Document:

EXHIBIT
      4.1

    

    EXECUTION
      VERSION

    

    WaMu
      ASSET ACCEPTANCE CORP.,

     

    as
      Depositor

     

    and

     

    WASHINGTON
      MUTUAL BANK,

     

    as
      Servicer

     

    and

     

    LASALLE
      BANK NATIONAL ASSOCIATION,

     

    as
      Trustee

     

    and

     

    CHRISTIANA
      BANK & TRUST COMPANY,

     

    as
      Delaware Trustee

     

    POOLING
      AND SERVICING AGREEMENT

     

    $528,202,611.32

     

    Washington
      Mutual Mortgage Pass-Through Certificates WMALT Series 2006-4 Trust

     

    WaMu
      Asset Acceptance Corp.

     

    Washington
      Mutual Mortgage Pass-Through Certificates 

     

    WMALT
      Series 2006-4

     

    Cut-Off
      Date: April 1, 2006

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF CONTENTS

    
      	 	
              Page

            
	 	 
	
              ARTICLE
                I

               

            	
              13

               

            
	
                   Section
                1.01.     Definitions

               

            	
              13

               

            
	
                        Aggregate
                Certificate Principal Balance

            	
              13

            
	
                        Agreement

            	
              13

            
	
                        Appraised
                Value

            	
              13

            
	
                        Assigned
                Group 1 and Group 2 Prepayment Premiums

            	
              13

            
	
                        Assigned
                Group 3 Prepayment Premiums

            	
              13

            
	
                        Assigned
                Prepayment Premiums

            	
              14

            
	
                        Assignment
                of Proprietary Lease

            	
              14

            
	
                        Authenticating
                Agent

            	
              14

            
	
                        Authorized
                Denomination

            	
              14

            
	
                        Balloon
                Loan

            	
              14

            
	
                        Bankruptcy
                Loss

            	
              14

            
	
                        Basis
                Risk Carry Forward Amount

            	
              14

            
	
                        Beneficial
                Holder

            	
              15

            
	
                        Benefit
                Plan Opinion

            	
              15

            
	
                        Book-Entry
                Certificates

            	
              15

            
	
                        Business
                Day

            	
              15

            
	
                        Buydown
                Agreement

            	
              15

            
	
                        Buydown
                Fund

            	
              15

            
	
                        Buydown
                Fund Account

            	
              15

            
	
                        Buydown
                Loan

            	
              16

            
	
                        Carry-Forward
                Subsequent Recoveries Amount

            	
              16

            
	
                        Certificate

            	
              16

            
	
                        Certificate
                Account

            	
              16

            
	
                        Certificate
                Group

            	
              16

            
	
                        Certificateholder
                or Holder

            	
              16

            
	
                        Certificate
                Interest Rate

            	
              17

            
	
                        Certificate
                of Trust

            	
              17

            
	
                        Certificate
                Principal Balance

            	
              17

            
	
                        Certificate
                Register and Certificate Registrar

            	
              17

            
	
                        Class

            	
              17

            
	
                        Class
                1-A-1 Certificates

            	
              18

            
	
                        Class
                1-A-2 Certificates

            	
              18

            
	
                        Class
                I-P Certificates

            	
              18

            
	
                        Class
                1-P Fraction

            	
              18

            
	
                        Class
                1-P Mortgage Loan

            	
              18

            
	
                        Class
                I-P-M Regular Interest

            	
              18

            
	
                        Class
                2-A-1 Certificates

            	
              18

            
	
                        Class
                2-A-2 Certificates

            	
              18

            
	
                        Class
                3-A-1 Certificates

            	
              18

            
	
                        Class
                3-A-1-L Regular Interest

            	
              18

            

    

     

    
      
        
        

      

      
        -i-

        
          

        

      

      
        
        

      

    

     

    
      TABLE
        OF CONTENTS 
(continued)

      
        	 	
                Page

              

 

    

    
      	
                        Class
                3-A-2A Certificates

            	
              18

            
	
                        Class
                3-A-2A-L Regular Interest

            	
              18

            
	
                        Class
                3-A-2B Certificates

            	
              18

            
	
                        Class
                3-A-2B-L Regular Interest

            	
              18

            
	
                        Class
                3-A-3 Certificates

            	
              19

            
	
                        Class
                3-A-3-L Regular Interest

            	
              19

            
	
                        Class
                3-A-4 Certificates

            	
              19

            
	
                        Class
                3-A-4-L Regular Interest

            	
              19

            
	
                        Class
                3-A-5 Certificates

            	
              19

            
	
                        Class
                3-A-5-L Regular Interest

            	
              19

            
	
                        Class
                3-A-6 Certificates

            	
              19

            
	
                        Class
                3-A-6 Lockout Distribution Percentage

            	
              19

            
	
                        Class
                3-A-6 Lockout Priority Amount

            	
              19

            
	
                        Class
                3-A-6-L Regular Interest

            	
              19

            
	
                        Class
                3-B-1 Certificates

            	
              20

            
	
                        Class
                3-B-1 Principal Distribution Amount

            	
              20

            
	
                        Class
                3-B-1-L Regular Interest

            	
              20

            
	
                        Class
                3-B-2 Certificates

            	
              20

            
	
                        Class
                3-B-2 Principal Distribution Amount

            	
              20

            
	
                        Class
                3-B-2-L Regular Interest

            	
              20

            
	
                        Class
                3-C Certificates

            	
              20

            
	
                        Class
                3-C-L Regular Interest

            	
              20

            
	
                        Class
                3-IO Certificates

            	
              20

            
	
                        Class
                3-IO Notional Amount

            	
              20

            
	
                        Class
                3-IO Scheduled Notional Amount

            	
              21

            
	
                        Class
                3-IO-L Regular Interest

            	
              21

            
	
                        Class
                3-M-1 Certificates

            	
              21

            
	
                        Class
                3-M-1 Principal Distribution Amount

            	
              21

            
	
                        Class
                3-M-1-L Regular Interest

            	
              21

            
	
                        Class
                3-M-2 Certificates

            	
              21

            
	
                        Class
                3-M-2 Principal Distribution Amount

            	
              22

            
	
                        Class
                3-M-2-L Regular Interest

            	
              22

            
	
                        Class
                3-M-3 Certificates

            	
              22

            
	
                        Class
                3-M-3 Principal Distribution Amount

            	
              22

            
	
                        Class
                3-M-3-L Regular Interest

            	
              22

            
	
                        Class
                3-M-4 Certificates

            	
              22

            
	
                        Class
                3-M-4 Principal Distribution Amount

            	
              22

            
	
                        Class
                3-M-4-L Regular Interest

            	
              22

            
	
                        Class
                3-PPP Certificates

            	
              23

            
	
                        Class
                3-PPP Notional Amount

            	
              23

            
	
                        Class
                3-PPP Reserve Fund

            	
              23

            
	
                        Class
                A Certificates

            	
              23

            
	
                        Class
                C-PPP Certificates

            	
              23

            

    

     

     

    
      
        
        

      

      
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        TABLE
          OF CONTENTS 
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                        Class
                C-PPP Notional Amount

            	
              23

            
	
                        Class
                C-PPP Reserve Fund

            	
              23

            
	
                        Class
                C-X Certificates

            	
              23

            
	
                        Class
                C-X Notional Amount

            	
              23

            
	
                        Class
                C-X-M Regular Interest

            	
              23

            
	
                        Class
                C-Y Principal Reduction Amounts

            	
              23

            
	
                        Class
                C-Y Regular Interests

            	
              24

            
	
                        Class
                C-Y-1 Principal Distribution Amount

            	
              24

            
	
                        Class
                C-Y-1 Regular Interest

            	
              24

            
	
                        Class
                C-Y-2 Principal Distribution Amount

            	
              24

            
	
                        Class
                C-Y-2 Regular Interest

            	
              24

            
	
                        Class
                C-Z Principal Reduction Amounts

            	
              24

            
	
                        Class
                C-Z Regular Interests

            	
              24

            
	
                        Class
                C-Z-1 Principal Distribution Amount

            	
              24

            
	
                        Class
                C-Z-1 Regular Interest

            	
              24

            
	
                        Class
                C-Z-2 Principal Distribution Amount

            	
              24

            
	
                        Class
                C-Z-2 Regular Interest

            	
              25

            
	
                        Class
                L-B-1 Certificates

            	
              25

            
	
                        Class
                L-B-2 Certificates

            	
              25

            
	
                        Class
                L-B-3 Certificates

            	
              25

            
	
                        Class
                L-B-4 Certificates

            	
              25

            
	
                        Class
                L-B-5 Certificates

            	
              25

            
	
                        Class
                L-B-6 Certificates

            	
              25

            
	
                        Class
                LT Principal Reduction Amounts

            	
              25

            
	
                        Class
                LT1 Regular Interest

            	
              25

            
	
                        Class
                LT2 Principal Distribution Amount

            	
              25

            
	
                        Class
                LT2 Regular Interest

            	
              25

            
	
                        Class
                LT3 Principal Distribution Amount

            	
              25

            
	
                        Class
                LT3 Regular Interest

            	
              25

            
	
                        Class
                LT4 Principal Distribution Amount

            	
              25

            
	
                        Class
                LT4 Regular Interest

            	
              26

            
	
                        Class
                LT-A1 Regular Interest

            	
              26

            
	
                        Class
                LT-A2 Regular Interest

            	
              26

            
	
                        Class
                LT-A3 Regular Interest

            	
              26

            
	
                        Class
                LT-A4 Regular Interest

            	
              26

            
	
                        Class
                LT-A5 Regular Interest

            	
              26

            
	
                        Class
                LT-A6 Regular Interest

            	
              26

            
	
                        Class
                LT-A7 Regular Interest

            	
              26

            
	
                        Class
                LT-A8 Regular Interest

            	
              26

            
	
                        Class
                LT-A9 Regular Interest

            	
              26

            
	
                        Class
                LT-A10 Regular Interest

            	
              26

            
	
                        Class
                LT-A11 Regular Interest

            	
              26

            
	
                        Class
                LT-A12 Regular Interest

            	
              27

            

    

     

     

    
      
        
        

      

      
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        TABLE
          OF CONTENTS 
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                        Class
                LT-A13 Regular Interest

            	
              27

            
	
                        Class
                LT-A14 Regular Interest

            	
              27

            
	
                        Class
                LT-B Regular Interest

            	
              27

            
	
                        Class
                LT-C Regular Interest

            	
              27

            
	
                        Class
                LT-IO Regular Interests

            	
              27

            
	
                        Class
                LT-IO1 Notional Amount

            	
              27

            
	
                        Class
                LT-IO1 Regular Interest

            	
              27

            
	
                        Class
                LT-IO2 Notional Amount

            	
              27

            
	
                        Class
                LT-IO2 Regular Interest

            	
              27

            
	
                        Class
                LT-IO3 Notional Amount

            	
              27

            
	
                        Class
                LT-IO3 Regular Interest

            	
              27

            
	
                        Class
                LT-IO4 Notional Amount

            	
              27

            
	
                        Class
                LT-IO4 Regular Interest

            	
              28

            
	
                        Class
                LT-IO5 Notional Amount

            	
              28

            
	
                        Class
                LT-IO5 Regular Interest

            	
              28

            
	
                        Class
                LT-IO6 Notional Amount

            	
              28

            
	
                        Class
                LT-IO6 Regular Interest

            	
              28

            
	
                        Class
                LT-IO7 Notional Amount

            	
              28

            
	
                        Class
                LT-IO7 Regular Interest

            	
              28

            
	
                        Class
                LT-IO8 Notional Amount

            	
              28

            
	
                        Class
                LT-IO8 Regular Interest

            	
              28

            
	
                        Class
                LT-IO9 Notional Amount

            	
              28

            
	
                        Class
                LT-IO9 Regular Interest

            	
              28

            
	
                        Class
                LT-IO10 Notional Amount

            	
              28

            
	
                        Class
                LT-IO10 Regular Interest

            	
              28

            
	
                        Class
                LT-IO11 Notional Amount

            	
              28

            
	
                        Class
                LT-IO11 Regular Interest

            	
              29

            
	
                        Class
                LT-IO12 Notional Amount

            	
              29

            
	
                        Class
                LT-IO12 Regular Interest

            	
              29

            
	
                        Class
                LT-IO13 Notional Amount

            	
              29

            
	
                        Class
                LT-IO13 Regular Interest

            	
              29

            
	
                        Class
                LT-IO14 Notional Amount

            	
              29

            
	
                        Class
                LT-IO14 Regular Interest

            	
              29

            
	
                        Class
                LTC-III Principal Distribution Amount

            	
              29

            
	
                        Class
                LTC-III Regular Interest

            	
              29

            
	
                        Class
                Notional Amount

            	
              29

            
	
                        Class
                P Fraction

            	
              29

            
	
                        Class
                P Mortgage Loan

            	
              29

            
	
                        Class
                P-M Regular Interests

            	
              29

            
	
                        Class
                PPP Certificates

            	
              29

            
	
                        Class
                Principal Balance

            	
              30

            
	
                        Class
                R Certificates

            	
              31

            
	
                        Class
                R Residual Interests

            	
              31

            

    

     

     

    
      
        
        

      

      
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        TABLE
          OF CONTENTS 
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                        Class
                R-1 Residual Interest

            	
              31

            
	
                        Class
                R-2 Residual Interest

            	
              31

            
	
                        Class
                R-3 Residual Interest

            	
              31

            
	
                        Class
                R-4 Residual Interest

            	
              31

            
	
                        Class
                X-M Regular Interests

            	
              31

            
	
                        Clean-Up
                Call Percentage

            	
              31

            
	
                        Clearing
                Agency

            	
              31

            
	
                        Closing
                Date

            	
              31

            
	
                        Code

            	
              32

            
	
                        Commission

            	
              32

            
	
                        Company

            	
              32

            
	
                        Compensating
                Interest

            	
              32

            
	
                        Cooperative

            	
              32

            
	
                        Cooperative
                Apartment

            	
              32

            
	
                        Cooperative
                Lease

            	
              32

            
	
                        Cooperative
                Loans

            	
              32

            
	
                        Cooperative
                Stock

            	
              32

            
	
                        Cooperative
                Stock Certificate

            	
              32

            
	
                        Corporate
                Trust Office

            	
              32

            
	
                        Corporation

            	
              33

            
	
                        Corresponding
                Class

            	
              33

            
	
                        Credit
                Enhancement Percentage

            	
              33

            
	
                        Cumulative
                Carry-Forward Subsequent Recoveries Amount

            	
              33

            
	
                        Current
                Loan-to-Value Ratio

            	
              33

            
	
                        Curtailment

            	
              33

            
	
                        Curtailment
                Shortfall

            	
              33

            
	
                        Custodial
                Account for P&I

            	
              34

            
	
                        Custodial
                Agreement

            	
              34

            
	
                        Custodian

            	
              34

            
	
                        Cut-Off
                Date

            	
              34

            
	
                        Definitive
                Certificates

            	
              34

            
	
                        Delaware
                Trustee

            	
              34

            
	
                        Depositary
                Agreement

            	
              34

            
	
                        Destroyed
                Mortgage Note

            	
              34

            
	
                        Determination
                Date

            	
              34

            
	
                        Disqualified
                Organization

            	
              34

            
	
                        Distribution
                Date

            	
              34

            
	
                        DTC

            	
              35

            
	
                        DTC
                Participant

            	
              35

            
	
                        Due
                Date

            	
              35

            
	
                        Eligible
                Institution

            	
              35

            
	
                        Eligible
                Investments

            	
              35

            
	
                        ERISA

            	
              36

            

    

     

     

    
      
        
        

      

      
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          OF CONTENTS 
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                        ERISA
                Restricted Certificate

            	
              36

            
	
                        Event
                of Default

            	
              36

            
	
                        Excess
                Liquidation Proceeds

            	
              37

            
	
                        Excess
                Subordinated Amount

            	
              37

            
	
                        Excess
                Subsequent Recoveries

            	
              37

            
	
                        Fannie
                Mae

            	
              37

            
	
                        FDIC

            	
              37

            
	
                        FHA

            	
              37

            
	
                        Final
                Maturity Date

            	
              37

            
	
                        Fitch

            	
              37

            
	
                        Freddie
                Mac

            	
              37

            
	
                        Group
                1 and Group 2 Credit Support Depletion Date

            	
              37

            
	
                        Group
                1 Certificates

            	
              37

            
	
                        Group
                1 Loans

            	
              37

            
	
                        Group
                1 Premium Rate Mortgage Loans

            	
              37

            
	
                        Group
                1 Senior Liquidation Amount

            	
              38

            
	
                        Group
                1 Senior Percentage

            	
              38

            
	
                        Group
                1 Senior Prepayment Percentage and Group 2 Senior Prepayment
                Percentage

            	
              38

            
	
                        Group
                1 Senior Principal Distribution Amount

            	
              39

            
	
                        Group
                1 Subordinate Percentage

            	
              40

            
	
                        Group
                1 Subordinate Prepayment Percentage

            	
              40

            
	
                        Group
                1-A Certificates

            	
              40

            
	
                        Group
                2 Certificates

            	
              40

            
	
                        Group
                2 Loans

            	
              40

            
	
                        Group
                2 Premium Rate Mortgage Loans

            	
              40

            
	
                        Group
                2 Senior Liquidation Amount

            	
              40

            
	
                        Group
                2 Senior Percentage

            	
              40

            
	
                        Group
                2 Senior Prepayment Percentage

            	
              40

            
	
                        Group
                2 Senior Principal Distribution Amount

            	
              40

            
	
                        Group
                2 Subordinate Percentage

            	
              40

            
	
                        Group
                2 Subordinate Prepayment Percentage

            	
              40

            
	
                        Group
                2-A Certificates

            	
              40

            
	
                        Group
                3 Adjusted Weighted Average Pass-Through Rate

            	
              41

            
	
                        Group
                3 Basic Principal Distribution Amount

            	
              41

            
	
                        Group
                3 Certificates

            	
              41

            
	
                        Group
                3 Clean-Up Call Option Date

            	
              41

            
	
                        Group
                3 Extra Principal Distribution Amount

            	
              41

            
	
                        Group
                3 Interest Remittance Amount

            	
              41

            
	
                        Group
                3 Junior Subordinate Certificates

            	
              41

            
	
                        Group
                3 Loans

            	
              41

            
	
                        Group
                3 Net WAC Cap

            	
              41

            
	
                        Group
                3 Principal Remittance Amount

            	
              42

            

    

     

     

    
      
        
        

      

      
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                        Group
                3 Senior Subordinate Certificates

            	
              42

            
	
                        Group
                3 Subordinate Certificates

            	
              42

            
	
                        Group
                3 Weighted Average Pass-Through Rate

            	
              42

            
	
                        Group
                3-A Certificates

            	
              42

            
	
                        Group
                3-A Principal Distribution Amount

            	
              42

            
	
                        Group
                3-A-L Regular Interests

            	
              42

            
	
                        Group
                3-L Junior Subordinate Regular Interests

            	
              42

            
	
                        Group
                3-L Regular Interests

            	
              42

            
	
                        Group
                3-L Senior Subordinate Regular Interests

            	
              42

            
	
                        Group
                3-L Subordinate Regular Interests

            	
              42

            
	
                        Group
                L-B Certificates

            	
              42

            
	
                        Group
                L-B Junior Subordinate Certificates

            	
              42

            
	
                        Group
                L-B Percentage

            	
              43

            
	
                        Group
                L-B Senior Subordinate Certificates

            	
              43

            
	
                        Group
                L-B Subordinate Liquidation Amount

            	
              43

            
	
                        Group
                L-B Subordinate Principal Distribution Amount

            	
              43

            
	
                        Group
                L-B Subordinate Principal Prepayments Distribution Amount

            	
              44

            
	
                        Indirect
                DTC Participants

            	
              44

            
	
                        Initial
                Custodial Agreement

            	
              44

            
	
                        Initial
                Custodian

            	
              44

            
	
                        Insurance
                Proceeds

            	
              44

            
	
                        Interest
                Distribution Amount

            	
              44

            
	
                        Interest
                Transfer Amount

            	
              45

            
	
                        Investment
                Account

            	
              45

            
	
                        Investment
                Depository

            	
              45

            
	
                        Junior
                Subordinate Certificates

            	
              45

            
	
                        Last
                Scheduled Distribution Date

            	
              45

            
	
                        LIBOR

            	
              45

            
	
                        LIBOR
                Determination Date

            	
              45

            
	
                        Liquidated
                Mortgage Loan

            	
              45

            
	
                        Liquidation
                Principal

            	
              45

            
	
                        Liquidation
                Proceeds

            	
              45

            
	
                        Loan
                Group

            	
              46

            
	
                        Loan
                Group 1

            	
              46

            
	
                        Loan
                Group 2

            	
              46

            
	
                        Loan
                Group 3

            	
              46

            
	
                        Lowest
                Class B Owner

            	
              46

            
	
                        MERS

            	
              46

            
	
                        MERS
                Loan

            	
              46

            
	
                        MERS®
                System

            	
              46

            
	
                        MIN

            	
              46

            
	
                        MOM
                Loan

            	
              46

            
	
                        Monthly
                P&I Advance

            	
              46

            

    

     

     

    
      
        
        

      

      
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                        Monthly
                Payment

            	
              46

            
	
                        Moody’s

            	
              46

            
	
                        Mortgage

            	
              46

            
	
                        Mortgage
                File

            	
              46

            
	
                        Mortgage
                Interest Rate

            	
              49

            
	
                        Mortgage
                Loan Purchase Agreement

            	
              49

            
	
                        Mortgage
                Loan Schedule

            	
              49

            
	
                        Mortgage
                Loans

            	
              50

            
	
                        Mortgage
                Note

            	
              50

            
	
                        Mortgage
                Pool

            	
              50

            
	
                        Mortgage
                Pool Assets

            	
              50

            
	
                        Mortgaged
                Property

            	
              50

            
	
                        Mortgagor

            	
              51

            
	
                        Net
                Monthly Excess Cashflow

            	
              51

            
	
                        No-Delay
                Accrual Period

            	
              51

            
	
                        Nonrecoverable
                Advance

            	
              51

            
	
                        Non-U.S.
                Person

            	
              51

            
	
                        Notice
                Addresses

            	
              51

            
	
                        OTS

            	
              51

            
	
                        Officer’s
                Certificate

            	
              52

            
	
                        Opinion
                of Counsel

            	
              52

            
	
                        Original
                Trust Agreement

            	
              52

            
	
                        Overcollateralization
                Amount

            	
              52

            
	
                        Overcollateralization
                Deficiency Amount

            	
              52

            
	
                        Overcollateralized
                Group

            	
              52

            
	
                        Ownership
                Interest

            	
              52

            
	
                        Pass-Through
                Entity

            	
              52

            
	
                        Pass-Through
                Rate

            	
              52

            
	
                        Paying
                Agent

            	
              53

            
	
                        Payoff

            	
              53

            
	
                        Payoff
                Earnings

            	
              53

            
	
                        Payoff
                Interest

            	
              53

            
	
                        Payoff
                Period

            	
              53

            
	
                        Percentage
                Interest

            	
              53

            
	
                        Permitted
                Transferee

            	
              54

            
	
                        Person

            	
              54

            
	
                        Prepaid
                Monthly Payment

            	
              54

            
	
                        Prepayment
                Premium

            	
              55

            
	
                        Primary
                Insurance Policy

            	
              55

            
	
                        Principal
                Balance

            	
              55

            
	
                        Principal
                Payment

            	
              55

            
	
                        Principal
                Payment Amount

            	
              55

            
	
                        Principal
                Prepayment

            	
              56

            

    

     

     

    
      
        
        

      

      
        -viii-

        
          

        

      

      
        
        

      

    

    
       

      
        TABLE
          OF CONTENTS 
(continued)

        
          	 	
                  Page

                

 

      

    

    
      	
                        Principal
                Prepayment Amount

            	
              56

            
	
                        Principal
                Transfer Amount

            	
              56

            
	
                        Prior
                Period

            	
              56

            
	
                        Prospectus

            	
              56

            
	
                        Rating
                Agency

            	
              56

            
	
                        Ratings

            	
              56

            
	
                        Reacquired
                Mortgage Loan

            	
              56

            
	
                        Realized
                Loss

            	
              56

            
	
                        Recognition
                Agreement

            	
              60

            
	
                        Record
                Date

            	
              60

            
	
                        Recording
                Documents

            	
              60

            
	
                        Reference
                Banks

            	
              60

            
	
                        Regular
                Interests

            	
              60

            
	
                        Regulation
                AB

            	
              60

            
	
                        Relief
                Act Shortfall

            	
              60

            
	
                        REMIC

            	
              60

            
	
                        REMIC
                Provisions

            	
              61

            
	
                        REMIC
                I

            	
              61

            
	
                        REMIC
                I Assets

            	
              61

            
	
                        REMIC
                I Available Distribution Amount

            	
              61

            
	
                        REMIC
                I Distribution Amount

            	
              62

            
	
                        REMIC
                I Regular Interests

            	
              63

            
	
                        REMIC
                II

            	
              63

            
	
                        REMIC
                II Assets

            	
              64

            
	
                        REMIC
                II Available Distribution Amount

            	
              64

            
	
                        REMIC
                II Distribution Amount

            	
              65

            
	
                        REMIC
                II Principal Distribution Amount

            	
              66

            
	
                        REMIC
                II Regular Interests

            	
              66

            
	
                        REMIC
                III

            	
              66

            
	
                        REMIC
                III Assets

            	
              66

            
	
                        REMIC
                III Available Distribution Amount

            	
              66

            
	
                        REMIC
                III Distribution Amount

            	
              66

            
	
                        REMIC
                III Principal Distribution Amount

            	
              67

            
	
                        REMIC
                IV

            	
              67

            
	
                        REMIC
                IV Assets

            	
              67

            
	
                        REMIC
                IV Available Distribution Amount

            	
              68

            
	
                        REMIC
                IV Distribution Amount

            	
              68

            
	
                        REMIC
                IV Regular Interests

            	
              78

            
	
                        Repurchase
                Price

            	
              78

            
	
                        Repurchase
                Proceeds

            	
              78

            
	
                        Residual
                Certificates

            	
              78

            
	
                        Residual
                Distribution Amount

            	
              79

            
	
                        Responsible
                Officer

            	
              79

            

    

     

     

    
      
        
        

      

      
        -ix-

        
          

        

      

      
        
        

      

    

    
       

      
        TABLE
          OF CONTENTS 
(continued)

        
          	 	
                  Page

                

 

      

    

    
      	
                        ROV
                Mortgage Loan

            	
              79

            
	
                        S&P

            	
              79

            
	
                        Secretary
                of State

            	
              79

            
	
                        Securities
                Act

            	
              80

            
	
                        Security
                Agreement

            	
              80

            
	
                        Seller

            	
              80

            
	
                        Senior
                Subordinate Certificates

            	
              80

            
	
                        Servicer

            	
              80

            
	
                        Servicer
                Business Day

            	
              80

            
	
                        Servicing
                Fee

            	
              80

            
	
                        Servicing
                Fee Rate

            	
              80

            
	
                        Servicing
                Officer

            	
              80

            
	
                        Special
                Primary Insurance Policy

            	
              80

            
	
                        Special
                Primary Insurance Premium

            	
              80

            
	
                        Statutory
                Trust Statute

            	
              80

            
	
                        Stepdown
                Date

            	
              81

            
	
                        Streamlined
                Mortgage Loan

            	
              81

            
	
                        Stripped
                Interest Rate

            	
              81

            
	
                        Subordinate
                Certificates

            	
              81

            
	
                        Subordinate
                Component Balance

            	
              81

            
	
                        Subordinate
                Percentage

            	
              81

            
	
                        Subordination
                Level

            	
              81

            
	
                        Subsequent
                Recoveries

            	
              81

            
	
                        Substitute
                Mortgage Loan

            	
              81

            
	
                        Substitution
                Price

            	
              82

            
	
                        Targeted
                Overcollateralization Amount

            	
              82

            
	
                        Tax
                Matters Person

            	
              82

            
	
                        Termination
                Date

            	
              82

            
	
                        Termination
                Payment

            	
              82

            
	
                        Total
                Transfer Amount

            	
              82

            
	
                        Transfer

            	
              83

            
	
                        Transferee

            	
              83

            
	
                        Transferee
                Affidavit and Agreement

            	
              83

            
	
                        Trigger
                Event

            	
              83

            
	
                        Trust

            	
              83

            
	
                        Trustee

            	
              83

            
	
                        Uncollected
                Interest

            	
              83

            
	
                        Uncompensated
                Interest Shortfall

            	
              83

            
	
                        Undercollateralized
                Group

            	
              85

            
	
                        Underwriter

            	
              85

            
	
                        Uninsured
                Cause

            	
              85

            
	
                        U.S.
                Person

            	
              85

            
	
                        VA

            	
              85

            

    

     

     

    
      
        
        

      

      
        -x-

        
          

        

      

      
        
        

      

    

    
       

      
        TABLE
          OF CONTENTS 
(continued)

        
          	 	
                  Page

                

 

      

    

    
      	
                        Withdrawal
                Date

               

            	
              85

               

            
	
              ARTICLE
                II   CREATION OF THE TRUST; CONVEYANCE OF THE MORTGAGE POOL
                ASSETS, REMIC I REGULAR INTERESTS, REMIC II REGULAR INTERESTS, REMIC
                III
                REGULAR INTERESTS AND REMIC IV REGULAR INTERESTS; REMIC ELECTION
                AND
                DESIGNATIONS;
                ORIGINAL ISSUANCE OF CERTIFICATES

               

            	
              85

               

            
	
                   Section
                2.01.     Creation of the Trust

               

            	
              85

               

            
	
                   Section
                2.02.     Restrictions on Activities of the
                Trust

               

            	
              86

               

            
	
                   Section
                2.03.     Separateness Requirements

               

            	
              87

               

            
	
                   Section
                2.04.     Conveyance of Mortgage Pool Assets;
                Security Interest

               

            	
              89

               

            
	
                   Section
                2.05.     Delivery of Mortgage Files

               

            	
              90

               

            
	
                   Section
                2.06.     REMIC Elections for REMIC I and REMIC
                II

               

            	
              91

               

            
	
                   Section
                2.07.     Acceptance by Trustee

               

            	
              92

               

            
	
                   Section
                2.08.     Representation and Warranty of the
                Company Concerning the Mortgage Loans

               

            	
              94

               

            
	
                   Section
                2.09.     Representations and Warranties of the
                Seller Concerning the Mortgage Loans

               

            	
              96

               

            
	
                   Section
                2.10.     Additional Provisions Relating to
                Repurchases of and Substitutions for Mortgage Loans by the Company
                or the
                Seller

               

            	
              96

               

            
	
                   Section
                2.11.     Acknowledgment of Transfer of Mortgage
                Pool Assets

               

            	
              97

               

            
	
                   Section
                2.12.     Conveyance of REMIC III Assets;
                Security Interest

               

            	
              97

               

            
	
                   Section
                2.13.     REMIC Election for REMIC
                III

               

            	
              98

               

            
	
                   Section
                2.14.     Acknowledgement of Transfer of REMIC
                III Assets

               

            	
              99

               

            
	
                   Section
                2.15.     Conveyance of REMIC IV Assets; Security
                Interest

               

            	
              100

               

            
	
                   Section
                2.16.     REMIC Election for REMIC
                IV

               

            	
              101

               

            
	
                   Section
                2.17.     Acknowledgement of Transfer of REMIC IV
                Assets

               

            	
              102

               

            
	
                   Section
                2.18.     Conveyance of Group 3-L Regular
                Interests; Security Interest

               

            	
              102

               

            
	
                   Section
                2.19.     Acknowledgement of Transfer of Group
                3-L Regular Interests

               

            	
              103

               

            
	
                   Section
                2.20.     Legal Title

               

            	
              103

               

            
	
                   Section
                2.21.     Compliance with ERISA
                Requirements

               

            	
              103

               

            
	
                   Section
                2.22.     Additional Representation Concerning
                the Mortgage Loans

               

            	
              103

               

            

    

     

     

    
      
        
        

      

      
        -xi-

        
          

        

      

      
        
        

      

    

    
       

      
        TABLE
          OF CONTENTS 
(continued)

        
          	 	
                  Page

                

 

      

    

    
      	
                   Section
                2.23.     Distributions to Group 3 Certificates
                (other than the Class 3-C Certificates) Outside of REMIC IV

               

            	
              103

               

            
	
              ARTICLE
                III    ADMINISTRATION AND SERVICING OF MORTGAGE
                LOANS

               

            	
              104

               

            
	
                   Section
                3.01.     The Servicer

               

            	
              104

               

            
	
                   Section
                3.02.     The Custodial Accounts for P&I and
                Buydown Fund Accounts

               

            	
              106

               

            
	
                   Section
                3.03.     The Investment Account; Eligible
                Investments

               

            	
              107

               

            
	
                   Section
                3.04.     The Certificate Account

               

            	
              107

               

            
	
                   Section
                3.05.     Permitted Withdrawals from the
                Certificate Account, the Investment Account, the Custodial Accounts
                for
                P&I and the Buydown Fund Accounts

               

            	
              109

               

            
	
                   Section
                3.06.     Maintenance of Primary Insurance
                Policies; Collections Thereunder

               

            	
              110

               

            
	
                   Section
                3.07.     Maintenance of Hazard
                Insurance

               

            	
              110

               

            
	
                   Section
                3.08.     Enforcement of Due-on-Sale Clauses;
                Assumption Agreements

               

            	
              111

               

            
	
                   Section
                3.09.     Realization Upon Defaulted Mortgage
                Loans

               

            	
              112

               

            
	
                   Section
                3.10.     Trustee to Cooperate; Release of
                Mortgage Files

               

            	
              114

               

            
	
                   Section
                3.11.     Compensation to the
                Servicer

               

            	
              115

               

            
	
                   Section
                3.12.     [Reserved.]

               

            	
              115

               

            
	
                   Section
                3.13.     Reports on Assessment of Compliance
                with Servicing Criteria and Servicing Compliance Statements

               

            	
              115

               

            
	
                   Section
                3.14.     Access to Certain Documentation and
                Information Regarding the Mortgage Loans

               

            	
              116

               

            
	
                   Section
                3.15.     [Reserved.]

               

            	
              116

               

            
	
                   Section
                3.16.     [Reserved.]

               

            	
              116

               

            
	
                   Section
                3.17.     Maintenance of the Class C-PPP Reserve
                Fund.

               

            	116
	
                   Section
                3.18.     Maintenance of the Class 3-PPP Reserve
                Fund.

               

            	117
	
                   Section
                3.19.     Determination of LIBOR by
                Servicer.

               

            	117
	
                   Section
                3.20.     Assigned Prepayment
                Premiums.

               

            	119
	
              ARTICLE
                IV    PAYMENTS TO CERTIFICATEHOLDERS; PAYMENT OF
                EXPENSES

               

            	
              120

               

            
	
                   Section
                4.01.     Distributions to Holders of REMIC I and
                REMIC II Regular Interests and Class R-1 Class R-2 Residual
                Interests

               

            	
              120

               

            
	
                   Section
                4.02.     Monthly P&I Advances; Distribution
                Reports to the Trustee

               

            	
              121

               

            

    

     

     

    
      
        
        

      

      
        -xii-

        
          

        

      

      
        
        

      

    

    
       

      
        TABLE
          OF CONTENTS 
(continued)

        
          	 	
                  Page

                

 

      

    

    
      	
                   Section
                4.03.     Nonrecoverable Advances

               

            	
              123

               

            
	
                   Section
                4.04.     Distributions to Holders of REMIC III
                Regular Interests and Class R-3 Residual Interest

               

            	
              123

               

            
	
                   Section
                4.05.     Distributions to Certificateholders;
                Payment of Special Primary Insurance Premiums

               

            	
              123

               

            
	
                   Section
                4.06.     Statements to
                Certificateholders

               

            	
              125

               

            
	
              ARTICLE
                V    THE CERTIFICATES

               

            	
              126

               

            
	
                   Section
                5.01.     The Certificates

               

            	
              126

               

            
	
                   Section
                5.02.     Certificates Issuable in Classes;
                Distributions of Principal and Interest; Authorized
                Denominations

               

            	
              133

               

            
	
                   Section
                5.03.     Registration of Transfer and Exchange
                of Certificates

               

            	
              133

               

            
	
                   Section
                5.04.     Mutilated, Destroyed, Lost or Stolen
                Certificates

               

            	
              134

               

            
	
                   Section
                5.05.     Persons Deemed Owners

               

            	
              134

               

            
	
                   Section
                5.06.     [Reserved.]

               

            	
              134

               

            
	
                   Section
                5.07.     Book-Entry for Book-Entry
                Certificates

               

            	
              135

               

            
	
                   Section
                5.08.     Notices to Clearing Agency

               

            	
              136

               

            
	
                   Section
                5.09.     Definitive Certificates

               

            	
              136

               

            
	
                   Section
                5.10.     Office for Transfer of
                Certificates

               

            	
              136

               

            
	
                   Section
                5.11.     Nature of Certificates

               

            	
              136

               

            
	
              ARTICLE
                VI    THE COMPANY AND THE SERVICER

               

            	
              137

               

            
	
                   Section
                6.01.     Liability of the Company and the
                Servicer

               

            	
              137

               

            
	
                   Section
                6.02.     Merger or Consolidation of the Company
                or the Servicer

               

            	
              137

               

            
	
                   Section
                6.03.     Limitation on Liability of the Company,
                the Servicer and Others

               

            	
              137

               

            
	
                   Section
                6.04.     Neither the Company nor the Servicer
                May Resign

               

            	
              138

               

            
	
                   Section
                6.05.     Trustee Access.

               

            	
              138

            
	
              ARTICLE
                VII    DEFAULT

               

            	
              138

               

            
	
                   Section
                7.01.     Events of Default

               

            	
              138

               

            
	
                   Section
                7.02.     Trustee to Act; Appointment of
                Successor

               

            	
              141

               

            
	
                   Section
                7.03.     Notification to
                Certificateholders

               

            	
              142

               

            
	
              ARTICLE
                VIII    CONCERNING THE TRUSTEES

               

            	
              142

               

            

    

     

     

    
      
        
        

      

      
        -xiii-

        
          

        

      

      
        
        

      

    

    
       

      
        TABLE
          OF CONTENTS 
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                   Section
                8.01.     Duties of Trustees

               

            	
              142

               

            
	
                   Section
                8.02.     Certain Matters Affecting the
                Trustees

               

            	
              143

               

            
	
                   Section
                8.03.     Trustees Not Liable for Certificates or
                Mortgage Loans

               

            	
              145

               

            
	
                   Section
                8.04.     Trustees May Own
                Certificates

               

            	
              145

               

            
	
                   Section
                8.05.     The Servicer to Pay Trustees’ Fees and
                Expenses

               

            	
              145

               

            
	
                   Section
                8.06.     Eligibility Requirements for
                Trustees

               

            	
              146

               

            
	
                   Section
                8.07.     Resignation and Removal of
                Trustees

               

            	
              146

               

            
	
                   Section
                8.08.     Successor Trustee

               

            	
              147

               

            
	
                   Section
                8.09.     Merger or Consolidation of
                Trustee

               

            	
              147

               

            
	
                   Section
                8.10.     Appointment of Co-Trustee or Separate
                Trustee

               

            	
              147

               

            
	
                   Section
                8.11.     Authenticating Agents

               

            	
              148

               

            
	
                   Section
                8.12.     Paying Agents

               

            	
              149

               

            
	
                   Section
                8.13.     Duties of Delaware Trustee

               

            	
              150

               

            
	
                   Section
                8.14.     Amendment to Certificate of
                Trust

               

            	
              150

               

            
	
                   Section
                8.15.     [Reserved.] 

               

            	
              150

               

            
	
                   Section
                8.16.     Trustees Act on Behalf of
                Trust

               

            	
              151

               

            
	
                   Section
                8.17.     Limitation of Liability

               

            	
              151

               

            
	
                   Section
                8.18.     Trustee Report on Assessment of
                Compliance with Servicing Criteria

               

            	
              151

               

            
	
              ARTICLE
                IX    TERMINATION

               

            	
              151

               

            
	
                   Section
                9.01.     Termination Upon Purchase by the
                Servicer or Liquidation of All Mortgage Loans

               

            	
              151

               

            
	
                   Section
                9.02.     Additional Termination
                Requirements

               

            	
              155

               

            
	
                   Section
                9.03.     Trust Irrevocable

               

            	
              156

               

            
	
              ARTICLE
                X      MISCELLANEOUS PROVISIONS

               

            	
              156

               

            
	
                   Section
                10.01.     Amendment

               

            	
              156

               

            
	
                   Section
                10.02.     Recordation of Agreement

               

            	
              158

               

            
	
                   Section
                10.03.     Limitation on Rights of
                Certificateholders

               

            	
              158

               

            
	
                   Section
                10.04.     Access to List of
                Certificateholders

               

            	
              159

               

            
	
                   Section
                10.05.     Governing Law

               

            	
              160

               

            
	
                   Section
                10.06.     Notices

               

            	
              160

               

            

    

     

     

    
      
        
        

      

      
        -xiv-

        
          

        

      

      
        
        

      

    

    
       

      
        TABLE
          OF CONTENTS 
(continued)

        
          	 	
                  Page

                

 

      

    

    
      	
                   Section
                10.07.     Compliance With Regulation
                AB

               

            	
              160

               

            
	
                   Section
                10.08.     Severability of
                Provisions

               

            	
              160

               

            
	
                   Section
                10.09.     Counterpart Signatures

               

            	
              160

               

            
	
                   Section
                10.10.     Benefits of Agreement

               

            	
              161

               

            
	
                   Section
                10.11.     Notices and Copies to Rating
                Agencies

               

            	
              161

               

            
	
                   Section
                10.12.     Covenant Not to Place Trust Into
                Bankruptcy

               

            	
              162

               

            
	
                   Section
                10.13.     Covenant Not to Place Company Into
                Bankruptcy

               

            	
              162

               

            

    

     

    
      
        	
                Appendix
                  1

              	
                Definition
                  of Class C-Y Principal Reduction Amounts

              
	
                Appendix
                  2

              	
                Definition
                  of Class LT Principal Reduction Amounts

              
	
                Exhibit
                  A

              	
                Form
                  of Certificates (other than Class R Certificates)

              
	
                Exhibit
                  B

              	
                Form
                  of Class R Certificates

              
	
                Exhibit
                  C

              	
                [Reserved]

              
	
                Exhibit
                  D-1

              	
                Mortgage
                  Loan Schedule

              
	
                Exhibit
                  D-2

              	
                Supplemental
                  Mortgage Loan Schedule

              
	
                Exhibit
                  E

              	
                [Reserved]

              
	
                Exhibit
                  F

              	
                Form
                  of Transferor Certificate For Junior Subordinate
                  Certificates

              
	
                Exhibit
                  G

              	
                Form
                  of Transferee’s Agreement For Junior Subordinate
                  Certificates

              
	
                Exhibit
                  H

              	
                Form
                  of Additional Matter Incorporated Into the Certificates

              
	
                Exhibit
                  I

              	
                Transferor
                  Certificate

              
	
                Exhibit
                  J

              	
                Transferee
                  Affidavit And Agreement

              
	
                Exhibit
                  K

              	
                Form
                  of Certificate Insurance Policy

              
	
                Exhibit
                  L

              	
                Form
                  of Investment Letter

              
	
                Exhibit
                  M

              	
                Form
                  of Trustee’s Certification Pursuant to Section 2.07

              
	
                Exhibit
                  N

              	
                Officer’s
                  Certificate With Respect to ERISA Matters Pursuant to Section
                  5.01(d)

              
	
                Exhibit
                  O

              	
                Officer’s
                  Certificate With Respect to ERISA Matters Pursuant to Section
                  5.01(g)

              
	
                Exhibit
                  P

              	
                Officer’s
                  Certificate With Respect to ERISA Matters Pursuant to Section
                  5.01(h)

              

      

    

     

    
      
        
        

      

      
        -xv-

        
          

        

      

      
        
        

      

    

     

    This
      Pooling and Servicing Agreement, dated as of April 1, 2006 (this “Agreement”),
      is by
      and among WaMu Asset Acceptance Corp., as depositor (the “Company”),
      Washington Mutual Bank, as Servicer, LaSalle Bank National Association, as
      Trustee, and Christiana Bank & Trust Company, as Delaware Trustee.
      Capitalized terms used in this Agreement and not otherwise defined have the
      meanings ascribed to such terms in Article I hereof.

     

    PRELIMINARY
      STATEMENT

     

    The
      Company at the Closing Date is the owner of the Mortgage Loans and the other
      property being conveyed by it to the Trust. On the Closing Date, the Company
      will acquire the REMIC I and REMIC II Regular Interests, the Class PPP
      Certificates and the Class R-1 and Class R-2 Residual Interests from the Trust
      as consideration for its transfer to the Trust of the Mortgage Loans and certain
      other assets and will be the owner of the REMIC I and REMIC II Regular
      Interests, the Class PPP Certificates and the Class R-1 and Class R-2 Residual
      Interests. Thereafter on the Closing Date, the Company will acquire the REMIC
      III Regular Interests and the Class R-3 Residual Interest from the Trust as
      consideration for its transfer to the Trust of the REMIC II Regular Interests
      and will be the owner of the REMIC III Regular Interests and the Class R-3
      Residual Interest. Thereafter on the Closing Date, the Company will acquire
      the
      Group 1, Group 2 and Group L-B Certificates, the Group 3-L Regular Interests
      and
      the Class R-4 Residual Interest from the Trust as consideration for its transfer
      to the Trust of the REMIC I and REMIC III Regular Interests and will be the
      owner of the Group 1, Group 2 and Group L-B Certificates, the Group 3-L Regular
      Interests and the Class R-4 Residual Interest. Thereafter on the Closing Date,
      the Company will acquire the Group 3 Certificates as consideration for its
      transfer to the Trust of the Group 3-L Regular Interests. The Company has duly
      authorized the execution and delivery of this Agreement to provide for (i)
      the
      conveyance to the Trust of the Mortgage Loans and certain other assets, (ii)
      the
      issuance to the Company of the REMIC I and REMIC II Regular Interests and the
      Class R-1 and Class R-2 Residual Interests representing in the aggregate the
      entire beneficial interest in REMIC I and REMIC II, and the Class PPP
      Certificates, (iii) the conveyance to the Trust of the REMIC II Regular
      Interests, (iv) the issuance to the Company of the REMIC III Regular Interests
      and the Class R-3 Residual Interest representing in the aggregate the entire
      beneficial interest in REMIC III, (v) the conveyance to the Trust of the REMIC
      I
      and REMIC III Regular Interests, (vi) the issuance to the Company of the Group
      1, Group 2 and Group L-B Certificates, the Group 3-L Regular Interests and
      the
      Class R-4 Residual Interest, (vii) the conveyance to the Trust of the Group
      3-L
      Regular Interests and (viii) the issuance to the Company of the Group 3
      Certificates,. The Company and the Servicer are entering into this Agreement,
      and the Trustee and the Delaware Trustee are each accepting the trust created
      hereby, for good and valuable consideration, the receipt and sufficiency of
      which are hereby acknowledged.

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    The
      Certificates issued hereunder, other than the Junior Subordinate Certificates,
      have been offered for sale pursuant to a Prospectus, dated January 6, 2006,
      and
      a Prospectus Supplement, dated April 26, 2006, of the Company (together, the
      “Prospectus”).
      The
      Junior Subordinate Certificates have been offered for sale pursuant to a Private
      Placement Memorandum, dated April 27, 2006. The Trust created hereunder is
      the
“Trust” described in the Prospectus and the Private Placement Memorandum and the
      Certificates are the “Certificates” described therein. The following tables set
      forth the designation, type of interest, Certificate Interest Rate, initial
      Class Principal Balance and Final Maturity Date for the REMIC I Regular
      Interests, the REMIC II Regular Interests, the REMIC III Regular Interests,
      the
      REMIC IV Regular Interests and the Class R Residual Interests:

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    REMIC
      I Interests

     

    
      	
              Class
                Designation for each Class of REMIC I Regular Interests and the Class
                R-1
                Residual Interest

            	 	
               

               

               

              Type
                of Interest

            	 	
               

               

              Certificate
                Interest

              Rate
                (1)

            	 	
               

               

              Initial
                Class

              Principal

              Balance

            	 	
               

               

               

               

              Final
                Maturity Date*

            
	
              Class
                C-Y-1

            	 	
              Regular

            	 	
              6.000%

            	 	
              $         
                55,525.05

            	 	
              April
                2036

            
	
              Class
                C-Y-2 

            	 	
              Regular

            	 	
              6.500%

            	 	
              26,218.00

            	 	
              April
                2036

            
	
              Class
                C-Z-1 

            	 	
              Regular

            	 	
              6.000%

            	 	
              110,994,574.42

            	 	
              April
                2036

            
	
              Class
                C-Z-2 

            	 	
              Regular

            	 	
              6.500%

            	 	
              52,600,710.20

            	 	
              April
                2036

            
	
              Class
                C-X-M

            	 	
              Regular

            	 	
              6.000%
                (2)

            	 	
              -----

            	 	
              April
                2036

            
	
              Class
                1-P-M

            	 	
              Regular

            	 	
              (3)

            	 	
              404,842.19

            	 	
              April
                2036

            
	
              Class
                R-1†

            	 	
              Residual

            	 	
              6.000%

            	 	
              100.00

            	 	
              April
                2036

            

    

     

    
      
        	*	
                The
                  Distribution Date in the specified month, which is the month following
                  the
                  month the latest maturing Mortgage Loan in the related Loan Group
                  (or Loan
                  Groups, as applicable) matures. For federal income tax purposes,
                  for each
                  Class of REMIC I Regular and Residual Interests, the “latest possible
                  maturity date” shall be the Final Maturity
                  Date.

              

      

      

      
        	†	
                The
                  Class R-1 Residual Interest is entitled to receive the applicable
                  Residual
                  Distribution Amount and any Excess Liquidation
                  Proceeds.

              

      

      

      
        	(1)	
                Interest
                  distributed to the REMIC I Regular Interests (other than the Class
                  1-P-M
                  Regular Interest, which shall not be entitled to receive any distributions
                  of interest) and the Class R-1 Residual Interest on each Distribution
                  Date
                  will have accrued at the applicable per annum Certificate Interest
                  Rate on
                  the applicable Class Principal Balance or Class Notional Amount
                  outstanding immediately before such Distribution
                  Date.

              

      

      

      
        	
                (2)
                  

              	
                The
                  Class C-X-M Regular Interest shall accrue interest on the
                  Class C-X Notional
                  Amount. The Class C-X-M Regular Interest shall not be entitled
                  to receive
                  any distributions of principal.

              

      

      

      
        	
                (3)
                  

              	
                The
                  Class 1-P-M Regular Interest shall not be entitled to receive any
                  distributions of interest.

              

      

       

    

    As
      provided herein, with respect to REMIC I, the Servicer will cause an election
      to
      be made on behalf of REMIC I to be treated for federal income tax purposes
      as a
      REMIC. The REMIC I Regular Interests will be designated regular interests in
      REMIC I and the Class R-1 Residual Interest will be designated the sole class
      of
      residual interest in REMIC I, for purposes of the REMIC Provisions.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    REMIC
      II Interests 

     

    
      	
              Class
                Designation for each REMIC II Regular Interest and the Class R-2
                Residual
                Interest

            	 	
              Type
                of Interest

            	 	
              Certificate
                Interest

              Rate
                (1)

            	 	
              Initial
                Class

              Principal

              Balance

            	 	
              Final
                Maturity

              Date*

            
	
              Class
                LT-A1

            	 	
              Regular

            	 	
              Variable
                (2)

            	 	
              $
                1,368,000.00

            	 	
              May
                2036

            
	
              Class
                LT-A2

            	 	
              Regular

            	 	
              Variable
                (2)

            	 	
              2,318,000.00

            	 	
              May
                2036

            
	
              Class LT-A3

            	 	
              Regular

            	 	
              Variable
                (2)

            	 	
              1,158,000.00

            	 	
              May
                2036

            
	
              Class LT-A4

            	 	
              Regular

            	 	
              Variable
                (2)

            	 	
              288,000.00

            	 	
              May
                2036

            
	
              Class LT-A5

            	 	
              Regular

            	 	
              Variable
                (2)

            	 	
              793,000.00

            	 	
              May
                2036

            
	
              Class
                LT-A6

            	 	
              Regular

            	 	
              Variable
                (2)

            	 	
              742,000.00

            	 	
              May
                2036

            
	
              Class
                LT-A7

            	 	
              Regular

            	 	
              Variable
                (2)

            	 	
              695,000.00

            	 	
              May
                2036

            
	
              Class LT-A8

            	 	
              Regular

            	 	
              Variable
                (2)

            	 	
              2,002,000.00

            	 	
              May
                2036

            
	
              Class LT-A9

            	 	
              Regular

            	 	
              Variable
                (2)

            	 	
              811,000.00

            	 	
              May
                2036

            
	
              Class LT-A10

            	 	
              Regular

            	 	
              Variable
                (2)

            	 	
              695,000.00

            	 	
              May
                2036

            
	
              Class LT-A11

            	 	
              Regular

            	 	
              Variable
                (2)

            	 	
              696,000.00

            	 	
              May
                2036

            
	
              Class LT-A12

            	 	
              Regular

            	 	
              Variable
                (2)

            	 	
              339,000.00

            	 	
              May
                2036

            
	
              Class LT-A13

            	 	
              Regular

            	 	
              Variable
                (2)

            	 	
              365,000.00

            	 	
              May
                2036

            
	
              Class LT-A14

            	 	
              Regular

            	 	
              Variable
                (2)

            	 	
              6,480,000.00

            	 	
              May
                2036

            
	
              Class
                LT-B

            	 	
              Regular

            	 	
              Variable
                (2)

            	 	
              195,370,441.65

            	 	
              May
                2036

            
	
              Class
                LT-C

            	 	
              Regular

            	 	
              Variable
                (2)

            	 	
              150,000,000.00

            	 	
              May
                2036

            
	
              Class
                R-2 (3)

            	 	
              Residual

            	 	
              -----

            	 	
              -----
                

            	 	
              May
                2036

            

    

     

    
      
        	*	
                The
                  Distribution Date in the specified month, which is the month following
                  the
                  month in which the latest maturing Mortgage Loan matures. For federal
                  income tax purposes, for each Class of REMIC II Regular and Residual
                  Interests, the “latest possible maturity date” shall be the Final Maturity
                  Date.

              

      

      

      
        	(1)	
                Interest
                  distributed to the REMIC II Regular Interests on each Distribution
                  Date
                  will have accrued at the applicable per annum Certificate Interest
                  Rate on
                  the applicable Class Principal Balance outstanding immediately
                  before such
                  Distribution Date.

              

      

      

      
        	
                (2)

              	
                For
                  each Distribution Date, the Certificate
                  Interest Rate on REMIC II Regular Interests shall equal the Group
                  3
                  Weighted Average Pass-Through Rate for such Distribution
                  Date.

              

      

      

      
        	(3)	
                The
                  Class R-2 Residual Interest shall be entitled to receive the applicable
                  Residual Distribution Amount. The Class R-2 Residual Interest shall
                  not be
                  entitled to receive any distributions of interest or
                  principal.

              

      

    

     

    As
      provided herein, with respect to REMIC II, the Servicer will cause an election
      to be made on behalf of REMIC II to be treated for federal income tax purposes
      as a REMIC. The REMIC II Regular Interests will be designated regular interests
      in REMIC II and the Class R-2 Residual Interest will be designated the sole
      class of residual interest in REMIC II, for purposes of the REMIC
      Provisions.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    REMIC
      III Interests 

     

    

      
        	
                Class
                  Designation for each REMIC III Regular Interest and the Class R-3
                  Residual
                  Interest

              	 	
                Type
                  of Interest

              	 	
                Certificate
                  Interest

                Rate
                  (1)

              	 	
                Initial
                  Class

                Principal

                Balance

              	 	
                Final
                  Maturity

                Date*

              
	
                Class
                  LT1

              	 	
                Regular

              	 	
                Variable
                  (2)

              	 	
                $ 214,086,742.59

              	 	
                May
                  2036

              
	
                Class LT2

              	 	
                Regular

              	 	
                Variable
                  (2)

              	 	
                9,125.02

              	 	
                May
                  2036

              
	
                Class LT3

              	 	
                Regular

              	 	
                (3)

              	 	
                12,287.02

              	 	
                May
                  2036

              
	
                Class LT4

              	 	
                Regular

              	 	
                Variable
                  (4)

              	 	
                12,287.02

              	 	
                May
                  2036

              
	
                Class
                  LT-IO1

              	 	
                Regular

              	 	
                Variable
                  (5)

              	 	
                -----

              	 	
                July
                  2006

              
	
                Class
                  LT-IO2

              	 	
                Regular

              	 	
                Variable
                  (6)

              	 	
                -----

              	 	
                August
                  2006

              
	
                Class
                  LT-IO3

              	 	
                Regular

              	 	
                Variable
                  (7)

              	 	
                -----

              	 	
                November
                  2006

              
	
                Class
                  LT-IO4

              	 	
                Regular

              	 	
                Variable
                  (8)

              	 	
                -----

              	 	
                January
                  2007

              
	
                Class
                  LT-IO5

              	 	
                Regular

              	 	
                Variable
                  (9)

              	 	
                -----

              	 	
                February
                  2007

              
	
                Class
                  LT-IO6

              	 	
                Regular

              	 	
                Variable
                  (10)

              	 	
                -----

              	 	
                March
                  2007

              
	
                Class
                  LT-IO7

              	 	
                Regular

              	 	
                Variable
                  (11)

              	 	
                -----

              	 	
                April
                  2007

              
	
                Class
                  LT-IO8

              	 	
                Regular

              	 	
                Variable
                  (12)

              	 	
                -----

              	 	
                May
                  2007

              
	
                Class
                  LT-IO9

              	 	
                Regular

              	 	
                Variable
                  (13)

              	 	
                -----

              	 	
                July
                  2007

              
	
                Class
                  LT-IO10

              	 	
                Regular

              	 	
                Variable
                  (14)

              	 	
                -----

              	 	
                August
                  2007

              
	
                Class
                  LT-IO11

              	 	
                Regular

              	 	
                Variable
                  (15)

              	 	
                -----

              	 	
                September
                  2007

              
	
                Class
                  LT-IO12

              	 	
                Regular

              	 	
                Variable
                  (16)

              	 	
                -----

              	 	
                January
                  2008

              
	
                Class
                  LT-IO13

              	 	
                Regular

              	 	
                Variable
                  (17)

              	 	
                -----

              	 	
                February
                  2008

              
	
                Class
                  LT-IO14

              	 	
                Regular

              	 	
                Variable
                  (18)

              	 	
                -----

              	 	
                March
                  2008

              
	
                Class
                  LTC-III

              	 	
                Regular

              	 	
                Variable
                  (19)

              	 	
                150,000,000.00

              	 	
                March
                  2036

              
	
                Class
                  R-3 (20)

              	 	
                Residual

              	 	
                -----

              	 	
                -----

              	 	
                May
                  2036

              

      

    

     

    
      
        	
                *

              	
                The
                  Distribution Date in the specified month, which, in the case of
                  the Class
                  LT1, Class LT2 Class LT3, Class LT4 and Class LTC-III Regular Interests,
                  is the month following the month in which the latest maturing Mortgage
                  Loan matures. For federal income tax purposes, for each Class of
                  REMIC III
                  Regular and Residual Interests, the “latest possible maturity date” shall
                  be the Final Maturity Date.

              
	 	 
	
                (1)

              	
                Interest
                  distributed to the REMIC III Regular Interests (other than the
                  Class
                  LT3 Regular
                  Interest, which shall not be entitled to receive any distributions
                  of
                  interest) on each Distribution Date will have accrued at the applicable
                  per annum Certificate Interest Rate on the applicable Class Principal
                  Balance outstanding immediately before such Distribution
                  Date.

              
	 	 
	
                (2)

              	
                For
                  each Distribution Date, the Certificate
                  Interest Rate on the Class LT1 and Class LT2 Regular
                  Interests shall
                  equal the Group 3 Net WAC Cap (as defined in the first paragraph
                  of the
                  definition thereof) for such Distribution Date.

              
	 	 
	
                (3)

              	
                The
                  Class
                  LT3 Regular
                  Interest shall not be entitled to receive any distributions of
                  interest.

              
	 	 
	
                (4)

              	
                For
                  each Distribution Date, the Certificate
                  Interest Rate on the Class LT4 Regular
                  Interest shall
                  equal two (2) times the Group 3 Net WAC Cap (as defined in the
                  first
                  paragraph of the definition thereof) for such Distribution
                  Date.

              
	 	 
	
                (5)

              	
                The
                  Certificate
                  Interest Rate on the Class LT-IO1 Regular
                  Interest shall
                  equal (a) for
                  each Distribution Date in or before July 2006, the
                  lesser of (i) 5.000% and (ii) the Group 3 Weighted Average Pass-Through
                  Rate for such Distribution Date and (b) for each Distribution Date
                  thereafter, zero.
                  The
                  Class LT-IO1 Regular
                  Interest shall accrue interest on the Class
                  LT-IO1 Notional
                  Amount. The Class
                  LT-IO1 Regular
                  Interest shall not be entitled to receive any distributions of
                  principal.

              
	 	 
	
                (6)

              	
                The
                  Certificate
                  Interest Rate on the Class LT-IO2 Regular
                  Interest shall
                  equal (a) for
                  t Distribution Date in or before August 2006, the
                  lesser of (i) 5.000% and (ii) the Group 3 Weighted Average Pass-Through
                  Rate for such Distribution Date and (b) for each Distribution Date
                  thereafter, zero.
                  The
                  Class LT-IO2 Regular
                  Interest shall accrue interest on the Class
                  LT-IO2 Notional
                  Amount. The Class
                  LT-IO2 Regular
                  Interest shall not be entitled to receive any distributions of
                  principal.

              

      

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

      
        	 	 
	
                (7)

              	
                The
                  Certificate
                  Interest Rate on the Class LT-IO3 Regular
                  Interest shall
                  equal (a) for
                  each Distribution Date in or before November 2006, the
                  lesser of (i) 5.000% and (ii) the Group 3 Weighted Average Pass-Through
                  Rate for such Distribution Date and (b) for each Distribution Date
                  thereafter, zero.
                  The
                  Class LT-IO3 Regular
                  Interest shall accrue interest on the Class
                  LT-IO3 Notional
                  Amount. The Class
                  LT-IO3 Regular
                  Interest shall not be entitled to receive any distributions of
                  principal.

              
	 	 
	
                (8)

              	
                The
                  Certificate
                  Interest Rate on the Class LT-IO4 Regular
                  Interest shall
                  equal (a) for
                  each Distribution Date in or before January 2007, the
                  lesser of (i) 5.000% and (ii) the Group 3 Weighted Average Pass-Through
                  Rate for such Distribution Date and (b) for each Distribution Date
                  thereafter, zero.
                  The
                  Class LT-IO4 Regular
                  Interest shall accrue interest on the Class
                  LT-IO4 Notional
                  Amount. The Class
                  LT-IO4 Regular
                  Interest shall not be entitled to receive any distributions of
                  principal.

              
	 	 
	
                (9)

              	
                The
                  Certificate
                  Interest Rate on the Class LT-IO5 Regular
                  Interest shall
                  equal (a) for
                  each Distribution Date in or before February 2007, the
                  lesser of (i) 5.000% and (ii) the Group 3 Weighted Average Pass-Through
                  Rate for such Distribution Date and (b) for each Distribution Date
                  thereafter, zero.
                  The
                  Class LT-IO5 Regular
                  Interest shall accrue interest on the Class
                  LT-IO5 Notional
                  Amount. The Class
                  LT-IO5 Regular
                  Interest shall not be entitled to receive any distributions of
                  principal.

              
	 	 
	
                (10)

              	
                The
                  Certificate
                  Interest Rate on the Class LT-IO6 Regular
                  Interest shall
                  equal (a) for
                  each Distribution Date in or before March 2007, the
                  lesser of (i) 5.000% and (ii) the Group 3 Weighted Average Pass-Through
                  Rate for such Distribution Date and (b) for each Distribution Date
                  thereafter, zero.
                  The
                  Class LT-IO6 Regular
                  Interest shall accrue interest on the Class
                  LT-IO6 Notional
                  Amount. The Class
                  LT-IO6 Regular
                  Interest shall not be entitled to receive any distributions of
                  principal.

              
	 	 
	
                (11)

              	
                The
                  Certificate
                  Interest Rate on the Class LT-IO7 Regular
                  Interest shall
                  equal (a) for
                  each Distribution Date in or before April 2007, the
                  lesser of (i) 5.000% and (ii) the Group 3 Weighted Average Pass-Through
                  Rate for such Distribution Date and (b) for each Distribution Date
                  thereafter, zero.
                  The
                  Class LT-IO7 Regular
                  Interest shall accrue interest on the Class
                  LT-IO7 Notional
                  Amount. The Class
                  LT-IO7 Regular
                  Interest shall not be entitled to receive any distributions of
                  principal.

              
	 	 
	
                (12)

              	
                The
                  Certificate
                  Interest Rate on the Class LT-IO8 Regular
                  Interest shall
                  equal (a) for
                  each Distribution Date in or before May 2007, the
                  lesser of (i) 5.000% and (ii) the Group 3 Weighted Average Pass-Through
                  Rate for such Distribution Date and (b) for each Distribution Date
                  thereafter, zero.
                  The
                  Class LT-IO8 Regular
                  Interest shall accrue interest on the Class
                  LT-IO8 Notional
                  Amount. The Class
                  LT-IO8 Regular
                  Interest shall not be entitled to receive any distributions of
                  principal.

              
	 	 
	
                (13)

              	
                The
                  Certificate
                  Interest Rate on the Class LT-IO9 Regular
                  Interest shall
                  equal (a) for
                  each Distribution Date in or before July 2007, the
                  lesser of (i) 5.000% and (ii) the Group 3 Weighted Average Pass-Through
                  Rate for such Distribution Date and (b) for each Distribution Date
                  thereafter, zero.
                  The
                  Class LT-IO9 Regular
                  Interest shall accrue interest on the Class
                  LT-IO9 Notional
                  Amount. The Class
                  LT-IO9 Regular
                  Interest shall not be entitled to receive any distributions of
                  principal.

              
	 	 
	
                (14)

              	
                The
                  Certificate
                  Interest Rate on the Class LT-IO10 Regular
                  Interest shall
                  equal (a) for
                  each Distribution Date in or before August 2007, the
                  lesser of (i) 5.000% and (ii) the Group 3 Weighted Average Pass-Through
                  Rate for such Distribution Date and (b) for each Distribution Date
                  thereafter, zero.
                  The
                  Class LT-IO10 Regular
                  Interest shall accrue interest on the Class
                  LT-IO10 Notional
                  Amount. The Class
                  LT-IO10 Regular
                  Interest shall not be entitled to receive any distributions of
                  principal.

              
	 	 
	
                (15)

              	
                The
                  Certificate
                  Interest Rate on the Class LT-IO11 Regular
                  Interest shall
                  equal (a) for
                  each Distribution Date in or before September 2007, the
                  lesser of (i) 5.000% and (ii) the Group 3 Weighted Average Pass-Through
                  Rate for such Distribution Date and (b) for each Distribution Date
                  thereafter, zero.
                  The
                  Class LT-IO11 Regular
                  Interest shall accrue interest on the Class
                  LT-IO11 Notional
                  Amount. The Class
                  LT-IO11 Regular
                  Interest shall not be entitled to receive any distributions of
                  principal.

              
	 	 
	
                (16)

              	
                The
                  Certificate
                  Interest Rate on the Class LT-IO12 Regular
                  Interest shall
                  equal (a) for
                  each Distribution Date in or before January 2008, the
                  lesser of (i) 5.000% and (ii) the Group 3 Weighted Average Pass-Through
                  Rate for such Distribution Date and (b) for each Distribution Date
                  thereafter, zero.
                  The
                  Class LT-IO12 Regular
                  Interest shall accrue interest on the Class
                  LT-IO12 Notional
                  Amount. The Class
                  LT-IO12 Regular
                  Interest shall not be entitled to receive any distributions of
                  principal.

              
	 	 
	
                (17)

              	
                The
                  Certificate
                  Interest Rate on the Class LT-IO13 Regular
                  Interest shall
                  equal (a) for
                  each Distribution Date in or before February 2008, the
                  lesser of (i) 5.000% and (ii) the Group 3 Weighted Average Pass-Through
                  Rate for such Distribution Date and (b) for each Distribution Date
                  thereafter, zero.
                  The
                  Class LT-IO13 Regular
                  Interest shall accrue interest on the Class
                  LT-IO13 Notional
                  Amount. The Class
                  LT-IO13 Regular
                  Interest shall not be entitled to receive any distributions of
                  principal.

              

      

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

      
        	 	 
	
                (18)

              	
                The
                  Certificate
                  Interest Rate on the Class LT-IO14 Regular
                  Interest shall
                  equal (a) for
                  each Distribution Date in or before March 2008, the
                  lesser of (i) 5.000% and (ii) the Group 3 Weighted Average Pass-Through
                  Rate for such Distribution Date and (b) for each Distribution Date
                  thereafter, zero.
                  The
                  Class LT-IO14 Regular
                  Interest shall accrue interest on the Class
                  LT-IO14 Notional
                  Amount. The Class
                  LT-IO14 Regular
                  Interest shall not be entitled to receive any distributions of
                  principal.

              
	 	 
	
                (19)

              	
                For
                  each Distribution Date, the Certificate
                  Interest Rate on the Class LTC-III Regular Interest shall equal
                  the Group
                  3 Weighted Average Pass-Through Rate for such Distribution
                  Date.

              
	 	 
	
                (20)

              	
                The
                  Class R-3 Residual Interest shall be entitled to receive the applicable
                  Residual Distribution Amount. The Class R-3 Residual Interest shall
                  not be
                  entitled to receive any distributions of interest or
                  principal.

              

      

    

     

    As
      provided herein, with respect to REMIC III, the Servicer will cause an election
      to be made on behalf of REMIC III to be treated for federal income tax purposes
      as a REMIC. The REMIC III Regular Interests will be designated regular interests
      in REMIC III and the Class R-3 Residual Interest will be designated the sole
      class of residual interest in REMIC III, for purposes of the REMIC
      Provisions.

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    

      REMIC
        IV Interests

       

      
        	
                 

                Class
                  Designation for each Class of REMIC IV Regular Interests and the
                  Class R-4
                  Residual Interest

              	 	
                 

                 

                 

                Type
                  of Interest

              	 	
                 

                 

                Certificate
                  Interest

                Rate
                  (1)

              	 	
                 

                 

                Initial
                  Class

                Principal

                Balance

              	 	
                 

                 

                 

                Final
                  Maturity

                Date*

              
	
                Class
                  1-A-1

              	 	
                Regular

              	 	
                6.000%

              	 	
                $100,166,400.00

              	 	
                April
                  2036

              
	
                Class
                  1-A-2

              	 	
                Regular

              	 	
                6.000%

              	 	
                3,471,900.00

              	 	
                April
                  2036

              
	
                Class
                  2-A-1

              	 	
                Regular

              	 	
                6.500%

              	 	
                47,481,400.00

              	 	
                April
                  2036

              
	
                Class
                  2-A-2

              	 	
                Regular

              	 	
                6.500%

              	 	
                1,645,800.00

              	 	
                April
                  2036

              
	
                Class
                  C-X

              	 	
                Regular

              	 	
                6.000%
                  (2)

              	 	
                -----

              	 	
                April
                  2036

              
	
                Class
                  1-P

              	 	
                Regular

              	 	
                (3)

              	 	
                404,842.19

              	 	
                April
                  2036

              
	
                Class L-B-1

              	 	
                Regular

              	 	
                Variable
                  (4)

              	 	
                6,481,300.00

              	 	
                April
                  2036

              
	
                Class L-B-2

              	 	
                Regular

              	 	
                Variable
                  (4)

              	 	
                1,558,800.00

              	 	
                April
                  2036

              
	
                Class L-B-3

              	 	
                Regular

              	 	
                Variable
                  (4)

              	 	
                902,500.00

              	 	
                April
                  2036

              
	
                Class L-B-4

              	 	
                Regular

              	 	
                Variable
                  (4)

              	 	
                820,400.00

              	 	
                April
                  2036

              
	
                Class L-B-5

              	 	
                Regular

              	 	
                Variable
                  (4)

              	 	
                656,300.00

              	 	
                April
                  2036

              
	
                Class L-B-6

              	 	
                Regular

              	 	
                Variable
                  (4)

              	 	
                492,227.67

              	 	
                April
                  2036

              
	
                Class
                  3-A-1-L

              	 	
                Regular

              	 	
                Variable
                  (5) (16)

              	 	
                150,000,000.00

              	 	
                May
                  2036

              
	
                Class
                  3-A-2A-L

              	 	
                Regular

              	 	
                Variable
                  (6) (16)

              	 	
                17,000,000.00

              	 	
                May
                  2036

              
	
                Class
                  3-A-2B-L

              	 	
                Regular

              	 	
                Variable
                  (7) (16)

              	 	
                73,147,525.00

              	 	
                May
                  2036

              
	
                Class
                  3-A-3-L

              	 	
                Regular

              	 	
                Variable
                  (8) (16)

              	 	
                33,547,333.00

              	 	
                May
                  2036

              
	
                Class
                  3-A-4-L

              	 	
                Regular

              	 	
                Variable
                  (9) (16)

              	 	
                25,338,024.00

              	 	
                May
                  2036

              
	
                Class
                  3-A-5-L

              	 	
                Regular

              	 	
                Variable
                  (10) (16)

              	 	
                12,785,809.00

              	 	
                May
                  2036

              
	
                Class
                  3-A-6-L

              	 	
                Regular

              	 	
                Variable
                  (11) (16)

              	 	
                18,256,489.00

              	 	
                May
                  2036

              
	
                Class
                  3-IO-L

              	 	
                Regular

              	 	
                Variable
                  (12) (16)

              	 	
                -----

              	 	
                March
                  2008

              
	
                Class 3-M-1-L

              	 	
                Regular

              	 	
                Variable
                  (13) (16)

              	 	
                10,741,553.00

              	 	
                May
                  2036

              
	
                Class 3-M-2-L

              	 	
                Regular

              	 	
                Variable
                  (14) (16)

              	 	
                8,010,650.00

              	 	
                May
                  2036

              
	
                Class 3-M-3-L

              	 	
                Regular

              	 	
                Variable
                  (14) (16)

              	 	
                5,643,867.00

              	 	
                May
                  2036

              
	
                Class 3-M-4-L

              	 	
                Regular

              	 	
                Variable
                  (14) (16)

              	 	
                1,820,602.00

              	 	
                May
                  2036

              
	
                Class 3-B-1-L

              	 	
                Regular

              	 	
                Variable
                  (14) (16)

              	 	
                1,820,602.00

              	 	
                May
                  2036

              
	
                Class 3-B-2-L

              	 	
                Regular

              	 	
                Variable
                  (14) (16)

              	 	
                1,820,602.00

              	 	
                May
                  2036

              
	
                Class
                  3-C-L

              	 	
                Regular

              	 	
                (15)
                  (16)

              	 	
                4,187,385.65
                  (15)

              	 	
                May
                  2036

              
	
                Class
                  R-4 (17)

              	 	
                Residual

              	 	
                -----

              	 	
                -----

              	 	
                May
                  2036

              

      

      

      
        	*	
                The
                  Distribution Date in the specified month, which is (i) with respect
                  to the
                  REMIC IV Regular Interests and the Class R-4 Residual Interest,
                  the
                  Distribution Date in the month following the month the latest maturing
                  Mortgage Loan in the related Loan Group (or Loan Groups, as applicable)
                  matures and (ii) with respect to the Class
                  3-IO-L
                  Regular Interest, the last Distribution Date on which the Class
                  3-IO-L
                  Regular Interest is entitled to receive any distributions. For
                  federal
                  income tax purposes, for each Class of REMIC IV Regular and Residual
                  Interests, the “latest possible maturity date” shall be the Final Maturity
                  Date.

              

      

      

      
        	(1)	
                Interest
                  distributed on each Distribution Date to the Certificates (other
                  than the
                  Class 1-P and Class 3-C Certificates) will have accrued at the
                  applicable
                  per annum Certificate Interest Rate on the applicable Class Principal
                  Balance or Class Notional Amount outstanding immediately before
                  such
                  Distribution Date.

              

      

      

      
        	
                (2)

              	
                The
                  Class C-X
                  Certificates shall accrue interest on the Class C-X Notional
                  Amount. The Class C-X Certificates shall not be entitled to receive
                  any distributions of principal.

              

      

      

      
        	
                (3)

              	
                The
                  Class 1-P Certificates shall
                  not be entitled to receive any distributions of
                  interest.

              

      

      

      
        	
                (4)

              	
                The
                  Certificate Interest Rate for each Class of the Class L-B Certificates
                  shall equal, on any Distribution Date, the weighted average of
                  the
                  Certificate Interest Rates for the Class C-Y-1 and Class C-Y-2
                  Regular
                  Interests. 

              

      

      

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

      
        	
                (5)

              	
                The
                  Certificate Interest Rate on the Class 3-A-1-L Regular Interest
                  shall
                  equal (a) for each Distribution Date on or before the Group 3 Clean-Up
                  Call Option Date, the lesser of (i) the Group 3 Net WAC Cap for
                  such
                  Distribution Date and (ii) 6.500% and (b) for each Distribution
                  Date after the Group 3 Clean-Up Call Option Date, the lesser of
                  (i) the
                  Group 3 Net WAC Cap for such Distribution Date and
                  (ii) 7.000%.

              

      

      

      
        	
                (6)

              	
                The
                  Certificate Interest Rate on the Class 3-A-2A-L Regular Interest
                  shall
                  equal (a) for each Distribution Date on or before the Group 3 Clean-Up
                  Call Option Date, the lesser of (i) the Group 3 Net WAC Cap for
                  such
                  Distribution Date and (ii) 5.960% and (b) for each Distribution
                  Date after the Group 3 Clean-Up Call Option Date, the lesser of
                  (i) the
                  Group 3 Net WAC Cap for such Distribution Date and
                  (ii) 6.460%.

              

      

      

      
        	
                (7)

              	
                The
                  Certificate Interest Rate on the Class 3-A-2B-L Regular Interest
                  shall
                  equal (a) for each Distribution Date on or before the Group 3 Clean-Up
                  Call Option Date, the lesser of (i) the Group 3 Net WAC Cap for
                  such
                  Distribution Date and (ii) LIBOR plus 0.080% and (b) for each
                  Distribution Date after the Group 3 Clean-Up Call Option Date,
                  the lesser
                  of (i) the Group 3 Net WAC Cap for such Distribution Date and
                  (ii) LIBOR plus 0.160%.

              

      

      

      
        	
                (8)

              	
                The
                  Certificate Interest Rate on the Class 3-A-3-L Regular Interest
                  shall
                  equal (a) for each Distribution Date on or before the Group 3 Clean-Up
                  Call Option Date, the lesser of (i) the Group 3 Net WAC Cap for
                  such
                  Distribution Date and (ii) 5.967% and (b) for each Distribution
                  Date after the Group 3 Clean-Up Call Option Date, the lesser of
                  (i) the
                  Group 3 Net WAC Cap for such Distribution Date and
                  (ii) 6.467%.

              

      

      

      
        	
                (9)

              	
                The
                  Certificate Interest Rate on the Class 3-A-4-L Regular Interest
                  shall
                  equal (a) for each Distribution Date on or before the Group 3 Clean-Up
                  Call Option Date, the lesser of (i) the Group 3 Net WAC Cap for
                  such
                  Distribution Date and (ii) 6.286% and (b) for each Distribution
                  Date after the Group 3 Clean-Up Call Option Date, the lesser of
                  (i) the
                  Group 3 Net WAC Cap for such Distribution Date and
                  (ii) 6.786%.

              

      

      

      
        	
                (10)

              	
                The
                  Certificate Interest Rate on the Class 3-A-5-L Regular Interest
                  shall
                  equal (a) for each Distribution Date on or before the Group 3 Clean-Up
                  Call Option Date, the lesser of (i) the Group 3 Net WAC Cap for
                  such
                  Distribution Date and (ii) 6.350% and (b) for each Distribution
                  Date after the Group 3 Clean-Up Call Option Date, the lesser of
                  (i) the
                  Group 3 Net WAC Cap for such Distribution Date and
                  (ii) 6.850%.

              

      

      

      
        	
                (11)

              	
                The
                  Certificate Interest Rate on the Class 3-A-6-L Regular Interest
                  shall
                  equal (a) for each Distribution Date on or before the Group 3 Clean-Up
                  Call Option Date, the lesser of (i) the Group 3 Net WAC Cap for
                  such
                  Distribution Date and (ii) 6.102% and (b) for each Distribution
                  Date after the Group 3 Clean-Up Call Option Date, the lesser of
                  (i) the
                  Group 3 Net WAC Cap for such Distribution Date and
                  (ii) 6.602%.

              

      

      

      
        	
                (12)

              	
                The
                  Certificate Interest Rate on the Class 3-IO-L Regular Interest
                  for each
                  Distribution Date shall equal the lesser of (i) the Group 3 Weighted
                  Average Pass-Through Rate for such Distribution Date and (ii) 5.000%.
                  The Class
                  3-IO Certificates shall accrue interest on the Class 3-IO Notional
                  Amount.
                  The Class 3-IO Certificates shall not be entitled to receive any
                  distributions of principal.

              

      

      

      
        	
                (13)

              	
                The
                  Certificate Interest Rate on the Class 3-M-1-L Regular Interest
                  shall
                  equal (a) for each Distribution Date on or before the Group 3 Clean-Up
                  Call Option Date, the lesser of (i) the Group 3 Net WAC Cap for
                  such
                  Distribution Date and (ii) 6.200% and (b) for each Distribution
                  Date after the Group 3 Clean-Up Call Option Date, the lesser of
                  (i) the
                  Group 3 Net WAC Cap for such Distribution Date and
                  (ii) 6.700%.

              

      

      

      
        	
                (14)

              	
                The
                  Certificate Interest Rate on the Class 3-M-2-L, Class 3-M-3-L,
                  Class
                  3-M-4-L, Class 3-B-1-L and Class 3-B-2-L Regular Interests shall
                  equal (a)
                  for each Distribution Date on or before the Group 3 Clean-Up Call
                  Option
                  Date, the lesser of (i) the Group 3 Net WAC Cap for such Distribution
                  Date
                  and (ii) 6.350% and (b) for each Distribution Date after the
                  Group 3 Clean-Up Call Option Date, the lesser of (i) the Group
                  3 Net WAC
                  Cap for such Distribution Date and
                  (ii) 6.850%.

              

      

      

      
        	
                (15)

              	
                On
                  each Distribution Date, the Class 3-C-L Principal Balance shall
                  equal the
                  Overcollateralization Amount for such Distribution Date. The Class
                  3-C-L
                  Regular Interest shall be entitled to receive distributions pursuant
                  to
                  clauses (III)(d)(ix) and (III)(d)(x) of the definition of REMIC
                  IV
                  Distribution Amount.

              

      

      

      
        	 	
                For
                  REMIC purposes, the Class 3-C-L Regular Interest is comprised of
                  two REMIC
                  IV Regular Interests: Class 3-C-L-PO, a principal only regular
                  interest,
                  and Class 3-C-L IO, an interest only regular interest. Class 3-C-L-PO
                  has
                  a principal balance equal to the initial principal balance of
                  $4,187,385.65 as reduced from time to time by distributions on
                  the Class
                  3-C-L Regular Interest allocated in reduction thereof pursuant
                  to the
                  further provisions of this footnote (15). Class 3-C-L-PO has not
                  entitlement to interest. Class 3-C-L-IO has no entitlement to principal
                  except to the extent of accrued and unpaid interest thereon. Interest
                  shall accrue on Class 3-C-L-IO for each Distribution Date in an
                  amount
                  equal to the sum of the amounts calculated pursuant to clauses
                  (1) through
                  (4) below:

              

      

      

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

      
        	
              	1.	
                one
                  month’s interest at a rate equal to the Certificate Interest Rate for
                  the
                  Class LT1 Regular Interest minus the related Marker Rate, applied
                  to a
                  notional amount equal to the Class Principal Balance of the Class
                  LT1
                  Regular Interest;

              

      

      
        	
              	2.	
                one
                  month’s interest at a rate equal to the Certificate Interest Rate for
                  the
                  Class LT2 Regular Interest minus the related Marker Rate, applied
                  to a
                  notional amount equal to the Class Principal Balance of the Class
                  LT2
                  Regular Interest; 

              

      

      
        	
              	3.	
                one
                  month’s interest at a rate equal to the Certificate Interest Rate for
                  the
                  Class LT4 Regular Interest minus twice the related Marker Rate,
                  applied to
                  a notional amount equal to the Class Principal Balance of the Class
                  LT4
                  Regular Interest; and

              

      

      
        	
              	4.	
                one
                  month’s interest at a rate equal to the excess, if any, of the Certificate
                  Interest Rate for the Class LTC-III Regular Interest over 6.500%
                  per
                  annum, applied to a notional amount equal to the Class Principal
                  Balance
                  of the Class LTC-III Regular
                  Interest.

              

      

      

      
        	 	
                Payments
                  of Excess Cash flow to Classes of REMIC IV Regular Interests other
                  than
                  the Class 3-C-L Regular Interest, to the extent that they are made
                  pursuant to clauses (III)(d)(i) or (III)(d)(viii) of the definition
                  of
                  “REMIC IV Distribution Amount” in respect of Realized Losses, shall be
                  treated as Realized Losses that reduce the interest accrued on
                  Class
                  3-C-L-IO for the current Distribution Date. Payments of Excess
                  Cash Flow
                  to the Class 3-C-L Regular Interest pursuant to the provisions
                  of clause
                  (III)(d) of the definition of “REMIC IV Distribution Amount” shall be
                  treated as applied, first, in payment of any remaining accrued
                  interest on
                  Class 3-C-L-IO for the current Distribution Date, second, as a
                  payment of
                  accrued and unpaid interest on Class 3-C-L-IO for prior Distribution
                  Dates
                  and, third, as a payment of principal on Class
                  3-C-L-PO.

              

      

      

      
        	
                (16)

              	
                For
                  any Distribution Date, interest distributable to the Group 3 Certificates
                  (other than the Class 3-C Certificates) may not equal interest
                  accrued at
                  the Certificate Interest Rates for the Corresponding Classes of
                  REMIC IV
                  Regular Interests. For any Distribution Date, interest may be
                  distributable to some Classes of Group 3 Certificates (other than
                  the
                  Class 3-C Certificates) in an amount greater than interest accrued
                  at the
                  Certificate Interest Rate for the Corresponding Class of REMIC
                  IV Regular
                  Interests, and interest may be distributable to the Class 3-C Certificates
                  in an amount less than interest accrued at the Certificate Interest
                  Rate
                  for the Corresponding Class of REMIC IV Regular Interests, in each
                  case
                  pursuant to the second paragraph of Section
                  4.05(a).

              

      

      

      
        	(17)	
                The
                  Class R-4 Residual Interest shall be entitled to receive the applicable
                  Residual Distribution Amount. The Class R-4 Residual Interest shall
                  not be
                  entitled to receive any distributions of interest or
                  principal.

              

      

    

     

    As
      provided herein, with respect to REMIC IV, the Servicer will cause an election
      to be made on behalf of REMIC IV to be treated for federal income tax purposes
      as a REMIC. The REMIC IV Regular Interests will be designated regular interests
      in REMIC IV, and the Class R-4 Residual Interest will be designated the sole
      class of residual interest in REMIC IV, for purposes of the REMIC
      Provisions.

     

    In
      addition, the Trust will issue the Class R Certificates, which will represent
      ownership of the Class R-1, Class R-2, Class R-3 and Class R-4 Residual
      Interests.

     

    In
      addition, the Trust will issue (i) the Group 3 Certificates (other than the
      Class 3-C Certificates), each of which Class will represent ownership of (x)
      the
      Corresponding Class of REMIC IV Regular Interests and (y) the applicable rights
      specified in the second paragraph of Section 4.05(a), (ii) the Class  3-C
      Certificates, which will represent ownership of (x) the Corresponding Class
      of
      REMIC IV Regular Interests and (y) the obligations specified in the second
      paragraph of Section 4.05(a), (iii) the Class C-PPP Certificates, which will
      represent ownership of the rights specified in the third paragraph of Section
      4.05(a), and (iv) the Class 3-PPP Certificates, which will represent ownership
      of the rights specified in the fourth paragraph of Section 4.05(a).

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    As
      of the
      Cut-Off Date, the Mortgage Loans have an aggregate Principal Balance of
      $528,202,411.52 and, as of the Closing Date, the Certificates have an Aggregate
      Certificate Principal Balance of $528,202,611.32.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    WITNESSETH:

     

    WHEREAS,
      the Company is a corporation duly organized and existing under and by virtue
      of
      the laws of the State of Delaware and has full corporate power and authority
      to
      enter into this Agreement and to undertake the obligations undertaken by it
      herein;

     

    WHEREAS,
      the Servicer is a federal savings association and has full power and authority
      to enter into this Agreement and to undertake the obligations undertaken by
      it
      herein;

     

    WHEREAS,
      the Trustee is a national banking association duly organized and existing under
      the laws of the United States of America and has full power and authority to
      enter into this Agreement;

     

    WHEREAS,
      the Delaware Trustee is a banking corporation duly organized and existing under
      the laws of the State of Delaware and has full power and authority to enter
      into
      this Agreement;

     

    WHEREAS,
      prior to the execution and delivery hereof, the Company and the Delaware Trustee
      have entered into the Original Trust Agreement, and the Delaware Trustee has
      filed the Certificate of Trust;

     

    WHEREAS,
      it is the intention of the Company, the Servicer, the Trustee and the Delaware
      Trustee that the Trust created by this Agreement constitute a statutory trust
      under the Statutory Trust Statute, that this Agreement constitute the governing
      instrument of the Trust, and that this Agreement amend and restate the Original
      Trust Agreement;

     

    WHEREAS,
      the Company is the owner of the Mortgage Loans identified in the Mortgage Loan
      Schedule hereto having unpaid Principal Balances on the Cut-Off Date as stated
      therein; and

     

    WHEREAS,
      the Company has been duly authorized to create the Trust to (i) hold the
      Mortgage Loans and certain other property, (ii) issue the REMIC I Regular
      Interests, the Class R-1 Residual Interest and the Class C-PPP Certificates,
      (iii) issue the REMIC II Regular Interests, the Class R-2 Residual Interest
      and
      the Class 3-PPP Certificates, (iv) hold the REMIC II Regular Interests, (v)
      issue the REMIC III Regular Interests and the Class R-3 Residual Interest,
      (vi)
      hold the REMIC I and REMIC III Regular Interests, (vii) issue the Group 1,
      Group
      2 and Group L-B Certificates, the Group 3-L Regular Interests and the Class
      R-4
      Residual Interest, (viii) hold the Group 3-L Regular Interests and (xix) issue
      the Group 3 Certificates. 

     

    NOW,
      THEREFORE, in order to declare the terms and conditions upon which the REMIC
      I
      Regular Interests, the REMIC II Regular Interests, the REMIC III Regular
      Interests, the REMIC IV Regular Interests, the Class R Residual Interests and
      the Certificates are to be issued, and in consideration of the premises and
      of
      the purchase and acceptance of the Certificates by the Holders thereof, the
      Company covenants and agrees with the Servicer, the Trustee and the Delaware
      Trustee, for the equal and proportionate benefit of the respective Holders
      from
      time to time of the REMIC I Regular Interests, the REMIC II Regular Interests,
      the REMIC III Regular Interests, the REMIC IV Regular Interests and the
      Certificates, as applicable, as follows:

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    ARTICLE
      I

     

    Section
      1.01. Definitions.

     

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

     

    Aggregate
      Certificate Principal Balance:
      At any
      given time, the sum of the then current Class Principal Balances of the
      Certificates.

     

    Agreement:
      The
      meaning specified in the introductory paragraph hereof.

     

    Appraised
      Value:
      With
      respect to any (i) Mortgage Loan that is not a Streamlined Mortgage Loan or
      ROV Mortgage Loan, the lesser of (a) the value set forth on the appraisal made
      in connection with the origination of such Mortgage Loan as the value of the
      related Mortgaged Property and (b) the purchase price paid for the Mortgaged
      Property, provided,
      however,
      that if
      such Mortgage Loan was originated in connection with the refinance of a mortgage
      loan, the Appraised Value shall be the value set forth on the appraisal made
      in
      connection with the origination of such Mortgage Loan as the value of the
      related Mortgaged Property; (ii) ROV Mortgage Loan, the lesser of (a) the
      value set forth on the residential appraisal review made in connection with
      the
      origination of such Mortgage Loan as the value of the related Mortgaged Property
      and (b) the purchase price paid for the Mortgaged Property, provided,
      however,
      that if
      such ROV Mortgage Loan was originated in connection with the refinance of a
      mortgage loan, the Appraised Value shall be the value set forth on the
      residential appraisal review made in connection with the origination of such
      ROV
      Mortgage Loan as the value of the related Mortgaged Property; and
      (iii) Streamlined Mortgage Loan, the value set forth in the appraisal made
      in connection with the origination of the mortgage loan being
      refinanced.

     

    Assigned
      Group 1 and Group 2 Prepayment Premiums:
      For any
      Distribution Date, the sum of (a) all Prepayment Premiums collected on the
      Group
      1 and Group 2 Loans during the Payoff Period, (b) all payments made by the
      Servicer during the Payoff Period in respect of Prepayment Premiums on Group
      1
      and Group 2 Loans pursuant to Section 3.20 and (c) all payments received by
      the
      Servicer from the Seller during the Payoff Period in respect of Prepayment
      Premiums on Group 1 and Group 2 Loans pursuant to Section 3.4 of the Mortgage
      Loan Purchase Agreement.

     

    Assigned
      Group 3 Prepayment Premiums:
      For any
      Distribution Date, the sum of (a) all Prepayment Premiums collected on the
      Group
      3 Loans during the Payoff Period, (b) all payments made by the Servicer during
      the Payoff Period in respect of Prepayment Premiums on Group 3 Loans pursuant
      to
      Section 3.20 and (c) all payments received by the Servicer from the Seller
      during the Payoff Period in respect of Prepayment Premiums on Group 3 Loans
      pursuant to Section 3.4 of the Mortgage Loan Purchase Agreement.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    Assigned
      Prepayment Premiums:
      For any
      Distribution Date, the Group 1 and Group 2 Assigned Prepayment Premiums and
      the
      Group 3 Assigned Prepayment Premiums for such Distribution Date.

     

    Assignment
      of Proprietary Lease:
      With
      respect to a Cooperative Loan, the assignment or mortgage of the related
      Cooperative Lease from the Mortgagor to the originator of the Cooperative
      Loan.

     

    Authenticating
      Agent:
      Any
      authenticating agent appointed by the Trustee pursuant to Section 8.11.

