Document:

Unassociated Document

    
      

      

    

     

    

    ACE
      SECURITIES CORP.

    Depositor

     

    OCWEN
      LOAN SERVICING, LLC

    a Servicer

    

    WELLS
      FARGO BANK, N.A.

    a
      Servicer

     

    WELLS
      FARGO BANK, N.A.

    Master
      Servicer and Securities Administrator

    HSBC
      BANK
      USA, NATIONAL ASSOCIATION

    Trustee

    POOLING
      AND SERVICING AGREEMENT

    Dated
      as
      of February 1, 2006

    

     

    ACE
      Securities Corp. Home Equity Loan Trust, Series 2006-HE1

    Asset
      Backed Pass-Through Certificates

     

    

     

    
      

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    TABLE
      OF
      CONTENTS

     

     

    ARTICLE
      I DEFINITIONS

     

    
      	 	
              SECTION
                1.01.

            	
              Defined
                Terms. 

            

    

    
      	 	
              SECTION
                1.02.

            	
              Allocation
                of Certain Interest Shortfalls. 

            

    

     

    ARTICLE
      II CONVEYANCE
      OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES

     

    
      	 	
              SECTION
                2.01.

            	
              Conveyance
                of the Mortgage Loans. 

            

    

    
      	 	
              SECTION
                2.02.

            	
              Acceptance
                of REMIC I by Trustee. 

            

    

    
      	 	
              SECTION
                2.03.

            	
              Repurchase
                or Substitution of Mortgage Loans. 

            

    

    
      	 	
              SECTION
                2.04.

            	
              Representations
                and Warranties of the Master Servicer.

            

    

    
      	 	
              SECTION
                2.05.

            	
              Representations,
                Warranties and Covenants of each Servicer.

            

    

    
      	 	
              SECTION
                2.06.

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

            

    

    
      	 	
              SECTION
                2.07.

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

            

    

    
      	 	
              SECTION
                2.08.

            	
              Issuance
                of the Residual Certificates. 

            

    

    
      	 	
              SECTION
                2.09.

            	
              Establishment
                of the Trust. 

            

    

    
      	 	
              SECTION
                2.10.

            	
              Purpose
                and Powers of the Trust. 

            

    

     

    ARTICLE
      III ADMINISTRATION
      AND SERVICING OF THE MORTGAGE LOANS; ACCOUNTS

     

    
      	 	
              SECTION
                3.01.

            	
              The
                Servicers to Act as Servicers. 

            

    

    
      	 	
              SECTION
                3.02.

            	
              Sub-Servicing
                Agreements Between a Servicer and Sub-Servicers.
                

            

    

    
      	 	
              SECTION
                3.03.

            	
              Successor
                Sub-Servicers. 

            

    

    
      	 	
              SECTION
                3.04.

            	
              No
                Contractual Relationship Between Sub-Servicer, Subcontractor, Trustee
                or
                the Certificateholders. 

            

    

    
      	 	
              SECTION
                3.05.

            	
              Assumption
                or Termination of Sub-Servicing Agreement by Successor Servicer.
                

            

    

    
      	 	
              SECTION
                3.06.

            	
              Collection
                of Certain Mortgage Loan Payments. 

            

    

    
      	 	
              SECTION
                3.07.

            	
              Collection
                of Taxes, Assessments and Similar Items; Servicing Accounts.
                

            

    

    
      	 	
              SECTION
                3.08.

            	
              Collection
                Accounts and Distribution Account. 

            

    

    
      	 	
              SECTION
                3.09.

            	
              Withdrawals
                from the Collection Accounts and Distribution Account.
                

            

    

    
      	 	
              SECTION
                3.10.

            	
              Investment
                of Funds in the Investment Accounts.

            

    

    
      	 	
              SECTION
                3.11.

            	
              Maintenance
                of Hazard Insurance, Errors and Omissions and Fidelity Coverage and
                Primary Mortgage Insurance. 

            

    

    
      	 	
              SECTION
                3.12.

            	
              Enforcement
                of Due-on-Sale Clauses; Assumption
                Agreements

            

    

    
      	 	
              SECTION
                3.13.

            	
              Realization
                Upon Defaulted Mortgage Loans. 

            

    

    
      	 	
              SECTION
                3.14.

            	
              Trustee
                to Cooperate; Release of Mortgage Files.

            

    

    
      	 	
              SECTION
                3.15.

            	
              Servicing
                Compensation. 

            

    

    
      	 	
              SECTION
                3.16.

            	
              Collection
                Account Statements. 

            

    

    
      	 	
              SECTION
                3.17.

            	
              Annual
                Statement as to Compliance. 

            

    

    
      	 	
              SECTION
                3.18.

            	
              Assessments
                of Compliance and Attestation Reports.

            

    

    
      	 	
              SECTION
                3.19.

            	
              Annual
                Certification; Additional Information.

            

    

    
      	 	
              SECTION
                3.20.

            	
              Access
                to Certain Documentation. 

            

    

    
      	 	
              SECTION
                3.21.

            	
              Title,
                Management and Disposition of REO Property.

            

    

    
      	 	
              SECTION
                3.22.

            	
              Obligations
                of the Servicers in Respect of Prepayment Interest Shortfalls; Relief
                Act
                Interest Shortfalls. 

            

    

    
      	 	
              SECTION
                3.23.

            	
              Obligations
                of the Servicers in Respect of Mortgage Rates and Monthly Payments.
                

            

    

    
      	 	
              SECTION
                3.24.

            	
              Reserve
                Fund. 

            

    

    
      	 	
              SECTION
                3.25.

            	
              Advance
                Facility. 

            

    

    
      	 	
              SECTION
                3.26.

            	
              Indemnification.
                

            

    

     

    ARTICLE
      IV ADMINISTRATION
      AND MASTER SERVICING OF THE MORTGAGE LOANS BY THE MASTER SERVICER

     

    
      	 	
              SECTION
                4.01.

            	
              Master
                Servicer. 

            

    

    
      	 	
              SECTION
                4.02.

            	
              REMIC-Related
                Covenants. 

            

    

    
      	 	
              SECTION
                4.03.

            	
              Monitoring
                of Servicers and Interim Servicers.

            

    

    
      	 	
              SECTION
                4.04.

            	
              Fidelity
                Bond. 

            

    

    
      	 	
              SECTION
                4.05.

            	
              Power
                to Act; Procedures. 

            

    

    
      	 	
              SECTION
                4.06.

            	
              Due-on-Sale
                Clauses; Assumption Agreements. 

            

    

    
      	 	
              SECTION
                4.07.

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

            

    

    
      	 	
              SECTION
                4.08.

            	
              Standard
                Hazard Insurance and Flood Insurance Policies.

            

    

    
      	 	
              SECTION
                4.09.

            	
              Presentment
                of Claims and Collection of Proceeds.

            

    

    
      	 	
              SECTION
                4.10.

            	
              Maintenance
                of Primary Mortgage Insurance Policies.

            

    

    
      	 	
              SECTION
                4.11.

            	
              Trustee
                to Retain Possession of Certain Insurance Policies and Documents.
                

            

    

    
      	 	
              SECTION
                4.12.

            	
              Realization
                Upon Defaulted Mortgage Loans. 

            

    

    
      	 	
              SECTION
                4.13.

            	
              Compensation
                for the Master Servicer. 

            

    

    
      	 	
              SECTION
                4.14.

            	
              REO
                Property. 

            

    

    
      	 	
              SECTION
                4.15.

            	
              Master
                Servicer Annual Statement of Compliance.

            

    

    
      	 	
              SECTION
                4.16.

            	
              Master
                Servicer Assessments of Compliance.

            

    

    
      	 	
              SECTION
                4.17.

            	
              Master
                Servicer Attestation Reports. 

            

    

    
      	 	
              SECTION
                4.18.

            	
              Annual
                Certification. 

            

    

    
      	 	
              SECTION
                4.19.

            	
              Obligation
                of the Master Servicer in Respect of Prepayment Interest Shortfalls.
                

            

    

    
      	 	
              SECTION
                4.20.

            	
              Prepayment
                Penalty Verification. 

            

    

     

    ARTICLE
      V PAYMENTS
      TO CERTIFICATEHOLDERS

     

    
      	 	
              SECTION
                5.01.

            	
              Distributions.
                

            

    

    
      	 	
              SECTION
                5.02.

            	
              Statements
                to Certificateholders. 

            

    

    
      	 	
              SECTION
                5.03.

            	
              Servicer
                Reports; P&I Advances. 

            

    

    
      	 	
              SECTION
                5.04.

            	
              Allocation
                of Realized Losses. 

            

    

    
      	 	
              SECTION
                5.05.

            	
              Compliance
                with Withholding Requirements. 

            

    

    
      	 	
              SECTION
                5.06.

            	
              Reports
                Filed with Securities and Exchange Commission.

            

    

    
      	 	
              SECTION
                5.07.

            	
              Supplemental
                Interest Trust. 

            

    

    
      	 	
              SECTION
                5.08.

            	
              Tax
                Treatment of Swap Payments and Swap Termination Payments.
                

            

    

     

    ARTICLE
      VI THE
      CERTIFICATES

     

    
      	 	
              SECTION
                6.01.

            	
              The
                Certificates. 

            

    

    
      	 	
              SECTION
                6.02.

            	
              Registration
                of Transfer and Exchange of Certificates.

            

    

    
      	 	
              SECTION
                6.03.

            	
              Mutilated,
                Destroyed, Lost or Stolen Certificates.

            

    

    
      	 	
              SECTION
                6.04.

            	
              Persons
                Deemed Owners. 

            

    

    
      	 	
              SECTION
                6.05.

            	
              Certain
                Available Information. 

            

    

     

    ARTICLE
      VII THE
      DEPOSITOR, THE SERVICERS AND THE MASTER SERVICER

     

    
      	 	
              SECTION
                7.01.

            	
              Liability
                of the Depositor, the Servicers and the Master Servicer.
                

            

    

    
      	 	
              SECTION
                7.02.

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

            

    

    
      	 	
              SECTION
                7.03.

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

            

    

    
      	 	
              SECTION
                7.04.

            	
              Limitation
                on Resignation of the Servicers. 

            

    

    
      	 	
              SECTION
                7.05.

            	
              Limitation
                on Resignation of the Master Servicer.

            

    

    
      	 	
              SECTION
                7.06.

            	
              Assignment
                of Master Servicing. 

            

    

    
      	 	
              SECTION
                7.07.

            	
              Rights
                of the Depositor in Respect of the Servicers and the Master Servicer.
                

            

    

    
      	 	
              SECTION
                7.08.

            	
              Duties
                of the Credit Risk Manager. 

            

    

    
      	 	
              SECTION
                7.09.

            	
              Limitation
                Upon Liability of the Credit Risk Manager.

            

    

    
      	 	
              SECTION
                7.10.

            	
              Removal
                of the Credit Risk Manager. 

            

    

    
      	 	
              SECTION
                7.11.

            	
              Transfer
                of Servicing by Sponsor. 

            

    

     

    ARTICLE
      VIII DEFAULT

     

    
      	 	
              SECTION
                8.01.

            	
              Servicer
                Events of Default. 

            

    

    
      	 	
              SECTION
                8.02.

            	
              Master
                Servicer or Trustee to Act; Appointment of Successor.
                

            

    

    
      	 	
              SECTION
                8.03.

            	
              Notification
                to Certificateholders. 

            

    

    
      	 	
              SECTION
                8.04.

            	
              Waiver
                of Servicer Events of Default. 

            

    

     

    ARTICLE
      IX CONCERNING
      THE TRUSTEE AND THE SECURITIES ADMINISTRATOR

     

    
      	 	
              SECTION
                9.01.

            	
              Duties
                of Trustee and Securities Administrator.

            

    

    
      	 	
              SECTION
                9.02.

            	
              Certain
                Matters Affecting Trustee and Securities Administrator.
                

            

    

    
      	 	
              SECTION
                9.03.

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

            

    

    
      	 	
              SECTION
                9.04.

            	
              Trustee
                and Securities Administrator May Own Certificates.
                

            

    

    
      	 	
              SECTION
                9.05.

            	
              Fees
                and Expenses of Trustee, Custodians and Securities Administrator.
                

            

    

    
      	 	
              SECTION
                9.06.

            	
              Eligibility
                Requirements for Trustee and Securities Administrator.
                

            

    

    
      	 	
              SECTION
                9.07.

            	
              Resignation
                and Removal of Trustee and Securities Administrator.
                

            

    

    
      	 	
              SECTION
                9.08.

            	
              Successor
                Trustee or Securities Administrator.

            

    

    
      	 	
              SECTION
                9.09.

            	
              Merger
                or Consolidation of Trustee or Securities Administrator.
                

            

    

    
      	 	
              SECTION
                9.10.

            	
              Appointment
                of Co-Trustee or Separate Trustee. 

            

    

    
      	 	
              SECTION
                9.11.

            	
              Appointment
                of Office or Agency. 

            

    

    
      	 	
              SECTION
                9.12.

            	
              Representations
                and Warranties. 

            

    

     

    ARTICLE
      X TERMINATION

     

    
      	 	
              SECTION
                10.01.

            	
              Termination
                Upon Repurchase or Liquidation of All Mortgage Loans.
                

            

    

    
      	 	
              SECTION
                10.02.

            	
              Additional
                Termination Requirements. 

            

    

     

    ARTICLE
      XI REMIC
      PROVISIONS

     

    
      	 	
              SECTION
                11.01.

            	
              REMIC
                Administration. 

            

    

    
      	 	
              SECTION
                11.02.

            	
              Prohibited
                Transactions and Activities. 

            

    

    
      	 	
              SECTION
                11.03.

            	
              Indemnification.
                

            

    

     

    ARTICLE
      XII MISCELLANEOUS
      PROVISIONS

     

    
      	 	
              SECTION
                12.01.

            	
              Amendment.
                

            

    

    
      	 	
              SECTION
                12.02.

            	
              Recordation
                of Agreement; Counterparts. 

            

    

    
      	 	
              SECTION
                12.03.

            	
              Limitation
                on Rights of Certificateholders. 

            

    

    
      	 	
              SECTION
                12.04.

            	
              Governing
                Law. 

            

    

    
      	 	
              SECTION
                12.05.

            	
              Notices.
                

            

    

    
      	 	
              SECTION
                12.06.

            	
              Severability
                of Provisions. 

            

    

    
      	 	
              SECTION
                12.07.

            	
              Notice
                to Rating Agencies. 

            

    

    
      	 	
              SECTION
                12.08.

            	
              Article
                and Section References. 

            

    

    
      	 	
              SECTION
                12.09.

            	
              Grant
                of Security Interest. 

            

    

    
      	 	
              SECTION
                12.10.

            	
              Survival
                of Indemnification. 

            

    

    
      	 	
              SECTION
                12.11.

            	
              Intention
                of the Parties and Interpretation. 

            

    

    
      	 	
              SECTION
                12.12.

            	
              Swap
                Provider as a Third Party Beneficiary.

            

    

    
      	 	
              SECTION
                12.13.

            	
              Indemnification.
                

            

    

     

    ARTICLE
      XIII CERTAIN
      MATTERS REGARDING THE INSURER

     

    
      	 	
              SECTION
                13.01.

            	
              Exercise
                of Rights of Holder of the Insured Certificates.
                

            

    

    
      	 	
              SECTION
                13.02.

            	
              Trustee
                and Securities Administrator to Act Solely with Consent of Insurer.
                

            

    

    
      	 	
              SECTION
                13.03.

            	
              Trust
                Fund and Accounts Held for Benefit of Insurer.

            

    

    
      	 	
              SECTION
                13.04.

            	
              Claims
                Upon the Policy; Policy Payments Account.

            

    

    
      	 	
              SECTION
                13.05.

            	
              Effect
                of Payments by Insurer; Subrogation.

            

    

    
      	 	
              SECTION
                13.06.

            	
              Notices
                to Insurer. 

            

    

    
      	 	
              SECTION
                13.07.

            	
              Third
                Party Beneficiary. 

            

    

    
      	 	
              SECTION
                13.08.

            	
              Ratings
                Assigned Without Regard to Policy. 

            

    

    
      	 	
              SECTION
                13.09.

            	
              Trustee
                to Hold the Policy. 

            

    

    
      	 	
              SECTION
                13.10.

            	
              Termination
                of Certain of Insurer’s Rights. 

            

    

    

    Exhibits

    
       

      
        	
                Exhibit
                  A-1

              	
                Form
                  of Class A Certificate

              
	
                Exhibit
                  A-2

              	
                Form
                  of Class M Certificate

              
	
                Exhibit
                  A-3

              	
                Form
                  of Class CE-1 Certificate and Class CE-2 Certificate

              
	
                Exhibit
                  A-4

              	
                Form
                  of Class P Certificate

              
	
                Exhibit
                  A-5

              	
                Form
                  of Class R Certificate

              
	
                Exhibit
                  B-1

                 

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

              
	
                Exhibit
                  B-2

                 

              	
                Form
                  of Transferor Representation Letter and Form of Transferee Representation
                  Letter in Connection with Transfer of the Class P Certificates,
                  Class CE
                  Certificates and Residual Certificates Pursuant to Rule 501(a)
                  Under the
                  Securities Act

              
	
                Exhibit
                  B-3

                 

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

              
	
                Exhibit
                  C

              	
                Form
                  of Back-Up Certification

              
	
                Exhibit
                  D

              	
                Form
                  of Power of Attorney

              
	
                Exhibit
                  E

              	
                Servicing
                  Criteria

              
	
                Exhibit
                  F

              	
                Mortgage
                  Loan Purchase Agreement

              
	
                Exhibit
                  G

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

              
	
                Exhibit
                  H

              	
                Additional
                  Disclosure Notification

              
	
                Exhibit
                  I

              	
                Swap
                  Agreement

              
	 	 
	
                Schedule
                  1

              	
                Mortgage
                  Loan Schedule

              
	
                Schedule
                  2

              	
                Prepayment
                  Charge Schedule

              
	
                Schedule
                  3

              	
                Reserved

              
	
                Schedule
                  4

              	
                Standard
                  File Layout - Delinquency Reporting

              
	
                Schedule
                  5

              	
                Standard
                  File Layout - Master Servicing

              
	
                Schedule
                  6

              	
                Data
                  Requirements of Servicing Advances Incurred Prior to Cut-off
                  Date

              
	
                Schedule
                  7

              	
                Mortgage
                  Loans relating to Ocwen Servicing Fee Rate for first Distribution
                  Date

              

      

      
 

       

      
        
          
            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    

    This
      Pooling and Servicing Agreement, is dated and effective as of February 1, 2006,
      among ACE SECURITIES CORP., as Depositor, OCWEN LOAN SERVICING, LLC, as a
      Servicer, WELLS FARGO BANK, N.A., as a Servicer, WELLS FARGO BANK, N.A., Master
      Servicer and Securities Administrator and HSBC BANK USA, NATIONAL ASSOCIATION,
      as Trustee.

     

    PRELIMINARY
      STATEMENT:

     

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

     

    REMIC
      I

     

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

     

    

     

    
      	
              Designation

            	 	
              REMIC
                I

              Remittance
                Rate

            	 	
              Initial

              Uncertificated
                Balance

            	 	
              Latest
                Possible

              Maturity
                Date(1)

            	 
	
              A-I

            	 	
              Variable(2)

            	 	
              $

            	
              569,063.10

            	 	
              February
                25, 2036

            	 
	
              I-1-A

            	 	
              Variable(2)

            	 	
              $

            	
              7,959,242.39

            	 	
              February
                25, 2036

            	 
	
              I-1-B

            	 	
              Variable(2)

            	 	
              $

            	
              7,959,242.39

            	 	
              February
                25, 2036

            	 
	
              I-2-A

            	 	
              Variable(2)

            	 	
              $

            	
              9,283,543.14

            	 	
              February
                25, 2036

            	 
	
              I-2-B

            	 	
              Variable(2)

            	 	
              $

            	
              9,283,543.14

            	 	
              February
                25, 2036

            	 
	
              I-3-A

            	 	
              Variable(2)

            	 	
              $

            	
              10,580,377.64

            	 	
              February
                25, 2036

            	 
	
              I-3-B

            	 	
              Variable(2)

            	 	
              $

            	
              10,580,377.64

            	 	
              February
                25, 2036

            	 
	
              I-4-A

            	 	
              Variable(2)

            	 	
              $

            	
              11,838,936.33

            	 	
              February
                25, 2036

            	 
	
              I-4-B

            	 	
              Variable(2)

            	 	
              $

            	
              11,838,936.33

            	 	
              February
                25, 2036

            	 
	
              I-5-A

            	 	
              Variable(2)

            	 	
              $

            	
              13,047,932.78

            	 	
              February
                25, 2036

            	 
	
              I-5-B

            	 	
              Variable(2)

            	 	
              $

            	
              13,047,932.78

            	 	
              February
                25, 2036

            	 
	
              I-6-A

            	 	
              Variable(2)

            	 	
              $

            	
              14,192,417.54

            	 	
              February
                25, 2036

            	 
	
              I-6-B

            	 	
              Variable(2)

            	 	
              $

            	
              14,192,417.54

            	 	
              February
                25, 2036

            	 
	
              I-7-A

            	 	
              Variable(2)

            	 	
              $

            	
              15,243,747.36

            	 	
              February
                25, 2036

            	 
	
              I-7-B

            	 	
              Variable(2)

            	 	
              $

            	
              15,243,747.36

            	 	
              February
                25, 2036

            	 
	
              I-8-A

            	 	
              Variable(2)

            	 	
              $

            	
              16,132,354.48

            	 	
              February
                25, 2036

            	 
	
              I-8-B

            	 	
              Variable(2)

            	 	
              $

            	
              16,132,354.48

            	 	
              February
                25, 2036

            	 
	
              I-9-A

            	 	
              Variable(2)

            	 	
              $

            	
              16,603,869.87

            	 	
              February
                25, 2036

            	 
	
              I-9-B

            	 	
              Variable(2)

            	 	
              $

            	
              16,603,869.87

            	 	
              February
                25, 2036

            	 
	
              I-10-A

            	 	
              Variable(2)

            	 	
              $

            	
              15,960,941.68

            	 	
              February
                25, 2036

            	 
	
              I-10-B

            	 	
              Variable(2)

            	 	
              $

            	
              15,960,941.68

            	 	
              February
                25, 2036

            	 
	
              I-11-A

            	 	
              Variable(2)

            	 	
              $

            	
              15,293,436.76

            	 	
              February
                25, 2036

            	 
	
              I-11-B

            	 	
              Variable(2)

            	 	
              $

            	
              15,293,436.76

            	 	
              February
                25, 2036

            	 
	
              I-12-A

            	 	
              Variable(2)

            	 	
              $

            	
              14,657,205.15

            	 	
              February
                25, 2036

            	 
	
              I-12-B

            	 	
              Variable(2)

            	 	
              $

            	
              14,657,205.15

            	 	
              February
                25, 2036

            	 
	
              I-13-A

            	 	
              Variable(2)

            	 	
              $

            	
              14,043,747.51

            	 	
              February
                25, 2036

            	 
	
              I-13-B

            	 	
              Variable(2)

            	 	
              $

            	
              14,043,747.51

            	 	
              February
                25, 2036

            	 
	
              I-14-A

            	 	
              Variable(2)

            	 	
              $

            	
              13,456,091.10

            	 	
              February
                25, 2036

            	 
	
              I-14-B

            	 	
              Variable(2)

            	 	
              $

            	
              13,456,091.10

            	 	
              February
                25, 2036

            	 
	
              I-15-A

            	 	
              Variable(2)

            	 	
              $

            	
              12,893,135.84

            	 	
              February
                25, 2036

            	 
	
              I-15-B

            	 	
              Variable(2)

            	 	
              $

            	
              12,893,135.84

            	 	
              February
                25, 2036

            	 
	
              I-16-A

            	 	
              Variable(2)

            	 	
              $

            	
              12,359,531.42

            	 	
              February
                25, 2036

            	 
	
              I-16-B

            	 	
              Variable(2)

            	 	
              $

            	
              12,359,531.42

            	 	
              February
                25, 2036

            	 
	
              I-17-A

            	 	
              Variable(2)

            	 	
              $

            	
              11,920,224.78

            	 	
              February
                25, 2036

            	 
	
              I-17-B

            	 	
              Variable(2)

            	 	
              $

            	
              11,920,224.78

            	 	
              February
                25, 2036

            	 
	
              I-18-A

            	 	
              Variable(2)

            	 	
              $

            	
              11,821,692.15

            	 	
              February
                25, 2036

            	 
	
              I-18-B

            	 	
              Variable(2)

            	 	
              $

            	
              11,821,692.15

            	 	
              February
                25, 2036

            	 
	
              I-19-A

            	 	
              Variable(2)

            	 	
              $

            	
              12,526,942.28

            	 	
              February
                25, 2036

            	 
	
              I-19-B

            	 	
              Variable(2)

            	 	
              $

            	
              12,526,942.28

            	 	
              February
                25, 2036

            	 
	
              I-20-A

            	 	
              Variable(2)

            	 	
              $

            	
              18,092,745.55

            	 	
              February
                25, 2036

            	 
	
              I-20-B

            	 	
              Variable(2)

            	 	
              $

            	
              18,092,745.55

            	 	
              February
                25, 2036

            	 
	
              I-21-A

            	 	
              Variable(2)

            	 	
              $

            	
              34,652,622.22

            	 	
              February
                25, 2036

            	 
	
              I-21-B

            	 	
              Variable(2)

            	 	
              $

            	
              34,652,622.22

            	 	
              February
                25, 2036

            	 
	
              I-22-A

            	 	
              Variable(2)

            	 	
              $

            	
              29,134,229.51

            	 	
              February
                25, 2036

            	 
	
              I-22-B

            	 	
              Variable(2)

            	 	
              $

            	
              29,134,229.51

            	 	
              February
                25, 2036

            	 
	
              I-23-A

            	 	
              Variable(2)

            	 	
              $

            	
              23,649,203.13

            	 	
              February
                25, 2036

            	 
	
              I-23-B

            	 	
              Variable(2)

            	 	
              $

            	
              23,649,203.13

            	 	
              February
                25, 2036

            	 
	
              I-24-A

            	 	
              Variable(2)

            	 	
              $

            	
              16,888,199.03

            	 	
              February
                25, 2036

            	 
	
              I-24-B

            	 	
              Variable(2)

            	 	
              $

            	
              16,888,199.03

            	 	
              February
                25, 2036

            	 
	
              I-25-A

            	 	
              Variable(2)

            	 	
              $

            	
              6,000,424.89

            	 	
              February
                25, 2036

            	 
	
              I-25-B

            	 	
              Variable(2)

            	 	
              $

            	
              6,000,424.89

            	 	
              February
                25, 2036

            	 
	
              I-26-A

            	 	
              Variable(2)

            	 	
              $

            	
              5,428,369.42

            	 	
              February
                25, 2036

            	 
	
              I-26-B

            	 	
              Variable(2)

            	 	
              $

            	
              5,428,369.42

            	 	
              February
                25, 2036

            	 
	
              I-27-A

            	 	
              Variable(2)

            	 	
              $

            	
              5,177,085.94

            	 	
              February
                25, 2036

            	 
	
              I-27-B

            	 	
              Variable(2)

            	 	
              $

            	
              5,177,085.94

            	 	
              February
                25, 2036

            	 
	
              I-28-A

            	 	
              Variable(2)

            	 	
              $

            	
              4,934,058.28

            	 	
              February
                25, 2036

            	 
	
              I-28-B

            	 	
              Variable(2)

            	 	
              $

            	
              4,934,058.28

            	 	
              February
                25, 2036

            	 
	
              I-29-A

            	 	
              Variable(2)

            	 	
              $

            	
              4,706,186.13

            	 	
              February
                25, 2036

            	 
	
              I-29-B

            	 	
              Variable(2)

            	 	
              $

            	
              4,706,186.13

            	 	
              February
                25, 2036

            	 
	
              I-30-A

            	 	
              Variable(2)

            	 	
              $

            	
              4,489,031.91

            	 	
              February
                25, 2036

            	 
	
              I-30-B

            	 	
              Variable(2)

            	 	
              $

            	
              4,489,031.91

            	 	
              February
                25, 2036

            	 
	
              I-31-A

            	 	
              Variable(2)

            	 	
              $

            	
              4,281,963.76

            	 	
              February
                25, 2036

            	 
	
              I-31-B

            	 	
              Variable(2)

            	 	
              $

            	
              4,281,963.76

            	 	
              February
                25, 2036

            	 
	
              I-32-A

            	 	
              Variable(2)

            	 	
              $

            	
              4,084,553.12

            	 	
              February
                25, 2036

            	 
	
              I-32-B

            	 	
              Variable(2)

            	 	
              $

            	
              4,084,553.12

            	 	
              February
                25, 2036

            	 
	
              I-33-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,896,397.90

            	 	
              February
                25, 2036

            	 
	
              I-33-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,896,397.90

            	 	
              February
                25, 2036

            	 
	
              I-34-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,716,912.56

            	 	
              February
                25, 2036

            	 
	
              I-34-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,716,912.56

            	 	
              February
                25, 2036

            	 
	
              I-35-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,545,935.59

            	 	
              February
                25, 2036

            	 
	
              I-35-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,545,935.59

            	 	
              February
                25, 2036

            	 
	
              I-36-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,382,944.83

            	 	
              February
                25, 2036

            	 
	
              I-36-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,382,944.83

            	 	
              February
                25, 2036

            	 
	
              I-37-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,227,531.72

            	 	
              February
                25, 2036

            	 
	
              I-37-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,227,531.72

            	 	
              February
                25, 2036

            	 
	
              I-38-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,079,352.27

            	 	
              February
                25, 2036

            	 
	
              I-38-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,079,352.27

            	 	
              February
                25, 2036

            	 
	
              I-39-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,938,076.42

            	 	
              February
                25, 2036

            	 
	
              I-39-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,938,076.42

            	 	
              February
                25, 2036

            	 
	
              I-40-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,803,338.40

            	 	
              February
                25, 2036

            	 
	
              I-40-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,803,338.40

            	 	
              February
                25, 2036

            	 
	
              I-41-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,674,898.99

            	 	
              February
                25, 2036

            	 
	
              I-41-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,674,898.99

            	 	
              February
                25, 2036

            	 
	
              I-42-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,552,429.91

            	 	
              February
                25, 2036

            	 
	
              I-42-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,552,429.91

            	 	
              February
                25, 2036

            	 
	
              I-43-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,435,644.07

            	 	
              February
                25, 2036

            	 
	
              I-43-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,435,644.07

            	 	
              February
                25, 2036

            	 
	
              I-44-A

            	 	
              Variable(2)

            	 	
              $

            	
              51,711,037.43

            	 	
              February
                25, 2036

            	 
	
              I-44-B

            	 	
              Variable(2)

            	 	
              $

            	
              51,711,037.43

            	 	
              February
                25, 2036

            	 
	
              A-II

            	 	
              Variable(2)

            	 	
              $

            	
              391,494.75

            	 	
              February
                25, 2036

            	 
	
              II-1-A

            	 	
              Variable(2)

            	 	
              $

            	
              5,475,669.73

            	 	
              February
                25, 2036

            	 
	
              II-1-B

            	 	
              Variable(2)

            	 	
              $

            	
              5,475,669.73

            	 	
              February
                25, 2036

            	 
	
              II-2-A

            	 	
              Variable(2)

            	 	
              $

            	
              6,386,740.56

            	 	
              February
                25, 2036

            	 
	
              II-2-B

            	 	
              Variable(2)

            	 	
              $

            	
              6,386,740.56

            	 	
              February
                25, 2036

            	 
	
              II-3-A

            	 	
              Variable(2)

            	 	
              $

            	
              7,278,915.61

            	 	
              February
                25, 2036

            	 
	
              II-3-B

            	 	
              Variable(2)

            	 	
              $

            	
              7,278,915.61

            	 	
              February
                25, 2036

            	 
	
              II-4-A

            	 	
              Variable(2)

            	 	
              $

            	
              8,144,758.28

            	 	
              February
                25, 2036

            	 
	
              II-4-B

            	 	
              Variable(2)

            	 	
              $

            	
              8,144,758.28

            	 	
              February
                25, 2036

            	 
	
              II-5-A

            	 	
              Variable(2)

            	 	
              $

            	
              8,976,503.94

            	 	
              February
                25, 2036

            	 
	
              II-5-B

            	 	
              Variable(2)

            	 	
              $

            	
              8,976,503.94

            	 	
              February
                25, 2036

            	 
	
              II-6-A

            	 	
              Variable(2)

            	 	
              $

            	
              9,763,867.89

            	 	
              February
                25, 2036

            	 
	
              II-6-B

            	 	
              Variable(2)

            	 	
              $

            	
              9,763,867.89

            	 	
              February
                25, 2036

            	 
	
              II-7-A

            	 	
              Variable(2)

            	 	
              $

            	
              10,487,144.63

            	 	
              February
                25, 2036

            	 
	
              II-7-B

            	 	
              Variable(2)

            	 	
              $

            	
              10,487,144.63

            	 	
              February
                25, 2036

            	 
	
              II-8-A

            	 	
              Variable(2)

            	 	
              $

            	
              11,098,474.06

            	 	
              February
                25, 2036

            	 
	
              II-8-B

            	 	
              Variable(2)

            	 	
              $

            	
              11,098,474.06

            	 	
              February
                25, 2036

            	 
	
              II-9-A

            	 	
              Variable(2)

            	 	
              $

            	
              11,422,859.52

            	 	
              February
                25, 2036

            	 
	
              II-9-B

            	 	
              Variable(2)

            	 	
              $

            	
              11,422,859.52

            	 	
              February
                25, 2036

            	 
	
              II-10-A

            	 	
              Variable(2)

            	 	
              $

            	
              10,980,548.28

            	 	
              February
                25, 2036

            	 
	
              II-10-B

            	 	
              Variable(2)

            	 	
              $

            	
              10,980,548.28

            	 	
              February
                25, 2036

            	 
	
              II-11-A

            	 	
              Variable(2)

            	 	
              $

            	
              10,521,329.13

            	 	
              February
                25, 2036

            	 
	
              II-11-B

            	 	
              Variable(2)

            	 	
              $

            	
              10,521,329.13

            	 	
              February
                25, 2036

            	 
	
              II-12-A

            	 	
              Variable(2)

            	 	
              $

            	
              10,083,624.89

            	 	
              February
                25, 2036

            	 
	
              II-12-B

            	 	
              Variable(2)

            	 	
              $

            	
              10,083,624.89

            	 	
              February
                25, 2036

            	 
	
              II-13-A

            	 	
              Variable(2)

            	 	
              $

            	
              9,661,588.31

            	 	
              February
                25, 2036

            	 
	
              II-13-B

            	 	
              Variable(2)

            	 	
              $

            	
              9,661,588.31

            	 	
              February
                25, 2036

            	 
	
              II-14-A

            	 	
              Variable(2)

            	 	
              $

            	
              9,257,302.04

            	 	
              February
                25, 2036

            	 
	
              II-14-B

            	 	
              Variable(2)

            	 	
              $

            	
              9,257,302.04

            	 	
              February
                25, 2036

            	 
	
              II-15-A

            	 	
              Variable(2)

            	 	
              $

            	
              8,870,009.26

            	 	
              February
                25, 2036

            	 
	
              II-15-B

            	 	
              Variable(2)

            	 	
              $

            	
              8,870,009.26

            	 	
              February
                25, 2036

            	 
	
              II-16-A

            	 	
              Variable(2)

            	 	
              $

            	
              8,502,908.80

            	 	
              February
                25, 2036

            	 
	
              II-16-B

            	 	
              Variable(2)

            	 	
              $

            	
              8,502,908.80

            	 	
              February
                25, 2036

            	 
	
              II-17-A

            	 	
              Variable(2)

            	 	
              $

            	
              8,200,681.79

            	 	
              February
                25, 2036

            	 
	
              II-17-B

            	 	
              Variable(2)

            	 	
              $

            	
              8,200,681.79

            	 	
              February
                25, 2036

            	 
	
              II-18-A

            	 	
              Variable(2)

            	 	
              $

            	
              8,132,894.91

            	 	
              February
                25, 2036

            	 
	
              II-18-B

            	 	
              Variable(2)

            	 	
              $

            	
              8,132,894.91

            	 	
              February
                25, 2036

            	 
	
              II-19-A

            	 	
              Variable(2)

            	 	
              $

            	
              8,618,081.39

            	 	
              February
                25, 2036

            	 
	
              II-19-B

            	 	
              Variable(2)

            	 	
              $

            	
              8,618,081.39

            	 	
              February
                25, 2036

            	 
	
              II-20-A

            	 	
              Variable(2)

            	 	
              $

            	
              12,447,151.93

            	 	
              February
                25, 2036

            	 
	
              II-20-B

            	 	
              Variable(2)

            	 	
              $

            	
              12,447,151.93

            	 	
              February
                25, 2036

            	 
	
              II-21-A

            	 	
              Variable(2)

            	 	
              $

            	
              23,839,745.73

            	 	
              February
                25, 2036

            	 
	
              II-21-B

            	 	
              Variable(2)

            	 	
              $

            	
              23,839,745.73

            	 	
              February
                25, 2036

            	 
	
              II-22-A

            	 	
              Variable(2)

            	 	
              $

            	
              20,043,291.94

            	 	
              February
                25, 2036

            	 
	
              II-22-B

            	 	
              Variable(2)

            	 	
              $

            	
              20,043,291.94

            	 	
              February
                25, 2036

            	 
	
              II-23-A

            	 	
              Variable(2)

            	 	
              $

            	
              16,269,792.96

            	 	
              February
                25, 2036

            	 
	
              II-23-B

            	 	
              Variable(2)

            	 	
              $

            	
              16,269,792.96

            	 	
              February
                25, 2036

            	 
	
              II-24-A

            	 	
              Variable(2)

            	 	
              $

            	
              11,618,467.66

            	 	
              February
                25, 2036

            	 
	
              II-24-B

            	 	
              Variable(2)

            	 	
              $

            	
              11,618,467.66

            	 	
              February
                25, 2036

            	 
	
              II-25-A

            	 	
              Variable(2)

            	 	
              $

            	
              4,128,074.43

            	 	
              February
                25, 2036

            	 
	
              II-25-B

            	 	
              Variable(2)

            	 	
              $

            	
              4,128,074.43

            	 	
              February
                25, 2036

            	 
	
              II-26-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,734,521.04

            	 	
              February
                25, 2036

            	 
	
              II-26-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,734,521.04

            	 	
              February
                25, 2036

            	 
	
              II-27-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,561,647.13

            	 	
              February
                25, 2036

            	 
	
              II-27-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,561,647.13

            	 	
              February
                25, 2036

            	 
	
              II-28-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,394,452.93

            	 	
              February
                25, 2036

            	 
	
              II-28-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,394,452.93

            	 	
              February
                25, 2036

            	 
	
              II-29-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,237,685.16

            	 	
              February
                25, 2036

            	 
	
              II-29-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,237,685.16

            	 	
              February
                25, 2036

            	 
	
              II-30-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,088,290.94

            	 	
              February
                25, 2036

            	 
	
              II-30-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,088,290.94

            	 	
              February
                25, 2036

            	 
	
              II-31-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,945,835.57

            	 	
              February
                25, 2036

            	 
	
              II-31-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,945,835.57

            	 	
              February
                25, 2036

            	 
	
              II-32-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,810,024.22

            	 	
              February
                25, 2036

            	 
	
              II-32-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,810,024.22

            	 	
              February
                25, 2036

            	 
	
              II-33-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,680,580.26

            	 	
              February
                25, 2036

            	 
	
              II-33-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,680,580.26

            	 	
              February
                25, 2036

            	 
	
              II-34-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,557,100.87

            	 	
              February
                25, 2036

            	 
	
              II-34-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,557,100.87

            	 	
              February
                25, 2036

            	 
	
              II-35-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,439,474.92

            	 	
              February
                25, 2036

            	 
	
              II-35-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,439,474.92

            	 	
              February
                25, 2036

            	 
	
              II-36-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,327,343.20

            	 	
              February
                25, 2036

            	 
	
              II-36-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,327,343.20

            	 	
              February
                25, 2036

            	 
	
              II-37-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,220,424.62

            	 	
              February
                25, 2036

            	 
	
              II-37-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,220,424.62

            	 	
              February
                25, 2036

            	 
	
              II-38-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,118,482.54

            	 	
              February
                25, 2036

            	 
	
              II-38-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,118,482.54

            	 	
              February
                25, 2036

            	 
	
              II-39-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,021,289.89

            	 	
              February
                25, 2036

            	 
	
              II-39-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,021,289.89

            	 	
              February
                25, 2036

            	 
	
              II-40-A

            	 	
              Variable(2)

            	 	
              $

            	
              1,928,595.02

            	 	
              February
                25, 2036

            	 
	
              II-40-B

            	 	
              Variable(2)

            	 	
              $

            	
              1,928,595.02

            	 	
              February
                25, 2036

            	 
	
              II-41-A

            	 	
              Variable(2)

            	 	
              $

            	
              1,840,233.37

            	 	
              February
                25, 2036

            	 
	
              II-41-B

            	 	
              Variable(2)

            	 	
              $

            	
              1,840,233.37

            	 	
              February
                25, 2036

            	 
	
              II-42-A

            	 	
              Variable(2)

            	 	
              $

            	
              1,755,979.09

            	 	
              February
                25, 2036

            	 
	
              II-42-B

            	 	
              Variable(2)

            	 	
              $

            	
              1,755,979.09

            	 	
              February
                25, 2036

            	 
	
              II-43-A

            	 	
              Variable(2)

            	 	
              $

            	
              1,675,634.67

            	 	
              February
                25, 2036

            	 
	
              II-43-B

            	 	
              Variable(2)

            	 	
              $

            	
              1,675,634.67

            	 	
              February
                25, 2036

            	 
	
              II-44-A

            	 	
              Variable(2)

            	 	
              $

            	
              35,575,315.94

            	 	
              February
                25, 2036

            	 
	
              II-44-B

            	 	
              Variable(2)

            	 	
              $

            	
              35,575,315.94

            	 	
              February
                25, 2036

            	 
	
              A-III

            	 	
              Variable(2)

            	 	
              $

            	
              489,425.54

            	 	
              February
                25, 2036

            	 
	
              III-1-A

            	 	
              Variable(2)

            	 	
              $

            	
              6,845,385.88

            	 	
              February
                25, 2036

            	 
	
              III-1-B

            	 	
              Variable(2)

            	 	
              $

            	
              6,845,385.88

            	 	
              February
                25, 2036

            	 
	
              III-2-A

            	 	
              Variable(2)

            	 	
              $

            	
              7,984,357.30

            	 	
              February
                25, 2036

            	 
	
              III-2-B

            	 	
              Variable(2)

            	 	
              $

            	
              7,984,357.30

            	 	
              February
                25, 2036

            	 
	
              III-3-A

            	 	
              Variable(2)

            	 	
              $

            	
              9,099,706.25

            	 	
              February
                25, 2036

            	 
	
              III-3-B

            	 	
              Variable(2)

            	 	
              $

            	
              9,099,706.25

            	 	
              February
                25, 2036

            	 
	
              III-4-A

            	 	
              Variable(2)

            	 	
              $

            	
              10,182,135.89

            	 	
              February
                25, 2036

            	 
	
              III-4-B

            	 	
              Variable(2)

            	 	
              $

            	
              10,182,135.89

            	 	
              February
                25, 2036

            	 
	
              III-5-A

            	 	
              Variable(2)

            	 	
              $

            	
              11,221,939.28

            	 	
              February
                25, 2036

            	 
	
              III-5-B

            	 	
              Variable(2)

            	 	
              $

            	
              11,221,939.28

            	 	
              February
                25, 2036

            	 
	
              III-6-A

            	 	
              Variable(2)

            	 	
              $

            	
              12,206,259.07

            	 	
              February
                25, 2036

            	 
	
              III-6-B

            	 	
              Variable(2)

            	 	
              $

            	
              12,206,259.07

            	 	
              February
                25, 2036

            	 
	
              III-7-A

            	 	
              Variable(2)

            	 	
              $

            	
              13,110,460.50

            	 	
              February
                25, 2036

            	 
	
              III-7-B

            	 	
              Variable(2)

            	 	
              $

            	
              13,110,460.50

            	 	
              February
                25, 2036

            	 
	
              III-8-A

            	 	
              Variable(2)

            	 	
              $

            	
              13,874,711.46

            	 	
              February
                25, 2036

            	 
	
              III-8-B

            	 	
              Variable(2)

            	 	
              $

            	
              13,874,711.46

            	 	
              February
                25, 2036

            	 
	
              III-9-A

            	 	
              Variable(2)

            	 	
              $

            	
              14,280,240.61

            	 	
              February
                25, 2036

            	 
	
              III-9-B

            	 	
              Variable(2)

            	 	
              $

            	
              14,280,240.61

            	 	
              February
                25, 2036

            	 
	
              III-10-A

            	 	
              Variable(2)

            	 	
              $

            	
              13,727,287.03

            	 	
              February
                25, 2036

            	 
	
              III-10-B

            	 	
              Variable(2)

            	 	
              $

            	
              13,727,287.03

            	 	
              February
                25, 2036

            	 
	
              III-11-A

            	 	
              Variable(2)

            	 	
              $

            	
              13,153,196.11

            	 	
              February
                25, 2036

            	 
	
              III-11-B

            	 	
              Variable(2)

            	 	
              $

            	
              13,153,196.11

            	 	
              February
                25, 2036

            	 
	
              III-12-A

            	 	
              Variable(2)

            	 	
              $

            	
              12,606,001.96

            	 	
              February
                25, 2036

            	 
	
              III-12-B

            	 	
              Variable(2)

            	 	
              $

            	
              12,606,001.96

            	 	
              February
                25, 2036

            	 
	
              III-13-A

            	 	
              Variable(2)

            	 	
              $

            	
              12,078,394.68

            	 	
              February
                25, 2036

            	 
	
              III-13-B

            	 	
              Variable(2)

            	 	
              $

            	
              12,078,394.68

            	 	
              February
                25, 2036

            	 
	
              III-14-A

            	 	
              Variable(2)

            	 	
              $

            	
              11,572,977.87

            	 	
              February
                25, 2036

            	 
	
              III-14-B

            	 	
              Variable(2)

            	 	
              $

            	
              11,572,977.87

            	 	
              February
                25, 2036

            	 
	
              III-15-A

            	 	
              Variable(2)

            	 	
              $

            	
              11,088,805.40

            	 	
              February
                25, 2036

            	 
	
              III-15-B

            	 	
              Variable(2)

            	 	
              $

            	
              11,088,805.40

            	 	
              February
                25, 2036

            	 
	
              III-16-A

            	 	
              Variable(2)

            	 	
              $

            	
              10,629,876.28

            	 	
              February
                25, 2036

            	 
	
              III-16-B

            	 	
              Variable(2)

            	 	
              $

            	
              10,629,876.28

            	 	
              February
                25, 2036

            	 
	
              III-17-A

            	 	
              Variable(2)

            	 	
              $

            	
              10,252,048.43

            	 	
              February
                25, 2036

            	 
	
              III-17-B

            	 	
              Variable(2)

            	 	
              $

            	
              10,252,048.43

            	 	
              February
                25, 2036

            	 
	
              III-18-A

            	 	
              Variable(2)

            	 	
              $

            	
              10,167,304.95

            	 	
              February
                25, 2036

            	 
	
              III-18-B

            	 	
              Variable(2)

            	 	
              $

            	
              10,167,304.95

            	 	
              February
                25, 2036

            	 
	
              III-19-A

            	 	
              Variable(2)

            	 	
              $

            	
              10,773,858.82

            	 	
              February
                25, 2036

            	 
	
              III-19-B

            	 	
              Variable(2)

            	 	
              $

            	
              10,773,858.82

            	 	
              February
                25, 2036

            	 
	
              III-20-A

            	 	
              Variable(2)

            	 	
              $

            	
              15,560,755.52

            	 	
              February
                25, 2036

            	 
	
              III-20-B

            	 	
              Variable(2)

            	 	
              $

            	
              15,560,755.52

            	 	
              February
                25, 2036

            	 
	
              III-21-A

            	 	
              Variable(2)

            	 	
              $

            	
              29,803,159.56

            	 	
              February
                25, 2036

            	 
	
              III-21-B

            	 	
              Variable(2)

            	 	
              $

            	
              29,803,159.56

            	 	
              February
                25, 2036

            	 
	
              III-22-A

            	 	
              Variable(2)

            	 	
              $

            	
              25,057,038.55

            	 	
              February
                25, 2036

            	 
	
              III-22-B

            	 	
              Variable(2)

            	 	
              $

            	
              25,057,038.55

            	 	
              February
                25, 2036

            	 
	
              III-23-A

            	 	
              Variable(2)

            	 	
              $

            	
              20,339,614.41

            	 	
              February
                25, 2036

            	 
	
              III-23-B

            	 	
              Variable(2)

            	 	
              $

            	
              20,339,614.41

            	 	
              February
                25, 2036

            	 
	
              III-24-A

            	 	
              Variable(2)

            	 	
              $

            	
              14,524,779.31

            	 	
              February
                25, 2036

            	 
	
              III-24-B

            	 	
              Variable(2)

            	 	
              $

            	
              14,524,779.31

            	 	
              February
                25, 2036

            	 
	
              III-25-A

            	 	
              Variable(2)

            	 	
              $

            	
              5,160,695.18

            	 	
              February
                25, 2036

            	 
	
              III-25-B

            	 	
              Variable(2)

            	 	
              $

            	
              5,160,695.18

            	 	
              February
                25, 2036

            	 
	
              III-26-A

            	 	
              Variable(2)

            	 	
              $

            	
              4,668,696.04

            	 	
              February
                25, 2036

            	 
	
              III-26-B

            	 	
              Variable(2)

            	 	
              $

            	
              4,668,696.04

            	 	
              February
                25, 2036

            	 
	
              III-27-A

            	 	
              Variable(2)

            	 	
              $

            	
              4,452,578.43

            	 	
              February
                25, 2036

            	 
	
              III-27-B

            	 	
              Variable(2)

            	 	
              $

            	
              4,452,578.43

            	 	
              February
                25, 2036

            	 
	
              III-28-A

            	 	
              Variable(2)

            	 	
              $

            	
              4,243,561.29

            	 	
              February
                25, 2036

            	 
	
              III-28-B

            	 	
              Variable(2)

            	 	
              $

            	
              4,243,561.29

            	 	
              February
                25, 2036

            	 
	
              II-29-A

            	 	
              Variable(2)

            	 	
              $

            	
              4,047,578.71

            	 	
              February
                25, 2036

            	 
	
              III-29-B

            	 	
              Variable(2)

            	 	
              $

            	
              4,047,578.71

            	 	
              February
                25, 2036

            	 
	
              III-30-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,860,814.15

            	 	
              February
                25, 2036

            	 
	
              III-30-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,860,814.15

            	 	
              February
                25, 2036

            	 
	
              III-31-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,682,724.16

            	 	
              February
                25, 2036

            	 
	
              III-31-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,682,724.16

            	 	
              February
                25, 2036

            	 
	
              III-32-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,512,940.16

            	 	
              February
                25, 2036

            	 
	
              III-32-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,512,940.16

            	 	
              February
                25, 2036

            	 
	
              III-33-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,351,116.33

            	 	
              February
                25, 2036

            	 
	
              III-33-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,351,116.33

            	 	
              February
                25, 2036

            	 
	
              III-34-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,196,749.08

            	 	
              February
                25, 2036

            	 
	
              III-34-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,196,749.08

            	 	
              February
                25, 2036

            	 
	
              III-35-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,049,699.49

            	 	
              February
                25, 2036

            	 
	
              III-35-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,049,699.49

            	 	
              February
                25, 2036

            	 
	
              III-36-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,909,518.47

            	 	
              February
                25, 2036

            	 
	
              III-36-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,909,518.47

            	 	
              February
                25, 2036

            	 
	
              III-37-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,775,854.66

            	 	
              February
                25, 2036

            	 
	
              III-37-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,775,854.66

            	 	
              February
                25, 2036

            	 
	
              III-38-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,648,412.19

            	 	
              February
                25, 2036

            	 
	
              III-38-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,648,412.19

            	 	
              February
                25, 2036

            	 
	
              III-39-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,526,907.19

            	 	
              February
                25, 2036

            	 
	
              III-39-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,526,907.19

            	 	
              February
                25, 2036

            	 
	
              III-40-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,411,025.09

            	 	
              February
                25, 2036

            	 
	
              III-40-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,411,025.09

            	 	
              February
                25, 2036

            	 
	
              III-41-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,300,560.14

            	 	
              February
                25, 2036

            	 
	
              III-41-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,300,560.14

            	 	
              February
                25, 2036

            	 
	
              III-42-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,195,230.00

            	 	
              February
                25, 2036

            	 
	
              III-42-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,195,230.00

            	 	
              February
                25, 2036

            	 
	
              III-43-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,094,787.76

            	 	
              February
                25, 2036

            	 
	
              III-43-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,094,787.76

            	 	
              February
                25, 2036

            	 
	
              III-44-A

            	 	
              Variable(2)

            	 	
              $

            	
              44,474,334.14

            	 	
              February
                25, 2036

            	 
	
              III-44-B

            	 	
              Variable(2)

            	 	
              $

            	
              44,474,334.14

            	 	
              February
                25, 2036

            	 
	
              CE-2

            	 	
              Variable(2)

            	 	 	
              N/A(3)

            	 	
              February
                25, 2036

            	 
	
              P

            	 	
              Variable(2)

            	 	
              $

            	
              100.00

            	 	
              February
                25, 2036

            	 

    

    __________________

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

            

    

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

            

    

    
      	(3)	
              REMIC
                I Regular Interest CE-2 will not have an Uncertificated Balance,
                but will
                accrue interest on their Notional Amount described in accordance
                with the
                definition of “Notional Amount”
herein.

            

    

     

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      II

     

    As
      provided herein, the Trustee will elect to treat the segregated pool of assets
      consisting of the REMIC I Regular Interests as a REMIC for federal income tax
      purposes, and such segregated pool of assets will be designated as “REMIC II.”
The Class R-II Interest will evidence the sole class of “residual interests” in
      REMIC II for purposes of the REMIC Provisions. The following table irrevocably
      sets forth the designation, the REMIC II Remittance Rate, the initial aggregate
      Uncertificated Balance and, for purposes of satisfying Treasury regulation
      Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for each
      of the REMIC II Regular Interests. None of the REMIC II Regular Interests will
      be certificated.

     

    

      
        	
                Designation

              	
                REMIC
                  II

                Remittance

                Rate

              	
                Initial

                Uncertificated
                  Balance

              	
                Latest
                  Possible

                Maturity
                  Date (1)

              
	
                AA

              	
                Variable(2)

              	
                $

              	
                1,242,493,883.66

              	
                February
                  25, 2036

              
	
                A-1A

              	
                Variable(2)

              	
                $

              	
                3,789,095.00

              	
                February
                  25, 2036

              
	
                A-1B1

              	
                Variable(2)

              	
                $

              	
                2,085,410.00

              	
                February
                  25, 2036

              
	
                A-1B2

              	
                Variable(2)

              	
                $

              	
                521,350.00

              	
                February
                  25, 2036

              
	
                A-2A

              	
                Variable(2)

              	
                $

              	
                1,784,900.00

              	
                February
                  25, 2036

              
	
                A-2B

              	
                Variable(2)

              	
                $

              	
                638,425.00

              	
                February
                  25, 2036

              
	
                A-2C

              	
                Variable(2)

              	
                $

              	
                443,030.00

              	
                February
                  25, 2036

              
	
                A-2D

              	
                Variable(2)

              	
                $

              	
                392,450.00

              	
                February
                  25, 2036

              
	
                M-1

              	
                Variable(2)

              	
                $

              	
                507,140.00

              	
                February
                  25, 2036

              
	
                M-2

              	
                Variable(2)

              	
                $

              	
                462,765.00

              	
                February
                  25, 2036

              
	
                M-3

              	
                Variable(2)

              	
                $

              	
                285,265.00

              	
                February
                  25, 2036

              
	
                M-4

              	
                Variable(2)

              	
                $

              	
                240,890.00

              	
                February
                  25, 2036

              
	
                M-5

              	
                Variable(2)

              	
                $

              	
                228,215.00

              	
                February
                  25, 2036

              
	
                M-6

              	
                Variable(2)

              	
                $

              	
                209,195.00

              	
                February
                  25, 2036

              
	
                M-7

              	
                Variable(2)

              	
                $

              	
                202,855.00

              	
                February
                  25, 2036

              
	
                M-8

              	
                Variable(2)

              	
                $

              	
                183,840.00

              	
                February
                  25, 2036

              
	
                M-9

              	
                Variable(2)

              	
                $

              	
                133,125.00

              	
                February
                  25, 2036

              
	
                M-10

              	
                Variable(2)

              	
                $

              	
                158,480.00

              	
                February
                  25, 2036

              
	
                ZZ

              	
                Variable(2)

              	
                $

              	
                13,090,588.03

              	
                February
                  25, 2036

              
	
                P

              	
                Variable(2)

              	
                $

              	
                100.00

              	
                February
                  25, 2036

              
	
                IO

              	
                Variable(2)

              	
                $

              	
                (3)

              	
                February
                  25, 2036

              
	
                IA-SUB

              	
                Variable(2)

              	
                $

              	
                23,734.71

              	
                February
                  25, 2036

              
	
                IA-GRP

              	
                Variable(2)

              	
                $

              	
                99,516.61

              	
                February
                  25, 2036

              
	
                IB-SUB

              	
                Variable(2)

              	
                $

              	
                16,328.62

              	
                February
                  25, 2036

              
	
                IB-GRP

              	
                Variable(2)

              	
                $

              	
                68,463.82

              	
                February
                  25, 2036

              
	
                II-SUB

              	
                Variable(2)

              	
                $

              	
                20,413.66

              	
                February
                  25, 2036

              
	
                II-GRP

              	
                Variable(2)

              	
                $

              	
                85,589.76

              	
                February
                  25, 2036

              
	
                XX

              	
                Variable(2)

              	
                $

              	
                1,267,536,854.51

              	
                February
                  25, 2036

              

      

    

    
      
        	
                CE-2

              	
                (5)

              	 	
                N/A(4)

              	
                February
                  25, 2036

              

      

    

    ___________________________

     

    
      	
              (1)

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

            

    

     

    
      	
              (2)

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

            

    

     

    
      	
              (3)

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

            

    

     

    
      	
              (4)

            	
              For
                federal income tax purposes, the REMIC II Regular Interest CE-2 will
                not
                have an Uncertificated Balance, but will have a Notional Amount equal
                to
                the Notional Amount of REMIC I Regular Interest
                CE-2.

            

    

     

    
      	
              (5)

            	
              REMIC
                II Regular Interest CE-2 will not have an REMIC II Remittance Rate,
                but
                will be entitled to 100% of the amounts distributed on REMIC I Regular
                Interest CE-2.

            

    

     

    

     

    

    REMIC
      III

     

    As
      provided herein, 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-III Interest will evidence the sole class of “residual interests” in
      REMIC III for purposes of the REMIC Provisions. The following table irrevocably
      sets forth the designation, the Pass-Through Rate, the initial aggregate
      Certificate Principal Balance and, for purposes of satisfying Treasury
      regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity date”
for the indicated Classes of Certificates.

     

    
      	
              Designation

            	 	
              Pass-Through
                Rate

            	 	
              Initial
                Aggregate Certificate Principal Balance

            	 	
              Latest
                Possible

              Maturity
                Date (1)

            	 
	
              Class
                A-1A

            	 	 	
              Variable(2)

            	
               

            	
              $

            	
              757,819,000.00

            	 	 	
              February
                25, 2036

            	 
	
              Class
                A-1B1

            	 	 	
              Variable(2)

            	
               

            	
              $

            	
              417,082,000.00

            	 	 	
              February
                25, 2036

            	 
	
              Class
                A-1B2

            	 	 	
              Variable(2)

            	
               

            	
              $

            	
              104,270,000.00

            	 	 	
              February
                25, 2036

            	 
	
              Class
                A-2A

            	 	 	
              Variable(2)

            	
               

            	
              $

            	
              356,980,000.00

            	 	 	
              February
                25, 2036

            	 
	
              Class
                A-2B

            	 	 	
              Variable(2)

            	
               

            	
              $

            	
              127,685,000.00

            	 	 	
              February
                25, 2036

            	 
	
              Class
                A-2C

            	 	 	
              Variable(2)

            	
               

            	
              $

            	
              88,606,000.00

            	 	 	
              February
                25, 2036

            	 
	
              Class
                A-2D

            	 	 	
              Variable(2)

            	
               

            	
              $

            	
              78,490,000.00

            	 	 	
              February
                25, 2036

            	 
	
              Class
                M-1

            	 	 	
              Variable(2)

            	
               

            	
              $

            	
              101,428,000.00

            	 	 	
              February
                25, 2036

            	 
	
              Class
                M-2

            	 	 	
              Variable(2)

            	
               

            	
              $

            	
              92,553,000.00

            	 	 	
              February
                25, 2036

            	 
	
              Class
                M-3

            	 	 	
              Variable(2)

            	
               

            	
              $

            	
              57,053,000.00

            	 	 	
              February
                25, 2036

            	 
	
              Class
                M-4

            	 	 	
              Variable(2)

            	
               

            	
              $

            	
              48,178,000.00

            	 	 	
              February
                25, 2036

            	 
	
              Class
                M-5

            	 	 	
              Variable(2)

            	
               

            	
              $

            	
              45,643,000.00

            	 	 	
              February
                25, 2036

            	 
	
              Class
                M-6

            	 	 	
              Variable(2)

            	
               

            	
              $

            	
              41,839,000.00

            	 	 	
              February
                25, 2036

            	 
	
              Class
                M-7 

            	 	 	
              Variable(2)

            	
               

            	
              $

            	
              40,571,000.00

            	 	 	
              February
                25, 2036

            	 
	
              Class
                M-8 

            	 	 	
              Variable(2)

            	
               

            	
              $

            	
              36,768,000.00

            	 	 	
              February
                25, 2036

            	 
	
              Class
                M-9 

            	 	 	
              Variable(2)

            	
               

            	
              $

            	
              26,625,000.00

            	 	 	
              February
                25, 2036

            	 
	
              Class
                M-10

            	 	 	
              Variable(2)

            	
               

            	
              $

            	
              31,696,000.00

            	 	 	
              February
                25, 2036

            	 
	
              Class
                P 

            	 	 	
              N/A(3)

            	
               

            	
              $

            	
              100.00

            	 	 	
              February
                25, 2036

            	 
	
              Class
                CE-1 

            	 	 	
              N/A(4)

            	
               

            	
              $

            	
              82,415,803.39

            	 	 	
              February
                25, 2036

            	 
	
              Class
                CE-2

            	 	 	
              N/A(5)

            	
               

            	 	
              N/A(6)

            	
               

            	 	
              September
                2035

            	 
	
              Class
                IO Interest 

            	 	 	
              N/A(7)

            	
               

            	 	
              (7

            	
              )

            	 	
              February
                25, 2036

            	 

    

    _________________

     

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

            

    

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

            

    

    
      	(3)	
              The
                Class P Certificates will not accrue
                interest.

            

    

    
      	(4)	
              The
                Class CE-1 Certificates will accrue interest at their variable
                Pass-Through Rate on the Notional Amount of the Class CE-1 Certificates
                outstanding from time to time which shall equal the Uncertificated
                Balance
                of the REMIC II Regular Interests (other than REMIC II Regular Interest
                P). The Class CE-1 Certificates will not accrue interest on their
                Certificate Principal Balance.

            

    

    
      	(5)	
              The
                Class CE-2 Certificates are an interest only class and for each
                Distribution Date the Class CE-2 Certificates will be entitled to
                receive
                100% of the amounts distributed on REMIC II Regular Interest
                CE-2.

            

    

    
      	(6)	
              For
                federal income tax purposes, the Class CE-2 Certificates will not
                have a
                Certificate Principal Balance, but will have a Notional Amount equal
                to
                the Notional Amount of REMIC II Regular Interest
                CE-2.

            

    

    
      	(7)	
              The
                Class IO Interest will not have a Pass-Through Rate or a Certificate
                Principal Balance, but will be entitled to 100% of amounts distributed
                on
                REMIC II Regular Interest IO.

            

    

     

    

    The
      Mortgage Loans had an aggregate Scheduled Principal Balance as of the Cut-off
      Date, after deducting all Monthly Payments due on or before the Cut-off Date,
      of
      $2,535,701,903.39. As of the Cut-off Date, the Group IA Mortgage Loans had
      an
      aggregate Scheduled Principal Balance equal to $995,166,149.46, the Group IB
      Mortgage Loans had an aggregate Scheduled Principal Balance equal to
      $684,638,172.79 and the Group II Mortgage Loans had an aggregate Scheduled
      Principal Balance equal to $855,897,581.14.

     

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      I

     

    DEFINITIONS

     

    SECTION
      1.01.  Defined
      Terms.

     

    Whenever
      used in this Agreement, including, without limitation, in the Preliminary
      Statement hereto, the following words and phrases, unless the context otherwise
      requires, shall have the meanings specified in this Article. Unless otherwise
      specified, all calculations described herein shall be made on the basis of
      a
      360-day year consisting of twelve 30-day months.

     

    “Accepted
      Master Servicing Practices”: With respect to any Mortgage Loan, as applicable,
      either (x) those customary mortgage master servicing practices of prudent
      mortgage servicing institutions that master service mortgage loans of the same
      type and quality as such Mortgage Loan in the jurisdiction where the related
      Mortgaged Property is located, to the extent applicable to the Master Servicer
      or (y) as provided in Section 3.01 hereof, but in no event below the
      standard set forth in clause (x).

     

    “Accepted
      Servicing Practices”: As defined in Section 3.01.

     

    “Account”:
      The Collection Accounts and the Distribution Account, as the context may
      require.

     

    “Accrued
      Certificate Interest”: With respect to any Class A Certificate, Mezzanine
      Certificate, Class CE-1 Certificate or Class CE-2 Certificate and each
      Distribution Date, interest accrued during the related Interest Accrual Period
      at the Pass-Through Rate for such Certificate for such Distribution Date on
      the
      Certificate Principal Balance, in the case of the Class A Certificates and
      the
      Mezzanine Certificates, or on the Notional Amount in the case of the Class
      CE-1
      Certificates and Class CE-2 Certificates, of such Certificate immediately prior
      to such Distribution Date. The Class P Certificates are not entitled to
      distributions in respect of interest and, accordingly, will not accrue interest.
      All distributions of interest on the Class A Certificates and the Mezzanine
      Certificates will be calculated on the basis of a 360-day year and the actual
      number of days in the applicable Interest Accrual Period. All distributions
      of
      interest on the Class CE-1 Certificates and Class CE-2 Certificates will be
      based on a 360-day year consisting of twelve 30-day months. Accrued Certificate
      Interest with respect to each Distribution Date, as to any Class A Certificate,
      Mezzanine Certificate or Class CE-1 Certificate shall be reduced by an amount
      equal to the portion allocable to such Certificate pursuant to Section 1.02
      hereof, if any, of the sum of (a) the aggregate Prepayment Interest Shortfall,
      if any, for such Distribution Date to the extent not covered by payments
      pursuant to Section 3.22 or Section 4.18 of this Agreement or pursuant
      to the Servicing Agreement and (b) the aggregate amount of any Relief Act
      Interest Shortfall, if any, for such Distribution Date. In addition, Accrued
      Certificate Interest with respect to each Distribution Date, as to any Class
      CE-1 Certificate, shall be reduced by an amount equal to the portion allocable
      to such Class CE-1 Certificate of Realized Losses, if any, pursuant to
      Section 1.02 and Section 5.04 hereof. 

     

    

    “Additional
      Disclosure Notification”: Has the meaning set forth in Section 5.06(a)(ii).

     

    “Additional
      Form 10-D Disclosure”: Has the meaning set forth in Section 5.06(a) of this
      Agreement.

     

    “Additional
      Form 10-K Disclosure”: Has the meaning set forth in Section 5.06(d) of this
      Agreement.

     

    “Additional
      Servicer”: Means each affiliate of a Servicer that Services any of the Mortgage
      Loans and each Person who is not an affiliate of a Servicer that Services the
      Mortgage Loans. For clarification purposes, the Master Servicer and the
      Securities Administrator are Additional Servicers.

     

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

     

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

     

    “Administration
      Fees: The sum of (i) the Servicing Fees and (ii) the Credit Risk Management
      Fee.

     

    “Administration
      Fee Rate”: The sum of (i) the Servicing Fee Rate and (ii) the Credit Risk
      Management Fee Rate. 

     

    “Advance
      Facility”: As defined in Section 3.25(a).

     

    “Advance
      Financing Person”: As defined in Section 3.25(a).

     

    “Advance
      Reimbursement Amounts”: As defined in Section 3.25(b).

     

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

     

    “Aggregate
      Loss Severity Percentage”: With respect to any Distribution Date, the percentage
      equivalent of a fraction, the numerator of which is the aggregate amount of
      Realized Losses incurred on any Mortgage Loans from the Cut-off Date to the
      last
      day of the preceding calendar month and the denominator of which is the
      aggregate principal balance of such Mortgage Loans immediately prior to the
      liquidation of such Mortgage Loans.

     

    “Agreement”:
      This Pooling and Servicing Agreement, including all exhibits and schedules
      hereto and all amendments hereof and supplements hereto.

     

    “Allocated
      Realized Loss Amount”: With respect to any Class of Mezzanine Certificates and
      any Distribution Date, an amount equal to the sum of any Realized Loss allocated
      to that Class of Certificates on the Distribution Date and any Allocated
      Realized Loss Amount for that Class remaining unpaid from the previous
      Distribution Date.

     

    “Amounts
      Held for Future Distribution”: As to any Distribution Date, the aggregate amount
      held in the Collection Accounts at the close of business on the immediately
      preceding Determination Date on account of (i) all Monthly Payments or portions
      thereof received in respect of the Mortgage Loans due after the related Due
      Period and (ii) Principal Prepayments and Liquidation Proceeds received in
      respect of such Mortgage Loans after the last day of the related Prepayment
      Period.

     

    “Ancillary
      Income”: All income derived from the Mortgage Loans, other than Servicing Fees
      and Prepayment Charges, including but not limited to, late charges, fees
      received with respect to checks or bank drafts returned by the related bank
      for
      non-sufficient funds, assumption fees, optional insurance administrative fees
      and all other incidental fees and charges.

     

    “Annual
      Statement of Compliance”: As defined in Section 3.17.

     

    “Assignment”:
      An assignment of Mortgage, notice of transfer or equivalent instrument, in
      recordable form, which is sufficient under the laws of the jurisdiction where
      the related Mortgaged Property is located to reflect of record the sale and
      assignment of the Mortgage, which assignment, notice of transfer or equivalent
      instrument may be in the form of one or more blanket assignments covering
      Mortgages secured by Mortgaged Properties located in the same county, if
      permitted by law.

     

    “Assignment
      Agreements”: The Fremont Assignment Agreement, the GreenPoint Assignment
      Agreement and the New Century Assignment Agreement.

     

    “Authorized
      Officers”: A managing director of the whole loan trading desk and a managing
      director in global markets.

     

    “Available
      Distribution Amount”: With respect to any Distribution Date, an amount equal to
      (1) the sum of (a) the aggregate of the amounts on deposit in the Custodial
      Accounts, the Collection Accounts and Distribution Account as of the close
      of
      business on the related Servicer Remittance Date, (b) the aggregate of any
      amounts deposited in the Distribution Account by the Servicers or the Master
      Servicer in respect of Prepayment Interest Shortfalls for such Distribution
      Date
      pursuant to Section 3.22 or Section 4.18 of this Agreement or by the
      Interim Servicers pursuant to the Interim Servicing Agreements, (c) the
      aggregate of any P&I Advances for such Distribution Date made by the
      Servicers pursuant to Section 5.03 of this Agreement or by the Interim
      Servicers pursuant to the Interim Servicing Agreements and (d) the aggregate
      of
      any P&I Advances made by a successor Servicer (including the Master Servicer
      or the Trustee, as applicable) for such Distribution Date pursuant to
      Section 8.02 of this Agreement or pursuant to the Interim Servicing
      Agreements, reduced (to an amount not less than zero) by (2) the portion of
      the
      amount described in clause (1)(a) above that represents (i) Amounts Held for
      Future Distribution, (ii) Principal Prepayments on the Mortgage Loans received
      after the related Prepayment Period (together with any interest payments
      received with such Principal Prepayments to the extent they represent the
      payment of interest accrued on the Mortgage Loans during a period subsequent
      to
      the related Prepayment Period), (iii) Liquidation Proceeds, Insurance Proceeds
      and Subsequent Recoveries received in respect of the Mortgage Loans after the
      related Prepayment Period, (iv) amounts reimbursable or payable to the
      Depositor, the Servicers, the Trustee, the Master Servicer, the Securities
      Administrator or the Custodians pursuant to Section 3.09 or 9.05 of this
      Agreement or otherwise payable in respect of Extraordinary Trust Fund Expenses
      or reimbursable or payable to the Interim Servicers under the Interim Servicing
      Agreements, (v) the Credit Risk Management Fee, (vi) amounts deposited in a
      Custodial Account, Collection Account or the Distribution Account in error,
      (vii) the amount of any Prepayment Charges collected by the Servicers or the
      Interim Servicers in connection with the Principal Prepayment of any of the
      Mortgage Loans and (viii) amounts reimbursable to a successor Servicer
      (including the Master Servicer or the Trustee, as applicable) pursuant to
      Section 8.02 of this Agreement or pursuant to the Interim Servicing
      Agreements.

     

    “Balloon
      Mortgage Loan”: A Mortgage Loan that provides for the payment of the unamortized
      principal balance of such Mortgage Loan in a single payment, that is
      substantially greater than the preceding monthly payment at the maturity of
      such
      Mortgage Loan.

     

    “Balloon
      Payment”: A payment of the unamortized principal balance of a Mortgage Loan in a
      single payment, that is substantially greater than the preceding Monthly Payment
      at the maturity of such Mortgage Loan.

     

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

     

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

     

    “Book-Entry
      Custodian”: The custodian appointed pursuant to Section 6.01.

     

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

     

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

     

    “Certificate”:
      Any one of ACE Securities Corp., Asset Backed Pass-Through Certificates, Series
      2006-HE1, Class A-1A, Class A-1B1, Class A-1B2, Class A-2A, Class A-2B, Class
      A-2C, Class A-2D, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class
      M-6, Class M-7, Class M-8, Class M-9, Class M-10, Class P, Class CE-1, Class
      CE-2 and Class R Certificates issued under this Agreement. 

     

    “Certificate
      Factor”: With respect to any Class of Certificates (other than the Residual
      Certificates) as of any Distribution Date, a fraction, expressed as a decimal
      carried to six places, the numerator of which is the aggregate Certificate
      Principal Balance (or Notional Amount, in the case of the Class CE-1
      Certificates and Class CE-2 Certificates) of such Class of Certificates on
      such
      Distribution Date (after giving effect to any distributions of principal and
      allocations of Realized Losses resulting in reduction of the Certificate
      Principal Balance (or Notional Amount, in the case of the Class CE-1
      Certificates and Class CE-2 Certificates) of such Class of Certificates to
      be
      made on such Distribution Date), and the denominator of which is the initial
      aggregate Certificate Principal Balance (or Notional Amount, in the case of
      the
      Class CE-1 Certificates and Class CE-2 Certificates) of such Class of
      Certificates as of the Closing Date.

     

    “Certificate
      Margin”:
      With
      respect to the Class A-1A Certificates and, for purposes of the definition
      of
“Marker Rate”, REMIC II Regular Interest A-1A, 0.20% in the case of each
      Distribution Date through and including the Optional Termination Date and 0.40%
      in the case of each Distribution Date thereafter.

     

    With
      respect to the Class A-1B1 Certificates and, for purposes of the definition
      of
“Marker Rate”, REMIC II Regular Interest A-1B1, 0.19% in the case of each
      Distribution Date through and including the Optional Termination Date and 0.38%
      in the case of each Distribution Date thereafter.

     

    With
      respect to the Class A-1B2 Certificates and, for purposes of the definition
      of
“Marker Rate”, REMIC II Regular Interest A-1B2, 0.19% in the case of each
      Distribution Date through and including the Optional Termination Date and 0.38%
      in the case of each Distribution Date thereafter.

     

    With
      respect to the Class A-2A Certificates and, for purposes of the definition
      of
“Marker Rate”, REMIC II Regular Interest A-2A, 0.08% in the case of each
      Distribution Date through and including the Optional Termination Date and 0.16%
      in the case of each Distribution Date thereafter.

     

    With
      respect to the Class A-2B Certificates and, for purposes of the definition
      of
“Marker Rate”, REMIC II Regular Interest A-2B, 0.13% in the case of each
      Distribution Date through and including the Optional Termination Date and 0.26%
      in the case of each Distribution Date thereafter.

     

    With
      respect to the Class A-2C Certificates and, for purposes of the definition
      of
“Marker Rate”, REMIC II Regular Interest A-2C, 0.19% in the case of each
      Distribution Date through and including the Optional Termination Date and 0.38%
      in the case of each Distribution Date thereafter.

     

    With
      respect to the Class A-2D Certificates and, for purposes of the definition
      of
“Marker Rate”, REMIC II Regular Interest A-2D, 0.30% in the case of each
      Distribution Date through and including the Optional Termination Date and 0.60%
      in the case of each Distribution Date thereafter.

     

    With
      respect to the Class M-1 Certificates and, for purposes of the definition of
      “Marker Rate”, REMIC II Regular Interest M-1, 0.39% in the case of each
      Distribution Date through and including the Optional Termination Date and 0.585%
      in the case of each Distribution Date thereafter.

     

    With
      respect to the Class M-2 Certificates and, for purposes of the definition of
      “Marker Rate”, REMIC II Regular Interest M-2, 0.40% in the case of each
      Distribution Date through and including the Optional Termination Date and 0.60%
      in the case of each Distribution Date thereafter.

     

    With
      respect to the Class M-3 Certificates and, for purposes of the definition of
      “Marker Rate”, REMIC II Regular Interest M-3, 0.42% in the case of each
      Distribution Date through and including the Optional Termination Date and 0.63%
      in the case of each Distribution Date thereafter.

     

    With
      respect to the Class M-4 Certificates and, for purposes of the definition of
      “Marker Rate”, REMIC II Regular Interest M-4, 0.530% in the case of each
      Distribution Date through and including the Optional Termination Date and 0.795%
      in the case of each Distribution Date thereafter.

     

    With
      respect to the Class M-5 Certificates and, for purposes of the definition of
      “Marker Rate”, REMIC II Regular Interest M-5, 0.56% in the case of each
      Distribution Date through and including the Optional Termination Date and 0.84%
      in the case of each Distribution Date thereafter.

     

    With
      respect to the Class M-6 Certificates and, for purposes of the definition of
      “Marker Rate”, REMIC II Regular Interest M-6, 0.670% in the case of each
      Distribution Date through and including the Optional Termination Date and 1.005%
      in the case of each Distribution Date thereafter.

     

    With
      respect to the Class M-7 Certificates and, for purposes of the definition of
      “Marker Rate”, REMIC II Regular Interest M-7, 1.33% in the case of each
      Distribution Date through and including the Optional Termination Date and 1.83%
      in the case of each Distribution Date thereafter.

     

    With
      respect to the Class M-8 Certificates and, for purposes of the definition of
      “Marker Rate”, REMIC II Regular Interest M-8, 1.57% in the case of each
      Distribution Date through and including the Optional Termination Date and 2.07%
      in the case of each Distribution Date thereafter.

     

    With
      respect to the Class M-9 Certificates and, for purposes of the definition of
      “Marker Rate”, REMIC II Regular Interest M-9, 2.45% in the case of each
      Distribution Date through and including the Optional Termination Date and 2.95%
      in the case of each Distribution Date thereafter.

     

    With
      respect to the Class M-10 Certificates and, for purposes of the definition
      of
“Marker Rate”, REMIC II Regular Interest M-10, 3.00% in the case of each
      Distribution Date through and including the Optional Termination Date and 3.50%
      in the case of each Distribution Date thereafter.

     

    “Certificateholder”
      or “Holder”: The Person in whose name a Certificate is registered in the
      Certificate Register, except that a Disqualified Organization or a Non-United
      States Person shall not be a Holder of a Residual Certificate for any purposes
      hereof, and solely for the purposes of giving any consent pursuant to this
      Agreement, any Certificate registered in the name of or beneficially owned
      by
      the Depositor, the Sponsor, a Servicer, the Master Servicer, the Securities
      Administrator, the Trustee or any Affiliate thereof shall be deemed not to
      be
      outstanding and the Voting Rights to which it is entitled shall not be taken
      into account in determining whether the requisite percentage of Voting Rights
      necessary to effect any such consent has been obtained, except as otherwise
      provided in Section 12.01 of this Agreement. The Trustee and the Securities
      Administrator may conclusively rely upon a certificate of the Depositor, the
      Sponsor, the Master Servicer, the Securities Administrator or a Servicer in
      determining whether a Certificate is held by an Affiliate thereof. All
      references herein to “Holders” or “Certificateholders” shall reflect the rights
      of Certificate Owners as they may indirectly exercise such rights through the
      Depository and participating members thereof, except as otherwise specified
      herein; provided, however, that the Trustee and the Securities Administrator
      shall be required to recognize as a “Holder” or “Certificateholder” only the
      Person in whose name a Certificate is registered in the Certificate
      Register.

     

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

     

    “Certificate
      Principal Balance”: With respect to each Class A Certificate, Mezzanine
      Certificate or Class P Certificate as of any date of determination, the
      Certificate Principal Balance of such Certificate on the Distribution Date
      immediately prior to such date of determination plus any Subsequent Recoveries
      added to the Certificate Principal Balance of such Certificate pursuant to
      Section 5.04 of this Agreement, minus (i) all distributions allocable to
      principal made thereon; provided, however, that solely for purposes of
      determining the Insurer’s rights as subrogee to the Holders of the Insured
      Certificates, the Certificate Principal Balance of any Insured Certificate
      shall
      be deemed not to be reduced by any principal amounts paid to the Holder thereof
      from payments made by the Insurer under the Policy, unless such amounts have
      been reimbursed to the Insurer pursuant to Section 5.01(c)(2), (3), (4), (6)
      and
      (7) and (ii) Realized Losses allocated thereto, if any, on such immediately
      prior Distribution Date (or, in the case of any date of determination up to
      and
      including the first Distribution Date, the initial Certificate Principal Balance
      of such Certificate, as stated on the face thereof). With respect to each Class
      CE-1 Certificate as of any date of determination, an amount equal to the
      Percentage Interest evidenced by such Certificate times the excess, if any,
      of
      (A) the then aggregate Uncertificated Balances of the REMIC II Regular Interests
      over (B) the then aggregate Certificate Principal Balances of the Class A
      Certificates, the Mezzanine Certificates and the Class P Certificates then
      outstanding. The aggregate initial Certificate Principal Balance of each Class
      of Regular Certificates is set forth in the Preliminary Statement
      hereto.

     

    “Certificate
      Register”: The register maintained pursuant to Section 6.02 of this
      Agreement.

     

    “Certification
      Parties”: Has the meaning set forth in Section 3.19 of this
      Agreement.

     

    “Certifying
      Person”: Has the meaning set forth in Section 3.19 of this
      Agreement.

     

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

     

    “Class
      A
      Certificate”: Any Class A-1A, Class A-1B1, Class A-1B2, Class A-2A, Class A-2B,
      Class A-2C or Class A-2D Certificate.

     

    “Class
      A
      Principal Distribution Amount”: The Class A Principal Distribution Amount is an
      amount equal to the sum of: (i) the Class A-1A Principal Distribution Amount,
      (ii) the Class A-1B Principal Distribution Amount and (iii) the Class A-2
      Principal Distribution Amount.

     

    “Class
      A-1A Allocation Percentage”: With respect to any Distribution Date is the
      percentage equivalent of a fraction, the numerator of which is (x) the Group
      IA
      Principal Remittance Amount for such Distribution Date and the denominator
      of
      which is (y) the Principal Remittance Amount for such Distribution
      Date.

     

    “Class
      A-1A Certificate”: Any one of the Class A-1A Certificates executed and
      authenticated by the Securities Administrator and delivered by the Trustee,
      substantially in the form annexed hereto as Exhibit A-1 and evidencing a Regular
      Interest in REMIC III for purposes of the REMIC Provisions.

     

    “Class
      A-1A Principal Distribution Amount”: With respect to any Distribution Date on or
      after the Stepdown Date and on which a Trigger Event is not in effect, the
      excess of (x) the Certificate Principal Balance of the Class A-1A Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) 52.30% and (ii) the aggregate Stated Principal Balance of the
      Group IA Mortgage Loans as of the last day of the related Due Period (after
      giving effect to scheduled payments of principal due during the related Due
      Period, to the extent received or advanced and unscheduled collections of
      principal received during the related Prepayment Period) and (B) the aggregate
      Stated Principal Balance of the Group IA Mortgage Loans as of the last day
      of
      the related Due Period (after giving effect to scheduled payments of principal
      due during the related Due Period, to the extent received or advanced and
      unscheduled collections of principal received during the related Prepayment
      Period) minus the product of (i) 0.50% and (ii) the aggregate principal balance
      of the Group IA Mortgage Loans as of the Cut-off Date.

     

    “Class
      A-1B Allocation Percentage”: With respect to any Distribution Date is the
      percentage equivalent of a fraction, the numerator of which is (x) the Group
      IB
      Principal Remittance Amount for such Distribution Date and the denominator
      of
      which is (y) the Principal Remittance Amount for such Distribution
      Date.

     

    “Class
      A-1B Principal Distribution Amount”: With respect to any Distribution Date on or
      after the Stepdown Date and on which a Trigger Event is not in effect, the
      excess of (x) the sum of the Certificate Principal Balances of the Class A-1B1
      Certificates and Class A-1B2 Certificates immediately prior to such Distribution
      Date over (y) the lesser of (A) the product of (i) 52.30% and (ii) the aggregate
      Stated Principal Balance of the Group IB Mortgage Loans as of the last day
      of
      the related Due Period (after giving effect to scheduled payments of principal
      due during the related Due Period, to the extent received or advanced and
      unscheduled collections of principal received during the related Prepayment
      Period) and (B) the aggregate Stated Principal Balance of the Group IB Mortgage
      Loans as of the last day of the related Due Period (after giving effect to
      scheduled payments of principal due during the related Due Period, to the extent
      received or advanced and unscheduled collections of principal received during
      the related Prepayment Period) minus the product of (i) 0.50% and (ii) the
      aggregate principal balance of the Group IB Mortgage Loans as of the Cut-off
      Date.

     

    “Class
      A-1B1 Certificate”: Any one of the Class A-1B1 Certificates executed and
      authenticated by the Securities Administrator and delivered by the Trustee,
      substantially in the form annexed hereto as Exhibit A-1 and evidencing a Regular
      Interest in REMIC III for purposes of the REMIC Provisions.

     

    “Class
      A-1B2 Certificate”: Any one of the Class A-1B2 Certificates executed and
      authenticated by the Securities Administrator and delivered by the Trustee,
      substantially in the form annexed hereto as Exhibit A-1 and evidencing a Regular
      Interest in REMIC III for purposes of the REMIC Provisions.

     

    “Class
      A-2 Allocation Percentage”: With respect to any Distribution Date is the
      percentage equivalent of a fraction, the numerator of which is (x) the Group
      II
      Principal Remittance Amount for such Distribution Date and the denominator
      of
      which is (y) the Principal Remittance Amount for such Distribution
      Date.

     

    “Class
      A-2 Certificate”: Any Class A-2A, Class A-2B, Class A-2C or Class A-2D
      Certificate.

     

    “Class
      A-2 Principal Distribution Amount”: With respect to any Distribution Date on or
      after the Stepdown Date and on which a Trigger Event is not in effect, the
      excess of (x) the sum of the Certificate Principal Balances of the Class A-2A,
      Class A-2B, Class A-2C and Class A-2D Certificates immediately prior to such
      Distribution Date over (y) the lesser of (A) the product of (i) 52.30% and
      (ii)
      the aggregate Stated Principal Balance of the Group II Mortgage Loans as of
      the
      last day of the related Due Period (after giving effect to scheduled payments
      of
      principal due during the related Due Period, to the extent received or advanced
      and unscheduled collections of principal received during the related Prepayment
      Period) and (B) the aggregate Stated Principal Balance of the Group II Mortgage
      Loans as of the last day of the related Due Period (after giving effect to
      scheduled payments of principal due during the related Due Period, to the extent
      received or advanced and unscheduled collections of principal received during
      the related Prepayment Period) minus the product of (i) 0.50% and (ii) the
      aggregate principal balance of the Mortgage Loans as of the Cut-off
      Date.

     

    “Class
      A-2A Certificate”: Any one of the Class A-2A Certificates executed and
      authenticated by the Securities Administrator and delivered by the Trustee,
      substantially in the form annexed hereto as Exhibit A-1 and evidencing a Regular
      Interest in REMIC III for purposes of the REMIC Provisions.

     

    “Class
      A-2B Certificate”: Any one of the Class A-2B Certificates executed and
      authenticated by the Securities Administrator and delivered by the Trustee,
      substantially in the form annexed hereto as Exhibit A-1 and evidencing a Regular
      Interest in REMIC III for purposes of the REMIC Provisions.

     

    “Class
      A-2C Certificate”: Any one of the Class A-2C Certificates executed and
      authenticated by the Securities Administrator and delivered by the Trustee,
      substantially in the form annexed hereto as Exhibit A-1 and evidencing a Regular
      Interest in REMIC III for purposes of the REMIC Provisions.

     

    “Class
      A-2D Certificate”: Any one of the Class A-2D Certificates executed and
      authenticated by the Securities Administrator and delivered by the Trustee,
      substantially in the form annexed hereto as Exhibit A-1 and evidencing a Regular
      Interest in REMIC III for purposes of the REMIC Provisions.

     

    “Class
      CE-1 Certificate”: Any one of the Class CE-1 Certificates executed and
      authenticated by the Securities Administrator and delivered by the Trustee,
      substantially in the form annexed hereto as Exhibit A-3 and evidencing a Regular
      Interest in REMIC III for purposes of the REMIC Provisions.

     

    “Class
      CE-2 Certificate”: Any one of the Class CE-2 Certificates executed and
      authenticated by the Securities Administrator and delivered by the Trustee,
      substantially in the form annexed hereto as Exhibit A-3 and evidencing a Regular
      Interest in REMIC III for purposes of the REMIC Provisions.

     

    “Class
      IO
      Distribution Amount”: As defined in Section 5.07(e) hereof. For
      purposes of clarity, the Class IO Distribution Amount for any Distribution
      Date
      shall equal the amount payable to the Supplemental Interest Trust on such
      Distribution Date in excess of the amount payable on the Class IO Interest
      on
      such Distribution Date, all as further provided in Section 5.07(e)
      hereof.

     

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

     

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

     

    “Class
      M-1 Certificate”: Any one of the Class M-1 Certificates executed and
      authenticated by the Securities Administrator and delivered by the Trustee,
      substantially in the form annexed hereto as Exhibit A-2 and evidencing a Regular
      Interest in REMIC III for purposes of the REMIC Provisions.

     

    “Class
      M-1 Principal Distribution Amount”: With respect to any Distribution Date on or
      after the Stepdown Date and on which a Trigger Event is not in effect, the
      excess of (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Class A Certificates (after taking into account the payment of the Class A
      Principal Distribution Amount on such Distribution Date) and (ii) the
      Certificate Principal Balance of the Class M-1 Certificates immediately prior
      to
      such Distribution Date over (y) the lesser of (A) the product of (i) 60.30%
      and
      (ii) the aggregate Stated Principal Balance of the Mortgage Loans as of the
      last
      day of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced
      and unscheduled collections of principal received during the related Prepayment
      Period) and (B) the aggregate Stated Principal Balance of the Mortgage Loans
      as
      of the last day of the related Due Period (after giving effect to scheduled
      payments of principal due during the related Due Period, to the extent received
      or advanced and unscheduled collections of principal received during the related
      Prepayment Period) minus the product of (i) 0.50% and (ii) the aggregate
      principal balance of the Mortgage Loans as of the Cut-off Date.

     

    “Class
      M-2 Certificate”: Any one of the Class M-2 Certificates executed and
      authenticated by the Securities Administrator and delivered by the Trustee,
      substantially in the form annexed hereto as Exhibit A-2 and evidencing a Regular
      Interest in REMIC III for purposes of the REMIC Provisions.

     

    “Class
      M-2 Principal Distribution Amount”: With respect to any Distribution Date on or
      after the Stepdown Date and on which a Trigger Event is not in effect, the
      excess of (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Class A Certificates (after taking into account the payment of the Class A
      Principal Distribution Amount on such Distribution Date), (ii) the Certificate
      Principal Balance of the Class M-1 Certificates (after taking into account
      the
      payment of the Class M-1 Principal Distribution Amount on such Distribution
      Date) and (iii) the Certificate Principal Balance of the Class M-2 Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) 67.60% and (ii) the aggregate Stated Principal Balance of the
      Mortgage Loans as of the last day of the related Due Period (after giving effect
      to scheduled payments of principal due during the related Due Period, to the
      extent received or advanced and unscheduled collections of principal received
      during the related Prepayment Period) and (B) the aggregate Stated Principal
      Balance of the Mortgage Loans as of the last day of the related Due Period
      (after giving effect to scheduled payments of principal due during the related
      Due Period, to the extent received or advanced and unscheduled collections
      of
      principal received during the related Prepayment Period) minus the product
      of
      (i) 0.50% and (ii) the aggregate principal balance of the Mortgage Loans as
      of
      the Cut-off Date.

     

    “Class
      M-3 Certificate”: Any one of the Class M-3 Certificates executed and
      authenticated by the Securities Administrator and delivered by the Trustee,
      substantially in the form annexed hereto as Exhibit A-2 and evidencing a Regular
      Interest in REMIC III for purposes of the REMIC Provisions.

     

    “Class
      M-3 Principal Distribution Amount”: With respect to any Distribution Date on or
      after the Stepdown Date and on which a Trigger Event is not in effect, the
      excess of (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Class A Certificates (after taking into account the payment of the Class A
      Principal Distribution Amount on such Distribution Date), (ii) the Certificate
      Principal Balance of the Class M-1 Certificates (after taking into account
      the
      payment of the Class M-1 Principal Distribution Amount on such Distribution
      Date), (iii) the Certificate Principal Balance of the Class M-2 Certificates
      (after taking into account the payment of the Class M-2 Principal Distribution
      Amount on such Distribution Date) and (iv) the Certificate Principal Balance
      of
      the Class M-3 Certificates immediately prior to such Distribution Date over
      (y)
      the lesser of (A) the product of (i) 72.10% and (ii) the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced and unscheduled
      collections of principal received during the related Prepayment Period) and
      (B)
      the aggregate Stated Principal Balance of the Mortgage Loans as of the last
      day
      of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced
      and unscheduled collections of principal received during the related Prepayment
      Period) minus the product of (i) 0.50% and (ii) the aggregate principal balance
      of the Mortgage Loans as of the Cut-off Date.

     

    “Class
      M-4 Certificate”: Any one of the Class M-4 Certificates executed and
      authenticated by the Securities Administrator and delivered by the Trustee,
      substantially in the form annexed hereto as Exhibit A-2 and evidencing a Regular
      Interest in REMIC III for purposes of the REMIC Provisions.

     

    “Class
      M-4 Principal Distribution Amount”: With respect to any Distribution Date on or
      after the Stepdown Date and on which a Trigger Event is not in effect, the
      excess of (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Class A Certificates (after taking into account the payment of the Class A
      Principal Distribution Amount on such Distribution Date), (ii) the Certificate
      Principal Balance of the Class M-1 Certificates (after taking into account
      the
      payment of the Class M-1 Principal Distribution Amount on such Distribution
      Date), (iii) the Certificate Principal Balance of the Class M-2 Certificates
      (after taking into account the payment of the Class M-2 Principal Distribution
      Amount on such Distribution Date), (iv) the Certificate Principal Balance of
      the
      Class M-3 Certificates (after taking into account the payment of the Class
      M-3
      Principal Distribution Amount on such Distribution Date) and (v) the Certificate
      Principal Balance of the Class M-4 Certificates immediately prior to such
      Distribution Date over (y) the lesser of (A) the product of (i) 75.90% and
      (ii)
      the aggregate Stated Principal Balance of the Mortgage Loans as of the last
      day
      of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced
      and unscheduled collections of principal received during the related Prepayment
      Period) and (B) the aggregate Stated Principal Balance of the Mortgage Loans
      as
      of the last day of the related Due Period (after giving effect to scheduled
      payments of principal due during the related Due Period, to the extent received
      or advanced and unscheduled collections of principal received during the related
      Prepayment Period) minus the product of (i) 0.50% and (ii) the aggregate
      principal balance of the Mortgage Loans as of the Cut-off Date.

     

    “Class
      M-5 Certificate”: Any one of the Class M-5 Certificates executed and
      authenticated by the Securities Administrator and delivered by the Trustee,
      substantially in the form annexed hereto as Exhibit A-2 and evidencing a Regular
      Interest in REMIC III for purposes of the REMIC Provisions.

     

    “Class
      M-5 Principal Distribution Amount”: With respect to any Distribution Date on or
      after the Stepdown Date and on which a Trigger Event is not in effect, the
      excess of (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Class A Certificates (after taking into account the payment of the Class A
      Principal Distribution Amount on such Distribution Date), (ii) the Certificate
      Principal Balance of the Class M-1 Certificates (after taking into account
      the
      payment of the Class M-1 Principal Distribution Amount on such Distribution
      Date), (iii) the Certificate Principal Balance of the Class M-2 Certificates
      (after taking into account the payment of the Class M-2 Principal Distribution
      Amount on such Distribution Date), (iv) the Certificate Principal Balance of
      the
      Class M-3 Certificates (after taking into account the payment of the Class
      M-3
      Principal Distribution Amount on such Distribution Date), (v) the Certificate
      Principal Balance of the Class M-4 Certificates (after taking into account
      the
      payment of the Class M-4 Principal Distribution Amount on such Distribution
      Date) and (vi) the Certificate Principal Balance of the Class M-5 Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) 79.50% and (ii) the aggregate Stated Principal Balance of the
      Mortgage Loans as of the last day of the related Due Period (after giving effect
      to scheduled payments of principal due during the related Due Period, to the
      extent received or advanced and unscheduled collections of principal received
      during the related Prepayment Period) and (B) the aggregate Stated Principal
      Balance of the Mortgage Loans as of the last day of the related Due Period
      (after giving effect to scheduled payments of principal due during the related
      Due Period, to the extent received or advanced and unscheduled collections
      of
      principal received during the related Prepayment Period) minus the product
      of
      (i) 0.50% and (ii) the aggregate principal balance of the Mortgage Loans as
      of
      the Cut-off Date.

     

    “Class
      M-6 Certificate”: Any one of the Class M-6 Certificates executed and
      authenticated by the Securities Administrator and delivered by the Trustee,
      substantially in the form annexed hereto as Exhibit A-2 and evidencing a Regular
      Interest in REMIC III for purposes of the REMIC Provisions.

     

    “Class
      M-6 Principal Distribution Amount”: With respect to any Distribution Date on or
      after the Stepdown Date and on which a Trigger Event is not in effect, the
      excess of (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Class A Certificates (after taking into account the payment of the Class A
      Principal Distribution Amount on such Distribution Date), (ii) the Certificate
      Principal Balance of the Class M-1 Certificates (after taking into account
      the
      payment of the Class M-1 Principal Distribution Amount on such Distribution
      Date), (iii) the Certificate Principal Balance of the Class M-2 Certificates
      (after taking into account the payment of the Class M-2 Principal Distribution
      Amount on such Distribution Date), (iv) the Certificate Principal Balance of the
      Class M-3 Certificates (after taking into account the payment of the Class
      M-3
      Principal Distribution Amount on such Distribution Date), (v) the Certificate
      Principal Balance of the Class M-4 Certificates (after taking into account
      the
      payment of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (vi) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the payment of the Class M-5 Principal Distribution
      Amount on such Distribution Date) and (vii) the Certificate Principal Balance
      of
      the Class M-6 Certificates immediately prior to such Distribution Date over
      (y)
      the lesser of (A) the product of (i) 82.80% and (ii) the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced and unscheduled
      collections of principal received during the related Prepayment Period) and
      (B)
      the aggregate Stated Principal Balance of the Mortgage Loans as of the last
      day
      of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced
      and unscheduled collections of principal received during the related Prepayment
      Period) minus the product of (i) 0.50% and (ii) the aggregate principal balance
      of the Mortgage Loans as of the Cut-off Date.

     

    “Class
      M-7 Certificate”: Any one of the Class M-7 Certificates executed and
      authenticated by the Securities Administrator and delivered by the Trustee,
      substantially in the form annexed hereto as Exhibit A-2 and evidencing a Regular
      Interest in REMIC III for purposes of the REMIC Provisions.

     

    “Class
      M-7 Principal Distribution Amount”: With respect to any Distribution Date on or
      after the Stepdown Date and on which a Trigger Event is not in effect, the
      excess of (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Class A Certificates (after taking into account the payment of the Class A
      Principal Distribution Amount on such Distribution Date), (ii) the Certificate
      Principal Balance of the Class M-1 Certificates (after taking into account
      the
      payment of the Class M-1 Principal Distribution Amount on such Distribution
      Date), (iii) the Certificate Principal Balance of the Class M-2 Certificates
      (after taking into account the payment of the Class M-2 Principal Distribution
      Amount on such Distribution Date), (iv) the Certificate Principal Balance of
      the
      Class M-3 Certificates (after taking into account the payment of the Class
      M-3
      Principal Distribution Amount on such Distribution Date), (v) the Certificate
      Principal Balance of the Class M-4 Certificates (after taking into account
      the
      payment of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (vi) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the payment of the Class M-5 Principal Distribution
      Amount on such Distribution Date), (vii) the Certificate Principal Balance
      of
      the Class M-6 Certificates (after taking into account the payment of the Class
      M-6 Principal Distribution Amount on such Distribution Date) and (viii) the
      Certificate Principal Balance of the Class M-7 Certificates immediately prior
      to
      such Distribution Date over (y) the lesser of (A) the product of (i) 86.00%
      and
      (ii) the aggregate Stated Principal Balance of the Mortgage Loans as of the
      last
      day of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced
      and unscheduled collections of principal received during the related Prepayment
      Period) and (B) the aggregate Stated Principal Balance of the Mortgage Loans
      as
      of the last day of the related Due Period (after giving effect to scheduled
      payments of principal due during the related Due Period, to the extent received
      or advanced and unscheduled collections of principal received during the related
      Prepayment Period) minus the product of (i) 0.50% and (ii) the aggregate
      principal balance of the Mortgage Loans as of the Cut-off Date.

     

    “Class
      M-8 Certificate”: Any one of the Class M-8 Certificates executed and
      authenticated by the Securities Administrator and delivered by the Trustee,
      substantially in the form annexed hereto as Exhibit A-2 and evidencing a Regular
      Interest in REMIC III for purposes of the REMIC Provisions.

     

    “Class
      M-8 Principal Distribution Amount”: With respect to any Distribution Date on or
      after the Stepdown Date and on which a Trigger Event is not in effect, the
      excess of (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Class A Certificates (after taking into account the payment of the Class A
      Principal Distribution Amount on such Distribution Date), (ii) the Certificate
      Principal Balance of the Class M-1 Certificates (after taking into account
      the
      payment of the Class M-1 Principal Distribution Amount on such Distribution
      Date), (iii) the Certificate Principal Balance of the Class M-2 Certificates
      (after taking into account the payment of the Class M-2 Principal Distribution
      Amount on such Distribution Date), (iv) the Certificate Principal Balance of
      the
      Class M-3 Certificates (after taking into account the payment of the Class
      M-3
      Principal Distribution Amount on such Distribution Date), (v) the Certificate
      Principal Balance of the Class M-4 Certificates (after taking into account
      the
      payment of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (vi) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the payment of the Class M-5 Principal Distribution
      Amount on such Distribution Date), (vii) the Certificate Principal Balance
      of
      the Class M-6 Certificates (after taking into account the payment of the Class
      M-6 Principal Distribution Amount on such Distribution Date), (viii) the
      Certificate Principal Balance of the Class M-7 Certificates (after taking into
      account the payment of the Class M-7 Principal Distribution Amount on such
      Distribution Date) and (ix) the Certificate Principal Balance of the Class
      M-8
      Certificates immediately prior to such Distribution Date over (y) the lesser
      of
      (A) the product of (i) 88.90% and (ii) the aggregate Stated Principal Balance
      of
      the Mortgage Loans as of the last day of the related Due Period (after giving
      effect to scheduled payments of principal due during the related Due Period,
      to
      the extent received or advanced and unscheduled collections of principal
      received during the related Prepayment Period) and (B) the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced and unscheduled
      collections of principal received during the related Prepayment Period) minus
      the product of (i) 0.50% and (ii) the aggregate principal balance of the
      Mortgage Loans as of the Cut-off Date.

     

    “Class
      M-9 Certificate”: Any one of the Class M-9 Certificates executed and
      authenticated by the Securities Administrator and delivered by the Trustee,
      substantially in the form annexed hereto as Exhibit A-2 and evidencing a Regular
      Interest in REMIC III for purposes of the REMIC Provisions.

     

    “Class
      M-9 Principal Distribution Amount”: With respect to any Distribution Date on or
      after the Stepdown Date and on which a Trigger Event is not in effect, the
      excess of (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Class A Certificates (after taking into account the payment of the Class A
      Principal Distribution Amount on such Distribution Date), (ii) the Certificate
      Principal Balance of the Class M-1 Certificates (after taking into account
      the
      payment of the Class M-1 Principal Distribution Amount on such Distribution
      Date), (iii) the Certificate Principal Balance of the Class M-2 Certificates
      (after taking into account the payment of the Class M-2 Principal Distribution
      Amount on such Distribution Date), (iv) the Certificate Principal Balance of
      the
      Class M-3 Certificates (after taking into account the payment of the Class
      M-3
      Principal Distribution Amount on such Distribution Date), (v) the Certificate
      Principal Balance of the Class M-4 Certificates (after taking into account
      the
      payment of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (vi) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the payment of the Class M-5 Principal Distribution
      Amount on such Distribution Date), (vii) the Certificate Principal Balance
      of
      the Class M-6 Certificates (after taking into account the payment of the Class
      M-6 Principal Distribution Amount on such Distribution Date). (viii) the
      Certificate Principal Balance of the Class M-7 Certificates (after taking into
      account the payment of the Class M-7 Principal Distribution Amount on such
      Distribution Date), (ix) the Certificate Principal Balance of the Class M-8
      Certificates (after taking into account the payment of the Class M-8 Principal
      Distribution Amount on such Distribution Date) and (x) the Certificate Principal
      Balance of the Class M-9 Certificates immediately prior to such Distribution
      Date over (y) the lesser of (A) the product of (i) 91.00% and (ii) the aggregate
      Stated Principal Balance of the Mortgage Loans as of the last day of the related
      Due Period (after giving effect to scheduled payments of principal due during
      the related Due Period, to the extent received or advanced and unscheduled
      collections of principal received during the related Prepayment Period) and
      (B)
      the aggregate Stated Principal Balance of the Mortgage Loans as of the last
      day
      of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced
      and unscheduled collections of principal received during the related Prepayment
      Period) minus the product of (i) 0.50% and (ii) the aggregate principal balance
      of the Mortgage Loans as of the Cut-off Date.

     

    “Class
      M-10 Certificate”: Any one of the Class M-10 Certificates executed and
      authenticated by the Securities Administrator and delivered by the Trustee,
      substantially in the form annexed hereto as Exhibit A-2 and evidencing a Regular
      Interest in REMIC III for purposes of the REMIC Provisions.

     

    “Class
      M-10 Principal Distribution Amount”: With respect to any Distribution Date on or
      after the Stepdown Date and on which a Trigger Event is not in effect, the
      excess of (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Class A Certificates (after taking into account the payment of the Class A
      Principal Distribution Amount on such Distribution Date), (ii) the Certificate
      Principal Balance of the Class M-1 Certificates (after taking into account
      the
      payment of the Class M-1 Principal Distribution Amount on such Distribution
      Date), (iii) the Certificate Principal Balance of the Class M-2 Certificates
      (after taking into account the payment of the Class M-2 Principal Distribution
      Amount on such Distribution Date), (iv) the Certificate Principal Balance of
      the
      Class M-3 Certificates (after taking into account the payment of the Class
      M-3
      Principal Distribution Amount on such Distribution Date), (v) the Certificate
      Principal Balance of the Class M-4 Certificates (after taking into account
      the
      payment of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (vi) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the payment of the Class M-5 Principal Distribution
      Amount on such Distribution Date), (vii) the Certificate Principal Balance
      of
      the Class M-6 Certificates (after taking into account the payment of the Class
      M-6 Principal Distribution Amount on such Distribution Date). (viii) the
      Certificate Principal Balance of the Class M-7 Certificates (after taking into
      account the payment of the Class M-7 Principal Distribution Amount on such
      Distribution Date), (ix) the Certificate Principal Balance of the Class M-8
      Certificates (after taking into account the payment of the Class M-8 Principal
      Distribution Amount on such Distribution Date), (x) the Certificate Principal
      Balance of the Class M-9 Certificates (after taking into account the payment
      of
      the Class M-9 Principal Distribution Amount on such Distribution Date) and
      (xi)
      the Certificate Principal Balance of the Class M-10 Certificates immediately
      prior to such Distribution Date over (y) the lesser of (A) the product of (i)
      93.50% and (ii) the aggregate Stated Principal Balance of the Mortgage Loans
      as
      of the last day of the related Due Period (after giving effect to scheduled
      payments of principal due during the related Due Period, to the extent received
      or advanced and unscheduled collections of principal received during the related
      Prepayment Period) and (B) the aggregate Stated Principal Balance of the
      Mortgage Loans as of the last day of the related Due Period (after giving effect
      to scheduled payments of principal due during the related Due Period, to the
      extent received or advanced and unscheduled collections of principal received
      during the related Prepayment Period) minus the product of (i) 0.50% and (ii)
      the aggregate principal balance of the Mortgage Loans as of the Cut-off
      Date.

     

    “Class
      P
      Certificate”: Any one of the Class P Certificates executed and authenticated by
      the Securities Administrator and delivered by the Trustee, substantially in
      the
      form annexed hereto as Exhibit A-4 and evidencing a Regular Interest in REMIC
      III for purposes of the REMIC Provisions.

     

    “Class
      R
      Certificates”: Any one of the Class R Certificates executed and authenticated by
      the Securities Administrator and delivered by the Trustee, substantially in
      the
      form annexed hereto as Exhibit A-5, and evidencing the Class R-I Interest,
      the
      Class R-II Interest and the Class R-III Interest.

     

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

     

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

     

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

     

    “Closing
      Date”: February 28, 2006.

     

    “Code”:
      The Internal Revenue Code of 1986 as amended from time to time.

     

    “Collection
      Account”: The separate account or accounts created and maintained, or caused to
      be created and maintained, by each Servicer pursuant to Section 3.08(a) of
      this Agreement for the benefit of the Certificateholders and the Insurer, which
      shall be entitled “Wells Fargo Bank, National Association, as a Servicer for
      HSBC Bank USA, National Association as Trustee, in trust for the registered
      Holders of ACE Securities Corp., Home Equity Loan Trust, Series 2006-HE1, Asset
      Backed Pass-Through Certificates” and “Ocwen Loan Servicing, LLC, as a Servicer
      for HSBC Bank USA, National Association as Trustee, in trust for the registered
      holders of ACE Securities Corp., Home Equity Loan Trust, Series 2006-HE1, Asset
      Backed Pass-Through Certificates”. The Collection Accounts must be Eligible
      Accounts.

     

    “Commission”:
      The Securities and Exchange Commission.

     

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

     

    “Corporate
      Trust Office”: The principal corporate trust office of the Trustee or the
      Securities Administrator, as the case may be, at which, at any particular time,
      its corporate trust business in connection with this Agreement shall be
      administered, which office at the date of the execution of this instrument
      is
      located at (i) with respect to the Trustee, HSBC Bank USA, National Association,
      452 Fifth Avenue, New York, New York 10018, Attention: ACE Securities Corp.,
      2006-HE1, or at such other address as the Trustee may designate from time to
      time by notice to the Certificateholders, the Depositor, the Master Servicer,
      the Securities Administrator and the Servicers and (ii) with respect to the
      Securities Administrator, (A) for purposes of Certificate transfers and
      surrender, Wells Fargo Bank, National Association, Sixth Street and Marquette
      Avenue, Minneapolis, Minnesota 55479, Attention: Corporate Trust (ACE 2006-HE1),
      and (B) for all other purposes, Wells Fargo Bank, National Association, P.O.
      Box
      98, Columbia, Maryland 21046, Attention: Corporate Trust (ACE 2006-HE1) (or
      for
      overnight deliveries, at 9062 Old Annapolis Road, Columbia, Maryland 21045,
      Attention: Corporate Trust (ACE 2006-HE1)), or at such other address as the
      Securities Administrator may designate from time to time by notice to the
      Certificateholders, the Depositor, the Master Servicer, the Servicer and the
      Trustee.

     

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

     

    
      	
              REMIC
                II Regular Interest

            	
              Class

            
	
              REMIC
                II Regular Interest A-1A

            	
              A-1A

            
	
              REMIC
                II Regular Interest A-1B1

            	
              A-1B1

            
	
              REMIC
                II Regular Interest A-1B2

            	
              A-1B2

            
	
              REMIC
                II Regular Interest A-2A

            	
              A-2A

            
	
              REMIC
                II Regular Interest A-2B

            	
              A-2B

            
	
              REMIC
                II Regular Interest A-2C

            	
              A-2C

            
	
              REMIC
                II Regular Interest A-2D

            	
              A-2D

            
	
              REMIC
                II Regular Interest M-1

            	
              M-1

            
	
              REMIC
                II Regular Interest M-2

            	
              M-2

            
	
              REMIC
                II Regular Interest M-3

            	
              M-3

            
	
              REMIC
                II Regular Interest M-4

            	
              M-4

            
	
              REMIC
                II Regular Interest M-5

            	
              M-5

            
	
              REMIC
                II Regular Interest M-6

            	
              M-6

            
	
              REMIC
                II Regular Interest M-7

            	
              M-7

            
	
              REMIC
                II Regular Interest M-8

            	
              M-8

            
	
              REMIC
                II Regular Interest M-9

            	
              M-9

            
	
              REMIC
                II Regular Interest M-10

            	
              M-10

            
	
              REMIC
                II Regular Interest P

            	
              P

            

    

    

    “Credit
      Enhancement Percentage”: For any Distribution Date, the percentage equivalent of
      a fraction, the numerator of which is the sum of the aggregate Certificate
      Principal Balances of the Mezzanine Certificates and the Class CE-1
      Certificates, and the denominator of which is the aggregate Stated Principal
      Balance of the Mortgage Loans, calculated after taking into account
      distributions of principal on the Mortgage Loans and distribution of the
      Principal Distribution Amount to the Certificates then entitled to distributions
      of principal on such Distribution Date.

     

    “Credit
      Risk Management Agreements”: The agreements between the Credit Risk Manager and
      each Servicer and/or Master Servicer, each regarding the loss mitigation and
      advisory services to be provided by the Credit Risk Manager.

     

    “Credit
      Risk Management Fee”: The amount payable to the Credit Risk Manager on each
      Distribution Date as compensation for all services rendered by it in the
      exercise and performance of any and all powers and duties of the Credit Risk
      Manager under the Credit Risk Management Agreements, which amount shall equal
      one twelfth of the product of (i) the Credit Risk Management Fee Rate multiplied
      by (ii) the Stated Principal Balance of the Mortgage Loans and any related
      REO
      Properties as of the first day of the related Due Period.

     

    “Credit
      Risk Management Fee Rate”: 0.0135% per annum.

     

    “Credit
      Risk Manager”: Claxton Fixed Income Services Inc. (formerly known as The
      Murrayhill Company), a Colorado corporation, and its successors and
      assigns.

     

    “Custodial
      Accounts”: The separate accounts maintained by the Interim Servicers pursuant to
      the Interim Servicing Agreements for the benefit of the Certificateholders
      and
      the Insurer.

     

    “Custodial
      Agreement”: Either of the DBNTC Custodial Agreement or the Wells Fargo Custodial
      Agreement, or any other custodial agreement entered into after the date hereof
      with respect to any Mortgage Loan subject to this Agreement.

     

    “Custodian”:
      Either Wells Fargo or DBNTC or any other custodian appointed under any custodial
      agreement entered into after the date of this Agreement.

     

    “Cut-off
      Date”: With respect to each Mortgage Loan, November 1, 2005. With respect to all
      Qualified Substitute Mortgage Loans, their respective dates of substitution.
      References herein to the “Cut-off Date,” when used with respect to more than one
      Mortgage Loan, shall be to the respective Cut-off Dates for such Mortgage
      Loans.

     

    “DBNTC”:
      Deutsche Bank National Trust Company, a national banking association, or its
      successor in interest.

     

    “DBNTC
      Custodial Agreement”: The Custodial Agreement dated as of February 1, 2006,
      among the Trustee, DBNTC and the Servicers, as may be amended or supplemented
      from time to time.

     

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

     

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

     

    “Definitive
      Certificates”: As defined in Section 6.01(b) of this
      Agreement.

     

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

     

    “Delinquency
      Percentage”: As of the last day of the related Due Period, the percentage
      equivalent of a fraction, the numerator of which is the aggregate Stated
      Principal Balance of all Mortgage Loans that, as of the last day of the previous
      calendar month, are sixty (60) or more days delinquent, are in foreclosure,
      have
      been converted to REO Properties or have been discharged by reason of
      bankruptcy, and the denominator of which is the aggregate Stated Principal
      Balance of the Mortgage Loans and REO Properties as of the last day of the
      previous calendar month.

     

    “Depositor”:
      ACE Securities Corp., a Delaware corporation, or its successor in
      interest.

     

    “Depository”:
      The Depository Trust Company, or any successor Depository hereafter named.
      The
      nominee of the initial Depository, for purposes of registering those
      Certificates that are to be Book-Entry Certificates, is Cede & Co. The
      Depository shall at all times be a “clearing corporation” as defined in
      Section 8-102(3) of the Uniform Commercial Code of the State of New York
      and a “clearing agency” registered pursuant to the provisions of
      Section 17A of the Exchange Act.

     

    “Depository
      Institution”: Any depository institution or trust company, including the
      Trustee, that (a) is incorporated under the laws of the United States of America
      or any State thereof, (b) is subject to supervision and examination by federal
      or state banking authorities and (c) has outstanding unsecured commercial paper
      or other short-term unsecured debt obligations (or, in the case of a depository
      institution that is the principal subsidiary of a holding company, such holding
      company has unsecured commercial paper or other short-term unsecured debt
      obligations) that are rated at least A-1+ by S&P, F-1+ by Fitch and P-1 by
      Moody’s (or, if such Rating Agencies are no longer rating the Offered
      Certificates, comparable ratings by any other nationally recognized statistical
      rating agency then rating the Offered Certificates).

     

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

     

    “Determination
      Date”: With respect to each Distribution Date and (i) Wells Fargo, the Business
      Day immediately preceding the related Servicer Remittance Date, (ii) Ocwen,
      the
      15th day of the calendar month in which such Distribution Date occurs, or if
      such 15th day is not a Business Day, the Business Day immediately preceding
      such
      15th day and (iii) the Interim Servicers, as set forth in the Interim Servicing
      Agreements. The Determination Date for purposes of Article X hereof shall mean
      the 15th
      day of
      the month or, if such 15th
      day is
      not a Business Day, the first Business Day following such 15th
      day.

     

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

     

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

     

    “Distribution
      Account”: The separate trust account or accounts created and maintained by the
      Securities Administrator pursuant to Section 3.08(b) of this Agreement in
      the name of the Securities Administrator for the benefit of the
      Certificateholders and the Insurer and designated “Wells Fargo Bank, National
      Association, in trust for registered holders of ACE Securities Corp. Home Equity
      Loan Trust, Series 2006-HE1”. Funds in the Distribution Account shall be held in
      trust for the Certificateholders for the uses and purposes set forth in this
      Agreement. The Distribution Account must be an Eligible Account.

     

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

     

    “Due
      Date”: With respect to each Distribution Date, the day of the month on which the
      Monthly Payment is due on a Mortgage Loan during the related Due Period,
      exclusive of any days of grace.

     

    “Due
      Period”: With respect to any Distribution Date, the period commencing on the
      second day of the month immediately preceding the month in which such
      Distribution Date occurs and ending on the first day of the month in which
      such
      Distribution Date occurs. With respect to any Distribution Date and each Interim
      Servicer, the period as set forth in the related Interim Servicing
      Agreement.

     

    “Eligible
      Account”: Any of (i) an account or accounts maintained with a Depository
      Institution, (ii) an account or accounts the deposits in which are fully insured
      by the FDIC or (iii) a trust account or accounts maintained with a federal
      depository institution or state chartered depository institution acting in
      its
      fiduciary capacity. Eligible Accounts may bear interest.

     

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

     

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

     

    “Excess
      Liquidation Proceeds”: To the extent that such amount is not required by law to
      be paid to the related Mortgagor, the amount, if any, by which Liquidation
      Proceeds with respect to a liquidated Mortgage Loan exceed the sum of (i) the
      outstanding principal balance of such Mortgage Loan and accrued but unpaid
      interest at the related Net Mortgage Rate through the last day of the month
      in
      which the related Liquidation Event occurs, plus (ii) related liquidation
      expenses or other amounts to which the related Servicer or the related Interim
      Servicer is entitled to be reimbursed from Liquidation Proceeds with respect
      to
      such liquidated Mortgage Loan pursuant to Section 3.09 of this Agreement or
      pursuant to the related Interim Servicing Agreement.

     

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

     

    “Extraordinary
      Trust Fund Expense”: Any amounts payable or reimbursable to the Trustee, the
      Master Servicer, the Securities Administrator, the Custodians or any director,
      officer, employee or agent of any such Person from the Trust Fund pursuant
      to
      the terms of this Agreement and any amounts payable from the Distribution
      Account in respect of taxes pursuant to Section 11.01(g)(v) of this
      Agreement.

     

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

     

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

     

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

     

    “Final
      Recovery Determination”: With respect to any defaulted Mortgage Loan or any REO
      Property (other than a Mortgage Loan or REO Property purchased by an originator,
      the Sponsor or the Terminator pursuant to or as contemplated by
      Section 2.03, 3.13(c) or Section 10.01 of this Agreement), a
      determination made by the related Servicer or the related Interim Servicer
      that
      all Insurance Proceeds, Liquidation Proceeds and other payments or recoveries
      which the related Servicer or the related Interim Servicer, in its reasonable
      good faith judgment, expects to be finally recoverable in respect thereof have
      been so recovered, which determination shall be evidenced by a certificate
      of a
      Servicing Officer of the related Servicer or the related Interim Servicer
      delivered to the Master Servicer and maintained in its records.

     

    “Fitch”:
      Fitch Ratings or any successor in interest.

     

    “Form
      8-K
      Disclosure Information”: Has the meaning set forth in Section
      5.06(b).

     

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

     

    “Fremont”:
      Fremont Investment & Loan, and any successor thereto.

     

    “Fremont
      Assignment
      Agreement”:
      The
      Assignment, Assumption and Recognition Agreement, dated as of February 28,
      2006,
      by and among the Sponsor, the Depositor and Fremont evidencing the assignment
      of
      the Fremont Servicing Agreement to the Depositor.

     

    “Fremont
      Mortgage Loans”: The Mortgage Loans being serviced by Fremont from the period
      beginning on the Closing Date and ending on the Servicing Transfer
      Date.

