of securities by the sponsor, depositor or
                  issuing
                  entity, that are backed by the same asset pool or are otherwise
                  issued by
                  the issuing entity, whether or not registered, provide the sales
                  and use
                  of proceeds information in Item 701 of Regulation S-K. Pricing
                  information
                  can be omitted if securities were not registered.

              	 	 	 	 	 	
                X

              	 
	
                4

              	
                Defaults
                  Upon Senior Securities

              	 	 	 	 	 	 	 
	
                Information
                  from Item 3 of Part II of Form 10-Q:

                 

                Report
                  the occurrence of any Event of Default (after expiration of any
                  grace
                  period and provision of any required notice)

              	 	
                X

                 

                (only
                  with respect to any servicer event of default)

              	 	 	 	 	 
	
                5

              	
                Submission
                  of Matters to a Vote of Certificateholders

              	 	 	 	 	 	 	 
	
                Information
                  from Item 4 of Part II of Form 10-Q

              	 	 	
                X

              	 	 	 	 
	
                6

              	
                Significant
                  Obligors of Pool Assets

              	 	 	 	 	 	 	 
	
                Item
                  1112(b) - Significant
                  Obligor Financial Information*

              	 	 	 	 	 	
                X

              	 
	
                *This
                  information need only be reported on the Form 10-D for the distribution
                  period in which updated information is required pursuant to the
                  Item.

              	 	 	 	 	 	 	 
	
                7

              	
                Significant
                  Enhancement Provider Information

              	 	 	 	 	 	 	 
	
                Item
                  1114(b)(2) - Credit Enhancement Provider Financial
                  Information*

              	 	 	 	 	 	 	 
	
                Determining
                  applicable disclosure threshold

              	 	 	
                X

              	 	 	 	 
	
                Requesting
                  required financial information or effecting incorporation by
                  reference

              	 	 	
                X

              	 	 	 	 
	
                Item
                  1115(b) - Derivative Counterparty Financial
                  Information*

              	 	 	 	 	 	 	 
	
                Determining
                  current maximum probable exposure

              	 	 	 	 	 	
                X

              	 
	
                Determining
                  current significance percentage

              	 	 	
                X

              	 	 	 	 
	
                Requesting
                  required financial information or effecting incorporation by
                  reference

              	 	 	
                X

              	 	 	 	 
	
                *This
                  information need only be reported on the Form 10-D for the distribution
                  period in which updated information is required pursuant to the
                  Items.

              	 	 	 	 	 	 	 
	
                8

              	
                Other
                  Information

              	 	 	 	 	 	 	 
	
                Disclose
                  any information required to be reported on Form 8-K during the
                  period
                  covered by the Form 10-D but not reported

              	
                The
                  Responsible Party for the applicable Form 8-K item as indicated
                  below.

              
	
                9

              	
                Exhibits

              	 	 	 	 	 	 	 
	
                Distribution
                  report

              	 	 	
                X

              	 	 	 	 
	
                Exhibits
                  required by Item 601 of Regulation S-K, such as material
                  agreements

              	 	 	 	 	 	
                X

              	 
	
                8-K

              	
                Must
                  be filed within four business days of an event reportable on Form
                  8-K.

              	 	 	 	 
	
                1.01

              	
                Entry
                  into a Material Definitive Agreement

              	 	 	 	 	 	 	 
	
                Disclosure
                  is required regarding entry into or amendment of any definitive
                  agreement
                  that is material to the securitization, even if depositor is not
                  a
                  party.

                 

                Examples:
                  servicing agreement, custodial agreement.

                 

                Note:
                  disclosure not required as to definitive agreements that are fully
                  disclosed in the prospectus

              	
                X

              	
                X

              	
                X

              	 	 	
                X

              	
                X

              
	
                1.02

              	
                Termination
                  of a Material Definitive Agreement

              	
                X

              	
                X

              	
                X

              	 	 	
                X

              	
                X

              
	
                Disclosure
                  is required regarding termination of any definitive agreement that
                  is
                  material to the securitization (other than expiration in accordance
                  with
                  its terms), even if depositor is not a party.

                 

                 

                Examples:
                  servicing agreement, custodial agreement.