     

    Authorized
      Denomination:
      With
      respect to each Class of Certificates (other than the Class C-X, Class 3-IO,
      Class PPP and Class R Certificates), an initial Certificate Principal Balance
      equal to $25,000 and multiples of $1 in excess thereof, except that one
      Certificate of each Class of the Junior Subordinate Certificates may be issued
      in an amount that is not an integral multiple of $1. With respect to the Class
      C-X and Class 3-IO Certificates, a Class Notional Amount as of the Cut-Off
      Date
      equal to $100,000 and multiples of $1 in excess thereof. With respect to the
      Class R Certificates, one Certificate with a Percentage Interest equal to 0.01%
      and one Certificate with a Percentage Interest equal to 99.99%. With respect
      to
      the Class C-PPP Certificates, a Class Notional Amount equal to the Class C-PPP
      Notional Amount. With respect to the Class 3-PPP Certificates, a Class Notional
      Amount equal to $200,000,000 and multiples of $1 in excess thereof.

     

    Balloon
      Loan:
      Any
      Mortgage Loan which, by its terms, does not fully amortize the principal balance
      thereof by its stated maturity and thus requires a payment at the stated
      maturity larger than the monthly payments due thereunder.

     

    Bankruptcy
      Loss:
      For any
      Distribution Date and any Mortgage Loan, (i) the amount of any permanent
      forgiveness of principal with respect to such Mortgage Loan by a court of
      competent jurisdiction in a case under the United States Bankruptcy Code as
      of
      the related Due Date, other than any such forgiveness of principal that arises
      out of clause (ii) of this definition of “Bankruptcy Loss,” or (ii) the amount,
      if any, by which the then outstanding principal balance of such Mortgage Loan
      exceeds any valuation, as of the related Due Date, by a court of competent
      jurisdiction in a case under the United States Bankruptcy Code, of the related
      Mortgaged Property, in each case, to the extent not previously allocated to
      the
      Certificates as a Realized Loss. 

     

    Basis
      Risk Carry Forward Amount:
      For any
      Distribution Date and any Class of Group 3 Certificates (other than the Class
      3-C Certificates), the sum of: (i) the excess, if any, of (a)
      the
      amount of interest that would have accrued on the Class Principal Balance or
      Class Notional Amount of such Class immediately before such Distribution Date,
      during the Prior Period (or, in the case of the Class 3-A-2B Certificates,
      during the No-Delay Accrual Period), at a
      Certificate Interest Rate calculated without
      regard to the Group 3 Net WAC Cap (or, in the case of the Class 3-IO
      Certificates, without regard to the Group 3 Weighted Average Pass-Through
      Rate),
      over (b) the
      amount of interest that accrued on such Class Principal Balance or Class
      Notional Amount, during such period, at a
      Certificate Interest Rate equal to the
      Group
      3 Net WAC Cap (or, in the case of the Class 3-IO Certificates, the Group 3
      Weighted Average Pass-Through Rate), (ii)
      the portion of the amount described in clause (i) above remaining unpaid from
      prior Distribution Dates, and (iii) one month’s interest at the Certificate
      Interest Rate described in clause (i)(a) above on the amount described in clause
      (ii) above.

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    Beneficial
      Holder:
      A
      Person holding a beneficial interest in any Book-Entry Certificate as or through
      a DTC Participant or an Indirect DTC Participant or a Person holding a
      beneficial interest in any Definitive Certificate.

     

    Benefit
      Plan Opinion:
      With
      respect to any Certificate presented for registration in the name of any Person,
      an Opinion of Counsel acceptable to and in form and substance satisfactory
      to
      the Trustee and the Company to the effect that the purchase or holding of such
      Certificate is permissible under applicable law, will not constitute or result
      in a non-exempt prohibited transaction under Section 406 of ERISA or Section
      4975 of the Code, and will not subject the Trust, the Trustee, the Delaware
      Trustee, the Servicer or the Company to any obligation or liability (including
      obligations or liabilities under Section 406 of 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 Trust, the Trustee, the Delaware Trustee,
      the Servicer or the Company.

     

    Book-Entry
      Certificates:
      The
      Class A, Class C-X, Class 3-IO, Class 1-P, Class PPP and Senior Subordinate
      Certificates, beneficial ownership and transfers of which shall be made through
      book entries as described in Section 5.07.

     

    Business
      Day:
      Any day
      other than a Saturday, a Sunday, or a day on which banking institutions in
      Stockton, California, Chicago, Illinois, New York, New York, Seattle, Washington
      or any city in which the Corporate Trust Office is located are authorized or
      obligated by law or executive order to be closed.

     

    Buydown
      Agreement:
      An
      agreement between a Person and a Mortgagor pursuant to which such Person has
      provided a Buydown Fund.

     

    Buydown
      Fund:
      A fund
      provided by the originator of a Mortgage Loan or another Person with respect
      to
      a Buydown Loan which provides an amount sufficient to subsidize regularly
      scheduled principal and interest payments due on such Buydown Loan for a period.
      Buydown Funds may be (i) funded at the par values of future payment subsidies,
      or (ii) funded in an amount less than the par values of future payment
      subsidies, and determined by discounting such par values in accordance with
      interest accruing on such amounts, in which event they will be deposited in
      an
      account bearing interest. Buydown Funds may be held in a separate Buydown Fund
      Account or may be held in a Custodial Account for P&I and monitored by the
      Servicer.

     

    Buydown
      Fund Account:
      A
      separate account created and maintained pursuant to Section 3.02 (a) with the
      corporate trust department of the Trustee or another financial institution
      approved by the Servicer, (b) within FDIC insured accounts (or other accounts
      with comparable insurance coverage acceptable to the Rating Agencies) created,
      maintained and monitored by the Servicer or (c) in a separate non-trust account
      in an Eligible Institution. Such account may be non-interest bearing or may
      bear
      interest. In the event that a Buydown Fund Account is established pursuant
      to
      clause (b) of the preceding sentence, amounts held in such Buydown Fund Account
      shall not exceed the level of deposit insurance coverage on such account;
      accordingly, more than one Buydown Fund Account may be established.

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    Buydown
      Loan:
      A
      Mortgage Loan for which the Mortgage Interest Rate has been subsidized through
      a
      Buydown Fund provided at the time of origination of such Mortgage
      Loan.

     

    Carry-Forward
      Subsequent Recoveries Amount:
      For any
      Distribution Date and any of Loan Group 1 or Loan Group 2, the excess, if any,
      of (i) the Subsequent Recoveries for such Distribution Date for such Loan Group
      over (ii) the amount by which the Class Principal Balance of the Class of Group
      L-B Certificates with the lowest priority is increased in respect of Subsequent
      Recoveries for such Loan Group on such Distribution Date pursuant to the
      definition of “Class Principal Balance” herein.

     

    Certificate:
      Any one
      of the Certificates issued pursuant to this Agreement, executed by the Trustee
      on behalf of the Trust and authenticated by or on behalf of the Trustee
      hereunder in substantially one of the forms set forth in Exhibit A and B hereto.
      The additional matter appearing in Exhibit H shall be deemed incorporated into
      Exhibit A as though set forth at the end of such Exhibit.

     

    Certificate
      Account:
      The
      separate trust account created pursuant to Section 3.04 and maintained with
      the
      Trustee, the Investment Depository or any other bank or trust company acceptable
      to the Rating Agencies which is incorporated under the laws of the United States
      or any state thereof which account shall be entitled “Washington Mutual Mortgage
      Pass-Through Certificates WMALT Series 2006-4 Trust Certificate Account,” or any
      other account serving a similar function acceptable to the Rating Agencies.
      Funds in the Certificate Account may be invested in Eligible Investments
      pursuant to Section 3.04(d) and reinvestment earnings thereon shall be paid
      to
      the Servicer as additional servicing compensation. Funds deposited in the
      Certificate Account (exclusive of the Servicing Fee) shall be held in trust
      for
      the Certificateholders and for the uses and purposes set forth in Section 2.01,
      Section 3.04, Section 3.05, Section 4.01, Section 4.04 and Section 4.05.

     

    Certificate
      Group:
      The
      Group 1 Certificates, Group 2 Certificates or Group 3 Certificates, as
      applicable.

     

    Certificateholder
      or Holder:
      With
      respect to the Certificates, the Person in whose name a Certificate is
      registered in the Certificate Register, except that, solely for the purposes
      of
      giving any consent pursuant to this Agreement, any Certificate registered in
      the
      name of the Company, the Servicer or any affiliate thereof shall be deemed
      not
      to be outstanding and the Percentage Interest evidenced thereby shall not be
      taken into account in determining whether the requisite percentage of Percentage
      Interests necessary to effect any such consent has been obtained; provided,
      that
      the Trustee may conclusively rely upon an Officer’s Certificate to determine
      whether any Person is an affiliate of the Company or the Servicer. With respect
      to the REMIC I Regular Interests, the owner of the REMIC I Regular Interests,
      which as of the Closing Date shall be the Trust. With respect to the REMIC
      II
      Regular Interests, the owner of the REMIC II Regular Interests, which as of
      the
      Closing Date shall be the Trust. With respect to the REMIC III Regular
      Interests, the owner of the REMIC III Regular Interests, which as of the Closing
      Date shall be the Trust. With respect to each Class of Group 3-L Regular
      Interests, the Holder of the Corresponding Class of Certificates.

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    Certificate
      Interest Rate:
      For
      each Class of REMIC I, REMIC II, REMIC III and REMIC IV Regular Interests and
      the Class R-1 Residual Interest, the per annum rate set forth as the Certificate
      Interest Rate for such Class in the Preliminary Statement hereto.

     

    Certificate
      of Trust:
      The
      certificate of trust filed with respect to the Trust with the Secretary of
      State
      in accordance with Section 3810(a) of the Statutory Trust Statute.

     

    Certificate
      Principal Balance:
      For
      each Certificate of any Class, the portion of the related Class Principal
      Balance, if any, represented by such Certificate.

     

    Certificate
      Register and Certificate Registrar:
      The
      register maintained and the registrar appointed, respectively, pursuant to
      Section 5.03.

     

    Class:
      All
      REMIC I Regular Interests or the Class R-1 Residual Interest having the same
      priority and rights to payments on the Group 1 and Group 2 Loans from the REMIC
      I Available Distribution Amount, all REMIC II Regular Interests or the Class
      R-2
      Residual Interest having the same priority and rights to payments on the Group
      3
      Loans from the REMIC II Available Distribution Amount, all REMIC III Regular
      Interests or the Class R-3 Residual Interest having the same priority and rights
      to payments on the REMIC II Regular Interests from the REMIC III Available
      Distribution Amount, all REMIC IV Regular Interests or the Class R-4 Residual
      Interest having the same priority and rights to payments on the REMIC I and
      REMIC III Regular Interests from the REMIC IV Available Distribution Amount,
      as
      applicable, and the Class PPP Certificates, which REMIC I Regular Interests,
      REMIC II Regular Interests, REMIC III Regular Interests, REMIC IV Regular
      Interests, Class R Residual Interests and Class PPP Certificates shall be
      designated as a separate Class, and which, in the case of the Certificates
      (including the Class R Certificates representing ownership of the Class R
      Residual Interests), shall be set forth in the applicable forms of Certificates
      attached hereto as Exhibits A and B. Each Class of REMIC I Regular Interests
      and
      the Class R-1 Residual Interest shall be entitled to receive the amounts
      allocated to such Class pursuant to the definition of “REMIC I Distribution
      Amount” only to the extent of the REMIC I Available Distribution Amount for such
      Distribution Date remaining after distributions in accordance with prior clauses
      of the definition of “REMIC I Distribution Amount,” each Class of REMIC II
      Regular Interests and the Class R-2 Residual Interest shall be entitled to
      receive the amounts allocated to such Class pursuant to the definition of “REMIC
      II Distribution Amount” only to the extent of the REMIC II Available
      Distribution Amount for such Distribution Date remaining after distributions
      in
      accordance with prior clauses of the definition of “REMIC II Distribution
      Amount.,” each Class of REMIC III Regular Interests and the Class R-3 Residual
      Interest shall be entitled to receive the amounts allocated to such Class
      pursuant to the definition of “REMIC III Distribution Amount” only to the extent
      of the REMIC III Available Distribution Amount for such Distribution Date
      remaining after distributions in accordance with prior clauses of the definition
      of “REMIC III Distribution Amount” and each Class of REMIC IV Regular Interests
      and the Class R-4 Residual Interest shall be entitled to receive the amounts
      allocated to such Class pursuant to the definition of “REMIC IV Distribution
      Amount” only to the extent of the REMIC IV Available Distribution Amount for
      such Distribution Date remaining after distributions in accordance with prior
      clauses of the definition of “REMIC IV Distribution Amount.”

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    Class
      1-A-1 Certificates:
      The
      Certificates designated as “Class 1-A-1” on the face thereof in substantially
      the form attached hereto as Exhibit A.

     

    Class
      1-A-2 Certificates:
      The
      Certificates designated as “Class 1-A-2” on the face thereof in substantially
      the form attached hereto as Exhibit A.

     

    Class
      I-P Certificates:
      The
      Certificates designated as “Class I-P” on the face thereof in substantially the
      form attached hereto as Exhibit A.

     

    Class
      1-P Fraction:
      For
      each Class 1-P Mortgage Loan, a fraction, the numerator of which is 6.000%
      less
      the Pass-Through Rate on such Class 1-P Mortgage Loan and the denominator of
      which is 6.000%.

     

    Class
      1-P Mortgage Loan:
      Any
      Group 1 Loan with a Pass-Through Rate of less than 6.000% per
      annum.

     

    Class
      I-P-M Regular Interest:
      The
      uncertificated undivided beneficial interest in REMIC I which constitutes a
      REMIC I Regular Interest and is entitled to distributions as set forth
      herein.

     

    Class
      2-A-1 Certificates:
      The
      Certificates designated as “Class 2-A-1” on the face thereof in substantially
      the form attached hereto as Exhibit A.

     

    Class
      2-A-2 Certificates:
      The
      Certificates designated as “Class 2-A-2” on the face thereof in substantially
      the form attached hereto as Exhibit A.

     

    Class
      3-A-1 Certificates:
      The
      Certificates designated as “Class 3-A-1” on the face thereof in substantially
      the form attached hereto as Exhibit A.

     

    Class
      3-A-1-L Regular Interest:
      The
      uncertificated undivided beneficial interest in REMIC IV which constitutes
      a
      REMIC IV Regular Interest and is entitled to distributions as set forth
      herein.

     

    Class
      3-A-2A Certificates:
      The
      Certificates designated as “Class 3-A-2A” on the face thereof in substantially
      the form attached hereto as Exhibit A.

     

    Class
      3-A-2A-L Regular Interest:
      The
      uncertificated undivided beneficial interest in REMIC IV which constitutes
      a
      REMIC IV Regular Interest and is entitled to distributions as set forth
      herein.

     

    Class
      3-A-2B Certificates:
      The
      Certificates designated as “Class 3-A-2B” on the face thereof in substantially
      the form attached hereto as Exhibit A.

     

    Class
      3-A-2B-L Regular Interest:
      The
      uncertificated undivided beneficial interest in REMIC IV which constitutes
      a
      REMIC IV Regular Interest and is entitled to distributions as set forth
      herein.

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

    Class
      3-A-3 Certificates:
      The
      Certificates designated as “Class 3-A-3” on the face thereof in substantially
      the form attached hereto as Exhibit A.

     

    Class
      3-A-3-L Regular Interest:
      The
      uncertificated undivided beneficial interest in REMIC IV which constitutes
      a
      REMIC IV Regular Interest and is entitled to distributions as set forth
      herein.

     

    Class
      3-A-4 Certificates:
      The
      Certificates designated as “Class 3-A-4” on the face thereof in substantially
      the form attached hereto as Exhibit A.

     

    Class
      3-A-4-L Regular Interest:
      The
      uncertificated undivided beneficial interest in REMIC IV which constitutes
      a
      REMIC IV Regular Interest and is entitled to distributions as set forth
      herein.

     

    Class
      3-A-5 Certificates:
      The
      Certificates designated as “Class 3-A-5” on the face thereof in substantially
      the form attached hereto as Exhibit A.

     

    Class
      3-A-5-L Regular Interest:
      The
      uncertificated undivided beneficial interest in REMIC IV which constitutes
      a
      REMIC IV Regular Interest and is entitled to distributions as set forth
      herein.

     

    Class
      3-A-6 Certificates:
      The
      Certificates designated as “Class 3-A-6” on the face thereof in substantially
      the form attached hereto as Exhibit A.

     

    Class
      3-A-6 Lockout Distribution Percentage:
      For any
      Distribution Date, the percentage indicated below:

     

    
      	
              Distribution
                Date Occurring In

            	
              Step
                Down Percentage

            
	 	 
	
              May
                2006 through April 2009

            	
              0%

            
	
              May
                2009 through April 2011

            	
              45%

            
	
              May
                2011 through April 2012

            	
              80%

            
	
              May
                2012 through April 2013

            	
              100%

            
	
              May
                2013 and after

            	
              300%

            

    

     

    Class
      3-A-6 Lockout Priority Amount:
      For any Distribution Date, the lesser of (x) the Class 3-A-6 Principal Balance
      on such Distribution Date and (y) the Class 3-A-6 Lockout Distribution
      Percentage for such Distribution Date multiplied by the product of (A) a
      fraction, the numerator of which is the Class 3-A-6 Principal Balance and the
      denominator of which is the aggregate Class Principal Balance of the Class
      3-A-2A, Class 3-A-2B, Class 3-A-3, Class 3-A-4, Class 3-A-5 and Class 3-A-6
      Certificates (in each case immediately prior to such Distribution Date) and
      (B)
      the product of (i) 54.5558075587% and (ii) the Group 3-A Principal Distribution
      Amount for such Distribution Date.

     

    Class
      3-A-6-L Regular Interest:
      The
      uncertificated undivided beneficial interest in REMIC IV which constitutes
      a
      REMIC IV Regular Interest and is entitled to distributions as set forth
      herein.

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

    Class
      3-B-1 Certificates:
      The
      Certificates designated as “Class 3-B-1” on the face thereof in substantially
      the form attached hereto as Exhibit A.

     

    Class
      3-B-1 Principal Distribution Amount:
      For any
      Distribution Date, the excess of (x) the sum of (A) the aggregate Class
      Principal Balance of the Group 3-A, Class 3-M-1, Class 3-M-2, Class 3-M-3 and
      Class 3-M-4 Certificates (after taking into account any payment of the Group
      3-A, Class 3-M-1, Class 3-M-2, Class 3-M-3 and Class 3-M-4 Principal
      Distribution Amounts on such Distribution Date) and (B) the Class 3-B-1
      Principal Balance immediately prior to such Distribution Date over (y) the
      lesser of (A) the product of (i) 96.7% and (ii) the aggregate Stated Principal
      Balance of the Group 3 Loans on such Distribution Date and (B) the excess,
      if
      any, of the aggregate Stated Principal Balance of the Group 3 Loans on such
      Distribution Date over 0.35% of the aggregate principal balance of the Group
      3
      Loans as of the Cut-Off Date.

     

    Class
      3-B-1-L Regular Interest:
      The
      uncertificated undivided beneficial interest in REMIC IV which constitutes
      a
      REMIC IV Regular Interest and is entitled to distributions as set forth
      herein.

     

    Class
      3-B-2 Certificates:
      The
      Certificates designated as “Class 3-B-2” on the face thereof in substantially
      the form attached hereto as Exhibit A.

     

    Class
      3-B-2 Principal Distribution Amount:
      For any
      Distribution Date, the excess of (x) the sum of (A) the aggregate Class
      Principal Balance of the Group 3-A, Class 3-M-1, Class 3-M-2, Class 3-M-3,
      Class
      3-M-4 and Class 3-B-1 Certificates (after taking into account any payment of
      the
      Group 3-A, Class 3-M-1, Class 3-M-2, Class 3-M-3, Class 3-M-4 and Class 3-B-1
      Principal Distribution Amounts on such Distribution Date) and (B) the Class
      3-B-2 Principal Balance immediately prior to such Distribution Date over (y)
      the
      lesser of (A) the product of (i) 97.7% and (ii) the aggregate Stated Principal
      Balance of the Group 3 Loans on such Distribution Date and (B) the excess,
      if
      any, of the aggregate Stated Principal Balance of the Group 3 Loans on such
      Distribution Date over 0.35% of the aggregate principal balance of the Group
      3
      Loans as of the Cut-Off Date.

     

    Class
      3-B-2-L Regular Interest:
      The
      uncertificated undivided beneficial interest in REMIC IV which constitutes
      a
      REMIC IV Regular Interest and is entitled to distributions as set forth
      herein.

     

    Class
      3-C Certificates:
      The
      Certificates designated as “Class 3-C” on the face thereof in substantially the
      form attached hereto as Exhibit A.

     

    Class
      3-C-L Regular Interest:
      The
      uncertificated undivided beneficial interest in REMIC IV which constitutes
      a
      REMIC IV Regular Interest and is entitled to distributions as set forth
      herein.

     

    Class
      3-IO Certificates:
      The
      Certificates designated as “Class 3-IO” on the face thereof in substantially the
      form attached hereto as Exhibit A.

     

    Class
      3-IO Notional Amount:
      For
      any Distribution Date (1) in or before March 2008, the lesser of (a) the Class
      3-IO Scheduled Notional Amount for such Distribution Date and (b) the aggregate
      Class Principal Balance of
      the
      Group 3-A Certificates and Group 3 Subordinate Certificates (other than the
      Class 3-A-1 and Class 3-C Certificates) immediately before such Distribution
      Date and (2) in or after April 2008, zero.

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

    Class
      3-IO Scheduled Notional Amount:
      For any
      Distribution Date, the notional amount indicated below:

     

    
      	
              Distribution
                Date Occurring In

            	
              Scheduled
                Notional Amount

            
	
              May
                2006 through July 2006

            	
              $18,750,000

            
	
              August
                2006

            	
              $17,382,000

            
	
              September
                2006 through November 2006

            	
              $15,064,000

            
	
              December
                2006 through January 2007

            	
              $13,906,000

            
	
              February
                2007

            	
              $13,618,000

            
	
              March
                2007

            	
              $12,825,000

            
	
              April
                2007

            	
              $12,083,000

            
	
              May
                2007

            	
              $11,388,000

            
	
              June
                2007 through July 2007

            	
              $
                9,386,000

            
	
              August
                2007

            	
              $
                8,575,000

            
	
              September
                2007

            	
              $
                7,880,000

            
	
              October
                2007 through January 2008

            	
              $
                7,184,000

            
	
              February
                2008

            	
              $
                6,845,000

            
	
              March
                2008

            	
              $
                6,480,000

            
	
              April
                2008 and thereafter

            	
              $0

            

    

     

    Class
      3-IO-L Regular Interest:
      The
      uncertificated undivided beneficial interest in REMIC IV which constitutes
      a
      REMIC IV Regular Interest and is entitled to distributions as set forth
      herein.

     

    Class
      3-M-1 Certificates:
      The
      Certificates designated as “Class 3-M-1” on the face thereof in substantially
      the form attached hereto as Exhibit A.

     

    Class
      3-M-1 Principal Distribution Amount:
      For any
      Distribution Date, the excess of (x) the sum of (A) the aggregate Class
      Principal Balance of the Group 3-A Certificates (after taking into account
      any
      payment of the Group 3-A Principal Distribution Amount on such Distribution
      Date) and (B) the Class 3-M-1 Principal Balance immediately prior to such
      Distribution Date over (y) the lesser of (A) the product of (i) 87.2% and (ii)
      the aggregate Stated Principal Balance of the Group 3 Loans on such Distribution
      Date and (B) the excess, if any, of the aggregate Stated Principal Balance
      of
      the Group 3 Loans on such Distribution Date over 0.35% of the aggregate
      principal balance of the Group 3 Loans as of the Cut-Off Date.

     

    Class
      3-M-1-L Regular Interest:
      The
      uncertificated undivided beneficial interest in REMIC IV which constitutes
      a
      REMIC IV Regular Interest and is entitled to distributions as set forth
      herein.

     

    Class
      3-M-2 Certificates:
      The
      Certificates designated as “Class 3-M-2” on the face thereof in substantially
      the form attached hereto as Exhibit A.

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

    Class
      3-M-2 Principal Distribution Amount:
      For any
      Distribution Date, the excess of (x) the sum of (A) the aggregate Class
      Principal Balance of the Group 3-A and Class 3-M-1 Certificates (after taking
      into account any payment of the Group 3-A and Class 3-M-1 Principal Distribution
      Amounts on such Distribution Date) and (B) the Class 3-M-2 Principal Balance
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) 91.6% and (ii) the aggregate Stated Principal Balance of the
      Group 3 Loans on such Distribution Date and (B) the excess, if any, of the
      aggregate Stated Principal Balance of the Group 3 Loans on such Distribution
      Date over 0.35% of the aggregate principal balance of the Group 3 Loans as
      of
      the Cut-Off Date.

     

    Class
      3-M-2-L Regular Interest:
      The
      uncertificated undivided beneficial interest in REMIC IV which constitutes
      a
      REMIC IV Regular Interest and is entitled to distributions as set forth
      herein.

     

    Class
      3-M-3 Certificates:
      The
      Certificates designated as “Class 3-M-3” on the face thereof in substantially
      the form attached hereto as Exhibit A.

     

    Class
      3-M-3 Principal Distribution Amount:
      For any
      Distribution Date, the excess of (x) the sum of (A) the aggregate Class
      Principal Balance of the Group 3-A, Class 3-M-1 and Class 3-M-2 Certificates
      (after taking into account any payment of the Group 3-A, Class 3-M-1 and Class
      3-M-2 Principal Distribution Amounts on such Distribution Date) and (B) the
      Class 3-M-3 Principal Balance immediately prior to such Distribution Date over
      (y) the lesser of (A) the product of (i) 94.7% and (ii) the aggregate Stated
      Principal Balance of the Group 3 Loans on such Distribution Date and (B) the
      excess, if any, of the aggregate Stated Principal Balance of the Group 3 Loans
      on such Distribution Date over 0.35% of the aggregate principal balance of
      the
      Group 3 Loans as of the Cut-Off Date.

     

    Class
      3-M-3-L Regular Interest:
      The
      uncertificated undivided beneficial interest in REMIC IV which constitutes
      a
      REMIC IV Regular Interest and is entitled to distributions as set forth
      herein.

     

    Class
      3-M-4 Certificates:
      The
      Certificates designated as “Class 3-M-4” on the face thereof in substantially
      the form attached hereto as Exhibit A.

     

    Class
      3-M-4 Principal Distribution Amount:
      For any
      Distribution Date, the excess of (x) the sum of (A) the aggregate Class
      Principal Balance of the Group 3-A, Class 3-M-1, Class 3-M-2 and Class 3-M-3
      Certificates (after taking into account any payment of the Group 3-A, Class
      3-M-1, Class 3-M-2 and Class 3-M-3 Principal Distribution Amounts on such
      Distribution Date) and (B) the Class 3-M-4 Principal Balance immediately prior
      to such Distribution Date over (y) the lesser of (A) the product of (i) 95.7%
      and (ii) the aggregate Stated Principal Balance of the Group 3 Loans on such
      Distribution Date and (B) the excess, if any, of the aggregate Stated Principal
      Balance of the Group 3 Loans on such Distribution Date over 0.35% of the
      aggregate principal balance of the Group 3 Loans as of the Cut-Off
      Date.

     

    Class
      3-M-4-L Regular Interest:
      The
      uncertificated undivided beneficial interest in REMIC IV which constitutes
      a
      REMIC IV Regular Interest and is entitled to distributions as set forth
      herein.

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

    Class
      3-PPP Certificates:
      The
      Certificates designated as “Class 3-PPP” on the face thereof in substantially
      the form attached hereto as Exhibit A.

     

    Class
      3-PPP Notional Amount:
      The
      aggregate principal balance of the Group 3 Loans as of the Cut-Off Date
(after
      giving effect to payments due
      on
      the Mortgage Loans on such date).

     

    Class
      3-PPP Reserve Fund:
      The
      separate trust account maintained and held by the Trustee pursuant to Section
      3.18, which account shall bear a designation clearly indicating that the funds
      deposited therein are held in trust solely for the benefit of the Trust on
      behalf of the Class 3-PPP Certificateholders, or any other account serving
      a
      similar function acceptable to the Rating Agencies, and which account provides
      that the Trustee may make, or cause to be made, withdrawals therefrom in
      accordance with Section 3.18.

     

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

     

    Class
      C-PPP Certificates:
      The
      Certificates designated as “Class C-PPP” on the face thereof in substantially
      the form attached hereto as Exhibit A.

     

    Class
      C-PPP Notional Amount:
      The
      aggregate principal balance of the Group 1 and Group 2 Loans as of the Cut-Off
      Date (after
      giving effect to payments due
      on
      the Mortgage Loans on such date).

     

    Class
      C-PPP Reserve Fund:
      The
      separate trust account maintained and held by the Trustee pursuant to Section
      3.17, which account shall bear a designation clearly indicating that the funds
      deposited therein are held in trust solely for the benefit of the Trust on
      behalf of the Class C-PPP Certificateholders, or any other account serving
      a
      similar function acceptable to the Rating Agencies, and which account provides
      that the Trustee may make, or cause to be made, withdrawals therefrom in
      accordance with Section 3.17.

     

    Class
      C-X Certificates:
      The
      Certificates designated as “Class C-X” on the face thereof in substantially the
      form attached hereto as Exhibit A.

     

    Class
      C-X Notional Amount:
      With
      respect to any Distribution Date, the product of (x) the aggregate
      scheduled principal balance, as of the second preceding Due Date (after giving
      effect to (i) payments scheduled to be received as of such Due Date, whether
      or
      not received, and (ii) except for the first Distribution Date, any Payoffs
      received on or before the 14th day of the calendar month of such Due Date),
      of
      the Group 1 Premium Rate Mortgage Loans and the Group 2 Premium Rate Mortgage
      Loans and (y) a fraction, the numerator of which is the weighted average of
      the
      Stripped Interest Rates for the Group 1 Premium Rate Mortgage Loans and the
      Group 2 Premium Rate Mortgage Loans as of such Due Date and the denominator
      of
      which is 6.000%.

     

    Class
      C-X-M Regular Interest:
      The
      uncertificated undivided beneficial interest in REMIC I which constitutes a
      REMIC I Regular Interest and is entitled to distributions as set forth
      herein.

     

    Class
      C-Y Principal Reduction Amounts:
      For
      any
      Distribution Date, the amounts by which the Class Principal Balances of the
      Class C-Y-1 and Class C-Y-2 Regular Interests, respectively, will be reduced
      on
      such Distribution Date by the allocation of Realized Losses and the distribution
      of principal, determined as described in Appendix 1.

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

    Class
      C-Y Regular Interests:
      The
      Class C-Y-1 and Class C-Y-2 Regular Interests.

     

    Class
      C-Y-1 Principal Distribution Amount:
      For
      any
      Distribution Date, the excess, if any, of the Class C-Y-1 Principal Reduction
      Amount for such Distribution Date over the principal portion of Realized Losses
      allocated to the Class C-Y-1 Regular Interest on such Distribution
      Date.

     

    Class
      C-Y-1 Regular Interest:
      The
      uncertificated undivided beneficial interest in REMIC I which constitutes a
      REMIC I Regular Interest and is entitled to distributions as set forth
      herein.

     

    Class
      C-Y-2 Principal Distribution Amount:
      For
      any
      Distribution Date, the excess, if any, of the Class C-Y-2 Principal Reduction
      Amount for such Distribution Date over the principal portion of Realized Losses
      allocated to the Class C-Y-2 Regular Interest on such Distribution
      Date.

     

    Class
      C-Y-2 Regular Interest:
      The
      uncertificated undivided beneficial interest in REMIC I which constitutes a
      REMIC I Regular Interest and is entitled to distributions as set forth
      herein.

     

    Class
      C-Z Principal Reduction Amounts:
      For any
      Distribution Date, the amounts by which the Class Principal Balances of the
      Class C-Z-1 and Class C-Z-2 Regular Interests, respectively, will be reduced
      on
      such Distribution Date by the allocation of Realized Losses and the distribution
      of principal, which shall be in each case the excess of (A) the sum of (x)
      the
      excess of the REMIC I Available Distribution Amount for the related Loan Group
      (i.e. the “related Loan Group” for the Class C-Z-1 Regular Interest is Loan
      Group 1 and the “related Loan Group” for the Class C-Z-2 Regular Interest is
      Loan Group 2) over the sum of the amounts thereof distributable (i) in the
      case
      of each Loan Group, to the Class C-X-M Regular Interest, and in the case of
      Loan
      Group 1, to the Class 1-P-M Regular Interest, (ii) in respect of interest on
      such Class C-Z Regular Interest and the related Class C-Y Regular Interest,
      (iii) to such Class C-Z Regular Interest and the related Class C-Y Regular
      Interest pursuant to clause (c)(ii) of the definition of “REMIC I Distribution
      Amount” and (iv) in the case of Loan Group 1, to the Class R-1 Residual Interest
      and (y) the amount of Realized Losses allocable to principal for the related
      Loan Group (reduced, in the case of Loan Group 1, by the amount allocable to
      the
      Class 1-P-M Regular Interest) over (B) the Class C-Y Principal Reduction Amount
      for the related Loan Group. 

     

    Class
      C-Z Regular Interests:
      The
      Class C-Z-1 and Class C-Z-2 Regular
      Interests.

     

    Class
      C-Z-1 Principal Distribution Amount
      For any
      Distribution Date, the excess, if any, of the Class C-Z-1 Principal Reduction
      Amount for such Distribution Date over the principal portion of Realized Losses
      allocated to the Class C-Z-1 Regular Interest on such Distribution
      Date.

     

    Class
      C-Z-1 Regular Interest:
      The
      uncertificated undivided beneficial interest in REMIC I which constitutes a
      REMIC I Regular Interest and is entitled to distributions as set forth
      herein.

     

    Class
      C-Z-2 Principal Distribution Amount:
      For any
      Distribution Date, the excess, if any, of the Class C-Z-2 Principal Reduction
      Amount for such Distribution Date over the principal portion of Realized Losses
      allocated to the Class C-Z-2 Regular Interest on such Distribution
      Date.

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

    Class
      C-Z-2 Regular Interest:
      The
      uncertificated undivided beneficial interest in REMIC I which constitutes a
      REMIC I Regular Interest and is entitled to distributions as set forth
      herein.

     

    Class
      L-B-1 Certificates:
      The
      Certificates designated as “Class L-B-1” on the face thereof in substantially
      the form attached hereto as Exhibit A.

     

    Class
      L-B-2 Certificates:
      The
      Certificates designated as “Class L-B-2” on the face thereof in substantially
      the form attached hereto as Exhibit A.

     

    Class
      L-B-3 Certificates:
      The
      Certificates designated as “Class L-B-3” on the face thereof in substantially
      the form attached hereto as Exhibit A.

     

    Class
      L-B-4 Certificates:
      The
      Certificates designated as “Class L-B-4” on the face thereof in substantially
      the form attached hereto as Exhibit A.

     

    Class
      L-B-5 Certificates:
      The
      Certificates designated as “Class L-B-5” on the face thereof in substantially
      the form attached hereto as Exhibit A.

     

    Class
      L-B-6 Certificates:
      The
      Certificates designated as “Class L-B-6” on the face thereof in substantially
      the form attached hereto as Exhibit A.

     

    Class
      LT Principal Reduction Amounts:
      For
      any
      Distribution Date, the amounts by which the Class Principal Balances of the
      Class LT1, Class LT2, Class LT3 and Class LT4 Regular Interests,
      respectively, will be reduced on such Distribution Date by the allocation of
      Realized Losses and the distribution of principal, determined as described
      in
      Appendix 2.

     

    Class
      LT1 Regular Interest:
      The
      uncertificated undivided beneficial interest in REMIC II which constitutes
      a
      REMIC II Regular Interest and is entitled to distributions as set forth
      herein.

     

    Class
      LT2 Principal Distribution Amount:
      For
      any
      Distribution Date, the excess, if any, of the Class LT2 Principal Reduction
      Amount for such Distribution Date over the principal portion of Realized Losses
      allocated to the Class LT2 Regular Interest on such Distribution
      Date.

     

    Class
      LT2 Regular Interest:
      The
      uncertificated undivided beneficial interest in REMIC II which constitutes
      a
      REMIC II Regular Interest and is entitled to distributions as set forth
      herein.

     

    Class
      LT3 Principal Distribution Amount:
      For
      any
      Distribution Date, the excess, if any, of the Class LT3 Principal Reduction
      Amount for such Distribution Date over the principal portion of Realized Losses
      allocated to the Class LT3 Regular Interest on such Distribution
      Date.

     

    Class
      LT3 Regular Interest:
      The
      uncertificated undivided beneficial interest in REMIC II which constitutes
      a
      REMIC II Regular Interest and is entitled to distributions as set forth
      herein.

     

    Class
      LT4 Principal Distribution Amount:
      For
      any
      Distribution Date, the excess, if any, of the Class LT4 Principal Reduction
      Amount for such Distribution Date over the principal portion of Realized Losses
      allocated to the Class LT4 Regular Interest on such Distribution
      Date.

    
       

      
        
          
          

        

        
          25

          
            

          

        

        
          
          

        

         

      

    

    Class
      LT4 Regular Interest:
      The
      uncertificated undivided beneficial interest in REMIC II which constitutes
      a
      REMIC II Regular Interest and is entitled to distributions as set forth
      herein.

     

    Class
      LT-A1 Regular Interest:
      The
      uncertificated undivided beneficial interest in REMIC II which constitutes
      a
      REMIC II Regular Interest and is entitled to distributions as set forth
      herein.

     

    Class
      LT-A2 Regular Interest:
      The
      uncertificated undivided beneficial interest in REMIC II which constitutes
      a
      REMIC II Regular Interest and is entitled to distributions as set forth
      herein.

     

    Class
      LT-A3 Regular Interest:
      The
      uncertificated undivided beneficial interest in REMIC II which constitutes
      a
      REMIC II Regular Interest and is entitled to distributions as set forth
      herein.

     

    Class
      LT-A4 Regular Interest:
      The
      uncertificated undivided beneficial interest in REMIC II which constitutes
      a
      REMIC II Regular Interest and is entitled to distributions as set forth
      herein.

     

    Class
      LT-A5 Regular Interest:
      The
      uncertificated undivided beneficial interest in REMIC II which constitutes
      a
      REMIC II Regular Interest and is entitled to distributions as set forth
      herein.

     

    Class
      LT-A6 Regular Interest:
      The
      uncertificated undivided beneficial interest in REMIC II which constitutes
      a
      REMIC II Regular Interest and is entitled to distributions as set forth
      herein.

     

    Class
      LT-A7 Regular Interest:
      The
      uncertificated undivided beneficial interest in REMIC II which constitutes
      a
      REMIC II Regular Interest and is entitled to distributions as set forth
      herein.

     

    Class
      LT-A8 Regular Interest:
      The
      uncertificated undivided beneficial interest in REMIC II which constitutes
      a
      REMIC II Regular Interest and is entitled to distributions as set forth
      herein.

     

    Class
      LT-A9 Regular Interest:
      The
      uncertificated undivided beneficial interest in REMIC II which constitutes
      a
      REMIC II Regular Interest and is entitled to distributions as set forth
      herein.

     

    Class
      LT-A10 Regular Interest:
      The
      uncertificated undivided beneficial interest in REMIC II which constitutes
      a
      REMIC II Regular Interest and is entitled to distributions as set forth
      herein.

     

    Class
      LT-A11 Regular Interest:
      The
      uncertificated undivided beneficial interest in REMIC II which constitutes
      a
      REMIC II Regular Interest and is entitled to distributions as set forth
      herein.

     

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

    Class
      LT-A12 Regular Interest:
      The
      uncertificated undivided beneficial interest in REMIC II which constitutes
      a
      REMIC II Regular Interest and is entitled to distributions as set forth
      herein.

     

    Class
      LT-A13 Regular Interest:
      The
      uncertificated undivided beneficial interest in REMIC II which constitutes
      a
      REMIC II Regular Interest and is entitled to distributions as set forth
      herein.

     

    Class
      LT-A14 Regular Interest:
      The
      uncertificated undivided beneficial interest in REMIC II which constitutes
      a
      REMIC II Regular Interest and is entitled to distributions as set forth
      herein.

     

    Class
      LT-B Regular Interest:
      The
      uncertificated undivided beneficial interest in REMIC II which constitutes
      a
      REMIC II Regular Interest and is entitled to distributions as set forth
      herein.

     

    Class
      LT-C Regular Interest:
      The
      uncertificated undivided beneficial interest in REMIC II which constitutes
      a
      REMIC II Regular Interest and is entitled to distributions as set forth
      herein.

     

    Class
      LT-IO Regular Interests:
      The
      Class
      LT-IO1, Class LT-IO2, Class LT-IO3, Class LT-IO4, Class LT-IO5, Class LT-IO6,
      Class LT-IO7, Class LT-IO8, Class LT-IO9, Class LT-IO10, Class LT-IO11, Class
      LT-IO12, Class LT-IO13 and Class LT-IO14 Regular Interests.

     

    Class
      LT-IO1 Notional Amount:
      For
      each Distribution Date, the Class LT-A1 Principal Balance immediately before
      such Distribution Date.

     

    Class
      LT-IO1 Regular Interest:
      The
      uncertificated undivided beneficial interest in REMIC III which constitutes
      a
      REMIC III Regular Interest and is entitled to distributions as set forth
      herein.

     

    Class
      LT-IO2 Notional Amount:
      For
      each Distribution Date, the Class LT-A2 Principal Balance immediately before
      such Distribution Date.

     

    Class
      LT-IO2 Regular Interest:
      The
      uncertificated undivided beneficial interest in REMIC III which constitutes
      a
      REMIC III Regular Interest and is entitled to distributions as set forth
      herein.

     

    Class
      LT-IO3 Notional Amount:
      For
      each Distribution Date, the Class LT-A3 Principal Balance immediately before
      such Distribution Date.

     

    Class
      LT-IO3 Regular Interest:
      The
      uncertificated undivided beneficial interest in REMIC III which constitutes
      a
      REMIC III Regular Interest and is entitled to distributions as set forth
      herein.

     

    Class
      LT-IO4 Notional Amount:
      For
      each Distribution Date, the Class LT-A4 Principal Balance immediately before
      such Distribution Date.

     

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

    

    Class
      LT-IO4 Regular Interest:
      The
      uncertificated undivided beneficial interest in REMIC III which constitutes
      a
      REMIC III Regular Interest and is entitled to distributions as set forth
      herein.

     

    Class
      LT-IO5 Notional Amount:
      For
      each Distribution Date, the Class LT-A5 Principal Balance immediately before
      such Distribution Date.

     

    Class
      LT-IO5 Regular Interest:
      The
      uncertificated undivided beneficial interest in REMIC III which constitutes
      a
      REMIC III Regular Interest and is entitled to distributions as set forth
      herein.

     

    Class
      LT-IO6 Notional Amount:
      For
      each Distribution Date, the Class LT-A6 Principal Balance immediately before
      such Distribution Date.

     

    Class
      LT-IO6 Regular Interest:
      The
      uncertificated undivided beneficial interest in REMIC III which constitutes
      a
      REMIC III Regular Interest and is entitled to distributions as set forth
      herein.

     

    Class
      LT-IO7 Notional Amount:
      For
      each Distribution Date, the Class LT-A7 Principal Balance immediately before
      such Distribution Date.

     

    Class
      LT-IO7 Regular Interest:
      The
      uncertificated undivided beneficial interest in REMIC III which constitutes
      a
      REMIC III Regular Interest and is entitled to distributions as set forth
      herein.

     

    Class
      LT-IO8 Notional Amount:
      For
      each Distribution Date, the Class LT-A8 Principal Balance immediately before
      such Distribution Date.

     

    Class
      LT-IO8 Regular Interest:
      The
      uncertificated undivided beneficial interest in REMIC III which constitutes
      a
      REMIC III Regular Interest and is entitled to distributions as set forth
      herein.

     

    Class
      LT-IO9 Notional Amount:
      For
      each Distribution Date, the Class LT-A9 Principal Balance immediately before
      such Distribution Date.

     

    Class
      LT-IO9 Regular Interest:
      The
      uncertificated undivided beneficial interest in REMIC III which constitutes
      a
      REMIC III Regular Interest and is entitled to distributions as set forth
      herein.

     

    Class
      LT-IO10 Notional Amount:
      For
      each Distribution Date, the Class LT-A10 Principal Balance immediately before
      such Distribution Date.

     

    Class
      LT-IO10 Regular Interest:
      The
      uncertificated undivided beneficial interest in REMIC III which constitutes
      a
      REMIC III Regular Interest and is entitled to distributions as set forth
      herein.

     

    Class
      LT-IO11 Notional Amount:
      For
      each Distribution Date, the Class LT-A11 Principal Balance immediately before
      such Distribution Date.

     

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

    Class
      LT-IO11 Regular Interest:
      The
      uncertificated undivided beneficial interest in REMIC III which constitutes
      a
      REMIC III Regular Interest and is entitled to distributions as set forth
      herein.

     

    Class
      LT-IO12 Notional Amount:
      For
      each Distribution Date, the Class LT-A12 Principal Balance immediately before
      such Distribution Date.

     

    Class
      LT-IO12 Regular Interest:
      The
      uncertificated undivided beneficial interest in REMIC III which constitutes
      a
      REMIC III Regular Interest and is entitled to distributions as set forth
      herein.

     

    Class
      LT-IO13 Notional Amount:
      For
      each Distribution Date, the Class LT-A13 Principal Balance immediately before
      such Distribution Date.

     

    Class
      LT-IO13 Regular Interest:
      The
      uncertificated undivided beneficial interest in REMIC III which constitutes
      a
      REMIC III Regular Interest and is entitled to distributions as set forth
      herein.

     

    Class
      LT-IO14 Notional Amount:
      For
      each Distribution Date, the Class LT-A14 Principal Balance immediately before
      such Distribution Date.

     

    Class
      LT-IO14 Regular Interest:
      The
      uncertificated undivided beneficial interest in REMIC III which constitutes
      a
      REMIC III Regular Interest and is entitled to distributions as set forth
      herein.

     

    Class
      LTC-III Principal
      Distribution Amount:
      For
      any
      Distribution Date, the amount distributed as principal on the Class LT-C Regular
      Interest.

     

    Class
      LTC-III Regular Interest:
      The
      uncertificated undivided beneficial interest in REMIC III which constitutes
      a
      REMIC III Regular Interest and is entitled to distributions as set forth
      herein.

     

    Class
      Notional Amount:
      With
      respect to the Class C-X Certificates and the Class C-X-M Regular Interest,
      the
      Class C-X Notional Amount. With respect to the Class 3-IO Certificates, the
      Class 3-IO Notional Amount. With respect to the Class C-PPP and Class 3-PPP
      Certificates, the Class C-PPP Notional Amount and the Class 3-PPP Notional
      Amount, respectively. With respect to each Class of Class LT-IO Regular
      Interests, the related Class LT-IO Notional Amount.

     

    Class
      P Fraction:
      The
      Class 1-P Fraction.

     

    Class
      P Mortgage Loan:
      Any of
      the Class 1-P Mortgage Loans.

     

    Class
      P-M Regular Interests:
      The
      Class 1-P-M Regular Interest.

     

    Class
      PPP Certificates:
      The
      Class C-PPP and Class 3-PPP Certificates.

     

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

    

    Class
      Principal Balance:
      For any
      Class of REMIC I, REMIC II, REMIC III or REMIC IV Regular Interests (other
      than
      the Class 3-C-L Regular Interest) and for the Class R-1 Residual Interest,
      the
      applicable initial Class Principal Balance therefor set forth in the Preliminary
      Statement hereto (or, in the case of the Class R Certificates, the Class
      Principal Balance of the Class R-1 Residual Interest), corresponding to the
      rights of such Class in payments of principal due to be passed through to the
      Holders of such Class from principal payments on the Mortgage Loans, the REMIC
      I
      Regular Interests, the REMIC II Regular Interests or the REMIC III Regular
      Interests, as applicable, as reduced from time to time by (x) distributions
      of
      principal to the Holders of such Class and (y) the portion of Realized Losses
      allocated to the Class Principal Balance of such Class pursuant to the
      definition of “Realized Loss” (including amounts allocated as losses to the
      Group L-B Certificates pursuant to the seventh paragraph of the definition
      of
“Realized Loss”) with respect to a given Distribution Date. For any Distribution
      Date, the reduction of the Class Principal Balance of any Class of REMIC I,
      REMIC II, REMIC III or REMIC IV Regular Interests pursuant to the definition
      of
“Realized Loss” shall be deemed effective after the determination and
      distribution of principal on such Class pursuant to the definitions of “REMIC I
      Distribution Amount,” “REMIC II Distribution Amount,” “REMIC III Distribution
      Amount” and “REMIC IV Distribution Amount.” 

     

    Notwithstanding
      the foregoing, (A) any amounts distributed in respect of Realized Losses
      allocable to principal pursuant to paragraph (I)(c)(i) or (I)(c)(ii) of the
      definition of “REMIC IV Distribution Amount” shall not cause a reduction in the
      Class Principal Balance of the Class 1-P Certificates, (B) any amounts
      distributed in respect of Realized Losses allocable to principal pursuant to
      paragraph (I)(c)(xxi), (II)(a)(vi) or (II)(b)(v) of the definition of “REMIC IV
      Distribution Amount” shall not cause a reduction in the Class Principal Balances
      of the Group 1 and Group 2 Certificates, (C) any amounts distributed in respect
      of Realized Losses pursuant to paragraph (III)(d)(viii) of the definition of
      “REMIC IV Distribution Amount” shall not cause a reduction in the Class
      Principal Balances of the Group 3-L Regular Interests, (D) any amounts
      distributed in respect of Realized Losses pursuant
      to clause (iv) of the definition of “REMIC III Distribution Amount” shall
      not
      cause a reduction in the Class Principal Balances of the REMIC
      III
Regular
      Interests, (E) any amounts distributed in respect of Realized Losses
pursuant
      to clause (iv) of the definition of “REMIC II Distribution Amount” shall
      not
      cause a reduction in the Class Principal Balances of the REMIC
      II
Regular
      Interests and (F) any amounts distributed in respect of Realized Losses
      allocable to principal pursuant
      to clause (c)(ii) of the definition of “REMIC I Distribution Amount”
shall
      not
      cause a reduction in the Class Principal Balances of the REMIC
      I
Regular
      Interests.

     

    In
      addition to the foregoing, on each Distribution Date, the
      Class Principal Balance of
      the
      Class of Group L-B Certificates with the lowest priority then outstanding shall
      be increased by an amount, for each of Loan Group 1 and Loan Group 2, equal
      to
      the lesser of (i) the Subsequent Recoveries for such Distribution Date for
      such
      Loan Group and (ii) the amount of Realized Losses for Mortgage Loans in such
      Loan Group allocated to such Class on previous Distribution Dates (the amount
      in
      this clause (ii) reduced by the amount, if any, by which such Class Principal
      Balance has been increased on prior Distribution Dates pursuant to this
      paragraph in respect of Subsequent Recoveries for such Loan Group).

     

    
      
        
        

      

      
        30

        
          

        

      

      
        
        

      

    

    In
      addition to the foregoing, on each Distribution Date, the
      Class Principal Balance of
      the
      Class of Group 3 Subordinate Certificates (other than the Class 3-C
      Certificates) with the lowest priority then outstanding (and its Corresponding
      Class of REMIC IV Regular Interests) shall be increased by an amount equal
      to
      the lesser of (i) the Subsequent Recoveries for Loan Group 3 for such
      Distribution Date and (ii) the amount of Realized Losses allocated to such
      Class
      on previous Distribution Dates (the amount in this clause (ii) reduced by the
      amount, if any, by which such Class Principal Balance has been increased on
      prior Distribution Dates pursuant to this paragraph).

     

    The
      Class
      Principal Balance for the Class 1-A-1 Certificates shall be referred to as
      the
“Class 1-A-1 Principal Balance,” the
      Class Principal Balance for the Class
      1-A-2 Certificates shall
      be referred to as the “Class
      1-A-2 Principal
      Balance” and so on. The
      Class
      Principal Balances for the Class C-X and Class 3-IO Certificates, the Class
      C-X-M Regular Interest and the Class LT-IO Regular Interests shall each be
      zero.

     

    Class
      R Certificates:
      The
      Certificates designated as “Class R” on the face thereof in substantially the
      form attached hereto as Exhibit B, representing ownership of the Class R-1,
      Class R-2, Class R-3 and Class R-4 Residual Interests, each of which Class
      of
      Residual Interests has been designated as the sole class of “residual interest”
in REMIC I, REMIC II, REMIC III and REMIC IV, respectively, pursuant to Section
      2.06, Section 2.13 and Section 2.16, respectively, for purposes of Section
      860G(a)(2) of the Code.

     

    Class
      R Residual Interests:
      The
      Class R-1, Class R-2, Class R-3 and Class R-4 Residual Interests (which shall
      be
      transferable only as a unit evidenced by the Class R Certificates, in accordance
      with the applicable provisions of Section 5.01).

     

    Class
      R-1 Residual Interest:
      The
      uncertificated undivided beneficial interest in REMIC I which has been
      designated as the single class of “residual interest” in REMIC I pursuant to
      Section 2.06. 

     

    Class
      R-2 Residual Interest:
      The
      uncertificated undivided beneficial interest in REMIC II which has been
      designated as the single class of “residual interest” in REMIC II pursuant to
      Section 2.06.

     

    Class
      R-3 Residual Interest:
      The
      uncertificated undivided beneficial interest in REMIC III which has been
      designated as the single class of “residual interest” in REMIC III pursuant to
      Section 2.13.

     

    Class
      R-4 Residual Interest:
      The
      uncertificated undivided beneficial interest in REMIC IV which has been
      designated as the single class of “residual interest” in REMIC IV pursuant to
      Section 2.16.

     

    Class
      X-M Regular Interests:
      The
      Class C-X-M Regular Interest.

     

    Clean-Up
      Call Percentage:
      10%.

     

    Clearing
      Agency:
      An
      organization registered as a “clearing agency” pursuant to Section 17A of the
      Securities Exchange Act of 1934, as amended, which initially shall be
      DTC.

     

    Closing
      Date:
      April
      27, 2006.

     

    
      
        
        

      

      
        31

        
          

        

      

      
        
        

      

    

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

     

    Commission:
      The
      Securities and Exchange Commission.

     

    Company:
      The
      meaning specified in the introductory paragraph hereof.

     

    Compensating
      Interest:
      For any
      Distribution Date with respect to each Loan Group and the Mortgage Loans
      contained therein, the least of (i) the sum of (a) 1/12 of 0.050% of the
      aggregate Principal Balance of such Mortgage Loans immediately before such
      Distribution Date, (b) the aggregate Payoff Earnings with respect to such
      Mortgage Loans for such Distribution Date and (c) the aggregate Payoff Interest
      with respect to such Mortgage Loans for such Distribution Date, (ii) the
      aggregate Uncollected Interest with respect to such Mortgage Loans for such
      Distribution Date and (iii) 1/12 of 0.125% of the aggregate Principal Balance
      of
      such Mortgage Loans immediately before such Distribution Date.

     

    Cooperative:
      A
      private, cooperative housing corporation which owns or leases land and all
      or
      part of a building or buildings, including apartments, spaces used for
      commercial purposes and common areas therein and whose board of directors
      authorizes, among other things, the sale of Cooperative Stock.

     

    Cooperative
      Apartment:
      A
      dwelling unit in a multi-dwelling building owned or leased by a Cooperative,
      which unit the Mortgagor has an exclusive right to occupy pursuant to the terms
      of a proprietary lease or occupancy agreement.

     

    Cooperative
      Lease:
      With
      respect to a Cooperative Loan, the proprietary lease or occupancy agreement
      with
      respect to the Cooperative Apartment occupied by the Mortgagor and relating
      to
      the related Cooperative Stock, which lease or agreement confers an exclusive
      right to the holder of such Cooperative Stock to occupy such
      apartment.

     

    Cooperative
      Loans:
      Any of
      the Mortgage Loans made in respect of a Cooperative Apartment, evidenced by
      a
      Mortgage Note and secured by the related Cooperative Stock and the related
      Cooperative Lease, together with (i) the related Security Agreement, (ii) the
      related Cooperative Stock Certificate, (iii) the related assignment or mortgage
      of the Cooperative Lease, (iv) the related financing statements, (v) the related
      stock power or other similar instrument and (vi) the related Recognition
      Agreement

     

    Cooperative
      Stock:
      With
      respect to a Cooperative Loan, the stock, partnership interest or other
      ownership instrument in the related Cooperative.

     

    Cooperative
      Stock Certificate:
      With
      respect to a Cooperative Loan, the stock certificate or other instrument
      evidencing the related Cooperative Stock.

     

    Corporate
      Trust Office:
      The
      corporate trust office of the Trustee, at which at any particular time its
      corporate trust business with respect to this Agreement shall be administered,
      which office at the date of the execution of this Agreement is located at 135
      South LaSalle Street, Suite 1625, Chicago, Illinois, 60603, Attention: Global
      Securities and Trust Services - WMALT Series 2006-4.

     

    
      
        
        

      

      
        32

        
          

        

      

      
        
        

      

    

    Corporation:
      Any
      Person (other than an individual, partnership, joint venture or unincorporated
      organization) incorporated, associated, organized, chartered or existing under
      the laws of any state or under the federal laws of the United States of America;
      provided,
      that
      such Person have indefinite existence under the law of its
      domicile.

     

    Corresponding
      Class:
      With
      respect to the Group 3 Certificates and the Group 3-L Regular Interests, the
      “Corresponding Class” shall be as indicated in the following table:

     

    
      	
              Class
                3-A-1-L

            	 	 	
              Class
                3-A-1

            
	
              Class
                3-A-2A-L

            	 	 	
              Class
                3-A-2A

            
	
              Class
                3-A-2B-L

            	 	 	
              Class
                3-A-2B

            
	
              Class
                3-A-3-L

            	 	 	
              Class
                3-A-3

            
	
              Class
                3-A-4-L

            	 	 	
              Class
                3-A-4

            
	
              Class
                3-A-5-L

            	 	 	
              Class
                3-A-5

            
	
              Class
                3-A-6-L

            	 	 	
              Class
                3-A-6

            
	
              Class
                3-IO-L

            	 	 	
              Class
                3-IO

            
	
              Class
                3-M-1-L

            	 	 	
              Class
                3-M-1

            
	
              Class
                3-M-2-L

            	 	 	
              Class
                3-M-2

            
	
              Class
                3-M-3-L

            	 	 	
              Class
                3-M-3

            
	
              Class
                3-M-4-L

            	 	 	
              Class
                3-M-4

            
	
              Class
                3-B-1-L

            	 	 	
              Class
                3-B-1

            
	
              Class
                3-B-2-L

            	 	 	
              Class
                3-B-2

            
	
              Class
                3-C-L

            	 	 	
              Class
                3-C

            

    

     

    Credit
      Enhancement Percentage:
      For the
      Group 3-A Certificates for any Distribution Date, (i) the sum of (a) the
      aggregate Class Principal Balance of the Group 3 Subordinate Certificates (other
      than the Class 3-C Certificates) and (b) the Overcollateralization Amount,
      divided by (ii) the aggregate Stated Principal Balance of the Group 3 Loans,
      in
      each case immediately before such Distribution Date.

     

    Cumulative
      Carry-Forward Subsequent Recoveries Amount:
      For any
      Distribution Date and any of Loan Group 1 or Loan Group 2, the sum of (i) the
      Carry-Forward Subsequent Recoveries Amount for such Distribution Date for such
      Loan Group and (ii) the Carry-Forward Subsequent Recoveries Amounts for prior
      Distribution Dates for such Loan Group to the extent such Carry-Forward
      Subsequent Recoveries Amounts have not been applied in reduction of Realized
      Losses on prior Distribution Dates pursuant to the first paragraph of the
      definition of “Realized Loss” herein.

     

    Current
      Loan-to-Value Ratio:
      The
      Principal Balance of a Mortgage Loan as of the applicable date of substitution
      divided by the Appraised Value.

     

    Curtailment:
      Any
      payment of principal on a Mortgage Loan, made by or on behalf of the related
      Mortgagor, other than a Monthly Payment, a Prepaid Monthly Payment or a Payoff,
      which is applied to reduce the outstanding principal balance of the Mortgage
      Loan. (Prepayment penalties are not payments of principal and hence Curtailments
      do not include prepayment penalties.)

     

    Curtailment
      Shortfall:
      For any
      Distribution Date and for any Curtailment received in the Prior Period, an
      amount equal to one month’s interest on such Curtailment at the Pass-Through
      Rate for the applicable Mortgage Loan.

     

    
      
        
        

      

      
        33

        
          

        

      

      
        
        

      

    

    Custodial
      Account for P&I:
      A
      custodial account for principal and interest established and maintained by
      the
      Servicer pursuant to Section 3.02 either (a) with the corporate trust department
      of the Trustee or another financial institution approved by the Servicer such
      that the rights of the Servicer, the Trustee, the Trust, the Delaware Trustee
      and the Certificateholders thereto shall be fully protected against the claims
      of any creditors or depositors of the institution in which such account is
      maintained, (b) within FDIC insured accounts (or other accounts with comparable
      insurance coverage acceptable to the Rating Agencies) created, maintained and
      monitored by the Servicer or (c) as a separate account at an Eligible
      Institution. In the event that a Custodial Account for P&I is established
      pursuant to clause (b) of the preceding sentence, amounts held in such Custodial
      Account for P&I shall not exceed the level of deposit insurance coverage on
      such account; accordingly, more than one Custodial Account for P&I may be
      established. In the event that a Custodial Account for P&I is established
      pursuant to clause (c) it shall be entitled "[Name of Servicer] in trust for
      holders of Washington Mutual Mortgage Pass-Through Certificates, WMALT Series
      2006-4."

     

    Custodial
      Agreement:
      The
      agreement, if any, between the Trustee and a Custodian (or the Trustee, a
      Custodian and the Servicer) providing for the safekeeping of the Mortgage Files
      on behalf of the Trust.

     

    Custodian:
      The
      Initial Custodian and any other custodian which is appointed by the Trustee
      with
      the consent of the Servicer, as provided in Article II hereof, pursuant to
      a
      Custodial Agreement. Any Custodian so appointed shall act as agent on behalf
      of
      the Trustee. The reasonable fees and expenses of the Custodian shall be paid
      by
      the Servicer. 

     

    Cut-Off
      Date:
      April
      1, 2006.

     

    Definitive
      Certificates:
      Certificates in definitive, fully registered and certificated form.

     

    Delaware
      Trustee:
      Christiana Bank & Trust Company, or its successor-in-interest as provided in
      Section 8.09, or any successor trustee appointed as herein
      provided.

     

    Depositary
      Agreement:
      The
      Letter of Representations, dated April 26, 2006 by and among DTC, the Trust
      and
      the Trustee. The Trustee is authorized to enter into the Depositary Agreement
      on
      behalf of the Trust.

     

    Destroyed
      Mortgage Note:
      A
      Mortgage Note the original of which (or a portion of the original of which)
      was
      permanently lost or destroyed and has not been replaced.

     

    Determination
      Date:
      A day
      not later than the 10th day preceding a related Distribution Date, as determined
      by the Servicer.

     

    Disqualified
      Organization:
      Any
      Person which is not a Permitted Transferee, but does not include any
      Pass-Through Entity which owns or holds a Residual Certificate and of which
      a
      Disqualified Organization, directly or indirectly, may be a stockholder, partner
      or beneficiary.

     

    Distribution
      Date:
      With
      respect to distributions on the REMIC I, REMIC II, REMIC III and REMIC IV
      Regular Interests and the Certificates, the 25th day (or, if such 25th day
      is
      not a Business Day, the Business Day immediately succeeding such 25th day)
      of
      each month, with the first such date being May 25, 2006. The “related Due Date”
for any Distribution Date is the Due Date immediately preceding such
      Distribution Date.

     

    
      
        
        

      

      
        34

        
          

        

      

      
        
        

      

    

    DTC:
      The
      Depository Trust Company.

     

    DTC
      Participant:
      A
      Person for whom DTC effects book-entry transfers and pledges of securities
      deposited with DTC.

     

    Due
      Date:
      The day
      on which the Monthly Payment for each Mortgage Loan is due.

     

    Eligible
      Institution:
      An
      institution having (i) the highest short-term debt rating, and one of the two
      highest long-term debt ratings, of the Rating Agencies, (ii) with respect to
      any
      Custodial Account for P&I, an unsecured long-term debt rating of at least
      one of the two highest unsecured long-term debt ratings of the Rating Agencies,
      (iii) with respect to any Buydown Fund Account or Custodial Account which also
      serves as a Buydown Fund Account, the highest unsecured long-term debt rating
      by
      the Rating Agencies, or (iv) the approval of the Rating Agencies.
      Notwithstanding the foregoing, Washington Mutual Bank shall be an “Eligible
      Institution” if the following conditions are satisfied: (i) Washington Mutual
      Bank is acting as Servicer, (ii) if S&P is a Rating Agency as defined
      herein, the long-term unsecured debt obligations of Washington Mutual Bank
      are
      rated no lower than “A-” by S&P and the short-term unsecured debt
      obligations of Washington Mutual Bank are rated no lower than “A-2” by S&P,
      (iii) if Fitch is a Rating Agency as defined herein, the long-term unsecured
      debt obligations of Washington Mutual Bank are rated no lower than “A” by Fitch
      and the short-term unsecured debt obligations of Washington Mutual Bank are
      rated no lower than “F1” by Fitch and (iv) if Moody’s is a Rating Agency as
      defined herein, the long-term unsecured debt obligations of Washington Mutual
      Bank are rated no lower than “A2” by Moody’s and the short-term unsecured debt
      obligations of Washington Mutual Bank are rated no lower than “P-1” by Moody’s;
provided,
      that if
      the long-term or short-term unsecured debt obligations of Washington Mutual
      Bank
      are downgraded by any of the Rating Agencies to a rating lower than the
      applicable rating specified in this sentence, Washington Mutual Bank shall
      cease
      to be an “Eligible Institution” ten Business Days after it receives notification
      of such downgrade.

     

    Eligible
      Investments:
      The
      investment property or other property listed below:

     

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

     

    (ii) Repurchase
      agreements on obligations described in clause (i) of this definition of
“Eligible Investments,” provided that the unsecured obligations of the party
      (including the institution acting as Trustee) agreeing to repurchase such
      obligations have at the time one of the two highest short term debt ratings
      of
      the Rating Agencies and provided that such repurchaser’s unsecured long term
      debt has one of the two highest unsecured long term debt ratings of the Rating
      Agencies;

     

    (iii) Federal
      funds, certificates of deposit, time deposits and bankers’ acceptances of the
      institution acting as Trustee or any bank or trust company incorporated under
      the laws of the United States or any state, provided that the debt obligations
      of such bank or trust company (or, in the case of the principal bank in a bank
      holding company system, debt obligations of the bank holding company) at the
      date of acquisition thereof have one of the two highest short term debt ratings
      of the Rating Agencies and unsecured long term debt has one of the two highest
      unsecured long term debt ratings of the Rating Agencies;

     

    
      
        
        

      

      
        35

        
          

        

      

      
        
        

      

    

    (iv) Obligations
      of, or obligations guaranteed by, any state of the United States or the District
      of Columbia, provided that such obligations at the date of acquisition thereof
      shall have the highest long-term debt ratings available for such securities
      from
      the Rating Agencies;

     

    (v) Commercial
      paper of any corporation incorporated under the laws of the United States or
      any
      state thereof, which on the date of acquisition has the highest commercial
      paper
      rating of the Rating Agencies, provided that the corporation has unsecured
      long
      term debt that has one of the two highest unsecured long term debt ratings
      of
      the Rating Agencies;

     

    (vi) Securities
      (other than stripped bonds or stripped coupons) bearing interest or sold at
      a
      discount that are issued by any corporation incorporated under the laws of
      the
      United States or any state thereof and have the highest long-term unsecured
      rating available for such securities from the Rating Agencies; provided,
      however, that securities issued by any such corporation will not be Eligible
      Investments to the extent that investment therein would cause the outstanding
      principal amount of securities issued by such corporation that are then held
      as
      part of the Investment Account or the Certificate Account to exceed 20% of
      the
      aggregate principal amount of all Eligible Investments then held in the
      Investment Account and the Certificate Account; and

     

    (vii) Units
      of
      taxable money market funds (which may be 12b-1 funds, as contemplated under
      the
      rules promulgated by the Commission under the Investment Company Act of 1940),
      which funds have the highest rating available for such securities from the
      Rating Agencies or which have been designated in writing by the Rating Agencies
      as Eligible Investments;

     

    provided,
      however,
      that
      such investment property or other property is held for a temporary period
      pursuant to Section 1.860G-2(g)(1) of the Treasury Regulations, and that such
      period can in no event exceed thirteen months.

     

    In
      no
      event shall an instrument or security be an Eligible Investment if such
      instrument or security (a) evidences a right to receive only interest payments
      with respect to the obligations underlying such instrument or (b) has been
      purchased at a price greater than the outstanding principal balance of such
      instrument.

     

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

     

    ERISA
      Restricted Certificate:
      Any
      Senior Subordinate Certificate.

     

    Event
      of Default:
      The
      meaning specified in Section 7.01.

     

    
      
        
        

      

      
        36

        
          

        

      

      
        
        

      

    

    Excess
      Liquidation Proceeds:
      With
      respect to any Distribution Date, the sum of (i) the excess, if any, of
      aggregate Liquidation Proceeds and Insurance Proceeds received during the Prior
      Period over the amount that would have been received if Payoffs had been made
      with respect to such Mortgage Loans during such Prior Period and (ii) any Excess
      Subsequent Recoveries for any Loan Group for such Distribution
      Date.

     

    Excess
      Subordinated Amount:
      For any
      Distribution Date, the excess, if any, of (i) the Overcollateralization Amount
      over (ii) the Targeted Overcollateralization Amount for such Distribution Date,
      in each case calculated for this purpose after giving effect to the reduction
      on
      such Distribution Date of the aggregate Class Principal Balance of the Group
      3
      Certificates (other than the Class 3-C Certificates) resulting from the payment
      of the Group 3 Basic Principal Distribution Amount on such Distribution Date,
      and after giving effect to the reduction of the principal balances of the Group
      3 Loans as a result of Realized Losses incurred in the prior calendar month,
      but
      prior to giving effect to the allocation of any Realized Losses to the Group
      3
      Certificates on such Distribution Date.

     

    Excess
      Subsequent Recoveries:
      For any
      Distribution Date and any Loan Group, the excess, if any, of (i) amounts
      received by the Servicer during the Prior Period in connection with the
      liquidation of defaulted Mortgage Loans in such Loan Group after such Mortgage
      Loans became Liquidated Mortgage Loans over (ii) the Subsequent Recoveries
      for
      such Distribution Date for such Loan Group.

     

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

     

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

     

    FHA:
      The
      Federal Housing Administration, or any successor thereto.

     

    Final
      Maturity Date: With
      respect to each Class of the REMIC I, REMIC II, REMIC III and REMIC IV Regular
      Interests, the date set forth in the applicable table contained in the
      Preliminary Statement hereto.

     

    Fitch:
      Fitch
      Ratings, provided that at the applicable time it is a Rating
      Agency.

     

    Freddie
      Mac:
      The
      Federal Home Loan Mortgage Corporation and any successor thereto. 

     

    Group
      1 and Group 2 Credit Support Depletion Date:
      The
      first Distribution Date on which the aggregate Class Principal Balance of the
      Group L-B Certificates has been or will be reduced to zero as a result of
      principal distributions thereon and the allocation of Realized Losses on such
      Distribution Date.

     

    Group
      1 Certificates:
      The
      Group 1-A and Class 1-P Certificates.

     

    Group
      1 Loans:
      The
Mortgage
      Loans designated on the Mortgage Loan Schedule as Group 1 Loans.

     

    Group
      1 Premium Rate Mortgage Loans:
      The
      Group 1 Loans having Pass-Through Rates greater than or equal to 6.000% per
      annum.

     

    
      
        
        

      

      
        37

        
          

        

      

      
        
        

      

    

    Group
      1 Senior Liquidation Amount:
      For any
      Distribution Date, the sum of (A) the aggregate, for each Group 1 Loan which
      became a Liquidated Mortgage Loan during the Prior Period, of the lesser of:
      (i)
      the Group 1 Senior Percentage of the Principal Balance of such Mortgage Loan
      (exclusive of the Class 1-P Fraction thereof, with respect to any Class 1-P
      Mortgage Loan) and (ii) the Group 1 Senior Prepayment Percentage of the
      Liquidation Principal with respect to such Mortgage Loan and (B) the Group
      1
      Senior Prepayment Percentage of any Subsequent Recoveries for Loan Group 1
      for
      such Distribution Date.

     

    Group
      1 Senior Percentage:
      For any
      Distribution Date, the lesser of (i) 100% and (ii) the
      aggregate Class Principal Balance of the Group 1-A and Class R Certificates
      divided by the aggregate Principal Balance of the Group 1 Loans (exclusive
      of the Class 1-P Fraction thereof with respect to any Class 1-P Mortgage
      Loan),
      in
      each case immediately before
      such Distribution
      Date.

     

    Group
      1 Senior Prepayment Percentage and Group 2 Senior Prepayment
      Percentage:
      For any
      Distribution Date, each of the Group 1 Senior Prepayment Percentage and Group
      2
      Senior Prepayment Percentage shall equal 100%, unless (i) the Group 1 Senior
      Percentage for such Distribution Date is less than or equal to the Group 1
      Senior Percentage as of the Closing Date and the Group 2 Senior Percentage
      for
      such Distribution Date is less than or equal to the Group 2 Senior Percentage
      as
      of the Closing Date, (ii) such Distribution Date occurs on or after the fifth
      anniversary of the first Distribution Date and (iii) the following tests
      specified in clauses (a) through (d) are met with respect to each of Loan Group
      1 and Loan Group 2:

     

    
      	 	
              (a)

            	
              the
                mean aggregate Principal Balance as of the Distribution Date in each
                of
                the immediately preceding six calendar months of the Group 1 Loans
                which
                were 60 or more days delinquent as of such date (including Mortgage
                Loans
                in bankruptcy or foreclosure and Mortgaged Properties held by REMIC
                I) is
                less than or equal to 50% of the Subordinate Component Balance for
                Loan
                Group 1 as of the current Distribution
                Date,

            

    

     

    
      	 	
              (b)

            	
              the
                mean aggregate Principal Balance as of the Distribution Date in each
                of
                the immediately preceding six calendar months of the Group 2 Loans
                which
                were 60 or more days delinquent as of such date (including Mortgage
                Loans
                in bankruptcy or foreclosure and Mortgaged Properties held by REMIC
                I) is
                less than or equal to 50% of the Subordinate Component Balance for
                Loan
                Group 2 as of the current Distribution
                Date,

            

    

     

    
      	 	
              (c)

            	
              cumulative
                Realized Losses on the Group 1 Loans allocated to the Group L-B
                Certificates, as a percentage of the Subordinate Component Balance
                for
                Loan Group 1 as of the Closing Date, are less than or equal to, for
                any
                Distribution Date (1) before the sixth anniversary of the first
                Distribution Date, 30%, (2) on or after the sixth anniversary but
                before
                the seventh anniversary of the first Distribution Date, 35%, (3)
                on or
                after the seventh anniversary but before the eighth anniversary of
                the
                first Distribution Date, 40%, (4) on or after the eighth anniversary
                but
                before the ninth anniversary of the first Distribution Date, 45%,
                and (5)
                on or after the ninth anniversary of the first Distribution Date,
                50%,
                and

            

    

     

    
      
        
        

      

      
        38

        
          

        

      

      
        
        

      

    

    
      	 	
              (d)

            	
              cumulative
                Realized Losses on the Group 2 Loans allocated to the Group L-B
                Certificates, as a percentage of the Subordinate Component Balance
                for
                Loan Group 2 as of the Closing Date, are less than or equal to, for
                any
                Distribution Date (1) before the sixth anniversary of the first
                Distribution Date, 30%, (2) on or after the sixth anniversary but
                before
                the seventh anniversary of the first Distribution Date, 35%, (3)
                on or
                after the seventh anniversary but before the eighth anniversary of
                the
                first Distribution Date, 40%, (4) on or after the eighth anniversary
                but
                before the ninth anniversary of the first Distribution Date, 45%,
                and (5)
                on or after the ninth anniversary of the first Distribution Date,
                50%,

            

    

     

    in
      which
      case the Group 1 Senior Prepayment Percentage and Group 2 Senior Prepayment
      Percentage shall be calculated as follows: (1) for any such Distribution Date
      on
      or after the fifth anniversary but before the sixth anniversary of the first
      Distribution Date, the Group 1 Senior Percentage or Group 2 Senior Percentage,
      as applicable, for such Distribution Date plus 70% of the Subordinate Percentage
      for the related Loan Group for such Distribution Date; (2) for any such
      Distribution Date on or after the sixth anniversary but before the seventh
      anniversary of the first Distribution Date, the Group 1 Senior Percentage or
      Group 2 Senior Percentage, as applicable, for such Distribution Date plus 60%
      of
      the Subordinate Percentage for the related Loan Group for such Distribution
      Date; (3) for any such Distribution Date on or after the seventh anniversary
      but
      before the eighth anniversary of the first Distribution Date, the Group 1 Senior
      Percentage or Group 2 Senior Percentage, as applicable, for such Distribution
      Date plus 40% of the Subordinate Percentage for the related Loan Group for
      such
      Distribution Date; (4) for any such Distribution Date on or after the eighth
      anniversary but before the ninth anniversary of the first Distribution Date,
      the
      Group 1 Senior Percentage or Group 2 Senior Percentage, as applicable, for
      such
      Distribution Date plus 20% of the Subordinate Percentage for the related Loan
      Group for such Distribution Date; and (5) for any such Distribution Date
      thereafter, the Group 1 Senior Percentage or Group 2 Senior Percentage, as
      applicable, for such Distribution Date.

     

    If
      on any
      Distribution Date the allocation to the Group 1-A or Group 2-A Certificates
      of
      Principal Prepayments in the percentage required would reduce the aggregate
      Class Principal Balance of such Certificates below zero, the Group 1 Senior
      Prepayment Percentage or Group 2 Senior Prepayment Percentage, as applicable,
      for such Distribution Date shall be limited to the percentage necessary to
      reduce such aggregate Class Principal Balance to zero. Notwithstanding the
      foregoing, however, on each Distribution Date, the Class 1-P Certificates shall
      receive the applicable Class 1-P Fraction of all principal payments, including,
      without limitation, Principal Prepayments, received in respect of Class 1-P
      Mortgage Loans.

     

    Group
      1 Senior Principal Distribution Amount:
      For any
      Distribution Date, an amount equal to the sum of (a) the Group 1 Senior
      Percentage of the Principal Payment Amount for Loan Group 1 (exclusive of the
      portion thereof attributable to principal distributions to the Class 1-P
      Certificates pursuant to clauses (I)(a)(i) and (II)(a)(i) of the definition
      of
“REMIC IV Distribution Amount”), (b) the Group 1 Senior Prepayment Percentage of
      the Principal Prepayment Amount for Loan Group 1 (exclusive of the portion
      thereof attributable to principal distributions to the Class 1-P Certificates
      pursuant to clauses (I)(a)(i) and (II)(a)(i) of the definition of “REMIC IV
      Distribution Amount”) and (c) the Group 1 Senior Liquidation
      Amount.

     

    
      
        
        

      

      
        39

        
          

        

      

      
        
        

      

    

    Group
      1 Subordinate Percentage:
      For any
      Distribution Date, the excess of 100% over the Group 1 Senior Percentage for
      such date.

     

    Group
      1 Subordinate Prepayment Percentage:
      For any
      Distribution Date, the excess of 100% over the Group 1 Senior Prepayment
      Percentage for such Distribution Date; provided,
      however,
      that if
      the aggregate
      Class Principal Balance of the Group 1-A and Class R Certificates
      has been reduced to zero, then the Group 1 Subordinate Prepayment Percentage
      shall equal 100%.

     

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

     

    Group
      2 Certificates:
      The
      Group 2-A Certificates.

     

    Group
      2 Loans:
      The
Mortgage
      Loans designated on the Mortgage Loan Schedule as Group 2 Loans.

     

    Group
      2 Premium Rate Mortgage Loans:
      The
      Group 2 Loans having Pass-Through Rates greater than or equal to 6.500% per
      annum.

     

    Group
      2 Senior Liquidation Amount:
      For
      any
      Distribution Date, the sum of (A) the aggregate, for each Group 2 Loan which
      became a Liquidated Mortgage Loan during the Prior Period, of the lesser of:
      (i)
      the Group 2 Senior Percentage of the Principal Balance of such Mortgage Loan
      and
      (ii) the Group 2 Senior Prepayment Percentage of the Liquidation Principal
      with
      respect to such Mortgage Loan and (B) the Group 2 Senior Prepayment Percentage
      of any Subsequent Recoveries for Loan Group 2 for such Distribution
      Date.

     

    Group
      2 Senior Percentage:
      For any
      Distribution Date, the
      lesser of (i) 100% and (ii) the aggregate Class Principal Balance of the Group
      2-A Certificates divided by the aggregate Principal Balance of the Group 2
      Loans, in each case immediately before
      such Distribution
      Date. 

     

    Group
      2 Senior Prepayment Percentage:
      See the
      definition of “Group 1 Senior Prepayment Percentage and Group 2 Senior
      Prepayment Percentage.”

     

    Group
      2 Senior Principal Distribution Amount:
      For any
      Distribution Date, an amount equal to the sum of (a) the Group 2 Senior
      Percentage of the Principal Payment Amount for Loan Group 2, (b) the Group
      2
      Senior Prepayment Percentage of the Principal Prepayment Amount for Loan Group
      2
      and (c) the Group 2 Senior Liquidation Amount.

     

    Group
      2 Subordinate Percentage:
      For any
      Distribution Date, the excess of 100% over the Group 2 Senior Percentage for
      such date.

     

    Group
      2 Subordinate Prepayment Percentage:
      For any
      Distribution Date, the excess of 100% over the Group 2 Senior Prepayment
      Percentage for such Distribution Date; provided,
      however,
      that if
      the aggregate Class Principal Balance of the Group 2-A Certificates has been
      reduced to zero, then the Group 2 Subordinate Prepayment Percentage shall equal
      100%.

     

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

     

    
      
        
        

      

      
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    Group
      3 Adjusted Weighted Average Pass-Through Rate:
      For any
      Distribution Date, the product of (i) the Group 3 Weighted Average
      Pass-Through Rate for such Distribution Date and (ii) a fraction, the
      numerator of which is 30 and the denominator of which is the actual number
      of
      days in the related No-Delay Accrual Period.

     

    Group
      3 Basic Principal Distribution Amount:
      For any
      Distribution Date, the excess of (i) the Group 3 Principal Remittance Amount
      over (ii) the Excess Subordinated Amount, if any.

     

    Group
      3 Certificates:
      The
      Group 3-A, Class 3-IO and Group 3 Subordinate Certificates.

     

    Group
      3 Clean-Up Call Option Date:
      The
      date on which the aggregate principal balance of the Group 3 Loans has been
      reduced to less than the Clean-Up Call Percentage of that balance as of the
      Cut-Off Date. 

     

    Group
      3 Extra Principal Distribution Amount:
      For any
      Distribution Date, the lesser of (i) the excess of (x) the Group 3 Interest
      Remittance Amount over (y) the sum of interest payable on the Group 3-L Regular
      Interests (other than the Class 3-C-L Regular Interest) on such Distribution
      Date pursuant to clause (III)(a) of the definition of “REMIC IV Distribution
      Amount” and (ii) the Overcollateralization Deficiency Amount for such
      Distribution Date.

     

    Group
      3 Interest Remittance Amount:
      For any
      Distribution Date, the portion of the REMIC II Available Distribution Amount
      attributable to interest received or advanced (or paid as Compensating Interest)
      on the Group 3 Loans.

     

    Group
      3 Junior Subordinate Certificates:
      The
      Class 3-B-1, Class 3-B-2 and Class 3-C Certificates.

     

    Group
      3 Loans:
      The
Mortgage
      Loans designated on the Mortgage Loan Schedule as Group 3 Loans.

     

    Group
      3 Net WAC Cap:
      For the
      Group 3-A-L Regular Interests and Group 3-L Subordinate Regular Interests (other
      than the Class 3-A-1-L, Class 3-A-2B-L and Class 3-C-L Regular Interests) (a)
      for any Distribution Date in or before March 2008, the excess of (i) the Group
      3
      Weighted Average Pass-Through Rate for such Distribution Date over (ii) the
      product of the Certificate Interest Rate on the Class 3-IO-L Regular Interest
      and a fraction, the numerator of which is the Class 3-IO Notional Amount and
      the
      denominator of which is the aggregate Class Principal Balance of the Group
      3-A-L
      Regular Interests and Group 3-L Subordinate Regular Interests (other than the
      Class 3-A-1-L and Class 3-C-L Regular Interests) immediately before such
      Distribution Date, and (b) for any Distribution Date in or after April 2008,
      the
      Group 3 Weighted Average Pass-Through Rate for such Distribution
      Date.

     

    For
      the
      Class 3-A-2B-L Regular Interest and for any Distribution Date, the product
      of
      (i) the Group 3 Net WAC Cap for the Group 3-A-L Regular Interests and Group
      3-L Subordinate Regular Interests (other than the Class 3-A-1-L, Class 3-A-2B-L
      and Class 3-C-L Regular Interests) for such Distribution Date and (ii) a
      fraction, the numerator of which is 30 and the denominator of which is the
      actual number of days in the related No-Delay Accrual Period.

     

    
      
        
        

      

      
        41

        
          

        

      

      
        
        

      

    

    For
      the
      Class 3-A-1-L Regular Interest and for any Distribution Date, the Group 3
      Weighted Average Pass-Through Rate for such Distribution Date.

     

    Group
      3 Principal Remittance Amount:
      For any
      Distribution Date, the REMIC II Available Distribution Amount less the Group
      3
      Interest Remittance Amount.

     

    Group
      3 Senior Subordinate Certificates:
      The
      Class 3-M-1, Class 3-M-2, Class 3-M-3 and Class 3-M-4 Certificates.

     

    Group
      3 Subordinate Certificates:
      The
      Group 3 Senior Subordinate Certificates and Group 3 Junior Subordinate
      Certificates.

     

    Group
      3 Weighted Average Pass-Through Rate:
      For any
      Distribution Date, the weighted average of the Pass-Through Rates on the Group
      3
      Loans as of the second preceding Due Date (after
      giving effect to (i) payments due
      on
      such Mortgage Loans on such Due Date and
      (ii)
      except for the first Distribution Date, any Payoffs on such
      Mortgage Loans received
      on or before the 14th day of the calendar month of such Due Date).

     

    Group
      3-A Certificates:
      The
      Class 3-A-1, Class 3-A-2A, Class 3-A-2B, Class 3-A-3, Class 3-A-4, Class 3-A-5
      and Class 3-A-6 Certificates.

     

    Group
      3-A Principal Distribution Amount:
      For any
      Distribution Date, the excess of (x) the aggregate Class Principal Balance
      of
      the Group 3-A Certificates immediately prior to such Distribution Date over
      (y)
      the lesser of (A) the product of (i) 81.3% and (ii) the aggregate Stated
      Principal Balance of the Group 3 Loans on such Distribution Date and (B) the
      excess, if any, of the aggregate Stated Principal Balance of the Group 3 Loans
      on such Distribution Date over 0.35% of the aggregate principal balance of
      the
      Group 3 Loans as of the Cut-Off Date.

     

    Group
      3-A-L Regular Interests :
      The
      Class 3-A-1-L, Class 3-A-2A-L, Class 3-A-2B-L, Class 3-A-3-L, Class 3-A-4-L,
      Class 3-A-5-L and Class 3-A-6-L Regular Interests.

     

    Group
      3-L Junior Subordinate Regular Interests:
      The
      Class 3-B-1-L, Class 3-B-2-L and Class 3-C-L Regular Interests.

     

    Group
      3-L Regular Interests:
      The
      Group 3-A-L, Class 3-IO-L and Group 3-L Subordinate Regular
      Interests.

     

    Group
      3-L Senior Subordinate Regular Interests:
      The
      Class 3-M-1-L, Class 3-M-2-L, Class 3-M-3-L and Class 3-M-4-L Regular
      Interests.

     

    Group
      3-L Subordinate Regular Interests:
      The
      Group 3-L Senior Subordinate Regular Interests and Group 3-L Junior Subordinate
      Regular Interests.

     

    Group
      L-B Certificates:
      The
      Class L-B-1, Class L-B-2, Class L-B-3, Class L-B-4, Class L-B-5 and Class L-B-6
      Certificates. 

     

    Group
      L-B Junior Subordinate Certificates:
      The
      Class L-B-4, Class L-B-5 and Class L-B-6 Certificates. 

     

    
      
        
        

      

      
        42

        
          

        

      

      
        
        

      

    

    Group
      L-B Percentage:
      For any
      date of determination, the aggregate Class Principal Balance of the Group L-B
      Certificates divided by the then outstanding aggregate Principal Balance of
      the
      Group 1 and Group 2 Loans.

     

    Group
      L-B Senior Subordinate Certificates:
      The
      Class L-B-1, Class L-B-2 and Class L-B-3 Certificates. 

     

    Group
      L-B Subordinate Liquidation Amount:
      For any
      Distribution Date, the excess, if any, of the sum of (A) the aggregate of
      Liquidation Principal for all Group 1 and Group 2 Loans which became Liquidated
      Mortgage Loans during the Prior Period and (B) any Subsequent Recoveries for
      such Distribution Date for Loan Group 1 and Loan Group 2, over the sum of the
      Group 1 Senior Liquidation Amount and the Group 2 Senior Liquidation Amount
      for
      such Distribution Date.

     

    Group
      L-B Subordinate Principal Distribution Amount:
      For any
      Distribution Date, the excess of (A) the sum of (i) the Group 1 Subordinate
      Percentage of the Principal Payment Amount for Loan Group 1 (exclusive of the
      portion thereof attributable to principal distributions to the Class 1-P
      Certificates pursuant to clause (I)(a)(i) of the definition of “REMIC IV
      Distribution Amount”), (ii) the Group 2 Subordinate Percentage of the Principal
      Payment Amount for Loan Group 2, (iii) the Group L-B Subordinate Principal
      Prepayments Distribution Amount (without regard to the proviso in the definition
      thereof) and (iv) the Group L-B Subordinate Liquidation Amount over (B) the
      sum
      of (x) the amounts required to be distributed to the Class 1-P Certificates
      pursuant to clauses (I)(c)(i) and (I)(c)(ii) of the definition of “REMIC IV
      Distribution Amount” on such Distribution Date, (y) in the event that the
      aggregate Class Principal Balance of any of the Group 1-A or Group 2-A
      Certificates has been reduced to zero, principal paid from the REMIC IV
      Available Distribution Amount related to such Class A Certificates to the
      remaining Class A Certificates, as set forth in clause (X) of the sentence
      immediately following paragraph (I)(c) of the definition of “REMIC IV
      Distribution Amount,” and (z) the amounts paid from the REMIC IV Available
      Distribution Amount for an Overcollateralized Group to the Class A Certificates
      related to an Undercollateralized Group pursuant to clause (Y) of the sentence
      immediately following paragraph (I)(c) of the definition of “REMIC IV
      Distribution Amount.”

     

    On
      any
      Distribution Date, the Group L-B Subordinate Principal Distribution Amount
      shall
      be allocated pro rata, by Class Principal Balance, among the Classes of Group
      L-B Certificates and paid in the order of distribution to such Classes pursuant
      to clause (I)(c) of the definition of “REMIC IV Distribution Amount” except as
      otherwise stated in such definition. Notwithstanding the foregoing, on any
      Distribution Date prior to distributions on such date, if the Subordination
      Level for any Class of Group L-B Certificates is less than such Subordination
      Level as of the Closing Date, the pro rata portion of the Group L-B Subordinate
      Principal Prepayments Distribution Amount otherwise allocable to the Class
      or
      Classes of Group L-B Certificates junior to such Class will be distributed
      to
      the most senior Class of Group L-B Certificates for which the Subordination
      Level is less than the Subordination Level as of the Closing Date, and to the
      Class or Classes of Group L-B Certificates senior thereto, pro rata according
      to
      the Class Principal Balances of such Classes. For purposes of this definition
      and the definition of “Subordination Level,” the relative seniority, from
      highest to lowest, of the Group L-B Certificates shall be as follows: Class
      L-B-1, Class L-B-2, Class L-B-3, Class L-B-4, Class L-B-5 and Class
      L-B-6.

     

    
      
        
        

      

      
        43

        
          

        

      

      
        
        

      

    

    Group
      L-B Subordinate Principal Prepayments Distribution Amount:
      For any
      Distribution Date, the sum of (i) the Group 1 Subordinate Prepayment Percentage
      of the Principal Prepayment Amount for Loan Group 1 (exclusive of the portion
      thereof attributable to principal distributions to the Class 1-P Certificates
      pursuant to clause (I)(a)(i) of the definition of “REMIC IV Distribution
      Amount”) and (ii) the Group 2 Subordinate Prepayment Percentage of the Principal
      Prepayment Amount for Loan Group 2; provided,
      however,
      that if
      the amount specified in clause (B) of the definition of “Group L-B Subordinate
      Principal Distribution Amount” is greater than the sum of the amounts specified
      in clauses (A)(i), (A)(ii) and (A)(iv) of such definition, then the Group L-B
      Subordinate Principal Prepayments Distribution Amount shall be reduced by the
      amount of such excess.

     

    Indirect
      DTC Participants:
      Entities such as banks, brokers, dealers or trust companies, that clear through
      or maintain a custodial relationship with a DTC Participant, either directly
      or
      indirectly.

     

    Initial
      Custodial Agreement:
      The
      Custodial Agreement, dated the date hereof, among the Trustee, the Servicer
      and
      the Initial Custodian.

     

    Initial
      Custodian:
      Washington Mutual Bank fsb.

     

    Insurance
      Proceeds:
      Amounts
      paid or payable by the insurer under any Primary Insurance Policy or any other
      insurance policy (including any replacement policy permitted under this
      Agreement) covering any Mortgage Loan or Mortgaged Property, including, without
      limitation, any hazard insurance policy required pursuant to Section 3.07,
      any
      title insurance policy and any FHA insurance policy or VA guaranty, to the
      extent such amounts are not released to the Mortgagor in accordance with prudent
      mortgage loan servicing practices.

     

    Interest
      Distribution Amount:
      For any
      Distribution Date, for any Class of REMIC I Regular Interests, REMIC II Regular
      Interests, REMIC III Regular Interests and REMIC IV Regular Interests and for
      the Class R-1 Residual Interest, the amount of interest accrued during the
      Prior
      Period (or in the case of the Class 3-A-2B Certificates, during the No-Delay
      Accrual Period), at the related Certificate Interest Rate for such Class for
      such Distribution Date, on the respective Class Principal Balance or Class
      Notional Amount immediately before such Distribution Date, reduced by
      Uncompensated Interest Shortfall and the interest portion of Realized Losses
      allocated to such Class on such Distribution Date pursuant to the definitions
      of
“Uncompensated Interest Shortfall” and “Realized Loss,” respectively.