     

    “Fremont
      Servicing Agreement”: The Master Mortgage Loan Purchase and Interim Servicing
      Agreement dated May 1, 2004, as amended by Amendment Number One, dated September
      29, 2004, Amendment Number Two, dated June 1, 2005 and Amendment Number Three,
      dated November 29, 2005, each between the Sponsor and Fremont, as modified
      by
      the Fremont Assignment Agreement.

     

    “GreenPoint”:
      GreenPoint Mortgage Funding, Inc., and any successor thereto.

     

    “GreenPoint
      Assignment Agreement”: The Assignment, Assumption and Recognition Agreement,
      dated as of February 28, 2006, by and among the Sponsor, the Depositor and
      GreenPoint evidencing the assignment of the GreenPoint Servicing Agreement
      to
      the Depositor.

     

    “GreenPoint
      Mortgage Loans”: The Mortgage Loans being serviced by the GreenPoint from the
      period beginning on the Closing Date and ending on the Servicing Transfer
      Date.

     

    “GreenPoint
      Servicing Agreement”: The Amended and Restated Master Mortgage Loan Purchase and
      Servicing Agreement, dated as of January 1, 2005, as amended by Amendment Number
      One, dated as of April 8, 2005, Amendment Number Two, dated as of June 30,
      2005
      and Amendment Number Three, dated as of October 7, 2005, each between the
      Sponsor and GreenPoint, as modified by the GreenPoint Assignment
      Agreement.

     

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

     

    “Group
      IA
      Allocation Percentage”: The aggregate principal balance of the Group IA Mortgage
      Loans divided by the sum of the aggregate principal balance of the Group IA
      Mortgage Loans, Group IB Mortgage Loans and Group II Mortgage
      Loans.

     

    “Group
      IA
      Interest Remittance Amount”: With respect to any Distribution Date is that
      portion of the Available Distribution Amount for such Distribution Date that
      represents interest received or advanced on the Group IA Mortgage Loans (net
      of
      the Administration Fees and any Prepayment Charges and after taking into account
      amounts payable or reimbursable to the Trustee, the Custodians, the Securities
      Administrator, the Credit Risk Manager, the Master Servicer or the Servicers
      pursuant to this Agreement or the Custodial Agreements or the Interim Servicers
      pursuant to the Interim Servicing Agreements).

     

    “Group
      IA
      Mortgage Loans”: Those Mortgage Loans identified on the Mortgage Loan Schedule
      as Group IA Mortgage Loans.

     

    “Group
      IA
      Principal Distribution Amount”: With respect to any Distribution Date will be
      the sum of (i) the principal portion of all Monthly Payments on the Group IA
      Mortgage Loans due during the related Due Period, whether or not received on
      or
      prior to the related Determination Date; (ii) the principal portion of all
      proceeds received in respect of the repurchase of a Group IA Mortgage Loan
      or,
      in the case of a substitution, certain amounts representing a principal
      adjustment, during the related Prepayment Period pursuant to or as contemplated
      by Section 2.03, Section 3.13(c) and Section 10.01 of this
      Agreement; (iii) the principal portion of all other unscheduled collections,
      including Insurance Proceeds, Liquidation Proceeds and all Principal Prepayments
      in full and in part, received during the related Prepayment Period, to the
      extent applied as recoveries of principal on the Group IA Mortgage Loans, net
      in
      each case of payments or reimbursements to the Trustee, the Custodians, the
      Master Servicer, the Securities Administrator, the Servicers or the Interim
      Servicers and (iv) the Class A-1A Allocation Percentage of the amount of any
      Overcollateralization Increase Amount for such Distribution Date minus
      (v) the
      Class A-1A Allocation Percentage of the amount of any Overcollateralization
      Reduction Amount for such Distribution Date.

     

    “Group
      IA
      Principal Remittance Amount”: With respect to any Distribution Date will be the
      sum of (a) the amounts described in clauses (i) through (iii) of the definition
      of Group IA Principal Distribution Amount.

     

    “Group
      IB
      Allocation Percentage”: The aggregate principal balance of the Group IB Mortgage
      Loans divided by the sum of the aggregate principal balance of the Group IA
      Mortgage Loans, Group IB Mortgage Loans and Group II Mortgage
      Loans.

     

    “Group
      IB
      Interest Remittance Amount”: With respect to any Distribution Date is that
      portion of the Available Distribution Amount for such Distribution Date that
      represents interest received or advanced on the Group IB Mortgage Loans (net
      of
      the Administration Fees and any Prepayment Charges and after taking into account
      amounts payable or reimbursable to the Trustee, the Custodians, the Securities
      Administrator, the Master Servicer or the Servicers pursuant to this Agreement
      or the Custodial Agreements or the Interim Servicers pursuant to the Interim
      Servicing Agreements).

     

    “Group
      IB
      Mortgage Loans”: Those Mortgage Loans identified on the Mortgage Loan Schedule
      as Group IB Mortgage Loans.

     

    “Group
      IB
      Principal Distribution Amount”: With respect to any Distribution Date will be
      the sum of (i) the principal portion of all Monthly Payments on the Group IB
      Mortgage Loans due during the related Due Period, whether or not received on
      or
      prior to the related Determination Date; (ii) the principal portion of all
      proceeds received in respect of the repurchase of a Group IB Mortgage Loan
      or,
      in the case of a substitution, certain amounts representing a principal
      adjustment, during the related Prepayment Period pursuant to or as contemplated
      by Section 2.03, Section 3.13(c) and Section 10.01 of this
      Agreement; (iii) the principal portion of all other unscheduled collections,
      including Insurance Proceeds, Liquidation Proceeds and all Principal Prepayments
      in full and in part, received during the related Prepayment Period, to the
      extent applied as recoveries of principal on the Group IB Mortgage Loans, net
      in
      each case of payments or reimbursements to the Trustee, the Custodians, the
      Master Servicer, the Securities Administrator, the Servicers or the Interim
      Servicers and (iv) the Class A-1B Allocation Percentage of the amount of any
      Overcollateralization Increase Amount for such Distribution Date minus
      (v) the
      Class A-1B Allocation Percentage of the amount of any Overcollateralization
      Reduction Amount for such Distribution Date.

     

    “Group
      IB
      Principal Remittance Amount”: With respect to any Distribution Date will be the
      sum of the amounts described in clauses (i) through (iii) of the definition
      of
      Group IB Principal Distribution Amount.

     

    “Group
      II
      Allocation Percentage”:
      The
      aggregate principal balance of the Group II Mortgage Loans divided by the sum
      of
      the aggregate principal balance of the Group IA Mortgage Loans, Group IB
      Mortgage Loans and Group II Mortgage Loans.

     

    “Group
      II
      Interest Remittance Amount”: With respect to any Distribution Date is that
      portion of the Available Distribution Amount for such Distribution Date that
      represents interest received or advanced on the Group II Mortgage Loans (net
      of
      the Administration Fees and any Prepayment Charges and after taking into account
      amounts payable or reimbursable to the Trustee, the Custodians, the Securities
      Administrator, the Credit Risk Manager, the Master Servicer or the Servicers
      pursuant to this Agreement or the Custodial Agreements or the Interim Servicers
      pursuant to the Interim Servicing Agreements).

     

    “Group
      II
      Mortgage Loans”: Those Mortgage Loans identified on the Mortgage Loan Schedule
      as Group II Mortgage Loans.

     

    “Group
      II
      Principal Distribution Amount”: With respect to any Distribution Date will be
      the sum of (i) the principal portion of all Monthly Payments on the Group II
      Mortgage Loans due during the related Due Period, whether or not received on
      or
      prior to the related Determination Date; (ii) the principal portion of all
      proceeds received in respect of the repurchase of a Group II Mortgage Loan
      or,
      in the case of a substitution, certain amounts representing a principal
      adjustment, during the related Prepayment Period pursuant to or as contemplated
      by Section 2.03, Section 3.13(c) and Section 10.01 of this
      Agreement; (iii) the principal portion of all other unscheduled collections,
      including Insurance Proceeds, Liquidation Proceeds and all Principal Prepayments
      in full and in part, received during the related Prepayment Period, to the
      extent applied as recoveries of principal on the Group II Mortgage Loans, net
      in
      each case of payments or reimbursements to the Trustee, the Custodians, the
      Master Servicer, the Securities Administrator, the Servicers or the Interim
      Servicers and (iv) the Class A-2 Allocation Percentage of the amount of any
      Overcollateralization Increase Amount for such Distribution Date minus
      (v) the
      Class A-2 Allocation Percentage of the amount of any Overcollateralization
      Reduction Amount for such Distribution Date.

     

    “Group
      II
      Principal Remittance Amount”: With respect to any Distribution Date will be the
      sum of the amounts described in clauses (i) through (iii) of the definition
      of
      Group II Principal Distribution Amount.

     

    “Independent”:
      When used with respect to any accountants, a person who is “independent” within
      the meaning of Rule 2-01(B) of the Commission’s Regulation S-X. When used with
      respect to any specified Person, any such Person who (a) is in fact independent
      of the Depositor, the Master Servicer, the Securities Administrator, the
      Servicers, the Sponsor, any originator, the Insurer and their respective
      Affiliates, (b) does not have any direct financial interest in or any material
      indirect financial interest in the Depositor, the Master Servicer, the
      Securities Administrator, the Servicers, the Sponsor, any originator, the
      Insurer or any Affiliate thereof, (c) is not connected with the Depositor,
      the
      Master Servicer, the Securities Administrator, the Servicers, the Sponsor,
      any
      originator, the Insurer or any Affiliate thereof as an officer, employee,
      promoter, underwriter, trustee, partner, director or Person performing similar
      functions and (d) is not a member of the immediate family of a Person defined
      in
      clause (b) or (c) above.

     

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

     

    “Index”:
      As of any Adjustment Date, the index applicable to the determination of the
      Mortgage Rate on each Adjustable Rate Mortgage Loan will generally be the
      average of the interbank offered rates for six-month United States dollar
      deposits in the London market as published in The
      Wall Street Journal and
      as
      most recently available either (a) as of the first Business Day forty-five
      (45)
      days prior to such Adjustment Date or (b) as of the first Business Day of the
      month preceding the month of such Adjustment Date, as specified in the related
      Mortgage Note.

     

    “Institutional
      Accredited Investor”: As defined in Section 6.01(c).

     

    “Insurance
      Agreement”: The Insurance and Indemnity Agreement, dated as of February 28,
      2006, among the Insurer, the Depositor and the Sponsor.

     

    “Insurance
      Proceeds”: Proceeds of any title policy, hazard policy or other insurance
      policy, covering a Mortgage Loan or the related Mortgaged Property, to the
      extent such proceeds are not to be applied to the restoration of the related
      Mortgaged Property or released to the Mortgagor or a senior lienholder in
      accordance with Accepted Servicing Practices, subject to the terms and
      conditions of the related Mortgage Note and Mortgage.

     

    “Insured
      Certificates”: The Class A-1B2 Certificates.

     

    “Insurer”:
      CIFG Assurance North America, Inc., a stock insurance company, organized and
      created under the laws of the State of New York and its successors in
      interest.

     

    “Insurer
      Contact Person”: The person designated as such pursuant to Section 13.04(m) of
      this Agreement.

     

    “Insurer
      Default”: As defined in Section 12.4(j).

     

    “Insurer
      Premium”: The Policy premium payable pursuant to Section 5.01(c)(3) hereof for
      each Distribution Date in an amount equal to the Insurer Premium Rate accrued
      for one month, on the basis of a 360-day year consisting of twelve 30-day
      months, on the aggregate Certificate Principal Balance of the Insured
      Certificates immediately prior to such Distribution Date.

     

    “Insurer
      Premium Rate”: The per annum rate at which the Insurer Premium for the Policy is
      calculated, which shall be 0.060% per annum of the Certificate Principal Balance
      of the Class A-1B2 Certificates.

     

    “Interest
      Accrual Period”: With respect to any Distribution Date and the Class A
      Certificates and the Mezzanine Certificates, the period commencing on the
      Distribution Date of the month immediately preceding the month in which such
      Distribution Date occurs (or, in the case of the first Distribution Date,
      commencing on the Closing Date) and ending on the day preceding such
      Distribution Date. With respect to any Distribution Date and the Class CE-1
      Certificates, Class CE-2 Certificates and the REMIC I Regular Interests, the
      one-month period ending on the last day of the calendar month immediately
      preceding the month in which such Distribution Date occurs.

     

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

     

    “Interest
      Determination Date”: With respect to the Class A Certificates, the Mezzanine
      Certificates, REMIC I Regular Interests and REMIC II Regular Interests (other
      than REMIC I Regular Interest P and REMIC II Regular Interest P) and any
      Interest Accrual Period therefor, the second London Business Day preceding
      the
      commencement of such Interest Accrual Period.

     

    “Interest
      Distribution Amount”: With respect to any Distribution Date and any Class A
      Certificates, any Mezzanine Certificates and any Class CE-1 Certificates, the
      aggregate Accrued Certificate Interest on the Certificates of such Class for
      such Distribution Date.

     

    “Interest
      Remittance Amount”: With respect to any Distribution Date, the sum of: (i) the
      Group IA Interest Remittance Amount, (ii) the Group IB Interest Remittance
      Amount and (iii) the Group II Interest Remittance Amount.

     

    “Interim
      Servicers”: Fremont, GreenPoint and New Century, or any successors
      thereto.

     

    “Interim
      Servicing Agreements”: The Fremont Servicing Agreement, the GreenPoint Servicing
      Agreement and the New Century Servicing Agreement.

     

    “Last
      Scheduled Distribution Date”: The Distribution Date in February 2036, which is
      the Distribution Date immediately following the maturity date for the Mortgage
      Loan with the latest maturity date.

     

    “Late
      Payment Rate”: An amount equal to the lesser of (a) the greater of (i) the per
      annum rate of interest, publicly announced from time to time by JPMorgan Chase
      Bank at its principal office in New York, New York, as its prime or base lending
      rate (any change in such rate of interest to be effective on the date such
      change is announced by JPMorgan Chase Bank) plus 3%, and (ii) the then
      applicable highest rate of interest on the Class A 1B2 Certificates and (b)
      the
      maximum rate permissible under applicable usury or similar laws limiting
      interest rates. The Late Payment Rate shall be computed on the basis of the
      actual number of days elapsed over a year of 360 days.

     

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

     

    “Liquidation
      Event”: With respect to any Mortgage Loan, any of the following events: (i) such
      Mortgage Loan is paid in full; (ii) a Final Recovery Determination is made
      as to
      such Mortgage Loan or (iii) such Mortgage Loan is removed from REMIC I by reason
      of its being purchased, sold or replaced pursuant to or as contemplated by
      Section 2.03, Section 3.13(c) or Section 10.01 of this Agreement.
      With respect to any REO Property, either of the following events: (i) a Final
      Recovery Determination is made as to such REO Property or (ii) such REO Property
      is removed from REMIC I by reason of its being purchased pursuant to
      Section 10.01 of this Agreement.

     

    “Liquidation
      Proceeds”: The amount (other than Insurance Proceeds, amounts received in
      respect of the rental of any REO Property prior to REO Disposition, or required
      to be released to a Mortgagor or a senior lienholder in accordance with
      applicable law or the terms of the related Mortgage Loan Documents) received
      by
      the related Servicer or the related Interim Servicer in connection with (i)
      the
      taking of all or a part of a Mortgaged Property by exercise of the power of
      eminent domain or condemnation (other than amounts required to be released
      to
      the Mortgagor or a senior lienholder), (ii) the liquidation of a defaulted
      Mortgage Loan through a trustee’s sale, foreclosure sale or otherwise, (iii) the
      repurchase, substitution or sale of a Mortgage Loan or an REO Property pursuant
      to or as contemplated by Section 2.03, Section 3.13(c),
      Section 3.21 or Section 10.01 of this Agreement pursuant to the
      Servicing Agreement or (iv) any Subsequent Recoveries. 

     

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

     

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

     

    “Loss
      Severity Percentage”: With respect to any Distribution Date, the percentage
      equivalent of a fraction, the numerator of which is the amount of Realized
      Losses incurred on a Mortgage Loan and the denominator of which is the principal
      balance of such Mortgage Loan immediately prior to the liquidation of such
      Mortgage Loan.

     

    “Marker
      Rate”: With respect to the Class CE-1 Certificates and any Distribution Date, a
      per annum rate equal to two (2) times the weighted average of the REMIC II
      Remittance Rate for each of REMIC II Regular Interest A-1A, REMIC II Regular
      Interest A-1B1, REMIC II Regular Interest A-1B2, REMIC II Regular Interest
      A-2A,
      REMIC II Regular Interest A-2B, REMIC II Regular Interest A-2C, REMIC II Regular
      Interest A-2D, REMIC II Regular Interest M-1, REMIC II Regular Interest M-2,
      REMIC II Regular Interest M-3, REMIC II Regular Interest M-4, REMIC II Regular
      Interest M-5, REMIC II Regular Interest M-6, REMIC II Regular Interest M-7,
      REMIC II Regular Interest M-8, REMIC II Regular Interest M-9, REMIC II Regular
      Interest M-10 and REMIC II Regular Interest ZZ, 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 related One-Month LIBOR Pass-Through Rate and
      (ii) the related Net WAC Pass-Through Rate for 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, each such cap for each REMIC II Regular Interest
      shall be multiplied by a fraction the numerator of which is the actual number
      of
      days in the related Interest Accrual Period and the denominator of which is
      30.

     

    “Master
      Servicer”: As of the Closing Date, Wells Fargo Bank, National Association and
      thereafter, its respective successors in interest who meet the qualifications
      of
      this Agreement. The Master Servicer and the Securities Administrator shall
      at
      all times be the same Person or an Affiliate.

     

    “Master
      Servicer Event of Default”: One or more of the events described in
      Section 8.01(b) of this Agreement.

     

    “Maximum
      ZZ Uncertificated Interest Deferral Amount”: With respect to any Distribution
      Date, the excess of (i) accrued interest at the REMIC II Remittance Rate
      applicable to REMIC II Regular Interest ZZ for such Distribution Date on a
      balance equal to the Uncertificated Balance of REMIC II Regular Interest ZZ
      minus the REMIC II Overcollateralization Amount, in each case for such
      Distribution Date, over (ii) Uncertificated Interest on REMIC II Regular
      Interest A-1A, REMIC II Regular Interest A-1B1, REMIC II Regular Interest A-1B2,
      REMIC II Regular Interest A-2A, REMIC II Regular Interest A-2B, REMIC II Regular
      Interest A-2C, REMIC II Regular Interest A-2D, REMIC II Regular Interest M-1,
      REMIC II Regular Interest M-2, REMIC II Regular Interest M-3, REMIC II Regular
      Interest M-4, REMIC II Regular Interest M-5, REMIC II Regular Interest M-6,
      REMIC II Regular Interest M-7, REMIC II Regular Interest M-8, REMIC II Regular
      Interest M-9 and REMIC II Regular Interest M-10 for such Distribution Date,
      with
      the rate on each such REMIC II Regular Interest subject to a cap equal to the
      lesser of (i) the related One-Month LIBOR Pass-Through Rate and (ii) the related
      Net WAC Pass-Through Rate for the Corresponding Certificate for the purpose
      of
      this calculation for such Distribution Date; provided however, each such cap
      for
      each REMIC II Regular Interest shall be multiplied by a fraction the numerator
      of which is the actual number of days in the related Interest Accrual Period
      and
      the denominator of which is 30.

     

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

     

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

     

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

     

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

     

    “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
      Payment”: With respect to any Mortgage Loan, the scheduled monthly payment of
      principal and interest on such Mortgage Loan which is payable by the related
      Mortgagor from time to time under the related Mortgage Note, determined: (a)
      after giving effect to (i) any Deficient Valuation and/or Debt Service Reduction
      with respect to such Mortgage Loan and (ii) any reduction in the amount of
      interest collectible from the related Mortgagor pursuant to the Relief Act
      or
      similar state laws; (b) without giving effect to any extension granted or agreed
      to by the related Servicer pursuant to Section 3.01 of this Agreement or by
      the related Interim Servicer pursuant to the related Interim Servicing
      Agreement; and (c) on the assumption that all other amounts, if any, due under
      such Mortgage Loan are paid when due.

     

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

     

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

     

    “Mortgage
      File”: The Mortgage Loan Documents pertaining to a particular Mortgage
      Loan.

     

    “Mortgage
      Loan”: Each mortgage loan transferred and assigned to the Trustee and the
      Mortgage Loan Documents for which have been delivered to the related Custodian
      pursuant to Section 2.01 of this Agreement and pursuant to the related
      Custodial Agreement, as held from time to time as a part of the Trust Fund,
      the
      Mortgage Loans so held being identified in the Mortgage Loan Schedule.

     

    “Mortgage
      Loan Documents”: The documents evidencing or relating to each Mortgage Loan
      delivered to the related Custodian under the related Custodial Agreement on
      behalf of the Trustee.

     

    “Mortgage
      Loan Purchase Agreement”: Shall mean the Mortgage Loan Purchase Agreement dated
      as of February 28, 2006, between the Depositor and the Sponsor a copy of which
      is attached hereto as Exhibit
      F.

     

    “Mortgage
      Loan Schedule”: As of any date, the list of Mortgage Loans included in REMIC I
      on such date, separately identifying the Group IA Mortgage Loans, the Group
      IB
      Mortgage Loans and the Group II Mortgage Loans, attached hereto as Schedule
      1.
      The Depositor shall deliver or cause the delivery of the initial Mortgage Loan
      Schedule to the related Servicer, the Master Servicer, the Custodians and the
      Trustee on the Closing Date. The Mortgage Loan Schedule shall set forth the
      following information with respect to each Mortgage Loan:

     

    (i)  the
      Mortgage Loan identifying number;

     

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

     

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

     

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

     

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

     

    (vi)  the
      original months to maturity;

     

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

     

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

     

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

     

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

     

    (xi)  the
      stated maturity date;

     

    (xii)  the
      amount of the Monthly Payment at origination;

     

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

     

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

     

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

     

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

     

    (xvii)  with
      respect to each Adjustable Rate Mortgage Loan, the first Adjustment
      Date;

     

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

     

    (xix)  a
      code
      indicating the purpose of the loan (i.e., purchase financing, rate/term
      refinancing, cash-out refinancing);

     

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

     

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

     

    (xxii)  the
      Mortgage Rate at origination;

     

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

     

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

     

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

     

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

     

    (xxvii)  a
      code
      indicating whether the Mortgage Loan is an Adjustable Rate Mortgage Loan or
      a
      fixed rate Mortgage Loan;

     

    (xxviii)  a
      code
      indicating the documentation style (i.e., full, stated or limited);

     

    (xxix)  a
      code
      indicating if the Mortgage Loan is subject to a primary insurance policy or
      lender paid mortgage insurance policy and the name of the insurer and, if
      applicable, the rate payable in connection therewith;

     

    (xxx)  the
      Appraised Value of the Mortgaged Property;

     

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

     

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

     

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

     

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

     

    (xxxv)  the
      FICO
      score at origination; 

     

    (xxxvi)  with
      respect to each Mortgage Loan registered on MERS, the MIN;

     

    (xxxvii)  a
      code
      indicating whether the Mortgage Loan is secured by a first or second
      lien;

     

    (xxxviii)  the
      applicable Custodian; and

     

    (xxxix)  the
      Servicer or Interim Servicer, as applicable.

     

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

     

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

     

    “Mortgage
      Rate”: With respect to each Mortgage Loan, the annual rate at which interest
      accrues on such Mortgage Loan from time to time in accordance with the
      provisions of the related Mortgage Note, which rate with respect to each
      Adjustable Rate Mortgage Loan (A) as of any date of determination until the
      first Adjustment Date following the Cut-off Date shall be the rate set forth
      in
      the Mortgage Loan Schedule as the Mortgage Rate in effect immediately following
      the Cut-off Date and (B) as of any date of determination thereafter shall be
      the
      rate as adjusted on the most recent Adjustment Date equal to the sum, rounded
      to
      the nearest 0.125% as provided in the Mortgage Note, of the Index, as most
      recently available as of a date prior to the Adjustment Date as set forth in
      the
      related Mortgage Note, plus the related Gross Margin; provided that the Mortgage
      Rate on such Adjustable Rate Mortgage Loan on any Adjustment Date shall never
      be
      more than the lesser of (i) the sum of the Mortgage Rate in effect immediately
      prior to the Adjustment Date plus the related Periodic Rate Cap, if any, and
      (ii) the related Maximum Mortgage Rate, and shall never be less than the greater
      of (i) the Mortgage Rate in effect immediately prior to the Adjustment Date
      less
      the Periodic Rate Cap, if any, and (ii) the related Minimum Mortgage Rate.
      With
      respect to each Mortgage Loan that becomes an REO Property, as of any date
      of
      determination, the annual rate determined in accordance with the immediately
      preceding sentence as of the date such Mortgage Loan became an REO
      Property.

     

    “Mortgaged
      Property”: The underlying property securing a Mortgage Loan, including any REO
      Property, consisting of an Estate in Real Property improved by a Residential
      Dwelling.

     

    “Mortgagor”:
      The obligor on a Mortgage Note.

     

    “Net
      Monthly Excess Cashflow”: With respect to any Distribution Date, the sum of (i)
      any Overcollateralization Reduction Amount for such Distribution Date and (ii)
      the excess of (x) the Available Distribution Amount for such Distribution Date
      over (y) the sum for such Distribution Date of (A) the aggregate Senior Interest
      Distribution Amounts payable to the Holders of the Class A Certificates, (B)
      the
      aggregate Interest Distribution Amounts payable to the holders of the Mezzanine
      Certificates, (C) the Principal Remittance Amount, (D) any Net Swap Payment
      or
      Swap Termination Payment (not caused by the occurrence of a Swap Provider
      Trigger Event) owed to the Swap Provider and (E) the Insurer Premium and any
      Reimbursement Amounts payable to the Insurer.

     

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

     

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

     

    “Net
      WAC
      Pass-Through Rate”: With respect to the Class A-1A Certificates and any
      Distribution Date, a rate per annum (adjusted for the actual number of days
      elapsed in the related Interest Accrual Period) equal to a fraction, expressed
      as a percentage, the numerator of which is the amount of interest which accrued
      on the Group IA Mortgage Loans in the prior calendar month minus the fees
      payable to the Interim Servicers, the Servicers and the Credit Risk Manager
      and
      the Group IA Allocation Percentage of any Net Swap Payment payable to the Swap
      Provider or Swap Termination Payment payable to the Swap Provider which was
      not
      caused by the occurrence of a Swap Provider Trigger Event, in each case for
      such
      Distribution Date and the denominator of which is the aggregate principal
      balance of the Group IA Mortgage Loans as of the last day of the immediately
      preceding Due Period (or as of the Cut-off Date with respect to the first
      Distribution Date), after giving effect to Principal Prepayments received during
      the related Prepayment Period. For federal income tax purposes, the economic
      equivalent of such rate shall be expressed as the weighted average of (adjusted
      for the actual number of days elapsed in the related Interest Accrual Period)
      the REMIC II Remittance Rate on REMIC II Regular Interest IA-GRP, weighted
      on
      the basis of the Uncertificated Balance of such REMIC II Regular Interest.
      

     

    With
      respect to the Class A-1B1 Certificates and Class A-1B2 Certificates and any
      Distribution Date, a rate per annum (adjusted for the actual number of days
      elapsed in the related Interest Accrual Period) equal to a fraction, expressed
      as a percentage, the numerator of which is the amount of interest which accrued
      on the Group IB Mortgage Loans in the prior calendar month minus the fees
      payable to the Interim Servicers, the Servicers and the Credit Risk Manager
      and,
      with respect to the Class A-1B2 Certificates, the Insurer Premium and the Group
      IB Allocation Percentage of any Net Swap Payment payable to the Swap Provider
      or
      Swap Termination Payment payable to the Swap Provider which was not caused
      by
      the occurrence of a Swap Provider Trigger Event, in each case for such
      Distribution Date and the denominator of which is the aggregate principal
      balance of the Group IB Mortgage Loans as of the last day of the immediately
      preceding Due Period (or as of the Cut-off Date with respect to the first
      Distribution Date), after giving effect to Principal Prepayments received during
      the related Prepayment Period. For federal income tax purposes, the economic
      equivalent of such rate shall be expressed as the weighted average of (adjusted
      for the actual number of days elapsed in the related Interest Accrual Period)
      the REMIC II Remittance Rate on REMIC II Regular Interest IB-GRP, weighted
      on
      the basis of the Uncertificated Balance of such REMIC II Regular
      Interest.

     

    With
      respect to the Class A-2 Certificates and any Distribution Date, a rate per
      annum (adjusted for the actual number of days elapsed in the related Interest
      Accrual Period) equal to a fraction, expressed as a percentage, the numerator
      of
      which is the amount of interest which accrued on the Group II Mortgage Loans
      in
      the prior calendar month minus the fees payable to the Interim Servicers, the
      Servicers and the Credit Risk Manager and the Group II Allocation Percentage
      of
      any Net Swap Payment payable to the Swap Provider or Swap Termination Payment
      payable to the Swap Provider which was not caused by the occurrence of a Swap
      Provider Trigger Event, in each case for such Distribution Date and the
      denominator of which is the aggregate principal balance of the Group II Mortgage
      Loans as of the last day of the immediately preceding Due Period (or as of
      the
      Cut-off Date with respect to the first Distribution Date), after giving effect
      to Principal Prepayments received during the related Prepayment Period. For
      federal income tax purposes, the economic equivalent of such rate shall be
      expressed as the weighted average of (adjusted for the actual number of days
      elapsed in the related Interest Accrual Period) the REMIC II Remittance Rate
      on
      REMIC II Regular Interest II-GRP, weighted on the basis of the Uncertificated
      Balance of such REMIC II Regular Interest.

     

    With
      respect to the Mezzanine Certificates and any Distribution Date a rate per
      annum
      equal to (x) the weighted average (weighted in proportion to the results of
      subtracting from the Scheduled Principal Balance of each loan group, the
      Certificate Principal Balance of the related Class A Certificates) of (i) the
      Net WAC Pass-Through Rate for the Class A-1A Certificates, (ii) the Net WAC
      Pass-Through Rate for the Class A-1B1 Certificates and Class A-2B2 Certificates
      and (iii) the Net WAC Pass-Through Rate for the Class A-2 Certificates. For
      federal income tax purposes, the economic equivalent of such rate shall be
      expressed as the weighted average of (adjusted for the actual number of days
      elapsed in the related Interest Accrual Period) the REMIC II Remittance Rates
      on
      (a) REMIC II Regular Interest IA-SUB, subject to a cap and a floor equal to
      the
      REMIC II Remittance Rate on REMIC II Regular Interest IA-GRP, (b) REMIC II
      Regular Interest IB-SUB, subject to a cap and a floor equal to the REMIC II
      Remittance Rate on REMIC II Regular Interest IB-GRP and (c) REMIC II Regular
      Interest II-SUB, subject to a cap and a floor equal to the REMIC II Remittance
      Rate on REMIC II Regular Interest II-GRP, weighted on the basis of the
      Uncertificated Balance of each such REMIC II Regular Interest.

     

    “Net
      WAC
      Rate Carryover Amount”: With respect to any Class A Certificate or Mezzanine
      Certificate and any Distribution Date on which the Pass-Through Rate is limited
      to the applicable Net WAC Pass-Through Rate, an amount equal to the sum of
      (i)
      the excess of (x) the amount of interest such Class would have been entitled
      to
      receive on such Distribution Date if the applicable Net WAC Pass-Through Rate
      would not have been applicable to such Class on such Distribution Date over
      (y)
      the amount of interest paid to such Class on such Distribution Date at the
      applicable Net WAC Pass-Through Rate plus (ii) the related Net WAC Rate
      Carryover Amount for the previous Distribution Date not previously distributed
      to such Class together with interest thereon at a rate equal to the Pass-Through
      Rate for such Class for the most recently ended Interest Accrual Period without
      taking into account the applicable Net WAC Pass-Through Rate.

     

    “New
      Century”: New Century Mortgage Corporation, and any successor
      thereto.

     

    “New
      Century Assignment Agreement”: The Assignment, Assumption and Recognition
      Agreement, dated as of February 28, 2006, by and among the Sponsor, the
      Depositor and New Century evidencing the assignment of the New Century Servicing
      Agreement to the Depositor.

     

    “New
      Century Mortgage Loans”: The Mortgage Loans being serviced by New Century from
      the period beginning on the Closing Date and ending on the Servicing Transfer
      Date.

     

    “New
      Century Servicing Agreement”: The Master Mortgage Loan Purchase and Interim
      Servicing Agreement dated as of March 1, 2005, as amended by Amendment Number
      One, dated as of May 1, 2005 and Amendment Number Two, dated as of September
      12,
      2005, each among the Sponsor, New Century and NC Capital Corporation, as
      modified by the New Century Assignment Agreement.

     

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

     

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

     

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

     

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

     

    “Notional
      Amount”: With respect to the Class CE-1 Certificates and any Distribution Date,
      the Uncertificated Balance of the REMIC II Regular Interests (other than REMIC
      II Regular Interest P) for such Distribution Date. As of the Closing Date,
      the
      Notional Amount of the Class CE Certificates is equal to
      $2,535,701,803.39.

     

    With
      respect to the Class CE-2 Certificates and any Distribution Date, the Notional
      Amount of the REMIC II Regular Interest CE-2 for such Distribution Date.

     

    With
      respect to the REMIC II Regular Interest CE-2 and any Distribution Date, the
      Notional Amount of the REMIC I Regular Interest CE-2 for such Distribution
      Date.

     

    With
      respect to REMIC I Regular Interest CE-2 and any Distribution Date, the sum
      of
      the aggregate principal balances of the Ocwen Mortgage Loans for such
      Distribution Date. 

     

    “Ocwen”:
      Ocwen Loan Servicing, LLC or any successor thereto appointed hereunder in
      connection with the servicing and administration of the Ocwen Mortgage
      Loans.

     

    “Ocwen
      Mortgage Loans”: Those Mortgage Loans serviced by Ocwen pursuant to the terms of
      this Agreement and identified as such on the Mortgage Loan
      Schedule.

     

    “Ocwen
      Servicing Fee Rate”: With respect to each Ocwen Mortgage Loan, 0.10% per annum;
      provided, however, that with respect to the Mortgage Loans listed on Schedule
      7
      attached hereto, for the first Distribution Date, the Ocwen Servicing Fee Rate
      shall be equal to 0.50% per annum. 

     

    “Offered
      Certificates”: The Class A Certificates and the Mezzanine Certificates,
      collectively.

     

    “Officer’s
      Certificate”: With respect to any Person, a certificate signed by the Chairman
      of the Board, the Vice Chairman of the Board, the President or a vice president
      (however denominated), or by the Treasurer, the Secretary, or one of the
      assistant treasurers or assistant secretaries of such Person (or, in the case
      of
      a Person that is not a corporation, signed by a person or persons having like
      responsibilities.

     

    “One-Month
      LIBOR”: With respect to the Class A Certificates, the Mezzanine Certificates,
      REMIC II Regular Interests (other than REMIC II Regular Interest P) and any
      Interest Accrual Period therefor, the rate determined by the Securities
      Administrator on the related Interest Determination Date on the basis of the
      offered rate for one-month U.S. dollar deposits, as such rate appears on
      Telerate Page 3750 as of 11:00 a.m. (London time) on such Interest Determination
      Date; provided that if such rate does not appear on Telerate Page 3750, the
      rate
      for such date will be determined on the basis of the offered rates of the
      Reference Banks for one-month U.S. dollar deposits, as of 11:00 a.m. (London
      time) on such Interest Determination Date. In such event, the Securities
      Administrator will request the principal London office of each of the Reference
      Banks to provide a quotation of its rate. If on such Interest Determination
      Date, two or more Reference Banks provide such offered quotations, One-Month
      LIBOR for the related Interest Accrual Period shall be the arithmetic mean
      of
      such offered quotations (rounded upwards if necessary to the nearest whole
      multiple of 1/16). If on such Interest Determination Date, fewer than two
      Reference Banks provide such offered quotations, One-Month LIBOR for the related
      Interest Accrual Period shall be the higher of (i) LIBOR as determined on the
      previous Interest Determination Date and (ii) the Reserve Interest Rate.
      Notwithstanding the foregoing, if, under the priorities described above, LIBOR
      for an Interest Determination Date would be based on LIBOR for the previous
      Interest Determination Date for the third consecutive Interest Determination
      Date, the Securities Administrator shall select an alternative comparable index
      (over which the Securities Administrator has no control), used for determining
      one-month Eurodollar lending rates that is calculated and published (or
      otherwise made available) by an independent party. The establishment of
      One-Month LIBOR by the Securities Administrator and the Securities
      Administrator’s subsequent calculation of the One-Month LIBOR Pass-Through Rates
      for the relevant Interest Accrual Period, shall, in the absence of manifest
      error, be final and binding.

     

    “One-Month
      LIBOR Pass-Through Rate”: With respect to the Class A-1A Certificates and, for
      purposes of the definition of “Marker Rate”, REMIC II Regular Interest A-1A, a
      per annum rate equal to One-Month LIBOR plus the related Certificate
      Margin.

     

    With
      respect to the Class A-1B1 Certificates and, for purposes of the definition
      of
“Marker Rate”, REMIC II Regular Interest A-1B1, a per annum rate equal to
      One-Month LIBOR plus the related Certificate Margin.

     

    With
      respect to the Class A-1B2 Certificates and, for purposes of the definition
      of
“Marker Rate”, REMIC II Regular Interest A-1B2, a per annum rate equal to
      One-Month LIBOR plus the related Certificate Margin.

     

    With
      respect to the Class A-2A Certificates and, for purposes of the definition
      of
“Marker Rate”, REMIC II Regular Interest A-2A, a per annum rate equal to
      One-Month LIBOR plus the related Certificate Margin.

     

    With
      respect to the Class A-2B Certificates and, for purposes of the definition
      of
“Marker Rate”, REMIC II Regular Interest A-2B, a per annum rate equal to
      One-Month LIBOR plus the related Certificate Margin.

     

    With
      respect to the Class A-2C Certificates and, for purposes of the definition
      of
“Marker Rate”, REMIC II Regular Interest A-2C, a per annum rate equal to
      One-Month LIBOR plus the related Certificate Margin.

     

    With
      respect to the Class A-2D Certificates and, for purposes of the definition
      of
“Marker Rate”, REMIC II Regular Interest A-2D, a per annum rate equal to
      One-Month LIBOR plus the related Certificate Margin.

     

    With
      respect to the Class M-1 Certificates and, for purposes of the definition of
      “Marker Rate”, REMIC II Regular Interest M-1, a per annum rate equal to
      One-Month LIBOR plus the related Certificate Margin.

     

    With
      respect to the Class M-2 Certificates and, for purposes of the definition of
      “Marker Rate”, REMIC II Regular Interest M-2, a per annum rate equal to
      One-Month LIBOR plus the related Certificate Margin.

     

    With
      respect to the Class M-3 Certificates and, for purposes of the definition of
      “Marker Rate”, REMIC II Regular Interest M-3, a per annum rate equal to
      One-Month LIBOR plus the related Certificate Margin.

     

    With
      respect to the Class M-4 Certificates and, for purposes of the definition of
      “Marker Rate”, REMIC II Regular Interest M-4, a per annum rate equal to
      One-Month LIBOR plus the related Certificate Margin.

     

    With
      respect to the Class M-5 Certificates and, for purposes of the definition of
      “Marker Rate”, REMIC II Regular Interest M-5, a per annum rate equal to
      One-Month LIBOR plus the related Certificate Margin.

     

    With
      respect to the Class M-6 Certificates and, for purposes of the definition of
      “Marker Rate”, REMIC II Regular Interest M-6, a per annum rate equal to
      One-Month LIBOR plus the related Certificate Margin.

     

    With
      respect to the Class M-7 Certificates and, for purposes of the definition of
      “Marker Rate”, REMIC II Regular Interest M-7, a per annum rate equal to
      One-Month LIBOR plus the related Certificate Margin.

     

    With
      respect to the Class M-8 Certificates and, for purposes of the definition of
      “Marker Rate”, REMIC II Regular Interest M-8, a per annum rate equal to
      One-Month LIBOR plus the related Certificate Margin.

     

    With
      respect to the Class M-9 Certificates and, for purposes of the definition of
      “Marker Rate”, REMIC II Regular Interest M-9, a per annum rate equal to
      One-Month LIBOR plus the related Certificate Margin.

     

    With
      respect to the Class M-10 Certificates and, for purposes of the definition
      of
“Marker Rate”, REMIC II Regular Interest M-10, a per annum rate equal to
      One-Month LIBOR plus the related Certificate Margin.

     

    “Opinion
      of Counsel”: A written opinion of counsel, who may, without limitation, be
      salaried counsel for the Depositor, the related Servicer, the Securities
      Administrator or the Master Servicer, acceptable to the Trustee, except that
      any
      opinion of counsel relating to (a) the qualification of any REMIC as a REMIC
      or
      (b) compliance with the REMIC Provisions must be an opinion of Independent
      counsel; provided however, any Opinion of Counsel provided by Wells Fargo
      pursuant to clause (b) above with respect to the continued eligibility of
      modified Mortgage Loans may be provided by internal counsel, provided that,
      the
      delivery of such Opinion of Counsel shall not release the Servicer from any
      of
      its obligations hereunder and the Servicer shall be responsible for such
      contemplated actions or inaction, as the case may be, to the extent it conflicts
      with the terms of this Agreement.

     

    “Optional
      Termination Date”: The Distribution Date on which the aggregate principal
      balance of the Mortgage Loans (and properties acquired in respect thereof)
      remaining in the Trust Fund is equal to or less than 10% of the aggregate
      principal balance of the Mortgage Loans as of the Cut-off Date.

     

    “Overcollateralization
      Amount”: With respect to any Distribution Date, the excess, if any, of (a) the
      aggregate Stated Principal Balances of the Mortgage Loans and REO Properties
      immediately following such Distribution Date over (b) the sum of the aggregate
      Certificate Principal Balances of the Class A Certificates, the Mezzanine
      Certificates and the Class P Certificates as of such Distribution Date (after
      taking into account the payment of the Principal Remittance Amount on such
      Distribution Date).

     

    “Overcollateralization
      Increase Amount”: With respect to any Distribution Date, the amount of Net
      Monthly Excess Cashflow actually applied as an accelerated payment of principal
      to the Class A Certificates and the Mezzanine Certificates then entitled to
      distributions of principal to the extent the Required Overcollateralization
      Amount exceeds the Overcollateralization Amount.

     

    “Overcollateralization
      Reduction Amount”: With respect to any Distribution Date, the lesser of (i) the
      amount by which the Overcollateralization Amount exceeds the Required
      Overcollateralization Amount and (ii) the Principal Remittance Amount; provided
      however that on any Distribution Date on which a Trigger Event is in effect,
      the
      Overcollateralization Reduction Amount shall equal zero.

     

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

     

    “P&I
      Advance”: As to any Mortgage Loan or REO Property, any advance made by the
      related Servicer in respect of any Determination Date pursuant to
      Section 5.03 of this Agreement, an Advance Financing Person pursuant to
      Section 3.25 of this Agreement or in respect of any Distribution Date by a
      successor Servicer pursuant to Section 8.02 of this Agreement or by the
      related Interim Servicer pursuant to the related Interim Servicing Agreement
      (which advances shall not include principal or interest shortfalls due to
      bankruptcy proceedings or application of the Relief Act or similar state or
      local laws).

     

    “Pass-Through
      Rate”: With respect to the Class A Certificates and the Mezzanine Certificates,
      and any Distribution Date, a rate per annum equal to the lesser of (i) the
      related One-Month LIBOR Pass-Through Rate for such Distribution Date and (ii)
      the related Net WAC Pass-Through Rate for such Distribution Date.

     

    With
      respect to the Class CE-1 Certificates 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 amounts calculated pursuant to clauses (i) through (xx) below,
      and the denominator of which is the aggregate Uncertificated Balances of REMIC
      II Regular Interest AA, REMIC II Regular Interest A-1A, REMIC II Regular
      Interest A-1B1, REMIC II Regular Interest A-1B2, REMIC II Regular Interest
      A-2A,
      REMIC II Regular Interest A-2B, REMIC II Regular Interest A-2C, REMIC II Regular
      Interest A-2D, REMIC II Regular Interest M-1, REMIC II Regular Interest M-2,
      REMIC II Regular Interest M-3, REMIC II Regular Interest M-4, REMIC II Regular
      Interest M-5, REMIC II Regular Interest M-6, REMIC II Regular Interest M-7,
      REMIC II Regular Interest M-8, REMIC II Regular Interest M-9, REMIC II Regular
      Interest M-10 and REMIC II Regular Interest ZZ. For purposes of calculating
      the
      Pass-Through Rate for the Class CE-1 Certificates, the numerator is equal to
      the
      sum of the following components:

     

    (i)  the
      REMIC
      II Remittance Rate for REMIC II Regular Interest AA minus the Marker Rate,
      applied to an amount equal to the Uncertificated Balance of REMIC II Regular
      Interest AA;

     

    (ii)  the
      REMIC
      II Remittance Rate for REMIC II Regular Interest A-1A minus the Marker Rate,
      applied to an amount equal to the Uncertificated Balance of REMIC II Regular
      Interest A-1A;

     

    (iii)  the
      REMIC
      II Remittance Rate for REMIC II Regular Interest A-1B1 minus the Marker Rate,
      applied to an amount equal to the Uncertificated Balance of REMIC II Regular
      Interest A-1B1;

     

    (iv)  the
      REMIC
      II Remittance Rate for REMIC II Regular Interest A-1B2 minus the Marker Rate,
      applied to an amount equal to the Uncertificated Balance of REMIC II Regular
      Interest A-1B2;

     

    (v)  the
      REMIC
      II Remittance Rate for REMIC II Regular Interest A-2A minus the Marker Rate,
      applied to an amount equal to the Uncertificated Balance of REMIC II Regular
      Interest A-2A;

     

    (vi)  the
      REMIC
      II Remittance Rate for REMIC II Regular Interest A-2B minus the Marker Rate,
      applied to an amount equal to the Uncertificated Balance of REMIC II Regular
      Interest A-2B;

     

    (vii)  the
      REMIC
      II Remittance Rate for REMIC II Regular Interest A-2C minus the Marker Rate,
      applied to an amount equal to the Uncertificated Balance of REMIC II Regular
      Interest A-2C;

     

    (viii)  the
      REMIC
      II Remittance Rate for REMIC II Regular Interest A-2D minus the Marker Rate,
      applied to an amount equal to the Uncertificated Balance of REMIC II Regular
      Interest A-2D;

     

    (ix)  the
      REMIC
      II Remittance Rate for REMIC II Regular Interest M-1 minus the Marker Rate,
      applied to an amount equal to the Uncertificated Balance of REMIC II Regular
      Interest M-1;

     

    (x)  the
      REMIC
      II Remittance Rate for REMIC II Regular Interest M-2 minus the Marker Rate,
      applied to an amount equal to the Uncertificated Balance of REMIC II Regular
      Interest M-2;

     

    (xi)  the
      REMIC
      II Remittance Rate for REMIC II Regular Interest M-3 minus the Marker Rate,
      applied to an amount equal to the Uncertificated Balance of REMIC II Regular
      Interest M-3;

     

    (xii)  the
      REMIC
      II Remittance Rate for REMIC II Regular Interest M-4 minus the Marker Rate,
      applied to an amount equal to the Uncertificated Balance of REMIC II Regular
      Interest M-4;

     

    (xiii)  the
      REMIC
      II Remittance Rate for REMIC II Regular Interest M-5 minus the Marker Rate,
      applied to an amount equal to the Uncertificated Balance of REMIC II Regular
      Interest M-5;

     

    (xiv)  the
      REMIC
      II Remittance Rate for REMIC II Regular Interest M-6 minus the Marker Rate,
      applied to an amount equal to the Uncertificated Balance of REMIC II Regular
      Interest M-6;

     

    (xv)  the
      REMIC
      II Remittance Rate for REMIC II Regular Interest M-7 minus the Marker Rate,
      applied to an amount equal to the Uncertificated Balance of REMIC II Regular
      Interest M-7;

     

    (xvi)  the
      REMIC
      II Remittance Rate for REMIC II Regular Interest M-8 minus the Marker Rate,
      applied to an amount equal to the Uncertificated Balance of REMIC II Regular
      Interest M-8;

     

    (xvii)  the
      REMIC
      II Remittance Rate for REMIC II Regular Interest M-9 minus the Marker Rate,
      applied to an amount equal to the Uncertificated Balance of REMIC II Regular
      Interest M-9;

     

    (xviii)  the
      REMIC
      II Remittance Rate for REMIC II Regular Interest M-10 minus the Marker Rate,
      applied to an amount equal to the Uncertificated Balance of REMIC II Regular
      Interest M-10;

     

    (xix)  the
      REMIC
      II Remittance Rate for REMIC II Regular Interest ZZ minus the Marker Rate,
      applied to an amount equal to the Uncertificated Balance of REMIC II Regular
      Interest ZZ; and

     

    (xx)  100%
      of
      the interest on REMIC II Regular Interest P.

     

    With
      respect to the Class CE-2 Certificates and any Distribution Date, an amount
      equal to 100% of the amounts distributed on REMIC II Regular Interest
      CE-2.

     

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

     

    “PCAOB”:
      Means the Public Company Accounting Oversight Board.

     

    “Percentage
      Interest”: With respect to any Class of Certificates (other than the Residual
      Certificates), the undivided percentage ownership in such Class evidenced by
      such Certificate, expressed as a percentage, the numerator of which is the
      initial Certificate Principal Balance represented by such Certificate and the
      denominator of which is the aggregate initial Certificate Principal Balance
      or
      Notional Amount of all of the Certificates of such Class. The Class A
      Certificates and the Mezzanine Certificates are issuable only in minimum
      Percentage Interests corresponding to minimum initial Certificate Principal
      Balances of $25,000 and integral multiples of $1.00 in excess thereof. The
      Class
      P Certificates are issuable only in Percentage Interests corresponding to
      initial Certificate Principal Balances of $20 and integral multiples thereof.
      The Class CE-1 Certificates and Class CE-2 Certificates are issuable only in
      minimum Percentage Interests corresponding to minimum initial Notional Balances
      of $10,000 and integral multiples of $1.00 in excess thereof; provided, however,
      that a single Certificate of each such Class of Certificates may be issued
      having a Percentage Interest corresponding to the remainder of the aggregate
      initial Notional Balance of such Class or to an otherwise authorized
      denomination for such Class plus such remainder. With respect to any Residual
      Certificate, the undivided percentage ownership in such Class evidenced by
      such
      Certificate, as set forth on the face of such Certificate. The Residual
      Certificates are issuable in Percentage Interests of 20% and integral multiples
      of 5% in excess thereof.

     

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

     

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

     

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

     

    (ii)  (A)
      demand and time deposits in, certificates of deposit of, bankers’ acceptances
      issued by or federal funds sold by any depository institution or trust company
      (including the Trustee or its agent acting in their respective commercial
      capacities) incorporated under the laws of the United States of America or
      any
      state thereof and subject to supervision and examination by federal and/or
      state
      authorities, so long as, at the time of such investment or contractual
      commitment providing for such investment, such depository institution or trust
      company (or, if the only Rating Agency is S&P, in the case of the principal
      depository institution in a depository institution holding company, debt
      obligations of the depository institution holding company) or its ultimate
      parent has a short-term uninsured debt rating in the highest available rating
      category of Moody’s, Fitch and S&P and provided that each such investment
      has an original maturity of no more than 365 days; and provided further that,
      if
      the only Rating Agency is S&P and if the depository or trust company is a
      principal subsidiary of a bank holding company and the debt obligations of
      such
      subsidiary are not separately rated, the applicable rating shall be that of
      the
      bank holding company; and, provided further that, if the original maturity
      of
      such short-term obligations of a domestic branch of a foreign depository
      institution or trust company shall exceed 30 days, the short-term rating of
      such
      institution shall be A-1+ in the case of S&P if S&P is the Rating
      Agency; and (B) any other demand or time deposit or deposit which is fully
      insured by the FDIC;

     

    (iii)  repurchase
      obligations with a term not to exceed 30 days with respect to any security
      described in clause (i) above and entered into with a depository institution
      or
      trust company (acting as principal) rated A-1+ or higher by S&P, F-1 or
      higher by Fitch and A2 or higher by Moody’s, provided, however, that collateral
      transferred pursuant to such repurchase obligation must be of the type described
      in clause (i) above and must (A) be valued daily at current market prices plus
      accrued interest, (B) pursuant to such valuation, be equal, at all times, to
      105% of the cash transferred by a party in exchange for such collateral and
      (C)
      be delivered to such party or, if such party is supplying the collateral, an
      agent for such party, in such a manner as to accomplish perfection of a security
      interest in the collateral by possession of certificated
      securities;

     

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

     

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

     

    (vi)  units
      of
      money market funds that have been rated “AAA” by Fitch (if rated by Fitch),
“AAA” by S&P or “Aaa” by Moody’s including any such money market fund
      managed or advised by the Master Servicer, the Trustee or any of their
      Affiliates; and

     

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

     

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

     

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

     

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

     

    “Plan”:
      Any employee benefit plan or certain other retirement plans and arrangements,
      including individual retirement accounts and annuities, Keogh plans and bank
      collective investment funds and insurance company general or separate accounts
      in which such plans, accounts or arrangements are invested, that are subject
      to
      ERISA or Section 4975 of the Code.

     

    “Policy”:
      The Financial Guaranty Insurance Policy No. CIFG NA-814 issued by the Insurer
      in
      respect of the Insured Certificates, including any endorsements
      thereto.

     

    “Policy
      Payments Account”: The account created and maintained by the Securities
      Administrator pursuant to Section 12.4 hereof, which shall be entitled “Wells
      Fargo Bank, N.A, as Securities Administrator, in trust for the registered
      holders of ACE Securities Corp., Home Equity Loan Trust, Series 2006-HE1, Asset
      Backed Pass-Through Certificates, Class A-1B2 Certificates.” The Policy Payments
      Account must be an Eligible Account.

     

    “Prepayment
      Assumption”: A prepayment rate for (a) the Adjustable Rate Mortgage Loans of
      100% PPC, which represents (i) a per annum prepayment rate of 5% of the then
      outstanding principal balance of the Adjustable Rate Mortgage Loans in the
      first
      month of the life of the Adjustable Rate Mortgage Loans, (ii) an additional
      2%
      per annum in each month thereafter through the eleventh month, (iii) building
      to
      a constant prepayment rate of 27% per annum beginning in the twelfth month
      and
      remaining constant until the twenty-third month, (iv) increasing to and
      remaining constant at a prepayment rate of 60% per annum beginning in the
      twenty-fourth month until the twenty-seventh month and (v) decreasing and
      remaining constant at a prepayment rate of 30% per annum from the twenty-eighth
      month and thereafter and (b) the fixed-rate Mortgage Loans of 100% PPC, which
      represents (i) a per annum prepayment rate of 4% of the then outstanding
      principal balance of the fixed rate Mortgage Loans in the first month of the
      life of such Mortgage Loans, (ii) an additional 1.72727% per annum in each
      month
      thereafter through the eleventh month and (iii) a constant prepayment rate
      of
      23% per annum beginning in the twelfth month and in each month thereafter during
      the life of the fixed rate Mortgage Loans; provided, however, the prepayment
      rate will not exceed 85% per annum in any period for any percentage of PPC.
      The
      Prepayment Assumption is used solely for determining the accrual of original
      issue discount on the Certificates for federal income tax purposes.

     

    “Prepayment
      Charge”: With respect to any Principal Prepayment, 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 Schedule”: As of any date, the list of Mortgage Loans providing for a
      Prepayment Charge included in the Trust Fund on such date, attached hereto
      as
      Schedule 2 (including the prepayment charge summary attached thereto). The
      Depositor shall deliver or cause the delivery of the Prepayment Charge Schedule
      to the Servicers, the Master Servicer and the Trustee on the Closing Date.
      The
      Prepayment Charge Schedule shall set forth the following information with
      respect to each Prepayment Charge:

     

    (i)  the
      Mortgage Loan identifying number;

     

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

     

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

     

    (iv)  the
      term
      of the related Prepayment Charge;

     

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

     

    (vi)  the
      Stated Principal Balance of the related Mortgage Loan as of the Cut-off
      Date.

     

    “Prepayment
      Interest Excess”: With respect to each Wells Fargo Mortgage Loan that was the
      subject of a Principal Prepayment in full during the portion of the related
      Prepayment Period occurring between the first day of the calendar month in
      which
      such Distribution Date occurs and the Determination Date of the calendar month
      in which such Distribution Date occurs, an amount equal to interest (to the
      extent received) at the applicable Net Mortgage Rate on the amount of such
      Principal Prepayment for the number of days commencing on the first day of
      the
      calendar month in which such Distribution Date occurs and ending on the last
      date through which interest is collected from the related Mortgagor. With
      respect to each Ocwen Mortgage Loan that was the subject of a Principal
      Prepayment in full during the portion of the related Prepayment Period occurring
      between the first day of the calendar month in which such Distribution Date
      occurs and the fourteenth (14th)
      day of
      the calendar month in which such Distribution Date occurs, an amount equal
      to
      interest (to the extent received) at the applicable Net Mortgage Rate on the
      amount of such Principal Prepayment for the number of days commencing on the
      first day of the calendar month in which such Distribution Date occurs and
      ending on the last date through which interest is collected from the related
      Mortgagor. The related Servicer may withdraw such Prepayment Interest Excess
      from the related Collection Account in accordance with Section 3.09(a)(x)
      of this Agreement. 

     

    “Prepayment
      Interest Shortfall”: With respect to any Distribution Date, for each such
      Mortgage Loan that was the subject of a Principal Prepayment in full or in
      part
      during the portion of the related Prepayment Period occurring between the first
      day of the related Prepayment Period and the last day of the calendar month
      preceding the month in which such Distribution Date occurs that was applied
      by
      the related Servicer to reduce the outstanding principal balance of such
      Mortgage Loan on a date preceding the Due Date in the succeeding Prepayment
      Period, an amount equal to interest at the applicable Net Mortgage Rate on
      the
      amount of such Principal Prepayment for the number of days commencing on the
      date on which the prepayment is applied and ending on the last day of the
      calendar month preceding such Distribution Date. The obligations of the related
      Servicer and the Master Servicer in respect of any Prepayment Interest Shortfall
      are set forth in Section 3.22 and Section 4.18, respectively of this
      Agreement. The obligations of the Interim Servicers in respect of any Prepayment
      Interest Shortfalls are set forth in the Interim Servicing
      Agreements.

     

    “Prepayment
      Period”: With respect to the Wells Fargo Mortgage Loans and any Distribution
      Date, the calendar month preceding the month in which the related Distribution
      Date occurs with respect to prepayments in part, and the period beginning on
      the
      fourteenth (14th) day of the month preceding the related Distribution Date
      (or,
      the period commencing on the Cut-off Date, in connection with the first
      Prepayment Period) and ending on the thirteenth (13th)
      day of
      the month in which such Distribution Date occurs with respect to prepayments
      in
      full. With respect to the Ocwen Mortgage Loans and the first Distribution Date,
      the period beginning on the Cut-off Date and ending on the fourteenth
      (14th)
      day of
      the month of such Distribution Date, and with respect to any Distribution Date
      thereafter, the period beginning on the fifteenth (15th)
      day of
      the month preceding the related Distribution Date and ending on the fourteenth
      (14th)
      day of
      the month in which such Distribution Date occurs. With respect to the Fremont
      Mortgage Loans, GreenPoint Mortgage Loans and New Century Mortgage Loans, the
      period specified in the related Interim Servicing Agreement.

     

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

     

    “Principal
      Distribution Amount”: With respect to any Distribution Date is the sum of the
      Group IA Principal Distribution Amount, the Group IB Principal Distribution
      Amount and the Group II Principal Distribution Amount.

     

    “Principal
      Remittance Amount”: With respect to any Distribution Date is the sum of the
      Group IA Principal Remittance Amount, the Group IB Principal Remittance Amount
      and the Group II Principal Remittance Amount.

     

    “Purchase
      Price”: With respect to any Mortgage Loan or REO Property to be purchased
      pursuant to or as contemplated by Section 2.03, Section 3.13(c) or
      Section 10.01 of this Agreement, and as confirmed by a certification of a
      Servicing Officer of the related Servicer to the Trustee, an amount equal to
      the
      sum of (i) 100% of the Stated Principal Balance thereof as of the date of
      purchase (or such other price as provided in Section 10.01 of this
      Agreement), (ii) in the case of (x) a Mortgage Loan, accrued interest on such
      Stated Principal Balance at the applicable Net Mortgage Rate in effect from
      time
      to time from the Due Date as to which interest was last covered by a payment
      by
      the Mortgagor or a P&I Advance by the related Servicer or the related
      Interim Servicer, which payment or P&I Advance had as of the date of
      purchase been distributed pursuant to Section 5.01 of this Agreement,
      through the end of the calendar month in which the purchase is to be effected
      and (y) an REO Property, the sum of (1) accrued interest on such Stated
      Principal Balance at the applicable Net Mortgage Rate in effect from time to
      time from the Due Date as to which interest was last covered by a payment by
      the
      Mortgagor or a P&I Advance by the related Servicer or the related Interim
      Servicer through the end of the calendar month immediately preceding the
      calendar month in which such REO Property was acquired, plus (2) REO Imputed
      Interest for such REO Property for each calendar month commencing with the
      calendar month in which such REO Property was acquired and ending with the
      calendar month in which such purchase is to be effected, net of the total of
      all
      net rental income, Insurance Proceeds, Liquidation Proceeds and P&I Advances
      that as of the date of purchase had been distributed as or to cover REO Imputed
      Interest pursuant to Section 5.01 of this Agreement, (iii) any unreimbursed
      Servicing Advances and P&I Advances (including Nonrecoverable P&I
      Advances and Nonrecoverable Servicing Advances) and any unpaid Servicing Fees
      allocable to such Mortgage Loan or REO Property, (iv) any amounts previously
      withdrawn from the related Collection Account pursuant to
      Section 3.09(a)(ix) and Section 3.13(b) of this Agreement and the
      related Custodial Account pursuant to corresponding sections of the related
      Interim Servicing Agreement and (v) in the case of a Mortgage Loan required
      to
      be purchased pursuant to Section 2.03 of this Agreement, expenses
      reasonably incurred or to be incurred by the related Servicer, the related
      Interim Servicer or the Trustee in respect of the breach or defect giving rise
      to the purchase obligation and any costs and damages incurred by the Trust
      Fund
      and the Trustee in connection with any violation by any such Mortgage Loan
      of
      any predatory or abusive lending law.

     

    “QIB”:
      As
      defined in Section 6.01(c).

     

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

     

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

     

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

     

    “Realized
      Loss”: With respect to each Mortgage Loan as to which a Final Recovery
      Determination has been made, an amount (not less than zero), as reported by
      the
      related Servicer to the Master Servicer (in substantially the form of Schedule
      4
      hereto) or by the related Interim Servicer to the Master Servicer pursuant
      to
      the related Interim Servicing Agreement, equal to (i) the unpaid principal
      balance of such Mortgage Loan as of the commencement of the calendar month
      in
      which the Final Recovery Determination was made, plus (ii) accrued interest
      from
      the Due Date as to which interest was last paid by the Mortgagor through the
      end
      of the calendar month in which such Final Recovery Determination was made,
      calculated in the case of each calendar month during such period (A) at an
      annual rate equal to the annual rate at which interest was then accruing on
      such
      Mortgage Loan and (B) on a principal amount equal to the Stated Principal
      Balance of such Mortgage Loan as of the close of business on the Distribution
      Date during such calendar month, plus (iii) any amounts previously withdrawn
      from the related Collection Account or the related Custodial Account in respect
      of such Mortgage Loan pursuant to Section 3.09(a)(ix) and
      Section 3.13(b) of this Agreement or pursuant to corresponding provisions
      of the related Interim Servicing Agreement, as applicable, minus (iv) the
      proceeds, if any, received in respect of such Mortgage Loan during the calendar
      month in which such Final Recovery Determination was made, net of amounts that
      are payable therefrom to the related Servicer or the related Interim Servicer
      with respect to such Mortgage Loan pursuant to Section 3.09(a)(iii) of this
      Agreement or pursuant to the Servicing Agreement.

     

    With
      respect to any REO Property as to which a Final Recovery Determination has
      been
      made, an amount (not less than zero) equal to (i) the unpaid principal balance
      of the related Mortgage Loan as of the date of acquisition of such REO Property
      on behalf of REMIC I, plus (ii) accrued interest from the Due Date as to which
      interest was last paid by the Mortgagor in respect of the related Mortgage
      Loan
      through the end of the calendar month immediately preceding the calendar month
      in which such REO Property was acquired, calculated in the case of each calendar
      month during such period (A) at an annual rate equal to the annual rate at
      which
      interest was then accruing on the related Mortgage Loan and (B) on a principal
      amount equal to the Stated Principal Balance of the related Mortgage Loan as
      of
      the close of business on the Distribution Date during such calendar month,
      plus
      (iii) REO Imputed Interest for such REO Property for each calendar month
      commencing with the calendar month in which such REO Property was acquired
      and
      ending with the calendar month in which such Final Recovery Determination was
      made, plus (iv) any amounts previously withdrawn from the related Collection
      Account or the related Custodial Account in respect of the related Mortgage
      Loan
      pursuant to Section 3.09(a)(ix) and Section 3.13(b) of this Agreement
      or pursuant to corresponding sections of the related Interim Servicing
      Agreement, as applicable, minus (v) the aggregate of all P&I Advances and
      Servicing Advances (in the case of Servicing Advances, without duplication
      of
      amounts netted out of the rental income, Insurance Proceeds and Liquidation
      Proceeds described in clause (vi) below) made by the related Servicer or the
      related Interim Servicer in respect of such REO Property or the related Mortgage
      Loan for which the related Servicer or the related Interim Servicer has been
      or,
      in connection with such Final Recovery Determination, will be reimbursed
      pursuant to Section 3.21 of this Agreement or pursuant to the related
      Interim Servicing Agreement out of rental income, Insurance Proceeds and
      Liquidation Proceeds received in respect of such REO Property, minus (vi) the
      total of all net rental income, Insurance Proceeds and Liquidation Proceeds
      received in respect of such REO Property that has been, or in connection with
      such Final Recovery Determination, will be transferred to the Distribution
      Account pursuant to Section 3.21 of this Agreement or pursuant to the
      related Interim Servicing Agreement.

     

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

     

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

     

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

     

    “Record
      Date”: With respect to each Distribution Date and the Class A Certificates and
      the Mezzanine Certificates, the Business Day immediately preceding such
      Distribution Date for so long as such Certificates are Book-Entry Certificates.
      With respect to each Distribution Date and any other Class of Certificates,
      including any Definitive Certificates, the last day of the calendar month
      immediately preceding the month in which such Distribution Date
      occurs.

     

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

     

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

     

    “Regular
      Certificate”: Any Class A Certificate, Mezzanine Certificate, Class CE-1
      Certificate, Class CE-2 Certificate or Class P Certificate.

     

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

     

    “Regular
      Payments”:
      Means
      any and all regularly scheduled payments of interest and the final payment
      of
      principal on the Class A-1B2 Certificates required to be made in accordance
      with
      their original terms and without regard to any subsequent amendment or
      modification thereof except amendments or modifications to which the Insurer
      has
      given its prior written consent. Regular Payments shall include (i) with respect
      to any Distribution Date, the amount, if any, by which the amount available
      to
      be paid as interest to the Class A-1B2 Certificates, pursuant to the priority
      of
      payments set forth in Section 5.01, is less than the Interest Distribution
      Amount, plus any Interest Carry Forward Amounts payable to the Class A-1B2
      Certificates and (ii) to the extent unpaid on the Last Scheduled Distribution
      Date, after taking into account all distributions to be made on such date,
      any
      remaining Certificate Principal Balance of the Class A-1B2 Certificates. Regular
      Payments shall not include, nor shall coverage be provided under the Policy
      in
      respect of: (1) payments which become due on an accelerated basis as a
      result of (a)  early or rapid amortization of the Class A-1B2
      Certificates, (d) redemption for any reason other than the exercise of the
      Terminator of its optional termination right pursuant to Section 10.01, or
      (e) any other cause, unless the Insurer shall elect, in its sole
      discretion, to pay any amount due upon such acceleration together with any
      accrued interest to the date of acceleration; (2) any amounts due in
      respect of the Class A-1B2 Certificates attributable to any increase in interest
      rate, penalty or other sum payable by the Trust Fund (i) by reason of any
      default or event of default in respect of the Class A-1B2 Certificates; (ii)
      by
      reason of any deterioration of the creditworthiness of any other person; or
      (iii) due to the occurrence of an increase in the Certificate Margin applicable
      to the calculation of the Pass-Through Rate on the Class A-1B2 Certificates
      after the first possible Optional Termination Date; (3) any taxes,
      withholding or other charge imposed by any governmental authority due in
      connection with the payment of any Regular Payment to the Policyholder or
      (4) any amounts due in respect of the Class A-1B2 Certificates but unpaid
      as a result of any Prepayment Interest Shortfalls, any shortfalls resulting
      from
      the application of the Relief Act or Net WAC Rate Carryover
      Amounts.

     

    “Regulation
      AB”: Means Subpart 229.1100 - Asset Backed Securities (Regulation AB), 17 C.F.R.
      §§229.1100-229.1123, as such may be amended from time to time, and subject to
      such clarification and interpretation as have been provided by the 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.

     

    “Reimbursement
      Amount”: As to any Distribution Date, the aggregate of any payments made with
      respect to the Class A-1B2 Certificates by the Certificate Insurer under the
      Policy to the extent not previously reimbursed, plus interest at the Late
      Payment Rate, plus any other amounts owing to the Insurer under this Agreement
      or the Insurance Agreement.

     

    “Relevant
      Servicing Criteria”: Means the Servicing Criteria applicable to the various
      parties, as set forth on Exhibit
      E
      attached
      hereto. For clarification purposes, multiple parties can have responsibility
      for
      the same Relevant Servicing Criteria. With respect to a Servicing Function
      Participant engaged by the Master Servicer, the Securities Administrator, the
      Trustee or the Servicer, the term “Relevant Servicing Criteria” may refer to a
      portion of the Relevant Servicing Criteria applicable to such
      parties.

     

    “Relief
      Act”: The Servicemembers Civil Relief Act, as amended, or similar state or local
      laws.

     

    “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.

     

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

     

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

     

    “REMIC
      I
      Group IA Regular Interests”: REMIC I Regular Interest A-I and REMIC I Regular
      Interest I-1-A through REMIC I Regular Interest I-44-B as designated in the
      Preliminary Statement hereto.

     

    “REMIC
      I
      Group IB Regular Interests”: REMIC I Regular Interest A-II and REMIC I Regular
      Interest II-1-A through REMIC I Regular Interest II-44-B as designated in the
      Preliminary Statement hereto.

     

    “REMIC
      I
      Group II Regular Interests”: REMIC I Regular Interest A-III and REMIC I Regular
      Interest III-1-A through REMIC I Regular Interest III-44-B as designated in
      the
      Preliminary Statement hereto.

     

    “REMIC
      I
      Regular Interest”: Any of the 269 separate non-certificated beneficial ownership
      interests in REMIC I issued hereunder and designated as a “regular interest” in
      REMIC I. Each REMIC I Regular Interest shall accrue interest at the related
      REMIC I Remittance Rate in effect from time to time, and shall be entitled
      to
      distributions of principal, subject to the terms and conditions hereof, in
      an
      aggregate amount equal to its initial Uncertificated Balance as set forth in
      the
      Preliminary Statement hereto. 

     

    “REMIC
      I
      Remittance Rate”:
      With
      respect to REMIC I Regular Interest A-I, a per annum rate equal to the weighted
      average of the Net Mortgage Rates of the Group IA Mortgage Loans. With respect
      to each REMIC I Group IA Regular Interest ending with the designation “A”, a per
      annum rate equal to the weighted average of the Net Mortgage Rates of the Group
      IA Mortgage Loans multiplied by 2, subject to a maximum rate of 9.49%. With
      respect to each REMIC I Group IA Regular Interest ending with the designation
      “B”, the greater of (x) a per annum rate equal to the excess, if any, of (i) 2
      multiplied by the weighted average of the Net Mortgage Rates of the Group IA
      Mortgage Loans over (ii) 9.49% and (y) 0.00%. With respect to REMIC I Regular
      Interest A-II, a per annum rate equal to the weighted average of the Net
      Mortgage Rates of the Group IB Mortgage Loans. With respect to each REMIC I
      Group IB Regular Interest ending with the designation “A”, a per annum rate
      equal to the weighted average of the Net Mortgage Rates of the Group IB Mortgage
      Loans multiplied by 2, subject to a maximum rate of 9.49%. With respect to
      each
      REMIC I Group IB Regular Interest ending with the designation “B”, the greater
      of (x) a per annum rate equal to the excess, if any, of (i) 2 multiplied by
      the
      weighted average of the Net Mortgage Rates of the Group IB Mortgage Loans over
      (ii) 9.49% and (y) 0.00%. With respect to REMIC I Regular Interest A-III, a
      per
      annum rate equal to the weighted average of the Net Mortgage Rates of the Group
      II Mortgage Loans. With respect to each REMIC I Group II Regular Interest ending
      with the designation “A”, a per annum rate equal to the weighted average of the
      Net Mortgage Rates of the Group II Mortgage Loans multiplied by 2, subject
      to a
      maximum rate of 9.49%. With respect to each REMIC I Group II Regular Interest
      ending with the designation “B”, the greater of (x) a per annum rate equal to
      the excess, if any, of (i) 2 multiplied by the weighted average of the Net
      Mortgage Rates of the Group II Mortgage Loans over (ii) 9.49% and (y) 0.00%.
      With respect to REMIC I Regular Interest P, 0.00%. With respect to REMIC I
      Regular Interest I-CE-2, a weighted average per annum rate, determined on a
      Mortgage Loan by Mortgage Loan basis with respect to the Ocwen Mortgage Loans,
      equal to the excess, if any, of (i) the excess of (a) the Mortgage Rate for
      each
      such Mortgage Loan over (b) the sum of the (x) Ocwen Servicing Fee Rate and
      (y)
      Credit Risk Management Fee Rate, over (ii) the Net Mortgage Rate of each such
      Mortgage Loan.

     

    “REMIC
      II”: The segregated pool of assets consisting of all of the REMIC I Regular
      Interests conveyed in trust to the Trustee, for the benefit of the REMIC II
      Regular Interests pursuant to Section 2.07, and all amounts deposited
      therein, with respect to which a separate REMIC election is to be
      made.

     

    “REMIC
      II
      Interest Loss Allocation Amount”: With respect to any Distribution Date, an
      amount equal to (a) the product of (i) 50% of the aggregate Stated Principal
      Balance of the Mortgage Loans and REO Properties then outstanding and (ii)
      the
      REMIC II Remittance Rate for REMIC II Regular Interest AA minus the Marker
      Rate,
      divided by (b) 12.

     

    “REMIC
      II
      Marker Allocation Percentage”: 50% of any amount payable or loss attributable
      from the Mortgage Loans, which shall be allocated to REMIC II Regular Interest
      AA, REMIC II Regular Interest A-1A, REMIC II Regular Interest A-1B1, REMIC
      II
      Regular Interest A-1B2, REMIC II Regular Interest A-2A, REMIC II Regular
      Interest A-2B, REMIC II Regular Interest A-2C, REMIC II Regular Interest A-2D,
      REMIC II Regular Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular
      Interest M-3, REMIC II Regular Interest M-4, REMIC II Regular Interest M-5,
      REMIC II Regular Interest M-6, REMIC II Regular Interest M-8, REMIC II Regular
      Interest M-9, REMIC II Regular Interest M-10, REMIC II Regular Interest ZZ
      and
      REMIC II Regular Interest P.

     

    “REMIC
      II
      Overcollateralization Amount”: With respect to any date of determination, (i)
      0.50% of the aggregate Uncertificated Balances of the REMIC II Regular Interests
      minus (ii) the aggregate of the Uncertificated Balances of REMIC II Regular
      Interest A-1A, REMIC II Regular Interest A-1B1, REMIC II Regular Interest A-1B2,
      REMIC II Regular Interest A-2A, REMIC II Regular Interest A-2B, REMIC II Regular
      Interest A-2C, REMIC II Regular Interest A-2D, REMIC II Regular Interest M-1,
      REMIC II Regular Interest M-2, REMIC II Regular Interest M-3, REMIC II Regular
      Interest M-4, REMIC II Regular Interest M-5, REMIC II Regular Interest M-6,
      REMIC II Regular Interest M-7, REMIC II Regular Interest M-8, REMIC II Regular
      Interest M-9, REMIC II Regular Interest M-10 and REMIC II Regular Interest
      P, 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 (a) the product of (i) 50% of the aggregate Stated Principal
      Balance of the Mortgage Loans and REO Properties then outstanding and (ii)
      1
      minus a fraction, the numerator of which is two times the aggregate of the
      Uncertificated Balances of REMIC II Regular Interest A-1A, REMIC II Regular
      Interest A-1B1, REMIC II Regular Interest A-1B2, REMIC II Regular Interest
      A-2A,
      REMIC II Regular Interest A-2B, REMIC II Regular Interest A-2C, REMIC II Regular
      Interest A-2D, REMIC II Regular Interest M-1, REMIC II Regular Interest M-2,
      REMIC II Regular Interest M-3, REMIC II Regular Interest M-4, REMIC II Regular
      Interest M-5, REMIC II Regular Interest M-6, REMIC II Regular Interest M-7,
      REMIC II Regular Interest M-8, REMIC II Regular Interest M-9, REMIC II Regular
      Interest M-10, REMIC II Regular Interest M-11 and the denominator of which
      is
      the aggregate of the Uncertificated Balances of REMIC II Regular Interest A-1A,
      REMIC II Regular Interest A-1B1, REMIC II Regular Interest A-1B2, REMIC II
      Regular Interest A-2A, REMIC II Regular Interest A-2B, REMIC II Regular Interest
      A-2C, REMIC II Regular Interest A-2D, REMIC II Regular Interest M-1, REMIC
      II
      Regular Interest M-2, REMIC II Regular Interest M-3, REMIC II Regular Interest
      M-4, REMIC II Regular Interest M-5, REMIC II Regular Interest M-6, REMIC II
      Regular Interest M-7, REMIC II Regular Interest M-8, REMIC II Regular Interest
      M-9, REMIC II Regular Interest M-10 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
      REMIC II Remittance Rate in effect from time to time, and shall be entitled
      to
      distributions of principal, subject to the terms and conditions hereof, in
      an
      aggregate amount equal to its initial Uncertificated Balance as set forth in
      the
      Preliminary Statement hereto. The designations for the respective REMIC II
      Regular Interests are set forth in the Preliminary Statement
      hereto.

     

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

     

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

     

    “REMIC
      II
      Regular Interest A-1B1”: One of the separate non-certificated beneficial
      ownership interests in REMIC II issued hereunder and designated as a Regular
      Interest in REMIC II. REMIC II Regular Interest A-1B1 shall accrue interest
      at
      the related REMIC II Remittance Rate in effect from time to time, and shall
      be
      entitled to distributions of principal, subject to the terms and conditions
      hereof, in an aggregate amount equal to its initial Uncertificated Balance
      as
      set forth in the Preliminary Statement hereto.

     

    “REMIC
      II
      Regular Interest A-1B2”: One of the separate non-certificated beneficial
      ownership interests in REMIC II issued hereunder and designated as a Regular
      Interest in REMIC II. REMIC II Regular Interest A-1B2 shall accrue interest
      at
      the related REMIC II Remittance Rate in effect from time to time, and shall
      be
      entitled to distributions of principal, subject to the terms and conditions
      hereof, in an aggregate amount equal to its initial Uncertificated Balance
      as
      set forth in the Preliminary Statement hereto.

     

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

     

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

     

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

     

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

     

    “REMIC
      II
      Regular Interest IO”: One of the separate non-certificated beneficial ownership
      interests in REMIC II issued hereunder and designated as a Regular Interest
      in
      REMIC II. REMIC II Regular Interest IO shall accrue interest at the related
      REMIC II Remittance Rate in effect from time to time and shall not be entitled
      to distributions of principal. 

     

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

     

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

     

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

     

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

     

    “REMIC
      II
      Regular Interest M-5”: One of the separate non-certificated beneficial ownership
      interests in REMIC II issued hereunder and designated as a Regular Interest
      in
      REMIC II. REMIC II Regular Interest M-5 shall accrue interest at the related
      REMIC II Remittance Rate in effect from time to time, and shall be entitled
      to
      distributions of principal, subject to the terms and conditions hereof, in
      an
      aggregate amount equal to its initial Uncertificated Balance as set forth in
      the
      Preliminary Statement hereto.

     

    “REMIC
      II
      Regular Interest M-6”: One of the separate non-certificated beneficial ownership
      interests in REMIC II issued hereunder and designated as a Regular Interest
      in
      REMIC II. REMIC II Regular Interest M-6 shall accrue interest at the related
      REMIC II Remittance Rate in effect from time to time, and shall be entitled
      to
      distributions of principal, subject to the terms and conditions hereof, in
      an
      aggregate amount equal to its initial Uncertificated Balance as set forth in
      the
      Preliminary Statement hereto.

     

    “REMIC
      II
      Regular Interest M-7”: One of the separate non-certificated beneficial ownership
      interests in REMIC II issued hereunder and designated as a Regular Interest
      in
      REMIC II. REMIC II Regular Interest M-7 shall accrue interest at the related
      REMIC II Remittance Rate in effect from time to time, and shall be entitled
      to
      distributions of principal, subject to the terms and conditions hereof, in
      an
      aggregate amount equal to its initial Uncertificated Balance as set forth in
      the
      Preliminary Statement hereto.

     

    “REMIC
      II
      Regular Interest M-8”: One of the separate non-certificated beneficial ownership
      interests in REMIC II issued hereunder and designated as a Regular Interest
      in
      REMIC II. REMIC II Regular Interest M-8 shall accrue interest at the related
      REMIC II Remittance Rate in effect from time to time, and shall be entitled
      to
      distributions of principal, subject to the terms and conditions hereof, in
      an
      aggregate amount equal to its initial Uncertificated Balance as set forth in
      the
      Preliminary Statement hereto.

     

    “REMIC
      II
      Regular Interest M-9”: One of the separate non-certificated beneficial ownership
      interests in REMIC II issued hereunder and designated as a Regular Interest
      in
      REMIC II. REMIC II Regular Interest M-9 shall accrue interest at the related
      REMIC II Remittance Rate in effect from time to time, and shall be entitled
      to
      distributions of principal, subject to the terms and conditions hereof, in
      an
      aggregate amount equal to its initial Uncertificated Balance as set forth in
      the
      Preliminary Statement hereto.

     

    “REMIC
      II
      Regular Interest M-10”: One of the separate non-certificated beneficial
      ownership interests in REMIC II issued hereunder and designated as a Regular
      Interest in REMIC II. REMIC II Regular Interest M-10 shall accrue interest
      at
      the related REMIC II Remittance Rate in effect from time to time, and shall
      be
      entitled to distributions of principal, subject to the terms and conditions
      hereof, in an aggregate amount equal to its initial Uncertificated Balance
      as
      set forth in the Preliminary Statement hereto.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “REMIC
      II
      Remittance Rate”: With respect to REMIC II Regular Interest AA, REMIC II Regular
      Interest A-1A, REMIC II Regular Interest A-1B1, REMIC II Regular Interest A-1B2,
      REMIC II Regular Interest A-2A, REMIC II Regular Interest A-2B, REMIC II Regular
      Interest A-2C, REMIC II Regular Interest A-2D, REMIC II Regular Interest M-1,
      REMIC II Regular Interest M-2, REMIC II Regular Interest M-3, REMIC II Regular
      Interest M-4, REMIC II Regular Interest M-5, REMIC II Regular Interest M-6,
      REMIC II Regular Interest M-7, REMIC II Regular Interest M-8, REMIC II Regular
      Interest M-9, REMIC II Regular Interest M-10, REMIC II Regular Interest ZZ,
      REMIC II Regular Interest IA-SUB, REMIC II Regular Interest IB-SUB, REMIC II
      Regular Interest II-SUB and REMIC II Regular Interest XX, a per annum rate
      (but
      not less than zero) equal to the weighted average of: (w) with respect to REMIC
      I Regular Interest A-I, REMIC I Regular Interest A-II and REMIC I Regular
      Interest A-III, the REMIC I Remittance Rate for each such REMIC I Regular
      Interest for each such Distribution Date, (x) with respect to each REMIC I
      Regular Interest ending with the designation “B”, the weighted average of the
      REMIC I Remittance Rates for such REMIC I Regular Interests, weighted on the
      basis of the Uncertificated Balances of such REMIC I Regular Interests for
      each
      such Distribution Date and (y) with respect to REMIC I Regular Interests ending
      with the designation “A”, for each Distribution Date listed below, the weighted
      average of the rates listed below for each such REMIC I Regular Interest listed
      below, weighted on the basis of the Uncertificated Balances of each such REMIC
      I
      Regular Interest for each such Distribution Date:

    

    
      	
              Distribution
                Date

            	
              REMIC
                I Regular Interest

            	
              Rate

            
	
              1

            	
              I-1-A
                through I-44-A

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

            
	 	
              II-1-A
                through II-44-A

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

            
	 	
              III-1-A
                through III-44-A

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

            
	
              2

            	
              I-2-A
                through I-44-A

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

            
	 	
              II-2-A
                through II-44-A

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

            
	 	
              III-2-A
                through III-44-A

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

            
	 	
              I-1-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A

            	
              REMIC
                I Remittance Rate

            
	 	
              III-1-A

            	
              REMIC
                I Remittance Rate

            
	
              3

            	
              I-3-A
                through I-44-A

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

            
	 	
              II-3-A
                through II-44-A

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

            
	 	
              III-3-A
                through III-44-A

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

            
	 	
              I-1-A
                and I-2-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                and II-2-A

            	
              REMIC
                I Remittance Rate

            
	 	
              III-1-A
                and III-2-A

            	
              REMIC
                I Remittance Rate

            
	
              4

            	
              I-4-A
                through I-44-A

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

            
	 	
              II-4-A
                through II-44-A

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

            
	 	
              III-4-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-3-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-3-A

            	
              REMIC
                I Remittance Rate

            
	 	
              III-1-A
                through III-3-A

            	
              REMIC
                I Remittance Rate

            
	
              5

            	
              I-5-A
                through I-44-A

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

            
	 	
              II-5-A
                through II-44-A

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

            
	 	
              III-5-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-4-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-4-A

            	
              REMIC
                I Remittance Rate

            
	 	
              III-1-A
                through III-4-A

            	
              REMIC
                I Remittance Rate

            
	
              6

            	
              I-6-A
                through I-44-A

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

            
	 	
              II-6-A
                through II-44-A

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

            
	 	
              III-6-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-5-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-5-A

            	
              REMIC
                I Remittance Rate

            
	 	
               

              III-1-A
                through III-5-A

            	
              REMIC
                I Remittance Rate

            
	
              7

            	
              I-7-A
                through I-44-A

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

            
	 	
              II-7-A
                through II-44-A

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

            
	 	
              III-7-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-6-A

            	
              REMIC
                I Remittance Rate

            
	 	
              III-1-A
                through III-6-A

            	
              REMIC
                I Remittance Rate

            
	 	
               

              II-1-A
                through II-6-A

            	
              REMIC
                I Remittance Rate

            
	
              8

            	
              I-8-A
                through I-44-A

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

            
	 	
              II-8-A
                through II-44-A

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

            
	 	
              III-8-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-7-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-7-A

            	
              REMIC
                I Remittance Rate

            
	 	
               

              III-1-A
                through III-7-A

            	
              REMIC
                I Remittance Rate

            
	
              9

            	
              I-9-A
                through I-44-A

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

            
	 	
              II-9-A
                through II-44-A

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

            
	 	
              III-9-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-8-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-8-A

            	
              REMIC
                I Remittance Rate

            
	 	
               

              III-1-A
                through III-8-A

            	
              REMIC
                I Remittance Rate

            
	
              10

            	
              I-10-A
                through I-44-A

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

            
	 	
              II-10-A
                through II-44-A

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

            
	 	
              III-10-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-9-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-9-A

            	
              REMIC
                I Remittance Rate

            
	 	
               

              III-1-A
                through III-9-A

            	
              REMIC
                I Remittance Rate

            
	
              11

            	
              I-11-A
                through I-44-A

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

            
	 	
              II-11-A
                through II-44-A

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

            
	 	
              III-11-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-10-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-10-A

            	
              REMIC
                I Remittance Rate

            
	 	
               

              III-1-A
                through III-10-A

            	
              REMIC
                I Remittance Rate

            
	
              12

            	
              I-12-A
                through I-44-A

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

            
	 	
              II-12-A
                through II-44-A

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

            
	 	
              III-12-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-11-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-11-A

            	
              REMIC
                I Remittance Rate

            
	 	
               

              III-1-A
                through III-11-A

            	
              REMIC
                I Remittance Rate

            
	
              13

            	
              I-13-A
                through I-44-A

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

            
	 	
              II-13-A
                through II-44-A

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

            
	 	
              III-13-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-12-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-12-A

            	
              REMIC
                I Remittance Rate

            
	 	
              III-1-A
                through III-12-A

            	
              REMIC
                I Remittance Rate

            
	
              14

            	
              I-14-A
                through I-44-A

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

            
	 	
              II-14-A
                through II-44-A

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

            
	 	
               

              III-14-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-13-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-13-A

            	
              REMIC
                I Remittance Rate

            
	 	
               

              III-1-A
                through III-13-A

            	
              REMIC
                I Remittance Rate

            
	
              15

            	
              I-15-A
                through I-44-A

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

            
	 	
              II-15-A
                through II-44-A

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

            
	 	
              III-15-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-14-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-14-A

            	
              REMIC
                I Remittance Rate

            
	 	
               

              III-1-A
                through III-14-A

            	
              REMIC
                I Remittance Rate

            
	
              16

            	
              I-16-A
                through I-44-A

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

            
	 	
              II-16-A
                through II-44-A

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

            
	 	
              III-16-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-15-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-15-A

            	
              REMIC
                I Remittance Rate

            
	 	
               

              III-1-A
                through III-15-A

            	
              REMIC
                I Remittance Rate

            
	
              17

            	
              I-17-A
                through I-44-A

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

            
	 	
              II-17-A
                through II-44-A

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

            
	 	
              III-17-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-16-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-16-A

            	
              REMIC
                I Remittance Rate

            
	 	
               

              III-1-A
                through III-16-A

            	
              REMIC
                I Remittance Rate

            
	
              18

            	
              I-18-A
                through I-44-A

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

            
	 	
              II-18-A
                through II-44-A

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

            
	 	
              III-18-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-17-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-17-A

            	
              REMIC
                I Remittance Rate

            
	 	
               

              III-1-A
                through III-17-A

            	
              REMIC
                I Remittance Rate

            
	
              19

            	
              I-19-A
                through I-44-A

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

            
	 	
              II-19-A
                through II-44-A

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

            
	 	
              III-19-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-18-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-18-A

            	
              REMIC
                I Remittance Rate

            
	 	
               

              III-1-A
                through III-18-A

            	
              REMIC
                I Remittance Rate

            
	
              20

            	
              I-20-A
                through I-44-A

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

            
	 	
              II-20-A
                through II-44-A

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

            
	 	
              III-20-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-19-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-19-A

            	
              REMIC
                I Remittance Rate

            
	 	
               

              III-1-A
                through III-19-A

            	
              REMIC
                I Remittance Rate

            
	
              21

            	
              I-21-A
                through I-44-A

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

            
	 	
              II-21-A
                through II-44-A

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

            
	 	
              III-21-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-20-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-20-A

            	
              REMIC
                I Remittance Rate

            
	 	
               

              III-1-A
                through III-20-A

            	
              REMIC
                I Remittance Rate

            
	
              22

            	
              I-22-A
                through I-44-A

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

            
	 	
              II-22-A
                through II-44-A

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

            
	 	
              III-22-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-21-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-21-A

            	
              REMIC
                I Remittance Rate

            
	 	
              III-1-A
                through III-21-A

            	
              REMIC
                I Remittance Rate

            
	
              23

            	
              I-23-A
                through I-44-A

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

            
	 	
              II-23-A
                through II-44-A

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

            
	 	
              III-23-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-22-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-22-A

            	
              REMIC
                I Remittance Rate

            
	 	
               

              III-1-A
                through III-22-A

            	
              REMIC
                I Remittance Rate

            
	
              24

            	
              I-24-A
                through I-44-A

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

            
	 	
              II-24-A
                through II-44-A

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

            
	 	
              III-24-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-23-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-23-A

            	
              REMIC
                I Remittance Rate

            
	 	
               

              III-1-A
                through III-23-A

            	
              REMIC
                I Remittance Rate

            
	
              25

            	
              I-25-A
                through I-44-A

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

            
	 	
              II-25-A
                through II-44-A

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

            
	 	
              III-25-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-24-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-24-A

            	
              REMIC
                I Remittance Rate

            
	 	
              III-1-A
                through III-24-A

            	
              REMIC
                I Remittance Rate

            
	
              26

            	
              I-26-A
                through I-44-A

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

            
	 	
              II-26-A
                through II-44-A

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

            
	 	
              III-26-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-25-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-25-A

            	
              REMIC
                I Remittance Rate

            
	 	
               

              III-1-A
                through III-25-A

            	
              REMIC
                I Remittance Rate

            
	
              27

            	
              I-27-A
                through I-44-A

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

            
	 	
              II-27-A
                through II-44-A

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

            
	 	
              III-27-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-26-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-26-A

            	
              REMIC
                I Remittance Rate

            
	 	
               

              III-1-A
                through III-26-A

            	
              REMIC
                I Remittance Rate

            
	
              28

            	
              I-28-A
                through I-44-A

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

            
	 	
              II-28-A
                through II-44-A

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

            
	 	
              III-28-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-27-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-27-A

            	
              REMIC
                I Remittance Rate

            
	 	
               

              III-1-A
                through III-27-A

            	
              REMIC
                I Remittance Rate

            
	
              29

            	
              I-29-A
                through I-44-A

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

            
	 	
              II-29-A
                through II-44-A

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

            
	 	
              III-29-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-28-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-28-A

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

            
	 	
              III-1-A
                through III-28-A

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

            
	
              30

            	
              I-30-A
                through I-44-A

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

            
	 	
              II-30-A
                through II-44-A

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

            
	 	
              III-30-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-29-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-29-A

            	
              REMIC
                I Remittance Rate

            
	 	
               

              III-1-A
                through III-29-A

            	
              REMIC
                I Remittance Rate

            
	
              31

            	
              I-31-A
                through I-44-A

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

            
	 	
              II-31-A
                through II-44-A

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

            
	 	
              III-31-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-30-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-30-A

            	
              REMIC
                I Remittance Rate

            
	 	
              III-1-A
                through III-30-A

            	
              REMIC
                I Remittance Rate

            
	
              32

            	
              I-32-A
                through I-44-A

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

            
	 	
              II-32-A
                through II-44-A

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

            
	 	
              III-32-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-31-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-31-A

            	
              REMIC
                I Remittance Rate

            
	 	
               

              III-1-A
                through III-31-A

            	
              REMIC
                I Remittance Rate

            
	
              33

            	
              I-33-A
                through I-44-A

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

            
	 	
              II-33-A
                through II-44-A

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

            
	 	
              III-33-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-32-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-32-A

            	
              REMIC
                I Remittance Rate

            
	 	
               

              III-1-A
                through III-32-A

            	
              REMIC
                I Remittance Rate

            
	
              34

            	
              I-34-A
                through I-44-A

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

            
	 	
              II-34-A
                through II-44-A

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

            
	 	
              III-34-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-33-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-33-A

            	
              REMIC
                I Remittance Rate

            
	 	
               

              III-1-A
                through III-33-A

            	
              REMIC
                I Remittance Rate

            
	
              35

            	
              I-35-A
                through I-44-A

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

            
	 	
              II-35-A
                through II-44-A

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

            
	 	
              III-35-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-34-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-34-A

            	
              REMIC
                I Remittance Rate

            
	 	
              III-1-A
                through III-34-A

            	
              REMIC
                I Remittance Rate

            
	
              36

            	
              I-36-A
                through I-44-A

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

            
	 	
              II-36-A
                through II-44-A

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

            
	 	
              III-36-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-35-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-35-A

            	
              REMIC
                I Remittance Rate

            
	 	
              III-1-A
                through III-35-A

            	
              REMIC
                I Remittance Rate

            
	
              37

            	
              I-37-A
                through I-44-A

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

            
	 	
              II-37-A
                through II-44-A

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

            
	 	
              III-37-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-36-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-36-A

            	
              REMIC
                I Remittance Rate

            
	 	
               

              III-1-A
                through III-36-A

            	
              REMIC
                I Remittance Rate

            
	
              38

            	
              I-38-A
                through I-44-A

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

            
	 	
              II-38-A
                through II-44-A

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

            
	 	
              III-38-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-37-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-37-A

            	
              REMIC
                I Remittance Rate

            
	 	
               

              III-1-A
                through III-37-A

            	
              REMIC
                I Remittance Rate

            
	
              39

            	
              I-39-A
                through I-44-A

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

            
	 	
              II-39-A
                through II-44-A

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

            
	 	
              III-39-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-38-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-38-A

            	
              REMIC
                I Remittance Rate

            
	 	
               

              III-1-A
                through III-38-A

            	
              REMIC
                I Remittance Rate

            
	
              40

            	
              I-40-A
                through I-44-A

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

            
	 	
              II-40-A
                through II-44-A

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

            
	 	
              III-40-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-39-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-39-A

            	
              REMIC
                I Remittance Rate

            
	 	
               

              III-1-A
                through III-39-A

            	
              REMIC
                I Remittance Rate

            
	
              41

            	
              I-41-A
                through I-44-A

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

            
	 	
              II-41-A
                through II-44-A

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

            
	 	
              III-41-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-40-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-40-A

            	
              REMIC
                I Remittance Rate

            
	 	
               

              III-1-A
                through III-40-A

            	
              REMIC
                I Remittance Rate

            
	
              42

            	
              I-42-A
                through I-44-A

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

            
	 	
              II-42-A
                through II-44-A

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

            
	 	
              III-42-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-41-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-41-A

            	
              REMIC
                I Remittance Rate

            
	 	
               

              III-1-A
                through III-41-A

            	
              REMIC
                I Remittance Rate

            
	
              43

            	
              I-43-A
                through I-44-A

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

            
	 	
              II-43-A
                through II-44-A

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

            
	 	
              III-43-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-42-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-42-A

            	
              REMIC
                I Remittance Rate

            
	 	
               

              III-1-A
                through III-42-A

            	
              REMIC
                I Remittance Rate

            
	
              44

            	
              I-44-A

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

            
	 	
              II-44-A

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

            
	 	
              III-44-A

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

            
	 	
              I-1-A
                through I-43-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-43-A

            	
              REMIC
                I Remittance Rate

            
	 	
               

              III-1-A
                through III-43-A

            	
              REMIC
                I Remittance Rate

            
	
              thereafter

            	
              I-1-A
                through I-44-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-44-A

            	
              REMIC
                I Remittance Rate

            
	 	
              III-1-A
                through III-44-A

            	
              REMIC
                I Remittance Rate

            

    

    

    With
      respect to REMIC II Regular Interest IA-GRP, a per annum rate (but not less
      than
      zero) equal to the weighted average of: (w) with respect to REMIC I Regular
      Interest A-I, the REMIC I Remittance Rate for such REMIC 1 Regular Interest
      for
      each such Distribution Date, (x) with respect to REMIC I Group IA Regular
      Interests ending with the designation “B”, the weighted average of the REMIC I
      Remittance Rates for such REMIC I Regular Interests, weighted on the basis
      of
      the Uncertificated Balances of each such REMIC I Regular Interest for each
      such
      Distribution Date and (y) with respect to REMIC I Group IA Regular Interests
      ending with the designation “A”, for each Distribution Date listed below, the
      weighted average of the rates listed below for such REMIC I Regular Interests
      listed below, weighted on the basis of the Uncertificated Balances of each
      such
      REMIC I Regular Interest for each such Distribution Date:

     

    
      	
              Distribution
                Date

            	
              REMIC
                I Regular Interest

            	
              Rate

            
	
              1

            	
              I-1-A
                through I-44-A

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

            
	 	 	 
	
              2

            	
              I-2-A
                through I-44-A

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

            
	 	
              I-1-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              3

            	
              I-3-A
                through I-44-A

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

            
	 	
              I-1-A
                and I-2-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              4

            	
              I-4-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-3-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              5

            	
              I-5-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-4-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              6

            	
              I-6-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-5-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              7

            	
              I-7-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-6-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              8

            	
              I-8-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-7-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              9

            	
              I-9-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-8-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              10

            	
              I-10-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-9-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              11

            	
              I-11-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-10-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              12

            	
              I-12-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-11-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              13

            	
              I-13-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-12-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              14

            	
              I-14-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-13-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              15

            	
              I-15-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-14-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              16

            	
              I-16-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-15-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              17

            	
              I-17-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-16-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              18

            	
              I-18-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-17-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              19

            	
              I-19-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-18-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              20

            	
              I-20-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-19-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              21

            	
              I-21-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-20-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              22

            	
              I-22-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-21-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              23

            	
              I-23-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-22-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              24

            	
              I-24-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-23-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              25

            	
              I-25-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-24-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              26

            	
              I-26-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-25-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              27

            	
              I-27-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-26-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              28

            	
              I-28-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-27-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              29

            	
              I-29-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-28-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              30

            	
              I-30-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-29-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              31

            	
              I-31-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-30-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              32

            	
              I-32-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-31-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              33

            	
              I-33-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-32-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              34

            	
              I-34-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-33-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              35

            	
              I-35-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-34-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              36

            	
              I-36-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-35-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              37

            	
              I-37-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-36-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              38

            	
              I-38-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-37-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              39

            	
              I-39-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-38-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              40

            	
              I-40-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-39-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              41

            	
              I-41-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-40-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              42

            	
              I-42-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-41-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              43

            	
              I-43-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-42-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              44

            	
              I-44-A

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

            
	 	
              I-1-A
                through I-43-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              thereafter

            	
              I-1-A
                through I-44-A

            	
              REMIC
                I Remittance Rate

            

    

    

    With
      respect to REMIC II Regular Interest IB-GRP, a per annum rate (but not less
      than
      zero) equal to the weighted average of: (w) with respect to REMIC I Regular
      Interest A-II, the REMIC I Remittance Rate for such REMIC 1 Regular Interest
      for
      each such Distribution Date, (x) with respect to REMIC I Group IB Regular
      Interests ending with the designation “B”, the weighted average of the REMIC I
      Remittance Rates for such REMIC I Regular Interests, weighted on the basis
      of
      the Uncertificated Balances of each such REMIC I Regular Interest for each
      such
      Distribution Date and (y) with respect to REMIC I Group IB Regular Interests
      ending with the designation “A”, for each Distribution Date listed below, the
      weighted average of the rates listed below for such REMIC I Regular Interests
      listed below, weighted on the basis of the Uncertificated Balances of each
      such
      REMIC I Regular Interest for each such Distribution Date:

     

    
      	
              Distribution
                Date

            	
              REMIC
                I Regular Interest

            	
              Rate

            
	
              1

            	
              II-1-A
                through II-44-A

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

            
	 	 	 
	
              2

            	
              II-2-A
                through II-44-A

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

            
	 	
              II-1-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              3

            	
              II-3-A
                through II-44-A

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

            
	 	
              II-1-A
                and II-2-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              4

            	
              II-4-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-3-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              5

            	
              II-5-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-4-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              6

            	
              II-6-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-5-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              7

            	
              II-7-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-6-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              8

            	
              II-8-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-7-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              9

            	
              II-9-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-8-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              10

            	
              II-10-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-9-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              11

            	
              II-11-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-10-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              12

            	
              II-12-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-11-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              13

            	
              II-13-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-12-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              14

            	
              II-14-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-13-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              15

            	
              II-15-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-14-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              16

            	
              II-16-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-15-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              17

            	
              II-17-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-16-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              18

            	
              II-18-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-17-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              19

            	
              II-19-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-18-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              20

            	
              II-20-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-19-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              21

            	
              II-21-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-20-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              22

            	
              II-22-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-21-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              23

            	
              II-23-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-22-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              24

            	
              II-24-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-23-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              25

            	
              II-25-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-24-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              26

            	
              II-26-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-25-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              27

            	
              II-27-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-26-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              28

            	
              II-28-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-27-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              29

            	
              II-29-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-28-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              30

            	
              II-30-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-29-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              31

            	
              II-31-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-30-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              32

            	
              II-32-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-31-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              33

            	
              II-33-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-32-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              34

            	
              II-34-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-33-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              35

            	
              II-35-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-34-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              36

            	
              II-36-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-35-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              37

            	
              II-37-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-36-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              38

            	
              II-38-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-37-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              39

            	
              II-39-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-38-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              40

            	
              II-40-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-39-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              41

            	
              II-41-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-40-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              42

            	
              II-42-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-41-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              43

            	
              II-43-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-42-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              44

            	
              II-44

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

            
	 	
              II-1-A
                through II-43-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              thereafter

            	
              II-1-A
                through II-44-A

            	
              REMIC
                I Remittance Rate

            

    

    

    With
      respect to REMIC II Regular Interest II-GRP, a per annum rate (but not less
      than
      zero) equal to the weighted average of: (w) with respect to REMIC I Regular
      Interest A-II, the REMIC I Remittance Rate for such REMIC 1 Regular Interest
      for
      each such Distribution Date, (x) with respect to REMIC I Group II Regular
      Interests ending with the designation “B”, the weighted average of the REMIC I
      Remittance Rates for such REMIC I Regular Interests, weighted on the basis
      of
      the Uncertificated Balances of each such REMIC I Regular Interest for each
      such
      Distribution Date and (y) with respect to REMIC I Group II Regular Interests
      ending with the designation “A”, for each Distribution Date listed below, the
      weighted average of the rates listed below for such REMIC I Regular Interests
      listed below, weighted on the basis of the Uncertificated Balances of each
      such
      REMIC I Regular Interest for each such Distribution Date:

     

    
      	
              Distribution
                Date

            	
              REMIC
                I Regular Interest

            	
              Rate

            
	
              1

            	
              III-1-A
                through III-44-A

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

            
	 	 	 
	
              2

            	
              III-2-A
                through III-44-A

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

            
	 	
              III-1-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              3

            	
              III-3-A
                through III-44-A

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

            
	 	
              III-1-A
                and III-2-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              4

            	
              III-4-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-3-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              5

            	
              III-5-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-4-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              6

            	
              III-6-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-5-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              7

            	
              III-7-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-6-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              8

            	
              III-8-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-7-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              9

            	
              III-9-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-8-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              10

            	
              III-10-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-9-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              11

            	
              III-11-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-10-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              12

            	
              III-12-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-11-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              13

            	
              III-13-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-12-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              14

            	
              III-14-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-13-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              15

            	
              III-15-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-14-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              16

            	
              III-16-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-15-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              17

            	
              III-17-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-16-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              18

            	
              III-18-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-17-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              19

            	
              III-19-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-18-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              20

            	
              III-20-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-19-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              21

            	
              III-21-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-20-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              22

            	
              III-22-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-21-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              23

            	
              III-23-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-22-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              24

            	
              III-24-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-23-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              25

            	
              III-25-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-24-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              26

            	
              III-26-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-25-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              27

            	
              III-27-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-26-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              28

            	
              III-28-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-27-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              29

            	
              III-29-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-28-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              30

            	
              III-30-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-29-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              31

            	
              III-31-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-30-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              32

            	
              III-32-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-31-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              33

            	
              III-33-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-32-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              34

            	
              III-34-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-33-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              35

            	
              III-35-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-34-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              36

            	
              III-36-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-35-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              37

            	
              III-37-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-36-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              38

            	
              III-38-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-37-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              39

            	
              III-39-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-38-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              40

            	
              III-40-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-39-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              41

            	
              III-41-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-40-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              42

            	
              III-42-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-41-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              43

            	
              III-43-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-42-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              44

            	
              III-44

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

            
	 	
              III-1-A
                through III-43-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              thereafter

            	
              III-1-A
                through III-44-A

            	
              REMIC
                I Remittance Rate

            

    

    

    With
      respect to REMIC II Regular Interest IO, and (i) the first Distribution Date
      through the 44th Distribution Date, the excess of (x) the weighted average
      of
      the REMIC I Remittance Rates for REMIC I Regular Interests including the
      designation “A”, over (y) 2 multiplied by Swap LIBOR. and (ii) thereafter,
      0.00%. With respect to REMIC II Regular Interest P, 0.00%.

     

    “REMIC
      II
      Sub WAC Allocation Percentage”: 50% of any amount payable or loss attributable
      from the Mortgage Loans, which shall be allocated to REMIC II Regular Interest
      IA-SUB, REMIC II Regular Interest IA-GRP, REMIC II Regular Interest IB-SUB,
      REMIC II Regular Interest IB-GRP, REMIC II Regular Interest II-SUB, REMIC II
      Regular Interest II-GRP and REMIC II Regular Interest XX.

     

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

     

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

     

    “REMIC
      III”: The segregated pool of assets consisting of all of the REMIC II Regular
      Interests conveyed in trust to the Trustee, for the benefit of the REMIC III
      Certificateholders pursuant to Section 2.07, and all amounts deposited
      therein, with respect to which a separate REMIC election is to be
      made.

     

    “REMIC
      III Certificate”: Any Regular Certificate or Class R Certificate.

     

    “REMIC
      III Certificateholder”: The Holder of any REMIC III Certificate.

     

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

     

    “REMIC
      Regular Interest”: Any REMIC I Regular Interest or REMIC II Regular
      Interest.

     

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

     

    “Remittance
      Report”: A report by each Servicer pursuant to Section 5.03(a) of this
      Agreement or by each Interim Servicer pursuant to the related Interim Servicing
      Agreement.

     

    “Rents
      from Real Property”: With respect to any REO Property, gross income of the
      character described in Section 856(d) of the Code as being included in the
      term “rents from real property.”

     

    “REO
      Account”: The account or accounts maintained, or caused to be maintained, by
      each Servicer in respect of an REO Property pursuant to Section 3.21 of
      this Agreement or by each Interim Servicer pursuant to the related Interim
      Servicing Agreement.

     

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

     

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

     

    “REO
      Principal Amortization”: With respect to any REO Property, for any calendar
      month, the excess, if any, of (a) the aggregate of all amounts received in
      respect of such REO Property during such calendar month, whether in the form
      of
      rental income, sale proceeds (including, without limitation, that portion of
      the
      Termination Price paid in connection with a purchase of all of the Mortgage
      Loans and REO Properties pursuant to Section 10.01 of this Agreement that
      is allocable to such REO Property) or otherwise, net of any portion of such
      amounts (i) payable in respect of the proper operation, management and
      maintenance of such REO Property or (ii) payable or reimbursable to the related
      Servicer pursuant to Section 3.21(d) of this Agreement or the related
      Interim Servicer pursuant to the related Interim Servicing Agreement for unpaid
      Servicing Fees in respect of the related Mortgage Loan and unreimbursed
      Servicing Advances and P&I Advances in respect of such REO Property or the
      related Mortgage Loan, over (b) the REO Imputed Interest in respect of such
      REO
      Property for such calendar month.

     

    “REO
      Property”: A Mortgaged Property acquired by the related Servicer or its nominee
      on behalf of REMIC I through foreclosure or deed-in-lieu of foreclosure, as
      described in Section 3.21 of this Agreement, or by the related Interim
      Servicer pursuant to the Servicing Agreement.

     

    “Reportable
      Event”: Has the meaning set forth in Section 5.06(b) of this
      Agreement.

     

    “Required
      Overcollateralization Amount”: With respect to any Distribution Date (i) prior
      to the Stepdown Date, the product of (A) 3.25% and (B) the aggregate principal
      balance of the Mortgage Loans as of the Cut-off Date, (ii) on or after the
      Stepdown Date provided a Trigger Event is not in effect, the greater of (x)
      3.25% of the aggregate Stated Principal Balance of the Mortgage Loans as of
      the
      last day of the related Due Period and (y) an amount equal to the product of
      (A)
      0.50% and (B) the aggregate principal balance of the Mortgage Loans as of the
      Cut-off Date, and (iii) on or after the Stepdown Date and a Trigger Event is
      in
      effect, the Required Overcollateralization Amount for the immediately preceding
      Distribution Date. Notwithstanding the foregoing, on and after any Distribution
      Date following the reduction of the aggregate Certificate Principal Balance
      of
      the Class A Certificates and Mezzanine Certificates to zero, the Required
      Overcollateralization Amount shall be zero.

     

    “Reserve
      Fund”: A fund created pursuant to Section 3.24 which shall be an asset of
      the Trust Fund but which shall not be an asset of any Trust REMIC.

     

    “Reserve
      Interest Rate”: With respect to any Interest Determination Date, the rate per
      annum that the Securities Administrator determines to be either (i) the
      arithmetic mean (rounded upwards if necessary to the nearest whole multiple
      of
      1/16%) of the one-month U.S. dollar lending rates which New York City banks
      selected by the Securities Administrator, after consultation with the Depositor,
      are quoting on the relevant Interest Determination Date to the principal London
      offices of leading banks in the London interbank market or (ii) in the event
      that the Securities Administrator can determine no such arithmetic mean, the
      lowest one-month U.S. dollar lending rate which New York City banks selected
      by
      the Securities Administrator are quoting on such Interest Determination Date
      to
      leading European banks.

     

    “Residential
      Dwelling”: Any one of the following: (i) a detached one-family dwelling, (ii) a
      detached two- to four-family dwelling, (iii) a one-family dwelling unit in
      a
      Fannie Mae eligible condominium project, (iv) a manufactured home, or (v) a
      detached one-family dwelling in a planned unit development, none of which is
      a
      co-operative or mobile home.

     

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

     

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

     

    “Responsible
      Officer”: When used with respect to the Trustee, any officer of the Trustee
      having direct responsibility for the administration of this Agreement and,
      with
      respect to a particular matter, to whom such matter is referred because of
      such
      officer’s knowledge of and familiarity with the particular subject.

     

    “Rule
      144A”: As defined in Section 6.01(c).

     

    “S&P”:
      Standard and Poor’s, a division of the McGraw-Hill Companies, Inc.

     

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

     

    “Sarbanes-Oxley
      Certification”: A written certification signed by an officer of the Master
      Servicer that complies with (i) the Sarbanes-Oxley Act of 2002, as amended
      from
      time to time, and (ii) Exchange Act Rules 13a-14(d) and 15d-14(d), as in effect
      from time to time; provided that if, after the Closing Date (a) the
      Sarbanes-Oxley Act of 2002 is amended, (b) the Rules referred to in clause
      (ii)
      are modified or superceded by any subsequent statement, rule or regulation
      of
      the Commission or any statement of a division thereof, or (c) any future
      releases, rules and regulations are published by the Commission from time to
      time pursuant to the Sarbanes-Oxley Act of 2002, which in any such case affects
      the form or substance of the required certification and results in the required
      certification being, in the reasonable judgment of the Master Servicer,
      materially more onerous that then form of the required certification as of
      the
      Closing Date, the Sarbanes-Oxley Certification shall be as agreed to by the
      Master Servicer, the Depositor and the Sponsor following a negotiation in good
      faith to determine how to comply with any such new requirements.

     

    “Scheduled
      Principal Balance”: With respect to any Mortgage Loan: (a) as of the Cut-off
      Date, the outstanding principal balance of such Mortgage Loan as of such date,
      net of the principal portion of all unpaid Monthly Payments, if any, due on
      or
      before such date; (b) as of any Due Date subsequent to the Cut-off Date up
      to
      and including the Due Date in the calendar month in which a Liquidation Event
      occurs with respect to such Mortgage Loan, the Scheduled Principal Balance
      of
      such Mortgage Loan as of the Cut-off Date, minus the sum of (i) the principal
      portion of each Monthly Payment due on or before such Due Date but subsequent
      to
      the Cut-off Date, whether or not received, (ii) all Principal Prepayments
      received before such Due Date but after the Cut-off Date, (iii) the principal
      portion of all Liquidation Proceeds and Insurance Proceeds received before
      such
      Due Date but after the Cut-off Date, net of any portion thereof that represents
      principal due (without regard to any acceleration of payments under the related
      Mortgage and Mortgage Note) on a Due Date occurring on or before the date on
      which such proceeds were received and (iv) any Realized Loss incurred with
      respect thereto as a result of a Deficient Valuation occurring before such
      Due
      Date, but only to the extent such Realized Loss represents a reduction in the
      portion of principal of such Mortgage Loan not yet due (without regard to any
      acceleration of payments under the related Mortgage and Mortgage Note) as of
      the
      date of such Deficient Valuation; and (c) as of any Due Date subsequent to
      the
      occurrence of a Liquidation Event with respect to such Mortgage Loan, zero.
      With
      respect to any REO Property: (a) as of any Due Date subsequent to the date
      of
      its acquisition on behalf of the Trust Fund up to and including the Due Date
      in
      the calendar month in which a Liquidation Event occurs with respect to such
      REO
      Property, an amount (not less than zero) equal to the Scheduled Principal
      Balance of the related Mortgage Loan as of the Due Date in the calendar month
      in
      which such REO Property was acquired, minus the aggregate amount of REO
      Principal Amortization, if any, in respect of REO Property for all previously
      ended calendar months; and (b) as of any Due Date subsequent to the occurrence
      of a Liquidation Event with respect to such REO Property, zero.

     

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

     

    “Securities
      Administrator”: As of the Closing Date, Wells Fargo Bank, National Association
      and thereafter, its respective successors in interest that meet the
      qualifications of this Agreement. The Securities Administrator and the Master
      Servicer shall at all times be the same Person or Affiliates.

     

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

     

    “Sequential
      Trigger Event”: A Sequential Trigger Event is in effect on any Distribution Date
      if, before the 25th Distribution Date, the aggregate amount of Realized Losses
      incurred since the Cut-off Date through the last day of the related Due Period
      (after giving effect to scheduled payments received or advanced on or before
      the
      related Determination Date and Principal Prepayments received during the related
      Prepayment Period) divided by the sum of the aggregate Stated Principal Balance
      of the Mortgage Loans as of the Cut-off Date exceeds 1.70%, or if, on or after
      the 25th Distribution Date, a Trigger Event is in effect.

     

    “Servicer”:
      Wells Fargo or Ocwen, or any successor thereto appointed hereunder in connection
      with the servicing and administration of the related Mortgage
      Loans.

     

    “Servicer
      Event of Default”: One or more of the events described in Section 8.01(a)
      of this Agreement.

     

    “Servicer
      Remittance Date”: With respect to any Distribution Date, and (i) (A) Wells
      Fargo, on or before the close of business on the 22nd
      day of
      the month in which such Distribution Date occurs and (B) Ocwen, by 12:00 p.m.
      New York time on the 22nd day of the month in which such Distribution Date
      occurs; provided that if such 22nd day of a given month is not a Business Day,
      the Servicer Remittance Date for such month shall be the Business Day
      immediately preceding such 22nd day and (ii) each Interim Servicer, as set
      forth
      in the related Interim Servicing Agreement.

     

    “Servicer
      Report”: A report (substantially in the form of Schedule 5 hereto) or otherwise
      in form and substance acceptable to the Master Servicer and Securities
      Administrator on an electronic data file or tape prepared by the related
      Servicer pursuant to Section 5.03(a) of this Agreement or by the related
      Interim Servicer pursuant to the related Interim Servicing Agreement, as
      applicable, with such additions, deletions and modifications as agreed to by
      the
      Master Servicer, the Securities Administrator and the related Servicer or the
      related Interim Servicer.

     

    “Service(s)(ing)”:
      Means, 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 Item 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”: The customary and reasonable “out-of-pocket” costs and expenses
      incurred prior to or on or after the Cut-off Date (the amounts incurred prior
      to
      the Cut-off Date shall be identified on the Servicing Advance Schedule by (a)
      a
      Servicer or an Interim Servicer with respect to any Mortgage Loans that were
      transferred to such Servicer or Interim Servicer prior to the Cut-off Date
      and/or (b) the Depositor with respect to any Mortgage Loans that were
      transferred to a Servicer after the Cut-off Date) by a Servicer or an Interim
      Servicer in connection with a default, delinquency or other unanticipated event
      by such Servicer or Interim Servicer in the performance of its servicing
      obligations, including, but not limited to, the cost of (i) the preservation,
      restoration and protection of a Mortgaged Property, (ii) any enforcement or
      judicial proceedings, including but not limited to foreclosures, in respect
      of a
      particular Mortgage Loan, including any expenses incurred in relation to any
      such proceedings that result from the Mortgage Loan being registered on the
      MERS® System, (iii) the management (including reasonable fees in connection
      therewith) and liquidation of any REO Property, (iv) the performance of its
      obligations under Section 3.01, Section 3.07, Section 3.11, Section 3.13 and
      Section 3.21 of this Agreement and (v) obtaining any legal documentation
      required to be included in the Mortgage File and/or correcting any outstanding
      title issues (i.e., any lien or encumbrance on the Mortgaged Property that
      prevents the effective enforcement of the intended lien position) reasonably
      necessary for the related Servicer or the related Interim Servicer to perform
      its obligations under this Agreement or the related Interim Servicing Agreement.
      Servicing Advances also include any reasonable “out-of-pocket” cost and expenses
      (including legal fees) incurred by the related Servicer or the related Interim
      Servicer in connection with executing and recording instruments of satisfaction,
      deeds of reconveyance or Assignments to the extent not recovered from the
      Mortgagor or otherwise payable under this Agreement or the related Interim
      Servicing Agreement. Neither the Servicers nor the Interim Servicers shall
      be
      required to make any Nonrecoverable Servicing Advances.

     

    “Servicing
      Advance Schedule”: With respect to any Servicing Advances incurred prior to the
      Cut-off Date, the schedule or schedules provided by (a) the related Servicer
      or
      the related Interim Servicer with respect to any Mortgage Loans that were
      transferred to the related Servicer or the related Interim Servicer prior to
      the
      Cut-off Date and/or (b) the Depositor with respect to any Mortgage Loans that
      were transferred to the related Servicer after the Cut-off Date, as applicable,
      to the Master Servicer and, if such schedule is provided by the Depositor,
      to
      the related Servicer, on the earlier of the date on which the related Servicer
      or the related Interim Servicer seeks reimbursement for a Servicing Advance
      made
      by the related Servicer or the related Interim Servicer or five (5) Business
      Days following the Servicing Transfer Date, which schedule or schedules shall
      contain the information set forth on Schedule 6.

     

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

     

    “Servicing
      Fee”: With respect to each Mortgage Loan and for any calendar month, an amount
      equal to one-twelfth of the product of the Servicing Fee Rate multiplied by
      the
      Scheduled Principal Balance of the Mortgage Loans as of the Due Date in the
      preceding calendar month. The Servicing Fee is payable solely from collections
      of interest on the Mortgage Loans; provided, however, that Ocwen shall only
      be
      entitled to a portion of the Servicing Fee calculated on the Ocwen Mortgage
      Loans at the Ocwen Servicing Fee Rate.

     

    “Servicing
      Fee Rate”: 0.50% per annum.

     

    “Servicing
      Function Participant”: Means any Sub-Servicer, Subcontractor or any other
      Person, other than each Servicer, the Master Servicer, each Custodian, the
      Trustee and the Securities Administrator, that is determined to be
“participating in the servicing function” within the meaning of Item 1122 of
      Regulation AB, without regard to any threshold referenced therein.

     

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

     

    “Servicing
      Transfer Date”: April 1, 2006.

     

    “Single
      Certificate”: With respect to any Class of Certificates (other than the Residual
      Certificates), a hypothetical Certificate of such Class evidencing a Percentage
      Interest for such Class corresponding to an initial Certificate Principal
      Balance of $1,000. With respect to the Residual Certificates, a hypothetical
      Certificate of such Class evidencing a 100% Percentage Interest in such Class.
      