              	 	 	 	 	 	 	 
	
                1.03

              	
                Bankruptcy
                  or Receivership

              	 	 	 	 	 	 	 
	
                Disclosure
                  is required regarding the bankruptcy or receivership, if known
                  to the
                  Master Servicer, with respect to any of the following: 

                 

                Sponsor
                  (Seller), Depositor, Master Servicer, affiliated Servicer, other
                  Servicer
                  servicing 20% or more of pool assets at time of report, other material
                  servicers, Securities Administrator, Trustee, significant obligor,
                  credit
                  enhancer (10% or more), derivatives counterparty,
                  Custodian

              	
                X

              	
                X

              	
                X

              	
                X

              	 	
                X

              	
                X

              
	
                2.04

              	
                Triggering
                  Events that Accelerate or Increase a Direct Financial Obligation
                  or an
                  Obligation under an Off-Balance Sheet Arrangement

                [in
                  this transaction there is no off-balance sheet
                  arrangement]

              	 	 	 	 	 	 	 
	
                Includes
                  an early amortization, performance trigger or other event, including
                  event
                  of default, that would materially alter the payment priority/distribution
                  of cash flows/amortization schedule.

                 

                Disclosure
                  will be made of events other than waterfall triggers which are
                  disclosed
                  in the monthly statements to certificateholders.

                [in
                  this transaction there will be no events other than waterfall
                  triggers]

              	 	 	
                X

              	 	 	 	 
	
                3.03

              	
                Material
                  Modification to Rights of Certificateholders

              	 	 	 	 	 	 	 
	
                Disclosure
                  is required of any material modification to documents defining
                  the rights
                  of Certificateholders, including the Pooling and Servicing
                  Agreement

              	 	 	
                X

              	 	 	
                X

              	 
	
                5.03

              	
                Amendments
                  to Articles of Incorporation or Bylaws; Change in Fiscal
                  Year

              	 	 	 	 	 	 	 
	
                Disclosure
                  is required of any amendment “to the governing documents of the issuing
                  entity”

              	 	 	 	 	 	
                X

              	 
	
                5.06

              	
                Change
                  in Shell Company Status

              	 	 	 	 	 	 	 
	
                [Not
                  applicable to ABS issuers]

              	 	 	 	 	 	
                X

              	 
	
                6.01

              	
                ABS
                  Informational and Computational Material

              	 	 	 	 	 	 	 
	
                [Not
                  included in reports to be filed under Section 3.18]

              	 	 	 	 	 	
                X

              	 
	
                6.02

              	
                Change
                  of Servicer or Trustee

              	 	 	 	 	 	 	 
	
                Requires
                  disclosure of any removal, replacement, substitution or addition
                  of any
                  master servicer, affiliated servicer, other servicer servicing
                  10% or more
                  of pool assets at time of report, other material servicers, securities
                  administrator or trustee.

              	
                X

              	
                X

              	
                X

              	 	 	
                X

              	 
	 	
                Reg
                  AB disclosure about any new servicer is also required.

              	
                X

              	 	 	 	 	 	 
	 	
                Reg
                  AB disclosure about any new trustee is also required.

              	 	 	 	 	
                X (to
                  the extent required by successor trustee)

              	 	 
	 	
                Reg
                  AB disclosure about any new securities administrator is also
                  required.

              	 	 	
                X

              	 	 	 	 
	
                6.03

              	
                Change
                  in Credit Enhancement or Other External Support

              	 	 	 	 	 	 	 
	
                Covers
                  termination of any enhancement in manner other than by its terms,
                  the
                  addition of an enhancement, or a material change in the enhancement
                  provided. Applies to external credit enhancements as well as
                  derivatives.

              	 	 	
                X

              	 	 	
                X

              	 
	 	
                Reg
                  AB disclosure about any new enhancement provider is also
                  required.

              	 	 	
                X

              	 	 	
                X

              	 
	
                6.04

              	
                Failure
                  to Make a Required Distribution

              	 	 	
                X

              	 	 	 	 
	
                6.05

              	
                Securities
                  Act Updating Disclosure

              	 	 	 	 	 	 	 
	
                If
                  any material pool characteristic differs by 5% or more at the time
                  of
                  issuance of the securities from the description in the final prospectus,
                  provide updated Reg AB disclosure about the actual asset
                  pool.

              	 	 	 	 	 	
                X

              	
                 

              
	
                If
                  there are any new servicers or originators required to be disclosed
                  under
                  Regulation AB as a result of the foregoing, provide the information
                  called
                  for in Items 1108 and 1110 respectively.

              	 	 	 	 	 	
                X

              	 
	
                7.01

              	
                Regulation
                  FD Disclosure

              	
                X

              	
                X

              	
                X

              	
                X

              	 	
                X

              	 
	
                8.01

              	
                Other
                  Events

              	 	 	 	 	 	 	 
	
                Any
                  event, with respect to which information is not otherwise called
                  for in
                  Form 8-K, that the registrant deems of importance to
                  Certificateholders.

              	 	 	 	 	 	
                X

              	 
	
                9.01

              	
                Financial
                  Statements and Exhibits

              	
                The
                  Responsible Party applicable to reportable event.