     

    The
      computation of interest accrued shall (except with respect to the Class 3-A-2B
      Certificates) be made on the basis of a 360-day year of twelve 30-day months.
      

     

    The
      computation of interest accrued shall, with respect to the Class 3-A-2B
      Certificates, be made on the basis of the actual number of days in the No-Delay
      Accrual Period and assuming a 360 day year.

     

    The
      Interest Distribution Amount for the Class 1-P Certificates shall equal
      zero.

     

    
      
        
        

      

      
        44

        
          

        

      

      
        
        

      

    

    Interest
      Transfer Amount:
      On any
      Distribution Date for an Undercollateralized Group, an amount equal to one
      month’s interest on the applicable Principal Transfer Amount at 6.000% per annum
      if the Undercollateralized Group is Loan Group 1 and at 6.500% per annum if
      the
      Undercollateralized Group is Loan Group 2, plus any interest accrued on the
      Group 1-A or Group 2-A Certificates related to such Undercollateralized Group
      remaining unpaid from prior Distribution Dates.

     

    Investment
      Account:
      The
      commingled account (which shall be commingled only with investment accounts
      related to series of pass-through certificates with a class of certificates
      which has a rating equal to the highest of the Ratings of the Certificates)
      maintained by the Servicer in the trust department of the Investment Depository
      pursuant to Section 3.03 and which bears a designation acceptable to the Rating
      Agencies.

     

    Investment
      Depository:
      JPMorgan Chase Bank, N.A. or another bank or trust company designated from
      time
      to time by the Servicer. The Investment Depository shall at all times be an
      Eligible Institution.

     

    Junior
      Subordinate Certificates:
      The
      Group L-B Junior Subordinate Certificates and Group 3 Junior Subordinate
      Certificates.

     

    Last
      Scheduled Distribution Date: With
      respect to any
      Class
      of Certificates (other than the Class PPP Certificates), the Final Maturity
      Date
      for such Class;
      and with respect to the Class
      PPP
      Certificates, April 2010.

     

    LIBOR:
      The
      London Interbank Offered Rate for one-month United States dollar deposits
      calculated in the manner described in Section 3.19.

     

    LIBOR
      Determination Date:
      With respect to interest paid on any Distribution Date, the second day on which
      banks in London and New York City are open for conducting transactions in
      foreign currency and exchange prior to the 25th day of the month preceding
      the
      Distribution Date.

     

    Liquidated
      Mortgage Loan:
      A
      Mortgage Loan (other than a Mortgage Loan with respect to which a Payoff has
      been made) for which the Servicer has determined in accordance with its
      customary servicing practices that it has received all amounts which it expects
      to recover from or on account of such Mortgage Loan, whether from Insurance
      Proceeds, Liquidation Proceeds or otherwise. For purposes of this definition,
      acquisition of a Mortgaged Property by the Trust shall not constitute final
      liquidation of the related Mortgage Loan.

     

    Liquidation
      Principal:
      The
      principal portion of Liquidation Proceeds and Insurance Proceeds received
      (exclusive of the portion thereof attributable to distributions to the Class
      1-P
      Certificates pursuant to clauses (I)(a)(i) and (II)(a)(i) of the definition
      of
“REMIC IV Distribution Amount”) with respect to each Mortgage Loan which became
      a Liquidated Mortgage Loan during the Prior Period (but not in excess of the
      principal balance thereof).

     

    Liquidation
      Proceeds:
      Amounts
      received and retained in connection with the liquidation of defaulted Mortgage
      Loans, whether through foreclosure or otherwise, other than Insurance Proceeds
      and other than Subsequent Recoveries, and (except for purposes of the definition
      of “Realized Loss”) after deduction of amounts reimbursable under Section
      3.05(a)(i) and (ii).

     

    
      
        
        

      

      
        45

        
          

        

      

      
        
        

      

    

    Loan
      Group:
      Loan
      Group 1, Loan Group 2 or Loan Group 3, as applicable.

     

    Loan
      Group 1:
      The
      group of Mortgage Loans comprised of the Group 1 Loans.

     

    Loan
      Group 2:
      The
      group of Mortgage Loans comprised of the Group 2 Loans.

     

    Loan
      Group 3:
      The
      group of Mortgage Loans comprised of the Group 3 Loans.

     

    Lowest
      Class B Owner:
      An
      owner unaffiliated with the Company or the Servicer of (i) a 100% interest
      in
      the Class of Group L-B Certificates with the lowest priority, (ii) a 100%
      interest in the Class of Group 3 Subordinate Certificates with the lowest
      priority or (iii) a 100% interest in a class of securities representing such
      interest in such Class specified in clause (i) or (ii) above.

     

    MERS:
      Mortgage Electronic Registration Systems, Inc., a Delaware corporation, or
      any
      successor thereto.

     

    MERS
      Loan:
      Any
      Mortgage Loan registered on the MERS® System for which MERS appears as the
      mortgagee of record on the related Mortgage or on an assignment
      thereof.

     

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

     

    MIN:
      The
      Mortgage Identification Number for a MERS Loan.

     

    MOM
      Loan:
      A MERS
      Loan that was registered on the MERS® System at the time of origination thereof
      and for which MERS appears as the mortgagee of record on the related
      Mortgage.

     

    Monthly
      P&I Advance:
      An
      advance of funds by the Servicer pursuant to Section 4.02 to cover delinquent
      principal and interest installments.

     

    Monthly
      Payment:
      The
      scheduled payment of principal and/or interest on a Mortgage Loan (including
      any
      amounts due from a Buydown Fund, if any) which is due on the related Due Date
      for such Mortgage Loan.

     

    Moody’s:
      Moody’s
      Investors Service, Inc., provided that at the applicable time it is a Rating
      Agency.

     

    Mortgage:
      The
      mortgage, deed of trust or other instrument securing a Mortgage
      Note.

     

    Mortgage
      File:
      The
      following documents or instruments with respect to each Mortgage Loan, (X)
      with
      respect to each Mortgage Loan that is not a Cooperative Loan:

     

    
      
        
        

      

      
        46

        
          

        

      

      
        
        

      

    

    (i) The
      original Mortgage Note endorsed (A) in blank, without recourse, (B) to the
      Trustee, without recourse, or (C) to the Trust, without recourse, and all
      intervening endorsements evidencing a complete chain of endorsements from the
      originator to the
      endorser last endorsing the Mortgage Note,
      or, in
      the event of any Destroyed Mortgage Note, a copy or a duplicate original of
      the
      Mortgage Note (or portion thereof, as applicable), together with an original
      lost note affidavit from the originator of the Mortgage Loan, the Seller or
      the
      Company stating that the original Mortgage Note (or portion thereof, as
      applicable) was lost, misplaced or destroyed, together with a copy of the
      Mortgage Note (or portion thereof, as applicable); provided,
      however, that
      in
      the event that either (a) Washington Mutual Bank or Washington Mutual Bank
      fsb
      is the Seller of the Mortgage Loan or (b) Washington Mutual Mortgage Securities
      Corp. is the Seller of the Mortgage Loan and purchased the Mortgage Loan from
      Washington Mutual Bank or Washington Mutual Bank fsb, then the Mortgage Note
      need not be endorsed in blank or to the Trustee or the Trust as provided above,
      but, if not so endorsed, shall be made payable to, or properly endorsed to,
      Washington Mutual Bank or Washington Mutual Bank fsb, as
      applicable;

     

    (ii) The
      Buydown Agreement, if applicable;

     

    (iii) (1) (x)
      the
      original recorded Mortgage with evidence of recording thereon for the
      jurisdiction in which the Mortgaged Property is located (which original recorded
      Mortgage, in the case of a MOM Loan, shall set forth the MIN and shall indicate
      that the Mortgage Loan is a MOM Loan), (y) unless the Mortgage Loan is a MERS
      Loan, an original assignment of the Mortgage duly executed and acknowledged
      in
      recordable form (A) in blank, (B) to the Trustee or (C) to the Trust, and (z)
      unless the Mortgage Loan is a MOM Loan, recorded originals of all intervening
      assignments evidencing a complete chain of assignment from the originator to
      the
      person executing the assignment described in clause (y); or

     

    (2) (x)
      a
      copy (which may be in electronic form) of the Mortgage (which Mortgage, in
      the
      case of a MOM Loan, shall set forth the MIN and shall indicate that the Mortgage
      Loan is a MOM Loan) which represents a true and correct reproduction of the
      original Mortgage and which has either been certified (i) on the face thereof
      by
      the public recording office in the appropriate jurisdiction in which the
      Mortgaged Property is located, or (ii) by the originator, the Seller, the
      Servicer or the escrow or title company which provided closing services in
      connection with such Mortgage Loan as a true and correct copy the original
      of
      which has been sent for recordation, (y) unless the Mortgage Loan is a MERS
      Loan, an original assignment of the Mortgage duly executed and acknowledged
      in
      recordable form (A) in blank, (B) to the Trustee or (C) to the Trust, and (z)
      unless the Mortgage Loan is a MOM Loan, true and correct copies, certified
      by
      the applicable county recorder or by the originator, the Seller or the Servicer
      as described above, of all intervening assignments evidencing a complete chain
      of assignment from the originator to the person executing the assignment
      described in clause (y);

     

    
      
        
        

      

      
        47

        
          

        

      

      
        
        

      

    

    provided,
      however,
      that in
      the event that either (a) Washington Mutual Bank or Washington Mutual Bank
      fsb
      is the Seller of the Mortgage Loan or (b) Washington Mutual Mortgage Securities
      Corp. is the Seller of the Mortgage Loan and purchased the Mortgage Loan from
      Washington Mutual Bank or Washington Mutual Bank fsb, then the Mortgage File
      need not include an assignment of the Mortgage executed in blank or to the
      Trustee or the Trust as provided in clause (X)(iii)(1)(y) or (X)(iii)(2)(y)
      above, as applicable, but the Mortgage File shall, unless the Mortgage Loan
      was
      originated by Washington Mutual Bank or Washington Mutual Bank fsb, include
      a
      complete chain of assignments of the related Mortgage from the originator of
      such Mortgage Loan to Washington Mutual Bank or Washington Mutual Bank fsb,
      as
      applicable; and

     

    (iv) For
      any
      Mortgage Loan that has been modified or amended, the original instrument or
      instruments effecting such modification or amendment;

     

    and
      (Y)
      with respect to each Cooperative Loan:

     

    (i) The
      original Mortgage Note endorsed (A) in blank, without recourse, (B) to the
      Trustee, without recourse, or (C) to the Trust, without recourse, and all
      intervening endorsements evidencing a complete chain of endorsements from the
      originator to the
      endorser last endorsing the Mortgage Note,
      or, in
      the event of any Destroyed Mortgage Note, a copy or a duplicate original of
      the
      Mortgage Note (or portion thereof, as applicable), together with an original
      lost note affidavit from the originator of the Cooperative Loan, the Seller
      or
      the Company, as applicable, stating that the original Mortgage Note (or portion
      thereof, as applicable) was lost, misplaced or destroyed, together with a copy
      of the Mortgage Note (or portion thereof, as applicable);
      provided, however, that
      in
      the event that either (a) Washington Mutual Bank or Washington Mutual Bank
      fsb
      is the Seller of the Mortgage Loan or (b) Washington Mutual Mortgage Securities
      Corp. is the Seller of the Mortgage Loan and purchased the Mortgage Loan from
      Washington Mutual Bank or Washington Mutual Bank fsb, then the Mortgage Note
      need not be endorsed in blank or to the Trustee or the Trust as provided above,
      but, if not so endorsed, shall be made payable to, or properly endorsed to,
      Washington Mutual Bank or Washington Mutual Bank fsb, as
      applicable;

     

    (ii) A
      counterpart of the Cooperative Lease and the Assignment of Proprietary
      Lease;

     

    (iii) The
      Cooperative Stock Certificate, together with an undated stock power or other
      similar instrument executed in blank;

     

    (iv) The
      Recognition Agreement;

     

    (v) The
      Security Agreement;

     

    (vi) Copies
      of
      the original UCC financing statement, and any continuation statements or
      amendments thereof, each with evidence of recording thereof, perfecting the
      security interest granted under the Security Agreement and the Assignment of
      Proprietary Lease;

     

    (vii) Copies
      of
      the filed UCC assignments or amendments of the UCC financing statements
      described in clause (vi) above showing an unbroken chain of assignments from
      the
      originator to the Trustee or the Trust, each with evidence of recording
      thereof;

     

    
      
        
        

      

      
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    (viii) Executed
      assignments of the interest of the originator in the Security Agreement, the
      Assignment of Proprietary Lease and the Recognition Agreement, showing an
      unbroken chain of assignments from the originator to the Trustee or the Trust;
      and

     

    (ix) For
      any
      Cooperative Loan that has been modified or amended, the original instrument
      or
      instruments effecting such modification or amendment;

     

    provided,
      however,
      that in
      the event that either (a) Washington Mutual Bank or Washington Mutual Bank
      fsb
      is the Seller of the Mortgage Loan or (b) Washington Mutual Mortgage Securities
      Corp. is the Seller of the Mortgage Loan and purchased the Mortgage Loan from
      Washington Mutual Bank or Washington Mutual Bank fsb, then the Mortgage File
      need not include (1) a UCC assignment or amendment of the UCC financing
      statement referenced in clause (Y)(vi) above to the Trustee or the Trust as
      provided in clause (Y)(vii) above, but the Mortgage File shall, unless the
      Cooperative Loan was originated by Washington Mutual Bank or Washington Mutual
      Bank fsb, include a UCC assignment or amendment of such UCC financing statement
      to Washington Mutual Bank or Washington Mutual Bank fsb, as applicable, or
      (2)
      an assignment of the interest of the originator in the Security Agreement,
      the
      Assignment of Proprietary Lease and the Recognition Agreement to the Trustee
      or
      the Trust as provided in clause (Y)(viii) above, but the Mortgage File shall,
      unless the Cooperative Loan was originated by Washington Mutual Bank or
      Washington Mutual Bank fsb, include an assignment of such interest to Washington
      Mutual Bank or Washington Mutual Bank fsb, as applicable.

     

    Mortgage
      Interest Rate:
      For any
      Mortgage Loan, the per annum rate at which interest accrues on such Mortgage
      Loan pursuant to the terms of the related Mortgage Note.

     

    Mortgage
      Loan Purchase Agreement:
      The
      Mortgage Loan Purchase and Sale Agreement, dated as of December 28, 2005,
      between the Company and Washington Mutual Mortgage Securities Corp., as
      supplemented and amended by the Term Sheet, dated the Closing Date, between
      the
      Company and Washington Mutual Mortgage Securities Corp. and relating to the
      Certificates.

     

    Mortgage
      Loan Schedule:
      The
      schedule or schedules, as amended from time to time, of Mortgage Loans attached
      hereto as Exhibit D, which shall set forth as to each Mortgage Loan the
      following, among other things: 

     

    (i) its
      loan
      number,

     

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

     

    (iii) the
      Appraised Value of the property subject to the Mortgage,

     

    (iv) the
      Principal Balance as of the Cut-Off Date,

     

    
      
        
        

      

      
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    (v) the
      Mortgage Interest Rate under the Mortgage Note,

     

    (vi) whether
      a
      Primary Insurance Policy is in effect as of the Cut-Off Date, and, if so,
      whether such Primary Insurance Policy is a Special Primary Insurance
      Policy,

     

    (vii) the
      maturity of the Mortgage Note,

     

    (viii) the
      Servicing Fee Rate,

     

    (ix) the
      applicable term during which a Prepayment Premium, if any, may be imposed on
      such Mortgage Loan (which shall be shown on a separate schedule),
      and

     

    (x) its
      Loan
      Group.

     

    Mortgage
      Loans:
      The
      mortgage loans and cooperative loans (if any), including each Substitute
      Mortgage Loan, listed on the Mortgage Loan Schedule. With respect to each
      Mortgage Loan that is a Cooperative Loan, “Mortgage Loan” shall include, but not
      be limited to, the Mortgage Note and the related Security Agreement, Assignment
      of Proprietary Lease, Recognition Agreement, Cooperative Stock Certificate
      and
      Cooperative Lease and, with respect to each Mortgage Loan other than a
      Cooperative Loan, “Mortgage Loan” shall include, but not be limited to, the
      Mortgage Note and the related Mortgage.

     

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

     

    Mortgage
      Pool:
      All of
      the Mortgage Loans.

     

    Mortgage
      Pool Assets:
      (i) The
      Mortgage Loans (including all Substitute Mortgage Loans) identified on the
      Mortgage Loan Schedule, and all rights pertaining thereto, including the related
      Mortgage Notes, Mortgages, Cooperative Stock Certificates, Cooperative Leases,
      Security Agreements, Assignments of Proprietary Lease, and Recognition
      Agreements, and all Monthly Payments due after the Cut-Off Date and all other
      payments and distributions collected with respect to the Mortgage Loans on
      or
      after the Cut-Off Date; (ii) the Certificate Account, the Investment
      Account, the Class C-PPP Reserve Fund, the Class 3-PPP Reserve Fund, and all
      money, instruments, investment property, and other property credited thereto,
      carried therein, or deposited therein (except amounts constituting the Servicing
      Fee); (iii) the Custodial Accounts for P&I and any Buydown Fund Account
      (to the extent of the amounts on deposit or other property therein attributable
      to the Mortgage Loans), and all money, instruments, investment property, and
      other property credited thereto, carried therein, or deposited therein (except
      amounts constituting the Servicing Fee); (iv) all property that secured a
      Mortgage Loan and that has been acquired by foreclosure or deed in lieu of
      foreclosure or, in the case of a Cooperative Loan, a similar form of conversion,
      after the Cut-Off Date; and (v) each FHA insurance policy, Primary Insurance
      Policy, VA guaranty, and other insurance policy related to any Mortgage Loan,
      and all amounts paid or payable thereunder and all proceeds
      thereof.

     

    Mortgaged
      Property:
      With
      respect to any Mortgage Loan, other than a Cooperative Loan, the real property,
      together with improvements thereto, and, with respect to any Cooperative Loan,
      the related Cooperative Stock and Cooperative Lease, securing the indebtedness
      of the Mortgagor under the related Mortgage Note. “Mortgaged Property” shall
      also refer to property which once secured the indebtedness of a Mortgagor under
      the related Mortgage Loan but which was acquired by the Trust upon foreclosure
      or other liquidation of such Mortgage Loan.

     

    
      
        
        

      

      
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    Mortgagor:
      The
      obligor on a Mortgage Note.

     

    Net
      Monthly Excess Cashflow:
      For any
      Distribution Date, the portion of the REMIC IV Available Distribution Amount
      for
      the Group 3-L Regular Interests for such Distribution Date remaining after
      making all payments of interest and principal to the Group 3-L Regular Interests
      (other than the Class 3-C-L Regular Interest) pursuant to clauses (III)(a),
      (III)(b) and (III)(c) of the definition of “REMIC IV Distribution
      Amount.”

     

    No-Delay
      Accrual Period:
      For any
      Distribution Date, the period beginning on the 25th day of the month preceding
      that Distribution Date (or, in the case of the first Distribution Date, on
      the
      Closing Date) and ending on the 24th day of the month of that Distribution
      Date.

     

    Nonrecoverable
      Advance:
      With
      respect to any Mortgage Loan, any advance which the Servicer shall determine
      to
      be a Nonrecoverable Advance pursuant to Section 4.03 and which was, or is
      proposed to be, made by the Servicer.

     

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

     

    Notice
      Addresses:
      (a) In
      the case of the Company, 1201 Third Avenue, WMT 1706A, Seattle, WA 98101, or
      such other address as may hereafter be furnished to the Trustee in writing
      by
      the Company, (b) in the case of the Servicer, 19850 Plummer St. (Mail Stop
      N070205) Chatsworth, California 91311, Fax No: (818) 775-2815, Attention: Vice
      President Investor Reporting, with a copy to: Washington Mutual Legal
      Department, 1201 Third Avenue, WMT 1706, Seattle, WA 98101, Fax No: (206)
      377-6244, Attention: WaMu, and with a copy to Washington Mutual Mortgage
      Securities Corp., 75 North Fairway Drive, Vernon Hills, Illinois 60061,
      Attention: Bond Administration, or such other address and fax number as may
      hereafter be furnished in writing by the Servicer, (c) in the case of the
      Trustee, at its Corporate Trust Office, or such other address as may hereafter
      be furnished to the Servicer in writing by the Trustee, (d) in the case of
      the
      Delaware Trustee, 1314 King Street, Wilmington, DE 19801, or such other address
      as may hereafter be furnished to the Servicer in writing by the Delaware
      Trustee, (e) in the case of the Trust, c/o LaSalle Bank National Association,
      at
      the Corporate Trust Office, or such other address as may hereafter be furnished
      to the Servicer in writing by the Trustee, (f) in the case of the Certificate
      Registrar, at its Corporate Trust Office, or such other address as may hereafter
      be furnished to the Trustee in writing by the Certificate Registrar, (g) in
      the
      case of S&P, 55 Water Street, 41st Floor, New York, New York 10041-0003,
      Attention: Residential Mortgage Backed Securities Surveillance Group, or such
      other address as may hereafter be furnished to the Trustee and Servicer in
      writing by S&P, and (h) in the case of Moody’s, 99 Church Street, New
      York, NY 10007, Attention: Monitoring, or such other address as may hereafter
      be
      furnished to the Trustee and Servicer in writing by Moody’s.

     

    OTS:
      The
      Office of Thrift Supervision, or any successor thereto.

     

    
      
        
        

      

      
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    Officer’s
      Certificate:
      A
      certificate signed by the Chairman of the Board, the President, a Vice
      President, or the Treasurer of the Servicer and delivered to the Trustee or
      the
      Delaware Trustee, as applicable.

     

    Opinion
      of Counsel:
      A
      written opinion of counsel, who shall be reasonably acceptable to the Trustee
      or
      the Delaware Trustee, as applicable, and who may be counsel (including in-house
      counsel) for the Company or the Servicer.

     

    Original
      Trust Agreement:
      The
      Trust Agreement, dated as of April 1, 2006, between the Company and the Delaware
      Trustee, providing for the creation of the Trust.

     

    Overcollateralization
      Amount:
      For any
      Distribution Date, the excess of (i) the aggregate Stated Principal Balance
      of
      the Group 3 Loans over (ii) the aggregate Class Principal Balance of the Group
      3
      Certificates (other than the Class 3-C Certificates).

     

    Overcollateralization
      Deficiency Amount:
      For any
      Distribution Date, the amount, if any, by which (x) the Targeted
      Overcollateralization Amount for such Distribution Date exceeds (y) the
      Overcollateralization Amount for such Distribution Date, in each case calculated
      for this purpose after giving effect to the reduction on such Distribution
      Date
      of the aggregate Class Principal Balance of the Group 3 Certificates (other
      than
      the Class 3-C Certificates) resulting from the payment of the Group 3 Basic
      Principal Distribution Amount on such Distribution Date, and after giving effect
      to the reduction of the principal balances of the Group 3 Loans as a result
      of
      Realized Losses incurred in the prior calendar month, but prior to giving effect
      to the allocation of any Realized Losses to the Group 3 Certificates on such
      Distribution Date.

     

    Overcollateralized
      Group:
      Any of
      Loan Group 1 or Loan Group 2, if on any Distribution Date such Loan Group
      is not an Undercollateralized Group and the other of such Loan Groups is an
      Undercollateralized Group.

     

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

     

    Pass-Through
      Entity:
      Any
      regulated investment company, real estate investment trust, common trust fund,
      partnership, trust or estate, and any organization to which Section 1381 of
      the
      Code applies.

     

    Pass-Through
      Rate:
      For
      each Mortgage Loan, the Mortgage Interest Rate for such Mortgage Loan less
      (i)
      the Servicing Fee Rate for such Mortgage Loan and (ii) if such Mortgage Loan
      was
      covered by a Special Primary Insurance Policy on the Closing Date (even if
      no
      longer so covered), the per annum rate at which the applicable Special Primary
      Insurance Premium for such Mortgage Loan is calculated. For each Mortgage Loan,
      any calculation of monthly interest at such rate shall be based upon annual
      interest at such rate (computed on the basis of a 360-day year of twelve 30-day
      months) on the unpaid Principal Balance of such Mortgage Loan divided by twelve,
      and any calculation of interest at such rate by reason of a Payoff shall be
      based upon annual interest at such rate on the outstanding Principal Balance
      of
      such Mortgage Loan multiplied by a fraction, the numerator of which is the
      number of days elapsed from the Due Date of the last scheduled payment of
      principal and interest to, but not including, the date of such Payoff, and
      the
      denominator of which is (a) for Payoffs received on a Due Date, 360, and (b)
      for
      all other Payoffs, 365.

     

    
      
        
        

      

      
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    Paying
      Agent:
      Any
      paying agent appointed by the Trustee pursuant to Section 8.12.

     

    Payoff:
      Any
      payment by or on behalf of a Mortgagor of principal on a Mortgage Loan equal
      to
      the entire outstanding principal balance of such Mortgage Loan, if received
      in
      advance of the last scheduled Due Date for such Mortgage Loan and accompanied
      by
      an amount of interest equal to accrued unpaid interest on the Mortgage Loan
      to
      the date of such payment in full. (Prepayment penalties are not payments of
      principal and hence Payoffs do not include prepayment penalties.)

     

    Payoff
      Earnings:
      For any
      Distribution Date with respect to each Mortgage Loan on which a Payoff was
      received by the Servicer during the Payoff Period, the aggregate of the interest
      earned by the Servicer from investment of each such Payoff from the date of
      receipt of such Payoff until the Business Day immediately preceding the related
      Distribution Date (net of investment losses).

     

    Payoff
      Interest:
      For any
      Distribution Date with respect to a Mortgage Loan for which a Payoff was
      received on or after the first calendar day of the month of such Distribution
      Date and before the 15th calendar day of such month, an amount of interest
      thereon at the applicable Pass-Through Rate from the first day of the month
      of
      distribution through the day of receipt thereof; to the extent (together with
      aggregate Payoff Earnings and the aggregate Servicing Fee) not required to
      be
      distributed as Compensating Interest on such Distribution Date, aggregate Payoff
      Interest shall be payable to the Servicer as additional servicing
      compensation.

     

    Payoff
      Period:
      For the
      first Distribution Date, the period from the Cut-Off Date through May 14, 2006,
      inclusive; and for any Distribution Date thereafter, the period from the 15th
      day of the Prior Period through the 14th day of the month of such Distribution
      Date, inclusive.

     

    Percentage
      Interest:
      (a)
      With respect to the right of each Certificate of a particular Class in the
      distributions allocated to such Class, “Percentage Interest” shall mean the
      percentage equal to:

     

    (i) with
      respect to any Certificate (other than the Residual, Class PPP, Class C-X and
      Class 3-IO Certificates), its Certificate Principal Balance divided by the
      applicable Class Principal Balance;

     

    (ii) with
      respect to any Class PPP, Class C-X or Class 3-IO Certificate, the portion
      of
      the respective Class Notional Amount evidenced by such Certificate divided
      by
      the respective Class Notional Amount; and

     

    (iii) with
      respect to any Residual Certificate, the percentage set forth on the face of
      such Certificate.

     

    
      
        
        

      

      
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    (b) With
      respect to the rights of each Certificate in connection with Sections 5.09,
      7.01, 8.01(c), 8.02, 8.07, 10.01 and 10.03, “Percentage Interest” shall mean the
      percentage equal to:

     

    (i) with
      respect to any Certificate (other than the Residual, Class PPP, Class C-X and
      Class 3-IO Certificates), the product of (x) ninety-eight percent (98%) and
      (y)
      its Certificate Principal Balance divided by the Aggregate Certificate Principal
      Balance of the Certificates; provided,
      however,
      that the
      percentage in clause (x) above shall be increased by one percent (1%) upon
      the
      retirement of each Class of the Class C-X and Class C-IO
      Certificates;

     

    (ii) with
      respect to any Class C-X or Class 3-IO Certificates, one percent (1%) of such
      Certificate’s Percentage Interest as calculated by paragraph (a)(ii) of this
      definition; and

     

    (iii) with
      respect to any Class PPP or Residual Certificate, zero.

     

    Permitted
      Transferee:
      With
      respect to the holding or ownership of any Residual Certificate, any Person
      other than (i) the United States, a State or any political subdivision thereof,
      or any agency or instrumentality of any of the foregoing, (ii) a foreign
      government, International Organization or any agency or instrumentality of
      either of the foregoing, (iii) an organization (except certain farmers’
cooperatives described in Code Section 521) which is exempt from the taxes
      imposed by Chapter 1 of the Code (unless such organization is subject to the
      tax
      imposed by Section 511 of the Code on unrelated business taxable income), (iv)
      rural electric and telephone cooperatives described in Code Section
      1381(a)(2)(C), (v) any
      “electing large partnership” as defined in Section 775(a) of the Code,
(vi)
      any
      Person from whom the Trustee has not received an affidavit to the effect that
      it
      is not a “disqualified organization” within the meaning of Section 860E(e)(5) of
      the Code, and (vii) any other Person so designated by the Company based upon
      an
      Opinion of Counsel that the transfer of an Ownership Interest in a Residual
      Certificate to such Person may cause REMIC I, REMIC II, REMIC III or REMIC
      IV to
      fail to qualify as a REMIC at any time that the Certificates are outstanding.
      The terms “United States,” “State” and “International Organization” shall have
      the meanings set forth in Code Section 7701 or successor provisions. A
      corporation shall not be treated as an instrumentality of the United States
      or
      of any State or political subdivision thereof if all of its activities are
      subject to tax, and, with the exception of the Freddie Mac, a majority of its
      board of directors is not selected by such governmental unit.

     

    Person:
      Any
      individual, corporation, limited liability company, partnership, joint venture,
      association, joint-stock company, trust, unincorporated organization, government
      or any agency or political subdivision thereof, or any other entity or
      organization, whether or not a legal entity.

     

    Prepaid
      Monthly Payment:
      Any
      Monthly Payment received prior to its scheduled Due Date, which is intended
      to
      be applied to a Mortgage Loan on its scheduled Due Date and held in the related
      Custodial Account for P&I until the Withdrawal Date following its scheduled
      Due Date.

     

    
      
        
        

      

      
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    Prepayment
      Premium:
      With
      respect to any Mortgage Loan, any fee or premium required to be paid by the
      Mortgagor if the Mortgagor voluntarily prepays such Mortgage Loan in full as
      provided in the related Mortgage Note or Mortgage, except for any such fee
      or
      premium required to be paid more than three years after origination
      thereof.

     

    Primary
      Insurance Policy:
      With
      respect to any Mortgage Loan, a primary policy of mortgage guaranty insurance,
      if any, on such Mortgage Loan (including any Special Primary Insurance
      Policy).

     

    Principal
      Balance:
      Except
      as used in Sections 2.08, 3.09 and 9.01 and except for purposes of the
      definition of Repurchase Price, at the time of any determination, the principal
      balance of a Mortgage Loan remaining to be paid at the close of business on
      the
      Cut-Off Date, after application of all scheduled principal payments due on
      or
      before the Cut-Off Date, whether or not received (or, in the case of a
      Substitute Mortgage Loan, its principal balance on its date of substitution,
      after deduction of all scheduled principal payments due on or before such date,
      whether or not received), reduced by all amounts distributed or (except when
      such determination occurs earlier in the month than the Distribution Date)
      to be
      distributed to Certificateholders through the Distribution Date in the month
      of
      determination that are reported as allocable to principal of such Mortgage
      Loan.

     

    For
      purposes of the definition of Repurchase Price and as used in Sections 2.08,
      3.09 and 9.01, at the time of any determination, the principal balance of a
      Mortgage Loan remaining to be paid at the close of business on the Cut-Off
      Date,
      after deduction of all scheduled principal payments due on or before the Cut-Off
      Date, whether or not received (or, in the case of a Substitute Mortgage Loan,
      its principal balance on its date of substitution, after deduction of all
      scheduled principal payments due on or before such date, whether or not
      received), reduced by all amounts distributed or to be distributed to
      Certificateholders (other than the price paid by the Servicer in connection
      with
      a purchase by the Servicer of the Mortgage Loans pursuant to Section 9.01)
      through the Distribution Date in the month of determination that are reported
      as
      allocable to principal of such Mortgage Loan. 

     

    The
      Principal Balance of a Mortgage Loan (including a Substitute Mortgage Loan)
      shall not be adjusted solely by reason of any bankruptcy or similar proceeding
      or any moratorium or similar waiver or grace period. Whenever a Realized Loss
      has been incurred with respect to a Mortgage Loan during a calendar month,
      the
      Principal Balance of such Mortgage Loan shall be reduced by the amount of such
      Realized Loss as of the Due Date next following the end of such calendar month.
      

     

    Principal
      Payment:
      Any
      payment of principal on a Mortgage Loan other than a Principal
      Prepayment.

     

    Principal
      Payment Amount:
      For any
      Distribution Date and for either of Loan Group 1 or Loan Group 2, the sum with
      respect to the Mortgage Loans in such Loan Group of (i) the scheduled principal
      payments (if any) on the Mortgage Loans due on the related Due Date, (ii) the
      principal portion of Repurchase Proceeds received during the Prior Period and
      (iii) any other unscheduled payments of principal which were received with
      respect to any Mortgage Loan during the Prior Period, other than Payoffs,
      Curtailments, Liquidation Principal and Subsequent Recoveries. 

     

    
      
        
        

      

      
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    Principal
      Prepayment:
      Any
      payment of principal on a Mortgage Loan which constitutes a Payoff or a
      Curtailment.

     

    Principal
      Prepayment Amount:
      For any
      Distribution Date and for either of Loan Group 1 or Loan Group 2, the sum with
      respect to the Mortgage Loans in such Loan Group of (i) Curtailments received
      during the Prior Period from such Mortgage Loans and (ii) Payoffs received
      during the Payoff Period from such Mortgage Loans.

     

    Principal
      Transfer Amount:
      For any
      Distribution Date for an Undercollateralized Group, the excess, if any, of
      the
      aggregate Class Principal Balance of the Class A Certificates related to such
      Undercollateralized Group over the aggregate Principal Balance of the Mortgage
      Loans in such Loan Group (less the applicable Class P Fraction thereof with
      respect to any Class P Mortgage Loans in such Loan Group), in each case
      immediately prior to such Distribution Date.

     

    Prior
      Period:
      With
      respect to any Distribution Date, the calendar month immediately preceding
      such
      Distribution Date.

     

    Prospectus:
      The
      Prospectus, dated January 6, 2006, and the Prospectus Supplement, dated April
      26, 2006, of the Company.

     

    Rating
      Agency:
      Initially, each of S&P and Moody’s, and thereafter, each nationally
      recognized statistical rating organization that has rated the Certificates
      at
      the request of the Company, or their respective successors in
      interest.

     

    Ratings:
      As of
      any date of determination, the ratings, if any, of the Certificates as assigned
      by the applicable Rating Agencies.

     

    Reacquired
      Mortgage Loan:
      A
      Mortgage Loan for which another Mortgage Loan is substituted pursuant to and
      in
      accordance with the provisions of Section 2.08.

     

    Realized
      Loss:
      For any
      Distribution Date, with respect to any Mortgage Loan that became a Liquidated
      Mortgage Loan during the related Prior Period, the sum of (A) the excess, if
      any, of (i) accrued and unpaid interest on such Mortgage Loan over (ii) the
      aggregate Insurance Proceeds and Liquidation Proceeds received with respect
      to
      such Mortgage Loan (the interest portion of such Realized Loss) and (B) the
      excess, if any, of (i) the sum of (a) the Principal Balance of such Mortgage
      Loan and (b) the aggregate amount of Monthly P&I Advances (other than
      advances of delinquent interest) and any other advances made hereunder by the
      Servicer with respect to such Mortgage Loan, to the extent not previously
      reimbursed, over (ii) the aggregate Insurance Proceeds and Liquidation Proceeds
      received with respect to such Mortgage Loan (the amount in this clause (B)(ii)
      reduced by the amount in clause (A)(i) above) (the principal portion of such
      Realized Loss); provided,
      however,
      that
      for purposes of allocating Realized Losses to the REMIC I Regular
      Interests and the Group
      1,
      Group 2, Class C-X and Group L-B Certificates pursuant to this definition of
      “Realized Loss,” the aggregate principal portion of Realized Losses for any
      Distribution Date for any of Loan Group 1 and Loan Group 2 shall be reduced
      by
      the Cumulative Carry-Forward Subsequent Recoveries Amount for such Distribution
      Date for such Loan Group. For any Distribution Date, with respect to any
      Mortgage Loan that is not a Liquidated Mortgage Loan, the amount of the
      Bankruptcy Loss for such Mortgage Loan and such Distribution Date.

     

    
      
        
        

      

      
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    Realized
      Losses on Group 1 and Group 2 Loans shall be allocated to the REMIC I Regular
      Interests as follows: (1) the interest portion of Realized Losses on
      Group 1 Loans, if any, shall be allocated, first,
      to
      the Class C-X-M Regular Interest in an amount equal to the amount of such losses
      allocated to the Class C-X Certificates pursuant to the fifth paragraph of
      this
      definition of “Realized Loss,” in reduction of the amount of interest accrued
      but unpaid thereon, and, second, the remainder of such Realized
      Losses shall
      be
      allocated between the Class C-Y-1 and Class C-Z-1 Regular Interests pro rata
      according to the amount of interest accrued but unpaid thereon, in reduction
      thereof; and
      (2) the
      interest portion of Realized Losses on Group 2 Loans, if any, shall be
      allocated, first,
      to
      the Class C-X-M Regular Interest in an amount equal to the amount of such losses
      allocated to the Class C-X Certificates pursuant to the fifth paragraph of
      this
      definition of “Realized Loss,” in reduction of the amount of interest accrued
      but unpaid thereon, and, second, the remainder of such losses shall be allocated
      between the Class C-Y-2 and Class C-Z-2 Regular Interests pro rata according
      to
      the amount of interest accrued but unpaid thereon, in reduction thereof.
Any
      interest portion of such Realized Losses in excess of the amount allocated
      pursuant to the preceding sentence shall be treated as a principal portion
      of
      Realized Losses not attributable to any specific Mortgage Loan in such Loan
      Group and allocated pursuant to the succeeding sentences. The applicable Class
      P
      Fraction of any principal portion of Realized Losses attributable to a Class
      P
      Mortgage Loan shall be allocated to the Class 1-P-M Regular Interest in
      reduction of the Class Principal Balance thereof. The remainder of the principal
      portion of Realized Losses with respect to Loan Group 1 and Loan Group 2 shall
      be allocated to the REMIC I Regular Interests as follows: (1) the principal
      portion of Realized Losses on Group 1 Loans shall be allocated, first, to the
      Class C-Y-1 Regular Interest to the extent of the Class C-Y-1 Principal
      Reduction Amount in reduction of the Class Principal Balance of such Regular
      Interest and, second, the remainder, if any, of such principal portion of such
      Realized Losses shall be allocated to the Class C-Z-1 Regular Interest in
      reduction of the Class Principal Balance thereof; and (2) the principal portion
      of Realized Losses on Group 2 Loans shall be allocated, first, to the Class
      C-Y-2 Regular Interest to the extent of the Class C-Y-2 Principal Reduction
      Amount in reduction of the Class Principal Balance of such Regular Interest
      and,
      second, the remainder, if any, of such principal portion of such Realized Losses
      shall be allocated to the Class C-Z-2 Regular Interest in reduction of the
      Class
      Principal Balance thereof.

     

    Realized
      Losses allocable
      to principal or allocable to interest on
      the
      Group 3 Loans shall be allocated among the REMIC II Regular Interests as
      follows: (a)
      first, to the Class LT-C Regular
      Interest, in
      an
      amount equal to the amount of such losses allocated to the Class 3-A-1-L Regular
      Interest pursuant to the sixth paragraph of this definition of “Realized Loss,”
in
      reduction of the Class
      LT-C Principal
      Balance, (b)
      second, to the Class LT-B Regular
      Interest, in reduction of the Class
      LT-B Principal
      Balance thereof, and (c)
      third, to the Class LT-A1, Class LT-A2, Class LT-A3, Class LT-A4, Class LT-A5,
      Class LT-A6, Class LT-A7, Class LT-A8, Class LT-A9, Class LT-A10, Class LT-A11,
      Class LT-A12, Class LT-A13 and Class LT-A14 Regular Interests,
      sequentially in that order, in reduction of the Class Principal Balance of
      each
      such Class.

     

    
      
        
        

      

      
        57

        
          

        

      

      
        
        

      

    

    Realized
      Losses allocable
      to principal or allocable to interest on
      the
      Group 3 Loans shall be allocated among the REMIC III Regular Interests as
      follows: (a)
      first, to the Class LT-C-III Regular Interest in an amount equal to the amount
      of such losses allocated to the Class 3-A-1-L Regular Interest pursuant to
      the
      sixth paragraph of this definition of “Realized Loss,” (b) second, to the Class
      LT2, Class LT3 and Class LT4 Regular
      Interests, pro rata according to the Principal Reduction Amount thereof, to
      the
      extent of such Principal Reduction Amount in reduction of the Class Principal
      Balance of such Regular Interest, (c)
      third, to the Class LT1 Regular
      Interest, in reduction of the Class Principal Balance thereof, and (d)
      fourth, to the Class LT2, Class LT3 and Class LT4 Regular
      Interests, pro rata according to the Class Principal Balance thereof remaining
      after the application of clause (b) above, in reduction thereof.

     

    Realized
      Losses on Mortgage Loans in Loan Group 1 and Loan Group 2 shall be allocated
      among the Group 1, Group 2, Class C-X and Group L-B Certificates (i) for
      Realized Losses allocable to principal (a) first, to the Class L-B-6
      Certificates, until the Class L-B-6 Principal Balance has been reduced to zero,
      (b) second, to the Class L-B-5 Certificates, until the Class L-B-5 Principal
      Balance has been reduced to zero, (c) third, to the Class L-B-4 Certificates,
      until the Class L-B-4 Principal Balance has been reduced to zero, (d) fourth,
      to
      the Class L-B-3 Certificates, until the Class L-B-3 Principal Balance has been
      reduced to zero, (e) fifth, to the Class L-B-2 Certificates, until the Class
      L-B-2 Principal Balance has been reduced to zero, (f) sixth, to the Class L-B-1
      Certificates, until the Class L-B-1 Principal Balance has been reduced to zero,
      and (g) seventh, to the Class A Certificates related to such Loan Group, pro
      rata according to the Class Principal Balances thereof, in reduction thereof;
      provided,
      however,
      that if
      a Realized Loss allocable to principal is recognized with respect to a Class
      P
      Mortgage Loan, the applicable Class P Fraction of such Realized Loss shall
      first
      be allocated to the Class 1-P Certificates and the remainder of such Realized
      Loss shall be allocated as set forth above in this clause (i); and (ii) for
      Realized Losses allocable to interest (a) first, to the Class L-B-6
      Certificates, in reduction of accrued but unpaid interest thereon and then
      in
      reduction of the Class L-B-6 Principal Balance, (b) second, to the Class L-B-5
      Certificates, in reduction of accrued but unpaid interest thereon and then
      in
      reduction of the Class L-B-5 Principal Balance, (c) third, to the Class L-B-4
      Certificates, in reduction of accrued but unpaid interest thereon and then
      in
      reduction of the Class L-B-4 Principal Balance, (d) fourth, to the Class L-B-3
      Certificates, in reduction of accrued but unpaid interest thereon and then
      in
      reduction of the Class L-B-3 Principal Balance, (e) fifth, to the Class L-B-2
      Certificates, in reduction of accrued but unpaid interest thereon and then
      in
      reduction of the Class L-B-2 Principal Balance, (f) sixth, to the Class L-B-1
      Certificates, in reduction of accrued but unpaid interest thereon and then
      in
      reduction of the Class L-B-1 Principal Balance, and (g) seventh, to the Class
      A
      Certificates related to such Loan Group, and the portion of the Class C-X
      Certificates that derives its interest from such Loan Group, pro rata according
      to accrued but unpaid interest on such Classes (or portions thereof), in
      reduction thereof, and then to those related Class A Certificates, pro rata
      according to the Class Principal Balances thereof, in reduction thereof;
provided,
      however,
      that (x)
      all Realized Losses allocable to principal that would otherwise be allocated
      to
      the Class 1-A-1 Certificates pursuant to clause (i) of this paragraph shall
      instead be allocated to the Class 1-A-2 Certificates, in reduction of the Class
      1-A-2 Principal Balance, and all Realized Losses allocable to interest that
      would otherwise be allocated to the Class 1-A-1 Certificates pursuant to clause
      (ii) of this paragraph shall instead be allocated to the Class 1-A-2
      Certificates, in reduction of accrued but unpaid interest thereon, and then
      in
      reduction of the Class 1-A-2 Principal Balance, and (y) all Realized Losses
      allocable to principal that would otherwise be allocated to the Class 2-A-1
      Certificates pursuant to clause (i) of this paragraph shall instead be allocated
      to the Class 2-A-2 Certificates, in reduction of the Class 2-A-2 Principal
      Balance, and all Realized Losses allocable to interest that would otherwise
      be
      allocated to the Class 2-A-1 Certificates pursuant to clause (ii) of this
      paragraph shall instead be allocated to the Class 2-A-2 Certificates, in
      reduction of accrued but unpaid interest thereon, and then in reduction of
      the
      Class 2-A-2 Principal Balance.

     

    
      
        
        

      

      
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    For
      any
      Distribution Date, the excess, if any, of Realized Losses allocable to principal
      or allocable to interest on Group 3 Loans over the Overcollateralization Amount
      for such Distribution Date (calculated for this purpose after giving effect
      to
      the distributions on such Distribution Date to the Group 3 Certificates, and
      after giving effect to the reduction of the principal balances of the Group
      3
      Loans as a result of such Realized Losses) (“Excess
      Losses”)
      shall
      be allocated among the Group 3-L Regular Interests (a) first, to the Class
      3-B-2-L Regular Interest, until the Class 3-B-2-L Principal Balance has been
      reduced to zero, (b) second, to the Class 3-B-1-L Regular Interest, until the
      Class 3-B-1-L Principal Balance has been reduced to zero, (c) third, to the
      Class 3-M-4-L Regular Interest, until the Class 3-M-4-L Principal Balance has
      been reduced to zero, (d) fourth, to the Class 3-M-3-L Regular Interest, until
      the Class 3-M-3 Principal Balance has been reduced to zero, (e) fifth, to the
      Class 3-M-2-L Regular Interest, until the Class 3-M-2-L Principal Balance has
      been reduced to zero, (f) sixth, to the Class 3-M-1-L Regular Interest, until
      the Class 3-M-1-L Principal Balance has been reduced to zero, and (g) seventh,
      to the Group 3-A-L Regular Interests, pro rata according to the Class Principal
      Balances thereof, in reduction thereof. 

     

    For
      any
      Distribution Date, any amounts distributed to the Class 1-P Certificates
      pursuant to clauses (I)(c)(i) and (I)(c)(ii) of the definition of “REMIC IV
      Distribution Amount” shall be allocated as a Realized Loss to the most junior
      Class (or Classes) of Class L-B Certificates, until the Class Principal Balance
      thereof has been reduced to zero.

     

    Realized
      Losses allocated to any Class of Group
      3-L
      Regular Interests pursuant to this definition of “Realized Loss” in
      reduction of the Class Principal Balance thereof shall also be allocated to
      the
      Corresponding Class in reduction of the Class Principal Balance thereof by
      the
      same amount.

     

    On
      each
      Distribution Date, after giving effect to the principal distributions and
      allocations of Realized Losses as provided in this Agreement (without regard
      to
      this paragraph), if the aggregate Class Principal Balance of all outstanding
      Classes of Group 1 and Group 2 Certificates and the Class R-1 Residual Interest
      (plus any Group 1 or Group 2 Cumulative Carry-Forward Subsequent Recoveries
      Amount for such Distribution Date) exceeds the aggregate principal balance
      of
      the Group 1 and Group 2 Loans remaining to be paid at the close of business
      on
      the Cut-Off Date, after deduction of (i) all principal payments due on or before
      the Cut-Off Date in respect of each such Mortgage Loan whether or not paid,
      and
      (ii) all amounts of principal in respect of each such Mortgage Loan that have
      been received or advanced and included in the REMIC IV Available Distribution
      Amount for Loan Group 1 and Loan Group 2 and all Realized Losses in respect
      of
      each such Mortgage Loan that have been allocated to the Group 1 and Group 2
      Certificates on such Distribution Date or prior Distribution Dates, then such
      excess will be deemed a Realized Loss allocable to principal and will be
      allocated to the most junior Class of Class L-B Certificates, in reduction
      of
      the Class Principal Balance thereof.

     

    
      
        
        

      

      
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    On
      each
      Distribution Date, after giving effect to the principal distributions and
      allocations of Realized Losses as provided in this Agreement (without regard
      to
      this paragraph), if the aggregate Class Principal Balance of all outstanding
      Classes of Group 3 Certificates (other than the Class 3-C Certificates) exceeds
      the aggregate principal balance of the Group 3 Loans remaining to be paid at
      the
      close of business on the Cut-Off Date, after deduction of (i) all principal
      payments due on or before the Cut-Off Date in respect of each such Mortgage
      Loan
      whether or not paid, and (ii) all amounts of principal in respect of each such
      Mortgage Loan that have been received or advanced and included in the REMIC
      IV
      Available Distribution Amount for Loan Group 3 and all Realized Losses in
      respect of each such Mortgage Loan that have been allocated to the Group 3
      Certificates on such Distribution Date or prior Distribution Dates, then such
      excess will be deemed a Realized Loss allocable to principal and will be
      allocated to the most junior Class of Group 3 Subordinate Certificates, in
      reduction of the Class Principal Balance thereof.

     

    Recognition
      Agreement:
      With
      respect to a Cooperative Loan, the recognition agreement between the Cooperative
      and the originator of such Cooperative Loan.

     

    Record
      Date:
      The
      last Business Day of the month immediately preceding the month of the related
      Distribution Date.

     

    Recording
      Documents:
      With
      respect to each Mortgage Loan, the original recorded Mortgage relating to such
      Mortgage Loan and any intervening assignment thereof required to be included
      in
      the Mortgage File with evidence of recording thereon (or a copy of such original
      Mortgage or intervening assignment certified by the applicable recording office)
      (which may be in electronic form).

     

    Reference
      Banks:
      As
      defined in Section 3.19(b).

     

    Regular
      Interests:
      (i)
      With respect to REMIC I, the REMIC I Regular Interests, (ii) with respect to
      REMIC II, the REMIC II Regular Interests, (iii) with respect to REMIC III,
      the
      REMIC III Regular Interests and (iv) with respect to REMIC IV, the REMIC IV
      Regular Interests.

     

    Regulation
      AB:
      Subpart
      229.1100 - Asset Backed Securities (Regulation AB), 17 C.F.R.
§§229.1100-229.1123, as such may be amended from time to time.

     

    Relief
      Act Shortfall:
      With
      respect to a Loan Group, for any Distribution Date for any Mortgage Loan in
      such
      Loan Group with respect to which the Servicemembers Civil Relief Act, as
      amended, formerly known as the Soldiers’ and Sailors’ Civil Relief Act of 1940,
      or any comparable state legislation (collectively, the “Relief
      Act”),
      limits the amount of interest payable by the related Mortgagor, an amount equal
      to one month’s interest on such Mortgage Loan at an annual interest rate equal
      to the excess, if any, of (i) the annual interest rate otherwise payable by
      the
      Mortgagor on the related Due Date under the terms of the related Mortgage Note
      over (ii) the annual interest rate payable by the Mortgagor on the related
      Due
      Date by application of the Relief Act.

     

    REMIC:
      A real
      estate mortgage investment conduit, as such term is defined in the
      Code.

     

    
      
        
        

      

      
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    REMIC
      Provisions:
      Sections 860A through 860G of the Code, and the related Code provisions and
      regulations promulgated thereunder, as the foregoing may be in effect from
      time
      to time.

     

    REMIC
      I:
      The
      segregated pool of assets of the Trust consisting of the REMIC I
      Assets.

     

    REMIC
      I Assets:
      All of
      the Mortgage Pool Assets to the extent related to the Group 1 and Group 2 Loans,
      other than the Assigned Group 1 and Group 2 Prepayment Premiums and the Class
      C-PPP Reserve Fund.

     

    REMIC
      I Available Distribution Amount:
      For
      each of Loan Group 1 Loan Group 2 and for any Distribution Date, the sum of
      the
      following amounts with respect to the Mortgage Loans in such Loan
      Group:

     

    (1) the
      total
      amount of all cash received by or on behalf of the Servicer with respect to
      the
      Mortgage Loans by the Determination Date for such Distribution Date and not
      previously distributed, including Liquidation Proceeds, Insurance Proceeds
      and
      scheduled amounts of distributions from Buydown Funds respecting Buydown Loans,
      if any, except:

     

    (a) all
      scheduled payments of principal and interest collected but due subsequent to
      such Distribution Date;

     

    (b) all
      Curtailments received after the Prior Period;

     

    (c) all
      Payoffs received after the Payoff Period immediately preceding such Distribution
      Date (together with any interest payment received with such Payoffs to the
      extent that it represents the payment of interest accrued on the Mortgage Loans
      for the period subsequent to the Prior Period), and interest which was accrued
      and received on Payoffs received during the period from the 1st to the 14th
      day
      of the month of such Distribution Date, which interest shall not be included
      in
      the calculation of the REMIC I Available Distribution Amount for any
      Distribution Date;

     

    (d) Insurance
      Proceeds, Liquidation Proceeds and Subsequent Recoveries received on the
      Mortgage Loans after the Prior Period;

     

    (e) all
      amounts payable to the Servicer in reimbursement for advances made by the
      Servicer pursuant to this Agreement;

     

    (f) the
      Servicing Fee for each Mortgage Loan, and any Special Primary Insurance Premium
      payable on such Distribution Date with respect to such Mortgage
      Loan;

     

    (g) all
      prepayment penalties, late charges, non-sufficient funds fees and other fees
      and
      charges collected on the Mortgage Loans; and

     

    (h) Excess
      Liquidation Proceeds;

     

    
      
        
        

      

      
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    (2) the
      sum,
      to the extent not previously distributed, of the following amounts, to the
      extent advanced or received, as applicable, by the Servicer:

     

    (a) any
      Monthly P&I Advance with respect to such Distribution Date; and

     

    (b) Compensating
      Interest for such Distribution Date; and

     

    (3) Repurchase
      Proceeds received during the Prior Period.

     

    REMIC
      I Distribution Amount:
      For any
      Distribution Date, the REMIC I Available Distribution Amount shall be
      distributed to the REMIC I Regular Interests and the Class R-1 Residual Interest
      in the following amounts and priority:

     

    (a) To
      the
      extent of the REMIC I Available Distribution Amount for Loan Group
      1:

     

    (i) first,
      to
      the Class 1-P-M Regular Interest, the aggregate for all of the Class 1-P
      Mortgage Loans of the product for each Class 1-P Mortgage Loan of the applicable
      Class 1-P Fraction and the sum of (x) scheduled payments of principal on such
      Class 1-P Mortgage Loan due on or before the related Due Date in respect of
      which no distribution has been made on any previous Distribution Date and which
      were received by the Determination Date, or which have been advanced as part
      of
      a Monthly P&I Advance with respect to such Distribution Date, (y) the
      principal portion received in respect of such Class 1-P Mortgage Loan during
      the
      Prior Period of (1) Curtailments, (2) Insurance Proceeds, (3) Repurchase
      Proceeds and (4) Liquidation Proceeds and (z) the principal portion of Payoffs
      received in respect of such Class 1-P Mortgage Loan during the Payoff
      Period; 

     

    (ii) second,
      to the Class C-X-M, Class C-Y-1 and Class C-Z-1 Regular Interests, concurrently,
      the sum of (x) the Interest Distribution Amounts for the Class C-Y-1 and Class
      C-Z-1 Regular Interests and (y) the portion of the Interest Distribution Amount
      for the Class C-X-M Regular Interest derived from the Group 1 Loans, in each
      case remaining unpaid from previous Distribution Dates, pro rata according
      to
      their respective shares of such unpaid amounts;

     

    (iii) third,
      to
      the Class C-X-M, Class C-Y-1 and Class C-Z-1 Regular Interests, concurrently,
      the sum of (x) the Interest Distribution Amounts for the Class C-Y-1 and Class
      C-Z-1 Regular Interests and (y) the portion of the Interest Distribution Amount
      for the Class C-X-M Regular Interest derived from the Group 1 Loans, in each
      case for the current Distribution Date, pro rata according to their respective
      Interest Distribution Amounts (or portion thereof, as applicable);

     

    (iv) fourth,
      to the Class R-1 Residual Interest, until the Class Principal Balance thereof
      has been reduced to zero; and

     

    (v) fifth,
      to
      the Class C-Y-1 and Class C-Z-1 Regular Interests, the Class C-Y-1 Principal
      Distribution Amount and the Class C-Z-1 Principal Distribution Amount,
      respectively.

     

    
      
        
        

      

      
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    (b) To
      the
      extent of the REMIC I Available Distribution Amount for Loan Group
      2:

     

    (i) first,
      to
      the Class C-X-M, Class C-Y-2 and Class C-Z-2 Regular Interests, concurrently,
      the sum of (x) the Interest Distribution Amounts for the Class C-Y-2 and Class
      C-Z-2 Regular Interests and (y) the portion of the Interest Distribution Amount
      for the Class C-X-M Regular Interest derived from the Group 2 Loans, in each
      case remaining unpaid from previous Distribution Dates, pro rata according
      to
      their respective shares of such unpaid amounts;

     

    (ii) second,
      to the Class C-X-M, Class C-Y-2 and Class C-Z-2 Regular Interests, concurrently,
      the sum of (x) the Interest Distribution Amounts for the Class C-Y-2 and Class
      C-Z-3 Regular Interests and (y) the portion of the Interest Distribution Amount
      for the Class C-X-M Regular Interest derived from the Group 2 Loans, in each
      case for the current Distribution Date, pro rata according to their respective
      Interest Distribution Amounts (or portion thereof, as applicable);
      and

     

    (iii) third,
      to
      the Class C-Y-2 and Class C-Z-2 Regular Interests, the Class C-Y-2 Principal
      Distribution Amount and the Class C-Z-2 Principal Distribution Amount,
      respectively.

     

    (c) To
      the
      extent of the REMIC I Available Distribution Amounts for Loan Group 1 and Loan
      Group 2 for such Distribution Date remaining after payment of the amounts
      pursuant to paragraphs (a) and (b) of this definition of “REMIC I Distribution
      Amount”:

     

    (i) first,
      to
      the Class 1-P-M Regular Interest, the aggregate amount of any distributions
      to
      the Class 1-P Certificates pursuant to paragraphs (I)(c)(i) and (I)(c)(ii)
      of
      the definition of “REMIC IV Distribution Amount” on such Distribution Date;
provided,
      however,
      that any
      amounts distributed pursuant to this paragraph (c)(i) of this definition of
      “REMIC I Distribution Amount” shall not cause a reduction in the Class Principal
      Balance of the Class 1-P-M Regular Interest;

     

    (ii) second,
      to each Class of Class C-Y and Class C-Z Regular Interests, pro rata according
      to the amount of unreimbursed Realized Losses allocable to principal previously
      allocated to each such Class, the aggregate amount of any distributions to
      the
      Group 1 and Group 2 Certificates pursuant to paragraph (I)(c)(xxi), (II)(a)(vi)
      or (II)(b)(v) of the definition of “REMIC IV Distribution Amount” on such
      Distribution Date; provided,
      however,
      that any
      amounts distributed pursuant to this paragraph (c)(ii) of this definition of
      “REMIC I Distribution Amount” shall not cause a reduction in the Class Principal
      Balances of any of the Class C-Y and Class C-Z Regular Interests;
      and

     

    (iii) third,
      to
      the Class R-1 Residual Interest, the Residual Distribution Amount for the Class
      R-1 Residual Interest for such Distribution Date.

     

    REMIC
      I Regular Interests:
      The
      Classes of undivided beneficial interests in REMIC I designated as “regular
      interests” in the table titled “REMIC I Interests” in the Preliminary Statement
      hereto. 

     

    REMIC
      II:
      The
      segregated pool of assets of the Trust consisting of the REMIC II
      Assets.

     

    
      
        
        

      

      
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    REMIC
      II Assets:
      All of
      the Mortgage Pool Assets to the extent related to the Group 3 Loans, other
      than
      the Assigned Group 3 Prepayment Premiums and the Class 3-PPP Reserve
      Fund.

     

    REMIC
      II Available Distribution Amount:
      For any
      Distribution Date, the sum of the following amounts with respect to the Mortgage
      Loans in Loan Group 3:

     

    (1) the
      total
      amount of all cash received by or on behalf of the Servicer with respect to
      the
      Mortgage Loans by the Determination Date for such Distribution Date and not
      previously distributed, including Liquidation Proceeds, Insurance Proceeds
      and
      scheduled amounts of distributions from Buydown Funds respecting Buydown Loans,
      if any, except:

     

    (a) all
      scheduled payments of principal and interest collected but due subsequent to
      such Distribution Date;

     

    (b) all
      Curtailments received after the Prior Period;

     

    (c) all
      Payoffs received after the Payoff Period immediately preceding such Distribution
      Date (together with any interest payment received with such Payoffs to the
      extent that it represents the payment of interest accrued on the Mortgage Loans
      for the period subsequent to the Prior Period), and interest which was accrued
      and received on Payoffs received during the period from the 1st to the 14th
      day
      of the month of such Distribution Date, which interest shall not be included
      in
      the calculation of the REMIC I Available Distribution Amount for any
      Distribution Date;

     

    (d) Insurance
      Proceeds, Liquidation Proceeds and Subsequent Recoveries received on the
      Mortgage Loans after the Prior Period;

     

    (e) all
      amounts payable to the Servicer in reimbursement for advances made by the
      Servicer pursuant to this Agreement;

     

    (f) the
      Servicing Fee for each Mortgage Loan, and any Special Primary Insurance Premium
      payable on such Distribution Date with respect to such Mortgage
      Loan;

     

    (g) all
      prepayment penalties, late charges, non-sufficient funds fees and other fees
      and
      charges collected on the Mortgage Loans; and

     

    (h) Excess
      Liquidation Proceeds;

     

    (2) the
      sum,
      to the extent not previously distributed, of the following amounts, to the
      extent advanced or received, as applicable, by the Servicer:

     

    (a) any
      Monthly P&I Advance with respect to such Distribution Date; and

     

    (b) Compensating
      Interest for such Distribution Date; and

     

    (3) Repurchase
      Proceeds received during the Prior Period.

     

    
      
        
        

      

      
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    REMIC
      II Distribution Amount:
      For any
      Distribution Date, the REMIC II Available Distribution Amount shall be
      distributed to the REMIC II Regular Interests and the Class R-2 Residual
      Interest in the following amounts and priority, to the extent of the REMIC
      II
      Available Distribution Amount for such Distribution Date: 

     

    (i) first,
      to
      the REMIC II Regular Interests, concurrently, the Interest Distribution Amounts
      for such Classes remaining unpaid from previous Distribution Dates, pro rata
      according to their respective shares of such unpaid amounts;

     

    (ii) second,
      to the REMIC II Regular Interests, concurrently, the Interest Distribution
      Amounts for such Classes for the current Distribution Date, pro rata according
      to their respective Interest Distribution Amounts;

     

    (iii) third,
      to
      the REMIC II Regular Interests, as principal, the REMIC II Principal
      Distribution Amount, sequentially as follows:

     

    (a) first,
      to
      the Class LT-C Regular Interest, the amount distributed as principal to the
      Class 3-A-1-L Regular Interest on such Distribution Date pursuant to paragraph
      (III) of the definition of “REMIC IV Distribution Amount,” until the Class LT-C
      Principal Balance has been reduced to zero; 

     

    (b) second,
      to the Class LT-B Regular Interest, until the Class LT-B Principal Balance
      has
      been reduced to zero;

     

    (c) third,
      to
      the Class LT-A1 Regular Interest, until the Class LT-A1 Principal Balance has
      been reduced to zero;

     

    (d) fourth,
      to the Class LT-A2 Regular Interest, until the Class LT-A2 Principal Balance
      has
      been reduced to zero;

     

    (e) fifth,
      to
      the Class LT-A3 Regular Interest, until the Class LT-A3 Principal Balance has
      been reduced to zero;

     

    (f) sixth,
      to
      the Class LT-A4 Regular Interest, until the Class LT-A4 Principal Balance has
      been reduced to zero;

     

    (g) seventh,
      to the Class LT-A5 Regular Interest, until the Class LT-A5 Principal Balance
      has
      been reduced to zero;

     

    (h) eighth,
      to the Class LT-A6 Regular Interest, until the Class LT-A6 Principal Balance
      has
      been reduced to zero;

     

    (i) ninth,
      to
      the Class LT-A7 Regular Interest, until the Class LT-A7 Principal Balance has
      been reduced to zero;

     

    (j) tenth,
      to
      the Class LT-A8 Regular Interest, until the Class LT-A8 Principal Balance has
      been reduced to zero;

     

    
      
        
        

      

      
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    (k) eleventh,
      to the Class LT-A9 Regular Interest, until the Class LT-A9 Principal Balance
      has
      been reduced to zero;

     

    (l) twelfth,
      to the Class LT-A10 Regular Interest, until the Class LT-A10 Principal Balance
      has been reduced to zero;

     

    (m) thirteenth,
      to the Class LT-A11 Regular Interest, until the Class LT-A11 Principal Balance
      has been reduced to zero;

     

    (n) fourteenth,
      to the Class LT-A12 Regular Interest, until the Class LT-A12 Principal Balance
      has been reduced to zero;

     

    (o) fifteenth,
      to the Class LT-A13 Regular Interest, until the Class LT-A13 Principal Balance
      has been reduced to zero; and

     

    (p) sixteenth,
      to the Class LT-A14 Regular Interest, until the Class LT-A14 Principal Balance
      has been reduced to zero; 

     

    (iv) fourth,
      to the REMIC II Regular Interests, pro rata, the remaining portion, if any,
      of
      the REMIC II Available Distribution Amount, up to the amount of unreimbursed
      Realized Losses previously allocated or to be allocated on such Distribution
      Date to such Class, if any; provided,
      however,
      that any
      amounts distributed pursuant to this paragraph (iv) of this definition of “REMIC
      II Distribution Amount” shall not cause a reduction in the Class Principal
      Balances of any of the REMIC II Regular Interests; and

     

    (v) fifth,
      to
      the Class R-2 Residual Interest, the Residual Distribution Amount for the Class
      R-2 Residual Interest for such Distribution Date.

     

    REMIC
      II Principal Distribution Amount:
      For any
      Distribution Date, the Group 3 Principal Remittance Amount for such Distribution
      Date reduced by any Subsequent Recoveries for Loan Group 3 for such Distribution
      Date.

     

    REMIC
      II Regular Interests:
      The
      Classes of undivided beneficial interests in REMIC II designated as “regular
      interests” in the table titled “REMIC II Interests” in the Preliminary Statement
      hereto. 

     

    REMIC
      III:
      The
      segregated pool of assets of the Trust consisting of the REMIC III
      Assets.

     

    REMIC
      III Assets:
      The
      REMIC II Regular Interests.

     

    REMIC
      III Available Distribution Amount:
      For any
      Distribution Date, the aggregate of all distributions to the REMIC II Regular
      Interests.

     

    REMIC
      III Distribution Amount:
      For any
      Distribution Date, the REMIC III Available Distribution Amount shall be
      distributed to the REMIC III Regular Interests and the Class R-3 Residual
      Interest in the following amounts and priority, to the extent of the REMIC
      III
      Available Distribution Amount for such Distribution Date:

     

    
      
        
        

      

      
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    (i) first,
      to
      the Class LT1, Class LT2, Class LT4, Class LT-C-III and Class LT-IO
      Regular
      Interests,
      concurrently, the sum of the Interest Distribution Amounts for such Classes
      remaining unpaid from previous Distribution Dates, pro rata according to their
      respective shares of such unpaid amounts;

     

    (ii) second,
      to the Class LT1, Class LT2, Class LT4, Class LT-C-III and Class
      LT-IO Regular
      Interests, concurrently, the sum of the Interest Distribution Amounts for such
      Classes for the current Distribution Date, pro rata according to their
      respective Interest Distribution Amounts; and

     

    (iii) third,
      to
      the REMIC III Regular Interests, as principal, the REMIC III Principal
      Distribution Amount, sequentially as follows:

     

    (a) first,
      to
      the Class LT2, Class LT3, Class LT4 and Class LT-C-III Regular Interests, the
      Class LT2 Principal Distribution Amount, the Class LT3 Principal Distribution
      Amount, the Class LT4 Principal Distribution Amount and the Class LT-C-III
      Principal Distribution Amount, respectively;

     

    (b) second,
      to the Class LT1 Regular Interest, until its Class Principal Balances has been
      reduced to zero; and

     

    (c) third,
      to
      the Class LT2, Class LT3 and Class LT4 Regular Interests, pro rata according
      to
      Class Principal Balance (as reduced by the distributions made pursuant to clause
      (a) above), until their respective Class Principal Balances have been reduced
      to
      zero;

     

    (iv) fourth,
      to the Class LT1, Class LT2, Class LT3, Class LT4 and Class LT-C-III Regular
      Interests, pro rata, the remaining portion, if any, of the REMIC III Available
      Distribution Amount, up to the amount of unreimbursed Realized Losses previously
      allocated or to be allocated on such Distribution Date to such Class, if any;
      provided,
      however,
      that any
      amounts distributed pursuant to this paragraph (iv) of this definition of “REMIC
      III Distribution Amount” shall not cause a reduction in the Class Principal
      Balances of any of the REMIC III Regular Interests; and

     

    (v) fifth,
      to
      the Class R-3 Residual Interest, the Residual Distribution Amount for the Class
      R-3 Residual Interest for such Distribution Date.

     

    REMIC
      III Principal Distribution Amount:
      For any
      Distribution Date, the Group 3 Principal Remittance Amount for such Distribution
      Date reduced by any Subsequent Recoveries for Loan Group 3 for such Distribution
      Date.

     

    REMIC
      IV:
      The
      segregated pool of assets of the Trust consisting of the REMIC IV
      Assets.

     

    REMIC
      IV Assets:
      The
      REMIC I and REMIC III Regular Interests.

     

    
      
        
        

      

      
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    REMIC
      IV Available Distribution Amount:
      For the
      Group 1 Certificates, on any Distribution Date, the aggregate of all
      distributions to the Class 1-P-M, Class C-Y-1 and Class C-Z-1 Regular Interests
      and the portion attributable to Group 1 Loans of all distributions to the Class
      C-X-M Regular Interest (which amount shall be available for distributions to
      the
      Group 1 and Group L-B Certificates and the Class R-4 Residual Interest as
      provided herein). For the Group 2 Certificates, on any Distribution Date, the
      aggregate of all distributions to the Class C-Y-2 and Class C-Z-2 Regular
      Interests and the portion attributable to Group 2 Loans of all distributions
      to
      the Class C-X-M Regular Interest (which amount shall be available for
      distributions to the Group 2 and Class L-B Certificates and the Class R-4
      Residual Interest as provided herein). For the Group 3-L Regular Interests,
      on
      any Distribution Date, the aggregate of all distributions to the REMIC III
      Regular Interests (which amount shall be available for distributions to the
      Group 3-L Regular Interests and the Class R-4 Residual Interest as provided
      herein). 

     

    REMIC
      IV Distribution Amount:
      (I) For
      any Distribution Date prior to the Group 1 and Group 2 Credit Support Depletion
      Date, the REMIC IV Available Distribution Amounts for the Group 1 and
      Group 2 Certificates for such Distribution Date shall be distributed to the
      Group 1, Group 2 and Group L-B Certificates and the Class R-4 Residual Interest
      in the following amounts and priority:

     

    (a) With
      respect to the Group 1 and Class C-X Certificates, on any Distribution Date
      prior to the Group 1 and Group 2 Credit Support Depletion Date, to the extent
      of
      the REMIC IV Available Distribution Amount for the Group 1 Certificates for
      such Distribution Date:

     

    (i) first,
      to
      the Class 1-P Certificates, the aggregate for all Class 1-P Mortgage Loans
      of
      the product for each Class 1-P Mortgage Loan of the applicable Class 1-P
      Fraction and the sum of (x) scheduled payments of principal on such Class 1-P
      Mortgage Loan due on or before the related Due Date in respect of which no
      distribution has been made on any previous Distribution Date and which were
      received by the Determination Date, or which have been advanced as part of
      a
      Monthly P&I Advance with respect to such Distribution Date, (y) the
      principal portion received in respect of such Class 1-P Mortgage Loan during
      the
      Prior Period of (1) Curtailments, (2) Insurance Proceeds, (3) Repurchase
      Proceeds and (4) Liquidation Proceeds and (z) the principal portion of Payoffs
      received in respect of such Class 1-P Mortgage Loan during the Payoff
      Period;

     

    (ii) second,
      to the Group 1-A and Class C-X Certificates, concurrently, the sum of (x) the
      Interest Distribution Amounts for the Group 1-A Certificates and (y) the portion
      of the Interest Distribution Amount for the Class C-X Certificates derived
      from
      the Group 1 Loans, in each case remaining unpaid from previous Distribution
      Dates, pro rata according to their respective shares of such unpaid
      amounts;

     

    (iii) third,
      to
      the Group 1-A and Class C-X Certificates, concurrently, the sum of (x) the
      Interest Distribution Amounts for the Group 1-A Certificates and (y) the portion
      of the Interest Distribution Amount for the Class C-X Certificates derived
      from
      the Group 1 Loans, in each case for the current Distribution Date, pro rata
      according to their respective Interest Distribution Amounts or portions thereof;
      and

     

    
      
        
        

      

      
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    (iv) fourth,
      to the Group 1-A Certificates, pro rata according to Class Principal Balance,
      as
      principal, the Group 1 Senior Principal Distribution Amount (reduced by $100
      for
      the first Distribution Date), until the aggregate Class Principal Balance of
      the
      Group 1-A Certificates has been reduced to zero;

     

    (b) With
      respect to the Group 2 and Class C-X Certificates, on any Distribution Date
      prior to the Group 1 and Group 2 Credit Support Depletion Date, to the extent
      of
      the REMIC IV Available Distribution Amount for the Group 2 Certificates for
      such Distribution Date:

     

    (i)
       first,
      to
      the Group 2-A and Class C-X Certificates, concurrently, the sum of (x) the
      Interest Distribution Amounts for the Group 2-A Certificates and (y) the portion
      of the Interest Distribution Amount for the Class C-X Certificates derived
      from
      the Group 2 Loans, in each case remaining unpaid from previous Distribution
      Dates, pro rata according to their respective shares of such unpaid
      amounts;

     

    (ii) second,
      to the Group 2-A and Class C-X Certificates, concurrently, the sum of (x) the
      Interest Distribution Amounts for the Group 2-A Certificates and (y) the portion
      of the Interest Distribution Amount for the Class C-X Certificates derived
      from
      the Group 2 Loans, in each case for the current Distribution Date, pro rata
      according to their respective Interest Distribution Amounts or portions thereof;
      and

     

    (iii) third,
      to
      the Group 2-A Certificates, pro rata according to Class Principal Balance,
      as
      principal, the Group 2 Senior Principal Distribution Amount, until the aggregate
      Class Principal Balance of the Group 2-A Certificates has been reduced to zero;
      and

     

    (c) With
      respect to the Group 1, Group 2, Class C-X and Group L-B Certificates and the
      Class R-4 Residual Interest, on any Distribution Date prior to the Group 1
      and
      Group 2 Credit Support Depletion Date, to the extent of the REMIC IV Available
      Distribution Amounts for the Group 1 and Group 2 Certificates for such
      Distribution Date remaining after the payment of the amounts pursuant to
      paragraphs (I)(a) and (I)(b) of this definition of “REMIC IV Distribution
      Amount”:

     

    (i) first,
      to
      the Class 1-P Certificates, to the extent of amounts otherwise available to
      pay
      the Group L-B Subordinate Principal Distribution Amount (without regard to
      clause (B)(x) of the definition thereof) on such Distribution Date and to the
      extent not paid to such Class on previous Distribution Dates pursuant to clause
      (I)(c)(ii) of this definition of “REMIC IV Distribution Amount,” principal in an
      amount equal to the Class 1-P Fraction of any Realized Loss on a Class 1-P
      Mortgage Loan incurred prior to the Prior Period;

     

    (ii) second,
      to the Class 1-P Certificates, to the extent of amounts otherwise available
      to
      pay the Group L-B Subordinate Principal Distribution Amount (without regard
      to
      clause (B)(x) of the definition thereof) on such Distribution Date, principal
      in
      an amount equal to the Class 1-P Fraction of any loss on a Class 1-P Mortgage
      Loan incurred in the Prior Period; provided,
      that
      any amounts distributed in respect of losses pursuant to paragraph (I)(c)(i)
      or
      this paragraph (I)(c)(ii) of this definition of “REMIC IV Distribution Amount”
shall not cause a reduction in the Class 1-P Principal Balance;

     

    
      
        
        

      

      
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    (iii) third,
      to
      the Class L-B-1 Certificates, the Interest Distribution Amount for such Class
      of
      Certificates remaining unpaid from previous Distribution Dates;

     

    (iv) fourth,
      to the Class L-B-1 Certificates, the Interest Distribution Amount for such
      Class
      of Certificates for the current Distribution Date;

     

    (v) fifth,
      to
      the Class L-B-1 Certificates, the portion of the Group L-B Subordinate Principal
      Distribution Amount allocable to such Class of Certificates pursuant to the
      definition of “Group L-B Subordinate Principal Distribution Amount,” until the
      Class L-B-1 Principal Balance has been reduced to zero;

     

    (vi) sixth,
      to
      the Class L-B-2 Certificates, the Interest Distribution Amount for such Class
      of
      Certificates remaining unpaid from previous Distribution Dates;

     

    (vii) seventh,
      to the Class L-B-2 Certificates, the Interest Distribution Amount for such
      Class
      of Certificates for the current Distribution Date;

     

    (viii) eighth,
      to the Class L-B-2 Certificates, the portion of the Group L-B Subordinate
      Principal Distribution Amount allocable to such Class of Certificates pursuant
      to the definition of “Group L-B Subordinate Principal Distribution Amount,”
until the Class L-B-2 Principal Balance has been reduced to zero;

     

    (ix) ninth,
      to
      the Class L-B-3 Certificates, the Interest Distribution Amount for such Class
      of
      Certificates remaining unpaid from previous Distribution Dates;

     

    (x) tenth,
      to
      the Class L-B-3 Certificates, the Interest Distribution Amount for such Class
      of
      Certificates for the current Distribution Date;

     

    (xi) eleventh,
      to the Class L-B-3 Certificates, the portion of the Group L-B Subordinate
      Principal Distribution Amount allocable to such Class of Certificates pursuant
      to the definition of “Group L-B Subordinate Principal Distribution Amount,”
until the Class L-B-3 Principal Balance has been reduced to zero;

     

    (xii) twelfth,
      to the Class L-B-4 Certificates, the Interest Distribution Amount for such
      Class
      of Certificates remaining unpaid from previous Distribution Dates;

     

    (xiii) thirteenth,
      to the Class L-B-4 Certificates, the Interest Distribution Amount for such
      Class
      of Certificates for the current Distribution Date;

     

    (xiv) fourteenth,
      to the Class L-B-4 Certificates, the portion of the Group L-B Subordinate
      Principal Distribution Amount allocable to such Class of Certificates pursuant
      to the definition of “Group L-B Subordinate Principal Distribution Amount,”
until the Class L-B-4 Principal Balance has been reduced to zero;

     

    
      
        
        

      

      
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    (xv) fifteenth,
      to the Class L-B-5 Certificates, the Interest Distribution Amount for such
      Class
      of Certificates remaining unpaid from previous Distribution Dates;

     

    (xvi) sixteenth,
      to the Class L-B-5 Certificates, the Interest Distribution Amount for such
      Class
      of Certificates for the current Distribution Date;

     

    (xvii) seventeenth,
      to the Class L-B-5 Certificates, the portion of the Group L-B Subordinate
      Principal Distribution Amount allocable to such Class of Certificates pursuant
      to the definition of “Group L-B Subordinate Principal Distribution Amount,”
until the Class L-B-5 Principal Balance has been reduced to zero;

     

    (xviii) eighteenth,
      to the Class L-B-6 Certificates, the Interest Distribution Amount for such
      Class
      of Certificates remaining unpaid from previous Distribution Dates;

     

    (xix) nineteenth,
      to the Class L-B-6 Certificates, the Interest Distribution Amount for such
      Class
      of Certificates for the current Distribution Date;

     

    (xx) twentieth,
      to the Class L-B-6 Certificates, the portion of the Group L-B Subordinate
      Principal Distribution Amount allocable to such Class of Certificates pursuant
      to the definition of “Group L-B Subordinate Principal Distribution Amount,”
until the Class L-B-6 Principal Balance has been reduced to zero;

     

    (xxi) twenty-first,
      to the Classes of Group L-B Certificates in order of seniority (which, from
      highest to lowest, shall be as follows: Class L-B-1, Class L-B-2, Class L-B-3,
      Class L-B-4, Class L-B-5 and Class L-B-6) the remaining portion, if any, of
      the
      REMIC IV Available Distribution Amounts for the Group 1 and Group 2
      Certificates, up to the amount of unreimbursed Realized Losses allocable to
      principal previously allocated or to be allocated on such Distribution Date
      to
      such Class, if any; provided,
      however,
      that any
      amounts distributed pursuant to this paragraph (I)(c)(xxi) of this definition
      of
“REMIC IV Distribution Amount” shall not cause a reduction in the Class
      Principal Balances of any of the Group L-B Certificates; and

     

    (xxii) twenty-second
      to the Class R-4 Residual Interest, the Residual Distribution Amounts for the
      Group 1 and Group 2 Certificates for such Distribution
      Date.

     

    Notwithstanding
      the foregoing paragraph (I)(c) of this definition of “REMIC IV Distribution
      Amount,” 

     

    (X) on
      any
      Distribution Date on which both of the following conditions specified in clauses
      (1) and (2) are met:

     

    (1)
       the
      aggregate Class Principal Balance of any of the Group 1-A Certificates or the
      Group 2-A Certificates has been reduced to zero, and

     

    (2)
       either
      (a) the Group L-B Percentage for such Distribution Date is less than 200% of
      the
      Group L-B Percentage as of the Closing Date or (b) the outstanding principal
      balance of the Mortgage Loans in any of Loan Group 1 or Loan Group 2 delinquent
      60 days or more averaged over the last six months (including Mortgage Loans
      in
      foreclosure and Mortgage Loans the Mortgaged Property of which is held by REMIC
      I and acquired by foreclosure or deed in lieu of foreclosure), as a percentage
      of the related Subordinate Component Balance, is greater than or equal to
      50%,

     

    
      
        
        

      

      
        71

        
          

        

      

      
        
        

      

    

    all
      principal received or advanced with respect to the Mortgage Loans in the Loan
      Group related to the Class A Certificates that have been paid in full (after
      distributions of principal to the Class 1-P Certificates pursuant to paragraph
      (I)(a)(i), (I)(c)(i) and (I)(c)(ii) above, if applicable) shall be paid as
      principal to the remaining Class A Certificates of such other Certificate Group,
      pro rata, to the extent of and in reduction of the Class Principal Balances
      thereof, prior to any distributions of principal to the Group L-B Certificates
      pursuant to paragraph (I)(c) above, and

     

    (Y) if
      on any
      Distribution Date any of Loan Group 1 or Loan Group 2 is an Undercollateralized
      Group and the other such Loan Group is an Overcollateralized Group, then the
      REMIC IV Available Distribution Amount for the Certificate Group related to
      the
      Overcollateralized Group, to the extent remaining following distributions of
      interest and principal to the Group 1 and Group 2 Certificates pursuant to
      paragraph (I)(a) or (I)(b) above, as applicable, shall be paid in the following
      priority: (1) first, such remaining amount, up to the Total Transfer Amount
      for
      such Undercollateralized Group, shall be distributed (a) first, to the Class
      A
      Certificates related to such Undercollateralized Group, in payment of any
      portion of the Interest Distribution Amounts for such Classes of Certificates
      remaining unpaid from such Distribution Date or previous Distribution Dates,
      pro
      rata according to their respective shares of such unpaid amounts, and (b)
      second, to the Class A Certificates related to such Undercollateralized Group,
      as principal, pro rata, and (2) second, any remaining amount shall be
      distributed pursuant to paragraph (I)(c) above.

     

    (II) For
      any
      Distribution Date on or after the Group 1 and Group 2 Credit Support Depletion
      Date, the REMIC IV Available Distribution Amounts for the Group 1 and
      Group 2 Certificates for such Distribution Date shall be distributed to the
      outstanding Classes of Group 1 and Group 2 Certificates and the Class R-4
      Residual Interest in the following amounts and priority:

     

    (a) With
      respect to the Group 1 and Class C-X Certificates, on each Distribution Date
      on
      or after the Group 1 and Group 2 Credit Support Depletion Date, to the extent
      of
      the REMIC IV Available Distribution Amount for the Group 1 Certificates for
      such
      Distribution Date:

     

    (i) first,
      to
      the Class 1-P Certificates, principal in the amount that would otherwise be
      distributed to such Class on such Distribution Date pursuant to clause (I)(a)(i)
      of this definition of “REMIC IV Distribution Amount”;

     

    (ii) second,
      to the Group 1-A and Class C-X Certificates, the amount payable to each such
      Class of Certificates on prior Distribution Dates pursuant to clause (I)(a)(iii)
      or (II)(a)(iii) of this definition of “REMIC IV Distribution Amount,” and
      remaining unpaid, pro rata according to such amount payable to the extent of
      amounts available;

     

    
      
        
        

      

      
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    (iii) third,
      to
      the Group 1-A and Class C-X Certificates, concurrently, the sum of (x) the
      Interest Distribution Amounts for the Group 1-A Certificates and (y) the portion
      of the Interest Distribution Amount for the Class C-X Certificates derived
      from
      the Group 1 Loans, in each case for the current Distribution Date, pro rata
      according to their respective Interest Distribution Amounts or portion
      thereof;

     

    (iv) fourth,
      to the Group 1-A Certificates, pro rata according to Class Principal Balance,
      as
      principal, the Group 1 Senior Principal Distribution Amount;

     

    (v) fifth,
      any payments to the Group 2 Certificates pursuant to the last paragraph of
      clause (II) of this definition of “REMIC IV Distribution Amount”;

     

    (vi) sixth,
      to
      the Group 1-A Certificates, pro rata, and then to each Class of Group L-B
      Certificates in the order of seniority (which, from highest to lowest, shall
      be
      as follows: Class L-B-1, Class L-B-2, Class L-B-3, Class L-B-4, Class L-B-5
      and
      Class L-B-6 of decreasing seniority), up to the amount of unreimbursed Realized
      Losses allocable to principal previously allocated or to be allocated on such
      Distribution Date to such Class, if any; provided,
      however,
      that any
      amounts distributed pursuant to this paragraph (II)(a)(vi) of this definition
      of
“REMIC IV Distribution Amount” shall not cause a reduction in the Class
      Principal Balances of any of the Certificates; and

     

    (vii) seventh,
      to the Class R-4 Residual Interest, the Residual Distribution Amount for the
      Group 1 Certificates for such Distribution Date.

     

    (b) With
      respect to the Group 2 and Class C-X Certificates, on each Distribution Date
      on
      or after the Group 1 and Group 2 Credit Support Depletion Date, to the extent
      of
      the REMIC IV Available Distribution Amount for the Group 2 Certificates for
      such
      Distribution Date:

     

    (i) first,
      to
      the Group 2-A and Class C-X Certificates, the amount payable to each such Class
      of Certificates on prior Distribution Dates pursuant to clause (I)(b)(ii) or
      (II)(b)(ii) of this definition of “REMIC IV Distribution Amount,” and remaining
      unpaid, pro rata according to such amount payable to the extent of amounts
      available;

     

    (ii) second,
      to the Group 2-A and Class C-X Certificates, concurrently, the sum of (x) the
      Interest Distribution Amounts for the Group 2-A Certificates and (y) the portion
      of the Interest Distribution Amount for the Class C-X Certificates derived
      from
      the Group 2 Loans, in each case for the current Distribution Date, pro rata
      according to their respective Interest Distribution Amounts or portion
      thereof;

     

    (iii) third,
      to
      the Group 2-A Certificates, pro rata according to Class Principal Balance,
      as
      principal, the Group 2 Senior Principal Distribution Amount;

     

    (iv) fourth,
      any payments to the Group 1 Certificates pursuant to the last paragraph of
      clause (II) of this definition of “REMIC IV Distribution Amount”;

     

    (v) fifth,
      to
      the Group 2-A Certificates, pro rata, and then to each Class of Group L-B
      Certificates in the order of seniority (which, from highest to lowest, shall
      be
      as follows: Class L-B-1, Class L-B-2, Class L-B-3, Class L-B-4, Class L-B-5
      and
      Class L-B-6 of decreasing seniority), up to the amount of unreimbursed Realized
      Losses allocable to principal previously allocated or to be allocated on such
      Distribution Date to such Class, if any; provided,
      however,
      that any
      amounts distributed pursuant to this paragraph (II)(b)(v) of this definition
      of
“REMIC IV Distribution Amount” shall not cause a reduction in the Class
      Principal Balances of any of the Certificates; and

     

    
      
        
        

      

      
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    (vi) sixth,
      to
      the Class R-4 Residual Interest, the Residual Distribution Amount for the
      Group 2 Certificates for such Distribution Date.

     

    If
      on any
      Distribution Date any of Loan Group 1 or Loan Group 2 is an Undercollateralized
      Group and the other such Loan Group is an Overcollateralized Group, then the
      REMIC IV Available Distribution Amount for the Certificate Group related to
      the
      Overcollateralized Group, to the extent remaining following distributions of
      interest and principal to the Group 1 and Group 2 Certificates pursuant to
      paragraph (II)(a)(i) through (II)(a)(iv) or paragraph (II)(b)(i) through
      (II)(b)(iii), as applicable, shall be paid in the following priority: (1) first,
      such remaining amount, up to the Total Transfer Amount for such
      Undercollateralized Group, shall be distributed (a) first, to the Class A
      Certificates related to such Undercollateralized Group, in payment of any
      portion of the Interest Distribution Amounts for such Classes of Certificates
      remaining unpaid from such Distribution Date or previous Distribution Dates,
      pro
      rata according to their respective shares of such unpaid amounts, and (b)
      second, to the Class A Certificates related to such Undercollateralized Group,
      as principal, pro rata according to Class Principal Balance, and (2) second,
      any
      remaining amount shall be distributed pursuant to paragraph (II)(a)(vi)-(vii),
      (II)(b)(v)-(vi) above, as applicable. 

     

    (III) For
      any
      Distribution Date, the REMIC IV Available Distribution Amount for the Group
      3-L
      Regular Interests for such Distribution Date shall be distributed to the Group
      3-L Regular Interests and the Class R-4 Residual Interest in the following
      amounts and priority:

     

    (a) To
      the
      extent of the Group 3 Interest Remittance Amount for such Distribution
      Date:

     

    (i) first,
      to
      the Group 3-A-L and Class 3-IO-L Regular Interests, concurrently, the sum of
      the
      Interest Distribution Amounts for such Classes remaining unpaid from previous
      Distribution Dates, pro rata according to their respective shares of such unpaid
      amounts;

     

    (ii) second,
      to the Group 3-A-L and Class 3-I-L Regular Interests, concurrently, the sum
      of
      the Interest Distribution Amounts for such Classes for the current Distribution
      Date, pro rata according to their respective Interest Distribution
      Amounts;

     

    (iii) third,
      to
      the Class 3-M-1-L Regular Interest, the Interest Distribution Amount for such
      Class for the current Distribution Date;

     

    (iv) fourth,
      to the Class 3-M-2-L Regular Interest, the Interest Distribution Amount for
      such
      Class for the current Distribution Date;

     

    
      
        
        

      

      
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    (v) fifth,
      to
      the Class 3-M-3-L Regular Interest, the Interest Distribution Amount for such
      Class for the current Distribution Date;

     

    (vi) sixth,
      to
      the Class 3-M-4-L Regular Interest, the Interest Distribution Amount for such
      Class for the current Distribution Date;

     

    (vii) seventh,
      to the Class 3-B-1-L Regular Interest, the Interest Distribution Amount for
      such
      Class for the current Distribution Date; and

     

    (viii) eighth,
      to the Class 3-B-2-L Regular Interest, the Interest Distribution Amount for
      such
      Class for the current Distribution Date;

     

    (b) For
      any
      Distribution Date (a) prior to the applicable Stepdown Date or (b) on or after
      the applicable Stepdown Date and on which a Trigger Event is in effect, an
      amount, up to the Group 3 Basic Principal Distribution Amount for such
      Distribution Date, as principal, sequentially, as follows:

     

    (i) first,
      until the aggregate Class Principal Balance of the Group 3-A-L Regular Interests
      has been reduced to zero, concurrently, as follows:

     

    (A) 45.4441924413%
      to the Class 3-A-1-L Regular Interest, until the Class 3-A-1-L Principal Balance
      has been reduced to zero; and

     

    (B) 54.5558075587%,
      sequentially, as follows:

     

    (1) first,
      to
      the Class 3-A-6-L Regular Interest, an amount, up to the amount of the Class
      3-A-6 Lockout Priority Amount for such Distribution Date, until the Class
      3-A-6-L Principal Balance has been reduced to zero;

     

    (2) second,
      to the Class 3-A-2A-L and Class 3-A-2B-L Regular Interests, pro rata, until
      the
      Class 3-A-2A-L and Class 3-A-2B-L Principal Balances have each been reduced
      to
      zero;

     

    (3) third,
      to
      the Class 3-A-3-L Regular Interest, until the Class 3-A-3-L Principal Balance
      has been reduced to zero;

     

    (4) fourth,
      to the Class 3-A-4-L Regular Interest, until the Class 3-A-4-L Principal Balance
      has been reduced to zero;

     

    (5) fifth,
      to
      the Class 3-A-5-L Regular Interest, until the Class 3-A-5-L Principal Balance
      has been reduced to zero; and

     

    (6) sixth,
      to
      the Class 3-A-6-L Regular Interest, until the Class 3-A-6-L Principal Balance
      has been reduced to zero;

     

    (ii) second,
      to the Class 3-M-1-L Regular Interest, until the Class 3-M-1-L Principal Balance
      has been reduced to zero;

     

    
      
        
        

      

      
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    (iii) third,
      to
      the Class 3-M-2-L Regular Interest, until the Class 3-M-2-L Principal Balance
      has been reduced to zero;

     

    (iv) fourth,
      to the Class 3-M-3-L Regular Interest, until the Class 3-M-3-L Principal Balance
      has been reduced to zero;

     

    (v) fifth,
      to
      the Class 3-M-4-L Regular Interest, until the Class 3-M-4-L Principal Balance
      has been reduced to zero;

     

    (vi) sixth,
      to
      the Class 3-B-1-L Regular Interest, until the Class 3-B-1-L Principal Balance
      has been reduced to zero; and

     

    (vii) seventh,
      to the Class 3-B-2-L Regular Interest, until the Class 3-B-2-L Principal Balance
      has been reduced to zero;

     

    (c) For
      any
      Distribution Date (a) on or after the applicable Stepdown Date and (b) on which
      a Trigger Event is not in effect, an amount, up to the Group 3 Basic Principal
      Distribution Amount for such Distribution Date, as principal, sequentially,
      as
      follows:

     

    (i) first,
      an
      amount, up to the Group 3-A Principal Distribution Amount, until the aggregate
      Class Principal Balance of the Group 3-A-L Regular Interests has been reduced
      to
      zero, concurrently, as follows:

     

    (A) 45.4441924413%
      to the Class 3-A-1-L Regular Interest, until the Class 3-A-1-L Principal Balance
      has been reduced to zero; and

     

    (B) 54.5558075587%,
      sequentially, as follows:

     

    (1) first,
      to
      the Class 3-A-6-L Regular Interest, an amount, up to the amount of the Class
      3-A-6 Lockout Priority Amount for such Distribution Date, until the Class
      3-A-6-L Principal Balance has been reduced to zero;

     

    (2) second,
      to the Class 3-A-2A-L and Class 3-A-2B-L Regular Interests, pro rata, until
      the
      Class 3-A-2A-L and Class 3-A-2B-L Principal Balances have each been reduced
      to
      zero;

     

    (3) third,
      to
      the Class 3-A-3-L Regular Interest, until the Class 3-A-3-L Principal Balance
      has been reduced to zero;

     

    (4) fourth,
      to the Class 3-A-4-L Regular Interest, until the Class 3-A-4-L Principal Balance
      has been reduced to zero;

     

    (5) fifth,
      to
      the Class 3-A-5-L Regular Interest, until the Class 3-A-5-L Principal Balance
      has been reduced to zero; and

     

    (6) sixth,
      to
      the Class 3-A-6-L Regular Interest, until the Class 3-A-6-L Principal Balance
      has been reduced to zero;

     

    
      
        
        

      

      
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    (ii) second,
      an amount, up to the Class 3-M-1 Principal Distribution Amount, to the Class
      3-M-1-L Regular Interest, until the Class 3-M-1-L Principal Balance has been
      reduced to zero;

     

    (iii) third,
      an
      amount, up to the Class 3-M-2 Principal Distribution Amount, to the Class
      3-M-2-L Regular Interest, until the Class 3-M-2-L Principal Balance has been
      reduced to zero;

     

    (iv) fourth,
      an amount, up to the Class 3-M-3 Principal Distribution Amount, to the Class
      3-M-3-L Regular Interest, until the Class 3-M-3-L Principal Balance has been
      reduced to zero;

     

    (v) fifth,
      an
      amount, up to the Class 3-M-4 Principal Distribution Amount, to the Class
      3-M-4-L Regular Interest, until the Class 3-M-4-L Principal Balance has been
      reduced to zero;

     

    (vi) sixth,
      an
      amount, up to the Class 3-B-1 Principal Distribution Amount, to the Class
      3-B-1-L Regular Interest, until the Class 3-B-1-L Principal Balance has been
      reduced to zero; and

     

    (vii) seventh,
      an amount, up to the Class 3-B-2 Principal Distribution Amount, to the Class
      3-B-2-L Regular Interest, until the Class 3-B-2-L Principal Balance has been
      reduced to zero.