     

    “Sponsor”:
      DB Structured Products, Inc. or its successor in interest, in its capacity
      as
      seller under the Mortgage Loan Purchase Agreement.

     

    “Startup
      Day”: With respect to each Trust REMIC, the day designated as such pursuant to
      Section 11.01(b) hereof.

     

    “Stated
      Principal Balance”: With respect to any Mortgage Loan: (a) as of any date of
      determination up to but not including the Distribution Date on which the
      proceeds, if any, of a Liquidation Event with respect to such Mortgage Loan
      would be distributed, the Scheduled Principal Balance of such Mortgage Loan
      as
      of the Cut-off Date, as shown in the Mortgage Loan Schedule, minus the sum
      of
      (i) the principal portion of each Monthly Payment due on a Due Date subsequent
      to the Cut-off Date, to the extent received from the Mortgagor or advanced
      by
      the related Interim Servicer, the related Servicer or a successor to such
      Servicer and distributed pursuant to Section 5.01 of this Agreement on or
      before such date of determination, (ii) all Principal Prepayments received
      after
      the Cut-off Date, to the extent distributed pursuant to Section 5.01 of
      this Agreement on or before such date of determination, (iii) all Liquidation
      Proceeds and Insurance Proceeds applied by the related Servicer or the related
      Interim Servicer as recoveries of principal in accordance with the provisions
      of
      Section 3.13 of this Agreement or pursuant to the related Interim Servicing
      Agreement, to the extent distributed pursuant to Section 5.01 of this
      Agreement on or before such date of determination, and (iv) any Realized Loss
      incurred with respect thereto as a result of a Deficient Valuation made during
      or prior to the Prepayment Period for the most recent Distribution Date
      coinciding with or preceding such date of determination; and (b) as of any
      date
      of determination coinciding with or subsequent to the Distribution Date on
      which
      the proceeds, if any, of a Liquidation Event with respect to such Mortgage
      Loan
      would be distributed, zero. With respect to any REO Property: (a) as of any
      date
      of determination up to but not including the Distribution Date on which the
      proceeds, if any, of a Liquidation Event with respect to such REO Property
      would
      be distributed, an amount (not less than zero) equal to the Stated Principal
      Balance of the related Mortgage Loan as of the date on which such REO Property
      was acquired on behalf of REMIC I, minus the sum of (i) if such REO Property
      was
      acquired before the Distribution Date in any calendar month, the principal
      portion of the Monthly Payment due on the Due Date in the calendar month of
      acquisition, to the extent advanced by the related Interim Servicer, the related
      Servicer or a successor to such Servicer and distributed pursuant to
      Section 5.01 of this Agreement, on or before such date of determination and
      (ii) the aggregate amount of REO Principal Amortization in respect of such
      REO
      Property for all previously ended calendar months, to the extent distributed
      pursuant to Section 4.01 of this Agreement on or before such date of
      determination; and (b) as of any date of determination coinciding with or
      subsequent to the Distribution Date on which the proceeds, if any, of a
      Liquidation Event with respect to such REO Property would be distributed,
      zero.

     

    “Stepdown
      Date”: The earlier to occur of (i) the later to occur of (x) the Distribution
      Date occurring in March 2009 and (y) the first Distribution Date on which the
      Credit Enhancement Percentage (calculated for this purpose only after taking
      into account distributions of principal on the Mortgage Loans, but prior to
      any
      distribution of the Principal Distribution Amount to the holders of the
      Certificates then entitled to distributions of principal on such Distribution
      Date), is greater than or equal to approximately 47.70% and (ii) the first
      Distribution Date on which the aggregate Certificate Principal Balance of the
      Class A Certificates has been reduced to zero.

     

    “Subcontractor”:
      Means any vendor, subcontractor or other Person that is not responsible for
      the
      overall servicing of Mortgage Loans but performs one or more discrete functions
      identified in Item 1122(d) of Regulation AB (without regard to any threshold
      percentage specified therein) with respect to Mortgage Loans under the direction
      or authority of any Servicer (or a Sub-Servicer of any Servicer), the Master
      Servicer, the Trustee, the Custodian or the Securities
      Administrator.

     

    “Subordinate
      Certificates”: Collectively, the Mezzanine Certificates and the Class CE-1
      Certificates.

     

    “Subsequent
      Recoveries”: As of any Distribution Date, amounts received during the related
      Prepayment Period by the related Servicer specifically related to a defaulted
      Mortgage Loan or disposition of an REO Property prior to the related Prepayment
      Period that resulted in a Realized Loss, after the liquidation or disposition
      of
      such defaulted Mortgage Loan, net of any amounts reimbursable to the Servicer
      related to such Mortgage Loan or REO Property.

     

    “Sub-Servicer”:
      Means any Person that (i) is considered to be a Servicing Function Participant,
      (ii) services Mortgage Loans on behalf of any Servicer, the Master Servicer,
      the
      Securities Administrator or the Trustee, and (iii) is responsible for the
      performance (whether directly or through sub-servicers or Subcontractors) of
      Servicing functions required to be performed under this Agreement or any related
      Sub-Servicing Agreement that is identified in Item 1122(d) of Regulation
      AB.

     

    “Sub-Servicing
      Agreement”: The written contract between a Servicer and a Sub-Servicer relating
      to servicing and administration of certain Mortgage Loans as provided in
      Section 3.02 of this Agreement or the Servicing Agreement, as
      applicable.

     

    “Substitution
      Shortfall Amount”: As defined in Section 2.03 of this
      Agreement.

     

    “Supplemental
      Interest Trust”: The corpus of a trust created pursuant to Section 5.07 of
      this Agreement and designated as the “Supplemental Interest Trust,” consisting
      of the Swap Agreement, the Class IO Interest and the right to receive payments
      in respect of the Class IO Distribution Amount. For the avoidance of doubt,
      the
      Supplemental Interest Trust does not constitute a part of the Trust
      Fund.

     

    “Swap
      Agreement”: The Interest Rate Swap Agreement, dated as of February 28,
      2006, between Wells Fargo Bank, National Association, on behalf of the
      Supplemental Interest Trust, and the Swap Provider, which agreement provides
      for
      Net Swap Payments and Swap Termination Payments to be paid, as provided therein,
      together with any schedules, confirmations or other agreements relating thereto.
      The Securities Administrator will provide a copy of the Swap Agreement to any
      Certificateholder upon request. 

     

    “Swap
      LIBOR”: LIBOR as determined pursuant to the Swap Agreement.

     

    “Swap
      Notional Amount”: For each calculation period as defined in the Swap Agreement,
      the amount set forth below:

     

    

      
        	
                From
                  and including:

              	
                To
                  but excluding:

              	
                Swap
                  Notional Amount ($):

              
	
                2/28/2006

              	
                3/25/2006

              	
                2,534,251,920

              
	
                3/25/2006

              	
                4/25/2006

              	
                2,493,691,324

              
	
                4/25/2006

              	
                5/25/2006

              	
                2,446,382,042

              
	
                5/25/2006

              	
                6/25/2006

              	
                2,392,464,043
                  

              
	
                6/25/2006

              	
                7/25/2006

              	
                2,332,132,382
                  

              
	
                7/25/2006

              	
                8/25/2006

              	
                2,265,639,630
                  

              
	
                8/25/2006

              	
                9/25/2006

              	
                2,193,314,541
                  

              
	
                9/25/2006

              	
                10/25/2006

              	
                2,115,631,836
                  

              
	
                10/25/2006

              	
                11/25/2006

              	
                2,033,420,756
                  

              
	
                11/25/2006

              	
                12/25/2006

              	
                1,948,806,816
                  

              
	
                12/25/2006

              	
                1/25/2007

              	
                1,867,469,262
                  

              
	
                1/25/2007

              	
                2/25/2007

              	
                1,789,533,338
                  

              
	
                2/25/2007

              	
                3/25/2007

              	
                1,714,839,674
                  

              
	
                3/25/2007

              	
                4/25/2007

              	
                1,643,272,213
                  

              
	
                4/25/2007

              	
                5/25/2007

              	
                1,574,699,471
                  

              
	
                5/25/2007

              	
                6/25/2007

              	
                1,508,995,570
                  

              
	
                6/25/2007

              	
                7/25/2007

              	
                1,446,010,937
                  

              
	
                7/25/2007

              	
                8/25/2007

              	
                1,385,265,027
                  

              
	
                8/25/2007

              	
                9/25/2007

              	
                1,325,021,243
                  

              
	
                9/25/2007

              	
                10/25/2007

              	
                1,261,183,478
                  

              
	
                10/25/2007

              	
                11/25/2007

              	
                1,168,982,172
                  

              
	
                11/25/2007

              	
                12/25/2007

              	
                992,391,117
                  

              
	
                12/25/2007

              	
                1/25/2008

              	
                843,921,997
                  

              
	
                1/25/2008

              	
                2/25/2008

              	
                723,404,776
                  

              
	
                2/25/2008

              	
                3/25/2008

              	
                637,341,884
                  

              
	
                3/25/2008

              	
                4/25/2008

              	
                606,763,495
                  

              
	
                4/25/2008

              	
                5/25/2008

              	
                579,100,322
                  

              
	
                5/25/2008

              	
                6/25/2008

              	
                552,717,699
                  

              
	
                6/25/2008

              	
                7/25/2008

              	
                527,573,554
                  

              
	
                7/25/2008

              	
                8/25/2008

              	
                503,590,654
                  

              
	
                8/25/2008

              	
                9/25/2008

              	
                480,714,380
                  

              
	
                9/25/2008

              	
                10/25/2008

              	
                458,893,333
                  

              
	
                10/25/2008

              	
                11/25/2008

              	
                438,078,298
                  

              
	
                11/25/2008

              	
                12/25/2008

              	
                418,222,109
                  

              
	
                12/25/2008

              	
                1/25/2009

              	
                399,280,584
                  

              
	
                1/25/2009

              	
                2/25/2009

              	
                381,210,364
                  

              
	
                2/25/2009

              	
                3/25/2009

              	
                363,970,751
                  

              
	
                3/25/2009

              	
                4/25/2009

              	
                347,523,129
                  

              
	
                4/25/2009

              	
                5/25/2009

              	
                331,830,635
                  

              
	
                5/25/2009

              	
                6/25/2009

              	
                316,858,088
                  

              
	
                6/25/2009

              	
                7/25/2009

              	
                302,572,171
                  

              
	
                7/25/2009

              	
                8/25/2009

              	
                288,940,786
                  

              
	
                8/25/2009

              	
                9/25/2009

              	
                275,933,508
                  

              
	
                9/25/2009

              	
                10/25/2009

              	
                263,521,375
                  

              

      

    

     

     

    “Swap
      Provider”: The swap provider under the Swap Agreement either (a) entitled to
      receive payments from the Supplemental Interest Trust or (b) required to make
      payments to the Supplemental Interest Trust, in either case pursuant to the
      terms of the Swap Agreement, and any successor in interest or assign. Initially,
      the Swap Provider shall be The Royal Bank of Scotland plc.

     

    “Swap
      Provider Trigger Event”: A Swap Provider Trigger Event shall have occurred if
      any of the following has occurred: (i) an Event of Default under the Swap
      Agreement with respect to which the Swap Provider is a Defaulting Party (as
      defined in the Swap Agreement), (ii) a Termination Event under the Swap
      Agreement with respect to which the Swap Provider is the sole Affected Party
      (as
      defined in the Swap Agreement) 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 Supplemental
      Interest Trust to the Swap Provider, or by the Swap Provider to the Supplemental
      Interest Trust, as applicable, pursuant to the terms of the Swap
      Agreement.

     

    “Targeted
      Credit Enhancement Test”: With respect to any Distribution Date and (i) the
      Class A-1A Certificates, shall be satisfied if on such Distribution Date the
      percentage obtained by dividing the Certificate Principal Balance of the Class
      A-1A Certificates by the aggregate principal balance of the Group IA Mortgage
      Loans is equal to or greater than 52.30%, (ii) the Class A-1B1 Certificates
      and
      Class A-1B2 Certificates, shall be satisfied if on such Distribution Date the
      percentage obtained by dividing the sum of the Certificate Principal Balances
      of
      the Class A-1B1 Certificates and Class A-1B2 Certificates by the aggregate
      principal balance of the Group IB Mortgage Loans is equal to or greater than
      52.30% and (iii) the Class A-2 Certificates, shall be satisfied if on such
      Distribution Date the percentage obtained by dividing the sum of the Certificate
      Principal Balances of the Class A-2 Certificates by the aggregate principal
      balance of the Group II Mortgage Loans is equal to or greater than
      52.30%.

     

    “Tax
      Returns”: The federal income tax return on Internal Revenue Service Form 1066,
      U.S. Real Estate Mortgage Investment Conduit Income Tax Return, including
      Schedule Q thereto, Quarterly Notice to Residual Interest Holders of REMIC
      Taxable Income or Net Loss Allocation, or any successor forms, to be filed
      on
      behalf of the Trust REMICs under the REMIC Provisions, together with any and
      all
      other information reports or returns that may be required to be furnished to
      the
      Certificateholders or filed with the Internal Revenue Service or any other
      governmental taxing authority under any applicable provisions of federal, state
      or local tax laws.

     

    “Telerate
      Page 3750”: The display designated as page “3750” on the Dow Jones Telerate
      Capital Markets Report (or such other page as may replace page 3750 on that
      report for the purpose of displaying London interbank offered rates of major
      banks).

     

    “Termination
      Price”: As defined in Section 10.01.

     

    “Transaction
      Documents”: Means this Agreement and the Insurance Agreement.

     

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

     

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

     

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

     

    “Trigger
      Event”: A Trigger Event has occurred with respect to a Distribution Date if
      either (x) the Delinquency Percentage exceeds 34.00% of the Credit Enhancement
      Percentage with respect to such Distribution Date or (y) the aggregate amount
      of
      Realized Losses incurred since the Cut-off Date through the last day of the
      related Due Period divided by the aggregate principal balance of the Mortgage
      Loans as of the Cut-off Date exceeds the applicable percentages set forth below
      with respect to such Distribution Date:

     

    
      	
              Distribution
                Date 

            	
              Percentage

            
	
              March
                2008 to February 2009

            	
              1.70%
                plus 1/12 of 2.10% for each month thereafter

            
	
              March
                2009 to February 2010

            	
              3.80%
                plus 1/12 of 2.15% for each month thereafter

            
	
              March
                2010 to February 2011

            	
              5.95%
                plus 1/12 of 1.70% for each month thereafter

            
	
              March
                2011 to February 2012

            	
              7.65%
                plus 1/12 of 0.45% for each month thereafter

            
	
              March
                2012 and thereafter

            	
              8.10%

            

    

    

    “Trust”:
      ACE Securities Corp., Home Equity Loan Trust, Series 2006-HE1, the trust created
      hereunder.

     

    “Trust
      Fund”: Collectively, all of the assets of REMIC I, REMIC II, REMIC III and the
      Reserve Fund and any amounts on deposit therein and any proceeds thereof. For
      avoidance of doubt, the Trust Fund does not include the Supplemental Interest
      Trust.

     

    “Trust
      REMIC”: REMIC I, REMIC II or REMIC III.

     

    “Trustee”:
      HSBC Bank USA, National Association a national banking association, or its
      successor in interest, or any successor trustee appointed as herein
      provided.

     

    “Uncertificated
      Balance”: The amount of the REMIC Regular Interests outstanding as of any date
      of determination. As of the Closing Date, the Uncertificated Balance of each
      REMIC Regular Interest shall equal the amount set forth in the Preliminary
      Statement hereto as its initial uncertificated balance. On each Distribution
      Date, the Uncertificated Balance of the REMIC Regular Interest shall be reduced
      by all distributions of principal made on such REMIC Regular Interest on such
      Distribution Date pursuant to Section 5.01 of this Agreement and, if and to
      the extent necessary and appropriate, shall be further reduced on such
      Distribution Date by Realized Losses as provided in Section 5.04 of this
      Agreement and the Uncertificated Balance of REMIC II Regular Interest ZZ shall
      be increased by interest deferrals as provided in Section 5.01 of this
      Agreement. The Uncertificated Balance of each REMIC Regular Interest shall
      never
      be less than zero.

     

    “Uncertificated
      Interest”: With respect to any REMIC Regular Interest for any Distribution Date,
      one month’s interest at the related REMIC Remittance Rate applicable to such
      REMIC Regular Interest for such Distribution Date, accrued on the Uncertificated
      Balance thereof immediately prior to such Distribution Date. Uncertificated
      Interest in respect of the REMIC Regular Interests shall accrue on the basis
      of
      a 360-day year consisting of twelve 30-day months. Uncertificated Interest
      with
      respect to each Distribution Date, as to any REMIC Regular Interest, shall
      be
      reduced by an amount equal to the sum of (a) the aggregate Prepayment Interest
      Shortfall, if any, for such Distribution Date to the extent not covered by
      payments pursuant to Section 3.22 or Section 4.19 of this Agreement or
      pursuant to the Interim Servicing Agreements and (b) the aggregate amount of
      any
      Relief Act Interest Shortfall, if any allocated, in each case, to such REMIC
      Regular Interest or REMIC Regular Interest pursuant to Section 1.02 of this
      Agreement. In addition, Uncertificated Interest with respect to each
      Distribution Date, as to any REMIC Regular Interest, shall be reduced by
      Realized Losses, if any, allocated to such REMIC Regular Interest pursuant
      to
      Section 1.02 and Section 5.04 of this Agreement.

     

    “Uncertificated
      Notional Amount”: With respect to REMIC II Regular Interest IO and each
      Distribution Date listed below, the aggregate Uncertificated 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-44-A, II-1-A through II-44-A and III-1-A through III-44-A
                

            
	
              2

            	
              I-2-A
                through I-44-A, II-2-A through II-44-A and III-2-A through III-44-A
                

            
	
              3

            	
              I-3-A
                through I-44-A, II-3-A through II-44-A and III-3-A through III-44-A
                

            
	
              4

            	
              I-4-A
                through I-44-A, II-4-A through II-44-A and III-4-A through III-44-A
                

            
	
              5

            	
              I-5-A
                through I-44-A, II-5-A through II-44-A and III-5-A through III-44-A
                

            
	
              6

            	
              I-6-A
                through I-44-A, II-6-A through II-44-A and III-6-A through III-44-A
                

            
	
              7

            	
              I-7-A
                through I-44-A, II-7-A through II-44-A and III-7-A through III-44-A
                

            
	
              8

            	
              I-8-A
                through I-44-A, II-8-A through II-44-A and III-8-A through III-44-A
                

            
	
              9

            	
              I-9-A
                through I-44-A, II-9-A through II-44-A and III-9-A through III-44-A
                

            
	
              10

            	
              I-10-A
                through I-44-A, II-10-A through II-44-A and III-10-A through III-44-A
                

            
	
              11

            	
              I-11-A
                through I-44-A, II-11-A through II-44-A and III-11-A through III-44-A
                

            
	
              12

            	
              I-12-A
                through I-44-A, II-12-A through II-44-A and III-12-A through III-44-A
                

            
	
              13

            	
              I-13-A
                through I-44-A, II-13-A through II-44-A and III-13-A through III-44-A
                

            
	
              14

            	
              I-14-A
                through I-44-A, II-14-A through II-44-A and III-14-A through III-44-A
                

            
	
              15

            	
              I-15-A
                through I-44-A, II-15-A through II-44-A and III-15-A through III-44-A
                

            
	
              16

            	
              I-16-A
                through I-44-A, II-16-A through II-44-A and III-16-A through III-44-A
                

            
	
              17

            	
              I-17-A
                through I-44-A, II-17-A through II-44-A and III-17-A through III-44-A
                

            
	
              18

            	
              I-18-A
                through I-44-A, II-18-A through II-44-A and III-18-A through III-44-A
                

            
	
              19

            	
              I-19-A
                through I-44-A, II-19-A through II-44-A and III-19-A through III-44-A
                

            
	
              20

            	
              I-20-A
                through I-44-A, II-20-A through II-44-A and III-20-A through III-44-A
                

            
	
              21

            	
              I-21-A
                through I-44-A, II-21-A through II-44-A and III-21-A through III-44-A
                

            
	
              22

            	
              I-22-A
                through I-44-A, II-22-A through II-44-A and III-22-A through III-44-A
                

            
	
              23

            	
              I-23-A
                through I-44-A, II-23-A through II-44-A and III-23-A through III-44-A
                

            
	
              24

            	
              I-24-A
                through I-44-A, II-24-A through II-44-A and III-24-A through III-44-A
                

            
	
              25

            	
              I-25-A
                through I-44-A, II-25-A through II-44-A and III-25-A through III-44-A
                

            
	
              26

            	
              I-26-A
                through I-44-A, II-26-A through II-44-A and III-26-A through III-44-A
                

            
	
              27

            	
              I-27-A
                through I-44-A, II-27-A through II-44-A and III-27-A through III-44-A
                

            
	
              28

            	
              I-28-A
                through I-44-A, II-28-A through II-44-A and III-28-A through III-44-A
                

            
	
              29

            	
              I-29-A
                through I-44-A, II-29-A through II-44-A and III-29-A through III-44-A
                

            
	
              30

            	
              I-30-A
                through I-44-A, II-30-A through II-44-A and III-30-A through III-44-A
                

            
	
              31

            	
              I-31-A
                through I-44-A, II-31-A through II-44-A and III-31-A through III-44-A
                

            
	
              32

            	
              I-32-A
                through I-44-A, II-32-A through II-44-A and III-32-A through III-44-A
                

            
	
              33

            	
              I-33-A
                through I-44-A, II-33-A through II-44-A and III-33-A through III-44-A
                

            
	
              34

            	
              I-34-A
                through I-44-A, II-34-A through II-44-A and III-34-A through III-44-A
                

            
	
              35

            	
              I-35-A
                through I-44-A, II-35-A through II-44-A and III-35-A through III-44-A
                

            
	
              36

            	
              I-36-A
                through I-44-A, II-36-A through II-44-A and III-36-A through III-44-A
                

            
	
              37

            	
              I-37-A
                through I-44-A, II-37-A through II-44-A and III-37-A through III-44-A
                

            
	
              38

            	
              I-38-A
                through I-44-A, II-38-A through II-44-A and III-38-A through III-44-A
                

            
	
              39

            	
              I-39-A
                through I-44-A, II-39-A through II-44-A and III-39-A through III-44-A
                

            
	
              40

            	
              I-40-A
                through I-44-A, II-40-A through II-44-A and III-40-A through III-44-A
                

            
	
              41

            	
              I-41-A
                through I-44-A, II-41-A through II-44-A and III-41-A through III-44-A
                

            
	
              42

            	
              I-42-A
                through I-44-A, II-42-A through II-44-A and III-42-A through III-44-A
                

            
	
              43

            	
              I-43-A
                through I-44-A, II-43-A through II-44-A and III-43-A through III-44-A
                

            
	
              44

            	
              I-44-A,
                II-44-A and III-44-A

            
	
              thereafter

            	
              $0.00

            

    

    

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

     

    “Uninsured
      Cause”: Any cause of damage to a Mortgaged Property such that the complete
      restoration of such property is not fully reimbursable by the hazard insurance
      policies required to be maintained pursuant to Section 3.11 of this
      Agreement.

     

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

     

    “Value”:
      With respect to any Mortgaged Property, the lesser of (i) the lesser of (a)
      the
      value thereof as determined by an appraisal made for the related originator
      of
      the Mortgage Loan at the time of origination of the Mortgage Loan by an
      appraiser who met the minimum requirements of Fannie Mae and Freddie Mac and
      (b)
      the value thereof as determined by a review appraisal conducted by the related
      originator of the Mortgage Loan in accordance with the related originator’s
      underwriting guidelines, and (ii) the purchase price paid for the related
      Mortgaged Property by the Mortgagor with the proceeds of the Mortgage Loan;
      provided, however, (A) in the case of a Refinanced Mortgage Loan, such value
      of
      the Mortgaged Property is based solely upon the lesser of (1) the value
      determined by an appraisal made for the related originator of the Mortgage
      Loan
      of such Refinanced Mortgage Loan at the time of origination of such Refinanced
      Mortgage Loan by an appraiser who met the minimum requirements of Fannie Mae
      and
      Freddie Mac and (2) the value thereof as determined by a review appraisal
      conducted by the related originator of the Mortgage Loan in accordance with
      the
      related originator’s underwriting guidelines, and (B) in the case of a Mortgage
      Loan originated in connection with a “lease-option purchase,” such value of the
      Mortgaged Property is based on the lower of the value determined by an appraisal
      made for the originator of such Mortgage Loan at the time of origination or
      the
      sale price of such Mortgaged Property if the “lease option purchase price” was
      set less than twelve (12) months prior to origination, and is based on the
      value
      determined by an appraisal made for the related originator of such Mortgage
      Loan
      at the time of origination if the “lease option purchase price” was set twelve
      (12) months or more prior to origination.

     

    “Verification
      Report”: As defined in Section 4.19. 

     

    “Voting
      Rights”: The portion of the voting rights of all of the Certificates which is
      allocated to any such Certificate. With respect to any date of determination,
      98% of all Voting Rights will be allocated among the holders of the Class A
      Certificates, the Mezzanine Certificates and the Class CE-1 Certificates in
      proportion to the then outstanding Certificate Principal Balances of their
      respective Certificates, 1% of all Voting Rights will be allocated among the
      holders of the Class P Certificates and 1% of all Voting Rights will be
      allocated among the holders of the Class R Certificates. The Voting Rights
      allocated to each Class of Certificate shall be allocated among Holders of
      each
      such Class in accordance with their respective Percentage Interests as of the
      most recent Record Date. Notwithstanding any of the foregoing, unless an Insurer
      Default is continuing, on any date on which any Insured Certificates are
      outstanding, or any amounts are owed to the Insurer under this Agreement, the
      Insurer will have all Voting Rights of the Insured Certificates. So long as
      the
      Insurer has the Voting Rights pursuant to the preceding sentence, the reference
      to holders of the Class A-1B2 Certificates shall be deemed to refer to the
      Insurer.

     

    “Wells
      Fargo”: Either (i) Wells Fargo Bank, National Association in its capacity as a
      Servicer or any successor thereto appointed hereunder in connection with the
      servicing and administration of the Wells Fargo Mortgage Loans or (ii) Wells
      Fargo Bank, National Association in its capacity as a Custodian under the Wells
      Fargo Custodial Agreement or any successor thereto.

     

    “Wells
      Fargo Custodial Agreement”: The Custodial Agreement dated as of February 1,
      2006, among the Trustee, Wells Fargo and the Servicers, as may be amended or
      supplemented from time to time.

     

    “Wells
      Fargo Mortgage Loans”: The Mortgage Loans being serviced by Wells Fargo pursuant
      to the terms of this Agreement as specified on the Mortgage Loan Schedule (which
      shall include the Fremont Mortgage Loans, the GreenPoint Mortgage Loans and
      the
      New Century Mortgage Loans on and after the Servicing Transfer
      Date).

     

    SECTION
      1.02.  Allocation
      of Certain Interest Shortfalls.

     

    For
      purposes of calculating the amount of Accrued Certificate Interest and the
      amount of the Interest Distribution Amount for the Class A Certificates, the
      Mezzanine Certificates and the Class CE-1 Certificates for any Distribution
      Date, (1) the aggregate amount of any Prepayment Interest Shortfalls (to the
      extent not covered by payments by the related Servicer pursuant to
      Section 3.22 of this Agreement, by the related Interim Servicer pursuant to
      the related Interim Servicing Agreement, or by the Master Servicer pursuant
      to
      Section 4.19 of this Agreement) and any Relief Act Interest Shortfalls
      incurred in respect of the Mortgage Loans for any Distribution Date shall be
      allocated first, to the Class CE-1 Certificates, second, to the Class M-10
      Certificates, third, to the Class M-9 Certificates, fourth, to the Class M-8
      Certificates, fifth, to the Class M-7 Certificates, sixth, to the Class M-6
      Certificates, seventh, to the Class M-5 Certificates, eighth, to the Class
      M-4
      Certificates, ninth, to the Class M-3 Certificates, tenth, to the Class M-2
      Certificates, eleventh, to the Class M-1 Certificates and twelfth, to the Class
      A Certificates, on a pro
      rata
      basis,
      in each case based on, and to the extent of, one month’s interest at the then
      applicable respective Pass-Through Rate on the respective Certificate Principal
      Balance or Notional Amount, as applicable, of each such Certificate and (2)
      the
      aggregate amount of any Realized Losses allocated to the Mezzanine Certificates
      and Net WAC Rate Carryover Amounts paid to the Class A Certificates and the
      Mezzanine Certificates incurred for any Distribution Date shall be allocated
      to
      the Class CE-1 Certificates on a pro
      rata
      basis
      based on, and to the extent of, one month’s interest at the then applicable
      respective Pass-Through Rate on the respective Certificate Principal Balance
      or
      Notional Amount thereof, as applicable.

     

    For
      purposes of calculating the amount of Uncertificated Interest for the REMIC
      I
      Group IA Regular Interests for any Distribution Date, the aggregate amount
      of
      any Prepayment Interest Shortfalls (to the extent not covered by payments by
      the
      related Servicer pursuant to Section 3.22 of this Agreement, by the related
      Interim Servicer pursuant to the related Interim Servicing Agreement or the
      Master Servicer pursuant to Section 4.19 of this Agreement) and any Relief
      Act Interest Shortfalls incurred in respect of Group IA Mortgage Loans shall
      be
      allocated first, to REMIC I Regular Interest A-I and to the REMIC I Group IA
      Regular Interests ending with the designation “B”, pro
      rata
      based
      on, and to the extent of, one month’s interest at the then applicable respective
      REMIC I Remittance Rates on the respective Uncertificated Principal Balances
      of
      each such REMIC I Regular Interest, and then, to REMIC I Group IA Regular
      Interests ending with the designation “A”, pro rata based on, and to the extent
      of, one month’s interest at the then applicable respective REMIC I Remittance
      Rates on the respective Uncertificated Balances of each such REMIC I Regular
      Interest.

     

    For
      purposes of calculating the amount of Uncertificated Interest for the REMIC
      I
      Group IB Regular Interests for any Distribution Date, the aggregate amount
      of
      any Prepayment Interest Shortfalls (to the extent not covered by payments by
      the
      related Servicer pursuant to Section 3.22 of this Agreement, by the related
      Interim Servicer pursuant to the related Interim Servicing Agreement or the
      Master Servicer pursuant to Section 4.19 of this Agreement) and any Relief
      Act Interest Shortfalls incurred in respect of Group IB Mortgage Loans shall
      be
      allocated first, to REMIC I Regular Interest A-II and to the REMIC I Group
      IB
      Regular Interests ending with the designation “B”, pro
      rata
      based
      on, and to the extent of, one month’s interest at the then applicable respective
      REMIC I Remittance Rates on the respective Uncertificated Principal Balances
      of
      each such REMIC I Regular Interest , and then, to REMIC I Group IB Regular
      Interests ending with the designation “A”, pro rata based on, and to the extent
      of, one month’s interest at the then applicable respective REMIC I Remittance
      Rates on the respective Uncertificated Balances of each such REMIC I Regular
      Interest. 

     

    For
      purposes of calculating the amount of Uncertificated Interest for the REMIC
      I
      Group II Regular Interests for any Distribution Date, the aggregate amount
      of
      any Prepayment Interest Shortfalls (to the extent not covered by payments by
      the
      related Servicer pursuant to Section 3.22 of this Agreement, by the related
      Interim Servicer pursuant to the related Interim Servicing Agreement or the
      Master Servicer pursuant to Section 4.19 of this Agreement) and any Relief
      Act Interest Shortfalls incurred in respect of Group II Mortgage Loans shall
      be
      allocated first, to REMIC I Regular Interest A-III and to the REMIC I Group
      II
      Regular Interests ending with the designation “B”, pro
      rata
      based
      on, and to the extent of, one month’s interest at the then applicable respective
      REMIC I Remittance Rates on the respective Uncertificated Principal Balances
      of
      each such REMIC I Regular Interest, and then, to REMIC I Group II Regular
      Interests ending with the designation “A”, pro rata based on, and to the extent
      of, one month’s interest at the then applicable respective REMIC I Remittance
      Rates on the respective Uncertificated Balances of each such REMIC I Regular
      Interest. 

     

    For
      purposes of calculating the amount of Uncertificated Interest for the REMIC
      II
      Regular Interests for any Distribution Date:

     

    (A) The
      REMIC
      II Marker Allocation Percentage of the aggregate amount of any Prepayment
      Interest Shortfalls (to the extent not covered by payments by the related
      Servicer pursuant to Section 3.22 of this Agreement, by the related Interim
      Servicer pursuant to the related Interim Servicing Agreement or the Master
      Servicer pursuant to Section 4.19 of this Agreement) and the REMIC II
      Marker Allocation Percentage of any Relief Act Interest Shortfalls incurred
      in
      respect of the Mortgage Loans for any Distribution Date shall be allocated
      among
      REMIC II Regular Interest AA, REMIC II Regular Interest A-1A, REMIC II Regular
      Interest A-1B1, REMIC II Regular Interest A-1B2, REMIC II Regular Interest
      A-2A,
      REMIC II Regular Interest A-2B, REMIC II Regular Interest A-2C, REMIC II Regular
      Interest A-2D, REMIC II Regular Interest M-1, REMIC II Regular Interest M-2,
      REMIC II Regular Interest M-3, REMIC II Regular Interest M-4, REMIC II Regular
      Interest M-5, REMIC II Regular Interest M-6, REMIC II Regular Interest M-7,
      REMIC II Regular Interest M-8, REMIC II Regular Interest M-9, REMIC II Regular
      Interest M-10, REMIC II Regular Interest M-11 and REMIC II Regular Interest
      ZZ
pro
      rata
      based
      on, and to the extent of, one month’s interest at the then applicable respective
      REMIC II Remittance Rate on the respective Uncertificated Balance of each such
      REMIC II Regular Interest; and

     

    (B) The
      REMIC
      II Sub WAC Allocation Percentage of the aggregate amount of any Prepayment
      Interest Shortfalls (to the extent not covered by payments by the related
      Servicer pursuant to Section 3.22 of this Agreement, by the related Interim
      Servicer pursuant to the related Interim Servicing Agreement or by the Master
      Servicer pursuant to Section 4.19 of this Agreement) and the REMIC II Sub
      WAC Allocation Percentage of any Relief Act Interest Shortfalls incurred in
      respect of the Mortgage Loans for any Distribution Date shall be allocated
      first, to Uncertificated Interest payable to REMIC II Regular Interest IA-SUB,
      REMIC II Regular Interest IA-GRP, REMIC II Regular Interest IB-SUB, REMIC II
      Regular Interest IB-GRP, REMIC II Regular Interest II-SUB, REMIC II Regular
      Interest II-GRP and REMIC II Regular Interest XX, pro
      rata
      based
      on, and to the extent of, one month’s interest at the then applicable respective
      REMIC II Remittance Rate on the respective Uncertificated Balance of each such
      REMIC II Regular Interest.

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      II  

    CONVEYANCE
      OF MORTGAGE LOANS;

    ORIGINAL
      ISSUANCE OF CERTIFICATES

     

    SECTION
      2.01.  Conveyance
      of the Mortgage Loans.

     

    The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey to the Trustee, on behalf of
      the
      Trust, without recourse, for the benefit of the Certificateholders, all the
      right, title and interest of the Depositor, including any security interest
      therein for the benefit of the Depositor, in and to the Mortgage Loans
      identified on the Mortgage Loan Schedule, the rights of the Depositor under
      the
      Mortgage Loan Purchase Agreement, the Assignment Agreements and the Interim
      Servicing Agreements (including, without limitation the right to enforce the
      obligations of the other parties thereto thereunder), the right to any Net
      Swap
      Payment and any Swap Termination Payment made by the Swap Provider and all
      other
      assets included or to be included in REMIC I. Such assignment includes all
      interest and principal received by the Depositor, the Servicers and the Interim
      Servicers on or with respect to the Mortgage Loans (other than payments of
      principal and interest due on such Mortgage Loans on or before the Cut-off
      Date). Copies of the Mortgage Loan Purchase Agreement, the Assignment Agreements
      and the Interim Servicing Agreements are attached hereto.

     

    In
      connection with such transfer and assignment, the Depositor does hereby deliver
      to, and deposit with the applicable Custodian pursuant to the related Custodial
      Agreement the documents with respect to each Mortgage Loan as described under
      Section 2 of the related Custodial Agreement (the “Mortgage Loan
      Documents”). In connection with such delivery and as further described in the
      Custodial Agreements, the Custodians will be required to review such Mortgage
      Loan Documents and deliver to the Trustee, the Depositor, each Servicer, the
      Sponsor and the Insurer certifications (in the forms attached to the Custodial
      Agreement) with respect to such review with exceptions noted thereon. In
      addition, under the Custodial Agreements the Depositor will be required to
      cure
      certain defects with respect to the Mortgage Loan Documents for the related
      Mortgage Loans after the delivery thereof by the Depositor to the Custodians
      as
      more particularly set forth therein.

     

    Notwithstanding
      anything to the contrary contained herein, the parties hereto acknowledge that
      the functions of the Trustee with respect to the custody, acceptance, inspection
      and release of the Mortgage Files, including, but not limited to certain
      insurance policies and documents contemplated by Section 4.11 of this
      Agreement, and preparation and delivery of the certifications shall be performed
      by the Custodians pursuant to the terms and conditions of the Custodial
      Agreements.

     

    The
      Depositor shall deliver or cause the related originator to deliver to the
      related Servicer copies of all trailing documents required to be included in
      the
      related Mortgage File at the same time the originals or certified copies thereof
      are delivered to the Trustee or Custodians, such documents including the
      mortgagee policy of title insurance and any Mortgage Loan Documents upon return
      from the recording office. The Servicers shall not be responsible for any
      custodian fees or other costs incurred in obtaining such documents and the
      Depositor shall cause the Servicers to be reimbursed for any such costs the
      Servicers may incur in connection with performing their obligations under this
      Agreement or under the Servicing Agreement, as applicable.

     

    The
      Mortgage Loans permitted by the terms of this Agreement to be included in the
      Trust are limited to (i) Mortgage Loans (which the Depositor acquired pursuant
      to the Mortgage Loan Purchase Agreement, which contains, among other
      representations and warranties, a representation and warranty of the Sponsor
      that no Mortgage Loan is a “High-Cost Home Loan” as defined in the New Jersey
      Home Ownership Act effective November 27, 2003 or as defined in the New Mexico
      Home Loan Protection Act effective January 1, 2004, as defined in the
      Massachusetts Predatory Home Loan Practices Act, effective November 7, 2004
      (Mass. Ann. Laws Ch. 183C) or as defined in the Indiana Home Loan Practices
      Act,
      effective January 1, 2005 (Ind. Code Ann. Sections 24-9-1 through 24-9-9))
      or a
“high risk home loan” under the Illinois High Risk Home Loan Act, effective as
      of January 1, 2004, and (ii) Qualified Substitute Mortgage Loans (which, by
      definition as set forth herein and referred to in the Mortgage Loan Purchase
      Agreement, are required to conform to, among other representations and
      warranties, the representation and warranty of the Sponsor that no Qualified
      Substitute Mortgage Loan is a “High-Cost Home Loan” as defined in the New Jersey
      Home Ownership Act effective November 27, 2003 or as defined in the New Mexico
      Home Loan Protection Act effective January 1, 2004, as defined in the
      Massachusetts Predatory Home Loan Practices Act, effective November 7, 2004
      (Mass. Ann. Laws Ch. 183C) or as defined in the Indiana Home Loan Practices
      Act,
      effective January 1, 2005 (Ind. Code Ann. Sections 24-9-1 through 24-9-9).
      The
      Depositor and the Trustee on behalf of the Trust understand and agree that
      it is
      not intended that any Mortgage Loan be included in the Trust that is a
“High-Cost Home Loan” as defined in the New Jersey Home Ownership Act effective
      November 27, 2003, as defined in the New Mexico Home Loan Protection Act
      effective January 1, 2004, as defined in the Massachusetts Predatory Home Loan
      Practices Act, effective November 7, 2004 (Mass. Ann. Laws Ch. 183C) or as
      defined in the Indiana Home Loan Practices Act, effective January 1, 2005 (Ind.
      Code Ann. Sections 24-9-1 through 24-9-9) or a “high risk home loan” under the
      Illinois High Risk Home Loan Act, effective as of January 1, 2004. 

     

    SECTION
      2.02.  Acceptance
      of REMIC I by Trustee.

     

    The
      Trustee acknowledges receipt, subject to the provisions of Section 2.01
      hereof and Section 2 of the related Custodial Agreement, of the Mortgage
      Loan Documents and all other assets included in the definition of “REMIC I”
under clauses (i), (iii), (iv) and (v) (to the extent of amounts deposited
      into
      the Distribution Account) and declares that it holds (or the applicable
      Custodian on its behalf holds) and will hold such documents and the other
      documents delivered to it constituting a Mortgage Loan Document, and that it
      holds (or the applicable Custodian on its behalf holds) or will hold all such
      assets and such other assets included in the definition of “REMIC I” in trust
      for the exclusive use and benefit of all present and future Certificateholders
      and the Insurer.

     

    SECTION
      2.03.  Repurchase
      or Substitution of Mortgage Loans.

     

    (a)  Upon
      discovery or receipt of notice of any materially defective document in, or
      that
      a document is missing from, a Mortgage File or of a breach by the Sponsor of
      any
      representation, warranty or covenant under the Mortgage Loan Purchase Agreement
      in respect of any Mortgage Loan that materially and adversely affects the value
      of such Mortgage Loan or the interest therein of the Certificateholders and
      the
      Insurer, the Trustee shall promptly notify the Sponsor and the related Servicer
      of such defect, missing document or breach and request that the Sponsor deliver
      such missing document, cure such defect or breach within sixty (60) days from
      the date the Sponsor was notified of such missing document, defect or breach,
      and if the Sponsor does not deliver such missing document or cure such defect
      or
      breach in all material respects during such period, the Trustee shall enforce
      the obligations of the Sponsor under the Mortgage Loan Purchase Agreement to
      repurchase such Mortgage Loan from REMIC I at the Purchase Price within ninety
      (90) days after the date on which the Sponsor was notified of such missing
      document, defect or breach, if and to the extent that the Sponsor is obligated
      to do so under the Mortgage Loan Purchase Agreement. The Purchase Price for
      the
      repurchased Mortgage Loan shall be remitted to the related Servicer or the
      related Interim Servicer for deposit in the related Collection Account or the
      related Custodial Account, as applicable, the related and the Trustee, upon
      receipt of written certification from such Servicer or Interim Servicer of
      such
      deposit, shall release or cause the applicable Custodian (upon receipt of a
      request for release in the form attached to the respective Custodial Agreement)
      to release to the Sponsor the related Mortgage File and the Trustee shall
      execute and deliver such instruments of transfer or assignment, in each case
      without recourse, representation or warranty, as the Sponsor shall furnish
      to it
      and as shall be necessary to vest in the Sponsor any Mortgage Loan released
      pursuant hereto, and the Trustee shall not have any further responsibility
      with
      regard to such Mortgage File. In lieu of repurchasing any such Mortgage Loan
      as
      provided above, if so provided in the Mortgage Loan Purchase Agreement, the
      Sponsor may cause such Mortgage Loan to be removed from REMIC I (in which case
      it shall become a Deleted Mortgage Loan) and substitute one or more Qualified
      Substitute Mortgage Loans in the manner and subject to the limitations set
      forth
      in Section 2.03(b) of this Agreement. It is understood and agreed that the
      obligation of the Sponsor to cure or to repurchase (or to substitute for) any
      Mortgage Loan as to which a document is missing, a material defect in a
      constituent document exists or as to which such a breach has occurred and is
      continuing shall constitute the sole remedy respecting such omission, defect
      or
      breach available to the Trustee, the Certificateholders and the Insurer.
      Notwithstanding anything to the contrary contained herein, any breach of a
      representation or warranty contained in clauses (xxxiv), (xxxviii), (xxxix),
      (xl), (xli), (xlvi), (xlvii) and/or (lvi) of Section 6 of the Mortgage Loan
      Purchase Agreement shall be automatically deemed to affect materially and
      adversely the interests of the Certificateholders.

     

    In
      addition, promptly upon the earlier of discovery by a Servicer or receipt of
      notice by a Servicer of the breach of the representation or covenant of the
      Sponsor set forth in Section 5(xii) of the Mortgage Loan Purchase Agreement
      which materially and adversely affects the interests of the Holders of the
      Class
      P Certificates in any Prepayment Charge, such Servicer shall promptly notify
      the
      Sponsor and the Trustee of such breach. The Trustee shall enforce the
      obligations of the Sponsor under the Mortgage Loan Purchase Agreement to remedy
      such breach to the extent and in the manner set forth in the Mortgage Loan
      Purchase Agreement.

     

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

     

    As
      to any
      Deleted Mortgage Loan for which the Sponsor substitutes a Qualified Substitute
      Mortgage Loan or Loans, such substitution shall be effected by the Sponsor
      delivering to the Trustee or the applicable Custodian on behalf of the Trustee,
      for such Qualified Substitute Mortgage Loan or Loans, the Mortgage Note, the
      Mortgage, the Assignment to the Trustee, and such other documents and
      agreements, with all necessary endorsements thereon, as are required by
      Section 2 of the related Custodial Agreement, as applicable, together with
      an Officers’ Certificate providing that each such Qualified Substitute Mortgage
      Loan satisfies the definition thereof and specifying the Substitution Shortfall
      Amount (as described below), if any, in connection with such substitution.
      The
      applicable Custodian on behalf of the Trustee shall acknowledge receipt of
      such
      Qualified Substitute Mortgage Loan or Loans and, within ten (10) Business Days
      thereafter, review such documents and deliver to the Depositor, the Trustee
      and
      the related Servicer, with respect to such Qualified Substitute Mortgage Loan
      or
      Loans, an initial certification pursuant to the related Custodial Agreement,
      with any applicable exceptions noted thereon. Within one year of the date of
      substitution, the applicable Custodian on behalf of the Trustee shall deliver
      to
      the Depositor, the Trustee and the related Servicer a final certification
      pursuant to the related Custodial Agreement with respect to such Qualified
      Substitute Mortgage Loan or Loans, with any applicable exceptions noted thereon.
      Monthly Payments due with respect to Qualified Substitute Mortgage Loans in
      the
      month of substitution are not part of REMIC I and will be retained by the
      Sponsor. For the month of substitution, distributions to Certificateholders
      will
      reflect the Monthly Payment due on such Deleted Mortgage Loan on or before
      the
      Due Date in the month of substitution, and the Sponsor shall thereafter be
      entitled to retain all amounts subsequently received in respect of such Deleted
      Mortgage Loan. The Depositor shall give or cause to be given written notice
      to
      the Certificateholders that such substitution has taken place, shall amend
      the
      Mortgage Loan Schedule to reflect the removal of such Deleted Mortgage Loan
      from
      the terms of this Agreement and the substitution of the Qualified Substitute
      Mortgage Loan or Loans and shall deliver a copy of such amended Mortgage Loan
      Schedule to the Trustee and the related Servicer. Upon such substitution, such
      Qualified Substitute Mortgage Loan or Loans shall constitute part of the Trust
      Fund and shall be subject in all respects to the terms of this Agreement and
      the
      Mortgage Loan Purchase Agreement, including all applicable representations
      and
      warranties thereof included herein or in the Mortgage Loan Purchase
      Agreement.

     

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

     

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

     

    (c)  Upon
      discovery by the Depositor, the Sponsor, a Servicer or the Trustee that any
      Mortgage Loan does not constitute a “qualified mortgage” within the meaning of
      Section 860G(a)(3) of the Code, the party discovering such fact shall
      within two (2) Business Days give written notice thereof to the other parties.
      In connection therewith, the Sponsor shall repurchase or substitute one or
      more
      Qualified Substitute Mortgage Loans for the affected Mortgage Loan within ninety
      (90) days of the earlier of discovery or receipt of such notice with respect
      to
      such affected Mortgage Loan. Such repurchase or substitution shall be made
      by
      (i) the Sponsor if the affected Mortgage Loan’s status as a non-qualified
      mortgage is or results from a breach of any representation, warranty or covenant
      made by the Sponsor under the Mortgage Loan Purchase Agreement or (ii) the
      Depositor, if the affected Mortgage Loan’s status as a non-qualified mortgage
      does not result from a breach of a representation or warranty. Any such
      repurchase or substitution shall be made in the same manner as set forth in
      Section 2.03(a) of this Agreement. The Trustee shall reconvey to the
      Sponsor the Mortgage Loan to be released pursuant hereto in the same manner,
      and
      on the same terms and conditions, as it would a Mortgage Loan repurchased for
      breach of a representation or warranty.

     

    (d)  With
      respect to a breach of the representations made pursuant to Section 5(xii)
      of the Mortgage Loan Purchase Agreement that materially and adversely affects
      the value of such Mortgage Loan or the interest therein of the
      Certificateholders or the Insurer, the Sponsor shall be required to take the
      actions set forth in this Section 2.03 of this Agreement.

     

    (e)  Within
      ninety (90) days of the earlier of discovery by a Servicer or receipt of notice
      by a Servicer of the breach of any representation, warranty or covenant of
      such
      Servicer set forth in Section 2.05 of this Agreement which materially and
      adversely affects the interests of the Certificateholders or the Insurer in
      any
      Mortgage Loan or Prepayment Charge, such Servicer shall cure such breach in
      all
      material respects.

     

    SECTION
      2.04.  Representations
      and Warranties of the Master Servicer.

     

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

     

    (i)  The
      Master Servicer 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;

     

    (ii)  The
      Master Servicer has the full power and authority to conduct its business as
      presently conducted by it and to execute, deliver and perform, and to enter
      into
      and consummate, all transactions contemplated by this Agreement. The Master
      Servicer has duly authorized the execution, delivery and performance of this
      Agreement, has duly executed and delivered this Agreement, and this Agreement,
      assuming due authorization, execution and delivery by the other parties hereto,
      constitutes a legal, valid and binding obligation of the Master Servicer,
      enforceable against it in accordance with its terms except as the enforceability
      thereof may be limited by bankruptcy, insolvency, reorganization or similar
      laws
      affecting the enforcement of creditors’ rights generally and by general
      principles of equity;

     

    (iii)  The
      execution and delivery of this Agreement by the Master Servicer, the
      consummation by the Master Servicer of any other of the transactions herein
      contemplated, and the fulfillment of or compliance with the terms hereof are
      in
      the ordinary course of business of the Master Servicer and will not (A) result
      in a breach of any term or provision of the charter and by-laws of the Master
      Servicer or (B) conflict with, result in a breach, violation or acceleration
      of,
      or result in a default under, the terms of any other material agreement or
      instrument to which the Master Servicer is a party or by which it may be bound,
      or any statute, order or regulation applicable to the Master Servicer of any
      court, regulatory body, administrative agency or governmental body having
      jurisdiction over the Master Servicer; and the Master Servicer is not a party
      to, bound by, or in breach or violation of any indenture or other agreement
      or
      instrument, or subject to or in violation of any statute, order or regulation
      of
      any court, regulatory body, administrative agency or governmental body having
      jurisdiction over it, which materially and adversely affects or, to the Master
      Servicer’s knowledge, would in the future materially and adversely affect, (x)
      the ability of the Master Servicer to perform its obligations under this
      Agreement or (y) the business, operations, financial condition, properties
      or
      assets of the Master Servicer taken as a whole;

     

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

     

    (v)  No
      litigation is pending against the Master Servicer that would materially and
      adversely affect the execution, delivery or enforceability of this Agreement
      or
      the ability of the Master Servicer to perform any of its other obligations
      hereunder in accordance with the terms hereof;

     

    (vi)  There
      are
      no actions or proceedings against, or investigations known to it of, the Master
      Servicer before any court, administrative or other tribunal (A) that might
      prohibit its entering into this Agreement, (B) seeking to prevent the
      consummation of the transactions contemplated by this Agreement or (C) that
      might prohibit or materially and adversely affect the performance by the Master
      Servicer of its obligations under, or validity or enforceability of, this
      Agreement; and

     

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

     

    It
      is
      understood and agreed that the representations, warranties and covenants set
      forth in this Section 2.04 shall survive the resignation or termination of
      the parties hereto and the termination of this Agreement and shall inure to
      the
      benefit of the Trustee, the Depositor and the Certificateholders.

     

    SECTION
      2.05.  Representations,
      Warranties and Covenants of each Servicer.

     

    (a)  Wells
      Fargo in its capacity as Servicer of the Wells Fargo Mortgage Loans hereby
      represents, warrants and covenants to the Master Servicer, the Securities
      Administrator, the Depositor, the Insurer and the Trustee, for the benefit
      of
      each of such Persons and the Certificateholders that as of the Closing Date
      or
      as of such date specifically provided herein:

     

    (i)  Wells
      Fargo 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 Wells Fargo in any state in which a Mortgaged
      Property related to a Wells Fargo 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 Wells Fargo Mortgage Loan and
      to
      service the Wells Fargo Mortgage Loans in accordance with the terms of this
      Agreement;

     

    (ii)  Wells
      Fargo has the full power and authority to conduct its business as presently
      conducted by it and to execute, deliver and perform, and to enter into and
      consummate, all transactions contemplated by this Agreement. Wells Fargo has
      duly authorized the execution, delivery and performance of this Agreement,
      has
      duly executed and delivered this Agreement, and this Agreement, assuming due
      authorization, execution and delivery by the other parties hereto, constitutes
      a
      legal, valid and binding obligation of Wells Fargo, enforceable against it
      in
      accordance with its terms, except as the enforceability thereof may be limited
      by insolvency, liquidation, conservatorship and other similar laws administered
      by the FDIC affecting the enforcement of contract obligations of insured
      banks;

     

    (iii)  The
      execution and delivery of this Agreement by Wells Fargo, the servicing of the
      Wells Fargo Mortgage Loans by Wells Fargo hereunder, the consummation by Wells
      Fargo of any other of the transactions herein contemplated, and the fulfillment
      of or compliance with the terms hereof are in the ordinary course of business
      of
      Wells Fargo and will not (A) result in a breach of any term or provision of
      the
      charter or by-laws of Wells Fargo 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 Wells Fargo is a party or by
      which it may be bound, or any statute, order or regulation applicable to Wells
      Fargo of any court, regulatory body, administrative agency or governmental
      body
      having jurisdiction over Wells Fargo; and Wells Fargo is not a party to, bound
      by, or in breach or violation of any indenture or other agreement or instrument,
      or subject to or in violation of any statute, order or regulation of any court,
      regulatory body, administrative agency or governmental body having jurisdiction
      over it, which materially and adversely affects or, to Wells Fargo’s knowledge,
      would in the future materially and adversely affect, (x) the ability of Wells
      Fargo to perform its obligations as Servicer of the Wells Fargo Mortgage Loans
      under this Agreement, (y) the business, operations, financial condition,
      properties or assets of Wells Fargo taken as a whole or (z) the legality,
      validity or enforceability of this Agreement;

     

    (iv)  Wells
      Fargo does not believe, nor does it have any reason or cause to believe, that
      it
      cannot perform each and every covenant made by it and contained in this
      Agreement;

     

    (v)  No
      litigation is pending against Wells Fargo that would materially and adversely
      affect the execution, delivery or enforceability of this Agreement or the
      ability of Wells Fargo to service the Wells Fargo Mortgage Loans or to perform
      any of its other obligations hereunder in accordance with the terms
      hereof;

     

    (vi)  There
      are
      no actions or proceedings against, or investigations known to it of, Wells
      Fargo
      before any court, administrative or other tribunal (A) that might prohibit
      its
      entering into this Agreement, (B) seeking to prevent the consummation of the
      transactions contemplated by this Agreement or (C) that might prohibit or
      materially and adversely affect the performance by Wells Fargo of its
      obligations under, or the validity or enforceability of, this
      Agreement;

     

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

     

    (viii)  Wells
      Fargo has fully furnished and will continue to fully furnish, in accordance
      with
      the Fair Credit Reporting Act and its implementing regulations, accurate and
      complete information (e.g., favorable and unfavorable) on its borrower credit
      files to Equifax, Experian and Trans Union Credit Information Company or their
      successors on a monthly basis; 

     

    (ix)  Wells
      Fargo is a member of MERS in good standing, and will comply in all material
      respects with the rules and procedures of MERS in connection with the servicing
      of the Wells Fargo Mortgage Loans that are registered with MERS; and

     

    (x)  Wells
      Fargo will not waive any Prepayment Charge other than in accordance with the
      standard set forth in Section 3.01.

     

    (b)
      Ocwen
      hereby represents, warrants and covenants to the Master Servicer, the Securities
      Administrator, the Depositor, the Insurer and the Trustee, for the benefit
      of
      each of such Persons and the Certificateholders that as of the Closing Date
      or
      as of such date specifically provided herein:

     

    (xi)  Ocwen
      is
      a limited liability company duly organized and validly existing under the laws
      of the jurisdiction of its formation, and is duly authorized and qualified
      to
      transact any and all business contemplated by this Agreement to be conducted
      by
      Ocwen in any state in which a Mortgaged Property related to an Ocwen 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
      Ocwen Mortgage Loan and to service the Ocwen Mortgage Loans in accordance with
      the terms of this Agreement;

     

    (xii)  Ocwen
      has
      the full power and authority to conduct its business as presently conducted
      by
      it and to execute, deliver and perform, and to enter into and consummate, all
      transactions contemplated by this Agreement. Ocwen has duly authorized the
      execution, delivery and performance of this Agreement, has duly executed and
      delivered this Agreement, and this Agreement, assuming due authorization,
      execution and delivery by the other parties hereto, constitutes a legal, valid
      and binding obligation of Ocwen, enforceable against it in accordance with
      its
      terms, except as the enforceability thereof may be limited by bankruptcy,
      insolvency, reorganization or similar laws affecting the enforcement of
      creditors’ rights generally and by general principles of equity;

     

    (xiii)  The
      execution and delivery of this Agreement by Ocwen, the servicing of the Ocwen
      Mortgage Loans by Ocwen hereunder, the consummation by Ocwen of any other of
      the
      transactions herein contemplated, and the fulfillment of or compliance with
      the
      terms hereof are in the ordinary course of business of Ocwen and will not (A)
      result in a breach of any term or provision of the charter or by-laws of Ocwen
      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 Ocwen is a party or by which it may be bound, or any
      statute, order or regulation applicable to Ocwen of any court, regulatory body,
      administrative agency or governmental body having jurisdiction over Ocwen;
      and
      Ocwen is not a party to, bound by, or in breach or violation of any indenture
      or
      other agreement or instrument, or subject to or in violation of any statute,
      order or regulation of any court, regulatory body, administrative agency or
      governmental body having jurisdiction over it, which materially and adversely
      affects or, to Ocwen's knowledge, would in the future materially and adversely
      affect, (x) the ability of Ocwen to perform its obligations under this
      Agreement, (y) the business, operations, financial condition, properties or
      assets of Ocwen taken as a whole or (z) the legality, validity or enforceability
      of this Agreement;

     

    (xiv)  Ocwen
      does not believe, nor does it have any reason or cause to believe, that it
      cannot perform each and every covenant made by it and contained in this
      Agreement;

     

    (xv)  No
      litigation is pending against Ocwen that would materially and adversely affect
      the execution, delivery or enforceability of this Agreement or the ability
      of
      Ocwen to service the Ocwen Mortgage Loans or to perform any of its other
      obligations hereunder in accordance with the terms hereof;

     

    (xvi)  There
      are
      no actions or proceedings against, or investigations known to it of, Ocwen
      before any court, administrative or other tribunal (A) that might prohibit
      its
      entering into this Agreement, (B) seeking to prevent the consummation of the
      transactions contemplated by this Agreement or (C) that might prohibit or
      materially and adversely affect the performance by Ocwen of its obligations
      under, or the validity or enforceability of, this Agreement;

     

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

     

    (xviii)  Ocwen
      has
      fully furnished and will continue to fully furnish, in accordance with the
      Fair
      Credit Reporting Act and its implementing regulations, accurate and complete
      information (e.g., favorable and unfavorable) on its borrower credit files
      to
      Equifax, Experian and Trans Union Credit Information Company or their successors
      on a monthly basis; 

     

    (xix)  Ocwen
      is
      a member of MERS in good standing, and will comply in all material respects
      with
      the rules and procedures of MERS in connection with the servicing of the
      Mortgage Loans that are registered with MERS; and 

     

    (xx)  Ocwen
      will not waive any Prepayment Charge other than in accordance with the standard
      set forth in Section 3.01.

     

    Notwithstanding
      anything to the contrary contained in this Agreement, if the covenant of the
      related Servicer set forth in Section 2.05(a)(x) and 2.05 (b)(x) above is
      breached, the related Servicer will pay the amount of such waived Prepayment
      Charge, from its own funds without any right of reimbursement, for the benefit
      of the Holders of the Class P Certificates, by depositing such amount into
      the
      related Collection Account within 90 days of the earlier of discovery by the
      related Servicer or receipt of notice by the related Servicer of such breach;
      provided, however, the related Servicer shall not have any obligation to pay
      the
      amount of any uncollected Prepayment Charge under this Section 2.05 if such
      Servicer did not have a copy of the related Mortgage Note, such Servicer
      requested a copy of the same from the Custodian in accordance with the terms
      of
      the Custodial Agreement and the Custodian failed to provide such a copy within
      the time frame set forth in the Custodial Agreement. Furthermore,
      notwithstanding any other provisions of this Agreement, any payments made by
      the
      related Servicer in respect of any waived Prepayment Charges pursuant to this
      paragraph shall be deemed to be paid outside of the Trust Fund.

     

    (c)
      It is
      understood and agreed that the representations, warranties and covenants set
      forth in this Section 2.05 shall survive the resignation or termination of
      the
      parties hereto, the termination of this Agreement and the delivery of the
      Mortgage Files to the Custodians and shall inure to the benefit of the Trustee,
      the Master Servicer, the Securities Administrator, the Depositor, the
      Certificateholders and the Insurer. Upon discovery by any such Person or the
      related Servicer of a breach of any of the foregoing representations, warranties
      and covenants which materially and adversely affects the value of any Mortgage
      Loan, Prepayment Charge or the interests therein of the Certificateholders
      or
      the Insurer, the party discovering such breach shall give prompt written notice
      (but in no event later than two (2) Business Days following such discovery)
      to
      the Trustee. Subject to Section 8.01, unless such breach shall not be
      susceptible of cure within ninety (90) days, the obligation of the related
      Servicer set forth in Section 2.03(e) to cure breaches shall constitute the
      sole
      remedy against the related Servicer available to the Certificateholders, the
      Insurer, the Depositor or the Trustee on behalf of the Certificateholders
      respecting a breach of the representations, warranties and covenants contained
      in this Section 2.05.

     

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

     

    The
      Trustee acknowledges the assignment to it of the Mortgage Loans and the delivery
      to the applicable Custodian on its behalf of the Mortgage Loan Documents,
      subject to the provisions of Section 2.01 and Section 2.02 hereof and
      Section 2 of the respective Custodial Agreement, together with the
      assignment to it of all other assets included in REMIC I, the receipt of which
      is hereby acknowledged. The interests evidenced by the Class R-I Interest,
      together with the REMIC I Regular Interests, constitute the entire beneficial
      ownership interest in REMIC I. The rights of the Holders of the Class R-I
      Interest and REMIC I (as holder of the REMIC I Regular Interests) to receive
      distributions from the proceeds of REMIC I in respect of the Class R-I Interest
      and the REMIC I Regular Interests, respectively, and all ownership interests
      evidenced or constituted by the Class R-I Interest and the REMIC I Regular
      Interests, shall be as set forth in this Agreement.

     

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

     

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

     

    SECTION
      2.08.  Issuance
      of the Residual Certificates.

     

    The
      Trustee acknowledges the assignment to it of the REMIC I Regular Interests
      and,
      concurrently therewith and in exchange therefor, pursuant to the written request
      of the Depositor executed by an officer of the Depositor, the Securities
      Administrator has executed and authenticated and the Trustee has delivered
      to or
      upon the order of the Depositor, the Class R Certificates in authorized
      denominations. The Class R Certificates evidence ownership in the Class R-I
      Interest, the Class R-II Interest and the Class R-III Interest.

     

    SECTION
      2.09.  Establishment
      of the Trust.

     

    The
      Depositor does hereby establish, pursuant to the further provisions of this
      Agreement and the laws of the State of New York, an express trust to be known,
      for convenience, as “ACE Securities Corp., Home Equity Loan Trust, Series
      2006-HE1” and does hereby appoint HSBC Bank USA, National Association as Trustee
      in accordance with the provisions of this Agreement.

     

    SECTION
      2.10.  Purpose
      and Powers of the Trust.

     

    The
      purpose of the common law trust, as created hereunder, 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;

     

    (b)  to
      issue
      the Certificates sold to the Depositor in exchange for the Mortgage
      Loans;

     

    (c)  to
      make
      payments on the Certificates and payments to the Insurer in respect of the
      Insurer Premium and Reimbursement Amounts;

     

    (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 Trustee shall
      not cause the trust to engage in any activity other than in connection with
      the
      foregoing or other than as required or authorized by the terms of this Agreement
      (or those ancillary thereto) while any Certificate is outstanding, and this
      Section 2.10 may not be amended, without the consent of the Certificateholders
      evidencing 51% or more of the aggregate voting rights of the
      Certificates.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      III 

    ADMINISTRATION
      AND SERVICING

    OF
      THE
      MORTGAGE LOANS; ACCOUNTS

     

    SECTION
      3.01.  The
      Servicers to Act as Servicers.

     

    The
      obligations of each of Ocwen and Wells Fargo hereunder to service and administer
      the Mortgage Loans shall be limited to the Ocwen Mortgage Loans and the Wells
      Fargo Mortgage Loans, respectively, and with respect to the duties and
      obligations of each Servicer, references herein to the related Mortgage Loans
      shall be limited to the (i) the Ocwen Mortgage Loans (and the related proceeds
      thereof and related REO Properties) in the case of Ocwen and (ii) the Wells
      Fargo Mortgage Loans (and the related proceeds and related REO Properties in
      the
      case of Wells Fargo). From and after the Closing Date to the Servicing Transfer
      Date, the Fremont Mortgage Loans, the GreenPoint Mortgage Loans and the New
      Century Mortgage Loans will be serviced and administered by Fremont, GreenPoint
      and New Century, respectively, pursuant to the terms and provisions of the
      related Interim Servicing Agreement, and neither Ocwen nor Wells Fargo will
      have
      any responsibility to service or administer the Fremont Mortgage Loans, the
      GreenPoint Mortgage Loans or the New Century Mortgage Loans, or have any other
      obligation or liability with respect to the Fremont Mortgage Loans, the
      GreenPoint Mortgage Loans or the New Century Mortgage Loans during that period.
      

     

    On
      and
      after the Closing Date, the Servicers shall service and administer the related
      Mortgage Loans on behalf of the Trust Fund and in the best interests of and
      for
      the benefit of the Certificateholders and the Insurer (as determined by the
      related Servicer in its reasonable judgment) in accordance with the terms of
      this Agreement and the respective Mortgage Loans and all applicable law and
      regulations and, to the extent consistent with such terms, in the same manner
      in
      which it services and administers similar mortgage loans for its own portfolio,
      giving due consideration to customary and usual standards of practice of prudent
      mortgage lenders and loan servicers administering similar mortgage loans but
      without regard to:

     

    (i)  any
      relationship that the related Servicer or any of its Affiliates may have with
      the related Mortgagor;

     

    (ii)  the
      ownership of any Certificate by the related Servicer or any of its
      Affiliates;

     

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

     

    (iv)  the
      related Servicer’s right to receive compensation for its services
      hereunder;

     

    To
      the
      extent consistent with the foregoing, each Servicer shall also seek to maximize
      the timely and complete recovery of principal and interest on the related
      Mortgage Notes and shall waive (or permit a Sub-Servicer to waive) a Prepayment
      Charge only under the following circumstances: (i) such waiver is standard
      and
      customary in servicing similar Mortgage Loans and such waiver is related to
      a
      default or reasonably foreseeable default and would, in the reasonable judgment
      of such Servicer, maximize recovery of total proceeds taking into account the
      value of such Prepayment Charge and the related Mortgage Loan and, if such
      waiver is made in connection with a refinancing of the related Mortgage Loan,
      such refinancing is related to a default or a reasonably foreseeable default,
      (ii) such Prepayment Charge is unenforceable in accordance with applicable
      law
      or the collection of such related Prepayment Charge would otherwise violate
      applicable law or (iii) the collection of such Prepayment Charge would be
      considered “predatory” pursuant to written guidance published or issued by any
      applicable federal, state or local regulatory authority acting in its official
      capacity and having jurisdiction over such matters. Notwithstanding any
      provision in this Agreement to the contrary, in the event the Prepayment Charge
      payable under the terms of the Mortgage Note is less than the amount of the
      Prepayment Charge set forth in the Prepayment Charge Schedule or other
      information provided to the related Servicer, such Servicer and the Master
      Servicer shall not have any liability or obligation with respect to such
      difference (including any obligation to recalculate any prepayment charges),
      and
      in addition shall not have any liability or obligation to pay the amount of
      any
      uncollected Prepayment Charge if the failure to collect such amount is the
      direct result of inaccurate or incomplete information on the Prepayment Charge
      Schedule. 

     

    Subject
      only to the above-described servicing standards (the “Accepted Servicing
      Practices”) and the terms of this Agreement and of the related Mortgage Loans,
      each Servicer shall have full power and authority, to do or cause to be done
      any
      and all things in connection with such servicing and administration which it
      may
      deem necessary or desirable with the goal of maximizing proceeds of the Mortgage
      Loan. Without limiting the generality of the foregoing, each Servicer in its
      own
      name is hereby authorized and empowered by the Trustee when the related Servicer
      believes it appropriate in its best judgment, to execute and deliver, on behalf
      of the Trust Fund, the Certificateholders, the Insurer and the Trustee or any
      of
      them, and upon written notice to the Trustee, any and all instruments of
      satisfaction or cancellation, or of partial or full release or discharge or
      subordination, and all other comparable instruments, with respect to the related
      Mortgage Loans and the related Mortgaged Properties and to institute foreclosure
      proceedings or obtain a deed-in-lieu of foreclosure so as to convert the
      ownership of such properties, and to hold or cause to be held title to such
      properties, on behalf of the Trustee, for the benefit of the Trust Fund, the
      Certificateholders and the Insurer. Each Servicer shall service and administer
      the related Mortgage Loans in accordance with applicable state and federal
      law
      and shall provide to the Mortgagors any reports required to be provided to
      them
      thereby. Each Servicer shall also comply in the performance of this Agreement
      with all reasonable rules and requirements of each insurer under any standard
      hazard insurance policy. Subject to Section 3.14, the Trustee shall execute,
      at
      the written request of a Servicer, and furnish to such Servicer a power of
      attorney in the form of Exhibit D hereto and other documents necessary or
      appropriate to enable such Servicer to carry out its servicing and
      administrative duties hereunder or under the Servicing Agreement, as applicable,
      and furnished to the Trustee by such Servicer, and the Trustee shall not be
      liable for the actions of such Servicer under such powers of attorney and shall
      be indemnified by such Servicer for any cost, liability or expense incurred
      by
      the Trustee in connection with such Servicer’s use or misuse of any such power
      of attorney.

     

    Each
      Servicer further is hereby authorized and empowered in its own name or in the
      name of the Sub-Servicer, when such Servicer or the Sub-Servicer, as the case
      may be, believes it is appropriate in its best judgment to register any Mortgage
      Loan on the MERS® System, or cause the removal from the registration of any
      Mortgage Loan on the MERS® System, to execute and deliver, on behalf of the
      Trustee and the Certificateholders or any of them, any and all instruments
      of
      assignment and other comparable instruments with respect to such assignment
      or
      re-recording of a Mortgage in the name of MERS, solely as nominee for the
      Trustee and its successors and assigns. Any reasonable expenses incurred in
      connection with the actions described in the preceding sentence or as a result
      of MERS discontinuing or becoming unable to continue operations in connection
      with the MERS® System, shall be reimbursable by the Trust Fund to such
      Servicer.

     

    In
      accordance with Accepted Servicing Practices, each Servicer shall make or cause
      to be made Servicing Advances as necessary for the purpose of effecting the
      payment of taxes and assessments on the Mortgaged Properties, which Servicing
      Advances shall be reimbursable in the first instance from related collections
      from the related Mortgagors pursuant to Section 3.07 of this Agreement, and
      further as provided in Section 3.09 of this Agreement; provided, however, the
      related Servicer shall only make such Servicing Advance if the related Mortgagor
      has not made such payment and if the failure to make such Servicing Advance
      would result in the loss of the related Mortgaged Property due to a tax sale
      or
      foreclosure as result of a tax lien; provided, however, that each Servicer
      shall
      be required to make such Servicing Advances only to the extent that such
      Servicing Advances, in the good faith judgment of such Servicer, will be
      recoverable by such Servicer out of Insurance Proceeds, Liquidation Proceeds,
      or
      otherwise out of the proceeds of the related Mortgage Loan. Any cost incurred
      by
      a Servicer in effecting the payment of taxes and assessments on a Mortgaged
      Property shall not, for the purpose of calculating the Stated Principal Balance
      of such Mortgage Loan or distributions to Certificateholders, be added to the
      unpaid principal balance of the related Mortgage Loan, notwithstanding that
      the
      terms of such Mortgage Loan so permit. The parties to this Agreement acknowledge
      that Servicing Advances shall be reimbursable pursuant to Section 3.09 of this
      Agreement, and agree that no Servicing Advance shall be rejected or disallowed
      by any party unless it has been shown that such Servicing Advance was not made
      in accordance with
      the
      terms of this Agreement. Notwithstanding the foregoing, the parties understand
      and agree that, with respect to any Mortgage Loan (1) the Master Servicer shall
      not approve the reimbursement of any Servicing Advance made with respect to
      such
      Mortgage Loan prior to the Cut-off Date (each, a “Pre-Cut-off Date Advance”)
      unless and until it has received a Servicing Advance Schedule listing the amount
      of Pre-Cut-off Date Advances made in respect of such Mortgage Loan from (a)
      the
      related Servicer with respect to any Mortgage Loans that were transferred to
      such Servicer prior to the Cut-off Date and/or (b) the Depositor with respect
      to
      any Mortgage Loans that were transferred to the related Servicer after the
      Cut-off Date, (2) the aggregate Pre-Cut-off Date Advances reimbursable hereunder
      with respect to such Mortgage Loan shall not exceed the amount of Pre-Cut-off
      Date Advances for such Mortgage Loan shown on the Servicing Advance Schedule
      delivered to the Master Servicer, (3) the Depositor shall be deemed to have
      agreed with and approved the Pre-Cut-off Date Advances shown on any Servicing
      Advance Schedule furnished to the Master Servicer, and (4) the Master Servicer
      will have no liability to the Depositor, the related Servicer or any other
      Person, including any Certificateholder, for approving reimbursement of related
      Pre-Cut-off Date Advances so long as the aggregate amount of such advances
      reimbursed hereunder does not exceed of the amount of Pre-Cut-off Date Advances
      for such Mortgage Loan shown on the Servicing Advance Schedule.

     

    Notwithstanding
      anything in this Agreement to the contrary, no Servicer may make any future
      advances with respect to a Mortgage Loan and no Servicer shall permit any
      modification with respect to any related Mortgage Loan that would change the
      Mortgage Rate, reduce or increase the principal balance (except for reductions
      resulting from actual payments of principal) or change the final maturity date
      on such related Mortgage Loan (unless, as provided in Section 3.06 of this
      Agreement, the related Mortgagor is in default with respect to the related
      Mortgage Loan or such default is, in the judgment of the related Servicer,
      reasonably foreseeable) or any modification, waiver or amendment of any term
      of
      any related Mortgage Loan that would both (A) effect an exchange or reissuance
      of such Mortgage Loan under Section 1001 of the Code (or final, temporary
      or proposed Treasury regulations promulgated thereunder) and (B) cause any
      Trust
      REMIC created hereunder to fail to qualify as a REMIC under the Code or the
      imposition of any tax on “prohibited transactions” or “contributions after the
      startup date” under the REMIC Provisions.

     

    In
      the
      event that the Mortgage Loan Documents relating to a Mortgage Loan contain
      provisions requiring the related Mortgagor to arbitrate disputes (at the option
      of the Trustee, on behalf of the Trust), the Trustee hereby authorizes the
      related to waive the Trustee’s right or option to arbitrate disputes and to send
      written notice of such waiver to the Mortgagor, although the Mortgagor may
      still
      require arbitration at its option.

     

    Each
      Servicer will fully furnish, in accordance with the Fair Credit Reporting Act
      and its implementing regulations, accurate and complete information (e.g.,
      favorable and unfavorable) on its borrower credit files to Equifax, Experian
      and
      Trans Union Credit Information Company or their successors on a monthly
      basis.

     

    SECTION
      3.02.  Sub-Servicing
      Agreements Between a Servicer and Sub-Servicers.

     

    (a)  Each
      Servicer may arrange for the subservicing of any Mortgage Loan by a Sub-
      Servicer pursuant to a Sub-Servicing Agreement; provided that such sub-servicing
      arrangement and the terms of the related Sub-Servicing Agreement must provide
      for the servicing of such Mortgage Loans in a manner consistent with the
      servicing arrangements contemplated hereunder and the related Servicer shall
      cause any Sub-Servicer to comply with the provisions of this Agreement
      (including, without limitation, to provide the information required to be
      delivered under Sections 3.17, 3.18 and 3.19 hereof), to the same extent as
      if
      such Sub-Servicer were the Servicer. The related Servicer shall be responsible
      for obtaining from each Sub-Servicer and delivering to the Master Servicer
      any
      annual statement of compliance, assessment of compliance, attestation report
      and
      Sarbanes-Oxley related certification as and when required to be delivered.
      Each
      Sub-Servicer shall be (i) authorized to transact business in the state or states
      where the related Mortgaged Properties it is to service are situated, if and
      to
      the extent required by applicable law to enable the Sub-Servicer to perform
      its
      obligations hereunder and under the Sub-Servicing Agreement and (ii) a Freddie
      Mac or Fannie Mae approved mortgage servicer. Notwithstanding the provisions
      of
      any Sub-Servicing Agreement, any of the provisions of this Agreement relating
      to
      agreements or arrangements between a Servicer or a Sub-Servicer or reference
      to
      actions taken through the Servicer or otherwise, the Servicer shall remain
      obligated and liable to the Depositor, the Trustee and the Certificateholders
      for the servicing and administration of the Mortgage Loans in accordance with
      the provisions of this Agreement without diminution of such obligation or
      liability by virtue of such Sub-Servicing Agreements or arrangements or by
      virtue of indemnification from the Sub-Servicer and to the same extent and
      under
      the same terms and conditions as if such Servicer alone were servicing and
      administering the Mortgage Loans. Every Sub-Servicing Agreement entered into
      by
      a Servicer shall contain a provision giving the successor servicer the option
      to
      terminate such agreement in the event a successor servicer is appointed. All
      actions of each Sub-Servicer performed pursuant to the related Sub-Servicing
      Agreement shall be performed as an agent of the Servicer with the same force
      and
      effect as if performed directly by such Servicer.

     

    (b)  Notwithstanding
      the foregoing, each Servicer shall be entitled to outsource one or more separate
      servicing functions to a Subcontractor that does not meet the eligibility
      requirements for a Sub-Servicer, so long as such outsourcing does not constitute
      the delegation of such Servicer’s obligation to perform all or substantially all
      of the servicing of the related Mortgage Loans to such Subcontractor. The
      related Servicer shall promptly, upon request, provide to the Master Servicer,
      the Trustee and the Depositor a written description (in form and substance
      reasonably satisfactory to the Master Servicer, the Trustee and the Depositor)
      of the role and function of each Subcontractor utilized by the related Servicer,
      specifying (i) the identity of each such Subcontractor “participating in the
      servicing function” within the meaning of Item 1122 of Regulation AB, and (ii)
      which elements of the Servicing Criteria will be addressed in assessments of
      compliance provided by each Subcontractor identified pursuant to clause (i)
      of
      this subsection; provided, however, that the Servicer shall not be required
      to
      provide the information in clauses (i) or (ii) of this subsection until such
      time that the applicable assessment of compliance is due pursuant to Section
      3.18 of this Agreement. The use by a Servicer of any such Subcontractor shall
      not release such Servicer from any of its obligations hereunder and such
      Servicer shall remain responsible hereunder for all acts and omissions of such
      Subcontractor as fully as if such acts and omissions were those of such
      Servicer, and such Servicer shall pay all fees and expenses of the Subcontractor
      from such Servicer’s own funds.

     

    (c)  As
      a
      condition to the utilization of any Subcontractor determined to be
“participating in the servicing function” within the meaning of Item 1122 of
      Regulation AB, the related Servicer shall cause any such Subcontractor used
      by
      such Servicer for the benefit of the Master Servicer, the Trustee and the
      Depositor to comply with the provisions of Sections 3.18 and 3.19 of this
      Agreement to the same extent as if such Subcontractor were the related Servicer.
      The related Servicer shall be responsible for obtaining from each such
      Subcontractor and delivering to the Master Servicer, the Trustee and any
      Depositor any assessment of compliance, attestation report and Sarbanes-Oxley
      related certification required to be delivered by such Subcontractor under
      Sections 3.18 and 3.19, in each case as and when required to be
      delivered.

     

    (d)  For
      purposes of this Agreement, the related Servicer shall be deemed to have
      received any collections, recoveries or payments with respect to the Mortgage
      Loans that are received by a Sub-Servicer regardless of whether such payments
      are remitted by the Sub-Servicer to the related Servicer. 

     

    SECTION
      3.03.  Successor
      Sub-Servicers.

     

    Any
      Sub-Servicing Agreement shall provide that the related Servicer shall be
      entitled to terminate any Sub-Servicing Agreement and to either itself directly
      service the related Mortgage Loans or enter into a Sub-Servicing Agreement
      with
      a successor Sub-Servicer which qualifies under Section 3.02. Any Sub-Servicing
      Agreement shall include the provision that such agreement may be immediately
      terminated as soon as is reasonably possible by any successor to the related
      Servicer without fee or, in the event a termination fee exists, such fee shall
      be payable by the related Servicer from its own funds without reimbursement
      therefor, in accordance with the terms of this Agreement, in the event that
      the
      related Servicer (or any successor to the related Servicer) shall, for any
      reason, no longer be the Servicer of the related Mortgage Loans (including
      termination due to a Servicer Event of Default). Each Servicer shall be entitled
      to enter into an agreement with its Sub-Servicer and Subcontractor for
      indemnification of such Servicer or Subcontractor, as applicable, by such
      Sub-Servicer and nothing contained in this Agreement shall be deemed to limit
      or
      modify such indemnification.

     

    SECTION
      3.04.  No
      Contractual Relationship Between Sub-Servicer, Subcontractor, Trustee or the
      Certificateholders.

     

    Any
      Sub-Servicing Agreement and any other transactions or services relating to
      the
      Mortgage Loans involving a Sub-Servicer or a Subcontractor, as applicable shall
      be deemed to be between the Sub-Servicer and the related Servicer or
      Subcontractor, as applicable alone and the Master Servicer, Trustee and the
      Certificateholders shall not be deemed parties thereto and shall have no claims,
      rights, obligations, duties or liabilities with respect to any Sub-Servicer
      or
      Subcontractor except as set forth in Section 3.05 of this
      Agreement.

     

    SECTION
      3.05.  Assumption
      or Termination of Sub-Servicing Agreement by Successor Servicer.

     

    In
      connection with the assumption of the responsibilities, duties and liabilities
      and of the authority, power and rights of a Servicer hereunder by a successor
      servicer pursuant to Section 8.02, it is understood and agreed that such
      Servicer’s rights and obligations under any Sub-Servicing Agreement then in
      force between such Servicer and a Sub-Servicer shall be assumed simultaneously
      by such successor servicer without act or deed on the part of such successor
      servicer; provided, however, that any successor servicer may terminate the
      Sub-Servicer.

     

    Each
      Servicer shall, upon the reasonable request of the Master Servicer, but at
      its
      own expense, deliver to the assuming party documents and records relating to
      each Sub-Servicing Agreement and an accounting of amounts collected and held
      by
      it and otherwise use its best efforts to effect the orderly and efficient
      transfer of the Sub-Servicing Agreements to the assuming party.

     

    The
      Servicing Fee payable to any such successor servicer shall be payable from
      payments received on the related Mortgage Loans in the amount and in the manner
      set forth in this Agreement.

     

    SECTION
      3.06.  Collection
      of Certain Mortgage Loan Payments.

     

    Each
      Servicer shall make reasonable efforts to collect all payments called for under
      the terms and provisions of the related Mortgage Loans, and shall, to the extent
      such procedures shall be consistent with this Agreement and Accepted Servicing
      Practices, follow such collection procedures as it would follow with respect
      to
      mortgage loans comparable to the Mortgage Loans and held for its own account.
      Consistent with the foregoing, each Servicer may in its discretion (i) waive
      any
      late payment charge or, if applicable, penalty interest or (ii) extend the
      due
      dates for the Monthly Payments due on a Mortgage Note related to a Mortgage
      Loan
      for a period of not greater than 180 days; provided that any extension pursuant
      to this clause shall not affect the amortization schedule of any Mortgage Loan
      for purposes of any computation hereunder. Notwithstanding the foregoing, in
      the
      event that any Mortgage Loan is in default or, in the judgment of the related
      Servicer, such default is reasonably foreseeable, the related Servicer,
      consistent with Accepted Servicing Practices may waive, modify or vary any
      term
      of such Mortgage Loan (including, but not limited to, modifications that change
      the Mortgage Rate, forgive the payment of principal or interest or extend the
      final maturity date of such Mortgage Loan), accept payment from the related
      Mortgagor of an amount less than the Stated Principal Balance in final
      satisfaction of such Mortgage Loan, or consent to the postponement of strict
      compliance with any such term or otherwise grant indulgence to any Mortgagor
      if
      in the related Servicer’s determination such waiver, modification, postponement
      or indulgence is not materially adverse to the interests of the
      Certificateholders or the Insurer (taking into account any estimated Realized
      Loss that might result absent such action). No Servicer shall 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.

     

    SECTION
      3.07.  Collection
      of Taxes, Assessments and Similar Items; Servicing Accounts.

     

    To
      the
      extent the terms of a Mortgage provide for Escrow Payments, the related Servicer
      shall establish and maintain one or more accounts (the “Servicing Accounts”),
      into which all collections from the Mortgagors (or related advances from
      Sub-Servicers) for the payment of taxes, assessments, fire, flood, and hazard
      insurance premiums, and comparable items for the account of the Mortgagors
      (“Escrow Payments”) shall be deposited and retained. Servicing Accounts shall be
      Eligible Accounts. Each Servicer shall deposit in the clearing account in which
      it customarily deposits payments and collections on mortgage loans in connection
      with its mortgage loan servicing activities on a daily basis, and in no event
      more than one (1) Business Day after such Servicer’s receipt thereof, all Escrow
      Payments collected on account of the related Mortgage Loans and shall thereafter
      deposit such Escrow Payments in the Servicing Accounts, in no event later than
      the second Business Day after the deposit of good funds into the clearing
      account, and retain therein, all Escrow Payments collected on account of the
      related Mortgage Loans, for the purpose of effecting the timely payment of
      any
      such items as required under the terms of this Agreement. Withdrawals of amounts
      from a Servicing Account may be made by the related Servicer only to (i) effect
      timely payment of taxes, assessments, fire, flood, and hazard insurance
      premiums, and comparable items; (ii) reimburse itself out of related collections
      for any Servicing Advances made pursuant to Section 3.01 (with respect to taxes
      and assessments) and Section 3.11 (with respect to fire, flood and hazard
      insurance); (iii) refund to Mortgagors any sums as may be determined to be
      overages; (iv) for application to restore or repair the related Mortgaged
      Property in accordance with Section 3.11; (v) pay interest, if required and
      as
      described below, to Mortgagors on balances in the Servicing Account; or, only
      to
      the extent not required to be paid to the related Mortgagors, to pay itself
      interest on balances in the Servicing Account; or (vi) clear and terminate
      the
      Servicing Account at the termination of the related Servicer’s obligations and
      responsibilities in respect of the related Mortgage Loans under this Agreement
      in accordance with Article X. As part of its servicing duties, each Servicer
      shall pay to the Mortgagors interest on funds in Servicing Accounts, to the
      extent required by law and, to the extent that interest earned on funds in
      the
      Servicing Accounts is insufficient, to pay such interest from its or their
      own
      funds, without any reimbursement therefor. Notwithstanding the foregoing, no
      Servicer shall be obligated to collect Escrow Payments if the related Mortgage
      Loan does not require such payments but the related Servicer shall nevertheless
      be obligated to make Servicing Advances as provided in Section 3.01 and Section
      3.11. In the event a Servicer shall deposit in the Servicing Accounts any amount
      not required to be deposited therein, it may at any time withdraw such amount
      from the Servicing Accounts, any provision to the contrary
      notwithstanding.

     

    To
      the
      extent that a Mortgage does not provide for Escrow Payments, each Servicer
      (i)
      shall determine whether any such payments are made by the Mortgagor in a manner
      and at a time that is necessary to avoid the loss of the Mortgaged Property
      due
      to a tax sale or the foreclosure as a result of a tax lien and (ii) shall ensure
      that all insurance required to be maintained on the Mortgaged Property pursuant
      to this Agreement is maintained. If any such payment has not been made and
      the
      related Servicer receives notice of a tax lien with respect to the Mortgage
      Loan
      being imposed, such Servicer shall, promptly and to the extent required to
      avoid
      loss of the Mortgaged Property, advance or cause to be advanced funds necessary
      to discharge such lien on the Mortgaged Property unless such Servicer determines
      the advance to be nonrecoverable. Each Servicer assumes full responsibility
      for
      the payment of all such bills and shall effect payments of all such bills
      irrespective of the Mortgagor’s faithful performance in the payment of same or
      the making of the Escrow Payments and shall make Servicing Advances to effect
      such payments subject to its determination of recoverability.

     

    SECTION
      3.08.  Collection
      Accounts and Distribution Account.

     

    (a)  On
      behalf
      of the Trust Fund, each Servicer shall establish and maintain one or more
“Collection Accounts”, held in trust for the benefit of the Trustee, the
      Certificateholders and the Insurer. On behalf of the Trust Fund, each Servicer
      shall deposit or cause to be deposited in the clearing account in which it
      customarily deposits payments and collections on mortgage loans in connection
      with its mortgage loan servicing activities on a daily basis, and in no event
      more than one Business Day after such Servicer’s receipt thereof, and shall
      thereafter deposit in the related Collection Account, in no event later than
      two
      Business Days after the deposit of good funds into the clearing account, as
      and
      when received or as otherwise required hereunder, the following payments and
      collections received or made by it on or subsequent to the Cut-off Date other
      than amounts attributable to a Due Date on or prior to the Cut-off
      Date:

     

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

     

    (ii)  all
      payments on account of interest (net of the related Servicing Fee payable to
      such Servicer and any Prepayment Interest Excess) on each related Mortgage
      Loan;

     

    (iii)  all
      Insurance Proceeds and Liquidation Proceeds (other than proceeds collected
      in
      respect of any particular REO Property) and all Subsequent Recoveries with
      respect to the related Mortgage Loans;

     

    (iv)  any
      amounts required to be deposited by the related Servicer pursuant to
      Section 3.10 of this Agreement in connection with any losses realized on
      Permitted Investments with respect to funds held in the related Collection
      Account;

     

    (v)  any
      amounts required to be deposited by the related Servicer pursuant to the second
      paragraph of Section 3.11(a)of this Agreement in respect of any blanket
      policy deductibles;

     

    (vi)  any
      Purchase Price or Substitution Shortfall Amount delivered to the related
      Servicer and all proceeds (net of amounts payable or reimbursable to the related
      Servicer, the Master Servicer, the Trustee, the Custodians or the Securities
      Administrator) of Mortgage Loans purchased in accordance with Section 2.03,
      Section 3.13 or Section 10.01 of this Agreement; and

     

    (vii)  any
      Prepayment Charges collected by the related Servicer in connection with the
      Principal Prepayment of any of the Mortgage Loans or amounts required to be
      deposited by the related Servicer in connection with a breach of its obligations
      under Section 2.05.

     

    The
      foregoing requirements for deposit in the related Collection Account shall
      be
      exclusive, it being understood and agreed that, without limiting the generality
      of the foregoing, Ancillary Income need not be deposited by the related Servicer
      in the related Collection Account and may be retained by the related Servicer
      as
      additional servicing compensation. In the event a Servicer shall deposit in
      the
      related Collection Account any amount not required to be deposited therein,
      it
      may at any time withdraw such amount from the related Collection Account, any
      provision herein to the contrary notwithstanding.

     

    (b)  On
      behalf
      of the Trust Fund, the Securities Administrator shall establish and maintain
      one
      or more accounts (such account or accounts, the “Distribution Account”), held in
      trust for the benefit of the Trustee, the Trust Fund, the Certificateholders
      and
      the Insurer. On behalf of the Trust Fund, each Servicer shall deliver to the
      Securities Administrator in immediately available funds for deposit in the
      Distribution Account on the Servicer Remittance Date, that portion of the
      Available Distribution Amount (calculated without regard to the references
      in
      clause (2) of the definition thereof to amounts that may be withdrawn from
      the
      Distribution Account) for the related Distribution Date then on deposit in
      the
      related Collection Account and the amount of all Prepayment Charges collected
      by
      the related Servicer in connection with the Principal Prepayment of any of
      the
      Mortgage Loans then on deposit in the related Collection Account and the amount
      of any funds reimbursable to an Advance Financing Person pursuant to Section
      3.25 of this Agreement. If the balance on deposit in a Collection Account
      exceeds $100,000 as of the commencement of business on any Business Day and
      the
      Collection Account constitutes an Eligible Account solely pursuant to clause
      (ii) of the definition of “Eligible Account,” the related Servicer shall, on or
      before 5:00 p.m. New York time on such Business Day, withdraw from the related
      Collection Account any and all amounts payable or reimbursable to the Depositor,
      the Servicers, the Trustee, the Master Servicer, the Securities Administrator
      or
      the Sponsor pursuant to Section 3.09 of this Agreement and shall pay such
      amounts to the Persons entitled thereto or shall establish a separate Collection
      Account (which shall also be an Eligible Account) and withdraw from the existing
      Collection Account the amount on deposit therein in excess of $100,000 and
      deposit such excess in the newly created Collection Account.

     

    With
      respect to any remittance received by the Securities Administrator on or after
      the first Business Day following the Business Day on which such payment was
      due,
      the Securities Administrator shall send written notice thereof to the Servicer.
      The related Servicer shall pay to the Securities Administrator interest on
      any
      such late payment by such Servicer at an annual rate equal to Prime Rate (as
      defined in The
      Wall Street Journal)
      plus
      one percentage point, but in no event greater than the maximum amount permitted
      by applicable law. Such interest shall be paid by the related Servicer to the
      Securities Administrator on the date such late payment is made and shall cover
      the period commencing with the day following the related Servicer Remittance
      Date and ending with the Business Day on which such payment is made, both
      inclusive. The payment by the related Servicer of any such interest, or the
      failure of the Securities Administrator to notify the related Servicer of such
      interest, shall not be deemed an extension of time for payment or a waiver
      of
      any Event of Default by the related Servicer.

     

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

     

    (d)  Funds
      held in a Collection Account at any time may be delivered by the related
      Servicer in immediately available funds to the Securities Administrator for
      deposit in the Distribution Account. In the event a Servicer shall deliver
      to
      the Securities Administrator for deposit in the Distribution Account any amount
      not required to be deposited therein, it may at any time request that the
      Securities Administrator withdraw such amount from the Distribution Account
      and
      remit to it any such amount, any provision herein to the contrary
      notwithstanding. In no event shall the Securities Administrator incur liability
      as a result of withdrawals from the Distribution Account at the direction of
      a
      Servicer in accordance with the immediately preceding sentence. In addition,
      each Servicer shall deliver to the Securities Administrator no later than the
      Servicer Remittance Date the amounts set forth in clauses (i) through (iv)
      below:

     

    (i)  any
      P&I Advances, as required pursuant to Section 5.03 of this
      Agreement;

     

    (ii)  any
      amounts required to be deposited pursuant to Section 3.21(d) or 3.21(f) of
      this
      Agreement in connection with any related REO Property;

     

    (iii)  any
      amounts to be paid in connection with a purchase of Mortgage Loans and REO
      Properties pursuant to Section 10.01 of this Agreement; and

     

    (iv)  any
      amounts required to be deposited pursuant to Section 3.22 of this Agreement
      in
      connection with any Prepayment Interest Shortfalls.

     

    SECTION
      3.09.  Withdrawals
      from the Collection Accounts and Distribution Account.

     

    (a)  Each
      Servicer shall, from time to time, make withdrawals from the related Collection
      Account for any of the following purposes or as described in Section 5.03
      of this Agreement:

     

    (i)  to
      remit
      to the Securities Administrator for deposit in the Distribution Account the
      amounts required to be so remitted pursuant to Section 3.08(b) of this
      Agreement or permitted to be so remitted pursuant to the first sentence of
      Section 3.08(d) of this Agreement;

     

    (ii)  subject
      to Section 3.13(d) of this Agreement, to reimburse itself (including any
      successor Servicer) for P&I Advances made by it, but only to the extent of
      amounts received which represent Late Collections (net of the related Servicing
      Fees payable to such Servicer) of Monthly Payments on related Mortgage Loans
      with respect to which such P&I Advances were made in accordance with the
      provisions of Section 5.03;

     

    (iii)  subject
      to Section 3.13(d) of this Agreement, to pay itself any unpaid Servicing
      Fees payable to such Servicer and reimburse itself any unreimbursed Servicing
      Advances with respect to each related Mortgage Loan, but only to the extent
      of
      any Liquidation Proceeds and Insurance Proceeds received with respect to such
      related Mortgage Loan or rental or other income from the related REO
      Property;

     

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

     

    (v)  to
      pay to
      itself or the Sponsor, as the case may be, with respect to each related Mortgage
      Loan that has previously been purchased or replaced pursuant to
      Section 2.03 or Section 3.13(c) of this Agreement all amounts received
      thereon not included in the Purchase Price or the Substitution Shortfall
      Amount;

     

    (vi)  to
      reimburse itself (including any successor to the related Servicer)
      for

     

    (A) any
      P&I Advance or Servicing Advance previously made by it which the related
      Servicer has determined to be a Nonrecoverable P&I Advance or a
      Nonrecoverable Servicing Advance in accordance with the provisions of Section
      5.03 of this Agreement provided however, that no Servicer shall be entitled
      to
      reimbursement for any Servicing Advance made prior to the Cut-off Date if such
      Servicer determines that such Servicing Advance constitutes a Nonrecoverable
      Servicing Advance of this Agreement; 

     

    (B) any
      unpaid Servicing Fees payable to such Servicer to the extent not recoverable
      from Liquidation Proceeds, Insurance Proceeds or other amounts received with
      respect to the related Mortgage Loan under Section 3.06(a)(iii) of this
      Agreement; or

     

    (C) any
      P&I Advance or Servicing Advance made with respect to a delinquent Mortgage
      Loan which Mortgage Loan has been modified by the Servicer in accordance with
      the terms of this Agreement; provided that the Servicer shall only reimburse
      itself for such P&I Advances and Servicing Advances at the time of such
      modification or as otherwise provided in Section 3.09.

     

    (vii)  to
      reimburse itself or the Depositor for expenses incurred by or reimbursable
      to
      itself or the Depositor, as the case may be, pursuant to Section 3.01 or Section
      7.03 of this Agreement;

     

    (viii)  to
      reimburse itself or the Trustee, as the case may be, for expenses reasonably
      incurred in respect of the breach or defect giving rise to the purchase
      obligation under Section 2.03 of this Agreement that were included in the
      Purchase Price of the related Mortgage Loan, including any expenses arising
      out
      of the enforcement of the purchase obligation;

     

    (ix)  to
      pay,
      or to reimburse itself for advances in respect of, expenses incurred in
      connection with any related Mortgage Loan pursuant to Section 3.13(b) of this
      Agreement; 

     

    (x)  to
      pay to
      itself any Prepayment Interest Excess on the related Mortgage Loans to the
      extent not retained pursuant to Section 3.08(a)(ii)) of this Agreement;
      and

     

    (xi)  to
      clear
      and terminate the Collection Accounts pursuant to Section 10.01 of this
      Agreement.

     

    Each
      Servicer shall keep and maintain separate accounting, on a Mortgage Loan by
      Mortgage Loan basis, for the purpose of justifying any withdrawal from the
      related Collection Account, to the extent held by or on behalf of it, pursuant
      to subclauses (ii), (iii), (v), (vi), (vii), (viii), (ix) and (x)
      above.

     

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

     

    (i)  to
      make
      distributions to Certificateholders and the Insurer in accordance with
      Section 5.01 of this Agreement;

     

    (ii)  to
      pay to
      itself, the Custodians and the Master Servicer amounts to which it is entitled
      pursuant to Section 9.05 of this Agreement or any other provision of this
      Agreement and any Extraordinary Trust Fund Expenses;

     

    (iii)  to
      reimburse itself or the Master Servicer pursuant to Section 8.02 of this
      Agreement;

     

    (iv)  to
      pay
      any Net Swap Payment or Swap Termination Payment payable to the Supplemental
      Interest Trust (unless the Swap Provider is the sole Defaulting Party or the
      sole Affected Party (as defined in the Swap Agreement)) owed to the Swap
      Provider;

     

    (v)  to
      pay
      any amounts in respect of taxes pursuant to Section 11.01(g)(v) of this
      Agreement;

     

    (vi)  to
      pay
      the Excess Servicing Fee, if any, to the Class CE-2 Certificateholder pursuant
      to Section 5.01(b);

     

    (vii)  to
      pay
      the Credit Risk Management Fee to the Credit Risk Manager; and

     

    (viii)  to
      clear
      and terminate the Distribution Account pursuant to Section 10.01 of this
      Agreement.

     

    SECTION
      3.10.  Investment
      of Funds in the Investment Accounts.

     

    (a)  Each
      Servicer may direct, by means of written directions (which may be standing
      directions), any depository institution maintaining the related Collection
      Account to invest the funds in such Collection Account (for purposes of this
      Section 3.10, an “Investment Account”) in one or more Permitted Investments
      bearing interest or sold at a discount, and maturing, unless payable on demand,
      (i) no later than the Business Day immediately preceding the date on which
      such
      funds are required to be withdrawn from such account pursuant to this Agreement,
      if a Person other than the Securities Administrator is the obligor thereon,
      and
      (ii) no later than the date on which such funds are required to be withdrawn
      from such account pursuant to this Agreement, if the Securities Administrator
      is
      the obligor on such Permitted Investment. Amounts in the Distribution Account
      may be invested in Permitted Investments as directed in writing by the Master
      Servicer and maturing, unless payable on demand, (i) no later than the Business
      Day immediately preceding the date on which such funds are required to be
      withdrawn from such account pursuant to this Agreement, if a Person other than
      the Securities Administrator is the obligor thereon, and (ii) no later than
      the
      date on which such funds are required to be withdrawn from such account pursuant
      to this Agreement, if the Securities Administrator is the obligor thereon.
      All
      such Permitted Investments shall be held to maturity, unless payable on demand.
      Any investment of funds shall be made in the name of the Trustee (in its
      capacity as such) or in the name of a nominee of the Trustee. The Securities
      Administrator shall be entitled to sole possession over each such investment
      in
      the Distribution Account and, subject to subsection (b) below, the income
      thereon, and any certificate or other instrument evidencing any such investment
      shall be delivered directly to the Securities Administrator or its agent,
      together with any document of transfer necessary to transfer title to such
      investment to the Trustee or its nominee. In the event amounts on deposit in
      a
      Collection Account are at any time invested in a Permitted Investment payable
      on
      demand, the party with investment discretion over such Investment Account
      shall:

     

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

     

    (y) demand
      payment of all amounts due thereunder promptly upon receipt by such party of
      written notice from the related Servicer that such Permitted Investment would
      not constitute a Permitted Investment in respect of funds thereafter on deposit
      in the Investment Account.

     

    (b)  All
      income and gain realized from the investment of funds deposited in a Collection
      Account shall be for the benefit of the related Servicer and shall be subject
      to
      its withdrawal in accordance with Section 3.09. Each Servicer shall deposit
      in
      the related Collection Account maintained by it the amount of any loss incurred
      in respect of any such Permitted Investment made with funds in such account
      immediately upon realization of such loss. All earnings and gain realized from
      the investment of funds deposited in the Distribution Account shall be for
      the
      benefit of the Master Servicer. The Master Servicer shall remit from its own
      funds for deposit into the Distribution Account the amount of any loss incurred
      on Permitted Investments in the Distribution Account.

     

    (c)  Except
      as
      otherwise expressly provided in this Agreement, if any default occurs in the
      making of a payment due under any Permitted Investment, or if a default occurs
      in any other performance required under any Permitted Investment, the Trustee
      may and, subject to Section 9.01 and Section 9.02(a)(v), shall, at the written
      direction of the related Servicer, take such action as may be appropriate to
      enforce such payment or performance, including the institution and prosecution
      of appropriate proceedings.

     

    (d)  The
      Trustee, the Master Servicer or their respective Affiliates are permitted to
      receive additional compensation that could be deemed to be in the Trustee’s or
      the Master Servicer’s economic self-interest for (i) serving as investment
      adviser, administrator, shareholder servicing agent, custodian or sub-custodian
      with respect to certain of the Permitted Investments, (ii) using Affiliates
      to
      effect transactions in certain Permitted Investments and (iii) effecting
      transactions in certain Permitted Investments. Such compensation shall not
      be
      considered an amount that is reimbursable or payable to the Trustee or the
      Master Servicer pursuant to Section 3.09 or 3.10 or otherwise payable in respect
      of Extraordinary Trust Fund Expenses. Such additional compensation shall not
      be
      an expense of the Trust Fund.

     

    SECTION
      3.11.  Maintenance
      of Hazard Insurance, Errors and Omissions and Fidelity Coverage and Primary
      Mortgage Insurance.

     

    (a)  The
      terms
      of each Mortgage Note require the related Mortgagor to maintain fire, flood
      and
      hazard insurance policies. To the extent such policies are not maintained,
      the
      related Servicer shall cause to be maintained for each Mortgaged Property fire
      and hazard insurance with extended coverage as is customary in the area where
      the Mortgaged Property is located in an amount which is at least equal to the
      lesser of the current principal balance of the related Mortgage Loan and the
      amount necessary to compensate fully for any damage or loss to the improvements
      which are a part of such property on a replacement cost basis, in each case
      in
      an amount not less than such amount as is necessary to avoid the application
      of
      any coinsurance clause contained in the related hazard insurance policy. Each
      Servicer shall also cause to be maintained fire and hazard insurance on each
      REO
      Property with extended coverage as is customary in the area where the Mortgaged
      Property is located in an amount which is at least equal to the lesser of (i)
      the maximum insurable value of the improvements which are a part of such
      property and (ii) the outstanding principal balance of the related Mortgage
      Loan
      at the time it became an REO Property. Each Servicer will comply in the
      performance of this Agreement with all reasonable rules and requirements of
      each
      insurer under any such hazard policies. Any amounts to be collected by a
      Servicer under any such policies (other than amounts to be applied to the
      restoration or repair of the property subject to the related Mortgage or amounts
      to be released to the Mortgagor in accordance with Accepted Servicing Practices,
      subject to the terms and conditions of the related Mortgage and Mortgage Note)
      shall be deposited in the related Collection Account, subject to withdrawal
      pursuant to Section 3.09, if received in respect of a Mortgage Loan, or in
      the
      REO Account, subject to withdrawal pursuant to Section 3.21, if received in
      respect of an REO Property. Any cost incurred by a Servicer in maintaining
      any
      such insurance shall not, for the purpose of calculating distributions to
      Certificateholders, be added to the unpaid principal balance of the related
      Mortgage Loan, notwithstanding that the terms of such Mortgage Loan so permit.
      It is understood and agreed that no earthquake or other additional insurance
      is
      to be required of any Mortgagor other than pursuant to such applicable laws
      and
      regulations as shall at any time be in force and as shall require such
      additional insurance. If the Mortgaged Property or REO Property is at any time
      in an area identified in the Federal Register by the Federal Emergency
      Management Agency as having special flood hazards, the related Servicer will
      cause to be maintained a flood insurance policy in respect thereof. Such flood
      insurance shall be in an amount equal to the lesser of (i) the unpaid principal
      balance of the related Mortgage Loan and (ii) the maximum amount of such
      insurance available for the related Mortgaged Property under the national flood
      insurance program (assuming that the area in which such Mortgaged Property
      is
      located is participating in such program).

     

    In
      the
      event that the related Servicer shall obtain and maintain a blanket policy
      with
      an insurer having a General Policy Rating of B:VI or better in Best’s Key Rating
      Guide or otherwise acceptable to Fannie Mae or Freddie Mac insuring against
      hazard losses on all of the related Mortgage Loans, it shall conclusively be
      deemed to have satisfied its obligations to cause fire and hazard insurance
      to
      be maintained on the Mortgaged Properties, it being understood and agreed that
      such policy may contain a deductible clause, in which case the related Servicer
      shall, in the event that there shall not have been maintained on the related
      Mortgaged Property or REO Property a policy complying with the first two
      sentences of this Section 3.11, and there shall have been one or more losses
      which would have been covered by such policy, deposit to the related Collection
      Account from its own funds the amount not otherwise payable under the blanket
      policy because of such deductible clause. In connection with its activities
      as
      administrator and servicer of the related Mortgage Loans, the related Servicer
      agrees to prepare and present, on behalf of itself, the Trustee, the Trust
      Fund,
      the Certificateholders, claims under any such blanket policy in a timely fashion
      in accordance with the terms of such policy.

     

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

     

    (c)  The
      Servicers shall not take any action that would result in noncoverage under
      any
      applicable primary mortgage insurance policy of any loss which, but for the
      actions of the related Servicer would have been covered thereunder. Each
      Servicer shall use its best efforts to keep in force and effect any applicable
      primary mortgage insurance policy and, to the extent that the related Mortgage
      Loan requires the Mortgagor to maintain such insurance, any other primary
      mortgage insurance applicable to any Mortgage Loan. Except as required by
      applicable law or the related Mortgage Loan Documents, the Servicers shall
      not
      cancel or refuse to renew any such primary mortgage insurance policy that is
      in
      effect at the date of the initial issuance of the related Mortgage Note and
      is
      required to be kept in force hereunder.

     

    Each
      Servicer agrees to present on behalf of the Trustee and the Certificateholders
      claims to the applicable insurer under any primary mortgage insurance policies
      and, in this regard, to take such reasonable action as shall be necessary to
      permit recovery under any primary mortgage insurance policies respecting
      defaulted Mortgage Loans. Pursuant to Section 3.08 of this Agreement, any
      amounts collected by a Servicer under any primary mortgage insurance policies
      shall be deposited in the related Collection Account, subject to withdrawal
      pursuant to Section 3.09 of this Agreement. Notwithstanding any provision
      to the contrary, a Servicer shall not have any responsibility with respect
      to a
      primary mortgage insurance policy unless such Servicer has been made aware
      of
      such policy, as reflected on the Mortgage Loan Schedule or otherwise and have
      been provided with adequate information to administer such policy.

     

    (d)  A
      Servicer need not obtain the approval of the Master Servicer prior to releasing
      any Insurance Proceeds to the Mortgagor to be applied to the restoration or
      repair of the Mortgaged Property if such release is in accordance with Accepted
      Servicing Practices. At a minimum, each Servicer shall comply with the following
      conditions in connection with any such release of Insurance Proceeds in excess
      of $10,000:

     

    (i)  such
      Servicer shall receive satisfactory independent verification of completion
      of
      repairs and issuance of any required approvals with respect
      thereto;

     

    (ii)  such
      Servicer shall take all steps necessary to preserve the priority of the lien
      of
      the Mortgage, including, but not limited to requiring waivers with respect
      to
      mechanics’ and materialmen’s liens; and

     

    (iii)  pending
      repairs or restoration, such Servicer shall place the Insurance Proceeds in
      the
      related Escrow Account, if any.

     

    (e)  Each
      Servicer agrees to present on behalf of the Trustee and the Certificateholders
      claims to the applicable insurer under any primary mortgage insurance policies
      and, in this regard, to take such reasonable action as shall be necessary to
      permit recovery under any primary mortgage insurance policies respecting
      defaulted Mortgage Loans. Pursuant to Section 3.08, any amounts collected by
      a
      Servicer under any primary mortgage insurance policies shall be deposited in
      the
      related Collection Account, subject to withdrawal pursuant to Section 3.09.
      Notwithstanding any provision to the contrary, no Servicer shall have any
      responsibility with respect to a primary mortgage insurance policy unless such
      Servicer has been made aware of such policy, as reflected on the Mortgage Loan
      Schedule or otherwise and have been provided with adequate information to
      administer such policy. 

     

    SECTION
      3.12.  Enforcement
      of Due-on-Sale Clauses; Assumption Agreements

     

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

     

    Notwithstanding
      the foregoing paragraph or any other provision of this Agreement, no Servicer
      shall be deemed to be in default, breach or any other violation of its
      obligations hereunder by reason of any assumption of a Mortgage Loan by
      operation of law or by the terms of the Mortgage Note or any assumption which
      the related Servicer may be restricted by law from preventing, for any reason
      whatever. For purposes of this Section 3.12, the term “assumption” is deemed to
      also include a sale (of the Mortgaged Property) subject to the Mortgage that
      is
      not accompanied by an assumption or substitution of liability
      agreement.

     

    SECTION
      3.13.  Realization
      Upon Defaulted Mortgage Loans.

     

    (a)  Each
      Servicer shall use its commercially reasonable efforts, consistent with Accepted
      Servicing Practices, to foreclose upon or otherwise comparably convert the
      ownership of properties securing such of the Mortgage Loans as come into and
      continue in default and as to which no satisfactory arrangements can be made
      for
      collection of delinquent payments pursuant to Section 3.06. Each Servicer shall
      be responsible for all costs and expenses incurred by it in any such
      proceedings; provided, however, that such costs and expenses will be recoverable
      as Servicing Advances by the Servicers as contemplated in Sections 3.09 and
      3.21. The foregoing is subject to the provision that, in any case in which
      a
      Mortgaged Property shall have suffered damage from an Uninsured Cause, the
      related Servicer shall not be required to expend its own funds toward the
      restoration of such property unless it shall determine in its discretion that
      such restoration will increase the proceeds of liquidation of the related
      Mortgage Loan after reimbursement to itself for such expenses. 

     

    (b)  Notwithstanding
      the foregoing provisions of this Section 3.13 or any other provision of this
      Agreement, with respect to any Mortgage Loan as to which the related Servicer
      has received actual notice of, or has actual knowledge of, the presence of
      any
      toxic or hazardous substance on the related Mortgaged Property, such Servicer
      shall not, on behalf of the Trust Fund, either (i) obtain title to such
      Mortgaged Property as a result of or in lieu of foreclosure or otherwise, or
      (ii) otherwise acquire possession of, or take any other action with respect
      to,
      such Mortgaged Property, if, as a result of any such action, the Trust Fund,
      the
      Trustee or the Certificateholders would be considered to hold title to, to
      be a
“mortgagee-in-possession” of, or to be an “owner” or “operator” of such
      Mortgaged Property within the meaning of the Comprehensive Environmental
      Response, Compensation and Liability Act of 1980, as amended from time to time,
      or any comparable law, unless such Servicer has also previously determined,
      based on its reasonable judgment and a prudent report prepared by an Independent
      Person who regularly conducts environmental audits using customary industry
      standards, that:

     

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

     

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

     

    The
      cost
      of the environmental audit report contemplated by this Section 3.13 shall be
      advanced by the related Servicer, subject to the related Servicer’s right to be
      reimbursed therefor from the related Collection Account as provided in Section
      3.09(a)(ix), such right of reimbursement being prior to the rights of
      Certificateholders to receive any amount in the related Collection Account
      received in respect of the affected Mortgage Loan or other Mortgage Loans
      serviced by such Servicer.

     

    If
      the
      related Servicer determines, as described above, that it is in the best economic
      interest of the Trust Fund to take such actions as are necessary to bring any
      such Mortgaged Property into compliance with applicable environmental laws,
      or
      to take such action with respect to the containment, clean-up or remediation
      of
      hazardous substances, hazardous materials, hazardous wastes, or petroleum-based
      materials affecting any such Mortgaged Property, then such Servicer shall take
      such action as it deems to be in the best economic interest of the Trust Fund.
      The cost of any such compliance, containment, cleanup or remediation shall
      be
      advanced by the related Servicer, subject to the related Servicer’s right to be
      reimbursed therefor from the related Collection Account as provided in Sections
      3.09(a)(iii) or 3.09(a)(ix), such right of reimbursement being prior to the
      rights of Certificateholders to receive any amount in the related Collection
      Account received in respect of the affected Mortgage Loan or other Mortgage
      Loans serviced by such Servicer.

     

    (c)  Each
      Servicer shall have the right to purchase from REMIC I any defaulted Mortgage
      Loan serviced by it that is 90 days or more delinquent, which such Servicer
      determines in good faith will otherwise become subject to foreclosure
      proceedings (evidence of such determination to be delivered in writing to the
      Trustee, in form and substance satisfactory to such Servicer and the Trustee
      prior to purchase), at a price equal to the Purchase Price. The Purchase Price
      for any Mortgage Loan purchased hereunder shall be deposited in the related
      Collection Account, and the Trustee, upon receipt of written certification
      from
      the related Servicer of such deposit, shall release or cause to be released
      to
      the related Servicer the related Mortgage File and the Trustee shall execute
      and
      deliver such instruments of transfer or assignment, in each case without
      recourse, representation or warranty, as the related Servicer shall furnish
      and
      as shall be necessary to vest in the related Servicer title to any Mortgage
      Loan
      released pursuant hereto.

     

    (d)  Proceeds
      received in connection with any Final Recovery Determination, as well as any
      recovery resulting from a partial collection of Insurance Proceeds or
      Liquidation Proceeds, in respect of any Mortgage Loan, will be applied in the
      following order of priority: first, to reimburse the related Servicer for any
      related unreimbursed Servicing Advances and P&I Advances, pursuant to
      Section 3.09(a)(ii) or (a)(iii); second, to accrued and unpaid interest on
      the
      Mortgage Loan, to the date of the Final Recovery Determination, or to the Due
      Date prior to the Distribution Date on which such amounts are to be distributed
      if not in connection with a Final Recovery Determination; and third, as a
      recovery of principal of the Mortgage Loan. If the amount of the recovery so
      allocated to interest is less than the full amount of accrued and unpaid
      interest due on such Mortgage Loan, the amount of such recovery will be
      allocated by the related Servicer as follows: first, to unpaid Servicing Fees;
      and second, to the balance of the interest then due and owing. The portion
      of
      the recovery so allocated to unpaid Servicing Fees shall be reimbursed to the
      related Servicer pursuant to Section 3.09(a)(iii). The portion of the recovery
      allocated to interest (net of unpaid Servicing Fees) and the portion of the
      recovery allocated to principal of the Mortgage Loan shall be applied as
      follows: first, to reimburse the related Servicer for any related unreimbursed
      Servicing or P&I Advances in accordance with Section 3.09(a)(ii) and any
      other amounts reimbursable to the related Servicer pursuant to Section 3.09,
      and
      second, as part of the amounts to be transferred to the Distribution Account
      in
      accordance with Section 3.08(b). Excess proceeds, if any, from the liquidation
      of a Liquidated Mortgage Loan will be retained by the related Servicer as
      additional servicing compensation pursuant to Section 3.15.

     

    SECTION
      3.14.  Trustee
      to Cooperate; Release of Mortgage Files.

     

    (a)  Upon
      becoming aware of the payment in full of any Mortgage Loan, or the receipt
      by
      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 related Servicer will promptly furnish to the
      applicable Custodian, on behalf of the Trustee, two copies of a request for
      release substantially in the form attached to the respective Custodial Agreement
      signed by a Servicing Officer or in a mutually agreeable electronic format
      which
      will, in lieu of a signature on its face, originate from a Servicing Officer
      (which certification shall include a statement to the effect that all amounts
      received in connection with such payment that are required to be deposited
      in
      the related Collection Account have been or will be so deposited) and shall
      request that the applicable Custodian, on behalf of the Trustee, deliver to
      the
      related Servicer the related Mortgage File. Upon receipt of such certification
      and request, the applicable Custodian, on behalf of the Trustee, shall within
      five (5) Business Days release the related Mortgage File to the related Servicer
      and the Trustee and the applicable Custodian shall have no further
      responsibility with regard to such Mortgage File. Upon any such payment in
      full,
      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) 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
      related Collection Account, unless it shall represent a Servicing
      Advance.

     

    (b)  From
      time
      to time and as appropriate for the servicing or foreclosure of any Mortgage
      Loan, the Trustee shall execute such documents as shall be prepared and
      furnished to the Trustee by the related Servicer (in form reasonably acceptable
      to the Trustee) and as are necessary to the prosecution of any such proceedings.
      The applicable Custodian, on behalf of the Trustee, shall, upon the request
      of
      the related Servicer, and delivery to the applicable Custodian, on behalf of
      the
      Trustee, of two copies of a request for release signed by a Servicing Officer
      substantially in the form attached to the respective Custodial Agreement (or
      in
      a mutually agreeable electronic format which will, in lieu of a signature on
      its
      face, originate from a Servicing Officer), release within five (5) Business
      Days
      the related Mortgage File held in its possession or control to the related
      Servicer. Such trust receipt shall obligate the related Servicer to return
      the
      Mortgage File to the applicable Custodian on behalf of the Trustee, when the
      need therefor by the related Servicer no longer exists unless the Mortgage
      Loan
      shall be liquidated, in which case, upon receipt of a certificate of a Servicing
      Officer similar to that hereinabove specified, the Mortgage File shall be
      released by the applicable Custodian, on behalf of the Trustee, to the related
      Servicer.

     

    Notwithstanding
      the foregoing, in connection with a Principal Prepayment in full of any Mortgage
      Loan, the Master Servicer may request release of the related Mortgage File
      from
      the applicable Custodian, in accordance with the provisions of the respective
      Custodial Agreement, in the event the related Servicer fails to do
      so.

     

    Upon
      written certification of a Servicing Officer, the Trustee shall execute and
      deliver to the related Servicer, any court pleadings, requests for trustee’s
      sale or other documents prepared and delivered to the Trustee and reasonably
      acceptable to it and necessary to the foreclosure or trustee’s sale in respect
      of a Mortgaged Property or to any legal action brought to obtain judgment
      against any Mortgagor on the Mortgage Note or Mortgage or to obtain a deficiency
      judgment, or to enforce any other remedies or rights provided by the Mortgage
      Note or Mortgage or otherwise available at law or in equity. Each such
      certification shall include a request that such pleadings or documents be
      executed by the Trustee and a statement as to the reason such documents or
      pleadings are required and that the execution and delivery thereof by the
      Trustee will not invalidate or otherwise affect the lien of the Mortgage, except
      for the termination of such a lien upon completion of the foreclosure or
      trustee’s sale. So long as no Servicer Event of Default shall have occurred and
      be continuing, the related Servicer shall have the right to execute any and
      all
      such court pleadings, requests and other documents as attorney-in-fact for,
      and
      on behalf of the Trustee. Notwithstanding the preceding sentence, the Trustee
      shall in no way be liable or responsible for the willful malfeasance of a
      Servicer, or for any wrongful or negligent actions taken by a Servicer, while
      such Servicer is acting in its capacity as attorney in fact for and on behalf
      of
      the Trustee.

     

    SECTION
      3.15.  Servicing
      Compensation.