              
	
                10-K

              	
                Must
                  be filed within 90 days of the fiscal year end for the
                  registrant.

              	 	 	 	 
	
                9B

              	
                Other
                  Information

              	 	 	 	 	 	 	 
	 	 	
                Disclose
                  any information required to be reported on Form 8-K during the
                  fourth
                  quarter covered by the Form 10-K but not reported

              	
                The
                  Responsible Party for the applicable Form 8-K Item as indicated
                  above.

              
	 	
                15

              	
                Exhibits
                  and Financial Statement Schedules

              	 	 	 	 	 	 	 
	
                Item
                  1112(b) - Significant
                  Obligor Financial Information

              	 	 	 	 	 	
                X

              	 
	
                Item
                  1114(b)(2) - Credit Enhancement Provider Financial
                  Information

              	 	 	 	 	 	 	 
	
                Determining
                  applicable disclosure threshold

              	 	 	
                X

              	 	 	 	 
	
                Requesting
                  required financial information or effecting incorporation by
                  reference

              	 	 	
                X

              	 	 	 	 
	
                Item
                  1115(b) - Derivative Counterparty Financial
                  Information

              	 	 	 	 	 	 	 
	
                Determining
                  current maximum probable exposure

              	 	 	 	 	 	
                X

              	 
	 	 	
                Determining
                  current significance percentage

              	 	 	
                X

              	 	 	 	 
	
                Requesting
                  required financial information or effecting incorporation by
                  reference

              	 	 	
                X

              	 	 	 	 
	
                Item
                  1117 - Legal proceedings pending against the following entities,
                  or their
                  respective property, that is material to Certificateholders, including
                  proceedings known to be contemplated by governmental
                  authorities:

              	 	 	 	 	 	 	 
	
                Sponsor
                  (Seller)

              	 	 	 	 	 	 	
                X

              
	
                Depositor

              	 	 	 	 	 	
                X

              	 
	
                Trustee

              	 	 	 	 	 	 	 
	
                Issuing
                  entity

              	 	 	 	 	 	
                X

              	 
	
                Master
                  Servicer, affiliated Servicer, other Servicer servicing 20% or
                  more of
                  pool assets at time of report, other material servicers

              	
                X

              	
                X

              	 	 	 	 	 
	
                Securities
                  Administrator

              	 	 	
                X

              	 	 	 	 
	
                Originator
                  of 20% or more of pool assets as of the Cut-off Date

              	 	 	 	 	 	
                X

              	 
	
                Custodian

              	 	 	 	
                X

              	 	 	 
	
                Item
                  1119 - Affiliations and relationships between the following entities,
                  or
                  their respective affiliates, that are material to
                  Certificateholders:

              	 	 	 	 	 	 	 
	
                Sponsor
                  (Seller)

              	 	 	 	 	 	 	
                X

              
	
                Depositor

              	 	 	 	 	 	
                X

              	 
	
                Trustee

              	 	 	 	 	 	 	 
	
                Master
                  Servicer, affiliated Servicer, other Servicer servicing 20% or
                  more of
                  pool assets at time of report, other material servicers

              	
                X

              	
                X

              	 	 	 	 	 
	
                Securities
                  Administrator

              	 	 	
                X

              	 	 	 	 
	
                Originator

              	 	 	 	 	 	
                X

              	 
	
                Custodian

              	 	 	 	
                X

              	 	 	 
	
                Credit
                  Enhancer/Support Provider

              	 	 	 	 	 	
                X

              	 
	
                Significant
                  Obligor

              	 	 	 	 	 	
                X

              	 
	
                Item
                  1122 - Assessment of Compliance with Servicing
                  Criteria

              	
                X

              	
                X

              	
                X

              	
                X

              	 	 	 
	
                Item
                  1123 - Servicer Compliance Statement

              	
                X

              	
                X

              	
                X

              	 	 	 	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        Q

       

      ADDITIONAL
        DISCLOSURE NOTIFICATION

      

      Bear
        Stearns Asset Backed Securities I LLC

      383
        Madison Avenue

      New
        York,
        New York 10179

      Fax:
        (212) 272-2000

      E-mail:
        regabnotifications@bear.com

      

      LaSalle
        Bank National Association as Securities Administrator

      135
        S.
        LaSalle St., Suite 1625

      Chicago,
        Illinois 60603

      Fax:
        (312) 904-1368

      E-mail:
        edgar@abnamro.com

      

      Attn:
        Global Securities and Trust Services Group - SACO I TRUST 2006-6 - SEC REPORT
        PROCESSING

      

      RE:
        **Additional Form [   ] Disclosure**Required

       

      Ladies
        and Gentlemen:

       

      In
        accordance with Section 3.18 of the Pooling and Servicing Agreement, dated
        as of
        May 1, 2006, among Bear Stearns Asset Backed Securities I LLC, as depositor,
        EMC
        Mortgage Corporation, as sponsor and as company, LaSalle Bank National
        Association, as master servicer and as securities administrator, and Citibank,
        N.A., as trustee. The Undersigned, as [Name of Party], hereby notifies you
        that
        certain events have come to our attention that [will][may] need to be disclosed
        on Form [   ].