     

    Notwithstanding
      the foregoing paragraphs (III)(b) and (III)(c) of this definition of “REMIC IV
      Distribution Amount,” on and after the Distribution Date on which the aggregate
      Class Principal Balance of the Group 3-L Subordinate Regular Interests has
      been
      or will be reduced to zero, any principal distributions allocated to the Group
      3-A-L Regular Interests pursuant to such paragraphs (III)(b) and (III)(c) shall
      be allocated to the Group 3-A-L Regular Interests, pro rata, based on their
      respective Class Principal Balances.

     

    (d) For
      any
      Distribution Date, the Net Monthly Excess Cashflow for such Distribution Date,
      sequentially, as follows:

     

    (i) first,
      to
      the Group 3-L Regular Interests, as principal, the Group 3 Extra Principal
      Distribution Amount, in the priority described in paragraph (III)(b) or
      (III)(c), as applicable, of this definition of “REMIC IV Distribution Amount,”
until the Targeted Overcollateralization Amount has been achieved;

     

    (ii) second,
      to the Class 3-M-1-L Regular Interest, the Interest Distribution Amounts for
      such Class remaining unpaid from previous Distribution Dates;

     

    (iii) third,
      to
      the Class 3-M-2-L Regular Interest, the Interest Distribution Amounts for such
      Class remaining unpaid from previous Distribution Dates;

     

    (iv) fourth,
      to the Class 3-M-3-L Regular Interest, the Interest Distribution Amounts for
      such Class remaining unpaid from previous Distribution Dates;

     

    
      
        
        

      

      
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    (v) fifth,
      to
      the Class 3-M-4-L Regular Interest, the Interest Distribution Amounts for such
      Class remaining unpaid from previous Distribution Dates;

     

    (vi) sixth,
      to
      the Class 3-B-1-L Regular Interest, the Interest Distribution Amounts for such
      Class remaining unpaid from previous Distribution Dates;

     

    (vii) seventh,
      to the Class 3-B-2-L Regular Interest, the Interest Distribution Amounts for
      such Class remaining unpaid from previous Distribution Dates;

     

    (viii) eighth,
      to the Group 3-A-L Regular Interests, pro rata, and then to each Class of Group
      3-L Subordinate Regular Interests (other than the Class 3-C-L Regular Interest)
      in the order of seniority (which, from highest to lowest, shall be as follows:
      Class 3-M-1-L, Class 3-M-2-L, Class 3-M-3-L, Class 3-M-4-L, Class 3-B-1-L and
      Class 3-B-2-L of decreasing seniority), up to the amount of unreimbursed
      Realized Losses allocable to principal previously allocated or to be allocated
      on such Distribution Date to such Class, if any; provided,
      however,
      that any
      amounts distributed pursuant to this paragraph (III)(d)(viii) of this definition
      of “REMIC IV Distribution Amount” shall not cause a reduction in the Class
      Principal Balances of any of the REMIC IV Regular Interests; 

     

    (ix) ninth,
      to
      the Class 3-C-L Regular Interest, any Basis Risk Carry Forward Amounts for
      the
      Group 3-A-L, Class 3-IO-L, Class 3-M-1-L, Class 3-M-2-L, Class 3-M-3-L, Class
      3-M-4-L, Class 3-B-1-L and Class 3-B-2-L Regular Interests for such Distribution
      Date;

     

    (x) tenth,
      to
      the Class 3-C-L Regular Interest; and

     

    (xi) eleventh,
      to the Class R-4 Residual Interest, the Residual Distribution Amount for the
      Group 3 Certificates for such Distribution Date.

     

    REMIC
      IV Regular Interests:
      The
      Classes of undivided beneficial interests in REMIC IV designated as “regular
      interests” in the table titled “REMIC IV Interests” in the Preliminary Statement
      hereto. 

     

    Repurchase
      Price:
      With
      respect to any Mortgage Loan to be repurchased by the Company pursuant to
      Section 2.08, an amount equal to the sum of (i) the Principal Balance thereof,
      (ii) one month’s interest thereon at the applicable Pass-Through Rate, (iii) any
      unreimbursed Monthly P&I Advances or advances of reimburseable expenses made
      by the Servicer with respect to such Mortgage Loan hereunder and (iv) any
      interest due but unpaid with respect to such Mortgage Loan not covered by a
      Monthly P&I Advance.

     

    Repurchase
      Proceeds:
      Proceeds received by the Trust with respect to any Mortgage Loan that was
      repurchased or substituted for by the Company pursuant to Section 2.08 or
      repurchased or substituted for by the Seller pursuant to the Mortgage Loan
      Purchase Agreement, after deduction of amounts reimbursable under Section
      3.05(a)(i) and (ii). 

     

    Residual
      Certificates:
      The
      Class R Certificates.

     

    
      
        
        

      

      
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    Residual
      Distribution Amount:
      For any
      Distribution Date, with respect to the Class R-1 Residual Interest, any portion
      of the REMIC I Available Distribution Amount for Loan Group 1 and Loan Group
      2
      remaining after all distributions of such REMIC I Available Distribution Amounts
      pursuant to clauses (a), (b) and (c) of the definition of “REMIC I Distribution
      Amount” (other than the distributions pursuant to the last subclause of clause
      (c)).

     

    For
      any
      Distribution Date, with respect to the Class R-2 Residual Interest, any portion
      of the REMIC II Available Distribution Amount remaining after all distributions
      of such REMIC II Available Distribution Amount pursuant to the definition of
      “REMIC II Distribution Amount” (other than the distributions pursuant to the
      last clause thereof).

     

    For
      any
      Distribution Date, with respect to the Class R-3 Residual Interest, any portion
      of the REMIC III Available Distribution Amount remaining after all distributions
      of such REMIC III Available Distribution Amount pursuant to the definition
      of
“REMIC III Distribution Amount” (other than the distributions pursuant to the
      last clause thereof).

     

    For
      any
      Distribution Date, with respect to the Class R-4 Residual Interest and for
      the
      Group 1, Group 2 and Group 3 Certificates, any portion of the REMIC IV Available
      Distribution Amount for the Group 1, Group 2 and Group 3 Certificates,
      respectively, remaining after all distributions of such REMIC IV Available
      Distribution Amount pursuant to clauses (I)(a), (I)(b), (I)(c), (II)(a),
      (II)(b), (III)(a), (III)(b), (III)(c) and (III)(d), as applicable, of the
      definition of “REMIC IV Distribution Amount” (other than the distributions
      pursuant to the last subclause of clauses (I)(c), (II)(a), (II)(b) and
      (III)(d)).

     

    Upon
      termination of the obligations created by this Agreement and liquidation of
      REMIC I, REMIC II, REMIC III and REMIC IV, the amounts which remain on deposit
      in the Certificate Account after payment to the Holders of the REMIC I Regular
      Interests of the amounts set forth in Section 9.01 of this Agreement, and
      subject to the conditions set forth therein, shall be distributed to the Class
      R-1, Class R-2, Class R-3 and Class R-4 Residual Interests in accordance with
      the preceding sentences of this definition as if the date of such distribution
      were a Distribution Date.

     

    Responsible
      Officer:
      When
      used with respect to the Trustee or the Delaware Trustee, any officer assigned
      to and working in the Corporate Trust Office (in the case of the Trustee) or
      its
      corporate trust office (in the case of the Delaware Trustee) or, in each case,
      in a similar group and also, with respect to a particular matter, any other
      officer to whom such matter is referred because of such officer’s knowledge of
      and familiarity with the particular subject.

     

    ROV
      Mortgage Loan:
      A
      Mortgage Loan originated by Washington Mutual Bank or an affiliate thereof
      with
      respect to which the value set forth on the appraisal has been appealed and,
      as
      a result, an internal valuation has been conducted and included in a residential
      appraisal review contained in the related credit file.

     

    S&P:
      Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies,
      Inc., provided that at the applicable time it is a Rating Agency.

     

    Secretary
      of State:
      The
      Secretary of State of the State of Delaware.

     

    
      
        
        

      

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

     

    Security
      Agreement:
      With
      respect to a Cooperative Loan, the agreement or mortgage creating a security
      interest in favor of the originator of the Cooperative Loan in the related
      Cooperative Stock.

     

    Seller:
      For
      each Mortgage Loan, the seller of such Mortgage Loan pursuant to the Mortgage
      Loan Purchase Agreement.

     

    Senior
      Subordinate Certificates:
      The
      Group L-B Senior Subordinate Certificates and Group 3 Senior Subordinate
      Certificates.

     

    Servicer:
      Washington Mutual Bank, or any successor thereto appointed as provided pursuant
      to Section 7.02, acting to service and administer the Mortgage Loans pursuant
      to
      Section 3.01.

     

    Servicer
      Business Day:
      Any day
      other than a Saturday, a Sunday, or a day on which banking institutions in
      Seattle, Washington or in any other city in which a corporate office of the
      Servicer is located are authorized or obligated by law or executive order to
      be
      closed.

     

    Servicing
      Fee:
      For
      each Mortgage Loan, the fee payable to the Servicer for servicing and advancing
      certain amounts with respect to such Mortgage Loan, equal to 1/12 of the product
      of (i) the Servicing Fee Rate for such Mortgage Loan and (ii) the outstanding
      Principal Balance of such Mortgage Loan. In addition, the Servicer will be
      paid,
      as additional servicing compensation, any prepayment penalty received on a
      Mortgage Loan that is not an Assigned Prepayment Premium, and any late charges,
      nonsufficient funds fees and other fees and charges collected on the Mortgage
      Loans.

     

    Servicing
      Fee Rate:
      For
      each Mortgage Loan, the per annum rate set forth for such Mortgage Loan in
      the
      Mortgage Loan Schedule.

     

    Servicing
      Officer:
      Any
      officer of the Servicer involved in, or responsible for, the administration
      and
      servicing of the Mortgage Loans or the Certificates, as applicable, whose name
      and specimen signature appear on a list of servicing officers furnished to
      the
      Trustee by the Servicer, as such list may from time to time be
      amended.

     

    Special
      Primary Insurance Policy:
      Any
      Primary Insurance Policy covering a Mortgage Loan the premium of which is
      payable by the Trustee pursuant to Section 4.04(a), if so identified in the
      Mortgage Loan Schedule. There are no Special Primary Insurance Policies with
      respect to any of the Mortgage Loans, and all references herein to Special
      Primary Insurance Policies shall be of no force or effect.

     

    Special
      Primary Insurance Premium:
      With
      respect to any Special Primary Insurance Policy, the monthly premium payable
      thereunder.

     

    Statutory
      Trust Statute:
      Chapter
      38 of Title 12 of the Delaware Code, 12 Del.C.§3801
      et
      seq.,
      as the
      same may be amended from time to time.

     

    
      
        
        

      

      
        80

        
          

        

      

      
        
        

      

    

    Stepdown
      Date:
      The
      earlier to occur of:

     

    (i) the
      Distribution Date on which the aggregate Class Principal Balance of the Group
      3-A Certificates has been reduced to zero; and

     

    (ii) the
      later
      to occur of (a) the Distribution Date in May 2009 and (b) the first Distribution
      Date on which the Credit Enhancement Percentage for the Group 3-A Certificates
      is greater than or equal to 18.70%.

     

    Streamlined
      Mortgage Loan:
      A
      Mortgage Loan originated in connection with the refinance of a mortgage loan
      pursuant to the streamlined loan documentation program then in effect of the
      originator of such Mortgage Loan.

     

    Stripped
      Interest Rate:
      For
      each
      Group 1 Loan, the excess, if any, of the Pass-Through Rate for such Mortgage
      Loan over 6.000% per annum. For each Group 2 Loan, the excess, if any, of the
      Pass-Through Rate for such Mortgage Loan over 6.500%.

     

    Subordinate
      Certificates:
      The
      Group L-B Subordinate Certificates and Group 3 Subordinate
      Certificates.

     

    Subordinate
      Component Balance:
      With
      respect to Loan Group 1 for any date of determination, the then outstanding
      aggregate Principal Balance of the Group 1 Loans (less the applicable Class
      1-P
      Fraction thereof with respect to any Class 1-P Mortgage Loan) minus the then
      outstanding aggregate Class Principal Balance of the Group 1-A and Residual
      Certificates. With respect to Loan Group 2 for any date of determination, the
      then outstanding aggregate Principal Balance of the Group 2 Loans minus the
      then
      outstanding aggregate Class Principal Balance of the Group 2-A
      Certificates.

     

    Subordinate
      Percentage:
      The
      Group 1 Subordinate Percentage or Group 2 Subordinate Percentage, as
      applicable.

     

    Subordination
      Level:
      On any
      specified date, with respect to any Class of Group L-B Certificates, the
      percentage obtained by dividing the aggregate Class Principal Balance of the
      Classes of Group L-B Certificates which are subordinate in right of payment
      to
      such Class by the aggregate Class Principal Balance of the Group 1, Group 2
      and
      Group L-B Certificates and the Class R-1 Residual Interest as of such date
      prior
      to giving effect to distributions of principal and interest and allocations
      of
      Realized Losses on the Group 1 and Group 2 Loans on such date.

     

    Subsequent
      Recoveries:
      For any
      Distribution Date and any Loan Group, amounts received by the Servicer during
      the Prior Period in connection with the liquidation of defaulted Mortgage Loans
      in such Loan Group after such Mortgage Loans became Liquidated Mortgage Loans,
      for each such Mortgage Loan up to the amount of the Realized Loss, if any,
      for
      such Mortgage Loan for the Distribution Date in the month after the month in
      which such Mortgage Loan became a Liquidated Mortgage Loan.

     

    Substitute
      Mortgage Loan:
      A
      Mortgage Loan which is substituted for another Mortgage Loan pursuant to and
      in
      accordance with the provisions of Section 2.08.

     

    
      
        
        

      

      
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    Substitution
      Price:
      With
      respect to all Reacquired Mortgage Loans for which Substitute Mortgage Loans
      are
      substituted on a specific date pursuant to Section 2.08, an amount equal to
      the
      sum of (i) the excess, if any, of the aggregate Principal Balance of the
      Reacquired Mortgage Loans over the aggregate Principal Balance of the Substitute
      Mortgage Loans, in each case, as of the date of substitution, (ii) one month’s
      interest on the excess amount described in clause (i) above at the weighted
      average Pass-Through Rate for the Reacquired Mortgage Loans, (iii) all
      unreimbursed Monthly P&I Advances and advances of reimburseable expenses
      made by the Servicer with respect to such Mortgage Loans hereunder and (iv)
      all
      interest due but unpaid with respect to such Mortgage Loans not covered by
      a
      Monthly P&I Advance.

     

    Targeted
      Overcollateralization Amount:
      For any
      Distribution Date (i) prior to the Stepdown Date, 1.15% of the aggregate
      principal balance of the Group 3 Loans as of the Cut-Off Date, (ii) on or after
      the Stepdown Date and for which a Trigger Event has not occurred, the greater
      of
      (a) 2.30% of the aggregate Stated Principal Balance of the Group 3 Loans for
      such Distribution Date and (b) 0.35% of the aggregate principal balance of
      the
      Group 3 Loans as of the Cut-Off Date and (iii) on or after the Stepdown Date
      for
      which a Trigger Event has occurred and is continuing, the Targeted
      Overcollateralization Amount for the Distribution Date immediately preceding
      such Distribution Date.

     

    Tax
      Matters Person:
      With
      respect to each of REMIC I, REMIC II, REMIC III and REMIC IV, a Holder of a
      Class R Certificate with a Percentage Interest of at least 0.01% or any
      Permitted Transferee of such Class R Certificateholder designated as succeeding
      to the position of Tax Matters Person in a notice to the Trustee signed by
      authorized representatives of the transferor and transferee of such Class R
      Certificate, which Tax Matters Person shall be the tax matters person for each
      REMIC within the meaning of Section 6231(a)(7) of the Code and Treasury
      Regulation Section 1.860F-4(d). The Servicer is hereby appointed to act as
      Tax
      Matters Person so long as it holds a Class R Certificate with a Percentage
      Interest of at least 0.01%. In the event that the Servicer ceases to hold a
      Class R Certificate with the required Percentage Interest, the holder of the
      Class R Certificate with the largest Percentage Interest shall be Tax Matters
      Person, and such Tax Matters Person shall be deemed to have appointed the
      Servicer to act as agent for the Tax Matters Person, to perform the functions
      of
      such Tax Matters Person as provided herein. If the Tax Matters Person becomes
      a
      Disqualified Organization, the last preceding Holder, that is not a Disqualified
      Organization, of the Class R Certificate held by the Disqualified Organization
      shall be Tax Matters Person pursuant to and as permitted by Section 5.01(c).
      If
      any Person is appointed as tax matters person by the Internal Revenue Service
      pursuant to the Code, such Person shall be Tax Matters Person.

     

    Termination
      Date:
      The
      date upon which final payment of the Certificates will be made pursuant to
      the
      procedures set forth in Section 9.01(b).

     

    Termination
      Payment:
      The
      final payment delivered to the Certificateholders on the Termination Date
      pursuant to the procedures set forth in Section 9.01(b).

     

    Total
      Transfer Amount:
      For any
      Distribution Date and for an Undercollateralized Group, an amount equal to
      the
      sum of the Interest Transfer Amount and the Principal Transfer Amount for such
      Undercollateralized Group.

     

    
      
        
        

      

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

     

    Transferee:
      Any
      Person who is acquiring by Transfer any Ownership Interest in a Residual
      Certificate.

     

    Transferee
      Affidavit and Agreement:
      An
      affidavit and agreement in the form attached hereto as Exhibit J.

     

    Trigger
      Event:
      Is in
      effect on any Distribution Date if (i) the average percentage as of the
      Distribution Date in each of the immediately preceding three calendar months
      of
      the Group 3 Loans which were 60 or more days delinquent as of such date
      (including mortgage loans in bankruptcy or foreclosure and Mortgaged Properties
      held by REMIC II) is greater than 37.4% of the Credit Enhancement Percentage
      for
      the Group 3-A Certificates or (ii) the cumulative Realized Losses on the Group
      3
      Loans incurred since the Cut-Off Date through the last day of the related
      Prepayment Period, divided by aggregate principal balance of the Group 3 Loans
      as of the Cut-Off Date exceeds the percentages set forth below:

     

    
      	
              Distribution
                Date Occurring In

            	
              Percentage

            
	 	 
	
              May
                2008 through April 2009

            	
              0.25%

            
	
              May
                2009 through April 2010

            	
              0.65%

            
	
              May
                2010 through April 2011

            	
              1.15%

            
	
              May
                2011 through April 2012

            	
              1.65%

            
	
              May
                2012 and thereafter

            	
              1.95%

            

    

     

    Trust:
      Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-4 Trust,
      a Delaware statutory trust, created pursuant to the Original Trust
      Agreement.

     

    Trustee:
      LaSalle
      Bank National Association, not in its individual capacity but solely as trustee,
      or its successor-in-interest as provided in Section 8.09, or any successor
      trustee appointed as herein provided.

     

    Uncollected
      Interest:
      With
      respect to any Distribution Date for any Mortgage Loan on which a Payoff was
      made by a Mortgagor during the related Payoff Period, except for Payoffs
      received during the period from the first through the 14th day of the month
      of
      such Distribution Date, an amount equal to one month’s interest at the
      applicable Pass-Through Rate on such Mortgage Loan less the amount of interest
      actually paid by the Mortgagor with respect to such Payoff. 

     

    Uncompensated
      Interest Shortfall:
      With
      respect to a Loan Group, for any Distribution Date, the sum of (i) the aggregate
      Relief Act Shortfall for such Distribution Date with respect to the Mortgage
      Loans in such Loan Group, (ii) aggregate Curtailment Shortfall for such
      Distribution Date with respect to the Mortgage Loans in such Loan Group and
      (iii) the excess, if any, of (a) aggregate Uncollected Interest for such
      Distribution Date with respect to the Mortgage Loans in such Loan Group over
      (b)
      Compensating Interest for such Distribution Date with respect to the Mortgage
      Loans in such Loan Group.

     

    
      
        
        

      

      
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    Uncompensated
      Interest Shortfall shall be allocated to the REMIC IV Regular Interests as
      follows:

     

    (a) Uncompensated
      Interest Shortfall for Loan Group 1 shall be allocated to the Group 1-A
      Certificates and the portions of the Class C-X and Group L-B Certificates that
      derive their Interest Distribution Amounts from the Group 1 Loans, pro rata
      according to the amount of interest accrued but unpaid on each such Class or
      portion thereof during
      the immediately preceding accrual period,
      in
      reduction thereof.

     

    (b) Uncompensated
      Interest Shortfall for Loan Group 2 shall be allocated to the Group 2-A
      Certificates and the portions of the Class C-X and Group L-B Certificates that
      derive their Interest Distribution Amounts from the Group 2 Loans, pro rata
      according to the amount of interest accrued but unpaid on each such Class or
      portion thereof
      during
      the immediately preceding accrual period,
      in
      reduction thereof.

     

    (c) Uncompensated
      Interest Shortfall for Loan Group 3 shall be allocated to each Class of Group
      3-A-L, Class 3-IO-L and Group 3-L Subordinate Regular Interests in an amount
      equal to the product of (i) Uncompensated Interest Shortfall for Loan Group
      3
      and (ii) a fraction, the numerator of which is the amount of interest accrued
      but unpaid on such Class during
      the immediately preceding accrual period
      and the
      denominator of which is the amount of interest accrued on the Group 3 Loans
      at
      the Group 3 Weighted Average Pass-Through Rate, in reduction of the amount
      of
      interest accrued but unpaid on such Class.

     

    Uncompensated
      Interest Shortfall for Loan Group 3 shall be allocated to the REMIC III Regular
      Interests, pro rata according to the amount of interest accrued but unpaid
      on
      each
      such Class during the immediately preceding accrual period, in reduction
      thereof.

     

    Uncompensated
      Interest Shortfall for Loan Group 3 shall be allocated to the REMIC II Regular
      Interests, pro rata according to the amount of interest accrued but unpaid
      on
      each
      such Class during the immediately preceding accrual period, in reduction
      thereof.

     

    Uncompensated
      Interest Shortfall shall be allocated to the REMIC I Regular Interests as
      follows:

     

    (a) Uncompensated
      Interest Shortfall for Loan Group 1 shall be allocated, first, to the Class
      C-X-M Regular Interest, in an amount equal to the amount of Uncompensated
      Interest Shortfall for Loan Group 1 allocated to the Class C-X Certificates,
      in
      reduction of the amount of interest accrued but unpaid on such Class, and,
      second, the remainder of such Uncompensated Interest Shortfall shall be
      allocated between the Class C-Y-1 and Class C-Z-1 Regular Interests, pro rata
      according to the amount of interest accrued but unpaid on each such Class
during
      the immediately preceding accrual period,
      in
      reduction thereof.

     

    (b) Uncompensated
      Interest Shortfall for Loan Group 2 shall be allocated, first, to the Class
      C-X-M Regular Interest, in an amount equal to the amount of Uncompensated
      Interest Shortfall for Loan Group 2 allocated to the Class C-X Certificates,
      in
      reduction of the amount of interest accrued but unpaid on such Class, and,
      second, the remainder of such Uncompensated Interest Shortfall shall be
      allocated between the Class C-Y-2 and Class C-Z-2 Regular Interests, pro rata
      according to the amount of interest accrued but unpaid on each such Class
during
      the immediately preceding accrual period,
      in
      reduction thereof.

     

    
      
        
        

      

      
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    Undercollateralized
      Group:
      For
      any
      Distribution Date, Loan Group 1, if immediately prior to such Distribution
      Date
      the aggregate Class Principal Balance of the Group 1-A and Residual Certificates
      is greater than the aggregate Principal Balance of the Group 1 Loans (less
      the
      applicable Class 1-P Fraction thereof with respect to each Class 1-P Mortgage
      Loan); and for any Distribution Date, Loan Group 2, if immediately prior to
      such
      Distribution Date the aggregate Class Principal Balance of the Group 2-A
      Certificates is greater than the aggregate Principal Balance of the Group 2
      Loans.

     

    Underwriter:
      WaMu
      Capital Corp.

     

    Uninsured
      Cause:
      Any
      cause of damage to a Mortgaged Property, the cost of the complete restoration
      of
      which is not fully reimbursable under the hazard insurance policies required
      to
      be maintained pursuant to Section 3.07.

     

    U.S.
      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, any
      state
      thereof or the District of Columbia, or an estate or trust that is subject
      to
      U.S. federal income tax regardless of the source of its income.

     

    VA:
      The
      Department of Veterans Affairs, formerly known as the Veterans Administration,
      or any successor thereto. 

     

    Withdrawal
      Date:
      Any day
      during the period commencing on the 18th day of the month of the related
      Distribution Date (or if such day is not a Business Day, the immediately
      preceding Business Day) and ending on the last Business Day prior to the 21st
      day of the month of such Distribution Date. The
      “related Due Date” for any Withdrawal Date is the Due Date immediately preceding
      the related Distribution Date. 

     

    ARTICLE
      II

     

    Creation
      of the Trust; Conveyance of the Mortgage Pool Assets, REMIC I Regular Interests,
      REMIC II Regular Interests, REMIC III Regular Interests and REMIC IV Regular
      Interests; REMIC Election and Designations;
      Original Issuance of Certificates

     

    Section
      2.01. Creation
      of the Trust.
      The
      Trust was created pursuant to the Original Trust Agreement and is hereby
      continued. As set forth in the Original Trust Agreement, the Trust shall be
      known as “Washington Mutual Mortgage Pass-Through Certificates WMALT Series
      2006-4 Trust”. The purpose of the Trust is, and the Trust shall have the power
      and authority, to engage in the following activities, all as provided by and
      subject to the terms of this Agreement:

     

    
      	 	
              (i)

            	
              to
                acquire, hold, lease, manage, administer, control, invest, reinvest,
                operate and/or transfer the Mortgage Pool Assets, the REMIC II Assets,
                the
                REMIC III Assets, the REMIC IV Assets and the REMIC IV Regular
                Interests;

            

    

     

    
      
        
        

      

      
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              (ii)

            	
              to
                issue the REMIC I Regular Interests, the REMIC II Regular Interests,
                the
                REMIC III Regular Interests, the REMIC IV Regular Interests, the
                Class
                R-1, Class R-2, Class R-3 and Class R-4 Residual Interests and the
                Certificates;

            

    

     

    
      	 	
              (iii)

            	
              to
                make distributions to the REMIC I Regular Interests, the REMIC II
                Regular
                Interests, the REMIC III Regular Interests, the REMIC IV Regular
                Interests
                and the Certificates; and

            

    

     

    
      	 	
              (iv)

            	
              to
                engage in such other activities, including entering into agreements,
                as
                are described in or required by the terms of this Agreement or as
                are
                necessary, suitable or convenient to accomplish the foregoing or
                incidental thereto.

            

    

     

    LaSalle
      Bank National Association is hereby appointed as the trustee of the Trust,
      to
      have all the rights, duties and obligations of the Trustee with respect to
      the
      Trust expressly set forth hereunder, and LaSalle Bank National Association
      hereby accepts such appointment and the trust created hereby. Christiana Bank
      & Trust Company is hereby appointed as the Delaware trustee of the Trust, to
      have all the rights, duties and obligations of the Delaware Trustee with respect
      to the Trust hereunder, and Christiana Bank & Trust Company hereby accepts
      such appointment and the trust created hereby. It is the intention of the
      Company, the Servicer, the Trustee and the Delaware Trustee that the Trust
      constitute a statutory trust under the Statutory Trust Statute, that this
      Agreement constitute the governing instrument of the Trust, and that this
      Agreement amend and restate the Original Trust Agreement. The parties hereto
      acknowledge and agree that, prior to the execution and delivery hereof, the
      Delaware Trustee has filed the Certificate of Trust. The parties hereto
      acknowledge that the Trust includes three separate pools of mortgage loans
      referred to herein as “Loan Groups” constituting separate subtrusts for ERISA
      purposes, and that the assets of each Loan Group are available to make payments
      to the holders of Certificates as provided in the definitions of “REMIC I
      Distribution Amount,” “REMIC II Distribution Amount,” “REMIC III Distribution
      Amount” and “REMIC IV Distribution Amount,” Section 4.01, Section 4.04 and
      Section 4.05 hereof.

     

    The
      assets of the Trust shall remain in the custody of the Trustee or the Custodian,
      on behalf of the Trust, and shall be owned by the Trust. Moneys to the credit
      of
      the Trust shall be held by the Trustee and invested as provided herein. All
      assets received and held by the Trust will not be subject to any right, charge,
      security interest, lien or claim of any kind in favor of either of the
      institution acting as Trustee or the institution acting as Delaware Trustee
      in
      its own right, or any Person claiming through either. Neither the Trustee nor
      the Delaware Trustee shall have the power or authority to transfer, assign,
      hypothecate, pledge or otherwise dispose of any of the assets of the Trust
      to
      any Person, except as permitted herein. No creditor of a beneficiary of the
      Trust, of the Trustee, of the Delaware Trustee, of the Servicer or of the
      Company shall have any right to obtain possession of, or otherwise exercise
      legal or equitable remedies with respect to, the property of the Trust, except
      in accordance with the terms of this Agreement.

     

    Section
      2.02. Restrictions
      on Activities of the Trust.
      Notwithstanding any other provision of this Agreement and any provision of
      law
      that otherwise so empowers the Trust, so long as any Certificates are
      outstanding, the Trust shall not, and none of the Trustee, the Delaware Trustee,
      the Company or the Servicer shall knowingly cause the Trust to, do any of the
      following:

     

    
      
        
        

      

      
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              (i)

            	
              engage
                in any business or activity other than those set forth in Section
                2.01;

            

    

     

    
      	 	
              (ii)

            	
              incur
                or assume any indebtedness except for such indebtedness that may
                be
                incurred by the Trust in connection with the execution or performance
                of
                this Agreement or any other agreement contemplated
                hereby;

            

    

     

    
      	 	
              (iii)

            	
              guarantee
                or otherwise assume liability for the debts of any other
                party;

            

    

     

    
      	 	
              (iv)

            	
              do
                any act in contravention of this Agreement or any other agreement
                contemplated hereby to which the Trust is a
                party;

            

    

     

    
      	 	
              (v)

            	
              do
                any act which would make it impossible to carry on the ordinary business
                of the Trust;

            

    

     

    
      	 	
              (vi)

            	
              confess
                a judgment against the Trust;

            

    

     

    
      	 	
              (vii)

            	
              possess
                or assign the assets of the Trust for other than a Trust
                purpose;

            

    

     

    
      	 	
              (viii)

            	
              cause
                the Trust to lend any funds to any entity, except as contemplated
                by this
                Agreement; or

            

    

     

    
      	 	
              (ix)

            	
              change
                the purposes and powers of the Trust from those set forth in this
                Agreement.

            

    

     

    Section
      2.03. Separateness
      Requirements.
      Notwithstanding any other provision of this Agreement and any provision of
      law
      that otherwise so empowers the Trust, so long as any Certificates are
      outstanding, the Trust shall perform the following:

     

    
      	 	
              (i)

            	
              except
                as expressly permitted by this Agreement or the Custodial Agreement,
                maintain its books, records, bank accounts and files separate from
                those
                of any other Person;

            

    

     

    
      	 	
              (ii)

            	
              except
                as expressly permitted by this Agreement, maintain its assets in
                its own
                separate name and in such a manner that it is not costly or difficult
                to
                segregate, identify, or ascertain such
                assets;

            

    

     

    
      	 	
              (iii)

            	
              consider
                the interests of the Trust's creditors in connection with its
                actions;

            

    

     

    
      	 	
              (iv)

            	
              hold
                itself out to creditors and the public as a legal entity separate
                and
                distinct from any other Person and correct any known misunderstanding
                regarding its separate identity and refrain from engaging in any
                activity
                that compromises the separate legal identity of the
                Trust;

            

    

     

    
      	 	
              (v)

            	
              prepare
                and maintain separate records, accounts and financial statements
                in
                accordance with generally accepted accounting principles, consistently
                applied, and susceptible to audit. To the extent it is included in
                consolidated financial statements or consolidated tax returns, such
                financial statements and tax returns will reflect the separateness
                of the
                respective entities and indicate that the assets of the Trust will
                not be
                available to satisfy the debts of any other
                Person;

            

    

     

    
      
        
        

      

      
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              (vi)

            	
              allocate
                and charge fairly and reasonably any overhead shared with any other
                Person;

            

    

     

    
      	 	
              (vii)

            	
              transact
                all business with affiliates on an arm's-length basis and pursuant
                to
                written, enforceable agreements;

            

    

     

    
      	 	
              (viii)

            	
              conduct
                business solely in the name of the Trust. In that regard all written
                and
                oral communications of the Trust, including, without limitation,
                letters,
                invoices, purchase orders and contracts, shall be made solely in
                the name
                of the Trust; 

            

    

     

    
      	 	
              (ix)

            	
              maintain
                a separate office through which its business shall be conducted,
                provided
                that such office may be an office of the Trustee, which office shall
                not
                be shared with the Company or any affiliates of the Company;
                

            

    

     

    
      	 	
              (x)

            	
              in
                the event that services have been or are in the future performed
                or paid
                by any Person on behalf of the Trust (other than the Trustee, the
                Delaware
                Trustee, the Servicer or the Tax Matters Person as permitted herein),
                reimburse such Person, as applicable, for the commercially reasonable
                value of such services or expenses provided or incurred by such Person.
                Accordingly, (i) the Trust shall reimburse such Person, as applicable,
                for
                the commercially reasonable value of such services or expenses provided
                or
                incurred by such Person; (ii) to the extent invoices for such services
                are
                not allocated and separately billed to the Trust, the amount thereof
                that
                was or is to be allocated and separately billed to the Trust was
                or will
                be reasonably related to the services provided to the Trust; and
                (iii) any
                other allocation of direct, indirect or overhead expenses for items
                shared
                between the Trust and any other Person, was or will be, to the extent
                practicable, allocated on the basis of actual use or value of services
                rendered or otherwise on a basis reasonably related to actual use
                or the
                value of services rendered; 

            

    

     

    
      	 	
              (xi)

            	
              except
                as expressly permitted by this Agreement, not commingle its assets
                or
                funds with those of any other Person;

            

    

     

    
      	 	
              (xii)

            	
              except
                as expressly permitted by this Agreement, not assume, guarantee,
                or pay
                the debts or obligations of any other Person;

            

    

     

    
      	 	
              (xiii)

            	
              except
                as expressly permitted by this Agreement, not pledge its assets for
                the
                benefit of any other Person; 

            

    

     

    
      	 	
              (xiv)

            	
              not
                hold out its credit or assets as being available to satisfy the
                obligations of others; 

            

    

     

    
      	 	
              (xv)

            	
              pay
                its liabilities only out of its funds;

            

    

     

    
      	 	
              (xvi)

            	
              pay
                the salaries of its own employees, if any;
                and

            

    

     

    
      
        
        

      

      
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              (xvii)

            	
              cause
                the agents and other representatives of the Trust, if any, to act
                at all
                times with respect to the Trust consistently and in furtherance of
                the
                foregoing.

            

    

     

    None
      of
      the Trustee, the Delaware Trustee, the Company or the Servicer shall take any
      action that is inconsistent with the purposes of the Trust or Section 2.02
      or
      Section 2.03. Neither the Company nor the Servicer shall direct the Trustee
      or
      the Delaware Trustee to take any action that is inconsistent with the purposes
      of the Trust or Section 2.02 or Section 2.03.

     

    Section
      2.04. Conveyance
      of Mortgage Pool Assets; Security Interest.
      

     

    The
      Company does hereby irrevocably sell, transfer, assign, set over and otherwise
      convey to the Trust, without recourse, all the Company’s right, title and
      interest in and to the Mortgage Pool Assets. The Trust, as payment of the
      purchase price of the Mortgage Pool Assets, shall, on the Closing Date, (i)
      issue the REMIC I and REMIC II Regular Interests and the Class R-1 and Class
      R-2
      Residual Interests to the Company and (ii) issue the Class PPP Certificates
      to
      the Company or the Company's designee in Authorized Denominations. The REMIC
      I
      and REMIC II Regular Interests, the Class PPP Certificates and the Class R-1
      and
      Class R-2 Residual Interests shall together be a separate series of beneficial
      interests in the assets of the Trust consisting of the Mortgage Pool Assets
      pursuant to Section 3806(b)(2) of the Statutory Trust Statute.

     

    It
      is the
      express intent of the parties hereto that the conveyance of the Mortgage Pool
      Assets to the Trust by the Company as provided in this Section 2.04 be, and
      be
      construed as, an absolute sale of the Mortgage Pool Assets. It is, further,
      not
      the intention of the parties that such conveyance be deemed the grant of a
      security interest in the Mortgage Pool Assets by the Company to the Trust to
      secure a debt or other obligation of the Company. However, in the event that,
      notwithstanding the intent of the parties, the Mortgage Pool Assets are held
      to
      be the property of the Company, or if for any other reason this Agreement is
      held or deemed to create a security interest in the Mortgage Pool Assets,
      then

     

    (a) this
      Agreement shall constitute a security agreement;

     

    (b) the
      conveyance provided for in this Section 2.04 shall be deemed to be a grant
      by
      the Company to the Trust of, and the Company hereby grants to the Trust, to
      secure all of the Company’s obligations hereunder, a security interest in all of
      the Company’s right, title, and interest, whether now owned or hereafter
      acquired, in and to:

     

    (I) The
      Mortgage Pool Assets;

     

    (II) All
      accounts, chattel paper, deposit accounts, documents, general intangibles,
      goods, instruments, investment property, letter-of-credit rights, letters of
      credit, money, and oil, gas, and other minerals, consisting of, arising from,
      or
      relating to, any of the foregoing; and

     

    (III) All
      proceeds of the foregoing.

     

    The
      Company shall file such financing statements, and the Company, the Servicer
      and
      the Trustee acting on behalf of the Trust at the direction of the Company shall,
      to the extent consistent with this Agreement, take such other actions as may
      be
      necessary to ensure that, if this Agreement were found to create a security
      interest in the Mortgage Pool Assets, such security interest would be a
      perfected security interest of first priority under applicable law and will
      be
      maintained as such throughout the term of the Agreement. In connection herewith,
      the Trust shall have all of the rights and remedies of a secured party under
      the
      Uniform Commercial Code as in force in the relevant jurisdiction.

     

    
      
        
        

      

      
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    Section
      2.05. Delivery
      of Mortgage Files.

     

    On
      the
      Closing Date, the Company shall deliver to and deposit with, or cause to be
      delivered to and deposited with, the Trustee or the Initial Custodian the
      Mortgage Files, which shall at all times be identified in the records of the
      Trustee or the Initial Custodian, as applicable, as being held by or on behalf
      of the Trust. 

     

    Concurrently
      with the execution and delivery hereof, the Company shall cause to be filed
      with
      respect to each Cooperative Loan the UCC assignment or amendment referred to
      in
      clause (Y)(vii) of the definition of “Mortgage File.” In connection with its
      servicing of Cooperative Loans, the Servicer shall use its best efforts to
      file
      timely continuation statements, if necessary, with regard to each financing
      statement relating to a Cooperative Loan.

     

    The
      Trustee is authorized, with the Servicer’s consent, to appoint on behalf of the
      Trust any bank or trust company approved by each of the Company and the Servicer
      as Custodian of the documents or instruments referred to in this Section 2.05,
      in Section 2.12 or in Section 2.15, and to enter into a Custodial Agreement
      for
      such purpose; provided,
      however, that
      the
      Trustee shall be and remain liable for the acts and omissions of any such
      Custodian to the extent (and only to the extent) that it would have been liable
      for such acts and omissions hereunder had such acts and omissions been its
      own
      acts and omissions. Any documents delivered by the Company or the Servicer
      to
      the Custodian, if any, shall be deemed to have been delivered to the Trustee
      for
      all purposes hereunder; and any documents held by the Custodian, if any, shall
      be deemed to be held by the Trustee for all purposes hereunder. There shall
      be a
      written Custodial Agreement between the Trustee and each Custodian. Each
      Custodial Agreement shall contain an acknowledgment by the Custodian that all
      Mortgage Pool Assets, Mortgage Files, and other documents and property held
      by
      it at any time are held by it for the benefit of the Trust. Each Custodial
      Agreement shall, if such reports are required to be filed with the Commission
      as
      an exhibit to a Report on Form 10-K, require the Custodian, (i) if determined
      by
      the Servicer to be a party participating in the servicing function within the
      meaning of Item 1122 of Regulation AB, to deliver to the Servicer the report
      on
      assessment of compliance with applicable servicing criteria and the accounting
      firm’s attestation report described in Section 3.13(c) and (ii) if determined by
      the Servicer to meet the criteria in Item 1108(a)(2)(i) through (iii) of
      Regulation AB, to deliver to the Servicer the statement of compliance described
      in Section 3.13(e). Pursuant to the Initial Custodial Agreement, the Initial
      Custodian shall perform responsibilities of the Trustee on the Trustee’s behalf
      with respect to the delivery, receipt, examination, custody and release of
      the
      Mortgage Files related to the Mortgage Loans identified in the Initial Custodial
      Agreement, as provided therein. The Trustee shall not have any responsibility
      for the acts or omissions of the Initial Custodian or any successor thereto
      (other than the Trustee); provided,
      however, that
      nothing herein shall relieve the Trustee from liability for its own negligent
      action, its own negligent failure to act or its willful misconduct.

     

    
      
        
        

      

      
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    On
      or
      promptly after the Closing Date, the Servicer shall cause the MERS® System to
      indicate that each MERS Loan, if any, has been assigned to the Trustee or to
      the
      Trust, by including in the MERS® System computer files (a) the code necessary to
      identify the Trustee and (b) the code necessary to identify the series of the
      Certificates issued in connection with such Mortgage Loans. The Servicer shall
      not alter the codes referenced in this paragraph with respect to any MERS Loan
      during the term of this Agreement except in connection with an assignment of
      such MERS Loan or de-registration thereof from the MERS® System in accordance
      with the terms of this Agreement.

     

    Section
      2.06. REMIC
      Elections for REMIC I and REMIC II.

     

    The
      Servicer shall, on behalf of each of REMIC I and REMIC II, elect to treat such
      REMIC I or REMIC II as a REMIC within the meaning of Section 860D of the Code
      and, if necessary, under applicable state laws. Such election shall be included
      in the Form 1066 and any appropriate state return to be filed on behalf of
      each
      of REMIC I and REMIC II for its first taxable year.

     

    The
      Closing Date is hereby designated as the “startup day” of each of REMIC I and
      REMIC II within the meaning of Section 860G(a)(9) of the Code.

     

    The
      regular interests (as set forth in the table contained in the Preliminary
      Statement hereto) relating to REMIC I are hereby designated as “regular
      interests” in REMIC I for purposes of Section 860G(a)(1) of the Code. The Class
      R-1 Residual Interest is hereby designated as the sole class of “residual
      interest” in REMIC I for purposes of Section 860G(a)(2) of the Code. The regular
      interests (as set forth in the table contained in the Preliminary Statement
      hereto) relating to REMIC II are hereby designated as “regular interests” in
      REMIC II for purposes of Section 860G(a)(1) of the Code. The Class R-2 Residual
      Interest is hereby designated as the sole class of “residual interest” in REMIC
      II for purposes of Section 860G(a)(2) of the Code. 

     

    The
      parties intend that the affairs of each of REMIC I and REMIC II shall
      constitute, and that the affairs of each of REMIC I and REMIC II shall be
      conducted so as to qualify each of REMIC I and REMIC II as a REMIC. In
      furtherance of such intention, the Servicer shall, on behalf of each of REMIC
      I
      and REMIC II: (a) prepare and file, or cause to be prepared and filed, a federal
      tax return using a calendar year as the taxable year and using an accrual method
      of accounting for such REMIC when and as required by the REMIC Provisions and
      other applicable federal income tax laws; (b) make an election, on behalf of
      the
      trust, for each of REMIC I and REMIC II to be treated as a REMIC on the federal
      tax return of such REMIC I or REMIC II for its first taxable year, in accordance
      with the REMIC Provisions; (c) prepare and forward, or cause to be prepared
      and
      forwarded, to the Holders of the REMIC I and REMIC II Regular Interests and
      the
      Class R-1 and Class R-2 Residual Interests and the Trustee, all information
      reports as and when required to be provided to them in accordance with the
      REMIC
      Provisions, and make available the information necessary for the application
      of
      Section 860E(e) of the Code; (d) conduct the affairs of REMIC I at all times
      that any REMIC I Regular Interests are outstanding so as to maintain the status
      of REMIC I as a REMIC under the REMIC Provisions, and conduct the affairs of
      REMIC II at all times that any REMIC II Regular Interests are outstanding so
      as
      to maintain the status of REMIC II as a REMIC under the REMIC Provisions; (e)
      not knowingly or intentionally take any action or omit to take any action that
      would cause the termination of the REMIC status of either REMIC I or REMIC
      II;
      and (f) pay the amount of any federal prohibited transaction penalty taxes
      imposed on REMIC I or REMIC II when and as the same shall be due and payable
      (but such obligation shall not prevent the Servicer from contesting any such
      tax
      in appropriate proceedings and shall not prevent the Servicer from withholding
      payment of such tax, if permitted by law, pending the outcome of such
      proceedings).

     

    
      
        
        

      

      
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    The
      Company and the Trustee shall promptly provide the Servicer with such
      information in the possession of the Company or the Trustee, respectively,
      as
      the Servicer may from time to time request for the purpose of enabling the
      Servicer to prepare or cause the preparation of tax returns. If so requested
      by
      the Servicer, the Trustee shall sign tax returns on behalf of the
      REMICs.

     

    In
      the
      event that a Mortgage Loan is discovered to have a defect which, had such defect
      been discovered before the startup day, would have prevented such Mortgage
      Loan
      from being a “qualified mortgage” within the meaning of Section 860G(a)(3) of
      the Code, and the Seller does not repurchase such Mortgage Loan within 90 days
      of such date pursuant to Section 3.3 of the Mortgage Loan Purchase Agreement,
      the Servicer, on behalf of the Trust, shall within 90 days of the date such
      defect is discovered sell such Mortgage Loan at such price as the Servicer,
      in
      its sole discretion, determines to be the greatest price that will result in
      the
      purchase thereof within 90 days of such date, unless the Servicer delivers
      to
      the Trustee an Opinion of Counsel to the effect that continuing to hold such
      Mortgage Loan will not adversely affect the status of the electing portion
      of
      REMIC I or REMIC II as a REMIC for federal income tax purposes.

     

    In
      the
      event that the Servicer has paid any federal prohibited transaction penalty
      taxes imposed on REMIC I or REMIC II pursuant to clause (f) of the third
      preceding paragraph, the Trustee on behalf of the Trust shall (unless the
      Servicer’s failure to exercise reasonable care was the primary cause of the
      imposition of such taxes) reimburse the Servicer or its agent, upon the written
      request of the Servicer, for such payment from amounts on deposit in the
      Certificate Account in reduction of the REMIC I Available Distribution Amount
      or
      the REMIC II Available Distribution Amount, as applicable, for the applicable
      Distribution Date. In the event that any federal prohibited transaction penalty
      taxes are imposed on REMIC I or REMIC II and not paid by the Servicer pursuant
      to clause (f) of the third preceding paragraph, the Trustee on behalf of the
      Trust shall pay such taxes from amounts on deposit in the Certificate Account
      in
      reduction of the REMIC I Available Distribution Amount or the REMIC II Available
      Distribution Amount, as applicable, for the applicable Distribution Date. The
      amount so reimbursed or paid pursuant to either of the immediately preceding
      two
      sentences shall be allocated as a loss to the Class R-1 Residual Interest or
      the
      Class R-2 Residual Interest, as applicable, in reduction of the Class Principal
      Balance thereof.

     

    Neither
      the Trustee nor the Tax Matters Person shall knowingly or intentionally take any
      action that would cause the termination of the REMIC status of REMIC I or REMIC
      II.

     

    Section
      2.07. Acceptance
      by Trustee.
      The
      Trustee acknowledges receipt (or with respect to any Mortgage Loan subject
      to a
      Custodial Agreement, including the Initial Custodial Agreement, receipt by
      the
      Custodian thereunder) on behalf of the Trust of the documents (or 

     

    
      
        
        

      

      
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    certified
      copies thereof as specified in Section 2.05) referred to in Section 2.05 above,
      but without having made the review required to be made within 45 days pursuant
      to this Section 2.07. The Trustee acknowledges that all Mortgage Pool Assets,
      Mortgage Files and related documents and property held by it at any time are
      held by it as Trustee of the Trust for the benefit of the holders of the REMIC
      I
      and REMIC II Regular Interests and the Class R-1 and Class R-2 Residual
      Interests. The Trustee shall review (or, with respect to the Mortgage Loans
      identified in the Initial Custodial Agreement, cause the Initial Custodian
      to
      review) each Mortgage File within 45 days after the Closing Date and deliver
      to
      the Company a certification (or, with respect to the Mortgage Loans identified
      in the Initial Custodial Agreement, cause the Initial Custodian to deliver
      to
      the Company a certification, which satisfies the applicable requirements of
      this
      Agreement; provided,
      however,
      that
      with respect to the Initial Custodian, Exhibit B-2 to the Initial Custodial
      Agreement is deemed to satisfy the applicable requirements of this Agreement)
      in
      the form attached as Exhibit M hereto, to the effect that, except as noted,
      all
      documents required (in the case of instruments described in clauses (X)(ii),
      (X)(iv) and (Y)(ix) of the definition of “Mortgage File,” known by the Trustee
      to be required) pursuant to the definition of “Mortgage File” and Section 2.05
      have been executed and received, and that such documents relate to the Mortgage
      Loans identified in the Mortgage Loan Schedule. In performing such review,
      the
      Trustee may rely upon the purported genuineness and due execution of any such
      document, and on the purported genuineness of any signature thereon. The Trustee
      shall not be required to make any independent examination of any documents
      contained in each Mortgage File beyond the review specifically required herein.
      The Trustee makes no representations as to: (i) the validity, legality,
      enforceability or genuineness of any of the Mortgage Loans identified on the
      Mortgage Loan Schedule, or (ii) the collectability, insurability, effectiveness
      or suitability of any Mortgage Loan. 

     

    If
      the
      Trustee finds any document or documents required to be included in the Mortgage
      File for a Mortgage Loan pursuant to the definition of “Mortgage File” not to
      have been executed and received, the Trustee shall promptly so notify the
      Servicer. An exception report delivered by the Custodian to the Servicer
      pursuant to the Custodial Agreement shall be deemed to constitute such notice.
      Upon notice from the Trustee or the Custodian that any document required to
      be
      included in the Mortgage File for a Mortgage Loan has not been executed and
      received, the Servicer shall promptly notify the Seller of such defect and
      take
      appropriate steps on behalf of the Trust to enforce the Seller’s obligation,
      pursuant to Section 2.4 of the Mortgage Loan Purchase Agreement, to correct
      or
      cure such defect or repurchase or substitute for such Mortgage Loan, in
      accordance with and subject to the time limitations set forth in such Section
      2.4; provided,
      however, that
      the
      Servicer shall not require or permit the Seller to repurchase a Mortgage Loan
      pursuant to such Section 2.4 of the Mortgage Loan Purchase Agreement more than
      two years after the Closing Date unless (a) such defect would cause the Mortgage
      Loan to be other than a “qualified mortgage” (as defined in the Code), (b) such
      Mortgage Loan is in default, or default is in the judgment of the Servicer
      reasonably imminent, or (c) the Servicer, at the expense of the Seller, delivers
      to the Trustee an Opinion of Counsel addressed to the Trust and the Trustee
      to
      the effect that the repurchase of such Mortgage Loan will not give rise to
      a tax
      on a prohibited transaction, as defined in Section 860F(a) of the Code;
provided,
      further,
      that in
      the event that such defect consists solely of the failure of the Seller to
      deliver any Recording Document with respect to such Mortgage Loan, due to a
      delay on the part of the recording office, then the Servicer shall instead
      notify the Seller of such defect and take appropriate steps on behalf of the
      Trust to enforce the Seller’s obligation, pursuant to Section 2.3 of the
      Mortgage Loan Purchase Agreement, to comply with the procedure described in
      such
      Section 2.3.

     

    
      
        
        

      

      
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    In
      connection with the enforcement of the Seller’s repurchase or substitution
      obligation pursuant to Section 2.4 of the Mortgage Loan Purchase Agreement,
      the
      Servicer and the Trustee shall comply with the additional provisions set forth
      in Section 2.10 hereof.

     

    Section
      2.08. Representation
      and Warranty of the Company Concerning the Mortgage Loans.
      The
      Company hereby represents and warrants to the Trust that, immediately upon
      the
      transfer and assignment contemplated by Section 2.04, the Trust shall have
      good
      title to, and will be the sole legal owner of, each Mortgage Loan, free and
      clear of any encumbrance or lien, other than (i) any lien arising before the
      Company’s purchase of the Mortgage Loan from the Seller and (ii) any lien
      arising under this Agreement.

     

    The
      representation and warranty set forth in this Section 2.08 shall survive
      delivery of the respective Mortgage Files to the Trustee or the Custodian,
      as
      the case may be, and shall continue throughout the term of this Agreement.
      Upon
      discovery by any of the Company, the Servicer or the Trustee of a breach of
      the
      foregoing representation and warranty which materially and adversely affects
      the
      value of the related Mortgage Loans or the interests of the Trust in the related
      Mortgage Loans, the party discovering such breach shall give prompt written
      notice to the others. Within 90 days of its discovery or its receipt of notice
      of breach, the Company shall repurchase or substitute for the affected Mortgage
      Loan or Mortgage Loans or any property acquired in respect thereof by the Trust,
      unless it has cured such breach in all material respects. Any such substitution
      shall be made within the three-month period commencing on the Closing Date
      (or
      within the two-year period commencing on the Closing Date if the related
      Mortgage Loan is a “defective obligation” within the meaning of Section
      860G(a)(4)(B)(ii) of the Code and Treasury Regulation Section 1.860G-2(f)).
      Any
      such repurchase shall be made at the Repurchase Price; provided,
      however,
      that no
      Mortgage Loan shall be repurchased pursuant to this Section 2.08 unless (a)
      the
      Mortgage Loan to be repurchased is in default, or default is in the judgment
      of
      the Servicer reasonably imminent, or (b) the Servicer, at the expense of the
      Company, delivers to the Trustee an Opinion of Counsel addressed to the Trust
      and the Trustee to the effect that the repurchase of such Mortgage Loan will
      not
      give rise to a tax on a prohibited transaction, as defined in Section 860F(a)
      of
      the Code. If such breach would cause the Mortgage Loan to be other than a
“qualified mortgage” (as defined in the Code), then notwithstanding the previous
      sentence, the repurchase or substitution must occur within the sooner of (i)
      90
      days from the date the defect was discovered or (ii) in the case of
      substitution, two years from the Closing Date.

     

    Any
      number of Substitute Mortgage Loans may be substituted for any number of
      Reacquired Mortgage Loans, subject to the limitations described in the next
      sentence. With respect to the Mortgage Loans substituted on any date, (i) the
      aggregate Principal Balance of the Substitute Mortgage Loans shall not exceed
      the aggregate Principal Balance of the Reacquired Mortgage Loans, (ii) each
      Substitute Mortgage Loan shall mature no later than, and not more than two
      years
      before, the weighted average date of maturity of the Reacquired Mortgage Loans,
      (iii) each Substitute Mortgage Loan shall have a Current Loan-to-Value Ratio
      equal to or less than the weighted average Current Loan-to-Value Ratio of the
      Reacquired Mortgage Loans and (iv) each Substitute Mortgage Loan shall have
      a
      Mortgage Interest Rate on the date of substitution equal to or no more than
      1
      percentage point greater than the weighted average Mortgage Interest Rate of
      the
      Reacquired Mortgage Loans and (v) if the Reacquired Mortgage Loans do not
      provide for any payments of principal during an initial period, each Substitute
      Mortgage Loan also shall not provide for payments of principal during such
      initial period. In addition, a Substitute Mortgage Loan shall not be a High
      Cost
      Loan or Covered Loan (as such terms are defined in the Standard & Poor's
      LEVELS® Glossary in effect on the date of substitution, with such exceptions
      thereto as the Company and S&P may reasonably agree). A Substitute Mortgage
      Loan may be substituted for a defective Mortgage Loan that is itself a
      Substitute Mortgage Loan. 

     

    
      
        
        

      

      
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    In
      connection with the substitution of one or more Substitute Mortgage Loans for
      one or more Reacquired Mortgage Loans on any date, the Company shall pay to
      the
      Trust the Substitution Price for such Reacquired Mortgage Loans, and such
      payment by the Company shall be treated in the same manner as proceeds of the
      repurchase by the Company of a Mortgage Loan pursuant to this Section 2.08.
      

     

    With
      respect to each Substitute Mortgage Loan, the Company shall (a) deliver to
      and
      deposit with, or cause to be delivered to and deposited with, the Trustee or
      the
      Custodian on behalf of the Trust the Mortgage File for such Substitute Mortgage
      Loan and (b) cause the Seller to enter into an agreement with the Trust and
      the
      Servicer pursuant to which, with respect to such Substitute Mortgage Loan,
      the
      Seller will (i) make, as of the date of substitution, each of the
      representations and warranties that the Seller made pursuant to Section 3.1
      of
      the Mortgage Loan Purchase Agreement with respect to the original Mortgage
      Loan
      (except that references to “Closing Date” or “Cut-off Date” in such Section 3.1
      shall be changed to the applicable date of substitution), (ii) agree to deliver
      any missing Recording Documents with respect to such Substitute Mortgage Loan,
      and to repurchase or substitute for such Substitute Mortgage Loan in the event
      of the Seller’s failure to deliver any document required to be included in such
      Mortgage File or in the event of the Seller’s material breach of any of such
      representations and warranties, upon the same terms as the Seller’s
      corresponding obligations with respect to the original Mortgage Loan pursuant
      to
      Sections 2.3, 2.4 and 3.3 of the Mortgage Loan Purchase Agreement, and (iii)
      convey such Substitute Mortgage Loan to the Trust.

     

    The
      Company shall pay all costs and expenses incurred in connection with any
      repurchase or substitution by the Company made pursuant to this Section
      2.08.

     

    With
      respect to each Mortgage Loan repurchased pursuant to this Section 2.08 and
      each
      Reacquired Mortgage Loan, the Company shall own and be entitled to receive
      all
      scheduled payments due after the date of repurchase or substitution, as
      applicable, any Curtailments received in or after the calendar month of
      repurchase or substitution, as applicable, and any Payoffs received after the
      14th day of the calendar month of repurchase or substitution, as applicable;
      and
      with respect to each Substitute Mortgage Loan, the Company shall own and be
      entitled to receive all payments due under the related Mortgage Note on or
      before the date of substitution. Any such payments received by the Servicer
      shall promptly be remitted by the Servicer to the Company. With respect to
      each
      Substitute Mortgage Loan, the Trust shall own and be entitled to receive all
      scheduled payments due after the date of substitution, any Curtailments received
      in or after the calendar month of substitution, and any Payoffs received after
      the 14th day of the calendar month of substitution. Any such payments received
      by the Company shall promptly be remitted by the Company to the
      Servicer.

     

    
      
        
        

      

      
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    In
      connection with any repurchase or substitution by the Company made pursuant
      to
      this Section 2.08, the Servicer and the Trustee (to the extent of any
      obligations on its part) shall comply with the additional provisions set forth
      in Section 2.10 hereof.

     

    Section
      2.09. Representations
      and Warranties of the Seller Concerning the Mortgage Loans.
      The
      Company hereby assigns to the Trust all of its rights under the Mortgage Loan
      Purchase Agreement, to the extent that the Mortgage Loan Purchase Agreement
      relates to the Mortgage Loans.

     

    Upon
      discovery by any of the Company, the Servicer or the Trustee (in the case of
      the
      Trustee, having actual knowledge thereof) of a breach of any of the
      representations and warranties in respect of the Mortgage Loan set forth in
      Section 3.1 of the Mortgage Loan Purchase Agreement (in the case of a breach
      of
      the representation set forth in clause (xxix) of such Section 3.1 thereof,
      determined as specified in Section 3.3(b) thereof) that materially and adversely
      affects the value of the related Mortgage Loans or the interests of the Trust
      in
      the related Mortgage Loans, the party discovering such breach shall give prompt
      written notice to the others. Any breach of the representation set forth in
      clause (xxvii) or clause (xxviii) of such Section 3.1 thereof shall be deemed
      to
      materially and adversely affect the value of the related Mortgage Loans or
      the
      interests of the Trust in the related Mortgage Loans. The Servicer shall
      promptly notify the Seller of such breach and take appropriate steps on behalf
      of the Trust to enforce the Seller’s obligation, pursuant to Section 3.3 of the
      Mortgage Loan Purchase Agreement, to cure such breach in all material respects
      or repurchase or substitute for the affected Mortgage Loan or Mortgage Loans
      or
      any property acquired in respect thereof, in accordance with and subject to
      the
      time limitations set forth in such Section 3.3; provided,
      however, that
      the
      Seller shall not be required or permitted to repurchase a Mortgage Loan pursuant
      to such Section 3.3 thereof unless (a) such defect would cause the Mortgage
      Loan
      to be other than a “qualified mortgage” (as defined in the Code), (b) such
      Mortgage Loan is in default, or default is in the judgment of the Servicer
      reasonably imminent, or (c) the Servicer, at the expense of the Seller, delivers
      to the Trustee an Opinion of Counsel addressed to the Trust and the Trustee
      to
      the effect that the purchase of such Mortgage Loan will not give rise to a
      tax
      on a prohibited transaction, as defined in Section 860F(a) of the Code.

     

    In
      connection with the enforcement of the Seller’s repurchase or substitution
      obligation pursuant to Section 3.3 of the Mortgage Loan Purchase Agreement,
      the
      Servicer and the Trustee shall comply with the additional provisions set forth
      in Section 2.10 hereof.

     

    Section
      2.10. Additional
      Provisions Relating to Repurchases of and Substitutions for Mortgage Loans
      by
      the Company or the Seller.
      

     

    The
      Servicer shall deposit or cause to be deposited in the Custodial Account for
      P&I (i) the Repurchase Price that it receives for each Mortgage Loan
      repurchased by the Company pursuant to Section 2.08 hereof, (ii) the
      Substitution Price that it receives in connection with each substitution for
      a
      Mortgage Loan by the Company pursuant to such Section 2.08, (iii) the Repurchase
      Price (as defined in the Mortgage Loan Purchase Agreement) that it receives
      for
      each Mortgage Loan repurchased by the Seller pursuant to Section 2.4 or 3.3
      of
      the Mortgage Loan Purchase Agreement and (iv) the Substitution Price (as defined
      in the Mortgage Loan Purchase Agreement) that it receives in connection with
      each substitution for a Mortgage Loan by the Seller pursuant to such Section
      2.4
      or 3.3 thereof.

     

    
      
        
        

      

      
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    Upon
      receipt by the Trustee of written notification, signed by a Servicing Officer,
      of the deposit in the Custodial Account for P&I of the Repurchase Price or
      Substitution Price, as applicable, and (in the case of a substitution for a
      Mortgage Loan) upon receipt by the Trustee of such instruments of transfer
      or
      assignment, in each case without recourse, as shall be necessary to vest in
      the
      Trust title to any Substitute Mortgage Loan, the Trustee shall (or, if
      applicable, shall cause the Custodian in accordance with the Custodial Agreement
      to) on behalf of the Trust release to the Company or the Seller, as applicable,
      or to such person’s designee, the Mortgage File for such Mortgage Loan and shall
      execute and deliver (or, in the event that the Mortgage Files are held in the
      name of the Custodian, shall cause the Custodian in accordance with the
      Custodial Agreement to execute and deliver) on behalf of the Trust such
      instruments of transfer or assignment, in each case without recourse, as shall
      be necessary to vest in such person or its designee or assignee title to any
      such Mortgage Loan. In furtherance of the foregoing, if such Mortgage Loan
      is a
      MERS Loan and as a result of the repurchase thereof or substitution therefor
      such Mortgage Loan shall cease to be serviced by a servicer that is a member
      of
      MERS or if the Company or the Seller, as applicable, or such person’s assignee,
      shall so request, the Servicer shall cause MERS to execute and deliver an
      assignment of the Mortgage in recordable form from MERS to such person or its
      assignee and shall cause the Mortgage Loan to be removed from registration
      on
      the MERS® System in accordance with MERS’ rules and procedures. 

     

    It
      is
      understood and agreed that the obligation of (a) the Seller, pursuant to Section
      2.4 of the Mortgage Loan Purchase Agreement, to repurchase or substitute for
      any
      Mortgage Loan as to which a defect in a constituent document exists, or (b)
      of
      the Seller or the Company, as applicable, pursuant to Section 3.3 of the
      Mortgage Loan Purchase Agreement or Section 2.8 hereof, to repurchase or
      substitute for any Mortgage Loan as to which a breach has occurred and is
      continuing, shall constitute the sole remedy respecting such defect or breach
      available to the Trust or the Holders of the REMIC interests or the Certificates
      issued hereunder or the Trustee on behalf of such Holders. 

     

    Section
      2.11. Acknowledgment
      of Transfer of Mortgage Pool Assets.
      The
      Trustee hereby acknowledges and accepts on behalf of the Trust the transfer
      and
      assignment pursuant to Section 2.04 to the Trust of the Mortgage Pool Assets,
      but without having made the review required to be made within 45 days pursuant
      to Section 2.07, and declares that as of the Closing Date it (or, with respect
      to the Mortgage Loans identified in the Initial Custodial Agreement, the
      Custodian on behalf of the Trustee) holds and shall hold any documents
      constituting a part of the Mortgage Pool Assets, and the Mortgage Pool Assets,
      as Trustee in trust, upon the trust herein set forth, for the use and benefit
      of
      all present and future Holders of the REMIC I and REMIC II Regular Interests
      and
      the Class R-1 and Class R-2 Residual Interests. 

     

    Section
      2.12. Conveyance
      of REMIC III Assets; Security Interest.
      The
      Company does hereby irrevocably sell, transfer, assign, set over, and otherwise
      convey to the Trust, without recourse, all the Company’s right, title and
      interest in and to the REMIC III Assets. The Trust, as payment of the purchase
      price of the REMIC III Assets, shall issue the REMIC III Regular Interests
      and
      the Class R-3 Residual Interest to the Company on the Closing Date. Pursuant
      to
      Section 3818 of the Statutory Trust Statute, the REMIC II Regular Interests
      shall not be cancelled and shall be held as treasury interests owned by the
      Trust. The REMIC III Regular Interests and the Class R-3 Residual Interest
      shall
      together be a separate series of beneficial interests in the assets of the
      Trust
      consisting of the REMIC III Assets pursuant to Section 3806(b)(2) of the
      Statutory Trust Statute. 

     

    
      
        
        

      

      
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    It
      is the
      express intent of the parties hereto that the conveyance of the REMIC III Assets
      to the Trust by the Company as provided in this Section 2.12 be, and be
      construed as, an absolute sale of the REMIC III Assets. It is, further, not
      the
      intention of the parties that such conveyance be deemed the grant of a security
      interest in the REMIC III Assets by the Company to the Trust to secure a debt
      or
      other obligation of the Company. However, in the event that, notwithstanding
      the
      intent of the parties, the REMIC III Assets are held to be the property of
      the
      Company, or if for any other reason this Agreement is held or deemed to create
      a
      security interest in the REMIC III Assets, then

     

    (a) this
      Agreement shall constitute a security agreement;

     

    (b) the
      conveyance provided for in this Section 2.12 shall be deemed to be a grant
      by
      the Company to the Trust of, and the Company hereby grants to the Trust, to
      secure all of the Company’s obligations hereunder, a security interest in all of
      the Company’s right, title, and interest, whether now owned or hereafter
      acquired, in and to:

     

    (I) The
      REMIC
      II Regular Interests, including without limitation all rights represented
      thereby in and to the Mortgage Pool Assets and the proceeds
      thereof;

     

    (II) All
      accounts, chattel paper, deposit accounts, documents, general intangibles,
      goods, instruments, investment property, letter-of-credit rights, letters of
      credit, money, and oil, gas, and other minerals, consisting of, arising from,
      or
      relating to, any of the foregoing; and

     

    (III) All
      proceeds of the foregoing.

     

    The
      Company shall file such financing statements, and the Company and the Trustee
      acting on behalf of the Trust at the direction of the Company shall, to the
      extent consistent with this Agreement, take such other actions as may be
      necessary to ensure that, if this Agreement were found to create a security
      interest in the REMIC III Assets, such security interest would be a perfected
      security interest of first priority under applicable law and will be maintained
      as such throughout the term of this Agreement. In connection herewith, the
      Trust
      shall have all of the rights and remedies of a secured party under the Uniform
      Commercial Code as in force in the relevant jurisdiction.

     

    Section
      2.13. REMIC
      Election for REMIC III.

     

    The
      Servicer shall, on behalf of REMIC III, elect to treat REMIC III as a REMIC
      within the meaning of Section 860D of the Code and, if necessary, under
      applicable state laws. Such election shall be included in the Form 1066 and
      any
      appropriate state return to be filed on behalf of REMIC III for its first
      taxable year.

     

    
      
        
        

      

      
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    The
      Closing Date is hereby designated as the “startup day” of REMIC III within the
      meaning of Section 860G(a)(9) of the Code.

     

    The
      regular interests (as set forth in the table contained in the Preliminary
      Statement hereto) relating to REMIC III are hereby designated as “regular
      interests” in REMIC III for purposes of Section 860G(a)(1) of the Code. The
      Class R-3 Residual Interest is hereby designated as the sole class of “residual
      interest” in REMIC III for purposes of Section 860G(a)(2) of the Code.

     

    The
      parties intend that the affairs of REMIC III shall constitute, and that the
      affairs of REMIC III shall be conducted so as to qualify it as, a REMIC. In
      furtherance of such intention, the Servicer shall, on behalf of REMIC III:
      (a)
      prepare and file, or cause to be prepared and filed, a federal tax return using
      a calendar year as the taxable year for REMIC III when and as required by the
      REMIC provisions and other applicable federal income tax laws; (b) make an
      election, on behalf of REMIC III, to be treated as a REMIC on the federal tax
      return of REMIC III for its first taxable year, in accordance with the REMIC
      provisions; (c) prepare and forward, or cause to be prepared and forwarded,
      to
      the Certificateholders and the Holders of the Class R-3 Residual Interest all
      information reports as and when required to be provided to them in accordance
      with the REMIC provisions; (d) conduct the affairs of REMIC III at all times
      that any of the Certificates are outstanding so as to maintain the status of
      REMIC III as a REMIC under the REMIC provisions; (e) not knowingly or
      intentionally take any action or omit to take any action that would cause the
      termination of the REMIC status of REMIC III; and (f) pay the amount of any
      federal prohibited transaction penalty taxes imposed on REMIC III when and
      as
      the same shall be due and payable (but such obligation shall not prevent the
      Servicer or any other appropriate person from contesting any such tax in
      appropriate proceedings and shall not prevent the Servicer from withholding
      payment of such tax, if permitted by law, pending the outcome of such
      proceedings).

     

    In
      the
      event that the Servicer has paid any federal prohibited transaction penalty
      taxes imposed on REMIC III pursuant to clause (f) of the immediately preceding
      paragraph, the Trustee on behalf of the Trust shall (unless the Servicer’s
      failure to exercise reasonable care was the primary cause of the imposition
      of
      such taxes) reimburse the Servicer, upon the written request of the Servicer,
      for such payment from amounts on deposit in the Certificate Account in reduction
      of the REMIC III Available Distribution Amount for the applicable Distribution
      Date. In the event that any federal prohibited transaction penalty taxes are
      imposed on REMIC III and not paid by the Servicer pursuant to clause (f) of
      the
      immediately preceding paragraph, the Trustee on behalf of the Trust shall pay
      such taxes from amounts on deposit in the Certificate Account in reduction
      of
      the REMIC III Available Distribution Amount for the applicable Distribution
      Date. The amount so reimbursed or paid pursuant to either of the immediately
      preceding two sentences shall be allocated as a loss to the Class R-3 Residual
      Interest, in reduction of the Class Principal Balance thereof.

     

    Neither
      the Trustee nor the Tax Matters Person shall knowingly or intentionally take
      any
      action that would cause the termination of the REMIC status of REMIC
      III.

     

    Section
      2.14. Acknowledgement
      of Transfer of REMIC III Assets.
      The
      Trustee hereby acknowledges and accepts on behalf of the Trust the assignment
      to
      the Trust pursuant to Section 2.12 of the REMIC III Assets and declares that
      as
      of the Closing Date it holds and shall hold any documents constituting a part
      of
      the REMIC III Assets, and the REMIC III Assets, as Trustee in trust, upon the
      trust herein set forth, for the use and benefit of all present and future
      Holders of the REMIC III Regular Interests and the Class R-3 Residual Interest.
      

     

    
      
        
        

      

      
        99

        
          

        

      

      
        
        

      

    

    Section
      2.15. Conveyance
      of REMIC IV Assets; Security Interest.
      The
      Company does hereby irrevocably sell, transfer, assign, set over, and otherwise
      convey to the Trust, without recourse, all the Company’s right, title and
      interest in and to the REMIC IV Assets. The Trust, as payment of the purchase
      price of the REMIC IV Assets, shall (i) issue the Group 3-L Regular Interests
      and the Class R-4 Residual Interest to the Company on the Closing Date and
      (ii)
      issue the Group 1, Group 2 and Group L-B Certificates to the Company or the
      Company’s designee on the Closing Date in Authorized Denominations. Pursuant to
      Section 3818 of the Statutory Trust Statute, the REMIC I and REMIC III Regular
      Interests shall not be cancelled and shall be held as treasury interests owned
      by the Trust. The REMIC IV Regular Interests and the Class R-4 Residual Interest
      shall together be a separate series of beneficial interests in the assets of
      the
      Trust consisting of the REMIC IV Assets pursuant to Section 3806(b)(2) of the
      Statutory Trust Statute. 

     

    It
      is the
      express intent of the parties hereto that the conveyance of the REMIC IV Assets
      to the Trust by the Company as provided in this Section 2.15 be, and be
      construed as, an absolute sale of the REMIC IV Assets. It is, further, not
      the
      intention of the parties that such conveyance be deemed the grant of a security
      interest in the REMIC IV Assets by the Company to the Trust to secure a debt
      or
      other obligation of the Company. However, in the event that, notwithstanding
      the
      intent of the parties, the REMIC IV Assets are held to be the property of the
      Company, or if for any other reason this Agreement is held or deemed to create
      a
      security interest in the REMIC IV Assets, then

     

    (a) this
      Agreement shall constitute a security agreement;

     

    (b) the
      conveyance provided for in this Section 2.15 shall be deemed to be a grant
      by
      the Company to the Trust of, and the Company hereby grants to the Trust, to
      secure all of the Company’s obligations hereunder, a security interest in all of
      the Company’s right, title, and interest, whether now owned or hereafter
      acquired, in and to:

     

    (I) The
      REMIC
      I and REMIC III Regular Interests, including without limitation all rights
      represented thereby in and to the Mortgage Pool Assets and the proceeds
      thereof;

     

    (II) All
      accounts, chattel paper, deposit accounts, documents, general intangibles,
      goods, instruments, investment property, letter-of-credit rights, letters of
      credit, money, and oil, gas, and other minerals, consisting of, arising from,
      or
      relating to, any of the foregoing; and

     

    (III) All
      proceeds of the foregoing.

     

    The
      Company shall file such financing statements, and the Company and the Trustee
      acting on behalf of the Trust at the direction of the Company shall, to the
      extent consistent with this Agreement, take such other actions as may be
      necessary to ensure that, if this Agreement were found to create a security
      interest in the REMIC IV Assets, such security interest would be a perfected
      security interest of first priority under applicable law and will be maintained
      as such throughout the term of this Agreement. In connection herewith, the
      Trust
      shall have all of the rights and remedies of a secured party under the Uniform
      Commercial Code as in force in the relevant jurisdiction.

     

    
      
        
        

      

      
        100

        
          

        

      

      
        
        

      

    

    Section
      2.16. REMIC
      Election for REMIC IV.

     

    The
      Servicer shall, on behalf of REMIC IV, elect to treat REMIC IV as a REMIC within
      the meaning of Section 860D of the Code and, if necessary, under applicable
      state laws. Such election shall be included in the Form 1066 and any appropriate
      state return to be filed on behalf of REMIC IV for its first taxable
      year.

     

    The
      Closing Date is hereby designated as the “startup day” of REMIC IV within the
      meaning of Section 860G(a)(9) of the Code.

     

    The
      regular interests (as set forth in the table contained in the Preliminary
      Statement hereto) relating to REMIC IV are hereby designated as “regular
      interests” in REMIC IV for purposes of Section 860G(a)(1) of the Code. The Class
      R-4 Residual Interest is hereby designated as the sole class of “residual
      interest” in REMIC IV for purposes of Section 860G(a)(2) of the Code.

     

    The
      parties intend that the affairs of REMIC IV shall constitute, and that the
      affairs of REMIC IV shall be conducted so as to qualify it as, a REMIC. In
      furtherance of such intention, the Servicer shall, on behalf of REMIC IV: (a)
      prepare and file, or cause to be prepared and filed, a federal tax return using
      a calendar year as the taxable year for REMIC IV when and as required by the
      REMIC provisions and other applicable federal income tax laws; (b) make an
      election, on behalf of REMIC IV, to be treated as a REMIC on the federal tax
      return of REMIC IV for its first taxable year, in accordance with the REMIC
      provisions; (c) prepare and forward, or cause to be prepared and forwarded,
      to
      the Certificateholders and the Holders of the Class R-4 Residual Interest all
      information reports as and when required to be provided to them in accordance
      with the REMIC provisions; (d) conduct the affairs of REMIC IV at all times
      that
      any of the Certificates are outstanding so as to maintain the status of REMIC
      IV
      as a REMIC under the REMIC provisions; (e) not knowingly or intentionally take
      any action or omit to take any action that would cause the termination of the
      REMIC status of REMIC IV; and (f) pay the amount of any federal prohibited
      transaction penalty taxes imposed on REMIC IV when and as the same shall be
      due
      and payable (but such obligation shall not prevent the Servicer or any other
      appropriate person from contesting any such tax in appropriate proceedings
      and
      shall not prevent the Servicer from withholding payment of such tax, if
      permitted by law, pending the outcome of such proceedings).

     

    In
      the
      event that the Servicer has paid any federal prohibited transaction penalty
      taxes imposed on REMIC IV pursuant to clause (f) of the immediately preceding
      paragraph, the Trustee on behalf of the Trust shall (unless the Servicer’s
      failure to exercise reasonable care was the primary cause of the imposition
      of
      such taxes) reimburse the Servicer, upon the written request of the Servicer,
      for such payment from amounts on deposit in the Certificate Account in reduction
      of the REMIC IV Available Distribution Amount for the applicable Distribution
      Date. In the event that any federal prohibited transaction penalty taxes are
      imposed on REMIC IV and not paid by the Servicer pursuant to clause (f) of
      the
      immediately preceding paragraph, the Trustee on behalf of the Trust shall pay
      such taxes from amounts on deposit in the Certificate Account in reduction
      of
      the REMIC IV Available Distribution Amount for the applicable Distribution
      Date.
      The amount so reimbursed or paid pursuant to either of the immediately preceding
      two sentences shall be allocated as a loss to the Class R-4 Residual Interest,
      in reduction of the Class Principal Balance thereof.

     

    
      
        
        

      

      
        101

        
          

        

      

      
        
        

      

    

    Neither
      the Trustee nor the Tax Matters Person shall knowingly or intentionally take
      any
      action that would cause the termination of the REMIC status of REMIC
      IV.

     

    Section
      2.17. Acknowledgement
      of Transfer of REMIC IV Assets.
      The
      Trustee hereby acknowledges and accepts on behalf of the Trust the assignment
      to
      the Trust pursuant to Section 2.15 of the REMIC IV Assets and declares that
      as
      of the Closing Date it holds and shall hold any documents constituting a part
      of
      the REMIC IV Assets, and the REMIC IV Assets, as Trustee in trust, upon the
      trust herein set forth, for the use and benefit of all present and future
      Holders of the REMIC IV Regular Interests and the Class R-4 Residual Interest.
      

     

    Section
      2.18. Conveyance
      of Group 3-L Regular Interests; Security Interest.
      The
      Company does hereby irrevocably sell, transfer, assign, set over, and otherwise
      convey to the Trust, without recourse, all the Company’s right, title and
      interest in and to the Group 3-L Regular Interests. The Trust, as payment of
      the
      purchase price of the Group 3-L Regular Interests, shall issue the Group 3
      Certificates to the Company or the Company’s designee on the Closing Date in
      Authorized Denominations. Pursuant to Section 3818 of the Statutory Trust
      Statute, the Group 3-L Regular Interests shall not be cancelled and shall be
      held as treasury interests owned by the Trust. The Group 3 Certificates shall
      be
      a separate series of beneficial interests in the assets of the Trust consisting
      of the Group 3-L Regular Interests pursuant to Section 3806(b)(2) of the
      Statutory Trust Statute. 

     

    It
      is the
      express intent of the parties hereto that the conveyance of the Group 3-L
      Regular Interests to the Trust by the Company as provided in this Section 2.18
      be, and be construed as, an absolute sale of the Group 3-L Regular Interests.
      It
      is, further, not the intention of the parties that such conveyance be deemed
      the
      grant of a security interest in the Group 3-L Regular Interests by the Company
      to the Trust to secure a debt or other obligation of the Company. However,
      in
      the event that, notwithstanding the intent of the parties, the Group 3-L Regular
      Interests are held to be the property of the Company, or if for any other reason
      this Agreement is held or deemed to create a security interest in the Group
      3-L
      Regular Interests, then

     

    (a) this
      Agreement shall constitute a security agreement;

     

    (b) the
      conveyance provided for in this Section 2.18 shall be deemed to be a grant
      by
      the Company to the Trust of, and the Company hereby grants to the Trust, to
      secure all of the Company’s obligations hereunder, a security interest in all of
      the Company’s right, title, and interest, whether now owned or hereafter
      acquired, in and to:

     

    (I) The
      Group
      3-L Regular Interests, including without limitation all rights represented
      thereby in and to the Mortgage Pool Assets and the proceeds thereof;

     

    
      
        
        

      

      
        102

        
          

        

      

      
        
        

      

    

    (II) All
      accounts, chattel paper, deposit accounts, documents, general intangibles,
      goods, instruments, investment property, letter-of-credit rights, letters of
      credit, money, and oil, gas, and other minerals, consisting of, arising from,
      or
      relating to, any of the foregoing; and

     

    (III) All
      proceeds of the foregoing.

     

    The
      Company shall file such financing statements, and the Company and the Trustee
      acting on behalf of the Trust at the direction of the Company shall, to the
      extent consistent with this Agreement, take such other actions as may be
      necessary to ensure that, if this Agreement were found to create a security
      interest in the Group 3-L Regular Interests, such security interest would be
      a
      perfected security interest of first priority under applicable law and will
      be
      maintained as such throughout the term of this Agreement. In connection
      herewith, the Trust shall have all of the rights and remedies of a secured
      party
      under the Uniform Commercial Code as in force in the relevant
      jurisdiction.

     

    Section
      2.19. Acknowledgement
      of Transfer of Group 3-L Regular Interests.
      The
      Trustee hereby acknowledges and accepts on behalf of the Trust the assignment
      to
      the Trust pursuant to Section 2.18 of the Group 3-L Regular Interests and
      declares that as of the Closing Date it holds and shall hold any documents
      constituting a part of the Group 3-L Regular Interests, and the Group 3-L
      Regular Interests, as Trustee in trust, upon the trust herein set forth, for
      the
      use and benefit of all present and future Holders of the Group 3 Certificates.
      

     

    Section
      2.20. Legal
      Title.
      Legal
      title to all assets of the Trust shall be vested at all times in the Trust
      as a
      separate legal entity.

     

    Section
      2.21. Compliance
      with ERISA Requirements.
      For
      purposes of ensuring compliance with the requirements of the “underwriter’s
      exemption” (U.S. Department of Labor Prohibited Transaction Exemption 2002-41,
      67 Fed. Reg. 54487 (Aug. 22, 2002)), issued under ERISA, and for the avoidance
      of any doubt as to the applicability of other provisions of this Agreement,
      to
      the fullest extent permitted by applicable law and except as contemplated by
      this Agreement, the Trust shall not be a party to any merger, consolidation
      or
      reorganization, or liquidate or sell its assets.

     

    Section
      2.22. Additional
      Representation Concerning the Mortgage Loans.
      Based
      on the Seller’s obligation, pursuant to Section 3.3 of the Mortgage Loan
      Purchase Agreement, to repurchase or substitute for the affected Mortgage Loan
      in the event of a breach of the representation set forth in clauses (xxvii)
      or
      (xxviii) of such Section 3.3 thereof, the parties hereto agree and understand
      that it is not intended for the Mortgage Pool to include any Mortgage Loan
      that
      is a “high-cost home loan” as defined under the New Jersey Home Ownership
      Security Act of 2002, the New Mexico Home Loan Protection Act, the Massachusetts
      Predatory Home Loan Practices Act or the Indiana Home Loan Practices Act
      (Indiana Code, Section 24-9 et seq.).

     

    Section
      2.23. Distributions
      to Group 3 Certificates (other than the Class 3-C Certificates) Outside of
      REMIC
      IV.
      For tax
      purposes, for any Distribution Date for which a distribution has been made
      to
      any Class of Group 3 Certificates (other than the Class 3-C Certificates)
      pursuant to the second paragraph of Section 4.05(a), such Class shall be treated
      as (i) having received the portion of the REMIC IV Available Distribution Amount
      distributed to the Corresponding Class of REMIC IV Regular Interests for such
      Distribution Date and (ii) having received from the Class 3-C Certificates,
      outside of REMIC IV, the distribution pursuant to the second paragraph of
      Section 4.05(a). For tax purposes, for any such Distribution Date, the Class
      3-C
      Certificates shall be treated as (i) having received the portion of the
      REMIC IV Available Distribution Amount distributed to the Corresponding Class
      of
      REMIC IV Regular Interests for such Distribution Date and (ii) having paid
      to
      the Group 3 Certificates (other than the Class 3-C Certificates), outside of
      REMIC IV, the Basis Risk Carry Forward Amount for such Class.

     

    
      
        
        

      

      
        103

        
          

        

      

      
        
        

      

    

    ARTICLE
      III

     

    Administration
      and Servicing of Mortgage Loans

     

    Section
      3.01. The
      Servicer.
      Washington Mutual Bank shall act as Servicer to service and administer the
      Mortgage Loans on behalf of the Trust in accordance with the terms hereof,
      consistent with prudent mortgage loan servicing practices and (unless
      inconsistent with prudent mortgage loan servicing practices) in the same manner
      in which, and with the same care, skill, prudence and diligence with which,
      it
      services and administers similar mortgage loans for other portfolios, and 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 a prudent servicer
      of
      mortgage loans would do under similar circumstances, including, without
      limitation, the power and authority to bring actions and defend the Mortgage
      Pool Assets on behalf of the Trust in order to enforce the terms of the Mortgage
      Notes. The Servicer may perform its servicing responsibilities through
      subservicers or other agents or independent contractors, but shall not thereby
      be released from any of its responsibilities hereunder and the Servicer shall
      diligently pursue all of its rights against such subservicers or other agents
      or
      independent contractors; provided,
      however,
      that the
      Servicer shall, if such reports are required to be filed with the Commission
      as
      an exhibit to a Report on Form 10-K, (i) cause each such party, if determined
      by
      the Servicer to be a party participating in the servicing function within the
      meaning of Item 1122 of Regulation AB, to deliver to the Servicer the report
      on
      assessment of compliance with applicable servicing criteria and the accounting
      firm’s attestation report described in Section 3.13(c) and (ii) cause each such
      party, if determined by the Servicer to meet the criteria in Item 1108(a)(2)(i)
      through (iii) of Regulation AB, to deliver to the Servicer the statement of
      compliance described in Section 3.13(e).

     

    The
      Servicer shall make reasonable efforts to collect or cause to be collected
      all
      payments called for under the terms and provisions of the Mortgage Loans and
      shall, to the extent such procedures shall be consistent with this Agreement
      and
      the terms and provisions of any Primary Insurance Policy, any FHA insurance
      policy or VA guaranty, any hazard insurance policy, and federal flood insurance,
      cause to be followed such collection procedures as are followed with respect
      to
      mortgage loans comparable to the Mortgage Loans and held in portfolios of
      responsible mortgage lenders in the local areas where each Mortgaged Property
      is
      located. The Servicer shall enforce “due-on-sale” clauses with respect to the
      related Mortgage Loans, to the extent permitted by law, subject to the
      provisions set forth in Section 3.08.

     

    
      
        
        

      

      
        104

        
          

        

      

      
        
        

      

    

    Consistent
      with the foregoing, the Servicer may, in accordance with prudent mortgage loan
      servicing practices and subject to Section 3.20, (i) waive or cause to be waived
      any assumption fee or late payment charge in connection with the prepayment
      of
      any Mortgage Loan and (ii) only upon determining that the coverage of any
      applicable insurance policy or guaranty related to a Mortgage Loan will not
      be
      materially adversely affected, arrange a schedule, running for no more than
      180
      days after the first delinquent Due Date, for payment of any delinquent
      installment on any Mortgage Note or for the liquidation of delinquent items.
      

     

    Consistent
      with the terms of this Section 3.01, the Servicer may waive, modify or vary
      any
      term of any Mortgage Loan or consent to the postponement of strict compliance
      with any such term or in any manner grant indulgence to any Mortgagor if it
      has
      determined, exercising its good faith business judgment in the same manner
      as it
      would if it were the owner of the related Mortgage Loan, that the security
      for,
      and the timely and full collectability of, such Mortgage Loan would not be
      adversely affected by such waiver, modification, postponement or indulgence;
      provided,
      however,
      that
      (unless the Mortgagor is in default with respect to the Mortgage Loan or in
      the
      reasonable judgment of the Servicer such default is imminent) the Servicer
      shall
      not permit any modification with respect to any Mortgage Loan that would (i)
      change the applicable Mortgage Interest Rate, defer or forgive the payment
      of
      any principal or interest, reduce the outstanding principal balance (except
      for
      actual payments of principal) or extend the final maturity date with respect
      to
      such Mortgage Loan, or (ii) be inconsistent with the terms of any applicable
      Primary Insurance Policy, FHA insurance policy, VA guaranty, hazard insurance
      policy or federal flood insurance policy. Notwithstanding the foregoing, the
      Servicer shall not permit any modification with respect to any Mortgage Loan
      that would both constitute a sale or exchange of such Mortgage Loan within
      the
      meaning of Section 1001 of the Code (including any proposed, temporary or final
      regulations promulgated thereunder) (other than in connection with a proposed
      conveyance or assumption of such Mortgage Loan that is treated as a Principal
      Prepayment or in a default situation) and cause any REMIC to fail to qualify
      as
      such under the Code. The Servicer shall be entitled to approve a request from
      a
      Mortgagor for a partial release of the related Mortgaged Property, the granting
      of an easement thereon in favor of another Person, any alteration or demolition
      of the related Mortgaged Property or other similar matters if it has determined,
      exercising its good faith business judgment in the same manner as it would
      if it
      were the owner of the related Mortgage Loan, that the security for, and the
      timely and full collectability of, such Mortgage Loan would not be adversely
      affected thereby and that REMIC I, REMIC II REMIC III and REMIC IV would not
      fail to continue to qualify as REMICs under the Code as a result thereof and
      that no tax on “prohibited transactions” or “contributions” after the startup
      day would be imposed on any REMIC as a result thereof.