     

    As
      compensation for its activities hereunder, the Servicer shall be entitled to
      the
      Servicing Fee (or with respect to Ocwen, the Ocwen Servicing Fee) with respect
      to each Mortgage Loan serviced by it payable solely from payments of interest
      in
      respect of such Mortgage Loan, subject to Section 3.22. In addition, each
      Servicer shall be entitled to recover unpaid Servicing Fees out of Insurance
      Proceeds or Liquidation Proceeds to the extent permitted by
      Section 3.09(a)(iii) and out of amounts derived from the operation and sale
      of an REO Property to the extent permitted by Section 3.21. The right to
      receive the Servicing Fee (or with respect to Ocwen, the Ocwen Servicing Fee)
      may not be transferred in whole or in part except in connection with the
      transfer of all of a Servicer’s responsibilities and obligations under this
      Agreement to the extent permitted herein.

     

    Additional
      servicing compensation in the form of Ancillary Income (other than Prepayment
      Charges) and ancillary income shall be retained by the related Servicer only
      to
      the extent such fees or charges are received by the related Servicer. Each
      Servicer shall also be entitled pursuant to Section 3.09(a)(iv) to withdraw
      from the related Collection Account and pursuant to Section 3.21(b) to
      withdraw from any REO Account, as additional servicing compensation, interest
      or
      other income earned on deposits therein, subject to Section 3.10. In
      addition, the related Servicer shall be entitled to retain or withdraw from
      the
      related Collection Account, pursuant to Section 3.09(a)(x), any Prepayment
      Interest Excess with respect to the Mortgage Loans serviced by it as additional
      servicing compensation. Each Servicer shall be required to pay all expenses
      incurred by it in connection with its servicing activities hereunder and shall
      not be entitled to reimbursement therefor except as specifically provided
      herein.

     

    SECTION
      3.16.  Collection
      Account Statements.

     

    Upon
      request, not later than fifteen (15) days after each Distribution Date, each
      Servicer shall forward to the Master Servicer and the Securities Administrator,
      the Trustee and the Depositor, a statement prepared by the institution at which
      the related Collection Account is maintained setting forth the status of the
      related Collection Account as of the close of business on such Distribution
      Date
      and showing, for the period covered by such statement, the aggregate amount
      of
      deposits into and withdrawals from the related Collection Account. Copies of
      such statement and any similar statements provided by each Servicer shall be
      provided by the Securities Administrator to any Certificateholder and to any
      Person identified to the Securities Administrator as a prospective transferee
      of
      a Certificate, upon request at the expense of the requesting party, provided
      such statement is delivered by each Servicer to the Securities
      Administrator.

     

    SECTION
      3.17.  Annual
      Statement as to Compliance.

     

    (a)  Each
      Servicer shall deliver (and shall cause any Additional Servicer engaged by
      it to
      deliver) to the Master Servicer and the Depositor and the Insurer on or before
      March 15 of each year, commencing in March 2007, an Officer’s Certificate
      stating, as to the signer thereof, that (A) a review of such party’s activities
      during the preceding calendar year or portion thereof and of such Servicer’s
      performance under this Agreement, or such other applicable agreement in the
      case
      of an Additional Servicer, has been made under such officer’s supervision and
      (B) to the best of such officer’s knowledge, based on such review, such party
      has fulfilled all its obligations under this Agreement, or such other applicable
      agreement in the case of an Additional Servicer, in all material respects
      throughout such year or portion thereof, or, if there has been a failure to
      fulfill any such obligation in any material respect, specifying each such
      failure known to such officer and the nature and status thereof. Promptly after
      receipt of each such Officer’s Certificate from a Servicer or any Additional
      Servicer engaged by a Servicer, the Depositor shall review such Officer’s
      Certificate and, if applicable, consult with each such party, as applicable,
      as
      to the nature of any failures by such party, in the fulfillment of any of such
      Servicer’s obligations hereunder or, in the case of an Additional Servicer,
      under such other applicable agreement.

     

    (b)  Failure
      of a Servicer to comply timely with this Section 3.17 shall be deemed a Servicer
      Event of Default as to such Servicer, automatically, without notice and without
      any cure period, and the Master Servicer may, 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, terminate all
      the
      rights and obligations of such Servicer under this Agreement and in and to
      the
      Mortgage Loans and the proceeds thereof without compensating such Servicer
      for
      the same (other than the Servicer’s right to reimbursement of unreimbursed
      P&I Advances and Servicing Advances and accrued and unpaid Servicing Fees in
      the manner provided in this Agreement). This paragraph shall supersede any
      other
      provision in this Agreement or any other agreement to the contrary.

     

    SECTION
      3.18.  Assessments
      of Compliance and Attestation Reports.

     

    (a)  By
      March
      15 of each year, commencing in March 2007, each Servicer, at its own expense,
      shall furnish, and shall cause any Servicing Function Participant engaged by
      it
      to furnish, each at its own expense, to the Master Servicer and the Insurer,
      a
      report on an assessment of compliance with the Relevant Servicing Criteria
      that
      contains (A) a statement by such party of its responsibility for assessing
      compliance with the Relevant Servicing Criteria, (B) a statement that such
      party
      used the Relevant Servicing Criteria to assess compliance with the Relevant
      Servicing Criteria, (C) such party’s assessment of compliance with the Relevant
      Servicing Criteria as of and for the fiscal year covered by the Form 10-K
      required to be filed pursuant to Section 5.06(d), including, if there has been
      any material instance of noncompliance with the Relevant Servicing Criteria,
      a
      discussion of each such failure and the nature and status thereof, and (D)
      a
      statement that a registered public accounting firm has issued an attestation
      report on such party’s assessment of compliance with the Relevant Servicing
      Criteria as of and for such period. Notwithstanding the foregoing, neither
      Servicer nor any Servicing Function Participant engaged by a Servicer shall
      be
      required to deliver any assessments until March 31st in any given year so
      long as it has not received written confirmation from the Depositor that a
      Form
      10-K is required to be filed in respect of the Trust for the preceding calendar
      year; provided however that, notwithstanding the foregoing, no Subcontractor
      will be required to deliver any attestation in any given year in which the Form
      10-K is not required to be filed.

     

    (b)  By
      March
      15 of each year, commencing in March 2007, each Servicer, at its own expense,
      shall cause, and each Servicer shall cause any Servicing Function Participant
      engaged by it to cause, each at its own expense, a registered public accounting
      firm (which may also render other services to such Servicer or such other
      Servicing Function Participants, as the case may be) and that is a member of
      the
      American Institute of Certified Public Accountants to furnish a report to the
      Master Servicer and the Insurer, to the effect that (i) it has obtained a
      representation regarding certain matters from the management of such party,
      which includes an assertion that such party has complied with the Relevant
      Servicing Criteria, and (ii) on the basis of an examination conducted by such
      firm in accordance with standards for attestation engagements issued or adopted
      by the PCAOB, it is expressing an opinion as to whether such party’s compliance
      with the Relevant Servicing Criteria was fairly stated in all material respects,
      or it cannot express an overall opinion regarding such party’s assessment of
      compliance with the Relevant Servicing Criteria. In the event that an overall
      opinion cannot be expressed, such registered public accounting firm shall state
      in such report why it was unable to express such an opinion. Such report must
      be
      available for general use and not contain restricted use language.
      Notwithstanding the foregoing, neither Servicer nor any Servicing Function
      Participant engaged by a Servicer shall be required to deliver or cause the
      delivery of such reports until March 31st in any given year so long as such
      Servicer has not received written confirmation from the Depositor that a Form
      10-K is required to be filed in respect of the Trust for the preceding fiscal
      year; provided however that, notwithstanding the foregoing, no Subcontractor
      will be required to deliver any assessments in any given year in which the
      Form
      10-K is not required to be filed.

     

    (c)  Failure
      of a Servicer to comply timely with this Section 3.18 shall be deemed a Servicer
      Event of Default as to such Servicer, automatically, without notice and without
      any cure period, and the Master Servicer may, 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, terminate all
      the
      rights and obligations of such Servicer under this Agreement and in and to
      the
      Mortgage Loans and the proceeds thereof without compensating such Servicer
      for
      the same (other than the Servicer’s right to reimbursement of unreimbursed
      P&I Advances and Servicing Advances and accrued and unpaid Servicing Fees in
      the manner provided for in this Agreement). This paragraph shall supersede
      any
      other provision in this Agreement or any other agreement to the
      contrary.

     

    SECTION
      3.19.  Annual
      Certification; Additional Information.

     

    (a)  Each
      Servicer shall and shall cause any Servicing Function Participant engaged by
      it
      to, provide to the Person who signs the Sarbanes-Oxley Certification (the
“Certifying
      Person”),
      by
      March 15 of each year in which the Trust is subject to the reporting
      requirements of the Exchange Act a certification (each, a “Back-Up
      Certification”),
      in
      the form attached hereto as Exhibit
      C,
      upon
      which the Certifying Person, the entity for which the Certifying Person acts
      as
      an officer, and such entity’s officers, directors and Affiliates (collectively
      with the Certifying Person, “Certification
      Parties”)
      can
      reasonably rely. The officer of the Master Servicer in charge of the master
      servicing function shall serve as the Certifying Person on behalf of the Trust.
      In the event a Servicer or any Servicing Function Participant engaged by it
      is
      terminated or resigns pursuant to the terms of this Agreement, or any applicable
      Sub-Servicing agreement, as the case may be, such party shall provide a Back-Up
      Certification to the Certifying Person pursuant to this Section 3.19 with
      respect to the period of time it was subject to this Agreement or any applicable
      Sub-Servicing Agreement, as the case may be.

     

    (b)  Each
      Servicer shall indemnify and hold harmless the Master Servicer, the Securities
      Administrator, the Trustee, the Insurer, the Depositor and their respective
      officers, directors, agents and affiliates from and against any losses, damages,
      penalties, fines, forfeitures, reasonable legal fees and related costs,
      judgments and other costs and expenses arising out of or based upon a breach
      by
      such Servicer or any of its officers, directors, agents or affiliates of its
      obligations under this Section 3.19 or such Servicer’s negligence, bad faith or
      willful misconduct in connection therewith. Such indemnity shall survive the
      termination or resignation of the parties hereto or the termination of this
      Agreement. If the indemnification provided for herein is unavailable or
      insufficient to hold harmless the Master Servicer, the Securities Administrator,
      the Trustee, the Insurer and the Depositor, then the related Servicer agrees
      that it shall contribute to the amount paid or payable by the Master Servicer,
      the Securities Administrator, the Trustee and the Depositor as a result of
      the
      losses, claims, damages or liabilities of the Master Servicer, the Securities
      Administrator, the Trustee, the Insurer and the Depositor in such proportion
      as
      is appropriate to reflect the relative fault of the Master Servicer, the
      Securities Administrator, the Trustee and the Depositor on the one hand and
      the
      Servicer on the other in connection with a breach of such Servicer’s obligations
      under this Section 3.19.

     

    (c)  Each
      Servicer shall provide to the Master Servicer and the Insurer prompt notice
      of
      the occurrence of any of the following: 

     

    (i)  any
      Servicer Event of Default under the terms of this Agreement, any merger,
      consolidation or sale of substantially all of the assets of such Servicer,
      such
      Servicer’s engagement of any Sub-Servicer to perform or assist in the
      performance of any of such Servicer’s obligations under this Agreement, any
      material litigation involving such Servicer that is material to the
      Certificateholders or the Insurer, and to the extent disclosure is required
      under Regulation AB, any affiliation or other significant relationship between
      such Servicer and the Sponsor, the Depositor, the Master Servicer, the
      Securities Administrator, the Insurer, the Trustee, the Custodians, the Swap
      Provider, Ownit Mortgage Solutions, Inc. and Fremont Investment &
Loan.

     

    (ii)  If
      the
      Servicer has knowledge of the occurrence of any of the events described in
      this
      clause (ii), then no later than ten days prior to the deadline for the filing
      of
      any Distribution Report on Form 10-D in respect of the Trust, such Servicer
      shall provide to the Master Servicer notice of the occurrence of any of the
      following events along with all information, data, and materials related thereto
      as may be required to be included in the related Distribution Report on Form
      10-D (as specified in the provisions of Regulation AB referenced below):

     

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

     

    (B) material
      breaches of pool asset representations or warranties or servicer transaction
      covenants relating to the Mortgage Loans serviced by the Servicer (Item
      1121(a)(12) of Regulation AB); and

     

    (C) any
      material pool asset changes (such as, additions, substitutions or repurchases)
      relating to the Mortgage Loans serviced by the Servicer (Item 1121(a)(14) of
      Regulation AB).

     

    (d)  Each
      Servicer shall provide to the Securities Administrator and the Master Servicer
      such additional information as the Securities Administrator and the Master
      Servicer may reasonably request, including evidence of the authorization of
      the
      person signing any certification or statement, financial information and reports
      and of the fidelity bond and errors and omissions insurance policy required
      to
      be maintained by such Servicer pursuant to this Agreement, and such other
      information related to such Servicer or its performance hereunder.

     

    SECTION
      3.20.  Access
      to
      Certain Documentation.

     

    Each
      Servicer shall provide to the Office of Thrift Supervision, the FDIC, and any
      other federal or state banking or insurance regulatory authority that may
      exercise authority over any Certificate Owner, access to the documentation
      regarding the related Mortgage Loans required by applicable laws and
      regulations. Such access shall be afforded without charge, but only upon
      reasonable request and during normal business hours at the offices of the
      related Servicer designated by it. Nothing in this Section 3.20 shall limit
      the
      obligation of the related Servicer to comply with any applicable law prohibiting
      disclosure of information regarding the Mortgagors and the failure of such
      Servicer to provide access as provided in this Section as a result of such
      obligation shall not constitute a breach of this Section. Nothing in this
      Section 3.20 shall require any Servicer to collect, create, collate or otherwise
      generate any information that it does not generate in its usual course of
      business. No Servicer shall be required to make copies of or ship documents
      to
      any Person unless provisions have been made for the reimbursement of the costs
      thereof. 

     

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

     

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

     

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

     

    (c)  Each
      Servicer shall have full power and authority, subject only to the specific
      requirements and prohibitions of this Agreement, to do any and all things in
      connection with any REO Property related to a Mortgage Loan serviced by it
      as
      are consistent with the manner in which such Servicer manages and operates
      similar property owned by it or any of its Affiliates, all on such terms and
      for
      such period as such Servicer deems to be in the best interests of
      Certificateholders and the Insurer. In connection therewith, each Servicer
      shall
      deposit, or cause to be deposited in the clearing account in which it
      customarily deposits payments and collections on mortgage loans in connection
      with its mortgage loan servicing activities on a daily basis, and in no event
      more than one (1) Business Day after such Servicer’s receipt thereof, and shall
      thereafter deposit in the REO Account in no event more than two (2) Business
      Days after the deposit of good funds into the clearing account, all revenues
      received by it with respect to an REO Property related to a Mortgage Loan
      serviced by it and shall withdraw therefrom funds necessary for the proper
      operation, management and maintenance of such REO Property including, without
      limitation:

     

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

     

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

     

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

     

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

     

    Subject
      to compliance with applicable laws and regulations as shall at any time be
      in
      force, and notwithstanding the foregoing, the related Servicer, on behalf of
      the
      Trust Fund, shall not:

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    (ix)  any
      such
      contract shall require, or shall be administered to require, that the
      Independent Contractor pay all costs and expenses incurred in connection with
      the operation and management of such REO Property, including those listed above
      and remit all related revenues (net of such costs and expenses) to the related
      Servicer as soon as practicable, but in no event later than thirty (30) days
      following the receipt thereof by such Independent Contractor;

     

    (x)  none
      of
      the provisions of this Section 3.21(c) relating to any such contract or to
      actions taken through any such Independent Contractor shall be deemed to relieve
      the related Servicer of any of its duties and obligations to the Trustee on
      behalf of the Trust Fund and for the benefit of the Certificateholders with
      respect to the operation and management of any such REO Property;
      and

     

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

     

    The
      related Servicer shall be entitled to enter into any agreement with any
      Independent Contractor performing services for it related to its duties and
      obligations hereunder for indemnification of the related Servicer by such
      Independent Contractor, and nothing in this Agreement shall be deemed to limit
      or modify such indemnification. The related Servicer shall be solely liable
      for
      all fees owed by it to any such Independent Contractor, irrespective of whether
      the related Servicer’s compensation pursuant to Section 3.15 is sufficient to
      pay such fees. Any such agreement shall include a provision that such agreement
      may be immediately terminated by any successor Servicer without fee, in the
      event the related Servicer shall for any reason, no longer be the Servicer
      of
      the related Mortgage Loans (including termination due to a Servicer Event of
      Default).

     

    (d)  In
      addition to the withdrawals permitted under Section 3.21(c), the related
      Servicer may from time to time make withdrawals from the REO Account for any
      REO
      Property: (i) to pay itself unpaid Servicing Fees in respect of the related
      Mortgage Loan; and (ii) to reimburse itself or any Sub-Servicer for unreimbursed
      Servicing Advances and Advances made in respect of such REO Property or the
      related Mortgage Loan. On the Servicer Remittance Date, the related Servicer
      shall withdraw from each REO Account maintained by it and deposit into the
      Distribution Account in accordance with Section 3.08(d)(ii), for distribution
      on
      the related Distribution Date in accordance with Section 5.01, the income from
      the related REO Property received during the prior calendar month, net of any
      withdrawals made pursuant to Section 3.21(c) or this Section
      3.21(d).

     

    (e)  Subject
      to the time constraints set forth in Section 3.21(a), each REO Disposition
      shall
      be carried out by the related Servicer at such price and upon such terms and
      conditions as the related Servicer shall deem necessary or advisable, as shall
      be normal and usual in accordance with Accepted Servicing
      Practices.

     

    (f)  The
      proceeds from the REO Disposition, net of any amount required by law to be
      remitted to the Mortgagor under the related Mortgage Loan and net of any payment
      or reimbursement to the related Servicer as provided above, shall be deposited
      in the Distribution Account in accordance with Section 3.08(d)(ii) on the
      Servicer Remittance Date in the month following the receipt thereof for
      distribution on the related Distribution Date in accordance with Section 5.01.
      Any REO Disposition shall be for cash only (unless changes in the REMIC
      Provisions made subsequent to the Startup Day allow a sale for other
      consideration).

     

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

     

    SECTION
      3.22.  Obligations
      of the Servicers in Respect of Prepayment Interest Shortfalls; Relief Act
      Interest Shortfalls.

     

    Each
      Servicer shall deliver to the Securities Administrator for deposit into the
      Distribution Account on the Servicer Remittance Date from its own funds an
      amount equal to the lesser of (i) the aggregate amount of the Prepayment
      Interest Shortfalls attributable to prepayments in full on the related Mortgage
      Loans for the related Distribution Date resulting solely from voluntary
      Principal Prepayments received by the related Servicer during the portion of
      the
      related Prepayment Period occurring between the fifteenth day, with respect
      to
      Ocwen, or the fourteenth day, with respect to Wells Fargo of the month preceding
      the month in which the related Distribution Date occurs and ending on the last
      day of such month and (ii) the aggregate amount of the related Servicing Fees
      payable to related Servicer on such Distribution Date with respect to the
      related Mortgage Loans. No Servicer shall have the right to reimbursement for
      any amounts remitted to the Securities Administrator in respect of this
      Section 3.22. No Servicer shall be obligated to pay the amounts set forth
      in this Section 3.22 with respect to shortfalls resulting from the
      application of the Relief Act.

     

    SECTION
      3.23.  Obligations
      of the Servicers in Respect of Mortgage Rates and Monthly Payments.

     

    In
      the
      event that a shortfall in any collection on or liability with respect to any
      Mortgage Loan results from or is attributable to adjustments to Mortgage Rates,
      Monthly Payments or Stated Principal Balances that were made by a Servicer
      in a
      manner not consistent with the terms of the related Mortgage Note and this
      Agreement, the related Servicer, upon discovery or receipt of notice thereof,
      immediately shall deliver to the Securities Administrator for deposit in the
      Distribution Account from its own funds the amount of any such shortfall and
      shall indemnify and hold harmless the Trust Fund, the Trustee, the Securities
      Administrator, the Master Servicer, the Depositor and any successor servicer
      in
      respect of any such liability. Such indemnities shall survive the termination
      or
      discharge of this Agreement. Notwithstanding the foregoing, this
      Section 3.23 shall not limit the ability of the Servicer to seek recovery
      of any such amounts from the related Mortgagor under the terms of the related
      Mortgage Note and Mortgage, to the extent permitted by applicable
      law.

     

    SECTION
      3.24.  Reserve
      Fund.

     

    (a)  No
      later
      than the Closing Date, the Securities Administrator shall establish and maintain
      a separate, segregated trust account entitled, “Reserve Fund, Wells Fargo Bank,
      N.A., in trust for the registered holders of ACE Securities Corp. Home Equity
      Loan Trust, Series 2006-HE1, Asset Backed Pass-Through Certificates.” On the
      Closing Date, the Depositor will deposit, or cause to be deposited, into the
      Reserve Fund $1,000. 

     

    (b)  On
      each
      Distribution Date, the Securities Administrator shall deposit into the Reserve
      Fund the amounts described in Section 5.01(c)(8)(vi), rather than
      distributing such amounts to the Class CE-1 Certificateholders, and
      Section 5.01(c)(8)(vii). On each such Distribution Date, the Securities
      Administrator shall hold all such amounts for the benefit of the Holders of
      the
      Class A Certificates and the Mezzanine Certificates and will distribute such
      amounts to the Holders of the Class A Certificates and the Mezzanine
      Certificates, in the amounts and priorities set forth in Section 5.01(a).
      If no Net WAC Rate Carryover Amounts are payable on a Distribution Date, the
      Securities Administrator shall deposit, into the Reserve Fund on behalf of
      the
      Class CE-1 Certificateholders, from amounts otherwise distributable to the
      Class
      CE-1 Certificateholders, an amount such that when added to other amounts already
      on deposit in the Reserve Fund, the aggregate amount on deposit therein is
      equal
      to $1,000.

     

    (c)  It
      is the
      intention of the parties hereto that, for federal and state income and state
      and
      local franchise tax purposes, the Reserve Fund be disregarded as an entity
      separate from the Holder of the Class CE-1 Certificates unless and until the
      date when either (a) there is more than one Class CE-1 Certificateholder or
      (b)
      any Class of Certificates in addition to the Class CE-1 Certificates is
      recharacterized as an equity interest in the Reserve Fund for federal income
      tax
      purposes, in which case it is the intention of the parties hereto that, for
      federal and state income and state and local franchise tax purposes, the Reserve
      Fund be treated as a partnership. All amounts deposited into the Reserve Fund
      (other than the initial deposit therein of $1,000) shall be treated as amounts
      distributed by REMIC II to the Holders of the Class CE-1 Certificates. Upon
      the
      termination of the Trust Fund, or the payment in full of the Class A
      Certificates and the Mezzanine Certificates, all amounts remaining on deposit
      in
      the Reserve Fund will be released by the Trust Fund and distributed to the
      Class
      CE-1 Certificateholders or their designees. The Reserve Fund will be part of
      the
      Trust Fund but not part of any REMIC and any payments to the Holders of the
      Class A Certificates or the Mezzanine Certificates of Net WAC Rate Carryover
      Amounts will not be payments with respect to a “regular interest” in a REMIC
      within the meaning of Code Section 860(G)(a)(1).

     

    (d)  By
      accepting a Class CE-1 Certificate, each Class CE-1 Certificateholder hereby
      agrees that the Securities Administrator will deposit into the Reserve Fund
      the
      amounts described above on each Distribution Date rather than distributing
      such
      amounts to the Class CE Certificateholders. By accepting a Class CE-1
      Certificate, each Class CE-1 Certificateholder further agrees that its agreement
      to such action by the Securities Administrator is given for good and valuable
      consideration, the receipt and sufficiency of which is acknowledged by such
      acceptance.

     

    (e)  At
      the
      direction of the Holders of a majority in Percentage Interest in the Class
      CE-1
      Certificates, the Securities Administrator shall direct any depository
      institution maintaining the Reserve Fund to invest the funds in such account
      in
      one or more Permitted Investments bearing interest or sold at a discount, and
      maturing, unless payable on demand, (i) no later than the Business Day
      immediately preceding the date on which such funds are required to be withdrawn
      from such account pursuant to this Agreement, if a Person other than the
      Securities Administrator or an Affiliate manages or advises such investment,
      and
      (ii) no later than the date on which such funds are required to be withdrawn
      from such account pursuant to this Agreement, if the Securities Administrator
      or
      an Affiliate manages or advises such investment. All income and gain earned
      upon
      such investment shall be deposited into the Reserve Fund. In no event shall
      the
      Securities Administrator be liable for any investments made pursuant to this
      clause (e). If the Holders of a majority in Percentage Interest in the Class
      CE-1 Certificates fail to provide investment instructions, funds on deposit
      in
      the Reserve Fund shall be held uninvested by the Securities Administrator
      without liability for interest or compensation.

     

    (f)  For
      federal tax return and information reporting, the right of the Class A
      Certificateholders and the Mezzanine Certificateholders to receive payments
      from
      the Reserve Fund in respect of any Net WAC Rate Carryover Amount shall be
      assigned a value of $1,000 with respect to the Certificates covered by the
      Swap
      Agreement.

     

    SECTION
      3.25.  Advance
      Facility.

     

    (a)  Notwithstanding
      anything to the contrary contained herein, (i) each Servicer is hereby
      authorized to enter into an advance facility (“Advance Facility”) but no more
      than two Advance Facilities, without the prior written consent of the Trustee,
      which consent shall not be unreasonably withheld, under which (A) the related
      Servicer sells, assigns or pledges to an advancing person (an “Advance Financing
      Person”) its rights under this Agreement to be reimbursed for any P&I
      Advances or Servicing Advances and/or (B) an Advance Financing Person agrees
      to
      finance some or all P&I Advances or Servicing Advances required to be made
      by the related Servicer pursuant to this Agreement and (ii) each Servicer is
      hereby authorized to assign its rights to the Servicing Fee (which rights shall
      terminate upon the resignation, termination or removal of such Servicer pursuant
      to the terms of this Agreement); it being understood that neither the Trust
      Fund
      nor any party hereto shall have a right or claim (including without limitation
      any right of offset) to any amounts for reimbursement of P&I Advances or
      Servicing Advances so assigned or to the portion of the Servicing Fee so
      assigned. Subject to the provisions of the first sentence of this Section
      3.25(a), no consent of the Depositor, Trustee, Master Servicer,
      Certificateholders or any other party is required before a Servicer may enter
      into an Advance Facility, but such Servicer shall provide notice to the
      Depositor, Master Servicer and the Trustee of the existence of any such Advance
      Facility promptly upon the consummation thereof stating (a) the identity of
      the
      Advance Financing Person and (b) the identity of any Person (“Servicer’s
      Assignee”) who has the right to receive amounts in reimbursement of previously
      unreimbursed P&I Advances or Servicing Advances. Notwithstanding the
      existence of any Advance Facility under which an advancing person agrees to
      finance P&I Advances and/or Servicing Advances on such Servicer’s behalf,
      such Servicer shall remain obligated pursuant to this Agreement to make P&I
      Advances and Servicing Advances pursuant to and as required by this Agreement,
      and shall not be relieved of such obligations by virtue of such Advance
      Facility.

     

    (b)  Reimbursement
      amounts (“Advance Reimbursement Amounts”) shall consist solely of amounts in
      respect of P&I Advances and/or Servicing Advances made with respect to the
      related Mortgage Loans for which the related Servicer would be permitted to
      reimburse itself in accordance with this Agreement, assuming the related
      Servicer had made the related P&I Advance(s) and/or Servicing
      Advance(s).

     

    (c)  The
      related Servicer shall maintain and provide to any successor Servicer (with,
      upon request, a copy to the Trustee) a detailed accounting on a loan-by-loan
      basis as to amounts advanced by, pledged or assigned to, and reimbursed to
      any
      advancing person. The successor Servicer shall be entitled to rely on any such
      information provided by the predecessor Servicer, and the successor Servicer
      shall not be liable for any errors in such information.

     

    (d)  Reimbursement
      amounts distributed with respect to each Mortgage Loan shall be allocated to
      outstanding unreimbursed P&I Advances or Servicing Advances (as the case may
      be) made with respect to that Mortgage Loan on a “first-in, first out” (FIFO)
      basis. The documentation establishing any Advance Facility shall require the
      related Servicer to provide to the related advancing person or its designee
      loan-by-loan information with respect to each such reimbursement amount
      distributed to such advancing person or Advance Facility trustee on each
      Distribution Date, to enable the advancing person or Advance Facility trustee
      to
      make the FIFO allocation of each such reimbursement amount with respect to
      each
      Mortgage Loan. The related Servicer shall remain entitled to be reimbursed
      by
      the advancing person or Advance Facility trustee for all P&I Advances and
      Servicing Advances funded by the related Servicer to the extent the related
      rights to be reimbursed therefor have not been sold, assigned or pledged to
      an
      advancing person.

     

    (e)  Any
      amendment to this Section 3.25 or to any other provision of this Agreement
      that
      may be necessary or appropriate to effect the terms of an Advance Facility
      as
      described generally in this Section 3.25, including amendments to add provisions
      relating to a successor Servicer, may be entered into by the Trustee, the
      Depositor, and the related Servicer without the consent of any
      Certificateholder, notwithstanding anything to the contrary in this Agreement,
      provided, that the Trustee has been provided an Opinion of Counsel that such
      amendment is authorized hereunder and has no material adverse effect on the
      Certificateholders, which opinion shall be an expense of the party requesting
      such opinion but in any case shall not be an expense of the Trustee or the
      Trust
      Fund; provided, further, that the amendment shall not be deemed to adversely
      affect in any material respect the interests of the Certificateholders if the
      Person requesting the amendment obtains a letter from each Rating Agency
      (instead of obtaining an Opinion of Counsel to such effect) stating that the
      amendment would not result in the downgrading or withdrawal of the respective
      ratings then assigned to the Certificates; it being understood and agreed that
      any such rating letter in and of itself will not represent a determination
      as to
      the materiality of any such amendment and will represent a determination only
      as
      to the credit issues affecting any such rating. Prior to entering into an
      Advance Facility, the related Servicer shall notify the lender under such
      facility in writing that: (a) the P&I Advances and/or Servicing Advances
      financed by and/or pledged to the lender are obligations owed to the related
      Servicer on a non-recourse basis payable only from the cash flows and proceeds
      received under this Agreement for reimbursement of P&I Advances and/or
      Servicing Advances only to the extent provided herein, and neither the Master
      Servicer, the Securities Administrator, the Trustee nor the Trust are otherwise
      obligated or liable to repay any P&I Advances and/or Servicing Advances
      financed by the lender; (b) the related Servicer will be responsible for
      remitting to the lender the applicable amounts collected by it as Servicing
      Fees
      and as reimbursement for P&I Advances and/or Servicing Advances funded by
      the lender, as applicable, subject to the restrictions and priorities created
      in
      this Agreement; and (c) neither the Master Servicer, the Securities
      Administrator nor the Trustee shall have any responsibility to calculate any
      amount payable under an Advance Facility or to track or monitor the
      administration of the financing arrangement between the related Servicer and
      the
      lender or the payment of any amount under an Advance Facility.

     

    (f)  The
      related Servicer shall indemnify the Master Servicer, the Securities
      Administrator, the Trustee and the Trust Fund for any cost, liability or expense
      relating to the Advance Facility including, without limitation, a claim, pending
      or threatened, by an Advance Financing Person.

     

    SECTION
      3.26.  Indemnification.

     

    Each
      Servicer agrees to indemnify the Trustee, the Insurer, Master Servicer and
      the
      Securities Administrator, from, and hold the Trustee, Master Servicer and the
      Securities Administrator harmless against, any loss, liability or expense
      (including reasonable attorney’s fees and expenses) incurred by any such Person
      by reason of such Servicer’s willful misfeasance, bad faith or gross negligence
      in the performance of its duties under this Agreement or by reason of such
      Servicer’s reckless disregard of its obligations and duties under this
      Agreement. Such indemnity shall survive the termination or discharge of this
      Agreement and the resignation or removal of the related Servicer, the Trustee,
      the Master Servicer and the Securities Administrator. Any payment hereunder
      made
      by the related Servicer to any such Person shall be from the related Servicer’s
      own funds, without reimbursement from REMIC I therefor.

     

      

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      IV

    ADMINISTRATION
      AND MASTER SERVICING

    OF
      THE
      MORTGAGE LOANS BY THE MASTER SERVICER

     

    SECTION
      4.01.  Master
      Servicer.

     

    The
      Master Servicer shall, from and after the Closing Date supervise, monitor and
      oversee the obligations of the Servicers under this Agreement and the Interim
      Servicers under the Interim Servicing Agreements to service and administer
      the
      related Mortgage Loans in accordance with the terms of this Agreement and the
      Interim Servicing Agreements, and shall have full power and authority to do
      any
      and all things which it may deem necessary or desirable in connection with
      such
      master servicing and administration. In performing its obligations hereunder,
      the Master Servicer shall act in a manner consistent with Accepted Master
      Servicing Practices. Furthermore, the Master Servicer shall oversee and consult
      with the Servicers and the Interim Servicers as necessary from time-to-time
      to
      carry out the Master Servicer’s obligations hereunder, shall receive, review and
      evaluate all reports, information and other data provided to the Master Servicer
      by the Servicers and the Interim Servicers and shall cause the Servicers and
      Interim Servicers to perform and observe the covenants, obligations and
      conditions to be performed or observed by the related Servicer under this
      Agreement and the Interim Servicing Agreements. The Master Servicer shall
      independently and separately monitor each Servicer’s and each Interim Servicer’s
      servicing activities with respect to each related Mortgage Loan, reconcile
      the
      results of such monitoring with such information provided in the previous
      sentence on a monthly basis and coordinate corrective adjustments to each
      Servicer’s, each Interim Servicer’s and Master Servicer’s records, and based on
      such reconciled and corrected information, prepare the statements specified
      in
      Section 5.03 and any other information and statements required to be provided
      by
      the Master Servicer hereunder. The Master Servicer shall reconcile the results
      of its Mortgage Loan monitoring with the actual remittances of each Servicer
      and
      each Interim Servicer to the Distribution Account pursuant to the terms hereof
      based on information provided to the Master Servicer by each Servicer and each
      Interim Servicer. Notwithstanding anything to the contrary herein, the Master
      Servicer shall have no obligation to supervise, monitor or oversee the
      performance of the Interim Servicers under the Interim Servicing Agreements
      on
      or after the Servicing Transfer Date.

     

    The
      Trustee shall furnish the related Servicer, the related Interim Servicer and
      the
      Master Servicer with any limited powers of attorney and other documents in
      form
      acceptable to it necessary or appropriate to enable the related Servicer, the
      related Inteirm Servicer and the Master Servicer to service and administer
      the
      related Mortgage Loans and REO Property. The Trustee shall have no
      responsibility for any action of the Master Servicer or the related Servicer
      pursuant to any such limited power of attorney and shall be indemnified by
      the
      Master Servicer, the related Servicer or the related Interim Servicer, as
      applicable, for any cost, liability or expense incurred by the Trustee in
      connection with such Person’s misuse of any such power of attorney.

     

    The
      Trustee, the Custodians and the Securities Administrator shall provide access
      to
      the records and documentation in possession of the Trustee, the Custodians
      or
      the Securities Administrator regarding the related Mortgage Loans and REO
      Property and the servicing thereof to the Certificateholders, the FDIC, and
      the
      supervisory agents and examiners of the FDIC, such access being afforded only
      upon reasonable prior written request and during normal business hours at the
      office of the Trustee, the Custodians or the Securities Administrator; provided,
      however, that, unless otherwise required by law, none of the Trustee, the
      Custodians or 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 Trustee, the Custodians 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 Trustee’s, the Custodians’ or the
      Securities Administrator’s actual costs.

     

    The
      Trustee shall execute and deliver to the related Servicer, the related Interim
      Servicer or the Master Servicer upon request 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 any
      other Mortgage Loan Document; (iii) obtain a deficiency judgment against the
      Mortgagor; or (iv) enforce any other rights or remedies provided by the Mortgage
      Note or any other Mortgage Loan Document or otherwise available at law or
      equity.

     

    SECTION
      4.02.  REMIC-Related
      Covenants.

     

    For
      as
      long as each REMIC shall exist, the Trustee and the Securities Administrator
      shall act in accordance herewith to treat such REMIC as a REMIC, and the Trustee
      and the Securities Administrator shall comply with any directions of the
      Sponsor, the related Servicer, the related Interim Servicer or the Master
      Servicer to assure such continuing treatment. In particular, the Trustee shall
      not (a) sell or permit the sale of all or any portion of the Mortgage Loans
      or
      of any investment of deposits in an Account unless such sale is as a result
      of a
      repurchase of the Mortgage Loans pursuant to this Agreement or the Trustee
      has
      received a REMIC Opinion 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 an Opinion
      of
      Counsel stating that such contribution will not result in an Adverse REMIC
      Event
      as defined in Section 11.01(f).

     

    SECTION
      4.03.  Monitoring
      of Servicers and Interim Servicers.

     

    (a)  The
      Master Servicer shall be responsible for monitoring the compliance by the
      Servicers with their its duties under this Agreement and the Interim Servicers
      with their respective duties under the Interim Servicing Agreements. In the
      review of the related Servicer’s or related Interim Servicer’s activities, the
      Master Servicer may rely upon an Officer’s Certificate of the related Servicer
      or related Interim Servicer with regard to such Servicer’s compliance with the
      terms of this Agreement or such Interim Servicer’s compliance with the terms of
      the related Interim Servicing Agreement, as applicable. In the event that the
      Master Servicer, in its judgment, determines that the related Servicer or
      related Inteirm Servicer should be terminated in accordance with the terms
      hereof or the terms of the related Inteirm Servicing Agreement, or that a notice
      should be sent pursuant to the terms hereof with respect to the occurrence
      of an
      event that, unless cured, would constitute a Servicer Event of Default or an
      event of default under the Interim Servicing Agreement, the Master Servicer
      shall notify the related Servicer or the related Interim Servicer, the Sponsor
      and the Trustee thereof and (i) with respect to Ocwen or an Interim Servicer,
      the Master Servicer shall issue such notice or take such other action as it
      deems appropriate and (ii) with respect to Wells Fargo, the Trustee shall issue
      such notice or take such other action as it deems appropriate.

     

    (b)  The
      Master Servicer, for the benefit of the Trustee, the Certificateholders and
      the
      Insurer, shall enforce the obligations of the Servicers under this Agreement
      and
      the Interim Servicers under the Interim Servicing Agreements and shall, in
      the
      event that a Servicer fails to perform its obligations in accordance with this
      Agreement or an Interim Servicer fails to perform its obligations in accordance
      with the related Interim Servicing Agreement, subject to this Section and
      Article VIII, notify the Trustee and the Trustee shall terminate the rights
      and
      obligations of such Servicer hereunder in accordance with the provisions of
      Article VIII or such Interim Servicer in accordance with the provisions of
      the
      related Interim Servicing Agreement. In the event the rights and obligations
      of
      Ocwen (or any successor thereto) or an Interim Servicer are terminated, the
      Master Servicer shall act as servicer of the related Mortgage Loans or a
      successor servicer shall be appointed in accordance with the provisions of
      Article VIII. In the event that the rights and obligations of Wells Fargo in
      its
      capacity as Servicer of the Wells Fargo Mortgage Loans are terminated, the
      Trustee shall appoint a successor servicer of the related Mortgage Loans in
      accordance with the provisions of Article VIII Such enforcement, including,
      without limitation, the legal prosecution of claims 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, 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)  The
      Master Servicer or the Trustee, as applicable, shall be entitled to be
      reimbursed by the related Servicer or the related Interim Servicer (or from
      amounts on deposit in the Distribution Account if the related Servicer or the
      related Interim Servicer is unable to fulfill its obligations hereunder or
      under
      the related Interim Servicing Agreement) for all reasonable out-of-pocket or
      third party costs associated with the transfer of servicing from the predecessor
      Servicer (or if the predecessor Servicer is the Master Servicer, from the
      Servicer immediately preceding the Master Servicer) or Interim Servicer,
      including without limitation, any reasonable out-of-pocket or third party costs
      or expenses associated with the complete transfer of all servicing data and
      the
      completion, correction or manipulation of such servicing data as may be required
      by the successor servicer to correct any errors or insufficiencies in the
      servicing data or otherwise to enable the successor servicer to service the
      related Mortgage Loans properly and effectively, upon presentation of reasonable
      documentation of such costs and expenses.

     

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

     

    (e)  If
      the
      Master Servicer or the Trustee acts as successor to a Servicer, it will not
      assume any liability for the representations and warranties of the terminated
      Servicer.

     

    SECTION
      4.04.  Fidelity
      Bond.

     

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

     

    SECTION
      4.05.  Power
      to
      Act; Procedures.

     

    The
      Master Servicer shall master service the Mortgage Loans and shall have full
      power and authority, subject to the REMIC Provisions and the provisions of
      Article XI, to do any and all things that it may deem necessary or desirable
      in
      connection with the master servicing and administration of the Mortgage Loans,
      including but not limited to the power and authority (i) to execute and deliver,
      on behalf of the Certificateholders and the Trustee, customary consents or
      waivers and other instruments and documents, (ii) to consent to transfers of
      any
      Mortgaged Property and assumptions of the Mortgage Notes and related Mortgages,
      (iii) to collect any Insurance Proceeds and Liquidation Proceeds, and (iv)
      to
      effectuate foreclosure or other conversion of the ownership of the Mortgaged
      Property securing any Mortgage Loan, in each case, in accordance with the
      provisions of this Agreement; provided, however, that the Master Servicer shall
      not (and, consistent with its responsibilities under Section 4.03, shall not
      permit the related Servicer or related Interim 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 or REMIC III to fail
      to
      qualify as a REMIC or result in the imposition of a tax upon the Trust Fund
      (including but not limited to the tax on prohibited transactions as defined
      in
      Section 860F(a)(2) of the Code and the tax on contributions to a REMIC set
      forth
      in Section 860G(d) of the Code) unless the Master Servicer has received an
      Opinion of Counsel (but not at the expense of the Master Servicer) to the effect
      that the contemplated action will not cause REMIC I, REMIC II or REMIC III
      to
      fail to qualify as a REMIC or result in the imposition of a tax upon REMIC
      I,
      REMIC II or REMIC III, as the case may be. The Trustee shall furnish the Master
      Servicer, upon written request from a Servicing Officer, with any powers of
      attorney prepared and delivered to it and reasonably acceptable to it by
      empowering the Master Servicer, the related Servicer or related Interim Servicer
      to execute and deliver instruments of satisfaction or cancellation, or of
      partial or full release or discharge, and to foreclose upon or otherwise
      liquidate Mortgaged Property, and to appeal, prosecute or defend in any court
      action relating to the Mortgage Loans or the Mortgaged Property, in accordance
      with this Agreement or the related Interim Servicing Agreement, and the Trustee
      shall execute and deliver such other documents prepared and delivered to it
      and
      reasonably acceptable to it, as the Master Servicer, the related Servicer or
      related Interim Servicer may request, to enable the Master Servicer to master
      service and administer the related 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 related Servicer or related Interim
      Servicer and shall be indemnified by the Master Servicer, the related Servicer
      or related Interim Servicer, as applicable, for any cost, liability or expense
      incurred by the Trustee in connection with such Person’s use or misuse of any
      such power of attorney). 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 9.10. 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
      4.06.  Due-on-Sale
      Clauses; Assumption Agreements.

     

    To
      the
      extent Mortgage Loans contain enforceable due-on-sale clauses, the Master
      Servicer shall cause the related Servicer or the related Interim Servicer to
      enforce such clauses in accordance with this Agreement or the related Interim
      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 Interim 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 Interim Servicing
      Agreement.

     

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

     

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

     

    (b)  All
      Mortgage Files and funds collected or held by, or under the control of, the
      Master Servicer, in respect of any Mortgage Loans, whether from the collection
      of principal and interest payments or from Liquidation Proceeds or Insurance
      Proceeds, shall be remitted to the Securities Administrator for deposit in
      the
      Distribution Account.

     

    SECTION
      4.08.  Standard
      Hazard Insurance and Flood Insurance Policies.

     

    For
      each
      Mortgage Loan, the Master Servicer shall enforce the obligation of each Servicer
      under this Agreement and each Interim Servicer under the Interim Servicing
      Agreements to maintain or cause to be maintained standard fire and casualty
      insurance and, where applicable, flood insurance, all in accordance with the
      provisions of this Agreement or the Servicing Agreement. It is understood and
      agreed that such insurance shall be with insurers meeting the eligibility
      requirements set forth in Section 3.11 of this Agreement or the eligibility
      requirements set forth in the related Interim Servicing Agreement, as
      applicable, and that no earthquake or other additional insurance is to be
      required of any Mortgagor or to be maintained on property acquired in respect
      of
      a defaulted loan, other than pursuant to such applicable laws and regulations
      as
      shall at any time be in force and as shall require such additional
      insurance.

     

    SECTION
      4.09.  Presentment
      of Claims and Collection of Proceeds.

     

    The
      Master Servicer shall enforce each Servicer’s obligations under this Agreement
      and each Interim Servicer’s obligations under the Interim Servicing Agreements,
      as applicable, to prepare and present on behalf of the Trustee and the
      Certificateholders all claims under any 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 related
      Servicer or the related Interim Servicer and remitted to the Master Servicer)
      in
      respect of such policies, bonds or contracts shall be promptly deposited in
      the
      Distribution Account upon receipt, except that any amounts realized that are
      to
      be applied to the repair or restoration of the related Mortgaged Property as
      a
      condition precedent to the presentation of claims on the related Mortgage Loan
      to the insurer under any applicable insurance policy need not be so deposited
      or
      remitted.

     

    SECTION
      4.10.  Maintenance
      of Primary Mortgage Insurance Policies.

     

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

     

    (b)  The
      Master Servicer agrees to cause the related Servicer or the related Interim
      Servicer to present, on behalf of the Trustee and the Certificateholders, claims
      to the insurer under any primary mortgage insurance policies and, in this
      regard, to take such reasonable action as shall be necessary to permit recovery
      under any primary mortgage insurance policies respecting defaulted Mortgage
      Loans.

     

    SECTION
      4.11.  Trustee
      to Retain Possession of Certain Insurance Policies and Documents.

     

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

     

    SECTION
      4.12.  Realization
      Upon Defaulted Mortgage Loans.

     

    The
      Master Servicer shall cause the related Servicer or the related Interim Servicer
      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 Interim Servicing Agreement.

     

    SECTION
      4.13.  Compensation
      for the Master Servicer.

     

    As
      compensation for the activities of the Master Servicer hereunder, the Master
      Servicer shall be entitled to the income from investment of or earnings on
      the
      funds from time to time in the Distribution Account, as provided in
      Section 3.10. The compensation payable to the Master Servicer in respect of
      any Distribution Date shall be reduced in accordance with Section 4.19. 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
      4.14.  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 cause the related Servicer or the related Interim Servicer
      to sell, any REO Property as expeditiously as possible and in accordance with
      the provisions of this Agreement or the provisions of the related Interim
      Servicing Agreement, as applicable. Further, the Master Servicer shall cause
      the
      related Servicer or the related Interim Servicer to sell any REO Property prior
      to three years after the end of the calendar year of its acquisition by REMIC
      I
      unless (i) the Trustee shall have been supplied by the related Servicer or
      the
      related Interim Servicer with an Opinion of Counsel to the effect that the
      holding by the Trust Fund of such REO Property subsequent to such three-year
      period will not result in the imposition of taxes on “prohibited transactions”
of any REMIC hereunder as defined in section 860F of the Code or cause any
      REMIC
      hereunder 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) or
      (ii) the related Servicer or the related Interim Servicer shall have applied
      for, prior to the expiration of such three-year period, an extension of such
      three-year period in the manner contemplated by Section 856(e)(3) of the Code,
      in which case the three-year period shall be extended by the applicable
      extension period. The Master Servicer shall cause the related Servicer to
      protect and conserve, such REO Property in the manner and to the extent required
      by this Agreement or the related Interim Servicing Agreement, as applicable,
      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 cause the related Servicer or the related Interim Servicer
      to deposit all funds collected and received in connection with the operation
      of
      any REO Property in the REO Account or in the account designated for such
      amounts under the related Interim Servicing Agreement.

     

    SECTION
      4.15.  Master
      Servicer Annual Statement of Compliance.

     

    (a)  The
      Master Servicer and the Securities Administrator shall deliver (or otherwise
      make available) (and the Master Servicer and Securities Administrator shall
      cause any Additional Servicer or Servicing Function Participant engaged by
      it to
      deliver) to the Insurer, the Depositor and the Securities Administrator, and
      in
      the case of the Master Servicer, to the Trustee, on or before March 15 of each
      year, commencing in March 2007, an Officer’s Certificate stating, as to the
      signer thereof, that (A) a review of such party’s activities during the
      preceding calendar year or portion thereof and of such party’s performance under
      this Agreement, or such other applicable agreement in the case of an Additional
      Servicer or Servicing Function Participant, has been made under such officer’s
      supervision and (B) to the best of such officer’s knowledge, based on such
      review, such party has fulfilled all its obligations under this Agreement,
      or
      such other applicable agreement in the case of an Additional Servicer or
      Servicing Function Participant, in all material respects throughout such year
      or
      portion thereof, or, if there has been a failure to fulfill any such obligation
      in any material respect, specifying each such failure known to such officer
      and
      the nature and status thereof. 

     

    (b)  The
      Master Servicer shall include all annual statements of compliance received
      by it
      from the Servicers with its own annual statement of compliance to be submitted
      to the Securities Administrator pursuant to this Section.

     

    (c)  In
      the
      event the Master Servicer, the Securities Administrator or any Servicing
      Function Participant engaged by such parties is terminated, assigns its rights
      and obligations under, or resigns pursuant to the terms of this Agreement,
      or
      any applicable agreement in the case of a Servicing Function Participant, as
      the
      case may be, such party shall provide an Officer’s Certificate pursuant to this
      Section 4.15(c) or to such other applicable agreement, as the case may be,
      notwithstanding any such termination, assignment or resignation.

     

    (d)  Failure
      of the Master Servicer to comply timely with this Section 4.15 shall be deemed
      a
      Master Servicer Event of Default, automatically, without notice and without
      any
      cure period, and the Trustee may, 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, terminate all the rights and
      obligations of the Master Servicer under this Agreement and in and to the
      Mortgage Loans and the proceeds thereof without compensating the Master Servicer
      for the same. This paragraph shall supersede any other provision in this
      Agreement or any other agreement to the contrary.

     

    (e)  Copies
      of
      such Master Servicer annual statements of compliance shall be provided to any
      Certificateholder upon request, by the Master Servicer or by the Trustee at
      the
      Master Servicer’s expense if the Master Servicer failed to provide such copies
      (unless (i) the Master Servicer shall have failed to provide the Trustee with
      such statement or (ii) the Trustee shall be unaware of the Master Servicer’s
      failure to provide such statement).

     

    SECTION
      4.16.  Master
      Servicer Assessments of Compliance.

     

    (a)  By
      March
      15 of each year, commencing in March 2007, the Master Servicer and the
      Securities Administrator, each at its own expense, shall furnish, or otherwise
      make available, and each such party shall cause any Servicing Function
      Participant engaged by it to furnish, each at its own expense, to the Securities
      Administrator, the Depositor and the Insurer, a report on an assessment of
      compliance with the Relevant Servicing Criteria that contains (A) a statement
      by
      such party of its responsibility for assessing compliance with the Relevant
      Servicing Criteria, (B) a statement that such party used the Relevant Servicing
      Criteria to assess compliance with the Relevant Servicing Criteria, (C) such
      party’s assessment of compliance with the Relevant Servicing Criteria as of and
      for the fiscal year covered by the Form 10-K required to be filed pursuant
      to
      Section 5.06(d), including, if there has been any material instance of
      noncompliance with the Relevant Servicing Criteria, a discussion of each such
      failure and the nature and status thereof, and (D) a statement that a registered
      public accounting firm has issued an attestation report on such party’s
      assessment of compliance with the Relevant Servicing Criteria as of and for
      such
      period. 

     

    (b)  No
      later
      than the end of each fiscal year for the Trust for which a 10-K is required
      to
      be filed, the Master Servicer shall forward to the Securities Administrator
      and
      the Depositor the name of each Servicing Function Participant engaged by it
      and
      what Relevant Servicing Criteria will be addressed in the report on assessment
      of compliance prepared by such Servicing Function Participant (provided,
      however,
      that
      the Master Servicer need not provide such information to the Securities
      Administrator so long as the Master Servicer and the Securities Administer
      are
      the same Person). When the Master Servicer and the Securities Administrator
      (or
      any Servicing Function Participant engaged by them) submit their assessments
      to
      the Securities Administrator, such parties will also at such time include the
      assessment (and attestation pursuant to Section 4.17) of each Servicing Function
      Participant engaged by it. 

     

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

     

    (d)  The
      Master Servicer shall include all annual reports on assessment of compliance
      received by it from the Servicers with its own assessment of compliance to
      be
      submitted to the Securities Administrator pursuant to this Section.

     

    (e)  In
      the
      event the Master Servicer, the Securities Administrator or any Servicing
      Function Participant engaged by such parties is terminated, assigns its rights
      and obligations under, or resigns pursuant to the terms of this Agreement,
      or
      any applicable agreement in the case of a Servicing Function Participant, as
      the
      case may be, such party shall provide a report on assessment of compliance
      pursuant to this Section 4.16(e) or to such other applicable agreement,
      notwithstanding any such termination, assignment or resignation.

     

    (f)  Failure
      of the Master Servicer to comply timely with this Section 4.16 shall be deemed
      a
      Master Servicer Event of Default, automatically, without notice and without
      any
      cure period, and the Trustee may, 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, terminate all the rights and
      obligations of the Master Servicer under this Agreement and in and to the
      Mortgage Loans and the proceeds thereof without compensating the Master Servicer
      for the same. This paragraph shall supersede any other provision in this
      Agreement or any other agreement to the contrary.

     

    (g)  Delivery
      under this Section 4.16 of such reports, information and documents to the
      Trustee is for informational purposes only, and the Trustee’s receipt of such
      shall not constitute constructive notice of any information contained therein
      or
      determinable from information contained therein, including the Master Servicer’s
      compliance with any of its covenants hereunder (as to which the Trustee is
      entitled to conclusively rely exclusively on an Officer’s
      Certificate).

     

    SECTION
      4.17.  Master
      Servicer Attestation Reports.

     

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

     

    (b)  Promptly
      after receipt of such assessment of compliance attestation report from the
      Master Servicer, the Securities Administrator or any Servicing Function
      Participant engaged by such parties, the Securities Administrator shall confirm
      that each assessment submitted pursuant to Section 4.16 is coupled with an
      attestation meeting the requirements of this Section and notify the Depositor
      of
      any exceptions. 

     

    (c)  The
      Master Servicer shall include each such attestation furnished to it from the
      Servicers with its own attestation to be submitted to the Securities
      Administrator pursuant to this Section.

     

    (d)  In
      the
      event the Master Servicer, the Securities Administrator or any Servicing
      Function Participant engaged by such parties is terminated, assigns its rights
      and duties under, or resigns pursuant to the terms of this Agreement, or any
      applicable agreement in the case of a Servicing Function Participant, as the
      case may be, such party shall cause a registered public accounting firm to
      provide an attestation pursuant to this Section 4.17 or such other applicable
      agreement notwithstanding any such termination, assignment or
      resignation.

     

    (e)  Failure
      of the Master Servicer to comply timely with this Section 4.17 shall be deemed
      a
      Master Servicer Event of Default, automatically, without notice and without
      any
      cure period, and the Trustee may, 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, terminate all the rights and
      obligations of the Master Servicer under this Agreement and in and to the
      Mortgage Loans and the proceeds thereof without compensating the Master Servicer
      for the same. This paragraph shall supersede any other provision in this
      Agreement or any other agreement to the contrary.

     

    SECTION
      4.18.  Annual
      Certification.

     

    Each
      Form
      10-K required to be filed for the Trust pursuant to Section 5.06 shall include
      a
      certification (the “Sarbanes-Oxley
      Certification”)
      required to be included therewith pursuant to the Sarbanes-Oxley Act. Each
      of
      the Master Servicer and the Securities Administrator shall provide, and shall
      cause any Servicing Function Participant engaged by it to, provide to the Person
      who signs the Sarbanes-Oxley Certification (the “Certifying
      Person”),
      by
      March 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 (each, a “Back-Up
      Certification”),
      in
      the form attached hereto as Exhibit
      C,
      upon
      which the Certifying Person, the entity for which the Certifying Person acts
      as
      an officer, and such entity’s officers, directors and Affiliates (collectively
      with the Certifying Person, “Certification
      Parties”)
      can
      reasonably rely. The senior officer of the Master Servicer in charge of the
      master servicing function shall serve as the Certifying Person on behalf of
      the
      Trust. Such officer of the Certifying Person can be contacted by e-mail at
      cts.sec.notifications@wellsfargo.com or by facsimile at 410-715-2380. In the
      event any such party or any Servicing Function Participant engaged by such
      party
      is terminated, assigns its rights or duties under, or resigns pursuant to the
      terms of this Agreement, or any applicable sub-servicing agreement, as the
      case
      may be, such party shall provide a Back-Up Certification to the Certifying
      Person pursuant to this Section 4.18 with respect to the period of time it
      was
      subject to this Agreement or any applicable sub-servicing agreement, as the
      case
      may be. Notwithstanding the foregoing, (i) the Master Servicer and the
      Securities Administrator shall not be required to deliver a Back-Up
      Certification to each other if both are the same Person and the Master Servicer
      is the Certifying Person and (ii) the Master Servicer shall not be obligated
      to
      sign the Sarbanes-Oxley Certification in the event that it does not receive
      any
      Back-Up Certification required to be furnished to it pursuant to this section
      or
      any Servicing Agreement. 

     

    SECTION
      4.19.  Obligation
      of the Master Servicer in Respect of Prepayment Interest
      Shortfalls.

     

    In
      the
      event of any Prepayment Interest Shortfalls, the Master Servicer shall deposit
      into the Distribution Account not later than the related Distribution Date
      an
      amount equal to the lesser of (i) the aggregate amounts required to be paid
      by
      the related Servicer with respect to Prepayment Interest Shortfalls attributable
      to Principal Prepayments in full on the Mortgage Loans for the related
      Distribution Date, and not so paid by the related Servicer and (ii) the
      aggregate amount of the compensation payable to the Master Servicer for such
      Distribution Date in accordance with Section 4.13, without reimbursement
      therefor.

     

    SECTION
      4.20.  Prepayment
      Penalty Verification.

     

    On
      or
      prior to each Servicer Remittance Date, each Servicer shall provide in an
      electronic format acceptable to the Master Servicer the data necessary for
      the
      Master Servicer to perform its verification duties set forth in this Section
      4.20. The Master Servicer or a third party reasonably acceptable to the Master
      Servicer and the Depositor (the “Verification Agent”) will perform such
      verification duties and will use its best efforts to issue its findings in
      a
      report (the “Verification Report”) delivered to the Master Servicer and the
      Depositor within ten (10) Business Days following the related Distribution
      Date;
      provided, however, that if the Verification Agent is unable to issue the
      Verification Report within ten (10) Business Days following the Distribution
      Date, the Verification Agent may issue and deliver to the Master Servicer and
      the Depositor the Verification Report upon the completion of its verification
      duties. The Master Servicer shall forward the Verification Report to the related
      Servicer and shall notify the related Servicer if the Master Servicer has
      determined that the related Servicer did not deliver the appropriate Prepayment
      Charge to the Securities Administrator in accordance with this Agreement. Such
      written notification from the Master Servicer shall include the loan number,
      prepayment penalty code and prepayment penalty amount as calculated by the
      Master Servicer or the Verification Agent, as applicable, of each Mortgage
      Loan
      for which there is a discrepancy. If the related Servicer agrees with the
      verified amounts, the related Servicer shall adjust the immediately succeeding
      Servicer Report and the amount remitted to the Securities Administrator with
      respect to prepayments accordingly. If the related Servicer disagrees with
      the
      determination of the Master Servicer, the related Servicer shall, within five
      (5) Business Days of its receipt of the Verification Report, notify the Master
      Servicer of such disagreement and provide the Master Servicer with detailed
      information to support its position. The related Servicer and the Master
      Servicer shall cooperate to resolve any discrepancy on or prior to the
      immediately succeeding Servicer Remittance Date, and the related Servicer will
      indicate the effect of such resolution on the related Servicer Report and shall
      adjust the amount remitted with respect to prepayments on such Servicer
      Remittance Date accordingly.

     

    During
      such time as the related Servicer and the Master Servicer are resolving
      discrepancies with respect to the Prepayment Charges, no payments in respect
      of
      any disputed Prepayment Charges will be remitted to the Securities Administrator
      for deposit in the Distribution Account and the Master Servicer shall not be
      obligated to deposit such payments, unless otherwise required pursuant to
      Section 8.01 hereof. In connection with such duties, the Master Servicer shall
      be able to rely solely on the information provided to it by the related Servicer
      in accordance with this Section. The Master Servicer shall not be responsible
      for verifying the accuracy of any of the information provided to it by the
      related Servicer.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      V

    PAYMENTS
      TO CERTIFICATEHOLDERS

     

    SECTION
      5.01.  Distributions.

     

    On
      each
      Distribution Date, the following amounts, in the following order of priority,
      shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular
      Interests and distributed to the holders of the Class R Certificates (in respect
      of the Class R-I Interest), as the case may be:

     

    (a)  (1)With
      respect to the Group IA Mortgage Loans:

     

    (i) to
      Holders of REMIC I Regular Interest A-I, and each of REMIC I Regular Interest
      I-1-A through I-44-B, pro
      rata,
      in an
      amount equal to (A) Uncertificated Interest for such REMIC I Regular Interests
      for such Distribution Date, plus (B) any amounts payable in respect thereof
      remaining unpaid from previous Distribution Dates;

     

    (ii) to
      the
      extent of amounts remaining after the distributions made pursuant to clause
      (i)
      above, to the Holders of REMIC I Regular Interest A-I, an amount of principal
      shall be distributed to such Holders until the Uncertificated Balance of REMIC
      I
      Regular Interest A-I is reduced to zero; and

     

    (iii) to
      the
      extent of amounts remaining after the distributions made pursuant to clause
      (i)
      and (ii) above, payments of principal shall be allocated to REMIC I Regular
      interests I-1-A through I-44-B starting with the lowest numerical denomination
      until the Uncertificated Balance of each such REMIC I Regular Interest is
      reduced to zero, provided that, for REMIC I Regular Interests with the same
      numerical denomination, such payments of principal shall be allocated
pro
      rata
      between
      such REMIC I Regular Interests.

     

    (2) With
      respect to the Group IB Mortgage Loans:

     

    (i) to
      Holders of REMIC I Regular Interest A-II, and each of REMIC I Regular Interest
      II-1-A through II-44-B, pro
      rata,
      in an
      amount equal to (A) Uncertificated Interest for such REMIC I Regular Interests
      for such Distribution Date, plus (B) any amounts payable in respect thereof
      remaining unpaid from previous Distribution Dates;

     

    (ii) to
      the
      extent of amounts remaining after the distributions made pursuant to clause
      (i)
      above, to the Holders of REMIC I Regular Interest A-II, an amount of principal
      shall be distributed to such Holders until the Uncertificated Balance of REMIC
      I
      Regular Interest A-II is reduced to zero; and

     

    (iii) to
      the
      extent of amounts remaining after the distributions made pursuant to clause
      (i)
      and (ii) above, payments of principal shall be allocated to REMIC I Regular
      interests II-1-A through II-44-B starting with the lowest numerical denomination
      until the Uncertificated Balance of each such REMIC I Regular Interest is
      reduced to zero, provided that, for REMIC I Regular Interests with the same
      numerical denomination, such payments of principal shall be allocated
pro
      rata
      between
      such REMIC I Regular Interests.

     

    (3) With
      respect to the Group II Mortgage Loans:

     

    (i) to
      Holders of REMIC I Regular Interest A-III and each of REMIC I Regular Interest
      III-1-A through III-44-B, pro
      rata,
      in an
      amount equal to (A) Uncertificated Interest for such REMIC I Regular Interests
      for such Distribution Date, plus (B) any amounts payable in respect thereof
      remaining unpaid from previous Distribution Dates.

     

    (ii) to
      the
      extent of amounts remaining after the distributions made pursuant to clause
      (i)
      above, to the Holders of REMIC I Regular Interest A-III, an amount of principal
      shall be distributed to such Holders until the Uncertificated Balance of REMIC
      I
      Regular Interest A-III is reduced to zero; and

     

    (iii) to
      the
      extent of amounts remaining after the distributions made pursuant to clause
      (i)
      and (ii) above, payments of principal shall be allocated to REMIC I Regular
      interests III-1-A through III-44-B starting with the lowest numerical
      denomination until the Uncertificated Balance of each such REMIC I Regular
      Interest is reduced to zero, provided that, for REMIC I Regular Interests with
      the same numerical denomination, such payments of principal shall be allocated
      pro
      rata
      between
      such REMIC I Regular Interests.

     

    (b)  to
      the
      Holders of REMIC I Regular Interest P, (A) all amounts representing Prepayment
      Charges in respect of the Mortgage Loans received during the related Prepayment
      Period and (B) on the Distribution Date immediately following the expiration
      of
      the latest Prepayment Charge as identified on the Prepayment Charge Schedule
      or
      any Distribution Date thereafter until $100 has been distributed pursuant to
      this clause. 

     

    (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 Certificates (in respect of the Class R-II
      Interest), as the case may be:

     

    (i) first
      to
      the Holders of REMIC II Regular Interest IO, in an amount equal to (A)
      Uncertificated Interest for such REMIC II Regular Interest for such Distribution
      Date, plus (B) any amounts in respect thereof remaining unpaid from previous
      Distribution Dates and second, to the Holders of REMIC II Regular Interest
      AA,
      REMIC II Regular Interest A-1A, REMIC II Regular Interest A-1B1, REMIC II
      Regular Interest A-1B2, REMIC II Regular Interest A-2A, REMIC II Regular
      Interest A-2B, REMIC II Regular Interest A-2C, REMIC II Regular Interest A-2D,
      REMIC II Regular Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular
      Interest M-3, REMIC II Regular Interest M-4, REMIC II Regular Interest M-5,
      REMIC II Regular Interest M-6, REMIC II Regular Interest M-7, REMIC II Regular
      Interest M-8, REMIC II Regular Interest M-9, REMIC II Regular Interest M-10
      and
      REMIC II Regular Interest ZZ, pro
      rata,
      in an
      amount equal to (A) the Uncertificated Interest for such Distribution Date,
      plus
      (B) any amounts in respect thereof remaining unpaid from previous Distribution
      Dates. Amounts payable as Uncertificated Interest in respect of REMIC II Regular
      Interest 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 ZZ Uncertificated Interest
      Deferral Amount and such amount will be payable to the Holders of REMIC II
      Regular Interest A-1A, REMIC II Regular Interest A-1B1, REMIC II Regular
      Interest A-1B2, REMIC II Regular Interest A-2A, REMIC II Regular Interest A-2B,
      REMIC II Regular Interest A-2C, REMIC II Regular Interest A-2D, REMIC II Regular
      Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular Interest M-3,
      REMIC II Regular Interest M-4, REMIC II Regular Interest M-5, REMIC II Regular
      Interest M-6, REMIC II Regular Interest M-7, REMIC II Regular Interest M-8,
      REMIC II Regular Interest M-9 and REMIC II Regular Interest M-10 in the same
      proportion as the Overcollateralization Increase Amount is allocated to the
      Corresponding Certificates and the Uncertificated Balance of REMIC II Regular
      Interest ZZ shall be increased by such amount;

     

    (ii) to
      Holders of REMIC II Regular Interest IA-SUB, REMIC II Regular Interest IA-GRP,
      REMIC II Regular Interest IB-SUB, REMIC II Regular Interest IB-GRP, REMIC II
      Regular Interest II-SUB, REMIC II Regular Interest II-GRP, and REMIC II Regular
      Interest XX, pro
      rata,
      in an
      amount equal to (A) the Uncertificated Interest for such Distribution Date,
      plus
      (B) any amounts in respect thereof remaining unpaid from previous Distribution
      Dates;

     

    (iii) to
      the
      Holders of REMIC II Regular Interests, in an amount equal to the remainder
      of
      the REMIC II Marker Allocation Percentage of the available funds for such
      Distribution Date after the distributions made pursuant to clause (i) above,
      allocated as follows:

     

    (A) 98.00%
      of
      such remainder to the Holders of REMIC II Regular Interest AA, until the
      Uncertificated Balance of such REMIC II Regular Interest is reduced to
      zero;

     

    (B) 2.00%
      of
      such remainder, first, to the Holders of REMIC II Regular Interest A-1A, REMIC
      II Regular Interest A-1B1, REMIC II Regular Interest A-1B2, REMIC II Regular
      Interest A-2A, REMIC II Regular Interest A-2B, REMIC II Regular Interest A-2C,
      REMIC II Regular Interest A-2D, REMIC II Regular Interest M-1, REMIC II Regular
      Interest M-2, REMIC II Regular Interest M-3, REMIC II Regular Interest M-4,
      REMIC II Regular Interest M-5, REMIC II Regular Interest M-6, REMIC II Regular
      Interest M-7, REMIC II Regular Interest M-8, REMIC II Regular Interest M-9
      and
      REMIC II Regular Interest M-10, 1% of and in the same proportion as principal
      payments are allocated to the Corresponding Certificates, until the
      Uncertificated Balances of such REMIC II Regular Interests are reduced to zero
      and second to the Holders of REMIC II Regular Interest ZZ, until the
      Uncertificated Balance of such REMIC II Regular Interest is reduced to
      zero;

     

    (C) to
      the
      Holders of REMIC II Regular Interest P, 100% of the amounts deemed distributed
      on REMIC I Regular Interest P; then

     

    (D) any
      remaining amount to the Holders of the Class R Certificate, in respect of the
      Class R-II Interest;

     

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

     

    (iv) to
      the
      Holders of REMIC II Regular Interests, in an amount equal to the remainder
      of
      the REMIC II Sub WAC Allocation Percentage of available funds for such
      Distribution Date after the distributions made pursuant to clause (ii) above,
      such that distributions of principal shall be deemed to be made to the REMIC
      II
      Regular Interests first, so as to keep the Uncertificated Balance of each REMIC
      II Regular Interest ending with the designation “GRP” equal to 0.01% of the
      aggregate Stated Principal Balance of the Mortgage Loans in the related loan
      group; second, to each REMIC II Regular Interest ending with the designation
      “SUB,” so that the Uncertificated Balance of each such REMIC II Regular Interest
      is equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance
      of
      the Mortgage Loans in the related loan group over (y) the current Certificate
      Principal Balance of the Class A Certificate in the related loan group (except
      that if any such excess is a larger number than in the preceding distribution
      period, the least amount of principal shall be distributed to such REMIC II
      Regular Interests such that the REMIC II Subordinated Balance Ratio is
      maintained); and third, any remaining principal to REMIC II Regular Interest
      XX.

     

    (v) Notwithstanding
      the distributions described in Section 5.01(a)(1), distributions of funds shall
      be made to Certificateholders only in accordance with Section 5.01(a)(2) through
      (8).

     

    (2) On
      each
      Distribution Date, the Securities Administrator shall withdraw from the
      Distribution Account to the extent on deposit therein an amount equal to the
      Group IA Interest Remittance Amount and make the following disbursements and
      transfers in the order of priority described below, in each case to the extent
      of the Group IA Interest Remittance Amount remaining for such Distribution
      Date:

     

    first,
      to the
      Supplemental Interest Trust, an amount equal to the Group I Allocation
      Percentage of (i) any Net Swap Payment owed to the Swap Provider and (ii) any
      Swap Termination Payment owed to the Swap Provider not due to a Swap Provider
      Trigger Event;

     

    second,
      to the
      Holders of the Class A-1A Certificates, the Senior Interest Distribution Amount
      allocable to the Class A-1A Certificates; 

     

    third,
      concurrently, to the Holders of the Class A-1B1, Class A-1B2, Class A-2A, Class
      A-2B, Class A-2C and Class A-2D Certificates (including the Insurer as subrogee
      with respect to the Class A-1B2 Certificates), the Senior Interest Distribution
      Amount allocable to each such Class, to the extent remaining unpaid after the
      distribution of the Group IB Interest Remittance Amount as set forth in Section
      5.01(c)(3) below and the Group II Interest Remittance Amount as set forth in
      Section 5.01(c)(4) below, on a pro rata basis, based on the entitlement of
      each
      such Class; and

     

    fourth,
      to the
      Insurer, any Insurer Premium and unpaid Reimbursement Amounts not repaid from
      the Group IB Interest Remittance Amount as set forth in Section 5.01(c)(3)
      below.

     

    (3) On
      each
      Distribution Date, the Securities Administrator shall withdraw from the
      Distribution Account to the extent on deposit therein an amount equal to the
      Group IB Interest Remittance Amount and make the following disbursements and
      transfers in the order of priority described below, in each case to the extent
      of the Group IB Interest Remittance Amount remaining for such Distribution
      Date:

     

    first,
      to the
      Insurer, the Insurer Premium due in connection with the Policy;

     

    second,
      to the
      Supplemental Interest Trust, an amount equal to the Group IB Allocation
      Percentage of (i) any Net Swap Payment owed to the Swap Provider and (ii) any
      Swap Termination Payment owed to the Swap Provider not due to a Swap Provider
      Trigger Event;

     

    third,
      to the
      Holders of the Class A-1B1 Certificates and Class A-1B2 Certificates (including
      the Insurer as subrogee with respect to the Class A-1B2 Certificates), the
      Senior Interest Distribution Amount allocable to each such Class on a pro rata
      basis, based on the entitlement of each such Class; 

     

    fourth,
      to the
      Insurer, any unpaid Reimbursement Amounts; and

     

    fifth,
      concurrently, to the Holders of the Class A-1A, Class A-2A, Class A-2B, Class
      A-2C and Class A-2D Certificates, the Senior Interest Distribution Amount
      allocable to each such Class, to the extent remaining unpaid after the
      distribution of the Group IA Interest Remittance Amount as set forth in Section
      5.01(c)(2) above and the Group II Interest Remittance Amount as set forth in
      Section 5.01(c)(4) below, on a pro rata basis, based on the entitlement of
      each
      such Class.

     

    (4) On
      each
      Distribution Date, the Securities Administrator shall withdraw from the
      Distribution Account to the extent on deposit therein an amount equal to the
      Group II Interest Remittance Amount and make the following disbursements and
      transfers in the order of priority described below, in each case to the extent
      of the Group II Interest Remittance Amount remaining for such Distribution
      Date:

     

    first,
      to the
      Supplemental Interest Trust, an amount equal to the Group II Allocation
      Percentage of (i) any Net Swap Payment owed to the Swap Provider and (ii) any
      Swap Termination Payment owed to the Swap Provider not due to a Swap Provider
      Trigger Event;

     

    second, concurrently,
      to the Holders of the Class A-2A, Class A-2B, Class A-2C and Class A-2D
      Certificates, the Senior Interest Distribution Amount allocable to each such
      Class, on a pro rata basis, based on the entitlement of each such Class;

     

    third,
      concurrently, to the Holders of the Class A-1A, Class A-1B1 and Class A-1B2
      Certificates (including the Insurer as subrogee with respect to the Class A-1B2
      Certificates), the Senior Interest Distribution Amount allocable to each such
      Class, to the extent remaining unpaid after the distribution of the Group IA
      Interest Remittance Amount as set forth in Section 5.01(c)(2) above and the
      Group IB Interest Remittance Amount as set forth in Section 5.01(c)(3) above,
      on
      a pro rata basis, based on the entitlement of each such Class; and

     

    fourth,
      to the
      Insurer, any Insurer Premium and Reimbursement Amounts not repaid from the
      Group
      IB Interest Remittance Amount as set forth in Section 5.01(c)(3)
      above.

     

    (5) On
      each
      Distribution Date, the Securities Administrator shall withdraw from the
      Distribution Account to the extent on deposit therein an amount equal to the
      Group IA Interest Remittance Amount, Group IB Interest Remittance Amount and
      Group II Interest Remittance Amount remaining after the distributions required
      by clauses (2), (3) and (4) above and make the following disbursements and
      transfers in the order of priority described below, in each case to the extent
      of the Group IA Interest Remittance Amount, Group IB Interest Remittance Amount
      and Group II Interest Remittance Amount remaining for such Distribution
      Date:

     

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

     

    (6) On
      each
      Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger
      Event
      is in effect, the Securities Administrator shall withdraw from the Distribution
      Account to the extent on deposit therein an amount equal to the Group IA
      Principal Distribution Amount, Group IB Principal Distribution Amount and Group
      II Principal Distribution Amount and distribute to the Certificateholders the
      following amounts, in the following order of priority:

     

    (i)  The
      Group
      IA Principal Distribution Amount shall be distributed in the following order
      of
      priority:

     

    first,
      to the
      Supplemental Interest Trust, an amount equal to the Group IA Allocation
      Percentage of (i) any Net Swap Payment owed to the Swap Provider and (ii) any
      Swap Termination Payment owed to the Swap Provider not due to a Swap Provider
      Trigger Event to the extent not paid from the Interest Remittance Amount on
      such
      Distribution Date;

     

    second,
      to the
      Holders of the Class A-1A Certificates, until the Certificate Principal Balance
      of the Class A-1A Certificates has been reduced to zero; 

     

    third,
      concurrently, (i) to the Holders of the Class A-1B1 Certificates and Class
      A-1B2
      Certificates and (ii) to the Holders of the Class A-2 Certificates, after taking
      into account the distribution of the Group IB Principal Distribution Amount
      as
      described in Section 5.01(c)(6)(ii) below and the Group II Principal
      Distribution Amount as described in Section 5.01(c)(6)(iii) below, on a pro
      rata
      basis, based on the Certificate Principal Balance of each such Class, until
      the
      Certificate Principal Balance of each such Class has been reduced to zero;
      provided, however that if a Sequential Trigger Event is in effect on such
      Distribution Date, the pro rata allocation to the Class A-1B1 Certificates
      and
      Class A-1B2 Certificates pursuant to this clause third shall be based on the
      total Certificate Principal Balance of the Class A-1B1 Certificates and Class
      A-1B2 Certificates, but shall be distributed sequentially to the Class A-1B1
      Certificates and Class A-1B2 Certificates, in that order, until the Certificate
      Principal Balance of each such Class has been reduced to zero; provided, further
      that the pro rata allocation to the Class A-2 Certificates pursuant to this
      clause third shall be based on the total Certificate Principal Balance of the
      Class A-2 Certificates, but shall be distributed sequentially to the Class
      A-2A,
      Class A-2B, Class A-2C and Class A-2D Certificates, in that order, until the
      Certificate Principal Balance of each such Class has been reduced to zero;
      and

     

    fourth,
      to the
      Insurer, any Insurer Premium and Reimbursement Amounts not repaid from the
      Interest Remittance Amount on such Distribution Date.

     

    (ii)  The
      Group
      IB Principal Distribution Amount shall be distributed in the following order
      of
      priority:

     

    first,
      to the
      Supplemental Interest Trust, an amount equal to the Group IB Allocation
      Percentage of (i) any Net Swap Payment owed to the Swap Provider and (ii) any
      Swap Termination Payment owed to the Swap Provider not due to a Swap Provider
      Trigger Event to the extent not paid from the Interest Remittance Amount on
      such
      Distribution Date;

     

    second,
      concurrently to the Holders of the Class A-1B1 Certificates and Class A-1B2
      Certificates, on a pro rata basis based on the Certificate Principal Balance
      of
      each such Class, until the Certificate Principal Balance of each such Class
      has
      been reduced to zero; provided, however that if a Sequential Trigger Event
      is in
      effect on such Distribution Date, the distribution to the holders of the Class
      A-1B1 Certificates and Class A-1B2 Certificates pursuant to this clause second
      shall be made on a sequential basis to the Class A-1B1 Certificates and Class
      A-1B2 Certificates, in that order, until the Certificate Principal Balance
      of
      each such Class has been reduced to zero; 

     

    third,
      concurrently, (i) to the Holders of the Class A-1A Certificates and (ii) to
      the
      Holders of the Class A-2 Certificates, after taking into account the
      distribution of the Group IA Principal Distribution Amount as described in
      Section 5.01(c)(6)(i) above and the Group II Principal Distribution Amount
      as
      described in Section 5.01(c)(6)(iii) below, on a pro rata basis, based on the
      Certificate Principal Balance of each such Class, until the Certificate
      Principal Balance of each such Class has been reduced to zero; provided, however
      that the pro rata allocation to the Class A-2 Certificates pursuant to this
      clause third shall be based on the total Certificate Principal Balance of the
      Class A-2 Certificates, but shall be distributed sequentially to the Class
      A-2A,
      Class A-2B, Class A-2C and Class A-2D Certificates, in that order, until the
      Certificate Principal Balance of each such Class has been reduced to zero;
      and

     

    fourth,
      to the
      Insurer, any Insurer Premium and Reimbursement Amounts not repaid from the
      Interest Remittance Amount on such Distribution Date.

     

    (iii)  The
      Group
      II Principal Distribution Amount shall be distributed in the following order
      of
      priority:

     

    first,
      to the
      Supplemental Interest Trust, an amount equal to the Group II Allocation
      Percentage of (i) any Net Swap Payment owed to the Swap Provider and (ii) any
      Swap Termination Payment owed to the Swap Provider not due to a Swap Provider
      Trigger Event to the extent not paid from the Interest Remittance Amount on
      such
      Distribution Date;

     

    second,
      sequentially, to the Holders of the Class A-2A Class A-2B, Class A-2C and Class
      A-2D Certificates, in that order, until the Certificate Principal Balance of
      each such Class has been reduced to zero; 

     

    third,
      concurrently, (i) to the Holders of the Class A-1A Certificates and (ii) to
      the
      Holders of the Class A-1B1 Certificates and Class A-1B2 Certificates after
      taking into account the distribution of the Group IA Principal Distribution
      Amount as described in Section 5.01(c)(6)(i) above and the Group IB Principal
      Distribution Amount as described in Section 5.01(c)(6)(ii) above, on a pro
      rata
      basis based on the Certificate Principal Balance of each such Class, until
      the
      Certificate Principal Balance of each such Class has been reduced to zero;
      provided, however that if a Sequential Trigger Event is in effect on such
      Distribution Date, the pro rata allocation to the Class A-1B1 Certificates
      and
      Class A-1B2 Certificates pursuant to this clause third shall be based on the
      total Certificate Principal Balance of the Class A-1B1 Certificates and Class
      A-1B2 Certificates, but shall be distributed sequentially to the Class A-1B1
      Certificates and Class A-1B2 Certificates, in that order, until the Certificate
      Principal Balance of each such Class has been reduced to zero; and

     

    fourth,
      to the
      Insurer, any Insurer Premium and Reimbursement Amounts not repaid from the
      Interest Remittance Amount on such Distribution Date.

     

    (iv)  The
      Group
      IA Principal Distribution Amount, Group IB Principal Distribution Amount and
      Group II Principal Distribution Amount remaining after distributions pursuant
      to
      Sections 5.01(c)(6)(i), (ii) and (iii) above shall be distributed in the
      following order of priority:

     

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

     

    (7) On
      each
      Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger
      Event is not in effect, the Securities Administrator shall withdraw from the
      Distribution Account to the extent on deposit therein an amount equal to the
      Group IA Principal Distribution Amount, Group IB Principal Distribution Amount
      and Group II Principal Distribution Amount and distribute to the
      Certificateholders the following amounts, in the following order of
      priority:

     

    (v)  The
      Group
      IA Principal Distribution Amount shall be distributed in the following order
      of
      priority:

     

    first,
      to the
      Supplemental Interest Trust, an amount equal to the Group IA Allocation
      Percentage of (i) any Net Swap Payment owed to the Swap Provider and (ii) any
      Swap Termination Payment owed to the Swap Provider not due to a Swap Provider
      Trigger Event to the extent not paid from the Interest Remittance Amount on
      such
      Distribution Date;

     

    second,
      to the
      Holders of the Class A-1A Certificates, the Class A-1A Principal Distribution
      Amount, until the Certificate Principal Balance of such Class has been reduced
      to zero; 

     

    third,
      concurrently, (i) to the holders of the Class A-1B1 Certificates and Class
      A-1B2
      Certificates and (ii) to the holders of the Class A-2 Certificates, after taking
      into account the distribution of the Group IB Principal Distribution Amount
      on
      such Distribution Date pursuant to Section 5.01(c)(7)(ii) below and the Group
      II
      Principal Distribution Amount pursuant to Section 5.01(c)(7)(iii) below on
      such
      Distribution Date, on a pro rata basis based on the amount required to satisfy
      the Targeted Credit Enhancement Test with respect to Class A-1B1 Certificates
      and Class A-1B2 Certificates on the one hand and the Class A-2 Certificates
      on
      the other; provided, however that if a Sequential Trigger Event is in effect
      on
      such Distribution Date, the distribution to the Class A-1B1 Certificates and
      Class A-1B2 Certificates pursuant to this clause third shall be made on a
      sequential basis to the Class A-1B1 Certificates and Class A-1B2 Certificates,
      in that order; provided, further that the distribution to the Class A-2
      Certificates pursuant to this clause third shall be made on a sequential basis
      to the Class A-2A, Class A-2B, Class A-2C and Class A-2D Certificates, in that
      order; and

     

    fourth,
      to the
      Insurer, any Insurer Premium and Reimbursement Amounts not repaid from the
      Interest Remittance Amount on such Distribution Date.

     

    (vi)  The
      Group
      IB Principal Distribution Amount shall be distributed in the following order
      of
      priority:

     

    first,
      to the
      Supplemental Interest Trust, an amount equal to the Group IB Allocation
      Percentage of (i) any Net Swap Payment owed to the Swap Provider and (ii) any
      Swap Termination Payment owed to the Swap Provider not due to a Swap Provider
      Trigger Event to the extent not paid from the Interest Remittance Amount on
      such
      Distribution Date;

     

    second,
      concurrently to the Holders of the Class A-1B1 Certificates and Class A-1B2
      Certificates, on a pro rata basis based on the Certificate Principal Balance
      of
      each such Class, the Class A-1B Principal Distribution Amount until the
      Certificate Principal Balance of each such Class has been reduced to zero;
      provided, however that if a Sequential Trigger Event is in effect on such
      Distribution Date, the distribution to the Holders of the Class A-1B1
      Certificates and Class A-1B2 Certificates pursuant to this clause second shall
      be made on a sequential basis to the Class A-1B1 Certificates and Class A-1B2
      Certificates, in that order, until the Certificate Principal Balance of each
      such Class has been reduced to zero; 

     

    third,
      concurrently, (i) to the holders of the Class A-1A Certificates and (ii) to
      the
      holders of the Class A-2 Certificates, after taking into account the
      distribution of the Group IA Principal Distribution Amount on such Distribution
      Date pursuant to Section 5.01(c)(7)(i) above and the Group II Principal
      Distribution Amount on such Distribution Date the Group II Principal
      Distribution Amount pursuant to Section 5.01(c)(7)(iii) below, on a pro rata
      basis based on the amount required to satisfy the Targeted Credit Enhancement
      Test with respect to Class A-1A Certificates on the one hand and the Class
      A-2
      Certificates on the other; provided, however that the distribution to the Class
      A-2 Certificates pursuant to this clause third shall be based on a sequential
      basis to the Class A-2A, Class A-2B, Class A-2C and Class A-2D Certificates,
      in
      that order; and

     

    fourth,
      to the
      Insurer, any Insurer Premium and Reimbursement Amounts not repaid from the
      Interest Remittance Amount on such Distribution Date.

     

    (vii)  The
      Group
      II Principal Distribution Amount shall be distributed in the following order
      of
      priority:

     

    first,
      to the
      Supplemental Interest Trust, an amount equal to the Group II Allocation
      Percentage of (i) any Net Swap Payment owed to the Swap Provider and (ii) any
      Swap Termination Payment owed to the Swap Provider not due to a Swap Provider
      Trigger Event to the extent not paid from the Interest Remittance Amount on
      such
      Distribution Date;

     

    second,
      sequentially, to the Holders of the Class A-2A, Class A-2B, Class A-2C and
      Class
      A-2D Certificates, in that order, the Class A-2 Principal Distribution Amount,
      until the Certificate Principal Balance of each such Class has been reduced
      to
      zero; 

     

    third,
      concurrently, (i) to the holders of the Class A-1A Certificates and (ii) to
      the
      holders of the Class A-1B1 Certificates and Class A-1B2 Certificates, after
      taking into account the distribution of the Group IA Principal Distribution
      Amount on such Distribution Date pursuant to Section 5.01(c)(7)(i) above and
      the
      Group IB Principal Distribution Amount on such Distribution Date pursuant to
      Section 5.01(c)(7)(ii) above, on a pro rata basis based on the amount required
      to satisfy the Target Credit Enhancement Test with respect to the A-1A
      Certificates on the one hand and the Class A-1B1 Certificates and Class A-1B2
      Certificates on the other; provided, however that if a Sequential Trigger Event
      is in effect on such Distribution Date, the distribution to the Class A-1B1
      Certificates and Class A-1B2 Certificates pursuant to this clause third shall
      be
      made on a sequential basis to the Class A-1B1 Certificates and Class A-1B2
      Certificates, in that order; and

     

    fourth,
      to the
      Insurer, any Insurer Premium and Reimbursement Amounts not repaid from the
      Interest Remittance Amount on such Distribution Date.

     

    (viii)  The
      Principal Distribution Amount remaining after distributions pursuant to Sections
      5.01(c)(7)(i), (ii) and (iii) above shall be distributed in the following order
      of priority:

     

    first,
      to the
      Holders of the Class M-1 Certificates, the lesser of (x) the remaining Principal
      Distribution Amount and (y) the Class M-1 Principal Distribution Amount, until
      the Certificate Principal Balance of the Class M-1 Certificates has been reduced
      to zero;

     

    second,
      to the
      Holders of the Class M-2 Certificates, the lesser of (x) the excess of (i)
      the
      remaining Principal Distribution Amount over (ii) the amounts distributed to
      the
      Holders of the Class M-1 Certificates under clause first above, and (y) the
      Class M-2 Principal Distribution Amount, until the Certificate Principal Balance
      of the Class M-2 Certificates has been reduced to zero;

     

    third,
      to the
      Holders of the Class M-3 Certificates, the lesser of (x) the excess of (i)
      the
      remaining Principal Distribution Amount over (ii) the sum of the amounts
      distributed to the Holders of the Class M-1 Certificates under clause first
      above and to the Holders of the Class M-2 Certificates under clause second
      above, and (y) the Class M-3 Principal Distribution Amount, until the
      Certificate Principal Balance of the Class M-3 Certificates has been reduced
      to
      zero;

     

    fourth,
      to the
      Holders of the Class M-4 Certificates, the lesser of (x) the excess of (i)
      the
      remaining Principal Distribution Amount over (ii) the sum of the amounts
      distributed to the Holders of the Class M-1 Certificates under clause first
      above, to the Holders of the Class M-2 Certificates under clause second above
      and to the Holders of the Class M-3 Certificates under clause third above,
      and
      (y) the Class M-4 Principal Distribution Amount, until the Certificate Principal
      Balance of the Class M-4 Certificates has been reduced to zero;

     

    fifth,
      to the
      Holders of the Class M-5 Certificates, the lesser of (x) the excess of (i)
      the
      remaining Principal Distribution Amount over (ii) the sum of the amounts
      distributed to the Holders of the Class M-1 Certificates under clause first
      above, to the Holders of the Class M-2 Certificates under clause second above,
      to the Holders of the Class M-3 Certificates under clause third above and to
      the
      Holders of the Class M-4 Certificates under clause fourth above, and (y) the
      Class M-5 Principal Distribution Amount, until the Certificate Principal Balance
      of the Class M-5 Certificates has been reduced to zero;

     

    sixth,
      to the
      Holders of the Class M-6 Certificates, the lesser of (x) the excess of (i)
      the
      remaining Principal Distribution Amount over (ii) the sum of the amounts
      distributed to the Holders of the Class M-1 Certificates under clause first
      above, to the Holders of the Class M-2 Certificates under clause second above,
      to the Holders of the Class M-3 Certificates under clause third above, to the
      Holders of the Class M-4 Certificates under clause fourth above and to the
      Holders of the Class M-5 Certificates under clause fifth above, and (y) the
      Class M-6 Principal Distribution Amount, until the Certificate Principal Balance
      of the Class M-6 Certificates has been reduced to zero; 

     

    seventh,
      to the
      Holders of the Class M-7 Certificates, the lesser of (x) the excess of (i)
      the
      remaining Principal Distribution Amount over (ii) the sum of the amounts
      distributed to the Holders of the Class M-1 Certificates under clause first
      above, to the Holders of the Class M-2 Certificates under clause second above,
      to the Holders of the Class M-3 Certificates under clause third above, to the
      Holders of the Class M-4 Certificates under clause fourth above, to the Holders
      of the Class M-5 Certificates under clause fifth above and to the Holders of
      the
      Class M-6 Certificates under clause sixth above, and (y) the Class M-7 Principal
      Distribution Amount, until the Certificate Principal Balance of the Class M-7
      Certificates has been reduced to zero;

     

    eighth,
      to the
      Holders of the Class M-8 Certificates, the lesser of (x) the excess of (i)
      the
      remaining Principal Distribution Amount over (ii) the sum of the amounts
      distributed to the Holders of the Class M-1 Certificates under clause first
      above, to the Holders of the Class M-2 Certificates under clause second above,
      to the Holders of the Class M-3 Certificates under clause third above, to the
      Holders of the Class M-4 Certificates under clause fourth above, to the Holders
      of the Class M-5 Certificates under clause fifth above, to the Holders of the
      Class M-6 Certificates under clause sixth above and to the Holders of the Class
      M-7 Certificates under clause seventh above, and (y) the Class M-8 Principal
      Distribution Amount, until the Certificate Principal Balance of the Class M-8
      Certificates has been reduced to zero;

     

    ninth,
      to the
      Holders of the Class M-9 Certificates, the lesser of (x) the excess of (i)
      the
      remaining Principal Distribution Amount over (ii) the sum of the amounts
      distributed to the Holders of the Class M-1 Certificates under clause first
      above, to the Holders of the Class M-2 Certificates under clause second above,
      to the Holders of the Class M-3 Certificates under clause third above, to the
      Holders of the Class M-4 Certificates under clause fourth above, to the Holders
      of the Class M-5 Certificates under clause fifth above, to the Holders of the
      Class M-6 Certificates under clause sixth above, to the Holders of the Class
      M-7
      Certificates under clause seventh above and to the Holders of the Class M-8
      Certificates under clause eighth above, and (y) the Class M-9 Principal
      Distribution Amount, until the Certificate Principal Balance of the Class M-9
      Certificates has been reduced to zero; and

     

    tenth,
      to the
      Holders of the Class M-10 Certificates, the lesser of (x) the excess of (i)
      the
      remaining Principal Distribution Amount over (ii) the sum of the amounts
      distributed to the Holders of the Class M-1 Certificates under clause first
      above, to the Holders of the Class M-2 Certificates under clause second above,
      to the Holders of the Class M-3 Certificates under clause third above, to the
      Holders of the Class M-4 Certificates under clause fourth above, to the Holders
      of the Class M-5 Certificates under clause fifth above, to the Holders of the
      Class M-6 Certificates under clause sixth above, to the Holders of the Class
      M-7
      Certificates under clause seventh above, to the Holders of the Class M-8
      Certificates under clause eighth above and to the Holders of the Class M-9
      Certificates under clause ninth above, and (y) the Class M-10 Principal
      Distribution Amount, until the Certificate Principal Balance of the Class M-10
      Certificates has been reduced to zero. 

     

    (8) On
      each
      Distribution Date, the Net Monthly Excess Cashflow (or, in the case of clause
      (i) below, the Net Monthly Excess Cashflow exclusive of any
      Overcollateralization Reduction Amount) shall be distributed as
      follows:

     

    (ix)  to
      the
      Holders of the Class or Classes of Certificates then entitled to receive
      distributions in respect of principal, in an amount equal to the
      Overcollateralization Increase Amount, payable to such Holders in accordance
      with the priorities set forth in Section 5.01(d) below;

     

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

     

    (xi)  sequentially,
      to the Holders of the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5,
      Class M-6, Class M-7, Class M-8, Class M-9 and Class M-10 Certificates, in
      that
      order, in an amount equal to the Allocated Realized Loss Amount allocable to
      each such Class;

     

    (xii)  concurrently,
      to the Holders of the Class A Certificates, in an amount equal to such
      Certificates’ allocated share of any Prepayment Interest Shortfalls on the
      Mortgage Loans to the extent not covered by payments pursuant to Section 3.22
      or
      4.19 of this Agreement or pursuant to the Interim Servicing Agreements and
      any
      shortfalls resulting from the application of the Relief Act or similar state
      or
      local law or the bankruptcy code with respect to the Mortgage Loans to the
      extent not previously reimbursed pursuant to Section 1.02;

     

    (xiii)  sequentially,
      to the Holders of the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5,
      Class M-6, Class M-7, Class M-8, Class M-9 and Class M-10 Certificates, in
      that
      order, in an amount equal to such certificates’ share of any Prepayment Interest
      Shortfalls on the Mortgage Loans to the extent not covered by payments pursuant
      to Sections 3.22 or Section 4.19 of this Agreement or pursuant to the Interim
      Servicing Agreements and any Relief Act Interest Shortfall, in each case that
      were allocated to such Class for such Distribution Date and for any prior
      Distribution Date, to the extent not previously reimbursed pursuant to Section
      1.02;

     

    (xiv)  to
      the
      Reserve Fund, the amount by which the Net WAC Rate Carryover Amounts, if any,
      with respect to the Offered Certificates exceeds the amount in the Reserve
      Fund
      that was not distributed on prior Distribution Dates;

     

    (xv)  to
      the
      Supplemental Interest Trust, an amount equal to any Swap Termination Payment
      owed to the Swap Provider due to a Swap Provider Trigger Event pursuant to
      the
      Swap Agreement; 

     

    (xvi)  
      to the
      Holders of the Class CE-1 Certificates the Interest Distribution Amount and
      any
      Overcollateralization Reduction Amount for such Distribution Date;
      and

     

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

     

    The
      Class
      CE-1 Certificates are intended to receive all principal and interest received
      by
      the Trust on the Mortgage Loans that is not otherwise distributable to any
      other
      Class of Regular Certificates or REMIC Regular Interests. If the Securities
      Administrator determines that the Residual Certificates are entitled to any
      distributions on any Distribution Date other than the final Distribution Date,
      the Securities Administrator, prior to any such distribution to any Residual
      Certificate, shall notify the Depositor of such impending distribution. Upon
      such notification, the Depositor will prepare and request that the other parties
      hereto enter into an amendment to the Pooling and Servicing Agreement pursuant
      to Section 12.01, to revise such mistake in the distribution
      provisions.

     

    On
      each
      Distribution Date, after making the distributions of the Available Distribution
      Amount as set forth above, the Securities Administrator will first, withdraw
      from the Reserve Fund all income from the investment of funds in the Reserve
      Fund and distribute such amount to the Holders of the Class CE-1 Certificates,
      and second, withdraw from the Reserve Fund, to the extent of amounts remaining
      on deposit therein, the amount of any Net WAC Rate Carryover Amount for such
      Distribution Date and distribute such amount first, concurrently to the Class
      A
      Certificates, on a pro
      rata
      basis;
      second, to the Class M-1 Certificates, third, to the Class M-2 Certificates,
      fourth, to the Class M-3 Certificates, fifth, to the Class M-4 Certificates,
      sixth, to the Class M-5 Certificates, seventh, to the Class M-6 Certificates,
      eighth, to the Class M-7 Certificates, ninth, to the Class M-8 Certificates,
      tenth, to the Class M-9 Certificates and eleventh, to the Class M-10
      Certificates, in each case to the extent to the extent any Net WAC Rate
      Carryover Amount is allocable to each such Class.

     

    (d)  On
      each
      Distribution Date, for so long as Ocwen is the Servicer of the Ocwen Mortgage
      Loans, the Securities Administrator shall distribute to the Holders of the
      Class
      CE-2 Certificates, with respect to each Ocwen Mortgage Loan, one-twelfth of
      the
      product of (i) the excess of the Servicing Fee Rate over the Ocwen Servicing
      Fee
      Rate, if any, multiplied by (ii) the Scheduled Principal Balance of the related
      Ocwen Mortgage Loan as of the Due Date in the preceding calendar month (the
      “Excess Servicing Fee”).

     

    (e)  On
      each
      Distribution Date, the Securities Administrator shall withdraw any amounts
      then
      on deposit in the Distribution Account that represent Prepayment Charges and
      shall distribute such amounts to the Class P Certificateholders.

     

    (f)  As
      described in Section 5.01(c)(2), (3), (5) and (6) above, Net Swap Payments
      and Swap Termination Payments (other than Swap Termination Payments resulting
      from a Swap Provider Trigger Event) payable by the Supplemental Interest Trust
      to the Swap Provider pursuant to the Swap Agreement shall be deducted from
      the
      Interest Remittance Amount, and to the extent of any such remaining amounts
      due,
      from the Principal Remittance Amount, prior to any distributions to the
      Certificateholders. On each Distribution Date, such amounts will be remitted
      to
      the Supplemental Interest Trust, first to make any Net Swap Payment owed to
      the
      Swap Provider pursuant to the Swap Agreement for such Distribution Date, and
      second to make any Swap Termination Payment (not due to a Swap Provider Trigger
      Event) owed to the Swap Provider pursuant to the Swap Agreement for such
      Distribution Date. Any Swap Termination Payment triggered by a Swap Provider
      Trigger Event owed to the Swap Provider pursuant to the Swap Agreement will
      be
      subordinated to distributions to the Holders of the Offered Certificates and
      shall be paid pursuant to Section 5.01(c)(7)(vii).

     

    (g)  On
      each
      Distribution Date, to the extent required, following the distribution of the
      Net
      Monthly Excess Cashflow and withdrawals from the Reserve Fund, the Securities
      Administrator will withdraw any amounts in the Supplemental Interest Trust
      and
      distribute such amounts in the following order of priority: 

     

    first,
      to the
      Swap Provider, any Net Swap Payment owed to the Swap Provider pursuant to the
      Interest Rate Swap Agreement for such Distribution Date;

     

    second,
      to the
      Swap Provider, any Swap Termination Payment owed to the Swap Provider not due
      to
      a Swap Provider Trigger Event pursuant to the Interest Rate Swap
      Agreement;

     

    third,
      concurrently, to each class of Class A Certificates, the related Senior Interest
      Distribution Amount remaining undistributed after the distributions of the
      Group
      IA Interest Remittance Amount, Group IB Interest Remittance Amount and Group
      II
      Interest Remittance Amount, on a pro
      rata
      basis
      based on such respective remaining Senior Interest Distribution
      Amounts;

     

    fourth,
      sequentially, to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5,
      Class M-6, Class M-7, Class M-8, Class M-9 and Class M-10 Certificates, in
      that
      order, the related Interest Distribution Amount and Interest Carry Forward
      Amount, to the extent remaining undistributed after the distributions of the
      Group IA Interest Remittance Amount, Group IB Interest Remittance Amount and
      Group II Interest Remittance Amount and the Net Monthly Excess
      Cashflow;

     

    fifth,
      concurrently, to each class of Class A Certificates, the related Net WAC Rate
      Carryover Amount, to the extent remaining undistributed after distributions
      of
      Net Monthly Excess Cashflow on deposit in the Reserve Fund, on a pro
      rata
      basis
      based on such respective Net WAC Rate Carryover Amounts remaining;

     

    sixth,
      sequentially, to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5,
      Class M-6, Class M-7, Class M-8, Class M-9 and Class M-10 Certificates, in
      that
      order, the related Net WAC Rate Carryover Amount, to the extent remaining
      undistributed after distributions of Net Monthly Excess Cashflow on deposit
      in
      the Reserve Fund;

     

    seventh,
      to the
      holders of the class or classes of Certificates then entitled to receive
      distributions in respect of principal, in an amount necessary to maintain the
      Required Overcollateralization Amount after taking into account distributions
      made pursuant to Section 5.01(c)(7)(i) above;

     

    eighth,
      sequentially to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5,
      Class
      M-6, Class M-7, Class M-8, Class M-9 and Class M-10 Certificates, in that order,
      in each case up to the related Allocated Realized Loss Amount related to such
      Certificates for such Distribution Date remaining undistributed after
      distribution of the Net Monthly Excess Cashflow; 

     

    ninth,
      to the
      Swap Provider, an amount equal to any Swap Termination Payment owed to the
      Swap
      Provider due to a Swap Provider Trigger Event pursuant to the Interest Rate
      Swap
      Agreement; and

     

    tenth,
      to the
      Class CE-1 Certificates, any remaining amounts.

     

    (h)  All
      distributions made with respect to each Class of Certificates on each
      Distribution Date shall be allocated pro
      rata
      among
      the outstanding Certificates in such Class based on their respective Percentage
      Interests. Payments in respect of each Class of Certificates on each
      Distribution Date will be made to the Holders of the respective Class of record
      on the related Record Date (except as otherwise provided in Section 5.01(k)
      or
      Section 10.01 respecting the final distribution on such Class), based on the
      aggregate Percentage Interest represented by their respective Certificates,
      and
      shall be made by wire transfer of immediately available funds to the account
      of
      any such Holder at a bank or other entity having appropriate facilities
      therefor, if such Holder shall have so notified the Securities Administrator
      in
      writing at least five (5) Business Days prior to the Record Date immediately
      prior to such Distribution Date and is the registered owner of Certificates
      having an initial aggregate Certificate Principal Balance that is in excess
      of
      the lesser of (i) $5,000,000 or (ii) two-thirds of the initial Certificate
      Principal Balance of such Class of Certificates, or otherwise by check mailed
      by
      first class mail to the address of such Holder appearing in the Certificate
      Register. The final distribution on each Certificate will be made in like
      manner, but only upon presentment and surrender of such Certificate at the
      Corporate Trust Office of the Securities Administrator or such other location
      specified in the notice to Certificateholders of such final
      distribution.

     

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

     

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

     

    (j)  Each
      Holder of an Insured Certificate, by its acceptance of such Insured Certificate,
      hereby agrees that, in the event any distribution is made to any Holder of
      such
      Insured Certificate from amounts paid under the Policy, (i) the Insurer shall
      be
      subrogated in the manner herein provided to the rights of the Holder of such
      Insured Certificate to receive, from amounts on deposit in the Distribution
      Account, the distributions allocable to principal and interest that would have
      been distributable to such Holder if no distribution had been made under the
      Policy; and (ii) in addition to the rights of the Holders of the Insured
      Certificates that the Insurer may exercise in accordance with the provisions
      of
      Section 12.1, the Insurer may exercise any option, vote, right, or power with
      respect to each Insured Certificate for which amounts paid under the Policy
      (plus interest at the Late Payment Rate thereon from the date such payment
      was
      made) are outstanding.

     

    Payments
      to the Insurer shall be made by wire transfer of immediately available funds
      to
      the following account, unless the Insurer notifies the Securities Administrator
      in writing of a change in such wire transfer instructions: CIFG Assurance North
      America, Inc., Bank: JPMorgan Chase Bank, ABA Number: 0210-002-1, For the
      Account of: Brown Brothers Harriman & Co., Account Number: 920-1-033231, For
      Further Credit to Account Number: 2311694.

     

    (k)  Except
      as
      otherwise provided in Section 10.01, whenever the Securities Administrator
      expects that the final distribution with respect to any Class of Certificates
      will be made on the next Distribution Date, the Securities Administrator shall,
      no later than three (3) days before the related Distribution Date, mail to
      each
      Holder on such date of such Class of Certificates a notice to the effect
      that:

     

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

     

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

     

    Any
      funds
      not distributed to any Holder or Holders of Certificates of such Class on such
      Distribution Date because of the failure of such Holder or Holders to tender
      their Certificates shall, on such date, be set aside and held in trust by the
      Securities Administrator and credited to the account of the appropriate
      non-tendering Holder or Holders. If any Certificates as to which notice has
      been
      given pursuant to this Section 5.01(i) shall not have been surrendered for
      cancellation within six months after the time specified in such notice, the
      Securities Administrator shall mail a second notice to the remaining
      non-tendering Certificateholders to surrender their Certificates for
      cancellation in order to receive the final distribution with respect thereto.
      If
      within one year after the second notice all such Certificates shall not have
      been surrendered for cancellation, the Securities Administrator shall, directly
      or through an agent, mail a final notice to the remaining non-tendering
      Certificateholders concerning surrender of their Certificates but shall continue
      to hold any remaining funds for the benefit of non-tendering Certificateholders.
      The costs and expenses of maintaining the funds in trust and of contacting
      such
      Certificateholders shall be paid out of the assets remaining in such trust
      fund.
      If within one year after the final notice any such Certificates shall not have
      been surrendered for cancellation, the Securities Administrator shall pay to
      the
      Depositor all such amounts, and all rights of non-tendering Certificateholders
      in or to such amounts shall thereupon cease. No interest shall accrue or be
      payable to any Certificateholder on any amount held in trust by the Securities
      Administrator as a result of such Certificateholder’s failure to surrender its
      Certificate(s) on the final Distribution Date for final payment thereof in
      accordance with this Section 5.01(k). Any such amounts held in trust by the
      Securities Administrator shall be held uninvested in an Eligible
      Account.

     

    (l)  Notwithstanding
      anything to the contrary herein, (i) in no event shall the Certificate Principal
      Balance of a Class A Certificate or a Mezzanine Certificate be reduced more
      than
      once in respect of any particular amount both (a) allocated to such Certificate
      in respect of Realized Losses pursuant to Section 5.04 and (b) distributed
      to
      the Holder of such Certificate in reduction of the Certificate Principal Balance
      thereof pursuant to this Section 5.01 from Net Monthly Excess Cashflow and
      (ii)
      in no event shall the Uncertificated Balance of a REMIC Regular Interest be
      reduced more than once in respect of any particular amount both (a) allocated
      to
      such REMIC Regular Interest in respect of Realized Losses pursuant to Section
      5.04 and (b) distributed on such REMIC Regular Interest in reduction of the
      Uncertificated Balance thereof pursuant to this Section 5.01.

     

    SECTION
      5.02.  Statements
      to Certificateholders.

     

    On
      each
      Distribution Date, the Securities Administrator (based on the information set
      forth in the Servicer Reports for such Distribution Date and information
      provided by the Trustee or the Swap Provider under the Swap Agreement with
      respect to payments made pursuant to the Swap Agreement) shall make available
      to
      each Holder of the Certificates, the Credit Risk Manager and the Insurer, a
      statement as to the distributions made on such Distribution Date setting
      forth:

     

    (i)  applicable
      Interest Accrual Periods and general Distribution Dates;

     

    (ii)  with
      respect to each loan group, the total cash flows received and the general
      sources thereof; 

     

    (iii)  the
      aggregate Servicing Fee received by the Servicers during the related Due
      Period;

     

    (iv)  the
      amount, if any, of other fees or expenses accrued and paid, with an
      identification of the payee and the general purpose of such fees; 

     

    (v)  with
      respect to each loan group, the amount of the related distribution to Holders
      of
      the Certificates (by 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) any
      Overcollateralization Increase Amount included therein;

     

    (vi)  with
      respect to each loan group, the amount of such distribution to Holders of the
      Certificates (by class) allocable to interest and the portion thereof, if any,
      provided by the Swap Agreement;

     

    (vii)  with
      respect to each loan group, the Interest Carry Forward Amounts and any Net
      WAC
      Rate Carryover Amounts for the related Certificates (if any);

     

    (viii)  the
      aggregate amount of Advances included in the distributions on the Distribution
      Date (including the general purpose of such Advances);

     

    (ix)  with
      respect to each loan group, the number and aggregate principal balance of any
      Mortgage Loans that were (A) delinquent (exclusive of Mortgage Loans in
      foreclosure) using the “OTS” method (1) one scheduled payment is delinquent, (2)
      two scheduled payments are delinquent, (3) three scheduled payments are
      delinquent and (4) foreclosure proceedings have been commenced, and loss
      information for the period;

     

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

     

    (xi)  with
      respect to each loan group and any Mortgage Loan that was liquidated during
      the
      preceding calendar month, the loan number and Scheduled Principal Balance of,
      and Realized Loss on, such Mortgage Loan as of the end of the related Prepayment
      Period;

     

    (xii)  the
      total
      number and principal balance of any real estate owned, or REO Properties, as
      of
      the end of the related Prepayment Period;

     

    (xiii)  with
      respect to each loan group, whether the Stepdown Date has occurred and whether
      Trigger Event is in effect;

     

    (xiv)  with
      respect to each loan group, the cumulative Realized Losses through the end
      of
      the preceding month;

     

    (xv)  the
      aggregate amount of Extraordinary Trust Fund Expenses withdrawn from the
      Distribution Account for such Distribution Date;

     

    (xvi)  with
      respect to each loan group, the Certificate Principal Balance of the related
      Certificates before and after giving effect to the distribution of principal
      and
      allocation of Allocated Realized Loss Amounts on such Distribution
      Date;

     

    (xvii)  with
      respect to each loan group, the number and Scheduled Principal Balance of all
      the Mortgage Loans for the following Distribution Date;

     

    (xviii)  with
      respect to each loan group, the three-month rolling average of the percent
      equivalent of a fraction, the numerator of which is the aggregate Scheduled
      Principal Balance of the Mortgage Loans in such loan group that are 60 days
      or
      more delinquent or are in bankruptcy or foreclosure or are REO Properties,
      and
      the denominator of which is the Scheduled Principal Balances of all of the
      Mortgage Loans in such loan group;

     

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

     

    (xx)  the
      Interest Distribution Amount in respect of the Class A Certificates, the
      Mezzanine Certificates and the Class CE-1 Certificates for such Distribution
      Date and the Interest Carry Forward Amount, if any, with respect to the Class
      A
      Certificates and the Mezzanine Certificates on such Distribution Date, and
      in
      the case of the Class A Certificates and the Mezzanine Certificates separately
      identifying any reduction thereof due to allocations of Prepayment Interest
      Shortfalls and interest shortfalls including the following Realized Losses:
      Relief Act Interest Shortfalls and Net WAC Rate Carryover Amounts;

     

    (xxi)  the
      aggregate amount of any Prepayment Interest Shortfall for such Distribution
      Date, to the extent not covered by payments by the Servicers pursuant to
      Section 3.22 of this Agreement, the Master Servicer pursuant to
      Section 4.19 of this Agreement or the Interim Servicers pursuant to the
      Interim Servicing Agreements; 

     

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

     

    (xxiii)  the
      amount of, if any, of Net Monthly Excess Cashflow or excess spread and the
      application of such Net Monthly Excess Cashflow;

     

    (xxiv)  the
      Required Overcollateralization Amount and the Credit Enhancement Percentage
      for
      such Distribution Date;

     

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

     

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

     

    (xxvii)  the
      Pass-Through Rate for each class of Certificates for such Distribution
      Date;

     

    (xxviii)  the
      amount of any deposit to the Reserve Fund contemplated by
      Section 3.24(b);

     

    (xxix)  the
      balance of the Reserve Fund prior to the deposit or withdrawal of any amounts
      on
      such Distribution Date;

     

    (xxx)  the
      amount of any deposit to the Reserve Fund pursuant to
      Section 5.01(c)(8)(vi);

     

    (xxxi)  the
      Loss
      Severity Percentage with respect to each Mortgage Loan;

     

    (xxxii)  the
      Aggregate Loss Severity Percentage;

     

    (xxxiii)  with
      respect to each loan group, the amount of the Prepayment Charges remitted by
      the
      Servicers; and

     

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

     

    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 Certificateholders, the Insurer and the Rating
      Agencies via the Securities Administrator’s internet website. The Securities
      Administrator’s internet website shall initially be located at
      http:\\www.ctslink.com and assistance in using the website can be obtained
      by
      calling the Securities Administrator’s customer service desk at 1-301-815-6600.
      Parties that are unable to use the above distribution options are entitled
      to
      have a paper copy mailed to them via first class mail by calling the 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.

     

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

     

    Within
      a
      reasonable period of time after the end of each calendar year, the Securities
      Administrator shall furnish upon request to the Insurer and each Person who
      at
      any time during the calendar year was a Holder of a Regular Certificate a
      statement containing the information set forth in subclauses (i) through (iii)
      above, aggregated for such calendar year or applicable portion thereof during
      which such person was a Certificateholder. Such obligation of the 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
      are
      in force.

     

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

     

    The
      Securities Administrator shall, upon request, furnish to each the Insurer and
      Certificateholder during the term of this Agreement, such periodic, special,
      or
      other reports or information, whether or not provided for herein, as shall
      be
      reasonable with respect to the Insurer or Certificateholder, as applicable,
      or
      otherwise with respect to the purposes of this Agreement, all such reports
      or
      information to be provided at the expense of the Insurer or Certificateholder,
      in accordance with such reasonable and explicit instructions and directions
      as
      the Insurer Certificateholder may provide.

     

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

     

    SECTION
      5.03.  Servicer
      Reports; P&I Advances.

     

    (a)  On
      the
      18th calendar day of each month, and if the 18th calendar day is not a Business
      Day, the immediately following Business Day and with respect to Ocwen on or
      before 12:00 noon New York time on such day, each Servicer shall deliver to
      the
      Master Servicer and the Securities Administrator by telecopy or electronic
      mail
      (or by such other means as the related Servicer, the Master Servicer and the
      Securities Administrator may agree from time to time) a remittance report
      containing such information with respect to the related Mortgage Loans and
      the
      related Distribution Date as is reasonably available to the related Servicer
      as
      the Master Servicer or the Securities Administrator may reasonably require
      so as
      to enable the Master Servicer to master service the related Mortgage Loans
      and
      oversee the servicing by the related Servicer and the Securities Administrator
      to fulfill its obligations hereunder with respect to securities and tax
      reporting.

     

    (b)  The
      amount of P&I Advances to be made by the related Servicer on any
      Distribution Date shall equal, subject to Section 5.03(d), (i) the aggregate
      amount of Monthly Payments (net of the related Servicing Fees), due during
      the
      related Due Period in respect of the Mortgage Loans serviced by such Servicer,
      which Monthly Payments were delinquent as of the close of business on the
      related Determination Date and (ii) with respect to each REO Property, which
      was
      acquired during or prior to the related Prepayment Period and as to which an
      REO
      Disposition did not occur during the related Prepayment Period, an amount equal
      to the excess, if any, of the REO Imputed Interest on such REO Property for
      the
      most recently ended calendar month, over the net income from such REO Property
      deposited in the related Collection Account pursuant to Section 3.21 of this
      Agreement for distribution on such Distribution Date; provided, however, no
      Servicer shall be required to make P&I Advances with respect to Relief Act
      Interest Shortfalls, or with respect to Prepayment Interest Shortfalls in excess
      of its obligations under Section 3.22. For purposes of the preceding sentence,
      the Monthly Payment on each Balloon Mortgage Loan with a delinquent Balloon
      Payment is equal to the assumed monthly payment that would have been due on
      the
      related Due Date based on the original principal amortization schedule for
      such
      Balloon Mortgage Loan.

     

    On
      the
      Servicer Remittance Date, each Servicer shall remit in immediately available
      funds to the Securities Administrator for deposit in the Distribution Account
      an
      amount equal to the aggregate amount of P&I Advances, if any, to be made in
      respect of the related Mortgage Loans for the related Distribution Date either
      (i) from its own funds or (ii) from the related Collection Account, to the
      extent of any Amounts Held For Future Distribution on deposit therein (in which
      case it will cause to be made an appropriate entry in the records of the related
      Collection Account that Amounts Held For Future Distribution have been, as
      permitted by this Section 5.03, used by the related Servicer in discharge of
      any
      such P&I Advance) or (iii) in the form of any combination of (i) and (ii)
      aggregating the total amount of P&I Advances to be made by the related
      Servicer with respect to the related Mortgage Loans. In addition, the related
      Servicer shall have the right to reimburse itself for any outstanding P&I
      Advance made from its own funds from Amounts Held for Future Distribution.
      Any
      Amounts Held For Future Distribution used by the related Servicer to make
      P&I Advances or to reimburse itself for outstanding P&I Advances shall
      be appropriately reflected in the related Servicer’s records and replaced by the
      related Servicer by deposit in the related Collection Account no later than
      the
      close of business on the Servicer Remittance Date immediately following the
      Due
      Period or Prepayment Period for which such amounts relate. The Securities
      Administrator will notify the related Servicer and the Master Servicer by the
      close of business on the Business Day prior to the Distribution Date in the
      event that the amount remitted by the related Servicer to the Securities
      Administrator on such date is less than the P&I Advances required to be made
      by the related Servicer for the related Distribution Date.

     

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

     

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

     

    (e)  Subject
      to and in accordance with the provisions of Article VIII of this Agreement,
      in
      the event Wells Fargo fails to make any required P&I Advance, then the
      Trustee or any other successor Servicer shall be required to make such P&I
      Advance on the Distribution Date on which such Servicer was required to make
      such Advance, subject to its determination of recoverability. In addition,
      in
      the event that Ocwen (or any successor thereto) fails to make a required P&I
      Advance or any Interim Servicer fails to make a required P&I Advance under
      the related Interim Servicing Agreement, the Master Servicer (in its capacity
      as
      successor to such Servicer or Interim Servicer) will be required to make such
      P&I Advance on the Distribution Date on which such Servicer or Interim
      Servicer was required to make such P&I Advance, subject to its determination
      of recoverability.

     

    SECTION
      5.04.  Allocation
      of Realized Losses.

     

    (a)  Prior
      to
      the Determination Date, each Servicer and Interim Servicer shall determine
      as to
      each Mortgage Loan serviced by such Servicer or Interim Servicer and any related
      REO Property and include in the monthly remittance report provided to the Master
      Servicer and the Securities Administrator (substantially in the form of Schedule
      4 hereto) such information as is reasonably available to the Servicers and
      the
      Interim Servicers as the Master Servicer or the Securities Administrator may
      reasonably require so as to enable the Master Servicer to master service the
      Mortgage Loans and oversee the servicing by the Servicers and the Interim
      Servicers and the Securities Administrator to fulfill its obligations hereunder
      with respect to securities and tax reporting, which shall include, but not
      be
      limited to: (i) the total amount of Realized Losses, if any, incurred in
      connection with any Final Recovery Determinations made during the related
      Prepayment Period; and (ii) the respective portions of such Realized Losses
      allocable to interest and allocable to principal. Prior to each Determination
      Date, each Servicer and Interim Servicer shall also determine as to each
      Mortgage Loan: (i) the total amount of Realized Losses, if any, incurred in
      connection with any Deficient Valuations made during the related Prepayment
      Period; and (ii) the total amount of Realized Losses, if any, incurred in
      connection with Debt Service Reductions in respect of Monthly Payments due
      during the related Due Period.

     

    (b)  All
      Realized Losses on the Mortgage Loans allocated to any REMIC I Regular Interest
      pursuant to Section 5.04(c) on the Mortgage Loans shall be allocated by the
      Securities Administrator on each Distribution Date as follows: first,
      to Net
      Monthly Excess Cashflow; second,
      to the
      Class CE-1 Certificates and to Net Swap Payments received from the Swap Provider
      under the Swap Agreement for that purpose; third,
      to the
      Class M-10 Certificates until the Certificate Principal Balance of the Class
      M-10 Certificates has been reduced to zero, fourth,
      to the
      Class M-9 Certificates, until the Certificate Principal Balance of the Class
      M-9
      Certificates, has been reduced to zero, fifth,
      to the
      Class M-8 Certificates, until the Certificate Principal Balance of the Class
      M-8
      Certificates has been reduced to zero; sixth,
      to the
      Class M-7 Certificates, until the Certificate Principal Balance of the Class
      M-7
      Certificates has been reduced to zero; seventh,
      to the
      Class M-6 Certificates, until the Certificate Principal Balance of the Class
      M-6
      Certificates has been reduced to zero; eighth,
      to the
      Class M-5 Certificates, until the Certificate Principal Balance of the Class
      M-5
      Certificates has been reduced to zero; ninth,
      to the
      Class M-4 Certificates, until the Certificate Principal Balance of the Class
      M-4
      Certificates has been reduced to zero; tenth,
      to the
      Class M-3 Certificates, until the Certificate Principal Balance of the Class
      M-3
      Certificates has been reduced to zero; eleventh,
      to the
      Class M-2 Certificates, until the Certificate Principal Balance of the Class
      M-2
      Certificates has been reduced to zero; and twelfth,
      to the
      Class M-1 Certificates, until the Certificate Principal Balance of the Class
      M-1
      Certificates has been reduced to zero. All Realized Losses to be allocated
      to
      the Certificate Principal Balances of all Classes on any Distribution Date
      shall
      be so allocated after the actual distributions to be made on such date as
      provided above. All references above to the Certificate Principal Balance of
      any
      Class of Certificates shall be to the Certificate Principal Balance of such
      Class immediately prior to the relevant Distribution Date, before reduction
      thereof by any Realized Losses, in each case to be allocated to such Class
      of
      Certificates, on such Distribution Date.