      

      Description
        of Additional Form [   ] Disclosure:

      

      

      List
        of
        Any Attachments hereto to be included in the Additional Form [   ]
        Disclosure:

      

      

      Any
        inquiries related to this notification should be directed to [   ],
        phone number: [   ]; email address: [   ].

      

      [NAME
        OF
        PARTY],

      as
        [role]

       

      By:__________________________

      Name: 

      Title: 

       

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        R

       

      FORM
        OF
        GMAC SERVICING AGREEMENT

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        S

       

      FORM
        OF
        GMAC ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT<PAGE>

                                                                    EXHIBIT 10.1

                                 WESTSOUND BANK
                             1999 STOCK OPTION PLAN

                                      PLAN

     1. Purpose of the Plan. The purpose of this Plan is to provide additional
incentives to Employees and Directors of Westsound Bank and future subsidiaries
(the "Bank"), thereby helping to attract and retain the best available personnel
for positions of responsibility with the Bank and otherwise promoting the
success of the business activities of the Bank. It is intended that Options
issued pursuant to this Plan shall constitute either Incentive Stock Options
within the meaning of Section 422 of the Internal Revenue Code or Nonqualified
Stock Options.

     2. Definitions. As used herein, the following definitions shall apply:

          (a) "Bank" shall mean Westsound Bank, a Washington banking
     corporation.

          (b) "Board" shall mean the Board of Directors of the Bank.

          (c) "Common Stock" shall mean the Bank's common stock.

          (d) "Committee" shall mean the Board or the Committee appointed by the
     Board in accordance with subsection 4(a) of the Plan

          (e) "Continuous Status as an Employee" shall mean the absence of any
     interruption or termination of service as an Employee. Continuous Status as
     an Employee shall not be considered interrupted in the case of sick leave,
     military leave, or any other approved leave of absence.

          (f) "Director" shall mean any person who has been elected or appointed
     as a member of the Board of Directors of the Bank and who occupied that
     position at the date an Option was granted to such person.

          (g) "Employee" shall mean any person employed by the Bank or any
     Parent or Subsidiary of the Bank which now exists or is hereafter organized
     or is acquired by the Bank.

          (h) "Incentive Stock Option" shall mean an Option issued in compliance
     with Internal Revenue Code Section 422.

          (i) "Nonqualified Stock Option" shall mean an Option other than an
     Incentive Stock Option.

          (j) "Option" shall mean a stock option granted pursuant to the Plan.
     Options shall include both Incentive Stock Options under Section 422 of the
     Internal Revenue Code and Nonqualified Stock Options, as the context
     requires.

          (k) "Optionee" shall mean an Employee or Director who receives an
     Option.

                                                      KELLER ROHRBACK L.L.P.
                                                            SUITE 3200
                                                         1201 THIRD AVENUE
                                                  SEATTLE, WASHINGTON 98101-3052
                                                           (206)623-1900

                                      -1-

<PAGE>

          (l) "Plan" shall mean this Amended and Restated Stock Option Plan.

          (m) "Parent" shall mean any corporation having a relationship with the
     Bank as described in Section 424(e) of the Internal Revenue Code.

          (n) "Shareholder-Employee" shall mean an Employee who owns stock
     representing more than 10 percent of the total combined voting power of all
     classes of stock of the Bank or of any Parent or Subsidiary. For this
     purpose, the attribution of stock ownership rules provided in Section
     424(d) of the Internal Revenue Code shall apply.

          (o) "Subsidiary" shall mean any corporation having a relationship with
     the Bank as described in Section 424(f) of the Internal Revenue Code.

     3. Stock Subject to Options.

          (a) Number of Shares Reserved. The maximum number of shares available
     pursuant to the Plan is 30,000 shares of the Common Stock of the Bank
     (subject to adjustment as provided in subsection 6(i) of the Plan). During
     the term of this Plan, the Bank will at all times reserve and keep
     available a sufficient number of shares of its Common Stock to satisfy the
     requirements of the Plan.