     

    The
      Servicer is hereby authorized and empowered by the Trust to, and shall, execute
      and deliver or cause to be executed and delivered on behalf of the Holders
      of
      the REMIC I and REMIC II Regular Interests and the Class R-1 and Class R-2
      Residual Interests, the Trustee and the Trust or any of them, any and all
      instruments of satisfaction or cancellation, or of partial or full release,
      discharge or modification, assignments of Mortgages and endorsements of Mortgage
      Notes in connection with refinancings (in jurisdictions where such assignments
      are the customary and usual standard of practice of mortgage lenders) and all
      other comparable instruments, with respect to the Mortgage Loans and with
      respect to the Mortgaged Properties. The Servicer is hereby further authorized
      and empowered by the Trust to execute and deliver or cause to be executed and
      delivered on behalf of the Holders of the REMIC I and REMIC II Regular
      Interests and the Class R-1 and Class R-2 Residual Interests, the Trustee and
      the Trust, or any of them, such instruments of assignment or other comparable
      instruments as the Servicer shall, in its sole judgment, deem appropriate in
      order to register any Mortgage Loan on the MERS® System or to cause the removal
      of any Mortgage Loan from registration thereon. Any expenses incurred in
      connection with the actions described in the preceding sentence shall be borne
      by the Servicer with no right of reimbursement; provided,
      however,
      that any
      such expenses incurred as a result of any termination by MERS of the MERS®
System shall be reimbursable to the Servicer. The Trustee on behalf of the
      Trust
      shall execute and furnish to the Servicer, at the Servicer’s direction, any
      powers of attorney and other documents prepared by the Servicer and determined
      by the Servicer to be necessary or appropriate to enable the Servicer to carry
      out its supervisory, servicing and administrative duties under this
      Agreement.

     

    
      
        
        

      

      
        105

        
          

        

      

      
        
        

      

    

    The
      Servicer shall obtain (to the extent generally commercially available) and
      maintain fidelity bond and errors and omissions coverage acceptable to Fannie
      Mae or Freddie Mac with respect to its obligations under this Agreement. The
      Servicer shall establish escrow accounts for, or pay when due (by means of
      an
      advance), any tax liens in connection with the Mortgaged Properties and premiums
      with respect to any insurance required to be maintained by the Servicer under
      Section 3.06 and 3.07, to the extent that such amounts are not paid by the
      Mortgagors when due and to the extent that any such payment would not constitute
      a Nonrecoverable Advance when made.

     

    In
      connection with the servicing and administering of each Mortgage Loan, the
      Servicer and any affiliate of the Servicer (i) may perform services such as
      appraisals, default management and (in the case of affiliates only) brokerage
      services that are not customarily provided by servicers of mortgage loans,
      and
      shall be entitled to reasonable compensation therefor and (ii) may, at its
      own discretion and on behalf of the Trust, obtain credit information in the
      form
      of a “credit score” from a credit repository.

     

    Section
      3.02. The
      Custodial Accounts for P&I and Buydown Fund Accounts.
      The
      Servicer shall establish and maintain the Custodial Accounts for P&I and
      shall deposit or cause to be deposited therein within 48 hours of receipt the
      following amounts received or advanced by the Servicer with respect to the
      Mortgage Loans:

     

    (i) all
      scheduled payments of principal;

     

    (ii) all
      scheduled payments of interest, net of the Servicing Fees (to the extent not
      applied to pay Compensating Interest);

     

    (iii) all
      Curtailments and Payoffs; 

     

    (iv) all
      Insurance Proceeds (except Insurance Proceeds required for the restoration
      or
      repair of the related Mortgaged Property, which shall be retained by the
      Servicer in an escrow account established for such purpose and maintained in
      an
      Eligible Institution, and which may, at the Servicer’s option, be invested in
      Eligible Investments), Liquidation Proceeds, Excess Liquidation Proceeds and
      Subsequent Recoveries; 

     

    (v) all
      Repurchase Proceeds; and

     

    
      
        
        

      

      
        106

        
          

        

      

      
        
        

      

    

    (vi) (a)
      all
      Prepayment Premiums collected on the Mortgage Loans, (b) all payments made
      by
      the Servicer in respect of Prepayment Premiums pursuant to Section 3.20 and
      (c)
      all payments received by the Servicer from the Seller in respect of Prepayment
      Premiums pursuant to Section 3.4 of the Mortgage Loan Purchase
      Agreement.

     

    The
      Servicer shall not be required to deposit or cause to be deposited in the
      Custodial Accounts for P&I the additional servicing compensation described
      in the second sentence of the definition of “Servicing Fee.”

     

    In
      the
      event that Buydown Funds have been provided with respect to any Mortgage Loan,
      the Servicer shall deposit such Buydown Funds in Buydown Fund Accounts
      established and maintained by the Servicer.

     

    The
      Servicer is hereby authorized to make withdrawals from and to issue drafts
      against the Custodial Accounts for P&I and the Buydown Fund Accounts for the
      purposes required or permitted by this Agreement. 

     

    The
      Servicer hereby undertakes to assure remittance to the Certificate Account
      of
      all amounts relating to the Mortgage Loans that have been collected by the
      Servicer and are due to the Certificate Account pursuant to Section 4.01 of
      this
      Agreement.

     

    Funds
      held in the Custodial Account for P&I may, at the Servicer’s option, be
      invested in (i) one or more Eligible Investments which shall in no event mature
      later than the Business Day prior to the Distribution Date on which such funds
      are required to be distributed to pursuant to Article IV (except if such
      Eligible Investments are obligations of the institution acting as the Trustee,
      in which case such Eligible Investments may mature on such Distribution Date),
      or (ii) such other instruments as shall be required to maintain the Ratings.
      

     

    Section
      3.03. The
      Investment Account; Eligible Investments.

     

    (a) At
      its
      option, the Servicer may invest funds withdrawn from the Custodial Accounts
      for
      P&I or the Buydown Fund Accounts for its own account and at its own risk,
      during any period prior to their deposit in the Certificate Account pursuant
      to
      Section 3.04. Funds so withdrawn shall immediately be deposited by the Servicer
      with the Investment Depository in the Investment Account in the name of the
      Servicer and the Trust for investment only as set forth in this Section 3.03.
      The Servicer shall bear any and all losses incurred on any investments made
      with
      such funds and shall be paid all gains realized on such investments (except
      Payoff Earnings to the extent applied to pay Compensating Interest) as
      additional servicing compensation.

     

    (b) Funds
      held in the Investment Account shall be invested in (i) one or more Eligible
      Investments which shall in no event mature later than the Business Day prior
      to
      the Distribution Date on which such funds are required to be distributed
      pursuant to Article IV (except if such Eligible Investments are obligations
      of
      the institution acting as the Trustee, in which case such Eligible Investments
      may mature on such Distribution Date), or (ii) such other instruments as shall
      be required to maintain the Ratings.

     

    Section
      3.04. The
      Certificate Account.

     

    
      
        
        

      

      
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    (a) On
      or
      prior to the Closing Date, the Trustee shall establish or cause to be
      established the Certificate Account. Promptly after the Closing Date, the
      Trustee shall communicate to the Servicer the account number and wiring
      instructions for the Certificate Account.

     

    (b) Not
      later
      than the Business Day prior to each Distribution Date, the Servicer shall direct
      the Investment Depository to withdraw from the Investment Account and deposit
      in
      the Certificate Account (or, in the event any such amounts have not been
      deposited in the Investment Account, the Servicer shall withdraw from the
      Custodial Accounts for P&I or the Buydown Fund Accounts, as applicable, and
      deposit in the Certificate Account) the following amounts (in each case, net
      of
      any amounts that the Servicer is entitled to withdraw from the Custodial
      Accounts for P&I pursuant to Section 3.05(a)(i) through (v)):

     

    (i) Scheduled
      installments of principal and interest on the Mortgage Loans received by the
      Servicer which were due on or before the related Due Date;

     

    (ii) Payoffs
      received by the Servicer during the related Payoff Period, with interest to
      the
      date of Payoff;

     

    (iii) Curtailments,
      Insurance Proceeds (except Insurance Proceeds required for the restoration
      or
      repair of the related Mortgaged Property), Liquidation Proceeds, Excess
      Liquidation Proceeds, Subsequent Recoveries and Repurchase Proceeds received
      by
      the Servicer during the Prior Period;

     

    (iv) the
      Assigned Prepayment Premiums for such Distribution Date; 

     

    (v) any
      Monthly P&I Advance required to be made by the Servicer for such
      Distribution Date; 

     

    (vi) amounts
      paid by the Servicer in connection with the exercise of its option to terminate
      this Agreement pursuant to Section 9.01; and

     

    (vii) any
      other
      amounts required to be distributed from the Certificate Account on such
      Distribution Date pursuant to Article IV (other than amounts to be deposited
      in
      the Certificate Account by the Trustee pursuant to clause (c) of this Section
      3.04).

     

    (c) Funds
      held in the Certificate Account shall be invested at the written direction
      of
      the Servicer in (i) one or more Eligible Investments which shall in no event
      mature later than the Business Day prior to the related Distribution Date
      (except if such Eligible Investments are obligations of the institution acting
      as the Trustee, such Eligible Investments may mature on the Distribution Date),
      or (ii) such other instruments as shall be required to maintain the Ratings.
      The
      Servicer shall be entitled to be paid as additional servicing compensation
      any
      gains earned on such Eligible Investments and shall bear any losses suffered
      in
      connection therewith. If the Trustee has not received such written investment
      directions from the Servicer, the Trustee shall not invest funds held in the
      Certificate Account. The Trustee shall have no liability for any losses on
      investments of funds held in the Certificate Account.

     

    
      
        
        

      

      
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    Section
      3.05. Permitted
      Withdrawals from the Certificate Account, the Investment Account, the Custodial
      Accounts for P&I and the
      Buydown Fund Accounts.

     

    (a) The
      Servicer is authorized to make withdrawals (or, in the case of the Certificate
      Account, to direct the Trustee to make withdrawals), from time to time, from
      the
      Investment Account, the Certificate Account or the Custodial Accounts for
      P&I of amounts deposited therein, as follows:

     

    (i) To
      reimburse itself for the
      following amounts advanced by
      the Servicer, to
      the extent that such amounts have not been previously reimbursed or otherwise
      recovered by the Servicer:
      (a)
      Monthly P&I Advances made pursuant to Section 4.02, (b) amounts
      advanced with respect to the payment of taxes pursuant to the sixth paragraph
      of
      Section 3.01, (c)
      amounts
      advanced to maintain any required insurance pursuant to Sections 3.06 and 3.07
      and (d) amounts
      expended by or for the account of the Servicer pursuant to Section 3.09 in
      connection with foreclosure or bankruptcy proceedings or the maintenance or
      restoration of Mortgaged Properties, such
      right to reimbursement pursuant to this paragraph (i) being limited to amounts
      (including late Monthly Payments, Insurance Proceeds and Liquidation Proceeds)
      received on the particular Mortgage Loan with respect to which such advances
      were made;

     

    (ii) To
      reimburse itself for amounts advanced
      by
      the Servicer
      that the Servicer has determined to be Nonrecoverable Advances;

     

    (iii) To
      pay to
      itself the sum of the Servicing Fees and any Payoff Interest (net of
      Compensating Interest reduced by Payoff Earnings) for the related Distribution
      Date;

     

    (iv) To
      pay to
      itself the amount of any reinvestment earnings deposited or earned in the
      Investment Account or the Certificate Account (reduced by the lesser of Payoff
      Earnings and Compensating Interest for the related Distribution
      Date);

     

    (v) To
      reimburse itself or the Company for expenses incurred by and reimbursable to
      it
      or the Company pursuant to Section 6.03;

     

    (vi) To
      pay on
      behalf of the Trust any Special Primary Insurance Premium payable by the Trust
      pursuant to Section 4.04(a); provided,
      the
      Servicer shall give written notice thereof to the Trustee prior to noon New
      York
      City time two Business Days prior to the applicable Distribution Date;

     

    (vii) To
      make
      any deposit, required or permitted hereunder, of withdrawn funds to the
      Investment Account or the Certificate Account; and

     

    after
      making or providing for the above withdrawals

     

    (viii) To
      clear
      and terminate the Investment Account and the Certificate Account following
      termination of this Agreement pursuant to Section 9.01.

     

    Since,
      in
      connection with withdrawals pursuant to Section 3.05(a)(i), the Servicer’s
      entitlement thereto is limited to collections or other recoveries on the related
      Mortgage Loan, the Servicer shall keep and maintain, separate accounting for
      each Mortgage Loan, for the purpose of justifying any such
      withdrawals.

     

    
      
        
        

      

      
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    (b) The
      Servicer is authorized to make withdrawals, from time to time, of Buydown Funds
      from the Buydown Fund Accounts or Custodial Accounts for P&I (and, to the
      extent applicable, to make deposits of the amounts withdrawn), as
      follows:

     

    (i) To
      deposit each month in the Investment Account or the Certificate Account the
      amount necessary to supplement payments received on Buydown Loans;

     

    (ii) In
      the
      event of a Payoff of any Mortgage Loan having a related Buydown Fund, to apply
      amounts remaining in Buydown Fund Accounts to reduce the required amount of
      such
      principal Payoff (or, if the Mortgagor has made a Payoff, to refund such
      remaining Buydown Fund amounts to the Person entitled thereto);

     

    (iii) In
      the
      event of foreclosure or liquidation of any Mortgage Loan having a Buydown Fund,
      to deposit remaining Buydown Fund amounts in the Investment Account or the
      Certificate Account as Liquidation Proceeds; and

     

    (iv) To
      clear
      and terminate the portion of any account representing Buydown Funds following
      termination of this Agreement pursuant to Section 9.01.

     

    (c) The
      Trustee is authorized to make withdrawals from time to time from the Certificate
      Account to reimburse itself for advances it has made as successor Servicer
      pursuant to Section 7.01(a) hereof that it has determined to be Nonrecoverable
      Advances.

     

    Section
      3.06. Maintenance
      of Primary Insurance Policies; Collections Thereunder.
      The
      Servicer shall use commercially reasonable efforts to keep in full force and
      effect each Primary Insurance Policy (except any Special Primary Insurance
      Policy) required with respect to a Mortgage Loan until no longer required,
      and
      the Servicer shall use commercially reasonable efforts to keep in full force
      and
      effect each Special Primary Insurance Policy, if any. Notwithstanding the
      foregoing, the Servicer shall have no obligation to maintain any Primary
      Insurance Policy for a Mortgage Loan for which the outstanding Principal Balance
      thereof at any time subsequent to origination was 80% or less of the Appraised
      Value of the related Mortgaged Property, unless required by applicable
      law.

     

    Unless
      required by applicable law, the Servicer shall not cancel or refuse to renew
      any
      Primary Insurance Policy in effect at the date of the initial issuance of the
      Certificates that is required to be kept in force hereunder; provided,
      however,
      that the
      Servicer shall not advance funds for the payment of any premium due under (i)
      any Primary Insurance Policy (other than a Special Primary Insurance Policy)
      if
      it shall determine that such an advance would be a Nonrecoverable Advance or
      (ii) any Special Primary Insurance Policy.

     

    Section
      3.07. Maintenance
      of Hazard Insurance.
      The
      Servicer shall cause to be maintained for each Mortgage Loan (other than a
      Cooperative Loan) hazard insurance with extended coverage in an amount which
      is
      not less than the original principal balance of such Mortgage Loan, except
      in
      cases approved by the Servicer in which such amount exceeds the value of the
      improvements to the Mortgaged Property. The Servicer shall also require hazard
      

     

    
      
        
        

      

      
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    insurance
      with extended coverage in a comparable amount on property acquired upon
      foreclosure, or deed in lieu of foreclosure, of any Mortgage Loan (other
      than a Cooperative Loan). Any amounts collected under any such policies (other
      than amounts to be applied to the restoration or repair of the related Mortgaged
      Property) shall be deposited into the Custodial Account for P&I, subject to
      withdrawal pursuant to Section 3.03 and Section 3.05. Any unreimbursed costs
      incurred in maintaining any insurance described in this Section 3.07 shall
      be
      recoverable as an advance by the Servicer pursuant to Section 3.05(a). Such
      insurance shall be with insurers approved by the Servicer or Fannie Mae or
      Freddie Mac. Other additional insurance may be required of a Mortgagor pursuant
      to such applicable laws and regulations as shall at any time be in force and
      as
      shall require such additional insurance. Where any part of any improvement
      to
      the Mortgaged Property (other than a Mortgaged Property secured by a Cooperative
      Loan) is located in a federally designated special flood hazard area and in
      a
      community which participates in the National Flood Insurance Program at the
      time
      of origination of the related Mortgage Loan, the Servicer shall cause flood
      insurance to be provided. The hazard insurance coverage required by this Section
      3.07 may be met with blanket policies providing protection equivalent to
      individual policies otherwise required. The Servicer agrees to present, or
      cause
      to be presented, on behalf of and for the benefit of the Trust, claims under
      the
      hazard insurance policy respecting any Mortgage Loan, and in this regard to
      take
      such reasonable actions as shall be necessary to permit recovery under such
      policy.

     

    Section
      3.08. Enforcement
      of Due-on-Sale Clauses; Assumption Agreements.
      When
      any Mortgaged Property is about to be conveyed by the Mortgagor, the Servicer
      shall, to the extent it has knowledge of such prospective conveyance and prior
      to the time of the consummation of such conveyance, exercise on behalf of the
      Trust the Trust’s rights to accelerate the maturity of such Mortgage Loan, to
      the extent that such acceleration is permitted by the terms of the related
      Mortgage Note, under any “due-on-sale” clause applicable thereto; provided,
      however,
      that the
      Servicer shall not exercise any such right if the due-on-sale clause, in the
      reasonable belief of the Servicer, is not enforceable under applicable law
      or if
      such exercise would result in non-coverage of any resulting loss that would
      otherwise be covered under any insurance policy. In the event the Servicer
      is
      prohibited from exercising such right, the Servicer is authorized to take or
      enter into an assumption and modification agreement from or with the Person
      to
      whom a Mortgaged Property has been or is about to be conveyed, pursuant to
      which
      such Person becomes liable under the Mortgage Note and, unless prohibited by
      applicable state law or unless the Mortgage Note contains a provision allowing
      a
      qualified borrower to assume the Mortgage Note, the Mortgagor remains liable
      thereon; provided that the Mortgage Loan shall continue to be covered (if so
      covered before the Servicer enters such agreement) by any related Primary
      Insurance Policy. The Servicer is also authorized to enter into a substitution
      of liability agreement with such Person, pursuant to which the original
      Mortgagor is released from liability and such Person is substituted as Mortgagor
      and becomes liable under the Mortgage Note. The Servicer shall not enter into
      any substitution or assumption with respect to a Mortgage Loan if such
      substitution or assumption shall (i) both constitute a “significant
      modification” effecting an exchange or reissuance of such Mortgage Loan under
      the Code (or Treasury regulations promulgated thereunder) and cause the REMICs
      to fail to qualify as a REMIC under the REMIC Provisions or (ii) cause the
      imposition of any tax on “prohibited transactions” or “contributions” after the
      startup day under the REMIC Provisions. The Servicer shall notify the Trustee
      that any such substitution or assumption agreement has been completed by
      forwarding to the Trustee (or, if applicable, the Custodian) the original copy
      of such substitution or assumption agreement and other documents and instruments
      constituting a part thereof. In connection with any such assumption or
      substitution agreement, the terms of the related Mortgage Note shall not be
      changed. Any fee collected by the Servicer for entering into an assumption
      or
      substitution of liability agreement shall be paid to the Servicer as additional
      servicing compensation.

     

    
      
        
        

      

      
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    Notwithstanding
      the foregoing paragraph or any other provision of this Agreement, the Servicer
      shall not be deemed to be in default, breach or otherwise in violation of any
      of
      its obligations hereunder by reason of any assumption of a Mortgage Loan by
      operation of law or any assumption which the Servicer may be restricted by
      law
      from preventing, for any reason whatsoever.

     

    Section
      3.09. Realization
      Upon Defaulted Mortgage Loans.
      The
      Servicer shall foreclose upon or otherwise comparably convert, or cause to
      be
      foreclosed upon or comparably converted, the ownership of any Mortgaged Property
      securing a Mortgage Loan which comes into and continues in default and as to
      which no satisfactory arrangements can be made for collection of delinquent
      payments pursuant to Section 3.01. In lieu of such foreclosure or other
      conversion, and taking into consideration the desirability of maximizing net
      Liquidation Proceeds and Insurance Proceeds, the Servicer may, to the extent
      consistent with prudent mortgage loan servicing practices, accept a payment
      of
      less than the outstanding Principal Balance of a delinquent Mortgage Loan in
      full satisfaction of the indebtedness evidenced by the related Mortgage Note
      and
      release the lien of the related Mortgage upon receipt of such payment. The
      Servicer shall not foreclose upon or otherwise comparably convert a Mortgaged
      Property if the Servicer is aware of evidence of toxic waste, other hazardous
      substances or other evidence of environmental contamination thereon and the
      Servicer determines that it would be imprudent to do so. In connection with
      such
      foreclosure or other conversion, the Servicer shall cause to be followed such
      practices and procedures as it shall deem necessary or advisable and as shall
      be
      normal and usual in general mortgage servicing activities. The Servicer shall
      be
      responsible for all costs and expenses incurred by it in any such foreclosure
      proceedings or in any bankruptcy proceedings with respect to a Mortgagor, and
      the costs and expenses of maintaining or restoring any Mortgaged Property
      securing a defaulted Mortgage Loan; provided,
      however,
      that it
      shall be entitled to reimbursement thereof (as well as its normal servicing
      compensation) as an advance. The foregoing is subject to the provision that,
      in
      the case of damage to a Mortgaged Property from an Uninsured Cause, the Servicer
      shall not advance funds towards the restoration of the property unless it shall
      be determined, in the sole judgment of the Servicer, (i) that such restoration
      will increase the proceeds of liquidation of the Mortgage Loan to
      Certificateholders after reimbursement to itself for such expenses, and (ii)
      that such expenses will be recoverable to it through Liquidation Proceeds.
      The
      Servicer shall maintain information required for tax reporting purposes
      regarding any Mortgaged Property which is abandoned or which has been foreclosed
      or otherwise comparably converted. The Servicer shall report such information
      to
      the Internal Revenue Service and the Mortgagor in the manner required by
      applicable law.

     

    The
      Servicer may enter into one or more special servicing agreements with a Lowest
      Class B Owner, subject to each Rating Agency’s acknowledgment that the Ratings
      of the Certificates in effect immediately prior to the entering into of such
      agreement would not be qualified, downgraded or withdrawn and the Certificates
      would not be placed on credit review status (except for possible upgrading)
      as a
      result of such agreement. Any such agreement may contain provisions whereby
      such
      Lowest Class B Owner may (a) instruct the Servicer to commence or delay
      foreclosure proceedings with respect to delinquent Mortgage Loans, provided
      that
      the Lowest Class B Owner deposits a specified amount of cash with the Servicer
      that will be available for distribution to Certificateholders if Liquidation
      Proceeds are less than they otherwise may have been had the Servicer acted
      pursuant to its normal servicing procedures, (b) purchase such delinquent
      Mortgage Loans from the Trust immediately prior to the commencement of
      foreclosure proceedings at a price equal to the aggregate outstanding Principal
      Balance of such Mortgage Loans plus accrued interest thereon at the applicable
      Mortgage Interest Rate through the last day of the month in which such Mortgage
      Loans are purchased plus any unreimbursed advances made by the Servicer
      hereunder; and/or (c) assume all of the servicing rights and obligations with
      respect to such delinquent Mortgage Loans so long as (i) the Servicer has the
      right to transfer the servicing rights and obligations of such Mortgage Loans
      to
      another servicer and (ii) such Lowest Class B Owner will service such Mortgage
      Loans in accordance with the terms of this Agreement; provided,
      however, that
      no
      such agreement will relieve the Servicer of any of its obligations
      hereunder.

     

    
      
        
        

      

      
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    REMIC
      I
      and REMIC II shall not acquire any real property (or personal property incident
      to such real property) except in connection with a default or imminent default
      of a Mortgage Loan. In the event that REMIC I or REMIC II acquires any real
      property (or personal property incident to such real property) in connection
      with a default or imminent default of a Mortgage Loan, such property shall
      be
      disposed of by the Servicer as soon as practicable in a manner that, consistent
      with prudent mortgage loan servicing practices, maximizes the net present value
      of the recovery to the Trust, but in any event within three years after its
      acquisition by the Servicer for REMIC I or REMIC II unless the Servicer provides
      to the Trustee an Opinion of Counsel to the effect that the holding by REMIC
      I
      or REMIC II of such Mortgaged Property subsequent to three years after its
      acquisition will not result in the imposition of taxes on “prohibited
      transactions” of REMIC I or REMIC II as defined in Section 860F of the Code or
      under the law of any state in which real property securing a Mortgage Loan
      owned
      by REMIC I or REMIC II is located or cause REMIC I or REMIC II to fail to
      qualify as a REMIC for federal income tax purposes or for state tax purposes
      under the laws of any state in which real property securing a Mortgage Loan
      owned by REMIC I or REMIC II is located at any time that any Certificates are
      outstanding. The Servicer shall conserve, protect and operate each such property
      for the Certificateholders solely for the purpose of its prompt disposition
      and
      sale in a manner which does not cause such property to fail to qualify as
“foreclosure property” within the meaning of Section 860G(a)(8) or result in the
      receipt by the REMIC of any “income from non-permitted assets” within the
      meaning of Section 860F(a)(2)(B) of the Code or any “net income from foreclosure
      property” which is subject to taxation under the REMIC Provisions. Pursuant to
      its efforts to sell such property, the Servicer shall either itself or through
      an agent selected by the Servicer protect and conserve such property in the
      same
      manner and to such extent as is customary in the locality where such property
      is
      located and may, incident to its conservation and protection of the assets
      of
      the Trust, rent the same, or any part thereof, as the Servicer deems to be
      in
      the best interest of the Trust for the period prior to the sale of such
      property. Additionally, the Servicer shall perform the tax withholding and
      shall
      file information returns with respect to the receipt of mortgage interests
      received in a trade or business, the reports of foreclosures and abandonments
      of
      any Mortgaged Property and the information returns relating to cancellation
      of
      indebtedness income with respect to any Mortgaged Property required by Sections
      6050H, 6050J and 6050P, respectively, of the Code, and deliver to the Trustee
      an
      Officers’ Certificate on or before March 31 of each year stating that such
      reports have been filed. Such reports shall be in form and substance sufficient
      to meet the reporting requirements imposed by Sections 6050H, 6050J and 6050P
      of
      the Code.

     

    
      
        
        

      

      
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    Notwithstanding
      any other provision of this Agreement, the Servicer and the Trustee, as
      applicable, shall comply with all federal withholding requirements with respect
      to payments to Certificateholders of interest or original issue discount that
      the Servicer or the Trustee reasonably believes are applicable under the Code.
      The consent of Certificateholders shall not be required for any such
      withholding. Without limiting the foregoing, the Servicer shall not withhold
      with respect to payments of interest or original issue discount in the case
      of a
      Certificateholder that has furnished or caused to be furnished an effective
      Form
      W-8 or an acceptable substitute form or a successor form and who is not a “10
      percent shareholder” within the meaning of Code Section 871(h)(3)(B) or a
“controlled foreign corporation” described in Code Section 881(c)(3)(C) with
      respect to REMIC I, REMIC II, REMIC III, REMIC IV or the Company. In the event
      the Trustee withholds any amount from interest or original issue discount
      payments or advances thereof to any Certificateholder pursuant to federal
      withholding requirements, the Trustee shall indicate the amount withheld to
      such
      Certificateholder.

     

    Section
      3.10. Trustee
      to Cooperate; Release of Mortgage Files.
      Upon
      the Payoff or scheduled maturity of any Mortgage Loan, the Servicer shall cause
      such final payment to be deposited within 48 hours in the related Custodial
      Account for P&I. The Servicer shall promptly notify the Trustee thereof by a
      certification (which certification shall include a statement to the effect
      that
      all amounts received in connection with such payment which are required to
      be
      deposited in such account have been so deposited) of a Servicing Officer and
      shall request delivery to it of the Mortgage File; provided,
      however,
      that
      such certification shall not be required if the Mortgage File is held by a
      Custodian which is also the Servicer of the Mortgage Loan. Upon receipt of
      such
      certification and request, the Trustee shall (or, if applicable, shall cause
      the
      Custodian in accordance with the Custodial Agreement to), not later than the
      fifth succeeding Business Day, release, or cause to be released, the related
      Mortgage File to the Servicer. With any such Payoff or other final payment,
      the
      Servicer is authorized (i) to prepare for and procure from the trustee or
      mortgagee under the Mortgage which secured the Mortgage Note a deed of full
      reconveyance or other form of satisfaction or assignment of Mortgage and
      endorsement of Mortgage Note in connection with a refinancing covering the
      Mortgaged Property, which satisfaction, endorsed Mortgage Note or assigning
      document shall be delivered by the Servicer to the person or persons entitled
      thereto, and (ii) with respect to any MERS Loan, to cause the removal of such
      Mortgage Loan from registration on the MERS® System. No expenses incurred in
      connection with such satisfaction or assignment shall be payable to the Servicer
      by the Trustee or from the Certificate Account, the related Investment Account
      or the related Custodial Account for P&I. From time to time as appropriate
      for the servicing or foreclosure of any Mortgage Loan, including, for this
      purpose, collection under any Primary Insurance Policy, the Trustee shall (or,
      if applicable, shall cause the Custodian in accordance with the Custodial
      Agreement to), upon request of the Servicer and delivery to it of a trust
      receipt signed by a Servicing Officer, release not later than the fifth Business
      Day following the date of receipt of such request and trust receipt the related
      Mortgage File to the Servicer and shall execute such documents as shall be
      necessary to the prosecution of any such proceedings. Such trust receipt shall
      obligate the Servicer to return the Mortgage File to the Trustee (or, if
      applicable, the Custodian) when the need therefor by the 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 herein above
      specified, the trust receipt shall be released by the Trustee to the
      Servicer.

     

    
      
        
        

      

      
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    Section
      3.11. Compensation
      to the Servicer.
      As
      compensation for its activities hereunder, the Servicer shall be entitled to
      receive from the accounts listed in Section 3.05(a) the amounts provided for
      by
      Section 3.05(a)(iii). In addition, the Servicer shall be entitled to be paid,
      as
      additional servicing compensation, (i) any prepayment penalty received on a
      Mortgage Loan that is not an Assigned Prepayment Premium, and any late charges,
      nonsufficient funds fees and other fees and charges collected on the Mortgage
      Loan, (ii) to the extent provided in Section 3.03, all gains realized on
      investments of funds held in the Investment Account and (iii) all gains realized
      on investments of funds held in the Certificate Account. The 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
      specifically provided herein.

     

    Section
      3.12. [Reserved.] 

     

    Section
      3.13. Reports
      on Assessment of Compliance with Servicing Criteria and Servicing Compliance
      Statements.
      The
      Servicer shall, on or before the 90th day following each December 31 after
      the
      Cut-Off Date, deliver to the Company and the Trustee, and, if required, file
      with the Commission as an exhibit to a Report on Form 10-K filed on behalf
      of
      the Trust, the following documents:

     

    (a) a
      report
      on its assessment of compliance during the preceding calendar year with all
      applicable servicing criteria set forth in Item 1122(d) of Regulation AB with
      respect to asset-backed securities transactions taken as a whole involving
      the
      Servicer that are backed by assets of the same type as the Mortgage Loans,
      as
      required by Item 1122 of Regulation AB;

     

    (b) with
      respect to the assessment report described in clause (a) above, a report by
      a
      registered public accounting firm that attests to, and reports on, the
      assessment made by the Servicer, as required by Item 1122 of Regulation AB;
      

     

    (c) with
      respect to each subservicer or other agent or independent contractor through
      which the Servicer performs any of its servicing responsibilities hereunder
      and
      each Custodian, in each case, if determined by the Servicer to be a party
      participating in the servicing function within the meaning of Item 1122 of
      Regulation AB, (i) a report prepared by such party on its assessment of
      compliance during the preceding calendar year with all applicable servicing
      criteria set forth in Item 1122(d) of Regulation AB with respect to asset-backed
      securities transactions taken as a whole involving such party that are backed
      by
      assets of the same type as the Mortgage Loans and (ii) a report by a registered
      public accounting firm that attests to, and reports on, such assessment, each
      as
      required by Item 1122 of Regulation AB;

     

    (d) the
      assessment report and public accounting firm’s attestation report delivered by
      the Trustee under Section 8.18 (if required to be delivered by the Trustee
      under
      such Section 8.18); and 

     

    (e) a
      statement of compliance from the Servicer, and a similar statement from each
      subservicer or other agent or independent contractor through which the Servicer
      performs any of its servicing responsibilities hereunder and from each
      Custodian, in each case, if determined by the Servicer to meet the criteria
      in
      Item 1108(a)(2)(i) through (iii) of Regulation AB, as required by Item 1123
      of
      Regulation AB, signed by an authorized officer, to the effect that:

     

    
      
        
        

      

      
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    (i) a
      review
      of the Servicer’s (or, in the case of a statement from any such other party,
      such other party’s) activities during the preceding calendar year (or the
      applicable portion thereof in the case of the initial statement) and of its
      performance under this Agreement (or the servicing agreement applicable to
      such
      other party) has been made under such officer’s supervision; and

     

    (ii) to
      the
      best of such officer’s knowledge, based on such review, the Servicer (or such
      other party) has fulfilled all of its obligations under this Agreement (or
      the
      servicing agreement applicable to such other party) in all material respects
      throughout the preceding calendar year (or the applicable 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;

     

    provided,
      however,
      that the
      Servicer shall not be required to deliver the documents described in clauses
      (c)
      and (d), and in clause (e) with respect to any subservicer or other agent or
      independent contractor, or any Custodian, if such reports are not required
      to be
      filed with the Commission as an exhibit to a Report on Form 10-K.

     

    Copies
      of
      such reports and statements shall be provided by the Servicer, or by the Trustee
      (solely to the extent that such copies are available to the Trustee) at the
      expense of the Servicer, to Certificateholders upon request.

     

    Section
      3.14. Access
      to Certain Documentation and Information Regarding the Mortgage
      Loans.
      In the
      event that the Certificates are legal for investment by federally-insured
      savings associations, the Servicer shall provide to the OTS, the FDIC and the
      supervisory agents and examiners of the OTS and the FDIC access to the
      documentation regarding the related Mortgage Loans required by applicable
      regulations of the OTS or the FDIC, as applicable, and shall in any event
      provide such access to the documentation regarding such Mortgage Loans to the
      Trustee and its representatives, such access being afforded without charge,
      but
      only upon reasonable request and during normal business hours at the offices
      of
      the Servicer designated by it.

     

    Section
      3.15. [Reserved.]

     

    Section
      3.16. [Reserved.] 

     

    Section
      3.17. Maintenance
      of the Class C-PPP Reserve Fund. On
      or
      prior to the Closing Date, the Trustee shall cause to be established and
      maintained the Class C-PPP Reserve Fund, into which an amount equal to $100
      shall be contributed by the Underwriter. On the Distribution Date in April
      2010
      (or, if the Servicer exercises its purchase option set forth in the first
      paragraph of this Section 9.01(a), or if all the Group 1 and Group 2 Loans
      are
      paid in full or liquidated, in each case before the Distribution Date in April
      2010, then on the date of such purchase or payment in full or liquidation),
      the
      Trustee shall withdraw from the Class C-PPP Reserve Fund the amount on deposit
      therein and deposit such amount in the Certificate Account for payment to the
      Class C-PPP Certificateholders pursuant to Section 4.05(a).

     

    
      
        
        

      

      
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    Amounts
      on deposit in the Class C-PPP Reserve Fund shall not be invested and shall
      not
      be held in an interest-bearing account.

     

    To
      the
      extent that it constitutes a “reserve fund” for purposes of the REMIC
      Provisions, the Class C-PPP Reserve Fund established hereunder shall be an
      “outside reserve fund” as defined in Treasury Regulation 1.860G-2(h), and in
      that regard (i) such fund shall be an outside reserve fund and not an asset
      of
      any REMIC, (ii) such fund shall be owned for federal tax purposes by the
      Underwriter, and the Underwriter shall report all amounts of income, deduction,
      gain or loss accruing therefrom, and (iii) amounts transferred by the REMIC
      to
      the fund shall be treated as distributed by the REMIC to the
      Underwriter.

     

    Section
      3.18. Maintenance
      of the Class 3-PPP Reserve Fund. On
      or
      prior to the Closing Date, the Trustee shall cause to be established and
      maintained the Class 3-PPP Reserve Fund, into which an amount equal to $100
      shall be contributed by the Underwriter. On the Distribution Date in April
      2010
      (or, if the Servicer exercises its purchase option set forth in the second
      paragraph of this Section 9.01(a), or if all the Group 3 Loans are paid in
      full
      or liquidated, in each case before the Distribution Date in April 2010, then
      on
      the date of such purchase or payment in full or liquidation), the Trustee shall
      withdraw from the Class 3-PPP Reserve Fund the amount on deposit therein and
      deposit such amount in the Certificate Account for payment to the Class 3-PPP
      Certificateholders pursuant to Section 4.05(a).

     

    Amounts
      on deposit in the Class 3-PPP Reserve Fund shall not be invested and shall
      not
      be held in an interest-bearing account.

     

    To
      the
      extent that it constitutes a “reserve fund” for purposes of the REMIC
      Provisions, the Class 3-PPP Reserve Fund established hereunder shall be an
      “outside reserve fund” as defined in Treasury Regulation 1.860G-2(h), and in
      that regard (i) such fund shall be an outside reserve fund and not an asset
      of
      any REMIC, (ii) such fund shall be owned for federal tax purposes by the
      Underwriter, and the Underwriter shall report all amounts of income, deduction,
      gain or loss accruing therefrom, and (iii) amounts transferred by the REMIC
      to
      the fund shall be treated as distributed by the REMIC to the
      Underwriter.

     

    Section
      3.19. Determination
      of LIBOR by Servicer. 

     

    (a) With
      respect to the first Distribution Date, LIBOR shall be 4.959%. With respect
      to
      each Distribution Date thereafter, the Servicer will determine LIBOR on the
      related LIBOR Determination Date on the basis of the
      “Interest Settlement Rate” for United States dollar deposits of one-month
      maturity set by the British Bankers’ Association (the “BBA”) as of 11:00 a.m.
      (London time) on such LIBOR Determination Date as found on any of the Moneyline
      Telerate Service (formerly the Dow Jones Markets) page 3750, the Reuters
      Monitor Money Rates Service page “LIBOR01” or the Bloomberg L.P. page “BBAM”
(each such page, or such other page as may replace any of the foregoing on
      such
      service or such other service as may be nominated by the BBA as the information
      vendor for the purpose of displaying the BBA’s Interest Settlement Rates for
      deposits in United States dollars, each, a “Designated Telerate
      Page”).

     

    
      
        
        

      

      
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    (b) If
      on any
      LIBOR Determination Date, such Interest Settlement Rates are not available
      from
      any Designated Telerate Page, LIBOR for the related accrual period will be
      the
      most recently published Interest Settlement Rate. In the event that the BBA
      no
      longer sets an Interest Settlement Rate, the Servicer shall calculate LIBOR
      for
      the immediately following accrual period as follows: the Servicer will determine
      LIBOR by reference to the quotations offered by the principal London office
      of
      each of the designated Reference Banks meeting the criteria set forth below
      for
      making one-month United States dollar deposits in leading banks in the London
      Interbank market, as of 11:00 a.m. (London time) on the LIBOR Determination
      Date. Under this method LIBOR will be established by the Servicer on each LIBOR
      Determination Date as follows:

     

    (i) If
      on any
      LIBOR Determination Date two or more Reference Banks provide offered quotations,
      LIBOR for the next interest accrual period shall be the arithmetic mean of
      the
      offered quotations, carrying the result (expressed as a percentage) out to
      six
      decimal places, and rounding to five decimal places.

     

    (ii) If
      on any
      LIBOR Determination Date only one or none of the Reference Banks provides
      offered quotations, LIBOR for the next interest accrual period shall be the
      greater of:

     

    (A) LIBOR
      as
      determined on the previous LIBOR Determination Date (or, in the case of the
      first LIBOR Determination Date, the applicable LIBOR as specified in the first
      sentence of Section 3.19(a)) and

    

    (B) the
      Reserve Interest Rate.

    

    The
      “Reserve Interest Rate” shall be the rate per annum that the Servicer determines
      to be either:

     

    (A) the
      arithmetic mean, (expressed as a percentage) carried out to six decimal places,
      and rounded to five decimal places, of the one-month United States dollar
      lending rates that New York City banks selected by the Servicer are quoting,
      on
      the relevant LIBOR Determination Date, to the principal London offices of at
      least two of the Reference Banks to which the quotations are, in the opinion
      of
      the Servicer, being so made, or

    

    (B) if
      the
      Servicer cannot determine the arithmetic mean, the lowest one-month United
      States dollar lending rate which New York City banks selected by the Servicer
      are quoting on the LIBOR Determination Date to leading European
      banks.

    

    (iii) If
      on any
      LIBOR Determination Date the Servicer is required but is unable to determine
      the
      Reserve Interest Rate in the manner provided in paragraph (ii) above, LIBOR
      for
      the next interest accrual period shall be LIBOR as determined on the preceding
      LIBOR Determination Date (or, in the case of the first LIBOR Determination
      Date,
      the applicable LIBOR as specified in the first sentence of Section
      3.19(a)).

     

    
      
        
        

      

      
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    Each
      “Reference Bank” (i) will be a leading bank engaged in transactions in
      Eurodollar deposits in the international Eurocurrency market, (ii) will not
      control, be controlled by, or be under common control with, the Servicer and
      (iii) will have an established place of business in London. If any Reference
      Bank should be unwilling or unable to act as such or if the Servicer should
      terminate the designation of any such reference bank, the Servicer will promptly
      designate another leading bank meeting the criteria specified above. If on
      any
      such LIBOR Determination Date, the Servicer calculates LIBOR on the basis of
      the
      provisions of this Section 3.19(b), the Servicer shall designate the
      Reference Banks. 

     

    (c) The
      establishment of LIBOR on each LIBOR Determination Date by the Servicer for
      the
      related accrual period will, in the absence of manifest error, be final and
      binding.

     

    Section
      3.20. Assigned
      Prepayment Premiums. 

     

    (a)
       Notwithstanding
      anything in this Agreement to the contrary, in the event of a voluntary Payoff,
      the Servicer may not waive any Prepayment Premium or portion thereof required
      by
      the terms of the related Mortgage Note:

     

    (1)
       unless
      the related Mortgage Loan is in default or default is foreseeable and such
      waiver (i) is standard and customary in servicing mortgage loans similar to
      the Mortgage Loans and (ii) would, in the reasonable judgment of the
      Servicer, maximize recovery of total proceeds taking into account the value
      of
      such Prepayment Premium and the related Mortgage Loan, 

     

    (2)
       unless
      (i) the enforceability thereof is limited due to acceleration in connection
      with
      a foreclosure or other involuntary payment or (ii) the enforceability is
      otherwise limited or prohibited by applicable law, 

     

    (3)
       unless
      the enforceability would be considered “predatory” pursuant to written
      guidelines issued by any applicable federal, state or local authority having
      jurisdiction over such matters, 

     

    (4)
       unless
      the Servicer is unable to locate documentation sufficient to allow it to confirm
      the existence and amount of such Prepayment Premium after using commercially
      reasonable efforts to locate such documentation, which efforts shall include,
      but are not limited to, seeking such documentation from the Company, the
      Custodian and from its own records or files, 

     

    (5) unless
      the Mortgagor sells the Mortgaged Property and obtains a new mortgage loan
      originated and serviced by the Servicer to purchase another property, provided
      that the prepayment is made no earlier than one year after
      origination,

     

    (6) unless
      the Payoff is made on a mortgage loan with a prepayment penalty term greater
      than twelve months and is made using the proceeds of another mortgage loan
      originated by the Servicer within 90 days of the end of the prepayment penalty
      term, if such mortgage loan qualifies under the Servicer’s then current policies
      for the administration of prepayment penalties for mortgage loans of the same
      type as the Mortgage Loan that the Servicer administers for its own account,
      or

     

    
      
        
        

      

      
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    (7) unless
      the Mortgage Loan is subject to the Relief Act at the time of such
      Payoff.

     

    (b) If
      the
      Servicer has waived all or a portion of an Prepayment Premium relating to a
      voluntary Payoff in compliance with Section 3.20(a), then the Class PPP
      Certificateholders shall not be entitled to the amounts waived.

     

    (c) Upon
      discovery by the Servicer, the Company or the Trustee (in the case of the
      Trustee, having actual knowledge thereof) of a breach of the provisions of
      Section 3.20(a), which materially and adversely affects the Holders of the
      Class
      PPP Certificates, the party discovering such breach shall give prompt written
      notice to the other parties. Within 60 days of the earlier of discovery by
      the
      Servicer, the Company or the Trustee, as applicable, of such breach, the
      Servicer shall cure such breach in all material respects or, if the breach
      cannot be cured, shall deposit, or cause to be deposited, to the Custodial
      Account the amount of each impermissibly waived Prepayment Premium (less any
      amount collected from the Mortgagor in respect to such Prepayment Premium);
      provided,
      however,
      that
      the Servicer shall not be obligated to deposit the amount of any impermissibly
      waived Prepayment Premium if the failure to collect such amount is the direct
      result of inaccurate or incomplete information related to the Prepayment Premium
      in effect at such time. 

     

    Upon
      discovery by the Servicer, the Company or the Trustee (in the case of the
      Trustee, having actual knowledge thereof) of a breach by the Seller of any
      of
      the representations and warranties set forth in Section 3.4(b) of the Mortgage
      Loan Purchase Agreement, which materially and adversely affects the Holders
      of
      the Class PPP Certificates, the party discovering such breach shall give prompt
      written notice to the other parties. The Servicer shall promptly notify the
      Seller of such breach and take appropriate steps on behalf of the Trust to
      enforce the Seller’s obligation, pursuant to Section 3.4(c) of the Mortgage Loan
      Purchase Agreement, to pay to the Trust the amount of each Prepayment Premium
      that would have been collected had each such representation and warranty
      referred to in this paragraph been true (less any amount collected from the
      related Mortgagor with respect to such Prepayment Premium). The Servicer shall
      deposit, or cause to be deposited, to the Custodial Account for P&I within
      48 hours or receipt the amounts so received from the Seller.

     

    ARTICLE
      IV

     

    Payments
      to Certificateholders; Payment of Expenses

     

    Section
      4.01. Distributions
      to Holders of REMIC I and REMIC II Regular Interests and Class R-1 Class R-2
      Residual Interests.
      On
      each Distribution Date, the Trustee (or any duly appointed paying agent) on
      behalf of the Trust (i) shall be deemed to have distributed from the Certificate
      Account the REMIC I Distribution Amount to the Holders of the REMIC I Regular
      Interests, and to have deposited such amounts for their benefit into the
      Certificate Account, (ii) shall be deemed to have distributed from the
      Certificate Account the REMIC II Distribution Amount to the Holders of the
      REMIC
      II Regular Interests, and to have deposited such amounts 

     

    
      
        
        

      

      
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    for
      their
      benefit into the Certificate Account, and (iii) from the Certificate Account
      shall distribute to the Class R Certificateholders, in accordance with the
      written statement received from the Servicer pursuant to Section 4.02(b), the
      sum of (a) the Excess Liquidation Proceeds, (b) the amounts to be distributed
      to
      the Holders of the Class R-1 Residual Interest pursuant to the definition of
      “REMIC I Distribution Amount” for such Distribution Date and (c) the amounts to
      be distributed to the Holders of the Class R-2 Residual Interest pursuant to
      the
      definition of “REMIC II Distribution Amount” for such Distribution Date. Amounts
      distributed pursuant to clause (iii) above shall be distributed by wire transfer
      in immediately available funds for the account of each Class R
      Certificateholder, or by any other means of payment acceptable to each Class
      R
      Certificateholder of record on the immediately preceding Record Date (other
      than
      as provided in Section 9.01 respecting the final distribution), as specified
      by
      each such Certificateholder and at the address of such Holder appearing in
      the
      Certificate Register. Notwithstanding any other provision of this Agreement,
      no
      actual distributions pursuant to clause (i) of this Section 4.01 shall be made
      on account of the deemed distributions described in this paragraph except in
      the
      event of a liquidation of REMIC IV and not REMIC I, and no actual distributions
      pursuant to clause (ii) of this Section 4.01 shall be made on account of the
      deemed distributions described in this paragraph except in the event of a
      liquidation of REMIC III and REMIC IV and not REMIC II.

     

    Section
      4.02. Monthly
      P&I Advances; Distribution Reports to the Trustee.

     

    (a) To
      the
      extent described below, the Servicer is obligated to advance its own funds
      to
      the Custodial Account for P&I, or apply funds held in the Custodial Account
      for P&I for future distribution, to cover any shortfall between (i) Monthly
      Payments scheduled to be received in respect of the Mortgage Loans and (ii)
      the
      amounts actually received; provided,
      however,
      that
      with respect to any Balloon Loan that is delinquent on its maturity date, the
      Servicer will not be required to advance the related balloon payment but will
      be
      required to continue to make advances in accordance with this Section 4.02
      with
      respect to such Balloon Loan in an amount equal to one month’s interest on the
      unpaid principal balance at the applicable Pass-Through Rate for each
      Distribution Date to the extent the Servicer deems such amount to be
      recoverable. The Servicer’s obligation to make any advance or advances described
      in this Section 4.02 is effective only to the extent that such advance is,
      in
      the good faith judgment of the Servicer made not later than the second Business
      Day prior to each Distribution Date, reimbursable from Insurance Proceeds or
      Liquidation Proceeds of the related Mortgage Loans or recoverable as late
      Monthly Payments with respect to the related Mortgage Loans or
      otherwise.

     

    Prior
      to
      the close of business on the second Business Day prior to each Distribution
      Date, the Servicer shall determine whether or not it will make a Monthly P&I
      Advance not later than the Business Day prior to such Distribution Date and
      shall furnish a written statement to the Trustee, the Paying Agent, if any,
      and
      to any Certificateholder requesting the same, setting forth the aggregate amount
      to be advanced on account of principal and interest in respect of the Mortgage
      Loans, stated separately.

     

    In
      the
      event that the Servicer shall be required to make a Monthly P&I Advance, it
      shall, not later than the Business Day prior to the related Distribution Date
      either (i) deposit in the Custodial Account for P&I an amount equal to such
      Monthly P&I Advance, (ii) make an appropriate entry in the records of the
      Custodial Account for P&I that funds in such account being held for future
      distribution or withdrawal have been, as permitted by this Section 4.02, used
      by
      the Servicer to make such Monthly P&I Advance or (iii) make advances in the
      form of any combination of (i) and (ii) aggregating the amount of such Monthly
      P&I Advance. Any funds being held for future distribution and so used shall
      be replaced by the Servicer by deposit in the Custodial Account for P&I not
      later than the Business Day prior to any future Distribution Date to the extent
      that funds otherwise available for distribution on such Distribution Date with
      respect to the Mortgage Loans shall be less than payments required to be made
      hereunder on such Distribution Date. 

     

    
      
        
        

      

      
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    (b) Prior
      to
      noon New York City time two Business Days prior to each Distribution Date,
      the
      Servicer shall provide (x) the Trustee and (y) the Company with a statement
      in
      writing of:

     

    (A)
       the
      following information with respect to the Certificates: 

     

    (1)
      the
      total amount of (i) interest, (ii) scheduled principal, (iii) Principal
      Prepayments, (iv) Liquidation Proceeds and Insurance Proceeds, (v) Subsequent
      Recoveries and (vi) Repurchase Proceeds to be distributed to the Certificates
      on
      such Distribution Date; 

     

    (2)
      the
      amount, as applicable, of (i) interest, (ii) principal, (iii) Excess Liquidation
      Proceeds and (iv) the Residual Distribution Amount to be distributed to each
      Class of Certificates on such Distribution Date; 

     

    (3)
      the
      amount of (i) Realized Losses (after giving effect to any reduction thereof
      by
      application of any Cumulative Carry-Forward Subsequent Recoveries Amount) and
      (ii) Uncompensated Interest Shortfall to be allocated to each Class of
      Certificates on such Distribution Date; 

     

    (4)
      the
      applicable Class Principal Balance before and after giving effect to such
      distributions and allocations; and

     

    (5)
      the
      Assigned Group 1 and Group 2 Prepayment Premiums to be distributed to the Class
      C-PPP Certificates on such Distribution Date and the Assigned Group 3 Prepayment
      Premiums to be distributed to the Class 3-PPP Certificates on such Distribution
      Date; and

     

    (B)
       the
      following information with respect to the Mortgage Loans: 

     

    (1) the
      number and aggregate Principal Balance of the Mortgage Loans before and after
      giving effect to the distributions on such Distribution Date;

     

    (2) the
      number and aggregate Principal Balance of the Mortgage Loans delinquent one,
      two
      and three months or more;

     

    (3) the
      number and aggregate Principal Balance of the Mortgage Loans with respect to
      which foreclosure proceedings have been initiated; 

     

    
      
        
        

      

      
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    (4) the
      number and aggregate Principal Balance of Mortgage Loans with respect to which
      the related Mortgaged Properties have been acquired through foreclosure, deed
      in
      lieu of foreclosure or otherwise; and

     

    (5) any
      Monthly P&I Advance made by the Servicer for such Distribution
      Date.

     

    Section
      4.03. Nonrecoverable
      Advances.
      Any
      advance previously made by the Servicer that the Servicer shall determine in
      its
      good faith judgment not to be ultimately recoverable from Insurance Proceeds
      or
      Liquidation Proceeds or otherwise with respect to such Mortgage Loan or
      recoverable as late Monthly Payments with respect to such Mortgage Loan shall
      be
      a Nonrecoverable Advance. The determination by the Servicer that it has made
      a
      Nonrecoverable Advance or that any advance would constitute a Nonrecoverable
      Advance shall be evidenced by an Officer’s Certificate of the Servicer delivered
      to the Trustee on the Determination Date and detailing the reasons for such
      determination. Notwithstanding any other provision of this Agreement, any
      insurance policy relating to the Mortgage Loans, or any other agreement relating
      to the Mortgage Loans to which the Company or the Servicer is a party, (a)
      the
      Servicer shall not be obligated to, and shall not, make any advance that, after
      reasonable inquiry and in its sole discretion, the Servicer shall determine
      would be a Nonrecoverable Advance and (b) the Servicer shall be entitled to
      reimbursement for any advance as provided in Section 3.05(a)(i) and (ii) of
      this
      Agreement.

     

    Section
      4.04. Distributions
      to Holders of REMIC III Regular Interests and Class R-3 Residual
      Interest.
      On each
      Distribution Date, the Trustee (or any duly appointed paying agent) on behalf
      of
      the Trust (i) shall be deemed to have distributed from the Certificate Account
      the REMIC III Distribution Amount to the Holders of the REMIC III Regular
      Interests, and to have deposited such amounts for their benefit into the
      Certificate Account and (ii) from the Certificate Account shall distribute
      to
      the Class R Certificateholders, in accordance with the written statement
      received from the Servicer pursuant to Section 4.02(b), the amounts to be
      distributed to the Holders of the Class R-3 Residual Interest pursuant to the
      definition of “REMIC III Distribution Amount” for such Distribution Date.
      Amounts distributed pursuant to clause (ii) above shall be distributed by wire
      transfer in immediately available funds for the account of each Class R
      Certificateholder, or by any other means of payment acceptable to each Class
      R
      Certificateholder of record on the immediately preceding Record Date (other
      than
      as provided in Section 9.01 respecting the final distribution), as specified
      by
      each such Certificateholder and at the address of such Holder appearing in
      the
      Certificate Register. Notwithstanding any other provision of this Agreement,
      no
      actual distributions pursuant to clause (i) of this Section 4.04 shall be made
      on account of the deemed distributions described in this paragraph except in
      the
      event of a liquidation of REMIC IV and not REMIC III.

     

    Section
      4.05. Distributions
      to Certificateholders; Payment of Special Primary Insurance
      Premiums.
      

     

    (a) On
      each
      Distribution Date, the Trustee (or any duly appointed paying agent) shall on
      behalf of the Trust (i) subject to Section 3.05(a)(vi), withdraw from the
      Certificate Account any Special Primary Insurance Premium payable on such
      Distribution Date and pay such amount to the insurer under the applicable
      Special Primary Insurance Policy in accordance with the Servicer’s instructions
      and (ii) withdraw from the Certificate Account the REMIC IV Available
      Distribution Amount for such Distribution Date and distribute, from the amount
      so withdrawn, to the extent of the REMIC IV Available Distribution Amount,
      the
      REMIC IV Distribution Amount to the Holders of the REMIC IV Regular Interests
      and the Class R-4 Residual Interest.

     

    
      
        
        

      

      
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    Notwithstanding
      the immediately preceding sentence, on each Distribution Date, the Trustee
      (or
      any duly appointed paying agent) shall, on behalf of the Trust, distribute,
      to
      the Holders of the Group 3 Certificates (other than the Class 3-C Certificates),
      the amount otherwise distributable to the Class 3-C-L Regular Interest on such
      Distribution Date pursuant to clause (III)(d)(ix) of the definition of “REMIC IV
      Distribution Amount,” sequentially, as follows: (i) first, to the Group 3-A and
      Class 3-IO Certificates, pro rata, any Basis Risk Carry Forward Amount for
      such
      Classes for such Distribution Date and (ii) second, sequentially, to the Class
      3-M-1, Class 3-M-2, Class 3-M-3, Class 3-M-4, Class 3-B-1 and Class 3-B-2
      Certificates, up to their respective Basis Risk Carry Forward Amounts for such
      Distribution Date. Each Holder of a Class 3-C Certificate is deemed to have
      accepted the terms for payment of the Basis Risk Carry Forward Amounts to the
      Holders of the Group 3 Certificates (other than the Class 3-C Certificates)
      pursuant to the immediately preceding sentence and the provisions of Section
      2.23. Each Holder of a Group 3 Certificate is deemed, by acceptance of such
      Certificate, to have accepted the provisions of Section 2.23.

     

    Furthermore,
      (i) on each Distribution Date, the Trustee shall on behalf of the Trust withdraw
      from the Certificate Account and distribute to the Holders of the Class C-PPP
      Certificates, the Assigned Group 1 and Group 2 Prepayment Premiums for such
      Distribution Date and (ii) on the Distribution Date in April 2010 (or, if the
      Servicer exercises its purchase option set forth in the first paragraph of
      this
      Section 9.01(a), or if all the Group 1 and Group 2 Loans are paid in full or
      liquidated, in each case before the Distribution Date in April 2010, then on
      the
      date of such purchase or payment in full or liquidation), the Trustee shall
      on
      behalf of the Trust withdraw from the Certificate Account $100 and distribute
      such amount to the Holders of the Class C-PPP Certificates. 

     

    Furthermore,
      (i) on each Distribution Date, the Trustee shall on behalf of the Trust withdraw
      from the Certificate Account and distribute to the Holders of the Class 3-PPP
      Certificates, the Assigned Group 3 Prepayment Premiums for such Distribution
      Date and (ii) on the Distribution Date in April 2010 (or, if the Servicer
      exercises its purchase option set forth in the second paragraph of this Section
      9.01(a), or if all the Group 3 Loans are paid in full or liquidated, in each
      case before the Distribution Date in April 2010, then on the date of such
      purchase or payment in full or liquidation), the Trustee shall on behalf of
      the
      Trust withdraw from the Certificate Account $100 and distribute such amount
      to
      the Holders of the Class 3-PPP Certificates.

     

    
      
        
        

      

      
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    The
      net
      distributions to the Certificates pursuant to this Section 4.05(a) shall be
      made
      in accordance with the written statement received from the Servicer pursuant
      to
      Section 4.02(b) and without any responsibility on the part of the Trustee to
      recalculate, verify or confirm the information in such statement. Any Special
      Primary Insurance Premiums distributed pursuant to clause (i) of the first
      paragraph of this Section 4.05(a) shall be distributed by any method specified
      in the respective Special Primary Insurance Policy as directed by the related
      insurer to the Servicer (and by the Servicer to the Trustee). Amounts
      distributed to the Certificateholders pursuant to clause (ii) of the first
      paragraph of this Section 4.05(a) shall be distributed by wire transfer in
      immediately available funds for the account of, or by check mailed to, each
      such
      Certificateholder of record on the immediately preceding Record Date (other
      than
      as provided in Section 9.01 respecting the final distribution), as specified
      by
      each such Certificateholder and at the address of such Holder appearing in
      the
      Certificate Register.

     

    (b) All
      reductions in the Certificate Principal Balance of a Certificate effected by
      distributions of principal and all allocations of Realized Losses made on any
      Distribution Date shall be binding upon all Holders of such Certificate and
      of
      any Certificate issued upon the registration of transfer or exchange therefor
      or
      in lieu thereof, whether or not such distribution is noted on such Certificate.
      The final distribution of principal of each Certificate (and the final
      distribution upon the Class R Certificates upon (i) the termination of REMIC
      I,
      REMIC II, REMIC III and REMIC IV and (ii) the payment, or making provision
      for
      payment, of all liabilities of the Trust) shall be payable in the manner
      provided above only upon presentation and surrender thereof on or after the
      Distribution Date therefor at the office or agency of the Certificate Registrar
      specified in the notice delivered pursuant to Section 4.05(c)(ii) and Section
      9.01(b).

     

    (c) Whenever,
      on the basis of Curtailments, Payoffs and Monthly Payments on the Mortgage
      Loans
      and Insurance Proceeds and Liquidation Proceeds received and expected to be
      received during the Payoff Period, the Servicer has notified the Trustee that
      it
      believes that the entire remaining unpaid Class Principal Balance of any Class
      of Certificates will become distributable on the next Distribution Date, the
      Trustee shall, no later than the 18th day of the month of such Distribution
      Date, mail or cause to be mailed to each Person in whose name a Certificate
      to
      be so retired is registered at the close of business on the Record Date and
      to
      the Rating Agencies a notice to the effect that:

     

    (i) it
      is
      expected that funds sufficient to make such final distribution will be available
      in the Certificate Account on such Distribution Date, and 

     

    (ii) if
      such
      funds are available, (A) such final distribution will be payable on such
      Distribution Date, but only upon presentation and surrender of such Certificate
      at the office or agency of the Certificate Registrar maintained for such purpose
      (the address of which shall be set forth in such notice), and (B) no interest
      shall accrue on such Certificate after such Distribution Date.

     

    Section
      4.06. Statements
      to Certificateholders.
      With
      each distribution from the Certificate Account on a Distribution Date, the
      Trustee shall make available to each Rating Agency and shall make available
      to
      each Certificateholder the statement required by Section 4.02(b). The Trustee
      may make available such statement and certain other information, including,
      without limitation, information required to be provided by the Trustee pursuant
      to Section 3.13, to Certificateholders through the Trustee’s Corporate Trust
      home page on the world wide web. Such web page is currently located at
“www.etrustee.net”. The location of such web page and the procedures used
      therein are subject to change from time to time at the Trustee’s
      discretion.

     

    
      
        
        

      

      
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    Upon
      request by any Certificateholder, the Servicer, as soon as reasonably
      practicable, shall provide the requesting Certificateholder with such
      information as is necessary and appropriate, in the Servicer’s sole discretion,
      for purposes of satisfying applicable reporting requirements under Rule 144A
      of
      the Securities Act.

     

    The
      Company or the Servicer may make available any reports, statements or other
      information to Certificateholders through a web page on the world wide web.
      As
      of the Closing Date, such web page is located at “www.wamumsc.com” and
      information is available by clicking on “Investor Information.”

     

    ARTICLE
      V

     

    The
      Certificates

     

    Section
      5.01. The
      Certificates.
      

     

    (a) The
      Certificates shall be substantially in the forms set forth in Exhibit A and
      B
      with the additional insertion from Exhibit H attached hereto, and shall be
      executed by the Trustee on behalf of the Trust, authenticated by the Trustee
      (or
      any duly appointed Authenticating Agent) and delivered (i) upon and pursuant
      to
      the order of the Company and (ii) upon receipt by the Trustee of the documents
      specified in Section 2.01. The Certificates shall be issuable in Authorized
      Denominations. Certificates shall be executed by manual or facsimile signature
      on behalf of the Trust by authorized officers of the Trustee. Certificates
      bearing the manual or facsimile signatures of individuals who were at the time
      of execution the proper officers of the Trustee 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 for herein executed by the Trustee or any
      Authenticating Agent by manual signature, and such certificate upon any
      Certificate 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
      following definitions apply for purposes of this Section 5.01: “Disqualified
      Organization”
means
      any Person which is not a Permitted Transferee, but does not include any
“Pass-Through
      Entity”
which
      owns or holds a Residual Certificate and of which a Disqualified Organization,
      directly or indirectly, may be a stockholder, partner or beneficiary;
“Pass-Through Entity” means any regulated investment company, real estate
      investment trust, common trust fund, partnership, trust or estate, and any
      organization to which Section 1381 of the Code applies; “Ownership
      Interest”
means,
      with respect to any Residual Certificate, any ownership or security interest
      in
      such Residual Certificate, including any interest in a Residual Certificate
      as
      the Holder thereof and any other interest therein whether direct or indirect,
      legal or beneficial, as owner or as pledgee; “Transfer”
means
      any direct or indirect transfer or sale of, or directly or indirectly
      transferring or selling any Ownership Interest in a Residual Certificate; and
      “Transferee”
means
      any Person who is acquiring by Transfer any Ownership Interest in a Residual
      Certificate.

     

    
      
        
        

      

      
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    (c) Restrictions
      on Transfers of the Residual Certificates to Disqualified Organizations are
      set
      forth in this Section 5.01(c).

     

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

     

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

     

    (B) In
      connection with any proposed Transfer of any Ownership Interest in a Residual
      Certificate to a U.S. Person, the Trustee shall require delivery to it, and
      shall not register the Transfer of any Residual Certificate until its receipt
      of
      (1) an affidavit and agreement (a “Transferee
      Affidavit and Agreement”)
      attached hereto as Exhibit J from the proposed Transferee, in form and substance
      satisfactory to the Company, representing and warranting, among other things,
      that it is not a Non-U.S. Person, 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 who is not a Permitted Transferee, that for so long
      as
      it retains its Ownership Interest in a Residual Certificate, it will endeavor
      to
      remain a Permitted Transferee, and that it has reviewed the provisions of this
      Section 5.01(c) and agrees to be bound by them, and (2) a certificate, attached
      hereto as Exhibit I, from the Holder wishing to transfer the Residual
      Certificate, in form and substance satisfactory to the Company, representing
      and
      warranting, among other things, that no purpose of the proposed Transfer is
      to
      allow such Holder to impede the assessment or collection of tax.

     

    (C) Notwithstanding
      the delivery of a Transferee Affidavit and Agreement by a proposed Transferee
      under clause (B) above, if the Trustee 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.

     

    
      
        
        

      

      
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    (D) Each
      Person holding or acquiring any Ownership Interest in a Residual Certificate
      agrees by holding or acquiring such Ownership Interest (i) to require a
      Transferee Affidavit and Agreement from any other Person to whom such Person
      attempts to transfer its Ownership Interest and to provide a certificate to
      the
      Trustee in the form attached hereto as Exhibit J; (ii) to obtain the express
      written consent of the Company prior to any transfer of such Ownership Interest,
      which consent may be withheld in the Company’s sole discretion; and (iii) to
      provide a certificate to the Trustee in the form attached hereto as Exhibit
      I.

     

    (ii) The
      Trustee shall register the Transfer of any Residual Certificate only if it
      shall
      have received the Transferee Affidavit and Agreement, a certificate of the
      Holder requesting such transfer in the form attached hereto as Exhibit J and
      all
      of such other documents as shall have been reasonably required by the Trustee
      as
      a condition to such registration.

     

    (iii) (A) If
      any
“disqualified organization” (as defined in Section 860E(e)(5) of the Code) shall
      become a holder of a Residual Certificate, then the last preceding Permitted
      Transferee shall be restored, to the extent permitted by law, to all rights
      and
      obligations as Holder thereof retroactive to the date of registration of such
      Transfer of such Residual Certificate. If any Non-U.S. Person shall become
      a
      holder of a Residual Certificate, then the last preceding holder which is a
      U.S.
      Person shall be restored, to the extent permitted by law, to all rights and
      obligations as Holder thereof retroactive to the date of registration of the
      Transfer to such Non-U.S. Person of such Residual Certificate. If a transfer
      of
      a Residual Certificate is disregarded pursuant to the provisions of Treasury
      Regulations Section 1.860E-1 or Section 1.860G-3, then the last preceding
      Permitted Transferee shall be restored, to the extent permitted by law, to
      all
      rights and obligations as Holder thereof retroactive to the date of registration
      of such Transfer of such Residual Certificate. Neither the Trust nor the Trustee
      shall be under any liability to any Person for any registration of Transfer
      of a
      Residual Certificate that is in fact not permitted by this Section 5.01(c)
      or
      for making any payments due on such Certificate to the holder thereof or for
      taking any other action with respect to such holder under the provisions of
      this
      Agreement.

     

    (B) If
      any
      purported Transferee shall become a Holder of a Residual Certificate in
      violation of the restrictions in this Section 5.01(c) 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 Company 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 Company on such terms as the Company
      may choose. Such purported Transferee shall promptly endorse and deliver each
      Residual Certificate in accordance with the instructions of the Company. Such
      purchaser may be the Company itself or any affiliate of the Company. The
      proceeds of such sale, net of the commissions (which may include commissions
      payable to the Company or its affiliates), expenses and taxes due, if any,
      shall
      be remitted by the Company 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 Company, and the Company shall not be liable to any
      Person having an Ownership Interest in a Residual Certificate as a result of
      its
      exercise of such discretion.

     

    
      
        
        

      

      
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    (iv) The
      Servicer shall make available, upon written request from the Trustee, 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 not
      a
      Permitted Transferee, including the information regarding “excess inclusions” of
      such Residual Certificates required to be provided to the Internal Revenue
      Service and certain Persons as described in Treasury Regulation Section
      1.860D-1(b)(5), and (B) as a result of any regulated investment company, real
      estate investment trust, common trust fund, partnership, trust, estate or
      organizations described in Section 1381 of the Code having as among its record
      holders at any time any Person who is not a Permitted Transferee. Reasonable
      compensation for providing such information may be required by the Servicer
      from
      such Person.

     

    (v) The
      provisions of this Section 5.01 set forth prior to this Section (v) may be
      modified, added to or eliminated by the Company, the Servicer and the Trustee,
      provided that there shall have been delivered to the Trustee the
      following:

     

    (A) written
      notification from each of the Rating Agencies 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 the Certificates;
      and

     

    (B) an
      Opinion of Counsel, in form and substance satisfactory to the Company (as
      evidenced by a certificate of the Company), to the effect that such
      modification, addition to or absence of such provisions will not cause REMIC
      I,
      REMIC II, REMIC III and REMIC IV to cease to qualify as a REMIC and will not
      create a risk that (1) REMIC I, REMIC II, REMIC III and REMIC IV may be subject
      to an entity-level tax caused by the Transfer of any Residual Certificate to
      a
      Person which is not a Permitted Transferee or (2) a Certificateholder or another
      Person will be subject to a REMIC-related tax caused by the Transfer of a
      Residual Certificate to a Person which is not a Permitted
      Transferee.

     

    (vi) The
      following legend shall appear on all Residual Certificates:

     

    ANY
      RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
      IF
      THE PROPOSED TRANSFEREE PROVIDES A TRANSFER AFFIDAVIT TO THE COMPANY AND THE
      TRUSTEE THAT (1) SUCH TRANSFEREE IS NOT EITHER (A) THE UNITED STATES, ANY STATE
      OR POLITICAL SUBDIVISION THEREOF, ANY FOREIGN GOVERNMENT, ANY INTERNATIONAL
      ORGANIZATION, OR ANY AGENCY OR INSTRUMENTALITY OF ANY OF THE FOREGOING, (B)
      ANY
      ORGANIZATION (OTHER THAN A COOPERATIVE DESCRIBED IN SECTION 521 OF THE CODE)
      WHICH IS EXEMPT FROM THE TAX IMPOSED BY CHAPTER 1 OF THE CODE UNLESS SUCH
      ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE CODE, (C)
      ANY
      ORGANIZATION DESCRIBED IN 

     

    
      
        
        

      

      
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    SECTION
      1381(a)(2)(C) OF THE CODE (ANY SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES
      (A), (B), OR (C) BEING HEREINAFTER REFERRED TO AS A “DISQUALIFIED
      ORGANIZATION”), OR (D) AN AGENT OF A DISQUALIFIED ORGANIZATION AND (2) NO
      PURPOSE OF SUCH TRANSFER IS TO ENABLE THE TRANSFEROR TO IMPEDE THE ASSESSMENT
      OR
      COLLECTION OF TAX. SUCH AFFIDAVIT SHALL INCLUDE CERTAIN REPRESENTATIONS AS
      TO
      THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE. NOTWITHSTANDING THE
      REGISTRATION IN THE CERTIFICATE REGISTER OF ANY TRANSFER, SALE OR OTHER
      DISPOSITION OF THIS CLASS R 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 THE CLASS R
      CERTIFICATE BY ACCEPTANCE OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE CONSENTED
      TO THE PROVISIONS OF THIS PARAGRAPH.

     

    (vii) The
      Tax
      Matters Person for each of REMIC I, REMIC II, REMIC III and REMIC IV, while
      not
      a Disqualified Organization, shall be the tax matters person for the related
      REMIC within the meaning of Section 6231(a)(7) of the Code and Treasury
      Regulation Section 1.860F-4(d).

     

    (d) In
      the
      case of any Junior Subordinate Certificate presented for registration in the
      name of any Person, the Trustee shall require (i) an officer’s certificate
      substantially in the form of Exhibit N attached hereto acceptable to and in
      form
      and substance satisfactory to the Trustee and the Company, which officer’s
      certificate shall not be an expense of the Trust, the Trustee, the Delaware
      Trustee, the Servicer or the Company, and (ii) only if such officer’s
      certificate indicates that a Benefit Plan Opinion is delivered in connection
      therewith, a Benefit Plan Opinion.

     

    In
      the
      case of any Residual Certificate presented for registration in the name of
      any
      Person, the Trustee shall require (i) a Transferee Affidavit and Agreement
      which
      includes the representation set forth in paragraph 19 of the form attached
      hereto as Exhibit J and (ii) only if the representation set forth in such
      paragraph 19 indicates that a Benefit Plan Opinion is delivered in connection
      therewith, a Benefit Plan Opinion.

     

    (e) No
      transfer, sale, pledge or other disposition of a Junior Subordinate Certificate
      shall be made unless such transfer, sale, pledge or other disposition is made
      in
      accordance with this Section 5.01(e) or Section 5.01(f). Each Person who, at
      any
      time, acquires any ownership interest in any Junior Subordinate Certificate
      shall be deemed by the acceptance or acquisition of such ownership interest
      to
      have agreed to be bound by the following provisions of this Section 5.01(e)
      and
      Section 5.01(f), as applicable. No transfer of a Junior Subordinate Certificate
      shall be deemed to be made in accordance with this Section 5.01(e) unless such
      transfer is made pursuant to an effective registration statement under the
      Securities Act or unless the Trustee is provided with the certificates and
      an
      Opinion of Counsel, if required, on which the Trustee may conclusively rely,
      to
      the effect that such transfer is exempt from the registration requirements
      under
      the Securities Act, as follows. In the event that a transfer is to be made
      in
      reliance upon an exemption from the Securities Act, the Trustee shall require,
      in order to assure compliance with the Securities Act, that the
      Certificateholder desiring to effect such transfer certify to the Trustee and
      the Trust in writing, in substantially the form attached hereto as Exhibit
      F,
      the facts surrounding the transfer, with such modifications to such Exhibit
      F as
      may be appropriate to reflect the actual facts of the proposed transfer, and
      that the Certificateholder’s proposed transferee certify to the Trustee and the
      Trust in writing, in substantially the form attached hereto as Exhibit G, the
      facts surrounding the transfer, with such modifications to such Exhibit G as
      may
      be appropriate to reflect the actual facts of the proposed transfer. If such
      certificate of the proposed transferee does not contain substantially the
      substance of Exhibit G, the Trustee shall require an Opinion of Counsel that
      such transfer may be made without registration, which Opinion of Counsel shall
      not be obtained at the expense of the Trustee, the Delaware Trustee, the Trust,
      the Servicer or the Company. Such Opinion of Counsel shall allow for the
      forwarding of, and the Trustee shall forward, a copy thereof to the Rating
      Agencies. Notwithstanding the foregoing, any Junior Subordinate Certificate
      may
      be transferred, sold, pledged or otherwise disposed of in accordance with the
      requirements set forth in Section 5.01(f).

     

    
      
        
        

      

      
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    (f) To
      effectuate a transfer of a Junior Subordinate Certificate in accordance with
      this Section 5.01(f), the proposed transferee of such Certificate must provide
      the Trustee and the Company with an investment letter substantially in the
      form
      of Exhibit L attached hereto, which investment letter shall not be an expense
      of
      the Trust, the Trustee, the Delaware Trustee or the Company, and which
      investment letter states that, among other things, such transferee (i) is a
      “qualified institutional buyer” as defined under Rule 144A, acting for its own
      account or the accounts of other “qualified institutional buyers” as defined
      under Rule 144A, and (ii) is aware that the proposed transferor intends to
      rely
      on the exemption from registration requirements under the Securities Act
      provided by Rule 144A. Notwithstanding the foregoing, the proposed transferee
      of
      such Certificate shall not be required to provide the Trustee or the Company
      with Annex 1 or Annex 2 to the form of Exhibit L attached hereto if the Company
      so consents prior to each such transfer. Such transfers shall be deemed to
      have
      complied with the requirements of this Section 5.01(f). The Holder of a
      Certificate desiring to effect such transfer does hereby agree to indemnify
      the
      Trust, the Trustee, the Delaware Trustee, the Servicer, the Company, and the
      Certificate Registrar against any liability that may result if transfer is
      not
      made in accordance with this Agreement.

     

    (g) (1) In
      the
      case of any ERISA Restricted Certificate presented for registration in the
      name
      of any Person, the prospective transferee shall be required to provide the
      Trustee and the Company (A) an officer’s certificate substantially in the form
      of Exhibit O attached hereto acceptable to and in form and substance
      satisfactory to the Trustee and the Company, which officer’s certificate shall
      not be an expense of the Trust, the Servicer, the Trustee, the Delaware Trustee
      or the Company, and (B) only if such officer’s certificate indicates that a
      Benefit Plan Opinion is delivered in connection therewith, a Benefit Plan
      Opinion.

     

    (2) Notwithstanding
      the foregoing, a certification (and, if applicable, a Benefit Plan Opinion)
      as
      described in Section 5.01(g)(1) above will not be required with respect to
      the
      transfer of any ERISA Restricted Certificate to a Clearing Agency, or for any
      subsequent transfer of any interest in a ERISA Restricted Certificate for so
      long as such Certificate is a Book-Entry Certificate (each such ERISA Restricted
      Certificate, a “Book-Entry
      ERISA Restricted Certificate”).
      Any
      transferee of a Book-Entry ERISA Restricted Certificate will be deemed to have
      represented, by virtue of its acquisition or holding of such Certificate (or
      interest therein), that either (i) such transferee is not an employee benefit
      or
      other plan subject to the prohibited transaction provisions of ERISA or Section
      4975 of the Code, or any person (including an investment manager, a named
      fiduciary or a trustee of any such plan) acting, directly or indirectly, on
      behalf of or purchasing such Certificate with “plan assets” of any such plan (a
“Plan
      Investor”),
      (ii)
      such transferee is an insurance company, the source of funds to be used by
      it to
      acquire or hold such Certificate is an “insurance company general account”
(within the meaning of Department of Labor Prohibited Transaction Class
      Exemption (“PTCE”)
      95-60), and the conditions in Sections I and III of PTCE 95-60 have been
      satisfied (each entity that satisfies this clause (ii), a “Complying
      Insurance Company”)
      or
      (iii) such Certificate was rated “BBB-” or better (or its equivalent) by at
      least one of the Rating Agencies at the time of such transferee’s acquisition of
      such Certificate (or interest therein).

     

    
      
        
        

      

      
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    (3) If
      any
      Book-Entry ERISA Restricted Certificate (or any interest therein) is acquired
      or
      held in violation of the provisions of Section 5.01(g)(2) above, then the last
      preceding transferee that either (i) is not a Plan Investor, (ii) is a Complying
      Insurance Company or (iii) acquired such Certificate at a time when such
      Certificate was rated “BBB-” or better (or its equivalent) by at least one of
      the Rating Agencies shall be restored, to the extent permitted by law, to all
      rights and obligations as Beneficial Holder thereof retroactive to the date
      of
      transfer of such Certificate by such preceding transferee. Neither the Trust
      nor
      the Trustee shall be under any liability to any Person for making any payments
      due on such Certificate to such preceding transferee.

     

    (4) Any
      purported Beneficial Holder whose acquisition or holding of any Book-Entry
      ERISA
      Restricted Certificate (or interest therein) was effected in violation of the
      restrictions in this Section 5.01(g) shall indemnify and hold harmless the
      Company, the Trustee, the Delaware Trustee, the Servicer, the Trust and each
      Underwriter from and against any and all liabilities, claims, costs or expenses
      incurred by such parties as a result of such acquisition or
      holding.

     

    (h) (1) In
      the
      case of any Class C-PPP or Class 3-PPP Certificate presented for registration
      in
      the name of any Person, the prospective transferee shall be required to provide
      the Trustee and the Company (A) an officer’s certificate substantially in the
      form of Exhibit P attached hereto acceptable to and in form and substance
      satisfactory to the Trustee and the Company, which officer’s certificate shall
      not be an expense of the Trust, the Servicer, the Trustee, the Delaware Trustee
      or the Company, and (B) only if such officer’s certificate indicates that a
      Benefit Plan Opinion is delivered in connection therewith, a Benefit Plan
      Opinion.

     

    (2) Notwithstanding
      the foregoing, a certification (and, if applicable, a Benefit Plan Opinion)
      as
      described in Section 5.01(h)(1) above will not be required with respect to
      the
      transfer of any Class C-PPP or Class 3-PPP Certificate to a Clearing Agency,
      or
      for any subsequent transfer of any interest in a Class C-PPP or Class 3-PPP
      Certificate for so long as such Certificate is a Book-Entry Certificate (each
      such Class C-PPP or Class 3-PPP Certificate, a “Book-Entry
      Class C-PPP or Class 3-PPP Certificate”).
      Any
      transferee of a Book-Entry Class C-PPP or Class 3-PPP Certificate will be deemed
      to have represented, by virtue of its acquisition or holding of such Certificate
      (or interest therein), that such transferee is not an employee benefit or other
      plan subject to the prohibited transaction provisions of ERISA or Section 4975
      of the Code, or any person (including an investment manager, a named fiduciary
      or a trustee of any such plan) acting, directly or indirectly, on behalf of
      or
      purchasing such Certificate with “plan assets” of any such plan (a “Plan
      Investor”).

     

    
      
        
        

      

      
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    (3) If
      any
      Book-Entry Class C-PPP or Class 3-PPP Certificate (or any interest therein)
      is
      acquired or held in violation of the provisions of Section 5.01(h)(2) above,
      then the last preceding transferee that is not a Plan Investor shall be
      restored, to the extent permitted by law, to all rights and obligations as
      Beneficial Holder thereof retroactive to the date of transfer of such
      Certificate by such preceding transferee. Neither the Trust nor the Trustee
      shall be under any liability to any Person for making any payments due on such
      Certificate to such preceding transferee.

     

    (4) Any
      purported Beneficial Holder whose acquisition or holding of any Book-Entry
      Class
      C-PPP or Class 3-PPP Certificate (or interest therein) was effected in violation
      of the restrictions in this Section 5.01(h) shall indemnify and hold harmless
      the Company, the Trustee, the Delaware Trustee, the Servicer, the Trust and
      each
      Underwriter from and against any and all liabilities, claims, costs or expenses
      incurred by such parties as a result of such acquisition or
      holding.

     

    Section
      5.02. Certificates
      Issuable in Classes; Distributions of Principal and Interest; Authorized
      Denominations.
      The
      aggregate principal amount of the Certificates that may be authenticated and
      delivered under this Agreement is limited to the aggregate Principal Balance
      of
      the Mortgage Loans as of the Cut-Off Date, as specified in the Preliminary
      Statement to this Agreement, except for Certificates authenticated and delivered
      upon registration of transfer of, or in exchange for, or in lieu of, other
      Certificates pursuant to Section 5.03. Such aggregate principal amount shall
      be
      allocated among one or more Classes having designations, types of interests,
      initial per annum Certificate Interest Rates, initial Class Principal Balances
      and Final Maturity Dates as specified in the Preliminary Statement to this
      Agreement. The aggregate Percentage Interest of each Class of Certificates
      of
      which the Class Principal Balance equals zero as of the Cut-Off Date that may
      be
      authenticated and delivered under this Agreement is limited to 100%.
      Certificates shall be issued in Authorized Denominations.

     

    Section
      5.03. Registration
      of Transfer and Exchange of Certificates.
      The
      Trustee on behalf of the Trust shall cause to be maintained at one of its
      offices or at its designated agent, a Certificate Register in which there shall
      be recorded the name and address of each Certificateholder. Subject to such
      reasonable rules and regulations as the Trustee may prescribe, the Certificate
      Register shall be amended from time to time by the Trustee or its agent to
      reflect notice of any changes received by the Trustee or its agent pursuant
      to
      Section 10.06. The Trustee hereby appoints itself as the initial Certificate
      Registrar.

     

    Upon
      surrender for registration of transfer of any Certificate to the Trustee at
      the
      Corporate Trust Office of the Trustee, or such other address or agency as may
      hereafter be provided to the Servicer in writing by the Trustee, the Trustee
      on
      behalf of the Trust shall execute, and the Trustee or any Authenticating Agent
      shall authenticate and deliver, in the name of the designated transferee or
      transferees, one or more new Certificates of Authorized Denominations. At the
      option of the Certificateholders, Certificates may be exchanged for other
      Certificates in Authorized Denominations of like Certificate Principal Balance
      or Percentage Interest, as applicable, upon surrender of the Certificates to
      be
      exchanged at any such office or agency. Whenever any Certificates are so
      surrendered for exchange, the Trustee on behalf of the Trust shall execute,
      and
      the Trustee, or any Authenticating Agent, shall authenticate and deliver, the
      Certificates which the Certificateholder making the exchange is entitled to
      receive. Every Certificate presented or surrendered for transfer shall be duly
      endorsed by, or be accompanied by a written instrument of transfer in form
      satisfactory to the Trustee or any Authenticating Agent and duly executed by,
      the Holder thereof or such Holder’s attorney duly authorized in
      writing.

     

    
      
        
        

      

      
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    A
      reasonable service charge may be made for any such exchange or transfer of
      Certificates, and the Trustee may require payment of a sum sufficient to cover
      any tax or governmental charge that may be imposed in connection with any
      exchange or transfer of Certificates.

     

    All
      Certificates surrendered for exchange or transfer shall be cancelled by the
      Trustee or any Authenticating Agent.

     

    Section
      5.04. Mutilated,
      Destroyed, Lost or Stolen Certificates.
      If (i)
      any mutilated Certificate is surrendered to the Trustee or any Authenticating
      Agent, or (ii) the Trustee or any Authenticating Agent receives evidence to
      their satisfaction of the destruction, loss or theft of any Certificate, and
      there is delivered to the Trustee or any Authenticating Agent such security
      or
      indemnity as may be required by them to save each of them and the Trust
      harmless, then, in the absence of notice to the Trustee or any Authenticating
      Agent that such Certificate has been acquired by a protected purchaser, the
      Trustee on behalf of the Trust shall execute and the Trustee or any
      Authenticating Agent shall authenticate and deliver, in exchange for or in
      lieu
      of any such mutilated, destroyed, lost or stolen Certificate, a new Certificate
      of like Certificate Principal Balance or Percentage Interest as applicable.
      Upon
      the issuance of any new Certificate under this Section 5.04, the Trustee or
      any
      Authenticating Agent may require the payment of a sum sufficient to cover any
      tax or other governmental charge that may be imposed in relation thereto and
      any
      other expenses (including the fees and expenses of the Trustee or any
      Authenticating Agent) connected therewith. Any replacement Certificate issued
      pursuant to this Section 5.04 shall constitute complete and indefeasible
      evidence of a beneficial interest in the Trust as if originally issued, whether
      or not the lost or stolen Certificate shall be found at any time.

     

    Section
      5.05. Persons
      Deemed Owners.
      The
      Company, the Servicer, the Trust, the Trustee, the Delaware Trustee and any
      agent of any of them may treat the Person in whose name any Certificate is
      registered as the owner of such Certificate for the purpose of receiving
      distributions pursuant to Section 4.01 and Section 4.05 and for all other
      purposes whatsoever, and none of the Company, the Servicer, the Trust, the
      Trustee, the Delaware Trustee, the Certificate Registrar or any agent thereof
      shall be affected by notice to the contrary.

     

    Section
      5.06. [Reserved.] 

     

    
      
        
        

      

      
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    Section
      5.07. Book-Entry
      for Book-Entry Certificates.
      Notwithstanding the foregoing, the Book-Entry Certificates, upon original
      issuance, shall be issued in the form of one or more word-processed Certificates
      of Authorized Denomination representing the Book-Entry Certificates, to be
      delivered to DTC, the initial Clearing Agency, by, or on behalf of, the Company.
      The Book-Entry Certificates shall initially be registered on the Certificate
      Register in the name of Cede & Co., the nominee of DTC, as the initial
      Clearing Agency, and no Beneficial Holder shall receive a definitive certificate
      representing such Beneficial Holder’s interest in any Class of Book-Entry
      Certificate, except as provided above and in Section 5.09. Each Book-Entry
      Certificate shall bear the following legend:

     

    Unless
      this Certificate is presented by an authorized representative of The Depository
      Trust Company, a New York corporation (“DTC”),
      to
      the Trust 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 is requested by an authorized representative of DTC (and any payment
      is
      made to Cede & Co. or to such other entity as is requested by an authorized
      representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
      OR
      OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
      hereof, Cede & Co., has an interest herein.

     

    Unless
      and until definitive, fully registered Book-Entry Certificates (the
“Definitive
      Certificates”)
      have
      been issued to the Beneficial Holders pursuant to Section 5.09:

     

    (a) the
      provisions of this Section 5.07 shall be in full force and effect with respect
      to the Book-Entry Certificates;

     

    (b) the
      Servicer and the Trustee may deal with the Clearing Agency for all purposes
      with
      respect to the Book-Entry Certificates (including the making of distributions
      on
      the Book-Entry Certificates) as the sole Certificateholder;

     

    (c) to
      the
      extent that the provisions of this Section 5.07 conflict with any other
      provisions of this Agreement, the provisions of this Section 5.07 shall control;
      and

     

    (d) the
      rights of the Beneficial Holders shall be exercised only through the Clearing
      Agency and the DTC Participants and shall be limited to those established by
      law
      and agreements between such Beneficial Holders and the Clearing Agency and/or
      the DTC Participants. Pursuant to the Depositary Agreement, unless and until
      Definitive Certificates are issued pursuant to Section 5.09, the initial
      Clearing Agency will make book-entry transfers among the DTC Participants and
      receive and transmit distributions of principal and interest on the related
      Class of Book-Entry Certificates to such DTC Participants.

     

    For
      purposes of any provision of this Agreement requiring or permitting actions
      with
      the consent of, or at the direction of, Holders of Book-Entry Certificates
      evidencing a specified Percentage Interest, such direction or consent may be
      given by the Clearing Agency at the direction of Beneficial Holders owning
      Book-Entry Certificates evidencing the requisite Percentage Interest represented
      by the Book-Entry Certificates. The Clearing Agency may take conflicting actions
      with respect to the Book-Entry Certificates to the extent that such actions
      are
      taken on behalf of the Beneficial Holders.

     

    
      
        
        

      

      
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    Section
      5.08. Notices
      to Clearing Agency.
      Whenever notice or other communication to the Certificateholders is required
      under this Agreement, unless and until Definitive Certificates shall have been
      issued to the related Certificateholders pursuant to Section 5.09, the Trustee
      shall give all such notices and communications specified herein to be given
      to
      Holders of the Book-Entry Certificates to the Clearing Agency which shall give
      such notices and communications to the related DTC Participants in accordance
      with its applicable rules, regulations and procedures.

     

    Section
      5.09. Definitive
      Certificates.
      If (a)
      the Clearing Agency or the Servicer notifies the Trustee in writing that the
      Clearing Agency is no longer willing or able to discharge properly its
      responsibilities under the Depositary Agreement with respect to the Book-Entry
      Certificates and the Trustee or the Servicer is unable to locate a qualified
      successor, (b) the Servicer, to the extent permitted by law, advises the Trustee
      in writing that it elects to terminate the book-entry system with respect to
      the
      Book-Entry Certificates through the Clearing Agency or (c) after the occurrence
      of an Event of Default, Certificateholders holding Book-Entry Certificates
      evidencing Percentage Interests aggregating not less than 662⁄3% of the aggregate
      Class Principal Balance of such Certificates advise the Trustee and the Clearing
      Agency through DTC Participants in writing that the continuation of a book-entry
      system with respect to the Book-Entry Certificates through the Clearing Agency
      is no longer in the best interests of the Certificateholders with respect to
      such Certificates, the Trustee shall notify all Certificateholders of Book-Entry
      Certificates of the occurrence of any such event and of the availability of
      Definitive Certificates. Upon surrender to the Trustee of the Book-Entry
      Certificates by the Clearing Agency, accompanied by registration instructions
      from the Clearing Agency for registration, the Trustee on behalf of the Trust
      shall execute and the Trustee or any Authenticating Agent shall authenticate
      and
      deliver the Definitive Certificates. Neither the Company, the Servicer, the
      Trust nor the Trustee shall be liable for any delay in delivery of such
      instructions and may conclusively rely on, and shall be protected in relying
      on,
      such instructions. Upon the issuance of Definitive Certificates for all of
      the
      Certificates all references herein to obligations imposed upon or to be
      performed by the Clearing Agency shall be deemed to be imposed upon and
      performed by the Trustee, to the extent applicable with respect to such
      Definitive Certificates, and the Trustee shall recognize the Holders of
      Definitive Certificates as Certificateholders hereunder.

     

    Section
      5.10. Office
      for Transfer of Certificates.
      The
      Trustee on behalf of the Trust shall maintain an office or agency where
      Certificates may be surrendered for registration of transfer or exchange. The
      Corporate Trust Office is initially designated for said purposes.