     

    Any
      allocation of Realized Losses to a Mezzanine Certificate on any Distribution
      Date shall be made by reducing the Certificate Principal Balance thereof by
      the
      amount so allocated; any allocation of Realized Losses to a Class CE-1
      Certificate shall be made by reducing the amount otherwise payable in respect
      thereof pursuant to Section 5.01(c)(8)(viii). No allocations of any
      Realized Losses shall be made to the Certificate Principal Balances of the
      Class
      A Certificates or Class P Certificates.

     

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

     

    In
      addition, in the event that a Servicer receives any Subsequent Recoveries with
      respect to a Mortgage Loan serviced by it, the related Servicer shall deposit
      such funds into the related Collection Account pursuant to Section 3.08.
      If, after taking into account such Subsequent Recoveries, and any Subsequent
      Recoveries received by Countrywide, the amount of a Realized Loss is reduced,
      the amount of such Subsequent Recoveries will be applied to increase the
      Certificate Principal Balance of the Class of Subordinate Certificates with
      the
      highest payment priority to which Realized Losses have been allocated, but
      not
      by more than the amount of Realized Losses previously allocated to that Class
      of
      Subordinate Certificates pursuant to this Section 5.04 and not previously
      reimbursed to such Class of Subordinate Certificates with Net Monthly Excess
      Cashflow pursuant to Section 5.01(c)(8). The amount of any remaining
      Subsequent Recoveries will be applied to sequentially increase the Certificate
      Principal Balance of the Subordinate Certificates, beginning with the Class
      of
      Subordinate Certificates with the next highest payment priority, up to the
      amount of such Realized Losses previously allocated to such Class of Subordinate
      Certificates pursuant to this Section 5.04 and not previously reimbursed to
      such Class of Subordinate Certificates with Net Monthly Excess Cashflow pursuant
      to Section 5.01(c)(8)(iii). Holders of such Certificates will not be
      entitled to any payment in respect of current interest on the amount of such
      increases for any Interest Accrual Period preceding the Distribution Date on
      which such increase occurs. Any such increases shall be applied to the
      Certificate Principal Balance of each Subordinate Certificate of such Class
      in
      accordance with its respective Percentage Interest.

     

    (i) All
      Realized Losses on the Group IA Mortgage Loans shall be allocated on each
      Distribution Date first, to REMIC I Regular Interest A-I until the
      Uncertificated Balance of such REMIC I Regular Interest has been reduced to
      zero
      and second, to REMIC I Regular Interest I-1-A through REMIC I Regular Interest
      I-44-B, starting with the lowest numerical denomination until such REMIC I
      Regular Interest has been reduced to zero, provided that, for REMIC I Regular
      Interests with the same numerical denomination, such Realized Losses shall
      be
      allocated pro
      rata
      between
      such REMIC I Regular Interests. All Realized Losses on the Group IB Mortgage
      Loans shall be allocated on each Distribution Date first, to REMIC I Regular
      Interest A-II until the Uncertificated Balance of such REMIC I Regular Interest
      has been reduced to zero and second, to REMIC I Regular Interest II-1-A through
      REMIC I Regular Interest II-44-B, starting with the lowest numerical
      denomination until such REMIC I Regular Interest has been reduced to zero,
      provided that, for REMIC I Regular Interests with the same numerical
      denomination, such Realized Losses shall be allocated pro
      rata
      between
      such REMIC I Regular Interests. All Realized Losses on the Group II Mortgage
      Loans shall be allocated on each Distribution Date first, to REMIC I Regular
      Interest A-III until the Uncertificated Balance of such REMIC I Regular Interest
      has been reduced to zero and second, to REMIC I Regular Interest III-1-A through
      REMIC I Regular Interest III-44-B, starting with the lowest numerical
      denomination until such REMIC I Regular Interest has been reduced to zero,
      provided that, for REMIC I Regular Interests with the same numerical
      denomination, such Realized Losses shall be allocated pro
      rata
      between
      such REMIC I Regular Interests. 

     

    (ii) The
      REMIC
      II Marker Allocation Percentage of all Realized Losses on the Mortgage Loans
      shall be allocated by the Securities Administrator, on each Distribution Date
      to
      the following REMIC II Regular Interests in the specified percentages, as
      follows: first, to Uncertificated Interest payable to the REMIC II Regular
      Interest AA and REMIC II Regular Interest ZZ up to an aggregate amount equal
      to
      the REMIC II Interest Loss Allocation Amount, 98.00% and 2.00%, respectively;
      second, to the Uncertificated Balances of the 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 Balances of REMIC II Regular Interest AA, REMIC II Regular
      Interest M-10 and REMIC II Regular Interest ZZ, 98.00%, 1.00% and 1.00%,
      respectively, until the Uncertificated Balance of REMIC II Regular Interest
      M-10
      has been reduced to zero; fourth, to the Uncertificated Balances of REMIC II
      Regular Interest AA, REMIC II Regular Interest M-9 and REMIC II Regular Interest
      ZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Balance
      of
      REMIC II Regular Interest M-9 has been reduced to zero; fifth, to the
      Uncertificated Balances of REMIC II Regular Interest AA, REMIC II Regular
      Interest M-8 and REMIC II Regular Interest ZZ, 98.00%, 1.00% and 1.00%,
      respectively, until the Uncertificated Balance of REMIC II Regular Interest
      M-8
      has been reduced to zero; sixth, to the Uncertificated Balances of REMIC II
      Regular Interest AA, REMIC II Regular Interest M-7 and REMIC II Regular Interest
      ZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Balance
      of
      REMIC II Regular Interest M-7 has been reduced to zero; seventh, to the
      Uncertificated 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 Balance of REMIC II Regular Interest
      M-6
      has been reduced to zero; eighth, to the Uncertificated 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 Balance
      of
      REMIC II Regular Interest M-5 has been reduced to zero; ninth, to the
      Uncertificated 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 Balance of REMIC II Regular Interest
      M-4
      has been reduced to zero; tenth, to the Uncertificated 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 Balance
      of
      REMIC II Regular Interest M-3 has been reduced to zero; eleventh, to the
      Uncertificated 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 Balance of REMIC II Regular Interest
      M-2
      has been reduced to zero; and twelfth, to the Uncertificated 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
      Balance of REMIC II Regular Interest M-1 has been reduced to zero.

     

    (iii) The
      REMIC
      II Sub WAC Allocation Percentage of all Realized Losses shall be applied after
      all distributions have been made on each Distribution Date first, so as to
      keep
      the Uncertificated Balance of each REMIC II Regular Interest ending with the
      designation “GRP” equal to 0.01% of the aggregate Stated Principal Balance of
      the Mortgage Loans in the related loan group; second, to each REMIC II Regular
      Interest ending with the designation “SUB,” so that the Uncertificated Balance
      of each such REMIC II Regular Interest is equal to 0.01% of the excess of (x)
      the aggregate Stated Principal Balance of the Mortgage Loans in the related
      loan
      group over (y) the current Certificate Principal Balance of the Class A
      Certificate in the related loan group (except that if any such excess is a
      larger number than in the preceding distribution period, the least amount of
      Realized Losses shall be applied to such REMIC II Regular Interests such that
      the REMIC II Subordinated Balance Ratio is maintained); and third, any remaining
      Realized Losses shall be allocated to REMIC II Regular Interest XX.

     

    SECTION
      5.05.  Compliance
      with Withholding Requirements.

     

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

     

    SECTION
      5.06.  Reports
      Filed with Securities and Exchange Commission.

     

    (a)  (i)Within
      15
      days after each Distribution Date (subject to permitted extensions under the
      Exchange Act), the Securities Administrator shall prepare and file on behalf
      of
      the Trust any Form 10-D required by the Exchange Act, in form and substance
      as
      required by the Exchange Act. The Securities Administrator shall file each
      Form
      10-D with a copy of the related Monthly Statement attached thereto. Any
      disclosure in addition to the Monthly Statement that is required to be included
      on Form 10-D (“Additional Form 10-D Disclosure”) shall be reported by the
      parties set forth on Exhibit G to the Depositor and the Securities Administrator
      and directed and approved by the Depositor pursuant to the following paragraph,
      and the Securities Administrator will have no duty or liability for any failure
      hereunder to determine or prepare any Additional Form 10-D Disclosure, except
      as
      set forth in the next paragraph. 

     

    (ii)  As
      set
      forth on Exhibit
      G
      hereto,
      within 5 calendar days after the related Distribution Date, (A) certain parties
      to the ACE Securities Corp., Home Equity Loan Trust, Series 2006-HE1 transaction
      shall be required to provide to the Securities Administrator and the Depositor,
      to the extent known by a responsible officer thereof, in EDGAR-compatible form,
      or in such other form as otherwise agreed upon by the Securities Administrator
      and such party, the form and substance of any Additional Form 10-D Disclosure,
      if applicable, together with an Additional Disclosure Notification in the form
      of Exhibit H hereto (an “Additional Disclosure Notification”) and (B) the
      Depositor will approve, as to form and substance, or disapprove, as the case
      may
      be, the inclusion of the Additional Form 10-D Disclosure on Form 10-D. The
      Depositor will be responsible for any reasonable fees and expenses assessed
      or
      incurred by the Securities Administrator in connection with including any
      Additional Form 10-D Disclosure on Form 10-D pursuant to this paragraph.

     

    (iii)  After
      preparing the Form 10-D, the Securities Administrator shall, upon request,
      forward electronically a copy of the Form 10-D to the Depositor (provided that
      such Form 10-D includes any Additional Form 10-D Disclosure). Within two
      Business Days after receipt of such copy, but no later than the 12th calendar
      day after the Distribution Date, the Depositor shall notify the Securities
      Administrator in writing (which may be furnished electronically) of any changes
      to or approval of such Form 10-D. In the absence of receipt of any written
      changes or approval by the due date specified herein, or if the Depositor does
      not request a copy of a Form 10-D, the Securities Administrator shall be
      entitled to assume that such Form 10-D is in final form and the Securities
      Administrator may proceed with the execution and filing of the Form 10-D. A
      duly
      authorized representative of the Master Servicer shall sign each Form 10-D.
      If a
      Form 10-D cannot be filed on time or if a previously filed Form 10-D needs
      to be
      amended, the Securities Administrator will follow the procedures set forth
      in
      Section 5.06(c)(ii). Promptly (but no later than 1 Business Day) after filing
      with the Commission, the Securities Administrator will make available on its
      internet website a final executed copy of each Form 10-D filed by the Securities
      Administrator. Each party to this Agreement acknowledges that the performance
      by
      the Securities Administrator and the Master Servicer of their duties under
      this
      Section 5.06(a) related to the timely preparation, execution and filing of
      Form
      10-D is contingent upon such parties strictly observing all applicable deadlines
      in the performance of their duties as set forth in this Agreement. Neither
      the
      Securities Administrator nor the Master Servicer shall have any liability for
      any loss, expense, damage, claim arising out of or with respect to any failure
      to properly prepare, execute and/or timely file such Form 10-D, where such
      failure results from the Securities Administrator’s inability or failure to
      receive, on a timely basis, any information from any other party hereto needed
      to prepare, arrange for execution or file such Form 10-D, not resulting from
      its
      own negligence, bad faith or willful misconduct.

     

    (b)  (i)Within
      four (4) Business Days after the occurrence of an event requiring disclosure
      on
      Form 8-K (each such event, a “Reportable
      Event”),
      and
      if requested by the Depositor, the Securities Administrator shall prepare and
      file on behalf of the Trust a 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 other than the initial
      Form 8K (“Form
      8-K Disclosure Information”)
      shall
      be reported by the parties set forth on Exhibit G to the Depositor and the
      Securities Administrator and directed and approved by the Depositor pursuant
      to
      the following paragraph, and the Securities Administrator will have no duty
      or
      liability for any failure hereunder to determine or prepare any Form 8-K
      Disclosure Information or any Form 8-K, except as set forth in the next
      paragraph. 

     

    (ii)  As
      set
      forth on Exhibit
      G
      hereto,
      for so long as the Trust is subject to the Exchange Act reporting requirements,
      no later than the close of business New York City time on the 2nd Business
      Day
      after the occurrence of a Reportable Event (i) the parties to the ACE Securities
      Corp., Home Equity Loan Trust, Series 2006-HE1 transaction shall be required
      to
      provide to the Securities Administrator and the Depositor, to the extent known
      by a responsible officer thereof, in EDGAR-compatible form, or in such other
      form as otherwise agreed upon by the Securities Administrator and such party,
      the form and substance of any Form 8-K Disclosure Information, if applicable,
      together with an Additional Disclosure Notification, and (ii) the Depositor
      will
      approve, as to form and substance, or disapprove, as the case may be, the
      inclusion of the Form 8-K Disclosure Information. The Depositor will be
      responsible for any reasonable fees and expenses assessed or incurred by the
      Securities Administrator in connection with including any Form 8-K Disclosure
      Information on Form 8-K pursuant to this paragraph. 

     

    (iii)  After
      preparing the Form 8-K, the Securities Administrator shall, upon request,
      forward electronically a copy of the Form 8-K to the Depositor. Promptly, but
      no
      later than the close of business on the third Business Day after the Reportable
      Event, the Depositor shall notify the Securities Administrator in writing (which
      may be furnished electronically) of any changes to or approval of such Form
      8-K.
      In the absence of receipt of any written changes or approval by the third
      Business Day, or if the Depositor does not request a copy of a Form 8-K, the
      Securities Administrator shall be entitled to assume that such Form 8-K is
      in
      final form and the Securities Administrator may proceed with the execution
      and
      filing of the Form 8-K. A duly authorized representative of the Master Servicer
      shall sign each Form 8-K. If a Form 8-K cannot be filed on time or if a
      previously filed Form 8-K needs to be amended, the Securities Administrator
      will
      follow the procedures set forth in Section 5.06(c)(ii). Promptly (but no later
      than 1 Business Day) after filing with the Commission, the Securities
      Administrator will, make available on its internet website a final executed
      copy
      of each Form 8-K that has been prepared and filed by the Securities
      Administrator. The parties to this Agreement acknowledge that the performance
      by
      the Master Servicer and the Securities Administrator of their duties under
      this
      Section 5.06(b) related to the timely preparation, execution and filing of
      Form
      8-K is contingent upon such parties strictly observing all applicable deadlines
      in the performance of their duties under this Agreement. Neither the Master
      Servicer nor the Securities Administrator shall have any liability for any
      loss,
      expense, damage, claim arising out of or with respect to any failure to properly
      prepare, execute and/or timely file such Form 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, execute
      or
      arrange for execution or file such Form 8-K, not resulting from its own
      negligence, bad faith or willful misconduct.

     

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

     

    (ii)  In
      the
      event that the Securities Administrator is unable to timely file with the
      Commission all or any required portion of any Form 8-K, 10-D or 10-K required
      to
      be filed by this Agreement because required disclosure information was either
      not delivered to it or delivered to it after the delivery deadlines set forth
      in
      this Agreement or for any other reason, the Securities Administrator will
      promptly electronically notify the Depositor. In the case of Form 10-D and
      10-K,
      the parties to this Agreement will cooperate to prepare and file a Form 12b-25
      and a 10-DA and 10-KA, as applicable, pursuant to Rule 12b-25 of the Exchange
      Act. In the case of Form 8-K, the Securities Administrator will, upon receipt
      of
      all required Form 8-K Disclosure Information and upon the approval and direction
      of the Depositor, include such disclosure information on the next Form 10-D.
      In
      the event that any previously filed Form 8-K, 10-D or 10-K needs to be amended
      and such amendment includes any Additional Form 10-D Disclosure (other than
      for
      the purposes of restating any Monthly Report), any Additional Form 10-K
      Disclosure or any Form 8-K Disclosure Information or any amendment to such
      disclosure, the Securities Administrator will electronically notify the
      Depositor only if the amendment pertains to an additional reporting item being
      revised and/or amended on such form, but not if an amendment is being filed
      as a
      result of a Remittance Report revision, and the Depositor will cooperate with
      the Securities Administrator in preparing any necessary 8-KA, 10-DA or 10-KA.
      Any Form 15, Form 12b-25 or any amendment to Form 8-K, 10-D or 10-K shall be
      signed by a duly authorized representative or senior officer in charge of master
      servicing, as applicable, of the Master Servicer. The parties to this Agreement
      acknowledge that the performance by the Securities Administrator and the Master
      Servicer of their duties under this Section 5.06(c) related to the timely
      preparation, execution and filing of Form 15, a Form 12b-25 or any amendment
      to
      Form 8-K, 10-D or 10-K is contingent upon each such party performing its duties
      under this Agreement. Neither the Master Servicer nor the Securities
      Administrator shall have any liability for any loss, expense, damage, claim
      arising out of or with respect to any failure to properly prepare, execute
      and/or timely file any such Form 15, Form 12b-25 or any amendments to Forms
      8-K,
      10-D or 10-K, where such failure results from the Securities Administrator’s
      inability or failure to receive, on a timely basis, any information from any
      other party hereto needed to prepare, execute or arrange for execution or file
      such Form 15, Form 12b-25 or any amendments to Forms 8-K, 10-D or 10-K, not
      resulting from its own negligence, bad faith or willful misconduct.

     

    (d)  (i)On
      or
      prior to the 90th
      day
      after the end of each fiscal year of the Trust or such earlier date as may
      be
      required by the Exchange Act (the “10-K
      Filing Deadline”)
      (it
      being understood that the fiscal year for the Trust ends on December
      31st
      of each
      year), commencing in March 2007, the Securities Administrator shall prepare
      and
      file on behalf of the Trust a Form 10-K, in form and substance as required
      by
      the Exchange Act. Each such Form 10-K shall include the following items, in
      each
      case to the extent they have been delivered to the Securities Administrator
      within the applicable time frames set forth in this Agreement, the related
      servicing agreement and custodial agreements, (i) an annual compliance statement
      for each Servicer, each Additional Servicer, the Master Servicer, the Securities
      Administrator and any Servicing Function Participant engaged by such parties
      (each, a “Reporting
      Servicer”)
      as
      described under Section 3.17 and Section 4.15 and in such other agreements,
      (ii)(A) the annual reports on assessment of compliance with servicing criteria
      for each Reporting Servicer, as described under Section 3.18 and Section 4.16
      and in such other agreements, and (B) if each Reporting Servicer’s report on
      assessment of compliance with servicing criteria described under Section 3.18
      and Section 4.16 identifies any material instance of noncompliance, disclosure
      identifying such instance of noncompliance, or if each Reporting Servicer’s
      report on assessment of compliance with servicing criteria described under
      Section 3.18 and Section 4.16 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 each Reporting Servicer, as described under Section 3.18 and Section
      4.17 or in such other agreement, and (B) if any registered public accounting
      firm attestation report described under Section 3.18 and Section 4.17 identifies
      any material instance of noncompliance, disclosure identifying such instance
      of
      noncompliance, or if any such registered public accounting firm attestation
      report is not included as an exhibit to such Form 10-K, disclosure that such
      report is not included and an explanation why such report is not included,
      and
      (iv) a Sarbanes-Oxley Certification (“Sarbanes-Oxley Certification”) as
      described in Section 3.19 and Section 4.18 (provided,
      however,
      that
      the Securities Administrator, at its discretion, may omit from the Form 10-K
      any
      annual compliance statement, assessment of compliance or attestation report
      that
      is not required to be filed with such Form 10-K pursuant to Regulation AB).
      Any
      disclosure or information in addition to (i) through (iv) above that is required
      to be included on Form 10-K (“Additional
      Form 10-K Disclosure”)
      shall
      be reported by the parties set forth on Exhibit G to the Depositor and the
      Securities Administrator and directed and approved by the Depositor pursuant
      to
      the following paragraph, and the Securities Administrator will have no duty
      or
      liability for any failure hereunder to determine or prepare any Additional
      Form
      10-K Disclosure, except as set forth in the next paragraph. 

     

    (ii)  As
      set
      forth on Exhibit
      G
      hereto,
      no later than March 15 of each year that the Trust is subject to the Exchange
      Act reporting requirements, commencing in 2007, (i) the parties to the ACE
      Securities Corp., Home Equity Loan Trust, Series 2006-HE1 transaction shall
      be
      required to provide to the Securities Administrator and the Depositor, to the
      extent known by a responsible officer thereof, in EDGAR-compatible form, or
      in
      such other form as otherwise agreed upon by the Securities Administrator and
      such party, the form and substance of any Additional Form 10-K Disclosure,
      if
      applicable, together with an Additional Disclosure Notification, and (ii) the
      Depositor will approve, as to form and substance, or disapprove, as the case
      may
      be, the inclusion of the Additional Form 10-K Disclosure on Form 10-K. The
      Depositor will be responsible for any reasonable fees and expenses assessed
      or
      incurred by the Securities Administrator in connection with including any
      Additional Form 10-K Disclosure on Form 10-K pursuant to this
      paragraph.

     

    (iii)  After
      preparing the Form 10-K, the Securities Administrator shall, upon request,
      forward electronically a copy of the Form 10-K to the Depositor. Within three
      Business Days after receipt of such copy, but in no event later than March
      25th
      of each
      year that the Trust is subject to Exchange Act reporting requirements, the
      Depositor shall notify the Securities Administrator in writing (which may be
      furnished electronically) of any changes to or approval of such Form 10-K.
      In
      the absence of receipt of any written changes or approval by March 25th, or
      if
      the Depositor does not request a copy of a Form 10-K, the Securities
      Administrator shall be entitled to assume that such Form 10-K is in final form
      and the Securities Administrator may proceed with the execution and filing
      of
      the Form 10-K. A senior officer of the Master Servicer in charge of the master
      servicing function shall sign the Form 10-K. If a Form 10-K cannot be filed
      on
      time or if a previously filed Form 10-K needs to be amended, the Securities
      Administrator will follow the procedures set forth in Section 5.06(c)(ii).
      Promptly (but no later than 1 Business Day) after filing with the Commission,
      the Securities Administrator will make available on its internet website a
      final
      executed copy of each Form 10-K filed by the Securities Administrator. The
      parties to this Agreement acknowledge that the performance by the Master
      Servicer and the Securities Administrator of their respective duties under
      this
      Section 5.06(d) related to the timely preparation, execution and filing of
      Form
      10-K is contingent upon such parties (and any Additional Servicer or Servicing
      Function Participant) strictly observing all applicable deadlines in the
      performance of their duties under this Section 5.06(d), Section 3.17, Section
      3.18, Section 3.19, Section 4.16, Section 4.17 and Section 4.18. Neither the
      Master Servicer nor the Securities Administrator shall have any liability for
      any loss, expense, damage or claim arising out of or with respect to any failure
      to properly prepare, execute and/or timely file 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.

     

    (e)  The
      Securities Administrator shall indemnify and hold harmless the Depositor, the
      Trustee 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 Master Servicer’s obligations under this
      Section 5.06 or the Master Servicer’s negligence, bad faith or willful
      misconduct in connection therewith. 

     

    (f)  Notwithstanding
      the provisions of Section 12.01, this Section 5.06 may be amended without the
      consent of the Certificateholders.

     

    SECTION
      5.07.  Supplemental
      Interest Trust.

     

    (a)  On
      the
      Closing Date, the Securities Administrator shall establish and maintain in
      the
      name of the Trustee a separate account for the benefit of the holders of the
      Offered Certificates (the “Supplemental Interest Trust”). The Supplemental
      Interest Trust 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 Trustee or of the
      Securities Administrator held pursuant to this Agreement. 

     

    (b)  On
      each
      Distribution Date, the Securities Administrator shall withdraw all amounts
      which
      were deposited in the Supplemental Interest Trust as specifically described
      in
      this Agreement and the Swap Agreement and distribute such amounts in accordance
      with the provisions of Section 5.01(c) of this Agreement.

     

    (c)  The
      Supplemental Interest Trust constitutes an “outside reserve fund” within the
      meaning of Treasury Regulation § 1.860G-2(h) and is not an asset of any REMIC.
      The Holders of the Class CE-1 Certificates shall be the beneficial owner of
      the
      Supplemental Interest Trust, subject to the power of the Securities
      Administrator to transfer amounts under this Agreement. The Securities
      Administrator shall keep records that accurately reflect the funds on deposit
      in
      the Supplemental Interest Trust. The Securities Administrator shall, at the
      written direction of the majority of the Class CE-1 Certificateholders, invest
      amounts on deposit in the Supplemental Interest Trust in Permitted Investments.
      In the absence of written direction to the Securities Administrator from the
      majority of the Class CE-1 Certificateholders, all funds in the Supplemental
      Interest Trust shall remain uninvested. On each Distribution Date, the
      Securities Administrator shall distribute, not in respect of any REMIC, any
      interest earned on the Supplemental Interest Trust to the Holders of the Class
      CE-1 Certificates.

     

    (d)  For
      federal income tax purposes, amounts paid to the Supplemental Interest Trust
      on
      each Distribution Date pursuant to Section 5.01(c)(2), (3), (4), (6) and
      (7) and Section 5.01(c)(8)(vii) shall first be deemed paid to the
      Supplemental Interest Trust in respect of the Class IO Interest to the extent
      of
      the amount distributable on such Class IO Interest 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. For federal income tax purposes,
      the Supplemental Interest Trust will be a disregarded entity.

     

    (e)  The
      Securities Administrator shall treat the Holders of Certificates (other than
      the
      Class P, Class CE-1, Class CE-2 and Residual Certificates) as having entered
      into a notional principal contract with respect to the Holders of the Class
      CE-1
      Certificates. Pursuant to each such notional principal contract, all Holders
      of
      Certificates (other than the Class P, Class CE-1, Class CE-2 and Residual
      Certificates) shall be treated as having agreed to pay, on each Distribution
      Date, to the Holder of the Class CE-1 Certificates an aggregate amount equal
      to
      the excess, if any, of (i) the amount payable on such Distribution Date on
      the
      Regular Interest ownership of which is represented by such Class of Certificates
      over (ii) the amount payable on such Class of Certificates on such Distribution
      Date (such excess, a “Class IO Distribution Amount”). A Class IO Distribution
      Amount payable from interest collections shall be allocated pro rata among
      such
      Certificates based on the amount of interest otherwise payable to such
      Certificates, and a Class IO Distribution Amount payable from principal
      collections shall be allocated to the most subordinate Class of such
      Certificates with an outstanding principal balance to the extent of such
      balance. In addition, pursuant to such notional principal contract, the Holder
      of the Class CE-1 Certificates shall be treated as having agreed to pay Net
      WAC
      Rate Carryover Amounts to the Holders of the Certificates (other than the Class
      CE-1, Class CE-2, Class P and Residual Certificates) in accordance with the
      terms of this Agreement. Any payments to such Certificates from amounts deemed
      received in respect of this notional principal contract shall not be payments
      with respect to a Regular Interest in a REMIC within the meaning of Code Section
      860G(a)(1). However, any payment from the Certificates (other than the Class
      CE-1, Class P and Residual 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 the Regular Interest ownership of which is
      represented by such Certificates, and as having been paid by such Holders to
      the
      Supplemental Interest Trust pursuant to the notional principal contract. Thus,
      each Certificate (other than the Class P Certificates and Residual 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.

     

    (f)  For
      federal tax return and information reporting, the right of the holders of the
      Offered Certificates to receive payments from the Supplemental Interest Trust
      shall be assigned a value of $1,000.

     

    (g)  In
      the
      event that the Swap Agreement is terminated prior to the Distribution Date
      in
      October 2009, the Sponsor shall use reasonable efforts to appoint a successor
      swap provider using any Swap Termination Payments paid by the Swap Provider.
      If
      the Sponsor is unable to locate a qualified successor swap provider, any such
      Swap Termination Payments will be remitted to the Securities Administrator
      for
      payment to the holders of the Offered Certificates in accordance with Section
      5.01(c).

     

    SECTION
      5.08.  Tax
      Treatment of Swap Payments and Swap Termination Payments.

     

    For
      federal income tax purposes, each holder of an Offered Certificate is deemed
      to
      own an undivided beneficial ownership interest in a REMIC regular interest
      and
      the right to receive payments from either the Reserve Fund or the Supplemental
      Interest Trust in respect of any Net WAC Rate Carryover Amounts or the
      obligation to make payments to the Supplemental Interest Trust. For federal
      income tax purposes, the Securities Administrator will account for payments
      to
      each Offered Certificate as follows: each Offered Certificate will be treated
      as
      receiving their entire payment from REMIC III (regardless of any Swap
      Termination Payment or obligation under the Swap Agreement) and subsequently
      paying their portion of any Swap Termination Payment in respect of each such
      Class’s obligation under the Swap Agreement. In the event that any such Class is
      resecuritized in a REMIC, the obligation under the Swap Agreement to pay any
      such Swap Termination Payment (or any shortfall in Net Swap Payment), will
      be
      made by one or more of the REMIC Regular Interests issued by the
      resecuritization REMIC subsequent to such REMIC Regular Interest receiving
      its
      full payment from any such Offered Certificate. Resecuritization of any Offered
      Certificate in a REMIC will be permissible only if the Securities Administrator
      hereunder is the trustee/securities administrator in such
      resecuritization.

     

    The
      REMIC
      Regular Interest corresponding to an Offered Certificate will be entitled to
      receive interest and principal payments at the times and in the amounts equal
      to
      those made on the certificate to which it corresponds, except that (i) the
      maximum interest rate of that REMIC regular interest will equal the Net WAC
      Pass-Through Rate computed for this purpose by limiting the Swap Notional Amount
      of the Swap Agreement to the aggregate Stated Principal Balance of the Mortgage
      Loans and (ii) any Swap Termination Payment will be treated as being payable
      solely from amounts otherwise payable to the Class CE-1 Certificates. As a
      result of the foregoing, the amount of distributions and taxable income on
      the
      REMIC Regular Interest corresponding to an Offered Certificate may exceed the
      actual amount of distributions on the Offered Certificate.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      VI

    THE
      CERTIFICATES

     

    SECTION
      6.01.  The
      Certificates.

     

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

     

    The
      Certificates will be substantially in the forms annexed hereto as Exhibits
      A-1
      through A-5. The Certificates of each Class will be issuable in registered
      form
      only, in denominations of authorized Percentage Interests as described in the
      definition thereof. Each Certificate will share ratably in all rights of the
      related Class.

     

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

     

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

     

    (c)  The
      Class
      CE-1, Class CE-2 and Class P Certificates offered and sold to QIBs in reliance
      on Rule 144A under the Securities Act (“Rule 144A”) will be issued in the form
      of Definitive Certificates.

     

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

     

    If
      (i)(A)
      the Depositor advises the Securities Administrator in writing that the
      Depository is no longer willing or able to properly discharge its
      responsibilities as Depository, and (B) the Depositor is unable to locate a
      qualified successor, (ii) the Depositor at its option advises the Securities
      Administrator in writing that it elects to terminate the book-entry system
      through the Depository or (iii) after the occurrence of a Servicer Event of
      Default, Certificate Owners representing in the aggregate not less than 51%
      of
      the Ownership Interests of the Book-Entry Certificates advise the Securities
      Administrator through the Depository, in writing, that the continuation of
      a
      book-entry system through the Depository is no longer in the best interests
      of
      the Certificate Owners, the Securities Administrator shall notify all
      Certificate Owners, through the Depository, of the occurrence of any such event
      and of the availability of Definitive Certificates to Certificate Owners
      requesting the same. With respect to a Global Certificate, the related
      Certificate Owner (other than a Holder of a Regulation S Temporary Global
      Certificate) may request that its interest in a Global Certificate be exchanged
      for a Definitive Certificate. Upon surrender to the Securities Administrator
      of
      the Book-Entry Certificates by the Book-Entry Custodian or the Depository,
      as
      applicable, or the Global Certificates by the Depository accompanied by
      registration instructions from the Depository for registration of transfer,
      the
      Securities Administrator shall cause the Definitive Certificates to be issued.
      Such Definitive Certificates will be issued in minimum denominations of $10,000
      except that any beneficial ownership that was represented by a Book-Entry
      Certificate, or a Global Certificate, as applicable in an amount less than
      $10,000 immediately prior to the issuance of a Definitive Certificate shall
      be
      issued in a minimum denomination equal to the amount represented by such
      Book-Entry Certificate or a Global Certificate, as applicable. None of the
      Depositor, the Servicers, the Master Servicer, the Securities Administrator
      or
      the Trustee shall be liable for any delay in the delivery of such instructions
      and may conclusively rely on, and shall be protected in relying on, such
      instructions. Upon the issuance of Definitive Certificates all references herein
      to obligations imposed upon or to be performed by the Depository shall be deemed
      to be imposed upon and performed by the Securities Administrator, to the extent
      applicable with respect to such Definitive Certificates, and the Securities
      Administrator shall recognize the Holders of the Definitive Certificates as
      Certificateholders hereunder.

     

    SECTION
      6.02.  Registration
      of Transfer and Exchange of Certificates.

     

    (a)  The
      Securities Administrator shall cause to be kept at one of the offices or
      agencies to be appointed by the Securities Administrator in accordance with
      the
      provisions of Section 9.11, a Certificate Register for the Certificates in
      which, subject 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.

     

    (b)  No
      transfer of any Class CE-1 Certificate, Class CE-2 Certificate, Class P
      Certificate or Residual Certificate shall be made unless that transfer is made
      pursuant to an effective registration statement under the Securities Act, and
      effective registration or qualification under applicable state securities laws,
      or is made in a transaction that does not require such registration or
      qualification. In the event that such a transfer of a Class CE-1 Certificate,
      Class CE-2 Certificate, Class P Certificate or Residual Certificate is to be
      made without registration or qualification (other than in connection with the
      initial transfer of any such Certificate by the Depositor), the Securities
      Administrator shall require receipt of: (i) if such transfer is purportedly
      being made in reliance upon Rule 144A under the Securities Act, written
      certifications from the Certificateholder desiring to effect the transfer and
      from such Certificateholder’s prospective transferee, substantially in the form
      attached hereto as Exhibit B-1; (ii) if such transfer is purportedly being
      made
      in reliance upon Rule 501(a) under the Securities Act, written certifications
      from the Certificateholder desiring to effect the transfer and from such
      Certificateholder’s prospective transferee, substantially in the form attached
      hereto as Exhibit B-2 and (iii) in all other cases, an Opinion of Counsel
      satisfactory to the Securities Administrator that such transfer may be made
      without such registration or qualification (which Opinion of Counsel shall
      not
      be an expense of the Trust Fund or of the Depositor, the Trustee, the Master
      Servicer, the Securities Administrator or the Servicers), together with copies
      of the written certification(s) of the Certificateholder desiring to effect
      the
      transfer and/or such Certificateholder’s prospective transferee upon which such
      Opinion of Counsel is based, if any. Neither of the Depositor nor the Securities
      Administrator is obligated to register or qualify any such Certificates under
      the Securities Act or any other securities laws or to take any action not
      otherwise required under this Agreement to permit the transfer of such
      Certificates without registration or qualification. Any Certificateholder
      desiring to effect the transfer of any such Certificate shall, and does hereby
      agree to, indemnify the Trustee, the Depositor, the Master Servicer, the
      Securities Administrator and the Servicers 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.

     

    (c)  No
      transfer of a Class CE-1 Certificate, Class CE-2 Certificate, Class P
      Certificate or a Residual Certificate or any interest therein shall be made
      to
      any Plan subject to ERISA or Section 4975 of the Code, any Person acting,
      directly or indirectly, on behalf of any such Plan or any Person acquiring
      such
      Certificates with “Plan Assets” of a Plan within the meaning of the Department
      of Labor regulation promulgated at 29 C.F.R. § 2510.3-101 (“Plan Assets”) unless
      the Securities Administrator is provided with an Opinion of Counsel on which
      the
      Depositor, the Master Servicer, the Securities Administrator, the Trustee and
      the Servicers may rely, which establishes to the satisfaction of the Securities
      Administrator that the purchase of such Certificates is permissible under
      applicable law, will not constitute or result in any prohibited transaction
      under ERISA or Section 4975 of the Code and will not subject the Depositor,
      the Servicers, the Trustee, the Master Servicer, the Securities Administrator
      or
      the Trust Fund to any obligation or liability (including obligations or
      liabilities under ERISA or Section 4975 of the Code) in addition to those
      undertaken in this Agreement, which Opinion of Counsel shall not be an expense
      of the Depositor, the Servicers, the Trustee, the Master Servicer, the
      Securities Administrator, the Trust Fund. An Opinion of Counsel will not be
      required in connection with the initial transfer of any such Certificate by
      the
      Depositor to an affiliate of the Depositor (in which case, the Depositor or
      any
      affiliate thereof shall have deemed to have represented that such affiliate
      is
      not a Plan or a Person investing Plan Assets) and the Securities Administrator
      shall be entitled to conclusively rely upon a representation (which, upon the
      request of the Securities Administrator, shall be a written representation)
      from
      the Depositor of the status of such transferee as an affiliate of the
      Depositor.

     

    For
      so
      long as the Supplemental Interest Trust is in existence, each beneficial owner
      of a Offered Certificate or any interest therein, shall be deemed to have
      represented, by virtue of its acquisition or holding of the Offered Certificate,
      or interest therein, that either (i) it is not a Plan or (ii)(A) it is an
      accredited investor within the meaning of Prohibited Transaction Exemption
      2002-41, as amended from time to time (the “Exemption”) and (B) the acquisition
      and holding of such Certificate and the separate right to receive payments
      from
      the Supplemental Interest Trust are eligible for the exemptive relief available
      under Prohibited Transaction Class Exemption (“PTCE”) 84-14 (for transactions by
      independent “qualified professional asset managers”), 91-38 (for transactions by
      bank collective investment funds), 90-1 (for transactions by insurance company
      pooled separate accounts), 95-60 (for transactions by insurance company general
      accounts) or 96-23 (for transactions effected by “in-house asset
      managers”).

     

    Each
      Transferee of a Mezzanine Certificate or any interest therein that is acquired
      after the termination of the Supplemental Interest Trust will be deemed to
      have
      represented by virtue of its purchase or holding of such Certificate (or
      interest therein) that either (a) such Transferee is not a Plan or purchasing
      such Certificate with Plan Assets, (b) it has acquired and is holding such
      Certificate in reliance on Prohibited Transaction Exemption (“PTE”) 94-84 or FAN
      97-03E, as amended by PTE 97-34, 62 Fed. Reg. 39021 (July 21, 1997), PTE
      2000-58, 65 Fed. Reg. 67765 (November 13, 2000) and PTE 2002-41, 67 Fed. Reg.
      54487 (August 22, 2002) (the “Exemption”), and that it understands that there
      are certain conditions to the availability of the Exemption including that
      such
      Certificate must be rated, at the time of purchase, not lower than “BBB-” (or
      its equivalent) by a Rating Agency or (c) the following conditions are
      satisfied: (i) such Transferee is an insurance company, (ii) the source of
      funds
      used to purchase or hold such Certificate (or interest therein) is an “insurance
      company general account” (as defined in PTCE 95-60, and (iii) the conditions set
      forth in Sections I and III of PTCE 95-60 have been satisfied.

     

    If
      any
      Certificate or any interest therein is acquired or held in violation of the
      conditions described in this Section 6.02(c), the next preceding permitted
      beneficial owner will be treated as the beneficial owner of that Certificate,
      retroactive to the date of transfer to the purported beneficial owner. Any
      purported beneficial owner whose acquisition or holding of any certificate
      or
      interest therein was effected in violation of the conditions described in this
      Section 6.02(c) shall indemnify and hold harmless the Depositor, the
      Trustee, the Servicers, the Master Servicer, the Securities Administrator and
      the Trust Fund from and against any and all liabilities, claims, costs or
      expenses incurred by those parties as a result of that acquisition or
      holding.

     

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

     

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

     

    (B) In
      connection with any proposed Transfer of any Ownership Interest in a Residual
      Certificate, the Securities Administrator shall require delivery to it, and
      shall not register the Transfer of any Residual Certificate until its receipt
      of, an affidavit and agreement (a “Transfer Affidavit and Agreement,” in the
      form attached hereto as Exhibit B-3) from the proposed Transferee, in form
      and
      substance satisfactory to the Securities Administrator, representing and
      warranting, among other things, that such Transferee is a Permitted Transferee,
      that it is not acquiring its Ownership Interest in the Residual Certificate
      that
      is the subject of the proposed Transfer as a nominee, trustee or agent for
      any
      Person that is not a Permitted Transferee, that for so long as it retains its
      Ownership Interest in a Residual Certificate, it will endeavor to remain a
      Permitted Transferee, and that it has reviewed the provisions of this
      Section 6.02(d) and agrees to be bound by them.

     

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

     

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

     

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

     

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

     

    (iii)  (A)
      If
      any purported Transferee shall become a Holder of a Residual Certificate in
      violation of the provisions of this Section 6.02(d), then the last
      preceding Permitted Transferee shall be restored, to the extent permitted by
      law, to all rights as holder thereof retroactive to the date of registration
      of
      such Transfer of such Residual Certificate. The Securities Administrator shall
      be under no liability to any Person for any registration of Transfer of a
      Residual Certificate that is in fact not permitted by this Section 6.02(d)
      or for making any payments due on such Certificate to the holder thereof or
      for
      taking any other action with respect to such holder under the provisions of
      this
      Agreement.

     

    (B) If
      any
      purported Transferee shall become a holder of a Residual Certificate in
      violation of the restrictions in this Section 6.02(d) and to the extent
      that the retroactive restoration of the rights of the holder of such Residual
      Certificate as described in clause (iii)(A) above shall be invalid, illegal
      or
      unenforceable, then the Securities Administrator shall have the right, without
      notice to the holder or any prior holder of such Residual Certificate, to sell
      such Residual Certificate to a purchaser selected by the Securities
      Administrator on such terms as the Securities Administrator may choose. Such
      purported Transferee shall promptly endorse and deliver each Residual
      Certificate in accordance with the instructions of the Securities Administrator.
      Such purchaser may be the Securities Administrator itself or any Affiliate
      of
      the Securities Administrator. The proceeds of such sale, net of the commissions
      (which may include commissions payable to the Securities Administrator or its
      Affiliates), expenses and taxes due, if any, will be remitted by the Securities
      Administrator to such purported Transferee. The terms and conditions of any
      sale
      under this clause (iii)(B) shall be determined in the sole discretion of the
      Securities Administrator, and the Securities Administrator shall not be liable
      to any Person having an Ownership Interest in a Residual Certificate as a result
      of its exercise of such discretion.

     

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

     

    (v)  The
      provisions of this Section 6.02(d) set forth prior to this subsection (v)
      may be modified, added to or eliminated, provided that there shall have been
      delivered to the Securities Administrator at the expense of the party seeking
      to
      modify, add to or eliminate any such provision the following:

     

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

     

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

     

    (e)  Subject
      to the preceding subsections, upon surrender for registration of transfer of
      any
      Certificate at any office or agency of the Securities Administrator maintained
      for such purpose pursuant to Section 9.11, the Securities Administrator
      shall execute, authenticate and deliver, in the name of the designated
      Transferee or Transferees, one or more new Certificates of the same Class of
      a
      like aggregate Percentage Interest.

     

    (f)  At
      the
      option of the Holder thereof, any Certificate may be exchanged for other
      Certificates of the same Class with authorized denominations and a like
      aggregate Percentage Interest, upon surrender of such Certificate to be
      exchanged at any office or agency of the Securities Administrator maintained
      for
      such purpose pursuant to Section 9.11. Whenever any Certificates are so
      surrendered for exchange, the Securities Administrator shall execute,
      authenticate and deliver, the Certificates which the Certificateholder making
      the exchange is entitled to receive. Every Certificate presented or surrendered
      for transfer or exchange shall (if so required by the Securities Administrator)
      be duly endorsed by, or be accompanied by a written instrument of transfer
      in
      the form satisfactory to the Securities Administrator duly executed by, the
      Holder thereof or his attorney duly authorized in writing. In addition, with
      respect to each Class R Certificate, the holder thereof may exchange, in the
      manner described above, such Class R Certificate for three separate
      certificates, each representing such holder's respective Percentage Interest
      in
      the Class R-I Interest, the Class R-II Interest and the Class R-III Interest,
      respectively, in each case that was evidenced by the Class R Certificate being
      exchanged.

     

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

     

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

     

    SECTION
      6.03.  Mutilated,
      Destroyed, Lost or Stolen Certificates.

     

    If
      (i)
      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
      (ii) there is delivered to the Securities Administrator such security or
      indemnity as may be required by it to save it harmless, then, in the absence
      of
      actual knowledge by the Securities Administrator that such Certificate has
      been
      acquired by a protected 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 the same Class
      and
      of like denomination and Percentage Interest. Upon the issuance of any new
      Certificate under this Section, 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 shall constitute
      complete and indefeasible evidence of ownership in the applicable REMIC created
      hereunder, as if originally issued, whether or not the lost, stolen or destroyed
      Certificate shall be found at any time.

     

    SECTION
      6.04.  Persons
      Deemed Owners.

     

    The
      Depositor, the Servicers, the Trustee, the Insurer, the Master Servicer, the
      Securities Administrator and any agent of any of them may treat the Person
      in
      whose name any Certificate is registered as the owner of such Certificate for
      the purpose of receiving distributions pursuant to Section 4.01 and for all
      other purposes whatsoever, and none of the Depositor, the Servicers, the
      Trustee, the Insurer, the Master Servicer, the Securities Administrator or
      any
      agent of any of them shall be affected by notice to the contrary.

     

    SECTION
      6.05.  Certain
      Available Information.

     

    On
      or
      prior to the date of the first sale of any Class CE-1 Certificate, Class CE-2
      Certificate, Class P Certificate or Residual Certificate to an Independent
      third
      party, the Depositor shall provide to the Securities Administrator ten copies
      of
      any private placement memorandum or other disclosure document used by the
      Depositor in connection with the offer and sale of such Certificate. In
      addition, if any such private placement memorandum or disclosure document is
      revised, amended or supplemented at any time following the delivery thereof
      to
      the Securities Administrator, the Depositor promptly shall inform the Securities
      Administrator of such event and shall deliver to the Securities Administrator
      ten copies of the private placement memorandum or disclosure document, as
      revised, amended or supplemented. The Securities Administrator shall maintain
      at
      its office as set forth in Section 12.05 hereof and shall make available
      free of charge during normal business hours for review by any Holder of a
      Certificate or any Person identified to the Securities Administrator as a
      prospective transferee of a Certificate, originals or copies of the following
      items: (i) in the case of a Holder or prospective transferee of a Class CE-1
      Certificate, Class CE-2 Certificate, Class P Certificate or Residual
      Certificate, the related private placement memorandum or other disclosure
      document relating to such Class of Certificates, in the form most recently
      provided to the Securities Administrator; and (ii) in all cases, (A) this
      Agreement and any amendments hereof entered into pursuant to Section 11.01,
      (B) all monthly statements required to be delivered to Certificateholders of
      the
      relevant Class pursuant to Section 4.02 since the Closing Date, and all
      other notices, reports, statements and written communications delivered to
      the
      Certificateholders of the relevant Class pursuant to this Agreement since the
      Closing Date and (C) any copies of all Officers’ Certificates of the Servicers
      since the Closing Date delivered to the Master Servicer to evidence such
      Person’s determination that any P&I Advance or Servicing Advance was, or if
      made, would be a Nonrecoverable P&I Advance or Nonrecoverable Servicing
      Advance. Copies and mailing of any and all of the foregoing items will be
      available from the Securities Administrator upon request at the expense of
      the
      Person requesting the same.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      ARTICLE
        VII

    

    THE
      DEPOSITOR, THE SERVICERS AND THE MASTER SERVICER

     

    SECTION
      7.01.  Liability
      of the Depositor, the Servicers and the Master Servicer.

     

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

     

    SECTION
      7.02.  Merger
      or
      Consolidation of the Depositor, the Servicers or the Master
      Servicer. 

     

    Subject
      to the following paragraph, the Depositor will keep in full effect its
      existence, rights and franchises as a corporation under the laws of the
      jurisdiction of its incorporation. Subject to the following paragraph, Ocwen
      will keep in full effect its existence, rights and franchises as a limited
      liability company and Wells Fargo will keep in full effect its existence, rights
      and franchises as a national banking association. Subject to the following
      paragraph, the Master Servicer will keep in full effect its existence, rights
      and franchises as a national banking association. The Depositor, each Servicer
      and the Master Servicer each will obtain and preserve its qualification to
      do
      business as a foreign entity in each jurisdiction in which such qualification
      is
      or shall be necessary to protect the validity and enforceability of this
      Agreement, the Certificates or any of the Mortgage Loans and to perform its
      respective duties under this Agreement.

     

    The
      Depositor, any Servicer or the Master Servicer may be merged or consolidated
      with or into any Person, or transfer all or substantially all of its assets
      to
      any Person, in which case any Person resulting from any merger or consolidation
      to which the Depositor, a Servicer or the Master Servicer shall be a party,
      or
      any Person succeeding to the business of the Depositor, such Servicer or the
      Master Servicer, shall be the successor of the Depositor, such Servicer or
      the
      Master Servicer, as the case may be, hereunder, without the execution or filing
      of any paper or any further act on the part of any of the parties hereto,
      anything herein to the contrary notwithstanding; provided, however, that any
      successor to a Servicer or the Master Servicer shall meet the eligibility
      requirements set forth in clauses (i) and (iii) of the last paragraph of
      Section 8.02(a) or Section 7.06 of this Agreement.

     

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

     

    None
      of
      the Depositor, the Servicers, the Securities Administrator, the Master Servicers
      or any of the directors, officers, employees or agents of the Depositor, the
      Servicer or the Master Servicer shall be under any liability to the Trust Fund
      or the Certificateholders for any action taken or for refraining from the taking
      of any action in good faith pursuant to this Agreement or the Servicing
      Agreement, as applicable, or for errors in judgment; provided, however, that
      this provision shall not protect the Depositor, a Servicer, the Securities
      Administrator, the Master Servicer or any such person against any breach of
      warranties, representations or covenants made herein or against any specific
      liability imposed on any such Person pursuant hereto or against any liability
      which would otherwise be imposed by reason of willful misfeasance, bad faith
      or
      gross negligence in the performance of duties or by reason of reckless disregard
      of obligations and duties hereunder or under the Servicing Agreement, as
      applicable. The Depositor, each Servicer, the Securities Administrator, the
      Master Servicer and any director, officer, employee or agent of the Depositor,
      the related Servicer, the Securities Administrator and the Master Servicer
      may
      rely in good faith on any document of any kind which, prima facie, is properly
      executed and submitted by any Person respecting any matters arising hereunder.
      The Depositor, the related Servicer, the Securities Administrator, the Master
      Servicer and any director, officer, employee or agent of the Depositor, each
      Servicer, the Securities Administrator or the Master Servicer shall be
      indemnified and held harmless by the Trust Fund against any loss, liability
      or
      expense incurred in connection with any legal action relating to this Agreement,
      the Servicing Agreement, the Certificates or any Credit Risk Management
      Agreement or any loss, liability or expense incurred other than by reason of
      willful misfeasance, bad faith or gross negligence in the performance of duties
      hereunder or under the Servicing Agreement or by reason of reckless disregard
      of
      obligations and duties hereunder or under the Servicing Agreement. None of
      the
      Depositor, any Servicer, the Securities Administrator or the Master Servicer
      shall be under any obligation to appear in, prosecute or defend any legal action
      unless such action is related to its respective duties under this Agreement
      and,
      in its opinion, does not involve it in any expense or liability; provided,
      however, that each of the Depositor, each Servicer, the Securities Administrator
      and the Master Servicer may in its discretion undertake any such action which
      it
      may deem necessary or desirable with respect to this Agreement and the rights
      and duties of the parties hereto and the interests of the Certificateholders
      hereunder. In such event, 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 gross negligence in the performance
      of duties hereunder or by reason of reckless disregard of obligations and duties
      hereunder) shall be expenses, costs and liabilities of the Trust Fund, and
      the
      Depositor, the related Servicer, the Securities Administrator and the Master
      Servicer shall be entitled to be reimbursed therefor from the related Collection
      Account or the Distribution Account as and to the extent provided in Article
      III
      and Article IV, any such right of reimbursement being prior to the rights of
      the
      Certificateholders and the Insurer to receive any amount in the related
      Collection Account and the Distribution Account.

     

    Notwithstanding
      anything to the contrary contained herein, no Servicer shall be liable for
      any
      actions or inactions prior to the Cut-off Date of any prior servicer of the
      related Mortgage Loans and the Master Servicer shall not be liable for any
      action or inaction of any Servicer, except to the extent expressly provided
      herein, or the Credit Risk Management Agreement.

     

    SECTION
      7.04.  Limitation
      on Resignation of the Servicers.

     

    (a)  Except
      as
      expressly provided herein, no Servicer shall neither assign all or substantially
      all of its rights under this Agreement or the servicing hereunder nor delegate
      all or substantially all of its duties hereunder nor sell or otherwise dispose
      of all or substantially all of its property or assets without, in each case,
      the
      prior written consent of the Master Servicer, which consent shall not be
      unreasonably withheld; provided, that in each case, there must be delivered
      to
      the Trustee and the Master Servicer a letter from each Rating Agency to the
      effect that such transfer of servicing or sale or disposition of assets will
      not
      result in a qualification, withdrawal or downgrade of the then-current rating
      of
      any of the Certificates. Notwithstanding the foregoing, each Servicer, without
      the consent of the Trustee or the Master Servicer, may retain third-party
      contractors to perform certain servicing and loan administration functions,
      including without limitation hazard insurance administration, tax payment and
      administration, flood certification and administration, collection services
      and
      similar functions, provided, however, that the retention of such contractors
      by
      a Servicer shall not limit the obligation of the Servicer to service the related
      Mortgage Loans pursuant to the terms and conditions of this Agreement. No
      Servicer shall resign from the obligations and duties hereby imposed on it
      except (i) upon determination that its duties hereunder are no longer
      permissible under applicable law, or (ii) upon the related Servicer’s written
      proposal of a successor servicer reasonably acceptable to each of the Sponsor,
      the Depositor, the Master Servicer and the Insurer. No such resignation under
      clause (i) above shall become effective unless evidenced by an Opinion of
      Counsel to such effect obtained at the expense of such Servicer and delivered
      to
      the Trustee, the Insurer and the Rating Agencies. No such resignation of a
      Servicer under clause (ii) shall be effective unless:

     

    (i)  the
      proposed successor Servicer is (1) an affiliate of the Master Servicer that
      services mortgage loans similar to the Mortgage Loans in the jurisdictions
      in
      which the related Mortgaged Properties are located or (2) the proposed successor
      Servicer has a rating of at least “Above Average” by S&P and either a rating
      of at least “RPS2” by Fitch or a rating of at least “SQ2” by
      Moody’s;

     

    (ii)  the
      Rating Agencies have confirmed to the Trustee that the appointment of the
      proposed successor servicer as the servicer under this Agreement will not result
      in the reduction or withdrawal of the then current ratings of any of the
      Certificates; and

     

    (iii)  the
      proposed successor Servicer has a net worth of at least
      $25,000,000.

     

    Notwithstanding
      anything to the contrary, no resignation of a Servicer shall become effective
      until the Master Servicer or a successor Servicer shall have assumed such
      Servicer’s responsibilities, duties, liabilities (other than those liabilities
      arising prior to the appointment of such successor) and obligations under this
      Agreement.

     

    (b)  Except
      as
      expressly provided herein, no Servicer shall assign or transfer any of its
      rights, benefits or privileges hereunder to any other Person, or delegate to
      or
      subcontract with, or authorize or appoint any other Person to perform any of
      the
      duties, covenants or obligations to be performed by such Servicer hereunder.
      The
      foregoing prohibition on assignment shall not prohibit a Servicer from
      designating a Sub-Servicer as payee of any indemnification amount payable to
      such Servicer hereunder; provided, however, that as provided in Section 3.02,
      no
      Sub-Servicer shall be a third-party beneficiary hereunder and the parties hereto
      shall not be required to recognize any Sub-Servicer as an indemnitee under
      this
      Agreement.

     

    SECTION
      7.05.  Limitation
      on Resignation of the Master Servicer.

     

    The
      Master Servicer shall not resign from the obligations and duties hereby imposed
      on it except upon determination that its duties hereunder are no longer
      permissible under applicable law. Any such determination pursuant to the
      preceding sentence permitting the resignation of the Master Servicer shall
      be
      evidenced by an Opinion of Counsel to such effect obtained at the expense of
      the
      Master Servicer and delivered to the Trustee, the Insurer and the Rating
      Agencies. No resignation of the Master Servicer shall become effective until
      the
      Trustee or a successor Master Servicer meeting the criteria specified in
      Section 7.06 shall have assumed the Master Servicer’s responsibilities,
      duties, liabilities (other than those liabilities arising prior to the
      appointment of such successor) and obligations under this
      Agreement.

     

    SECTION
      7.06.  Assignment
      of Master Servicing.

     

    The
      Master Servicer may sell and assign its rights and delegate its duties and
      obligations in its entirety as Master Servicer under this Agreement; provided,
      however, that: (i) the purchaser or transferee accept in writing such assignment
      and delegation and assume the obligations of the Master Servicer hereunder
      (a)
      shall have a net worth of not less than $25,000,000 (unless otherwise approved
      by each Rating Agency pursuant to clause (ii) below); (b) shall be reasonably
      satisfactory to the Trustee (as evidenced in a writing signed by the Trustee);
      and (c) shall execute and deliver to the Trustee an agreement, in form and
      substance reasonably satisfactory to the Trustee, which contains an assumption
      by such Person of the due and punctual performance and observance of each
      covenant and condition to be performed or observed by it as master servicer
      under this Agreement, any custodial agreement from and after the effective
      date
      of such agreement; (ii) each Rating Agency shall be given prior written notice
      of the identity of the proposed successor to the Master Servicer and each Rating
      Agency’s rating of the Certificates in effect immediately prior to such
      assignment, sale and delegation will not be downgraded, qualified or withdrawn
      as a result of such assignment, sale and delegation, as evidenced by a letter
      to
      such effect delivered to the Master Servicer and the Trustee; and (iii) the
      Master Servicer assigning and selling the master servicing shall deliver to
      the
      Trustee an Officer’s Certificate and an Opinion of Independent counsel, each
      stating that all conditions precedent to such action under this Agreement have
      been completed and such action is permitted by and complies with the terms
      of
      this Agreement. No such assignment or delegation shall affect any liability
      of
      the Master Servicer arising out of acts or omissions prior to the effective
      date
      thereof.

     

    SECTION
      7.07.  Rights
      of
      the Depositor in Respect of the Servicers and the Master Servicer.

     

    Each
      of
      the Master Servicer and any Servicer that is a party hereto shall afford (and
      any Sub-Servicing or Sub-Contracting Agreement shall provide that each
      Sub-Servicer or Subcontractor, as applicable, shall afford) the Depositor,
      the
      Insurer and the Trustee, upon reasonable notice, during normal business hours,
      access to all records maintained by the Master Servicer or the related Servicer
      (and any such Sub-Servicer or Subcontractor, as applicable) in respect of the
      related Servicer’s rights and obligations hereunder and access to officers of
      the Master Servicer or such Servicer (and those of any such Sub-Servicer or
      Subcontractor, as applicable) responsible for such obligations, and the Master
      Servicer shall have access to all such records maintained by such Servicer
      and
      any Sub-Servicers or Subcontractors. Upon request, each of the Master Servicer
      and such Servicer shall furnish to the Depositor, the Insurer and the Trustee
      its (and any such Sub-Servicer’s) most recent financial statements and such
      other information relating to the Master Servicer’s or such Servicer’s capacity
      to perform its obligations under this Agreement as it possesses (and that any
      such Sub-Servicer or Subcontractor possesses). To the extent such information
      is
      not otherwise available to the public, the Depositor, the Insurer and the
      Trustee shall not disseminate any information obtained pursuant to the preceding
      two sentences without the Master Servicer’s or the related Servicer’s written
      consent, except as required pursuant to this Agreement or to the extent that
      it
      is appropriate to do so (i) to its legal counsel, auditors, taxing authorities
      or other governmental agencies and the Certificateholders, (ii) pursuant to
      any
      law, rule, regulation, order, judgment, writ, injunction or decree of any court
      or governmental authority having jurisdiction over the Depositor and the Trustee
      or the Trust Fund, and in any case, the Depositor or the Trustee, (iii)
      disclosure of any and all information that is or becomes publicly known, or
      information obtained by the Trustee from sources other than the Depositor,
      the
      related Servicer or the Master Servicer, (iv) disclosure as required pursuant
      to
      this Agreement or (v) disclosure of any and all information (A) in any
      preliminary or final offering circular, registration statement or contract
      or
      other document pertaining to the transactions contemplated by the Agreement
      approved in advance by the Depositor, the related Servicer or the Master
      Servicer or (B) to any affiliate, independent or internal auditor, agent,
      employee or attorney of the Trustee having a need to know the same, provided
      that the Trustee advises such recipient of the confidential nature of the
      information being disclosed, shall use its best efforts to assure the
      confidentiality of any such disseminated non-public information. Nothing in
      this
      Section 7.07 shall limit the obligation of the Servicer to comply with any
      applicable law prohibiting disclosure of information regarding the Mortgagors
      and the failure of the related Servicer to provide access as provided in this
      Section 7.07 as a result of such obligation shall not constitute a breach
      of this Section. Nothing in this Section 7.07 shall require the related
      Servicer to collect, create, collate or otherwise generate any information
      that
      it does not generate in its usual course of business. No Servicer shall be
      required to make copies of or ship documents to any party unless provisions
      have
      been made for the reimbursement of the costs thereof. The Depositor may, but
      is
      not obligated to, enforce the obligations of the Master Servicer or the
      Servicers under this Agreement, and may, but is not obligated to, perform,
      or
      cause a designee to perform, any defaulted obligation of the Master Servicer
      or
      a Servicer under this Agreement, or exercise the rights of the Master Servicer
      or a Servicer under this Agreement; provided that neither the Master Servicer
      nor the related Servicer shall be relieved of any of its obligations under
      this
      Agreement, as applicable, by virtue of such performance by the Depositor or
      its
      designee. The Depositor shall not have any responsibility or liability for
      any
      action or failure to act by the Master Servicer or a Servicer and is not
      obligated to supervise the performance of the Master Servicer or a Servicer
      under this Agreement or otherwise.

     

    SECTION
      7.08.  Duties
      of
      the Credit Risk Manager. 

     

    For
      and
      on behalf of the Depositor, the Credit Risk Manager will provide reports and
      recommendations concerning certain delinquent and defaulted Mortgage Loans,
      and
      as to the collection of any Prepayment Charges with respect to the Mortgage
      Loans. Such reports and recommendations will be based upon information provided
      to the Credit Risk Manager pursuant to the Credit Risk Management Agreements,
      and the Credit Risk Manager shall look solely to the Servicers and/or Master
      Servicer for all information and data (including loss and delinquency
      information and data) relating to the servicing of the related Mortgage Loans.
      Upon any termination of the Credit Risk Manager or the appointment of a
      successor Credit Risk Manager, the Depositor shall give written notice thereof
      to the related Servicer, the Master Servicer, the Securities Administrator,
      the
      Trustee, and each Rating Agency. Notwithstanding the foregoing, the termination
      of the Credit Risk Manager pursuant to this Section shall not become
      effective until the appointment of a successor Credit Risk Manager. The Trustee
      is hereby authorized to enter into any Credit Risk Management Agreement
      necessary to effect the foregoing.

     

    SECTION
      7.09.  Limitation
      Upon Liability of the Credit Risk Manager. 

     

    Neither
      the Credit Risk Manager, nor any of its directors, officers, employees, or
      agents shall be under any liability to the Trustee, the Certificateholders,
      or
      the Depositor for any action taken or for refraining from the taking of any
      action made in good faith pursuant to this Agreement, in reliance upon
      information provided by the Servicer under the related Credit Risk Management
      Agreement, or for errors in judgment; provided, however, that this provision
      shall not protect the Credit Risk Manager or any such person against liability
      that would otherwise be imposed by reason of willful malfeasance or bad faith
      in
      its performance of its duties. The Credit Risk Manager and any director,
      officer, employee, or agent of the Credit Risk Manager 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, and may rely in good faith
      upon
      the accuracy of information furnished by the related Servicer pursuant to the
      related Credit Risk Management Agreement in the performance of its duties
      thereunder and hereunder.

     

    SECTION
      7.10.  Removal
      of the Credit Risk Manager. 

     

    The
      Credit Risk Manager may be removed as Credit Risk Manager by Certificateholders
      holding not less than 66 2/3% of the Voting Rights in the Trust Fund, in the
      exercise of its or their sole discretion. The Certificateholders shall provide
      written notice of the Credit Risk Manager’s removal to the Trustee. Upon receipt
      of such notice, the Trustee shall provide written notice to the Credit Risk
      Manager of its removal, which shall be effective upon receipt of such notice
      by
      the Credit Risk Manager, with a copy to the Securities Administrator and the
      Master Servicer.

     

    SECTION
      7.11.  Transfer
      of Servicing by Sponsor.

     

    The
      Sponsor may, at its option, transfer the servicing responsibilities of Ocwen
      as
      a Servicer with respect to the related Mortgage Loans at any time without cause.
      No such transfer shall become effective unless and until a successor to Ocwen
      shall have been appointed to service and administer the related Mortgage Loans
      pursuant to the terms and conditions of this Agreement. No appointment shall
      be
      effective unless (i) such successor meets the eligibility criteria set forth
      in
      Section 7.04 and (ii) all amounts reimbursable to Ocwen under this Agreement
      shall have been paid by the successor appointed pursuant to the terms of this
      Section 7.11 or by the Sponsor including without limitation, all unreimbursed
      P&I Advances and Servicing Advances made by Ocwen accrued and unpaid
      Servicing Fees and all out-of-pocket expenses of Ocwen incurred in connection
      with the transfer of servicing to such successor. The Sponsor shall provide
      a
      copy of the written confirmation of the Rating Agencies to the Trustee, the
      Securities Administrator and the Master Servicer. In connection with such
      appointment and assumption described herein, the Sponsor may make such
      arrangements for the compensation of such successor out of payments on Mortgage
      Loans as it and such successor shall agree; provided, however, that no such
      compensation shall be in excess of that permitted by Ocwen hereunder. The
      Sponsor shall take such action, consistent with this Agreement, as shall be
      necessary to effectuate any such succession.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      VIII

    DEFAULT

     

    SECTION
      8.01.  Servicer
      Events of Default.

     

    (a)  “Servicer
      Event of Default,” wherever used herein, means with respect to a Servicer any
      one of the following events:

     

    (i)  any
      failure by a Servicer to remit to the Securities Administrator for distribution
      to the Certificateholders any payment (other than a P&I Advance required to
      be made from its own funds on any Servicer Remittance Date pursuant to Section
      5.03 of this Agreement) required to be made by such Servicer under the terms
      of
      the Certificates and this Agreement which continues unremedied for a period
      of
      one (1) Business Day after the date upon which written notice of such failure,
      requiring the same to be remedied, shall have been given to such Servicer by
      the
      Depositor or the Trustee (in which case notice shall be provided by telecopy),
      or to such Servicer, the Depositor and the Trustee by the Holders of
      Certificates entitled to at least 25% of the Voting Rights; or

     

    (ii)  any
      failure on the part of a Servicer duly to observe or perform in any material
      respect any other of the covenants or agreements on the part of such Servicer
      contained in this Agreement, or the material breach by a Servicer of any
      representation and warranty contained in Section 2.05 of this Agreement, which
      continues unremedied for a period of thirty (30) days after the date on which
      written notice of such failure, requiring the same to be remedied, shall have
      been given to such Servicer by the Depositor or the Trustee or to such Servicer,
      the Depositor and the Trustee by the Holders of Certificates entitled to at
      least 25% of the Voting Rights; provided, however, that in the case of a failure
      that cannot be cured within thirty (30) days, the cure period may be extended
      for an additional thirty (30) days if such Servicer can demonstrate to the
      reasonable satisfaction of the Trustee that the Servicer is diligently pursuing
      remedial action; or

     

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

     

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

     

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

     

    (vi)  failure
      by a Servicer to duly perform, within the required time period, its obligations
      under Sections 3.17, 3.18 or 3.19; or

     

    (vii)  any
      failure of a Servicer to make any P&I Advance on any Servicer Remittance
      Date required to be made from its own funds pursuant to Section 5.03 which
      continues unremedied until 3:00 p.m. New York time on the Business Day
      immediately following the Servicer Remittance Date; or

     

    (viii)  failure
      of a Servicer to maintain at least an “average” rating from the Rating
      Agencies.

     

    If
      a
      Servicer Event of Default described in clauses (i) through (vi) or (viii) of
      this Section  shall occur, then, and in each and every such case, so long
      as such Servicer Event of Default shall not have been remedied, the Depositor
      or
      the Trustee may, and at the written direction of the Holders of Certificates
      entitled to at least 51% of Voting Rights, the Trustee shall, by notice in
      writing to the defaulting Servicer (and to the Depositor if given by the Trustee
      or to the Trustee if given by the Depositor) with a copy to the Master Servicer
      and each Rating Agency, terminate all of the rights and obligations of the
      defaulting Servicer in its capacity as a Servicer under this Agreement, to
      the
      extent permitted by law, and in and to the related Mortgage Loans and the
      proceeds thereof. If a Servicer Event of Default described in clause (vii)
      hereof shall occur, the Trustee shall, by notice in writing to the defaulting
      Servicer, the Insurer, the Depositor and the Master Servicer, terminate all
      of
      the rights and obligations of the defaulting Servicer in its capacity as a
      Servicer under this Agreement and in and to the related Mortgage Loans and
      the
      proceeds thereof. Subject to Section 8.02 of this Agreement, on or after
      the receipt by the defaulting Servicer of such written notice, all authority
      and
      power of the defaulting Servicer under this Agreement whether with respect
      to
      the Certificates (other than as a Holder of any Certificate) or the related
      Mortgage Loans or otherwise, shall pass to and be vested in the Master Servicer,
      or if Wells Fargo is the defaulting Servicer, the Trustee pursuant to and under
      this Section, and, without limitation, the Master Servicer or the Trustee,
      as
      applicable, is hereby authorized and empowered, as attorney-in-fact or
      otherwise, to execute and deliver, on behalf of and at the expense of the
      defaulting Servicer, any and all documents and other instruments and to do
      or
      accomplish all other acts or things necessary or appropriate to effect the
      purposes of such notice of termination, whether to complete the transfer and
      endorsement or assignment of the related Mortgage Loans and related documents,
      or otherwise. The defaulting Servicer agrees promptly (and in any event no
      later
      than ten (10) Business Days subsequent to such notice) to provide the Master
      Servicer or the Trustee, as applicable, with all documents and records requested
      by it to enable it to assume the defaulting Servicer’s functions under this
      Agreement, and to cooperate with the Master Servicer in effecting the
      termination of the defaulting Servicer’s responsibilities and rights under this
      Agreement, including, without limitation, the transfer within one (1) Business
      Day to the Master Servicer or the Trustee, as applicable, for administration
      by
      it of all cash amounts which at the time shall be or should have been credited
      by the defaulting Servicer to the related Collection Account held by or on
      behalf of the defaulting Servicer or thereafter be received with respect to
      the
      related Mortgage Loans or any related REO Property (provided, however, that
      the
      defaulting Servicer shall continue to be entitled to receive all amounts accrued
      or owing to it under this Agreement on or prior to the date of such termination,
      whether in respect of P&I Advances, Servicing Advances, accrued and unpaid
      Servicing Fees or otherwise, and shall continue to be entitled to the benefits
      of Section 7.03 of this Agreement, notwithstanding any such termination,
      with respect to events occurring prior to such termination). Reimbursement
      of
      unreimbursed P&I Advances, Servicing Advances and accrued and unpaid
      Servicing Fees shall be made on a first in, first out (“FIFO”) basis no later
      than the Servicer Remittance Date. For purposes of this Section 8.01(a),
      the Trustee shall not be deemed to have knowledge of a Servicer Event of Default
      unless a Responsible Officer of the Trustee assigned to and working in the
      Trustee’s Corporate Trust Office has actual knowledge thereof or unless written
      notice of any event which is in fact such a Servicer Event of Default is
      received by the Trustee at its Corporate Trust Office and such notice references
      the Certificates, the Trust or this Agreement. The Trustee shall promptly notify
      the Master Servicer and the Rating Agencies of the occurrence of a Servicer
      Event of Default of which it has knowledge as provided above.

     

    The
      Master Servicer or the Trustee, as applicable, shall be entitled to be
      reimbursed by the defaulting Servicer (or from amounts on deposit in the
      Distribution Account if the defaulting Servicer is unable to fulfill its
      obligations hereunder) for all reasonable out-of-pocket or third party costs
      associated with the transfer of servicing from the defaulting Servicer,
      including without limitation, any reasonable out-of-pocket or third party costs
      or expenses associated with the complete transfer of all servicing data and
      the
      completion, correction or manipulation of such servicing data as may be required
      by the Master Servicer or the Trustee, as applicable, to correct any errors
      or
      insufficiencies in the servicing data or otherwise to enable the Master Servicer
      or the Trustee, as applicable, to service the related Mortgage Loans properly
      and effectively, upon presentation of reasonable documentation of such costs
      and
      expenses.

     

    (b)  “Master
      Servicer Event of Default,” wherever used herein, means any one of the following
      events:

     

    (i)  any
      failure on the part of the Master Servicer duly 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 the breach by the Master
      Servicer of any representation and warranty contained in Section 2.04,
      which continues unremedied for a period of 30 days after the date on which
      written notice of such failure, or as otherwise set forth in this Agreement
      requiring the same to be remedied, shall have been given to the Master Servicer
      by the Depositor or the Trustee or to the Master Servicer, the Depositor and
      the
      Trustee by the Holders of Certificates entitled to at least 25% of the Voting
      Rights; or

     

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

     

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

     

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

     

    (v)  failure
      by the Master Servicer to duly perform, within the required time period, its
      obligations under Sections 4.15, 4.16, 4.17 and 4.18.

     

    If
      a
      Master Servicer Event of Default shall occur, then, and in each and every such
      case, so long as such Master Servicer Event of Default shall not have been
      remedied, the Depositor or the Trustee may, and at the written direction of
      the
      Holders of Certificates entitled to at least 51% of Voting Rights, the Trustee
      shall, by notice in writing to the Master Servicer (and to the Depositor if
      given by the Trustee or to the Trustee if given by the Depositor) with a copy
      to
      each Rating Agency, terminate all of the rights and obligations of the Master
      Servicer in its capacity as Master Servicer under this Agreement, to the extent
      permitted by law, and in and to the Mortgage Loans and the proceeds thereof.
      On
      or after the receipt by the Master Servicer of such written notice, all
      authority and power of the Master Servicer under this Agreement, whether with
      respect to the Certificates (other than as a Holder of any Certificate) or
      the
      Mortgage Loans or otherwise including, without limitation, the compensation
      payable to the Master Servicer under this Agreement, shall pass to and be vested
      in the Trustee pursuant to and under this Section, and, without limitation,
      the
      Trustee is hereby authorized and empowered, as attorney-in-fact or otherwise,
      to
      execute and deliver, on behalf of and at the expense of the Master Servicer,
      any
      and all documents and other instruments and to do or accomplish all other acts
      or things necessary or appropriate to effect the purposes of such notice of
      termination, whether to complete the transfer and endorsement or assignment
      of
      the Mortgage Loans and related documents, or otherwise. The Master Servicer
      agrees promptly (and in any event no later than ten Business Days subsequent
      to
      such notice) to provide the Trustee with all documents and records requested
      by
      it to enable it to assume the Master Servicer’s functions under this Agreement,
      and to cooperate with the Trustee in effecting the termination of the Master
      Servicer’s responsibilities and rights under this Agreement (provided, however,
      that the Master Servicer shall continue to be entitled to receive all amounts
      accrued or owing to it under this Agreement on or prior to the date of such
      termination and shall continue to be entitled to the benefits of
      Section 7.03 of this Agreement, notwithstanding any such termination, with
      respect to events occurring prior to such termination). For purposes of this
      Section 8.01(b), the Trustee shall not be deemed to have knowledge of a
      Master Servicer Event of Default unless a Responsible Officer of the Trustee
      assigned to and working in the Trustee’s Corporate Trust Office has actual
      knowledge thereof or unless written notice of any event which is in fact such
      a
      Master Servicer Event of Default is received by the Trustee and such notice
      references the Certificates, the Trust or this Agreement. The Trustee shall
      promptly notify the Rating Agencies of the occurrence of a Master Servicer
      Event
      of Default of which it has knowledge as provided above.

     

    Notwithstanding
      the foregoing, the Trustee may, if it shall be unwilling to continue to act,
      or
      shall, if it is unable to so act, petition a court of competent jurisdiction
      to
      appoint, or appoint on its own behalf, any established housing and home finance
      institution servicer, master servicer, servicing or mortgage servicing
      institution having a net worth of not less than $25,000,000 and meeting such
      other standards for a successor master servicer as are set forth in this
      Agreement, as the successor to such Master Servicer in the assumption of all
      of
      the responsibilities, duties or liabilities of a master servicer. Any such
      successor master servicer shall be subject to the prior approval of the Insurer,
      such approval not to be unreasonably withheld.

     

    To
      the
      extent that the costs and expenses of the Trustee related to the termination
      of
      the Master Servicer, appointment of a successor Master Servicer or the transfer
      and assumption of the master servicing by the Trustee (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
      Master Servicer as a result of a Master Servicer Event of Default and (ii)
      all
      costs and expenses associated with the complete transfer of the master
      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 Master Servicer to correct any errors or insufficiencies in
      the
      servicing data or otherwise to enable the successor Master Servicer to master
      service the Mortgage Loans in accordance with this Agreement) are not fully
      and
      timely reimbursed by the terminated Master Servicer, the Trustee shall be
      entitled to reimbursement of such costs and expenses from the Distribution
      Account.

     

    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 to deliver or provide, or any
      delay
      in delivering or providing, any cash, information, documents or records to
      it.

     

    SECTION
      8.02.  Master
      Servicer or Trustee to Act; Appointment of Successor.

     

    (a)  On
      and
      after the time a Servicer receives a notice of termination, the Master Servicer
      or, if Wells Fargo receives the notice of termination, the Trustee, shall be
      the
      successor in all respects to such Servicer in its capacity as a Servicer under
      this Agreement and the transactions set forth or provided for herein or therein,
      and all the responsibilities, duties and liabilities relating thereto and
      arising thereafter shall be assumed by the Master Servicer or the Trustee,
      as
      applicable (except for any representations or warranties of such Servicer under
      this Agreement the responsibilities, duties and liabilities contained in Section
      2.03 of this Agreement and the obligation to deposit amounts in respect of
      losses pursuant to Section 3.10(b) of this Agreement) by the terms and
      provisions hereof including, without limitation, such Servicer’s obligations to
      make P&I Advances pursuant to Section 5.03 of this Agreement; provided,
      however, that if the Master Servicer or the Trustee, as applicable, is
      prohibited by law or regulation from obligating itself to make advances
      regarding delinquent mortgage loans, then the Master Servicer or the Trustee,
      as
      applicable shall not be obligated to make P&I Advances pursuant to Section
      5.03 of this Agreement; and provided further, that any failure to perform such
      duties or responsibilities caused by such Servicer’s failure to provide
      information required by Section 8.01 of this Agreement shall not be considered
      a
      default by the Master Servicer or the Trustee, as applicable as successor to
      such Servicer hereunder; provided, however, that (1) it is understood and
      acknowledged by the parties hereto that there will be a period of transition
      (not to exceed ninety (90) days) before the actual servicing functions can
      be
      fully transferred to the Master Servicer or the Trustee, as applicable or any
      successor Servicer appointed in accordance with the following provisions and
      (2)
      any failure to perform such duties or responsibilities caused by such Servicer’s
      failure to provide information required by Section 8.01 of this Agreement shall
      not be considered a default by the Master Servicer or the Trustee, as applicable
      as successor to such Servicer. As compensation therefor, the Master Servicer
      or
      the Trustee, as applicable shall be entitled to the Servicing Fee and all funds
      relating to the related Mortgage Loans to which the terminated Servicer would
      have been entitled if it had continued to act hereunder. Notwithstanding the
      above and subject to the immediately following paragraph, the Master Servicer
      or
      the Trustee, as applicable may, if it shall be unwilling to so act, or shall,
      if
      it is unable to so act promptly appoint or petition a court of competent
      jurisdiction to appoint, a Person that satisfies the eligibility criteria set
      forth below as the successor to the terminated Servicer under this Agreement
      in
      the assumption of all or any part of the responsibilities, duties or liabilities
      of the terminated Servicer under this Agreement. Any such successor shall be
      subject to the prior approval of the Insurer, such approval not to be
      unreasonably withheld.

     

    Notwithstanding
      anything herein to the contrary, in no event shall the Trustee or the Master
      Servicer be liable for any Servicing Fee or for any differential in the amount
      of the Servicing Fee paid hereunder and the amount necessary to induce any
      successor Servicer to act as successor Servicer under this Agreement and the
      transactions set forth or provided for herein.

     

    Any
      successor Servicer appointed under this Agreement must (i) be an established
      mortgage loan servicing institution that is a Fannie Mae and Freddie Mac
      approved seller/servicer, (ii) be approved by each Rating Agency by a written
      confirmation from each Rating Agency that the appointment of such successor
      Servicer would not result in the reduction or withdrawal of the then current
      ratings of any outstanding Class of Certificates, (iii) have a net worth of
      not
      less than $25,000,000 and (iv) assume all the responsibilities, duties or
      liabilities of the related Servicer (other than liabilities of the related
      Servicer hereunder incurred prior to termination of the related Servicer under
      Section 8.01 herein) under this Agreement as if originally named as a party
      to this Agreement.

     

    (b)  
      (1) All
      servicing transfer costs (including, without limitation, servicing transfer
      costs of the type described in Section 8.02(a) of this Agreement and
      incurred by the Trustee, the Master Servicer and any successor Servicer under
      paragraph (b)(2) below) in connection with the termination of a Servicer shall
      be paid by the terminated Servicer upon presentation of reasonable documentation
      of such costs, and if such predecessor or initial Servicer, as applicable,
      defaults in its obligation to pay such costs, the successor Servicer, the Master
      Servicer and the Trustee shall be entitled to reimbursement therefor from the
      assets of the Trust Fund.

     

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

     

    SECTION
      8.03.  Notification
      to Certificateholders.

     

    (a)  Upon
      any
      termination of the Master Servicer or a Servicer pursuant to
      Section 8.01(a) or (b) of this Agreement or under the Servicing Agreement,
      as applicable, or any appointment of a successor to the Master Servicer or
      a
      Servicer pursuant to Section 8.02 of this Agreement or pursuant to the
      Servicing Agreement, as applicable, the Trustee shall give prompt written notice
      thereof to the Insurer and the Certificateholders at their respective addresses
      appearing in the Certificate Register.

     

    (b)  Not
      later
      than the later of sixty (60) days after the occurrence of any event, which
      constitutes or which, with notice or lapse of time or both, would constitute
      a
      Servicer Event of Default or a Master Servicer Event of Default or five (5)
      days
      after a Responsible Officer of the Trustee becomes aware of the occurrence
      of
      such an event, the Trustee shall transmit by mail to the Insurer and all Holders
      of Certificates notice of each such occurrence, unless such default or Servicer
      Event of Default or Master Servicer Event of Default shall have been cured
      or
      waived.

     

    SECTION
      8.04.  Waiver
      of
      Servicer Events of Default.

     

    The
      Holders representing at least 66% of the Voting Rights evidenced by all Classes
      of Certificates affected by any default, Servicer Event of Default or Master
      Servicer Event of Default hereunder may, with the consent of the Insurer, waive
      such default, Servicer Event of Default or Master Servicer Event of Default;
      provided, however, that a Servicer Event of Default under clause (i) or (vii)
      of
      Section 8.01(a) of this Agreement may be waived only by all of the Holders
      of the Regular Certificates. Upon any such waiver of a default, Servicer Event
      of Default or Master Servicer Event of Default, such default, Servicer Event
      of
      Default or Master Servicer Event of Default shall cease to exist and shall
      be
      deemed to have been remedied for every purpose hereunder. No such waiver shall
      extend to any subsequent or other default, Servicer Event of Default or Master
      Servicer Event of Default or impair any right consequent thereon except to
      the
      extent expressly so waived.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      IX

    CONCERNING
      THE TRUSTEE AND THE SECURITIES ADMINISTRATOR

     

    SECTION
      9.01.  Duties
      of
      Trustee and Securities Administrator.

     

    The
      Trustee, prior to the occurrence of a Master Servicer Event of Default and
      after
      the curing or waiver of all Master Servicer 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. During the
      continuance of a Master Servicer Event of Default, the Trustee shall exercise
      such of the rights and powers vested in it by this Agreement, and use the same
      degree of care and skill in its exercise as a prudent person would exercise
      or
      use under the circumstances in the conduct of such person’s own affairs. Any
      permissive right of the Trustee enumerated in this Agreement shall not be
      construed as a duty.

     

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

     

    The
      Trustee shall promptly remit to the related Servicer any complaint, claim,
      demand, notice or other document (collectively, the “Notices”) delivered to the
      Trustee as a consequence of the assignment of any Mortgage Loan hereunder and
      relating to the servicing of the Mortgage Loans; provided than any such notice
      (i) is delivered to the Trustee at its Corporate Trust Office, (ii) contains
      information sufficient to permit the Trustee to make a determination that the
      real property to which such document relates is a Mortgaged Property. The
      Trustee shall have no duty hereunder with respect to any Notice it may receive
      or which may be alleged to have been delivered to or served upon it unless
      such
      Notice is delivered to it or served upon it at its Corporate Trust Office and
      such Notice contains the information required pursuant to clause (ii) of the
      preceding sentence.

     

    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 misconduct; provided, however,
      that:

     

    (i)  Prior
      to
      the occurrence of a Master Servicer Event of Default, and after the curing
      or
      waiver of all such Master Servicer 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 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 such
      duties and obligations as are specifically set forth in this Agreement, no
      implied covenants or obligations shall be read into this Agreement against
      the
      Trustee 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, that conform to the requirements of this
      Agreement;

     

    (ii)  Neither
      the Trustee nor the Securities Administrator shall be liable for an error of
      judgment made in good faith by a Responsible Officer or Responsible Officers
      of
      the Trustee or an officer or officers of the Securities Administrator,
      respectively, unless it shall be proved that the Trustee or the Securities
      Administrator, respectively, was negligent in ascertaining the pertinent facts;
      and

     

    (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 direction of the Holders of Certificates entitled to at least 25%
      of
      the Voting Rights relating to the time, method and place of conducting any
      proceeding for any remedy available to the Trustee or the Securities
      Administrator or exercising any trust or power conferred upon the Trustee or
      the
      Securities Administrator under this Agreement.

     

    SECTION
      9.02.  Certain
      Matters Affecting Trustee and Securities Administrator.

     

    (a)  Except
      as
      otherwise provided in Section 9.01 of this Agreement:

     

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

     

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

     

    (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 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 the case may be,
      reasonable security or indemnity satisfactory to it against the costs, expenses
      and liabilities which may be incurred therein or thereby; nothing contained
      herein shall, however, relieve the Trustee of the obligation, upon the
      occurrence of a Master Servicer Event of Default (which has not been cured
      or
      waived), to exercise such of the rights and powers vested in it by this
      Agreement, and to use the same degree of care and skill in their exercise as
      a
      prudent person would exercise or use under the circumstances in the conduct
      of
      such person’s own affairs;

     

    (iv)  Neither
      the Trustee nor the Securities Administrator shall be liable for any action
      taken, suffered or omitted by it in good faith and believed by it to be
      authorized or within the discretion or rights or powers conferred upon it by
      this Agreement;

     

    (v)  Prior
      to
      the occurrence of a Master Servicer Event of Default hereunder and after the
      curing or waiver of all Master Servicer Events of Default which may have
      occurred with respect to the Trustee and at all times with respect to the
      Securities Administrator, neither the Trustee nor the Securities Administrator
      shall be bound to make any investigation into the facts or matters stated in
      any
      resolution, certificate, statement, instrument, opinion, report, notice,
      request, consent, order, approval, bond or other paper or document, unless
      requested in writing to do so by the Holders of Certificates entitled to at
      least 25% of the Voting Rights; provided, however, that if the payment within
      a
      reasonable time to the Trustee or the Securities Administrator of the costs,
      expenses or liabilities likely to be incurred by it in the making of such
      investigation is, in the opinion of the Trustee or the Securities Administrator,
      as applicable, not reasonably assured to the Trustee or the Securities
      Administrator by such Certificateholders, the Trustee or the Securities
      Administrator, as applicable, may require reasonable indemnity satisfactory
      to
      it against such expense, or liability from such Certificateholders as a
      condition to taking any such action;

     

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

     

    (vii)  The
      Trustee shall not be liable for any loss resulting from (a) the investment
      of
      funds held in any Collection Account or the Custodial Account, (b) the
      investment of funds held in the Distribution Account, (c) the investment of
      funds held in the Reserve Fund or (d) the redemption or sale of any such
      investment as therein authorized;

     

    (viii)  The
      Trustee shall not be deemed to have notice of any default, Master Servicer
      Event
      of Default or Servicer Event of Default unless a Responsible Officer of the
      Trustee has actual knowledge thereof or unless written notice of any event
      which
      is in fact such a default is received by a Responsible Officer of the Trustee
      at
      the Corporate Trust Office of the Trustee, and such notice references the
      Certificates and this Agreement; and

     

    (ix)  The
      rights, privileges, protections, immunities and benefits given to the Trustee,
      including, without limitation, its right to be indemnified, are extended to,
      and
      shall be enforceable by, each agent, custodian and other Person employed to
      act
      hereunder.

     

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

     

    (c)  The
      Depositor hereby directs the Trustee and the Trustee is hereby empowered under
      this Agreement to direct the Securities Administrator to execute the Swap
      Agreement on behalf of the Supplemental Interest Trust in the form presented
      to
      it by the Swap Provider and shall have no responsibility for the contents of
      the
      Swap Agreement, including, without limitation, the representations and
      warranties contained therein. Any funds payable by the Securities Administrator
      on behalf of the Supplemental Interest Trust under the Swap Agreement shall
      be
      paid from funds of the Supplemental Interest Trust in accordance with the terms
      and provisions of the Swap Agreement. Notwithstanding anything to the contrary
      contained herein or in the Swap Agreement, the Securities Administrator shall
      not be required to make any payments from its own funds to the counterparty
      under the Swap Agreement.

     

    (d)  None
      of
      the Securities Administrator, the Master Servicer, the Servicers, the Sponsor,
      the Depositor, the Custodians or the Trustee shall be responsible for the acts
      or omissions of the others or the Swap Provider, it being understood that this
      Agreement shall not be construed to render those partners joint venturers or
      agents of one another.

     

    SECTION
      9.03.  Trustee
      and Securities Administrator not Liable for Certificates or Mortgage
      Loans.

     

    The
      recitals contained herein and in the Certificates (other than the signature
      of
      the Securities Administrator, the authentication of the Securities Administrator
      on the Certificates, the acknowledgments of the Trustee contained in Article
      II
      and the representations and warranties of the Trustee in Section 9.12 of
      this Agreement) shall be taken as the statements of the Depositor and neither
      the Trustee nor the Securities Administrator assumes any responsibility for
      their correctness. Neither the Trustee nor the Securities Administrator makes
      any representations or warranties as to the validity or sufficiency of this
      Agreement (other than as specifically set forth in Section 9.12 of this
      Agreement), the Swap Agreement or of the Certificates (other than the signature
      of the Securities Administrator and authentication of the Securities
      Administrator on the Certificates) or of any Mortgage Loan or related document.
      The Trustee and the Securities Administrator shall not be accountable for the
      use or application by the Depositor of any of the Certificates or of the
      proceeds of such Certificates, or for the use or application of any funds paid
      to the Depositor or the Master Servicer in respect of the Mortgage Loans or
      deposited in or withdrawn from any Collection Account or any Custodial Account
      by the related Servicer or the related Interim Servicer, other than with respect
      to the Securities Administrator any funds held by it or on behalf of the Trustee
      in accordance with Sections 3.23 and 3.24 of this Agreement.

     

    SECTION
      9.04.  Trustee
      and Securities Administrator May Own Certificates.

     

    Each
      of
      the Trustee and the Securities Administrator in its individual capacity or
      any
      other capacity may become the owner or pledgee of Certificates and may transact
      business with other interested parties and their Affiliates with the same rights
      it would have if it were not Trustee or the Securities
      Administrator.

     

    SECTION
      9.05.  Fees
      and
      Expenses of Trustee, Custodians and Securities Administrator.

     

    The
      fees
      of the Trustee and the Securities Administrator hereunder, of Wells Fargo as
      the
      Custodian under the Wells Fargo Custodial Agreement and of DBNTC as the
      Custodian under the DBNTC Custodial Agreement shall be paid in accordance with
      a
      side letter agreement with the Master Servicer and at the sole expense of the
      Master Servicer. In addition, the Trustee, the Securities Administrator, the
      Custodians and any director, officer, employee or agent of the Trustee, the
      Securities Administrator and the Custodians shall be indemnified by the Trust
      and held harmless against any loss, liability or expense (including reasonable
      attorney’s fees and expenses) incurred by the Trustee, the Custodians or the
      Securities Administrator in connection with any claim or legal action or any
      pending or threatened claim or legal action arising out of or in connection
      with
      the acceptance or administration of its respective obligations and duties under
      this Agreement, including the Swap Agreement and any and all other agreements
      related hereto, other than any loss, liability or expense (i) for which the
      Trustee is indemnified by the Master Servicer or any Servicer, (ii) that
      constitutes a specific liability of the Trustee or the Securities Administrator
      pursuant to Section 11.01(g) of this Agreement or (iii) any loss, liability
      or expense incurred by reason of willful misfeasance, bad faith or negligence
      in
      the performance of duties hereunder by the Trustee or the Securities
      Administrator or by reason of reckless disregard of obligations and duties
      hereunder. In no event shall the Trustee, Custodians, Master Servicer 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 it has been advised of the likelihood of such loss or damage and
      regardless of the form of action. The Master Servicer agrees to indemnify the
      Trustee, from, and hold the Trustee harmless against, any loss, liability or
      expense (including reasonable attorney’s fees and expenses) incurred by the
      Trustee by reason of the Master Servicer’s willful misfeasance, bad faith or
      gross negligence in the performance of its duties under this Agreement or by
      reason of the Master Servicer’s reckless disregard of its obligations and duties
      under this Agreement. In addition, the Sponsor agrees to indemnify the Trustee
      for, and to hold the Trustee harmless against, any loss, liability or expense
      arising out of, or in connection with, the provisions set forth in the last
      paragraph of Section 2.01 of this Agreement, including, without limitation,
      all costs, liabilities and expenses (including reasonable legal fees and
      expenses) of investigating and defending itself against any claim, action or
      proceeding, pending or threatened, relating to the provisions of such paragraph.
      The indemnities in this Section 9.05 shall survive the termination or
      discharge of this Agreement and the resignation or removal of the Master
      Servicer, the Trustee, the Securities Administrator or the Custodians. Any
      payment under this Section 9.05 made by the Master Servicer to the Trustee
      in
      respect of the Trustee’s fees or the Master Servicer’s indemnification
      obligation to the Trustee shall be from the Master Servicer’s own funds, without
      reimbursement from REMIC I therefor.

     

    SECTION
      9.06.  Eligibility
      Requirements for Trustee and Securities Administrator.

     

    The
      Trustee and the Securities Administrator shall at all times be a corporation
      or
      an association (other than the Depositor, the Sponsor, the Master Servicer
      or
      any Affiliate of the foregoing) organized and doing business under the laws
      of
      any state or the United States of America, authorized under such laws to
      exercise corporate trust powers, having a combined capital and surplus of at
      least $50,000,000 (or a member of a bank holding company whose capital and
      surplus is at least $50,000,000) and subject to supervision or examination
      by
      federal or state authority. If such corporation or association publishes reports
      of conditions at least annually, pursuant to law or to the requirements of
      the
      aforesaid supervising or examining authority, then for the purposes of this
      Section the combined capital and surplus of such corporation or association
      shall be deemed to be its combined capital and surplus as set forth in its
      most
      recent report of conditions so published. In case at any time the Trustee or
      the
      Securities Administrator, as applicable, shall cease to be eligible in
      accordance with the provisions of this Section, the Trustee or the Securities
      Administrator, as applicable, shall resign immediately in the manner and with
      the effect specified in Section 9.07 of this Agreement.

     

    Additionally,
      the Securities Administrator (i) may not be an originator, Master Servicer,
      Servicer, the Depositor or an affiliate of the Depositor unless the Securities
      Administrator is in an institutional trust department, (ii) must be authorized
      to exercise corporate trust powers under the laws of its jurisdiction of
      organization, and (iii) must be rated at least "A/F1" by Fitch, if Fitch is
      a
      Rating Agency, or the equivalent rating by S&P (or such rating acceptable to
      Fitch pursuant to a rating confirmation). 

     

    SECTION
      9.07.  Resignation
      and Removal of Trustee and Securities Administrator.

     

    The
      Trustee and the Securities Administrator may at any time resign and be
      discharged from the trust hereby created by giving written notice thereof to
      the
      Depositor, to the Master Servicer, to the Securities Administrator (or the
      Trustee, if the Securities Administrator resigns), to the Certificateholders
      and
      to the Insurer. Upon receiving such notice of resignation, the Depositor shall
      promptly appoint a successor trustee or successor securities administrator
      by
      written instrument, in duplicate, which instrument shall be delivered to the
      resigning Trustee or Securities Administrator, as applicable, and to the
      successor trustee or successor securities administrator, as applicable. A copy
      of such instrument shall be delivered to the Certificateholders, the Insurer,
      the Trustee, the Securities Administrator and the Master Servicer by the
      Depositor. If no successor trustee or successor securities administrator shall
      have been so appointed and have accepted appointment within thirty (30) days
      after the giving of such notice of resignation, the resigning Trustee or
      Securities Administrator, as the case may be, may, at the expense of the Trust
      Fund, petition any court of competent jurisdiction for the appointment of a
      successor trustee, successor securities administrator, Trustee or Securities
      Administrator, as applicable.

     

    If
      at any
      time the Trustee or the Securities Administrator shall cease to be eligible
      in
      accordance with the provisions of Section 9.06 of this Agreement and shall
      fail to resign after written request therefor by the Depositor, or if at any
      time the Trustee or the Securities Administrator shall become incapable of
      acting, or shall be adjudged 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, then the Depositor may remove the Trustee or the
      Securities Administrator, as applicable and appoint a successor trustee or
      successor securities administrator, as applicable, by written instrument, in
      duplicate, which instrument shall be delivered to the Trustee or the Securities
      Administrator so removed and to the successor trustee or successor securities
      administrator. A copy of such instrument shall be delivered to the
      Certificateholders, the Trustee, the Securities Administrator and the Master
      Servicer by the Depositor.

     

    The
      Holders of Certificates entitled to at least 51% of the Voting Rights may at
      any
      time remove the Trustee or the Securities Administrator and appoint a successor
      trustee or successor securities administrator by written instrument or
      instruments, in triplicate, signed by such Holders or their attorneys-in-fact
      duly authorized, one complete set of which instruments shall be delivered to
      the
      Depositor, one complete set to the Trustee or the Securities Administrator
      so
      removed and one complete set to the successor so appointed. A copy of such
      instrument shall be delivered to the Certificateholders, the Trustee (in the
      case of the removal of the Securities Administrator), the Securities
      Administrator (in the case of the removal of the Trustee) and the Master
      Servicer by the Depositor.

     

    Any
      resignation or removal of the Trustee or the Securities Administrator and
      appointment of a successor trustee or successor securities administrator
      pursuant to any of the provisions of this Section shall not become
      effective until acceptance of appointment by the successor trustee or successor
      securities administrator, as applicable, as provided in
      Section 9.08.

     

    Notwithstanding
      anything to the contrary contained herein, the Master Servicer and the
      Securities Administrator shall at all times be the same Person.

     

    SECTION
      9.08.  Successor
      Trustee or Securities Administrator.

     

    Any
      successor trustee or successor securities administrator appointed as provided
      in
      Section 9.07 of this Agreement shall execute, acknowledge and deliver to
      the Depositor and its predecessor trustee or predecessor securities
      administrator an instrument accepting such appointment hereunder, and thereupon
      the resignation or removal of the predecessor trustee or predecessor securities
      administrator shall become effective and such successor trustee or successor
      securities administrator without any further act, deed or conveyance, shall
      become fully vested with all the rights, powers, duties and obligations of
      its
      predecessor hereunder, with the like effect as if originally named as trustee
      or
      securities administrator herein. The predecessor trustee or predecessor
      securities administrator shall deliver to the successor trustee or successor
      securities administrator all Mortgage Loan Documents and related documents
      and
      statements to the extent held by it hereunder, as well as all monies, held
      by it
      hereunder, and the Depositor and the predecessor trustee or predecessor
      securities administrator shall execute and deliver such instruments and do
      such
      other things as may reasonably be required for more fully and certainly vesting
      and confirming in the successor trustee or successor securities administrator
      all such rights, powers, duties and obligations.

     

    No
      successor trustee or successor securities administrator shall accept appointment
      as provided in this Section unless at the time of such acceptance such
      successor trustee or successor securities administrator shall be eligible under
      the provisions of Section 9.06 and the appointment of such successor
      trustee or successor securities administrator shall not result in a downgrading
      of any Class of Certificates by any Rating Agency, as evidenced by a letter
      from
      each Rating Agency.

     

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

     

    SECTION
      9.09.  Merger
      or
      Consolidation of Trustee or Securities Administrator.

     

    Any
      corporation or association into which the Trustee or the Securities
      Administrator may be merged or converted or with which it may be consolidated
      or
      any corporation or association resulting from any merger, conversion or
      consolidation to which the Trustee or the Securities Administrator shall be
      a
      party, or any corporation or association succeeding to the business of the
      Trustee or the Securities Administrator shall be the successor of the Trustee
      or
      the Securities Administrator hereunder, provided such corporation or association
      shall be eligible under the provisions of Section 9.06 of this Agreement,
      without the execution or filing of any paper or any further act on the part
      of
      any of the parties hereto, anything herein to the contrary
      notwithstanding.

     

    SECTION
      9.10.  Appointment
      of Co-Trustee or Separate Trustee.

     

    Notwithstanding
      any other provisions hereof, at any time, for the purpose of meeting any legal
      requirements of any jurisdiction in which any part of the REMIC I or property
      securing the same may at the time be located, the Trustee shall have the power
      and shall execute and deliver all instruments to appoint one or more Persons
      approved by the Trustee to act as co-trustee or co-trustees, jointly with the
      Trustee, or separate trustee or separate trustees, of all or any part of REMIC
      I, and to vest in such Person or Persons, in such capacity, and for the benefit
      of the Holders of the Certificates, such title to REMIC I, or any part thereof,
      and, subject to the other provisions of this Section 9.10, such powers,
      duties, obligations, rights and trusts as the Trustee may consider necessary
      or
      desirable. No co-trustee or separate trustee hereunder shall be required to
      meet
      the terms of eligibility as a successor trustee under Section 9.06
      hereunder and no notice to Holders of Certificates of the appointment of
      co-trustee(s) or separate trustee(s) shall be required under Section 9.08
      hereof.

     

    In
      the
      case of any appointment of a co-trustee or separate trustee pursuant to this
      Section 9.10 all rights, powers, duties and obligations conferred or
      imposed upon the Trustee shall be conferred or imposed upon and exercised or
      performed by the Trustee and such separate trustee or co-trustee jointly, except
      to the extent that under any law of any jurisdiction in which any particular
      act
      or acts are to be performed by the Trustee (whether as Trustee hereunder or
      as
      successor to a defaulting Master Servicer hereunder), the Trustee shall be
      incompetent or unqualified to perform such act or acts, in which event such
      rights, powers, duties and obligations (including the holding of title to REMIC
      I or any portion thereof in any such jurisdiction) shall be exercised and
      performed by such separate trustee or co-trustee at the direction of the
      Trustee.

     

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

     

    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 or co-trustee.

     

    SECTION
      9.11.  Appointment
      of Office or Agency.

     

    The
      Certificates may be surrendered for registration of transfer or exchange at
      the
      Securities Administrator’s office located at Sixth Street and Marquette Avenue,
      Minneapolis, Minnesota 55479, and presented for final distribution at the
      Corporate Trust Office of the Securities Administrator where notices and demands
      to or upon the Securities Administrator in respect of the Certificates and
      this
      Agreement may be served.

     

    SECTION
      9.12.  Representations
      and Warranties.

     

    The
      Trustee hereby represents and warrants to the Master Servicer, the Securities
      Administrator, the Servicers, the Insurer and the Depositor as applicable,
      as of
      the Closing Date, that:

     

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

     

    (ii)  The
      execution and delivery of this Agreement by it, and the performance and
      compliance with the terms of this Agreement by it, will not violate its articles
      of association or bylaws or constitute a default (or an event which, with notice
      or lapse of time, or both, would constitute a default) under, or result in
      the
      breach of, any material agreement or other instrument to which it is a party
      or
      which is applicable to it or any of its assets.

     

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

     

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

     

    (v)  It
      is not
      in violation of, and its execution and delivery of this Agreement and its
      performance and compliance with the terms of this Agreement will not constitute
      a violation of, any law, any order or decree of any court or arbiter, or any
      order, regulation or demand of any federal, state or local governmental or
      regulatory authority, which violation, in its good faith and reasonable
      judgment, is likely to affect materially and adversely either the ability of
      it
      to perform its obligations under this Agreement or its financial
      condition.

     

    (vi)  No
      litigation is pending or, to the best of its knowledge, threatened against
      it,
      which would prohibit it from entering into this Agreement or, in its good faith
      reasonable judgment, is likely to materially and adversely affect either the
      ability of it to perform its obligations under this Agreement or its financial
      condition.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      ARTICLE
        X

    

    TERMINATION

     

    SECTION
      10.01.  Termination
      Upon Repurchase or Liquidation of All Mortgage Loans.

     

    (a)  Subject
      to Section 10.02 of this Agreement, the respective obligations and
      responsibilities under this Agreement of the Depositor, the Master Servicer,
      the
      Securities Administrator, the Servicer and the Trustee (other than the
      obligations of the Master Servicer to the Trustee pursuant to Section 9.05
      of this Agreement and of the Servicers to make remittances to the Securities
      Administrator and the Securities Administrator to make payments in respect
      of
      the REMIC I Regular Interests, REMIC II Regular Interests or the Classes of
      Certificates as hereinafter set forth) shall terminate upon payment to the
      Certificateholders and the deposit of all amounts held by or on behalf of the
      Trustee and required hereunder to be so paid or deposited on the Distribution
      Date coinciding with or following the earlier to occur of (i) the purchase
      by
      the Terminator (as defined below) of all Mortgage Loans and each REO Property
      remaining in REMIC I and (ii) the final payment or other liquidation (or any
      advance with respect thereto) of the last Mortgage Loan or REO Property
      remaining in REMIC I; provided, however, that in no event shall the trust
      created hereby continue beyond the earlier of (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 Last Scheduled Distribution Date. The purchase by
      the
      Terminator of all Mortgage Loans and each REO Property remaining in REMIC I
      shall be at a price (the “Termination Price”) equal to the sum of (i) the
      greater of (A) the aggregate Purchase Price of all the Mortgage Loans included
      in REMIC I, plus the appraised value of each REO Property, if any, included
      in
      REMIC I, such appraisal to be conducted by an appraiser mutually agreed upon
      by
      the Master Servicer and the Trustee in their reasonable discretion and (B)
      the
      aggregate fair market value of all of the assets of REMIC I (as determined
      by
      the Master Servicer and the Trustee, as of the close of business on the third
      Business Day next preceding the date upon which notice of any such termination
      is furnished to Certificateholders pursuant to the third paragraph of this
      Section 10.01), (ii) any amounts due and owing the Swap Provider under the
      Swap Agreement as of the termination date, (iii) any amount necessary to prevent
      any further draw on the Policy plus any amounts in respect of unpaid Insurer
      Premiums and Reimbursement Amounts payable to the Insurer which remain unpaid
      plus (iv) any amounts due the Servicers and the Master Servicer in respect
      of
      unpaid Servicing Fees and outstanding P&I Advances and Servicing Advances.

     

    (b)  The
      Master Servicer or, if the Master Servicer fails to exercise such optional
      termination right, the first of either Ocwen or Wells Fargo to fulfill the
      requirements set forth in this paragraph (either the Master Servicer, Ocwen
      or
      Wells Fargo, the “Terminator”) shall have the right to purchase all of the
      Mortgage Loans and each REO Property remaining in REMIC I pursuant to clause
      (i)
      of the preceding paragraph no later than the Determination Date in the month
      immediately preceding the Distribution Date on which the Certificates will
      be
      retired; provided, however, that the Terminator may elect to purchase all of
      the
      Mortgage Loans and each REO Property remaining in REMIC I pursuant to clause
      (i)
      above only if the aggregate Scheduled Principal Balance of the Mortgage Loans
      and each REO Property remaining in the Trust Fund at the time of such election
      is reduced to less than or equal to 10% of the aggregate Scheduled Principal
      Balance of the Mortgage Loans as of the Cut-off Date. By acceptance of the
      Residual Certificates, the Holder of the Residual Certificates agrees, in
      connection with any termination hereunder, to assign and transfer any portion
      of
      the Termination Price in excess of par, and to the extent received in respect
      of
      such termination, to pay any such amounts to the Holders of the Class CE-1
      Certificates. Notwithstanding the foregoing, the optional termination right
      may
      only be exercised by one of the Servicers if (1) such Servicer receives written
      notification from the Master Servicer that the Master Servicer will not exercise
      such optional termination right or (2) such Servicer does not receive such
      written notification from the Master Servicer, and the Master Servicer fails
      to
      exercise its optional termination right by the third Distribution Date following
      the date such right became exercisable; provided, however, in no event shall
      a
      Servicer exercise its optional termination right under (1) or (2) above unless
      it first provides written notice to the Authorized Officers of the Sponsor
      that
      it intends to exercise such optional termination right and such notice is
      received by the Sponsor prior to the Sponsor’s receipt of such notice from the
      other Servicers.

     

    (c)  Notice
      of
      the liquidation of the Certificates shall be given promptly by the Securities
      Administrator by letter to the Certificateholders mailed (a) in the event such
      notice is given in connection with the purchase of the Mortgage Loans and each
      REO Property by the Master Servicer, not earlier than the 15th day and not
      later
      than the 25th day of the month next preceding the month of the final
      distribution on the Certificates or (b) otherwise during the month of such
      final
      distribution on or before the Determination Date in such month, in each case
      specifying (i) the Distribution Date upon which the Trust Fund will terminate
      and the final payment in respect of the REMIC I Regular Interests or the
      Certificates will be made upon presentation and surrender of the related
      Certificates at the office of the Securities Administrator therein designated,
      (ii) the amount of any such final payment, (iii) that no interest shall accrue
      in respect of the REMIC I Regular Interests or Certificates from and after
      the
      Interest Accrual Period relating to the final Distribution Date therefor and
      (iv) that the Record Date otherwise applicable to such Distribution Date is
      not
      applicable, payments being made only upon presentation and surrender of the
      Certificates at the office of the Securities Administrator. In the event such
      notice is given in connection with the purchase of all of the Mortgage Loans
      and
      each REO Property remaining in REMIC I by the Terminator, the Terminator shall
      deliver to the Securities Administrator for deposit in the Distribution Account
      not later than the Business Day prior to the Distribution Date on which the
      final distribution on the Certificates an amount in immediately available funds
      equal to the above-described Termination Price. The Securities Administrator
      shall remit to the Servicers, the Master Servicer, the Trustee and the
      applicable Custodian from such funds deposited in the Distribution Account
      (i)
      any amounts which the related Servicer would be permitted to withdraw and retain
      from the related Collection Account pursuant to Section 3.09 of this Agreement,
      as applicable, as if such funds had been deposited therein (including all unpaid
      Servicing Fees and all outstanding P&I Advances and Servicing Advances) and
      (ii) any other amounts otherwise payable by the Securities Administrator to
      the
      Master Servicer, the Trustee, the applicable Custodian, the Servicers and the
      Swap Provider from amounts on deposit in the Distribution Account pursuant
      to
      the terms of this Agreement or the Servicing Agreement prior to making any
      final
      distributions pursuant to Section 10.01(d) below. Upon certification to the
      Trustee by the Securities Administrator of the making of such final deposit,
      the
      Trustee shall promptly release or cause to be released to the Terminator the
      Mortgage Files for the remaining Mortgage Loans, and Trustee shall execute
      all
      assignments, endorsements and other instruments delivered to it and necessary
      to
      effectuate such transfer.

     

    (d)  Upon
      presentation of the Certificates by the Certificateholders on the final
      Distribution Date, the Securities Administrator shall distribute to each
      Certificateholder so presenting and surrendering its Certificates the amount
      otherwise distributable on such Distribution Date in accordance with
      Section 5.01 in respect of the Certificates so presented and surrendered.
      Any funds not distributed to any Holder or Holders of Certificates being retired
      on such Distribution Date because of the failure of such Holder or Holders
      to
      tender their Certificates shall, on such date, be set aside and held in trust
      and credited to the account of the appropriate non-tendering Holder or Holders.
      If any Certificates as to which notice has been given pursuant to this
      Section 10.01 shall not have been surrendered for cancellation within six
      months after the time specified in such notice, the Securities Administrator
      shall mail a second notice to the remaining non-tendering Certificateholders
      to
      surrender their Certificates for cancellation in order to receive the final
      distribution with respect thereto. If within one year after the second notice
      all such Certificates shall not have been surrendered for cancellation, the
      Securities Administrator shall, directly or through an agent, mail a final
      notice to the remaining non-tendering Certificateholders concerning surrender
      of
      their Certificates. The costs and expenses of maintaining the funds in trust
      and
      of contacting such Certificateholders shall be paid out of the assets remaining
      in the trust funds. If within one (1) year after the final notice any such
      Certificates shall not have been surrendered for cancellation, the Securities
      Administrator shall pay to the Depositor all such amounts, and all rights of
      non-tendering Certificateholders in or to such amounts shall thereupon cease.
      No
      interest shall accrue or be payable to any Certificateholder on any amount
      held
      in trust by the Securities Administrator as a result of such Certificateholder’s
      failure to surrender its Certificate(s) on the final Distribution Date for
      final
      payment thereof in accordance with this Section 10.01. Any such amounts
      held in trust by the Securities Administrator shall be held uninvested in an
      Eligible Account.

     

    SECTION
      10.02.  Additional
      Termination Requirements.

     

    (a)  In
      the
      event that the Terminator purchases all the Mortgage Loans and each REO Property
      or the final payment on or other liquidation of the last Mortgage Loan or REO
      Property remaining in REMIC I pursuant to Section 10.01, the Trust Fund
      shall be terminated in accordance with the following additional
      requirements:

     

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

     

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

     

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

     

    (b)  At
      the
      expense of the Terminator (or, if the Trust Fund is being terminated as a result
      of the occurrence of the event described in clause (ii) of the first paragraph
      of Section 10.01, at the expense of the Trust Fund), the Terminator shall
      prepare or cause to be prepared the documentation required in connection with
      the adoption of a plan of liquidation of each Trust REMIC pursuant to this
      Section 10.02.

     

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

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      ARTICLE
        XI

    

    REMIC
      PROVISIONS

     

    SECTION
      11.01.  REMIC
      Administration.

     

    (a)  The
      Trustee shall elect to treat each Trust REMIC as a REMIC under the Code and,
      if
      necessary, under applicable state law. Each such election will be made by the
      Securities Administrator on Form 1066 or other appropriate federal tax or
      information return or any appropriate state return for the taxable year ending
      on the last day of the calendar year in which the Certificates are issued.
      For
      the purposes of the REMIC election in respect of REMIC I, the REMIC I Regular
      Interests shall be designated as the Regular Interests in REMIC I and the Class
      R-I Interest shall be designated as the “residual interests” in REMIC I. For the
      purposes of the REMIC election in respect of REMIC II, the REMIC II Regular
      Interests shall be designated as the Regular Interests in REMIC II and the
      Class
      R-II Interest shall be designated as the “residual interests” in REMIC II. The
      Class A Certificates, the Mezzanine Certificates, the Class P Certificates,
      the
      Class CE-1 Certificates and the Class CE-2 Certificates (exclusive of any right
      to receive payments from the Reserve Fund) shall be designated as the Regular
      Interests in REMIC III and the Class R-III Interest shall be designated as
      the
      Residual Interests in REMIC III. The Trustee shall not permit the creation
      of
      any “interests” in each Trust REMIC (within the meaning of Section 860G of
      the Code) other than the REMIC I Regular Interests, the REMIC II Regular
      Interests and the interests represented by the Certificates.

     

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

     

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

     

    (d)  The
      Securities Administrator shall prepare and file and the Trustee shall sign
      all
      of the Tax Returns in respect of each REMIC created hereunder. The expenses
      of
      preparing and filing such returns shall be borne by the Securities Administrator
      without any right of reimbursement therefor.

     

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

     

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

     

    (g)  In
      the
      event that any tax is imposed on “prohibited transactions” of any REMIC created
      hereunder as defined in Section 860F(a)(2) of the Code, on the “net income
      from foreclosure property” of such REMIC as defined in Section 860G(c) of
      the Code, on any contributions to any such REMIC after the Startup Day therefor
      pursuant to Section 860G(d) of the Code, or any other tax is imposed by the
      Code or any applicable provisions of state or local tax laws, such tax shall
      be
      charged (i) to the Trustee pursuant to Section 11.03 of this Agreement, if
      such tax arises out of or results from a breach by the Trustee of any of its
      obligations under this Article XI, (ii) to the Securities Administrator pursuant
      to Section 11.03, if such tax arises out of or results from a breach by the
      Securities Administrator of any of its obligations under this Article XI, (iii)
      to the Master Servicer pursuant to Section 11.03 of this Agreement, if such
      tax arises out of or results from a breach by the Master Servicer of any of
      its
      obligations under Article IV or under this Article XI, (iv) to the related
      Servicer pursuant to Section 11.03 of this Agreement, if such tax arises
      out of or results from a breach by such Servicer of any of its obligations
      under
      Article III or under this Article XI, or (v) in all other cases, against amounts
      on deposit in the Distribution Account and shall be paid by withdrawal
      therefrom.

     

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

     

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

     

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

     

    (k)  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. In connection with the foregoing, the Securities Administrator shall
      provide the name and address of the person who can be contacted to obtain
      information required to be reported to the holders of Regular Interests in
      each
      REMIC as required by IRS Form 8811.

     

    SECTION
      11.02.  Prohibited
      Transactions and Activities.

     

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

     

    SECTION
      11.03.  Indemnification.

     

    (a)  The
      Trustee agrees to be liable for any taxes and costs incurred by the Trust Fund,
      the Depositor, the Master Servicer, the Securities Administrator or the
      Servicers including, without limitation, any reasonable attorneys fees imposed
      on or incurred by the Trust Fund, the Depositor, the Master Servicer, the
      Securities Administrator or the Servicer as a result of the Trustee’s failure to
      perform its covenants set forth in this Article XI in accordance with the
      standard of care of the Trustee set forth in this Agreement.

     

    (b)  Ocwen
      agrees to indemnify the Trust Fund, the Depositor, the Master Servicer, the
      Securities Administrator, the Insurer and the Trustee for any taxes and costs
      including, without limitation, any reasonable attorneys’ fees imposed on or
      incurred by the Trust Fund, the Depositor, the Master Servicer, the Securities
      Administrator, the Insurer or the Trustee, as a result of Ocwen’s failure to
      perform its covenants set forth in Article III in accordance with the standard
      of care of Ocwen set forth in this Agreement.

     

    (c)  Wells
      Fargo, in its capacity as Servicer, agrees to indemnify the Trust Fund, the
      Depositor, the Master Servicer, the Securities Administrator, the Insurer and
      the Trustee for any taxes and costs including, without limitation, any
      reasonable attorneys’ fees imposed on or incurred by the Trust Fund, the
      Depositor, the Master Servicer, the Securities Administrator or the Trustee,
      as
      a result of Wells Fargo’s failure to perform its covenants set forth in Article
      III in accordance with the standard of care of Wells Fargo set forth in this
      Agreement.

     

    (d)  The
      Master Servicer agrees to indemnify the Trust Fund, the Depositor, each Servicer
      party hereto and the Trustee for any taxes and costs including, without
      limitation, any reasonable attorneys’ fees imposed on or incurred by the Trust
      Fund, the Depositor, the Servicers or the Trustee, as a result of the Master
      Servicer’s failure to perform its covenants set forth in Article IV in
      accordance with the standard of care of the Master Servicer set forth in this
      Agreement.

     

    (e)  The
      Securities Administrator agrees to be liable for any taxes and costs incurred
      by
      the Trust Fund, the Depositor, any Servicer party hereto or the Trustee
      including any reasonable attorneys’ fees imposed on or incurred by the Trust
      Fund, the Depositor, a Servicer or the Trustee as a result of the Securities
      Administrator’s failure to perform its covenants set forth in this Article XI in
      accordance with the standard of care of the Securities Administrator set forth
      in this Agreement.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      ARTICLE
        XII

    

    MISCELLANEOUS
      PROVISIONS

     

    SECTION
      12.01.  Amendment.

     

    This
      Agreement may be amended from time to time by the Depositor, the Servicers,
      the
      Master Servicer, the Securities Administrator and the Trustee, with the consent
      of the Swap Provider and the Insurer but without the consent of any of the
      Certificateholders or the Insurer, (i) to cure any ambiguity or defect, (ii)
      to
      correct, modify or supplement any provisions herein (including to give effect
      to
      the expectations of Certificateholders), (iii) to ensure compliance with
      Regulation AB, or (iv) to make any other provisions with respect to matters
      or
      questions arising under this Agreement which shall not be inconsistent with
      the
      provisions of this Agreement and that such action shall not, as evidenced by
      an
      Opinion of Counsel delivered to the Trustee, adversely affect in any material
      respect the interests of any Certificateholder; provided that any such amendment
      shall be deemed not to adversely affect in any material respect the interests
      of
      the Certificateholders and no such Opinion of Counsel shall be required if
      the
      Person requesting such amendment obtains a letter from each Rating Agency
      stating that such amendment would not result in the downgrading or withdrawal
      of
      the respective ratings then assigned to the Certificates. No amendment shall
      be
      deemed to adversely affect in any material respect the interests of any
      Certificateholder who shall have consented thereto, and no Opinion of Counsel
      shall be required to address the effect of any such amendment on any such
      consenting Certificateholder.