          (b) Expired Options. If any outstanding Option expires or becomes
     unexercisable for any reason without having been exercised in full, the
     shares of Common Stock allocable to the unexercised portion of such Option
     shall again become available for other Options.

     4. Administration of the Plan.

          (a) The Committee. The Plan shall be administered by the Board
     directly, acting as a Committee of the whole, or if the Board elects, by a
     separate Committee appointed by the Board for that purpose and consisting
     of at least three Board members. All references in the Plan to the
     "Committee" shall refer to such separate committee, if any is established,
     or if none is then in existence, shall refer to the Board as a whole. Once
     appointed, any such Committee shall continue to serve until otherwise
     directed by the Board. From time to time the Board may increase the size of
     the Committee and appoint additional members thereof, remove members (with
     or without cause), appoint new members in substitution therefor, and fill
     vacancies however caused.

               (1) The Committee shall select one of its members as chairman,
     and shall hold meetings at such times and places as the chairman or a
     majority of the Committee may determine.

               (2) At least annually, the Committee shall present a written
     report to the Board indicating the persons to whom Options have been
     granted since the date of the

                                                      KELLER ROHRBACK L.L.P.
                                                            SUITE 3200
                                                         1201 THIRD AVENUE
                                                  SEATTLE, WASHINGTON 98101-3052
                                                           (206)623-1900

                                      -2-

<PAGE>

     last such report, and in each case the date or dates of Options granted,
     the number of shares optioned, and the Option price per share.

               (3) At all times, the Board shall have the power to remove all
     members of the Committee and thereafter to directly administer the Plan as
     a Committee of the whole.

          (b) Powers of the Committee. Except for the terms and conditions
     explicitly set forth in the Plan, the Committee shall have the authority
     and discretion:

               (1) To determine the persons to whom Options are to be granted,
     the times of grant and the number of shares to be represented by each
     Option;

               (2) To determine the Option price for the shares of Common Stock
     to be issued pursuant to each Option, subject to the provisions of
     subsection 6(b) of the Plan;

               (3) To determine all other terms and conditions of each Option
     granted under the Plan, which need not be identical;

               (4) To modify or amend the terms of any Option previously
     granted, or to grant substitute Options, subject to the provisions of
     subsections 6(l) and 6(m) of the Plan;

               (5) To interpret the Plan;

               (6) To authorize any person or persons to execute and deliver
     Option agreements or to take any other actions deemed by the Committee to
     be necessary or appropriate to effectuate the grant of Options;

               (7) To make all other determinations and take all other actions
     which the Committee deems necessary or appropriate to administer the Plan
     in accordance with its terms and conditions.

          All actions of the Committee shall be either by (i) a majority vote of
     the members of the full Committee at a meeting of the Committee, or (ii) by
     unanimous written consent of all members of the full Committee without a
     meeting thereof.

          All decisions, determinations and interpretations of the Committee
     shall be final and binding upon all persons, including all Optionees and
     any other holders or persons interested in any Options, unless otherwise
     expressly determined by a vote of the majority of the entire Board. No
     member of the Committee or of the Board shall be liable for any action or
     determination made in good faith with respect to the Plan or any Option.

                                                      KELLER ROHRBACK L.L.P.
                                                            SUITE 3200
                                                         1201 THIRD AVENUE
                                                  SEATTLE, WASHINGTON 98101-3052
                                                           (206)623-1900

                                      -3-

<PAGE>

     5. Eligibility. Options may be granted only to Employees and Directors who
the Committee, in its discretion, from time to time selects; provided that
Directors who are not also Employees may not be granted Incentive Stock Options.

     Granting of Options pursuant to the Plan shall be entirely discretionary
with the Committee, and the adoption of this Plan shall not confer upon any
person any right to receive any Option or Options pursuant to the Plan unless
and until said Options are granted by the Committee, in its sole discretion.
Neither the adoption of the Plan nor the granting of any Options pursuant to the
Plan shall confer upon any Employee any right with respect to continuation of
employment, nor shall the same interfere in any way with the Employee's right or
with the right of the Bank or any Subsidiary to terminate the employment
relationship at any time.

     6. Terms and Conditions of Options. All Options granted pursuant to the
Plan must be authorized by the Committee, and must be documented in written
agreements in such form as the Committee shall from time to time approve, which
agreements shall comply with and be subject to all of the following terms and
conditions, unless waived or modified by the Committee.

          (a) Number of Shares; Annual Limitation. Each Option agreement shall
     state whether the Option is an Incentive Stock Option or a Nonqualified
     Stock Option and the number of shares subject to Option. Any number of
     Options may be granted to a single eligible person at any time and from
     time to time, except that in the case of Incentive Stock Options, the
     aggregate fair market value (determined as of the time each Option is
     granted) of all shares of Common Stock with respect to which Incentive
     Stock Options become exercisable for the first time by an Employee in any
     one calendar year (under all incentive stock option plans of the Bank, its
     Parent and all of its Subsidiaries taken together) shall not exceed
     $100,000.