     

    Section
      5.11. Nature
      of Certificates.
      The
      Certificates shall be personal property giving only the rights specifically
      set
      forth therein and in this Agreement. The Certificates shall have no preemptive
      or similar rights and when issued and delivered to the Holders against payment
      of the purchase price therefor will be fully paid and nonassessable by the
      Trust. The Holders of the Certificates, in their capacities as such, shall
      be
      entitled to the same limitation of personal liability extended to stockholders
      of private corporations for profit organized under the General Corporation
      Law
      of the State of Delaware. THE RECEIPT AND ACCEPTANCE OF A CERTIFICATE OR ANY
      INTEREST THEREIN BY OR ON BEHALF OF A HOLDER OR ANY BENEFICIAL OWNER, WITHOUT
      ANY SIGNATURE OR FURTHER MANIFESTATION OF ASSENT, SHALL CONSTITUTE THE
      UNCONDITIONAL ACCEPTANCE BY THE HOLDER AND ALL OTHERS HAVING A BENEFICIAL
      INTEREST IN SUCH CERTIFICATE OF ALL THE TERMS AND PROVISIONS OF THIS AGREEMENT,
      AND SHALL CONSTITUTE THE AGREEMENT OF THE TRUST, SUCH HOLDER AND SUCH OTHERS
      THAT THE TERMS AND PROVISIONS OF THIS AGREEMENT SHALL BE BINDING, OPERATIVE
      AND
      EFFECTIVE AS BETWEEN THE TRUST AND SUCH HOLDER AND SUCH OTHERS.

     

    
      
        
        

      

      
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    ARTICLE
      VI

     

    The
      Company and the Servicer

     

    Section
      6.01. Liability
      of the Company and the Servicer.
      Each of
      the Company and the Servicer shall be liable in accordance herewith only to
      the
      extent of the obligations specifically imposed upon and undertaken by the
      Company or the Servicer, as applicable, herein.

     

    Section
      6.02. Merger
      or Consolidation of the Company or the Servicer.
      Any
      Corporation into which either the Company or the Servicer may be merged or
      consolidated, or any Corporation resulting from any merger, conversion or
      consolidation to which either the Company or the Servicer shall be a party,
      or
      any Corporation succeeding to the business of either the Company or the
      Servicer, shall be the successor of the Company or the Servicer, as applicable,
      hereunder, without the execution or filing of any paper or any further act
      on
      the part of any of the parties hereto, anything herein to the contrary
      notwithstanding.

     

    Section
      6.03. Limitation
      on Liability of the Company, the Servicer and Others.
      Neither
      the Company nor the Servicer nor any of the directors, officers, employees
      or
      agents of the Company or the Servicer shall be under any liability to the Trust,
      the Holders of the REMIC I, REMIC II or REMIC III Regular Interests or the
      Certificateholders for any action taken by such Person or for such Person’s
      refraining from the taking of any action in good faith pursuant to this
      Agreement, or for errors in judgment; provided,
      however,
      that
      this provision shall not protect the Company, the Servicer or any such Person
      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 duties and obligations hereunder. Each of the
      Company, the Servicer and any director, officer, employee or agent of the
      Company or the Servicer, as applicable, may rely in good faith on any document
      of any kind properly executed and submitted by any Person respecting any matters
      arising hereunder. Each of the Company, the Servicer and any director, officer,
      employee or agent of the Company or the Servicer, as applicable, shall be
      indemnified by the Trust and held harmless against any loss, liability or
      expense incurred in connection with any legal action relating to this Agreement
      or the Certificates, other than any loss, liability or expense relating to
      any
      Mortgage Loan (other than as otherwise permitted in this Agreement) or 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. Neither the Company nor the Servicer shall
      be
      under any obligation to appear in, prosecute or defend any legal action which
      is
      not incidental to its duties related to the Mortgage Loans in accordance with
      this Agreement and which in its opinion may involve it in any expense or
      liability; provided,
      however,
      that
      each of the Company and the Servicer may in its discretion undertake any such
      action which it may deem necessary or desirable with respect to the Mortgage
      Loans, this Agreement, the Certificates or the rights and duties of the parties
      hereto and the interests of the Certificateholders hereunder. In such event,
      the
      legal expenses and costs of such action and any liability resulting therefrom
      shall be expenses, costs and liabilities of the Trust and the Company and the
      Servicer shall be entitled to be reimbursed, as applicable, therefor out of
      the
      Certificate Account, as provided by Section 3.05.

     

    
      
        
        

      

      
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    Section
      6.04. Neither
      the Company nor the Servicer May Resign.
      Neither
      the Company nor the Servicer shall resign from its respective obligations and
      duties hereby imposed on it, as applicable, except upon determination by the
      Company or the Servicer that its respective duties hereunder are no longer
      permissible under applicable law. Any such determination permitting the
      resignation of the Company or the Servicer shall be evidenced by an Opinion
      of
      Counsel to such effect delivered to the Trustee. No such resignation shall
      become effective until the Trustee or a successor Servicer shall have assumed
      the Servicer’s responsibilities and obligations in accordance with Section 7.02
      hereof.

     

    The
      Servicer shall give prompt written notice to the Company of any information
      received by the Servicer which affects or relates to an ongoing obligation
      or
      right of the Company under this Agreement.

     

    Section
      6.05. Trustee
      Access.
      The
      Servicer shall afford the Company and the Trustee, upon reasonable notice,
      during normal business hours access to all records maintained by the Servicer,
      in respect of the Mortgage Loans and in respect of its rights and obligations
      hereunder and access to such of its officers as are responsible for such
      obligations. Upon reasonable request, the Servicer, shall furnish the Company
      and the Trustee with its most recent financial statements (or, for so long
      as
Washington
      Mutual Bank
      is the
      Servicer, the most recent consolidated financial statements for Washington
      Mutual Bank
      appearing in the audited financial statements of Washington Mutual, Inc., or
      the
      entity with whose financial statements the financial statements of Washington
      Mutual Bank are consolidated) and such other information as it possesses, and
      which it is not prohibited by law or, to the extent applicable, binding
      obligations to third parties with respect to confidentiality, from disclosing,
      regarding its business, affairs, property and condition, financial or otherwise.
      

     

    ARTICLE
      VII

     

    Default

     

    Section
      7.01. Events
      of Default.
      (a) In
      case one or more of the following Events of Default by the Servicer shall occur
      and be continuing, that is to say:

     

    (i) Any
      failure by the Servicer to deposit into the Certificate Account any payment
      required to be deposited therein by the Servicer under the terms of this
      Agreement which continues unremedied for a period of five Business Days after
      the date upon which written notice of such failure, requiring the same to be
      remedied, shall have been given to the Servicer by the Trustee or to the
      Servicer and the Trustee by the Holders of Certificates evidencing Percentage
      Interests aggregating not less than 25% of REMIC IV; or

     

    
      
        
        

      

      
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    (ii) Failure
      on the part of the Servicer duly to observe or perform in any material respect
      any other of the covenants or agreements on the part of the Servicer contained
      in the Certificates or in this Agreement which continues unremedied for a period
      of 60 days after the date on which written notice of such failure, requiring
      the
      same to be remedied, shall have been given to the Servicer by the Trustee,
      or to
      the Servicer and the Trustee by the Holders of Certificates evidencing
      Percentage Interests aggregating not less than 25% of REMIC IV; or

     

    (iii) A
      decree
      or order of a court or agency or supervisory authority having jurisdiction
      in
      the premises for the appointment of a trustee, conservator, receiver or
      liquidator in any bankruptcy, insolvency, readjustment of debt, marshalling
      of
      assets and liabilities or similar proceedings, or for the winding-up or
      liquidation of its affairs, shall have been entered against the Servicer and
      such decree or order shall have remained in force undischarged or unstayed
      for a
      period of 60 days; or

     

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

     

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

     

    (vi) Any
      failure of the Servicer to make any Monthly P&I Advance (other than a
      Nonrecoverable Advance) which continues unremedied at the opening of business
      on
      the Distribution Date in respect of which such Monthly P&I Advance was to
      have been made;

     

    then,
      and
      in each and every such case, so long as an Event of Default shall not have
      been
      remedied, either the Trustee or the Holders of Certificates evidencing
      Percentage Interests aggregating not less than 25% of REMIC IV, by notice in
      writing to the Company and the Servicer (and to the Trustee if given by the
      Certificateholders, in which case such notice shall set forth evidence
      reasonably satisfactory to the Trustee that such Event of Default has occurred
      and shall not have been remedied) may terminate all of the rights (other than
      its right to reimbursement for advances) and obligations of the Servicer,
      including its right to the Servicing Fee, under this Agreement. Such
      determination shall be final and binding. On or after the receipt by the
      Servicer of such written notice, all authority and power of the Servicer under
      this Agreement, whether with respect to the Certificates or the Mortgage Loans
      or otherwise, shall pass to and be vested in the Trustee pursuant to and under
      this Section 7.01; and, without limitation, the Trustee is hereby authorized
      and
      empowered to execute and deliver, on behalf of the Servicer, as attorney-in-fact
      or otherwise, any and all documents and other instruments, and to do or
      accomplish all other acts or things necessary or appropriate to effect the
      purposes of such notice of termination, whether to complete the transfer and
      endorsement or assignment of the Mortgage Loans and related documents, or
      otherwise. The Servicer agrees to cooperate with the Trustee in effecting the
      termination of the Servicer's responsibilities and rights hereunder, including,
      without limitation, the transfer to the Trustee for administration by it of
      all
      cash amounts which shall at the time be credited by the Servicer to the
      Certificate Account or thereafter be received with respect to the Mortgage
      Loans.

     

    
      
        
        

      

      
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    Notwithstanding
      the foregoing, if an Event of Default described in clause (vi) of this Section
      7.01(a) shall occur, the Trustee shall, by notice in writing to the Servicer,
      which may be delivered by telecopy, immediately suspend all of the rights and
      obligations of the Servicer thereafter arising under this Agreement, but without
      prejudice to any rights it may have as a Certificateholder or to reimbursement
      of advances, and the Trustee shall act as provided in Section 7.02 to carry
      out
      the duties of the Servicer, including the obligation to make any Monthly P&I
      Advance the nonpayment of which was an Event of Default described in clause
      (vi)
      of this Section 7.01(a). Any such action taken by the Trustee must be prior
      to the distribution on the relevant Distribution Date. If the Servicer shall
      within two Business Days following such suspension remit to the Trustee the
      amount of any Monthly P&I Advance (plus interest accrued thereon at a per
      annum rate equal to the prime rate for United States money center commercial
      banks as published in The
      Wall Street Journal)
      the
      nonpayment of which by the Servicer was an Event of Default described in
      clause (vi) of this Section 7.01(a), the Trustee, subject to the last
      sentence of this paragraph, shall permit the Servicer to resume its rights
      and
      obligations as Servicer hereunder. The Servicer agrees that it will reimburse
      the Trustee for actual, necessary and reasonable costs incurred by the Trustee
      because of action taken pursuant to clause (vi) of this Section 7.01(a). The
      Servicer agrees that if an Event of Default as described in clause (vi) of
      this
      Section 7.01(a) shall occur more than two times in any twelve month period,
      the
      Trustee shall be under no obligation to permit the Servicer to resume its rights
      and obligations as Servicer hereunder.

     

    (b) In
      case
      one or more of the following Events of Default by the Company shall occur and
      be
      continuing, that is to say:

     

    (i) Failure
      on the part of the Company duly to observe or perform in any material respect
      any of the covenants or agreements on the part of the Company contained in
      the
      Certificates or in this Agreement which continues unremedied for a period of
      60
      days after the date on which written notice of such failure, requiring the
      same
      to be remedied, shall have been given to the Company by the Trustee, or to
      the
      Company and the Trustee by the Holders of Certificates evidencing Percentage
      Interests aggregating not less than 25% of REMIC IV; or

     

    (ii) A
      decree
      or order of a court or agency or supervisory authority having jurisdiction
      in
      the premises for the appointment of a trustee, conservator, receiver or
      liquidator in any bankruptcy, insolvency, readjustment of debt, marshalling
      of
      assets and liabilities or similar proceedings, or for the winding-up or
      liquidation of its affairs, shall have been entered against the Company and
      such
      decree or order shall have remained in force undischarged or unstayed for a
      period of 60 days; or

     

    
      
        
        

      

      
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    (iii) The
      Company shall consent to the appointment of a trustee, conservator, receiver
      or
      liquidator in any bankruptcy, insolvency, readjustment of debt, marshalling
      of
      assets and liabilities or similar proceedings of or relating to the Company
      or
      of or relating to all or substantially all of its property; or

     

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

     

    then,
      and
      in each and every such case, so long as such Event of Default shall not have
      been remedied, the Holders of Certificates evidencing Percentage Interests
      aggregating not less than 25% of REMIC IV, by notice in writing to the Company
      and the Trustee, may direct the Trustee in accordance with Section 10.03 to
      institute an action, suit or proceeding in its own name as Trustee hereunder
      to
      enforce the Company's obligations hereunder.

     

    (c) In
      any
      circumstances in which this Agreement states that Certificateholders owning
      Certificates evidencing a certain Percentage Interest in REMIC IV may take
      certain action, such action shall be taken by the Trustee, but only if the
      requisite percentage of Certificateholders required under this Agreement for
      taking like action or giving like instruction to the Trustee under this
      Agreement shall have so directed the Trustee in writing.

     

    Section
      7.02. Trustee
      to Act; Appointment of Successor.
      

     

    (a) On
      and
      after the date on which the Servicer receives a notice of termination pursuant
      to Section 7.01 or the Servicer resigns pursuant to Section 6.04, the Trustee
      shall be the successor in all respects to the Servicer under this Agreement
      with
      respect to the Mortgage Loans in the Mortgage Pool and with respect to the
      transactions set forth or provided for herein and shall have all the rights
      and
      powers and be subject to all the responsibilities, duties and liabilities
      relating thereto arising on or after such date of termination or resignation
      placed on the Servicer by the terms and provisions hereof and thereof, and
      shall
      have the same limitations on liability herein granted to the Servicer;
provided,
      that the
      Trustee shall not under any circumstances be responsible for any representations
      and warranties or any repurchase obligation of the Company or any liability
      incurred by the Servicer prior to such date of termination or resignation and
      the Trustee shall not be obligated to make a Monthly P&I Advance if it is
      prohibited by law from so doing. As compensation therefor, the Trustee shall
      be
      entitled to all compensation to which the Servicer would have been entitled
      if
      the Servicer had continued to act hereunder. Notwithstanding the above, the
      Trustee may, if it shall be unwilling to so act, or shall if it is unable to
      so
      act, appoint, or petition a court of competent jurisdiction to appoint, any
      established housing and home finance institution having a net worth of not
      less
      than $10,000,000 as the successor to the Servicer hereunder in the assumption
      of
      all or any part of the responsibilities, duties or liabilities of the Servicer
      hereunder. Pending any such appointment, the Trustee is obligated to act in
      such
      capacity. In connection with such appointment and assumption, the Trustee may
      make such arrangements for the compensation of such successor out of payments
      on
      Mortgage Loans as it and such successor shall agree; provided,
      however,
      that no
      such compensation shall, together with the compensation to the Trustee, be
      in
      excess of that permitted the Servicer hereunder. The Trustee and such successor
      shall take such actions, consistent with this Agreement, as shall be necessary
      to effectuate any such succession.

     

    
      
        
        

      

      
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    (b) In
      connection with any termination or resignation of the Servicer hereunder, in
      the
      event that any of the Mortgage Loans are MERS Loans, either (i) the successor
      Servicer (including the Trustee if the Trustee is acting as successor Servicer)
      shall represent and warrant that it is a member of MERS in good standing and
      shall agree to comply in all material respects with the rules and procedures
      of
      MERS in connection with the servicing of the MERS Loans, in which case the
      predecessor Servicer shall cooperate with the successor Servicer in registering
      the transfer of servicing of the MERS Loans to the successor Servicer on the
      MERS® System in accordance with MERS’ rules and procedures, or (ii) if the
      successor Servicer is not a member of MERS, the predecessor Servicer shall
      cooperate with the successor Servicer in (A) de-registering the MERS Loans
      from
      the MERS® System and (B) causing MERS to execute and deliver an assignment from
      MERS to the Trust of the Mortgage securing each MERS Loan in recordable form
      and
      in the form otherwise provided under clause (X)(iii) of the definition of
“Mortgage File” herein and to execute and deliver such other notices, documents
      and other instruments as may be necessary or desirable to effect such
      de-registration and assignment. The predecessor Servicer shall bear any and
      all
      fees of MERS and all fees and costs of preparing and recording any assignments
      of Mortgages as required under this Section 7.02(b).

     

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

     

    ARTICLE
      VIII

     

    Concerning
      the Trustees

     

    Section
      8.01. Duties
      of Trustees.

     

    (a) The
      Trustee, prior to the occurrence of an Event of Default and after the curing
      of
      all Events of Default which may have occurred, undertakes to perform such duties
      and only such duties as are specifically set forth in this Agreement. In case
      an
      Event of Default has occurred (which has not been cured or waived) the Trustee
      shall exercise such of the rights and powers vested in it by this Agreement,
      and
      use the same degree of care and skill in its exercise as a prudent person would
      exercise or use under the circumstances in the conduct of such person’s own
      affairs.

     

    (b) The
      Trustee, upon receipt of all resolutions, certificates, statements, opinions,
      reports, documents, orders or other instruments furnished to it which are
      specifically required to be furnished to it pursuant to any provision of this
      Agreement, shall examine them to determine whether they are in the form required
      by this Agreement; provided, however, that the Trustee shall not be responsible
      for the accuracy or content of any such certificate, statement, opinion, report,
      or other order or instrument furnished by the Company or Servicer to the Trustee
      pursuant to this Agreement.

     

    
      
        
        

      

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

     

    (i) Prior
      to
      the occurrence of an Event of Default and after the curing of all such Events
      of
      Default which may have occurred, the duties and obligations of the Trustee
      shall
      be determined solely by the express provisions of this Agreement, 

     

    (ii) Neither
      the Trustee nor the Delaware Trustee 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 Delaware Trustee, and, in the absence of bad faith on the
      part of the Trustee or the Delaware Trustee, such trustee may conclusively
      rely,
      as to the truth of the statements and the correctness of the opinions expressed
      therein, upon any certificates or opinions furnished to such trustee and
      conforming to the requirements of this Agreement; and

     

    (iii) Neither
      the Trustee nor the Delaware Trustee shall be personally liable with respect
      to
      any action taken or omitted to be taken by it in good faith in accordance with
      the direction of the Certificateholders holding Certificates which evidence
      Percentage Interests aggregating not less than 25% of REMIC IV relating to
      the
      time, method and place of conducting any proceeding for any remedy available
      to
      such trustee, or relating to the exercise of any trust or power conferred upon
      such trustee under this Agreement.

     

    (d) Within
      ten Business Days after the occurrence of any Event of Default known to the
      Trustee, the Trustee shall transmit by mail to the Rating Agencies notice of
      each Event of Default. Within 90 days after the occurrence of any Event of
      Default known to the Trustee, the Trustee shall transmit by mail to all
      Certificateholders (with a copy to the Rating Agencies) notice of each Event
      of
      Default, unless such Event of Default shall have been cured or waived; provided,
      however, the Trustee shall be protected in withholding such notice if and so
      long as a Responsible Officer of the Trustee in good faith determines that
      the
      withholding of such notice is in the best interests of the Certificateholders;
      and provided, further, that in the case of any Event of Default of the character
      specified in Section 7.01(i) or Section 7.01(ii) no such notice to
      Certificateholders or to the Rating Agencies shall be given until at least
      30
      days after the occurrence thereof. 

     

    Section
      8.02. Certain
      Matters Affecting the Trustees.
      Except
      as otherwise provided in Section 8.01:

     

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

     

    
      
        
        

      

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

     

    (iii) Neither
      the Trustee nor the Delaware Trustee shall be personally liable for any action
      taken or omitted by it in good faith and reasonably believed by it to be
      authorized or within the discretion or rights or powers conferred upon it by
      this Agreement;

     

    (iv) Prior
      to
      the occurrence of an Event of Default hereunder and after the curing of all
      Events of Default which may have occurred, neither the Trustee nor the Delaware
      Trustee 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 evidencing
      Percentage Interests aggregating not less than 25% of REMIC IV; provided,
      however,
      that if
      the payment within a reasonable time to the Trustee or the Delaware Trustee
      of
      the costs, expenses or liabilities likely to be incurred by it in the making
      of
      such investigation is, in the opinion of such trustee, not reasonably assured
      to
      such trustee by the security, if any, afforded to it by the terms of this
      Agreement, such trustee may require reasonable indemnity against such expense
      or
      liability as a condition to proceeding;

     

    (v) Each
      of
      the Trustee and the Delaware Trustee may execute the trust or any of the powers
      hereunder or perform any duties hereunder either directly or by or through
      agents or attorneys selected by it with reasonable care or (as in the case
      of
      the Initial Custodian) designated by the Servicer;

     

    (vi) Neither
      the Trustee nor the Delaware Trustee shall be deemed to have knowledge or notice
      of any matter, including without limitation an Event of Default, unless actually
      known by a Responsible Officer, or unless written notice thereof referencing
      this Agreement or the Certificates is received at the Notice Address of such
      trustee;

     

    (vii) In
      no
      event shall the Trustee or the Delaware Trustee be held liable for acts or
      omissions of the Servicer or the other trustee (excepting the Trustee’s own
      actions as Servicer). No provision of this Agreement shall require the Trustee
      or the Delaware Trustee to expend or risk its own funds or otherwise incur
      any
      financial liability in the performance of any of its duties hereunder (except
      for the giving of required notices), or in the exercise of any of its rights
      or
      powers, if it shall have reasonable grounds for believing the repayment of
      such
      funds or adequate indemnity against such risk or liability is not reasonably
      assured to it; 

     

    (viii) When
      the
      Trustee is acting as Servicer pursuant to Section 7.02, and to the extent
      permitted under applicable law, the Trustee is hereby authorized, in making
      or
      disposing of any investment permitted hereunder, to deal with itself (in its
      individual capacity) or with any one or more of its affiliates, whether it
      or
      its affiliate is acting as an agent of the Trustee or of any third person or
      dealing as principal for its own account; and

     

    
      
        
        

      

      
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    (ix) Except
      as
      expressly provided in this Agreement, in no event shall the Trustee be under
      any
      duty or obligation to monitor, determine, investigate or compel compliance
      by
      the Trust with the requirements of the Statutory Trust Statute.

     

    (x) Except
      as
      provided in Section 8.18 of this Agreement, in no event shall the Trustee be
      obligated or responsible for preparing, executing, filing or delivering in
      respect of the Trust or another party either (A) any report or filing required
      by the Commission to be prepared, executed, filed or delivered in respect of
      the
      Trust or another party or (B) any certification in respect of a report or filing
      required by the Commission.

     

    Section
      8.03. Trustees
      Not Liable for Certificates or Mortgage Loans.
      The
      recitals contained herein (other than those relating to the due organization,
      power and authority of the Trustee and the Delaware Trustee) and in the
      Certificates (other than the execution of, and certificate of authentication
      on,
      the Certificates) shall not be taken as the statements of the Trustee or the
      Delaware Trustee, and neither the Trustee nor the Delaware Trustee assumes
      any
      responsibility for their correctness. Neither the Trustee nor the Delaware
      Trustee makes any representations as to the validity or sufficiency of this
      Agreement, the Mortgage Loan Purchase Agreement or of the Certificates or any
      Mortgage Loan. Neither the Trustee nor the Delaware Trustee shall be accountable
      for the use or application by the Company, the Servicer or the Trust, as
      applicable, of any of the Certificates or of the proceeds of such Certificates,
      or for the use or application of any funds paid to the Servicer or the Company
      in respect of the Mortgage Loans or deposited into the Custodial Accounts for
      P&I, any Buydown Fund Account, the Investment Account or the Certificate
      Account by the Servicer or the Company.

     

    Section
      8.04. Trustees
      May Own Certificates.
      The
      Trustee, the Delaware Trustee or any agent or affiliate of such trustee, in
      its
      individual or any other capacity, may become the owner or pledgee of
      Certificates with the same rights it would have if it were not
      trustee.

     

    Section
      8.05. The
      Servicer to Pay Trustees’ Fees and Expenses.
      Subject
      to separate written agreements with the Trustee and the Delaware Trustee, the
      Servicer covenants and agrees to, and the Servicer shall, pay each of the
      Trustee and the Delaware Trustee from time to time, and such trustee shall
      be
      entitled to payment, for all services rendered by it in the execution of the
      trust hereby created and in the exercise and performance of any of the powers
      and duties hereunder of such trustee. Except as otherwise expressly provided
      herein, the Servicer shall pay or reimburse each of the Trustee and the Delaware
      Trustee upon such trustee’s request for all reasonable expenses and
      disbursements incurred or made by such trustee in accordance with any of the
      provisions of this Agreement, including any such expenses incurred or made
      in
      connection with a transfer of servicing, and shall indemnify the institution
      acting as such trustee, both in its individual capacity and as trustee, from
      any
      loss, liability or expense incurred by it hereunder (including the reasonable
      compensation and the expenses and disbursements of its counsel and of all
      persons not regularly in its employ and any expenses which arise out of or
      are
      imposed upon the Trustee or the Delaware Trustee in connection with the
      creation, operation or termination of the Trust) except any such expense or
      disbursement as may arise from its own negligence or bad faith. Such obligation
      shall survive the termination of this Agreement or resignation or removal of
      the
      Trustee or the Delaware Trustee. The Servicer shall, at its expense, prepare
      or
      cause to be prepared all federal and state income tax and franchise tax and
      information returns relating to REMIC I, REMIC II, REMIC III or REMIC IV
      required to be prepared or filed by the Trustee or the Delaware Trustee and
      shall indemnify the Trustee and the Delaware Trustee for any liability of such
      trustees arising from any error in such returns.

     

    
      
        
        

      

      
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    Section
      8.06. Eligibility
      Requirements for Trustees.
      The
      Trustee hereunder shall at all times be (i) an institution insured by the FDIC,
      (ii) a Corporation organized and doing business under the laws of the United
      States of America or of any state, authorized under such laws to exercise
      corporate trust powers, having a combined capital and surplus of not less than
      $50,000,000 and subject to supervision or examination by federal or state
      authority and (iii) acceptable to the Rating Agencies. If such Corporation
      publishes reports of condition at least annually, pursuant to law or to the
      requirements of any aforementioned supervising or examining authority, then
      for
      the purposes of this Section 8.06, the combined capital and surplus of such
      Corporation shall be deemed to be its combined capital and surplus as set forth
      in its most recent report of condition so published. The Delaware Trustee
      hereunder shall at all times have its principal place of business in the State
      of Delaware and shall satisfy the applicable requirements under the laws of
      the
      State of Delaware authorizing it to act as the Delaware trustee of the Trust.
      In
      case at any time the Trustee or the Delaware Trustee shall cease to be eligible
      in accordance with the provisions of this Section 8.06, such trustee shall
      resign immediately in the manner and with the effect specified in Section
      8.07.

     

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

     

    If
      at any
      time the Trustee or the Delaware Trustee shall cease to be eligible in
      accordance with the provisions of Section 8.06 and shall fail to resign after
      written request therefor by the Servicer, or if at any time the Trustee or
      the
      Delaware Trustee shall become incapable of acting, or shall be adjudged bankrupt
      or insolvent, or a receiver of such trustee or of its property shall be
      appointed, or any public officer shall take charge or control of such trustee
      or
      of its property or affairs for the purpose of rehabilitation, conservation
      or
      liquidation, then the Servicer may remove such trustee and appoint a successor
      trustee by written instrument, in triplicate, copies of which instrument shall
      be delivered to the trustee so removed, the trustee continuing in its capacity
      and the successor trustee.

     

    The
      Holders of Certificates evidencing Percentage Interests aggregating more than
      50% of REMIC IV may at any time remove the Trustee or the Delaware Trustee
      and
      appoint a successor trustee by written instrument or instruments, in triplicate,
      signed by such Holders or their attorneys in-fact duly authorized, one complete
      set of which instruments shall be delivered to the Servicer, one complete set
      to
      the Trustee so removed and one complete set to the successor so
      appointed.

     

    
      
        
        

      

      
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    Any
      resignation or removal of the Trustee or the Delaware Trustee and appointment
      of
      a successor trustee pursuant to any of the provisions of this Section 8.07
      shall
      become effective upon acceptance of appointment by the successor trustee as
      provided in Section 8.08. Any expenses associated with the resignation of the
      Trustee or the Delaware Trustee shall be borne by such trustee, and any expenses
      associated with the removal of the Trustee or the Delaware Trustee shall be
      borne by the Servicer.

     

    Section
      8.08. Successor
      Trustee.
      Any
      successor trustee appointed as provided in Section 8.07 shall execute,
      acknowledge and deliver to the Servicer and to its predecessor trustee an
      instrument accepting such appointment hereunder, and thereupon the resignation
      or removal of the predecessor trustee shall become effective and such successor
      trustee, without any further act, deed or conveyance, shall become fully vested
      with all the rights, powers, duties and obligations of its predecessor
      hereunder, with like effect as if originally named as Trustee or Delaware
      Trustee herein. The predecessor shall deliver to the successor trustee all
      Mortgage Files, related documents, statements and all other property held by
      it
      hereunder, and the Servicer and the predecessor trustee shall execute and
      deliver such instruments and do such other things as may reasonably be required
      for more fully and certainly vesting and confirming in the successor trustee
      all
      such rights, powers, duties and obligations.

     

    No
      successor trustee shall accept appointment as provided in this Section 8.08
      unless at the time of such appointment such successor trustee shall be eligible
      under the provisions of Section 8.06.

     

    Upon
      acceptance of appointment by a successor trustee as provided in this Section
      8.08, the Servicer shall mail notice of the succession of such trustee hereunder
      to (i) all Certificateholders at their addresses as shown in the Certificate
      Register and (ii) the Rating Agencies. If the Servicer fails to mail such notice
      within ten days after acceptance of appointment by the successor trustee, the
      successor trustee shall cause such notice to be mailed.

     

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

     

    Section
      8.10. Appointment
      of Co-Trustee or Separate Trustee.
      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
      assets of the Trust may at the time be located, the Servicer and the Trustee
      or
      the Delaware Trustee, as applicable, acting jointly shall have the power and
      shall execute and deliver all instruments to appoint one or more Persons
      approved by such trustee to act as co-trustee or co-trustees, jointly with
      such
      trustee, or separate trustee or separate trustees, of all or any part of the
      assets of the Trust and to vest in such Person or Persons, in such capacity,
      such title to the assets of the Trust, or any part thereof, and, subject to
      the
      other provisions of this Section 8.10, such powers, duties, obligations, rights
      and trusts as the Servicer and the Trustee or the Delaware Trustee, as
      applicable, may consider necessary or desirable; provided, that the Trustee
      or
      the Delaware Trustee, as applicable, shall remain liable for all of its
      obligations and duties under this Agreement. If the Servicer shall not have
      joined in such appointment within 15 days after the receipt by it of a request
      so to do, or in case an Event of Default shall have occurred and be continuing,
      the Trustee or the Delaware Trustee, as applicable, alone shall have the power
      to make such appointment; provided, that such trustee shall remain liable for
      all of its obligations and duties under this Agreement. No co-trustee or
      separate trustee hereunder shall be required to meet the terms of eligibility
      as
      a successor trustee under Section 8.06 hereunder and no notice to
      Certificateholders of the appointment of co-trustee(s) or separate trustee(s)
      shall be required under Section 8.08 hereof.

     

    
      
        
        

      

      
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    In
      the
      case of any appointment of a co-trustee or separate trustee pursuant to this
      Section 8.10, all rights, powers, duties and obligations conferred or imposed
      upon the Trustee or the Delaware Trustee, as applicable, shall be conferred
      or
      imposed upon and exercised or performed by the Trustee or the Delaware Trustee,
      as applicable, and such separate trustee or co-trustee jointly and severally,
      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 or the Delaware
      Trustee, as applicable, such trustee shall be incompetent or unqualified to
      perform such act or acts, in which event such rights, powers, duties and
      obligations (including the holding of title to the assets of the Trust 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 or the
      Delaware Trustee, as applicable.

     

    Any
      notice, request or other writing given to the Trustee or the Delaware Trustee
      shall be deemed to have been given to each of the then related separate
      trustee(s) and co-trustee(s), as effectively as if given to each of them. Every
      instrument appointing any separate trustee(s) or co-trustee(s) shall refer
      to
      this Agreement and the conditions of this Article VIII. Each separate trustee
      and co-trustee, upon its acceptance of the trusts conferred, shall be vested
      with the estates or property specified in its instrument of appointment, either
      jointly with the Trustee or the Delaware Trustee, as applicable, 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 or
      the
      Delaware Trustee, as applicable. Every such instrument shall be filed with
      the
      Trustee or the Delaware Trustee, as applicable.

     

    Any
      separate trustee or co-trustee may, at any time, constitute the Trustee or
      the
      Delaware Trustee, as applicable, 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 the trust shall
      vest in and be exercised by the Trustee or the Delaware Trustee, as applicable,
      to the extent permitted by law, without the appointment of a new or successor
      trustee.

     

    Section
      8.11. Authenticating
      Agents.
      The
      Trustee may appoint one or more Authenticating Agents which shall be authorized
      to act on behalf of the Trustee in authenticating Certificates. Wherever
      reference is made in this Agreement to the authentication of Certificates by
      the
      Trustee or the Trustee’s certificate of authentication, such reference shall be
      deemed to include authentication on behalf of the Trustee by an Authenticating
      Agent and a certificate of authentication executed on behalf of the Trustee
      by
      an Authenticating Agent. Each Authenticating Agent must be acceptable to the
      Servicer and must be a corporation, trust company or banking association
      organized and doing business under the laws of the United States of America
      or
      of any state, having an office and place of business in New York, New York,
      having a combined capital and surplus of at least $15,000,000, authorized under
      such laws to do a trust business and subject to supervision or examination
      by
      federal or state authorities.

     

    
      
        
        

      

      
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    Any
      corporation into which any Authenticating Agent may be merged or converted
      or
      with which it may be consolidated, or any corporation resulting from any merger,
      conversion or consolidation to which any Authenticating Agent shall be a party,
      or any corporation succeeding to the corporate agency business of any
      Authenticating Agent, shall continue to be the Authenticating Agent so long
      as
      it shall be eligible in accordance with the provisions of the first paragraph
      of
      this Section 8.11 without the execution or filing of any paper or any further
      act on the part of the Trustee or the Authenticating Agent.

     

    Any
      Authenticating Agent may at any time resign by giving written notice of
      resignation to the Trustee and the Servicer. The Trustee may, upon prior written
      approval of the Servicer, at any time terminate the agency of any Authenticating
      Agent by giving written notice of termination to such Authenticating Agent
      and
      to the Servicer. Upon receiving a notice of resignation or upon such a
      termination, or in case at any time any Authenticating Agent shall cease to
      be
      eligible in accordance with the provisions of the first paragraph of this
      Section 8.11, the Trustee may appoint, upon prior written approval of the
      Servicer, a successor Authenticating Agent, shall give written notice of such
      appointment to the Servicer and shall mail notice of such appointment to all
      Certificateholders. Any successor Authenticating Agent upon acceptance of its
      appointment hereunder shall become vested with all the rights, powers, duties
      and responsibilities of its predecessor hereunder, with like effect as if
      originally named as Authenticating Agent. Any reasonable compensation paid
      to an
      Authenticating Agent shall be a reimbursable expense pursuant to Section 8.05
      if
      paid by the Trustee.

     

    Section
      8.12. Paying
      Agents.
      The
      Trustee may appoint one or more Paying Agents which shall be authorized to
      act
      on behalf of the Trustee in making withdrawals from the Certificate Account,
      and
      distributions to Certificateholders as provided in Section 4.01, Section 4.04(a)
      and Section 9.01(b) to the extent directed to do so by the Servicer. Wherever
      reference is made in this Agreement to the withdrawal from the Certificate
      Account by the Trustee, such reference shall be deemed to include such a
      withdrawal on behalf of the Trustee by a Paying Agent. Whenever reference is
      made in this Agreement to a distribution by the Trustee or the furnishing of
      a
      statement to Certificateholders by the Trustee, such reference shall be deemed
      to include such a distribution or furnishing on behalf of the Trustee by a
      Paying Agent. Each Paying Agent shall provide to the Trustee such information
      concerning the Certificate Account as the Trustee shall request from time to
      time. Each Paying Agent must be reasonably acceptable to the Servicer and must
      be a corporation, trust company or banking association organized and doing
      business under the laws of the United States of America or of any state, having
      an office and place of business in New York, New York, having a combined capital
      and surplus of at least $15,000,000, authorized under such laws to do a trust
      business and subject to supervision or examination by federal or state
      authorities.

     

    
      
        
        

      

      
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    Any
      corporation into which any Paying Agent may be merged or converted or with
      which
      it may be consolidated, or any corporation resulting from any merger, conversion
      or consolidation to which any Paying Agent shall be a party, or any corporation
      succeeding to the corporate agency business of any Paying Agent, shall continue
      to be the Paying Agent provided that such corporation after the consummation
      of
      such merger, conversion, consolidation or succession meets the eligibility
      requirements of this Section 8.12.

     

    Any
      Paying Agent may at any time resign by giving written notice of resignation
      to
      the Trustee and to the Servicer; provided, that the Paying Agent has returned
      to
      the Certificate Account or otherwise accounted, to the reasonable satisfaction
      of the Servicer, for all amounts it has withdrawn from the Certificate Account.
      The Trustee may, upon prior written approval of the Servicer, at any time
      terminate the agency of any Paying Agent by giving written notice of termination
      to such Paying Agent and to the Servicer. Upon receiving a notice of resignation
      or upon such a termination, or in case at any time any Paying Agent shall cease
      to be eligible in accordance with the provisions of the first paragraph of
      this
      Section 8.12, the Trustee may appoint, upon prior written approval of the
      Servicer, a successor Paying Agent, shall give written notice of such
      appointment to the Servicer and shall mail notice of such appointment to all
      Certificateholders. Any successor Paying Agent upon acceptance of its
      appointment hereunder shall become vested with all the rights, powers, duties
      and responsibilities of its predecessor hereunder, with like effect as if
      originally named as Paying Agent. Any reasonable compensation paid to any Paying
      Agent shall be a reimbursable expense pursuant to Section 8.05 if paid by the
      Trustee.

     

    Section
      8.13. Duties
      of Delaware Trustee.

     

    (a) The
      Delaware Trustee is appointed to serve as the trustee of the Trust in the State
      of Delaware for the sole purpose of satisfying the requirement of Section
      3807(a) of the Statutory Trust Statute that the Trust have at least one trustee
      with a principal place of business in Delaware. It is understood and agreed
      by
      the parties hereto that the Delaware Trustee shall have none of the duties
      or
      liabilities of the Trustee.

     

    (b) The
      duties of the Delaware Trustee shall be limited to (i) accepting legal process
      served on the Trust in the State of Delaware, (ii) the execution of any
      certificates with respect to the Trust required to be filed with the Secretary
      of State which the Delaware Trustee is required to execute under Section 3811
      of
      the Statutory Trust Statute and (iii) such other duties as are set forth in
      this
      Article VIII. To the extent that, at law or in equity, the Delaware Trustee
      has
      duties (including fiduciary duties) and liabilities relating thereto to the
      Trust or the Holders of the REMIC I, REMIC II or REMIC III Regular Interests
      or
      the Certificates, it is hereby understood and agreed by the parties hereto
      that
      such duties and liabilities are replaced by the duties and liabilities of the
      Delaware Trustee expressly set forth in this Agreement.

     

    Section
      8.14. Amendment
      to Certificate of Trust.
      If at
      any time required by Section 3810 of the Statutory Trust Statute, the Trustee,
      the Delaware Trustee and any other trustee of the Trust shall cause an amendment
      to the Certificate of Trust to be filed with the Secretary of State in
      accordance with the provisions of such Section 3810.

     

    Section
      8.15. [Reserved.] 

     

    
      
        
        

      

      
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    Section
      8.16. Trustees
      Act on Behalf of Trust.
      Except
      to the extent otherwise expressly provided herein, in the performance of its
      obligations under this Agreement, each of the Trustee and the Delaware Trustee
      shall at all times be acting on behalf of the Trust or the Certificateholders,
      as applicable.

     

    Section
      8.17. Limitation
      of Liability.
      It is
      expressly understood and agreed by the parties hereto that (a) each of the
      representations, undertakings and agreements herein made on the part of the
      Trust is made and intended not as personal representations, undertakings and
      agreements by the Trustee but is made and intended for the purpose of binding
      only the Trust and (b) under no circumstances shall the Trustee be personally
      liable for the payment of any indebtedness or expenses of the Trust or be liable
      for the breach or failure of any obligation, representation, warranty or
      covenant made or undertaken by the Trust under this Agreement.

     

    Section
      8.18. Trustee
      Report on Assessment of Compliance with Servicing Criteria.
      The
      Trustee shall, on or before the 90th day following each December 31 after the
      Cut-Off Date (or such earlier date as reasonably requested by the Servicer,
      but
      in no event earlier than March 15), deliver to the Company and the Servicer
      the
      following documents, if so requested by the Servicer:

     

    (a) a
      report
      on its assessment of compliance during the preceding calendar year with all
      applicable servicing criteria set forth in Item 1122(d) of Regulation AB with
      respect to asset-backed securities transactions taken as a whole involving
      the
      Trustee that are backed by assets of the same type as the Mortgage Loans, as
      required by Item 1122 of Regulation AB; and

     

    (b) a
      report
      by a registered public accounting firm that attests to, and reports on, the
      assessment made by the Trustee pursuant to clause (a) above, as required by
      Item
      1122 of Regulation AB;

     

    provided,
      however,
      that the
      Trustee shall only be required to deliver the reports specified in Section
      8.18
      (a) and (b) with respect to any year for which a Report on Form 10-K is required
      to be filed with the Commission on behalf of the Trust. Promptly following
      December 31 of each year for which a Report on Form 10-K is so required to
      be
      filed, the Servicer shall advise the Trustee whether the foregoing reports
      will
      be required of the Trustee, and the Servicer and the Trustee shall cooperate
      in
      good faith to determine the applicable servicing criteria.

     

    ARTICLE
      IX

     

    Termination

     

    Section
      9.01. Termination
      Upon Purchase by the Servicer or Liquidation of All Mortgage
      Loans.

     

    (a) The
      Servicer may purchase the outstanding Group 1 and Group 2 Loans, all property
      acquired by
      the
      Trust in
      respect of any such Mortgage Loan and all other property included in REMIC
      I or
      REMIC IV in respect of such Mortgage Loans, on
      or
      after the first date
      on
      which the aggregate Principal Balance of the Group 1 and Group 2 Loans is less
      than the Clean-Up Call Percentage of the aggregate Principal Balance of such
      Mortgage Loans as of the Cut-Off Date, at a price equal
      to
      the sum, reduced by unreimbursed advances (other than advances made with respect
      to Group
      1
      and Group 2 Loans
      as
      to which the Servicer expects at the time of such purchase, in its sole
      judgment, that foreclosure is not imminent), of

     

    
      
        
        

      

      
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    (x) the
      excess of

     

    (A) 100%
      of
      the aggregate Principal Balance of the Group
      1
      and Group 2 Loans
      (other than Mortgage Loans in respect of which the related Mortgaged Property
      has been acquired by the Trust by foreclosure, deed in lieu of foreclosure
      or
      otherwise) (after giving effect to the distribution of all other principal
      and
      the allocation of Realized Losses to the Group
      1,
      Group 2 and Group L-B Certificates
      on the date of such purchase), plus accrued interest at the applicable
      Pass-Through Rates with respect to such Mortgage Loans through the last day
      of
      the month of such purchase, over

     

    (B) the
      amount of any Bankruptcy Losses incurred with respect to such Mortgage Loans
      as
      of the date of such purchase to the extent that the Principal Balances of such
      Mortgage Loans have not been previously reduced by such Bankruptcy Losses,
      and

     

    (y) without
      duplication,

     

    (A) the
      appraised fair market value as of the date of such purchase of all property
      owned by the Trust which secured a Group
      1
      or Group 2 Loan
      and
      which has been acquired by the Trust by foreclosure, deed in lieu of foreclosure
      or otherwise, including related Insurance Proceeds, and 

     

    (B) the
      appraised fair market value as of the date of such purchase of all other
      property included in REMIC I or REMIC IV
      in
      respect of such Mortgage Loans,
      any
      such appraisal pursuant to clause (A) or (B) to be conducted by an appraiser
      mutually agreed upon by the Servicer and the Trustee;

     

    provided,
      however, that
      the
      Servicer may not so purchase such outstanding Group 1 and Group 2 Loans and
      property if such price exceeds the fair market value, determined by the Servicer
      in accordance with prudent industry practices, of such outstanding Mortgage
      Loans and property. If such right is exercised, the Servicer shall provide
      to
      the Trustee, the Delaware Trustee and the Company the written certification
      of
      an officer of the Servicer (which certification shall include a statement to
      the
      effect that all amounts required to be paid in order to exercise such right
      have
      been deposited in the Certificate Account) and the Trustee on behalf of the
      Trust shall promptly execute all instruments as may be necessary to release
      and
      assign to the Servicer the Group 1 and Group 2 Loans,
      all property acquired
      by
      the
      Trust in
      respect of any such Mortgage Loan and all other property included in
REMIC
      I
      or REMIC IV
      in
      respect of such Mortgage Loans.

     

    The
      Servicer may purchase the outstanding Group 3 Loans, all property acquired
      by
      the
      Trust in
      respect of any such Mortgage Loan and all other property included in REMIC
      II,
      REMIC III or REMIC IV in respect of such Mortgage Loans, on
      or
      after the first date
      on
      which the aggregate Principal Balance of the Group 3 Loans is less than the
      Clean-Up Call Percentage of the aggregate Principal Balance of such Mortgage
      Loans as of the Cut-Off Date, at a price equal
      to
      the sum, reduced by unreimbursed advances (other than advances made with respect
      to Group
      3
Loans
      as
      to which the Servicer expects at the time of such purchase, in its sole
      judgment, that foreclosure is not imminent), of

     

    
      
        
        

      

      
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    (x) the
      excess of

     

    (A) 100%
      of
      the aggregate Principal Balance of the Group
      3
Loans
      (other than Mortgage Loans in respect of which the related Mortgaged Property
      has been acquired by the Trust by foreclosure, deed in lieu of foreclosure
      or
      otherwise) (after giving effect to the distribution of all other principal
      and
      the allocation of Realized Losses to the Group
      3
Certificates
      on the date of such purchase), plus accrued interest at the applicable
      Pass-Through Rates with respect to such Mortgage Loans through the last day
      of
      the month of such purchase, over

     

    (B) the
      amount of any Bankruptcy Losses incurred with respect to such Mortgage Loans
      as
      of the date of such purchase to the extent that the Principal Balances of such
      Mortgage Loans have not been previously reduced by such Bankruptcy Losses,
      and

     

    (y) without
      duplication,

     

    (A) the
      appraised fair market value as of the date of such purchase of all property
      owned by the Trust which secured a Group
      3
Loan
      and
      which has been acquired by the Trust by foreclosure, deed in lieu of foreclosure
      or otherwise, including related Insurance Proceeds, and 

     

    (B) the
      appraised fair market value as of the date of such purchase of all other
      property included in REMIC
      II,
      REMIC III or REMIC IV in respect of such Mortgage Loans,
      any
      such appraisal pursuant to clause (A) or (B) to be conducted by an appraiser
      mutually agreed upon by the Servicer and the Trustee;

     

    provided,
      however, that
      the
      Servicer may not so purchase such outstanding Group 3 Loans and property if
      such
      price exceeds the fair market value, determined by the Servicer in accordance
      with prudent industry practices, of such outstanding Mortgage Loans and
      property. If such right is exercised, the Servicer shall provide to the Trustee,
      the Delaware Trustee and the Company the written certification of an officer
      of
      the Servicer (which certification shall include a statement to the effect that
      all amounts required to be paid in order to exercise such right have been
      deposited in the Certificate Account) and the Trustee on behalf of the Trust
      shall promptly execute all instruments as may be necessary to release and assign
      to the Servicer the Group 3 Loans,
      all property acquired
      by
      the
      Trust in
      respect of any such Mortgage Loan and all other property included in
REMIC
      II,
      REMIC III or REMIC IV in respect of such Mortgage Loans.

     

    Except
      as
      otherwise set forth in this Article IX, including, without limitation, the
      obligation of the Servicer to make payments to Certificateholders as hereafter
      set forth, the Trust and the respective obligations and responsibilities of
      the
      Company, the Servicer, the Trustee and the Delaware Trustee created hereby
      shall
      terminate in accordance with Section 3808 of the Statutory Trust Statute
      upon:

     

    
      
        
        

      

      
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    (i) the
      Distribution Date immediately following the exercise by the Servicer of both
      of
      its purchase options set forth in the first and second paragraph of this Section
      9.01(a),

     

    (ii) the
      later
      of the final payment or other liquidation (or any advance with respect thereto)
      of the last Mortgage Loan owned by the Trust or the disposition of all property
      acquired upon foreclosure in respect of any Mortgage Loan, and the payment
      to
      the Certificateholders of all amounts required to be paid to them
      hereunder,

     

    (iii) the
      Distribution Date immediately following the exercise by the Servicer of its
      purchase option set forth in the first paragraph of this Section 9.01(a), if
      such Distribution Date occurs on or after the later of the final payment or
      other liquidation (or any advance with respect thereto) of the last Group 3
      Loan
      owned by the Trust or the disposition of all property acquired upon foreclosure
      in respect of any such Mortgage Loan, and the payment to the Group 3
      Certificateholders of all amounts required to be paid to them hereunder,
      or

     

    (iv) the
      Distribution Date immediately following the exercise by the Servicer of its
      purchase option set forth in the second paragraph of this Section 9.01(a),
      if
      such Distribution Date occurs on or after the later of the final payment or
      other liquidation (or any advance with respect thereto) of the last Group 1
      and
      Group 2 Loan owned by the Trust or the disposition of all property acquired
      upon
      foreclosure in respect of any such Mortgage Loan, and the payment to the Group
      1, Group 2 and Group L-B Certificateholders of all amounts required to be paid
      to them hereunder.

     

    The
      Servicer shall not have any further right to reimbursement by the Trust for
      any
      advance that is used to reduce the purchase price of the applicable Mortgage
      Loans pursuant to the first or second paragraph of this Section
      9.01(a).

     

    In
      no
      event shall the Trust continue beyond the expiration of 21 years from the death
      of the survivor of the issue of Joseph P. Kennedy, the late ambassador of the
      United States to the Court of St. James’, living on the date
      hereof.

     

    In
      no
      event shall the Servicer be required to expend any amounts other than those
      described in the first and second paragraph of this Section 9.01(a) in order
      to
      terminate the Trust or purchase the applicable Mortgage Loans under this Section
      9.01, and in no event shall the Company, the Trustee or the Delaware Trustee
      be
      required to expend any amounts in connection with such termination or
      purchase.

     

    (b) Notice
      of
      such purchase pursuant to the first or second paragraph of Section 9.01(a),
      specifying the date upon which the applicable Certificateholders may surrender
      their Certificates to the Trustee for payment and cancellation, shall be given
      promptly by letter from the Trustee to those Certificateholders mailed not
      less
      than 30 days prior to such final distribution, specifying (i) the date upon
      which final payment of those Certificates will be made upon presentation and
      surrender of those Certificates at the office of the Certificate Registrar
      therein designated (the “Termination
      Date”),
      (ii)
      the amount of such final payment (the “Termination
      Payment”)
      and
      (iii) that the Record Date otherwise applicable to the Distribution Date upon
      which the Termination Date occurs is not applicable to those Certificates,
      payments being made only upon presentation and surrender of those Certificates
      at the office of the Certificate Registrar therein specified. The Servicer
      shall
      provide the Trustee with written notice of its intent to exercise its purchase
      option pursuant to the first or second paragraph of this Section 9.01(a) at
      least five Business Days, or such lesser time as is acceptable to the Trustee,
      such acceptance not to be unreasonably withheld, prior to the time that the
      Trustee is required to mail notice to the applicable
      Certificateholders.

     

    
      
        
        

      

      
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    In
      the
      event that all of the applicable Certificateholders shall not surrender their
      Certificates for cancellation within six months after the Termination Date,
      the
      Servicer shall give a second written notice to the remaining of those
      Certificateholders to surrender their Certificates for cancellation and receive
      the Termination Payment with respect thereto. If within one year after the
      second notice all those Certificates shall not have been surrendered for
      cancellation, the Servicer may take appropriate steps to contact the remaining
      of those Certificateholders concerning surrender of their Certificates, and
      the
      cost thereof shall be paid out of the funds and other assets related to those
      Certificates which remain in trust hereunder.

     

    Upon
      any
      termination of the Trust pursuant to the third paragraph of Section 9.01(a),
      the
      Certificate Account shall terminate subject to the Servicer’s obligation to hold
      all amounts payable to Certificateholders in trust without interest pending
      such
      payment. 

     

    Upon
      the
      completion of winding up of the Trust, including the payment or the making
      reasonable provision for payment of all obligations of the Trust in accordance
      with Section 3808(e) of the Statutory Trust Statute, the Delaware Trustee shall
      prepare, the Trustee, the Delaware Trustee and any other trustee hereunder
      shall
      sign, and the Delaware Trustee (upon the Trustee’s consent acting at direction
      of the Servicer) shall file, a certificate of cancellation with the Secretary
      of
      State in accordance with Section 3810 of the Statutory Trust Statute, at which
      time the Trust and this Agreement shall terminate. The Servicer shall act as
      the
      liquidator of the Trust and shall be responsible for taking all actions in
      connection with winding up the Trust, in accordance with the requirements of
      this Agreement (including this Section 9.01 and Section 9.02) and applicable
      law.

     

    Section
      9.02. Additional
      Termination Requirements.

     

    (a) In
      the
      event the Servicer exercises its purchase option as provided in the first
      paragraph of Section 9.01(a), REMIC I shall be terminated in accordance with
      the
      following additional requirements, unless the Servicer, at its own expense,
      obtains for the Trustee an Opinion of Counsel to the effect that the failure
      of
      REMIC I to comply with the requirements of this Section 9.02 will not (i) result
      in the imposition of taxes on “prohibited transactions” of REMIC I as described
      in Section 860F of the Code, or (ii) cause REMIC I to fail to qualify as a
      REMIC
      at any time that any Certificates are outstanding:

     

    (i) Within
      90
      days prior to the final Distribution Date set forth in the notice given by
      the
      Trustee under Section 9.01(b) of the Servicer’s exercise of its purchase option
      as provided in the first paragraph of Section 9.01(a), the Tax Matters Person
      shall prepare the documentation required and the Tax Matters Person and the
      Trustee shall adopt a plan of complete liquidation on behalf of REMIC I meeting
      the requirements of a qualified liquidation under Section 860F of the Code
      and
      any regulations thereunder, as evidenced by an Opinion of Counsel obtained
      at
      the expense of the Servicer, on behalf of REMIC I; and

     

    
      
        
        

      

      
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    (ii) At
      or
      after the time of adoption of such a plan of complete liquidation and at or
      prior to the final Distribution Date, the Servicer on behalf of the Trust shall
      sell all of the assets of REMIC I to the Servicer for cash in the amount
      specified in the first paragraph of Section 9.01(a).

     

    (b) In
      the
      event the Servicer exercises its purchase option as provided in the second
      paragraph of Section 9.01(a), REMIC II shall be terminated in accordance with
      the following additional requirements, unless the Servicer, at its own expense,
      obtains for the Trustee an Opinion of Counsel to the effect that the failure
      of
      REMIC II to comply with the requirements of this Section 9.02 will not (i)
      result in the imposition of taxes on “prohibited transactions” of REMIC II as
      described in Section 860F of the Code, or (ii) cause REMIC II to fail to qualify
      as a REMIC at any time that any Certificates are outstanding:

     

    (i) Within
      90
      days prior to the final Distribution Date set forth in the notice given by
      the
      Trustee under Section 9.01(b) of the Servicer’s exercise of its purchase option
      as provided in the second paragraph of Section 9.01(a), the Tax Matters Person
      shall prepare the documentation required and the Tax Matters Person and the
      Trustee shall adopt a plan of complete liquidation on behalf of REMIC II meeting
      the requirements of a qualified liquidation under Section 860F of the Code
      and
      any regulations thereunder, as evidenced by an Opinion of Counsel obtained
      at
      the expense of the Servicer, on behalf of REMIC II; and

     

    (ii) At
      or
      after the time of adoption of such a plan of complete liquidation and at or
      prior to the final Distribution Date, the Servicer on behalf of the Trust shall
      sell all of the assets of REMIC II to the Servicer for cash in the amount
      specified in the second paragraph of Section 9.01(a).

     

    (c) By
      its
      acceptance of any Residual Certificate, the Holder thereof hereby agrees to
      authorize the Tax Matters Person and the Trustee to adopt such plans of complete
      liquidation and to take such other action in connection therewith as may be
      reasonably requested by the Tax Matters Person or the Trustee.

     

    Section
      9.03. Trust
      Irrevocable.
      Except
      as expressly provided herein, the trust created hereby is
      irrevocable.

     

    ARTICLE
      X

     

    Miscellaneous
      Provisions

     

    Section
      10.01. Amendment.

     

    (a) This
      Agreement may be amended from time to time by the Servicer, the Company and
      the
      Trustee, without the consent of any of the Certificateholders:

     

    
      
        
        

      

      
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    (i) to
      cure
      any ambiguity;

     

    (ii) to
      correct or supplement any provision herein which may be defective or
      inconsistent with any other provisions herein;

     

    (iii) to
      comply
      with any requirements imposed by the Code or any regulations
      thereunder;

     

    (iv) to
      correct the description of any property at any time included in REMIC I, REMIC
      II, REMIC III or REMIC IV, or to assure the conveyance to the Trust of any
      property included in REMIC I, REMIC II, REMIC III or REMIC IV;

     

    (v) pursuant
      to Section 5.01(c)(v); and

     

    (vi) to
      add
      any provision to, or amend any provision in, this Agreement, provided that
      such
      amendment or addition does not adversely affect in any material respect the
      interests of any Certificateholder;

     

    provided,
      however,
      that
      any such amendment which modifies the rights or obligations of the Delaware
      Trustee hereunder shall require the consent of the Delaware Trustee;
provided,
      further,
      that any
      such amendment which modifies the rights of the Class C-PPP Certificateholders
      to receive Assigned Group 1 and Group 2 Prepayment Premiums, including any
      amendment to Section 3.20, shall require the consent of each Class C-PPP
      Certificateholder; provided,
      further,
      that any
      such amendment which modifies the rights of the Class 3-PPP Certificateholders
      to receive Assigned Group 3 Prepayment Premiums, including any amendment to
      Section 3.20, shall require the consent of each Class 3-PPP Certificateholder.
      No such amendment (other than one entered into pursuant to clause (iii) of
      the
      preceding sentence) shall change the powers of the Servicer. Prior to entering
      into any amendment (other than one entered into pursuant to clause (iii) of
      the
      second preceding sentence) without the consent of Certificateholders pursuant
      to
      this paragraph, the Trustee shall require an Opinion of Counsel addressed to
      the
      Trust and the Trustee to the effect that such amendment is permitted under
      this
      Agreement and has no material adverse effect on the interests of the
      Certificateholders; provided,
      however,
      that no
      such Opinion of Counsel shall be required if the Company obtains a letter from
      each Rating Agency stating that the amendment would not result in the
      downgrading or withdrawal of the respective ratings then assigned to the
      Certificates. Prior to entering into any amendment pursuant to clause (iii)
      of
      the third preceding sentence without the consent of Certificateholders pursuant
      to this paragraph, the Trustee shall require an Opinion of Counsel to the effect
      that such action is necessary or helpful to comply with the requirements imposed
      by the Code or any regulations thereunder and shall not cause any REMIC formed
      under this Agreement to fail to qualify as such under the Code. The cost of
      any
      opinion required by this Section 10.01 shall be borne by the party requesting
      such amendment.

     

    (b) This
      Agreement may also be amended from time to time by the Servicer, the Company
      and
      the Trustee with the consent of the Holders of Certificates evidencing
      Percentage Interests aggregating not less than 66% of REMIC IV, 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
      Certificateholders; provided,
      however,
      that no
      such amendment shall, without the consent of the Holder of each Certificate
      affected thereby (i) reduce in any manner the amount of, or delay the timing
      of,
      distributions of principal or interest required to be made hereunder or reduce
      the Certificateholder’s Percentage Interest, the Certificate Interest Rate or
      the Termination Payment with respect to any of the Certificates, (ii) reduce
      the
      percentage of Percentage Interests specified in this Section 10.01 which are
      required to amend this Agreement, (iii) create or permit the creation of any
      lien against any part of REMIC I, REMIC II, REMIC III or REMIC IV, or (iv)
      modify any provision in any way which would permit an earlier retirement of the
      Certificates; provided,
      further,
      that any
      such amendment which modifies the rights or obligations of the Delaware Trustee
      hereunder shall require the consent of the Delaware Trustee; provided,
      further,
      that any
      such amendment which modifies the rights of the Class C-PPP Certificateholders
      to receive Assigned Group 1 and Group 2 Prepayment Premiums, including any
      amendment to Section 3.20, shall require the consent of each Class C-PPP
      Certificateholder; provided,
      further,
      that any
      such amendment which modifies the rights of the Class 3-PPP Certificateholders
      to receive Assigned Group 3 Prepayment Premiums, including any amendment to
      Section 3.20, shall require the consent of each Class 3-PPP
      Certificateholder.

     

    
      
        
        

      

      
        157

        
          

        

      

      
        
        

      

    

    Promptly
      after the execution of any such amendment, the Trustee shall furnish written
      notification of the substance of such amendment to the Delaware Trustee and
      each
      Certificateholder. Any failure to provide such notice, or any defect therein,
      shall not, however, in any way impair or affect the validity of any such
      amendment.

     

    It
      shall
      not be necessary for the consent of Certificateholders under this Section 10.01
      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.

     

    Section
      10.02. Recordation
      of Agreement.
      To the
      extent permitted by applicable law, this Agreement is subject to recordation
      in
      all appropriate public offices for real property records in all the counties
      or
      the comparable jurisdictions in which any Mortgaged Property is situated, and
      in
      any other appropriate public recording office or elsewhere, such recordation
      to
      be effected by the Company and at its expense on direction by the Trustee,
      but
      only upon direction accompanied by an Opinion of Counsel to the effect that
      such
      recordation materially and beneficially affects the interests of the
      Certificateholders.

     

    Section
      10.03. Limitation
      on Rights of Certificateholders.
      The
      death or incapacity of any Certificateholder shall not operate to terminate
      this
      Agreement or the Trust, 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, nor
      otherwise affect the rights, obligations and liabilities of the parties hereto
      or any of them.

     

    No
      Certificateholder shall have any right to vote or in any manner otherwise to
      control the operation and management of the Trust or the obligations of the
      parties hereto (except as provided in Section 5.09, Section 7.01, Section 8.01,
      Section 8.02, Section 8.07, Section 10.01 and this Section 10.03), nor shall
      anything herein set forth, or contained in the terms of the Certificates, be
      construed so as to constitute the Certificateholders from time to time as
      partners or members of an association; nor shall any Certificateholder be under
      any liability to any third person by reason of any action taken by the parties
      to this Agreement pursuant to any provision hereof. 

     

    
      
        
        

      

      
        158

        
          

        

      

      
        
        

      

    

    No
      Certificateholder shall have any right by virtue or by availing 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 evidencing Percentage Interests aggregating not less than 25%
      of
      REMIC IV 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 institution acting as Trustee, both in its individual capacity
      and as Trustee, such reasonable indemnity as it may require against the costs,
      expenses and liabilities to be incurred therein or thereby, and the Trustee,
      for
      60 days after its receipt of such notice, request and offer of indemnity, shall
      have neglected or refused to institute any such action, suit or proceeding.
      However, the Trustee is under no obligation to exercise any of the extraordinary
      trusts or powers vested in it by this Agreement or to make any investigation
      of
      matters arising hereunder or to institute, conduct or defend any litigation
      hereunder or in relation hereto at the request, order or direction of any of
      the
      Certificateholders unless such Certificateholders have offered to the Trustee
      reasonable security or indemnity against the costs, expenses and liabilities
      which may be incurred therein or thereby. 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 whatever by virtue or by availing 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 10.03, each and every
      Certificateholder and the Trustee shall be entitled to such relief as can be
      given either at law or in equity.

     

    Section
      10.04. Access
      to List of Certificateholders.
      The
      Certificate Registrar shall furnish or cause to be furnished to the Trustee
      within 30 days after receipt of a request by the Trustee in writing, a list,
      in
      such form as the Trustee may reasonably require, of the names and addresses
      of
      the Certificateholders as of the most recent Record Date for payment of
      distributions to such Certificateholders.

     

    If
      three
      or more Certificateholders (hereinafter referred to as “applicants”)
      apply
      in writing to the Trustee, and such application states that the applicants
      desire to communicate with other Certificateholders with respect to their rights
      under this Agreement or under the Certificates and is accompanied by a copy
      of
      the communication which such applicants propose to transmit, then the Trustee
      shall, within five Business Days after the receipt of such list from the
      Certificate Registrar, afford such applicants access during normal business
      hours to the most recent list of Certificateholders held by the Trustee. If
      such
      a list is as of a date more than 90 days prior to the date of receipt of such
      applicants’ request, the Trustee shall promptly request from the Certificate
      Registrar a current list as provided above, and shall afford such applicants
      access to such list promptly upon receipt.

     

    
      
        
        

      

      
        159

        
          

        

      

      
        
        

      

    

    Every
      Certificateholder, by receiving and holding the same, agrees with the Servicer,
      the Company, the Trust, the Trustee and the Delaware Trustee that none of the
      Servicer, the Company, the Trust, the Trustee or the Delaware Trustee shall
      be
      held accountable by reason of the disclosure of any such information as to
      the
      names and addresses of the Certificateholders hereunder, regardless of the
      source from which such information was derived.

     

    Section
      10.05. Governing
      Law.
      This
      Agreement shall be construed in accordance with the laws of the State of
      Delaware without giving effect to its conflict of laws provisions and the
      obligations, rights and remedies of the parties hereunder shall be determined
      in
      accordance with such laws without giving effect to conflict of laws
      provisions.

     

    Section
      10.06. Notices.
      All
      demands, notices and communications hereunder shall be in writing and shall
      be
      deemed to have been duly given if personally delivered at or mailed by
      registered or certified mail, return receipt requested, or overnight courier
      to
      the applicable Notice Address. Notices to the Rating Agencies shall also be
      deemed to have been duly given if mailed by first class mail, postage prepaid,
      to the above listed addresses of the Rating Agencies. Any notice required or
      permitted to be mailed 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, whether or not the
      Certificateholder receives such notice.

     

    Section
      10.07. Compliance
      With Regulation AB.
      Each of
      the parties hereto acknowledges and agrees that the purpose of Section 3.13,
      Section 8.18 and the fifth sentence of the third paragraph of Section 2.05
      is to
      facilitate compliance by the Company, the Trust and Washington Mutual Mortgage
      Securities Corp. with the provisions of Regulation AB, as it may be amended
      or
      clarified from time to time. Each of the Servicer and the Trustee acknowledges
      that interpretations of the requirements of Regulation AB may change over time,
      whether due to interpretive guidance provided by the Commission or its staff,
      consensus among participants in the asset-backed securities markets, advice
      of
      counsel, or otherwise, and agrees to comply with reasonable requests made by
      the
      Company, the Trust or Washington Mutual Mortgage Securities Corp. in good faith
      for delivery of information under the provisions of Regulation AB on the basis
      of evolving interpretations thereof, and to deliver any other information
      necessary in the good faith determination of the Company, the Trust or
      Washington Mutual Mortgage Securities Corp. to permit the Company, the Trust
      and
      Washington Mutual Mortgage Securities Corp. to comply with the provisions of
      Regulation AB. Each of the Trust and Washington Mutual Mortgage Securities
      Corp.
      shall be a third-party beneficiary of the Servicer’s and the Trustee’s
      respective obligations under Section 3.13, Section 8.18 and this Section
      10.07.

     

    Section
      10.08. 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
      10.09. Counterpart
      Signatures.
      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.

     

    
      
        
        

      

      
        160

        
          

        

      

      
        
        

      

    

    Section
      10.10. Benefits
      of Agreement.
      Except
      as expressly provided herein, nothing in this Agreement or in any Certificate,
      expressed or implied, shall give to any Person, other than the parties hereto
      and their respective successors hereunder, any separate trustee or co-trustee
      appointed under Section 8.10 and the Certificateholders, any benefit or any
      legal or equitable right, remedy or claim under this Agreement.

     

    Section
      10.11. Notices
      and Copies to Rating Agencies.

     

    (a) The
      Trustee shall notify the Rating Agencies of the occurrence of any of the
      following events, in the manner provided in Section 10.06:

     

    (i) the
      occurrence of an Event of Default pursuant to Section 7.01, subject to the
      provisions of Section 8.01(d); and

     

    (ii) the
      appointment of a successor Servicer pursuant to Section 7.02; 

     

    (b) The
      Servicer shall notify the Rating Agencies of the occurrence of any of the
      following events, or in the case of clauses (iii), (iv), (v), (vii) and (viii)
      promptly upon receiving notice thereof, in the manner provided in Section
      10.06:

     

    (i) any
      amendment of this Agreement pursuant to Section 10.01;

     

    (ii) the
      appointment of a successor Trustee or successor Delaware Trustee pursuant to
      Section 8.08;

     

    (iii) the
      filing of any claim under or the cancellation or modification of any fidelity
      bond and errors and omissions coverage pursuant to Section 3.01 and Section
      3.06
      with respect to the Servicer;

     

    (iv) any
      change in the location of the Certificate Account, any Custodial Account for
      P&I or the Investment Account;

     

    (v) the
      purchase of any Mortgage Loan by the Company pursuant to Section 2.08 or by
      the
      Seller pursuant to the Mortgage Loan Purchase Agreement, or the purchase of
      the
      outstanding Mortgage Loans pursuant to Section 9.01;

     

    (vi) the
      occurrence of the final Distribution Date or the termination of the Trust
      pursuant to Section 9.01(a)(ii);

     

    (vii) the
      failure of the Servicer to make a Monthly P&I Advance pursuant to Section
      4.02; and

     

    (viii) the
      failure of the Servicer to make a determination by the close of business on
      the
      second Business Day prior a Distribution Date regarding whether it will make
      a
      Monthly P&I Advance for such Distribution Date pursuant to Section
      4.02.

     

    
      
        
        

      

      
        161

        
          

        

      

      
        
        

      

    

    The
      Servicer shall provide copies of the statements pursuant to Section 4.02,
      Section 4.06, Section 3.13 or Section 3.15 or any other statements or reports
      to
      the Rating Agencies in such time and manner that such statements or
      determinations are required to be provided to Certificateholders.

    

    Section
      10.12. Covenant
      Not to Place Trust Into Bankruptcy.
      Each
      party hereto covenants that it shall not, until at least one year and one day
      after all Certificates have been paid in full, (i) take any action to file
      an
      involuntary bankruptcy petition against the Trust, or (ii) institute against
      the
      Trust, or join in any institution against the Trust of, any bankruptcy or
      insolvency proceedings under any federal or state bankruptcy, insolvency or
      similar law. In addition, each Certificateholder or Beneficial Owner, by
      accepting and holding a Certificate or an interest therein, agrees it shall
      not,
      until at least one year and one day after all Certificates have been paid in
      full, take any action to file an involuntary bankruptcy petition against the
      Trust.

     

    Section
      10.13. Covenant
      Not to Place Company Into Bankruptcy.
      Each
      party hereto (other than the Company) covenants that it shall not, until at
      least one year and one day after all securities issued by any trust to which
      the
      Company has transferred property have been paid in full, take any action to
      file
      an involuntary bankruptcy petition against the Company. In addition, each
      Certificateholder or Beneficial Owner, by accepting and holding a Certificate
      or
      an interest therein, agrees it shall not, until at least one year and one day
      after all securities issued by any trust to which the Company has transferred
      property have been paid in full, take any action to file an involuntary
      bankruptcy petition against the Company.

     

    

    
      
        
        

      

      
        162

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Company, the Servicer, the Trustee and the Delaware Trustee
      have caused their names to be signed hereto by their respective officers,
      thereunto duly authorized, all as of the date first above written.

     

    WaMu
      ASSET ACCEPTANCE CORP.

     

    By:
      /s/ Kim Jacobs

    Name:
      Kim
      Jacobs

    Title:  
      Vice President

    

    

    WASHINGTON
      MUTUAL BANK

    as
      Servicer

    

    By:
      /s/ Barbara Loper

    Name:
      Barbara Loper

    Title:  
      Vice President

     

    LASALLE
      BANK NATIONAL ASSOCIATION,

    as
      Trustee

     

    By:
      /s/ Rita C. Lopez

    Name: Rita
      C. Lopez

    Title:  
      Vice President

    

    

     

    CHRISTIANA
      BANK & TRUST COMPANY,

    as
      Delaware Trustee

     

    By:
      /s/ Louis W. Geibel

    Name:
      Louis W. Geibel

    Title:  
      Assistant Vice President

     

    [Signature
      page to Pooling and Servicing Agreement for WMALT Series 2006-4]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
       

    

    Appendix
      1: Definition of Class C-Y Principal Reduction Amounts

    

    

    For
      any
      Distribution Date, the amounts by which the Class Principal Balances of the
      Class C-Y-1 and Class C-Y-2 Regular Interests respectively will be reduced
      on
      such Distribution Date by the allocation of Realized Losses and the distribution
      of principal, determined as follows:

    

    The
      Principal Reduction Amount for each of the Class C-Y Regular Interests will
      be
      determined pursuant to the “Generic Solution for the Class C-Y Principal
      Reduction Amounts” set forth below (the “Generic
      Solution”)
      by
      making identifications among the actual Loan Groups and their related Class
      C-Y
      and Class C-Z Regular Interests and weighted average pass-through rates and
      the
      Groups named in the Generic Solution and their related Class C-Y and Class
      C-Z
      Regular Interests as follows:

    

    A.
      Loan
      Group 1 will be identified with Group AA and the Class C-Y-1 Regular
      Interest and Class C-Z-1 Regular Interest related to that Loan Group will be
      respectively identified with the Class YAA and Class ZAA Certificates.
      6.00% will be identified with J%. 

    

    B.
      Loan
      Group 2 will be identified with Group BB and the Class C-Y-2 Regular
      Interest and Class C-Z-2 Regular Interest related to that Loan Group will be
      respectively identified with the Class BB and Class ZBB Certificates.
      6.50% will be identified with K%. 

    

    Generic
      Solution for Class C-Y Principal Reduction Amounts:
      

    

    For
      purposes of the succeeding formulas the following symbols shall have the
      meanings set forth below:

    

    J%
      and K%
      represent the interest rates on Group AA and Group BB respectively.
      J%<K%.

    

    
      	
              PJB
                =
                

            	
              the
                Group AA Subordinate Balance after the allocation of Realized Losses
                and
                distributions of principal on such Distribution
                Date.

            

    

    

    
      	
              PKB
                =

            	
              the
                Group BB Subordinate Balance after the allocation of Realized Losses
                and
                distributions of principal on such Distribution
                Date.

            

    

    

    R
      =
 the
      Class
      CB Pass Through Rate = (J%PJB
      +
      K%PKB)/(PJB
      +
      PKB)

    

    
      	
              Yj
                =
                

            	
              the
                Class YAA Principal Balance after distributions on the prior Distribution
                Date.

            

    

    

    
      	
              Yk
                =
                

            	
              the
                Class YBB Principal Balance after distributions on the prior Distribution
                Date.

            

    

    

    
      	
              DYj
                =
                

            	
              the
                Class YAA Principal Reduction
                Amount.

            

    

    

    
      	
              DYk
                =
                

            	
              the
                Class YBB Principal Reduction
                Amount.

            

    

    

    
      	
              Zj
                =
                

            	
              the
                Class ZAA Principal Balance after distributions on the prior Distribution
                Date.

            

    

    

    
      	
              Zk
                =
                

            	
              the
                Class ZBB Principal Balance after distributions on the prior Distribution
                Date.

            

    

    

    
      	
              DZj
                =
                

            	
              the
                Class ZAA Principal Reduction
                Amount.

            

    

    

    
      	
              DZk
                =
                

            	
              the
                Class ZBB Principal Reduction
                Amount.

            

    

    

    
      	
              Pj
                =
                

            	
              the
                aggregate Class Principal Balance of the Class YAA and Class ZAA
                Regular
                Interests after distributions on the prior Distribution Date, which
                is
                equal to the aggregate principal balance of the Group AA Loans reduced
                by
                the Group AA Class P principal balance, if any, and the Class R Principal
                Balance, if applicable.

            

    

    

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    
      	
              Pk
                =
                

            	
              the
                aggregate Class Principal Balance of the Class YBB and Class ZBB
                Regular
                Interests after distributions on the prior Distribution Date, which
                is
                equal to the aggregate principal balance of the Group BB Loans reduced
                by
                the Group BB Class P principal balance, if any and Class R Principal
                Balance, if applicable.

            

    

    

    
      	
              DPj
                =

            	
              the
                aggregate principal reduction resulting on such Distribution Date
                on the
                Group AA Loans as a result of principal distributions (exclusive
                of any
                amounts distributed pursuant to clauses (c)(i) or (c)(ii) of the
                definition of REMIC I Distribution Amount) to be made and realized
                losses
                to be allocated on such Distribution Date, reduced by the portion,
                if any,
                of such reduction allocable to any Group AA Class P Certificates
                or the
                Class R Certificates, if applicable, which is equal to the aggregate
                of
                the Class YAA and Class ZAA Principal Reduction
                Amounts.

            

    

    

    
      	
              DPk=

            	
              the
                aggregate principal reduction resulting on such Distribution Date
                on the
                Group BB Loans as a result of principal distributions (exclusive
                of any
                amounts distributed pursuant to clauses (c)(i) or (c)(ii) of the
                definition of REMIC I Distribution Amount) to be made and realized
                losses
                to be allocated on such Distribution Date, reduced by the portion,
                if any,
                of such reduction allocable to any Group BB Class P Certificates
                or the
                Class R Certificates, if applicable, which is equal to the aggregate
                of
                the Class YBB and Class ZBB Principal Reduction
                Amounts.

            

    

    

    
      	
              a
                =
                

            	
              .0005

            

    

    

    
      	
              g
                =

            	
              (R
                - J%)/(K% - R). g
                is
                a non-negative number unless its denominator is zero, in which event
                it is
                undefined.

            

    

    

    If
      g
      is zero,
DYk
      =
      Yk
      and
DYj
      =
      (Yj/Pj)DPj.

    

    If
      g
      is
      undefined, DYj
      =
      Yj,
      DYk
      =
      (Yk/Pk)DPk.

    

    In
      the
      remaining situations, DYk
      and
DYj
      shall be
      defined as follows:

     

    
      	
              1.

            	
              If
                Yk
                -
                a(Pk
                -
                DPk)
                3
                0,
                Yj-
                a(Pj
                -
                DPj)
                3
                0,
                and g
                (Pj
                -
                DPj)
                < (Pk
                -
                DPk),
                DYk = Yk - ag
                (Pj - DPj)
                and DYj = Yj - a(Pj - DPj).

            

    

     

    
      	
              2.

            	
              If
                Yk - a(Pk - DPk)
                3
                0,
                Yj - a(Pj - DPj)
                3
                0,
                and g
                (Pj - DPj)
                3
                (Pk - DPk),
                DYk = Yk - a(Pk - DPk)
                and DYj = Yj - (a/g)(Pk - DPk).

            

    

     

    
      	
              3.

            	
              If
                Yk - a(Pk - DPk)
                < 0, Yj - a(Pj - DPj)
                3
                0,
                and Yj - a(Pj - DPj)
                3
                Yj - (Yk/g),
                DYk = Yk - ag
                (Pj - DPj)
                and DYj = Yj - a(Pj - DPj).

            

    

     

    
      	
              4.

            	
              If
                Yk - a(Pk - DPk) < 0,
                Yj - (Yk/g) 3 0,
                and Yj - a(Pj - DPj) £ Yj - (Yk/g),
                DYk = 0
                and DYj = Yj - (Yk/g).

            

    

     

    
      	
              5.

            	
              If
                Yj - a(Pj - DPj) < 0,
                Yj - (Yk/g) < 0,
                and Yk - a(Pk - DPk) £ Yk - (gYj),
                DYk = Yk - (gYj)
                and DYj = 0.

            

    

     

    
      	
              6.

            	
              If
                Yj - a(Pj - DPj)
                < 0, Yk - a(Pk - DPk)
                3
                0,
                and Yk - a(Pk - DPk)
                3
                Yk - (gYj),
                DYk = Yk - a(Pk - DPk)
                and DYj = Yj - (a/g)(Pk - DPk).

            

    

    

    The
      purpose of the foregoing definitional provisions together with the related
      provisions allocating Realized Losses and defining the Class Y and Class Z
      Principal Distribution Amounts is to accomplish the following goals in the
      following order of priority:

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    
      	 	
              1.

            	
              Making
                the ratio of Yk
                to
                Yj
                equal to g
                after taking account of the allocation Realized Losses and the
                distributions that will be made through end of the Distribution Date
                to
                which such provisions relate and assuring that the Principal Reduction
                Amount for each of the Class YAA, Class YBB, Class ZAA and Class
                ZBB
                Certificates is greater than or equal to zero for such Distribution
                Date;

            

    

    
      	 	
              2.

            	
              Making
                (i) the Class YAA Principal Balance less than or equal to 0.0005
                of the
                sum of the Class YAA and Class ZAA Principal Balances and (ii) the
                Class
                YBB Principal Balance less than or equal to 0.0005 of the sum of
                the Class
                YBB and Class ZBB Principal Balances in each case after giving effect
                to
                allocations of Realized Losses and distributions to be made through
                the
                end of the Distribution Date to which such provisions relate; and
                

            

    

    
      	 	
              3.

            	
              Making
                the larger of (a) the fraction whose numerator is Yk
                and whose denominator is the sum of Yk
                and Zk
                and (b) the fraction whose numerator is Yj
                and whose denominator is the sum of Yj,
                and Zj
                as
                large as possible while remaining less than or equal to 0.0005.
                

            

    

    

    In
      the
      event of a failure of the foregoing portion of the definition of Class Y
      Principal Reduction Amount to accomplish both of goals 1 and 2 above, the
      amounts thereof should be adjusted to so as to accomplish such goals within
      the
      requirement that each Class Y Principal Reduction Amount must be less than
      or
      equal to the sum of (a) the Principal Realized Losses to be allocated on the
      related Distribution Date for the related Pool remaining after the allocation
      of
      such Realized Losses to the related Class P Certificates and (b) the remainder
      of the Available Distribution Amount for the related Pool or after reduction
      thereof by the distributions to be made on such Distribution Date (i) to the
      related Class P Certificates, (ii) to the related Class X Certificates and
      (iii)
      in respect of interest on the related Class Y and Class Z Certificates, or,
      if
      both of such goals cannot be accomplished within such requirement, such
      adjustment as is necessary shall be made to accomplish goal 1 within such
      requirement. In the event of any conflict among the provisions of the definition
      of the Class Y Principal Reduction Amounts, such conflict shall be resolved
      on
      the basis of the goals and their priorities set forth above within the
      requirement set forth in the preceding sentence.

     

    In
      the
      execution copy of this Agreement, symbols are represented by the following
      labels; in any conformed copy of this Agreement, such symbols may be represented
      by characters other than numerals and the upper and lower case letters of the
      alphabet and standard punctuation, including, without limitation, Greek letters
      and mathematical symbols.

    

    Example:

    

    
      	
              a

            	
              alpha

            
	
              D

            	
              delta

            
	
              g

            	
              gamma

            

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    Appendix
      2: Definition of Class LT Principal Reduction Amounts

     

    For
      any
      Distribution Date, the amounts by which the Principal Balances of the Class
      LT1,
      LT2, LT3 and LT4 Regular Interests, respectively, will be reduced on such
      Distribution Date by the allocation of Realized Losses and the distribution
      of
      principal, determined as follows:

     

    For
      purposes of the succeeding formulas the following symbols shall have the
      meanings set forth below:

     

    Y1
      = the
      Principal Balance of the Class LT1 Regular Interest after distributions and
      the
      allocation of Realized Losses on the prior Distribution Date.

     

    Y2
      = the
      Class
      Principal Balance of the Class LT2 Regular Interest after distributions and
      the
      allocation of Realized Losses on the prior Distribution Date.

     

    Y3
      = the
      Class
      Principal Balance of the Class LT3 Regular Interest after distributions and
      the
      allocation of Realized Losses on the prior Distribution Date.

     

    Y4
      = the
      Class
      Principal Balance of the Class
      LT4 Regular
      Interest after
      distributions and the allocation of Realized Losses on the prior
      Distribution
      Date
      (note: Y3
      =
      Y4).

     

    ΔY1
      = the
      REMIC I Regular Interest LT1 Principal Reduction Amount.

     

    ΔY2
      = the
      REMIC I Regular Interest LT2 Principal Reduction Amount.

     

    ΔY3
      = the
      REMIC I Regular Interest LT3 Principal Reduction Amount.

     

    ΔY4
      = the
      REMIC I Regular Interest LT4 Principal Reduction Amount.

     

    P0
      = the
      aggregate Principal Balance of the Class LT1, LT2, LT3 and LT4 Regular Interests
      after distributions and the allocation of Realized Losses on the prior
      Distribution Date.

     

    P1
      = the
      aggregate Principal Balance of the Class LT1, LT2, LT3 and LT4 Regular Interest
      after distributions and the allocation of Realized Losses to be made on such
      Distribution Date.

     

    ΔP
      = P0
      -
      P1
      = the
      aggregate of the Class LT1, LT2, LT3 and LT4 Principal Reduction
      Amounts.

     

    = the
      aggregate of the principal portions of Realized Losses to be allocated to,
      and
      the principal distributions to be made on, the Group 3 Certificates (other
      than
      the Class 3-A-1 Certificates) on such Distribution Date (including distributions
      deemed made on the Class 3-C Certificates in respect of the Class 3-C-L Regular
      Interest and treated pursuant to the provisions of footnote (15) to the table
      of
      REMIC IV Interests as payments of principal on the 3-C-L-PO Regular Interest
      or
      of accrued and unpaid interest on the 3-C-L-IO for prior Distribution
      Dates).

     

    R0
      = the
      Group
      3 Net WAC Cap (stated as a monthly rate) applicable for distributions to be
      made
      on such Distribution Date after giving effect to amounts distributed and
      Realized Losses allocated on the prior Distribution Date.

     

    R1
      = the
      Group
      3 Net WAC Cap (stated as a monthly rate) applicable for distributions to be
      made
      on the next succeeding Distribution Date after giving effect to amounts to
      be
      distributed and Realized Losses to be allocated on such Distribution
      Date.

     

    α
      = (Y2
      +
      Y3)/P0.
      The
      initial value of α on the Closing Date for use on the first Distribution Date
      shall be 0.0001.

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    γ0
      = the
      lesser of (A) the sum for all Classes of Group 3 Certificates, other than the
      Class 3-A-1 Certificates and Class 3-C Certificates, of the product for each
      Class of (i) the monthly interest rate (as limited by the Group 3 Net WAC Cap,
      if applicable) for such Class applicable for distributions to be made on such
      Distribution Date and (ii) the aggregate Certificate Principal Balance for
      such
      Class after distributions and the allocation of Realized Losses on the prior
      Distribution Date and (B) R0*P0.

     

    γ1
      = the
      lesser of (A) the sum for all Classes of Certificates, other than the Class
      3-A-1 Certificates and the Class 3-C Certificates, of the product for each
      Class
      of (i) the monthly interest rate (as limited by the Group 3 Net WAC Cap, if
      applicable) for such Class applicable for distributions to be made on the next
      succeeding Distribution Date and (ii) the aggregate Certificate Principal
      Balance for such Class after distributions and the allocation of Realized Losses
      to be made on such Distribution Date and (B) R1*P1.

     

    Then,
      based on the foregoing definitions:

     

    ΔY1
      = ΔP
      -
ΔY2
      -
ΔY3
      -
ΔY4;

     

    ΔY2
      = (α/2){(
      γ0R1
      -
γ1R0)/R0R1};

     

    ΔY3
      = αΔP
      -
ΔY2;
      and

     

    ΔY4
      = ΔY3.

     

    if
      both
ΔY2
      and
ΔY3,
      as so
      determined, are non-negative numbers or both ΔY2
      and
ΔY3,
      as so
      determined, are negative numbers. Otherwise:

     

    (1) If
      ΔY2,
      as so
      determined, is negative, then

     

    ΔY2
      =
      0;

     

    ΔY3
      =
α{γ1R0P0
      -
γ0R1P1}/{γ1R0};

     

    ΔY4
      =
ΔY3;
      and

     

    ΔY1
      = ΔP -
ΔY2
      -
ΔY3
      -
ΔY4.

     

    (2) If
      ΔY3,
      as so
      determined, is negative, then

     

    ΔY3
      =
      0;

     

    ΔY2
      = α{ γ0R1P1
      - γ1R0P0}/{2R1R0P1
      - γ1R0};

     

    ΔY4
      =
ΔY3;
      and

     

    ΔY1
      = ΔP -
ΔY2
      -
ΔY3
      -
ΔY4.

     

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    In
      the
      execution copy of this Agreement, symbols are represented by the following
      labels; in any conformed copy of this Agreement, such symbols may be represented
      by characters other than numerals and the upper and lower case letters of the
      alphabet and standard punctuation, including, without limitation, Greek letters
      and mathematical symbols.

    

    Example:

    

    
      	
              a

            	
              alpha

            
	
              
                D

              

            	
              delta

            
	
              g

            	
              gamma

            

    

    

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    
      
        
          	 	
                  Exhibit
                    A

                   

                
	 	
                  CUSIP
                    939344 AA 5

                   

                

        

        

        
          	
                  WASHINGTON
                    MUTUAL MORTGAGE PASS-THROUGH CERTIFICATE

                
	 
	
                  Class
                    1-A-1

                

        

        

         

        Evidencing
          a beneficial interest in a pool of assets entitled to certain distributions
          with
          respect to a pool of conventional one- to four-family mortgage loans formed
          by

         

        

         

        
          	
                  WaMu
                    ASSET ACCEPTANCE CORP.

                

        

        

        This
          Certificate is issued by Washington Mutual Mortgage Pass-Through Certificates
          WMALT Series 2006-4 Trust. This Certificate represents ownership of a “regular
          interest” in a “real estate mortgage investment conduit,” as those terms are
          defined in Sections 860G and 860D, respectively, of the Internal Revenue
          Code of
          1986, as amended. The issue date of this Certificate is April 27, 2006.
          

         

        Unless
          this Certificate is presented by an authorized representative of The Depository
          Trust Company, a New York corporation (“DTC”), to the Trust 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 is requested by
          an authorized representative of DTC (and any payment is made to Cede & Co.
          or to such other entity as is requested by an authorized representative
          of DTC),
          ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
          ANY
          PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has
          an interest herein.

         

        

        
          	
                  WMALT
                    Series 2006-4

                	
                  Portion
                    of the Class 1-A-1 Principal Balance as of the Cut-Off Date Evidenced
                    by
                    this Certificate: 

                	
                  $100,166,400.00

                
	 	 	 
	 	 	 
	
                  Class
                    1-A-1 Certificate Interest Rate: 

                	
                  6.000%

                	 
	
                  Cut-Off
                    Date: 

                	
                  April
                    1, 2006

                	 
	
                  First
                    Distribution Date: 

                	
                  May
                    25, 2006

                	 
	
                  Last
                    Scheduled Distribution Date: 

                	
                  April
                    25, 2036

                	 
	
                  Class
                    1-A-1 Principal Balance as of the Cut-Off Date: 

                	
                  $100,166,400.00

                	 

        

        

        

        
          	
                  Cede
                    & Co.

                
	
                  Registered
                    Owner

                

        

        

         

        
          
            
            

          

          
            A-1

            
              

            

          

          
            
            

          

        

        

        
          	 	
                  Exhibit
                    A

                   

                
	 	
                  CUSIP
                    939344 AB 3

                   

                

        

        

        
          	
                  WASHINGTON
                    MUTUAL MORTGAGE PASS-THROUGH CERTIFICATE

                
	 
	
                  Class
                    1-A-2

                

        

        

         

        Evidencing
          a beneficial interest in a pool of assets entitled to certain distributions
          with
          respect to a pool of conventional one- to four-family mortgage loans formed
          by

         

        

         

        
          	
                  WaMu
                    ASSET ACCEPTANCE CORP.

                

        

        

        This
          Certificate is issued by Washington Mutual Mortgage Pass-Through Certificates
          WMALT Series 2006-4 Trust. This Certificate represents ownership of a “regular
          interest” in a “real estate mortgage investment conduit,” as those terms are
          defined in Sections 860G and 860D, respectively, of the Internal Revenue
          Code of
          1986, as amended. The issue date of this Certificate is April 27, 2006.
          

         

        Unless
          this Certificate is presented by an authorized representative of The Depository
          Trust Company, a New York corporation (“DTC”), to the Trust 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 is requested by
          an authorized representative of DTC (and any payment is made to Cede & Co.
          or to such other entity as is requested by an authorized representative
          of DTC),
          ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
          ANY
          PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has
          an interest herein.

         

        

        
          	
                  WMALT
                    Series 2006-4

                	
                  Portion
                    of the Class 1-A-2 Principal Balance as of the Cut-Off Date Evidenced
                    by
                    this Certificate: 

                	
                  $3,471,900.00

                
	 	 	 
	 	 	 
	
                  Class
                    1-A-2 Certificate Interest Rate: 

                	
                  6.000%

                	 
	
                  Cut-Off
                    Date: 

                	
                  April
                    1, 2006

                	 
	
                  First
                    Distribution Date: 

                	
                  May
                    25, 2006

                	 
	
                  Last
                    Scheduled Distribution Date: 

                	
                  April
                    25, 2036

                	 
	
                  Class
                    1-A-2 Principal Balance as of the Cut-Off Date: 

                	
                  $3,471,900.00

                	 

        

        

        

        
          	
                  Cede
                    & Co.

                
	
                  Registered
                    Owner

                

        

        

         

        

        
          
            
            

          

          
            A-2

            
              

            

          

          
            
            

          

        

        

        
          	 	
                  Exhibit
                    A

                   

                
	 	
                  CUSIP
                    939344 AC 1

                   

                

        

        

        
          	
                  WASHINGTON
                    MUTUAL MORTGAGE PASS-THROUGH CERTIFICATE

                
	 
	
                  Class
                    2-A-1

                

        

        

         

        Evidencing
          a beneficial interest in a pool of assets entitled to certain distributions with
          respect to a pool of conventional one- to four-family mortgage loans formed
          by

         

        

         

        
          	
                  WaMu
                    ASSET ACCEPTANCE CORP.

                

        

        

        This
          Certificate is issued by Washington Mutual Mortgage Pass-Through Certificates
          WMALT Series 2006-4 Trust. This Certificate represents ownership of a “regular
          interest” in a “real estate mortgage investment conduit,” as those terms are
          defined in Sections 860G and 860D, respectively, of the Internal Revenue
          Code of
          1986, as amended. The issue date of this Certificate is April 27, 2006.
          