     

    This
      Agreement may also be amended from time to time by the Depositor, each Servicer,
      the Master Servicer, the Securities Administrator and the Trustee with the
      consent of the Swap Provider, the Insurer and the Holders of Certificates
      entitled to at least 66% of the Voting Rights for the purpose of adding any
      provisions to or changing in any manner or eliminating any of the provisions
      of
      this Agreement or of modifying in any manner the rights of the Holders of
      Certificates; provided, however, that no such amendment shall (i) reduce in
      any
      manner the amount of, or delay the timing of, payments received on Mortgage
      Loans which are required to be distributed on any Certificate without the
      consent of the Holder of such Certificate, (ii) adversely affect in any material
      respect the interests of the Holders of any Class of Certificates in a manner,
      other than as described in (i), without the consent of the Holders of
      Certificates of such Class evidencing at least 66% of the Voting Rights
      allocated to such Class, or (iii) modify the consents required by the
      immediately preceding clauses (i) and (ii) without the consent of the Holders
      of
      all Certificates then outstanding. Notwithstanding any other provision of this
      Agreement, for purposes of the giving or withholding of consents pursuant to
      this Section 12.01, Certificates registered in the name of the Depositor or
      a Servicer or any Affiliate thereof shall be entitled to Voting Rights with
      respect to matters affecting such Certificates. Without limiting the generality
      of the foregoing, any amendment to this Agreement required in connection with
      the compliance with or the clarification of any reporting obligations described
      in Section 5.06 hereof shall not require the consent of any
      Certificateholder and without the need for any Opinion of Counsel or Rating
      Agency confirmation.

     

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

     

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

     

    It
      shall
      not be necessary for the consent of Certificateholders under this
      Section 12.01 to approve the particular form of any proposed amendment, but
      it shall be sufficient if such consent shall approve the substance thereof.
      The
      manner of obtaining such consents and of evidencing the authorization of the
      execution thereof by Certificateholders shall be subject to such reasonable
      regulations as the Trustee may prescribe.

     

    The
      cost
      of any Opinion of Counsel to be delivered pursuant to this Section 12.01
      shall be borne by the Person seeking the related amendment, but in no event
      shall such Opinion of Counsel be an expense of the Trustee.

     

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

     

    SECTION
      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 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 at the expense
      of
      the Certificateholders, but only upon direction of the Trustee accompanied
      by an
      Opinion of Counsel to the effect that such recordation materially and
      beneficially affects the interests of the Certificateholders.

     

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

     

    SECTION
      12.03.  Limitation
      on Rights of Certificateholders.

     

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

     

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

     

    No
      Certificateholder shall have any right by virtue of any provision of this
      Agreement to institute any suit, action or proceeding in equity or at law upon
      or under or with respect to this Agreement, unless such Holder previously shall
      have given to the Trustee a written notice of default and of the continuance
      thereof, as hereinbefore provided, and unless also the Holders of Certificates
      entitled to at least 25% of the Voting Rights shall have made written request
      upon the Trustee to institute such action, suit or proceeding in 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 15 days after its receipt
      of
      such notice, request and offer of indemnity, shall have neglected or refused
      to
      institute any such action, suit or proceeding. It is understood and intended,
      and expressly covenanted by each Certificateholder with every other
      Certificateholder. and the Trustee, that no one or more Holders of Certificates
      shall have any right in any manner whatsoever by virtue of any provision of
      this
      Agreement to affect, disturb or prejudice the rights of the Holders of any
      other
      of such Certificates, or to obtain or seek to obtain priority over or preference
      to any other such Holder, or to enforce any right under this Agreement, except
      in the manner herein provided and for the equal, ratable and common benefit
      of
      all Certificateholders. For the protection and enforcement of the provisions
      of
      this Section, each and every Certificateholder and the Trustee shall be entitled
      to such relief as can be given either at law or in equity.

     

    SECTION
      12.04.  Governing
      Law.

     

    This
      Agreement shall be construed in accordance with the laws of the State of New
      York and the obligations, rights and remedies of the parties hereunder shall
      be
      determined in accordance with such laws without regard to conflicts of laws
      principles thereof other than Section 5-1401 of the New York General Obligations
      Law which shall govern.

     

    SECTION
      12.05.  Notices.

     

    All
      directions, demands and notices hereunder shall be in writing and shall be
      deemed to have been duly given when received if sent by facsimile, receipt
      confirmed, if personally delivered at or mailed by first class mail, postage
      prepaid, or by express delivery service or delivered in any other manner
      specified herein, to (a) in the case of the Depositor, ACE Securities Corp.,
      AMACAR GROUP, 6525 Morrison Boulevard, Suite 318, Charlotte, North Carolina
      28211, Attention: Juliana Johnson (telecopy number: (704) 365-1362), with a
      copy
      to Deutsche Bank Securities, Inc., 60 Wall Street, New York, New York,
      Attention: Legal Department (telecopy: (732) 460-6809) or such other address
      or
      telecopy number as may hereafter be furnished to the Servicers, the Master
      Servicer, the Securities Administrator and the Trustee in writing by the
      Depositor, (b) in the case of Wells Fargo, Wells Fargo Bank, National
      Association, One Home Campus, Des Moines, Iowa 50328-0001, Attention: ACE
      2006-HE1, or such other address or telecopy number as may hereafter be furnished
      to the Trustee, the Master Servicer, the Securities Administrator and the
      Depositor in writing by Wells Fargo, (c) in the case of the Master Servicer
      and
      the Securities Administrator, P.O. Box 98, Columbia, Maryland 21046 and for
      overnight delivery to 9062 Old Annapolis Road, Columbia, Maryland 21045,
      Attention: Ace Securities Corp., 2006-HE1 (telecopy number: (410) 715-2380),
      or
      such other address or telecopy number as may hereafter be furnished to the
      Trustee, the Depositor and the Servicers in writing by the Master Servicer
      or
      the Securities Administrator, (d) in the case of the Trustee, at the Corporate
      Trust Office or such other address or telecopy number as the Trustee may
      hereafter be furnish to the Servicers, the Master Servicer, the Securities
      Administrator and the Depositor in writing by the Trustee, (e) in the case
      of
      the Ocwen, Ocwen Loan Servicing, LLC, 1661 Worthington Road, Centrepark West,
      Suite 100, West Palm Beach, Florida 33409, Attention: Secretary (telecopy
      number: (561) 682-8177), or such other address or telecopy number as may
      hereafter be furnished to the Trustee, the Master Servicer, the Securities
      Administrator and the Depositor in writing by Ocwen, and (f) in the case of
      the
      Insurer, CIFG Assurance North America, Inc., 825 Third Avenue, 6th
      Floor,
      New York, New York 10022, Attention: General Counsel (telecopy number: (212)
      909-3959, or such other address or telecopy number as my hereafter be furnished
      to the Trustee, the Master Servicer, the Securities Administrator and the
      Depositor in writing by the Insurer. Any notice required or permitted to be
      given to a Certificateholder shall be given by first class mail, postage
      prepaid, at the address of such Holder as shown in the Certificate Register.
      Any
      notice so mailed within the time prescribed in this Agreement shall be
      conclusively presumed to have been duly given when mailed, whether or not the
      Certificateholder receives such notice. A copy of any notice required to be
      telecopied hereunder also shall be mailed to the appropriate party in the manner
      set forth above.

     

    SECTION
      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.  Notice
      to
      Rating Agencies.

     

    The
      Trustee shall use its best efforts promptly to provide notice to the Rating
      Agencies with respect to each of the following of which a Responsible Officer
      has actual knowledge:

     

    1.  Any
      material change or amendment to this Agreement;

     

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

     

    3.  The
      resignation or termination of a Servicer, the Master Servicer or the
      Trustee;

     

    4.  The
      repurchase or substitution of Mortgage Loans pursuant to or as contemplated
      by
      Section 2.03 of this Agreement;

     

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

     

    6.  Any
      change in the location of the Distribution Account; and

     

    7.  Any
      event
      that would result in the inability of the Trustee as successor to Wells Fargo
      in
      its capacity as a Servicer hereunder to make advances regarding delinquent
      Wells
      Fargo Mortgage Loans.

     

    In
      addition, the Securities Administrator shall promptly make available to each
      Rating Agency copies of each report to Certificateholders described in
      Section 5.02 of this Agreement.

     

    Each
      Servicer shall make available to each Rating Agency copies of the
      following:

     

    8.  Each
      Annual Statement of Compliance described in Section 3.17 of this Agreement;
      and

     

    9.  Each
      Assessment of Compliance and Attestation Report described in Section 3.18
      of this Agreement.

     

    Any
      such
      notice pursuant to this Section 12.07 shall be in writing and shall be
      deemed to have been duly given if personally delivered at or mailed by first
      class mail, postage prepaid, or by express delivery service to Standard &
Poor’s, a division of the McGraw-Hill Companies, Inc., 55 Water Street, New
      York, New York 10041; to Moody’s Investors Service, Inc., 99 Church Street, New
      York, New York 10007; and to Fitch Ratings, 1 State Street Plaza, New York,
      New
      York 10004 or such other addresses as the Rating Agencies may designate in
      writing to the parties hereto.

     

    SECTION
      12.08.  Article
      and Section References.

     

    All
      article and section references used in this Agreement, unless otherwise
      provided, are to articles and sections in this Agreement.

     

    SECTION
      12.09.  Grant
      of
      Security Interest.

     

    It
      is the
      express intent of the parties hereto that the conveyance of the Mortgage Loans
      by the Depositor to the Trustee, on behalf of the Trust and for the benefit
      of
      the Certificateholders, be, and be construed as, a sale of the Mortgage Loans
      by
      the Depositor and not a pledge of the Mortgage Loans to secure a debt or other
      obligation of the Depositor. However, in the event that, notwithstanding the
      aforementioned intent of the parties, the Mortgage Loans are held to be property
      of the Depositor, then, (a) it is the express intent of the parties that such
      conveyance be deemed a pledge of the Mortgage Loans by the Depositor to the
      Trustee, on behalf of the Trust and for the benefit of the Certificateholders,
      to secure a debt or other obligation of the Depositor and (b)(1) this Agreement
      shall also be deemed to be a security agreement within the meaning of Articles
      8
      and 9 of the Uniform Commercial Code as in effect from time to time in the
      State
      of New York; (2) the conveyance provided for in Section 2.01 shall be
      deemed to be a grant by the Depositor to the Trustee, on behalf of the Trust
      and
      for the benefit of the Certificateholders, of a security interest in all of
      the
      Depositor’s right, title and interest in and to the Mortgage Loans and all
      amounts payable to the holders of the Mortgage Loans in accordance with the
      terms thereof and all proceeds of the conversion, voluntary or involuntary,
      of
      the foregoing into cash, instruments, securities or other property, including
      without limitation all amounts, other than investment earnings, from time to
      time held or invested in the Collection Accounts and the Distribution Account,
      whether in the form of cash, instruments, securities or other property; (3)
      the
      obligations secured by such security agreement shall be deemed to be all of
      the
      Depositor’s obligations under this Agreement, including the obligation to
      provide to the Certificateholders the benefits of this Agreement relating to
      the
      Mortgage Loans and the Trust Fund; and (4) notifications to persons holding
      such
      property, and acknowledgments, receipts or confirmations from persons holding
      such property, shall be deemed notifications to, or acknowledgments, receipts
      or
      confirmations from, financial intermediaries, bailees or agents (as applicable)
      of the Trustee for the purpose of perfecting such security interest under
      applicable law. Accordingly, the Depositor hereby grants to the Trustee, on
      behalf of the Trust and for the benefit of the Certificateholders, a security
      interest in the Mortgage Loans and all other property described in clause (2)
      of
      the preceding sentence, for the purpose of securing to the Trustee the
      performance by the Depositor of the obligations described in clause (3) of
      the
      preceding sentence. Notwithstanding the foregoing, the parties hereto intend
      the
      conveyance pursuant to Section 2.01 to be a true, absolute and
      unconditional sale of the Mortgage Loans and assets constituting the Trust
      Fund
      by the Depositor to the Trustee, on behalf of the Trust and for the benefit
      of
      the Certificateholders.

     

    SECTION
      12.10.  Survival
      of Indemnification.

     

    Any
      and
      all indemnities to be provided by any party to this Agreement shall survive
      the
      termination and resignation of any party hereto and the termination of this
      Agreement.

     

    SECTION
      12.11.  Intention
      of the Parties and Interpretation.

     

    Each
      of
      the parties acknowledges and agrees that the purpose of Sections 3.17, 3.18,
      3.19, 4.15, 4.16, 4.17, 4.18 and 5.06 of this Agreement is to facilitate
      compliance by the Sponsor, the Master Servicer, the Securities Administrator
      and
      the Depositor with the provisions of Regulation AB promulgated by the SEC under
      the Exchange Act (17 C.F.R. §§ 229.1100 - 229.1123), as such may be amended from
      time to time and subject to clarification and interpretive advice as may be
      issued by the staff of the SEC from time to time. Therefore, each of the parties
      agrees that (a) the obligations of the parties hereunder shall be interpreted
      in
      such a manner as to accomplish that purpose, (b) the parties’ obligations
      hereunder will be supplemented and modified as necessary to be consistent with
      any such amendments, interpretive advice or guidance, convention or consensus
      among active participants in the asset-backed securities markets, advice of
      counsel, or otherwise in respect of the requirements of Regulation AB and (c)
      the parties shall comply with requests made by the Master Servicer, Securities
      Administrator, Sponsor or the Depositor for delivery of additional or different
      information as the Master Servicer, Securities Administrator, Sponsor or the
      Depositor may determine in good faith is necessary to comply with the provisions
      of Regulation AB. 

     

    SECTION
      12.12.  Swap
      Provider as a Third Party Beneficiary.

     

    The
      Swap
      Provider shall be deemed a third-party beneficiary of this Agreement to the
      same
      extent as if it were a party hereto, and shall have the right to enforce the
      provisions of this Agreement.

     

    SECTION
      12.13.  Indemnification.

     

    Each
      of
      the Depositor, Master Servicer, Securities Administrator and any Servicing
      Function Participant engaged by such party, respectively, shall indemnify and
      hold harmless the Master Servicer, the Securities Administrator and the
      Depositor, respectively, and each of its directors, officers, employees, agents,
      and affiliates from and against any and all claims, losses, damages, penalties,
      fines, forfeitures, reasonable legal fees and related costs, judgments and
      other
      costs and expenses arising out of or based upon (a) any breach by such party
      of
      any if its obligations under hereunder, including particularly its obligations
      to provide any Assessment of Compliance, Attestation Report, Compliance
      Statement or any information, data or materials required to be included in
      any
      1934 Act report, (b) any material misstatement or omission in any information,
      data or materials provided by such party (or, in the case of the Securities
      Administrator or Master Servicer, any material misstatement or material omission
      in (i) any Compliance Statement, Assessment of Compliance or Attestation Report
      delivered by it, or by any Servicing Function Participant engaged by it,
      pursuant to this Agreement, or (ii) any Additional Form 10-D Disclosure,
      Additional Form 10-K Disclosure or Form 8-K Disclosure concerning the Master
      Servicer or the Securities Administrator), or (c) the negligence, bad faith
      or
      willful misconduct of such indemnifying party in connection with its performance
      hereunder. If the indemnification provided for herein is unavailable or
      insufficient to hold harmless the Master Servicer, the Securities Administrator
      or the Depositor, as the case may be, then each such party agrees that it shall
      contribute to the amount paid or payable by the Master Servicer, the Securities
      Administrator or the Depositor, as applicable, as a result of any claims,
      losses, damages or liabilities incurred by such party in such proportion as
      is
      appropriate to reflect the relative fault of the indemnified party on the one
      hand and the indemnifying party on the other. This indemnification shall survive
      the termination of this Agreement or the termination of any party to this
      Agreement.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      XIII

     

    CERTAIN
      MATTERS REGARDING THE INSURER

     

    SECTION
      13.01.  Exercise
      of Rights of Holder of the Insured Certificates.

     

    Each
      of
the
      Depositor, the Master Servicer, the Securities Administrator and the Trustee,
      and, by accepting its Insured Certificate, each Holder of an Insured
      Certificate, agrees that unless an Insurer Default has occurred and is
      continuing, the Insurer shall have the rights set forth in this Article XIII,
      which rights include the right to exercise all rights of the Holders of the
      Insured Certificates under this Agreement. The Insurer shall, in its sole
      discretion, without any further consent or approval of the Holders of the
      Insured Certificates, the Trustee or the Securities Administrator, have (i)
      the
      right to direct foreclosures upon Mortgage Loans upon failure of the related
      Servicer to do so; (ii) the right to require the Sponsor to repurchase or
      substitute for Loans pursuant to Section 2.03; (iii) the right to give notices
      of breach or to terminate the rights and obligations of a Servicer or the Master
      Servicer pursuant to Section 8.01; (iv) the right to direct the actions of
      the
      Trustee during the continuance of a Master Servicer Event of Default pursuant
      to
      Section 8.01; (v) the right to consent to or direct any waivers of Master
      Servicer Events of Default pursuant to Section 8.04; (vi) the right to direct
      the Trustee to investigate certain matters pursuant to Section 9.02 (a)(v);
      and
      (vii) the right to remove the Trustee and the Securities Administrator pursuant
      to Section 9.07. However, nothing in this Article XIII shall be deemed to
      obligate the Insurer to exercise any of the rights provided herein. The rights
      set forth in Article XIII are in addition to any rights of the Insurer pursuant
      to other provisions of the Transaction Documents

     

    In
      addition, each Holder of an Insured Certificate agrees that, unless an Insurer
      Default has occurred and is continuing, the rights specifically set forth above
      may be exercised by the Holder of an Insured Certificate only with the prior
      written consent of the Insurer. 

     

    SECTION
      13.02.  Trustee
      and Securities Administrator to Act Solely with Consent of Insurer.

     

    Notwithstanding
      anything contained herein or in any of the other Transaction Documents to the
      contrary, unless an Insurer Default has occurred and is continuing, neither
      the
      Trustee nor the Securities Administrator shall: (i) agree to any amendment
      pursuant to Section 12.01 which requires the consent of the Certificateholders
      or that has a material adverse effect on the Insurer; or (ii) undertake or
      join
      any litigation or agree to any settlement of any action, proceeding or
      investigation affecting the Trust Fund to the extent any such settlement, action
      proceeding or investigation could reasonably be expected to have a material
      adverse affect on the rights or obligations of the Insurer hereunder or under
      the Policy or the Transaction Documents, without the prior written consent
      of
      the Insurer which consent shall not be unreasonably withheld or delayed ;
      provided, however, nothing contained herein shall prohibit or prevent the
      Trustee and the Securities Administrator from defending itself or the Trust
      Fund
      or taking any action related thereto.

     

    SECTION
      13.03.  Trust
      Fund and Accounts Held for Benefit of Insurer.

     

    The
      Trustee shall hold the Trust Fund and the applicable Custodian (as the Trustee’s
      agent for such purposes) shall hold the Mortgage Files for the benefit of the
      Certificateholders and the Insurer and all references in this Agreement and
      in
      the Certificates to the benefit of Holders of the Certificates shall be deemed
      to include the Insurer. The Master Servicer hereby acknowledges and agrees
      that
      it shall master service and administer the related Loans and any REO Properties,
      and the Securities Administrator hereby acknowledges and agrees that it shall
      maintain the Distribution Account, for the benefit of the Certificateholders
      and
      for the benefit of the Insurer, and all references in this Agreement (including,
      without limitation, in Section 4.01) to the benefit of or actions on behalf
      of
      the Certificateholders shall be deemed to include the Insurer. Unless an Insurer
      Default has occurred and is continuing, neither the Master Servicer nor the
      Depositor shall undertake any litigation pursuant to Section 7.03 (other than
      litigation to enforce their respective rights hereunder or defend themselves
      against claims made against them) without the prior consent of the Insurer
      (which consent shall not be unreasonably withheld or delayed).

     

    SECTION
      13.04.  Claims
      Upon the Policy; Policy Payments Account.

     

    (a)  As
      soon
      as possible, and in no event later than 11:00 a.m. New York City time, on the
      Second Business Day immediately preceding each Distribution Date, the Securities
      Administrator shall determine the amount of funds available for such
      Distribution Date minus the amount of any Insurer Premium on such Distribution
      Date.

     

    (b)  If,
      at or
      before 12:00 p.m., New York time, on the second Business Day prior to a
      Distribution Date, the Securities Administrator determines that the Available
      Distribution Amount for such Distribution Date distributable to the Holders
      of
      the Insured Certificates pursuant to Section 5.01 will be insufficient to pay
      the Regular Payments on such Distribution Date, the Securities Administrator
      shall determine the amount of any such deficiency and shall give notice to
      the
      Insurer and the Fiscal Agent (as defined in the Policy), if any, by telephone,
      electronic mail or telecopy of the amount of such deficiency. Such notice of
      such Regular Payment shall be confirmed in writing in the form set forth as
      Exhibit A to the Endorsement to the Policy, to the Insurer at or before 12:00
      p.m. New York time on the second Business Day prior to such Distribution Date.
      Following Receipt (as defined in the Policy) by the Insurer of such notice
      in
      such form, the Insurer will pay any amount payable under the Policy on the
      later
      to occur of (i) 12:00 noon New York time on the second Business Day following
      such receipt and (ii) 12:00 noon New York time on the Distribution Date to
      which
      such claims relates, as provided in the Endorsement to the Policy.

     

    (c)  The
      Trustee shall receive as attorney-in-fact of each Holder of the Insured
      Certificates any Regular Payments from the Insurer and the Securities
      Administrator shall disburse the same to each Holder of the Insured Certificates
      as applicable, in accordance with the provisions of this Article XIII. Regular
      Payments disbursed by the Securities Administrator from proceeds of the Policy
      shall not (other than for purposes of the REMIC Provisions) be considered
      payment by the Trust Fund nor shall such payments discharge the obligation
      of
      the Trust Fund with respect to such Insured Certificates, and the Insurer shall
      become the owner of such unpaid amounts due from the Trust Fund in respect
      of
      such Regular Payment(s) as the deemed assignee of such Holder. In addition,
      the
      Insurer shall be entitled to receive the Reimbursement Amount pursuant to
      Section 5.01. The Securities Administrator hereby agrees on behalf of each
      Holder of an Insured Certificate for the benefit of the Insurer that it
      recognizes that to the extent that the Insurer makes a Regular Payment, either
      directly or indirectly (as by paying through the Securities Administrator),
      to
      the Holders of the Insured Certificates, the Insurer will be entitled to receive
      the Reimbursement Amount pursuant to Section 5.01.

     

    (d)  It
      is
      understood and agreed that the intention of the parties is that the Insurer
      shall not, other than as set out in Section 5.01, be entitled to reimbursement
      on any Distribution Date for amounts previously paid by it unless on such
      Distribution Date the Holders of the Insured Certificates shall also have
      received the full amount of the Regular Payment for such Distribution
      Date.

     

    (e)  In
      the
      event the Securities Administrator or Trustee receives a certified copy of
      an
      order of the appropriate court that any payment of principal or interest on
      an
      Insured Certificate has been voided in whole or in part as a preference payment
      under applicable bankruptcy law, the Securities Administrator shall (i) promptly
      notify the Insurer and the Fiscal Agent, if any, and (ii) comply with the
      provisions of the Policy to obtain payment by the Insurer of such voided
      payment. In addition, the Securities Administrator shall mail notice to all
      Holders of the Insured Certificates so affected that, in the event that any
      such
      Holder’s scheduled payment is so recovered, such Holder will be entitled to
      payment pursuant to the terms of the Policy, a copy of which shall be made
      available to such Holders by the Securities Administrator. The Securities
      Administrator shall furnish to the Insurer and the Fiscal Agent, if any, its
      records listing the payments on the affected Insured Certificates, if any,
      that
      have been made by the Securities Administrator and subsequently recovered from
      the affected Holders, and the dates on which such payments were made by the
      Securities Administrator.

     

    (f)  The
      Trustee hereby appoints the Securities Administrator as its agent in connection
      with the receipt and distribution of all amounts required to be paid by the
      Insurer under the Policy and the providing of any notices required to be
      provided thereunder. At the time of the execution hereof, and for the purposes
      hereof, the Securities Administrator shall establish a segregated non-interest
      bearing trust account for the benefit of Holders of the Insured Certificates
      and
      the Insurer referred to herein as the “Policy Payments Account” over which the
      Securities Administrator shall have exclusive control and sole right of
      withdrawal. The Policy Payments Account shall be an Eligible Account. The
      Securities Administrator shall deposit any amount paid under the Policy in
      the
      Policy Payments Account and distribute such amount only for purposes of payment
      to Holders of Insured Certificates of the Regular Payment for which the related
      claim was made under the Policy or any amount in respect of a Preference Claim
      (as defined in the Policy) for which a claim under the Policy was made, and
      such
      amount may not be applied to satisfy any costs, expenses or liabilities of
      the
      Master Servicer, the Securities Administrator, the Trustee or the Trust Fund.
      Amounts paid under the Policy shall be transferred to the Distribution Account
      in accordance with the next succeeding paragraph and disbursed by the Securities
      Administrator to Holders of Insured Certificates in accordance with Section
      5.01
      (or, in the case of an amount in respect of a Preference Claim, to the related
      Holders of Insured Certificates as contemplated in Section 13.04 (d)). It shall
      not be necessary for such payments to be made by checks or wire transfers
      separate from the checks or wire transfers used to pay the other distributions
      to be made to such Holders pursuant to Section 5.01. However, the amount of
      any
      payment of principal of or interest on the Insured Certificates to be paid
      from
      funds transferred from the Policy Payments Account shall be noted as provided
      in
      paragraph (c) below in the Certificate Register and in the statement to be
      furnished to Holders of the Insured Certificates pursuant to Section 5.03.
      Funds
      held in the Policy Payments Account shall not be invested.

     

    (g)  On
      any
      Distribution Date with respect to which a claim has been made under the Policy,
      the amount of any funds received by the Securities Administrator as a result
      of
      any claim under the Policy, to the extent required to pay the Regular Payments
      on such Distribution Date, shall be withdrawn from the Policy Payments Account
      and deposited in the Distribution Account and applied by the Securities
      Administrator, directly to the payment in full (i) of the Regular Payments
      due
      on such Distribution Date on the Insured Certificates or (ii) of other amounts
      payable under the Policy. Funds received by the Securities Administrator as
      a
      result of any claim under the Policy shall be deposited by the Securities
      Administrator in the Policy Payments Account and used solely for payment to
      the
      Holders of the Insured Certificates and may not be applied for any other
      purpose, including, without limitation, to satisfy any costs, expenses or
      liabilities of the Master Servicer, the Securities Administrator, the Trustee
      or
      the Trust Fund. Any funds remaining in the Policy Payments Account on the first
      Business Day following a Distribution Date shall be remitted to the Insurer,
      pursuant (and subject to receipt of) to the instructions of the Insurer, by
      the
      end of such Business Day.

     

    (h)  The
      Securities Administrator shall keep complete and accurate records in respect
      of
      (i) all funds remitted to it by the Insurer and deposited into the Policy
      Payments Account and (ii) the allocation of such funds to (A) payments of
      interest on and principal in respect of any Insured Certificates and (B) the
      amount of funds available to make distributions on the Insured Certificates
      pursuant to Section 5.01. The Insurer shall have the right to inspect such
      records at reasonable times during normal business hours upon three Business
      Days’ prior notice to the Securities Administrator. 

     

    (i)  The
      Securities Administrator shall promptly notify the Insurer of: (A) the
      commencement of any proceeding of which a Responsible Officer of the Securities
      Administrator has actual knowledge by or against the Depositor commenced under
      the United States bankruptcy code or any other applicable bankruptcy,
      insolvency, receivership, rehabilitation or similar law (an “Insolvency
      Proceeding”) and (B) the making of any claim of which a Responsible Officer of
      the Securities Administrator has actual knowledge in connection with any
      Insolvency Proceeding seeking the avoidance as a preferential transfer (a
“Preference Claim”) of any distribution made with respect to the Insured
      Certificates. Each Holder of an Insured Certificate, by its purchase of such
      Certificate, the Master Servicer, the Securities Administrator and the Trustee
      hereby agree that the Insurer (so long as no Insurer Default has occurred and
      is
      continuing) may at any time during the continuation of any proceeding relating
      to a Preference Claim direct all matters relating to such Preference Claim,
      including, without limitation, (i) the direction of any appeal of any order
      relating to such Preference Claim and (ii) the posting of any surety, or
      performance bond pending any such appeal. In addition and without limitation
      of
      the foregoing, the Certificate Insurer shall be subrogated to the rights, if
      any, of the Master Servicer, Securities Administrator, the Trustee and each
      Holder of an Insured Certificate in the conduct of any such Preference Claim,
      including, without limitation, all rights of any party to an adversary
      proceeding action with respect to any court order issued in connection with
      any
      such Preference Claim.

     

    (j)  The
      Trustee and the Securities Administrator each acknowledge, and each Holder
      of an
      Insured Certificate by its acceptance of the Insured Certificate agrees, that,
      without the need for any further action on the part of the Insurer or the
      Trustee, to the extent the Insurer makes payments, directly or indirectly,
      on
      account of principal of or interest on any Insured Certificates, the Insurer
      will be fully subrogated to the rights of the Holders of such Insured
      Certificates to receive such principal and interest from the Trust Fund. The
      Holders of the Insured Certificates, by acceptance of the Insured Certificates,
      assign their rights as Holders of the Insured Certificates to the extent of
      the
      Insurer’s interest with respect to amounts paid under the Policy. Anything
      herein to the contrary notwithstanding, solely for purposes of determining
      the
      Insurer’s rights, as applicable, as subrogee for payments distributable pursuant
      to Section 5.01, any payment with respect to distributions to the Insured
      Certificates which is made with funds received pursuant to the terms of the
      Policy, shall not be considered payment of the Insured Certificates from the
      Trust Fund and shall not result in the distribution or the provision for the
      distribution in reduction of the Certificate Principal Balance of the Insured
      Certificates within the meaning of Article V, except to the extent such payment
      has been reimbursed to the Insurer pursuant to the terms hereof.

     

    (k)  Upon
      its
      becoming aware of the occurrence of a Servicer Event of Default or Master
      Servicer Event of Default, the Securities Administrator shall promptly notify
      the Insurer of such Servicer Event of Default or Master Servicer Event of
      Default. The Trustee, the Depositor, the Master Servicer and the Securities
      Administrator shall cooperate in all respects with any reasonable request by
      the
      Insurer for action to preserve or enforce the Insurer’s rights or interests
      under this Agreement without limiting the rights or affecting the interests
      of
      the Holders as otherwise set forth herein.

     

    (l)  The
      Securities Administrator hereby agrees to provide the Insurer prompt notice
      of
      any action, proceeding or investigation of which it has actual knowledge that
      names the Trust Fund, Trustee or Securities Administrator as a party that could
      adversely affect the interest of the Insured Certificates.

     

    (m)  The
      Master Servicer shall designate an Insurer Contact Person who shall be available
      within a reasonable period of time to the Insurer to provide reasonable access
      to information regarding the Mortgage Loans. The initial Insurer Contact Person
      is Client Manager, phone number: 410-884-2000 and telecopy number:
      410-715-2380.

     

    (n)  The
      Trustee shall surrender the Policy to the Insurer for cancellation upon the
      reduction of the Certificate Principal Balance of the Insured Certificates
      to
      zero.

     

    (o)  For
      so
      long as there is no continuing default by the Insurer under its obligations
      under the Policy (an “Insurer Default”), each Holder of a Insured Certificate
      agrees that the Insurer shall be treated by the Depositor, the Master Servicer,
      the Servicer, the Securities Administrator, the Sponsor and the Trustee as
      if
      the Certificate Insurer were the Holder of all of the Insured Certificates
      for
      the purpose (and solely for the purpose) of the giving of any consent, the
      making of any direction or the exercise of any voting or other control rights
      otherwise given to the Holders of the Insured Certificates hereunder and the
      Holders of the Insured Certificates shall only exercise such rights with the
      prior written consent of the Insurer.

     

    (p)  With
      respect to this Article XIII, (i) the terms “Receipt” and “Received” shall mean
      actual delivery to the Insurer and the Fiscal Agent, if any, if any, prior
      to
      12:00 noon, New York City time, on a Business Day; delivery either on a day
      that
      is not a Business Day or after 12:00 noon, New York City time, shall be deemed
      to be Received on the next succeeding Business Day. If any notice or certificate
      given under the Policy by the Securities Administrator is not in proper form
      or
      is not properly completed, executed or delivered, or contains any misstatement,
      it shall be deemed not to have been Received. The Certificate Insurer or its
      Fiscal Agent, if any, shall promptly so advise the Securities Administrator
      and
      the Securities Administrator may submit an amended notice and (ii) “Business
      Day” means any day other than (A) a Saturday or Sunday or (B) a day on which the
      Certificate Insurer or banking institutions in the City of New York, New York,
      or the city in which the Corporate Trust Office of the Securities Administrator
      is located, are authorized or obligated by law or executive order to be
      closed.

     

    (q)  Under
      the
      terms of the Policy, Regular Payments will not include, and the Policy will
      not
      cover interest shortfalls due to any Prepayment Interest Shortfalls, Relief
      Act
      Interest Shortfalls, Net WAC Rate Carryover Amounts or any taxes, withholding
      or
      other charges imposed by any governmental authority.

     

    (r)  The
      Trustee designates, appoints, authorizes and directs the Securities
      Administrator to deliver on behalf of the Trustee the notices in accordance
      with
      Section 13.04 (a) and to make, on behalf of and with full power to bind the
      Trustee, any of the agreements or covenants of the Trustee contained therein.
      To
      the extent necessary, this Agreement shall constitute an irrevocable limited
      power of attorney, coupled with an interest, from the Trustee to the Securities
      Administrator, to accomplish the foregoing.

     

    SECTION
      13.05.  Effect
      of
      Payments by Insurer; Subrogation.

     

    Anything
      herein to the contrary notwithstanding, any payment with respect to principal
      of
      or interest on any Insured Certificate which is made with moneys received
      pursuant to the terms of the Policy shall not (other than for purposes of the
      REMIC provisions) be considered payment of such Insured Certificate from the
      Trust Fund and shall not result in the payment of or the provision for the
      payment of the principal of or interest on such Insured Certificate within
      the
      meaning of Section 5.01. The Depositor, the Master Servicer, Securities
      Administrator and the Trustee each acknowledge, and each Holder of an Insured
      Certificate by its acceptance of a such Certificate agrees, that without the
      need for any further action on the part of the Insurer, the Depositor, the
      Master Servicer, Securities Administrator or the Trustee (i) to the extent
      the
      Insurer makes payments, directly or indirectly, on account of principal of
      or
      interest on any Insured Certificate to the Holder of such Certificate, the
      Insurer will be fully subrogated to, and each Holder of the Insured
      Certificates, the Securities Administrator and the Trustee hereby delegate
      and
      assign to the Insurer to the fullest extent permitted by law, the rights of
      such
      Holder to receive such principal and interest from the Trust Fund and (ii)
      the
      Insurer shall be paid such principal and interest but only from the sources
      and
      in the manner provided in the Policy, Insurance Agreement and herein for the
      payment of such principal and interest. 

     

    The
      Trustee,
      the
      Securities Administrator and the Master Servicer shall cooperate in all respects
      with any reasonable request by the Insurer for action to preserve or enforce
      the
      Insurer’s rights or interests under this Agreement without limiting the rights
      or affecting the interests of the Holders as otherwise set forth herein;
      provided, however, that neither the Trustee nor the Securities Administrator
      shall be under any obligation to institute, conduct or defend any litigation
      hereunder or in relation hereto at the request, direction or order of the
      Insurer pursuant to the provisions of this Agreement, unless the Insurer shall
      have offered to the Trustee or the Securities Administrator, as applicable,
      reasonable security or indemnity satisfactory to it against the costs, expenses
      and liabilities which may be incurred therein or thereby.

     

    SECTION
      13.06.  Notices
      to Insurer.

     

    All
      notices, statements, reports, certificates, lists or opinions required by this
      Agreement to be sent to the parties hereto, the Rating Agencies or the
      Certificateholders shall also be sent, at the same time such statements,
      reports, certificates, lists of opinions are otherwise sent, by overnight
      delivery, telecopy or email to the Insurer. The Trustee, or the Securities
      Administrator acting as its agent, shall forward to the Insurer any report
      delivered to it, including, without limitation the exceptions report to be
      delivered pursuant to the Custodial Agreement.

     

    SECTION
      13.07.  Third
      Party Beneficiary.

     

    The
      Certificate Insurer shall be an express third-party beneficiary of this
      Agreement to the same extent as if it were a party hereto, and shall have the
      right to enforce the provisions of this Agreement.

     

    SECTION
      13.08.  Ratings
      Assigned Without Regard to Policy.

     

    All
      references herein to ratings assigned to the Certificates and to the interests
      of any Certificateholders shall be without regard to the Policy.

     

    SECTION
      13.09.  Trustee
      to Hold the Policy.

     

    The
      Trustee shall hold the Policy in trust as agent for the Holders of the Insured
      Certificates for the purpose of making claims thereon and distributing the
      proceeds thereof. Upon the later of (i) the date upon which the Certificate
      Principal Balance of the Insured Certificates has been reduced to zero and
      all
      Regular Payments have been made and (ii) the date the Term of This Policy (as
      defined in the Policy) ends, the Trustee shall surrender the Policy to the
      Insurer for cancellation. Neither the Policy nor the amounts paid on the Policy
      will constitute part of the Trust Fund or assets of any Trust REMIC created
      by
      this Agreement. Each Holder of an Insured Certificate, by accepting its Insured
      Certificate, appoints the Trustee as attorney-in-fact for the purpose of making
      claims on the Policy.

     

    SECTION
      13.10.  Termination
      of Certain of Insurer’s Rights.

     

    Notwithstanding
      anything to the contrary anywhere in this Agreement, all rights of the Insurer,
      except in the case of any right to indemnification hereunder, shall permanently
      cease to be operable upon the latest to occur of (A) the date upon which the
      Certificate Principal Balance of each Insured Certificate has been reduced
      to
      zero and all Regular Payments (as defined in the Policy) have been made, (B)
      the
      date the Term of this Policy (as defined in the Policy) ends and (C) the payment
      in full to the Certificate Insurer of all amounts paid under the Policy plus
      interest at the Late Payment Rate thereon from the date such payment was made,
      and any other amounts owing to the Insurer under this Agreement.

     

    

     

    
      
        
          

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

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

     

    
      	
              ACE
                SECURITIES CORP.,

              as
                Depositor

            
	 	 
	
              By:

            	
              /s/
                Evelyn Echevarria

            
	
              Name:

            	
              Evelyn
                Echevarria

            
	
              Title:

            	
              Vice
                President

            
	 	 
	 	 
	
              By:

            	
              /s/
                Doris J. Hearn

            
	
              Name:

            	
              Doris
                J. Hearn

            
	
              Title:

            	
              Vice
                President

            
	 	 
	 	 
	
              OCWEN
                LOAN SERVICING, LLC

              as
                a Servicer

            
	 	 
	 	 
	
              By:

            	
              /s/
                Richard Delgado

            
	
              Name:

            	
              Richard
                Delgado

            
	
              Title:

            	
              Authorized
                Representative

            
	 	 
	 	 
	
              WELLS
                FARGO BANK, NATIONAL ASSOCIATION

              as
                a Servicer

            
	 	 
	 	 
	
              By:

            	
              /s/
                Laurie Mc Googan

            
	
              Name:

            	
              Laurie
                Mc Googan

            
	
              Title:

            	
              Vice
                President

            
	 	 
	 	 
	
              HSBC
                BANK USA, NATIONAL ASSOCIATION

              not
                in its individual capacity but solely as Trustee

            
	 	 
	 	 
	
              By:

            	
              /s/
                Susie Moy

            
	
              Name:

            	
              Susie
                Moy

            
	
              Title:

            	
              Vice
                President

            
	 	 
	 	 
	
              WELLS
                FARGO BANK, N.A.

              as
                Master Servicer and Securities Administrator

            
	 	 
	 	 
	
              By:

            	
              /s/
                Stacey M. Taylor

            
	
              Name:

            	
              Stacey
                M. Taylor

            
	
              Title:

            	
              Vice
                President

            
	 	 
	 	 
	
              Acknowledged
                and Agreed for purposes of Section 9.05:

               

              DB
                STRUCTURED PRODUCTS, INC

            
	 	 
	 	 
	
              By:

            	
              /s/
                Susan Valenti

            
	
              Name:

            	
              Susan
                Valenti

            
	
              Title:

            	
              Director

            
	 	 
	 	 
	
              By:

            	
              /s/
                Paul Mangione

            
	
              Name:

            	
              Paul
                Mangione

            
	
              Title:

            	
              Director

            
	 	 
	 	 
	
              Acknowledged
                and Agreed for purposes of Section 7.08 and
                7.09:

               

              CLAYTON
                FIXED INCOME SERVICES INC. 

            
	 	 
	 	 
	
              By:

            	
              /s/
                Kevin J. Kanouff

            
	
              Name:

            	
              Kevin
                J. Kanouff

            
	
              Title:

            	
              President
                and General Counsel

            

    

    

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	
              STATE
                OF

            	
              )

            
	 	
              )
                ss.:

            
	
              COUNTY
                OF

            	
              )

            
	 	 

    

    On
      the
      ___ day of February 2006, before me, a notary public in and for said State,
      personally appeared _____________________ known to me to be a
      _____________________ of ACE Securities Corp., one of the corporations that
      executed the within instrument, and also known to me to be the person who
      executed it on behalf of said corporation, and acknowledged to me that such
      corporation executed the within instrument.

     

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

     

    
      	 	 
	 	
              Notary
                Public

               

              My
                commission expires

            

    

     

     

    

     

    [Notarial
      Seal] 

     

     

     

    
      
         

         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	
              STATE
                OF

            	
              )

            
	 	
              )
                ss.:

            
	
              COUNTY
                OF

            	
              )

            
	 	 

    

    On
      the
      ___ day of February 2006, before me, a notary public in and for said State,
      personally appeared _____________________ known to me to be a
      _____________________ of ACE Securities Corp., one of the corporations that
      executed the within instrument, and also known to me to be the person who
      executed it on behalf of said corporation, and acknowledged to me that such
      corporation executed the within instrument.

     

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

     

    
      	 	 
	 	
              Notary
                Public

               

              My
                commission expires

            

    

    [Notarial
      Seal]    

     

    

    
      
         

         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF

            	
              )

            
	 	
              )
                ss.:

            
	
              COUNTY
                OF

            	
              )

            
	 	 

    

    On
      the
      ___ day of February 2006, before me, a notary public in and for said State,
      personally appeared _____________________ known to me to be a
      _____________________ of Wells Fargo Bank, National Association, one of the
      nationally banking associations that executed the within instrument, and also
      known to me to be the person who executed it on behalf of said federally
      chartered savings bank, and acknowledged to me that such federally chartered
      savings bank 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

               

              My
                commission expires

            

    

    [Notarial
      Seal] 

     

    
      
         

         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF

            	
              )

            
	 	
              )
                ss.:

            
	
              COUNTY
                OF

            	
              )

            
	 	 

    

    On
      the
      ___ day of February 2006, before me, a notary public in and for said State,
      personally appeared _____________________ known to me to be a
      _____________________ of Wells Fargo Bank, N.A., one of the national banking
      associations that executed the within instrument, and also known to me to be
      the
      person who executed it on behalf of said 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

               

              My
                commission expires

            

    

    [Notarial
      Seal]     

     

    
      
         

         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF

            	
              )

            
	 	
              )
                ss.:

            
	
              COUNTY
                OF

            	
              )

            
	 	 

    

    On
      the
      ___ day of February 2006, before me, a notary public in and for said State,
      personally appeared _____________________ known to me to be a
      _____________________ of Ocwen Loan Servicing, LLC, one of the national banking
      associations that executed the within instrument, and also known to me to be
      the
      person who executed it on behalf of said 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

               

              My
                commission expires

            

    

    [Notarial
      Seal]     

     

    
      
         

         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF

            	
              )

            
	 	
              )
                ss.:

            
	
              COUNTY
                OF

            	
              )

            
	 	 

    

    On
      the
      ___ day of February 2006, before me, a notary public in and for said State,
      personally appeared _____________________ known to me to be a
      _____________________ of HSBC Bank USA, National Association, one of the
      national banking associations that executed the within instrument, and also
      known to me to be the person who executed it on behalf of said 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

               

              My
                commission expires

            

    

    [Notarial
      Seal]     

     

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    

      EXHIBIT
        A-1

       

      FORM
        OF
        CLASS A-[1A][1B1][1B2][2A][2B][2C][2D] CERTIFICATE

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

       

      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.

       

      PRIOR
        TO THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, ANY PERSON ACQUIRING
        THIS
        CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATIONS IN SECTION 6.02(c)
        OF THE POOLING AND SERVICING AGREEMENT.

       

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                Series
                  2006-HE1, Class A-[1A][1B1][1B2][2A][2B][2C][2D]

              	 	
                Aggregate
                  Certificate Principal Balance of the Class
                  A-[1A][1B1][1B2][2A][2B][2C][2D] Certificates as of the Issue Date:
                  $_____________

              
	
                Pass-Through
                  Rate: Variable

              	 	
                Denomination:
                  $____________

              
	
                Date
                  of Pooling and Servicing Agreement and Cut-off Date: February 1,
                  2006

              	 	
                Master
                  Servicer: Wells Fargo Bank, N.A.

              
	
                First
                  Distribution Date: March 27, 2006

              	 	
                Trustee:
                  HSBC Bank USA, National Association

              
	
                No.
                  __

              	 	
                Issue
                  Date: February 28, 2006

              
	 	 	
                CUSIP:
                  ________________

              

      

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

       

      ACE
        SECURITIES CORP. HOME EQUITY LOAN TRUST, SERIES 2006-HE1

       

      ASSET
        BACKED PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
        primarily of a pool of conventional one- to four-family, first and second
        lien,
        fixed and adjustable-rate mortgage loans (the “Mortgage Loans”) formed and sold
        by

       

      ACE
        SECURITIES CORP.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN ACE SECURITIES
        CORP., THE MASTER SERVICER, THE SECURITIES ADMINISTRATOR, THE SERVICERS,
        THE
        TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR
        THE
        UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
        OF THE
        UNITED STATES.

       

      This
        certifies that ________________ is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class A-[1A][1B1][1B2][2A][2B][2C][2D]
        Certificates as of the Issue Date) in that certain beneficial ownership interest
        evidenced by all of the Class A-[1A][1B1][1B2][2A][2B][2C][2D] Certificates
        in
        REMIC III created pursuant to a Pooling and Servicing Agreement, dated as
        specified above (the “Agreement”), among ACE Securities Corp., as depositor
        (hereinafter called the “Depositor”, which term includes any successor entity
        under the Agreement), Wells Fargo Bank, N.A. as master servicer (the “Master
        Servicer”) and securities administrator (the “Securities Administrator”), Wells
        Fargo Bank, N.A. as a servicer (“Wells Fargo”), Ocwen Loan Servicing, LLC as a
        servicer (“Ocwen,” together with Wells Fargo, each a “Servicer” and together the
“Servicers”) and HSBC Bank USA, National Association as trustee (the “Trustee”),
        a summary of certain of the pertinent provisions of which is set forth
        hereafter. To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Certificate is issued under
        and is subject to the terms, provisions and conditions of the Agreement,
        to
        which Agreement the Holder of this Certificate by virtue of the acceptance
        hereof assents and by which such Holder is bound.

       

      Pursuant
        to the terms of the Agreement, distributions will be made on the 25th
        day of
        each month or, if such 25th
        day is
        not a Business Day, the Business Day immediately following such 25th
        day (a
“Distribution Date”), commencing on the First Distribution Date specified above,
        to the Person in whose name this Certificate is registered on the Business
        Day
        immediately preceding such Distribution Date (the “Record Date”), in an amount
        equal to the product of the Percentage Interest evidenced by this Certificate
        and the amount required to be distributed to the Holders of Class
        A-[1A][1B1][1B2][2A][2B][2C][2D] Certificates on such Distribution Date pursuant
        to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Securities Administrator by wire transfer in
        immediately available funds to the account of the Person entitled thereto
        if
        such Person shall have so notified the Securities Administrator in writing
        at
        least five (5) Business Days prior to the Record Date immediately prior to
        such
        Distribution Date and is the registered owner of Class
        A-[1A][1B1][1B2][2A][2B][2C][2D] Certificates the aggregate initial Certificate
        Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
        (ii)
        two-thirds of the aggregate initial Certificate Principal Balance of the
        Class
        A-[1A][1B1][1B2][2A][2B][2C][2D] Certificates, or otherwise by check mailed
        by
        first class mail to the address of the Person entitled thereto, as such name
        and
        address shall appear on the Certificate Register. Notwithstanding the above,
        the
        final distribution on this Certificate will be made after due notice by the
        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 as provided in the
        Agreement.

       

      The
        Pass-Through Rate applicable to the calculation of interest payable with
        respect
        to this Certificate on any Distribution Date shall be a rate per annum equal
        to
        the lesser of (i) One-Month LIBOR plus [_____]%, in the case of each
        Distribution Date through and including the Distribution Date on which the
        aggregate principal balance of the Mortgage Loans (and properties acquired
        in
        respect thereof) remaining in the Trust Fund is reduced to less than or equal
        to
        10% of the aggregate principal balance of the Mortgage Loans as of the Cut-off
        Date, or One-Month LIBOR plus [_____]%, in the case of any Distribution Date
        thereafter and (ii) the applicable Net WAC Pass-Through Rate for such
        Distribution Date.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Asset Backed Pass-Through Certificate of the Series specified on the face
        hereof
        (herein called the “Certificates”) and representing a Percentage Interest in the
        Class of Certificates specified on the face hereof equal to the denomination
        specified on the face hereof divided by the aggregate Certificate Principal
        Balance of the Class of Certificates specified on the face hereof.

       

      The
        Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans and payments received pursuant to
        the
        Swap Agreement, all as more specifically set forth herein and in the Agreement.
        As provided in the Agreement, withdrawals from the Collection Accounts and
        the
        Distribution Account may be made from time to time for purposes other than
        distributions to Certificateholders, such purposes including reimbursement
        of
        advances made, or certain expenses incurred, with respect to the Mortgage
        Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Trustee, the Securities Administrator, the Servicers and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Master Servicer, the Trustee, the Securities Administrator
        and
        the Servicers with the consent of the Swap Provider, the Insurer and the
        Holders
        of Certificates entitled to at least 66% of the Voting Rights. Any such consent
        by the Holder of this Certificate shall be conclusive and binding on such
        Holder
        and upon all future Holders of this Certificate and of any Certificate issued
        upon the transfer hereof or in exchange herefor or in lieu hereof whether
        or not
        notation of such consent is made upon this Certificate. The Agreement also
        permits the amendment thereof, in certain limited circumstances, without
        the
        consent of the Holders of any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Securities Administrator as provided in the Agreement,
        duly endorsed by, or accompanied by an assignment in the form below or other
        written instrument of transfer in form satisfactory to the Securities
        Administrator duly executed by, the Holder hereof or such Holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations evidencing the same aggregate Percentage
        Interest will be issued to the designated transferee or
        transferees.

       

      Prior
        to
        the termination of the Supplemental Interest Trust, any transferee of this
        Certificate shall be deemed to make the representations in Section 6.02(c)
        of
        the Agreement.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same.

       

      Any
        transferee of this Certificate shall be deemed to make the representations
        set
        forth in Section 6.02(c) of the Agreement.

       

      No
        service charge will be made for any such registration of transfer or exchange
        of
        Certificates, but the Securities Administrator may require payment of a sum
        sufficient to cover any tax or other governmental charge that may be imposed
        in
        connection with any transfer or exchange of Certificates.

       

      The
        Depositor, the Master Servicer, the Trustee, the Securities Administrator,
        the
        Servicers and any agent of the Depositor, the Master Servicer, the Trustee,
        the
        Securities Administrator or a Servicer may treat the Person in whose name
        this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Master Servicer, the Trustee, the Securities Administrator,
        the
        Servicers nor any such agent shall be affected by notice to the
        contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Securities Administrator and required to be paid to them pursuant to the
        Agreement following the earlier of (i) the final payment or other liquidation
        (or any advance with respect thereto) of the last Mortgage Loan remaining
        in
        REMIC I and (ii) the purchase by the party designated in the Agreement at
        a
        price determined as provided in the Agreement from REMIC I of all the Mortgage
        Loans and all property acquired in respect of such Mortgage Loans. The Agreement
        permits, but does not require, the party designated in the Agreement to purchase
        from REMIC I all the Mortgage Loans and all property acquired in respect
        of any
        Mortgage Loan at a price determined as provided in the Agreement. The exercise
        of such right will effect early retirement of the Certificates; however,
        such
        right to purchase is subject to the aggregate Scheduled Principal Balance
        of the
        Mortgage Loans (and properties acquired in respect thereof) at the time of
        purchase being less than or equal to 10% of the aggregate principal balance
        of
        the Mortgage Loans as of the Cut-off Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        neither the Trustee nor the Securities Administrator assumes any responsibility
        for their correctness.

       

      Unless
        the certificate of authentication hereon has been executed by 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: 	 	 
	 	
                WELLS
                  FARGO BANK, N.A.

                as
                  Securities Administrator

              
	 
 	 
 	 
 
	 	By:  	 
	 	
                

                Authorized
                  Officer

              
	 	 

      

       

      
 

      CERTIFICATE
        OF AUTHENTICATION

       

      This
        is
        one of the Class A-[1A][1B1][1B2][2A][2B][2C][2D] Certificates referred to
        in
        the within-mentioned Agreement.

       

      
        
          	 	 	 
	 	
                  WELLS
                    FARGO BANK, N.A.

                  as
                    Securities Administrator

                
	 
 	 
 	 
 
	 	By:  	 
	 	
                  

                  Authorized
                    Signatory

                
	 	 

        

         

      

      
        
           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM -

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                        Custodian         

                (Cust)
                  (Minor)

                under
                  Uniform Gifts 

                to
                  Minors Act

              
	
                TEN
                  ENT -

              	
                as
                  tenants by the entireties

              	 	
                ________________

                (State)

              
	
                JT
                  TEN -

              	
                as
                  joint tenants with right 

                if
                  survivorship and not as 

                tenants
                  in common

              	 	 
	 	 	 	 
	
                Additional
                  abbreviations may also be used though not in the above
                  list.

              

      

      

      ASSIGNMENT

       

      
        	
                FOR
                  VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
                  

              
	
                unto

              	 
	 	 
	 	 

      

      (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee)

       

      a
        Percentage Interest equal to ____%
        evidenced by the within Asset Backed Pass-Through Certificate and hereby
        authorize(s) the registration of transfer of such interest to assignee on
        the
        Certificate Register of the Trust Fund.

       

      I
        (we)
        further direct the Securities Administrator to issue a new Certificate of
        a like
        Percentage Interest and Class to the above named assignee and deliver such
        Certificate to the following address:
        ________________________________________________

      
        	 	 	
                .

              

      

      

       

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      
        
          
             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      EXHIBIT
        A-2

       

      FORM
        OF
        CLASS M-[1][2][3][4][5][6][7][8][9][10] CERTIFICATE

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

       

      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.

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES [[,/AND] CLASS M-1
        CERTIFICATES [,/AND] CLASS M-2 CERTIFICATES[,/AND] CLASS M-3 CERTIFICATES
        [,/AND] CLASS M-4 CERTIFICATES [,/AND] CLASS M-5 CERTIFICATES [,/AND] CLASS
        M-6
        CERTIFICATES [,/AND] CLASS M-7 CERTIFICATES [,/AND] CLASS M-8 CERTIFICATES
        [AND]
        CLASS M-9 CERTIFICATES] TO THE EXTENT DESCRIBED IN THE AGREEMENT REFERRED
        TO
        HEREIN.

       

      ANY
        TRANSFEREE OF THIS CERTIFICATE SHALL BE DEEMED TO MAKE THE REPRESENTATIONS
        SET
        FORTH IN SECTION 6.02(c) OF THE AGREEMENT REFERRED TO
        HEREIN.

       

      THE
        CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL BE DECREASED BY THE
        PRINCIPAL PAYMENTS HEREON AND REALIZED LOSSES ALLOCABLE HERETO AS DESCRIBED
        IN
        THE AGREEMENT REFERRED TO HEREIN. 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.

       

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                Series
                  2006-HE1, Class M-[1][2][3][4][5][6][7][8][9][10]

              	 	
                Aggregate
                  Certificate Principal Balance of the Class
                  M-[1][2][3][4][5][6][7][8][9][10] Certificates as of the Issue
                  Date:
                  $______________

              
	
                Pass-Through
                  Rate: Variable

              	 	
                Denomination:
                  $______________

              
	
                Date
                  of Pooling and Servicing Agreement 

                and
                  Cut-off Date: February 1, 2006

              	 	
                Master
                  Servicer: Wells Fargo Bank, N.A.

              
	
                First
                  Distribution Date: March 27, 2006

              	 	
                Trustee:
                  HSBC Bank USA, National Association

              
	
                No.___

              	 	
                Issue
                  Date: February 28, 2006

              
	 	 	
                CUSIP:_________________

              

      

      

      ACE
        SECURITIES CORP. HOME EQUITY LOAN TRUST, SERIES 2006-HE1

      ASSET
        BACKED PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
        primarily of a pool of conventional one- to four-family, first and second
        lien,
        fixed and adjustable-rate mortgage loans (the “Mortgage Loans”) formed and sold
        by

       

      ACE
        SECURITIES CORP.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN ACE SECURITIES
        CORP., THE MASTER SERVICER, THE SECURITIES ADMINISTRATOR, THE SERVICERS,
        THE
        TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR
        THE
        UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
        OF THE
        UNITED STATES.

       

      This
        certifies that _____________________ is the registered owner of a Percentage
        Interest (obtained by dividing the denomination of this Certificate by the
        aggregate Certificate Principal Balance of the Class
        M-[1][2][3][4][5][6][7][8][9][10] Certificates as of the Issue Date) in that
        certain beneficial ownership interest evidenced by of all the Class
        M-[1][2][3][4][5][6][7][8][9][10] Certificates in REMIC III created pursuant
        to
        a Pooling and Servicing Agreement, dated as specified above (the “Agreement”),
        among ACE Securities Corp., as depositor (hereinafter called the “Depositor”,
        which term includes any successor entity under the Agreement), Wells Fargo
        Bank,
        N.A. as master servicer (the “Master Servicer”) and securities administrator
        (the “Securities Administrator”), Wells Fargo Bank, N.A. as a servicer (“Wells
        Fargo”), Ocwen Loan Servicing, LLC as a servicer (“Ocwen,” together with Wells
        Fargo, each a “Servicer” and together the “Servicers”) and HSBC Bank USA,
        National Association as trustee (the “Trustee”), a summary of certain of the
        pertinent provisions of which is set forth hereafter. To the extent not defined
        herein, the capitalized terms used herein have the meanings assigned in the
        Agreement. This Certificate is issued under and is subject to the terms,
        provisions and conditions of the Agreement, to which Agreement the Holder
        of
        this Certificate by virtue of the acceptance hereof assents and by which
        such
        Holder is bound.

       

      Pursuant
        to the terms of the Agreement, distributions will be made on the 25th
        day of
        each month or, if such 25th
        day is
        not a Business Day, the Business Day immediately following such 25th
        day (a
“Distribution Date”), commencing on the First Distribution Date specified above,
        to the Person in whose name this Certificate is registered on the Business
        Day
        immediately preceding such Distribution Date (the “Record Date”), in an amount
        equal to the product of the Percentage Interest evidenced by this Certificate
        and the amount required to be distributed to the Holders of Class
        M-[1][2][3][4][5][6][7][8][9][10] Certificates on such Distribution Date
        pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Securities Administrator by wire transfer in
        immediately available funds to the account of the Person entitled thereto
        if
        such Person shall have so notified the Securities Administrator in writing
        at
        least five (5) Business Days prior to the Record Date immediately prior to
        such
        Distribution Date and is the registered owner of Class
        M-[1][2][3][4][5][6][7][8][9][10] Certificates the aggregate initial Certificate
        Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
        (ii)
        two-thirds of the aggregate initial Certificate Principal Balance of the
        Class
        M-[1][2][3][4][5][6][7][8][9][10] Certificates, or otherwise by check mailed
        by
        first class mail to the address of the Person entitled thereto, as such name
        and
        address shall appear on the Certificate Register. Notwithstanding the above,
        the
        final distribution on this Certificate will be made after due notice by the
        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 as provided in the
        Agreement.

       

      The
        Pass-Through Rate applicable to the calculation of interest payable with
        respect
        to this Certificate on any Distribution Date shall equal a rate per annum
        equal
        to the lesser of (i) One-Month LIBOR plus [____]% , in the case of each
        Distribution Date through and including the Distribution Date on which the
        aggregate principal balance of the Mortgage Loans (and properties acquired
        in
        respect thereof) remaining in the Trust Fund is reduced to less than or equal
        to
        10% of the aggregate principal balance of the Mortgage Loans as of the Cut-off
        Date, or One-Month LIBOR plus [____]%, in the case of any Distribution Date
        thereafter and (ii) the applicable Net WAC Pass-Through Rate for such
        Distribution Date.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Asset Backed Pass-Through Certificate of the Series specified on the face
        hereof
        (herein called the “Certificates”) and representing a Percentage Interest in the
        Class of Certificates specified on the face hereof equal to the denomination
        specified on the face hereof divided by the aggregate Certificate Principal
        Balance of the Class of Certificates specified on the face hereof.

       

      The
        Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans and payments received pursuant to
        the
        Swap Agreement, all as more specifically set forth herein and in the Agreement.
        As provided in the Agreement, withdrawals from the Collection Accounts and
        the
        Distribution Account may be made from time to time for purposes other than
        distributions to Certificateholders, such purposes including reimbursement
        of
        advances made, or certain expenses incurred, with respect to the Mortgage
        Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Trustee, the Securities Administrator, the Servicers
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Master Servicer, the Trustee, the Securities Administrator
        and
        the Servicers with the consent of the Swap Provider, the Insurer and the
        Holders
        of Certificates entitled to at least 66% of the Voting Rights. Any such consent
        by the Holder of this Certificate shall be conclusive and binding on such
        Holder
        and upon all future Holders of this Certificate and of any Certificate issued
        upon the transfer hereof or in exchange herefor or in lieu hereof whether
        or not
        notation of such consent is made upon this Certificate. The Agreement also
        permits the amendment thereof, in certain limited circumstances, without
        the
        consent of the Holders of any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Securities Administrator as provided in the Agreement,
        duly endorsed by, or accompanied by an assignment in the form below or other
        written instrument of transfer in form satisfactory to the Securities
        Administrator duly executed by, the Holder hereof or such Holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations evidencing the same aggregate Percentage
        Interest will be issued to the designated transferee or
        transferees.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same.

       

      Any
        transferee of this Certificate shall be deemed to make the representations
        set
        forth in Section 6.02(c) of the Agreement.

       

      No
        service charge will be made for any such registration of transfer or exchange
        of
        Certificates, but the Securities Administrator may require payment of a sum
        sufficient to cover any tax or other governmental charge that may be imposed
        in
        connection with any transfer or exchange of Certificates.

       

      The
        Depositor, the Master Servicer, the Trustee, the Securities Administrator,
        the
        Servicers and any agent of the Depositor, the Master Servicer, the Trustee,
        the
        Securities Administrator or a Servicer may treat the Person in whose name
        this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Master Servicer, the Trustee, the Securities Administrator,
        the
        Servicers nor any such agent shall be affected by notice to the
        contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Securities Administrator and required to be paid to them pursuant to the
        Agreement following the earlier of (i) the final payment or other liquidation
        (or any advance with respect thereto) of the last Mortgage Loan remaining
        in
        REMIC I and (ii) the purchase by the party designated in the Agreement at
        a
        price determined as provided in the Agreement from REMIC I of all the Mortgage
        Loans and all property acquired in respect of such Mortgage Loans. The Agreement
        permits, but does not require, the party designated in the Agreement to purchase
        from REMIC I all the Mortgage Loans and all property acquired in respect
        of any
        Mortgage Loan at a price determined as provided in the Agreement. The exercise
        of such right will effect early retirement of the Certificates; however,
        such
        right to purchase is subject to the aggregate Scheduled Principal Balance
        of the
        Mortgage Loans (and properties acquired in respect thereof) at the time of
        purchase being less than or equal to 10% of the aggregate principal balance
        of
        the Mortgage Loans as of the Cut-off Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        neither the Trustee nor the Securities Administrator assume any responsibility
        for their correctness.

       

      Unless
        the certificate of authentication hereon has been executed by 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: 	 	 
	 	
                  WELLS
                    FARGO BANK, N.A.

                  as
                    Securities Administrator

                
	 
 	 
 	 
 
	 	By:  	 
	 	
                  

                  Authorized
                    Officer

                
	 	 

        

         

      

      

      CERTIFICATE
        OF AUTHENTICATION

       

      This
        is
        one of the Class M-[1][2][3][4][5][6][7][8][9][10] Certificates referred
        to in
        the within-mentioned Agreement.

       

      
        
          
            	 	 	 
	 	
                    WELLS
                      FARGO BANK, N.A.

                    as
                      Securities Administrator

                  
	 
 	 
 	 
 
	 	By:  	 
	 	
                    

                    Authorized
                      Signatory

                  
	 	 

          

           

        

      

       

      
        
           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM -

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                
                          Custodian         

                  (Cust)
                    (Minor)

                  under
                    Uniform Gifts 

                  to
                    Minors Act

                

              
	
                TEN
                  ENT -

              	
                as
                  tenants by the entireties

              	 	
                ________________

                (State)

              
	
                JT
                  TEN -

              	
                as
                  joint tenants with right 

                if
                  survivorship and not as 

                tenants
                  in common

              	 	 
	 	 	 	 
	
                Additional
                  abbreviations may also be used though not in the above
                  list.

              

      

      

      ASSIGNMENT

       

      
        	
                FOR
                  VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
                  

              
	
                unto

              	 
	 	 
	 	 

      

       (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee)

       

      a
        Percentage Interest equal to _____% evidenced by the within Asset Backed
        Pass-Through Certificate and hereby authorize(s) the registration of transfer
        of
        such interest to assignee on the Certificate Register of the Trust
        Fund.

       

      I
        (we)
        further direct the Securities Administrator to issue a new Certificate of
        a like
        Percentage Interest and Class to the above named assignee and deliver such
        Certificate to the following address:
        ______________________________________________________________

      
        	 	 	
                .

              

      

      

       

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      
        
           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      
 

      
        
          
             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        A-3A

       

      FORM
        OF
        CLASS CE-1 CERTIFICATE

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES AND THE MEZZANINE
        CERTIFICATES TO THE EXTENT DESCRIBED IN THE AGREEMENT REFERRED TO
        HEREIN.

       

      THIS
        CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
        ACT OF
        1933, AS AMENDED (THE “ACT”), OR UNDER ANY STATE SECURITIES LAWS. THE HOLDER
        HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY
        BE
        REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH
        THE
        ACT AND OTHER APPLICABLE LAWS AND (1) OUTSIDE OF THE UNITED STATES WITHIN
        THE
        MEANING OF AND IN COMPLIANCE WITH REGULATION S UNDER THE ACT (“REGULATION S”),
        OR (2) WITHIN THE UNITED STATES TO (A) “QUALIFIED INSTITUTIONAL BUYERS” WITHIN
        THE MEANING OF AND IN COMPLIANCE WITH RULE 144A UNDER THE ACT (“RULE 144A”) OR
        (B) TO INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS” WITHIN THE
        MEANING OF RULE 501(A)(1), (2), (3) OR (7) OF “REGULATION D” UNDER THE
        ACT.

       

      NO
        TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
        PROVIDES A CERTIFICATION PURSUANT TO SECTION 6.02(c) OF THE
        AGREEMENT.

       

      

       

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                Series
                  2006-HE1, Class CE-1

              	 	
                Aggregate
                  Certificate Principal Balance of the Class CE-1 Certificates as
                  of the
                  Issue Date: $_____________

              
	
                Pass-Through
                  Rate: Variable

              	 	
                Denomination:
                  $_________________

              
	
                Cut-off
                  Date and date of Pooling and Servicing Agreement: February 1,
                  2006

              	 	
                Master
                  Servicer: Wells Fargo Bank, N.A.

              
	
                First
                  Distribution Date: March 27, 2006

              	 	
                Trustee:
                  HSBC Bank USA, National Association

              
	
                No.
                  __

              	 	
                Issue
                  Date: February 28, 2006

              

      

      

      ACE
        SECURITIES CORP. HOME EQUITY LOAN TRUST, SERIES 2006-HE1

       

      ASSET
        BACKED PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
        primarily of a pool of conventional one- to four-family, first and second
        lien,
        fixed and adjustable-rate mortgage loans (the “Mortgage Loans”) formed and sold
        by

       

      ACE
        SECURITIES CORP.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN ACE SECURITIES
        CORP., THE MASTER SERVICER, THE SECURITIES ADMINISTRATOR, THE SERVICERS,
        THE
        TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR
        THE
        UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
        OF THE
        UNITED STATES.

       

      This
        certifies that ________________ is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class CE-1 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all of the
        Class CE-1 Certificates in REMIC III created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among ACE Securities
        Corp., as depositor (hereinafter called the “Depositor,” which term includes any
        successor entity under the Agreement), Wells Fargo Bank, N.A. as master servicer
        (the “Master Servicer”) and securities administrator (the “Securities
        Administrator”), Wells Fargo Bank, N.A. as a servicer (“Wells Fargo”), Ocwen
        Loan Servicing, LLC as a servicer (“Ocwen,” together with Wells Fargo, each a
“Servicer” and together the “Servicers”) and HSBC Bank USA, National Association
        as trustee (the “Trustee”), a summary of certain of the pertinent provisions of
        which is set forth hereafter. To the extent not defined herein, the capitalized
        terms used herein have the meanings assigned in the Agreement. This Certificate
        is issued under and is subject to the terms, provisions and conditions of
        the
        Agreement, to which Agreement the Holder of this Certificate by virtue of
        the
        acceptance hereof assents and by which such Holder is bound.

       

      Interest
        on this Certificate will accrue during the month prior to the month in which
        a
        Distribution Date (as hereinafter defined) occurs on the Notional Amount
        (as
        defined in the Agreement) hereof at a per annum rate equal to the applicable
        Pass-Through Rate as set forth in the Agreement. Pursuant to the terms of
        the
        Agreement, distributions will be made on the 25th
        day of
        each month or, if such 25th
        day is
        not a Business Day, the Business Day immediately following such 25th
        day (a
“Distribution Date”), commencing on the First Distribution Date specified above,
        to the Person in whose name this Certificate is registered on the last Business
        Day of the calendar month immediately preceding the month in which the related
        Distribution Date occurs (the “Record Date”), in an amount equal to the product
        of the Percentage Interest evidenced by this Certificate and the amount required
        to be distributed to the Holders of Class CE-1 Certificates on such Distribution
        Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Securities Administrator by wire transfer in
        immediately available funds to the account of the Person entitled thereto
        if
        such Person shall have so notified the Securities Administrator in writing
        at
        least five (5) Business Days prior to the Record Date immediately prior to
        such
        Distribution Date and is the registered owner of Class CE-1 Certificates
        the
        aggregate initial Certificate Principal Balance of which is in excess of
        the
        lesser of (i) $5,000,000 or (ii) two-thirds of the aggregate initial Certificate
        Principal Balance of the Class CE-1 Certificates, or otherwise by check mailed
        by first class mail to the address of the Person entitled thereto, as such
        name
        and address shall appear on the Certificate Register. Notwithstanding the
        above,
        the final distribution on this Certificate will be made after due notice
        by the
        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 as provided in the
        Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Asset Backed Pass-Through Certificate of the Series specified on the face
        hereof
        (herein called the “Certificates”) and representing a Percentage Interest in the
        Class of Certificates specified on the face hereof equal to the denomination
        specified on the face hereof divided by the aggregate Certificate Principal
        Balance of the Class of Certificates specified on the face hereof.

       

      The
        Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Collection Accounts and the Distribution Account may be made from time to
        time
        for purposes other than distributions to Certificateholders, such purposes
        including reimbursement of advances made, or certain expenses incurred, with
        respect to the Mortgage Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Trustee, the Securities Administrator, the Servicers
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Master Servicer, the Trustee, the Securities Administrator
        and
        the Servicers with the consent of the Swap Provider, the Insurer and the
        Holders
        of Certificates entitled to at least 66% of the Voting Rights. Any such consent
        by the Holder of this Certificate shall be conclusive and binding on such
        Holder
        and upon all future Holders of this Certificate and of any Certificate issued
        upon the transfer hereof or in exchange herefor or in lieu hereof whether
        or not
        notation of such consent is made upon this Certificate. The Agreement also
        permits the amendment thereof, in certain limited circumstances, without
        the
        consent of the Holders of any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Securities Administrator as provided in the Agreement,
        duly endorsed by, or accompanied by an assignment in the form below or other
        written instrument of transfer in form satisfactory to the Securities
        Administrator duly executed by, the Holder hereof or such Holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations evidencing the same aggregate Percentage
        Interest will be issued to the designated transferee or
        transferees.

       

      No
        transfer of this Certificate shall be made unless the transfer is made pursuant
        to an effective registration statement under the Securities Act of 1933,
        as
        amended (the “1933 Act”), and an effective registration or qualification under
        applicable state securities laws, or is made in a transaction that does not
        require such registration or qualification. In the event that such a transfer
        of
        this Certificate is to be made without registration or qualification, the
        Securities Administrator shall require receipt of (i) if such transfer is
        purportedly being made in reliance upon Rule 144A or Regulation S 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 B-1, (ii)
        if
        such transfer is purportedly being made in reliance upon Rule 501(a) 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 form attached to the Agreement as Exhibit B-2 and (iii) in all other
        cases, an Opinion of Counsel satisfactory to it that such transfer may be
        made
        without such registration or qualification (which Opinion of Counsel shall
        not
        be an expense of the Trust Fund or of the Depositor, the Trustee, the Master
        Servicer or the Securities Administrator in their respective capacities as
        such), together with copies of the written certification(s) of the Holder
        of the
        Certificate desiring to effect the transfer and/or such Holder’s prospective
        transferee upon which such Opinion of Counsel is based. None of the Depositor,
        the Trustee or 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 Depositor, the Master Servicer
        and the Securities Administrator against any liability that may result if
        the
        transfer is not so exempt or is not made in accordance with such federal
        and
        state laws.

       

      No
        transfer of this Certificate shall be made except in accordance with Section
        6.02(c) of the Agreement.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same. No service charge
        will be made for any such registration of transfer or exchange of Certificates,
        but the Securities Administrator may require payment of a sum sufficient
        to
        cover any tax or other governmental charge that may be imposed in connection
        with any transfer or exchange of Certificates.

       

      The
        Depositor, the Master Servicer, the Trustee, the Securities Administrator,
        the
        Servicers and any agent of the Depositor, the Master Servicer, the Trustee,
        the
        Securities Administrator or a Servicer may treat the Person in whose name
        this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Master Servicer, the Trustee, the Securities Administrator,
        the
        Servicers nor any such agent shall be affected by notice to the
        contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Securities Administrator and required to be paid to them pursuant to the
        Agreement following the earlier of (i) the final payment or other liquidation
        (or any advance with respect thereto) of the last Mortgage Loan remaining
        in
        REMIC I and (ii) the purchase by the party designated in the Agreement at
        a
        price determined as provided in the Agreement from REMIC I of all the Mortgage
        Loans and all property acquired in respect of such Mortgage Loans. The Agreement
        permits, but does not require, the party designated in the Agreement to purchase
        from REMIC I all the Mortgage Loans and all property acquired in respect
        of any
        Mortgage Loan at a price determined as provided in the Agreement. The exercise
        of such right will effect early retirement of the Certificates; however,
        such
        right to purchase is subject to the aggregate Scheduled Principal Balance
        of the
        Mortgage Loans (and properties acquired in respect thereof) at the time of
        purchase being less than or equal to 10% of the aggregate principal balance
        of
        the Mortgage Loans as of the Cut-off Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        neither the Trustee nor the Securities Administrator assume any responsibility
        for their correctness.

       

      Unless
        the certificate of authentication hereon has been executed by 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: 	 	 
	 	
                    WELLS
                      FARGO BANK, N.A.

                    as
                      Securities Administrator

                  
	 
 	 
 	 
 
	 	By:  	 
	 	
                    

                    Authorized
                      Officer

                  
	 	 

          

        

      

      

      

      CERTIFICATE
        OF AUTHENTICATION

       

      This
        is
        one of the Class CE-1 Certificates referred to in the within-mentioned
        Agreement.

      
 

      
        
          
            
              	 	 	 
	 	
                      WELLS
                        FARGO BANK, N.A.

                      as
                        Securities Administrator

                    
	 
 	 
 	 
 
	 	By:  	 
	 	
                      

                      Authorized
                        Officer

                    
	 	 

            

             

          

        

      

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM -

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                
                          Custodian         

                  (Cust)
                    (Minor)

                  under
                    Uniform Gifts 

                  to
                    Minors Act

                

              
	
                TEN
                  ENT -

              	
                as
                  tenants by the entireties

              	 	
                ________________

                (State)

              
	
                JT
                  TEN -

              	
                as
                  joint tenants with right 

                if
                  survivorship and not as 

                tenants
                  in common

              	 	 
	 	 	 	 
	
                Additional
                  abbreviations may also be used though not in the above
                  list.

              

      

      

      ASSIGNMENT

       

      
        	
                FOR
                  VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
                  

              
	
                unto

              	 
	 	 
	 	 

      

      (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) 

       

      a
        Percentage Interest equal to ____% evidenced by the within Asset Backed
        Pass-Through Certificate and hereby authorize(s) the registration of transfer
        of
        such interest to assignee on the Certificate Register of the Trust
        Fund.

       

      I
        (we)
        further direct the Securities Administrator to issue a new Certificate of
        a like
        Percentage Interest and Class to the above named assignee and deliver such
        Certificate to the following address:
        ______________________________________________________________

      
        	 	 	
                .

              

      

      

       

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      
        
           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      
        
          
             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        A-3B

       

      FORM
        OF
        CLASS CE-2 CERTIFICATE

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

       

      THIS
        CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
        ACT OF
        1933, AS AMENDED (THE “ACT”), OR UNDER ANY STATE SECURITIES LAWS. THE HOLDER
        HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY
        BE
        REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH
        THE
        ACT AND OTHER APPLICABLE LAWS AND (1) OUTSIDE OF THE UNITED STATES WITHIN
        THE
        MEANING OF AND IN COMPLIANCE WITH REGULATION S UNDER THE ACT (“REGULATION S”),
        OR (2) WITHIN THE UNITED STATES TO (A) “QUALIFIED INSTITUTIONAL BUYERS” WITHIN
        THE MEANING OF AND IN COMPLIANCE WITH RULE 144A UNDER THE ACT (“RULE 144A”) OR
        (B) TO INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS” WITHIN THE
        MEANING OF RULE 501(A)(1), (2), (3) OR (7) OF “REGULATION D” UNDER THE
        ACT.

       

      NO
        TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
        PROVIDES A CERTIFICATION PURSUANT TO SECTION 6.02(c) OF THE
        AGREEMENT.

       

      

       

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                Series
                  2006-HE1, Class CE-2

              	 	
                Aggregate
                  Percentage Interest of the Class CE-2 Certificates as of the Issue
                  Date:
                  100.00%

              
	
                Pass-Through
                  Rate: Variable

              	 	
                Master
                  Servicer: Wells Fargo Bank, N.A.

              
	
                Cut-off
                  Date and date of Pooling and Servicing Agreement: February 1,
                  2006

              	 	
                Trustee:
                  HSBC Bank USA, National Association

              
	
                First
                  Distribution Date: March 27, 2006

              	 	
                Issue
                  Date: February 28, 2006

              
	
                No.
                  __

              	 	 
	 	 

      

      

      ACE
        SECURITIES CORP. HOME EQUITY LOAN TRUST, SERIES 2006-HE1

       

      ASSET
        BACKED PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
        primarily of a pool of conventional one- to four-family, first and second
        lien,
        fixed and adjustable-rate mortgage loans (the “Mortgage Loans”) formed and sold
        by

       

      ACE
        SECURITIES CORP.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN ACE SECURITIES
        CORP., THE MASTER SERVICER, THE SECURITIES ADMINISTRATOR, THE SERVICERS,
        THE
        TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR
        THE
        UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
        OF THE
        UNITED STATES.

       

      This
        certifies that ________________ is the registered owner of a Percentage Interest
        set forth above in that certain beneficial ownership interest evidenced by
        all
        of the Class CE-2 Certificates in REMIC III created pursuant to a Pooling
        and
        Servicing Agreement, dated as specified above (the “Agreement”), among ACE
        Securities Corp. as depositor (hereinafter called the “Depositor,” which term
        includes any successor entity under the Agreement), Wells Fargo Bank, N.A.
        as
        master servicer (the “Master Servicer”) and securities administrator (the
“Securities Administrator”), Wells Fargo Bank, N.A. as a servicer (“Wells
        Fargo”), Ocwen Loan Servicing, LLC as a servicer (“Ocwen,” together with Wells
        Fargo, each a “Servicer” and together the “Servicers”) and HSBC Bank USA,
        National Association, as trustee (the “Trustee”), a summary of certain of the
        pertinent provisions of which is set forth hereafter. To the extent not defined
        herein, the capitalized terms used herein have the meanings assigned in the
        Agreement. This Certificate is issued under and is subject to the terms,
        provisions and conditions of the Agreement, to which Agreement the Holder
        of
        this Certificate by virtue of the acceptance hereof assents and by which
        such
        Holder is bound.

       

      Interest
        on this Certificate will accrue during the month prior to the month in which
        a
        Distribution Date (as hereinafter defined) occurs on the Notional Amount
        (as
        defined in the Agreement) hereof at a per annum rate equal to the applicable
        Pass-Through Rate as set forth in the Agreement. Pursuant to the terms of
        the
        Agreement, distributions will be made on the 25th
        day of
        each month or, if such 25th
        day is
        not a Business Day, the Business Day immediately following such 25th
        day (a
“Distribution Date”), commencing on the First Distribution Date specified above,
        to the Person in whose name this Certificate is registered on the last Business
        Day of the calendar month immediately preceding the month in which the related
        Distribution Date occurs (the “Record Date”), in an amount equal to the product
        of the Percentage Interest evidenced by this Certificate and the amount required
        to be distributed to the Holders of Class CE-2 Certificates on such Distribution
        Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Securities Administrator by wire transfer in
        immediately available funds to the account of the Person entitled thereto
        if
        such Person shall have so notified the Securities Administrator in writing
        at
        least five (5) Business Days prior to the Record Date immediately prior to
        such
        Distribution Date and is the registered owner of Class CE-2 Certificates,
        or
        otherwise by check mailed by first class mail to the address of the Person
        entitled thereto, as such name and address shall appear on the Certificate
        Register. Notwithstanding the above, the final distribution on this Certificate
        will be made after due notice by the 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 as provided in the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Asset Backed Pass-Through Certificate of the Series specified on the face
        hereof
        (herein called the “Certificates”) and representing a Percentage Interest in the
        Class of Certificates specified on the face hereof.

       

      The
        Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Collection Accounts and the Distribution Account may be made from time to
        time
        for purposes other than distributions to Certificateholders, such purposes
        including reimbursement of advances made, or certain expenses incurred, with
        respect to the Mortgage Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Trustee, the Securities Administrator, the Servicers
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Master Servicer, the Trustee, the Securities Administrator
        and
        the Servicers with the consent of the Swap Provider, the Insurer and the
        Holders
        of Certificates entitled to at least 66% of the Voting Rights. Any such consent
        by the Holder of this Certificate shall be conclusive and binding on such
        Holder
        and upon all future Holders of this Certificate and of any Certificate issued
        upon the transfer hereof or in exchange herefor or in lieu hereof whether
        or not
        notation of such consent is made upon this Certificate. The Agreement also
        permits the amendment thereof, in certain limited circumstances, without
        the
        consent of the Holders of any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Securities Administrator as provided in the Agreement,
        duly endorsed by, or accompanied by an assignment in the form below or other
        written instrument of transfer in form satisfactory to the Securities
        Administrator duly executed by, the Holder hereof or such Holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations evidencing the same aggregate Percentage
        Interest will be issued to the designated transferee or
        transferees.

       

      No
        transfer of this Certificate shall be made unless the transfer is made pursuant
        to an effective registration statement under the Securities Act of 1933,
        as
        amended (the “1933 Act”), and an effective registration or qualification under
        applicable state securities laws, or is made in a transaction that does not
        require such registration or qualification. In the event that such a transfer
        of
        this Certificate is to be made without registration or qualification, the
        Securities Administrator shall require receipt of (i) if such transfer is
        purportedly being made in reliance upon Rule 144A or Regulation S 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 B-1, (ii)
        if
        such transfer is purportedly being made in reliance upon Rule 501(a) 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 form attached to the Agreement as Exhibit B-2 and (iii) in all other
        cases, an Opinion of Counsel satisfactory to it that such transfer may be
        made
        without such registration or qualification (which Opinion of Counsel shall
        not
        be an expense of the Trust Fund or of the Depositor, the Trustee, the Master
        Servicer or the Securities Administrator in their respective capacities as
        such), together with copies of the written certification(s) of the Holder
        of the
        Certificate desiring to effect the transfer and/or such Holder’s prospective
        transferee upon which such Opinion of Counsel is based. None of the Depositor,
        the Trustee or 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 Depositor, the Master Servicer
        and the Securities Administrator against any liability that may result if
        the
        transfer is not so exempt or is not made in accordance with such federal
        and
        state laws.

       

      No
        transfer of this Certificate shall be made except in accordance with Section
        6.02(c) of the Agreement.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same. No service charge
        will be made for any such registration of transfer or exchange of Certificates,
        but the Securities Administrator may require payment of a sum sufficient
        to
        cover any tax or other governmental charge that may be imposed in connection
        with any transfer or exchange of Certificates.

       

      The
        Depositor, the Master Servicer, the Trustee, the Securities Administrator,
        the
        Servicers and any agent of the Depositor, the Master Servicer, the Trustee,
        the
        Securities Administrator or a Servicer may treat the Person in whose name
        this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Master Servicer, the Trustee, the Securities Administrator,
        the
        Servicers nor any such agent shall be affected by notice to the
        contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Securities Administrator and required to be paid to them pursuant to the
        Agreement following the earlier of (i) the final payment or other liquidation
        (or any advance with respect thereto) of the last Mortgage Loan remaining
        in
        REMIC I and (ii) the purchase by the party designated in the Agreement at
        a
        price determined as provided in the Agreement from REMIC I of all the Mortgage
        Loans and all property acquired in respect of such Mortgage Loans. The Agreement
        permits, but does not require, the party designated in the Agreement to purchase
        from REMIC I all the Mortgage Loans and all property acquired in respect
        of any
        Mortgage Loan at a price determined as provided in the Agreement. The exercise
        of such right will effect early retirement of the Certificates; however,
        such
        right to purchase is subject to the aggregate Scheduled Principal Balance
        of the
        Mortgage Loans (and the properties acquired in respect thereof) at the time
        of
        purchase being less than or equal to 10% of the aggregate principal balance
        of
        the Mortgage Loans as of the Cut-off Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        neither the Trustee nor the Securities Administrator assumes any responsibility
        for their correctness.

       

      Unless
        the certificate of authentication hereon has been executed by 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: 	 	 
	 	
                      WELLS
                        FARGO BANK, N.A.

                      as
                        Securities Administrator

                    
	 
 	 
 	 
 
	 	By:  	 
	 	
                      

                      Authorized
                        Officer

                    
	 	 

            

          

        

        

         

      

      CERTIFICATE
        OF AUTHENTICATION

       

      This
        is
        one of the Class CE-2 Certificates referred to in the within-mentioned
        Agreement.

       

      
        
          
            
              
                	 	 	 
	 	
                        WELLS
                          FARGO BANK, N.A.

                        as
                          Securities Administrator

                      
	 
 	 
 	 
 
	 	By:  	 
	 	
                        

                        
                          Authorized
                            Officer

                        

                      
	 	 

              

               

            

          

        

      

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM -

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                      Custodian         
                  (Cust)
                    (Minor)

                  under
                    Uniform Gifts 

                  to
                    Minors Act

                

              
	
                TEN
                  ENT -

              	
                as
                  tenants by the entireties

              	 	
                ________________

                (State)

              
	
                JT
                  TEN -

              	
                as
                  joint tenants with right 

                if
                  survivorship and not as 

                tenants
                  in common

              	 	 
	 	 	 	 
	
                Additional
                  abbreviations may also be used though not in the above
                  list.

              

      

      

      ASSIGNMENT

       

      
        	
                FOR
                  VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
                  

              
	
                unto

              	 
	 	 
	 	 

      

      (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) 

       

      a
        Percentage Interest equal to ____% evidenced by the within Asset Backed
        Pass-Through Certificate and hereby authorize(s) the registration of transfer
        of
        such interest to assignee on the Certificate Register of the Trust
        Fund.

       

      I
        (we)
        further direct the Securities Administrator to issue a new Certificate of
        a like
        Percentage Interest and Class to the above named assignee and deliver such
        Certificate to the following address:
        ______________________________________________________________

      
        	 	 	
                .

              

      

      

       

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

       

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      
        
          
             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        A-4

       

      FORM
        OF
        CLASS P CERTIFICATE

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES,
        THIS CERTIFICATE IS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT
        CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF
        THE INTERNAL REVENUE CODE OF 1986, AS MENDED (THE “CODE”).

       

      THIS
        CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
        ACT OF
        1933, AS AMENDED (THE “ACT”), OR UNDER ANY STATE SECURITIES LAWS. THE HOLDER
        HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY
        BE
        REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH
        THE
        ACT AND OTHER APPLICABLE LAWS AND (1) OUTSIDE OF THE UNITED STATES WITHIN
        THE
        MEANING OF AND IN COMPLIANCE WITH REGULATION S UNDER THE ACT (“REGULATION S”),
        OR (2) WITHIN THE UNITED STATES TO (A) “QUALIFIED INSTITUTIONAL BUYERS” WITHIN
        THE MEANING OF AND IN COMPLIANCE WITH RULE 144A UNDER THE ACT (“RULE 144A”) OR
        (B) TO INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS” WITHIN THE
        MEANING OF RULE 501(A)(1), (2), (3) OR (7) OF “REGULATION D” UNDER THE
        ACT.

       

      NO
        TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
        PROVIDES A CERTIFICATION PURSUANT TO SECTION 6.02(c) OF THE
        AGREEMENT.

       

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                Series
                  2006-HE1, Class P

              	 	
                Aggregate
                  Certificate Principal Balance of the Class P Certificates as of
                  the Issue
                  Date: $100.00

              
	
                Cut-off
                  Date and date of Pooling and Servicing Agreement: February 1,
                  2006

              	 	
                Denomination:
                  $100.00

              
	
                First
                  Distribution Date: March 27, 2006

              	 	
                Master
                  Servicer: Wells Fargo Bank, N.A.

              
	
                No.
                  __

              	 	
                Trustee:
                  HSBC Bank USA, National Association

              
	 	 	
                Issue
                  Date: February 28, 2006

              

      

      

      ACE
        SECURITIES CORP. HOME EQUITY LOAN TRUST, SERIES 2006-HE1

       

      ASSET
        BACKED PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
        primarily of a pool of conventional one- to four-family, first and second
        lien,
        fixed and adjustable-rate mortgage loans (the “Mortgage Loans”) formed and sold
        by

       

      ACE
        SECURITIES CORP.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN ACE SECURITIES
        CORP., THE MASTER SERVICER, THE SECURITIES ADMINISTRATOR, THE SERVICERS,
        THE
        TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR
        THE
        UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
        OF THE
        UNITED STATES.

       

      This
        certifies that____________________ is the registered owner of a Percentage
        Interest (obtained by dividing the denomination of this Certificate by the
        aggregate Certificate Principal Balance of the Class P Certificates as of
        the
        Issue Date) in that certain beneficial ownership interest evidenced by all
        of
        the Class P Certificates in REMIC III created pursuant to a Pooling and
        Servicing Agreement, dated as specified above (the “Agreement”), among ACE
        Securities Corp., as depositor (hereinafter called the “Depositor”, which term
        includes any successor entity under the Agreement), Wells Fargo Bank, N.A.
        as
        master servicer (the “Master Servicer”) and securities administrator (the
“Securities Administrator”), Wells Fargo Bank, N.A. as a servicer (“Wells
        Fargo”), Ocwen Loan Servicing, LLC as a servicer (“Ocwen,” together with Wells
        Fargo, each a “Servicer” and together the “Servicers”) and HSBC Bank USA,
        National Association as trustee (the “Trustee”), a summary of certain of the
        pertinent provisions of which is set forth hereafter. To the extent not defined
        herein, the capitalized terms used herein have the meanings assigned in the
        Agreement. This Certificate is issued under and is subject to the terms,
        provisions and conditions of the Agreement, to which Agreement the Holder
        of
        this Certificate by virtue of the acceptance hereof assents and by which
        such
        Holder is bound.

       

      Pursuant
        to the terms of the Agreement, distributions will be made on the 25th
        day of
        each month or, if such 25th
        day is
        not a Business Day, the Business Day immediately following such 25th
        day (a
“Distribution Date”), commencing on the First Distribution Date specified above,
        to the Person in whose name this Certificate is registered on the last Business
        Day of the calendar month immediately preceding the month in which the related
        Distribution Date occurs (the “Record Date”), in an amount equal to the product
        of the Percentage Interest evidenced by this Certificate and the amount required
        to be distributed to the Holders of Class P Certificates on such Distribution
        Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Securities Administrator by wire transfer in
        immediately available funds to the account of the Person entitled thereto
        if
        such Person shall have so notified the Securities Administrator in writing
        at
        least five (5) Business Days prior to the Record Date immediately prior to
        such
        Distribution Date and is the registered owner of Class P Certificates the
        aggregate initial Certificate Principal Balance of which is in excess of
        the
        lesser of (i) $5,000,000 or (ii) two-thirds of the aggregate initial Certificate
        Principal Balance of the Class P Certificates, or otherwise by check mailed
        by
        first class mail to the address of the Person entitled thereto, as such name
        and
        address shall appear on the Certificate Register. Notwithstanding the above,
        the
        final distribution on this Certificate will be made after due notice by the
        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 as provided in the
        Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Asset Backed Pass-Through Certificate of the Series specified on the face
        hereof
        (herein called the “Certificates”) and representing a Percentage Interest in the
        Class of Certificates specified on the face hereof equal to the denomination
        specified on the face hereof divided by the aggregate Certificate Principal
        Balance of the Class of Certificates specified on the face hereof.

       

      The
        Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Collection Accounts and the Distribution Account may be made from time to
        time
        for purposes other than distributions to Certificateholders, such purposes
        including reimbursement of advances made, or certain expenses incurred, with
        respect to the Mortgage Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Trustee, the Securities Administrator, the Servicers
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Master Servicer, the Trustee, the Securities Administrator
        and
        the Servicers with the consent of the Swap Provider, the Insurer and the
        Holders
        of Certificates entitled to at least 66% of the Voting Rights. Any such consent
        by the Holder of this Certificate shall be conclusive and binding on such
        Holder
        and upon all future Holders of this Certificate and of any Certificate issued
        upon the transfer hereof or in exchange herefor or in lieu hereof whether
        or not
        notation of such consent is made upon this Certificate. The Agreement also
        permits the amendment thereof, in certain limited circumstances, without
        the
        consent of the Holders of any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Securities Administrator as provided in the Agreement,
        duly endorsed by, or accompanied by an assignment in the form below or other
        written instrument of transfer in form satisfactory to the Securities
        Administrator duly executed by, the Holder hereof or such Holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations evidencing the same aggregate Percentage
        Interest will be issued to the designated transferee or
        transferees.

       

      No
        transfer of this Certificate shall be made unless the transfer is made pursuant
        to an effective registration statement under the Securities Act of 1933,
        as
        amended (the “1933 Act”), and an effective registration or qualification under
        applicable state securities laws, or is made in a transaction that does not
        require such registration or qualification. In the event that such a transfer
        of
        this Certificate is to be made without registration or qualification, the
        Securities Administrator shall require receipt of (i) if such transfer is
        purportedly being made in reliance upon Rule 144A or Regulation S 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 B-1, (ii)
        if
        such transfer is purportedly being made in reliance upon Rule 501(a) 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 form attached to the Agreement as Exhibit B-2 and (iii) in all other
        cases, an Opinion of Counsel satisfactory to it that such transfer may be
        made
        without such registration or qualification (which Opinion of Counsel shall
        not
        be an expense of the Trust Fund or of the Depositor, the Trustee, the Master
        Servicer or the Securities Administrator in their respective capacities as
        such), together with copies of the written certification(s) of the Holder
        of the
        Certificate desiring to effect the transfer and/or such Holder’s prospective
        transferee upon which such Opinion of Counsel is based. None of the Depositor,
        the Trustee or 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 Depositor, the Master Servicer
        and the Securities Administrator against any liability that may result if
        the
        transfer is not so exempt or is not made in accordance with such federal
        and
        state laws.

       

      No
        transfer of this Certificate shall be made except in accordance with Section
        6.02(c) of the Agreement.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same. No service charge
        will be made for any such registration of transfer or exchange of Certificates,
        but the Securities Administrator may require payment of a sum sufficient
        to
        cover any tax or other governmental charge that may be imposed in connection
        with any transfer or exchange of Certificates.

       

      The
        Depositor, the Master Servicer, the Trustee, the Securities Administrator,
        the
        Servicers and any agent of the Depositor, the Master Servicer, the Trustee,
        the
        Securities Administrator or a Servicer may treat the Person in whose name
        this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Master Servicer, the Trustee, the Securities Administrator,
        the
        Servicers nor any such agent shall be affected by notice to the
        contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Securities Administrator and required to be paid to them pursuant to the
        Agreement following the earlier of (i) the final payment or other liquidation
        (or any advance with respect thereto) of the last Mortgage Loan remaining
        in
        REMIC I and (ii) the purchase by the party designated in the Agreement at
        a
        price determined as provided in the Agreement from REMIC I of all the Mortgage
        Loans and all property acquired in respect of such Mortgage Loans. The Agreement
        permits, but does not require, the party designated in the Agreement to purchase
        from REMIC I all the Mortgage Loans and all property acquired in respect
        of any
        Mortgage Loan at a price determined as provided in the Agreement. The exercise
        of such right will effect early retirement of the Certificates; however,
        such
        right to purchase is subject to the aggregate Scheduled Principal Balance
        of the
        Mortgage Loans (and properties acquired in respect thereof) at the time of
        purchase being less than or equal to 10% of the aggregate principal balance
        of
        the Mortgage Loans as of the Cut-off Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        neither the Trustee nor the Securities Administrator assume any responsibility
        for their correctness.

       

      Unless
        the certificate of authentication hereon has been executed by 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: 	 	 
	 	
                      WELLS
                        FARGO BANK, N.A.

                      as
                        Securities Administrator

                    
	 
 	 
 	 
 
	 	By:  	 
	 	
                      

                      Authorized
                        Officer

                    
	 	 

            

          

        

         

      

      

      CERTIFICATE
        OF AUTHENTICATION

       

      This
        is
        one of the Class P Certificates referred to in the within-mentioned
        Agreement.

       

      
        
          
            
              	 	 	 
	 	
                      WELLS
                        FARGO BANK, N.A.

                      as
                        Securities Administrator

                    
	 
 	 
 	 
 
	 	By:  	 
	 	
                      

                      Authorized
                        Officer

                    
	 	 

            

          

        

      

       

       

      
        
           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM -

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                        Custodian        

                (Cust)
                  (Minor)

                under
                  Uniform Gifts 

                to
                  Minors Act

              
	
                TEN
                  ENT -

              	
                as
                  tenants by the entireties

              	 	
                ________________

                (State)

              
	
                JT
                  TEN -

              	
                as
                  joint tenants with right 

                if
                  survivorship and not as 

                tenants
                  in common

              	 	 
	 	 	 	 
	
                Additional
                  abbreviations may also be used though not in the above
                  list.

              

      

      

      ASSIGNMENT

       

      
        	
                FOR
                  VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
                  

              
	
                unto

              	 
	 	 
	 	 

      

      (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee)

       

      a
        Percentage Interest equal to ____% evidenced by the within Asset Backed
        Pass-Through Certificate and hereby authorize(s) the registration of transfer
        of
        such interest to assignee on the Certificate Register of the Trust
        Fund.

       

      I
        (we)
        further direct the Securities Administrator to issue a new Certificate of
        a like
        Percentage Interest and Class to the above named assignee and deliver such
        Certificate to the following address:
        ______________________________________________________________

      
        	 	 	
                .

              

      

      

       

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      
        
          
             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        A-5

       

      FORM
        OF
        CLASS R CERTIFICATE

       

      THIS
        CERTIFICATE MAY NOT BE TRANSFERRED TO A NON-UNITED STATES
        PERSON.

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES,
        THIS CERTIFICATE REPRESENTS THE SOLE “RESIDUAL INTEREST” IN EACH “REAL ESTATE
        MORTGAGE INVESTMENT CONDUIT” (“REMIC”), AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

       

      ANY
        RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
        IN
        ACCORDANCE WITH THE PROVISIONS OF SECTION 6.02 OF THE AGREEMENT REFERRED
        TO
        HEREIN.

       

      THIS
        CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
        ACT OF
        1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD
        OR
        TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR IS SOLD
        OR
        TRANSFERRED IN TRANSACTIONS THAT ARE EXEMPT FROM REGISTRATION UNDER SUCH
        ACT AND
        UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS
        OF SECTION 6.02 OF THE AGREEMENT.

       

      ANY
        RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
        IF
        THE PROPOSED TRANSFEREE PROVIDES (I) AN AFFIDAVIT TO THE SECURITIES
        ADMINISTRATOR THAT (A) SUCH TRANSFEREE IS NOT (1) THE UNITED STATES OR ANY
        POSSESSION THEREOF, ANY STATE OR POLITICAL SUBDIVISION THEREOF, ANY FOREIGN
        GOVERNMENT, ANY INTERNATIONAL ORGANIZATION, OR ANY AGENCY OR INSTRUMENTALITY
        OF
        ANY OF THE FOREGOING, (2) ANY ORGANIZATION (OTHER THAN A COOPERATIVE DESCRIBED
        IN SECTION 521 OF THE CODE) THAT IS EXEMPT FROM THE TAX IMPOSED BY CHAPTER
        1 OF
        THE CODE UNLESS SUCH ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION
        511
        OF THE CODE, (3) ANY ORGANIZATION DESCRIBED IN SECTION 1381(a)(2)(C) OF THE
        CODE
        (ANY SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES (1), (2) OR (3) SHALL
        HEREINAFTER BE REFERRED TO AS A “DISQUALIFIED ORGANIZATION”) OR (4) AN AGENT OF
        A DISQUALIFIED ORGANIZATION AND (B) NO PURPOSE OF SUCH TRANSFER IS TO IMPEDE
        THE
        ASSESSMENT OR COLLECTION OF TAX, AND (II) SUCH TRANSFEREE SATISFIES CERTAIN
        ADDITIONAL CONDITIONS RELATING TO THE FINANCIAL CONDITION OF THE PROPOSED
        TRANSFEREE. NOTWITHSTANDING THE REGISTRATION IN THE CERTIFICATE REGISTER
        OF ANY
        TRANSFER, SALE OR OTHER DISPOSITION OF THIS CERTIFICATE TO A DISQUALIFIED
        ORGANIZATION OR AN AGENT OF A DISQUALIFIED ORGANIZATION, SUCH REGISTRATION
        SHALL
        BE DEEMED TO BE OF NO LEGAL FORCE OR EFFECT WHATSOEVER AND SUCH PERSON SHALL
        NOT
        BE DEEMED TO BE A CERTIFICATEHOLDER FOR ANY PURPOSE HEREUNDER, INCLUDING,
        BUT
        NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS CERTIFICATE. EACH HOLDER
        OF
        THIS CERTIFICATE BY ACCEPTANCE HEREOF SHALL BE DEEMED TO HAVE CONSENTED TO
        THE
        PROVISIONS OF THIS PARAGRAPH AND THE PROVISIONS OF SECTION 6.02(d) OF THE
        AGREEMENT REFERRED TO HEREIN. ANY PERSON THAT IS A DISQUALIFIED ORGANIZATION
        IS
        PROHIBITED FROM ACQUIRING BENEFICIAL OWNERSHIP OF THIS
        CERTIFICATE.

       

      ANY
        PERSON ACQUIRING A CERTIFICATE DIRECTLY OR INDIRECTLY BY, ON BEHALF OF, OR
        WITH
        PLAN ASSETS OF AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT THAT
        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, SHALL BE DEEMED
        TO HAVE MADE THE REPRESENTATIONS OR PROVIDED THE OPINION OF COUNSEL IN SECTION
        6.02(c) OF THE POOLING AND SERVICING AGREEMENT.

       

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                Series
                  2006-HE1, Class R

              	 	
                Aggregate
                  Percentage Interest of the Class R Certificates as of the Issue
                  Date:
                  100.00%

              
	
                Date
                  of Pooling and Servicing Agreement

                and
                  Cut-off Date: February 1, 2006

              	 	
                Master
                  Servicer: Wells Fargo Bank, N.A.

              
	
                First
                  Distribution Date: March 27, 2006

              	 	
                Trustee:
                  HSBC Bank USA, National Association

              
	
                No
                  __

              	 	
                Issue
                  Date: February 28, 2006

              

      

      

      ACE
        SECURITIES CORP. HOME EQUITY LOAN TRUST, SERIES 2006-HE1

       

      ASSET
        BACKED PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
        primarily of a pool of conventional one- to four-family, first and second
        lien,
        fixed and adjustable-rate mortgage loans (the “Mortgage Loans”) formed and sold
        by

       

      ACE
        SECURITIES CORP.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN ACE SECURITIES
        CORP., THE MASTER SERVICER, THE SECURITIES ADMINISTRATOR, THE SERVICERS,
        THE
        TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR
        THE
        UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
        OF THE
        UNITED STATES.

       

      

      This
        certifies that _______________ is the registered owner of a Percentage Interest
        set forth above in that certain beneficial ownership interest evidenced by
        all
        of the Class R Certificates in REMIC III created pursuant to a Pooling and
        Servicing Agreement, dated as specified above (the “Agreement”), among ACE
        Securities Corp., as depositor (hereinafter called the “Depositor”, which term
        includes any successor entity under the Agreement), Wells Fargo Bank, N.A.
        as
        master servicer (the “Master Servicer”) and securities administrator (the
“Securities Administrator”), Wells Fargo Bank, N.A. as a servicer (“Wells
        Fargo”), Ocwen Loan Servicing, LLC as a servicer (“Ocwen,” together with Wells
        Fargo, each a “Servicer” and together the “Servicers”) and HSBC Bank USA,
        National Association as trustee (the “Trustee”), a summary of certain of the
        pertinent provisions of which is set forth hereafter. To the extent not defined
        herein, the capitalized terms used herein have the meanings assigned in the
        Agreement. This Certificate is issued under and is subject to the terms,
        provisions and conditions of the Agreement, to which Agreement the Holder
        of
        this Certificate by virtue of the acceptance hereof assents and by which
        such
        Holder is bound.

       

      Pursuant
        to the terms of the Agreement, distributions will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, the Business Day
        immediately following (a “Distribution Date”), commencing on the First
        Distribution Date specified above, to the Person in whose name this Certificate
        is registered on the last Business Day of the calendar month immediately
        preceding the month in which the related Distribution Date occurs (the “Record
        Date”), in an amount equal to the product of the Percentage Interest evidenced
        by this Certificate and the amount required to be distributed to the Holders
        of
        Class R Certificates on such Distribution Date pursuant to the
        Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Securities Administrator by wire transfer in
        immediately available funds to the account of the Person entitled thereto
        if
        such Person shall have so notified the Securities Administrator in writing
        at
        least five (5) Business Days prior to the Record Date immediately prior to
        such
        Distribution Date and is the registered owner of Class R Certificates, or
        otherwise by check mailed by first class mail to the address of the Person
        entitled thereto, as such name and address shall appear on the Certificate
        Register. Notwithstanding the above, the final distribution on this Certificate
        will be made after due notice by the 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 as provided in the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Asset Backed Pass-Through Certificate of the Series specified on the face
        hereof
        (herein called the “Certificates”) and representing the Percentage Interest in
        the Class of Certificates specified on the face hereof.

       

      The
        Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Collection Accounts and the Distribution Account may be made from time to
        time
        for purposes other than distributions to Certificateholders, such purposes
        including reimbursement of advances made, or certain expenses incurred, with
        respect to the Mortgage Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Trustee, the Securities Administrator, the Servicers
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Master Servicer, the Trustee, the Securities Administrator
        and
        the Servicers with the consent of the Swap Provider, the Insurer and the
        Holders
        of Certificates entitled to at least 66% of the Voting Rights. Any such consent
        by the Holder of this Certificate shall be conclusive and binding on such
        Holder
        and upon all future Holders of this Certificate and of any Certificate issued
        upon the transfer hereof or in exchange herefor or in lieu hereof whether
        or not
        notation of such consent is made upon this Certificate. The Agreement also
        permits the amendment thereof, in certain limited circumstances, without
        the
        consent of the Holders of any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Securities Administrator as provided in the Agreement,
        duly endorsed by, or accompanied by an assignment in the form below or other
        written instrument of transfer in form satisfactory to the Securities
        Administrator duly executed by, the Holder hereof or such Holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations evidencing the same aggregate Percentage
        Interest will be issued to the designated transferee or
        transferees.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, Certificates are exchangeable for new Certificates of
        the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same.

       

      No
        transfer of this Certificate shall be made unless the transfer is made pursuant
        to an effective registration statement under the Securities Act of 1933,
        as
        amended (the “1933 Act”), and an effective registration or qualification under
        applicable state securities laws, or is made in a transaction that does not
        require such registration or qualification. In the event that such a transfer
        of
        this Certificate is to be made without registration or qualification, the
        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 B-1, and (ii) in all other cases,
        an
        Opinion of Counsel satisfactory to it that such transfer may be made without
        such registration or qualification (which Opinion of Counsel shall not be
        an
        expense of the Trust Fund or of the Depositor, the Trustee, the Master Servicer
        or the Securities Administrator in their respective capacities as such),
        together with copies of the written certification(s) of the Holder of the
        Certificate desiring to effect the transfer and/or such Holder’s prospective
        transferee upon which such Opinion of Counsel is based. None of the Depositor,
        the Trustee or 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 Depositor, the Master Servicer
        and the Securities Administrator against any liability that may result if
        the
        transfer is not so exempt or is not made in accordance with such federal
        and
        state laws.

       

      No
        transfer of this Certificate shall be made except in accordance with Section
        6.02 of the Agreement.

       

      Prior
        to
        registration of any transfer, sale or other disposition of this Certificate,
        the
        proposed transferee shall provide to the Securities Administrator (i) an
        affidavit to the effect that such transferee is any Person other than a
        Disqualified Organization or the agent (including a broker, nominee or
        middleman) of a Disqualified Organization, and (ii) a certificate that
        acknowledges that (A) the Class R Certificates have been designated as
        representing the beneficial ownership of the residual interests in each of
        REMIC
        I, REMIC II and REMIC III, (B) it will include in its income a pro
        rata
        share of
        the net income of the Trust Fund and that such income may be an “excess
        inclusion,” as defined in the Code, that, with certain exceptions, cannot be
        offset by other losses or benefits from any tax exemption, and (C) it expects
        to
        have the financial means to satisfy all of its tax obligations including
        those
        relating to holding the Class R Certificates. Notwithstanding the registration
        in the Certificate Register of any transfer, sale or other disposition of
        this
        Certificate to a Disqualified Organization or an agent (including a broker,
        nominee or middleman) of a Disqualified Organization, such registration shall
        be
        deemed to be of no legal force or effect whatsoever and such Person shall
        not be
        deemed to be a Certificateholder for any purpose, including, but not limited
        to,
        the receipt of distributions in respect of this Certificate.

       

      The
        Holder of this Certificate, by its acceptance hereof, shall be deemed to
        have
        consented to the provisions of Section 6.02 of the Agreement and to any
        amendment of the Agreement deemed necessary by counsel of the Depositor to
        ensure that the transfer of this Certificate to any Person other than a
        Permitted Transferee or any other Person will not cause any portion of the
        Trust
        Fund to cease to qualify as a REMIC or cause the imposition of a tax upon
        any
        REMIC.

       

      No
        service charge will be made for any such registration of transfer or exchange
        of
        Certificates, but the Securities Administrator may require payment of a sum
        sufficient to cover any tax or other governmental charge that may be imposed
        in
        connection with any transfer or exchange of Certificates.

       

      The
        Depositor, the Master Servicer, the Trustee, the Securities Administrator,
        the
        Servicers and any agent of the Depositor, the Master Servicer, the Trustee,
        the
        Securities Administrator or a Servicer may treat the Person in whose name
        this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Master Servicer, the Trustee, the Securities Administrator,
        the
        Servicers nor any such agent shall be affected by notice to the
        contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Securities Administrator and required to be paid to them pursuant to the
        Agreement following the earlier of (i) the final payment or other liquidation
        (or any advance with respect thereto) of the last Mortgage Loan remaining
        in
        REMIC I and (ii) the purchase by the party designated in the Agreement at
        a
        price determined as provided in the Agreement from REMIC I of all the Mortgage
        Loans and all property acquired in respect of such Mortgage Loans. The Agreement
        permits, but does not require, the party designated in the Agreement to purchase
        from REMIC I all the Mortgage Loans and all property acquired in respect
        of any
        Mortgage Loan at a price determined as provided in the Agreement. The exercise
        of such right will effect early retirement of the Certificates; however,
        such
        right to purchase is subject to the aggregate Scheduled Principal Balance
        of the
        Mortgage Loans (and properties acquired in respect thereof) at the time of
        purchase being less than or equal to 10% of the aggregate principal balance
        of
        the Mortgage Loans as of the Cut-off Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        neither the Trustee nor the Securities Administrator assume any responsibility
        for their correctness.

       

      Unless
        the certificate of authentication hereon has been executed by 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: 	 	 
	 	
                      WELLS
                        FARGO BANK, N.A.

                      as
                        Securities Administrator

                    
	 
 	 
 	 
 
	 	By:  	 
	 	
                      

                      Authorized
                        Officer

                    
	 	 

            

          

        

        
 

      

      

      CERTIFICATE
        OF AUTHENTICATION

       

      This
        is
        one of the Class R Certificates referred to in the within-mentioned
        Agreement.

       
        
          
             

            
              	 	 	 
	 	
                      WELLS
                        FARGO BANK, N.A.

                      as
                        Securities Administrator

                    
	 
 	 
 	 
 
	 	By:  	 
	 	
                      

                      Authorized
                        Officer

                    
	 	 

            

          

        

         

      

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM -

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                        Custodian        

                (Cust)
                  (Minor)

                under
                  Uniform Gifts 

                to
                  Minors Act

              
	
                TEN
                  ENT -

              	
                as
                  tenants by the entireties

              	 	
                ________________

                (State)

              
	
                JT
                  TEN -

              	
                as
                  joint tenants with right 

                if
                  survivorship and not as 

                tenants
                  in common

              	 	 
	 	 	 	 
	
                Additional
                  abbreviations may also be used though not in the above
                  list.

              

      

      

      ASSIGNMENT

       

      
        	
                FOR
                  VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
                  

              
	
                unto

              	 
	 	 
	 	 

      

      (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee)

       

      a
        Percentage Interest equal to _____% evidenced by the within Asset Backed
        Pass-Through Certificate and hereby authorize(s) the registration of transfer
        of
        such interest to assignee on the Certificate Register of the Trust
        Fund.

       

      I
        (we)
        further direct the Securities Administrator to issue a new Certificate of
        a like
        Percentage Interest and Class to the above named assignee and deliver such
        Certificate to the following address:
        ______________________________________________________________

      
        	 	 	
                .

              

      

      

       

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

      

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        B-1

      FORM
        OF
        TRANSFEROR REPRESENTATION LETTER

       

      [Date]

       

      Wells
        Fargo Bank, N.A.

      Sixth
        Street and Marquette Avenue

      Minneapolis,
        Minnesota 55479

      Attention:
        Corporate Trust ACE 2006-HE1

       

      
        	 	
                Re:

              	
                ACE
                  Securities Corp. Home Equity Loan Trust, Series 2006-HE1 Asset
                  Backed
                  Pass-Through Certificates

                Class
                  CE-1, Class CE-2, Class P and Class R
                  Certificates

              

      

      

      Ladies
        and Gentlemen:

       

      In
        connection with the transfer by ______________________ (the “Transferor”) to
        ___________________ (the “Transferee”) of the captioned mortgage pass-through
        certificates (the “Certificates”), the Transferor hereby certifies as
        follows:

       

      Neither
        the Transferor nor anyone acting on its behalf has (a) offered, pledged,
        sold,
        disposed of or otherwise transferred any Certificate, any interest in any
        Certificate or any other similar security to any person in any manner, (b)
        has
        solicited any offer to buy or to accept a pledge, disposition or other transfer
        of any Certificate, any interest in any Certificate or any other similar
        security from any person in any manner, (c) has otherwise approached or
        negotiated with respect to any Certificate, any interest in any Certificate
        or
        any other similar security with any person in any manner, (d) has made any
        general solicitation by means of general advertising or in any other manner,
        (e)
        has taken any other action, that (in the case of each of subclauses (a) through
        (e) above) would constitute a distribution of the Certificates under the
        Securities Act of 1933, as amended (the “1933 Act”), or would render the
        disposition of any Certificate a violation of Section 5 of the 1933 Act or
        any
        state securities law or would require registration or qualification pursuant
        thereto. The Transferor will not act, nor has it authorized or will it authorize
        any person to act, in any manner set forth in the foregoing sentence with
        respect to any Certificate. The Transferor will not sell or otherwise transfer
        any of the Certificates, except in compliance with the provisions of that
        certain Pooling and Servicing Agreement, dated as of February 1, 2006, among
        ACE
        Securities Corp. as Depositor, Wells Fargo Bank, N.A. as Master Servicer
        and
        Securities Administrator, Wells Fargo Bank, N.A. as a Servicer, Ocwen Loan
        Servicing, LLC as a Servicer and HSBC Bank USA, National Association as Trustee
        (the “Pooling and Servicing Agreement”), pursuant to which Pooling and Servicing
        Agreement the Certificates were issued.

       

      
        
           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Capitalized
        terms used but not defined herein shall have the meanings assigned thereto
        in
        the Pooling and Servicing Agreement.

       

      
        	 	 	 	 	 	 	 	
                Very
                  truly yours,

              
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                [Transferor]

              
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Name:

              
	 	 	 	 	 	 	 	 	
                Title:

              

      

       

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      FORM
        OF
        TRANSFEREE REPRESENTATION LETTER

       

      [Date]

       

      Wells
        Fargo Bank, N.A.

      Sixth
        Street and Marquette Avenue

      Minneapolis,
        Minnesota 55479

      Attention:
        Corporate Trust ACE 2006-HE1

       

      
        	 	
                Re:

              	
                ACE
                  Securities Corp. Home Equity Loan Trust, Series 2006-HE1

                Asset
                  Backed Pass-Through Certificates 

                Class
                  CE-1, Class CE-2, Class P and Class R
                  Certificates

              

      

      Ladies
        and Gentlemen:

       

      In
        connection with the purchase from ______________________________ (the
“Transferor”) on the date hereof of the captioned trust certificates (the
“Certificates”), (the “Transferee”) hereby certifies as follows:

       

      1. The
        Transferee is a “qualified institutional buyer” as that term is defined in Rule
        144A (“Rule 144A”) under the Securities Act of 1933 (the “1933 Act”) and has
        completed either of the forms of certification to that effect attached hereto
        as
        Annex 1 or Annex 2. The Transferee is aware that the sale to it is being
        made in
        reliance on Rule 144A. The Transferee is acquiring the Certificates for its
        own
        account or for the account of a qualified institutional buyer, and understands
        that such Certificate may be resold, pledged or transferred only (i) to a
        person
        reasonably believed to be a qualified institutional buyer that purchases
        for its
        own account or for the account of a qualified institutional buyer to whom
        notice
        is given that the resale, pledge or transfer is being made in reliance on
        Rule
        144A, or (ii) pursuant to another exemption from registration under the 1933
        Act.

       

      2. The
        Transferee has been furnished with all information regarding (a) the
        Certificates and distributions thereon, (b) the nature, performance and
        servicing of the Mortgage Loans, (c) the Pooling and Servicing Agreement
        referred to below, and (d) any credit enhancement mechanism associated with
        the
        Certificates, that it has requested.

       

      3. The
        Transferee: (a) is not an employee benefit plan or other plan subject to
        the
        prohibited transaction provisions of the Employee Retirement Income Security
        Act
        of 1974, as amended (“ERISA”), or Section 4975 of the Internal Revenue Code of
        1986, as amended (the “Code”) (each, a “Plan”), or any other person (including
        an investment manager, a named fiduciary or a trustee of any Plan) acting,
        directly or indirectly, on behalf of or purchasing any Certificate with “plan
        assets” of any Plan within the meaning of the Department of Labor (“DOL”)
        regulation at 29 C.F.R. § 2510.3-101 or (b) has provided the Securities
        Administrator with an opinion of counsel on which the Trustee, the Depositor,
        the Master Servicer, the Securities Administrator and the Servicers may rely,
        acceptable to and in form and substance satisfactory to the Trustee to the
        effect that the purchase of Certificates is permissible under applicable
        law,
        will not constitute or result in any non-exempt prohibited transaction under
        ERISA or Section 4975 of the Code and will not subject the Trust Fund, the
        Trustee, the Depositor, the Master Servicer, the Securities Administrator
        or the
        Servicers to any obligation or liability (including obligations or liabilities
        under ERISA or Section 4975 of the Code) in addition to those undertaken
        in the
        Pooling and Servicing Agreement.

       

      

      In
        addition, the Transferee hereby certifies, represents and warrants to, and
        covenants with, the Depositor, the Trustee, the Securities Administrator,
        the
        Master Servicer and the Servicer that the Transferee will not transfer such
        Certificates to any Plan or person unless such Plan or person meets the
        requirements set forth in paragraph 3 above.

       

      All
        capitalized terms used but not otherwise defined herein have the respective
        meanings assigned thereto in the Pooling and Servicing Agreement, dated as
        of
        February 1, 2006, among ACE Securities Corp. as Depositor, Wells Fargo Bank,
        N.A. as Master Servicer and Securities Administrator, Wells Fargo Bank, N.A.
        as
        a Servicer, Ocwen Loan Servicing, LLC as a Servicer and HSBC Bank USA, National
        Association as Trustee, pursuant to which the Certificates were
        issued.

       

      
        	 	 	 	 	 	 	 	
                [TRANSFEREE]

              
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Name:

              
	 	 	 	 	 	 	 	 	
                Title:

              

      

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ANNEX
        1 TO EXHIBIT B-1

       

      QUALIFIED
        INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

       

      [For
        Transferees Other Than Registered Investment Companies]

       

      The
        undersigned hereby certifies as follows to [name of Transferor] (the
“Transferor”) and Wells Fargo Bank, N.A., as Securities Administrator, with
        respect to the asset backed pass-through certificates (the “Certificates”)
        described in the Transferee Certificate to which this certification relates
        and
        to which this certification is an Annex:

       

      1. As
        indicated below, the undersigned is the President, Chief Financial Officer,
        Senior Vice President or other executive officer of the entity purchasing
        the
        Certificates (the “Transferee”).

       

      2. In
        connection with purchases by the Transferee, the Transferee is a “qualified
        institutional buyer” as that term is defined in Rule 144A under the Securities
        Act of 1933 (“Rule 144A”) because (i) the Transferee owned and/or invested on a
        discretionary basis $________________1 
        in
        securities (except for the excluded securities referred to below) as of the
        end
        of the Transferee’s most recent fiscal year (such amount being calculated in
        accordance with Rule 144A) and (ii) the Transferee satisfies the criteria
        in the
        category marked below.

       

      
        	 	
                ___

              	
                Corporation,
                  etc.
                  The Transferee is a corporation (other than a bank, savings and
                  loan
                  association or similar institution), Massachusetts or similar business
                  trust, partnership, or any organization described in Section 501(c)(3)
                  of
                  the Internal Revenue Code of 1986.