          (b) Option Price and Consideration. The Option price for the shares of
     Common Stock to be issued pursuant to the Option shall be such price as is
     determined by the Committee, but shall in no event be less than the fair
     market value of the Common Stock on the date of grant of the Option. In the
     case of an Incentive Stock Option granted to an Employee who, immediately
     before the grant of such Incentive Stock Option, is a Shareholder-Employee,
     the Incentive Stock Option price shall be at least 110 percent of the fair
     market value of the Common Stock on the date of grant of the Incentive
     Stock Option. The fair market value shall be determined by the Committee in
     its discretion; provided, however, that in the event there is a public
     market for the Common Stock, the fair market value shall be the mean of the
     bid and asked prices of the Common Stock as of the date of grant as
     reported on the National Association of Securities Dealers Automatic
     Quotation System (NASDAQ), or, in the event the Common Stock is listed on a
     stock exchange, the fair market value shall be the closing price on the
     exchange as of the date of grant of the Option.

          The Option price shall be payable either (i) in United States dollars
     upon exercise of the Option, or (ii) such other consideration of comparable
     value deemed to be

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     acceptable by the Committee, including without limitation Common Stock of
     the Bank, services or other property.

          (c) Term of Option. No Incentive Stock Option granted pursuant to the
     Plan shall in any event be exercisable after the expiration of 10 years
     from the date such Option is granted, except that the term of an Incentive
     Stock Option granted to an Employee who, immediately before such Incentive
     Stock Option is granted, is a Shareholder-Employee shall be for not more
     than 5 years from the date of grant thereof. Subject to the foregoing and
     other applicable provisions of the Plan including but not limited to
     subsection 6(e) herein, the term of each Option shall be determined by the
     Committee in its discretion.

          (d) Exercise of Options. An Option shall be deemed exercised when
     written notice of such exercise has been given to the Bank at its principal
     business office by the person entitled to exercise the Option and full
     payment in cash or cash equivalents (or with shares of Common Stock as
     hereafter provided) for the shares with respect to which the Option is
     exercised has been received by the Bank. As soon as practicable after any
     proper exercise of an Option in accordance with the provisions of this
     Plan, the Bank shall deliver to the Optionee at the main office of the
     Bank, or such other place as shall be mutually acceptable, a certificate or
     certificates representing the shares of Common Stock as to which the Option
     has been exercised.

          The Board may provide that, upon exercise of the Option, the Optionee
     may elect to pay for all or some of the shares of Common Stock underlying
     the Option with shares of Common Stock of the Bank previously acquired and
     owned at the time of exercise by the Optionee, subject to all restrictions
     and limitations of applicable laws, rules, and regulations, including
     Section 424(c)(3) of the Internal Revenue Code, and provided that the
     Optionee makes representations and warranties satisfactory to the Bank
     regarding his or her title to the shares used to effect the purchase,
     including without limitation representations and warranties that the
     Optionee has good and marketable title to such shares free and clear of any
     and all liens, encumbrances, charges, equities, claims, security interests,
     options or restrictions and has full power to deliver such shares without
     obtaining the consent or approval of any person or governmental authority
     other than those which have already given consent or approval in a form
     satisfactory to the Bank. The equivalent dollar value of the shares used to
     effect the purchase shall be the fair market value of the shares on the
     date of the purchase as determined by the Board or the President and
     Secretary of the Bank in its/their sole discretion, exercised in good
     faith.

          (e) Death of Optionee. In the event of the death of an Optionee who at
     the time of his death was an Employee and who had been in Continuous Status
     as an Employee since the date of grant of the Option, the Option shall
     terminate on the earlier of (i) one year after the date of death of the
     Optionee or such later date as may be set in the discretion of the
     Committee; or (ii) the expiration date otherwise provided in the Option
     Agreement, except that if the expiration date of an Option should occur
     during the 90-day period immediately following the Optionee's death, such
     Option shall terminate at the end of such 90-day period. The Option shall
     be exercisable at any time prior to such

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     termination by the Optionee's estate, or by such person or persons who have
     acquired the right to exercise the Option by bequest or by inheritance or
     by reason of the death of the Optionee.