         

        Unless
          this Certificate is presented by an authorized representative of The Depository
          Trust Company, a New York corporation (“DTC”), to the Trust 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 is requested by
          an authorized representative of DTC (and any payment is made to Cede & Co.
          or to such other entity as is requested by an authorized representative
          of DTC),
          ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
          ANY
          PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has
          an interest herein.

         

        

        
          	
                  WMALT
                    Series 2006-4

                	
                  Portion
                    of the Class 2-A-1 Principal Balance as of the Cut-Off Date Evidenced
                    by
                    this Certificate: 

                	
                  $47,481,400.00

                
	 	 	 
	 	 	 
	
                  Class
                    2-A-1 Certificate Interest Rate: 

                	
                  6.500%

                	 
	
                  Cut-Off
                    Date: 

                	
                  April
                    1, 2006

                	 
	
                  First
                    Distribution Date: 

                	
                  May
                    25, 2006

                	 
	
                  Last
                    Scheduled Distribution Date: 

                	
                  April
                    25, 2036

                	 
	
                  Class
                    2-A-1 Principal Balance as of the Cut-Off Date: 

                	
                  $47,481,400.00

                	 

        

        

        

        
          	
                  Cede
                    & Co.

                
	
                  Registered
                    Owner

                

        

        

         

        

        
          
            
            

          

          
            A-3

            
              

            

          

          
            
            

          

        

        

        
          	 	
                  Exhibit
                    A

                   

                
	 	
                  CUSIP
                    939344 AD 9

                   

                

        

        

        
          	
                  WASHINGTON
                    MUTUAL MORTGAGE PASS-THROUGH CERTIFICATE

                
	 
	
                  Class
                    2-A-2

                

        

        

         

        Evidencing
          a beneficial interest in a pool of assets entitled to certain distributions
          with
          respect to a pool of conventional one- to four-family mortgage loans formed
          by

         

        

         

        
          	
                  WaMu
                    ASSET ACCEPTANCE CORP.

                

        

        

        This
          Certificate is issued by Washington Mutual Mortgage Pass-Through Certificates
          WMALT Series 2006-4 Trust. This Certificate represents ownership of a “regular
          interest” in a “real estate mortgage investment conduit,” as those terms are
          defined in Sections 860G and 860D, respectively, of the Internal Revenue
          Code of
          1986, as amended. The issue date of this Certificate is April 27, 2006.
          

         

        Unless
          this Certificate is presented by an authorized representative of The Depository
          Trust Company, a New York corporation (“DTC”), to the Trust 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 is requested by
          an authorized representative of DTC (and any payment is made to Cede & Co.
          or to such other entity as is requested by an authorized representative
          of DTC),
          ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
          ANY
          PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has
          an interest herein.

         

        

        
          	
                  WMALT
                    Series 2006-4

                	
                  Portion
                    of the Class 2-A-2 Principal Balance as of the Cut-Off Date Evidenced
                    by
                    this Certificate: 

                	
                  $1,645,800.00

                
	 	 	 
	 	 	 
	
                  Class
                    2-A-2 Certificate Interest Rate: 

                	
                  6.500%

                	 
	
                  Cut-Off
                    Date: 

                	
                  April
                    1, 2006

                	 
	
                  First
                    Distribution Date: 

                	
                  May
                    25, 2006

                	 
	
                  Last
                    Scheduled Distribution Date: 

                	
                  April
                    25, 2036

                	 
	
                  Class
                    2-A-2 Principal Balance as of the Cut-Off Date: 

                	
                  $1,645,800.00

                	 

        

        

        

        
          	
                  Cede
                    & Co.

                
	
                  Registered
                    Owner

                

        

        
 

        
          
            
            

          

          
            A-4

            
              

            

          

          
            
            

          

        

        

        

        
          	 	
                  Exhibit A

                   

                
	 	
                  CUSIP
                    939344 AE 7

                   

                

        

        

        
          	
                  WASHINGTON
                    MUTUAL MORTGAGE PASS-THROUGH CERTIFICATE

                
	 
	
                  Class
                    C-X

                

        

        

        Evidencing
          a beneficial interest in a pool of assets entitled to certain distributions
          with
          respect to a pool of conventional one- to four-family mortgage loans formed
          by

         

        
          	
                  WaMu
                    ASSET ACCEPTANCE CORP.

                

        

        

        This
          Certificate is issued by Washington Mutual Mortgage Pass-Through Certificates
          WMALT Series 2006-4 Trust. This Certificate represents ownership of a “regular
          interest” in a “real estate mortgage investment conduit,” as those terms are
          defined in Sections 860G and 860D, respectively, of the Internal Revenue
          Code of
          1986, as amended. The issue date of this Certificate is April 27, 2006.
          

         

        Unless
          this Certificate is presented by an authorized representative of The Depository
          Trust Company, a New York corporation (“DTC”), to the Trust 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 is requested by
          an authorized representative of DTC (and any payment is made to Cede & Co.
          or to such other entity as is requested by an authorized representative
          of DTC),
          ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
          ANY
          PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has
          an interest herein.

         

        

        
          	
                  WMALT
                    Series 2006-4

                	
                  Portion
                    of the Class C-X Notional Amount as of the Cut-Off Date Evidenced
                    by this
                    Certificate:

                	
                  $1,852,992.00

                
	 	 	 
	 	 	 
	
                  Class
                    C-X Certificate Interest Rate: 

                	
                  6.000%,
                    applied to the Class C-X Notional Amount

                	 
	
                  Cut-Off
                    Date: 

                	
                  April
                    1, 2006

                	 
	
                  First
                    Distribution Date: 

                	
                  May
                    25, 2006

                	 
	
                  Last
                    Scheduled Distribution Date: 

                	
                  April
                    25, 2036

                	 
	
                  Class
                    C-X Principal Balance as of the Cut-Off Date: 

                	
                  $0.00

                	 
	
                  Class
                    C-X Notional Amount as of the Cut-Off Date:

                	
                  $1,852,992.00

                	 

        

        

        

        
          	
                  Cede
                    & Co.

                
	
                  Registered
                    Owner

                

        

        
 

        
          
            
            

          

          
            A-5

            
              

            

          

          
            
            

          

        

        

        

        
          	 	
                  Exhibit A

                   

                
	 	
                  CUSIP
                    939344 AF 4

                   

                

        

        

        
          	
                  WASHINGTON
                    MUTUAL MORTGAGE PASS-THROUGH CERTIFICATE

                
	 
	
                  Class
                    1-P

                

        

        

        Evidencing
          a beneficial interest in a pool of assets entitled to certain distributions
          with
          respect to a pool of conventional one- to four-family mortgage loans formed
          by

         

        
          	
                  WaMu
                    ASSET ACCEPTANCE CORP.

                

        

        

        This
          Certificate is issued by Washington Mutual Mortgage Pass-Through Certificates
          WMALT Series 2006-4 Trust. This Certificate represents ownership of a “regular
          interest” in a “real estate mortgage investment conduit,” as those terms are
          defined in Sections 860G and 860D, respectively, of the Internal Revenue
          Code of
          1986, as amended. The issue date of this Certificate is April 27, 2006.
          

         

        Unless
          this Certificate is presented by an authorized representative of The Depository
          Trust Company, a New York corporation (“DTC”), to the Trust 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 is requested by
          an authorized representative of DTC (and any payment is made to Cede & Co.
          or to such other entity as is requested by an authorized representative
          of DTC),
          ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
          ANY
          PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has
          an interest herein.

         

        

        
          	
                  WMALT
                    Series 2006-4

                	
                  Portion
                    of the Class 1-P Principal Balance as of the Cut-Off Date Evidenced
                    by
                    this Certificate:

                	
                  $404,842.00

                
	 	 	 
	 	 	 
	
                  Class
                    1-P Certificate Interest Rate: 

                	
                  0.00%

                	 
	
                  Cut-Off
                    Date: 

                	
                  April
                    1, 2006

                	 
	
                  First
                    Distribution Date: 

                	
                  May
                    25, 2006

                	 
	
                  Last
                    Scheduled Distribution Date: 

                	
                  April
                    25, 2036

                	 
	
                  Class
                    1-P Principal Balance as of the Cut-Off Date: 

                	
                  $404,842.00

                	 

        

        

        

        
          	
                  Cede
                    & Co.

                
	
                  Registered
                    Owner

                

        

        

        

         

        

        
          
            
            

          

          
            A-6

            
              

            

          

          
            
            

          

        

        

        
          	 	
                  Exhibit A

                   

                
	 	
                  CUSIP
                    939344 AG 2

                   

                

        

        

        
          	
                  WASHINGTON
                    MUTUAL MORTGAGE PASS-THROUGH CERTIFICATE

                
	 
	
                  Class
                    L-B-1

                

        

        

        Evidencing
          a beneficial interest in a pool of assets entitled to certain distributions
          with
          respect to a pool of conventional one- to four-family mortgage loans formed
          by

         

        
          	
                  WaMu
                    ASSET ACCEPTANCE CORP.

                

        

        

        This
          Certificate is issued by Washington Mutual Mortgage Pass-Through Certificates
          WMALT Series 2006-4 Trust. This Certificate represents ownership of a “regular
          interest” in a “real estate mortgage investment conduit,” as those terms are
          defined in Sections 860G and 860D, respectively, of the Internal Revenue
          Code of
          1986, as amended (the “Code”). The issue date of this Certificate is April 27,
          2006.

         

        Unless
          this Certificate is presented by an authorized representative of The Depository
          Trust Company, a New York corporation (“DTC”), to the Trust 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 is requested by
          an authorized representative of DTC (and any payment is made to Cede & Co.
          or to such other entity as is requested by an authorized representative
          of DTC),
          ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
          ANY
          PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has
          an interest herein.

         

        NO
          TRANSFER OF THIS CLASS L-B-1 CERTIFICATE WILL BE MADE UNLESS THE TRUSTEE
          HAS
          RECEIVED (I) AN OFFICER’S CERTIFICATE IN THE FORM DESCRIBED IN SECTION 5.01(g)
          OF THE POOLING AGREEMENT AND (II) IF SO INDICATED IN SUCH OFFICER’S CERTIFICATE,
          AN OPINION OF COUNSEL ACCEPTABLE TO AND IN FORM AND SUBSTANCE SATISFACTORY
          TO
          THE TRUSTEE AND THE COMPANY TO THE EFFECT THAT THE PURCHASE AND HOLDING
          OF THIS
          CERTIFICATE ARE PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR
          RESULT
          IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION
          4975 OF THE CODE, AND WILL NOT SUBJECT THE TRUST, THE TRUSTEE, THE DELAWARE
          TRUSTEE, THE SERVICER OR THE COMPANY TO ANY OBLIGATION OR LIABILITY (INCLUDING
          OBLIGATIONS OR LIABILITIES UNDER SECTION 406 OF ERISA OR SECTION 4975 OF
          THE
          CODE) IN ADDITION TO THOSE UNDERTAKEN IN THE POOLING AGREEMENT, WHICH OPINION
          OF
          COUNSEL SHALL NOT BE AN EXPENSE OF THE TRUST, THE TRUSTEE, THE DELAWARE
          TRUSTEE,
          THE SERVICER OR THE COMPANY.

         

        NOTWITHSTANDING
          THE FOREGOING PARAGRAPH, WITH RESPECT TO THE TRANSFER OF THIS CLASS L-B-1
          CERTIFICATE TO DTC OR ANY OTHER CLEARING AGENCY OR ANY SUBSEQUENT TRANSFER
          OF
          ANY INTEREST IN THIS CERTIFICATE FOR SO LONG AS THIS CERTIFICATE IS HELD
          BY DTC
          OR ANY OTHER CLEARING AGENCY, (I) AN OFFICER’S CERTIFICATE (AND, IF APPLICABLE,
          A BENEFIT PLAN OPINION), AS DESCRIBED IN THE FOREGOING PARAGRAPH, SHALL
          NOT BE
          REQUIRED, AND (II) THE FOLLOWING CONDITIONS SHALL APPLY:

         

        1. ANY
          TRANSFEREE OF THIS CERTIFICATE WILL BE DEEMED TO HAVE REPRESENTED, BY VIRTUE
          OF
          ITS ACQUISITION OR HOLDING OF THIS CERTIFICATE (OR INTEREST HEREIN), THAT
          EITHER
          (A) SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT OR OTHER PLAN SUBJECT TO
          THE
          PROHIBITED TRANSACTION PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE,
          OR ANY
          PERSON (INCLUDING AN INVESTMENT MANAGER, A NAMED FIDUCIARY OR A TRUSTEE
          OF ANY
          SUCH PLAN) ACTING, DIRECTLY OR INDIRECTLY, ON BEHALF OF OR PURCHASING THIS
          CERTIFICATE WITH “PLAN ASSETS” OF ANY SUCH PLAN (A “PLAN INVESTOR”), (B) SUCH
          TRANSFEREE IS AN INSURANCE COMPANY, THE SOURCE OF FUNDS TO BE USED BY IT
          TO
          ACQUIRE OR HOLD THIS CERTIFICATE IS AN “INSURANCE COMPANY GENERAL ACCOUNT”
(WITHIN THE MEANING OF DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS
          EXEMPTION (“PTCE”) 95-60), AND THE CONDITIONS IN SECTIONS I AND III OF PTCE
          95-60 HAVE BEEN SATISFIED (EACH ENTITY THAT SATISFIES THIS CLAUSE (B),
          A
“COMPLYING INSURANCE COMPANY”) OR (C) THIS CERTIFICATE WAS RATED “BBB-” OR
          BETTER (OR ITS EQUIVALENT) BY AT LEAST ONE OF THE RATING AGENCIES AT THE
          TIME OF
          SUCH TRANSFEREE’S ACQUISITION OF THIS CERTIFICATE (OR INTEREST HEREIN);
          AND

         

        
          
            
            

          

          
            A-7

            
              

            

          

          
            
            

          

        

        2. IF
          THIS
          CERTIFICATE (OR ANY INTEREST HEREIN) IS ACQUIRED OR HELD IN VIOLATION OF
          THE
          PROVISIONS OF THE PRECEDING PARAGRAPH, THEN THE LAST PRECEDING TRANSFEREE
          THAT
          EITHER (I) IS NOT A PLAN INVESTOR, (II) IS A COMPLYING INSURANCE COMPANY
          OR
          (III) ACQUIRED THIS CERTIFICATE AT A TIME WHEN THIS CERTIFICATE WAS RATED
“BBB-”
OR BETTER (OR ITS EQUIVALENT) BY AT LEAST ONE OF THE RATING AGENCIES SHALL
          BE
          RESTORED, TO THE EXTENT PERMITTED BY LAW, TO ALL RIGHTS AND OBLIGATIONS
          AS
          BENEFICIAL HOLDER THEREOF RETROACTIVE TO THE DATE OF TRANSFER OF THIS
          CERTIFICATE BY SUCH PRECEDING TRANSFEREE. NEITHER THE TRUST NOR THE TRUSTEE
          SHALL BE UNDER ANY LIABILITY TO ANY PERSON FOR MAKING ANY PAYMENTS DUE
          ON THIS
          CERTIFICATE TO SUCH PRECEDING TRANSFEREE.

         

        ANY
          PURPORTED BENEFICIAL HOLDER WHOSE ACQUISITION OR HOLDING OF THIS CERTIFICATE
          (OR
          INTEREST HEREIN) WAS EFFECTED IN VIOLATION OF THE RESTRICTIONS IN SECTION
          5.01(g) OF THE POOLING AGREEMENT SHALL INDEMNIFY AND HOLD HARMLESS THE
          COMPANY,
          THE TRUSTEE, THE DELAWARE TRUSTEE, THE SERVICER, THE TRUST AND EACH UNDERWRITER
          FROM AND AGAINST ANY AND ALL LIABILITIES, CLAIMS, COSTS OR EXPENSES INCURRED
          BY
          SUCH PARTIES AS A RESULT OF SUCH ACQUISITION OR HOLDING.

         

        The
          Class
          L-B-1 Certificates will be subordinate in right of payment to and provide
          credit
          support to certain Classes of Certificates, as described in the Pooling
          Agreement.

         

        

        
          	
                  WMALT
                    Series 2006-4

                	
                  Portion
                    of the Class L-B-1 Principal Balance as of the Cut-Off Date Evidenced
                    by
                    this Certificate: 

                	
                  $6,481,300.00

                
	 	 	 
	 	 	 
	
                  Class
                    L-B-1 Certificate Interest Rate:

                	
                  Variable

                	 
	
                  Cut-Off
                    Date:

                	
                  April
                    1, 2006

                	 
	
                  First
                    Distribution Date:

                	
                  May
                    25, 2006

                	 
	
                  Last
                    Scheduled Distribution Date:

                	
                  April
                    25, 2036

                	 
	
                  Class
                    L-B-1 Principal Balance as of the Cut-Off Date:

                	
                  $6,481,300.00

                	 

        

        

        

        
          	
                  Cede
                    & Co.

                
	
                  Registered
                    Owner

                

        

         

        

        
          
            
            

          

          
            A-8

            
              

            

          

          
            
            

          

        

        

        
          	 	
                  Exhibit A

                   

                
	 	
                  CUSIP
                    939344 AH 0

                   

                

        

        

        
          	
                  WASHINGTON
                    MUTUAL MORTGAGE PASS-THROUGH CERTIFICATE

                
	 
	
                  Class
                    L-B-2

                

        

        

        Evidencing
          a beneficial interest in a pool of assets entitled to certain distributions
          with
          respect to a pool of conventional one- to four-family mortgage loans formed
          by

         

        
          	
                  WaMu
                    ASSET ACCEPTANCE CORP.

                

        

        

        This
          Certificate is issued by Washington Mutual Mortgage Pass-Through Certificates
          WMALT Series 2006-4 Trust. This Certificate represents ownership of a “regular
          interest” in a “real estate mortgage investment conduit,” as those terms are
          defined in Sections 860G and 860D, respectively, of the Internal Revenue
          Code of
          1986, as amended (the “Code”). The issue date of this Certificate is April 27,
          2006.

         

        Unless
          this Certificate is presented by an authorized representative of The Depository
          Trust Company, a New York corporation (“DTC”), to the Trust 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 is requested by
          an authorized representative of DTC (and any payment is made to Cede & Co.
          or to such other entity as is requested by an authorized representative
          of DTC),
          ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
          ANY
          PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has
          an interest herein.

         

        NO
          TRANSFER OF THIS CLASS L-B-2 CERTIFICATE WILL BE MADE UNLESS THE TRUSTEE
          HAS
          RECEIVED (I) AN OFFICER’S CERTIFICATE IN THE FORM DESCRIBED IN SECTION 5.01(g)
          OF THE POOLING AGREEMENT AND (II) IF SO INDICATED IN SUCH OFFICER’S CERTIFICATE,
          AN OPINION OF COUNSEL ACCEPTABLE TO AND IN FORM AND SUBSTANCE SATISFACTORY
          TO
          THE TRUSTEE AND THE COMPANY TO THE EFFECT THAT THE PURCHASE AND HOLDING
          OF THIS
          CERTIFICATE ARE PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR
          RESULT
          IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION
          4975 OF THE CODE, AND WILL NOT SUBJECT THE TRUST, THE TRUSTEE, THE DELAWARE
          TRUSTEE, THE SERVICER OR THE COMPANY TO ANY OBLIGATION OR LIABILITY (INCLUDING
          OBLIGATIONS OR LIABILITIES UNDER SECTION 406 OF ERISA OR SECTION 4975 OF
          THE
          CODE) IN ADDITION TO THOSE UNDERTAKEN IN THE POOLING AGREEMENT, WHICH OPINION
          OF
          COUNSEL SHALL NOT BE AN EXPENSE OF THE TRUST, THE TRUSTEE, THE DELAWARE
          TRUSTEE,
          THE SERVICER OR THE COMPANY.

         

        NOTWITHSTANDING
          THE FOREGOING PARAGRAPH, WITH RESPECT TO THE TRANSFER OF THIS CLASS L-B-2
          CERTIFICATE TO DTC OR ANY OTHER CLEARING AGENCY OR ANY SUBSEQUENT TRANSFER
          OF
          ANY INTEREST IN THIS CERTIFICATE FOR SO LONG AS THIS CERTIFICATE IS HELD
          BY DTC
          OR ANY OTHER CLEARING AGENCY, (I) AN OFFICER’S CERTIFICATE (AND, IF APPLICABLE,
          A BENEFIT PLAN OPINION), AS DESCRIBED IN THE FOREGOING PARAGRAPH, SHALL
          NOT BE
          REQUIRED, AND (II) THE FOLLOWING CONDITIONS SHALL APPLY:

         

        1. ANY
          TRANSFEREE OF THIS CERTIFICATE WILL BE DEEMED TO HAVE REPRESENTED, BY VIRTUE
          OF
          ITS ACQUISITION OR HOLDING OF THIS CERTIFICATE (OR INTEREST HEREIN), THAT
          EITHER
          (A) SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT OR OTHER PLAN SUBJECT TO
          THE
          PROHIBITED TRANSACTION PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE,
          OR ANY
          PERSON (INCLUDING AN INVESTMENT MANAGER, A NAMED FIDUCIARY OR A TRUSTEE
          OF ANY
          SUCH PLAN) ACTING, DIRECTLY OR INDIRECTLY, ON BEHALF OF OR PURCHASING THIS
          CERTIFICATE WITH “PLAN ASSETS” OF ANY SUCH PLAN (A “PLAN INVESTOR”), (B) SUCH
          TRANSFEREE IS AN INSURANCE COMPANY, THE SOURCE OF FUNDS TO BE USED BY IT
          TO
          ACQUIRE OR HOLD THIS CERTIFICATE IS AN “INSURANCE COMPANY GENERAL ACCOUNT”
(WITHIN THE MEANING OF DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS
          EXEMPTION (“PTCE”) 95-60), AND THE CONDITIONS IN SECTIONS I AND III OF PTCE
          95-60 HAVE BEEN SATISFIED (EACH ENTITY THAT SATISFIES THIS CLAUSE (B),
          A
“COMPLYING INSURANCE COMPANY”) OR (C) THIS CERTIFICATE WAS RATED “BBB-” OR
          BETTER (OR ITS EQUIVALENT) BY AT LEAST ONE OF THE RATING AGENCIES AT THE
          TIME OF
          SUCH TRANSFEREE’S ACQUISITION OF THIS CERTIFICATE (OR INTEREST HEREIN);
          AND

         

        
          
            
            

          

          
            A-9

            
              

            

          

          
            
            

          

        

        2. IF
          THIS
          CERTIFICATE (OR ANY INTEREST HEREIN) IS ACQUIRED OR HELD IN VIOLATION OF
          THE
          PROVISIONS OF THE PRECEDING PARAGRAPH, THEN THE LAST PRECEDING TRANSFEREE
          THAT
          EITHER (I) IS NOT A PLAN INVESTOR, (II) IS A COMPLYING INSURANCE COMPANY
          OR
          (III) ACQUIRED THIS CERTIFICATE AT A TIME WHEN THIS CERTIFICATE WAS RATED
“BBB-”
OR BETTER (OR ITS EQUIVALENT) BY AT LEAST ONE OF THE RATING AGENCIES SHALL
          BE
          RESTORED, TO THE EXTENT PERMITTED BY LAW, TO ALL RIGHTS AND OBLIGATIONS
          AS
          BENEFICIAL HOLDER THEREOF RETROACTIVE TO THE DATE OF TRANSFER OF THIS
          CERTIFICATE BY SUCH PRECEDING TRANSFEREE. NEITHER THE TRUST NOR THE TRUSTEE
          SHALL BE UNDER ANY LIABILITY TO ANY PERSON FOR MAKING ANY PAYMENTS DUE
          ON THIS
          CERTIFICATE TO SUCH PRECEDING TRANSFEREE.

         

        ANY
          PURPORTED BENEFICIAL HOLDER WHOSE ACQUISITION OR HOLDING OF THIS CERTIFICATE
          (OR
          INTEREST HEREIN) WAS EFFECTED IN VIOLATION OF THE RESTRICTIONS IN SECTION
          5.01(g) OF THE POOLING AGREEMENT SHALL INDEMNIFY AND HOLD HARMLESS THE
          COMPANY,
          THE TRUSTEE, THE DELAWARE TRUSTEE, THE SERVICER, THE TRUST AND EACH UNDERWRITER
          FROM AND AGAINST ANY AND ALL LIABILITIES, CLAIMS, COSTS OR EXPENSES INCURRED
          BY
          SUCH PARTIES AS A RESULT OF SUCH ACQUISITION OR HOLDING.

         

        The
          Class
          L-B-2 Certificates will be subordinate in right of payment to and provide
          credit
          support to certain Classes of Certificates, as described in the Pooling
          Agreement.

         

        

        
          	
                  WMALT
                    Series 2006-4

                	
                  Portion
                    of the Class L-B-2 Principal Balance as of the Cut-Off Date Evidenced
                    by
                    this Certificate: 

                	
                  $1,558,800.00

                
	 	 	 
	 	 	 
	
                  Class
                    L-B-2 Certificate Interest Rate:

                	
                  Variable

                	 
	
                  Cut-Off
                    Date:

                	
                  April
                    1, 2006

                	 
	
                  First
                    Distribution Date:

                	
                  May
                    25, 2006

                	 
	
                  Last
                    Scheduled Distribution Date:

                	
                  April
                    25, 2036

                	 
	
                  Class
                    L-B-2 Principal Balance as of the Cut-Off Date:

                	
                  $1,558,800.00

                	 

        

        

        

        
          	
                  Cede
                    & Co.

                
	
                  Registered
                    Owner

                

        

         

        

        
          
            
            

          

          
            A-10

            
              

            

          

          
            
            

          

        

        

        
          	 	
                  Exhibit A

                   

                
	 	
                  CUSIP
                    939344 AJ 6

                   

                

        

        

        
          	
                  WASHINGTON
                    MUTUAL MORTGAGE PASS-THROUGH CERTIFICATE

                
	 
	
                  Class
                    L-B-3

                

        

        

        Evidencing
          a beneficial interest in a pool of assets entitled to certain distributions
          with
          respect to a pool of conventional one- to four-family mortgage loans formed
          by

         

        
          	
                  WaMu
                    ASSET ACCEPTANCE CORP.

                

        

        

        This
          Certificate is issued by Washington Mutual Mortgage Pass-Through Certificates
          WMALT Series 2006-4 Trust. This Certificate represents ownership of a “regular
          interest” in a “real estate mortgage investment conduit,” as those terms are
          defined in Sections 860G and 860D, respectively, of the Internal Revenue
          Code of
          1986, as amended (the “Code”). The issue date of this Certificate is April 27,
          2006.

         

        Unless
          this Certificate is presented by an authorized representative of The Depository
          Trust Company, a New York corporation (“DTC”), to the Trust 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 is requested by
          an authorized representative of DTC (and any payment is made to Cede & Co.
          or to such other entity as is requested by an authorized representative
          of DTC),
          ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
          ANY
          PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has
          an interest herein.

         

        NO
          TRANSFER OF THIS CLASS L-B-3 CERTIFICATE WILL BE MADE UNLESS THE TRUSTEE
          HAS
          RECEIVED (I) AN OFFICER’S CERTIFICATE IN THE FORM DESCRIBED IN SECTION 5.01(g)
          OF THE POOLING AGREEMENT AND (II) IF SO INDICATED IN SUCH OFFICER’S CERTIFICATE,
          AN OPINION OF COUNSEL ACCEPTABLE TO AND IN FORM AND SUBSTANCE SATISFACTORY
          TO
          THE TRUSTEE AND THE COMPANY TO THE EFFECT THAT THE PURCHASE AND HOLDING
          OF THIS
          CERTIFICATE ARE PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR
          RESULT
          IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION
          4975 OF THE CODE, AND WILL NOT SUBJECT THE TRUST, THE TRUSTEE, THE DELAWARE
          TRUSTEE, THE SERVICER OR THE COMPANY TO ANY OBLIGATION OR LIABILITY (INCLUDING
          OBLIGATIONS OR LIABILITIES UNDER SECTION 406 OF ERISA OR SECTION 4975 OF
          THE
          CODE) IN ADDITION TO THOSE UNDERTAKEN IN THE POOLING AGREEMENT, WHICH OPINION
          OF
          COUNSEL SHALL NOT BE AN EXPENSE OF THE TRUST, THE TRUSTEE, THE DELAWARE
          TRUSTEE,
          THE SERVICER OR THE COMPANY.

         

        NOTWITHSTANDING
          THE FOREGOING PARAGRAPH, WITH RESPECT TO THE TRANSFER OF THIS CLASS L-B-3
          CERTIFICATE TO DTC OR ANY OTHER CLEARING AGENCY OR ANY SUBSEQUENT TRANSFER
          OF
          ANY INTEREST IN THIS CERTIFICATE FOR SO LONG AS THIS CERTIFICATE IS HELD
          BY DTC
          OR ANY OTHER CLEARING AGENCY, (I) AN OFFICER’S CERTIFICATE (AND, IF APPLICABLE,
          A BENEFIT PLAN OPINION), AS DESCRIBED IN THE FOREGOING PARAGRAPH, SHALL
          NOT BE
          REQUIRED, AND (II) THE FOLLOWING CONDITIONS SHALL APPLY:

         

        1. ANY
          TRANSFEREE OF THIS CERTIFICATE WILL BE DEEMED TO HAVE REPRESENTED, BY VIRTUE
          OF
          ITS ACQUISITION OR HOLDING OF THIS CERTIFICATE (OR INTEREST HEREIN), THAT
          EITHER
          (A) SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT OR OTHER PLAN SUBJECT TO
          THE
          PROHIBITED TRANSACTION PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE,
          OR ANY
          PERSON (INCLUDING AN INVESTMENT MANAGER, A NAMED FIDUCIARY OR A TRUSTEE
          OF ANY
          SUCH PLAN) ACTING, DIRECTLY OR INDIRECTLY, ON BEHALF OF OR PURCHASING THIS
          CERTIFICATE WITH “PLAN ASSETS” OF ANY SUCH PLAN (A “PLAN INVESTOR”), (B) SUCH
          TRANSFEREE IS AN INSURANCE COMPANY, THE SOURCE OF FUNDS TO BE USED BY IT
          TO
          ACQUIRE OR HOLD THIS CERTIFICATE IS AN “INSURANCE COMPANY GENERAL ACCOUNT”
(WITHIN THE MEANING OF DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS
          EXEMPTION (“PTCE”) 95-60), AND THE CONDITIONS IN SECTIONS I AND III OF PTCE
          95-60 HAVE BEEN SATISFIED (EACH ENTITY THAT SATISFIES THIS CLAUSE (B),
          A
“COMPLYING INSURANCE COMPANY”) OR (C) THIS CERTIFICATE WAS RATED “BBB-” OR
          BETTER (OR ITS EQUIVALENT) BY AT LEAST ONE OF THE RATING AGENCIES AT THE
          TIME OF
          SUCH TRANSFEREE’S ACQUISITION OF THIS CERTIFICATE (OR INTEREST HEREIN);
          AND

         

        
          
            
            

          

          
            A-11

            
              

            

          

          
            
            

          

        

        2. IF
          THIS
          CERTIFICATE (OR ANY INTEREST HEREIN) IS ACQUIRED OR HELD IN VIOLATION OF
          THE
          PROVISIONS OF THE PRECEDING PARAGRAPH, THEN THE LAST PRECEDING TRANSFEREE
          THAT
          EITHER (I) IS NOT A PLAN INVESTOR, (II) IS A COMPLYING INSURANCE COMPANY
          OR
          (III) ACQUIRED THIS CERTIFICATE AT A TIME WHEN THIS CERTIFICATE WAS RATED
“BBB-”
OR BETTER (OR ITS EQUIVALENT) BY AT LEAST ONE OF THE RATING AGENCIES SHALL
          BE
          RESTORED, TO THE EXTENT PERMITTED BY LAW, TO ALL RIGHTS AND OBLIGATIONS
          AS
          BENEFICIAL HOLDER THEREOF RETROACTIVE TO THE DATE OF TRANSFER OF THIS
          CERTIFICATE BY SUCH PRECEDING TRANSFEREE. NEITHER THE TRUST NOR THE TRUSTEE
          SHALL BE UNDER ANY LIABILITY TO ANY PERSON FOR MAKING ANY PAYMENTS DUE
          ON THIS
          CERTIFICATE TO SUCH PRECEDING TRANSFEREE.

         

        ANY
          PURPORTED BENEFICIAL HOLDER WHOSE ACQUISITION OR HOLDING OF THIS CERTIFICATE
          (OR
          INTEREST HEREIN) WAS EFFECTED IN VIOLATION OF THE RESTRICTIONS IN SECTION
          5.01(g) OF THE POOLING AGREEMENT SHALL INDEMNIFY AND HOLD HARMLESS THE
          COMPANY,
          THE TRUSTEE, THE DELAWARE TRUSTEE, THE SERVICER, THE TRUST AND EACH UNDERWRITER
          FROM AND AGAINST ANY AND ALL LIABILITIES, CLAIMS, COSTS OR EXPENSES INCURRED
          BY
          SUCH PARTIES AS A RESULT OF SUCH ACQUISITION OR HOLDING.

         

        The
          Class
          L-B-3 Certificates will be subordinate in right of payment to and provide
          credit
          support to certain Classes of Certificates, as described in the Pooling
          Agreement.

         

        

        
          	
                  WMALT
                    Series 2006-4

                	
                  Portion
                    of the Class L-B-3 Principal Balance as of the Cut-Off Date Evidenced
                    by
                    this Certificate: 

                	
                  $902,500.00

                
	 	 	 
	 	 	 
	
                  Class
                    L-B-3 Certificate Interest Rate:

                	
                  Variable

                	 
	
                  Cut-Off
                    Date:

                	
                  April
                    1, 2006

                	 
	
                  First
                    Distribution Date:

                	
                  May
                    25, 2006

                	 
	
                  Last
                    Scheduled Distribution Date:

                	
                  April
                    25, 2036

                	 
	
                  Class
                    L-B-3 Principal Balance as of the Cut-Off Date:

                	
                  $902,500.00

                	 

        

        

        

        
          	
                  Cede
                    & Co.

                
	
                  Registered
                    Owner

                

        

         

        

        
          
            
            

          

          
            A-12

            
              

            

          

          
            
            

          

        

        

        
          	 	
                  Exhibit A

                   

                
	 	
                  CUSIP
                    939344 BA 4

                   

                

        

        

        
          	
                  WASHINGTON
                    MUTUAL MORTGAGE PASS-THROUGH CERTIFICATE

                
	 
	
                  Class
                    L-B-4

                

        

        

        Evidencing
          a beneficial interest in a pool of assets entitled to certain distributions
          with
          respect to a pool of conventional one- to four-family mortgage loans formed
          by

         

        
          	
                  WaMu
                    ASSET ACCEPTANCE CORP.

                

        

        

        This
          Certificate is issued by Washington Mutual Mortgage Pass-Through Certificates
          WMALT Series 2006-4 Trust. This Certificate represents ownership of a “regular
          interest” in a “real estate mortgage investment conduit,” as those terms are
          defined in Sections 860G and 860D, respectively, of the Internal Revenue
          Code of
          1986, as amended (the “Code”). The issue date of this Certificate is April 27,
          2006.

         

        NO
          TRANSFER OF THIS CLASS L-B-4 CERTIFICATE WILL BE MADE UNLESS THE TRUSTEE
          HAS
          RECEIVED (I) AN OFFICER’S CERTIFICATE IN THE FORM DESCRIBED IN SECTION 5.01(d)
          OF THE POOLING AGREEMENT AND (II) IF SO INDICATED IN SUCH OFFICER’S CERTIFICATE,
          AN OPINION OF COUNSEL ACCEPTABLE TO AND IN FORM AND SUBSTANCE SATISFACTORY
          TO
          THE TRUSTEE AND THE COMPANY TO THE EFFECT THAT THE PURCHASE AND HOLDING
          OF THIS
          CERTIFICATE ARE PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR
          RESULT
          IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION
          4975 OF THE CODE, AND WILL NOT SUBJECT THE TRUST, THE TRUSTEE, THE DELAWARE
          TRUSTEE, THE SERVICER OR THE COMPANY TO ANY OBLIGATION OR LIABILITY (INCLUDING
          OBLIGATIONS OR LIABILITIES UNDER SECTION 406 OF ERISA OR SECTION 4975 OF
          THE
          CODE) IN ADDITION TO THOSE UNDERTAKEN IN THE POOLING AGREEMENT, WHICH OPINION
          OF
          COUNSEL SHALL NOT BE AN EXPENSE OF THE TRUST, THE TRUSTEE, THE DELAWARE
          TRUSTEE,
          THE SERVICER OR THE COMPANY.

         

        THE
          SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
          THE
          SECURITIES ACT OF 1933. THESE SECURITIES MAY NOT BE OFFERED, SOLD, TRANSFERRED,
          PLEDGED OR HYPOTHECATED IN THE ABSENCE OF REGISTRATION OR THE AVAILABILITY
          OF AN
          EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933 AND EXCEPT
          IN
          ACCORDANCE WITH SECTION 5.01(e) OF THE POOLING AGREEMENT.

         

        The
          Class
          L-B-4 Certificates will be subordinate in right of payment to and provide
          credit
          support to certain Classes of Certificates, as described in the Pooling
          Agreement.

         

        

        
          	
                  WMALT
                    Series 2006-4

                	
                  Portion
                    of the Class L-B-4 Principal Balance as of the Cut-Off Date Evidenced
                    by
                    this Certificate: 

                	
                  $820,400.00

                
	 	 	 
	 	 	 
	
                  Class
                    L-B-4 Certificate Interest Rate:

                	
                  Variable

                	 
	
                  Cut-Off
                    Date:

                	
                  April
                    1, 2006

                	 
	
                  First
                    Distribution Date:

                	
                  May
                    25, 2006

                	 
	
                  Last
                    Scheduled Distribution Date:

                	
                  April
                    25, 2036

                	 
	
                  Class
                    L-B-4 Principal Balance as of the Cut-Off Date:

                	
                  $820,400.00

                	 

        

        

        

        
          	
                  Hare
                    & Co.

                
	
                  Registered
                    Owner

                

        

         

        

        
          
            
            

          

          
            A-13

            
              

            

          

          
            
            

          

        

        

        
          	 	
                  Exhibit A

                   

                
	 	
                  CUSIP
                    939344 BB 2

                   

                

        

        

        
          	
                  WASHINGTON
                    MUTUAL MORTGAGE PASS-THROUGH CERTIFICATE

                
	 
	
                  Class
                    L-B-5

                

        

        

        Evidencing
          a beneficial interest in a pool of assets entitled to certain distributions
          with
          respect to a pool of conventional one- to four-family mortgage loans formed
          by

         

        
          	
                  WaMu
                    ASSET ACCEPTANCE CORP.

                

        

        

        This
          Certificate is issued by Washington Mutual Mortgage Pass-Through Certificates
          WMALT Series 2006-4 Trust. This Certificate represents ownership of a “regular
          interest” in a “real estate mortgage investment conduit,” as those terms are
          defined in Sections 860G and 860D, respectively, of the Internal Revenue
          Code of
          1986, as amended (the “Code”). The issue date of this Certificate is April 27,
          2006.

         

        NO
          TRANSFER OF THIS CLASS L-B-5 CERTIFICATE WILL BE MADE UNLESS THE TRUSTEE
          HAS
          RECEIVED (I) AN OFFICER’S CERTIFICATE IN THE FORM DESCRIBED IN SECTION 5.01(d)
          OF THE POOLING AGREEMENT AND (II) IF SO INDICATED IN SUCH OFFICER’S CERTIFICATE,
          AN OPINION OF COUNSEL ACCEPTABLE TO AND IN FORM AND SUBSTANCE SATISFACTORY
          TO
          THE TRUSTEE AND THE COMPANY TO THE EFFECT THAT THE PURCHASE AND HOLDING
          OF THIS
          CERTIFICATE ARE PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR
          RESULT
          IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION
          4975 OF THE CODE, AND WILL NOT SUBJECT THE TRUST, THE TRUSTEE, THE DELAWARE
          TRUSTEE, THE SERVICER OR THE COMPANY TO ANY OBLIGATION OR LIABILITY (INCLUDING
          OBLIGATIONS OR LIABILITIES UNDER SECTION 406 OF ERISA OR SECTION 4975 OF
          THE
          CODE) IN ADDITION TO THOSE UNDERTAKEN IN THE POOLING AGREEMENT, WHICH OPINION
          OF
          COUNSEL SHALL NOT BE AN EXPENSE OF THE TRUST, THE TRUSTEE, THE DELAWARE
          TRUSTEE,
          THE SERVICER OR THE COMPANY.

         

        THE
          SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
          THE
          SECURITIES ACT OF 1933. THESE SECURITIES MAY NOT BE OFFERED, SOLD, TRANSFERRED,
          PLEDGED OR HYPOTHECATED IN THE ABSENCE OF REGISTRATION OR THE AVAILABILITY
          OF AN
          EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933 AND EXCEPT
          IN
          ACCORDANCE WITH SECTION 5.01(e) OF THE POOLING AGREEMENT.

         

        The
          Class
          L-B-5 Certificates will be subordinate in right of payment to and provide
          credit
          support to certain Classes of Certificates, as described in the Pooling
          Agreement.

         

        

        
          	
                  WMALT
                    Series 2006-4

                	
                  Portion
                    of the Class L-B-5 Principal Balance as of the Cut-Off Date Evidenced
                    by
                    this Certificate: 

                	
                  $656,300.00

                
	 	 	 
	 	 	 
	
                  Class
                    L-B-5 Certificate Interest Rate:

                	
                  Variable

                	 
	
                  Cut-Off
                    Date:

                	
                  April
                    1, 2006

                	 
	
                  First
                    Distribution Date:

                	
                  May
                    25, 2006

                	 
	
                  Last
                    Scheduled Distribution Date:

                	
                  April
                    25, 2036

                	 
	
                  Class
                    L-B-5 Principal Balance as of the Cut-Off Date:

                	
                  $656,300.00

                	 

        

        

        

        
          	
                  Hare
                    & Co.

                
	
                  Registered
                    Owner

                

        

         

        

        
          
            
            

          

          
            A-14

            
              

            

          

          
            
            

          

        

        

        
          	 	
                  Exhibit A

                   

                
	 	
                  CUSIP
                    939344 BC 0

                   

                

        

        

        
          	
                  WASHINGTON
                    MUTUAL MORTGAGE PASS-THROUGH CERTIFICATE

                
	 
	
                  Class
                    L-B-6

                

        

        

        Evidencing
          a beneficial interest in a pool of assets entitled to certain distributions
          with
          respect to a pool of conventional one- to four-family mortgage loans formed
          by

         

        
          	
                  WaMu
                    ASSET ACCEPTANCE CORP.

                

        

        

        This
          Certificate is issued by Washington Mutual Mortgage Pass-Through Certificates
          WMALT Series 2006-4 Trust. This Certificate represents ownership of a “regular
          interest” in a “real estate mortgage investment conduit,” as those terms are
          defined in Sections 860G and 860D, respectively, of the Internal Revenue
          Code of
          1986, as amended (the “Code”). The issue date of this Certificate is April 27,
          2006.

         

        NO
          TRANSFER OF THIS CLASS L-B-6 CERTIFICATE WILL BE MADE UNLESS THE TRUSTEE
          HAS
          RECEIVED (I) AN OFFICER’S CERTIFICATE IN THE FORM DESCRIBED IN SECTION 5.01(d)
          OF THE POOLING AGREEMENT AND (II) IF SO INDICATED IN SUCH OFFICER’S CERTIFICATE,
          AN OPINION OF COUNSEL ACCEPTABLE TO AND IN FORM AND SUBSTANCE SATISFACTORY
          TO
          THE TRUSTEE AND THE COMPANY TO THE EFFECT THAT THE PURCHASE AND HOLDING
          OF THIS
          CERTIFICATE ARE PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR
          RESULT
          IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION
          4975 OF THE CODE, AND WILL NOT SUBJECT THE TRUST, THE TRUSTEE, THE DELAWARE
          TRUSTEE, THE SERVICER OR THE COMPANY TO ANY OBLIGATION OR LIABILITY (INCLUDING
          OBLIGATIONS OR LIABILITIES UNDER SECTION 406 OF ERISA OR SECTION 4975 OF
          THE
          CODE) IN ADDITION TO THOSE UNDERTAKEN IN THE POOLING AGREEMENT, WHICH OPINION
          OF
          COUNSEL SHALL NOT BE AN EXPENSE OF THE TRUST, THE TRUSTEE, THE DELAWARE
          TRUSTEE,
          THE SERVICER OR THE COMPANY.

         

        THE
          SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
          THE
          SECURITIES ACT OF 1933. THESE SECURITIES MAY NOT BE OFFERED, SOLD, TRANSFERRED,
          PLEDGED OR HYPOTHECATED IN THE ABSENCE OF REGISTRATION OR THE AVAILABILITY
          OF AN
          EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933 AND EXCEPT
          IN
          ACCORDANCE WITH SECTION 5.01(e) OF THE POOLING AGREEMENT.

         

        The
          Class
          L-B-6 Certificates will be subordinate in right of payment to and provide
          credit
          support to certain Classes of Certificates, as described in the Pooling
          Agreement.

         

        

        
          	
                  WMALT
                    Series 2006-4

                	
                  Portion
                    of the Class L-B-6 Principal Balance as of the Cut-Off Date Evidenced
                    by
                    this Certificate: 

                	
                  $492,227.67

                
	 	 	 
	 	 	 
	
                  Class
                    L-B-6 Certificate Interest Rate:

                	
                  Variable

                	 
	
                  Cut-Off
                    Date:

                	
                  April
                    1, 2006

                	 
	
                  First
                    Distribution Date:

                	
                  May
                    25, 2006

                	 
	
                  Last
                    Scheduled Distribution Date:

                	
                  April
                    25, 2036

                	 
	
                  Class
                    L-B-6 Principal Balance as of the Cut-Off Date:

                	
                  $492,227.67

                	 

        

        

        

        
          	
                  Hare
                    & Co.

                
	
                  Registered
                    Owner

                

        

        

         

        
          
            
            

          

          
            A-15

            
              

            

          

          
            
            

          

        

         

        
          	 	
                  Exhibit
                    A

                   

                
	 	
                  CUSIP
                    939344 AK 3

                   

                

        

        

        
          	
                  WASHINGTON
                    MUTUAL MORTGAGE PASS-THROUGH CERTIFICATE

                
	 
	
                  Class
                    3-A-1

                

        

        

         

        Evidencing
          a beneficial interest in a pool of assets entitled to certain distributions
          with
          respect to a pool of conventional one- to four-family mortgage loans formed
          by

         

        

         

        
          	
                  WaMu
                    ASSET ACCEPTANCE CORP.

                

        

        

        This
          Certificate is issued by Washington Mutual Mortgage Pass-Through Certificates
          WMALT Series 2006-4 Trust. This Certificate represents ownership of a “regular
          interest” in a “real estate mortgage investment conduit,” as those terms are
          defined in Sections 860G and 860D, respectively, of the Internal Revenue
          Code of
          1986, as amended, together with certain rights specified in the Pooling
          Agreement. The issue date of this Certificate is April 27, 2006. 

         

        Unless
          this Certificate is presented by an authorized representative of The Depository
          Trust Company, a New York corporation (“DTC”), to the Trust 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 is requested by
          an authorized representative of DTC (and any payment is made to Cede & Co.
          or to such other entity as is requested by an authorized representative
          of DTC),
          ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
          ANY
          PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has
          an interest herein.

         

        

        
          	
                  WMALT
                    Series 2006-4

                	
                  Portion
                    of the Class 3-A-1 Principal Balance as of the Cut-Off Date Evidenced
                    by
                    this Certificate: 

                	
                  $150,000,000.00

                
	 	 	 
	 	 	 
	
                  Class
                    3-A-1 Certificate Interest Rate: 

                	
                  Variable

                	 
	
                  Cut-Off
                    Date: 

                	
                  April
                    1, 2006

                	 
	
                  First
                    Distribution Date: 

                	
                  May
                    25, 2006

                	 
	
                  Last
                    Scheduled Distribution Date: 

                	
                  May
                    25, 2036

                	 
	
                  Class
                    3-A-1 Principal Balance as of the Cut-Off Date: 

                	
                  $150,000,000.00

                	 

        

        

        

        
          	
                  Cede
                    & Co.

                
	
                  Registered
                    Owner

                

        

        
 

        
          
            
            

          

          
            A-16

            
              

            

          

          
            
            

          

        

        

        
          	 	
                  Exhibit
                    A

                   

                
	 	
                  CUSIP
                    939344 AL 1

                   

                

        

        

        
          	
                  WASHINGTON
                    MUTUAL MORTGAGE PASS-THROUGH CERTIFICATE

                
	 
	
                  Class
                    3-A-2A

                

        

        

         

        Evidencing
          a beneficial interest in a pool of assets entitled to certain distributions
          with
          respect to a pool of conventional one- to four-family mortgage loans formed
          by

         

        

         

        
          	
                  WaMu
                    ASSET ACCEPTANCE CORP.

                

        

        

        This
          Certificate is issued by Washington Mutual Mortgage Pass-Through Certificates
          WMALT Series 2006-4 Trust. This Certificate represents ownership of a “regular
          interest” in a “real estate mortgage investment conduit,” as those terms are
          defined in Sections 860G and 860D, respectively, of the Internal Revenue
          Code of
          1986, as amended, together with certain rights specified in the Pooling
          Agreement. The issue date of this Certificate is April 27, 2006. 

         

        Unless
          this Certificate is presented by an authorized representative of The Depository
          Trust Company, a New York corporation (“DTC”), to the Trust 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 is requested by
          an authorized representative of DTC (and any payment is made to Cede & Co.
          or to such other entity as is requested by an authorized representative
          of DTC),
          ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
          ANY
          PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has
          an interest herein.

         

        

        
          	
                  WMALT
                    Series 2006-4

                	
                  Portion
                    of the Class 3-A-2A Principal Balance as of the Cut-Off Date
                    Evidenced by
                    this Certificate: 

                	
                  $17,000,000.00

                
	 	 	 
	 	 	 
	
                  Class
                    3-A-2A Certificate Interest Rate: 

                	
                  Variable

                	 
	
                  Cut-Off
                    Date: 

                	
                  April
                    1, 2006

                	 
	
                  First
                    Distribution Date: 

                	
                  May
                    25, 2006

                	 
	
                  Last
                    Scheduled Distribution Date: 

                	
                  May
                    25, 2036

                	 
	
                  Class
                    3-A-2A Principal Balance as of the Cut-Off Date: 

                	
                  $17,000,000.00

                	 

        

        

        

        
          	
                  Cede
                    & Co.

                
	
                  Registered
                    Owner

                

        

        

         

        

        
          
            
            

          

          
            A-17

            
              

            

          

          
            
            

          

        

        

        
          	 	
                  Exhibit
                    A

                   

                
	 	
                  CUSIP
                    939344 AM 9

                   

                

        

        

        
          	
                  WASHINGTON
                    MUTUAL MORTGAGE PASS-THROUGH CERTIFICATE

                
	 
	
                  Class
                    3-A-2B

                

        

        

         

        Evidencing
          a beneficial interest in a pool of assets entitled to certain distributions
          with
          respect to a pool of conventional one- to four-family mortgage loans formed
          by

         

        

         

        
          	
                  WaMu
                    ASSET ACCEPTANCE CORP.

                

        

        

        This
          Certificate is issued by Washington Mutual Mortgage Pass-Through Certificates
          WMALT Series 2006-4 Trust. This Certificate represents ownership of a “regular
          interest” in a “real estate mortgage investment conduit,” as those terms are
          defined in Sections 860G and 860D, respectively, of the Internal Revenue
          Code of
          1986, as amended, together with certain rights specified in the Pooling
          Agreement. The issue date of this Certificate is April 27, 2006. 

         

        Unless
          this Certificate is presented by an authorized representative of The Depository
          Trust Company, a New York corporation (“DTC”), to the Trust 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 is requested by
          an authorized representative of DTC (and any payment is made to Cede & Co.
          or to such other entity as is requested by an authorized representative
          of DTC),
          ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
          ANY
          PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has
          an interest herein.

         

        

        
          	
                  WMALT
                    Series 2006-4

                	
                  Portion
                    of the Class 3-A-2B Principal Balance as of the Cut-Off Date
                    Evidenced by
                    this Certificate: 

                	
                  $73,147,525.00

                
	 	 	 
	 	 	 
	
                  Class
                    3-A-2B Certificate Interest Rate: 

                	
                  Variable

                	 
	
                  Cut-Off
                    Date: 

                	
                  April
                    1, 2006

                	 
	
                  First
                    Distribution Date: 

                	
                  May
                    25, 2006

                	 
	
                  Last
                    Scheduled Distribution Date: 

                	
                  May
                    25, 2036

                	 
	
                  Class
                    3-A-2B Principal Balance as of the Cut-Off Date: 

                	
                  $73,147,525.00

                	 

        

        

        

        
          	
                  Cede
                    & Co.

                
	
                  Registered
                    Owner

                

        

        

         

        

        
          
            
            

          

          
            A-18

            
              

            

          

          
            
            

          

        

        

        
          	 	
                  Exhibit
                    A

                   

                
	 	
                  CUSIP
                    939344 AN 7

                   

                

        

        

        
          	
                  WASHINGTON
                    MUTUAL MORTGAGE PASS-THROUGH CERTIFICATE

                
	 
	
                  Class
                    3-A-3

                

        

        

         

        Evidencing
          a beneficial interest in a pool of assets entitled to certain distributions
          with
          respect to a pool of conventional one- to four-family mortgage loans formed
          by

         

        

         

        
          	
                  WaMu
                    ASSET ACCEPTANCE CORP.

                

        

        

        This
          Certificate is issued by Washington Mutual Mortgage Pass-Through Certificates
          WMALT Series 2006-4 Trust. This Certificate represents ownership of a “regular
          interest” in a “real estate mortgage investment conduit,” as those terms are
          defined in Sections 860G and 860D, respectively, of the Internal Revenue
          Code of
          1986, as amended, together with certain rights specified in the Pooling
          Agreement. The issue date of this Certificate is April 27, 2006. 

         

        Unless
          this Certificate is presented by an authorized representative of The Depository
          Trust Company, a New York corporation (“DTC”), to the Trust 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 is requested by
          an authorized representative of DTC (and any payment is made to Cede & Co.
          or to such other entity as is requested by an authorized representative
          of DTC),
          ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
          ANY
          PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has
          an interest herein.

         

        

        
          	
                  WMALT
                    Series 2006-4

                	
                  Portion
                    of the Class 3-A-3 Principal Balance as of the Cut-Off Date Evidenced
                    by
                    this Certificate: 

                	
                  $33,547,333.00

                
	 	 	 
	 	 	 
	
                  Class
                    3-A-3 Certificate Interest Rate: 

                	
                  Variable

                	 
	
                  Cut-Off
                    Date: 

                	
                  April
                    1, 2006

                	 
	
                  First
                    Distribution Date: 

                	
                  May
                    25, 2006

                	 
	
                  Last
                    Scheduled Distribution Date: 

                	
                  May
                    25, 2036

                	 
	
                  Class
                    3-A-3 Principal Balance as of the Cut-Off Date: 

                	
                  $33,547,333.00

                	 

        

        

        

        
          	
                  Cede
                    & Co.

                
	
                  Registered
                    Owner

                

        

        

         

        

        
          
            
            

          

          
            A-19

            
              

            

          

          
            
            

          

        

        

        
          	 	
                  Exhibit
                    A

                   

                
	 	
                  CUSIP
                    939344 AP 2

                   

                

        

        

        
          	
                  WASHINGTON
                    MUTUAL MORTGAGE PASS-THROUGH CERTIFICATE

                
	 
	
                  Class
                    3-A-4

                

        

        

         

        Evidencing
          a beneficial interest in a pool of assets entitled to certain distributions
          with
          respect to a pool of conventional one- to four-family mortgage loans formed
          by

         

        

         

        
          	
                  WaMu
                    ASSET ACCEPTANCE CORP.

                

        

        

        This
          Certificate is issued by Washington Mutual Mortgage Pass-Through Certificates
          WMALT Series 2006-4 Trust. This Certificate represents ownership of a “regular
          interest” in a “real estate mortgage investment conduit,” as those terms are
          defined in Sections 860G and 860D, respectively, of the Internal Revenue
          Code of
          1986, as amended, together with certain rights specified in the Pooling
          Agreement. The issue date of this Certificate is April 27, 2006. 

         

        Unless
          this Certificate is presented by an authorized representative of The Depository
          Trust Company, a New York corporation (“DTC”), to the Trust 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 is requested by
          an authorized representative of DTC (and any payment is made to Cede & Co.
          or to such other entity as is requested by an authorized representative
          of DTC),
          ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
          ANY
          PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has
          an interest herein.

         

        

        
          	
                  WMALT
                    Series 2006-4

                	
                  Portion
                    of the Class 3-A-4 Principal Balance as of the Cut-Off Date Evidenced
                    by
                    this Certificate: 

                	
                  $25,338,024.00

                
	 	 	 
	 	 	 
	
                  Class
                    3-A-4 Certificate Interest Rate: 

                	
                  Variable

                	 
	
                  Cut-Off
                    Date: 

                	
                  April
                    1, 2006

                	 
	
                  First
                    Distribution Date: 

                	
                  May
                    25, 2006

                	 
	
                  Last
                    Scheduled Distribution Date: 

                	
                  May
                    25, 2036

                	 
	
                  Class
                    3-A-4 Principal Balance as of the Cut-Off Date: 

                	
                  $25,338,024.00

                	 

        

        

        

        
          	
                  Cede
                    & Co.

                
	
                  Registered
                    Owner

                

        

        

         

        
          
            
            

          

          
            A-20

            
              

            

          

          
            
            

          

        

        

        
          	 	
                  Exhibit
                    A

                   

                
	 	
                  CUSIP
                    939344 AQ 0

                   

                

        

        

        
          	
                  WASHINGTON
                    MUTUAL MORTGAGE PASS-THROUGH CERTIFICATE

                
	 
	
                  Class
                    3-A-5

                

        

        

         

        Evidencing
          a beneficial interest in a pool of assets entitled to certain distributions
          with
          respect to a pool of conventional one- to four-family mortgage loans formed
          by

         

        

         

        
          	
                  WaMu
                    ASSET ACCEPTANCE CORP.

                

        

        

        This
          Certificate is issued by Washington Mutual Mortgage Pass-Through Certificates
          WMALT Series 2006-4 Trust. This Certificate represents ownership of a “regular
          interest” in a “real estate mortgage investment conduit,” as those terms are
          defined in Sections 860G and 860D, respectively, of the Internal Revenue
          Code of
          1986, as amended, together with certain rights specified in the Pooling
          Agreement. The issue date of this Certificate is April 27, 2006. 

         

        Unless
          this Certificate is presented by an authorized representative of The Depository
          Trust Company, a New York corporation (“DTC”), to the Trust 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 is requested by
          an authorized representative of DTC (and any payment is made to Cede & Co.
          or to such other entity as is requested by an authorized representative
          of DTC),
          ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
          ANY
          PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has
          an interest herein.

         

        

        
          	
                  WMALT
                    Series 2006-4

                	
                  Portion
                    of the Class 3-A-5 Principal Balance as of the Cut-Off Date Evidenced
                    by
                    this Certificate: 

                	
                  $12,785,809.00

                
	 	 	 
	 	 	 
	
                  Class
                    3-A-5 Certificate Interest Rate: 

                	
                  Variable

                	 
	
                  Cut-Off
                    Date: 

                	
                  April
                    1, 2006

                	 
	
                  First
                    Distribution Date: 

                	
                  May
                    25, 2006

                	 
	
                  Last
                    Scheduled Distribution Date: 

                	
                  May
                    25, 2036

                	 
	
                  Class
                    3-A-5 Principal Balance as of the Cut-Off Date: 

                	
                  $12,785,809.00

                	 

        

        

        

        
          	
                  Cede
                    & Co.

                
	
                  Registered
                    Owner

                

        

        

         

        
          
            
            

          

          
            A-21

            
              

            

          

          
            
            

          

        

        

        
          	 	
                  Exhibit
                    A

                   

                
	 	
                  CUSIP
                    939344 AR 8

                   

                

        

        

        
          	
                  WASHINGTON
                    MUTUAL MORTGAGE PASS-THROUGH CERTIFICATE

                
	 
	
                  Class
                    3-A-6

                

        

        

         

        Evidencing
          a beneficial interest in a pool of assets entitled to certain distributions
          with
          respect to a pool of conventional one- to four-family mortgage loans formed
          by

         

        

         

        
          	
                  WaMu
                    ASSET ACCEPTANCE CORP.

                

        

        

        This
          Certificate is issued by Washington Mutual Mortgage Pass-Through Certificates
          WMALT Series 2006-4 Trust. This Certificate represents ownership of a “regular
          interest” in a “real estate mortgage investment conduit,” as those terms are
          defined in Sections 860G and 860D, respectively, of the Internal Revenue
          Code of
          1986, as amended, together with certain rights specified in the Pooling
          Agreement. The issue date of this Certificate is April 27, 2006. 

         

        Unless
          this Certificate is presented by an authorized representative of The Depository
          Trust Company, a New York corporation (“DTC”), to the Trust 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 is requested by
          an authorized representative of DTC (and any payment is made to Cede & Co.
          or to such other entity as is requested by an authorized representative
          of DTC),
          ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
          ANY
          PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has
          an interest herein.

         

        

        
          	
                  WMALT
                    Series 2006-4

                	
                  Portion
                    of the Class 3-A-6 Principal Balance as of the Cut-Off Date Evidenced
                    by
                    this Certificate: 

                	
                  $18,256,489.00

                
	 	 	 
	 	 	 
	
                  Class
                    3-A-6 Certificate Interest Rate: 

                	
                  Variable

                	 
	
                  Cut-Off
                    Date: 

                	
                  April
                    1, 2006

                	 
	
                  First
                    Distribution Date: 

                	
                  May
                    25, 2006

                	 
	
                  Last
                    Scheduled Distribution Date: 

                	
                  May
                    25, 2036

                	 
	
                  Class
                    3-A-6 Principal Balance as of the Cut-Off Date: 

                	
                  $18,256,489.00

                	 

        

        

        

        
          	
                  Cede
                    & Co.

                
	
                  Registered
                    Owner

                

        

        

         

        
          
            
            

          

          
            A-22

            
              

            

          

          
            
            

          

        

        

        
          	 	
                  Exhibit A

                   

                
	 	
                  CUSIP
                    939344 AS 6

                   

                

        

        

        
          	
                  WASHINGTON
                    MUTUAL MORTGAGE PASS-THROUGH CERTIFICATE

                
	 
	
                  Class
                    3-IO

                

        

        

        Evidencing
          a beneficial interest in a pool of assets entitled to certain distributions
          with
          respect to a pool of conventional one- to four-family mortgage loans formed
          by

         

        
          	
                  WaMu
                    ASSET ACCEPTANCE CORP.

                

        

        

        This
          Certificate is issued by Washington Mutual Mortgage Pass-Through Certificates
          WMALT Series 2006-4 Trust. This Certificate represents ownership of a “regular
          interest” in a “real estate mortgage investment conduit,” as those terms are
          defined in Sections 860G and 860D, respectively, of the Internal Revenue
          Code of
          1986, as amended. The issue date of this Certificate is April 27, 2006.
          

         

        Unless
          this Certificate is presented by an authorized representative of The Depository
          Trust Company, a New York corporation (“DTC”), to the Trust 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 is requested by
          an authorized representative of DTC (and any payment is made to Cede & Co.
          or to such other entity as is requested by an authorized representative
          of DTC),
          ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
          ANY
          PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has
          an interest herein.

         

        

        
          	
                  WMALT
                    Series 2006-4

                	
                  Portion
                    of the Class 3-IO Notional Amount as of the Cut-Off Date Evidenced
                    by this
                    Certificate:

                	
                  $18,750,000.00

                
	 	 	 
	 	 	 
	
                  Class
                    3-IO Certificate Interest Rate: 

                	
                  Variable,
                    applied to the Class 3-IO Notional Amount

                	 
	
                  Cut-Off
                    Date: 

                	
                  April
                    1, 2006

                	 
	
                  First
                    Distribution Date: 

                	
                  May
                    25, 2006

                	 
	
                  Last
                    Scheduled Distribution Date: 

                	
                  March
                    25, 2008

                	 
	
                  Class
                    3-IO Principal Balance as of the Cut-Off Date: 

                	
                  $0.00

                	 
	
                  Class
                    3-IO Notional Amount as of the Cut-Off Date:

                	
                  $18,750,000.00

                	 

        

        

        

        
          	
                  Cede
                    & Co.

                
	
                  Registered
                    Owner

                

        

        

         

        
          
            
            

          

          
            A-23

            
              

            

          

          
            
            

          

        

         

        
          	 	
                  Exhibit A

                   

                
	 	
                  CUSIP
                    939344 AT 4

                   

                

        

        

        
          	
                  WASHINGTON
                    MUTUAL MORTGAGE PASS-THROUGH CERTIFICATE

                
	 
	
                  Class
                    3-M-1

                

        

        

        Evidencing
          a beneficial interest in a pool of assets entitled to certain distributions
          with
          respect to a pool of conventional one- to four-family mortgage loans formed
          by

         

        
          	
                  WaMu
                    ASSET ACCEPTANCE CORP.

                

        

        

        This
          Certificate is issued by Washington Mutual Mortgage Pass-Through Certificates
          WMALT Series 2006-4 Trust. This Certificate represents ownership of a “regular
          interest” in a “real estate mortgage investment conduit,” as those terms are
          defined in Sections 860G and 860D, respectively, of the Internal Revenue
          Code of
          1986, as amended (the “Code”), together with certain rights specified in the
          Pooling Agreement. The issue date of this Certificate is April 27,
          2006.

         

        Unless
          this Certificate is presented by an authorized representative of The Depository
          Trust Company, a New York corporation (“DTC”), to the Trust 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 is requested by
          an authorized representative of DTC (and any payment is made to Cede & Co.
          or to such other entity as is requested by an authorized representative
          of DTC),
          ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
          ANY
          PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has
          an interest herein.

         

        NO
          TRANSFER OF THIS CLASS 3-M-1 CERTIFICATE WILL BE MADE UNLESS THE TRUSTEE
          HAS
          RECEIVED (I) AN OFFICER’S CERTIFICATE IN THE FORM DESCRIBED IN SECTION 5.01(g)
          OF THE POOLING AGREEMENT AND (II) IF SO INDICATED IN SUCH OFFICER’S CERTIFICATE,
          AN OPINION OF COUNSEL ACCEPTABLE TO AND IN FORM AND SUBSTANCE SATISFACTORY
          TO
          THE TRUSTEE AND THE COMPANY TO THE EFFECT THAT THE PURCHASE AND HOLDING
          OF THIS
          CERTIFICATE ARE PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR
          RESULT
          IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION
          4975 OF THE CODE, AND WILL NOT SUBJECT THE TRUST, THE TRUSTEE, THE DELAWARE
          TRUSTEE, THE SERVICER OR THE COMPANY TO ANY OBLIGATION OR LIABILITY (INCLUDING
          OBLIGATIONS OR LIABILITIES UNDER SECTION 406 OF ERISA OR SECTION 4975 OF
          THE
          CODE) IN ADDITION TO THOSE UNDERTAKEN IN THE POOLING AGREEMENT, WHICH OPINION
          OF
          COUNSEL SHALL NOT BE AN EXPENSE OF THE TRUST, THE TRUSTEE, THE DELAWARE
          TRUSTEE,
          THE SERVICER OR THE COMPANY.

         

        NOTWITHSTANDING
          THE FOREGOING PARAGRAPH, WITH RESPECT TO THE TRANSFER OF THIS CLASS 3-M-1
          CERTIFICATE TO DTC OR ANY OTHER CLEARING AGENCY OR ANY SUBSEQUENT TRANSFER
          OF
          ANY INTEREST IN THIS CERTIFICATE FOR SO LONG AS THIS CERTIFICATE IS HELD
          BY DTC
          OR ANY OTHER CLEARING AGENCY, (I) AN OFFICER’S CERTIFICATE (AND, IF APPLICABLE,
          A BENEFIT PLAN OPINION), AS DESCRIBED IN THE FOREGOING PARAGRAPH, SHALL
          NOT BE
          REQUIRED, AND (II) THE FOLLOWING CONDITIONS SHALL APPLY:

         

        1. ANY
          TRANSFEREE OF THIS CERTIFICATE WILL BE DEEMED TO HAVE REPRESENTED, BY VIRTUE
          OF
          ITS ACQUISITION OR HOLDING OF THIS CERTIFICATE (OR INTEREST HEREIN), THAT
          EITHER
          (A) SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT OR OTHER PLAN SUBJECT TO
          THE
          PROHIBITED TRANSACTION PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE,
          OR ANY
          PERSON (INCLUDING AN INVESTMENT MANAGER, A NAMED FIDUCIARY OR A TRUSTEE
          OF ANY
          SUCH PLAN) ACTING, DIRECTLY OR INDIRECTLY, ON BEHALF OF OR PURCHASING THIS
          CERTIFICATE WITH “PLAN ASSETS” OF ANY SUCH PLAN (A “PLAN INVESTOR”), (B) SUCH
          TRANSFEREE IS AN INSURANCE COMPANY, THE SOURCE OF FUNDS TO BE USED BY IT
          TO
          ACQUIRE OR HOLD THIS CERTIFICATE IS AN “INSURANCE COMPANY GENERAL ACCOUNT”
(WITHIN THE MEANING OF DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS
          EXEMPTION (“PTCE”) 95-60), AND THE CONDITIONS IN SECTIONS I AND III OF PTCE
          95-60 HAVE BEEN SATISFIED (EACH ENTITY THAT SATISFIES THIS CLAUSE (B),
          A
“COMPLYING INSURANCE COMPANY”) OR (C) THIS CERTIFICATE WAS RATED “BBB-” OR
          BETTER (OR ITS EQUIVALENT) BY AT LEAST ONE OF THE RATING AGENCIES AT THE
          TIME OF
          SUCH TRANSFEREE’S ACQUISITION OF THIS CERTIFICATE (OR INTEREST HEREIN);
          AND

         

        
          
            
            

          

          
            A-24

            
              

            

          

          
            
            

          

        

        2. IF
          THIS
          CERTIFICATE (OR ANY INTEREST HEREIN) IS ACQUIRED OR HELD IN VIOLATION OF
          THE
          PROVISIONS OF THE PRECEDING PARAGRAPH, THEN THE LAST PRECEDING TRANSFEREE
          THAT
          EITHER (I) IS NOT A PLAN INVESTOR, (II) IS A COMPLYING INSURANCE COMPANY
          OR
          (III) ACQUIRED THIS CERTIFICATE AT A TIME WHEN THIS CERTIFICATE WAS RATED
“BBB-”
OR BETTER (OR ITS EQUIVALENT) BY AT LEAST ONE OF THE RATING AGENCIES SHALL
          BE
          RESTORED, TO THE EXTENT PERMITTED BY LAW, TO ALL RIGHTS AND OBLIGATIONS
          AS
          BENEFICIAL HOLDER THEREOF RETROACTIVE TO THE DATE OF TRANSFER OF THIS
          CERTIFICATE BY SUCH PRECEDING TRANSFEREE. NEITHER THE TRUST NOR THE TRUSTEE
          SHALL BE UNDER ANY LIABILITY TO ANY PERSON FOR MAKING ANY PAYMENTS DUE
          ON THIS
          CERTIFICATE TO SUCH PRECEDING TRANSFEREE.

         

        ANY
          PURPORTED BENEFICIAL HOLDER WHOSE ACQUISITION OR HOLDING OF THIS CERTIFICATE
          (OR
          INTEREST HEREIN) WAS EFFECTED IN VIOLATION OF THE RESTRICTIONS IN SECTION
          5.01(g) OF THE POOLING AGREEMENT SHALL INDEMNIFY AND HOLD HARMLESS THE
          COMPANY,
          THE TRUSTEE, THE DELAWARE TRUSTEE, THE SERVICER, THE TRUST AND EACH UNDERWRITER
          FROM AND AGAINST ANY AND ALL LIABILITIES, CLAIMS, COSTS OR EXPENSES INCURRED
          BY
          SUCH PARTIES AS A RESULT OF SUCH ACQUISITION OR HOLDING.

         

        The
          Class
          3-M-1 Certificates will be subordinate in right of payment to and provide
          credit
          support to certain Classes of Certificates, as described in the Pooling
          Agreement.

         

        

        
          	
                  WMALT
                    Series 2006-4

                	
                  Portion
                    of the Class 3-M-1 Principal Balance as of the Cut-Off Date Evidenced
                    by
                    this Certificate: 

                	
                  $10,741,553.00

                
	 	 	 
	 	 	 
	
                  Class
                    3-M-1 Certificate Interest Rate:

                	
                  Variable

                	 
	
                  Cut-Off
                    Date:

                	
                  April
                    1, 2006

                	 
	
                  First
                    Distribution Date:

                	
                  May
                    25, 2006

                	 
	
                  Last
                    Scheduled Distribution Date:

                	
                  May
                    25, 2036

                	 
	
                  Class
                    3-M-1 Principal Balance as of the Cut-Off Date:

                	
                  $10,741,553.00

                	 

        

        

        

        
          	
                  Cede
                    & Co.

                
	
                  Registered
                    Owner

                

        

      

       

      
        

        
          
            
            

          

          
            A-25

            
              

            

          

          
            
            

          

        

        

        
          	 	
                  Exhibit A

                   

                
	 	
                  CUSIP
                    939344 AU 1

                   

                

        

        

        
          	
                  WASHINGTON
                    MUTUAL MORTGAGE PASS-THROUGH CERTIFICATE

                
	 
	
                  Class
                    3-M-2

                

        

        

        Evidencing
          a beneficial interest in a pool of assets entitled to certain distributions
          with
          respect to a pool of conventional one- to four-family mortgage loans formed
          by

         

        
          	
                  WaMu
                    ASSET ACCEPTANCE CORP.

                

        

        

        This
          Certificate is issued by Washington Mutual Mortgage Pass-Through Certificates
          WMALT Series 2006-4 Trust. This Certificate represents ownership of a “regular
          interest” in a “real estate mortgage investment conduit,” as those terms are
          defined in Sections 860G and 860D, respectively, of the Internal Revenue
          Code of
          1986, as amended (the “Code”), together with certain rights specified in the
          Pooling Agreement. The issue date of this Certificate is April 27,
          2006.

         

        Unless
          this Certificate is presented by an authorized representative of The Depository
          Trust Company, a New York corporation (“DTC”), to the Trust 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 is requested by
          an authorized representative of DTC (and any payment is made to Cede & Co.
          or to such other entity as is requested by an authorized representative
          of DTC),
          ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
          ANY
          PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has
          an interest herein.

         

        NO
          TRANSFER OF THIS CLASS 3-M-2 CERTIFICATE WILL BE MADE UNLESS THE TRUSTEE
          HAS
          RECEIVED (I) AN OFFICER’S CERTIFICATE IN THE FORM DESCRIBED IN SECTION 5.01(g)
          OF THE POOLING AGREEMENT AND (II) IF SO INDICATED IN SUCH OFFICER’S CERTIFICATE,
          AN OPINION OF COUNSEL ACCEPTABLE TO AND IN FORM AND SUBSTANCE SATISFACTORY
          TO
          THE TRUSTEE AND THE COMPANY TO THE EFFECT THAT THE PURCHASE AND HOLDING
          OF THIS
          CERTIFICATE ARE PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR
          RESULT
          IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION
          4975 OF THE CODE, AND WILL NOT SUBJECT THE TRUST, THE TRUSTEE, THE DELAWARE
          TRUSTEE, THE SERVICER OR THE COMPANY TO ANY OBLIGATION OR LIABILITY (INCLUDING
          OBLIGATIONS OR LIABILITIES UNDER SECTION 406 OF ERISA OR SECTION 4975 OF
          THE
          CODE) IN ADDITION TO THOSE UNDERTAKEN IN THE POOLING AGREEMENT, WHICH OPINION
          OF
          COUNSEL SHALL NOT BE AN EXPENSE OF THE TRUST, THE TRUSTEE, THE DELAWARE
          TRUSTEE,
          THE SERVICER OR THE COMPANY.

         

        NOTWITHSTANDING
          THE FOREGOING PARAGRAPH, WITH RESPECT TO THE TRANSFER OF THIS CLASS 3-M-2
          CERTIFICATE TO DTC OR ANY OTHER CLEARING AGENCY OR ANY SUBSEQUENT TRANSFER
          OF
          ANY INTEREST IN THIS CERTIFICATE FOR SO LONG AS THIS CERTIFICATE IS HELD
          BY DTC
          OR ANY OTHER CLEARING AGENCY, (I) AN OFFICER’S CERTIFICATE (AND, IF APPLICABLE,
          A BENEFIT PLAN OPINION), AS DESCRIBED IN THE FOREGOING PARAGRAPH, SHALL
          NOT BE
          REQUIRED, AND (II) THE FOLLOWING CONDITIONS SHALL APPLY:

         

        1. ANY
          TRANSFEREE OF THIS CERTIFICATE WILL BE DEEMED TO HAVE REPRESENTED, BY VIRTUE
          OF
          ITS ACQUISITION OR HOLDING OF THIS CERTIFICATE (OR INTEREST HEREIN), THAT
          EITHER
          (A) SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT OR OTHER PLAN SUBJECT TO
          THE
          PROHIBITED TRANSACTION PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE,
          OR ANY
          PERSON (INCLUDING AN INVESTMENT MANAGER, A NAMED FIDUCIARY OR A TRUSTEE
          OF ANY
          SUCH PLAN) ACTING, DIRECTLY OR INDIRECTLY, ON BEHALF OF OR PURCHASING THIS
          CERTIFICATE WITH “PLAN ASSETS” OF ANY SUCH PLAN (A “PLAN INVESTOR”), (B) SUCH
          TRANSFEREE IS AN INSURANCE COMPANY, THE SOURCE OF FUNDS TO BE USED BY IT
          TO
          ACQUIRE OR HOLD THIS CERTIFICATE IS AN “INSURANCE COMPANY GENERAL ACCOUNT”
(WITHIN THE MEANING OF DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS
          EXEMPTION (“PTCE”) 95-60), AND THE CONDITIONS IN SECTIONS I AND III OF PTCE
          95-60 HAVE BEEN SATISFIED (EACH ENTITY THAT SATISFIES THIS CLAUSE (B),
          A
“COMPLYING INSURANCE COMPANY”) OR (C) THIS CERTIFICATE WAS RATED “BBB-” OR
          BETTER (OR ITS EQUIVALENT) BY AT LEAST ONE OF THE RATING AGENCIES AT THE
          TIME OF
          SUCH TRANSFEREE’S ACQUISITION OF THIS CERTIFICATE (OR INTEREST HEREIN);
          AND

         

        
          
            
            

          

          
            A-26

            
              

            

          

          
            
            

          

        

        2. IF
          THIS
          CERTIFICATE (OR ANY INTEREST HEREIN) IS ACQUIRED OR HELD IN VIOLATION OF
          THE
          PROVISIONS OF THE PRECEDING PARAGRAPH, THEN THE LAST PRECEDING TRANSFEREE
          THAT
          EITHER (I) IS NOT A PLAN INVESTOR, (II) IS A COMPLYING INSURANCE COMPANY
          OR
          (III) ACQUIRED THIS CERTIFICATE AT A TIME WHEN THIS CERTIFICATE WAS RATED
“BBB-”
OR BETTER (OR ITS EQUIVALENT) BY AT LEAST ONE OF THE RATING AGENCIES SHALL
          BE
          RESTORED, TO THE EXTENT PERMITTED BY LAW, TO ALL RIGHTS AND OBLIGATIONS
          AS
          BENEFICIAL HOLDER THEREOF RETROACTIVE TO THE DATE OF TRANSFER OF THIS
          CERTIFICATE BY SUCH PRECEDING TRANSFEREE. NEITHER THE TRUST NOR THE TRUSTEE
          SHALL BE UNDER ANY LIABILITY TO ANY PERSON FOR MAKING ANY PAYMENTS DUE
          ON THIS
          CERTIFICATE TO SUCH PRECEDING TRANSFEREE.

         

        ANY
          PURPORTED BENEFICIAL HOLDER WHOSE ACQUISITION OR HOLDING OF THIS CERTIFICATE
          (OR
          INTEREST HEREIN) WAS EFFECTED IN VIOLATION OF THE RESTRICTIONS IN SECTION
          5.01(g) OF THE POOLING AGREEMENT SHALL INDEMNIFY AND HOLD HARMLESS THE
          COMPANY,
          THE TRUSTEE, THE DELAWARE TRUSTEE, THE SERVICER, THE TRUST AND EACH UNDERWRITER
          FROM AND AGAINST ANY AND ALL LIABILITIES, CLAIMS, COSTS OR EXPENSES INCURRED
          BY
          SUCH PARTIES AS A RESULT OF SUCH ACQUISITION OR HOLDING.

         

        The
          Class
          3-M-2 Certificates will be subordinate in right of payment to and provide
          credit
          support to certain Classes of Certificates, as described in the Pooling
          Agreement.

         

        

        
          	
                  WMALT
                    Series 2006-4

                	
                  Portion
                    of the Class 3-M-2 Principal Balance as of the Cut-Off Date Evidenced
                    by
                    this Certificate: 

                	
                  $8,010,650.00

                
	 	 	 
	 	 	 
	
                  Class
                    3-M-2 Certificate Interest Rate:

                	
                  Variable

                	 
	
                  Cut-Off
                    Date:

                	
                  April
                    1, 2006

                	 
	
                  First
                    Distribution Date:

                	
                  May
                    25, 2006

                	 
	
                  Last
                    Scheduled Distribution Date:

                	
                  May
                    25, 2036

                	 
	
                  Class
                    3-M-2 Principal Balance as of the Cut-Off Date:

                	
                  $8,010,650.00

                	 

        

        

        

        
          	
                  Cede
                    & Co.

                
	
                  Registered
                    Owner

                

        

         

        

        
          
            
            

          

          
            A-27

            
              

            

          

          
            
            

          

        

        

        
          	 	
                  Exhibit A

                   

                
	 	
                  CUSIP
                    939344 AV 9

                   

                

        

        

        
          	
                  WASHINGTON
                    MUTUAL MORTGAGE PASS-THROUGH CERTIFICATE

                
	 
	
                  Class
                    3-M-3

                

        

        

        Evidencing
          a beneficial interest in a pool of assets entitled to certain distributions
          with
          respect to a pool of conventional one- to four-family mortgage loans formed
          by

         

        
          	
                  WaMu
                    ASSET ACCEPTANCE CORP.

                

        

        

        This
          Certificate is issued by Washington Mutual Mortgage Pass-Through Certificates
          WMALT Series 2006-4 Trust. This Certificate represents ownership of a “regular
          interest” in a “real estate mortgage investment conduit,” as those terms are
          defined in Sections 860G and 860D, respectively, of the Internal Revenue
          Code of
          1986, as amended (the “Code”), together with certain rights specified in the
          Pooling Agreement. The issue date of this Certificate is April 27,
          2006.

         

        Unless
          this Certificate is presented by an authorized representative of The Depository
          Trust Company, a New York corporation (“DTC”), to the Trust 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 is requested by
          an authorized representative of DTC (and any payment is made to Cede & Co.
          or to such other entity as is requested by an authorized representative
          of DTC),
          ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
          ANY
          PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has
          an interest herein.

         

        NO
          TRANSFER OF THIS CLASS 3-M-3 CERTIFICATE WILL BE MADE UNLESS THE TRUSTEE
          HAS
          RECEIVED (I) AN OFFICER’S CERTIFICATE IN THE FORM DESCRIBED IN SECTION 5.01(g)
          OF THE POOLING AGREEMENT AND (II) IF SO INDICATED IN SUCH OFFICER’S CERTIFICATE,
          AN OPINION OF COUNSEL ACCEPTABLE TO AND IN FORM AND SUBSTANCE SATISFACTORY
          TO
          THE TRUSTEE AND THE COMPANY TO THE EFFECT THAT THE PURCHASE AND HOLDING
          OF THIS
          CERTIFICATE ARE PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR
          RESULT
          IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION
          4975 OF THE CODE, AND WILL NOT SUBJECT THE TRUST, THE TRUSTEE, THE DELAWARE
          TRUSTEE, THE SERVICER OR THE COMPANY TO ANY OBLIGATION OR LIABILITY (INCLUDING
          OBLIGATIONS OR LIABILITIES UNDER SECTION 406 OF ERISA OR SECTION 4975 OF
          THE
          CODE) IN ADDITION TO THOSE UNDERTAKEN IN THE POOLING AGREEMENT, WHICH OPINION
          OF
          COUNSEL SHALL NOT BE AN EXPENSE OF THE TRUST, THE TRUSTEE, THE DELAWARE
          TRUSTEE,
          THE SERVICER OR THE COMPANY.

         

        NOTWITHSTANDING
          THE FOREGOING PARAGRAPH, WITH RESPECT TO THE TRANSFER OF THIS CLASS 3-M-3
          CERTIFICATE TO DTC OR ANY OTHER CLEARING AGENCY OR ANY SUBSEQUENT TRANSFER
          OF
          ANY INTEREST IN THIS CERTIFICATE FOR SO LONG AS THIS CERTIFICATE IS HELD
          BY DTC
          OR ANY OTHER CLEARING AGENCY, (I) AN OFFICER’S CERTIFICATE (AND, IF APPLICABLE,
          A BENEFIT PLAN OPINION), AS DESCRIBED IN THE FOREGOING PARAGRAPH, SHALL
          NOT BE
          REQUIRED, AND (II) THE FOLLOWING CONDITIONS SHALL APPLY:

         

        1. ANY
          TRANSFEREE OF THIS CERTIFICATE WILL BE DEEMED TO HAVE REPRESENTED, BY VIRTUE
          OF
          ITS ACQUISITION OR HOLDING OF THIS CERTIFICATE (OR INTEREST HEREIN), THAT
          EITHER
          (A) SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT OR OTHER PLAN SUBJECT TO
          THE
          PROHIBITED TRANSACTION PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE,
          OR ANY
          PERSON (INCLUDING AN INVESTMENT MANAGER, A NAMED FIDUCIARY OR A TRUSTEE
          OF ANY
          SUCH PLAN) ACTING, DIRECTLY OR INDIRECTLY, ON BEHALF OF OR PURCHASING THIS
          CERTIFICATE WITH “PLAN ASSETS” OF ANY SUCH PLAN (A “PLAN INVESTOR”), (B) SUCH
          TRANSFEREE IS AN INSURANCE COMPANY, THE SOURCE OF FUNDS TO BE USED BY IT
          TO
          ACQUIRE OR HOLD THIS CERTIFICATE IS AN “INSURANCE COMPANY GENERAL ACCOUNT”
(WITHIN THE MEANING OF DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS
          EXEMPTION (“PTCE”) 95-60), AND THE CONDITIONS IN SECTIONS I AND III OF PTCE
          95-60 HAVE BEEN SATISFIED (EACH ENTITY THAT SATISFIES THIS CLAUSE (B),
          A
“COMPLYING INSURANCE COMPANY”) OR (C) THIS CERTIFICATE WAS RATED “BBB-” OR
          BETTER (OR ITS EQUIVALENT) BY AT LEAST ONE OF THE RATING AGENCIES AT THE
          TIME OF
          SUCH TRANSFEREE’S ACQUISITION OF THIS CERTIFICATE (OR INTEREST HEREIN);
          AND

         

        
          
            
            

          

          
            A-28

            
              

            

          

          
            
            

          

        

        2. IF
          THIS
          CERTIFICATE (OR ANY INTEREST HEREIN) IS ACQUIRED OR HELD IN VIOLATION OF
          THE
          PROVISIONS OF THE PRECEDING PARAGRAPH, THEN THE LAST PRECEDING TRANSFEREE
          THAT
          EITHER (I) IS NOT A PLAN INVESTOR, (II) IS A COMPLYING INSURANCE COMPANY
          OR
          (III) ACQUIRED THIS CERTIFICATE AT A TIME WHEN THIS CERTIFICATE WAS RATED
“BBB-”
OR BETTER (OR ITS EQUIVALENT) BY AT LEAST ONE OF THE RATING AGENCIES SHALL
          BE
          RESTORED, TO THE EXTENT PERMITTED BY LAW, TO ALL RIGHTS AND OBLIGATIONS
          AS
          BENEFICIAL HOLDER THEREOF RETROACTIVE TO THE DATE OF TRANSFER OF THIS
          CERTIFICATE BY SUCH PRECEDING TRANSFEREE. NEITHER THE TRUST NOR THE TRUSTEE
          SHALL BE UNDER ANY LIABILITY TO ANY PERSON FOR MAKING ANY PAYMENTS DUE
          ON THIS
          CERTIFICATE TO SUCH PRECEDING TRANSFEREE.

         

        ANY
          PURPORTED BENEFICIAL HOLDER WHOSE ACQUISITION OR HOLDING OF THIS CERTIFICATE
          (OR
          INTEREST HEREIN) WAS EFFECTED IN VIOLATION OF THE RESTRICTIONS IN SECTION
          5.01(g) OF THE POOLING AGREEMENT SHALL INDEMNIFY AND HOLD HARMLESS THE
          COMPANY,
          THE TRUSTEE, THE DELAWARE TRUSTEE, THE SERVICER, THE TRUST AND EACH UNDERWRITER
          FROM AND AGAINST ANY AND ALL LIABILITIES, CLAIMS, COSTS OR EXPENSES INCURRED
          BY
          SUCH PARTIES AS A RESULT OF SUCH ACQUISITION OR HOLDING.

         

        The
          Class
          3-M-3 Certificates will be subordinate in right of payment to and provide
          credit
          support to certain Classes of Certificates, as described in the Pooling
          Agreement.

         

        

        
          	
                  WMALT
                    Series 2006-4

                	
                  Portion
                    of the Class 3-M-3 Principal Balance as of the Cut-Off Date Evidenced
                    by
                    this Certificate: 

                	
                  $5,643,867.00

                
	 	 	 
	 	 	 
	
                  Class
                    3-M-3 Certificate Interest Rate:

                	
                  Variable

                	 
	
                  Cut-Off
                    Date:

                	
                  April
                    1, 2006

                	 
	
                  First
                    Distribution Date:

                	
                  May
                    25, 2006

                	 
	
                  Last
                    Scheduled Distribution Date:

                	
                  May
                    25, 2036

                	 
	
                  Class
                    3-M-3 Principal Balance as of the Cut-Off Date:

                	
                  $5,643,867.00

                	 

        

        

        

        
          	
                  Cede
                    & Co.

                
	
                  Registered
                    Owner

                

        

        

         

        

        
          
            
            

          

          
            A-29

            
              

            

          

          
            
            

          

        

        

        
          	 	
                  Exhibit A

                   

                
	 	
                  CUSIP
                    939344 AW 7

                   

                

        

        

        
          	
                  WASHINGTON
                    MUTUAL MORTGAGE PASS-THROUGH CERTIFICATE

                
	 
	
                  Class
                    3-M-4

                

        

        

        Evidencing
          a beneficial interest in a pool of assets entitled to certain distributions
          with
          respect to a pool of conventional one- to four-family mortgage loans formed
          by

         

        
          	
                  WaMu
                    ASSET ACCEPTANCE CORP.

                

        

        

        This
          Certificate is issued by Washington Mutual Mortgage Pass-Through Certificates
          WMALT Series 2006-4 Trust. This Certificate represents ownership of a “regular
          interest” in a “real estate mortgage investment conduit,” as those terms are
          defined in Sections 860G and 860D, respectively, of the Internal Revenue
          Code of
          1986, as amended (the “Code”), together with certain rights specified in the
          Pooling Agreement. The issue date of this Certificate is April 27,
          2006.

         

        Unless
          this Certificate is presented by an authorized representative of The Depository
          Trust Company, a New York corporation (“DTC”), to the Trust 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 is requested by
          an authorized representative of DTC (and any payment is made to Cede & Co.
          or to such other entity as is requested by an authorized representative
          of DTC),
          ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
          ANY
          PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has
          an interest herein.

         

        NO
          TRANSFER OF THIS CLASS 3-M-4 CERTIFICATE WILL BE MADE UNLESS THE TRUSTEE
          HAS
          RECEIVED (I) AN OFFICER’S CERTIFICATE IN THE FORM DESCRIBED IN SECTION 5.01(g)
          OF THE POOLING AGREEMENT AND (II) IF SO INDICATED IN SUCH OFFICER’S CERTIFICATE,
          AN OPINION OF COUNSEL ACCEPTABLE TO AND IN FORM AND SUBSTANCE SATISFACTORY
          TO
          THE TRUSTEE AND THE COMPANY TO THE EFFECT THAT THE PURCHASE AND HOLDING
          OF THIS
          CERTIFICATE ARE PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR
          RESULT
          IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION
          4975 OF THE CODE, AND WILL NOT SUBJECT THE TRUST, THE TRUSTEE, THE DELAWARE
          TRUSTEE, THE SERVICER OR THE COMPANY TO ANY OBLIGATION OR LIABILITY (INCLUDING
          OBLIGATIONS OR LIABILITIES UNDER SECTION 406 OF ERISA OR SECTION 4975 OF
          THE
          CODE) IN ADDITION TO THOSE UNDERTAKEN IN THE POOLING AGREEMENT, WHICH OPINION
          OF
          COUNSEL SHALL NOT BE AN EXPENSE OF THE TRUST, THE TRUSTEE, THE DELAWARE
          TRUSTEE,
          THE SERVICER OR THE COMPANY.