              
	 	 	 
	 	
                ___

              	
                Bank.
                  The Transferee (a) is a national bank or banking institution organized
                  under the laws of any State, territory or the District of Columbia,
                  the
                  business of which is substantially confined to banking and is supervised
                  by the State or territorial banking commission or similar official
                  or is a
                  foreign bank or equivalent institution, and (b) has an audited
                  net worth
                  of at least $25,000,000 as demonstrated in its latest annual financial
                  statements, a
                  copy of which is attached hereto.

              
	 	 	 
	 	
                ___

              	
                Savings
                  and Loan.
                  The Transferee (a) is a savings and loan association, building
                  and loan
                  association, cooperative bank, homestead association or similar
                  institution, which is supervised and examined by a State or Federal
                  authority having supervision over any such institutions or is a
                  foreign
                  savings and loan association or equivalent institution and (b)
                  has an
                  audited net worth of at least $25,000,000 as demonstrated in its
                  latest
                  annual financial statements, a
                  copy of which is attached hereto.

              
	 	 	 
	 	
                ___

              	
                Broker-dealer.
                  The Transferee is a dealer registered pursuant to Section 15 of
                  the
                  Securities Exchange Act of 1934.

              
	 	 	 
	 	
                ___

              	
                Insurance
                  Company.
                  The Transferee is an insurance company whose primary and predominant
                  business activity is the writing of insurance or the reinsuring
                  of risks
                  underwritten by insurance companies and which is subject to supervision
                  by
                  the insurance commissioner or a similar official or agency of a
                  State,
                  territory or the District of Columbia.

              
	 	 	 
	 	
                ___

              	
                State
                  or Local Plan.
                  The Transferee is a plan established and maintained by a State,
                  its
                  political subdivisions, or any agency or instrumentality of the
                  State or
                  its political subdivisions, for the benefit of its
                  employees.

              
	 	 	 
	 	
                ___

              	
                ERISA
                  Plan.
                  The Transferee is an employee benefit plan within the meaning of
                  Title I
                  of the Employee Retirement Income Security Act of 1974.

              
	 	 	 
	 	
                ___

              	
                Investment
                  Advisor
                  The Transferee is an investment advisor registered under the Investment
                  Advisers Act of 1940.

              

      

      _________________

      
        1 Transferee
          must own and/or invest on a discretionary basis at least $100,000,000 in
          securities unless Transferee is a dealer, and, in that case, Transferee
          must own
          and/or invest on a discretionary basis at least $10,000,000 in
          securities.

         

      

      3. The
        term
“securities”
as
        used
        herein does
        not include
        (i)
        securities of issuers that are affiliated with the Transferee, (ii) securities
        that are part of an unsold allotment to or subscription by the Transferee,
        if
        the Transferee is a dealer, (iii) securities issued or guaranteed by the
        U.S. or
        any instrumentality thereof, (iv) bank deposit notes and certificates of
        deposit, (v) loan participations, (vi) repurchase agreements, (vii)
        securities owned but subject to a repurchase agreement and (viii) currency,
        interest rate and commodity swaps.

       

      4. For
        purposes of determining the aggregate amount of securities owned and/or invested
        on a discretionary basis by the Transferee, the Transferee used the cost
        of such
        securities to the Transferee and did not include any of the securities referred
        to in the preceding paragraph. Further, in determining such aggregate amount,
        the Transferee may have included securities owned by subsidiaries of the
        Transferee, but only if such subsidiaries are consolidated with the Transferee
        in its financial statements prepared in accordance with generally accepted
        accounting principles and if the investments of such subsidiaries are managed
        under the Transferee’s direction. However, such securities were not included if
        the Transferee is a majority-owned, consolidated subsidiary of another
        enterprise and the Transferee is not itself a reporting company under the
        Securities Exchange Act of 1934.

       

      5. The
        Transferee acknowledges that it is familiar with Rule 144A and understands
        that
        the Transferor and other parties related to the Certificates are relying
        and
        will continue to rely on the statements made herein because one or more sales
        to
        the Transferee may be in reliance on Rule 144A.

       

      
        	
                ___

              	
                ___

              	
                Will
                  the Transferee be purchasing the Certificates

              
	
                Yes

                 

              	
                No

                 

              	
                only
                  for the Transferee’s own account?

                 

              

      

      6. If
        the
        answer to the foregoing question is “no”, the Transferee agrees that, in
        connection with any purchase of securities sold to the Transferee for the
        account of a third party (including any separate account) in reliance on
        Rule
        144A, the Transferee will only purchase for the account of a third party
        that at
        the time is a “qualified institutional buyer” within the meaning of Rule 144A.
        In addition, the Transferee agrees that the Transferee will not purchase
        securities for a third party unless the Transferee has obtained a current
        representation letter from such third party or taken other appropriate steps
        contemplated by Rule 144A to conclude that such third party independently
        meets
        the definition of “qualified institutional buyer” set forth in Rule
        144A.

       

      7. The
        Transferee will notify each of the parties to which this certification is
        made
        of any changes in the information and conclusions herein. Until such notice
        is
        given, the Transferee’s purchase of the Certificates will constitute a
        reaffirmation of this certification as of the date of such purchase. In
        addition, if the Transferee is a bank or savings and loan as provided above,
        the
        Transferee agrees that it will furnish to such parties updated annual financial
        statements promptly after they become available.

       

      Dated:

      
        	 	 	 	 	 	 	 	
                 

              
	 	 	 	 	 	 	 	
                Print
                  Name of Transferee

              
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Name:

              
	 	 	 	 	 	 	 	 	
                Title:

              

      

      
        
           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ANNEX
        2 TO EXHIBIT B-1

       

      QUALIFIED
        INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

       

      [For
        Transferees That Are Registered Investment Companies]

       

      The
        undersigned hereby certifies as follows to [name of Transferor] (the
“Transferor”) and Wells Fargo Bank, N.A., as Securities Administrator, with
        respect to the asset backed pass-through certificates (the “Certificates”)
        described in the Transferee Certificate to which this certification relates
        and
        to which this certification is an Annex:

       

      1. As
        indicated below, the undersigned is the President, Chief Financial Officer
        or
        Senior Vice President of the entity purchasing the Certificates (the
“Transferee”) or, if the Transferee is a “qualified institutional buyer” as that
        term is defined in Rule 144A under the Securities Act of 1933 (“Rule 144A”)
        because the Transferee is part of a Family of Investment Companies (as defined
        below), is such an officer of the investment adviser (the
“Adviser”).

       

      2. In
        connection with purchases by the Transferee, the Transferee is a “qualified
        institutional buyer” as defined in Rule 144A because (i) the Transferee is an
        investment company registered under the Investment Company Act of 1940, and
        (ii)
        as marked below, the Transferee alone, or the Transferee’s Family of Investment
        Companies, owned at least $100,000,000 in securities (other than the excluded
        securities referred to below) as of the end of the Transferee’s most recent
        fiscal year. For purposes of determining the amount of securities owned by
        the
        Transferee or the Transferee’s Family of Investment Companies, the cost of such
        securities was used.

       

      
        	 	
                ___

                 

              	
                The
                  Transferee owned $________________________ in securities (other
                  than the
                  excluded securities referred to below) as of the end of the Transferee’s
                  most recent fiscal year (such amount being calculated in accordance
                  with
                  Rule 144A).

                 

              
	 	
                ___

                 

              	
                The
                  Transferee is part of a Family of Investment Companies which owned
                  in the
                  aggregate $_______________ in securities (other than the excluded
                  securities referred to below) as of the end of the Transferee’s most
                  recent fiscal year (such amount being calculated in accordance
                  with Rule
                  144A).

                 

              

      

      3. The
        term
“Family
        of Investment Companies”
as
        used
        herein means two or more registered investment companies (or series thereof)
        that have the same investment adviser or investment advisers that are affiliated
        (by virtue of being majority owned subsidiaries of the same parent or because
        one investment adviser is a majority owned subsidiary of the
        other).

       

      4. The
        term
“securities”
as
        used
        herein does not include (i) securities of issuers that are affiliated with
        the
        Transferee or are part of the Transferee’s Family of Investment Companies, (ii)
        securities issued or guaranteed by the U.S. or any instrumentality thereof,
        (iii) bank deposit notes and certificates of deposit, (iv) loan participations,
        (v) repurchase agreements, (vi) securities owned but subject to a
        repurchase agreement and (vii) currency, interest rate and commodity
        swaps.

       

      5. The
        Transferee is familiar with Rule 144A and understands that the parties to
        which
        this certification is being made are relying and will continue to rely on
        the
        statements made herein because one or more sales to the Transferee will be
        in
        reliance on Rule 144A. In addition, the Transferee will only purchase for
        the
        Transferee’s own account.

       

      6. The
        undersigned will notify the parties to which this certification is made of
        any
        changes in the information and conclusions herein. Until such notice, the
        Transferee’s purchase of the Certificates will constitute a reaffirmation of
        this certification by the undersigned as of the date of such
        purchase.

       

      Dated:

      
        	 	 	 	 	 	 	 	
                 

              
	 	 	 	 	 	 	 	
                Print
                  Name of Transferee or Advisor

              
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Name:

              
	 	 	 	 	 	 	 	 	
                Title:

              
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                IF
                  AN ADVISER:

                 

              
	 	 	 	 	 	 	 	
                 

              
	 	 	 	 	 	 	 	
                Print
                  Name of Transferee

              

      

      

      
        
           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      FORM
        OF
        TRANSFEREE REPRESENTATION LETTER

       

      The
        undersigned hereby certifies on behalf of the purchaser named below (the
        “Purchaser”) as follows:

       

      1. I
        am an
        executive officer of the Purchaser.

       

      2. The
        Purchaser is a “qualified institutional buyer”, as defined in Rule 144A, (“Rule
        144A”) under the Securities Act of 1933, as amended.

       

      3. As
        of the
        date specified below (which is not earlier than the last day of the Purchaser’s
        most recent fiscal year), the amount of “securities”, computed for purposes of
        Rule 144A, owned and invested on a discretionary basis by the Purchaser was
        in
        excess of $100,000,000.

       

      
        	
                Name
                  of Purchaser 

              	
              	 
	 	 
	
                By:
                  (Signature) 

              	 
	 	 
	
                Name
                  of Signatory 

              	
              	 
	 	 
	
                Title
                  

              	 
	 	 
	
                Date
                  of this certificate 

              	
              	 
	 	 
	
                Date
                  of information provided in paragraph 3 

              	
              	 

      

      

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ANNEX
        A TO EXHIBIT B-1 

       

      FORM
        OF
        REGULATION S TRANSFER CERTIFICATE

       

      [Date]

       

       

      Wells
        Fargo Bank, N.A.

      Sixth
        Street and Marquette Avenue

      Minneapolis,
        Minnesota 55479

      Attention:
        Corporate Trust ACE 2006-HE1

       

      
        	 	
                Re:

              	
                ACE
                  Securities Corp. Home Equity Loan Trust, Series 2006-HE1 Asset
                  Backed
                  Pass-Through Certificates, Class CE-1 Certificates, Class CE-2
                  Certificates and/or Class P
                  Certificates     

              

      

       

      Ladies
        and Gentlemen:

       

      Reference
        is hereby made to the Pooling and Servicing Agreement (the “Agreement”), dated
        as of February 1, 2006, among ACE Securities Corp. (the “Depositor”), Wells
        Fargo Bank, N.A., as master servicer and securities administrator (the “Master
        Servicer”), Wells Fargo Bank, N.A. as a servicer (“Wells Fargo”), Ocwen Loan
        Servicing, LLC as a servicer (“Ocwen,” together with Wells Fargo, each a
“Servicer” and together the “Servicers”) and HSBC Bank USA, National
        Association, as trustee (the “Trustee”). Capitalized terms used herein but not
        defined herein shall have the meanings assigned thereto in the
        Agreement.

       

      This
        letter relates to U.S. $[__________] Certificate Principal Balance of Class
        [CE-1][CE-2][P] Certificates (the “Certificates”) which are held in the name of
        [name of transferor] (the “Transferor”) to effect the transfer of the
        Certificates to a person who wishes to take delivery thereof in the form
        of an
        equivalent beneficial interest [name of transferee] (the
“Transferee”).

       

      In
        connection with such request, the Transferor hereby certifies that such transfer
        has been effected in accordance with the transfer restrictions set forth
        in the
        Agreement relating to the Certificates and that the following additional
        requirements (if applicable) were satisfied:

       

      (a) the
        offer
        of the Certificates was not made to a person in the United States;

       

      (b) at
        the
        time the buy order was originated, the Transferee was outside the United
        States
        or the Transferor and any person acting on its behalf reasonably believed
        that
        the Transferee was outside the United States;

       

      (c) no
        directed selling efforts were made in contravention of the requirements of
        Rule
        903(b) or 904(b) of Regulation S, as applicable;

       

      (d) the
        transfer or exchange is not part of a plan or scheme to evade the registration
        requirements of the Securities Act;

       

      (e) the
        Transferee is not a U.S. Person, as defined in Regulation S under the Securities
        Act;

       

      (f) the
        transfer was made in accordance with the applicable provisions of Rule 903(b)(2)
        or (3) or Rule 904(b)(1), as the case may be; and

       

      (g) the
        Transferee understands that the Certificates have not been and will not be
        registered under the Securities Act, that any offers, sales or deliveries
        of the
        Certificates purchased by the Transferee in the United States or to U.S.
        persons
        prior to the date that is 40 days after the later of (i) the commencement
        of the
        offering of the Certificates and (ii) the Closing Date, may constitute a
        violation of United States law, and that (x) distributions of principal and
        interest and (y) the exchange of beneficial interests in a Temporary Regulation
        S Global Certificate for beneficial interests in the related Permanent
        Regulation S Global Certificate, in each case, will be made in respect of
        such
        Certificates only following the delivery by the Holder of a certification
        of
        non-U.S. beneficial ownership, at the times and in the manner set forth in
        the
        Agreement.

       

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      You
        are
        entitled to rely upon this letter and are irrevocably authorized to produce
        this
        letter or a copy hereof to any interested party in any administrative or
        legal
        proceedings or official inquiry with respect to the matters covered
        hereby.

       

      
        	 	 	 	 	 	 	 	
                [Name
                  of Transferor]

              
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Name:

              
	 	 	 	 	 	 	 	 	
                Title:

              

      

      
        
        

      

       

       

      

      
        
          
            
            

            
            

          

          
            
            

            
              

            

          

          
            
            

            
              

            

          

        

      

      

      EXHIBIT
        B-2

       

      FORM
        OF
        TRANSFEROR REPRESENTATION LETTER

       

      ____________,
        20__

      

      Wells
        Fargo Bank, N.A.

      Sixth
        Street and Marquette Avenue

      Minneapolis,
        Minnesota 55479

      Attention:
        Corporate Trust ACE 2006-HE1

       

      
        	 	
                Re:

              	
                ACE
                  Securities Corp. Home Equity Loan Trust, Series 2006-HE1 

                Asset
                  Backed Pass-Through Certificates, 

                Class
                  CE-1, Class CE-2, Class P and Class R
                  Certificates

              

      

       

      Ladies
        and Gentlemen:

       

      In
        connection with the transfer by ________________ (the “Transferor”) to
        __________________________ (the “Transferee”) of the captioned mortgage
        pass-through certificates (the “Certificates”), the Transferor hereby certifies
        as follows:

       

      Neither
        the Seller nor anyone acting on its behalf has (a) offered, pledged, sold,
        disposed of or otherwise transferred any Certificate, any interest in any
        Certificate or any other similar security to any person in any manner, (b)
        has
        solicited any offer to buy or to accept a pledge, disposition or other transfer
        of any Certificate, any interest in any Certificate or any other similar
        security from any person in any manner, (c) has otherwise approached or
        negotiated with respect to any Certificate, any interest in any Certificate
        or
        any other similar security with any person in any manner, (d) has made any
        general solicitation by means of general advertising or in any other manner,
        or
        (e) has taken any other action, that (as to any of (a) through (e) above)
        would
        constitute a distribution of the Certificates under the Securities Act of
        1933
        (the “Act’), that would render the disposition of any Certificate a violation of
        Section 5 of the Act or any state securities law, or that would require
        registration or qualification pursuant thereto. The Seller will not act,
        in any
        manner set forth in the foregoing sentence with respect to any Certificate.
        The
        Seller has not and will not sell or otherwise transfer any of the Certificates,
        except in compliance with the provisions of the Pooling and Servicing
        Agreement.

       

      
        	 	 	 	 	 	 	 	
                Very
                  truly yours,

              
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                ___________________________________________

              
	 	 	 	 	 	 	 	
                (Transferor)

              
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Name:

              
	 	 	 	 	 	 	 	 	
                Title:

              

      

      

       

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      FORM
        OF
        TRANSFEREE LETTER

       

      

      _______________,
        20__

       

      Wells
        Fargo Bank, N.A.

      Sixth
        Street and Marquette Avenue

      Minneapolis,
        Minnesota 55479

      Attention:
        Corporate Trust ACE 2006-HE1

       

      
        	 	
                Re:

              	
                ACE
                  Securities Corp. Home Equity Loan Trust, Series 2006-HE1 

                Asset
                  Backed Pass-Through Certificates, 

                Class
                  CE-1, Class CE-2, Class P and Class R
                  Certificates

              

      

       

      Ladies
        and Gentlemen:

       

      In
        connection with the transfer by ______________________ (the “Transferor”) to
        __________________________ (the “Transferee”) of the captioned mortgage
        pass-through certificates (the “Certificates”), the Transferee hereby certifies
        as follows:

       

      1. The
        Transferee understands that (a) the Certificates have not been and will not
        be
        registered or qualified under the Securities Act of 1933, as amended (the
“Act”)
        or any state securities law, (b) the Depositor is not required to so register
        or
        qualify the Certificates, (c) the Certificates may be resold only if registered
        and qualified pursuant to the provisions of the Act or any state securities
        law,
        or if an exemption from such registration and qualification is available,
        (d)
        the Pooling and Servicing Agreement contains restrictions regarding the transfer
        of the Certificates and (e) the Certificates will bear a legend to the foregoing
        effect.

       

      2. The
        Transferee is acquiring the Certificates for its own account for investment
        only
        and not with a view to or for sale in connection with any distribution thereof
        in any manner that would violate the Act or any applicable state securities
        laws.

       

      3. The
        Transferee is (a) a substantial, sophisticated institutional investor having
        such knowledge and experience in financial and business matters, and, in
        particular, in such matters related to securities similar to the Certificates,
        such that it is capable of evaluating the merits and risks of investment
        in the
        Certificates, (b) able to bear the economic risks of such an investment and
        (c)
        an “accredited investor” within the meaning of Rule 501(a) promulgated pursuant
        to the Act.

       

      4. The
        Transferee has been furnished with, and has had an opportunity to review
        (a) a
        copy of the Pooling and Servicing Agreement and (b) such other information
        concerning the Certificates, the Mortgage Loans and the Depositor as has
        been
        requested by the Transferee from the Depositor or the Transferor and is relevant
        to the Transferee’s decision to purchase the Certificates. The Transferee has
        had any questions arising from such review answered by the Depositor or the
        Transferor to the satisfaction of the Transferee.

       

      5. The
        Transferee has not and will not nor has it authorized or will it authorize
        any
        person to (a) offer, pledge, sell, dispose of or otherwise transfer any
        Certificate, any interest in any Certificate or any other similar security
        to
        any person in any manner, (b) solicit any offer to buy or to accept a pledge,
        disposition of other transfer of any Certificate, any interest in any
        Certificate or any other similar security from any person in any manner,
        (c)
        otherwise approach or negotiate with respect to any Certificate, any interest
        in
        any Certificate or any other similar security with any person in any manner,
        (d)
        make any general solicitation by means of general advertising or in any other
        manner or (e) take any other action, that (as to any of (a) through (e) above)
        would constitute a distribution of any Certificate under the Act, that would
        render the disposition of any Certificate a violation of Section 5 of the
        1933
        Act or any state securities law, or that would require registration or
        qualification pursuant thereto. The Transferee will not sell or otherwise
        transfer any of the Certificates, except in compliance with the provisions
        of
        the Pooling and Servicing Agreement.

       

      6. The
        Transferee: (a) is not an employee benefit plan or other plan subject to
        the
        prohibited transaction provisions of the Employee Retirement Income Security
        Act
        of 1974, as amended (“ERISA”), or Section 4975 of the Internal Revenue Code of
        1986, as amended (the “Code”) (each, a “Plan”), or any other person (including
        an investment manager, a named fiduciary or a trustee of any Plan) acting,
        directly or indirectly, on behalf of or purchasing any Certificate with “plan
        assets” of any Plan within the meaning of the Department of Labor (“DOL”)
        regulation at 29 C.F.R. § 2510.3-101 or (b) has provided the Trustee with an
        opinion of counsel on which the Depositor, the Master Servicer, the Securities
        Administrator, the Trustee and the Servicers may rely, acceptable to and
        in form
        and substance satisfactory to the Trustee to the effect that the purchase
        of
        Certificates is permissible under applicable law, will not constitute or
        result
        in any non-exempt prohibited transaction under ERISA or Section 4975 of the
        Code
        and will not subject the Trust Fund, the Trustee, the Master Servicer, the
        Securities Administrator, the Depositor or the Servicers to any obligation
        or
        liability (including obligations or liabilities under ERISA or Section 4975
        of
        the Code) in addition to those undertaken in the Pooling and Servicing
        Agreement.

       

      In
        addition, the Transferee hereby certifies, represents and warrants to, and
        covenants with, the Depositor, the Trustee, the Securities Administrator,
        the
        Master Servicer and the Servicers that the Transferee will not transfer such
        Certificates to any Plan or person unless such Plan or person meets the
        requirements set forth in paragraph 6 above.

       

      
        	 	 	 	 	 	 	 	
                Very
                  truly yours,

              
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	
                Name:

              	 
	 	 	 	 	 	 	 	
                Title:

              	 

      

      

       

      
        
          
             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      

 

      EXHIBIT
        B-3

       

      TRANSFER
        AFFIDAVIT AND AGREEMENT

       

      
        	
                STATE
                  OF NEW YORK

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF NEW YORK

              	
                )

              	 

      

      ___________________________
        being duly sworn, deposes, represents and warrants as follows:

       

      
        	 	
                1.

              	
                I
                  am a _____________________ of _______________________________ (the
                  “Owner”) a corporation duly organized and existing under the laws of
                  _________________________, the record owner of ACE Securities Corp.
                  Home
                  Equity Loan Trust, Series 2006-HE1 Asset Backed Pass-Through Certificates,
                  Class R Certificates (the “Class R Certificates”), on behalf of whom I
                  make this affidavit and agreement. Capitalized terms used but not
                  defined
                  herein have the respective meanings assigned thereto in the Pooling
                  and
                  Servicing Agreement pursuant to which the Class R Certificates
                  were
                  issued.

              

      

       

      
        	 	
                2.

              	
                The
                  Owner (i) is and will be a “Permitted Transferee” as of
                  ____________________. ____ and (ii) is acquiring the Class R Certificates
                  for its own account or for the account of another Owner from which
                  it has
                  received an affidavit in substantially the same form as this affidavit.
                  A
                  “Permitted Transferee” is any person other than a “disqualified
                  organization” or a possession of the United States. For this purpose, a
                  “disqualified organization” means the United States, any state or
                  political subdivision thereof, any agency or instrumentality of
                  any of the
                  foregoing (other than an instrumentality all of the activities
                  of which
                  are subject to tax and, except for the Federal Home Loan Mortgage
                  Corporation, a majority of whose board of directors is not selected
                  by any
                  such governmental entity) or any foreign government, international
                  organization or any agency or instrumentality of such foreign government
                  or organization, any real electric or telephone cooperative, or
                  any
                  organization (other than certain farmers’ cooperatives) that is generally
                  exempt from federal income tax unless such organization is subject
                  to the
                  tax on unrelated business taxable
                  income.

              

      

       

      
        	 	
                3.

              	
                The
                  Owner is aware (i) of the tax that would be imposed on transfers
                  of the
                  Class R Certificates to disqualified organizations under the Internal
                  Revenue Code of 1986 that applies to all transfers of the Class
                  R
                  Certificates after April 31, 1988; (ii) that such tax would be
                  on the
                  transferor or, if such transfer is through an agent (which person
                  includes
                  a broker, nominee or middleman) for a non-Permitted Transferee,
                  on the
                  agent; (iii) that the person otherwise liable for the tax shall
                  be
                  relieved of liability for the tax if the transferee furnishes to
                  such
                  person an affidavit that the transferee is a Permitted Transferee
                  and, at
                  the time of transfer, such person does not have actual knowledge
                  that the
                  affidavit is false; and (iv) that each of the Class R Certificates
                  may be
                  a “noneconomic residual interest” within the meaning of proposed Treasury
                  regulations promulgated under the Code and that the transferor
                  of a
                  “noneconomic residual interest” will remain liable for any taxes due with
                  respect to the income on such residual interest, unless no significant
                  purpose of the transfer is to impede the assessment or collection
                  of
                  tax.

              

      

       

      
        	 	
                4.

              	
                The
                  Owner is aware of the tax imposed on a “pass-through entity” holding the
                  Class R Certificates if, at any time during the taxable year of
                  the
                  pass-through entity, a non-Permitted Transferee is the record holder
                  of an
                  interest in such entity. (For this purpose, a “pass-through entity”
                  includes a regulated investment company, a real estate investment
                  trust or
                  common trust fund, a partnership, trust or estate, and certain
                  cooperatives.)

              

      

       

      
        	 	
                5.

              	
                The
                  Owner is aware that the Securities Administrator will not register
                  the
                  transfer of any Class R Certificate unless the transferee, or the
                  transferee’s agent, delivers to the Securities Administrator, among other
                  things, an affidavit in substantially the same form as this affidavit.
                  The
                  Owner expressly agrees that it will not consummate any such transfer
                  if it
                  knows or believes that any of the representations contained in
                  such
                  affidavit and agreement are false.

              

      

       

      
        	 	
                6.

              	
                The
                  Owner consents to any additional restrictions or arrangements that
                  shall
                  be deemed necessary upon advice of counsel to constitute a reasonable
                  arrangement to ensure that the Class R Certificates will only be
                  owned,
                  directly or indirectly, by an Owner that is a Permitted
                  Transferee.

              

      

       

      
        	 	
                7.

              	
                The
                  Owner’s taxpayer identification number is
                  ________________.

              

      

       

      
        	 	
                8.

              	
                The
                  Owner has reviewed the restrictions set forth on the face of the
                  Class R
                  Certificates and the provisions of Section 6.02(d) of the Pooling
                  and
                  Servicing Agreement under which the Class R Certificates were issued
                  (in
                  particular, clauses (iii)(A) and (iii)(B) of Section 6.02(d) which
                  authorize the Securities Administrator to deliver payments to a
                  person
                  other than the Owner and negotiate a mandatory sale by the Securities
                  Administrator in the event that the Owner holds such Certificate
                  in
                  violation of Section 6.02(d)); and that the Owner expressly agrees
                  to be
                  bound by and to comply with such restrictions and
                  provisions.

              

      

       

      
        	 	
                9.

              	
                The
                  Owner is not acquiring and will not transfer the Class R Certificates
                  in
                  order to impede the assessment or collection of any
                  tax.

              

      

       

      
        	 	
                10.

              	
                The
                  Owner anticipates that it will, so long as it holds the Class R
                  Certificates, have sufficient assets to pay any taxes owed by the
                  holder
                  of such Class R Certificates, and hereby represents to and for
                  the benefit
                  of the person from whom it acquired the Class R Certificates that
                  the
                  Owner intends to pay taxes associated with holding such Class R
                  Certificates as they become due, fully understanding that it may
                  incur tax
                  liabilities in excess of any cash flows generated by the Class
                  R
                  Certificates.

              

      

       

      
        	 	
                11.

              	
                The
                  Owner has no present knowledge that it may become insolvent or
                  subject to
                  a bankruptcy proceeding for so long as it holds the Class R
                  Certificates.

              

      

       

      
        	 	
                12.

              	
                The
                  Owner has no present knowledge or expectation that it will be unable
                  to
                  pay any United States taxes owed by it so long as any of the Certificates
                  remain outstanding.

              

      

       

      
        	 	
                13.

              	
                The
                  Owner is not acquiring the Class R Certificates with the intent
                  to
                  transfer the Class R Certificates to any person or entity that
                  will not
                  have sufficient assets to pay any taxes owed by the holder of such
                  Class R
                  Certificates, or that may become insolvent or subject to a bankruptcy
                  proceeding, for so long as the Class R Certificates remain
                  outstanding.

              

      

       

      
        	 	
                14.

              	
                The
                  Owner will, in connection with any transfer that it makes of the
                  Class R
                  Certificates, obtain from its transferee the representations required
                  by
                  Section 6.02(d) of the Pooling and Servicing Agreement under which
                  the
                  Class R Certificate were issued and will not consummate any such
                  transfer
                  if it knows, or knows facts that should lead it to believe, that
                  any such
                  representations are false.

              

      

       

      
        	 	
                15.

              	
                The
                  Owner will, in connection with any transfer that it makes of the
                  Class R
                  Certificates, deliver to the Securities Administrator an affidavit,
                  which
                  represents and warrants that it is not transferring the Class R
                  Certificates to impede the assessment or collection of any tax
                  and that it
                  has no actual knowledge that the proposed transferee: (i) has insufficient
                  assets to pay any taxes owed by such transferee as holder of the
                  Class R
                  Certificates; (ii) may become insolvent or subject to a bankruptcy
                  proceeding for so long as the Class R Certificates remains outstanding;
                  and (iii) is not a “Permitted
                  Transferee”.

              

      

       

      
        	 	
                16.

              	
                The
                  Owner is a citizen or resident of the United States, a corporation,
                  partnership or other entity created or organized in, or under the
                  laws of,
                  the United States or any political subdivision thereof, or an estate
                  or
                  trust whose income from sources without the United States may be
                  included
                  in gross income for United States federal income tax purposes regardless
                  of its connection with the conduct of a trade or business within
                  the
                  United States.

              

      

       

      
        	 	
                17.

              	
                The
                  Owner of the Class R Certificate, hereby agrees that in the event
                  that the
                  Trust Fund created by the Pooling and Servicing Agreement is terminated
                  pursuant to Section 10.01 thereof, the undersigned shall assign
                  and
                  transfer to the Holders of the Class CE-1, Class CE-2 and Class
                  P
                  Certificates any amounts in excess of par received in connection
                  with such
                  termination. Accordingly, in the event of such termination, the
                  Securities
                  Administrator is hereby authorized to withhold any such amounts
                  in excess
                  of par and to pay such amounts directly to the Holders of the Class
                  CE-1,
                  Class CE-2 and Class P Certificates. This agreement shall bind
                  and be
                  enforceable against any successor, transferee or assigned of the
                  undersigned in the Class R Certificate. In connection with any
                  transfer of
                  the Class R Certificate, the Owner shall obtain an agreement substantially
                  similar to this clause from any subsequent
                  owner.

              

      

       

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Owner has caused this instrument to be executed on its
        behalf, pursuant to the authority of its Board of Directors, by its [Vice]
        President, attested by its [Assistant] Secretary, this ____ day of
        _________________, ____.

       

      
        	 	 	 	 	 	 	 	
                [OWNER]

              
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Name:

              
	 	 	 	 	 	 	 	 	
                Title:
                  [Vice] President

              

      

       

      ATTEST:

       

      
        	
                By:

              	 	 
	 	
                Name:

              	 
	 	
                Title:
                  [Assistant] Secretary

              	 

      

       

      Personally
        appeared before me the above-named __________________, known or proved to
        me to
        be the same person who executed the foregoing instrument and to be a [Vice]
        President of the Owner, and acknowledged to me that [he/she] executed the
        same
        as [his/her] free act and deed and the free act and deed of the
        Owner.

       

      Subscribed
        and sworn before me this ______________ day of __________, ____.

      
 

      
        
          	 	 
	 	 Notary
                  Public
	 	 	 
	 	County
                  of	
                   

                
	 	State
                  of	
                   

                
	 	 	 
	 	 My
                  Commission expires:

        

        
          
             

             

            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      FORM
        OF
        TRANSFEROR AFFIDAVIT

       

      
        	
                STATE
                  OF NEW YORK

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF NEW YORK

              	
                )

              	 

      

      _________________________,
        being duly sworn, deposes, represents and warrants as follows:

       

      1. I
        am
        a ____________________
        of _________________________ (the “Owner”), a corporation duly organized and
        existing under the laws of _____________, on behalf of whom I make this
        affidavit.

       

      2. The
        Owner
        is not transferring the Class R Certificates (the “Residual Certificates”) to
        impede the assessment or collection of any tax.

       

      3. The
        Owner
        has no actual knowledge that the Person that is the proposed transferee (the
        “Purchaser”) of the Residual Certificates: (i) has insufficient assets to pay
        any taxes owed by such proposed transferee as holder of the Residual
        Certificates; (ii) may become insolvent or subject to a bankruptcy proceeding
        for so long as the Residual Certificates remain outstanding and (iii) is
        not a
        Permitted Transferee.

       

      4. The
        Owner
        understands that the Purchaser has delivered to the Trustee or a transfer
        affidavit and agreement in the form attached to the Pooling and Servicing
        Agreement as Exhibit B-2. The Owner does not know or believe that any
        representation contained therein is false.

       

      5. At
        the
        time of transfer, the Owner has conducted a reasonable investigation of the
        financial condition of the Purchaser as contemplated by Treasury Regulations
        Section 1.860E-1(c)(4)(i) and, as a result of that investigation, the Owner
        has
        determined that the Purchaser has historically paid its debts as they became
        due
        and has found no significant evidence to indicate that the Purchaser will
        not
        continue to pay its debts as they become due in the future. The Owner
        understands that the transfer of a Residual Certificate may not be respected
        for
        United States income tax purposes (and the Owner may continue to be liable
        for
        United States income taxes associated therewith) unless the Owner has conducted
        such an investigation.

       

      6. Capitalized
        terms not otherwise defined herein shall have the meanings ascribed to them
        in
        the Pooling and Servicing Agreement.

       

      
        
          
             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      IN
        WITNESS WHEREOF, the Owner has caused this instrument to be executed on its
        behalf, pursuant to the authority of its Board of Directors, by its [Vice]
        President, attested by its [Assistant] Secretary, this ____ day of
        ________________, ____.

       

      
        	 	 	 	 	 	 	 	
                [OWNER]

              
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Name:

              
	 	 	 	 	 	 	 	 	
                Title:
                  [Vice] President

              

      

      

       

      ATTEST:

      

      

      
        	
                By:

              	 	 
	 	
                Name:

              	 
	 	
                Title:
                  [Assistant] Secretary

              	 

      

      

       

      Personally
        appeared before me the above-named _________________, known or proved to
        me to
        be the same person who executed the foregoing instrument and to be a [Vice]
        President of the Owner, and acknowledged to me that [he/she] executed the
        same
        as [his/her] free act and deed and the free act and deed of the
        Owner.

       

      Subscribed
        and sworn before me this ______ day of _____________, ____.

       

       

      
        
          
            	 	 
	 	 Notary
                    Public
	 	 	 
	 	County
                    of	
                     

                  
	 	State
                    of	
                     

                  
	 	 	 
	 	 My
                    Commission expires:

          

        

         

      

      
        
          
             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        C

       

      BACK-UP
        CERTIFICATION

       

      Re: __________
        (the “Trust”)

       

      Mortgage
        Pass-Through Certificates, Series 2006-HE1

       

      I,
        [identify the certifying individual], certify to ACE Securities Corp. (the
        “Depositor”), HSBC Bank USA, National Association (the “Trustee”) and Wells
        Fargo Bank, National Association (the “Master Servicer”), and their respective
        officers, directors and affiliates, and 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 Master Servicer 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 Master
        Servicer;

       

      (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 Master Servicer. Any material instances
        of
        noncompliance described in such reports have been disclosed to the Master
        Servicer. Any material instance of noncompliance with the Servicing Criteria
        has
        been disclosed in such reports.

       

      

      Capitalized
        terms used and not otherwise defined herein have the meanings assigned thereto
        in the Pooling and Servicing Agreement (the “Agreement”), dated as of February
        1, 2006, among ACE Securities Corp. as Depositor, Wells Fargo Bank, N.A.
        as
        Master Servicer and Securities Administrator, Wells Fargo Bank, N.A. as a
        Servicer, Ocwen Loan Servicing, LLC as a Servicer and HSBC Bank USA, National
        Association as Trustee.

      

       

      
        	
                Date:

              	 	 
	 	 
	 	 
	
                [Signature]

              	 
	 	 
	
                [Title]

              	 

      

      

       

      
        
          
             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        D

      

      FORM
        OF
        POWER OF ATTORNEY

      

      RECORDING
        REQUESTED BY

      AND
        WHEN
        RECORDED MAIL TO

      [Servicer]

      [Servicer’s
        Address]

      

      Attn:
        _________________________________

      

      LIMITED
        POWER OF ATTORNEY

      

      

      KNOW
        ALL
        MEN BY THESE PRESENTS, that ________________, having its principal place
        of
        business at ____________________, as Trustee (the “Trustee”) pursuant to that
        Pooling and Servicing Agreement among ___________________ (the “Depositor”),
        Wells Fargo Bank, N.A., as Master Servicer and Securities Administrator,
        Wells
        Fargo Bank, N.A. as a servicer (“Wells Fargo”), Ocwen Loan Servicing, LLC as a
        servicer (“Ocwen”) and the Trustee, dated as of February 1, 2006 (the “Pooling
        and Servicing Agreement”), hereby constitutes and appoints [Wells Fargo/Ocwen]
        (the “Servicer”), by and through the Servicer’s officers, the Trustee’s true and
        lawful Attorney-in-Fact, in the Trustee’s name, place and stead and for the
        Trustee’s benefit, in connection with all mortgage loans serviced by the
        Servicer pursuant to the Pooling and Servicing Agreement for the purpose
        of
        performing all acts and executing all documents in the name of the Trustee
        as
        may be customarily and reasonably necessary and appropriate to effectuate
        the
        following enumerated transactions in respect of any of the mortgages or deeds
        of
        trust (the “Mortgages” and the “Deeds of Trust”, respectively) and promissory
        notes secured thereby (the “Mortgage Notes”) for which the undersigned is acting
        as Trustee for various certificateholders (whether the undersigned is named
        therein as mortgagee or beneficiary or has become mortgagee by virtue of
        endorsement of the Mortgage Note secured by any such Mortgage or Deed of
        Trust)
        and for which the Servicer is acting as servicer, all subject to the terms
        of
        the Pooling and Servicing Agreement.

      

      This
        appointment shall apply to the following enumerated transactions
        only:

       

       

      
        	1. 	
                The
                  modification or re-recording of a Mortgage or Deed of Trust, where
                  said
                  modification or re-recordings is for the purpose of correcting
                  the
                  Mortgage or Deed of Trust to conform same to the original intent
                  of the
                  parties thereto or to correct title errors discovered after such
                  title
                  insurance was issued and said modification or re-recording, in
                  either
                  instance, does not adversely affect the lien of the Mortgage or
                  Deed of
                  Trust as insured.

              
	 	 
	2. 	
                The
                  subordination of the lien of a Mortgage or Deed of Trust to an
                  easement in
                  favor of a public utility company of a government agency or unit
                  with
                  powers of eminent domain; this section shall include, without limitation,
                  the execution of partial satisfactions/releases, partial reconveyances
                  or
                  the execution or requests to trustees to accomplish
                  same.

              
	 	 
	3.  	
                The
                  conveyance of the properties to the mortgage insurer, or the closing
                  of
                  the title to the property to be acquired as real estate owned,
                  or
                  conveyance of title to real estate owned.

              
	 	 
	4.	The completion of loan
                assumption
                agreements.
	 	 
	5.	
                The
                  full satisfaction/release of a Mortgage or Deed of Trust or full
                  conveyance upon payment and discharge of all sums secured thereby,
                  including, without limitation, cancellation of the related Mortgage
                  Note.

              
	 	 
	6. 	
                The
                  assignment of any Mortgage or Deed of Trust and the related Mortgage
                  Note,
                  in connection with the repurchase of the mortgage loan secured
                  and
                  evidenced thereby.

              
	 	 
	7.	
                The
                  full assignment of a Mortgage or Deed of Trust upon payment and
                  discharge
                  of all sums secured thereby in conjunction with the refinancing
                  thereof,
                  including, without limitation, the assignment of the related Mortgage
                  Note.

              
	 	 
	8.  	
                With
                  respect to a Mortgage or Deed of Trust, the foreclosure, the taking
                  of a
                  deed in lieu of foreclosure, or the completion of judicial or non-judicial
                  foreclosure or termination, cancellation or rescission of any such
                  foreclosure, including, without limitation, any and all of the
                  following
                  acts:

              
	 	a. 	
                the
                  substitution of trustee(s) serving under a Deed of Trust, in accordance
                  with state law and the Deed of Trust;

              
	 	
              	 
	 	b.	
                the
                  preparation and issuance of statements of breach or
                  non-performance;

              
	 	 	 
	 	c.	
                the
                  preparation and filing of notices of default and/or notices of
                      sale;

              
	 	 	 
	 	d. 	
                the
                  cancellation/rescission of notices of default and/or notices of
                  sale;

              
	 	 	 
	 	e.	
                the
                  taking of a deed in lieu of foreclosure; and

              
	 	 	 
	 	f.	
                the
                  preparation and execution of such other documents and performance
                  of such
                  other actions as may be necessary under the terms of the Mortgage,
                  Deed of
                  Trust or state law to expeditiously complete said transactions
                  in
                  paragraphs 8.a. through 8.e.,
                  above.

              

      

        

      The
        undersigned gives said Attorney-in-Fact full power and authority to execute
        such
        instruments and to do and perform all and every act and thing necessary and
        proper to carry into effect the power or powers granted by or under this
        Limited
        Power of Attorney as fully as the undersigned might or could do, and hereby
        does
        ratify and confirm to all that said Attorney-in-Fact shall lawfully do or
        cause
        to be done by authority hereof. 

      

      Third
        parties without actual notice may rely upon the exercise of the power granted
        under this Limited Power of Attorney; and may be satisfied that this Limited
        Power of Attorney shall continue in full force and effect and has not been
        revoked unless an instrument of revocation has been made in writing by the
        undersigned.

      

      IN
        WITNESS WHEREOF, ________________ as Trustee pursuant to that Pooling and
        Servicing Agreement among the Depositor, Wells Fargo Bank, National Association,
        Wells Fargo, Ocwen. and the Trustee, dated as of ___________ 1, 200__
        (_____________ Asset Backed Certificates, Series 200__-___), has caused its
        corporate seal to be hereto affixed and these presents to be signed and
        acknowledged in its name and behalf by ____________ its duly elected and
        authorized Vice President this _________ day of _________, 200__.

      

      
        	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	
                as
                  Trustee for _____ Asset 

                Backed
                  Certificates, Series 200__-___

              
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	 

      

       

      

      
        	
                STATE
                  OF _____________

              
	 
	
                COUNTY
                  OF ___________

              

      

      

 

      

      On
        _______________, 200__, before me, the undersigned, a Notary Public in and
        for
        said state, personally appeared ____________, Vice President of
        ____________________ as Trustee for ___________ Asset Backed Certificates,
        Series 200__-___, personally known to me to be the person whose name is
        subscribed to the within instrument and acknowledged to me that he/she executed
        that same in his/her authorized capacity, and that by his/her signature on
        the
        instrument the entity upon behalf of which the person acted and executed
        the
        instrument.

      

      WITNESS
        my hand and official seal.

      (SEAL)

      
        	 	 
	 	
                Notary
                  Public

              
	 	
                My
                  Commission Expires

              	
              

      

       

      

      
        
          
             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        E

      

      SERVICING
        CRITERIA

      

      

      SERVICING
        CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

      The
        assessment of compliance to be delivered by [the Servicer] [the Master Servicer]
        [Name of Subservicer] shall address, at a minimum, the criteria identified
        as
        below as “Relevant Servicing Criteria”:

      

      
        	
                 

                SERVICING
                  CRITERIA 

                 

              	
                RELEVANT
                  SERVICING CRITERIA

              
	
                Reference

              	
                 

                Criteria

                 

              	
                 

              
	
                 

              	
                 

                General
                  Servicing Considerations

                 

              	
                 

              
	
                1122(d)(1)(i)

              	
                 

                Policies
                  and procedures are instituted to monitor any performance or other
                  triggers
                  and events of default in accordance with the transaction
                  agreements.

              	
                X

              
	
                1122(d)(1)(ii)

              	
                 

                If
                  any material servicing activities are outsourced to third parties,
                  policies and procedures are instituted to monitor the third party’s
                  performance and compliance with such servicing activities.

              	
                X

              
	
                1122(d)(1)(iii)

              	
                 

                Any
                  requirements in the transaction agreements to maintain a back-up
                  servicer
                  for the mortgage loans are maintained.

              	 
	
                1122(d)(1)(iv)

              	
                 

                A
                  fidelity bond and errors and omissions policy is in effect on the
                  party
                  participating in the servicing function throughout the reporting
                  period in
                  the amount of coverage required by and otherwise in accordance
                  with the
                  terms of the transaction agreements.

              	
                X

              
	
                 

              	
                 

                Cash
                  Collection and Administration

                 

              	
                X

              
	
                1122(d)(2)(i)

              	
                 

                Payments
                  on mortgage loans are deposited into the appropriate custodial
                  bank
                  accounts and related bank clearing accounts no more than two business
                  days
                  following receipt, or such other number of days specified in the
                  transaction agreements.

              	
                X

              
	
                1122(d)(2)(ii)

              	
                 

                Disbursements
                  made via wire transfer on behalf of an obligor or to an investor
                  are made
                  only by authorized personnel.

              	
                X

              
	
                1122(d)(2)(iii)

              	
                 

                Advances
                  of funds or guarantees regarding collections, cash flows or distributions,
                  and any interest or other fees charged for such advances, are made,
                  reviewed and approved as specified in the transaction
                  agreements.

              	
                X

              
	
                1122(d)(2)(iv)

              	
                 

                The
                  related accounts for the transaction, such as cash reserve accounts
                  or
                  accounts established as a form of overcollateralization, are separately
                  maintained (e.g., with respect to commingling of cash) as set forth
                  in the
                  transaction agreements.

              	
                X

              
	
                1122(d)(2)(v)

              	
                 

                Each
                  custodial account is maintained at a federally insured depository
                  institution as set forth in the transaction agreements. For purposes
                  of
                  this criterion, “federally insured depository institution” with respect to
                  a foreign financial institution means a foreign financial institution
                  that
                  meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
                  Act.

              	
                X

              
	
                1122(d)(2)(vi)

              	
                 

                Unissued
                  checks are safeguarded so as to prevent unauthorized
                  access.

              	
                X

              
	
                1122(d)(2)(vii)

              	
                 

                Reconciliations
                  are prepared on a monthly basis for all asset-backed securities
                  related
                  bank accounts, including custodial accounts and related bank clearing
                  accounts. These reconciliations are (A) mathematically accurate;
                  (B)
                  prepared within 30 calendar days after the bank statement cutoff
                  date, or
                  such other number of days specified in the transaction agreements;
                  (C)
                  reviewed and approved by someone other than the person who prepared
                  the
                  reconciliation; and (D) contain explanations for reconciling items.
                  These
                  reconciling items are resolved within 90 calendar days of their
                  original
                  identification, or such other number of days specified in the transaction
                  agreements.

              	
                X

              
	
                 

              	
                 

                Investor
                  Remittances and Reporting

                 

              	
                X

              
	
                1122(d)(3)(i)

              	
                 

                Reports
                  to investors, including those to be filed with the Commission,
                  are
                  maintained in accordance with the transaction agreements and applicable
                  Commission requirements. Specifically, such reports (A) are prepared
                  in
                  accordance with timeframes and other terms set forth in the transaction
                  agreements; (B) provide information calculated in accordance with
                  the
                  terms specified in the transaction agreements; (C) are filed with
                  the
                  Commission as required by its rules and regulations; and (D) agree
                  with
                  investors’ or the trustee’s records as to the total unpaid principal
                  balance and number of mortgage loans serviced by the
                  Servicer.

              	
                X

              
	
                1122(d)(3)(ii)

              	
                 

                Amounts
                  due to investors are allocated and remitted in accordance with
                  timeframes,
                  distribution priority and other terms set forth in the transaction
                  agreements.

              	
                X

              
	
                1122(d)(3)(iii)

              	
                 

                Disbursements
                  made to an investor are posted within two business days to the
                  Servicer’s
                  investor records, or such other number of days specified in the
                  transaction agreements.

              	
                X

              
	
                1122(d)(3)(iv)

              	
                 

                Amounts
                  remitted to investors per the investor reports agree with cancelled
                  checks, or other form of payment, or custodial bank
                  statements.

              	
                X

              
	
                 

              	
                 

                Pool
                  Asset Administration

                 

              	
                X

              
	
                1122(d)(4)(i)

              	
                 

                Collateral
                  or security on mortgage loans is maintained as required by the
                  transaction
                  agreements or related mortgage loan documents.

              	
                X

              
	
                1122(d)(4)(ii)

              	
                 

                Mortgage
                  loan and related documents are safeguarded as required by the transaction
                  agreements

              	
                X

              
	
                1122(d)(4)(iii)

              	
                 

                Any
                  additions, removals or substitutions to the asset pool are made,
                  reviewed
                  and approved in accordance with any conditions or requirements
                  in the
                  transaction agreements.

              	
                X

              
	
                1122(d)(4)(iv)

              	
                 

                Payments
                  on mortgage loans, including any payoffs, made in accordance with
                  the
                  related mortgage loan documents are posted to the Servicer’s obligor
                  records maintained no more than two business days after receipt,
                  or such
                  other number of days specified in the transaction agreements, and
                  allocated to principal, interest or other items (e.g., escrow)
                  in
                  accordance with the related mortgage loan documents.

              	
                X

              
	
                1122(d)(4)(v)

              	
                 

                The
                  Servicer’s records regarding the mortgage loans agree with the Servicer’s
                  records with respect to an obligor’s unpaid principal
                  balance.

              	
                X

              
	
                1122(d)(4)(vi)

              	
                 

                Changes
                  with respect to the terms or status of an obligor's mortgage loans
                  (e.g.,
                  loan modifications or re-agings) are made, reviewed and approved
                  by
                  authorized personnel in accordance with the transaction agreements
                  and
                  related pool asset documents.

              	
                X

              
	
                1122(d)(4)(vii)

              	
                 

                Loss
                  mitigation or recovery actions (e.g., forbearance plans, modifications
                  and
                  deeds in lieu of foreclosure, foreclosures and repossessions, as
                  applicable) are initiated, conducted and concluded in accordance
                  with the
                  timeframes or other requirements established by the transaction
                  agreements.

              	
                X

              
	
                1122(d)(4)(viii)

              	
                 

                Records
                  documenting collection efforts are maintained during the period
                  a mortgage
                  loan is delinquent in accordance with the transaction agreements.
                  Such
                  records are maintained on at least a monthly basis, or such other
                  period
                  specified in the transaction agreements, and describe the entity’s
                  activities in monitoring delinquent mortgage loans including, for
                  example,
                  phone calls, letters and payment rescheduling plans in cases where
                  delinquency is deemed temporary (e.g., illness or
                  unemployment).

              	
                X

              
	
                1122(d)(4)(ix)

              	
                 

                Adjustments
                  to interest rates or rates of return for mortgage loans with variable
                  rates are computed based on the related mortgage loan
                  documents.

              	
                X

              
	
                1122(d)(4)(x)

              	
                 

                Regarding
                  any funds held in trust for an obligor (such as escrow accounts):
                  (A) such
                  funds are analyzed, in accordance with the obligor’s mortgage loan
                  documents, on at least an annual basis, or such other period specified
                  in
                  the transaction agreements; (B) interest on such funds is paid,
                  or
                  credited, to obligors in accordance with applicable mortgage loan
                  documents and state laws; and (C) such funds are returned to the
                  obligor
                  within 30 calendar days of full repayment of the related mortgage
                  loans,
                  or such other number of days specified in the transaction
                  agreements.

              	
                X

              
	
                1122(d)(4)(xi)

              	
                 

                Payments
                  made on behalf of an obligor (such as tax or insurance payments)
                  are made
                  on or before the related penalty or expiration dates, as indicated
                  on the
                  appropriate bills or notices for such payments, provided that such
                  support
                  has been received by the servicer at least 30 calendar days prior
                  to these
                  dates, or such other number of days specified in the transaction
                  agreements.

              	
                X

              
	
                1122(d)(4)(xii)

              	
                 

                Any
                  late payment penalties in connection with any payment to be made
                  on behalf
                  of an obligor are paid from the servicer’s funds and not charged to the
                  obligor, unless the late payment was due to the obligor’s error or
                  omission.

              	
                X

              
	
                1122(d)(4)(xiii)

              	
                 

                Disbursements
                  made on behalf of an obligor are posted within two business days
                  to the
                  obligor’s records maintained by the servicer, or such other number of days
                  specified in the transaction agreements.

              	
                X

              
	
                1122(d)(4)(xiv)

              	
                 

                Delinquencies,
                  charge-offs and uncollectible accounts are recognized and recorded
                  in
                  accordance with the transaction agreements.

              	
                X

              
	
                1122(d)(4)(xv)

              	
                 

                Any
                  external enhancement or other support, identified in Item 1114(a)(1)
                  through (3) or Item 1115 of Regulation AB, is maintained as set
                  forth in
                  the transaction agreements.

              	 
	
                 

              	
                 

                 

              	
                 

              

      

      

       

      [NAME
        OF
        SERVICER] [MASTER SERVICER] [NAME OF SUBSERVICER]

       

       

      
        	Date:	 	 	 
	 	 	 	 
	By:	 	 	 
	 	 	 	 
	Name:
                	 	 	 
	 	 	 	 
	Title:	 	 	 

      

       

       

      
        
          
             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      Schedule
        1122 (Pooling and Servicing Agreement)

       

      Assessments
        of Compliance and Attestation Reports Servicing Criteria2 

      

      
        	
                 

                Reg.
                  AB Item 1122(d) Servicing Criteria

                 

              	
                 

                Depositor

                 

              	
                 

                Seller

                 

              	
                 

                Servicer

                 

              	
                 

                Trustee

                 

              	
                 

                Custodian

                 

              	
                 

                Paying
                  Agent

                 

              	
                Master
                  Servicer

                 

              	
                 

                Securities
                  Administrator

                 

              
	
                (1) General
                  Servicing Considerations

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              
	
                (i) monitoring
                  performance or other triggers and events of default

              	
                
                

              	
                 

              	
                X

              	
                 

              	
                 

              	
                 

              	
                X

              	
                X

              
	
                (ii) monitoring
                  performance of vendors of activities outsourced

              	
                 

              	
                 

              	
                X

                 

              	
                 

              	
                 

              	
                 

              	
                X

                 

              	
                 

              
	
                (iii) maintenance
                  of back-up servicer for pool assets

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              
	
                (iv) fidelity
                  bond and E&O policies in effect

              	
                 

              	
                 

              	
                X

              	
                 

              	
                 

              	
                 

              	
                X

              	
                 

              
	
                (2) Cash
                  Collection and Administration

                 

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              
	
                (i) timing
                  of deposits to custodial account

              	
                 

              	
                 

              	
                X

              	
                 

              	
                 

              	
                X

              	
                X

              	
                X

              
	
                (ii) wire
                  transfers to investors by authorized personnel

              	
                 

              	
                 

              	
                X

              	
                 

              	
                 

              	
                X

              	
                 

              	
                X

              
	
                (iii) advances
                  or guarantees made, reviewed and approved as required

              	
                 

              	
                 

              	
                X

              	
                 

              	
                 

              	
                 

              	
                X

              	
                 

              
	
                (iv) accounts
                  maintained as required

              	
                 

              	
                 

              	
                X

              	
                 

              	
                 

              	
                X

              	
                X

              	
                X

              
	
                (v) accounts
                  at federally insured depository institutions

              	
                 

              	
                 

              	
                X

              	
                 

              	
                 

              	
                X

              	
                X

              	
                X

              
	
                (vi) unissued
                  checks safeguarded

              	
                 

              	
                 

              	
                X

              	
                 

              	
                 

              	
                X

              	
                 

              	
                X

              
	
                (vii) monthly
                  reconciliations of accounts

              	
                 

              	
                 

              	
                X

              	
                 

              	
                 

              	
                X

              	
                X

              	
                X

              
	
                (3) Investor
                  Remittances and Reporting

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              
	
                (i) investor
                  reports

              	
                 

              	
                 

              	
                X

              	
                 

              	
                 

              	
                 

              	
                X

              	
                X

              
	
                (ii) remittances

              	
                 

              	
                 

              	
                X

              	
                 

              	
                 

              	
                X

              	
                 

              	
                X

              
	
                (iii) proper
                  posting of distributions

              	
                 

              	
                 

              	
                X

              	
                 

              	
                 

              	
                X

              	
                 

              	
                X

              
	
                (iv) reconciliation
                  of remittances and payment statements

              	
                 

              	
                 

              	
                X

              	
                 

              	
                 

              	
                X

              	
                X

              	
                X

              
	
                (4) Pool
                  Asset Administration

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              
	
                (i) maintenance
                  of pool collateral

              	
                 

              	
                 

              	
                X

              	
                 

              	
                X

              	
                 

              	
                 

              	
                 

              
	
                (ii) safeguarding
                  of pool assets/documents

              	
                 

              	
                 

              	
                X

              	
                 

              	
                X

              	
                 

              	
                 

              	
                 

              
	
                (iii) additions,
                  removals and substitutions of pool assets

              	
                 

              	
                 

              	
                X

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              
	
                (iv) posting
                  and allocation of pool asset payments to pool assets

              	
                 

              	
                 

              	
                X

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              
	
                (v) reconciliation
                  of servicer records

              	
                 

              	
                 

              	
                X

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              
	
                (vi) modifications
                  or other changes to terms of pool assets

              	
                 

              	
                 

              	
                X

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              
	
                (vii) loss
                  mitigation and recovery actions

              	
                 

              	
                 

              	
                X

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              
	
                (viii)records
                  regarding collection efforts

              	
                 

              	
                 

              	
                X

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              
	
                (ix) adjustments
                  to variable interest rates on pool assets

              	
                 

              	
                 

              	
                X

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              
	
                (x) matters
                  relating to funds held in trust for obligors

              	
                 

              	
                 

              	
                X

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              
	
                (xi) payments
                  made on behalf of obligors (such as for taxes or
                  insurance)

              	
                 

              	
                 

              	
                X

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              
	
                (xii) late
                  payment penalties with respect to payments made on behalf of obligors
                  

              	
                 

              	
                 

              	
                X

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              
	
                (xiii)records
                  with respect to payments made on behalf of obligors

              	
                 

              	
                 

              	
                X

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              
	
                (xiv) recognition
                  and recording of delinquencies, charge-offs and uncollectible
                  accounts

              	
                 

              	
                 

              	
                X

              	
                 

              	
                 

              	
                 

              	
                X

              	
                 

              
	
                (xv) maintenance
                  of external credit enhancement or other support

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              	
                X

              

      

      

        

      

      
        
          *
            The
            descriptions of the Item 1122(d) servicing criteria use key words and
            phrases
            and are not verbatim recitations of the servicing criteria. Refer to
            Regulation
            AB, Item 1122 for a full description of servicing criteria.

           

        

      

      
        
          
             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        F

      

      MORTGAGE
        LOAN PURCHASE AGREEMENT

      

      [FILED
        WITH THE SEC]

       

      

        MORTGAGE
          LOAN PURCHASE AGREEMENT

         

        This
          is a
          Mortgage Loan Purchase Agreement (this “Agreement”), dated February 28, 2006,
          between DB Structured Products, Inc., a Delaware corporation (the “Seller”) and
          ACE Securities Corp., a Delaware corporation (the “Purchaser”).

         

        Preliminary
          Statement

         

        The
          Seller intends to sell the Mortgage Loans (as hereinafter identified) to
          the
          Purchaser on the terms and subject to the conditions set forth in this
          Agreement. The Purchaser intends to deposit the Mortgage Loans into a mortgage
          pool comprising the Trust Fund. The Trust Fund will be evidenced by a single
          series of mortgage pass-through certificates designated as ACE Securities
          Corp.
          Home Equity Loan Trust, Series 2006-HE1, Asset Backed Pass-Through Certificates
          (the “Certificates”). The Certificates will consist of twenty-one classes of
          certificates. The Certificates will be issued pursuant to a Pooling and
          Servicing Agreement for ACE Securities Corp. Home Equity Loan Trust, Series
          2006-HE1, Asset Backed Pass-Through Certificates, dated as of February
          1, 2006
          (the “Pooling and Servicing Agreement”), among the Purchaser as depositor, Wells
          Fargo Bank, National Association as a Servicer, as master servicer (the
“Master
          Servicer”), Ocwen Loan Servicing LLC as a Servicer, and securities administrator
          (the “Securities Administrator”)
          and HSBC
          Bank USA, National Association as trustee (the “Trustee”). The Purchaser will
          sell the Class A-1A, the Class A-1B1 and Class A-1B2 Certificates (collectively,
          the “Class A-1 Certificates”), Class A-2A, Class A-2B, Class A-2C and Class A-2D
          Certificates (collectively, the “Class A-2 Certificates”), the Class M-1, Class
          M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8,
          Class M-9
          and Class M-10 (collectively, the “Mezzanine Certificates”) to Deutsche Bank
          Securities Inc. (“DBSI”), pursuant to the Second Amended and Restated
          Underwriting Agreement, dated as of June 24, 1999, as amended and restated
          to
          and including January 25, 2006, between the Purchaser and DBSI, and the
          Terms
          Agreement, dated February 24, 2006 (collectively, the “Underwriting Agreement”),
          between the Purchaser and DBSI. Capitalized terms used but not defined
          herein
          shall have the meanings set forth in the Pooling and Servicing
          Agreement.

         

        The
          parties hereto agree as follows:

         

         

        SECTION
          1.  Agreement
          to Purchase.
          The
          Seller hereby sells, and the Purchaser hereby purchases, on February 28,
          2006
          (the “Closing Date”), certain conventional, one- to four-family, fixed-rate and
          adjustable-rate, residential, first and second lien, residential mortgage
          loans
          (the “Mortgage Loans”), having an aggregate principal balance as of the close of
          business on February 1, 2006 (the “Cut-off Date”) of approximately
          $2,535,701,903 (the “Closing Balance”), after giving effect to all payments due
          on the Mortgage Loans on or before the Cut-off Date, whether or not received,
          including the right to any Prepayment Charges payable by the related Mortgagors
          in connection with any Principal Prepayments on the Mortgage Loans.
          

         

         

        SECTION
          2.  Mortgage
          Loan Schedule.
          The
          Purchaser and the Seller have agreed upon which of the mortgage loans owned
          by
          the Seller are to be purchased by the Purchaser pursuant to this Agreement
          and
          the Seller will prepare or cause to be prepared on or prior to the Closing
          Date
          a final schedule (the “Closing Schedule”) that shall describe such Mortgage
          Loans and set forth all of the Mortgage Loans to be purchased under this
          Agreement, including the Prepayment Charges. The Closing Schedule will
          conform
          to the requirements set forth in this Agreement and to the definition of
          “Mortgage Loan Schedule” under the Pooling and Servicing Agreement.

         

         

        SECTION
          3.  Consideration.

         

        (a)  In
          consideration for the Mortgage Loans to be purchased hereunder, the Purchaser
          shall, as described in Section 8, (i) pay to or upon the order of the Seller
          in
          immediately available funds an amount (the “Purchase Price”) equal to (i)
          $________*1
          and (ii)
          a 100% interest in the Class CE-1, Class CE-2, Class P and Class R Certificates
          (collectively the “DB Certificates”). The DB Certificates shall be in the name
          of “Deutsche Bank Securities Inc.”

         

        (b)  The
          Purchaser or any assignee, transferee or designee of the Purchaser shall
          be
          entitled to all scheduled payments of principal due after the Cut-off Date,
          all
          other payments of principal due and collected after the Cut-off Date, and
          all
          payments of interest on the Mortgage Loans allocable to the period after
          the
          Cut-off Date. All scheduled payments of principal and interest due on or
          before
          the Cut-off Date and collected after the Cut-off Date shall belong to the
          Seller.

         

        (c)  Pursuant
          to the Pooling and Servicing Agreement, the Purchaser will assign all of
          its
          right, title and interest in and to the Mortgage Loans, together with its
          rights
          under this Agreement, to the Trustee for the benefit of the
          Certificateholders.

         

         

        SECTION
          4.  Transfer
          of the Mortgage Loans.

         

        (a)  Possession
          of Mortgage Files.
          The
          Seller does hereby sell to the Purchaser, without recourse but subject
          to the
          terms of this Agreement, all of its right, title and interest in, to and
          under
          the Mortgage Loans, including the related Prepayment Charges. The contents
          of
          each Mortgage File not delivered to the Purchaser or to any assignee, transferee
          or designee of the Purchaser on or prior to the Closing Date are and shall
          be
          held in trust by the Seller for the benefit of the Purchaser or any assignee,
          transferee or designee of the Purchaser.  Upon the sale of the
          Mortgage Loans, the ownership of each Mortgage Note, the related Mortgage
          and
          the other contents of the related Mortgage File is vested in the Purchaser
          and
          the ownership of all records and documents with respect to the related
          Mortgage
          Loan prepared by or that come into the possession of the Seller on or after
          the
          Closing Date shall immediately vest in the Purchaser and shall be delivered
          immediately to the Purchaser or as otherwise directed by the
          Purchaser.

         

        (b)  Delivery
          of Mortgage Loan Documents.
          The
          Seller will, on or prior to the Closing Date, deliver or cause to be delivered
          to the Purchaser or any assignee, transferee or designee of the Purchaser
          each
          of the following documents for each Mortgage Loan:

         

        (i)  the
          original Mortgage Note, including any riders thereto, endorsed in blank,
          with
          all prior and intervening endorsements showing a complete chain of endorsement
          from the originator to the Person so endorsing to the Trustee;

         

        (ii)  the
          original Mortgage or a certified copy thereof, including any riders thereto,
          with evidence of recording thereon, and the original recorded power of
          attorney,
          if the Mortgage was executed pursuant to a power of attorney, with evidence
          of
          recording thereon, and in the case of each MOM Loan, the original Mortgage,
          noting the presence of the MIN of the Loan and either language indicating
          that
          the Mortgage Loan is a MOM Loan or if the Mortgage Loan was not a MOM Loan
          at
          origination, the original Mortgage and the assignment thereof to MERS®, with
          evidence of recording indicated thereon;

         

        (iii)  an
          original Assignment of Mortgage executed in blank;

         

        (iv)  the
          original recorded Assignment or Assignments of the Mortgage, or a certified
          copy
          or copies thereof, showing a complete chain of assignment from the originator
          to
          the last Person assigning the Mortgage;

         

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

         

        (vi)  the
          original lender’s title insurance policy, together with all endorsements or
          riders that were issued with or subsequent to the issuance of such policy,
          insuring the priority of the Mortgage as a first lien or second lien on
          the
          Mortgaged Property represented therein as a fee interest vested in the
          Mortgagor;

         

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

         

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

         

        Notwithstanding
          anything to the contrary contained in this Section 4, with respect to a
          maximum
          of approximately 1.00% of the Mortgage Loans, by aggregate principal balance
          of
          the Mortgage Loans as of the Cut-off Date, if any original Mortgage Note
          referred to in Section 4(b)(i) above cannot be located, the obligations
          of the
          Seller to deliver such documents shall be deemed to be satisfied upon delivery
          to the Purchaser or any assignee, transferee or designee of the Purchaser
          of a
          photocopy of such Mortgage Note, if available, with a lost note affidavit
          substantially in the form of Exhibit 1 attached hereto. If any of the original
          Mortgage Notes for which a lost note affidavit was delivered to the Purchaser
          or
          any assignee, transferee or designee of the Purchaser is subsequently located,
          such original Mortgage Note shall be delivered to the Purchaser or any
          assignee,
          transferee or designee of the Purchaser within three (3) Business Days;
          and if
          any document referred to in Section 4(b)(ii) or 4(b)(iv) above has been
          submitted for recording but either (x) has not been returned from the applicable
          public recording office or (y) has been lost or such public recording office
          has
          retained the original of such document, the obligations of the Seller hereunder
          shall be deemed to have been satisfied upon delivery to the Purchaser or
          any
          assignee, transferee or designee of the Purchaser promptly upon receipt
          thereof
          by or on behalf of the Seller of either the original or a copy of such
          document
          certified by the applicable public recording office to be a true and complete
          copy of the original.

         

        In
          the
          event that the original lender’s title insurance policy has not yet been issued,
          the Seller shall deliver to the Purchaser or any assignee, transferee or
          designee of the Purchaser a written commitment or interim binder or preliminary
          report of title issued by the title insurance or escrow company. The Seller
          shall deliver such original title insurance policy to the Purchaser or
          any
          assignee, transferee or designee of the Purchaser promptly upon receipt
          by the
          Seller, if any.

         

        Each
          original document relating to a Mortgage Loan which is not delivered to
          the
          Purchaser or its assignee, transferee or designee, if held by the Seller,
          shall
          be so held for the benefit of the Purchaser, its assignee, transferee or
          designee.

         

        In
          connection with the assignment of any Mortgage Loan registered on the MERS®
System, the Seller further agrees that it will cause, at the Seller’s own
          expense, within 30 days after the Closing Date, the MERS® System to indicate
          that such Mortgage Loans have been assigned by the 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 Seller
          further
          agrees that it will not, and will not permit the related Servicer or the
          Master
          Servicer to 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
          Pooling and Servicing Agreement.

         

        (c)  Acceptance
          of Mortgage Loans.
          The
          documents delivered pursuant to Section 4(b) hereof shall be reviewed by
          the
          Purchaser or any assignee, transferee or designee of the Purchaser at any
          time
          before or after the Closing Date (and with respect to each document permitted
          to
          be delivered after the Closing Date, within seven days of its delivery)
          to
          ascertain that all required documents have been executed and received and
          that
          such documents relate to the Mortgage Loans identified on the Closing
          Schedule.

         

        (d)  Transfer
          of Interest in Agreements.
          The
          Purchaser has the right to assign its interest under this Agreement, in
          whole or
          in part, to the Trustee, as may be required to effect the purposes of the
          Pooling and Servicing Agreement, without the consent of the Seller, and
          the
          assignee shall succeed to the rights and obligations hereunder of the
          Purchaser.  Any expense reasonably incurred by or on behalf of the
          Purchaser or the Trustee in connection with enforcing any obligations of
          the
          Seller under this Agreement will be promptly reimbursed by the
          Seller.

         

        (e)  Examination
          of Mortgage Files.
          Prior
          to the Closing Date, the Seller shall either (i) deliver in escrow to the
          Purchaser or to any assignee, transferee or designee of the Purchaser for
          examination the Mortgage File pertaining to each Mortgage Loan, or (ii)
          make
          such Mortgage Files available to the Purchaser or to any assignee, transferee
          or
          designee of the Purchaser for examination.  Such examination may be
          made by the Purchaser or the Trustee, and their respective designees, upon
          reasonable notice to the Seller during normal business hours before the
          Closing
          Date and within sixty (60) days after the Closing Date.  If any such
          person makes such examination prior to the Closing Date and identifies
          any
          Mortgage Loans that do not conform to the requirements of the Purchaser
          as
          described in this Agreement, such Mortgage Loans shall be deleted from
          the
          Closing Schedule.  The Purchaser may, at its option and without notice
          to the Seller, purchase all or part of the Mortgage Loans without conducting
          any
          partial or complete examination.  The fact that the Purchaser or any
          person has conducted or has failed to conduct any partial or complete
          examination of the Mortgage Files shall not affect the rights of the Purchaser
          or any assignee, transferee or designee of the Purchaser to demand repurchase
          or
          other relief as provided herein or under the Pooling and Servicing
          Agreement.

         

         

        SECTION
          5.  Representations,
          Warranties and Covenants of the Seller.

         

        The
          Seller hereby represents and warrants to the Purchaser, as of the date
          hereof
          and as of the Closing Date, and covenants, that:

         

        (i)  The
          Seller is a Delaware corporation with full corporate power and authority
          to
          conduct its business as presently conducted by it to the extent material
          to the
          consummation of the transactions contemplated herein. The Agreement has
          been
          duly authorized, executed and delivered by the Seller. The Seller had the
          full
          corporate power and authority to own the Mortgage Loans and to transfer
          and
          convey the Mortgage Loans to the Purchaser and has the full corporate power
          and
          authority to execute and deliver, engage in the transactions contemplated
          by,
          and perform and observe the terms and conditions of this Agreement;

         

        (ii)  The
          Seller has duly authorized the execution, delivery and performance of this
          Agreement, has duly executed and delivered this Agreement, and this Agreement,
          assuming due authorization, execution and delivery by the Purchaser, constitutes
          a legal, valid and binding obligation of the Seller, enforceable against
          it in
          accordance with its terms except as the enforceability thereof may be limited
          by
          bankruptcy, insolvency or reorganization or by general principles of
          equity;

         

        (iii)  The
          execution, delivery and performance of this Agreement by the Seller (x)
          does not
          conflict and will not conflict with, does not breach and will not result
          in a
          breach of and does not constitute and will not constitute a default (or
          an
          event, which with notice or lapse of time or both, would constitute a default)
          under (A) any terms or provisions of the organizational documents of the
          Seller,
          (B) any term or provision of any material agreement, contract, instrument
          or
          indenture, to which the Seller is a party or by which the Seller or any
          of its
          property is bound, or (C) any law, rule, regulation, order, judgment, writ,
          injunction or decree of any court or governmental authority having jurisdiction
          over the Seller or any of its property and (y) does not create or impose
          and
          will not result in the creation or imposition of any lien, charge or encumbrance
          (other than any created hereby in favor of the Purchaser and its assignees)
          which would have a material adverse effect upon the Mortgage Loans or any
          documents or instruments evidencing or securing the Mortgage Loans;

         

        (iv)  No
          consent, approval, authorization or order of, registration or filing with,
          or
          notice on behalf of the Seller to any governmental authority or court is
          required, under federal laws or the laws of the State of New York, for
          the
          execution, delivery and performance by the Seller of, or compliance by
          the
          Seller with, this Agreement or the consummation by the Seller of any other
          transaction contemplated hereby and by the Pooling and Servicing Agreement;
          provided, however, that the Seller makes no representation or warranty
          regarding
          federal or state securities laws in connection with the sale or distribution
          of
          the Certificates;

         

        (v)  The
          Seller is not in violation of, and the execution and delivery of this Agreement
          by the Seller and its performance and compliance with the terms of this
          Agreement will not constitute a violation with respect to, any order or
          decree
          of any court or any order or regulation of any federal, state, municipal
          or
          governmental agency having jurisdiction over the Seller or its assets,
          which
          violation might have consequences that would materially and adversely affect
          the
          condition (financial or otherwise) or the operation of the Seller or its
          assets
          or might have consequences that would materially and adversely affect the
          performance of its obligations and duties hereunder;

         

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

         

        (vii)  Immediately
          prior to the sale of the Mortgage Loans to the Purchaser as herein contemplated,
          the Seller was the owner of the related Mortgage and the indebtedness evidenced
          by the related Mortgage Note, and, upon the payment to the Seller of the
          Purchase Price, in the event that the Seller retains or has retained record
          title, the Seller shall retain such record title to each Mortgage, each
          related
          Mortgage Note and the related Mortgage Files with respect thereto in trust
          for
          the Purchaser as the owner thereof from and after the date hereof;

         

        (viii)  There
          are
          no actions or proceedings against, or investigations known to it of, the
          Seller
          before any court, administrative or other tribunal (A) that might prohibit
          its
          entering into this Agreement, (B) seeking to prevent the sale of the Mortgage
          Loans by the Seller or the consummation of the transactions contemplated
          by this
          Agreement or (C) that might prohibit or materially and adversely affect
          the
          performance by the Seller of its obligations under, or validity or
          enforceability of, this Agreement;

         

        (ix)  The
          consummation of the transactions contemplated by this Agreement are in
          the
          ordinary course of business of the Seller, and the transfer, assignment
          and
          conveyance of the Mortgage Notes and the Mortgages by the Seller pursuant
          to
          this Agreement are not subject to the bulk transfer or any similar statutory
          provisions in effect in any relevant jurisdiction, except any as may have
          been
          complied with;

         

        (x)  The
          Seller has not dealt with any broker, investment banker, agent or other
          person,
          except for the Purchaser or any of its affiliates, that may be entitled
          to any
          commission or compensation in connection with the sale of the Mortgage
          Loans
          (except that an entity that previously financed the Seller’s ownership of the
          Mortgage Loans may be entitled to a fee to release its security interest
          in the
          Mortgage Loans, which fee shall have been paid and which security interest
          shall
          have been released on or prior to the Closing Date);

         

        (xi)  There
          is
          no litigation currently pending or, to the best of the Seller’s knowledge
          without independent investigation, threatened against the Seller that would
          reasonably be expected to adversely affect the transfer of the Mortgage
          Loans,
          the issuance of the Certificates or the execution, delivery, performance
          or
          enforceability of this Agreement, or that would result in a material adverse
          change in the financial condition of the Seller; and

         

        (xii)  The
          information set forth in the applicable part of the Closing Schedule relating
          to
          the existence of a Prepayment Charge is complete, true and correct in all
          material respects at the date or dates respecting which such information
          is
          furnished and each Prepayment Charge is permissible and enforceable in
          accordance with its terms upon the mortgagor’s full and voluntary principal
          prepayment under applicable law, except to the extent that: (1) the
          enforceability thereof may be limited by bankruptcy, insolvency, moratorium,
          receivership and other similar laws relating to creditors’ rights; (2) the
          collectability thereof may be limited due to acceleration in connection
          with a
          foreclosure or other involuntary prepayment; or (3) subsequent changes
          in
          applicable law may limit or prohibit enforceability thereof under applicable
          law.

         

         

        SECTION
          6.  Representations
          and Warranties of the Seller Relating to the Mortgage Loans.

         

        The
          Seller hereby represents and warrants to the Purchaser that as to each
          Mortgage
          Loan as of the Closing Date:

         

        (i)  Information
          provided to the Rating Agencies, including the loan level detail, is true
          and
          correct according to the Rating Agency requirements;

         

        (ii)  No
          error,
          omission, misrepresentation, negligence, fraud or similar occurrence with
          respect to a Mortgage Loan has taken place on the part of any person, including
          without limitation the Mortgagor, any appraiser, any builder or developer,
          or
          any other party involved in the origination of the Mortgage Loan or in
          the
          application of any insurance in relation to such Mortgage Loan;

         

        (iii)  Except
          as
          set forth on the Closing Schedule, all payments required to be made prior
          to the
          Cut-off Date with respect to each Mortgage Loan have been made;

         

        (iv)  [Reserved];

         

        (v)  There
          are
          no delinquent taxes, assessment liens or insurance premiums affecting the
          related Mortgaged Property;

         

        (vi)  The
          terms
          of the Mortgage Note and the Mortgage have not been materially impaired,
          waived,
          altered or modified in any respect, except by written instruments, recorded
          in
          the applicable public recording office if necessary to maintain the lien
          priority of the Mortgage. The substance of any such waiver, alteration
          or
          modification has been approved by the title insurer, to the extent required
          by
          the related policy. No Mortgagor has been released, in whole or in part,
          except
          in connection with an assumption agreement (approved by the title insurer
          to the
          extent required by the policy) and which assumption agreement has been
          delivered
          to the Trustee;

         

        (vii)  The
          Mortgaged Property is insured against loss by fire and hazards of extended
          coverage (excluding earthquake insurance) in an amount which is at least
          equal
          to the lesser of (i) the amount necessary to compensate for any damage
          or loss
          to the improvements which are a part of such property on a replacement
          cost
          basis or (ii) the outstanding principal balance of the Mortgage Loan. If
          the
          Mortgaged Property is in an area identified on a flood hazard map or flood
          insurance rate map issued by the Federal Emergency Management Agency as
          having
          special flood hazards (and such flood insurance has been made available),
          a
          flood insurance policy meeting the requirements of the current guidelines
          of the
          Federal Insurance Administration is in effect. All such insurance policies
          contain a standard mortgagee clause naming the originator of the Mortgage
          Loan,
          its successors and assigns as mortgagee and the Seller has not engaged
          in any
          act or omission which would impair the coverage of any such insurance policies.
          Except as may be limited by applicable law, the Mortgage obligates the
          Mortgagor
          thereunder to maintain all such insurance at the Mortgagor’s cost and expense,
          and on the Mortgagor’s failure to do so, authorizes the holder of the Mortgage
          to maintain such insurance at Mortgagor’s cost and expense and to seek
          reimbursement therefor from the Mortgagor;

         

        (viii)  Each
          Mortgage Loan and the related Prepayment Charge, if any, complied in all
          material respects with any and all requirements of any federal, state or
          local
          law including, without limitation, usury, truth in lending, anti-predatory
          lending, real estate settlement procedures, consumer credit protection,
          equal
          credit opportunity, fair housing or disclosure laws applicable to the
          origination and servicing of the Mortgage Loans and the consummation of
          the
          transactions contemplated hereby will not involve the violation of any
          such
          laws;

         

        (ix)  The
          Mortgage has not been satisfied, cancelled, subordinated (other than with
          respect to second lien Mortgage Loans, the subordination to the first lien)
          or
          rescinded, in whole or in part, and the Mortgaged Property has not been
          released
          from the lien of the Mortgage, in whole or in part, nor has any instrument
          been
          executed that would effect any such satisfaction, cancellation, subordination,
          rescission or release;

         

        (x)  The
          Mortgage was recorded or was submitted for recording in accordance with
          all
          applicable laws and is a valid, existing and enforceable first or second
          lien on
          the Mortgaged Property including all improvements on the Mortgaged
          Property;

         

        (xi)  The
          Mortgage Note and the related Mortgage are genuine and each is the legal,
          valid
          and binding obligation of the maker thereof, insured under the related
          title
          policy, and enforceable in accordance with its terms, except to the extent
          that
          the enforceability thereof may be limited by a bankruptcy, insolvency or
          reorganization;

         

        (xii)  The
          Seller is the sole legal, beneficial and equitable owner of the Mortgage
          Note
          and the Mortgage and has the full right to convey, transfer and sell the
          Mortgage Loan to the Purchaser free and clear of any encumbrance, equity,
          lien
          (other than with respect to second lien Mortgage Loans, the subordination
          to the
          related first lien), pledge, charge, claim or security interest and immediately
          upon the sale, assignment and endorsement of the Mortgage Loans from the
          Seller
          to the Purchaser, the Purchaser shall have good and indefeasible title
          to and be
          the sole legal owner of the Mortgage Loans subject only to any encumbrance,
          equity, lien, pledge, charge, claim or security interest arising out of
          the
          Purchaser’s actions;

         

        (xiii)  Each
          Mortgage Loan is covered by a valid and binding American Land Title Association
          lender’s title insurance policy issued by a title insurer qualified to do
          business in the jurisdiction where the Mortgaged Property is located. No
          claims
          have been filed under such lender’s title insurance policy, and the Seller has
          not done, by act or omission, anything that would impair the coverage of
          the
          lender’s title insurance policy;

         

        (xiv)  There
          is
          no material default, breach, violation event or event of acceleration existing
          under the Mortgage or the Mortgage Note and no event which, with the passage
          of
          time or with notice and the expiration of any grace or cure period, would
          constitute a material default, breach, violation or event of acceleration,
          and
          the Seller has not, nor has its predecessors, waived any material default,
          breach, violation or event of acceleration;

         

        (xv)  There
          are
          no mechanics’ or similar liens or claims which have been filed for work, labor
          or material provided to the related Mortgaged Property prior to the origination
          of the Mortgage Loan which are or may be liens prior to, or equal or coordinate
          with, the lien of the related Mortgage, except as may be disclosed in the
          related title policy;

         

        (xvi)  Except
          with respect to approximately 26.45% of the the Group IA Mortgage Loans,
          approximately 20.89% of the Group IB Mortgage Loans and approximately 43.10%
          of
          the Group II Mortgage Loans by aggregate principal balance as of the Cut-off
          Date, which are interest-only loans, each Mortgage Note is payable on the
          first
          day of each month in equal monthly installments or principal and interest
          (subject ot adjustment in the case of the adjustable rate Mortgage Loans),
          with
          interest calculated on a 30/360 basis and payable in arrears, sufficient
          to
          amortize the Mortgage Loan fully by the stated maturity date over an original
          term from commencement of amortization to not more than 30 years and no
          Mortgage
          Loan permits negative amortization;

         

        (xvii)  The
          servicing practices used in connection with the servicing of the Mortgage
          Loans
          have been in all respects reasonable and customary in the mortgage servicing
          industry of like mortgage loan servicers, servicing similar subprime mortgage
          loans originated in the same jurisdiction as the Mortgaged
          Property;

         

        (xviii)  At
          the
          time of origination of the Mortgage Loan there was no proceeding pending
          for the
          total or partial condemnation of the Mortgaged Property and, as of the
          date such
          Mortgage Loan was purchased by the Purchaser, to the best of the Purchaser’s
          knowledge there is no proceeding pending for the total or partial condemnation
          of the Mortgaged Property;

         

        (xix)  The
          Mortgage and related Mortgage Note contain customary and enforceable provisions
          such as to render the rights and remedies of the holder thereof adequate
          for the
          realization against the Mortgaged Property of the benefits of the security
          provided thereby, including, (a) in the case of a Mortgage designated as
          a deed
          of trust, by trustee’s sale, and (b) otherwise by judicial
          foreclosure;

         

        (xx)  The
          Mortgage Note is not and has not been secured by any collateral except
          the lien
          of the related Mortgage referred to in subsection (x) above;

         

        (xxi)  In
          the
          event the Mortgage constitutes a deed of trust, a trustee, duly qualified
          under
          applicable law to serve as such, has been properly designated and currently
          so
          serves and is named in the Mortgage, and no fees or expenses are or will
          become
          payable by the Seller to the trustee under the deed of trust, except in
          connection with a trustee’s sale after default by the Mortgagor;

         

        (xxii)  The
          Mortgage Loan is not subject to any valid right of rescission, set-off,
          counterclaim or defense, including without limitation the defense of usury,
          nor
          will the operation of any of the terms of the Mortgage Note or the Mortgage,
          or
          the exercise of any right thereunder, render either the Mortgage Note or
          the
          Mortgage unenforceable, in whole or in part, or subject to any such right
          of
          rescission, set-off, counterclaim or defense, including without limitation
          the
          defense of usury, and no such right of rescission, set-off, counterclaim
          or
          defense has been asserted with respect thereto;

         

        (xxiii)  The
          Mortgage Loans were underwritten in accordance with the originator’s
          underwriting guidelines in effect at the time the Mortgage Loans were originated
          (the “Applicable Underwriting Guidelines”), except with respect to certain of
          those Mortgage Loans which had compensating factors permitting a deviation
          from
          the Applicable Underwriting Guidelines;

         

        (xxiv)  The
          Mortgaged Property is free of material damage and waste, excepting therefrom
          any
          Mortgage Loan subject to an escrow withhold as shown on the Closing
          Schedule;

         

        (xxv)  All
          of
          the improvements which were included in determining the appraised value
          of the
          Mortgaged Property lie wholly within the Mortgaged Property’s boundary lines and
          no improvements on adjoining properties encroach upon the Mortgaged Property,
          excepting therefrom: (i) any encroachment insured against in the lender’s title
          insurance policy identified in subsection (xiii), (ii) any encroachment
          generally acceptable to subprime mortgage loan originators doing business
          in the
          same jurisdiction as the Mortgaged Property, and (iii) any encroachment
          which
          does not materially interfere with the benefits of the security intended
          to be
          provided by such Mortgage;

         

        (xxvi)  All
          parties to the Mortgage Note had the legal capacity to execute the Mortgage
          Note
          and the Mortgage, and the Mortgage Note and the Mortgage have been duly
          executed
          by such parties;

         

        (xxvii)  To
          the
          best of the Seller’s knowledge, at the time of origination of the Mortgage Loan,
          no appraised improvement located on or being part of the Mortgaged Property
          was
          in violation of any applicable zoning law or regulation and all inspections,
          licenses and certificates required in connection with the origination of
          any
          Mortgage Loan with respect to the occupancy of the Mortgaged Property,
          have been
          made or obtained from the appropriate authorities;

         

        (xxviii)  No
          Mortgagor has notified the Seller of any relief requested or allowed under
          the
          Servicemembers Civil Relief Act;

         

        (xxix)  All
          parties which have held an interest in the Mortgage Loan are (or during
          the
          period in which they held and disposed of such interest, were) (1) in compliance
          with any and all applicable licensing requirements of the state wherein
          the
          Mortgaged Property is located, (2) organized under the laws of such state,
          (3)
          qualified to do business in such state, (4) a federal savings and loan
          association or national bank, (5) not doing business in such state, or
          (6)
          exempt from the applicable licensing requirements of such state;

         

        (xxx)  The
          Mortgage File contains an appraisal of the related Mortgaged Property which
          was
          made prior to the approval of the Mortgage Loan by a qualified appraiser,
          duly
          appointed by the related originator and was made in accordance with the
          Financial Institutions Reform, Recovery, and Enforcement Act of 1989 and
          the
          Uniform Standards of Professional Appraisal Practice;

         

        (xxxi)  Except
          as
          may otherwise be limited by applicable law, the Mortgage contains a provision
          for the acceleration of the payment of the unpaid principal balance of
          the
          Mortgage Loan in the event that the Mortgaged Property is sold or transferred
          without the prior written consent of the Mortgagee thereunder;

         

        (xxxii)  The
          Mortgage Loan does not contain any provision which would constitute a “buydown”
provision and pursuant to which Monthly Payments are paid or partially
          paid with
          funds deposited in a separate account established by the related originator,
          the
          Mortgagor or anyone on behalf of the Mortgagor, or paid by any source other
          than
          the Mortgagor. The Mortgage Loan is not a “graduated payment mortgage loan” and
          the Mortgage loan does not have a shared appreciation or other contingent
          interest feature;

         

        (xxxiii)  To
          the
          best of the Seller’s knowledge there is no action or proceeding directly
          involving the Mortgaged Property presently pending in which compliance
          with any
          environmental law, rule or regulation is at issue and the Seller has received
          no
          notice of any condition at the Mortgaged Property which is reasonably likely
          to
          give rise to an action or proceeding in which compliance with any environmental
          law, rule or regulation is at issue;

         

        (xxxiv)  Each
          Mortgage Loan is an obligation which is principally secured by an interest
          in
          real property within the meaning of Treasury Regulation section
          1.860G-2(a);

         

        (xxxv)  Each
          Mortgage Loan (a) is directly secured by a first or second lien on, and
          consists
          of a single parcel of, real property with a detached one-to-four family
          residence erected thereon, a townhouse or an individual condominium unit
          in a
          condominium project, or an individual unit in a planned unit development
          (“PUD”). Any unit in a PUD or condominium project conforms to the requirements
          of the Applicable Underwriting Guidelines regarding such dwellings. No
          residence
          or dwelling is a mobile home or a manufactured dwelling unless it is a
          manufactured dwelling, which is permanently affixed to a foundation and
          treated
          as “real estate” under applicable law. No Mortgaged Property is used for
          commercial purposes. Mortgaged Properties which contain a home office shall
          not
          be considered as being used for commercial purposes as long as the Mortgaged
          Property has not been altered for commercial purposes and is not storing
          any
          chemicals or raw materials other than those commonly used for homeowner
          repair,
          maintenance and/or household purposes;

         

        (xxxvi)  The
          Mortgage Interest Rate with respect to the Adjustable Rate Mortgage Loans
          is
          subject to adjustment at the time and in the amounts as are set forth in
          the
          related Mortgage Note;

         

        (xxxvii)  No
          Mortgage Loan contains a provision whereby the Mortgagor can convert an
          Adjustable Rate Mortgage Loan into a Fixed Rate Mortgage Loan;

         

        (xxxviii)  With
          respect to each Group IB Mortgage Loan, no Mortgagor was required to purchase
          any single premium credit insurance policy (e.g., life, mortgage, disability,
          accident, unemployment, or health insurance product) or debt cancellation
          agreement as a condition of obtaining the extension of credit. No proceeds
          from
          any Group IB Mortgage Loan were used to purchase single premium credit
          insurance
          policies or debt cancellation agreements as part of the origination of,
          or as a
          condition to closing, such Mortgage Loan; With respect to each Group IA
          and
          Group IB Mortgage Loan, no borrower obtained a prepaid single-premium
          credit-life, credit disability, credit unemployment or credit property
          insurance
          policy (e.g., life, mortgage, disability, accident, unemployment, or health
          insurance product) in connection with the origination of such Group IA
          or Group
          IB Mortgage Loan;

         

        (xxxix)  With
          respect to any Group IA Mortgage Loan that contains a provision permitting
          imposition of a premium upon a prepayment prior to maturity: (i) prior
          to such
          Group IA Mortgage Loan’s origination, the borrower agreed to such premium in
          exchange for a monetary benefit, including but not limited to a rate or
          fee
          reduction, (ii) prior to such Group IA Mortgage Loan’s origination, the borrower
          was offered the option of obtaining a mortgage loan that did not require
          payment
          of such a premium, (iii) the prepayment premium is adequately disclosed
          to the
          borrower pursuant to applicable state and federal law, (iv) no Group IA
          Mortgage
          Loan originated on or after October 1, 2002 will impose a prepayment premium
          for
          a term in excess of three years and any Group IA Mortgage Loan originated
          prior
          to such date, will not impose Prepayment Charges in excess of five years;
          in
          each case unless such Group I Mortgage Loan was modified to reduce the
          prepayment period to no more than three years from the date of the Mortgage
          Note
          and the borrower was notified in writing of such reduction in prepayment
          period,
          and (v) notwithstanding any state or federal law to the contrary, the Servicer
          shall not impose such prepayment premium in any instance when such Group
          IA
          Mortgage Loan is accelerated or paid off in connection with the workout
          of a
          delinquent Mortgage or due to borrower’s default;

         

        (xl)  No
          Mortgage Loan is subject to the Home Ownership and Equity Protection Act
          of 1994
          or any comparable law and no Mortgage Loan is classified and/or defined
          as “high
          cost”, “covered” (excluding home loans defined as “covered home loans” in the
          New Jersey Home Ownership Security Act of 2002 that were originated between
          November 26, 2003 and July 7, 2004) “high risk home” or “predatory” loan under
          any other federal, state 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);

         

        (xli)  There
          is
          no Mortgage Loan that was originated or modified on or after October 1,
          2002 and
          before March 7, 2003, which is secured by property located in the State
          of
          Georgia. There is no such Mortgage Loan underlying the Certificate that
          was
          originated on or after March 7, 2003, which is a “high cost home loan” as
          defined under the Georgia Fair Lending Act;

         

        (xlii)  Each
          Group IB Mortgage Loan is in compliance with the anti-predatory lending
          eligibility for purchase requirements of Fannie Mae’s Selling
          Guide;

         

        (xliii)  No
          Mortgage Loan is a “High-Cost Home Loan” as defined in the Indiana Home Loan
          Practices Act, effective January 1, 2005 (Ind. Code Ann. Sections 24-9-1
          through
          24-9-9);

         

        (xliv)  There
          is
          no Mortgage Loan that (a) is secured by property located in the State of
          Kentucky; (b) was originated on or after June 24, 2003, and (c) which is
          a “high
          cost home loan” as defined under Kentucky State Statute KRS 360.100, effective
          as of June 24, 2003;

         

        (xlv)  There
          is
          no Mortgage Loan that (a) is secured by property located in the State of
          Arkansas, (b) has a note date on or after July 16, 2003, and (c) which
          is a
“high cost home loan” as defined under the Arkansas Home Loan Protection Act,
          effective as of July 16, 2003;

         

        (xlvi)  The
          Servicer for each Group IA Mortgage Loan has fully furnished, and will
          fully
          furnish, in accordance with the Fair Credit Reporting Act and its implementing
          regulations, accurate and complete information (i.e., favorable and unfavorable)
          on its borrower credit files to Equifax, Experian, and Trans Union Credit
          Information Company (three of the credit repositories), on a monthly
          basis;

         

        (xlvii)  The
          original principal balance of each Group IA Mortgage Loan which is secured
          by a
          first or second lien on the related Mortgaged Property is within Freddie
          Mac’s
          dollar amount limits for conforming one-to-four family mortgage loans;
          

         

        (xlviii)  No
          Mortgage Loan is a “High-Cost Home Loan” as defined in the New Jersey Home
          Ownership Act effective November 27, 2003 (N.J.S.A. 46:10B-22 et seq.);
          

         

        (xlix)  No
          Mortgage Loan is a “High-Cost Home Loan” as defined in the New Mexico Home Loan
          Protection Act effective January 1, 2004 (N.M. Stat. Ann. §§ 58-21A-1 et
          seq.);

         

        (l)  No
          Mortgage Loan is a “High-Risk Home Loan” as defined in the Illinois High-Risk
          Home Loan Act effective January 1, 2004 (815 Ill. Comp. Stat. 137/1 et
          seq.);

         

        (li)  No
          Mortgage Loan originated in the City of Los Angeles is subject to the City
          of
          Los Angeles California Ordinance 175008 as a home loan;

         

        (lii)  No
          Mortgage Loan is a “High Cost Home Loan” as defined under the Maine House Bill
          383 L.D. 494, effective as of September 13, 2003;

         

        (liii)  No
          Mortgage Loan is a “High Cost” loan as defined under the New York Banking Law
          Section 6L, effective as of April 1, 2003;

         

        (liv)  No
          Mortgage Loan is a “home loan” in the state of Nevada; 

         

        (lv)  No
          Mortgage Loan is a “Section 10 mortgage loan” as defined in Oklahoma House Bill
          1574;

         

        (lvi)  With
          respect to any Group IA or Group IB Mortgage Loan originated on or after
          August
          1, 2004, neither the related Mortgage nor the related Mortgage Note requires
          the
          borrower to submit to arbitration to resolve any dispute arising out of
          or
          relating in any way to the Mortgage Loan transaction;

         

        (lvii)  No
          Mortgage Loan is a High Cost Loan or Covered Loan, as applicable (as such
          terms
          are defined in the then current Standard & Poor’s LEVELS®
          Glossary
          which is now Version 5.6(d) Revised, Appendix E (attached hereto as Exhibit
          2))
          and no Mortgage Loan originated on or after October 1, 2002 through March
          6,
          2003 is governed by the Georgia Fair Lending Act;

         

        (lviii)  No
          Mortgage Loan is a “High-Cost Home Mortgage Loan” as defined in the
          Massachusetts Predatory Home Loan Practices Act, effective November 7,
          2004
          (Mass. Ann. Laws Ch. 183C);

         

        (lix)  No
          Group
          IB Mortgage Loan is a balloon mortgage loan that has an original stated
          maturity
          of less than seven (7) years;

         

        (lx)  With
          respect to each Group IB Mortgage Loan, no borrower was encouraged or required
          to select a mortgage loan product offered by the originators which is a
          higher
          cost product designed for less creditworthy borrowers, unless at the time
          of
          such Group IB Mortgage Loan’s origination, such borrower did not qualify taking
          into account credit history and debt to income ratios for a lower cost
          credit
          product then offered by the originator or any affiliate of the originator.
          If,
          at the time of loan application, the borrower may have qualified for a
          lower
          cost credit product then offered by any mortgage lending affiliate of the
          originator, the originator referred the borrower’s application to such affiliate
          for underwriting consideration;

         

        (lxi)  With
          respect to each Group IA Mortgage Loan and each Group IB Mortgage Loan,
          the
          methodology used in underwriting the extension of credit employed objective
          mathematical principles which relate the borrower's income, assets and
          liabilities to the proposed payment and such underwriting methodology does
          not
          rely on the extent of the borrower's equity in the collateral as the principal
          determining factor in approving such credit extension. Such underwriting
          methodology confirmed that at the time of origination the borrower had
          a
          reasonable ability to make timely payments on such Mortgage Loan;

         

        (lxii)  With
          respect to each Group IB Mortgage Loan that contains a provision permitting
          imposition of a premium upon a prepayment prior to maturity: (i) prior
          to the
          loan's origination, the borrower agreed to such premium in exchange for
          a
          monetary benefit, including but not limited to a rate or fee reduction,
          (ii)
          prior to the loan's origination, the borrower was offered the option of
          obtaining a mortgage loan that did not require payment of such a premium,
          (iii)
          the prepayment premium is disclosed to the borrower in the loan documents
          pursuant to applicable state and federal law, (iv) for loans originated
          on or
          after September 1, 2004, the duration of the prepayment period shall not
          exceed
          three (3) years from the date of the note, unless the loan was modified
          to
          reduce the prepayment period to no more than three years from the date
          of the
          note and the borrower was notified in writing of such reduction in prepayment
          period, and (v) notwithstanding any state or federal law to the contrary,
          the
          related Servicer shall not impose such prepayment premium in any instance
          when
          the mortgage debt is accelerated as the result of the borrower's default
          in
          making the loan payments;

         

        (lxiii)  All
          points and fees related to each Group IB Mortgage Loan were disclosed in
          writing
          to the Mortgagor in accordance with applicable state and federal law and
          regulation. Except in the case of a Group IB Mortgage Loan in an original
          principal amount of less than $60,000 which would have resulted in an
          unprofitable origination, no Mortgagor was charged “points and fees” (whether or
          not financed) in an amount greater than 5% of the principal amount of such
          loan,
          such 5% limitation is calculated in accordance with Fannie Mae's anti-predatory
          lending requirements as set forth in the Fannie Mae Selling Guide;

         

        (lxiv)  All
          points, fees and charges (including finance charges) and whether or not
          financed, assessed, collected or to be collected in connection with the
          origination and servicing of each Group IA Mortgage Loan and each Group
          IB
          Mortgage Loan has been disclosed in writing to the borrower in accordance
          with
          applicable state and federal law and regulation; 

         

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

         

        (lxvi)  With
          respect to any Mortgage Loan that is secured by a second lien on the related
          Mortgaged Property, either (i) no consent for the Mortgage Loan is required
          by
          the holder of any related senior lien or (ii) such consent has been obtained
          and
          is contained in the Mortgage File;

         

        (lxvii)  With
          respect to each Group IA Mortgage Loan, such Group IA Mortgage Loan’s originator
          offered the borrower mortgage loan products offered by such Mortgage Loan’s
          originator, or any affiliate of such Mortgage Loan’s originator, for which the
          borrower qualified;

         

        (lxviii)  With
          respect to a Mortgage Loan which is a second lien, as of the date hereof,
          the
          Seller has not received a notice of default of a senior lien on the related
          Mortgaged Property which has not been cured;

         

        (lxix)  With
          respect to a Group IA Mortgage Loan which is a second lien, (a) such second
          lien
          Group IA Mortgage Loan is secured by a one- to four-family residence that
          was
          (or would be) the principal residence of the Mortgagor upon the origination
          of
          the second lien Mortgage Loan, (b) the origination amount for such second
          lien
          Group IA Mortgage Loan did not exceed one-half of the one-unit limitation
          set
          forth by Freddie Mac for first lien mortgage loans, and (c) the aggregate
          original principal balance for the first lien and the second lien mortgage
          Loan
          do not exceed Freddie Mac’s applicable loan limits for first lien mortgage loans
          for properties of the same type as the related Mortgaged Property;

         

        (lxx)  No
          borrower under a Group IA Mortgage Loan was charged “points and fees” in an
          amount greater than (a) $1,000 or (b) 5% of the principal amount of such
          Group
          IA Mortgage Loan, whichever is greater. For purposes of this representation,
          “points and fees” (x) include origination, underwriting, broker and finder’s
          fees and charges that the lender imposed as a condition of making such
          Group IA
          Mortgage Loan, whether they were paid to the lender or a third party; and
          (y)
          exclude bona fide discount points, fees paid for actual services rendered
          in
          connection with the origination of the mortgage (such as attorney’s fees,
          notaries fees and fees paid for property appraisals, credit reports, surveys,
          title examinations and extracts, flood and tax certifications, and home
          inspections); the cost of mortgage insurance or credit-risk price adjustments;
          the costs of title, hazard, and flood insurance policies; state and local
          transfer taxes or fees; escrow deposits for the future payment of taxes
          and
          insurance premiums; and other miscellaneous fees and charges that, in total,
          do
          not exceed 0.25 percent of the loan amount;

         

        (lxxi)  No
          selection procedures were used by the Seller that identified the Mortgage
          Loans
          as being less desirable or valuable than other comparable mortgage loans
          in the
          Seller’s portfolio;

         

        (lxxii)  The
          information set forth in the Closing Schedule is true and correct in all
          material respects as of the Cut-off Date; and

         

        (lxxiii)  No
          Mortgage Loan is secured in whole or in part by the interest of the Mortgagor
          as
          a lessee under a ground lease of the related Mortgaged Property.

         

         

        SECTION
          7.  Repurchase
          Obligation for Defective Documentation and for Breach of Representation
          and
          Warranty.

         

        (a)  The
          representations and warranties contained in Section 6 shall not be impaired
          by
          any review and examination of loan files or other documents evidencing
          or
          relating to the Mortgage Loans or any failure on the part of the Seller
          or the
          Purchaser to review or examine such documents and shall inure to the benefit
          of
          any assignee, transferee or designee of the Purchaser, including the Trustee
          for
          the benefit of the Certificateholders. With respect to the representations
          and
          warranties contained herein as to which the Seller has no knowledge, if
          it is
          discovered that the substance of any such representation and warranty was
          inaccurate as of the date such representation and warranty was made or
          deemed to
          be made, and such inaccuracy materially and adversely affects the value
          of the
          related Mortgage Loan or the interest therein of the Purchaser or the
          Purchaser’s assignee, transferee or designee, then notwithstanding the lack of
          knowledge by the Seller with respect to the substance of such representation
          and
          warranty being inaccurate at the time the representation and warranty was
          made,
          the Seller shall take such action described in the following paragraph
          in
          respect of such Mortgage Loan. Notwithstanding anything to the contrary
          contained herein, any breach of a representation or warranty contained
          in
          clauses (viii), (xxxiv), (xxxviii), (xxxix), (xl), (xli), (xlvi), (xlvii),
          (lvi), (lxi), (lxiv), (lxvii), (lxix) and/or (lxx) of Section 6 above,
          shall be
          automatically deemed to affect materially and adversely the interests of
          the
          Purchaser or the Purchaser’s assignee, transferee or designee.

         

        Upon
          discovery by the Seller, the Purchaser or any assignee, transferee or designee
          of the Purchaser of any materially defective document in, or that any material
          document was not transferred by the Seller, as listed on a Custodian’s
          preliminary exception report, as described in the Custodial Agreement,
          as part
          of any Mortgage File, or of a breach of any of the representations and
          warranties contained in Section 6 that materially and adversely affects
          the
          value of any Mortgage Loan or the interest therein of the Purchaser or
          the
          Purchaser’s assignee, transferee or designee, the party discovering such breach
          shall give prompt written notice to the Seller. Within sixty (60) days
          of its
          discovery or its receipt of notice of any such missing documentation that
          was
          not transferred by the Seller as described above, or of materially defective
          documentation, or any such breach of a representation and warranty, the
          Seller
          promptly shall deliver such missing document or cure such defect or breach
          in
          all material respects or, in the event the Seller cannot deliver such missing
          document or cannot cure such defect or breach, the Seller shall, within
          ninety
          (90) days of its discovery or receipt of notice of any such missing or
          materially defective documentation or of any such breach of a representation
          and
          warranty, either (i) repurchase the affected Mortgage Loan at the Purchase
          Price
          (as such term is defined in the Pooling and Servicing Agreement) or (ii)
          pursuant to the provisions of the Pooling and Servicing Agreement, cause
          the
          removal of such Mortgage Loan from the Trust Fund and substitute one or
          more
          Qualified Substitute Mortgage Loans. The Seller shall amend the Closing
          Schedule
          to reflect the withdrawal of such Mortgage Loan from the terms of this
          Agreement
          and the Pooling and Servicing Agreement. The Seller shall deliver to the
          Purchaser such amended Closing Schedule and shall deliver such other documents
          as are required by this Agreement or the Pooling and Servicing Agreement
          within
          five (5) days of any such amendment. Any repurchase pursuant to this Section
          7(a) shall be accomplished by transfer to an account designated by the
          Purchaser
          of the amount of the Purchase Price in accordance with Section 2.03 of
          the
          Pooling and Servicing Agreement. Any repurchase required by this Section
          shall
          be made in a manner consistent with Section 2.03 of the Pooling and Servicing
          Agreement.

         

        (b)  If
          the
          representation made by the Seller in Section 5(xii) is breached, the Seller
          shall not have the right or obligation to cure, substitute or repurchase
          the
          affected Mortgage Loan but shall remit to the applicable Servicer for deposit
          in
          the related Collection Account, prior to the next succeeding Servicer Remittance
          Date, the amount of the Prepayment Charge indicated on the applicable part
          of
          the Closing Schedule to be due from the Mortgagor in the circumstances
          less any
          amount collected and remitted to such Servicer for deposit into the Collection
          Account.

         

        (c)  It
          is
          understood and agreed that the obligations of the Seller set forth in this
          Section 7 to cure or repurchase a defective Mortgage Loan (and to make
          payments
          pursuant to Section 7(b)) constitute the sole remedies of the Purchaser
          against
          the Seller respecting a missing document or a breach of the representations
          and
          warranties contained in Section 5(xii) or Section 6.

         

         

        SECTION
          8.  Closing;
          Payment for the Mortgage Loans.The
          closing of the purchase and sale of the Mortgage Loans, shall be held at
          the New
          York City office of Thacher Proffitt & Wood llp
          at 10:00
          a.m. New York City time on the Closing Date.

         

        The
          closing shall be subject to each of the following conditions:

         

        (a)  All
          of
          the representations and warranties of the Seller under this Agreement shall
          be
          true and correct in all material respects as of the date as of which they
          are
          made and no event shall have occurred which, with notice or the passage
          of time,
          would constitute a default under this Agreement;

         

        (b)  The
          Purchaser shall have received, or the attorneys of the Purchaser shall
          have
          received in escrow (to be released from escrow at the time of closing),
          all
          closing documents as specified in Section 9 of this Agreement, in such
          forms as
          are agreed upon and acceptable to the Purchaser, duly executed by all
          signatories other than the Purchaser as required pursuant to the respective
          terms thereof;

         

        (c)  The
          Seller shall have delivered or caused to be delivered and released to the
          Purchaser or to its designee, all documents (including without limitation,
          the
          Mortgage Loans) required to be so delivered by the Purchaser pursuant to
          Section
          2.01 of the Pooling and Servicing Agreement; and

         

        (d)  All
          other
          terms and conditions of this Agreement and the Pooling and Servicing Agreement
          shall have been complied with.

         

        Subject
          to the foregoing conditions, the Purchaser shall deliver or cause to be
          delivered to the Seller on the Closing Date, against delivery and release
          by the
          Seller to the Trustee of all documents required pursuant to the Pooling
          and
          Servicing Agreement, the consideration for the Mortgage Loans as specified
          in
          Section 3 of this Agreement.

         

         

        SECTION
          9.  Closing
          Documents.
          Without
          limiting the generality of Section 8 hereof, the closing shall be subject
          to
          delivery of each of the following documents:

         

        (a)  An
          Officers’ Certificate of the Seller, dated the Closing Date, upon which the
          Purchaser and DBSI may rely with respect to certain facts regarding the
          sale of
          the Mortgage Loans by the Seller to the Purchaser;

         

        (b)  An
          Opinion of Counsel of the Seller, dated the Closing Date and addressed
          to the
          Purchaser and DBSI;

         

        (c)  Such
          opinions of counsel as the Rating Agencies or the Trustee may request in
          connection with the sale of the Mortgage Loans by the Seller to the Purchaser
          or
          the Seller’s execution and delivery of, or performance under, this Agreement;
          and

         

        (d)  Such
          further information, certificates, opinions and documents as the Purchaser
          or
          DBSI may reasonably request.

         

         

        SECTION
          10.  Costs.
          The
          Seller shall pay (or shall reimburse the Purchaser or any other Person
          to the
          extent that the Purchaser or such other Person shall pay) all costs and
          expenses
          incurred in connection with the transfer and delivery of the Mortgage Loans,
          including without limitation, fees for title policy endorsements and
          continuations, the fees and expenses of the Seller’s accountants and attorneys,
          the costs and expenses incurred in connection with producing each Servicer’s
          loan loss, foreclosure and delinquency experience, and the costs and expenses
          incurred in connection with obtaining the documents referred to in Sections
          9(a), 9(b) and 9(c), the costs and expenses of printing (or otherwise
          reproducing) and delivering this Agreement, the Pooling and Servicing Agreement,
          the Certificates, the prospectus and prospectus supplement, and any private
          placement memorandum relating to the Certificates and other related documents,
          the initial fees, costs and expenses of the Trustee, the fees and expenses
          of
          the Purchaser’s counsel in connection with the preparation of all documents
          relating to the securitization of the Mortgage Loans, the filing fee charged
          by
          the Securities and Exchange Commission for registration of the Certificates
          and
          the fees charged by any rating agency to rate the Certificates.  All
          other costs and expenses in connection with the transactions contemplated
          hereunder shall be borne by the party incurring such expense.

         

         

        SECTION
          11.  Servicing.  The
          Mortgage Loans will be master serviced by the Master Servicer under the
          Pooling
          and Servicing Agreement and serviced by the Servicers, on behalf of the
          Trust,
          and the Seller has represented to the Purchaser that such Mortgage Loans
          are not
          subject to any other servicing agreements with third parties other than
          certain
          interim servicing agreements.  It is understood and agreed between the
          Seller and the Purchaser that the Mortgage Loans are to be delivered free
          and
          clear of any servicing agreements (other than certain interim servicing
          agreements).  Neither the Purchaser nor any affiliate of the Purchaser
          is servicing the Mortgage Loans under any such servicing agreement and,
          accordingly, neither the Purchaser nor any affiliate of the Purchaser is
          entitled to receive any fee for releasing the Mortgage Loans from any such
          servicing agreement.  The Seller shall arrange for the orderly
          transfer of such servicing to the applicable Servicer.  For so long as
          the Master Servicer master services the Mortgage Loans and the Servicers
          service
          the related Mortgage Loans, the Master Servicer shall be entitled to the
          Master
          Servicing Fee and each Servicer shall be entitled to its Servicing Fee
          and such
          other payments as provided for under the terms of the Pooling and Servicing
          Agreement or the Servicing Agreement, as applicable.

         

         

        SECTION
          12.  Mandatory
          Delivery; Grant of Security Interest.  The
          sale and delivery on the Closing Date of the Mortgage Loans described on
          the
          Closing Schedule in accordance with the terms and conditions of this Agreement
          is mandatory.  It is specifically understood and agreed that each
          Mortgage Loan is unique and identifiable on the date hereof and that an
          award of
          money damages would be insufficient to compensate the Purchaser for the
          losses
          and damages incurred by the Purchaser in the event of the Seller’s failure to
          deliver the Mortgage Loans on or before the Closing Date.  The Seller
          hereby grants to the Purchaser a lien on and a continuing security interest
          in
          the Seller’s interest in each Mortgage Loan and each document and instrument
          evidencing each such Mortgage Loan to secure the performance by the Seller
          of
          its obligation hereunder, and the Seller agrees that it holds such Mortgage
          Loans in custody for the Purchaser, subject to the Purchaser’s (i) right, prior
          to the Closing Date, to reject any Mortgage Loan to the extent permitted
          by this
          Agreement and (ii) obligation to deliver or cause to be delivered the
          consideration for the Mortgage Loans pursuant to Section 8
          hereof.  Any Mortgage Loans rejected by the Purchaser shall
          concurrently therewith be released from the security interest created
          hereby.  All rights and remedies of the Purchaser under this Agreement
          are distinct from, and cumulative with, any other rights or remedies under
          this
          Agreement or afforded by law or equity and all such rights and remedies
          may be
          exercised concurrently, independently or successively.

         

        Notwithstanding
          the foregoing, if on the Closing Date, each of the conditions set forth
          in
          Section 8 hereof shall have been satisfied and the Purchaser shall not
          have paid
          or caused to be paid the Purchase Price, or any such condition shall not
          have
          been waived or satisfied and the Purchaser determines not to pay or cause
          to be
          paid the Purchase Price, the Purchaser shall immediately effect the redelivery
          of the Mortgage Loans, if delivery to the Purchaser has occurred, and the
          security interest created by this Section 12 shall be deemed to have been
          released.

         

         

        SECTION
          13.  Notices.  All
          demands, notices and communications hereunder shall be in writing and shall
          be
          deemed to have been duly given if personally delivered to or mailed by
          registered mail, postage prepaid, or transmitted by fax and, receipt of
          which is
          confirmed by telephone, if to the Purchaser, addressed to the Purchaser
          at 6525
          Morrison Boulevard, Suite 318, Charlotte, North Carolina 28211, fax: (704)
          365-1362, Attention: Doris Hearn, or such other address as may hereafter
          be
          furnished to the Seller in writing by the Purchaser; and if to the Seller,
          addressed to the Seller at 60 Wall Street, New York, New York 10005, fax:
          (212)
          250-2740, Attention:  Michael Commaroto, or to such other address as
          the Seller may designate in writing to the Purchaser.

         

         

        SECTION
          14.  Severability
          of Provisions.  Any
          part, provision, representation or warranty of this Agreement that is prohibited
          or that is held to be void or unenforceable shall be ineffective to the
          extent
          of such prohibition or unenforceability without invalidating the remaining
          provisions hereof.  Any part, provision, representation or warranty of
          this Agreement that is prohibited or unenforceable or is held to be void
          or
          unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
          to the extent of such prohibition or unenforceability without invalidating
          the
          remaining provisions hereof, and any such prohibition or unenforceability
          in any
          jurisdiction as to any Mortgage Loan shall not invalidate or render
          unenforceable such provision in any other jurisdiction.  To the extent
          permitted by applicable law, the parties hereto waive any provision of
          law which
          prohibits or renders void or unenforceable any provision hereof.

         

         

        SECTION
          15.  Agreement
          of Parties.  The
          Seller and the Purchaser each agree to execute and deliver such instruments
          and
          take such actions as either of the others may, from time to time, reasonably
          request in order to effectuate the purpose and to carry out the terms of
          this
          Agreement and the Pooling and Servicing Agreement.

         

         

        SECTION
          16.  Survival.  The
          Seller agrees that the representations, warranties and agreements made
          by it
          herein and in any certificate or other instrument delivered pursuant hereto
          shall be deemed to be relied upon by the Purchaser, notwithstanding any
          investigation heretofore or hereafter made by the Purchaser or on its behalf,
          and that the representations, warranties and agreements made by the Seller
          herein or in any such certificate or other instrument shall survive the
          delivery
          of and payment for the Mortgage Loans and shall continue in full force
          and
          effect, notwithstanding any restrictive or qualified endorsement on the
          Mortgage
          Notes and notwithstanding subsequent termination of this Agreement, the
          Pooling
          and Servicing Agreement or the Trust Fund.

         

         

        SECTION
          17.  GOVERNING
          LAW.  THIS
          AGREEMENT AND THE RIGHTS, DUTIES, OBLIGATIONS AND RESPONSIBILITIES OF THE
          PARTIES HERETO SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
          LAWS
          (EXCLUDING THE CHOICE OF LAW PROVISIONS) AND DECISIONS OF THE STATE OF
          NEW
          YORK.  THE
          PARTIES HERETO INTEND THAT THE PROVISIONS OF SECTION 5-1401 OF THE NEW
          YORK
          GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS AGREEMENT.

         

         

        SECTION
          18.  Miscellaneous.
          This
          Agreement may be executed in two or more counterparts, each of which when
          so
          executed and delivered shall be an original, but all of which together
          shall
          constitute one and the same instrument.  This Agreement shall inure to
          the benefit of and be binding upon the parties hereto and their respective
          successors and assigns.  This Agreement supersedes all prior
          agreements and understandings relating to the subject matter
          hereof.  Neither this Agreement nor any term hereof may be changed,
          waived, discharged or terminated orally, but only by an instrument in writing
          signed by the party against whom enforcement of the change, waiver, discharge
          or
          termination is sought.  The headings in this Agreement are for
          purposes of reference only and shall not limit or otherwise affect the
          meaning
          hereof.

         

        It
          is the
          express intent of the parties hereto that the conveyance of the Mortgage
          Loans
          by the Seller to the Purchaser as provided in Section 4 hereof be, and
          be
          construed as, a sale of the Mortgage Loans by the Seller to the Purchaser
          and
          not as a pledge of the Mortgage Loans by the Seller to the Purchaser to
          secure a
          debt or other obligation of the Seller. However, in the event that,
          notwithstanding the aforementioned intent of the parties, the Mortgage
          Loans are
          held to be property of the Seller, then (a) it is the express intent of
          the
          parties that such conveyance be deemed a pledge of the Mortgage Loans by
          the
          Seller to the Purchaser to secure a debt or other obligation of the Seller
          and
          (b) (1) this Agreement shall also be deemed to be a security agreement
          within
          the meaning of Articles 8 and 9 of the New York Uniform Commercial Code;
          (2) the
          conveyance provided for in Section 4 hereof shall be deemed to be a grant
          by the
          Seller to the Purchaser of a security interest in all of the Seller’s right,
          title and interest in and to the Mortgage Loans and all amounts payable
          to the
          holders of the Mortgage Loans in accordance with the terms thereof and
          all
          proceeds of the conversion, voluntary or involuntary, of the foregoing
          into
          cash, instruments, securities or other property, including without limitation
          all amounts, other than investment earnings, from time to time held or
          invested
          in the Collection Account whether in the form of cash, instruments, securities
          or other property; (3) the possession by the Purchaser or its agent of
          Mortgage
          Notes, the related Mortgages and such other items of property that constitute
          instruments, money, negotiable documents or chattel paper shall be deemed
          to be
“possession by the secured party” for purposes of perfecting the security
          interest pursuant to Section 9-305 of the New York Uniform Commercial Code;
          and
          (4) notifications to persons holding such property and acknowledgments,
          receipts
          or confirmations from persons holding such property shall be deemed
          notifications to, or acknowledgments, receipts or confirmations from, financial
          intermediaries, bailees or agents (as applicable) of the Purchaser for
          the
          purpose of perfecting such security interest under applicable law. Any
          assignment of the interest of the Purchaser pursuant to Section 4(d) hereof
          shall also be deemed to be an assignment of any security interest created
          hereby. The Seller and the Purchaser shall, to the extent consistent with
          this
          Agreement, take such actions as may be necessary to ensure that, if this
          Agreement were deemed to create a security interest in the Mortgage Loans,
          such
          security interest would be deemed to be a perfected security interest of
          first
          priority under applicable law and will be maintained as such throughout
          the term
          of this Agreement and the Pooling and Servicing Agreement.

         

         

        SECTION
          19.  Third
          Party Beneficiary.  The
          parties hereto acknowledge and agree that DBSI and each of its respective
          successors and assigns shall have all the rights of a third-party beneficiary
          in
          respect of Section 12 of this Agreement and shall be entitled to rely upon
          and
          directly enforce the provisions of Section 12 of this Agreement.

         

        
          

        

        
          
            * Please
              contact the Mortgage Loan Seller for this information.

          

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        IN
          WITNESS WHEREOF, the Purchaser and the Seller have caused their names to
          be
          signed by their respective officers thereunto duly authorized as of the
          date
          first above written.

         

         

         

        
          	 	 	
                  DB
                    STRUCTURED PRODUCTS, INC.

                
	 	 	 
	 	 	By:	 
	
                	 	Name:	
                  

                
	 	 	Title:	 

        

         

        
          
            	 	 	
                    ACE
                      SECURITIES CORP. 