          (f) Disability of Optionee. If an Optionee's status as an Employee is
     terminated at any time during the Option period by reason of a disability
     (within the meaning of Section 22(e)(3) of the Internal Revenue Code) and
     if said Optionee had been in Continuous Status as an Employee at all times
     between the date of grant of the Option and the termination of his status
     as an Employee, his Incentive Stock Option shall terminate on the earlier
     of (i) one year after the date of termination of his status as an Employee,
     or (ii) the expiration date otherwise provided in his Option Agreement.

          (g) Termination of Status as an Employee. If an Optionee's status as
     an Employee is terminated at any time after the grant of his Option for any
     reason other than death or disability, as provided in subparagraphs (e) and
     (f), above, and not by reason of fraud or willful misconduct, as provided
     below:

               (1) His Incentive Stock Option shall terminate on the earlier of
     (i) the same day of the third month after the date of termination of his
     status as an Employee, or (ii) the expiration date otherwise provided in
     his Option Agreement.

               (2) If an Optionee's status as an Employee is terminated at any
     time after the grant of his Option by reason of fraud or willful
     misconduct, then his Option shall immediately terminate.

          (h) Non-Transferability of Options. No Option granted pursuant to the
     Plan may be sold, pledged, assigned, hypothecated, transferred, or disposed
     of in any manner other than by will or by the laws of descent or
     distribution and may be exercised during the lifetime of the Optionee, only
     by the Optionee.

          (i) Adjustments Upon Changes in Capitalization. Subject to any
     required action by the shareholders of the Bank, the number of shares of
     Common Stock covered by each outstanding Option, the number of shares of
     Common Stock available for grant of additional Options, and the price per
     share of Common Stock specified in each outstanding Option, shall be
     proportionately adjusted for any increase or decrease in the number of
     issued shares of Common Stock resulting from any stock split or other
     subdivision or consolidation of shares, the payment of any stock dividend
     (but only on the Common Stock) or any other increase or decrease in the
     number of such shares of Common Stock effected without receipt of
     consideration by the Bank; provided, however, that conversion of any
     convertible securities of the Bank shall not be deemed to have been
     "effected without receipt of consideration." Such adjustment shall be made
     by the Committee, whose determination in that respect shall be final,
     binding and conclusive.

          No Incentive Stock Option shall be adjusted by the Committee pursuant
     to this subparagraph 6(i) in a manner which causes the Incentive Stock
     Option to fail to continue

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     to qualify as an incentive stock option within the meaning of Section 422
     of the Internal Revenue Code.

          Except as otherwise expressly provided in this subsection 6(i), no
     Optionee shall have any rights by reason of any stock split or the payment
     of any stock dividend or any other increase or decrease in the number of
     shares of Common Stock. Except as otherwise expressly provided in this
     subsection 6(i), any issue by the Bank of shares of stock of any class, or
     securities convertible into shares of stock of any class, shall not affect
     the number of shares or price of Common Stock subject to any Options, and
     no adjustments in Options shall be made by reason thereof. The grant of an
     Option pursuant to the Plan shall not affect in any way the right or power
     of the Bank to make adjustments, reclassifications, reorganizations or
     changes of its capital or business structure.

          (j) Date of Grant of Option. The date of grant of an Option shall, for
     all purposes, be the date on which the Committee makes the determination
     granting such Option. Said date of grant shall be specified in the Option
     Agreement.

          (k) Conditions Upon Issuance of Shares. Shares of Common Stock shall
     not be issued with respect to an Option granted under the Plan unless the
     exercise of such Option and the issuance and delivery of such shares
     pursuant thereto complied with all relevant provisions of law, including
     applicable federal and state securities laws.

          As a condition to the exercise of an Option, the Bank may require the
     person exercising such Option to represent and warrant at the time of
     exercise that the shares of Common Stock are being purchased only for
     investment and without any present intention to sell or distribute such
     Common Stock if, in the opinion of counsel for the Bank, such a
     representation is required by any of the aforementioned relevant provisions
     of law.

          (l) Merger, Sale of Assets, Etc. In the event of the merger or other
     reorganization of the Bank with or into any other corporation, or in the
     event of a proposed sale of substantially all of the assets of the Bank, or
     in the event of a proposed dissolution or liquidation of the Bank, (i) all
     outstanding and unexercised Options shall become immediately exercisable,
     and (ii) such Options shall either be assumed by the successor corporation,
     or parent thereof, in the reorganization transaction described above or be
     replaced with a comparable award for the purchase of shares of the capital
     stock of the successor corporation, except that if such Options are not so
     assumed or replaced, then (iii) the Committee may, in the exercise of its
     sole discretion, terminate all outstanding Options as of a date fixed by
     the Committee which may be sooner than the originally stated option term.
     The Committee shall notify each Optionee of such action in writing not less
     than 60 days prior to the termination date fixed by the Committee, and each
     Optionee shall have the right to exercise his Option to and including said
     termination date.

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          (m) Substitute Stock Options. In connection with the acquisition or
     proposed acquisition by the Bank or any Subsidiary, whether by merger,
     acquisition of stock or assets, or other reorganization transaction, of
     another business, any employees of which have been granted Options, the
     Committee is authorized to issue, in substitution of any such unexercised
     stock option of the acquired business, a new Option under this Plan which
     confers upon the Optionee substantially the same benefits as the old
     option; provided, however, that the issuance of any new Option for an old
     Incentive Stock Option shall satisfy the requirements of Section 424(a) of
     the Internal Revenue Code.

          (n) Tax Compliance. The Bank, in its sole discretion, may take any
     actions reasonable believed by it to be required to comply with any local,
     state or federal tax laws relating to the reporting or withholding of taxes
     attributable to the grant or exercise of any Option or the disposition of
     any shares of Common Stock issued upon exercise of an Option, including,
     but not limited to, (i) withholding from any person exercising an Option a
     number of shares of Common Stock having a fair market value equal to the
     amount required to be withhold by the Bank under applicable tax laws, and
     (ii) withholding from any form of compensation or other amount due an
     Optionee or holder of shares of Common Stock issued upon exercise of an
     Option any amount required to be withheld by the Bank under applicable tax
     laws. Withholding or reporting shall be considered required for purposes of
     this subparagraph if any tax deduction or other favorable tax treatment
     available to the Bank is conditioned upon such reporting or withholding.

          (o) Other Provisions. Option Agreements exercised pursuant to the Plan
     may contain such other provisions as the Committee shall deem advisable,
     provided in the case of Incentive Stock Options the provisions are not
     inconsistent with the provisions of Section 422(b) of the Internal Revenue
     Code or with any of the other terms and conditions of this Plan.

          (p) Director Options. Notwithstanding the terms and conditions set
     forth above in this section 6, (i) no Director who is not also an Employee
     shall be granted an Incentive Stock Option, and (ii) Non-Qualified Stock
     Options granted to a Director who ceases to be a member of the Board of the
     Bank or any Subsidiary shall be exercisable on such terms and conditions as
     the Committee shall determine.

     7. Term of the Plan. The Plan shall become effective on the earlier of (a)
the date of adoption of the Plan by the Board; or (b) the date of shareholder
approval of the Plan as provided in section 9 of the Plan. Unless sooner
terminated as provided in subsection 8(a) of the Plan, the Plan shall terminate
on the tenth anniversary of its effective date. Options may be granted at any
time after the effective date and prior to the date of termination of the Plan.

     8. Amendment or Early Termination of the Plan.

          (a) Amendment or Early Termination. The Board may terminate the Plan
     at any time. The Board may amend the Plan at any time and from time to time
     in such respects as the Board may deem advisable, except that, without
     approval of the holders of

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     a majority of the outstanding shares of the Common Stock, no such revision
     or amendment shall:

               (1) Increase the number of shares of Common Stock subject to the
     Plan other than in connection with an adjustment under subsection 6(i) of
     the Plan; or

               (2) Change the designation of the class of persons eligible to be
     granted Options, as provided in section 5 of the Plan; or

               (3) Make any amendments to the Plan which would require
     shareholder approval under any applicable law or regulation.

          (b) Effect of Amendment or Termination. No amendment or termination of
     the Plan shall affect Options granted prior to such amendment or
     termination, and all such Options shall remain in full force and effect
     notwithstanding such amendment or termination.

     9. Withholding Tax. Where an Optionee or other person is entitled to
receive shares pursuant to the exercise of an Option pursuant to the Plan, the
Bank shall have the right to require the Optionee or such other person to pay
the Bank the amount of any taxes which the Bank is required to withhold with
respect to such shares, or, in lieu thereof, to retain or sell, without notice,
a number of such shares sufficient to cover the amount required to be withheld.

     10. Shareholder Approval. The Plan, as amended and restated, shall be
subject to approval by a majority of the outstanding shares of Common Stock of
the Bank present and entitled to vote at a duly convened meeting of the
shareholders of the Bank.

     11. Interpretation. Whenever the fulfillment of the intent and purpose of
this Plan requires, and the context will permit, the use of the masculine gender
includes the feminine and use of the singular includes the plural.

                            CERTIFICATE OF ADOPTION

     I certify that the foregoing Plan was adopted by the Board of Directors of
Westsound Bank effective as of April 8, 1999, and approved by the shareholders
of Westsound Bank on May 19,1999.

                                        /s/ Veronica R. Colburn
                                        ----------------------------------------
                                        Secretary

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