                  
	 	 	 
	 	 	By:	 
	
                  	 	Name:	
                    

                  
	 	 	Title:	 

          

           

          
            
              
                	 	 	By:	 
	
                      	 	Name:	
                        

                      
	 	 	Title:	 

              

               

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

            

          

        

        

        EXHIBIT
          1

         

        Loan
          #:
          ________

        Borrower:______

         

        LOST
          NOTE
          AFFIDAVIT

         

        I,
          as
          _____________________ of ____________________, a _______________ am authorized
          to make this Affidavit on behalf of __________________ (the “Seller”). In
          connection with the administration of the Mortgage Loans held by
          ______________________, a _______________ [corporation] as Seller on behalf
          of
          ____________________ (the “Purchaser”), _______________________ (the
“Deponent”), being duly sworn, deposes and says that:

         

        1. The
          Seller’s address is: 
          
            	 	 	 	 
	 	 	 	 
	 	 	 	 

          
   

        2. The
          Seller previously delivered to the Purchaser a signed Initial Certification
          with
          respect to such Mortgage and/or Assignment of Mortgage;

         

        3. Such
          Mortgage Note and/or Assignment of Mortgage was assigned or sold to the
          Purchaser by __________________, a pursuant to the terms and provisions
          of a
          Mortgage Loan Purchase Agreement dated as of _____________;

         

        4. Such
          Mortgage Note and/or Assignment of Mortgage is not outstanding pursuant
          to a
          request for release of Documents;

         

        5. Aforesaid
          Mortgage Note and/or Assignment of Mortgage (the “Original”) has been
          lost;

         

        6. Deponent
          has made or caused to be made a diligent search for the Original and has
          been
          unable to find or recover same;

         

        7. The
          Seller was the Seller of the Original at the time of the loss; and

         

        8. Deponent
          agrees that, if said Original should ever come into Seller’s possession, custody
          or power, Seller will immediately and without consideration surrender the
          Original to the Purchaser.

         

        9. Attached
          hereto is a true and correct copy of (i) the Note, endorsed in blank by
          the
          Mortgagee and (ii) the Mortgage or Deed of Trust (strike one) which secures
          the
          Note, which Mortgage or Deed of Trust is recorded in the county where the
          property is located.

         

        10. Deponent
          hereby agrees that the Seller (a) shall indemnify and hold harmless the
          Purchaser, its successors and assigns, against any loss, liability or damage,
          including reasonable attorney’s fees, resulting from the unavailability of any
          Notes, including but not limited to any loss, liability or damage arising
          from
          (i) any false statement contained in this Affidavit, (ii) any claim of
          any party
          that purchased a mortgage loan evidenced by the Lost Note or any interest
          in
          such mortgage loan, (iii) any claim of any borrower with respect to the
          existence of terms of a mortgage loan evidenced by the Lost Note on the
          related
          property to the fact that the mortgage loan is not evidenced by an original
          note
          and (iv) the issuance of a new instrument in lieu thereof (items (i) through
          (iv) above hereinafter referred to as the “Losses”) and (b) if required by any
          Rating Agency in connection with placing such Lost Note into a Pass-Through
          Transfer, shall obtain a surety from an insurer acceptable to the applicable
          Rating Agency to cover any Losses with respect to such Lost Note.

         

        11. This
          Affidavit is intended to be relied upon by the Purchaser, its successors
          and
          assigns. Seller represents and warrants that is has the authority to perform
          its
          obligations under this Affidavit of Lost Note.

         

        Executed
          this _ day of _______, 200_.

         

        
           

          
            
              
                	 	 	 	
                        

                      
	 	 	By:	 
	
                      	 	Name:	
                        

                      
	 	 	Title:	 

              

               

          

        

         

        On
          this
          __ day of ______, 200_, before me appeared ______________________ to me
          personally known, who being duly sworn did say that he is the
          _______________________ of ____________________, a ______________________
          and
          that said Affidavit of Lost Note was signed and sealed on behalf of such
          corporation and said acknowledged this instrument to be the free act and
          deed of
          said entity.

         

        Signature:

         

        [Seal]

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          2

        

        

       

      
        
          
             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        G

      

      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 5.06(a)(ii). 

      

      Under
        Item 1 of Form 10-D: a) items marked “monthly statement” are required to be
        included in the periodic Distribution Date statement under Section 5.02,
        provided by the Securities Administrator based on information received from
        the
        Master Servicer; and b) items marked “Form 10-D report” are required to be in
        the Form 10-D report but not the monthly statement, provided by the party
        indicated. Information under all other Items of Form 10-D is to be included
        in
        the Form 10-D report.

      

      
        	
                Form

              	
                Item

              	
                Description

              	
                Servicers

              	
                Master
                  Servicer

              	
                Securities
                  Administrator

              	
                Custodian

              	
                Trustee

              	
                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
                  Statement)

              	 	 	 	 
	
                (2)
                  Cash flows received and the sources thereof for distributions,
                  fees and
                  expenses.

              	 	 	
                X

                 

                (monthly
                  Statement)

              	 	 	 	 
	
                (3)
                  Calculated amounts and distribution of the flow of funds for the
                  period
                  itemized by type and priority of payment, including:

              	 	 	
                X

                 

                (monthly
                  Statement)

              	 	 	 	 
	
                (i)
                  Fees or expenses accrued and paid, with an identification of the
                  general
                  purpose of such fees and the party receiving such fees or
                  expenses.

              	 	 	
                X

                 

                (monthly
                  Statement)

              	 	 	 	 
	
                (ii)
                  Payments accrued or paid with respect to enhancement or other support
                  identified in Item 1114 of Regulation AB (such as insurance premiums
                  or
                  other enhancement maintenance fees), with an identification of
                  the general
                  purpose of such payments and the party receiving such
                  payments.

              	 	 	
                X

                 

                (monthly
                  Statement)

              	 	 	 	 
	
                (iii)
                  Principal, interest and other distributions accrued and paid on
                  the
                  asset-backed securities by type and by class or series and any
                  principal
                  or interest shortfalls or carryovers.

              	 	 	
                X

                 

                (monthly
                  Statement)

              	 	 	 	 
	
                (iv)
                  The amount of excess cash flow or excess spread and the disposition
                  of
                  excess cash flow.

              	 	 	
                X

                 

                (monthly
                  Statement)

              	 	 	 	 
	
                (4)
                  Beginning and ending principal balances of the asset-backed
                  securities.

              	 	 	
                X

                 

                (monthly
                  Statement)

              	 	 	 	 
	
                (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
                  Statement)

              	 	 	 	 
	
                (6)
                  Beginning and ending balances of transaction accounts, such as
                  reserve
                  accounts, and material account activity during the period.

              	 	 	
                X

                 

                (monthly
                  Statement)

              	 	 	 	 
	
                (7)
                  Any amounts drawn on any credit enhancement or other support identified
                  in
                  Item 1114 of Regulation AB, as applicable, and the amount of coverage
                  remaining under any such enhancement, if known and
                  applicable.

              	 	 	
                X

                 

                (monthly
                  Statement)

              	 	 	 	 
	
                (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
                  Statement)

              	 	 	
                Updated
                  pool composition information fields to be as specified by Depositor
                  from
                  time to time

              	 
	
                (9)
                  Delinquency and loss information for the period.

              	
                X

              	
                X

              	
                X

                 

                (monthly
                  Statement)

              	 	 	 	 
	
                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

              	
                X

              	
                X

                 

                (monthly
                  Statement)

              	 	 	 	 
	
                (11)
                  Any material modifications, extensions or waivers to pool asset
                  terms,
                  fees, penalties or payments during the distribution period or that
                  have
                  cumulatively become material over time.

              	
                X

              	
                X

              	
                X

                 

                (monthly
                  Statement)

              	 	 	 	 
	
                (12)
                  Material breaches of pool asset representations or warranties or
                  transaction covenants.

              	
                X

              	
                X

              	 	 	 	
                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
                  Statement)

              	 	 	 	 
	
                (14)
                  Information regarding any new issuance of asset-backed securities
                  backed
                  by the same asset pool, 

              	 	 	 	 	 	
                X

              	 
	
                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

              	 	 	 	 	
                X

              	 	 
	
                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

              	 	
                X

              	 	 
	
                5

              	
                Submission
                  of Matters to a Vote of Security Holders

              	 	 	 	 	 	 	 
	
                Information
                  from Item 4 of Part II of Form 10-Q

              	 	 	
                X

              	 	
                X

              	 	 
	
                6

              	
                Significant
                  Obligors of Pool Assets

              	 	 	 	 	 	 	 
	
                Item
                  1112(b) - Significant
                  Obligor Financial Information*

              	 	 	 	 	 	
                X

              	
                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
                  (if Master Servicer is not a party)

              	 	
                X
                  (if Master Servicer is not a party)

              	
                X
                  (if Master Servicer is not a party)

              	
                X
                  (if Master Servicer is not a party)

              
	
                1.02

              	
                Termination
                  of a Material Definitive Agreement

              	
                X

              	
                X

              	
                X
                  (if Master Servicer is not a party)

              	 	
                X
                  (if Master Servicer is not a party)

              	
                X
                  (if Master Servicer is not a party)

              	
                X
                  (if Master Servicer is not a party)

              
	
                Disclosure
                  is required regarding termination of any definitive agreement that
                  is
                  material to the securitization (other than expiration in accordance
                  with
                  its terms), even if depositor is not a party. 

                 

                 

                Examples:
                  servicing agreement, custodial agreement.

              	 	 	 	 	 	 	 
	
                1.03

              	
                Bankruptcy
                  or Receivership

              	 	 	 	 	 	 	 
	
                Disclosure
                  is required regarding the bankruptcy or receivership, if known
                  to the
                  Master Servicer, with respect to any of the following: 

                 

                Sponsor
                  (Seller), Depositor, Master Servicer, affiliated Servicer, other
                  Servicer
                  servicing 20% or more of pool assets at time of report, other material
                  servicers, Certificate Administrator, Trustee, significant obligor,
                  credit
                  enhancer (10% or more), derivatives counterparty,
                  Custodian

              	
                X

              	
                X

              	
                X

              	
                X

              	
                X 

              	
                X 

              	
                X

              
	
                2.04

              	
                Triggering
                  Events that Accelerate or Increase a Direct Financial Obligation
                  or an
                  Obligation under an Off-Balance Sheet Arrangement

              	 	 	 	 	 	 	 
	
                Includes
                  an early amortization, performance trigger or other event, including
                  event
                  of default, that would materially alter the payment priority/distribution
                  of cash flows/amortization schedule.

                 

                Disclosure
                  will be made of events other than waterfall triggers which are
                  disclosed
                  in the 5.02 statement

              	 	
                X

              	
                X

              	 	 	 	 
	
                3.03

              	
                Material
                  Modification to Rights of Security Holders

              	 	 	 	 	 	 	 
	
                Disclosure
                  is required of any material modification to documents defining
                  the rights
                  of Certificateholders, including the Pooling and Servicing
                  Agreement

              	 	
                X

              	
                X

              	 	
                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

              	
                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, certificate
                  administrator or trustee. 

              	
                X

              	
                X

              	
                X

              	 	
                X

              	
                X

              	 
	 	
                Reg
                  AB disclosure about any new servicer (from entity appointing new
                  servicer)
                  or trustee (from Depositor) is also required.

              	
                X

              	 	 	 	
                X

              	
                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

              	
                X

              	 
	 	
                Reg
                  AB disclosure about any new enhancement provider is also
                  required

              	 	 	 	 	 	
                X

              	 
	
                6.04

              	
                Failure
                  to Make a Required Distribution

              	 	 	
                X

              	 	
                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

              	
                X

              
	
                8.01

              	
                Other
                  Events

              	 	 	 	 	 	 	 
	
                Any
                  event, with respect to which information is not otherwise called
                  for in
                  Form 8-K, that the registrant deems of importance to security
                  holders.

              	 	 	 	 	 	
                X

              	 
	
                9.01

              	
                Financial
                  Statements and Exhibits

              	
                The
                  Responsible Party applicable to reportable event.

              
	
                10-K

              	
                Must
                  be filed within 90 days of the fiscal year end for the
                  registrant.

              
	
                9B

              	
                Other
                  Information

              	 	 	 	 	 	 	 
	 	 	
                Disclose
                  any information required to be reported on Form 8-K during the
                  fourth
                  quarter covered by the Form 10-K but not reported

              	
                The
                  Responsible Party for the applicable Form 8-K as indicated
                  above.

              
	 	
                15

              	
                Exhibits
                  and Financial Statement Schedules

              	 	 	 	 	 	 	 
	
                Item
                  1112(b) - Significant
                  Obligor Financial Information

              	 	 	 	 	 	
                X

              	
                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

              	 	 	 	 	
                X

              	 	 
	
                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

              	
                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

              	 	 	 	 	
                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

              	 	 	 	 	 	
                X

              	
                X

              
	
                Custodian

              	 	 	 	
                X
                  (with respect to affiliations only)

              	 	 	 
	
                Credit
                  Enhancer/Support Provider

              	 	 	 	 	 	
                X

              	
                X

              
	
                Significant
                  Obligor

              	 	 	 	 	 	
                X

              	
                X

              
	
                Item
                  1122 - Assessment of Compliance with Servicing
                  Criteria

              	
                X

              	
                X

              	
                X

              	
                X

              	 	 	 
	
                Item
                  1123 - Servicer Compliance Statement

              	
                X

              	
                X

              	 	 	 	 	 

      

      

       

      
        
          
             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        H

       

      ADDITIONAL
        DISCLOSURE NOTIFICATION

       

      **SENT
        VIA FAX TO [_XXX)XXX-XXXX] AND VIA EMAIL TO [_________________] AND VIA
        OVERNIGHT MAIL TO THE ADDRESS IMMEDIATELY BELOW:

       

      Wells
        Fargo Bank, N.A. as Securities Administrator

      Old
        Annapolis Road

      Columbia,
        Maryland 21045

      Fax:
        (410) 715-2380

      E-mail:
        cts.sec.notifications@wellsfargo.com

       

      Attn:
        Corporate Trust Services - ACE 2006-HE1 - SEC REPORT PROCESSING

       

      ACE
        Securities Corp.

      6525
        Morrison Boulevard, Suite 318

      Charlotte,
        North Carolina 28211

      Fax:
        (704) 365-1362)

      Attn:
        Juliana Johnson

       

      RE:
        **
        Additional Form [10-D][10-K][8-K] Disclosure** Required

       

      Ladies
        and Gentlemen:

       

      In
        accordance with Section [__] of the Pooling and Servicing Agreement, dated
        as of [________] [__], 2006 among [_____________], as [______], [_____________],
        as [______], [_____________], as [______] and [_____________], as [______],
        the
        undersigned, as [______], hereby notifies you that certain events have come
        to
        our attention that [will] [may] need to be disclosed on Form
        [10-D][10-K][8-K].

       

      Description
        of Additional Form [10-D][10-K][8-K] Disclosure:

       

       

      List
        of any Attachments hereto to be included in the Additional Form
        [10-D][10-K][8-K] Disclosure: 

       

      

       

      Any
        inquiries related to this notification should be directed to [_____________],
        phone number: [______]; email address: [_________________].

       

       

      
        	 	 	 
	 	
                [NAME
                  OF PARTY],

                as
                  [role]

              
	 
 	 
 	 
 
	 	By:  	 
	 	
                
Name:
	 	Title 

      

      
      

       

      

      
        
          
             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        I

       

      SWAP
        AGREEMENT

       

      [FILED
        WITH THE SEC]

       

      

        
        

        
          	
                  Financial
                    Markets

                  280
                    Bishopsgate

                  London
                    EC2M 4RB

                
	
                  Memorandum

                	
                  February
                    28, 2006

                

        

        

        
          	
                  To:

                	
                  Wells
                    Fargo Bank, National Association as Securities Administrator
                    on behalf of
                    the Supplemental Interest Trust with respect to Ace Securities
                    Corp. Home
                    Equity Loan Trust, Series 2006-HE1, Asset Backed Pass-Through
                    Certificates
                    (“Party
                    B”)

                  9062
                    Old Annapolis Road

                  Columbia,
                    Maryland 21045

                  Tel:
                    410-884-2000

                  Attn:
                    Client Manager, ACE 2006-HE1

                  Fax:
                    410-715-2380

                

        

        
          	 	 

        

        
          	 
	
                  From:

                   

                   

                   

                   

                	
                  The
                    Royal Bank of Scotland plc (“Party
                    A”)

                  c/o
                    RBS Financial Markets

                  Level
                    7, 135 Bishopsgate

                  London
                    EC2M 3UR

                  Attn:
                    Head of Legal, Financial Markets 

                  Tel:
                    44 207 085 5000

                  Fax:
                    44 207 085 8411

                
	
                  Copy
                    To:

                	
                  Greenwich
                    Capital Markets, Inc.

                  600
                    Steamboat Road

                  Greenwich,
                    CT 06830

                  Attn:
                    Legal Department - Derivatives Documentation

                  Tel.:
                    203-618-2531/32

                  Fax:
                    203-618-2533/34

                
	
                  Our
                    Reference Number:

                	
                  D6935065

                

        

        

        Dear
          Sir
          or Madam:

         

        The
          purpose of this letter agreement is to confirm the terms and conditions
          of the
          Transaction entered into between Party A and Wells Fargo Bank, National
          Association as Securities Administrator under the Pooling and Servicing
          Agreement (the “Pooling
          and Servicing Agreement”),
          dated
          and effective as of February 1, 2006, among Ace Securities Corp., as
          Depositor, Ocwen Loan Servicing, LLC, as Servicer, Wells Fargo Bank, National
          Association, as Master Servicer and Securities Administrator and HSBC Bank
          USA,
          National Association, as trustee (each a “party”
and
          together “the
          parties”)
          on the
          Trade Date specified below (the “Transaction”).
          This
          letter agreement constitutes the sole and complete “Confirmation”,
          as
          referred to in the Master Agreement as well as a “Schedule”
as
          referred to in the Master Agreement.

         

        This
          letter agreement constitutes a “Confirmation”
and
          the
          definitions and provisions contained in the 2000 ISDA Definitions (the
          “Definitions”)
          as
          published by the International Swaps and Derivatives Association, Inc.,
          (“ISDA”)
          are
          incorporated into this Confirmation. This Confirmation will be governed
          by and
          subject to the terms and conditions which would be applicable if, prior
          to the
          Trade Date, the parties had executed and delivered an ISDA Master Agreement
          (Multicurrency-Cross Border), in the form published by ISDA in 1992 (the
          “Master
          Agreement”),
          with
          the attached Schedule B as the Schedule to the Master Agreement and the
          modifications provided below (collectively, the “Agreement”).
          In
          the event of any inconsistency between the provisions of the Master Agreement
          and this Confirmation and the attached Schedule B, this Confirmation will
          govern. Terms capitalized but not defined herein or in the Definitions
          incorporated herein shall have the respective meanings attributed to them
          in the
          Pooling and Servicing Agreement.

         

         

        
          	
                  1

                	
                  This
                    Confirmation evidences a complete binding agreement between the
                    parties as
                    to the terms of the Transaction to which this Confirmation relates.
                    In
                    addition, each party represents to the other party and will be
                    deemed to
                    represent to the other party on the date on which it enters into
                    a
                    Transaction that (absent a written agreement between the parties
                    that
                    expressly imposes affirmative obligations to the contrary for
                    that
                    Transaction):

                

        

         

        
          	 	
                  (i)

                	
                  Principal
                    In
                    the case of Party A, it is acting as principal and not as agent
                    when
                    entering into the Transaction and in the case of Party B, it
                    is acting as
                    Securities Administrator when entering into the
                    Transaction.

                

        

         

        
          	 	
                  (ii)

                	
                  Non-Reliance
                    In
                    the case of Party A, it is acting for its own account and, in
                    the case of
                    Party B, it is acting as Securities Administrator, and in the
                    case of both
                    parties, it has made its own independent decisions to enter into
                    the
                    Transaction and as to whether the Transaction is appropriate
                    or proper for
                    it based upon its own judgment and upon advice from such advisors
                    as it
                    has deemed necessary and, with respect to Party B, as directed
                    under the
                    Pooling and Servicing Agreement. It is not relying on any communication
                    (written or oral) of the other party as investment advice or
                    as a
                    recommendation to enter into the Transaction; it being understood
                    that
                    information and explanations related to the terms and conditions
                    of the
                    Transaction shall not be considered investment advice or a recommendation
                    to enter into the Transaction. No communication (written or oral)
                    received
                    from the other party shall be deemed to be an assurance or guarantee
                    as to
                    the expected results of the
                    Transaction.

                

        

         

        
          	 	
                  (iii)

                	
                  Evaluation
                    and Understanding
                    It
                    is capable of evaluating and understanding (on its own behalf
                    or through
                    independent professional advice), and understands and accepts,
                    the terms,
                    conditions and risks of the Agreement and that Transaction. It
                    is also
                    capable of assuming, and assumes, the financial and other risks
                    of the
                    Agreement and that Transaction.

                

        

         

        
          	 	
                  (iv)

                	
                  Status
                    of Parties
                    The other party is not acting as an agent, fiduciary or advisor
                    for it in
                    respect of that Transaction.

                

        

         

         

        
          	
                  2

                	
                  The
                    terms of the particular Transaction to which this Confirmation
                    relates are
                    as follows:

                

        

         

        
          	
                  Notional
                    Amount:

                	
                  With
                    respect to any Calculation Period, the amount set forth on Schedule
                    A
                    attached hereto.

                
	
                  Trade
                    Date:

                	
                  February
                    14, 2006

                
	
                  Effective
                    Date:

                	
                  February
                    28, 2006

                
	
                  Termination
                    Date:

                	
                  October 25,
                    2009, subject to adjustment in accordance with the Business Day
                    Convention.

                
	
                  Fixed
                    Amounts:

                	 
	
                  Fixed
                    Rate Payer:

                	
                  Party
                    B

                
	
                  Fixed
                    Rate Payer Period 

                  End
                    Dates:

                	
                  The
                    25th
                    day of each month of each year commencing March 25, 2006, through and
                    including the Termination Date, subject to no
                    adjustment.

                
	
                  Fixed
                    Rate Payer

                  Payment
                    Dates:

                	
                  Early
                    Payment shall be applicable. The Fixed Rate Payer Payment Dates
                    shall be
                    one (1) Business Day prior to each Fixed Rate Payer Period End
                    Date,
                    subject to adjustment in accordance with the Business Day
                    Convention.

                
	
                  Fixed
                    Rate:

                	
                  4.76%

                
	
                  Fixed
                    Rate Day

                  Count
                    Fraction:

                	
                  30/360

                
	
                  Upfront
                    Fee:

                	
                  Party
                    B will pay USD 11,090,000 to Party A on the Effective
                    Date.

                
	
                  Floating
                    Amounts:

                	 
	
                  Floating
                    Rate Payer:

                	
                  Party
                    A

                
	
                  Floating
                    Rate Payer Period End Dates:

                	
                  The
                    25th
                    day of each month of each year commencing March 25, 2006, through and
                    including the Termination Date, subject to adjustment in accordance
                    with
                    the Business Day Convention.

                
	
                  Floating
                    Rate Payer Payment Dates:

                	
                  Early
                    Payment shall be applicable. The Floating Rate Payer Payment
                    Dates shall
                    be one (1) Business Day prior to each Floating Rate Payer Period
                    End Date,
                    subject to adjustment in accordance with the Business Day
                    Convention.

                
	
                  Floating
                    Rate Option:

                	
                  USD-LIBOR-BBA

                
	
                  Designated
                    Maturity:

                	
                  One
                    month

                
	
                  Spread:

                	
                  None

                
	
                  Floating
                    Rate Day Count Fraction:

                	
                  Actual/360

                
	
                  Reset
                    Dates:

                	
                  First
                    day of each Calculation Period

                
	
                  Business
                    Days for payment:

                	
                  New
                    York

                
	
                  Business
                    Day Convention:

                	
                  Modified
                    Following

                
	
                  Calculation
                    Agent:

                	
                  Party
                    A

                

        

         

        
          	
                  3

                	
                  Recording
                    of Conversations

                

        

         

        Each
          party (i) consents to the recording of the telephone conversations of trading
          and marketing personnel of the parties and (ii) agrees to obtain any necessary
          consent of, and give notice of such recording to, such personnel of
          it.

         

         

        
          	
                  4

                	
                  Account
                    Details:

                

        

         

        
          	
                  Account
                    for payments to Party A:

                	
                  For
                    the account of The Royal Bank of Scotland Financial Markets Fixed
                    Income
                    and Interest Rate Derivative Operations, London SWIFT RBOSGB2RTCM
                    with
                    JPMorgan Chase Bank, New York CHASUS33, ABA # 021000021

                  Account
                    Number 400930153

                
	
                  Account
                    for payments to Party B:

                	
                  Wells
                    Fargo Bank, NA

                  ABA
                    # 121000248

                  Account
                    Name: SAS Clearing Account #3970771416

                  FFC
                    to: 50901302,
                    ACE 2006-HE1 Supplemental Interest Trust
                    Account

                

        

        

         

        
          	
                  5

                	
                  Offices:

                

        

         

        
          	
                  The
                    Office of Party A for this Transaction is:

                	
                  London

                
	
                  The
                    Office of Party B for this Transaction is:

                	
                  Columbia,
                    Maryland

                

        

        

         

         

        
          	
                  6

                	
                  Other
                    Provisions:

                

        

         

         

        
          	
                  6.1

                	
                  Agency
                    Role of Greenwich Capital Markets, Inc. This Transaction has
                    been entered
                    into by Greenwich Capital Markets, Inc., as agent for The Royal
                    Bank of
                    Scotland plc. Greenwich Capital Markets, Inc. has not guaranteed
                    and is
                    not otherwise responsible for the obligations of Party A under this
                    Transaction.

                

        

         

         

        
          	
                  6.2

                	
                  Agreement
                    with Deutsche Bank AG. By executing this Agreement, Deutsche
                    Bank AG
                    (“Deutsche
                    Bank”)
                    hereby acknowledges and agrees with Party A that if, for any
                    reason
                    whatsoever on the Effective Date (i) the securitization transaction
                    contemplated by the Pooling and Servicing Agreement does not
                    close or (ii)
                    Party B does not execute and deliver this Agreement, then Deutsche
                    Bank
                    will instead face Party A as the counterparty to this Agreement
                    in place
                    of Party B and all references herein to “Party B” shall be construed
                    accordingly. The effectiveness and validity of this Agreement
                    will not in
                    any way be impaired by any failure of Party B to execute and
                    deliver this
                    Agreement on the Effective Date.

                

        

         

        Please
          promptly confirm that the foregoing correctly sets forth the terms of the
          Transaction entered into between us by executing this Confirmation and
          returning
          it to us by facsimile to:

         

        The
          Royal Bank of Scotland plc

        Attention:
          Derivatives Documentation

        Fax:
          0207 375 6724 / 6486 Phone: 0207 375 4225

         

         

        THE
          ROYAL BANK OF SCOTLAND PLC

         

        By:
          Greenwich Capital Markets, Inc., its agent

        
 

        
          	By	 	 	 
	 	Name:	 	 
	 	Title:	 	 

        

         

        Accepted
          and confirmed as of the Trade Date written above:

         

        WELLS
          FARGO BANK, NATIONAL ASSOCIATION, not
          individually but solely as Securities Administrator on behalf of the
          Supplemental Interest Trust with respect to Ace Securities Corp. Home Equity
          Loan Trust, Series 2006-HE1, Asset Backed Pass-Through Certificates

         

        
          
            	By	 	 	 
	 	Name:	 	 
	 	Title:	 	 

          

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

         

        Schedule
          A to the Confirmation dated as of February 28, 2006

         

        Re:
          Reference Number D6935065

         

         

        Amortization
          Schedule,
          subject
          to adjustment in accordance with the Business Day Convention

        

          
            	
                    From
                      and Including

                  	
                    To
                      but Excluding

                  	
                    Notional
                      Amount (USD)

                  
	
                    2/28/2006

                  	
                    3/25/2006

                  	
                    2,534,251,920

                  
	
                    3/25/2006

                  	
                    4/25/2006

                  	
                    2,493,691,324

                  
	
                    4/25/2006

                  	
                    5/25/2006

                  	
                    2,446,382,042

                  
	
                    5/25/2006

                  	
                    6/25/2006

                  	
                    2,392,464,043
                      

                  
	
                    6/25/2006

                  	
                    7/25/2006

                  	
                    2,332,132,382
                      

                  
	
                    7/25/2006

                  	
                    8/25/2006

                  	
                    2,265,639,630
                      

                  
	
                    8/25/2006

                  	
                    9/25/2006

                  	
                    2,193,314,541
                      

                  
	
                    9/25/2006

                  	
                    10/25/2006

                  	
                    2,115,631,836
                      

                  
	
                    10/25/2006

                  	
                    11/25/2006

                  	
                    2,033,420,756
                      

                  
	
                    11/25/2006

                  	
                    12/25/2006

                  	
                    1,948,806,816
                      

                  
	
                    12/25/2006

                  	
                    1/25/2007

                  	
                    1,867,469,262
                      

                  
	
                    1/25/2007

                  	
                    2/25/2007

                  	
                    1,789,533,338
                      

                  
	
                    2/25/2007

                  	
                    3/25/2007

                  	
                    1,714,839,674
                      

                  
	
                    3/25/2007

                  	
                    4/25/2007

                  	
                    1,643,272,213
                      

                  
	
                    4/25/2007

                  	
                    5/25/2007

                  	
                    1,574,699,471
                      

                  
	
                    5/25/2007

                  	
                    6/25/2007

                  	
                    1,508,995,570
                      

                  
	
                    6/25/2007

                  	
                    7/25/2007

                  	
                    1,446,010,937
                      

                  
	
                    7/25/2007

                  	
                    8/25/2007

                  	
                    1,385,265,027
                      

                  
	
                    8/25/2007

                  	
                    9/25/2007

                  	
                    1,325,021,243
                      

                  
	
                    9/25/2007

                  	
                    10/25/2007

                  	
                    1,261,183,478
                      

                  
	
                    10/25/2007

                  	
                    11/25/2007

                  	
                    1,168,982,172
                      

                  
	
                    11/25/2007

                  	
                    12/25/2007

                  	
                    992,391,117
                      

                  
	
                    12/25/2007

                  	
                    1/25/2008

                  	
                    843,921,997
                      

                  
	
                    1/25/2008

                  	
                    2/25/2008

                  	
                    723,404,776
                      

                  
	
                    2/25/2008

                  	
                    3/25/2008

                  	
                    637,341,884
                      

                  
	
                    3/25/2008

                  	
                    4/25/2008

                  	
                    606,763,495
                      

                  
	
                    4/25/2008

                  	
                    5/25/2008

                  	
                    579,100,322
                      

                  
	
                    5/25/2008

                  	
                    6/25/2008

                  	
                    552,717,699
                      

                  
	
                    6/25/2008

                  	
                    7/25/2008

                  	
                    527,573,554
                      

                  
	
                    7/25/2008

                  	
                    8/25/2008

                  	
                    503,590,654
                      

                  
	
                    8/25/2008

                  	
                    9/25/2008

                  	
                    480,714,380
                      

                  
	
                    9/25/2008

                  	
                    10/25/2008

                  	
                    458,893,333
                      

                  
	
                    10/25/2008

                  	
                    11/25/2008

                  	
                    438,078,298
                      

                  
	
                    11/25/2008

                  	
                    12/25/2008

                  	
                    418,222,109
                      

                  
	
                    12/25/2008

                  	
                    1/25/2009

                  	
                    399,280,584
                      

                  
	
                    1/25/2009

                  	
                    2/25/2009

                  	
                    381,210,364
                      

                  
	
                    2/25/2009

                  	
                    3/25/2009

                  	
                    363,970,751
                      

                  
	
                    3/25/2009

                  	
                    4/25/2009

                  	
                    347,523,129
                      

                  
	
                    4/25/2009

                  	
                    5/25/2009

                  	
                    331,830,635
                      

                  
	
                    5/25/2009

                  	
                    6/25/2009

                  	
                    316,858,088
                      

                  
	
                    6/25/2009

                  	
                    7/25/2009

                  	
                    302,572,171
                      

                  
	
                    7/25/2009

                  	
                    8/25/2009

                  	
                    288,940,786
                      

                  
	
                    8/25/2009

                  	
                    9/25/2009

                  	
                    275,933,508
                      

                  
	
                    9/25/2009

                  	
                    10/25/2009

                  	
                    263,521,375
                      

                  

          

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        Schedule
          B to the Confirmation dated as of February 28, 2006

         

        Re:
          Reference Number D6935065

         

        Between
          The Royal Bank of Scotland plc (“Party
          A”)
          and
          Wells Fargo Bank, National Association as Securities Administrator on behalf
          of
          the Supplemental Interest Trust with respect to Ace Securities Corp. Home
          Equity
          Loan Trust, Series 2006-HE1, Asset Backed Pass-Through Certificates
          (“Party
          B”)
          

         

        Part.
          1 Termination
          Provisions 

         

        
          	 	
                  (a)

                	
                  “Specified
                    Entity”
                    means in relation to Party A for the purpose of the
                    Agreement:

                

        

         

        Section
          5(a)(v): none.

         

        Section
          5(a)(vi): none.

         

        Section
          5(a)(vii): none.

         

        Section
          5(b)(iv): none.

         

        and
          in
          relation to Party B for the purpose of the Agreement:

         

        Section
          5(a)(v): none.

         

        Section
          5(a)(vi): none.

         

        Section
          5(a)(vii): none.

         

        Section
          5(b)(iv): none.

         

        
          	 	
                  (b)

                	
                  “Specified
                    Transaction”
                    is not applicable to Party A or Party B for any purpose, and
                    accordingly,
                    Section 5(a)(v) shall not apply to Party A or Party B.
                    

                

        

         

        
          	 	
                  (c)

                	
                  The
                    “Breach
                    of Agreement”
                    provisions of Section 5(a)(ii) of the Agreement will be inapplicable
                    to
                    Party A and Party B.

                

        

         

        
          	 	
                  (d)

                	
                  The
                    “Credit
                    Support Default”
                    provisions of Section 5(a)(iii) of the Agreement will be inapplicable
                    to
                    Party A and Party B.

                

        

         

        
          	 	
                  (e)

                	
                  The
                    “Misrepresentation”
                    provisions of Section 5(a)(iv) of the Agreement will be inapplicable
                    to
                    Party A and Party B.

                

        

         

        
          	 	
                  (f)

                	
                  The
                    “Default
                    Under Specified Transaction”
                    provisions of Section 5(a)(v) of the Agreement will be inapplicable
                    to
                    Party A and Party B.

                

        

         

        
          	 	
                  (g)

                	
                  The
                    “Cross
                    Default”
                    provisions of Section 5(a)(vi) of the Agreement will be inapplicable
                    to
                    Party A and Party B.

                

        

         

        
          	 	
                  (h)

                	
                  The
                    “Bankruptcy”
                    provision of Section 5(a)(vii)(2) of the Agreement will be inapplicable
                    to
                    Party B.

                

        

         

        
          	 	
                  (i)

                	
                  The
                    “Credit
                    Event Upon Merger”
                    provisions of Section 5(b)(iv) of the Agreement will be inapplicable
                    to
                    Party A and Party B.

                

        

         

        
          	 	
                  (j)

                	
                  The
                    “Automatic
                    Early Termination”
                    provision of Section 6(a) of the Agreement will be inapplicable
                    to Party A
                    and Party B; provided that where there is an Event of Default
                    under
                    Section 5(a)(vii)(1), (3), (4), (5), (6) or, to the extent analogous
                    thereto, (8), and the Defaulting Party is governed by a system
                    of law that
                    does not permit termination to take place after the occurrence
                    of such
                    Event of Default, then the Automatic Early Termination provisions
                    of
                    Section 6(a) will apply.

                

          	 	 	 

          	 	 	
                  If
                    an Early Termination Date has occurred under Section 6(a) of
                    the Agreement
                    as a result of Automatic Early Termination, and if the Non-defaulting
                    Party determines that it has either sustained or incurred a loss
                    or damage
                    or benefited from a gain in respect of any Transaction, as a
                    result of
                    movement in interest rates, currency exchange rates, other relevant
                    rates
                    or market quotations between the Early Termination Date and the
                    date upon
                    which the Non-defaulting Party first becomes aware that such
                    Event of
                    Default has occurred under Section 6(a) of the Agreement, then
                    (i) the
                    amount of such loss or damage shall be added to the amount due
                    by the
                    Defaulting Party or deducted from the amount due by the Non-defaulting
                    Party, as the case may be (in both cases pursuant to Section
                    6(e)(i)(3) of
                    the Agreement); or (ii) the amount of such gain shall be deducted
                    from the
                    amount due by the Defaulting Party or added to the amount due
                    by the
                    Non-defaulting Party, as the case may be (in both cases pursuant
                    to
                    Section 6(e)(i)(3) of the
                    Agreement).

                

        

         

        
          	 	
                  (k)

                	
                  Payments
                    on Early Termination For
                    the purpose of Section 6(e) of the
                    Agreement:

                

        

         

        
          	 	
                  (i)

                	
                  Market
                    Quotation will apply; and

                

        

         

        
          	 	
                  (ii)

                	
                  The
                    Second Method will apply.

                

        

         

        
          	 	
                  (l)

                	
                  “Termination
                    Currency”
                    means United States Dollars.

                

        

         

        
          	 	
                  (m)

                	
                  “Additional
                    Termination Event”
                    will not apply, except as provided in any
                    confirmation.

                

        

         

        Part.
          2 Tax
          Representations 

         

        Payer
          Representations For
          the
          purpose of Section 3(e) of the Agreement, each of Party A and Party B will
          make
          the following representation:

         

        It
          is not
          required by any applicable law, as modified by the practice of any relevant
          governmental revenue authority, of any Relevant Jurisdiction to make any
          deduction or withholding for or on account of any Tax from any payment
          (other
          than interest under Section 2(e), 6(d)(ii) or 6(e) of the 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 Agreement, (ii) the satisfaction of the
          agreement contained in Section 4(a)(i) or 4(a)(iii) of the Agreement and
          the
          accuracy and effectiveness of any document provided by the other party
          pursuant
          to Section 4(a)(i) or 4(a)(iii) of the Agreement and (iii) the satisfaction
          of
          the agreement of the other party contained in Section 4(d) of the 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 Agreement by reason of material prejudice
          to its
          legal or commercial position. 

         

        Payee
          Representations For
          the
          purpose of Section 3(f) of the Agreement, Party A and Party B make the
          following
          representations:

         

        
          	 	
                  (i)

                	
                  Party
                    A represents that 

                

        

         

        (A) it
          is a
          tax resident of the United Kingdom;

         

        (B) it
          is a
          "foreign person" within the meaning of the applicable U.S. Treasury Regulations
          concerning information reporting and backup withholding tax (as in effect
          on
          January 1, 2001), unless Party A provides written notice to Party B
          that it is no longer a foreign person;

         

        (C) in
          respect of each Transaction it enters into through an office or discretionary
          agent in the United States or which otherwise is allocated (in whole or
          part)
          for United States federal income tax purposes to such United States trade
          or
          business, each payment received or to be received by it under such Transaction
          (or portion thereof, if applicable) will be effectively connected with
          its
          conduct of a trade or business in the United States; and

         

        (D) in
          respect of all other Transactions or portions thereof, no such payment
          received
          or to be received by it in connection with this Agreement is attributable
          to a
          trade or business carried on by it through a permanent establishment in
          the
          United States.

         

        
          	 	
                  (ii)

                	
                  Party
                    B represents that it is the Securities Administrator under the
                    Pooling and
                    Servicing Agreement.

                

        

         

        Part.
          3 Agreement
          to Deliver Documents

         

        For
          the
          purpose of Sections 4(a)(i) and (ii) of the Agreement, Party A and Party
          B agree
          to deliver the following documents, as applicable:

         

        
          	 	
                  (a)

                	
                  Tax
                    forms, documents or certificates to be delivered
                    are:

                

        

         

        
          	
                  Party
                    Required to Deliver Document

                	
                  Form/Document/Certificate

                	
                  Date
                    by Which to be Delivered

                
	
                  Party
                    A and Party B

                	
                  Any
                    form or document required or reasonably requested to allow the
                    other party
                    to make payments under the Agreement without any deduction or
                    withholding
                    for or on account of any Tax, or with such deduction or withholding
                    at a
                    reduced rate.

                	
                  Promptly
                    upon reasonable demand by the other
                    party.

                

        

        

         

        
          	 	
                  (b)

                	
                  Other
                    documents to be delivered and covered by the Section 3(d) representation
                    are:--

                

        

         

        
          	
                  Party
                    required to deliver

                	
                  Form/Document/or
                    Certificate

                	 	
                  Date
                    by which to be delivered

                	
                  Covered
                    by Section 3(d) representation

                
	
                  Party
                    A and Party B

                	
                  Incumbency
                    Certificate (or, if available the current authorized signature
                    book or
                    equivalent authorizing documentation) specifying the names, titles,
                    authority and specimen signatures of the persons authorized to
                    execute the
                    Confirmation which sets forth the specimen signatures of each
                    signatory to
                    the Confirmation signing on its behalf. 

                	 	
                  Concurrently
                    with the execution and delivery of the Confirmation unless previously
                    delivered and still in full force and effect.

                	
                  Yes

                
	 	 	 	 	 
	
                  Party
                    B 

                	
                  The
                    Pooling
                    and Servicing Agreement

                	 	
                  Concurrently
                    with the execution and delivery of the Confirmation.

                	
                  No

                
	 	 	 	 	 
	
                  Party
                    A and Party B

                	
                  Legal
                    opinion[s] with respect to such party and its Credit Support
                    Provider, if
                    any, for it, reasonably satisfactory in form and substance to
                    the other
                    party relating to the enforceability of the party’s obligation under this
                    Agreement.

                	 	
                  Upon
                    the execution and delivery of this Agreement and any
                    Confirmation

                	
                  No

                

        

        

         

        Part.
          4 Miscellaneous

         

        
          	 	
                  (a)

                	
                  Addresses
                    for Notices For
                    the purposes of Section 12(a) of the
                    Agreement:

                

        

         

        Addresses
          for notices or communications to Party A and to Party B shall be those
          set forth
          on the first page of the Confirmation.

         

        
          	 	
                  (b)

                	
                  Process
                    Agent For
                    the purpose of Section 13(c) of the
                    Agreement:

                

        

         

        Party
          A
          appoints as its Process Agent: none.

         

        Party
          B
          appoints as its Process Agent: none.

         

        
          	 	
                  (c)

                	
                  Offices
                    With
                    respect to Party A, the provisions of Section 10(a) of the Agreement
                    will
                    apply.

                

        

         

        
          	 	
                  (d)

                	
                  Multibranch
                    Party For
                    the purpose of Section 10(c) of the
                    Agreement:

                

        

         

        Party
          A
          is not a Multibranch Party.

         

        Party
          B
          is not a Multibranch Party.

         

        
          	 	
                  (e)

                	
                  Calculation
                    Agent The
                    Calculation Agent is Party A.

                

        

         

        
          	 	
                  (f)

                	
                  Credit
                    Support Document Details
                    of any Credit Support Document:
                    none

                

        

         

        
          	 	
                  (g)

                	
                  Credit
                    Support Provider 

                

        

         

        Credit
          Support Provider means in relation to Party A: none.

         

        Credit
          Support Provider means in relation to Party B: none.

         

        
          	 	
                  (h)

                	
                  Governing
                    Law This
                    Agreement will be governed by and construed in accordance with
                    the laws of
                    the State of New York (without reference to conflicts of law
                    doctrine
                    other than New York General Obligations Law Sections 5-1401 and
                    5-1402).

                

        

         

        
          	 	
                  (i)

                	
                  Netting
                    of Payments Subparagraph
                    (ii) of Section 2(c) of the Agreement will apply to the Transaction
                    evidenced by the Confirmation.

                

        

         

        
          	 	
                  (j)

                	
                  “Affiliate”
                    Party B shall be deemed to not have any Affiliates for purposes
                    of this
                    Transaction.

                

        

         

        (k) Jurisdiction
          Section
          13(b) of the Agreement is hereby amended by: (i) deleting in the second
          line of

        subparagraph
          (i) thereof the word “non-”: and (ii) deleting the final paragraph
          thereof.

        Part.
          5 Other
          Provisions 

         

        
          	 	
                  (a)

                	
                  Modifications
                    to the Agreement Section
                    3(a) of the Agreement shall be amended to include the following
                    additional
                    representations after paragraph
                    3(a)(v):

                

        

         

        (vi)
           Eligible
          Contract Participant etc.
          It is
          an “eligible contract participant” as defined in Section 1a(12) of the U.S.
          Commodity Exchange Act (7 U.S.C. 1a), as amended by the Commodity Futures
          Modernization Act of 2000 and the Transaction evidenced hereby has been
          the
          subject of individual negotiations and is intended to be exempt from, or
          otherwise not subject to regulation thereunder.

         

        
          	 	
                  (b)

                	
                  Waiver
                    of Right to Trial by Jury Each
                    party hereby irrevocably waives any and all rights to trial by
                    jury in any
                    legal proceeding arising out of or relating to this Agreement
                    or any
                    Transaction hereunder.

                

        

         

        
          	 	
                  (c)

                	
                  Absence
                    of Litigation In
                    Section 3(c) of the Agreement the words “or any of its Affiliates” shall
                    be deleted.

                

        

         

        
          	 	
                  (d)

                	
                  Tax
                    Event In
                    Section 5(b)(ii)(y) of the Agreement the words “, or there is a
                    substantial likelihood that it will,” shall be
                    deleted.

                

        

         

        (e)   Transfer
          and Amendment

         

        Subject
          to Part 5(j) herein, no transfer, amendment, waiver, supplement, assignment
          or
          other modification of this Transaction shall be permitted by either party
          unless
          (i) each of Standard and Poor’s Ratings Services, a Division of The McGraw-Hill
          Companies, Inc. (“S&P”), Fitch Ratings (“Fitch”) and Moody’s Investors
          Service, Inc. (“Moody’s) (each a “Rating Agency”) has been provided notice of
          the same and (ii) each of S&P, Fitch and Moody’s confirm in writing
          (including by facsimile transmission) that they will not downgrade, qualify,
          withdraw or otherwise modify their then-current rating of the
          Certificates.

         

        (f) Limitation
          of Liability

         

        It
          is
          expressly understood and agreed by the parties hereto that (a) this Confirmation
          is executed and delivered by Wells Fargo Bank, N.A. (“Wells”),
          not
          individually or personally but solely as the Securities Administrator under
          the
          Pooling and Servicing Agreement on behalf of the Supplemental Interest
          Trust
          with respect to Ace Securities Corp. Home Equity Loan Trust, Series 2006-HE1,
          Asset Backed Pass-Through Certificates, in the exercise of the powers and
          authority conferred and vested in it, (b) the representations, undertakings
          and
          agreements herein made on the part of Party B are made and intended not
          as
          personal representations, undertakings and agreements by Wells but are
          made and
          intended for the purpose of binding only Party B, (c) nothing herein contained
          shall be construed as creating any liability on Wells, individually or
          personally, to perform any covenant either expressed or implied contained
          herein, all such liability, if any, being expressly waived by the parties
          who
          are signatories to this Confirmation and by any person claiming by, through
          or
          under such parties, and (d) under no circumstances shall Wells be personally
          liable for the payment of any indebtedness or expenses of the Supplemental
          Interest Trust with respect to Ace Securities Corp. Home Equity Loan Trust,
          Series 2006-HE1 or be personally liable for the breach or failure of any
          obligation, representation, warranty or covenant made or undertaken by
          Party B
          under this Confirmation.

         

        
          	 	
                  (g)

                	
                  Proceedings

                

        

         

        Party
          A
          shall not institute against or cause any other person to institute against,
          or
          join any other person in instituting against, Party B, any bankruptcy,
          reorganization, arrangement, insolvency or liquidation proceedings, or
          other
          proceedings under any federal or state bankruptcy, dissolution or similar
          law,
          for a period of one year and one day (or, if longer, the applicable preference
          period) following indefeasible payment in full of the Certificates, provided
          that nothing herein shall preclude, or be deemed to estop Party A from
          taking
          any action in any case or proceeding voluntarily filed or commenced by
          or on
          behalf of Party B or in any involuntary case or proceeding after it has
          been
          commenced.

         

        
          	 	
                  (h)

                	
                  Set-off

                

        

         

        Notwithstanding
          any provision of this Agreement or any other existing or future agreement,
          each
          party irrevocably waives any and all rights it may have to set-off, net
          recoup
          or otherwise withhold or suspend or condition payment or performance of
          any
          obligation between it and the other party hereunder against any obligation
          between it and the other party under any other agreements. The provisions
          for
          Set-off set forth in Section 6(e) of the Agreement shall not apply for
          purposes
          of this Transaction.

         

        
          	 	
                  (i)

                	
                  Section
                    1(c)

                

        

         

        For
          purposes of Section 1(c) of the Agreement, this Transaction shall be the
          sole
          Transaction under the Agreement.

         

        (j) Rating
          Agency Downgrade

         

        If
          a
          Ratings Event (as defined below) occurs with respect to Party A (or any
          applicable credit support provider), then Party A shall, within (30) days
          of
          such Ratings Event subject to the Rating Agency Condition (as hereinafter
          defined) and at its own expense (unless, within 30 days of such Ratings
          Event,
          each of S&P, Fitch and Moody’s has reconfirmed the rating of the
          Certificates which was in effect immediately prior to such Ratings Event),
          (i) assign this Transaction hereunder to a third party that meets or
          exceeds, or as to which any applicable credit support provider of such
          third
          party meets or exceeds, the Approved Ratings Thresholds (as defined below)
          on
          terms substantially similar to this Confirmation, (ii) obtain a guaranty
          of
          Party A’s obligations under this Transaction from a third party that meets or
          exceeds the Approved Ratings Threshold, in form and substance, (iii) post
          collateral, or (iv) establish any other arrangement satisfactory to each
          Rating
          Agency, which will be sufficient to restore the immediately prior ratings
          of the
          Certificates. For purposes of this Transaction, a “Ratings Event” shall occur
          with respect to Party A (or any applicable credit support provider), if
          its
          short-term unsecured and unsubordinated debt ceases to be rated at least
“A-1”
by S&P or its short-term unsecured and unsubordinated debt ceases to be
          rated at least “P-1” by Moody’s (including in connection with a merger,
          consolidation or other similar transaction by Party A or any applicable
          credit
          support provider) such ratings being referred to herein as the “Approved Ratings
          Thresholds.” If a Further Ratings Event (as defined below) occurs with respect
          to Party A (or any applicable credit support provider), then Party A shall,
          within (10) days of such Downgrade Event subject to the Rating Agency Condition
          (as hereinafter defined) and at its own expense (unless, within 10 days
          of such
          Ratings Event, S&P has reconfirmed the rating of the Certificates which was
          in effect immediately prior to such Further Ratings Event), (i) assign
          this
          Transaction hereunder to a third party that meets or exceeds, or as to
          which any
          applicable credit support provider of such third party meets or exceeds,
          the
          Approved Ratings Thresholds on terms substantially similar to this Confirmation
          or (ii) obtain a guaranty of Party A’s obligations under this Transaction from a
          third party that meets or exceeds the Approved Ratings Threshold. For purposes
          of this Transaction, a “Further Ratings Event” shall occur with respect to Party
          A (or any applicable credit support provider), if its long-term unsecured
          and
          unsubordinated debt ceases to be rated at least “BBB-” by S&P (including in
          connection with a merger, consolidation or other similar transaction by
          Party A
          or any applicable credit support provider). "Rating Agency Condition" means,
          with respect to any particular proposed act or omission to act hereunder
          that
          the party acting or failing to act must consult with each Rating Agency
          then
          providing a rating of the Certificates and receive from each Rating Agency
          a
          prior written confirmation that the proposed action or inaction would not
          cause
          a downgrade or withdrawal of the then-current rating of the
          Certificates.

         

        
          	 	
                  (k)

                	
                  Additional
                    Termination Events

                

        

         

        Additional
          Termination Events will apply as specified below:

         

        The
          occurrence of the following shall constitute an Additional Termination
          Event:

         

        If
          a
          Rating Agency Downgrade has occurred and Party A has not complied with
          paragraph
          (j) above, then an Additional Termination Event shall have occurred with
          respect
          to Party A and Party A shall be the sole Affected Party with respect to
          such an
          Additional Termination Event.

         

        If,
          at
          any time, the Master Servicer purchases the Mortgage Loans pursuant to
          Section 10.01 of the Pooling
          and Servicing Agreement, then an Additional Termination Event shall have
          occurred and Party B shall be the sole Affected Party with respect thereto;
          provided, however, that notwithstanding Section 6(b)(iv) of the Agreement,
          both
          Party A and Party B shall have the right to designate an Early Termination
          Date
          in respect of this Additional Termination Event; provided, further, that
          the
          Early Termination Date shall not be prior to the Optional Termination
          Date.

         

        If,
          upon
          the occurrence of a Regulation AB Event (as defined in Part 5(o) below)
          Party A has not, within 30 days after such Regulation AB Event complied
          with any of the provisions set forth in Part 5(o)(iii) below (provided
          that if
          the significance percentage reaches 10% after a Regulation AB Event has
          occurred, Party A must comply with the provisions set forth in Part 5(o)(iii)
          below within 10 days of Party A being informed of the significance percentage
          reaching 10%), then an Additional Termination Event shall have occurred
          with
          respect to Party A and Party A shall be the sole Affected Party with respect
          to
          such Additional Termination Event.

         

        
          	 	
                  (l)

                	
                  Amendment
                    to ISDA Form

                

        

         

        The
          “Failure to Pay or Deliver” provision in Section 5(a)(i) of the Agreement is
          hereby amended by deleting the word “third” in the third line thereof and
          inserting the word “first” in place thereof.

         

        
          	 	
                  (m)

                	
                  Severability
                    

                

        

         

        If
          any
          term, provision, covenant, or condition of the Agreement, or the application
          thereof to any other party or circumstance, shall be held 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 the Agreement has been executed with the invalid or unenforceable
          provision portion eliminated, so long as the Agreement as so modified continues
          to express, without material change, the original intentions of the parties
          as
          to the subject matter of the Agreement and the deletion of such portion
          of the
          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 conditions
          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.

         

        
          	 	
                  (n)

                	
                  Priority
                    of Payments

                

        

         

        Party
          A
          hereby agrees that, notwithstanding any provision of this agreement to
          the
          contrary, Party B’s obligations to pay any amounts owing under this Agreement
          shall be subject to Section 5.01 and Section 5.07 of the Pooling and Servicing
          Agreement and Party A’s right to receive payment of such amounts shall be
          subject to Section 5.01 and Section 5.07 of the Pooling and Servicing Agreement.
          This provision will survive the termination of this Agreement.

         

        
          	 	
                  (o)

                	
                  Compliance
                    with Regulation AB

                

        

         

        
          	 	
                  (i)

                	
                  Party
                    A agrees and acknowledges that while reporting requirements with
                    respect
                    to this Transaction are operative by force of law, DB Structured
                    Products,
                    Inc. (“DBSP”) and ACE Securities Corp. (“ACE”) are required under
                    Regulation AB under the Securities Act of 1933, as amended, and
                    the
                    Securities Exchange Act of 1934, as amended (“Regulation AB”), to disclose
                    certain information set forth in Regulation AB regarding Party
                    A or its
                    group of affiliated entities, if applicable, depending on the
                    aggregate
                    “significance percentage” of this Agreement and any other derivative
                    contracts between Party A or its group of affiliated entities,
                    if
                    applicable, and Party B, as calculated from time to time in accordance
                    with Item 1115 of Regulation AB. 

                

        

         

        
          	 	
                  (ii)

                	
                  If,
                    solely while the relevant reporting requirements apply by force
                    of law to
                    this Transaction, DBSP or ACE determines, reasonably and in good
                    faith,
                    that the significance percentage of this Agreement has increased
                    to nine
                    (9) percent, then DBSP or ACE, as the case may be, may notify
                    Party A on a
                    Business Day after the date hereof of such increase in the significance
                    percentage (such notification, a “Regulation AB Event”). DBSP and/or ACE,
                    as applicable hereby agree with Party A to provide Party A with
                    the
                    calculations and any other information reasonably requested by
                    Party A
                    with respect to the determination that led to a Regulation AB
                    Event.

                

        

         

        
          	 	
                  (iii)

                	
                  Upon
                    the occurrence of a Regulation AB Event, Party A, at its own
                    expense,
                    shall secure another entity to replace Party A as party to this
                    Agreement
                    on terms substantially similar to this Agreement and subject
                    to prior
                    notification to the Rating Agencies, which entity (or a guarantor
                    therefor) and satisfies the Rating Agency Condition and which
                    entity is
                    able to provide the information set forth in Item 1115(b) of
                    Regulation AB
                    (the “Regulation AB Information”). If permitted by Regulation AB, any
                    required Regulation AB Information may be provided by incorporation
                    by
                    reference from reports filed pursuant to the Exchange
                    Act.

                

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

      

      

      
        
          
          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      SCHEDULE
        1

      

      MORTGAGE
        LOAN SCHEDULE

      

      [PROVIDED
        UPON REQUEST]

      

      
        
          
            

             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      SCHEDULE
        2

      

      PREPAYMENT
        CHARGE SCHEDULE

      

      [PROVIDED
        UPON REQUEST]

      

      
        
          
            

             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      SCHEDULE
        3

      

      [RESERVED]

      

      
        
          
            

             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      SCHEDULE
        4

      

      STANDARD
        FILE LAYOUT- DELINQUENCY REPORTING

      

      

      Exhibit
        : Standard
        File Layout - Delinquency Reporting

      

      
        	
                Column/Header
                  Name

              	
                Description

              	
                Decimal

              	
                Format
                  Comment

              
	
                SERVICER_LOAN_NBR

              	
                A
                  unique number assigned to a loan by the Servicer. This may be different
                  than the LOAN_NBR

              	 	
                 

              
	
                LOAN_NBR

              	
                A
                  unique identifier assigned to each loan by the originator.

              	 	
                 

              
	
                CLIENT_NBR

              	
                Servicer
                  Client Number

              	 	 
	
                SERV_INVESTOR_NBR

              	
                Contains
                  a unique number as assigned by an external servicer to identify
                  a group of
                  loans in their system.

              	 	
                 

              
	
                BORROWER_FIRST_NAME

              	
                First
                  Name of the Borrower.

              	 	 
	
                BORROWER_LAST_NAME

              	
                Last
                  name of the borrower.

              	 	 
	
                PROP_ADDRESS

              	
                Street
                  Name and Number of Property

              	 	
                 

              
	
                PROP_STATE

              	
                The
                  state where the property located.

              	 	
                 

              
	
                PROP_ZIP

              	
                Zip
                  code where the property is located.

              	 	
                 

              
	
                BORR_NEXT_PAY_DUE_DATE

              	
                The
                  date that the borrower's next payment is due to the servicer at
                  the end of
                  processing cycle, as reported by Servicer.

              	 	
                MM/DD/YYYY

              
	
                LOAN_TYPE

              	
                Loan
                  Type (i.e. FHA, VA, Conv)

              	 	
                 

              
	
                BANKRUPTCY_FILED_DATE

              	
                The
                  date a particular bankruptcy claim was filed.

              	 	
                MM/DD/YYYY

              
	
                BANKRUPTCY_CHAPTER_CODE

              	
                The
                  chapter under which the bankruptcy was filed.

              	 	
                 

              
	
                BANKRUPTCY_CASE_NBR

              	
                The
                  case number assigned by the court to the bankruptcy
                  filing.

              	 	
                 

              
	
                POST_PETITION_DUE_DATE

              	
                The
                  payment due date once the bankruptcy has been approved by the
                  courts

              	 	
                MM/DD/YYYY

              
	
                BANKRUPTCY_DCHRG_DISM_DATE

              	
                The
                  Date The Loan Is Removed From Bankruptcy. Either by Dismissal,
                  Discharged
                  and/or a Motion For Relief Was Granted. 

              	 	
                MM/DD/YYYY

              
	
                LOSS_MIT_APPR_DATE

              	
                The
                  Date The Loss Mitigation Was Approved By The Servicer

              	 	
                MM/DD/YYYY

              
	
                LOSS_MIT_TYPE

              	
                The
                  Type Of Loss Mitigation Approved For A Loan Such As;

              	 	 
	
                LOSS_MIT_EST_COMP_DATE

              	
                The
                  Date The Loss Mitigation /Plan Is Scheduled To End/Close

              	 	
                MM/DD/YYYY

              
	
                LOSS_MIT_ACT_COMP_DATE

              	
                The
                  Date The Loss Mitigation Is Actually Completed

              	 	
                MM/DD/YYYY

              
	
                FRCLSR_APPROVED_DATE

              	
                The
                  date DA Admin sends a letter to the servicer with instructions
                  to begin
                  foreclosure proceedings.

              	 	
                MM/DD/YYYY

              
	
                ATTORNEY_REFERRAL_DATE

              	
                Date
                  File Was Referred To Attorney to Pursue Foreclosure

              	 	
                MM/DD/YYYY

              
	
                FIRST_LEGAL_DATE

              	
                Notice
                  of 1st legal filed by an Attorney in a Foreclosure Action

              	 	
                MM/DD/YYYY

              
	
                FRCLSR_SALE_EXPECTED_DATE

              	
                The
                  date by which a foreclosure sale is expected to occur.

              	 	
                MM/DD/YYYY

              
	
                FRCLSR_SALE_DATE

              	
                The
                  actual date of the foreclosure sale.

              	 	
                MM/DD/YYYY

              
	
                FRCLSR_SALE_AMT

              	
                The
                  amount a property sold for at the foreclosure sale.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                EVICTION_START_DATE

              	
                The
                  date the servicer initiates eviction of the borrower.

              	 	
                MM/DD/YYYY

              
	
                EVICTION_COMPLETED_DATE

              	
                The
                  date the court revokes legal possession of the property from the
                  borrower.

              	 	
                MM/DD/YYYY

              
	
                LIST_PRICE

              	
                The
                  price at which an REO property is marketed.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                LIST_DATE

              	
                The
                  date an REO property is listed at a particular price.

              	 	
                MM/DD/YYYY

              
	
                OFFER_AMT

              	
                The
                  dollar value of an offer for an REO property.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                OFFER_DATE_TIME

              	
                The
                  date an offer is received by DA Admin or by the Servicer.

              	 	
                MM/DD/YYYY

              
	
                REO_CLOSING_DATE

              	
                The
                  date the REO sale of the property is scheduled to close.

              	 	
                MM/DD/YYYY

              
	
                REO_ACTUAL_CLOSING_DATE

              	
                Actual
                  Date Of REO Sale

              	 	
                MM/DD/YYYY

              
	
                OCCUPANT_CODE

              	
                Classification
                  of how the property is occupied.

              	 	
                 

              
	
                PROP_CONDITION_CODE

              	
                A
                  code that indicates the condition of the property.

              	 	
                 

              
	
                PROP_INSPECTION_DATE

              	
                The
                  date a property inspection is performed.

              	 	
                MM/DD/YYYY

              
	
                APPRAISAL_DATE

              	
                The
                  date the appraisal was done.

              	 	
                MM/DD/YYYY

              
	
                CURR_PROP_VAL

              	
                 The
                  current "as is" value of the property based on brokers price opinion
                  or
                  appraisal.

              	
                2

              	
                 

              
	
                REPAIRED_PROP_VAL

              	
                The
                  amount the property would be worth if repairs are completed pursuant
                  to a
                  broker's price opinion or appraisal.

              	
                2

              	
                 

              
	
                If
                  applicable:

              	
                 

              	 	
                 

              
	
                DELINQ_STATUS_CODE

              	
                FNMA
                  Code Describing Status of Loan

              	 	 
	
                DELINQ_REASON_CODE

              	
                The
                  circumstances which caused a borrower to stop paying on a loan.
                  Code
                  indicates the reason why the loan is in default for this
                  cycle.

              	 	 
	
                MI_CLAIM_FILED_DATE

              	
                Date
                  Mortgage Insurance Claim Was Filed With Mortgage Insurance
                  Company.

              	 	
                MM/DD/YYYY

              
	
                MI_CLAIM_AMT

              	
                Amount
                  of Mortgage Insurance Claim Filed

              	 	
                No
                  commas(,) or dollar signs ($)

              
	
                MI_CLAIM_PAID_DATE

              	
                Date
                  Mortgage Insurance Company Disbursed Claim Payment

              	 	
                MM/DD/YYYY

              
	
                MI_CLAIM_AMT_PAID

              	
                Amount
                  Mortgage Insurance Company Paid On Claim

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                POOL_CLAIM_FILED_DATE

              	
                Date
                  Claim Was Filed With Pool Insurance Company

              	 	
                MM/DD/YYYY

              
	
                POOL_CLAIM_AMT

              	
                Amount
                  of Claim Filed With Pool Insurance Company

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                POOL_CLAIM_PAID_DATE

              	
                Date
                  Claim Was Settled and The Check Was Issued By The Pool
                  Insurer

              	 	
                MM/DD/YYYY

              
	
                POOL_CLAIM_AMT_PAID

              	
                Amount
                  Paid On Claim By Pool Insurance Company

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                FHA_PART_A_CLAIM_FILED_DATE

              	
                 Date
                  FHA Part A Claim Was Filed With HUD

              	 	
                MM/DD/YYYY

              
	
                FHA_PART_A_CLAIM_AMT

              	
                 Amount
                  of FHA Part A Claim Filed

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                FHA_PART_A_CLAIM_PAID_DATE

              	
                 Date
                  HUD Disbursed Part A Claim Payment

              	 	
                MM/DD/YYYY

              
	
                FHA_PART_A_CLAIM_PAID_AMT

              	
                 Amount
                  HUD Paid on Part A Claim

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                FHA_PART_B_CLAIM_FILED_DATE

              	
                  Date
                  FHA Part B Claim Was Filed With HUD

              	 	
                MM/DD/YYYY

              
	
                FHA_PART_B_CLAIM_AMT

              	
                  Amount
                  of FHA Part B Claim Filed

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                FHA_PART_B_CLAIM_PAID_DATE

              	
                   Date
                  HUD Disbursed Part B Claim Payment

              	 	
                MM/DD/YYYY

              
	
                FHA_PART_B_CLAIM_PAID_AMT

              	
                 Amount
                  HUD Paid on Part B Claim

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                VA_CLAIM_FILED_DATE

              	
                 Date
                  VA Claim Was Filed With the Veterans Admin

              	 	
                MM/DD/YYYY

              
	
                VA_CLAIM_PAID_DATE

              	
                 Date
                  Veterans Admin. Disbursed VA Claim Payment

              	 	
                MM/DD/YYYY

              
	
                VA_CLAIM_PAID_AMT

              	
                 Amount
                  Veterans Admin. Paid on VA Claim

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              

      

       

       

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Exhibit
        2: Standard
        File Codes - Delinquency Reporting

       

      The
        Loss
        Mit Type
        field
        should show the approved Loss Mitigation Code as follows: 

       

      
        	·  	
                ASUM-Approved
                  Assumption

              

      

       

      
        	·  	
                BAP-Borrower
                  Assistance Program

              

      

       

      
        	·  	
                CO-
                  Charge Off

              

      

       

      
        	·  	
                DIL-
                  Deed-in-Lieu

              

      

       

      
        	·  	
                FFA-
                  Formal Forbearance Agreement

              

      

       

      
        	·  	
                MOD-
                  Loan Modification

              

      

       

      
        	·  	
                PRE-
                  Pre-Sale

              

      

       

      
        	·  	
                SS-
                  Short Sale

              

      

       

      
        	·  	
                MISC-Anything
                  else approved by the PMI or Pool
                  Insurer

              

      

       

      NOTE:
        Wells
        Fargo Bank will accept alternative Loss Mitigation Types to those above,
        provided that they are consistent with industry standards. If Loss Mitigation
        Types other than those above are used, the Servicer must supply Wells Fargo
        Bank
        with a description of each of the Loss Mitigation Types prior to sending
        the
        file.

       

      The
        Occupant
        Code
        field
        should show the current status of the property code as follows:

       

      
        	·  	
                Mortgagor

              

      

       

      
        	·  	
                Tenant

              

      

       

      
        	·  	
                Unknown
                  

              

      

       

      
        	·  	
                Vacant

              

      

       

      The
        Property
        Condition
        field
        should show the last reported condition of the property as follows:

       

      
        	·  	
                Damaged

              

      

       

      
        	·  	
                Excellent

              

      

       

      
        	·  	
                Fair

              

      

       

      
        	·  	
                Gone

              

      

       

      
        	·  	
                Good

              

      

       

      
        	·  	
                Poor

              

      

       

      
        	·  	
                Special
                  Hazard

              

      

       

      
        	·  	
                Unknown

              

      

      
        
           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      

      Exhibit
        2: Standard
        File Codes - Delinquency Reporting, Continued

       

      

       

      The
        FNMA
        Delinquent Reason Code
        field
        should show the Reason for Delinquency as follows: 

       

      

      
        	
                 

                Delinquency
                  Code

              	
                 

                Delinquency
                  Description

              
	
                001

              	
                FNMA-Death
                  of principal mortgagor

              
	
                002

              	
                FNMA-Illness
                  of principal mortgagor

              
	
                003

              	
                FNMA-Illness
                  of mortgagor’s family member

              
	
                004

              	
                FNMA-Death
                  of mortgagor’s family member

              
	
                005

              	
                FNMA-Marital
                  difficulties

              
	
                006

              	
                FNMA-Curtailment
                  of income

              
	
                007

              	
                FNMA-Excessive
                  Obligation

              
	
                008

              	
                FNMA-Abandonment
                  of property

              
	
                009

              	
                FNMA-Distant
                  employee transfer

              
	
                011

              	
                FNMA-Property
                  problem

              
	
                012

              	
                FNMA-Inability
                  to sell property

              
	
                013

              	
                FNMA-Inability
                  to rent property

              
	
                014

              	
                FNMA-Military
                  Service

              
	
                015

              	
                FNMA-Other

              
	
                016

              	
                FNMA-Unemployment

              
	
                017

              	
                FNMA-Business
                  failure

              
	
                019

              	
                FNMA-Casualty
                  loss

              
	
                022

              	
                FNMA-Energy
                  environment costs

              
	
                023

              	
                FNMA-Servicing
                  problems

              
	
                026

              	
                FNMA-Payment
                  adjustment

              
	
                027

              	
                FNMA-Payment
                  dispute

              
	
                029

              	
                FNMA-Transfer
                  of ownership pending

              
	
                030

              	
                FNMA-Fraud

              
	
                031

              	
                FNMA-Unable
                  to contact borrower

              
	
                INC

              	
                FNMA-Incarceration

              

      

      

      
        
          

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      Exhibit
        2: Standard
        File Codes - Delinquency Reporting, Continued

      

       

      The
        FNMA
        Delinquent Status Code
        field
        should show the Status of Default as follows: 

       

      

      
        	
                 

                Status
                  Code

              	
                 

                Status
                  Description

              
	
                09

              	
                Forbearance

              
	
                17

              	
                Pre-foreclosure
                  Sale Closing Plan Accepted

              
	
                24

              	
                Government
                  Seizure

              
	
                26

              	
                Refinance

              
	
                27

              	
                Assumption

              
	
                28

              	
                Modification

              
	
                29

              	
                Charge-Off

              
	
                30

              	
                Third
                  Party Sale

              
	
                31

              	
                Probate

              
	
                32

              	
                Military
                  Indulgence

              
	
                43

              	
                Foreclosure
                  Started

              
	
                44

              	
                Deed-in-Lieu
                  Started

              
	
                49

              	
                Assignment
                  Completed

              
	
                61

              	
                Second
                  Lien Considerations

              
	
                62

              	
                Veteran’s
                  Affairs-No Bid

              
	
                63

              	
                Veteran’s
                  Affairs-Refund

              
	
                64

              	
                Veteran’s
                  Affairs-Buydown

              
	
                65

              	
                Chapter
                  7 Bankruptcy

              
	
                66

              	
                Chapter
                  11 Bankruptcy

              
	
                67

              	
                Chapter
                  13 Bankruptcy

              

      

       

      
        
          

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Exhibit
        : Calculation
        of Realized Loss/Gain Form 332- Instruction Sheet

      NOTE:
        Do not net or combine items. Show all expenses individually and all credits
        as
        separate line items. Claim packages are due on the remittance report date.
        Late
        submissions may result in claims not being passed until the following month.
        The
        Servicer is responsible to remit all funds pending loss approval and /or
        resolution of any disputed items. 

       

      
        	 	
                1.

              	 
	 	 	 
	 	2.	The
                numbers on the 332 form correspond with the numbers listed
                below.
	 	 	 
	Liquidation
                and
                Acquisition Expenses:
	 	 	 
	 	1.	
                The
                  Actual Unpaid Principal Balance of the Mortgage Loan. For documentation,
                  an Amortization Schedule from date of default through liquidation
                  breaking
                  out the net interest and servicing fees advanced is
                  required.

              
	 	 	 
	 	2. 	The Total Interest Due less the aggregate
                amount of servicing fee that would have been earned if all delinquent
                payments had been made as agreed. For documentation, an Amortization
                Schedule from date of default through liquidation breaking out the
                net
                interest and servicing fees advanced is required.
	 	 	 
	 	3.	
                Accrued
                  Servicing Fees based upon the Scheduled Principal Balance of the
                  Mortgage
                  Loan as calculated on a monthly basis. For documentation, an Amortization
                  Schedule from date of default through liquidation breaking out
                  the net
                  interest and servicing fees advanced is required.

              
	 	 	 
	 	4-12.	
                Complete
                  as applicable. Required documentation:

              
	 	 	 
	 	 	
                *
                  For taxes and insurance advances - see page 2 of 332 form - breakdown
                  required showing period

              
	 	 	
                   
                  of coverage, base tax, interest, penalty. Advances prior to default
                  require evidence of servicer efforts to recover
                  advances.

              
	 	 	 
	 	 	
                * For escrow advances - complete payment
                  history

                
                  (to
                    calculate advances from last positive escrow balance
                    forward)

                

              
	 	 	 
	 	 	
                *
                  Other expenses -  copies of corporate advance history showing all
                  payments 

              
	 	 	 
	 	 	* REO repairs > $1500 require
                explanation
	 	 	 
	 	 	* REO repairs >$3000 require evidence of
                at least 2 bids.
	 	 	 
	 	 	* Short Sale or Charge Off require
                P&L
                supporting the decision and
                WFB’s approved Officer Certificate 
	 	 	 
	 	 	* Unusual or extraordinary items may
                require
                further documentation. 
	 	 	 
	 	13.	The
                total of lines 1 through 12.
	 	 	 
	 	3.	Credits:

	 	 	 
	 	14-21.	
                Complete
                  as applicable. Required documentation:

              
	 	 	
              
	 	 	
                *
                  Copy of the HUD 1 from the REO sale. If a 3rd
                  Party Sale, bid instructions and Escrow
                  Agent / Attorney

              
	 	 	
              
	 	 	Letter
                of
                Proceeds Breakdown. 
	 	 	 
	 	 	* Copy of EOB for any MI or gov't
                guarantee
                
	 	 	 
	 	 	* All other credits need to be clearly
                defined on the 332 form
	 	 	 
	 	
                22.

              	
                The
                  total of lines 14 through 21.

              
	 	 	 
	
                 Please
                  Note:

              	For HUD/VA loans, use line (18a) for
                Part
                A/Initial proceeds and line (18b) for Part B/Supplemental
                proceeds.
	 	 	 
	
                Total
                  Realized Loss (or Amount of Any
                  Gain)

              
	 	 	 
	 	23. 	
                The
                  total derived from subtracting line 22 from 13. If the amount represents
                  a
                  realized gain, show
                  the amount in parenthesis ( ). 

              

      

        

       

      
        
           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Exhibit
        3A: Calculation
        of Realized Loss/Gain Form 332

      
 

      
        
          
            	
                    Prepared
                      by: __________________

                  	
                    Date:
                      _______________

                  
	
                    Phone:
                      ______________________

                     

                  	Email
                    Address:_____________________

          

           

           

          
            	
                     

                    Servicer
                      Loan No.

                  	 	
                     

                    Servicer
                      Name

                  	 	
                     

                    Servicer
                      Address

                     

                  

          

           

           

          
            	 	 	 	 	 	 
	
                    WELLS
                      FARGO BANK, N.A. Loan No.

                  	
                  	 	 
	 	 	 	 	 	 
	
                    Borrower's Name:

                  	 	 
	
                    Property Address:
                      

                  	 	 
	 	 	 	 	 	 
	
                    Liquidation
                      Type: REO Sale

                  	 	
                    3rd
                      Party Sale

                  	
                    Short
                      Sale

                  	
                    
                      Charge
                        Off

                    

                  	
                     

                  
	 	 	 	 	 	 
	
                    Was
                      this loan granted a Bankruptcy deficiency or
                      cramdown

                  	
                     

                  	
                    Yes

                  	
                    No

                  	 
	
                    If
                      “Yes”, provide deficiency or cramdown amount

                  	 	 

          

           

           

          
            	
                    Liquidation
                      and Acquisition Expenses:

                  

          

           

          
            	
                    (1)

                  	 	
                    
                    

                    Actual
                      Unpaid Principal Balance of Mortgage Loan

                  	
                    
                    

                    $

                  	 	
                    (1)

                  	 
	
                    (2)

                  	 	
                    
                    

                    Interest
                      accrued at Net Rate

                  	 	 	
                    (2)

                  	
                  
	
                    (3)

                  	 	
                    
                    

                    Accrued
                      Servicing Fees

                  	 	 	
                    (3)

                  	 
	
                    (4)

                  	 	
                    
                    

                    Attorney's
                      Fees

                  	 	 	
                    
                    

                    (4)

                  	
                    
                    

                     

                  
	
                    (5)

                  	 	
                    
                    

                    Taxes
                      (see page 2)

                  	 	 	
                    
                    

                    (5)

                  	
                     

                  
	
                    (6)

                  	 	
                    
                    

                    Property
                      Maintenance

                  	 	 	
                    
                    

                    (6)

                  	
                     

                  
	
                    (7)

                  	 	
                    
                    

                    MI/Hazard
                      Insurance Premiums (see page 2)

                  	 	 	
                    (7)

                  	
                  
	
                    (8)

                  	 	
                    
                    

                    Utility
                      Expenses

                  	 	 	
                    
                    

                    (8)

                  	
                    
                    

                     

                  
	
                    (9)

                  	 	
                    
                    

                    Appraisal/BPO

                  	 	 	
                    
                    

                    (9)

                  	
                    
                    

                     

                  
	
                    (10)

                  	 	
                    
                    

                    Property
                      Inspections

                  	 	 	
                    
                    

                    (10)

                  	
                    
                    

                     

                  
	
                    (11)

                  	 	
                    
                    

                    FC
                      Costs/Other Legal Expenses

                  	 	 	
                    (11)

                  	 
	
                    (12)

                  	 	
                    
                    

                    Other
                      (itemize)

                  	 	 	
                    
                    

                    (12)

                  	
                     

                  
	
                     

                  	 	
                    Cash
                      for Keys________________________

                  	 	 	
                    (12)

                  	 
	
                     

                  	 	
                    HOA/Condo
                      Fees_____________________

                  	 	 	
                    (12)

                  	 
	
                     

                  	 	
                    _______________________________

                  	 	 	
                    (12)

                  	 
	 	 	
                     

                  	 	 	 	 
	
                     

                  	
                  	
                    Total
                      Expenses

                  	
                    $

                  	
                      
                      

                  	
                    
                    

                    (13)

                  	 
	
                     

                  	 	
                    
                      Credits:

                    

                  	 	 	 	 
	
                    (14)

                  	
                  	
                    
                    

                    Escrow
                      Balance

                  	
                    $

                  	 	
                    
                    

                    (14)

                  	
                    
                    

                     

                  
	
                    (15)

                  	 	
                    
                    

                    HIP
                      Refund

                  	 	 	
                    
                    

                    (15)

                  	 
	
                    (16)

                  	
                  	
                    
                    

                    Rental
                      Receipts

                  	 	 	
                    
                    

                    (16)

                  	
                    
                    

                     

                  
	
                    (17)

                  	 	
                    
                    

                    Hazard
                      Loss Proceeds

                  	 	 	
                    
                    

                    (17)

                  	
                     

                  
	
                    (18)

                  	 	
                    
                    

                    Primary
                      Mortgage Insurance / Gov’t Insurance

                  	 	 	 	 
	
                     

                  	 	
                    
                      HUD
                        Part A

                    

                  	 	 	 (18a)	 
	 	 	
                    HUD
                      Part B

                  	 	 	(18b)	 
	
                    (19)

                  	 	
                    
                    

                    Pool
                      Insurance Proceeds

                  	 	 	
                    (19)

                  	
                  
	
                    (20)

                  	 	
                    
                    

                    Proceeds
                      from Sale of Acquired Property

                  	 	 	
                    (20)

                  	
                  
	
                    (21)

                  	 	
                    
                    

                    Other
                      (itemize)

                  	 
	 	
                    
                    

                    (21)

                  	
                    
                    

                     

                  
	
                     

                  	
                  	
                    
                      _______________________________

                    

                  	 	 	(21)	 
	 	 	
                     

                  	 	 	 	 
	
                     

                  	
                  	
                    Total
                      Credits

                  	
                    $

                  	 	
                    
                    

                    (22)

                  	
                     

                  
	
                    Total
                      Realized Loss (or Amount of Gain)

                  	
                    $

                  	 	(23)	
                  

          

           

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

      

      Escrow
        Disbursement Detail

      

      

      
        	
                Type

                (Tax
                  /Ins.)

              	
                Date
                  Paid

              	
                Period
                  of Coverage

              	
                Total
                  Paid

              	
                Base
                  Amount

              	
                Penalties

              	
                Interest

              
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

      

      

       

      
        
          
            

             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      SCHEDULE
        5

      

      STANDARD
        FILE LAYOUT- MASTER SERVICING

       

      Standard
        File Layout - Master Servicing

      
        	
                 

              	 	 	 
	
                Column
                  Name

              	
                Description

              	
                Decimal

              	
                Format
                  Comment

              	
                Max
                  Size

              
	
                SER_INVESTOR_NBR

              	
                A
                  value assigned by the Servicer to define a group of loans.

              	
                 

              	
                Text
                  up to 10 digits

              	
                20

              
	
                LOAN_NBR

              	
                A
                  unique identifier assigned to each loan by the investor.

              	
                 

              	
                Text
                  up to 10 digits

              	
                10

              
	
                SERVICER_LOAN_NBR

              	
                A
                  unique number assigned to a loan by the Servicer. This may be different
                  than the LOAN_NBR.

              	
                 

              	
                Text
                  up to 10 digits

              	
                10

              
	
                BORROWER_NAME

              	
                The
                  borrower name as received in the file. It is not separated by first
                  and
                  last name.

              	
                 

              	
                Maximum
                  length of 30 (Last, First)

              	
                30

              
	
                SCHED_PAY_AMT

              	
                Scheduled
                  monthly principal and scheduled interest payment that a borrower
                  is
                  expected to pay, P&I constant.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                NOTE_INT_RATE

              	
                The
                  loan interest rate as reported by the Servicer.

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                NET_INT_RATE

              	
                The
                  loan gross interest rate less the service fee rate as reported
                  by the
                  Servicer.

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                SERV_FEE_RATE

              	
                The
                  servicer's fee rate for a loan as reported by the Servicer.
                  

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                SERV_FEE_AMT

              	
                The
                  servicer's fee amount for a loan as reported by the Servicer.
                  

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                NEW_PAY_AMT

              	
                The
                  new loan payment amount as reported by the Servicer. 

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                NEW_LOAN_RATE

              	
                The
                  new loan rate as reported by the Servicer. 

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                ARM_INDEX_RATE

              	
                The
                  index the Servicer is using to calculate a forecasted
                  rate.

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                ACTL_BEG_PRIN_BAL

              	
                The
                  borrower's actual principal balance at the beginning of the processing
                  cycle.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                ACTL_END_PRIN_BAL

              	
                The
                  borrower's actual principal balance at the end of the processing
                  cycle.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                BORR_NEXT_PAY_DUE_DATE

              	
                The
                  date at the end of processing cycle that the borrower's next payment
                  is
                  due to the Servicer, as reported by Servicer.

              	
                 

              	
                MM/DD/YYYY

              	
                10

              
	
                SERV_CURT_AMT_1

              	
                The
                  first curtailment amount to be applied.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_DATE_1

              	
                The
                  curtailment date associated with the first curtailment amount.
                  

              	
                 

              	
                MM/DD/YYYY

              	
                10

              
	
                CURT_ADJ_
                  AMT_1

              	
                The
                  curtailment interest on the first curtailment amount, if
                  applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_AMT_2

              	
                The
                  second curtailment amount to be applied.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_DATE_2

              	
                The
                  curtailment date associated with the second curtailment
                  amount.

              	
                 

              	
                MM/DD/YYYY

              	
                10

              
	
                CURT_ADJ_
                  AMT_2

              	
                The
                  curtailment interest on the second curtailment amount, if
                  applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_AMT_3

              	
                The
                  third curtailment amount to be applied.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_DATE_3

              	
                The
                  curtailment date associated with the third curtailment
                  amount.

              	
                 

              	
                MM/DD/YYYY

              	
                10

              
	
                CURT_ADJ_AMT_3

              	
                The
                  curtailment interest on the third curtailment amount, if
                  applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PIF_AMT

              	
                The
                  loan "paid in full" amount as reported by the Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PIF_DATE

              	
                The
                  paid in full date as reported by the Servicer.

              	
                 

              	
                MM/DD/YYYY

              	
                10

              
	
                 

              	
                 

              	
                 

              	
                Action
                  Code Key: 15=Bankruptcy, 30=Foreclosure, , 60=PIF, 63=Substitution,
                  65=Repurchase,70=REO 

              	
                2

              
	
                ACTION_CODE

              	
                The
                  standard FNMA numeric code used to indicate the default/delinquent
                  status
                  of a particular loan.

              
	
                INT_ADJ_AMT

              	
                The
                  amount of the interest adjustment as reported by the
                  Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SOLDIER_SAILOR_ADJ_AMT

              	
                The
                  Soldier and Sailor Adjustment amount, if applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                NON_ADV_LOAN_AMT

              	
                The
                  Non Recoverable Loan Amount, if applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                LOAN_LOSS_AMT

              	
                The
                  amount the Servicer is passing as a loss, if applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_BEG_PRIN_BAL

              	
                The
                  scheduled outstanding principal amount due at the beginning of
                  the cycle
                  date to be passed through to investors.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_END_PRIN_BAL

              	
                The
                  scheduled principal balance due to investors at the end of a processing
                  cycle.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_PRIN_AMT

              	
                The
                  scheduled principal amount as reported by the Servicer for the
                  current
                  cycle -- only applicable for Scheduled/Scheduled Loans.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_NET_INT

              	
                The
                  scheduled gross interest amount less the service fee amount for
                  the
                  current cycle as reported by the Servicer -- only applicable for
                  Scheduled/Scheduled Loans.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                ACTL_PRIN_AMT

              	
                The
                  actual principal amount collected by the Servicer for the current
                  reporting cycle -- only applicable for Actual/Actual
                  Loans.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                ACTL_NET_INT

              	
                The
                  actual gross interest amount less the service fee amount for the
                  current
                  reporting cycle as reported by the Servicer -- only applicable
                  for
                  Actual/Actual Loans.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PREPAY_PENALTY_
                  AMT

              	
                The
                  penalty amount received when a borrower prepays on his loan as
                  reported by
                  the Servicer. 

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PREPAY_PENALTY_
                  WAIVED

              	
                The
                  prepayment penalty amount for the loan waived by the
                  servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              
	
                MOD_DATE

              	
                The
                  Effective Payment Date of the Modification for the loan.

              	
                 

              	
                MM/DD/YYYY

              	
                10

              
	
                MOD_TYPE

              	
                The
                  Modification Type.

              	
                 

              	
                Varchar
                  - value can be alpha or numeric

              	
                30

              
	
                DELINQ_P&I_ADVANCE_AMT

              	
                The
                  current outstanding principal and interest advances made by
                  Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	 	 	 	 	 

      

      

       

      
        
          
             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      SCHEDULE
        6

      

      DATA
        REQUIREMENTS OF SERVICING ADVANCES INCURRED PRIOR TO CUT-OFF DATE

      

      

      
        	
                [LOAN
                  NUMBER]

              	
                [PRE-CUT-OFF
                  DATE ADVANCE AMOUNT]

              

      

      

      

      [PROVIDED
        UPON REQUEST]

      

      
        
          
             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      SCHEDULE
        7

      

      MORTGAGE
        LOANS RELATING TO OCWEN SERVICING FEE RATE FOR FIRST DISTRIBUTION
        DATE

      

      [PROVIDED
        UPON REQUEST]EXHIBIT 10.8
STOCK PURCHASE AGREEMENT
THIS STOCK PURCHASE AGREEMENT (the "Agreement") is made and entered into this
28th day of April 2006 by and among EVOLVE ONE, INC., a Delaware corporation
("EVLO"), IRWIN HOROWITZ ("Horowitz"), DIVERSIFAX, INC., a Delaware corporation
("Diversifax") and CERTAIN PRINCIPAL STOCKHOLDERS OF EVLO in addition to
Horowitz and Diversifax as listed on the signature pages and Exhibit A hereto
                             ---------
(Horowitz, Diversifax and such other stockholders are hereinafter sometimes
referred to collectively as the "Stockholders"), and the purchasers of common
stock consisting of PROGRESS PARTNERS, INC., a Florida corporation, YEWEN XI and
DAVID STEIN (collectively referred to as the "Purchasers").
RECITALS:
--------
A. The Stockholders are the beneficial owners of 42,692,228 shares of Common
Stock of EVLO hereinafter described, exclusive of any warrants or options to
purchase Common Stock of EVLO;
B. It is the intention of the parties hereto that: (i) the Purchasers shall
acquire 41,557,078 shares of Common Stock (the "Shares") of EVLO from the
Stockholders in consideration for the payment described below (the "Stock
Purchase"); and (ii) the Stock Purchase shall qualify as a transaction in
securities exempt from registration or qualification under the Securities Act of
1933 (the "Act"); and
C. The Stockholders and Purchasers agree that in order to facilitate the Stock
Purchase that the Stockholders will deposit the Shares in escrow, and the
Purchasers will deposit the consideration therefor in escrow pending the closing
of the Stock Purchase.
NOW, THEREFORE, in consideration of the mutual covenants, agreements,
representations and warranties contained in this Agreement, the parties hereto
agrees as follows:
SECTION 1. PURCHASE OF SHARES
1.1. Share Purchase. The Stockholders and the Purchasers hereby agree that the
Purchasers shall on the Closing Date purchase from the Stockholders the Shares
in consideration for $371,661 and other consideration as hereinafter provided.
The cash payment that each of the Stockholders is to receive and the Shares of
each of the Stockholders beneficially owned by them and to be delivered in
escrow for ultimate transmittal to the Purchasers is set forth on Exhibit A
hereto. Concomitantly, the number of the Shares which each of the Purchasers
will be entitled to receive pursuant to this Agreement is also set forth on
Exhibit A hereto.
1.2. Discharge of Certain Expenses. Upon execution of this Agreement, the
Purchasers agree to defray the expenses to be incurred by Webb & Company, P.A.
and Schneider Weinberger & Beilly LLP in connection with the completion of the
fiscal 2005 year end audit, and the preparation of the Annual Report on Form
10-KSB to be filed by EVLO with the Securities and Exchange Commission. Except
for any liabilities associated with such professional services not discharged at
the time of the closing of this transaction, at the time of Closing (hereinafter
described), there shall be no liabilities of EVLO. In addition, at the time of
Closing, Purchasers shall reimburse Diversifax for expenses incurred and paid by
Diversifax in the amount of $53,339.
1.3. Investment Intent. The Shares have not been registered under the Act and
may not re resold unless the Shares are registered under the Act or an exemption
from such registration is available.

The Purchasers represent and warrant that they are acquiring the Shares for
their own account, for investment, and not with a view to the sale or
distribution of the Shares. Each certificate representing the Shares will have
legends thereon incorporating language as follows:
"The shares represented by this certificate have not been registered under the
Securities Act of 1933, as amended (the "Act"). The shares have been acquired
for investment and may not be sold or transferred in the absence of an effective
Registration Statement for the shares under the Act unless, in the opinion of
counsel satisfactory to the Company, registration is not required under the
Act."
1.4. Escrow Arrangements. Upon execution hereof by the Stockholders and the
Purchasers and pending the closing, $371,661 shall be deposited in a
non-interest bearing escrow account with Schneider Weinberger & Beilly LLP as
escrow agent (the "Escrow Agent") together with the Shares, pursuant to the
terms of an Escrow Agreement attached hereto as Exhibit B. Subject to
satisfaction of the terms and conditions of this Agreement, on the Closing Date,
(i) the Escrow Agent shall deliver to the Purchasers in accordance with the
terms of the Escrow Agreement the Shares, which shall be duly executed and with
appropriate medallion guaranteed stock powers and corporate powers as required,
and (ii) the Escrow Agent shall deliver to the Stockholders the consideration
payable to each of the Purchasers as listed on Exhibit A hereto. By execution of
this Agreement, the Stockholders agree to the terms and provisions of the Escrow
Agreement, notwithstanding that they have not executed the Escrow Agreement.
SECTION 2. REPRESENTATIONS AND WARRANTIES OF THE PURCHASERS.
-----------------------------------------------------------
     The Purchasers hereby represent and warrant as follows:
2.1. No Breach. The Purchasers are duly authorized to acquire the Shares, and
the execution, delivery and performance of this Agreement and the consummation
of the transactions contemplated hereby will not violate, conflict with or
result in the breach or a default under any contract or agreement to which any
of the Purchasers is a party.
2.2. Ownership of Common Stock. The Stockholders are the beneficial owners of
the number of shares of Common Stock listed on Exhibit A hereto and have no
beneficial ownership of any additional shares of common stock of EVLO except for
common stock issuable under options or warrants previously issued to them.
2.3. Brokers or Finders. No broker's or finder's fee will be payable by the
Purchasers in connection with the transactions contemplated by this Agreement,
nor will any such fee be incurred as a result of any actions by the Purchasers.
2.4. Full Disclosure. No representation or warranty by the Purchasers in the
Agreement or in any document or schedule to be delivered by them pursuant
hereto, and no written statement certificate or instrument furnished or to be
furnished to EVLO pursuant hereto or in connection with the negotiation,
execution or performance of this Agreement contains or will contain any untrue
statement of a material fact or omits or will omit to state any fact necessary
to make any statement herein or therein not materially misleading.
SECTION 3. REPRESENTATIONS AND WARRANTIES OF EVLO, HOROWITZ AND DIVERSIFAX
     EVLO, Horowitz and Diversifax hereby represent and warrant to the
Purchasers as follows:
2

3.1. Organization, Good Standing and Capitalization. EVLO is a corporation duly
organized, validly existing and in good standing under the laws of the State of
Delaware and is entitled to own or lease its properties and to carry on its
business as and in the places where such properties are now owned, leased or
operated and such business is now conducted. The authorized capital stock of
EVLO consists of 10,000,000 shares of "blank check" preferred stock, of which no
shares are presently issued and outstanding, and 1,000,000,000 shares of Common
Stock, of which 52,451,348 shares are presently issued and outstanding.
Outstanding options, warrants and convertible securities are listed in Schedule
3.1 hereto. EVLO is duly licensed or qualified and in good standing as a foreign
corporation where the character of the properties owned by EVLO or the nature of
the business transacted by it make such license or qualification necessary,
except where the failure to do so would not have a material adverse effect on
the business or financial condition of EVLO. EVLO's subsidiaries are listed on
Exhibit 3.1 hereto.
3.2. The Shares. The Shares to be transferred to the Purchasers have been duly
authorized by all necessary corporate and stockholder actions and are validly
issued, fully paid and non-assessable.
3.3. Financial Statements; Books and Records. There has been previously
delivered to the Purchasers the audited balance sheet of EVLO as at December 31,
2005 (the "Balance Sheet") and the related statements of operations for the year
and period then ended (the "Financial Statements"). The Financial Statements are
true and accurate in all material respects and fairly represent the financial
position of EVLO as at such dates and the results of its operations for the
periods then ended, and have been prepared in accordance with general accepted
accounting principles consistently applied.
3.4. No Material Adverse Changes. Since the date of the Balance Sheet and except
as otherwise substantially disclosed in EVLO's reports or filings made under the
Securities Exchange Act of 1934, there has not been:
(i) any material adverse change in the assets, operations, condition (financial
or otherwise0 or prospective business of EVLO;
(ii) any damage, destruction or loss materially affecting the assets,
prospective business, operations or condition (financial or otherwise) of EVLO,
whether or not covered by insurance;
(iii) any declaration, setting aside or payment of any dividend or distribution
with respect to any redemption or repurchase of EVLO's capital stock;
(iv) any sale of an asset (other than in the ordinary course of business) or any
mortgage or pledge by EVLO of any properties or assets; or
(v) adoption of any pension, profit sharing, retirement, stock bonus, stock
option or similar plan or arrangement.
3.5. Taxes. EVLO has prepared and filed all appropriate federal, state and local
tax returns for all periods prior to and through the date hereof for which any
such returns have been required to be filed by it and has paid all taxes shown
to be due by said returns or on any assessments received by it or has made
adequate provision for the payment thereof.
3.6. Compliance with Laws. EVLO has complied with all federal, state, county and
local laws, ordinances, regulations, inspections, orders, judgments,
injunctions, awards or decrees applicable to their businesses, including federal
and state securities laws, which, if not complied with, would materially and
adversely affect the business of EVLO or the trading market for the shares of
EVLO's Common Stock.
3

3.7. No Breach. The execution, delivery and performance of this Agreement and
the consummation of the transactions contemplated hereby will not:
     (i)     violate any provision of the Certificate of Incorporation or
            By-Laws of EVLO;
   (ii) violate, conflict with or result in the breach of any of the terms of,
        result in a material modification of, otherwise give any other
        contracting party the right to terminate, or constitute (or with notice
        or lapse of time or both constitute) a default under, any contract or
        other agreement to which EVLO is a party or by or to which it or any
        of its assets or properties may be bound or subject;
  (iii) violate any order, judgment, injunction, award or decree of any court,
        arbitrator or governmental or regulatory body against, or binding upon
        EVLO or   upon the properties or business of EVLO; or
  (iv) violate any statute, law or regulation or any jurisdiction applicable to
       the transactions contemplated herein which could have a material adverse
     effect on the business or operations of EVLO.
3.8. Actions and Proceedings. There is not outstanding order, judgment,
injunction, award or decree of any court, governmental or regulatory body or
arbitration tribunal against or involving EVLO. There is no action, suit or
claim or legal, administrative or arbitral proceeding or (whether or not the
defense thereof or liabilities in respect thereof are covered by insurance)
pending or threatened against or involving EVLO or any of its properties or
assets. Except as set forth on Schedule 3.8, there is no fact, event or
circumstances that may give rise to any suit, action or claim, investigation or
proceeding.
3.9. Brokers or Finders. No broker's or finder's fee will be payable by EVLO,
Horowitz or Diversifax in connection with the transactions contemplated by this
Agreement, nor will any such fee be incurred as a result of any actions by EVLO,
Horowitz or Diversifax.
3.10. Liabilities. EVLO does not have any direct or indirect indebtedness,
liability, claim, loss, damage, deficiency, obligation or responsibility, known
or unknown, fixed or unfixed, liquidated or unliquidated, secured or unsecured,
accrued or absolute, contingent or otherwise, including, without limitation, any
liability on account of taxes, any other governmental charge of lawsuit (all of
the foregoing collectively defined to as "Liabilities"), which were not fully,
fairly and adequately reflected on the Balance Sheet. As of the Closing Date.
EVLO will not have any Liabilities.
3.11. Operations of EVLO. Except as set forth on Schedule 3.11 or in EVLO's
reports or filings made under the Securities Exchange Act of 1934, since the
date of the EVLO Balance Sheet and through the Closing Date hereof, EVLO has not
and will not have:
(i)     incurred any indebtedness for borrowed money;
(ii) declared or paid any dividend or declared or made any distribution of any
kind to any shareholder, or made any direct or indirect redemption, retirement,
purchase or other acquisition of any shares in its capital stock;
(iii) made any loan or advance to any stockholder, officer, director, employee,
consultant, agent or other representative or made any other loan or advance
otherwise than in the ordinary course of business;
(iv) except in the ordinary course of business, incurred or assumed any
indebtedness or liability (whether or not currently due and payable);
4

v)     disposed of any assets of EVLO except in the ordinary course of
business;
(vi)     increased the annual level of compensation of any executive
employee of EVLO;
(vii) increased, terminated, amended or otherwise modified any plan for the
benefit of employees of EVLO;
(viii)     issued any equity securities or rights to acquire such equity
securities; or
(ix) except in the ordinary course of business, entered into or modified any
contract, agreement or transaction.
3.12. Authority to Execute and Perform Agreements. EVLO, Horowitz and Diversifax
each have the full legal right and power and all authority and approval required
to enter into, execute and deliver this Agreement and to perform fully their
obligations hereunder. This Agreement has been duly executed and delivered and
is the valid and binding obligation of EVLO and the Stockholders enforceable in
accordance with its terms, except as may be limited by bankruptcy, moratorium,
insolvency or other similar laws generally affecting the enforcement of
creditors' rights. The execution and delivery of this Agreement and the
consummation of the transactions contemplated hereby and the performance by
EVLO, Horowitz and Diversifax of this Agreement in accordance with its
respective terms and conditions will not:
(i) require the approval or consent of any governmental or regulatory body, the
stockholders of EVLO, or the approval or consent of any other person;
(ii) conflict with or result in any breach or violation of any of the terms and
conditions of, or constitute (or with any notice or lapse of time or both would
constitute) a default under any order, judgment or decree applicable to EVLO, or
any instrument, contract or other agreement which EVLO is a party or by or to
which EVLO is bound or subject; or
(iii) result in the creation of any lien or other encumbrance on the assets or
properties of EVLO.
3.13. Delivery of Periodic Reports; Compliance with 1934 Act. EVLO has provided
the Purchasers with all of its Periodic Reports filed with the Securities and
Exchange Commission since December 31, 2003. EVLO has filed all required
Periodic Reports and is in compliance with its reporting obligations under the
Securities Exchange Act of 1934. All reports, as amended, filed pursuant to such
Act are complete and correct in all material respects. All material contracts
relative to EVLO are included in the Periodic Reports.
3.14. Capitalization. The authorized capitalization is as set forth in EVLO's
Form 10-KSB for the year ended December 31, 2005. Neither EVLO, Horowitz nor
Diversifax has granted, issued or agreed to grant, issue or make available any
warrants, options, subscription rights or any other commitments of any character
relating to the issued or unissued shares of capital stock of EVLO except as
disclosed in Schedule 3.14.
             -------------
3.15. Full Disclosure. No representation or warranty by EVLO or the Stockholders
in this Agreement or in any document or schedule to be delivered by it pursuant
hereto, and no written statement, certificate or instrument furnished or to be
furnished to the Purchasers or the Purchasers pursuant hereto or in connection
with the execution or performance of this Agreement contains or will contain any
untrue statement of a material fact or omits or will omit to state any fact
necessary to make any statement herein or therein not materially misleading or
necessary to a complete and correct presentation of all material aspects of the
business of EVLO.
5

3.16. Representations and Warrants on Closing Date. The representations and
warranties contained in this Section 3 shall be true and complete on the Closing
Date with the same force and effect as through such representations and
warranties had been made on and as of the Closing Date.
SECTION 4. REPRESENTATIONS AND WARRANTIES OF STOCKHOLDERS
     Each Stockholder represents, warrants and agrees as to such Stockholder as
follows:
4.1. Ownership. Each of the Stockholders is the beneficial owner of the number
of Shares listed after each such Stockholder's name on Exhibit A hereto.
4.2. The Shares. The Shares to be transferred by each Stockholder to the
Purchasers hereunder are free and clear of all voting trusts, agreements,
arrangements, encumbrances, liens, claims and liabilities of every nature, and
each such Stockholder is conveying clear and unencumbered title thereto to his,
her or its Shares.
4.3. Due Authorization. Each of the Stockholders is duly authorized, empowered
and has the right to sell, transfer and convey to the Purchasers the Shares to
be transferred, assigned, conveyed to the Purchasers pursuant to this Agreement.
4.4. No Restrictions On Transfer. There are no agreements to which a Stockholder
is a party that would preclude the consummation of this Agreement.
4.5. Finders. There are no brokers or finders with whom any Stockholder has
dealt with in connection with this transaction.
SECTION 5. COVENANTS OF PURCHASERS
     The Purchasers covenant to EVLO and the Stockholders as follows:
5.1. Litigation. The Purchasers shall promptly notify EVLO and the Stockholders
of any lawsuits, claims, proceedings or investigations, which after the date
hereof are threatened or commenced against the Purchasers with respect to the
affairs of the Purchasers.
5.2. Assumption of Expenses. Purchasers shall defray the expenses listed on
Schedule 5.2 hereof of Webb & Company, P.A., Schneider Weinberger & Beilly LLP,
Martin Scott and Goldstein, Lewin & Company, P.A. in connection with the
preparation and completion of EVLO's 2005 audit and the filing of EVLO's Form
10-KSB Annual Report. In addition, at the time of Closing, Purchasers shall
reimburse Diversifax for expenses incurred and paid by Diversifax in the amount
of $53,339.
5.3. Continued Effectiveness of Representations and Warranties. The
representations and warranties contained in Section 2 shall continue to be true

and correct on and as of the Closing Date and as if made on and as of the
Closing Date, and shall:
(i) promptly give notice to EVLO or any event, condition or circumstance
occurring from the date hereof through the Closing Date which would render any
of the representations or warranties materially untrue, incomplete, insufficient
or constitute a violation or breach of this Agreement; and
(ii) supplement the information contained herein in order that the information
contained herein is kept current, complete and accurate in all material
respects.
6

SECTION 6. COVENANTS OF EVLO, HOROWITZ AND DIVERSIFAX
     EVLO, Horowitz and Diversifax covenant to the Purchasers as follows:
6.1. Conduct of Business. From the date hereof through the Closing Date, EVLO
shall conduct its business in the ordinary course and, without the prior written
consent of the Purchasers, shall ensure that EVLO does not undertake any of the
actions specified in Section 3.11 hereof.
6.2. Preservation of Business. From the date hereof through the Closing Date,
EVLO shall preserve its business organization intact and use its best efforts to
preserve EVLO's good will.
6.3. Litigation. EVLO, Horowitz and Diversifax shall promptly notify the
Purchasers of any lawsuits, claims, proceedings or investigations which, after
the date hereof, are threatened or commenced against EVLO or against any
officer, director, employee, consultant, agent or stockholder with respect to
the affairs of EVLO.
6.4. Discharge of Liabilities. Except for any expenses of Webb & Company, P.A.,
Schneider Weinberger & Beilly LLP, Martin Scott and Goldstein, Lewin & Company,
P.A. in connection with preparation and completion of the 2005 audit and the
related Form 10-KSB Annual Report, which had not been discharged by the time of
the Closing, and reimbursement of expenses due to Diversifax in the amount of
$53,339, there shall no liabilities of EVLO which have not been paid, satisfied
or otherwise discharged.
6.5. Continued Effectiveness of Representations and Warranties. From the date
hereof through the Closing Date, EVLO shall conduct its business in such a
manner so that the representations and warranties contained in Section 3 shall
continue to be true and correct on and as of the Closing Date and as if made on
and as of the Closing Date, and shall:
(i) promptly give notice to the Purchasers of any event, condition or
circumstance occurring from the date hereof through the Closing Date which would
render any of the representations or warranties materially untrue, incomplete,
insufficient or constitute a violation or breach of this Agreement; and
(ii) supplement the information contained herein in order that the information
contained herein is kept current, complete and accurate in all material
respects.
SECTION 7. COVENANTS
7.1. Examinations and Investigations. Prior to the Closing Date, t he parties
acknowledge that they have been entitled, through their employees and
representatives, to make such investigation of the assets, properties, business
and operations, books, records and financial condition of the other as they each
may reasonably require. No investigation by a party hereto shall, however,
diminish or waive in any way any of the representations, warranties, covenants
or agreements of the other party under this Agreement.
7.2. Expenses. Each party hereto agrees to pay its own costs and expenses
incurred in negotiating this Agreement and consummating the transactions
described herein.
7

7.3. Further Assurances. The parties shall execute such documents and other
papers and take such further actions as may be reasonably required or desirable
to carry out the provisions hereof and the transactions contemplated hereby.
Each such party shall use its best efforts to fulfill or obtain the fulfillment
of the conditions to the Closing, including, without limitation, the execution
and delivery of any documents or other papers, the execution and delivery of
which are necessary or appropriate to the Closing.
7.4. Confidentiality. In the event the transactions contemplated by this
Agreement are not consummated, each of the parties hereto agree to keep
confidential any information disclosed to each other in connection therewith for
a period of one (1) year from the date hereof; provided, however, such
obligation shall not apply to information which:
 (i)     at the time of disclosure was public knowledge;
(ii) after the time of disclosure becomes public knowledge (except due to the
action of the receiving party); or
(iii)     the receiving party had within its possession at the time of
disclosure.
SECTION 8. CONDITIONS PRECEDENT TO THE OBLIGATION OF EVLO AND STOCKHOLDERS TO
CLOSE
The obligation of EVLO and the Stockholders to enter into and complete the
Closing is subject, at the option of EVLO and the Stockholders, to the
fulfillment on or prior to the Closing Date of the following conditions, any one
or more of which may be waived by EVLO and the Stockholders in writing.
8.1. Representations and Covenants. The representations and warranties of the
Purchasers contained in this Agreement shall be true in all material respects on
and as of the Closing date with the same force and effect as though made on and
as of the Closing Date. The Purchasers shall have performed and complied in all
material respects with all covenants and agreements required by this Agreement
to be performed or complied with by the Purchasers on or prior to the Closing
Date. The Purchasers shall have delivered to EVLO, if requested, a certificate,
dated the Closing Date, to the foregoing effect.
8.2. Third Party Consents. All consents, permits and approvals from parties to
any contracts, loan agreements or other agreements required in connection with
the performance by the Purchasers of their obligations under such contracts or
other agreements after the Closing shall have been obtained.
8.3. Litigation. No action, suit or proceeding shall have been instituted before
any court or governmental or regulatory body or instituted or threatened by any
governmental or regulatory body to restrain, modify or prevent the carrying out
of the transactions contemplated hereby or to seek damages or a discovery order
in connection with such transactions.
8.4. Other Documents. The Purchasers shall have delivered such other documents,
instruments and certificates, if any, as are required to be delivered pursuant
to the provisions of the Agreement or which may be reasonably requested in
furtherance of the provisions of this Agreement.
8

SECTION 9. CONDITIONS PRECEDENT TO THE OBLIGATION OF THE PURCHASERS TO CLOSE
The obligation of the Purchasers to enter into and complete the Closing is
subject, at the option of the Purchasers, to the fulfillment on or prior to the
Closing Date of the following conditions, any one or more of which may be waived
by the Purchasers in writing.
9.1. Representations and Covenants. The representations and warranties of EVLO
and the Stockholders contained in this Agreement shall be true in all material
respects on the Closing Date with the same force and effect as though made on
and as of the Closing Date. EVLO and the Stockholders shall have performed and
complied with all covenants and agreements required by the Agreement to be
performed or complied with by EVLO and the Stockholders on or prior to the
Closing Date. EVLO and the Stockholders shall have delivered to the Purchasers,
if requested, a certificate, dated the Closing Date and signed by an executive
officer of EVLO and by Horowitz, to the foregoing effect.
9.2. Governmental Permits and Approvals; Corporate Resolutions. Any and all
permits and approvals from any governmental or regulatory body required for the
lawful consummation of the Closing shall have been obtained. The Board of
Directors of EVLO shall have approved the transactions contemplated by this
Agreement, and EVLO shall have delivered to the Purchasers, if requested,
resolutions by their Board of Directors certified by the Secretary of EVLO
authorizing the transactions contemplated by this Agreement.
9.3. Third Party Consents. All consents, permits and approvals from parties to
any contracts or other agreements with EVLO which may be required in connection
with the performance by EVLO of its obligations under such contracts or other
agreements after the Closing shall have been obtained.
9.4. Satisfactory Business Review. The Purchasers shall have satisfied
themselves, after review of the information provided hereby or in connection
herewith, or following any discussions with management or representatives of
EVLO that none of the information revealed thereby has resulted in or in the
reasonable opinion of the Purchasers may result in a material adverse change in
the assets, properties, business, operations or condition (financial or
otherwise) of EVLO.
9.5. Litigation. No action, suit or proceeding shall have been instituted before
any court or governmental or regulatory body or instituted or threatened by any
governmental or regulatory body to restrain, modify or prevent the carrying out
of the transactions contemplated hereby or to seek damages or a discovery order
in connection with such transactions, or which has or may in the reasonable
opinion of the Purchasers, have a materially adverse effect on the assets,
properties, business, operations or condition (financial or otherwise) of EVLO.
9.6. Stock Certificates. At the Closing, the Purchasers shall have received
certificates representing the Shares so as to make the Purchasers the sole
owners of the Shares. The stock certificates entered by the Stockholders shall
be accompanied by medallion guaranteed stock powers, and in the case of
corporate transfers, shall include medallion guaranteed corporate resolutions.
9.7. Resignations and Appointments. EVLO shall have appointed the designee(s) of
Purchasers to EVLO's Board of Directors effective as at Closing, and EVLO's
present officers and directors shall have resigned effective immediately after
such appointment.
9.8. Other Documents. EVLO and the Stockholders shall have delivered such other
instruments, documents and certificates, if any, including good standing
certificates, as are required to be delivered pursuant to the provisions of this
Agreement or which may be reasonably requested in furtherance of the provisions
of this Agreement, including the resignations of the officers and directors of
EVLO.
9

SECTION 10. SURVIVAL OF REPRESENTATIONS AND WARRANTIES OF EVLO AND THE
STOCKHOLDERS
Notwithstanding any right of the Purchasers fully to investigate the affairs of
EVLO, the former shall have the right to rely fully upon the representations,
warranties, covenants and agreements of EVLO and the Stockholders contained in
this Agreement or in any document delivered by EVLO or the Stockholders or any
of its representatives, in connection with the transactions contemplated by this
Agreement. All such representations, warranties, covenants and agreements shall
survive the execution and delivery hereof and the Closing Date hereunder for
twelve (12) months following the Closing.
SECTION 11. SURVIVAL OF REPRESENTATIONS AND WARRANTIES OF THE PURCHASERS
Notwithstanding any right of EVLO and the Stockholders fully to investigate the
affairs of the Purchasers, EVLO and the Stockholders have the right to rely
fully upon the representations, warranties, covenants and agreements of the
Purchasers contained in this Agreement or in any document delivered to EVLO or
the Stockholders by the latter or any of their representatives in connection
with the transactions contemplated by this Agreement. All such representations,
warranties, covenants and agreements shall survive the execution and delivery
hereof and the Closing Date hereunder for twelve (12) months following the
Closing.
SECTION 12. INDEMNIFICATION
12.1. Obligation of EVLO and the Stockholders to Indemnify. Subject to the
limitations on the survival of representations and warranties contained in
Section 10, EVLO and the Stockholders hereby agree to indemnify, defend and hold
harmless the Purchasers from and against any losses, liabilities, damages,
deficiencies, costs or expenses (including interest, penalties and reasonable
attorneys' fees and disbursements) (a "Loss") based upon, arising out of or
otherwise due to any inaccuracy in or any breach of any representation,
warranty, covenant or agreement of EVLO and the Stockholders contained in this
Agreement or in any document or other writing delivered pursuant to this
Agreement.
12.2. Obligation of the Purchasers to Indemnify. Subject to the limitations on
the survival of representations and warranties contained in Section 11, the
Purchasers severally and not jointly agree to indemnify, defend and hold
harmless EVLO and the Stockholders from and against any Loss, based upon,
arising out of or otherwise due to any inaccuracy in or any breach of any
representation, warranty, covenant or agreement made by any of them and
contained in this Agreement or in any document or other writing delivered
pursuant to this Agreement.
SECTION 13. THE CLOSING
The Closing ("Closing") shall take place not later than May 15, 2006 (any such
date the "Closing Date"). At the Closing, the parties shall provide each other
with such documents as may be necessary or appropriate in order to consummate
the transactions contemplated hereby, including evidence of due authorization of
the Agreement and the transactions contemplated hereby.
SECTION 14. MISCELLANEOUS
14.1. Waivers. The waiver of a breach of this Agreement or the failure of any
party hereto to exercise any right under this Agreement shall in no event
constitute waiver as to any future breach whether similar or dissimilar in
nature or as to the exercise of any further right under this Agreement.
10

14.2. Amendment. This Agreement may be amended or modified only by an instrument
of equal formality signed by the parties or the duly authorized representatives
of the respective parties.
14.3.     Assignment. This Agreement is not assignable except by operation
of law.
14.4. Notices. Until otherwise specified in writing, the mailing addresses of
both parties of this Agreement shall be as follows:
     Purchasers:     c/o Progress Partners, Inc.
          19575 Island Court Drive
          Boca Raton, FL     33434

     EVLO:     Evolve One, Inc.
          P.O. Box 859
          Tallevast, FL     34270

     Stockholders:     c/o Irwin Horowitz
          P.O. Box 859
          Tallevast, FL     34270

Any notice or statement given under this Agreement shall be deemed to have been
given if sent by registered mail addressed to the other party at the address
indicated above or at such other address which shall have been furnished in
writing to the addressor.
14.5. Governing Law. This Agreement shall be construed, and the legal relations
by the parties determined, in accordance with the laws of the State of Florida,
thereby precluding any choice of law rules which may direct the applicable of
the laws of any other jurisdiction.
14.6. Publicity. No publicity release or announcement concerning this Agreement
or the transactions contemplated hereby shall be issued by either party hereto
at any time from the signing hereof without advance approval in writing of the
form and substance thereof by the other party.
14.7. Entire Agreement. This Agreement (including the Exhibits and Schedules
hereto) and the collateral agreements executed in connection with the
consummation of the transactions contemplated herein contain the entire
agreement among the parties with respect to the purchase and issuance of the
Shares and contribute to capital of the Shares and related transactions, and
supersede all prior agreements, written or oral, with respect thereto.
14.8. Headings. The headings in this Agreement are for reference purposes only
and shall not in any way affect the meaning or interpretation of this Agreement.
14.9. Severability of Provisions. The invalidity or unenforceability of any
term, phrase, clause, paragraph, restriction, covenant, agreement or other
provision of this Agreement shall in no way affect the validity of enforcement
of any other provision of any part thereof.
14.10. Counterparts. This Agreement may be executed in any number of
counterparts and by facsimile signatures, each of which when so executed, shall
constitute an original copy hereof, but all of which together shall consider but
one and the same document.
11

IN WITNESS WHEREOF, the parties have executed this Agreement on the date first
above written.
EVOLVE ONE, INC.
     By:     /s/ Irwin A. Horowitz
             ---------------------
          Irwin A. Horowitz, President
/s/ Irwin A. Horowitz
---------------------
IRWIN A. HOROWITZ
DIVERSIFAX, INC.
     By:     /s/ Irwin A. Horowitz
             ---------------------
          Irwin A. Horowitz, President
STOCKHOLDERS:
/s/ Irwin A. Horowitz
---------------------
IRWIN A. HOROWITZ
DIVERSIFAX, INC.
     By:     /s/ Irwin A. Horowitz
             ---------------------
          Irwin A. Horowitz, President
/s/ Gary Schultheis
-------------------
GARY SCHULTHEIS
/s/ Herb Tabin
--------------
HERB TABIN

12

ONSPAN NETWORKING, INC.
     By:     /s/ Herb Tabin
             --------------
          Herb Tabin, President
/s/ Robert Sands
----------------
ROBERT SANDS
/s/ Joe Mazza
-------------
JOE MAZZA
/s/ Larry Linden
----------------
LARRY LINDEN
/s/ Hyman Ashkenazy
-------------------
HYMAN ASHKENAZY
PURCHASERS:
/s/ Yewen Xi
------------
YEWEN XI
/s/ David Stein
---------------
DAVID STEIN
PROGRESS PARTNERS, INC.
     By:     /s. Alvin Siegel
             ----------------
          Authorized Person

13

EXHIBIT A
                      NO. OF SHARES      NO. OF SHARES
                      BENEFICIALLY         TO BE          SHARES
STOCKHOLDERS          OWNED            DELIVERED        RETAINED          PAYOUT

Irwin A. Horowitz       6,125,656      5,955,858          169,798$     53,265.54
Diversifax, Inc.       12,848,916     12,137,784          711,132     108,552.89
Gary Schultheis         8,145,096      8,085,173           59,923      72,308.82
Herb Tabin              7,102,560      7,040,062           62,498      62,961.99
OnSpan Networking, Inc. 1,220,000      1,191,172           28,828      10,653.11
Robert Sands            6,050,000      5,955,858           94,142      53,265.54
Joseph Mazza              600,000        595,586            4,414       5,326.55
Lawrence Linden           300,000        297,793            2,207       2,663.28
Hyman Ashkenazy           300,000        297,793            2,207       2,663.28
Total                   42,692,228    41,557,079        1,135,149    $371,661.00

A-1

SCHEDULE 3.1     SCHEDULE OF OUTSTANDING OPTIONS, WARRANTS AND CONVERTIBLE
SECURITIES
Options
     a.     Evolve One, Inc. Stock Option Plan:
Options to purchase 2,896,000 shares of common stock at exercise prices ranging
from $000125 to $0.5625 per share expiring between January 2007 and January
2009.
Stockholders who hold these options include:
     b.     2005 Equity Compensation Plan:
Options to purchase 27,250,000 shares of common stock at exercise prices ranging
from $0.075 to $0.30 per share expiring between June 2008 and 2010.
Stockholders who hold these options include:
NAME             NUMBER OF SHARES        UNDERLYING OPTIONS      EXERCISE PRICE

Herb Tabin          10,000,000                                       $     0.30
Gary Schultheis     10,000,000                                       $     0.30
Larry Linden           150,000                                       $    0.075
Larry Linden           150,000                                       $     0.15
Hyman Ashkenazy        150,000                                       $    0.075
Hyman Ashkenazy        150,000                                       $     0.15
Joseph Mazza           300,000                                       $    0.075
Joseph Mazza           300,000                                       $     0.15
                    21,200,000

     c.     Non-plan options:
Options to purchase an aggregate of 55,000,000 shares of common stock with
exercise prices ranging from $0.001 to $0.30 per share expiring in 2013.
     Stockholders who hold these options include:

NAME          NUMBER OF SHARES UNDERLYING OPTIONS          EXERCISE PRICE

Irwin A. Horowitz          50,000,000                           $     0.30
Irwin A. Horowitz           5,000,000                           $     0.001
                           55,000,000
S-1

Warrants
Warrants to purchase an aggregate of 18,000,000 shares of common stock with
exercise prices ranging from $0.075 to $0.15 per share expiring in 2010.
Stockholders who hold these warrants include:
          NUMBER OF SHARES
NAME          UNDERLYING WARRANTS          EXERCISE PRICE

Robert Sands          3,000,000           $     0.075
Robert Sands          3,000,000           $      0.15
Irwin A. Horowitz     3,000,000           $     0.075
Irwin A. Horowitz     3,000,000           $      0.15
Diversifax, Inc.      3,000,000           $     0.075
Diversifax, Inc.      3,000,000           $      0.15
                     18,000,000

SCHEDULE 3.8     ACTIONS AND PROCEEDINGS

     Response:     None

SCHEDULE 3.11     OPERATIONS OF EVLO

     Response:     None

SCHEDULE 3.14     CAPITALIZATION

     Response:     See Schedule 3.1

SCHEDULE 5.2     ASSUMPTION OF EXPENSES

     Response:     Webb & Company, P.A.                     $    18,000.00
                  Goldstein, Lewin & Company, P.A.          $     8,807.70
                  Martin Scott                              $     4,000.00
                 Schneider Weinberger & Beilly LLP          $     16,617.26*
*Includes acquisition costs
S-2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00103-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00103-of-00352.parquet"}]]