         

        NOTWITHSTANDING
          THE FOREGOING PARAGRAPH, WITH RESPECT TO THE TRANSFER OF THIS CLASS 3-M-4
          CERTIFICATE TO DTC OR ANY OTHER CLEARING AGENCY OR ANY SUBSEQUENT TRANSFER
          OF
          ANY INTEREST IN THIS CERTIFICATE FOR SO LONG AS THIS CERTIFICATE IS HELD
          BY DTC
          OR ANY OTHER CLEARING AGENCY, (I) AN OFFICER’S CERTIFICATE (AND, IF APPLICABLE,
          A BENEFIT PLAN OPINION), AS DESCRIBED IN THE FOREGOING PARAGRAPH, SHALL
          NOT BE
          REQUIRED, AND (II) THE FOLLOWING CONDITIONS SHALL APPLY:

         

        1. ANY
          TRANSFEREE OF THIS CERTIFICATE WILL BE DEEMED TO HAVE REPRESENTED, BY VIRTUE
          OF
          ITS ACQUISITION OR HOLDING OF THIS CERTIFICATE (OR INTEREST HEREIN), THAT
          EITHER
          (A) SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT OR OTHER PLAN SUBJECT TO
          THE
          PROHIBITED TRANSACTION PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE,
          OR ANY
          PERSON (INCLUDING AN INVESTMENT MANAGER, A NAMED FIDUCIARY OR A TRUSTEE
          OF ANY
          SUCH PLAN) ACTING, DIRECTLY OR INDIRECTLY, ON BEHALF OF OR PURCHASING THIS
          CERTIFICATE WITH “PLAN ASSETS” OF ANY SUCH PLAN (A “PLAN INVESTOR”), (B) SUCH
          TRANSFEREE IS AN INSURANCE COMPANY, THE SOURCE OF FUNDS TO BE USED BY IT
          TO
          ACQUIRE OR HOLD THIS CERTIFICATE IS AN “INSURANCE COMPANY GENERAL ACCOUNT”
(WITHIN THE MEANING OF DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS
          EXEMPTION (“PTCE”) 95-60), AND THE CONDITIONS IN SECTIONS I AND III OF PTCE
          95-60 HAVE BEEN SATISFIED (EACH ENTITY THAT SATISFIES THIS CLAUSE (B),
          A
“COMPLYING INSURANCE COMPANY”) OR (C) THIS CERTIFICATE WAS RATED “BBB-” OR
          BETTER (OR ITS EQUIVALENT) BY AT LEAST ONE OF THE RATING AGENCIES AT THE
          TIME OF
          SUCH TRANSFEREE’S ACQUISITION OF THIS CERTIFICATE (OR INTEREST HEREIN);
          AND

         

        
          
            
            

          

          
            A-30

            
              

            

          

          
            
            

          

        

        2. IF
          THIS
          CERTIFICATE (OR ANY INTEREST HEREIN) IS ACQUIRED OR HELD IN VIOLATION OF
          THE
          PROVISIONS OF THE PRECEDING PARAGRAPH, THEN THE LAST PRECEDING TRANSFEREE
          THAT
          EITHER (I) IS NOT A PLAN INVESTOR, (II) IS A COMPLYING INSURANCE COMPANY
          OR
          (III) ACQUIRED THIS CERTIFICATE AT A TIME WHEN THIS CERTIFICATE WAS RATED
“BBB-”
OR BETTER (OR ITS EQUIVALENT) BY AT LEAST ONE OF THE RATING AGENCIES SHALL
          BE
          RESTORED, TO THE EXTENT PERMITTED BY LAW, TO ALL RIGHTS AND OBLIGATIONS
          AS
          BENEFICIAL HOLDER THEREOF RETROACTIVE TO THE DATE OF TRANSFER OF THIS
          CERTIFICATE BY SUCH PRECEDING TRANSFEREE. NEITHER THE TRUST NOR THE TRUSTEE
          SHALL BE UNDER ANY LIABILITY TO ANY PERSON FOR MAKING ANY PAYMENTS DUE
          ON THIS
          CERTIFICATE TO SUCH PRECEDING TRANSFEREE.

         

        ANY
          PURPORTED BENEFICIAL HOLDER WHOSE ACQUISITION OR HOLDING OF THIS CERTIFICATE
          (OR
          INTEREST HEREIN) WAS EFFECTED IN VIOLATION OF THE RESTRICTIONS IN SECTION
          5.01(g) OF THE POOLING AGREEMENT SHALL INDEMNIFY AND HOLD HARMLESS THE
          COMPANY,
          THE TRUSTEE, THE DELAWARE TRUSTEE, THE SERVICER, THE TRUST AND EACH UNDERWRITER
          FROM AND AGAINST ANY AND ALL LIABILITIES, CLAIMS, COSTS OR EXPENSES INCURRED
          BY
          SUCH PARTIES AS A RESULT OF SUCH ACQUISITION OR HOLDING.

         

        The
          Class
          3-M-4 Certificates will be subordinate in right of payment to and provide
          credit
          support to certain Classes of Certificates, as described in the Pooling
          Agreement.

         

        

        
          	
                  WMALT
                    Series 2006-4

                	
                  Portion
                    of the Class 3-M-4 Principal Balance as of the Cut-Off Date Evidenced
                    by
                    this Certificate: 

                	
                  $1,820,602.00

                
	 	 	 
	 	 	 
	
                  Class
                    3-M-4 Certificate Interest Rate:

                	
                  Variable

                	 
	
                  Cut-Off
                    Date:

                	
                  April
                    1, 2006

                	 
	
                  First
                    Distribution Date:

                	
                  May
                    25, 2006

                	 
	
                  Last
                    Scheduled Distribution Date:

                	
                  May
                    25, 2036

                	 
	
                  Class
                    3-M-4 Principal Balance as of the Cut-Off Date:

                	
                  $1,820,602.00

                	 

        

        

        

        
          	
                  Cede
                    & Co.

                
	
                  Registered
                    Owner

                

        

        
 

        
          
            
            

          

          
            A-31

            
              

            

          

          
            
            

          

        

        

        
          	 	
                  Exhibit A

                   

                
	 	
                  CUSIP
                    939344 BD 8

                   

                

        

        

        
          	
                  WASHINGTON
                    MUTUAL MORTGAGE PASS-THROUGH CERTIFICATE

                
	 
	
                  Class
                    3-B-1

                

        

        

        Evidencing
          a beneficial interest in a pool of assets entitled to certain distributions
          with
          respect to a pool of conventional one- to four-family mortgage loans formed
          by

         

        
          	
                  WaMu
                    ASSET ACCEPTANCE CORP.

                

        

        

        This
          Certificate is issued by Washington Mutual Mortgage Pass-Through Certificates
          WMALT Series 2006-4 Trust. This Certificate represents ownership of a “regular
          interest” in a “real estate mortgage investment conduit,” as those terms are
          defined in Sections 860G and 860D, respectively, of the Internal Revenue
          Code of
          1986, as amended (the “Code”), together with certain rights specified in the
          Pooling Agreement. The issue date of this Certificate is April 27,
          2006.

         

        NO
          TRANSFER OF THIS CLASS 3-B-1 CERTIFICATE WILL BE MADE UNLESS THE TRUSTEE
          HAS
          RECEIVED (I) AN OFFICER’S CERTIFICATE IN THE FORM DESCRIBED IN SECTION 5.01(d)
          OF THE POOLING AGREEMENT AND (II) IF SO INDICATED IN SUCH OFFICER’S CERTIFICATE,
          AN OPINION OF COUNSEL ACCEPTABLE TO AND IN FORM AND SUBSTANCE SATISFACTORY
          TO
          THE TRUSTEE AND THE COMPANY TO THE EFFECT THAT THE PURCHASE AND HOLDING
          OF THIS
          CERTIFICATE ARE PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR
          RESULT
          IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION
          4975 OF THE CODE, AND WILL NOT SUBJECT THE TRUST, THE TRUSTEE, THE DELAWARE
          TRUSTEE, THE SERVICER OR THE COMPANY TO ANY OBLIGATION OR LIABILITY (INCLUDING
          OBLIGATIONS OR LIABILITIES UNDER SECTION 406 OF ERISA OR SECTION 4975 OF
          THE
          CODE) IN ADDITION TO THOSE UNDERTAKEN IN THE POOLING AGREEMENT, WHICH OPINION
          OF
          COUNSEL SHALL NOT BE AN EXPENSE OF THE TRUST, THE TRUSTEE, THE DELAWARE
          TRUSTEE,
          THE SERVICER OR THE COMPANY.

         

        THE
          SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
          THE
          SECURITIES ACT OF 1933. THESE SECURITIES MAY NOT BE OFFERED, SOLD, TRANSFERRED,
          PLEDGED OR HYPOTHECATED IN THE ABSENCE OF REGISTRATION OR THE AVAILABILITY
          OF AN
          EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933 AND EXCEPT
          IN
          ACCORDANCE WITH SECTION 5.01(e) OF THE POOLING AGREEMENT.

         

        The
          Class
          3-B-1 Certificates will be subordinate in right of payment to and provide
          credit
          support to certain Classes of Certificates, as described in the Pooling
          Agreement.

         

        

        
          	
                  WMALT
                    Series 2006-4

                	
                  Portion
                    of the Class 3-B-1 Principal Balance as of the Cut-Off Date Evidenced
                    by
                    this Certificate: 

                	
                  $1,820,602.00

                
	 	 	 
	 	 	 
	
                  Class
                    3-B-1 Certificate Interest Rate:

                	
                  Variable

                	 
	
                  Cut-Off
                    Date:

                	
                  April
                    1, 2006

                	 
	
                  First
                    Distribution Date:

                	
                  May
                    25, 2006

                	 
	
                  Last
                    Scheduled Distribution Date:

                	
                  May
                    25, 2036

                	 
	
                  Class
                    3-B-1 Principal Balance as of the Cut-Off Date:

                	
                  $1,820,602.00

                	 

        

        

        

        
          	
                  Hare
                    & Co.

                
	
                  Registered
                    Owner

                

        

         

        

        
          
            
            

          

          
            A-32

            
              

            

          

          
            
            

          

        

        

        
          	 	
                  Exhibit A

                   

                
	 	
                  CUSIP
                    939344 BE 6

                   

                

        

        

        
          	
                  WASHINGTON
                    MUTUAL MORTGAGE PASS-THROUGH CERTIFICATE

                
	 
	
                  Class
                    3-B-2

                

        

        

        Evidencing
          a beneficial interest in a pool of assets entitled to certain distributions
          with
          respect to a pool of conventional one- to four-family mortgage loans formed
          by

         

        
          	
                  WaMu
                    ASSET ACCEPTANCE CORP.

                

        

        

        This
          Certificate is issued by Washington Mutual Mortgage Pass-Through Certificates
          WMALT Series 2006-4 Trust. This Certificate represents ownership of a “regular
          interest” in a “real estate mortgage investment conduit,” as those terms are
          defined in Sections 860G and 860D, respectively, of the Internal Revenue
          Code of
          1986, as amended (the “Code”), together with certain rights specified in the
          Pooling Agreement. The issue date of this Certificate is April 27,
          2006.

         

        NO
          TRANSFER OF THIS CLASS 3-B-2 CERTIFICATE WILL BE MADE UNLESS THE TRUSTEE
          HAS
          RECEIVED (I) AN OFFICER’S CERTIFICATE IN THE FORM DESCRIBED IN SECTION 5.01(d)
          OF THE POOLING AGREEMENT AND (II) IF SO INDICATED IN SUCH OFFICER’S CERTIFICATE,
          AN OPINION OF COUNSEL ACCEPTABLE TO AND IN FORM AND SUBSTANCE SATISFACTORY
          TO
          THE TRUSTEE AND THE COMPANY TO THE EFFECT THAT THE PURCHASE AND HOLDING
          OF THIS
          CERTIFICATE ARE PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR
          RESULT
          IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION
          4975 OF THE CODE, AND WILL NOT SUBJECT THE TRUST, THE TRUSTEE, THE DELAWARE
          TRUSTEE, THE SERVICER OR THE COMPANY TO ANY OBLIGATION OR LIABILITY (INCLUDING
          OBLIGATIONS OR LIABILITIES UNDER SECTION 406 OF ERISA OR SECTION 4975 OF
          THE
          CODE) IN ADDITION TO THOSE UNDERTAKEN IN THE POOLING AGREEMENT, WHICH OPINION
          OF
          COUNSEL SHALL NOT BE AN EXPENSE OF THE TRUST, THE TRUSTEE, THE DELAWARE
          TRUSTEE,
          THE SERVICER OR THE COMPANY.

         

        THE
          SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
          THE
          SECURITIES ACT OF 1933. THESE SECURITIES MAY NOT BE OFFERED, SOLD, TRANSFERRED,
          PLEDGED OR HYPOTHECATED IN THE ABSENCE OF REGISTRATION OR THE AVAILABILITY
          OF AN
          EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933 AND EXCEPT
          IN
          ACCORDANCE WITH SECTION 5.01(e) OF THE POOLING AGREEMENT.

         

        The
          Class
          3-B-2 Certificates will be subordinate in right of payment to and provide
          credit
          support to certain Classes of Certificates, as described in the Pooling
          Agreement.

         

        

        
          	
                  WMALT
                    Series 2006-4

                	
                  Portion
                    of the Class 3-B-2 Principal Balance as of the Cut-Off Date Evidenced
                    by
                    this Certificate: 

                	
                  $1,820,602.00

                
	 	 	 
	 	 	 
	
                  Class
                    3-B-2 Certificate Interest Rate:

                	
                  Variable

                	 
	
                  Cut-Off
                    Date:

                	
                  April
                    1, 2006

                	 
	
                  First
                    Distribution Date:

                	
                  May
                    25, 2006

                	 
	
                  Last
                    Scheduled Distribution Date:

                	
                  May
                    25, 2036

                	 
	
                  Class
                    3-B-2 Principal Balance as of the Cut-Off Date:

                	
                  $1,820,602.00

                	 

        

        

        

        
          	
                  Hare
                    & Co.

                
	
                  Registered
                    Owner

                

        

         

        

        
          
            
            

          

          
            A-33

            
              

            

          

          
            
            

          

        

        

        
          	 	
                  Exhibit A

                   

                
	 	
                  CUSIP
                    939344 BF 3

                   

                

        

        

        
          	
                  WASHINGTON
                    MUTUAL MORTGAGE PASS-THROUGH CERTIFICATE

                
	 
	
                  Class
                    3-C

                

        

        

        Evidencing
          a beneficial interest in a pool of assets entitled to certain distributions
          with
          respect to a pool of conventional one- to four-family mortgage loans formed
          by

         

        
          	
                  WaMu
                    ASSET ACCEPTANCE CORP.

                

        

        

        This
          Certificate is issued by Washington Mutual Mortgage Pass-Through Certificates
          WMALT Series 2006-4 Trust. This Certificate represents ownership of a “regular
          interest” in a “real estate mortgage investment conduit,” as those terms are
          defined in Sections 860G and 860D, respectively, of the Internal Revenue
          Code of
          1986, as amended (the “Code”), together with certain obligations specified in
          the Pooling Agreement. The issue date of this Certificate is April 27,
          2006.

         

        NO
          TRANSFER OF THIS CLASS 3-C CERTIFICATE WILL BE MADE UNLESS THE TRUSTEE
          HAS
          RECEIVED (I) AN OFFICER’S CERTIFICATE IN THE FORM DESCRIBED IN SECTION 5.01(d)
          OF THE POOLING AGREEMENT AND (II) IF SO INDICATED IN SUCH OFFICER’S CERTIFICATE,
          AN OPINION OF COUNSEL ACCEPTABLE TO AND IN FORM AND SUBSTANCE SATISFACTORY
          TO
          THE TRUSTEE AND THE COMPANY TO THE EFFECT THAT THE PURCHASE AND HOLDING
          OF THIS
          CERTIFICATE ARE PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR
          RESULT
          IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION
          4975 OF THE CODE, AND WILL NOT SUBJECT THE TRUST, THE TRUSTEE, THE DELAWARE
          TRUSTEE, THE SERVICER OR THE COMPANY TO ANY OBLIGATION OR LIABILITY (INCLUDING
          OBLIGATIONS OR LIABILITIES UNDER SECTION 406 OF ERISA OR SECTION 4975 OF
          THE
          CODE) IN ADDITION TO THOSE UNDERTAKEN IN THE POOLING AGREEMENT, WHICH OPINION
          OF
          COUNSEL SHALL NOT BE AN EXPENSE OF THE TRUST, THE TRUSTEE, THE DELAWARE
          TRUSTEE,
          THE SERVICER OR THE COMPANY.

         

        THE
          SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
          THE
          SECURITIES ACT OF 1933. THESE SECURITIES MAY NOT BE OFFERED, SOLD, TRANSFERRED,
          PLEDGED OR HYPOTHECATED IN THE ABSENCE OF REGISTRATION OR THE AVAILABILITY
          OF AN
          EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933 AND EXCEPT
          IN
          ACCORDANCE WITH SECTION 5.01(e) OF THE POOLING AGREEMENT.

         

        The
          Class
          3-C Certificates will be subordinate in right of payment to and provide
          credit
          support to certain Classes of Certificates, as described in the Pooling
          Agreement.

         

        

        
          	
                  WMALT
                    Series 2006-4

                	
                  Portion
                    of the Class 3-C Principal Balance as of the Cut-Off Date Evidenced
                    by
                    this Certificate: 

                	
                  $4,187,385.65

                
	 	 	 
	 	 	 
	
                  Class
                    3-C Certificate Interest Rate:

                	
                  Variable

                	 
	
                  Cut-Off
                    Date:

                	
                  April
                    1, 2006

                	 
	
                  First
                    Distribution Date:

                	
                  May
                    25, 2006

                	 
	
                  Last
                    Scheduled Distribution Date:

                	
                  May
                    25, 2036

                	 
	
                  Class
                    3-C Principal Balance as of the Cut-Off Date:

                	
                  $4,187,385.65

                	 

        

        

        

        
          	
                  Hare
                    & Co.

                
	
                  Registered
                    Owner

                

        

        

         

        

        
          
            
            

          

          
            A-34

            
              

            

          

          
            
            

          

        

        

        
          	 	
                  Exhibit
                    A

                
	 	
                  CUSIP
                    939344 AY 3

                   

                

        

        

        
          	
                  WASHINGTON
                    MUTUAL MORTGAGE PASS-THROUGH CERTIFICATE

                   

                
	
                  Class
                    C-PPP

                   

                

        

        

        Evidencing
          a beneficial interest in certain distributions with respect to a pool of
          conventional one- to four-family mortgage loans formed by

        

        
          	
                  WaMu
                    ASSET ACCEPTANCE CORP.

                   

                

        

        

        This
          Certificate is issued by Washington Mutual Mortgage Pass-Through Certificates
          WMALT Series 2006-4 Trust. This Certificate represents certain rights specified
          in the Pooling Agreement. The issue date of this Certificate is April 27,
          2006.
          Interest is not payable with respect to this Certificate.

         

        Unless
          this Certificate is presented by an authorized representative of The Depository
          Trust Company, a New York corporation (“DTC”), to the Trust 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 is requested by
          an authorized representative of DTC (and any payment is made to Cede & Co.
          or to such other entity as is requested by an authorized representative
          of DTC),
          ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
          ANY
          PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has
          an interest herein.

         

        NO
          TRANSFER OF THIS CLASS C-PPP CERTIFICATE WILL BE MADE UNLESS THE TRUSTEE
          HAS
          RECEIVED (I) AN OFFICER’S CERTIFICATE IN THE FORM DESCRIBED IN SECTION 5.01(h)
          OF THE POOLING AGREEMENT AND (II) IF SO INDICATED IN SUCH OFFICER’S CERTIFICATE,
          AN OPINION OF COUNSEL ACCEPTABLE TO AND IN FORM AND SUBSTANCE SATISFACTORY
          TO
          THE TRUSTEE AND THE COMPANY TO THE EFFECT THAT THE PURCHASE AND HOLDING
          OF THIS
          CERTIFICATE ARE PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR
          RESULT
          IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION
          4975 OF THE CODE, AND WILL NOT SUBJECT THE TRUST, THE TRUSTEE, THE DELAWARE
          TRUSTEE, THE SERVICER OR THE COMPANY TO ANY OBLIGATION OR LIABILITY (INCLUDING
          OBLIGATIONS OR LIABILITIES UNDER SECTION 406 OF ERISA OR SECTION 4975 OF
          THE
          CODE) IN ADDITION TO THOSE UNDERTAKEN IN THE POOLING AGREEMENT, WHICH OPINION
          OF
          COUNSEL SHALL NOT BE AN EXPENSE OF THE TRUST, THE TRUSTEE, THE DELAWARE
          TRUSTEE,
          THE SERVICER OR THE COMPANY.

         

        NOTWITHSTANDING
          THE FOREGOING PARAGRAPH, WITH RESPECT TO THE TRANSFER OF THIS CLASS C-PPP
          CERTIFICATE TO DTC OR ANY OTHER CLEARING AGENCY OR ANY SUBSEQUENT TRANSFER
          OF
          ANY INTEREST IN THIS CERTIFICATE FOR SO LONG AS THIS CERTIFICATE IS HELD
          BY DTC
          OR ANY OTHER CLEARING AGENCY, (I) AN OFFICER’S CERTIFICATE (AND, IF APPLICABLE,
          A BENEFIT PLAN OPINION), AS DESCRIBED IN THE FOREGOING PARAGRAPH, SHALL
          NOT BE
          REQUIRED, AND (II) THE FOLLOWING CONDITIONS SHALL APPLY:

         

        1. ANY
          TRANSFEREE OF THIS CERTIFICATE WILL BE DEEMED TO HAVE REPRESENTED, BY VIRTUE
          OF
          ITS ACQUISITION OR HOLDING OF THIS CERTIFICATE (OR INTEREST HEREIN), THAT
          SUCH
          TRANSFEREE IS NOT AN EMPLOYEE BENEFIT OR OTHER PLAN SUBJECT TO THE PROHIBITED
          TRANSACTION PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE, OR ANY PERSON
          (INCLUDING AN INVESTMENT MANAGER, A NAMED FIDUCIARY OR A TRUSTEE OF ANY
          SUCH
          PLAN) ACTING, DIRECTLY OR INDIRECTLY, ON BEHALF OF OR PURCHASING THIS
          CERTIFICATE WITH “PLAN ASSETS” OF ANY SUCH PLAN (A “PLAN INVESTOR”);
          AND

         

        2. IF
          THIS
          CERTIFICATE (OR ANY INTEREST HEREIN) IS ACQUIRED OR HELD IN VIOLATION OF
          THE
          PROVISIONS OF THE PRECEDING PARAGRAPH, THEN THE LAST PRECEDING TRANSFEREE
          THAT
          IS NOT A PLAN INVESTOR SHALL BE RESTORED, TO THE EXTENT PERMITTED BY LAW,
          TO ALL
          RIGHTS AND OBLIGATIONS AS BENEFICIAL HOLDER THEREOF RETROACTIVE TO THE
          DATE OF
          TRANSFER OF THIS CERTIFICATE BY SUCH PRECEDING TRANSFEREE. NEITHER THE
          TRUST NOR
          THE TRUSTEE SHALL BE UNDER ANY LIABILITY TO ANY PERSON FOR MAKING ANY PAYMENTS
          DUE ON THIS CERTIFICATE TO SUCH PRECEDING TRANSFEREE.

         

        
          
            
            

          

          
            A-35

            
              

            

          

          
            
            

          

        

        ANY
          PURPORTED BENEFICIAL HOLDER WHOSE ACQUISITION OR HOLDING OF THIS CERTIFICATE
          (OR
          INTEREST HEREIN) WAS EFFECTED IN VIOLATION OF THE RESTRICTIONS IN SECTION
          5.01(h) OF THE POOLING AGREEMENT SHALL INDEMNIFY AND HOLD HARMLESS THE
          COMPANY,
          THE TRUSTEE, THE DELAWARE TRUSTEE, THE SERVICER, THE TRUST AND EACH UNDERWRITER
          FROM AND AGAINST ANY AND ALL LIABILITIES, CLAIMS, COSTS OR EXPENSES INCURRED
          BY
          SUCH PARTIES AS A RESULT OF SUCH ACQUISITION OR HOLDING.

         

        
          	
                  WMALT
                    Series 2006-4

                	
                  Portion
                    of the Class C-PPP Notional Amount evidenced by this
                    Certificate:

                	
                  $164,081,969.00

                
	 	 	 
	
                  Class
                    C-PPP Certificate Interest Rate:

                	
                  0.000%

                	 
	
                  Cut-Off
                    Date:

                	
                  April
                    1, 2006

                	 
	
                  First
                    Distribution Date:

                	
                  May
                    25, 2006

                	 
	
                  Last
                    Scheduled Distribution Date:

                	
                  April
                    25, 2010

                	 
	
                  Class
                    C-PPP Notional Amount:

                	
                  $164,081,969.00

                	 
	
                  Class
                    C-PPP Principal Balance as of the Cut-Off Date:

                	
                  $100.00

                	 
	 	 	 

        

        

        
          	
                  Hare
                    & Co.

                  Registered
                    Owner

                   

                

        

         

        

        
          
            
            

          

          
            A-36

            
              

            

          

          
            
            

          

        

        

        
          	 	
                  Exhibit
                    A

                
	 	
                  CUSIP
                    939344 AZ 0

                   

                

        

        

        
          	
                  WASHINGTON
                    MUTUAL MORTGAGE PASS-THROUGH CERTIFICATE

                   

                
	
                  Class
                    3-PPP

                   

                

        

        

        Evidencing
          a beneficial interest in certain distributions with respect to a pool of
          conventional one- to four-family mortgage loans formed by

        

        
          	
                  WaMu
                    ASSET ACCEPTANCE CORP.

                   

                

        

        

        This
          Certificate is issued by Washington Mutual Mortgage Pass-Through Certificates
          WMALT Series 2006-4 Trust. This Certificate represents certain rights specified
          in the Pooling Agreement. The issue date of this Certificate is April 27,
          2006.
          Interest is not payable with respect to this Certificate.

         

        Unless
          this Certificate is presented by an authorized representative of The Depository
          Trust Company, a New York corporation (“DTC”), to the Trust 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 is requested by
          an authorized representative of DTC (and any payment is made to Cede & Co.
          or to such other entity as is requested by an authorized representative
          of DTC),
          ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
          ANY
          PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has
          an interest herein.

         

        NO
          TRANSFER OF THIS CLASS 3-PPP CERTIFICATE WILL BE MADE UNLESS THE TRUSTEE
          HAS
          RECEIVED (I) AN OFFICER’S CERTIFICATE IN THE FORM DESCRIBED IN SECTION 5.01(h)
          OF THE POOLING AGREEMENT AND (II) IF SO INDICATED IN SUCH OFFICER’S CERTIFICATE,
          AN OPINION OF COUNSEL ACCEPTABLE TO AND IN FORM AND SUBSTANCE SATISFACTORY
          TO
          THE TRUSTEE AND THE COMPANY TO THE EFFECT THAT THE PURCHASE AND HOLDING
          OF THIS
          CERTIFICATE ARE PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR
          RESULT
          IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION
          4975 OF THE CODE, AND WILL NOT SUBJECT THE TRUST, THE TRUSTEE, THE DELAWARE
          TRUSTEE, THE SERVICER OR THE COMPANY TO ANY OBLIGATION OR LIABILITY (INCLUDING
          OBLIGATIONS OR LIABILITIES UNDER SECTION 406 OF ERISA OR SECTION 4975 OF
          THE
          CODE) IN ADDITION TO THOSE UNDERTAKEN IN THE POOLING AGREEMENT, WHICH OPINION
          OF
          COUNSEL SHALL NOT BE AN EXPENSE OF THE TRUST, THE TRUSTEE, THE DELAWARE
          TRUSTEE,
          THE SERVICER OR THE COMPANY.

         

        NOTWITHSTANDING
          THE FOREGOING PARAGRAPH, WITH RESPECT TO THE TRANSFER OF THIS CLASS 3-PPP
          CERTIFICATE TO DTC OR ANY OTHER CLEARING AGENCY OR ANY SUBSEQUENT TRANSFER
          OF
          ANY INTEREST IN THIS CERTIFICATE FOR SO LONG AS THIS CERTIFICATE IS HELD
          BY DTC
          OR ANY OTHER CLEARING AGENCY, (I) AN OFFICER’S CERTIFICATE (AND, IF APPLICABLE,
          A BENEFIT PLAN OPINION), AS DESCRIBED IN THE FOREGOING PARAGRAPH, SHALL
          NOT BE
          REQUIRED, AND (II) THE FOLLOWING CONDITIONS SHALL APPLY:

         

        1. ANY
          TRANSFEREE OF THIS CERTIFICATE WILL BE DEEMED TO HAVE REPRESENTED, BY VIRTUE
          OF
          ITS ACQUISITION OR HOLDING OF THIS CERTIFICATE (OR INTEREST HEREIN), THAT
          SUCH
          TRANSFEREE IS NOT AN EMPLOYEE BENEFIT OR OTHER PLAN SUBJECT TO THE PROHIBITED
          TRANSACTION PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE, OR ANY PERSON
          (INCLUDING AN INVESTMENT MANAGER, A NAMED FIDUCIARY OR A TRUSTEE OF ANY
          SUCH
          PLAN) ACTING, DIRECTLY OR INDIRECTLY, ON BEHALF OF OR PURCHASING THIS
          CERTIFICATE WITH “PLAN ASSETS” OF ANY SUCH PLAN (A “PLAN INVESTOR”);
          AND

         

        2. IF
          THIS
          CERTIFICATE (OR ANY INTEREST HEREIN) IS ACQUIRED OR HELD IN VIOLATION OF
          THE
          PROVISIONS OF THE PRECEDING PARAGRAPH, THEN THE LAST PRECEDING TRANSFEREE
          THAT
          IS NOT A PLAN INVESTOR SHALL BE RESTORED, TO THE EXTENT PERMITTED BY LAW,
          TO ALL
          RIGHTS AND OBLIGATIONS AS BENEFICIAL HOLDER THEREOF RETROACTIVE TO THE DATE OF
          TRANSFER OF THIS CERTIFICATE BY SUCH PRECEDING TRANSFEREE. NEITHER THE
          TRUST NOR
          THE TRUSTEE SHALL BE UNDER ANY LIABILITY TO ANY PERSON FOR MAKING ANY PAYMENTS
          DUE ON THIS CERTIFICATE TO SUCH PRECEDING TRANSFEREE.

         

        
          
            
            

          

          
            A-37

            
              

            

          

          
            
            

          

        

        ANY
          PURPORTED BENEFICIAL HOLDER WHOSE ACQUISITION OR HOLDING OF THIS CERTIFICATE
          (OR
          INTEREST HEREIN) WAS EFFECTED IN VIOLATION OF THE RESTRICTIONS IN SECTION
          5.01(h) OF THE POOLING AGREEMENT SHALL INDEMNIFY AND HOLD HARMLESS THE
          COMPANY,
          THE TRUSTEE, THE DELAWARE TRUSTEE, THE SERVICER, THE TRUST AND EACH UNDERWRITER
          FROM AND AGAINST ANY AND ALL LIABILITIES, CLAIMS, COSTS OR EXPENSES INCURRED
          BY
          SUCH PARTIES AS A RESULT OF SUCH ACQUISITION OR HOLDING.

         

        
          	
                  WMALT
                    Series 2006-4

                	
                  Portion
                    of the Class 3-PPP Notional Amount evidenced by this
                    Certificate:

                	
                  $364,120,441.00

                
	 	 	 
	
                  Class
                    3-PPP Certificate Interest Rate:

                	
                  0.000%

                	 
	
                  Cut-Off
                    Date:

                	
                  April
                    1, 2006

                	 
	
                  First
                    Distribution Date:

                	
                  May
                    25, 2006

                	 
	
                  Last
                    Scheduled Distribution Date:

                	
                  April
                    25, 2010

                	 
	
                  Class
                    3-PPP Notional Amount:

                	
                  $364,120,441.00

                	 
	
                  Class
                    3-PPP Principal Balance as of the Cut-Off Date:

                	
                  $100.00

                	 
	 	 	 

        

        

        
          	
                  Hare
                    & Co.

                  Registered
                    Owner

                   

                

        

        

        

 

        
          
            
            

          

          
            A-38

            
              

            

          

          
            
            

          

        

        
          	 	
                  Exhibit B

                   

                
	 	
                  CUSIP
                    939344 AX 5

                   

                

        

        

        
          	
                  WASHINGTON
                    MUTUAL MORTGAGE PASS-THROUGH CERTIFICATE

                
	 
	
                  Class
                    R

                

        

        

        Evidencing
          a Percentage Interest in certain distributions with respect to a pool of
          conventional one- to four-family mortgage loans formed by

         

        
          	
                  WaMu
                    ASSET ACCEPTANCE CORP.

                

        

        

        ANY
          RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
          IF
          THE PROPOSED TRANSFEREE PROVIDES A TRANSFER AFFIDAVIT TO THE COMPANY AND
          THE
          TRUSTEE THAT (1) SUCH TRANSFEREE IS NOT EITHER (A) THE UNITED STATES, ANY
          STATE
          OR POLITICAL SUBDIVISION THEREOF, ANY FOREIGN GOVERNMENT, ANY INTERNATIONAL
          ORGANIZATION, OR ANY AGENCY OR INSTRUMENTALITY OF ANY OF THE FOREGOING,
          (B) ANY
          ORGANIZATION (OTHER THAN A COOPERATIVE DESCRIBED IN SECTION 521 OF THE
          CODE)
          WHICH IS EXEMPT FROM THE TAX IMPOSED BY CHAPTER 1 OF THE CODE UNLESS SUCH
          ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE CODE,
          (C) ANY
          ORGANIZATION DESCRIBED IN SECTION 1381(a)(2)(C) OF THE CODE (ANY SUCH PERSON
          DESCRIBED IN THE FOREGOING CLAUSES (A), (B), OR (C) BEING HEREINAFTER REFERRED
          TO AS A “DISQUALIFIED ORGANIZATION”), OR (D) AN AGENT OF A DISQUALIFIED
          ORGANIZATION AND (2) NO PURPOSE OF SUCH TRANSFER IS TO ENABLE THE TRANSFER
          TO
          IMPEDE THE ASSESSMENT OR COLLECTION OF TAX. SUCH AFFIDAVIT SHALL INCLUDE
          CERTAIN
          REPRESENTATIONS AS TO THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE.
          NOTWITHSTANDING THE REGISTRATION IN THE CERTIFICATE REGISTER OF ANY TRANSFER,
          SALE OR OTHER DISPOSITION OF THIS CLASS R 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
          A CLASS R CERTIFICATE BY ACCEPTANCE OF THIS CERTIFICATE SHALL BE DEEMED
          TO HAVE
          CONSENTED TO THE PROVISIONS OF THIS PARAGRAPH.

         

        IN
          THE
          CASE OF ANY CLASS R CERTIFICATE PRESENTED FOR REGISTRATION IN THE NAME
          OF ANY
          PERSON, THE TRUSTEE SHALL REQUIRE (I) AN OFFICER’S CERTIFICATE IN THE FORM
          DESCRIBED IN SECTION 5.01(d) OF THE POOLING AGREEMENT AND (II) IF SO INDICATED
          IN SUCH OFFICER’S CERTIFICATE, AN OPINION OF COUNSEL ACCEPTABLE TO AND IN FORM
          AND SUBSTANCE SATISFACTORY TO THE TRUSTEE AND THE COMPANY TO THE EFFECT
          THAT THE
          PURCHASE AND HOLDING OF A CLASS R CERTIFICATE ARE PERMISSIBLE UNDER APPLICABLE
          LAW, WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION
          UNDER
          SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS
          AMENDED
          (“ERISA”), OR SECTION 4975 OF THE CODE AND WILL NOT SUBJECT THE TRUST, THE
          TRUSTEE, THE DELAWARE TRUSTEE, THE SERVICER OR THE COMPANY TO ANY OBLIGATION
          OR
          LIABILITY (INCLUDING OBLIGATIONS OR LIABILITIES UNDER SECTION 406 OF ERISA
          OR
          SECTION 4975 OF THE CODE) IN ADDITION TO THOSE UNDERTAKEN IN THE POOLING
          AGREEMENT, WHICH OPINION OF COUNSEL SHALL NOT BE AN EXPENSE OF THE TRUST,
          THE
          TRUSTEE, THE DELAWARE TRUSTEE, THE SERVICER OR THE COMPANY.

         

        This
          Certificate is issued by Washington Mutual Mortgage Pass-Through Certificates
          WMALT Series 2006-4 Trust. Solely for U.S. federal income tax purposes,
          this
          Certificate represents “residual interests” in “real estate mortgage investment
          conduits,” as those terms are defined in Sections 860G and 860D, respectively,
          of the Internal Revenue Code of 1986, as amended.

         

        

        
          	
                  WMALT
                    Series 2006-4

                	
                  Percentage
                    Interest evidenced by this Class R Certificate in the
                    
distributions to be made with respect to the Class R
                    Certificates:

                	
                  __________%

                
	 	 	 
	
                  Class
                    R Certificate Interest Rate:

                	
                  6.000%.
                    Additionally the Class R Certificates are entitled to Excess
                    Liquidation
                    Proceeds and the Residual Distribution Amount as defined in the
                    Pooling
                    Agreement.

                	 
	
                  Cut-Off
                    Date:

                	
                  April
                    1, 2006

                	 
	
                  First
                    Distribution Date:

                	
                  May
                    25, 2006

                	 
	
                  Last
                    Scheduled Distribution Date:

                	
                  May
                    25, 2036

                	 
	
                  Class
                    R Principal Balance as of the Cut-Off Date:

                	
                  $100.00

                	 

        

        

        
          	
                  ______________________________

                
	
                  Registered
                    Owner

                
	
                  Certificate
                    No. ______

                

        

        

        
          
            
            

          

          
            B-1

            
              

            

          

          
            
            

          

        

        This
          Certificate does not represent an obligation of or interest in WaMu Asset
          Acceptance Corp. or any of its affiliates. Neither this Certificate nor
          the
          underlying Mortgage Loans are guaranteed by any agency or instrumentality
          of the
          United States.

         

        This
          certifies that the above-named Registered Owner is the registered owner
          of
          certain interests in (i) two pools of assets (“REMIC I” and "REMIC II")
          consisting of, among other things, conventional one- to four-family mortgage
          loans (the “Mortgage Loans”), formed by WaMu Asset Acceptance Corp. (the
“Company”), which term includes any successor entity under the Pooling Agreement
          referred to below, (ii) a pool of assets (“REMIC III”) consisting of interests
          in REMIC II and (iii) a pool of assets ("REMIC IV") consisting of interests
          in
          REMIC I and REMIC III. REMIC I, REMIC II, REMIC III and REMIC IV were created
          pursuant to a Pooling and Servicing Agreement, dated as of the Cut-Off
          Date
          stated above (the “Pooling Agreement”), among the Company, the Servicer, LaSalle
          Bank National Association, as Trustee (the “Trustee”), and Christiana Bank &
Trust Company, as Delaware 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 Pooling
          Agreement. Nothing herein shall be deemed inconsistent with such meanings,
          and
          in the event of any conflict between the Pooling Agreement and the terms
          of this
          Certificate, the Pooling Agreement shall control. This Certificate is issued
          under and is subject to the terms, provisions and conditions of the Pooling
          Agreement, to which Pooling Agreement the Holder of this Certificate, by
          virtue
          of the acceptance hereof, assents and by which such Holder is
          bound.

         

        Distributions
          will be made, pursuant to the Pooling Agreement, on the 25th day of each
          month
          or, if such 25th day is not a Business Day, the Business Day immediately
          following (the “Distribution Date”), commencing on the first Distribution Date
          specified above, to the Person in whose name this Certificate is registered
          at
          the close of business on the last day (or if such last day is not a Business
          Day, the Business Day immediately preceding such last day) of the month
          immediately preceding the month of such distribution (the “Record Date”), to the
          extent of such Certificateholder's Percentage Interest represented by this
          Certificate in the portions (if any) then distributable on the Certificates
          of
          this Class of (i) the REMIC I Available Distribution Amount for such
          Distribution Date, as specified in Section 4.01 of the Pooling Agreement,
          (ii)
          the REMIC II Available Distribution Amount for such Distribution Date,
          as
          specified in Section 4.01 of the Pooling Agreement, (iii) the REMIC III
          Available Distribution Amount for such Distribution Date, as specified
          in
          Section 4.04 of the Pooling Agreement, and (iv) the REMIC IV Available
          Distribution Amount for such Distribution Date, as specified in Section
          4.05 of
          the Pooling Agreement.

         

        Distributions
          on this Certificate will be made by the Trustee by wire transfer or check
          mailed
          to the address of the Person entitled thereto, as such name and address
          shall
          appear on the Certificate Register. Notwithstanding the above, the final
          distribution on this Certificate will be made after due notice by the Trustee
          of
          the pendency of such distribution and only upon presentation and surrender
          of
          this Certificate to the Certificate Registrar.

         

        Reference
          is hereby made to the further provisions of this Certificate set forth
          below,
          which further provisions shall for all purposes have the same effect as
          if set
          forth at this place.

         

        Unless
          the certificate of authentication hereon has been executed by or on behalf
          of
          the Trustee, by manual signature, this Certificate shall not be entitled
          to any
          benefit under the Pooling Agreement or be valid for any purpose.

         

        

        
          
            
            

          

          
            B-2

            
              

            

          

          
            
            

          

        

        IN
          WITNESS WHEREOF, the Trust has caused this Certificate to be duly
          executed.

         

        
          	 	
                  WASHINGTON
                    MUTUAL MORTGAGE PASS-THROUGH CERTIFICATES WMALT SERIES 2006-4
                    TRUST

                
	 	
                  By:

                	
                  LASALLE
                    BANK NATIONAL ASSOCIATION, as Trustee

                
	 	 	
                   

                   

                  By:
                    _____________________________________

                

        

        

        

        

        
          	
                  (TRUSTEE'S
                    CERTIFICATE OF AUTHENTICATION)

                

        

        

        

        This
          is
          one of the Certificates referred to in the within-mentioned Pooling
          Agreement.

         

        LASALLE
          BANK NATIONAL ASSOCIATION,

        as
          Trustee

        

        

        

        By:
          ___________________________________

        

        Dated:
          _________________________________

        

         

        

        
          
            
            

          

          
            B-3

            
              

            

          

          
            
            

          

        

        

        
          	
                  WaMu
                    ASSET ACCEPTANCE CORP.

                
	 
	
                  WASHINGTON
                    MUTUAL MORTGAGE PASS-THROUGH
                    CERTIFICATE

                

        

        

        

        This
          Certificate is one of a duly authorized issue of Certificates designated
          as
          Washington Mutual Mortgage Pass-Through Certificates of the Series and
          Class
          specified hereon (herein called the “Certificates”) and representing certain
          interests in REMIC I, REMIC II, REMIC III and REMIC IV.

         

        The
          Certificates do not represent an obligation of, or an interest in, the
          Company
          or any of its affiliates and are not insured or guaranteed by any governmental
          agency. 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 Pooling Agreement. In the event funds are advanced with
          respect to any Mortgage Loan, such advance is reimbursable to the Servicer
          from
          the related recoveries on such Mortgage Loan or from amounts received with
          respect to other Mortgage Loans to the extent that such advance is not
          otherwise
          recoverable.

         

        As
          provided in the Pooling Agreement, withdrawals from the Certificate Account
          may
          be made from time to time for purposes other than distributions to
          Certificateholders, such purposes including reimbursement to the Servicer
          of
          advances made, or certain expenses incurred, by it.

         

        The
          Pooling Agreement permits, with certain exceptions therein provided, the
          amendment thereof and the modification of the rights and obligations of
          the
          Company and the rights of the Certificateholders under the Pooling Agreement
          at
          any time by the Company, the Servicer and the Trustee with the consent
          of the
          Holders of the Certificates evidencing Percentage Interests aggregating
          not less
          than 66% of REMIC IV. The Pooling 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 Pooling 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
          office of the Certificate Registrar or the office maintained by the Trustee
          in
          the City and State of New York, duly endorsed by, or accompanied by an
          assignment in the form below or other written instrument of transfer in
          form
          satisfactory to the Trustee or any Authenticating Agent duly executed by,
          the
          Holder hereof or such Holder's attorney duly authorized in writing, and
          thereupon one or more new Certificates of Authorized Denominations evidencing
          the same Percentage Interest set forth hereinabove will be issued to the
          designated transferee or transferees.

         

        The
          Certificates are issuable only as registered Certificates without coupons
          in
          Authorized Denominations specified in the Pooling Agreement. As provided
          in the
          Pooling Agreement and subject to certain limitations therein set forth,
          Certificates are exchangeable for new Certificates of Authorized Denominations
          of like Certificate Principal Balance or Percentage Interest, as applicable,
          as
          requested by the Holder surrendering the same.

         

        A
          reasonable service charge may be made for any such registration of transfer
          or
          exchange, and the Trustee may require payment of a sum sufficient to cover
          any
          tax or other governmental charge payable in connection therewith.

         

        The
          Company, the Servicer, the Trust, the Trustee, the Delaware Trustee and
          any
          agent of any of them may treat the Person in whose name this Certificate
          is
          registered as the owner hereof for all purposes, and none of the Company,
          the
          Servicer, the Trust, the Trustee, the Delaware Trustee nor any agent thereof
          shall be affected by notice to the contrary.

         

        
          
            
            

          

          
            B-4

            
              

            

          

          
            
            

          

        

        The
          obligations created by the Pooling Agreement and the Trust created thereby
          shall
          terminate upon (i) the later of the final payment or other liquidation
          (including purchase by the Servicer) of the last Mortgage Loan owned by
          the
          Trust or the disposition of all property acquired upon foreclosure or deed
          in
          lieu of foreclosure of any Mortgage Loan, and (ii) the payment to
          Certificateholders of all amounts required to be paid to them pursuant
          to the
          Pooling Agreement. The Pooling Agreement permits, but does not require,
          the
          Servicer to purchase from the Trust all Mortgage Loans at the time subject
          thereto and all property acquired by the Trust in respect of any Mortgage
          Loan
          upon payment to the Certificateholders of the amounts specified in the
          Pooling
          Agreement. The exercise of such right will effect early retirement of the
          Certificates, the Servicer’s right to purchase being subject to the aggregate
          Principal Balance of the Mortgage Loans at the time of purchase being less
          than
          the Clean-Up Call Percentage of the aggregate Principal Balance of the
          Mortgage
          Loans as of the Cut-Off Date.

         

         

        

        
          
            
            

          

          
            B-5

            
              

            

          

          
            
            

          

        

        

        
          	
                  ASSIGNMENT

                

        

        

        

        FOR
          VALUE
          RECEIVED the undersigned hereby sell(s) and assign(s) and transfer(s)
          unto

         

        ____________________________________________________________________________________

        

        ____________________________________________________________________________________

        

        

        (Please
          print or typewrite name and address, including postal zip code of assignee.
          Please insert social security or other identifying number of
          assignee.)

         

        the
          within WaMu Mortgage Pass-Through Certificate and hereby irrevocably constitutes
          and appoints 

         

        ____________________________________________________________________________________

        

        

        Attorney
          to transfer said Certificate on the Certificate Register, with full power
          of
          substitution in the premises.

         

        

        

        
          	
                  Dated:
                    _____________________

                	 	
                  ___________________________________________

                
	 	 	
                  Signature
                    Guaranteed

                   

                

        

        

        ____________________________________________________________________________________

        

        NOTICE:
          The signature to this assignment must correspond with the name as written
          upon
          the face of the within instrument in every particular, without alteration
          or
          enlargement or any change whatever. This Certificate does not represent
          an
          obligation of or an interest in WaMu Asset Acceptance Corp. or any of its
          affiliates. Neither this Certificate nor the underlying Mortgage Loans
          are
          guaranteed by any agency or instrumentality of the United States.

         

        

         

         

        

        
          
            
            

          

          
            B-6

            
              

            

          

          
            
            

          

        

        
          	
                  Exhibit C

                   

                

        

        

        
          	
                  [Reserved]

                

        

        

        

         

        

        
          
            
            

          

          
            C-1

            
              

            

          

          
            
            

          

        

        
          	
                  Exhibit D

                   

                

        

        

        

        
          	
                  Mortgage
                    Loan Schedule

                

        

         

         

        Copies
          of
          the Mortgage Loan Schedule (which has been intentionally omitted from this
          filing) may be obtained from WaMu Asset Acceptance Corp. or LaSalle Bank
          National Association by contacting:

         

         

        
          	
                   

                   

                	
                   

                        in
                    the case of WaMu Asset Acceptance
                    Corp.,

                

        

         

        
          	
                   

                   

                   

                	
                   

                         
                    John Ganzer

                          WaMu
                    Asset Acceptance Corp.

                          
                    c/o Washington Mutual Mortgage Securities Corp.

                          75
                    N. Fairway Drive,VHF2A01

                          Vernon
                    Hills, IL 60061

                          Telephone:
                     (847) 549-3113

                          Facsimile:    
                    (847) 549-3680

                   

                   

                

        

         

        
          	
                   

                   

                	
                   

                        in
                    the case of LaSalle Bank National
                    Association,

                

        

         

        
          	
                   

                   

                   

                	
                   

                         
                    Stefanie Edwards

                          LaSalle
                    Bank National Association

                          135
                    S. LaSalle Street, Suite 1625

                          Chicago,
                    IL  60603

                          Telephone:  (312)
                    904-8975

                          Facsimile:    (312)
                    904-2084

                   

                

        

         

        
          
            
            

          

          
            D-1

            
              

            

          

          
            
            

          

        

        

        
          	
                  Exhibit E

                   

                

        

        

        

        
          	
                  [Reserved]

                

        

        

        

        
          
            
            

          

          
            E-1

            
              

            

          

          
            
            

          

        

        

        
          	
                  Exhibit F

                   

                

        

        

        

        
          	
                  FORM
                    OF TRANSFEROR CERTIFICATE FOR

                  JUNIOR
                    SUBORDINATE CERTIFICATES

                

        

        
 

        [Date]

        
 

        Washington
          Mutual Mortgage Pass-Through Certificates WMALT Series 2006-4 Trust

        LaSalle
          Bank National Association, as Trustee

        135
          South
          LaSalle Street, Suite 1625

        Chicago,
          Illinois, 60603

        Attention:
          Global Securitization Trust Services

        

        WaMu
          Asset Acceptance Corp.

        1201
          Third Avenue, WMT 1706A

        Seattle,
          WA 98101

        

         

        
          	 	
                  Re:

                	
                  Purchase
                    of WaMu Asset Acceptance Corp. Washington Mutual Mortgage Pass-Through
                    Certificates 
WMALT Series 2006-4, Class [    
                     ] (the
“Certificates”)

                

        

         

        Ladies
          and Gentlemen:

         

        In
          connection with our disposition of the above Certificates we certify that
          (a) we
          understand the Certificates have not been registered under the Securities
          Act of
          1933, as amended (the “Act”) and are being disposed by us in a transaction that
          is exempt from the registration requirements of the Act, and (b) we have
          not
          offered or sold any certificates to, or solicited offers to buy any Certificates
          from, any person, or otherwise approached or negotiated with any person
          with
          respect thereto, or taken any other action which would result in a violation
          of
          Section 5 of the Act.

         

        
          	 	
                  Very
                    truly yours,

                   

                  [Name
                    of Transferor]

                   

                   

                   

                  By:
                    __________________________________

                  Authorized
                    Officer

                

        

        

         

        
          
            
            

          

          
            F-1

            
              

            

          

          
            
            

          

        

        

        
          	
                  Exhibit G

                   

                

        

        

        

        
          	
                  FORM
                    OF TRANSFEREE'S AGREEMENT FOR

                  JUNIOR
                    SUBORDINATE CERTIFICATES

                

        

        

        

        [Date]

        
 

        Washington
          Mutual Mortgage Pass-Through Certificates WMALT Series 2006-4 Trust

        LaSalle
          Bank National Association, as Trustee

        135
          South
          LaSalle Street, Suite 1625

        Chicago,
          Illinois, 60603

        Attention:
          Global Securitization Trust Services

        

        WaMu
          Asset Acceptance Corp.

        1201
          Third Avenue, WMT 1706A

        Seattle,
          WA 98101

        

        The
          undersigned (the “Purchaser”) proposes to purchase WaMu Asset Acceptance Corp.
          Washington Mutual Mortgage Pass-Through Certificates, WMALT Series 2006-4,
          Class
          [ ] (the “Purchased Certificates”) in the principal amount of $______________.
          In doing so, the Purchaser hereby acknowledges and agrees as
          follows:

         

        Section
          1. Definitions. Each capitalized term used herein and not otherwise defined
          herein shall have the meaning ascribed to it in the Pooling and Servicing
          Agreement, dated as of April 1, 2006 (the “Pooling Agreement”), by and among
          WaMu Asset Acceptance Corp. (“Washington Mutual”), Washington Mutual Bank (the
“Servicer”), LaSalle Bank National Association, as trustee (the “Trustee”), and
          Christiana Bank & Trust Company, as Delaware trustee, of the WaMu Asset
          Acceptance Corp. Washington Mutual Mortgage Pass-Through Certificates,
          WMALT
          Series 2006-4.

         

        Section
          2. Representations and Warranties of the Purchaser. In connection with
          the
          proposed transfer, the Purchaser represents and warrants to Washington
          Mutual,
          the Servicer, the Trustee and the Trust that:

         

        (a) The
          Purchaser is duly organized, validly existing and in good standing under
          the
          laws of the jurisdiction in which the Purchaser is organized, is authorized
          to
          invest in the Purchased Certificates, and to enter into this Agreement,
          and duly
          executed and delivered this Agreement; 

         

        (b) The
          Purchaser is acquiring the Purchased Certificates for its own account as
          principal and not with a view to the distribution thereof, in whole or
          in part;

         

        (c) The
          Purchaser is an “accredited investor” as such term is defined in paragraph
          (a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) of Section 501 of Regulation D
          under
          the Securities Act of 1933, as amended (the “Act”), has knowledge of financial
          and business matters and is capable of evaluating the merits and risks
          of an
          investment in the Purchased Certificates; the Purchaser has sought such
          accounting, legal and tax advice as it has considered necessary to make
          an
          informed investment decision; and the Purchaser is able to bear the economic
          risk of an investment in the Purchased Certificates and can afford a complete
          loss of such investment; 

         

        
          
            
            

          

          
            G-1

            
              

            

          

          
            
            

          

        

        (d) The
          Purchaser is not affiliated with the Trustee;

         

        (e) The
          Purchaser confirms that Washington Mutual has made available to the Purchaser
          the opportunity to ask questions of, and receive answers from Washington
          Mutual
          concerning the trust created pursuant to the Pooling Agreement (the “Trust”),
          the purchase by the Purchaser of the Purchased Certificates and all matters
          relating thereto that Washington Mutual possesses or can acquire without
          unreasonable effort or expense; and

         

        (f) If
          applicable, the Purchaser has complied, and will continue to comply, with
          the
          guidelines established by Thrift Bulletin 13a issued April 23, 1998, by
          the
          Office of Regulatory Activities of the Federal Home Loan Bank
          System.

         

        Section
          3. Transfer of Purchased Certificates.

         

        (a) The
          Purchaser understands that the Purchased Certificates have not been registered
          under the Act, or any state securities laws and that no transfer may be
          made
          unless the Purchased Certificates are registered under the Act and under
          applicable state law or unless an exemption from registration is available.
          The
          Purchaser further understands that neither Washington Mutual nor the Trust
          is
          under any obligation to register the Purchased Certificates or make an
          exemption
          available. In the event that such a transfer is to be made within two years
          from
          the Closing Date without registration under the Act or applicable state
          securities laws, (i) the Trustee shall require, in order to assure compliance
          with such laws, that the Certificateholder's prospective transferee each
          certify
          to Washington Mutual, the Trustee and the Trust as to the factual basis
          for the
          registration or qualification exemption relied upon, and (ii) the Trustee
          or
          Washington Mutual may require an Opinion of Counsel that such transfer
          may be
          made pursuant to an exemption from the Act and state securities laws, which
          Opinion of Counsel shall not be an expense of the Trust, the Trustee or
          Washington Mutual. Any such Certificateholder desiring to effect such transfer
          shall, and does hereby agree to, indemnify the Trust, the Trustee and Washington
          Mutual 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.

         

        (b) No
          transfer of a Purchased Certificate shall be made unless the transferee
          provides
          Washington Mutual and the Trustee with (i) a Transferee's Agreement,
          substantially in the form of this Agreement, (ii) an affidavit substantially
          in
          the form of Exhibit N to the Pooling Agreement and (iii) if so indicated
          in such
          affidavit, a Benefit Plan Opinion (as defined in Section 1.01 of the Pooling
          Agreement).

         

        (c) The
          Purchaser acknowledges that its Purchased Certificates bear a legend setting
          forth the applicable restrictions on transfer.

         

        
          
            
            

          

          
            G-2

            
              

            

          

          
            
            

          

        

        

        IN
          WITNESS WHEREOF, the undersigned has caused this Agreement to be validly
          executed by its duly authorized representative as of the day and the year
          first
          above written.

         

        
          	 	
                  [Purchaser]

                   

                   

                   

                  By:
                    __________________________________

                   

                  Its:
                    ___________________________________

                

        

        

        

        

        
          
            
            

          

          
            G-3

            
              

            

          

          
            
            

          

        

        

        
          	
                  Exhibit H-1

                   

                

        

        

        
          	
                  FORM
                    OF ADDITIONAL MATTER INCORPORATED INTO THE FORM OF THE CERTIFICATES
                    (OTHER
                    THAN THE CLASS R AND CLASS PPP
                    CERTIFICATES)

                

        

        

        

        This
          Certificate does not represent an obligation of or interest in WaMu Asset
          Acceptance Corp. or any of its affiliates. Neither this Certificate nor
          the
          underlying Mortgage Loans are guaranteed by any agency or instrumentality
          of the
          United States.

         

        This
          certifies that the above-named Registered Owner is the registered owner
          of
          certain interests in a pool of assets (“REMIC IV”) entitled to certain
          distributions with respect to another pool of assets consisting of, among
          other
          things, conventional one- to four-family mortgage loans (the “Mortgage Loans”),
          formed by WaMu Asset Acceptance Corp. (the “Company”), which term includes any
          successor entity under the Pooling Agreement referred to below. REMIC IV
          was
          created pursuant to a Pooling and Servicing Agreement, dated as of the
          Cut-Off
          Date stated above (the “Pooling Agreement”), among the Company, the Servicer,
          LaSalle Bank National Association, as Trustee (the “Trustee”), and Christiana
          Bank & Trust Company, as Delaware 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
          Pooling Agreement. Nothing herein shall be deemed inconsistent with such
          meanings, and in the event of any conflict between the Pooling Agreement
          and the
          terms of this Certificate, the Pooling Agreement shall control. This Certificate
          is issued under and is subject to the terms, provisions and conditions
          of the
          Pooling Agreement, to which Pooling Agreement the Holder of this Certificate,
          by
          virtue of the acceptance hereof, assents and by which such Holder is
          bound.

         

        Distributions
          will be made, pursuant to the Pooling Agreement, on the 25th day of each
          month
          or, if such 25th day is not a Business Day, the Business Day immediately
          following (the “Distribution Date”), commencing on the first Distribution Date
          specified above, to the Person in whose name this Certificate is registered
          at
          the close of business on the last day (or if such last day is not a Business
          Day, the Business Day immediately preceding such last day) of the month
          immediately preceding the month of such distribution (the “Record Date”), to the
          extent of such Certificateholder's Percentage Interest represented by this
          Certificate in the portion of the REMIC II Available Distribution Amount
          for
          such Distribution Date then distributable on the Certificates of this Class,
          as
          specified in Section 4.05 of the Pooling Agreement.

         

        Distributions
          on this Certificate will be made by the Trustee by wire transfer or check
          mailed
          to the address of the Person entitled thereto, as such name and address
          shall
          appear on the Certificate Register. Notwithstanding the above, the final
          distribution on this Certificate will be made after due notice by the Trustee
          of
          the pendency of such distribution and only upon presentation and surrender
          of
          this Certificate to the Certificate Registrar.

         

        Reference
          is hereby made to the further provisions of this Certificate set forth
          below,
          which further provisions shall for all purposes have the same effect as
          if set
          forth at this place.

         

        Unless
          the certificate of authentication hereon has been executed by or on behalf
          of
          the Trustee, by manual signature, this Certificate shall not be entitled
          to any
          benefit under the Pooling Agreement or be valid for any purpose.

         

        
          
            
            

          

          
            H-1-1

            
              

            

          

          
            
            

          

        

        

        IN
          WITNESS WHEREOF, the Trust has caused this Certificate to be duly
          executed.

         

        

        
          	 	
                  WASHINGTON
                    MUTUAL MORTGAGE PASS-THROUGH CERTIFICATES WMALT SERIES 2006-4
                    TRUST

                   

                
	 	
                  By:

                	
                  LASALLE
                    BANK NATIONAL ASSOCIATION, as Trustee

                
	 	 	
                   

                   

                  By:
                    _____________________________________

                

        

        

        

        

        
          	
                  (TRUSTEE'S
                    CERTIFICATE OF AUTHENTICATION)

                

        

        

        

        This
          is
          one of the Certificates referred to in the within-mentioned Pooling
          Agreement.

         

        LASALLE
          BANK NATIONAL ASSOCIATION,

        as
          Trustee

        

        

        

        By:
          _____________________________________

        

        Dated:
          ___________________________________

        

        
          
            
            

          

          
            H-1-2

            
              

            

          

          
            
            

          

        

        

        

        
          	
                  WaMu
                    ASSET ACCEPTANCE CORP.

                  WASHINGTON
                    MUTUAL MORTGAGE PASS-THROUGH
                    CERTIFICATE

                

        

        

        

        This
          Certificate is one of a duly authorized issue of Certificates designated
          as
          Washington Mutual Mortgage Pass-Through Certificates of the Series and
          Class
          specified hereon (herein called the “Certificates”) and representing certain
          interests in REMIC IV [to be used only in the case of the Group 3 Certificates
          (other than the Class 3-IO, Class 3-C and Class 3-PPP):][, together with
          certain
          rights specified in the Pooling Agreement][to be used only in the case
          of the
          Class 3-C Certificates:][, together with certain obligations specified
          in the
          Pooling Agreement].

         

        The
          Certificates do not represent an obligation of, or an interest in, the
          Company
          or any of its affiliates and are not insured or guaranteed by any governmental
          agency. 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 Pooling Agreement. In the event funds are advanced with
          respect to any Mortgage Loan, such advance is reimbursable to the Servicer
          from
          the related recoveries on such Mortgage Loan or from amounts received with
          respect to other Mortgage Loans to the extent that such advance is not
          otherwise
          recoverable.

         

        As
          provided in the Pooling Agreement, withdrawals from the Certificate Account
          may
          be made from time to time for purposes other than distributions to
          Certificateholders, such purposes including reimbursement to the Servicer
          of
          advances made, or certain expenses incurred, by it.

         

        The
          Pooling Agreement permits, with certain exceptions therein provided, the
          amendment thereof and the modification of the rights and obligations of
          the
          Company and the rights of the Certificateholders under the Pooling Agreement
          at
          any time by the Company, the Servicer and the Trustee with the consent
          of the
          Holders of the Certificates evidencing Percentage Interests aggregating
          not less
          than 66% of REMIC IV. 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 Pooling 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 Pooling 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
          office of the Certificate Registrar or the office maintained by the Trustee
          in
          the City and State of New York, duly endorsed by, or accompanied by an
          assignment in the form below or other written instrument of transfer in
          form
          satisfactory to the Trustee or any Authenticating Agent duly executed by,
          the
          Holder hereof or such Holder's attorney duly authorized in writing, and
          thereupon one or more new Certificates of Authorized Denominations evidencing
          the same Percentage Interest set forth hereinabove will be issued to the
          designated transferee or transferees.

         

        [to
          be
          used only in the case of the Junior Subordinate Certificates:] [No transfer
          of a
          Certificate will be made unless such transfer is exempt from or is made
          in
          accordance with the registration requirements of the Securities Act of
          1933, as
          amended (the “Securities Act”) and any applicable state securities laws. In the
          event that a transfer is to be made without registration or qualification
          under
          applicable laws, (i) in the event such transfer is made pursuant to Rule
          144A
          under the Securities Act, the Company and the Trustee shall require the
          transferee to execute an investment letter in substantially the form attached
          as
          Exhibit L to the Pooling Agreement, which investment letter shall not be
          an
          expense of the Company, the Servicer, the Trust, the Delaware Trustee or
          the
          Trustee and (ii) in the event that such a transfer is not made pursuant
          to Rule
          144A under the Securities Act, the Trustee may require an Opinion of Counsel
          satisfactory to the Trustee that such transfer may be made without such
          registration or qualification, which Opinion of Counsel shall not be an
          expense
          of the Company, the Servicer, the Trust, the Trustee or the Delaware Trustee.
          Neither the Company nor the Trust will register the Certificate under the
          Securities Act, qualify the Certificate under any state securities law
          or
          provide registration rights to any purchaser. Any Holder desiring to effect
          such
          transfer shall, and does hereby agree to, indemnify the Trust, the Trustee,
          the
          Delaware Trustee, the Company and the Servicer against any liability that
          may
          result if the transfer is not made in accordance with the Pooling
          Agreement.]

         

        
          
            
            

          

          
            H-1-3

            
              

            

          

          
            
            

          

        

        The
          Certificates are issuable only as registered Certificates without coupons
          in
          Authorized Denominations specified in the Pooling Agreement. As provided
          in the
          Pooling Agreement and subject to certain limitations therein set forth,
          Certificates are exchangeable for new Certificates of Authorized Denominations
          of like Certificate Principal Balance or Percentage Interest, as applicable,
          as
          requested by the Holder surrendering the same.

         

        A
          reasonable service charge may be made for any such registration of transfer
          or
          exchange, and the Trustee may require payment of a sum sufficient to cover
          any
          tax or other governmental charge payable in connection therewith.

         

        The
          Company, the Servicer, the Trust, the Trustee, the Delaware Trustee and
          any
          agent of any of them may treat the Person in whose name this Certificate
          is
          registered as the owner hereof for all purposes, and none of the Company,
          the
          Servicer, the Trust, the Trustee, the Delaware Trustee nor any agent thereof
          shall be affected by notice to the contrary.

         

        The
          obligations created by the Pooling Agreement and the Trust created thereby
          shall
          terminate upon (i) the later of the final payment or other liquidation
          (including purchase by the Servicer) of the last Mortgage Loan owned by
          the
          Trust or the disposition of all property acquired upon foreclosure or deed
          in
          lieu of foreclosure of any Mortgage Loan, and (ii) the payment to
          Certificateholders of all amounts required to be paid to them pursuant
          to the
          Pooling Agreement. The Pooling Agreement permits, but does not require,
          the
          Servicer to purchase from the Trust all Mortgage Loans at the time subject
          thereto and all property acquired by the Trust in respect of any Mortgage
          Loan
          upon payment to the Certificateholders of the amounts specified in the
          Pooling
          Agreement. The exercise of such right will effect early retirement of the
          Certificates, the Servicer’s right to purchase being subject to the aggregate
          Principal Balance of the Mortgage Loans at the time of purchase being less
          than
          the Clean-Up Call Percentage of the aggregate Principal Balance of the
          Mortgage
          Loans as of the Cut-Off Date.

        
          
            
            

          

          
            H-1-4

            
              

            

          

          
            
            

          

        

        

        

        
          	
                  ASSIGNMENT

                

        

        

        

        FOR
          VALUE
          RECEIVED the undersigned hereby sell(s) and assign(s) and transfer(s)
          unto

         

        ____________________________________________________________________________________

        

        ____________________________________________________________________________________

        

        

        (Please
          print or typewrite name and address, including postal zip code of assignee.
          Please insert social security or other identifying number of
          assignee.)

         

        the
          within WaMu Mortgage Pass-Through Certificate and hereby irrevocably constitutes
          and appoints 

         

        ____________________________________________________________________________________

        

        Attorney
          to transfer said Certificate on the Certificate Register, with full power
          of
          substitution in the premises.

         

        

        

        
          	
                  Dated:
                       ______________________

                	 	
                  _________________________________________

                
	 	 	
                  Signature
                    Guaranteed

                   

                

        

        ____________________________________________________________________________________

        

        

        NOTICE:
          The signature to this assignment must correspond with the name as written
          upon
          the face of the within instrument in every particular, without alteration
          or
          enlargement or any change whatever. This Certificate does not represent
          an
          obligation of or an interest in WaMu Asset Acceptance Corp. or any of its
          affiliates. Neither this Certificate nor the underlying Mortgage Loans
          are
          guaranteed by any agency or instrumentality of the United States.

         

        

        
          
            
            

          

          
            H-1-5

            
              

            

          

          
            
            

          

        

        

        
          	 	
                  Exhibit
                    H-2

                   

                

        

        FORM
          OF
          ADDITIONAL MATTER INCORPORATED INTO

        THE
          FORM
          OF THE CLASS PPP CERTIFICATES

        

        This
          Certificate does not represent an obligation of or interest in WaMu Asset
          Acceptance Corp. or any of its affiliates. Neither this Certificate nor
          the
          underlying Mortgage Loans are guaranteed by any agency or instrumentality
          of the
          United States.

         

        This
          certifies that the above-named Registered Owner is the registered owner
          of
          certain interests in a Trust, formed by WaMu Asset Acceptance Corp. (the
          “Company”), which term includes any successor entity under the Pooling Agreement
          referred to below. The Trust was created pursuant to a Pooling and Servicing
          Agreement, dated as of the Cut-Off Date stated above (the “Pooling Agreement”),
          among the Company, the Servicer, LaSalle Bank National Association, as
          Trustee
          (the “Trustee”), and Christiana Bank & Trust Company, as Delaware 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 Pooling Agreement. Nothing herein shall be deemed
          inconsistent with such meanings, and in the event of any conflict between
          the
          Pooling Agreement and the terms of this Certificate, the Pooling Agreement
          shall
          control. This Certificate is issued under and is subject to the terms,
          provisions and conditions of the Pooling Agreement, to which Pooling Agreement
          the Holder of this Certificate, by virtue of the acceptance hereof, assents
          and
          by which such Holder is bound.

         

        Distributions
          will be made, pursuant to the Pooling Agreement, on the 25th day of each
          month
          or, if such 25th day is not a Business Day, the Business Day immediately
          following (the “Distribution Date”), commencing on the first Distribution Date
          specified above, to the Person in whose name this Certificate is registered
          at
          the close of business on the last day (or if such last day is not a Business
          Day, the Business Day immediately preceding such last day) of the month
          immediately preceding the month of such distribution (the “Record Date”), to the
          extent of such Certificateholder's Percentage Interest represented by this
          Certificate in (a) the portion of the REMIC IV Available Distribution Amount
          for
          such Distribution Date then distributable on the Certificates of this Class
          and
          (b) the Assigned Prepayment Premiums for such Distribution Date, in each
          case,
          as specified in Section 4.05 of the Pooling Agreement.

         

        Distributions
          on this Certificate will be made by the Trustee by wire transfer or check
          mailed
          to the address of the Person entitled thereto, as such name and address
          shall
          appear on the Certificate Register. Notwithstanding the above, the final
          distribution on this Certificate will be made after due notice by the Trustee
          of
          the pendency of such distribution and only upon presentation and surrender
          of
          this Certificate to the Certificate Registrar.

         

        Reference
          is hereby made to the further provisions of this Certificate set forth
          below,
          which further provisions shall for all purposes have the same effect as
          if set
          forth at this place.

         

        Unless
          the certificate of authentication hereon has been executed by or on behalf
          of
          the Trustee, by manual signature, this Certificate shall not be entitled
          to any
          benefit under the Pooling Agreement or be valid for any purpose.

         

        
          
            
            

          

          
            H-1-1

            
              

            

          

          
            
            

          

        

        

        IN
          WITNESS WHEREOF, the Trust has caused this Certificate to be duly
          executed.

         

        
          	 	
                  WASHINGTON
                    MUTUAL MORTGAGE PASS-THROUGH CERTIFICATES, WMALT SERIES 2006-4
                    TRUST

                   

                
	 	 	 
	 	
                  By:

                   

                	
                  LASALLE
                    BANK NATIONAL ASSOCIATION, as Trustee

                   

                
	 	 	 
	 	
                  By:

                   

                	
                  ______________________________________

                   

                

        

        

         

        (TRUSTEE'S
          CERTIFICATE OF AUTHENTICATION)

         

        This
          is
          one of the Certificates referred to in the within-mentioned Pooling
          Agreement.

         

        
          	
                  LASALLE
                    BANK NATIONAL ASSOCIATION, as Trustee

                   

                	 
	 	 	 
	 	 	 
	
                  By:

                   

                	
                  ______________________________________

                   

                	 
	
                  Dated:

                   

                	
                  ______________________________________

                   

                	 

        

        

        
          
            
            

          

          
            H-1-2

            
              

            

          

          
            
            

          

        

        

        WaMu
          ASSET ACCEPTANCE CORP.

        WASHINGTON
          MUTUAL MORTGAGE PASS-THROUGH CERTIFICATE

         

        

        This
          Certificate is one of a duly authorized issue of Certificates designated
          as
          Washington Mutual Mortgage Pass-Through Certificates of the Series and
          Class
          specified hereon (herein called the “Certificates”) and representing certain
          interests in REMIC IV, together with certain rights specified in the Pooling
          Agreement.

         

        The
          Certificates do not represent an obligation of, or an interest in, the
          Company
          or any of its affiliates and are not insured or guaranteed by any governmental
          agency. 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 Pooling Agreement. 

         

        As
          provided in the Pooling Agreement, withdrawals from the Certificate Account
          may
          be made from time to time for purposes other than distributions to
          Certificateholders, such purposes including reimbursement to the Servicer
          of
          advances made, or certain expenses incurred, by it.

         

        The
          Pooling Agreement permits, with certain exceptions therein provided, the
          amendment thereof and the modification of the rights and obligations of
          the
          Company and the rights of the Certificateholders under the Pooling Agreement
          at
          any time by the Company, the Servicer and the Trustee with the consent
          of the
          Holders of the Certificates evidencing Percentage Interests aggregating
          not less
          than 66% of REMIC IV; provided,
          however,
          that any
          such amendment that modifies the rights of the Class PPP Certificateholders
          to
          receive Assigned Prepayment Premiums shall require the consent of each
          Class PPP
          Certificateholder. 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 Pooling 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 Pooling 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
          office of the Certificate Registrar or the office maintained by the Trustee
          in
          the City and State of New York, duly endorsed by, or accompanied by an
          assignment in the form below or other written instrument of transfer in
          form
          satisfactory to the Trustee or any Authenticating Agent duly executed by,
          the
          Holder hereof or such Holder's attorney duly authorized in writing, and
          thereupon one or more new Certificates of Authorized Denominations evidencing
          the same Percentage Interest set forth hereinabove will be issued to the
          designated transferee or transferees.

         

        The
          Certificates are issuable only as registered Certificates without coupons
          in
          Authorized Denominations specified in the Pooling Agreement. As provided
          in the
          Pooling Agreement and subject to certain limitations therein set forth,
          Certificates are exchangeable for new Certificates of Authorized Denominations
          of like Percentage Interest, as requested by the Holder surrendering the
          same.

         

        A
          reasonable service charge may be made for any such registration of transfer
          or
          exchange, and the Trustee may require payment of a sum sufficient to cover
          any
          tax or other governmental charge payable in connection therewith.

         

        The
          Company, the Servicer, the Trust, the Trustee, the Delaware Trustee and
          any
          agent of any of them may treat the Person in whose name this Certificate
          is
          registered as the owner hereof for all purposes, and none of the Company,
          the
          Servicer, the Trust, the Trustee, the Delaware Trustee nor any agent thereof
          shall be affected by notice to the contrary.

         

        
          
            
            

          

          
            H-1-3

            
              

            

          

          
            
            

          

        

        The
          obligations created by the Pooling Agreement and the Trust created thereby
          shall
          terminate upon (i) the later of the final payment or other liquidation
          (including purchase by the Servicer) of the last Mortgage Loan owned by
          the
          Trust or the disposition of all property acquired upon foreclosure or deed
          in
          lieu of foreclosure of any Mortgage Loan, and (ii) the payment to
          Certificateholders of all amounts required to be paid to them pursuant
          to the
          Pooling Agreement. The Pooling Agreement permits, but does not require,
          the
          Servicer to purchase from the Trust all Mortgage Loans at the time subject
          thereto and all property acquired by the Trust in respect of any Mortgage
          Loan
          upon payment to the Certificateholders of the amounts specified in the
          Pooling
          Agreement. The exercise of such right will effect early retirement of the
          Certificates, the Servicer’s right to purchase being subject to the aggregate
          Principal Balance of the Mortgage Loans at the time of purchase being less
          than
          the Clean-Up Call Percentage of the aggregate Principal Balance of the
          Mortgage
          Loans as of the Cut-Off Date.

         

        
          
            
            

          

          
            H-1-4

            
              

            

          

          
            
            

          

        

        

        ASSIGNMENT

         

        
          	
                  FOR
                    VALUE RECEIVED the undersigned hereby sell(s) and assign(s) and
                    transfer(s) unto

                   

                
	 
	 
	 
	
                  (Please
                    print or typewrite name and address, including postal zip code
                    of
                    assignee. Please insert social security or other identifying
                    number of
                    assignee.)

                   

                
	
                  the
                    within WaMu Mortgage Pass-Through Certificate and hereby irrevocably
                    constitutes and appoints

                   

                
	 
	
                  Attorney
                    to transfer said Certificate on the Certificate Register, with
                    full power
                    of substitution in the premises.

                   

                

        

        

        
          	
                  Dated:

                   

                	 _________________	
                  _____________________________________

                  Signature
                    Guaranteed

                

        

        

        
          	 
	
                  NOTICE:
                    The signature to this assignment must correspond with the name
                    as written
                    upon the face of the within instrument in every particular, without
                    alteration or enlargement or any change whatever. This Certificate
                    does
                    not represent an obligation of or an interest in Washington Mutual
                    Mortgage Securities Corp. or any of its affiliates. Neither this
                    Certificate nor the underlying Mortgage Loans are guaranteed
                    by any agency
                    or instrumentality of the United States.

                   

                

        

        

         

        
          
            
            

          

          
            H-1-5

            
              

            

          

          
            
            

          

        

        

        
          	
                  Exhibit I

                   

                

        

        

        

        
          	
                  TRANSFEROR
                    CERTIFICATE FOR CLASS R CERTIFICATES

                
	 
	 
	
                  [Date]

                

        

        

        

        LaSalle
          Bank National Association, as Trustee

        135
          South
          LaSalle Street, Suite 1625

        Chicago,
          Illinois, 60603

        Attention:
          Global Securitization Trust Services

         

        
          	 	
                  Re:
                    

                	
                  WaMu
                    Asset Acceptance Corp. Washington Mutual Mortgage Pass-Through
                    Certificates, WMALT Series 2006-4, Class
                    R

                

        

         

        Ladies
          and Gentlemen:

         

        This
          letter is delivered to you in connection with the sale from     
          (the
“Seller”) to     (the
          “Purchaser”) of $____________________ initial Certificate Principal Balance of
          Washington Mutual Mortgage Pass-Through Certificates, WMALT Series 2006-4,
          Class
          R (the “Certificate”), pursuant to Section 5.01 of the Pooling and Servicing
          Agreement (the “Pooling Agreement”), dated as of April 1, 2006 among WaMu Asset
          Acceptance Corp., as depositor (the "Company"), Washington Mutual Bank,
          as
          servicer (the “Servicer”), LaSalle Bank National Association, as trustee (the
“Trustee”), and Christiana Bank & Trust Company, as Delaware trustee. All
          terms used herein and not otherwise defined shall have the meanings set
          forth in
          the Pooling Agreement. The Seller hereby certifies, represents and warrants
          to,
          and covenants with, the Company, the Servicer, the Trustee and the Trust
          that:

         

        1. No
          purpose of the Seller relating to the sale of the Certificate by the Seller
          to
          the Purchaser is or will be to enable the Seller to impede the assessment
          or
          collection of tax.

         

        2. The
          Seller understands that the Purchaser has delivered to the Trustee and
          the
          Company a transferee affidavit and agreement in the form attached to the
          Pooling
          Agreement as Exhibit J. The Seller does not know or believe that any
          representation contained therein is false.

         

        3. The
          Seller has no actual knowledge that the proposed Transferee is not a Permitted
          Transferee.

         

        4. The
          Seller has no actual knowledge that the Purchaser would be unwilling or
          unable
          to pay taxes due on its share of the taxable income attributable to the
          Certificates.

         

        5. The
          Seller has conducted a reasonable investigation of the financial condition
          of
          the Purchaser and, as a result of the investigation, found that the Purchaser
          has historically paid its debts as they came due, and found no significant
          evidence to indicate that the Purchaser will not continue to pay its debts
          as
          they come due in the future.

         

        
          
            
            

          

          
            I-1

            
              

            

          

          
            
            

          

        

        

        6. The
          Purchaser has represented to the Seller that, if the Certificates constitute
          a
          noneconomic residual interest, it (i) understands that as holder of a
          noneconomic residual interest it may incur tax liabilities in excess of
          any cash
          flows generated by the interest, and (ii) intends to pay taxes associated
          with
          its holding of the Certificates as they become due.

         

        
          	 	
                  Very
                    truly yours,

                   

                  [Seller]

                   

                   

                  By:
                    __________________________________

                  Name:
                    __________________________

                  Title:
                    ___________________________

                

        

        

        

        
          
            
            

          

          
            I-2

            
              

            

          

          
            
            

          

        

        

        
          	
                  Exhibit J

                   

                

        

        

        

        
          	
                  TRANSFEREE
                    AFFIDAVIT AND AGREEMENT FOR CLASS R
                    CERTIFICATES

                

        

        

        

        
          	
                  STATE
                    OF

                	
                  _________________________

                	
                  )

                	 
	 	 	
                  )

                	
                  ss:

                
	
                  COUNTY
                    OF

                	
                  _________________________

                	
                  )

                	 

        

        

        

        [NAME
          OF
          OFFICER], being first duly sworn, deposes and says:

         

        1. That
          he
          is [Title of Officer] of [Name of Owner] (record or beneficial owner of
          the
          Class R Certificate (the “Owner”)), a [savings institution] [corporation] duly
          organized and existing under the laws of [the State of                  ]
          [the
          United States], on behalf of which he makes this affidavit and
          agreement.

         

        2. That
          the
          Owner (i) is not and will not be a “disqualified organization” as of [date of
          transfer] within the meaning of Section 860E(e)(5) of the Internal Revenue
          Code
          of 1986, as amended (the “Code”) and will endeavor to remain other than a
          disqualified organization for so long as it retains its ownership interest
          in
          the Class R Certificates, 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 and agreement in substantially the same form as this affidavit
          and
          agreement. (For this purpose, a disqualified organization” means the United
          States, any state or political subdivision thereof, or 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 or international
          organization, or any agency or instrumentality of such foreign government
          or
          organization, any rural electric or telephone cooperative, or any organization
          (other than certain farmers' cooperatives) that is generally exempt from
          federal
          income tax unless such organization is subject to the tax on unrelated
          business
          taxable income).

         

        3. That
          the
          Owner is aware (i) of the tax that would be imposed on transfers of the
          Class R
          Certificates after March 31, 1988; (ii) that such tax would be on the
          transferor, or, if such transfer is through an agent (which person includes
          a
          broker, nominee or middle-man) for a disqualified organization, 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 not a disqualified organization and, at the time
          of
          transfer, such person does not have actual knowledge that the affidavit
          is
          false; and (iv) that the Class R Certificates may be a “noneconomic residual
          interest” within the meaning of Treasury regulations promulgated pursuant to the
          Code and that the transferor of a noneconomic residual interest will remain
          liable for any taxes due with respect to the income on such residual interest,
          if a significant purpose of the transfer was to enable the transferor to
          impede
          the assessment or collection of tax.

         

        4. That
          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
          disqualified organization 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.)

         

        
          
            
            

          

          
            J-1

            
              

            

          

          
            
            

          

        

        5. That
          the
          Owner is aware that the Trustee will not register the Transfer of the Class
          R
          Certificates unless the transferee, or the transferees' agent, delivers
          to it an
          affidavit and agreement, among other things, in substantially the same
          form as
          this affidavit and agreement. 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. That
          the
          Owner has reviewed the restrictions set forth on the face of the Class
          R
          Certificates and the provisions of Section 5.01 of the Pooling Agreement
          under
          which the Class R Certificates were issued (in particular, clauses (iii)(A)
          and
          (iii)(B) of Section 5.01(c) which authorize the Trustee to deliver payments
          to a
          person other than the Owner and negotiate a mandatory sale by the Trustee
          in the
          event the Owner holds such Certificates in violation of Section 5.01).
          The Owner
          expressly agrees to be bound by and to comply with such restrictions and
          provisions.

         

        7. That
          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 not a disqualified organization.

         

        8. The
          Owner's Taxpayer Identification Number is                               
          .

         

        9. That
          no
          purpose of the Owner relating to the purchase of the Class R Certificates
          by the
          Owner is or will be to enable the transferor to impede the assessment or
          collection of tax, and that in making this representation, the Owner warrants
          that the Owner is familiar with Treasury Regulation 1.860E-1(c) and with
          the
          preamble to the adoption of amendments to that regulation as of July 19,
          2002,
          attached hereto as Exhibit 1.

         

        10. That
          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 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 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. That the Owner has provided financial statements or other
          financial information requested by the transferor in connection with the
          transfer of the Class R Certificates to permit the transferor to assess
          the
          financial capability of the Owner to pay such taxes.

         

        11. That
          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 Class R Certificates
          remain
          outstanding.

         

        12. That
          the
          Owner has no present knowledge or expectation that it will become insolvent
          or
          subject to a bankruptcy proceeding for so long as any of the Class R
          Certificates remain outstanding.

         

        13. That
          the
          Owner is familiar with Treasury Regulation 1.860E-1(c) and with the preamble
          to
          the adoption of amendments to that regulation as of July 19, 2002, attached
          hereto as Exhibit 1, and that no purpose of the Owner relating to any sale
          of
          the Class R Certificates by the Owner will be to impede the assessment
          or
          collection of tax.

         

        14. The
          Owner
          is a citizen or resident of the United States, a corporation, partnership
          or
          other entity treated as a partnership or corporation for U.S. federal income
          tax
          purposes created or organized in, or under the laws of, the United States
          or any
          state thereof or the District of Columbia, or an estate or trust whose
          income
          from sources without the United States is includible in gross income for
          United
          States federal income tax purposes regardless of its connection with the
          conduct
          of a trade or business within the United States.

         

        
          
            
            

          

          
            J-2

            
              

            

          

          
            
            

          

        

        15. The
          Owner
          hereby agrees that it will not cause income from the Class R Certificates
          to be
          attributable to a foreign permanent establishment or fixed base (within
          the
          meaning of an applicable income tax treaty) of the Owner or another United
          States taxpayer.

         

        16. The
          Owner
          hereby agrees to cooperate with the Company and to take any action required
          of
          it by the Code or Treasury regulations thereunder (whether now or hereafter
          promulgated) in order to create or maintain the REMIC status of REMIC I,
          REMIC
          II, REMIC III and REMIC IV (the “REMICs”).

         

        17. The
          Owner
          hereby agrees that it will not take any action that could endanger the
          REMIC
          status of the REMICs or result in the imposition of tax on the REMICs unless
          counsel for, or acceptable to, the Company has provided an opinion that
          such
          action will not result in the loss of such REMIC status or the imposition
          of
          such tax, as applicable.

         

        18. The
          Owner
          as transferee of the Class R Certificates has represented to the transferor
          that, if the Class R Certificates constitute a noneconomic residual interest,
          the Owner (i) understands that as holder of a noneconomic residual interest
          it
          may incur tax liabilities in excess of any cash flows generated by the
          interest,
          and (ii) intends to pay taxes associated with its holding of the Class
          R
          Certificates as they become due.

         

        19. That
          the
          Owner satisfies the condition in the paragraph marked below [mark one paragraph
          only]:

         

        
          	
                  ___

                   

                	
                  The
                    Owner is not an employee benefit or other plan subject to the
                    prohibited
                    transaction provisions of the Employee Retirement Income Security
                    Act of
                    1974, as amended, or Section 4975 of the Internal Revenue Code
                    of 1986, as
                    amended (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 the Class R Certificates
                    with
                    “plan assets” of, any Plan within the meaning of the Department of Labor
                    (“DOL”) regulation at 29 C.F.R. Section 2510.3-101.

                   

                
	
                  ___

                   

                	
                  The
                    Owner has delivered a Benefit Plan Opinion (as defined in Section
                    1.01 of
                    the Pooling Agreement under which the Class R Certificates were
                    issued).

                   

                

        

        

        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 [Title
          of
          Officer] and its corporate seal to be hereunto attached, attested by its
          [Assistant] Secretary, this          
          day of
         ,
          20    .

         

        

        
          	 	
                  [Name
                    of Owner]

                   

                   

                  By:
                    __________________________________

                  [Name
                    of Officer]

                  [Title
                    of Officer

                

        

        
          
            
            

          

          
            J-3

            
              

            

          

          
            
            

          

        

        

        

        
          	
                  [Corporate
                    Seal]

                   

                  ATTEST:

                   

                   

                   

                   

                   

                  [Assistant
                    Secretary]

                	 

        

        

        

        Personally
          appeared before me the above-named [Name of Officer], known or proved to
          me to
          be the same person who executed the foregoing instrument and to be the
          [Title of
          Officer] of the Owner, and Acknowledged to me that he executed the same
          as his
          free act and deed and the free act and deed of the Owner.

         

        Subscribed
          and sworn before me this ___ day of __________________, 20__.

         

        

        
          	 	
                  NOTARY
                    PUBLIC

                   

                  COUNTY
                    OF ________________________________

                  STATE
                    OF __________________________________

                  My
                    commission expires the       
                    day of                   ,
                    20    .

                

        

        

        

        
          
            
            

          

          
            J-4

            
              

            

          

          
            
            

          

        

        

        
          	
                  Exhibit 1
                    to Transferee Affidavit

                   

                

        

        

        

        DEPARTMENT
          OF THE TREASURY

        Internal
          Revenue Service

        26
          CFR
          Parts 1 and 602

        [TD
          9004]

        RIN
          1545-AW98

        

        Real
          Estate Mortgage Investment Conduits

        

        AGENCY:
          Internal Revenue Service (IRS), Treasury.

        

        ACTION:
          Final regulations.

        

        -----------------------------------------------------------------------

        

        
          	
                  SUMMARY:

                	
                  This
                    document contains final regulations relating to safe harbor transfers
                    of
                    noneconomic residual interests in real estate mortgage investment
                    conduits
                    (REMICs). The final regulations provide additional limitations
                    on the
                    circumstances under which transferors may claim safe harbor
                    treatment.

                
	 	 
	
                  DATES:

                	
                  Effective
                    Date: These regulations are effective July 19, 2002. Applicability
                    Date:
                    For dates of applicability, see Sec. 1.860E-(1)(c)(10).

                
	 	 
	
                  FOR
                    FURTHER INFORMATION CONTACT:

                	
                  Courtney
                    Shepardson at (202) 622-3940 

                  (not
                    a toll-free number).

                

        

        

        SUPPLEMENTARY
          INFORMATION:

        

        Paperwork
          Reduction Act

        

        The
          collection of information in this final rule has been reviewed and, pending
          receipt and evaluation of public comments, approved by the Office of Management
          and Budget (OMB) under 44 U.S.C. 3507 and assigned control number 1545-1675.
          The
          collection of information in this regulation is in Sec. 1.860E-1(c)(5)(ii).
          This
          information is required to enable the IRS to verify that a taxpayer is
          complying
          with the conditions of this regulation. The collection of information is
          mandatory and is required. Otherwise, the taxpayer will not receive the
          benefit
          of safe harbor treatment as provided in the regulation. The likely respondents
          are businesses and other for-profit institutions.

         

        Comments
          on the collection of information should be sent to the Office of Management
          and
          Budget, Attn: Desk Officer for the Department of the Treasury, Office of
          Information and Regulatory Affairs, Washington, DC, 20503, with copies
          to the
          Internal Revenue Service, Attn: IRS Reports Clearance Officer, W:CAR:MP:FP:S,
          Washington, DC 20224. Comments on the collection of information should
          be
          received by September 17, 2002. Comments are specifically requested concerning:
          

         

        Whether
          the collection of information is necessary for the proper performance of
          the
          functions of the Internal Revenue Service, including whether the information
          will have practical utility; 

         

        
          
            
            

          

          
            J-1-1

            
              

            

          

          
            
            

          

        

        The
          accuracy of the estimated burden associated with the collection of information
          (see below);

         

        How
          the
          quality, utility, and clarity of the information to be collected may be
          enhanced;

         

        How
          the
          burden of complying with the collection of information may be minimized,
          including through the application of automated collection techniques or
          other
          forms of information technology; and

         

        Estimates
          of capital or start-up costs and costs of operation, maintenance, and purchase
          of service to provide information.

         

        An
          agency
          may not conduct or sponsor, and a person is not required to respond to,
          a
          collection of information unless it displays a valid control number assigned
          by
          the Office of Management and Budget.

         

        The
          estimated total annual reporting burden is 470 hours, based on an estimated
          number of respondents of 470 and an estimated average annual burden hours
          per
          respondent of one hour.

         

        Books
          or
          records relating to a collection of information must be retained as long
          as
          their contents may become material in the administration of any internal
          revenue
          law. Generally, tax returns and tax return information are confidential,
          as
          required by 26 U.S.C. 6103.

         

        Background

         

        This
          document contains final regulations regarding the proposed amendments to
          26 CFR
          part 1 under section 860E of the Internal Revenue Code (Code). The regulations
          provide the circumstances under which a transferor of a noneconomic REMIC
          residual interest meeting the investigation and representation requirements
          may
          avail itself of the safe harbor by satisfying either the formula test or
          the
          asset test.

         

        Final
          regulations governing REMICs, issued in 1992, contain rules governing the
          transfer of noneconomic REMIC residual interests. In general, a transfer
          of a
          noneconomic residual interest is disregarded for all tax purposes if a
          significant purpose of the transfer is to enable the transferor to impede
          the
          assessment or collection of tax. A purpose to impede the assessment or
          collection of tax (a wrongful purpose) exists if the transferor, at the
          time of
          the transfer, either knew or should have known that the transferee would
          be
          unwilling or unable to pay taxes due on its share of the REMIC's taxable
          income.

         

        Under
          a
          safe harbor, the transferor of a REMIC noneconomic residual interest is
          presumed
          not to have a wrongful purpose if two requirements are satisfied: (1) the
          transferor conducts a reasonable investigation of the transferee's financial
          condition (the investigation requirement); and (2) the transferor secures
          a
          representation from the transferee to the effect that the transferee understands
          the tax obligations associated with holding a residual interest and intends
          to
          pay those taxes (the representation requirement).

         

        The
          IRS
          and Treasury have been concerned that some transferors of noneconomic residual
          interests claim they satisfy the safe harbor even in situations where the
          economics of the transfer clearly indicate the transferee is unwilling
          or unable
          to pay the tax associated with holding the interest. For this reason, on
          February 7, 2000, the IRS published in the Federal Register (65 FR 5807)
          a
          notice of proposed rulemaking (REG-100276-97; REG-122450-98) designed to
          clarify
          the safe harbor by adding the ``formula test,'' an economic test. The proposed
          regulation provides that the safe harbor is unavailable unless the present
          value
          of the anticipated tax liabilities associated with holding the residual
          interest
          does not exceed the sum of: (1) The present value of any consideration
          given to
          the transferee to acquire the interest; (2) the present value of the expected
          future distributions on the interest; and (3) the present value of the
          anticipated tax savings associated with holding the interest as the REMIC
          generates losses.

         

        
          
            
            

          

          
            J-1-2

            
              

            

          

          
            
            

          

        

        The
          notice of proposed rulemaking also contained rules for FASITs. Section
          1.860H-6(g) of the proposed regulations provides requirements for transfers
          of
          FASIT ownership interests and adopts a safe harbor by reference to the
          safe
          harbor provisions of the REMIC regulations. 

         

        In
          January 2001, the IRS published Rev. Proc. 2001-12 (2001-3 I.R.B. 335)
          to set
          forth an alternative safe harbor that taxpayers could use while the IRS
          and the
          Treasury considered comments on the proposed regulations. Under the alternative
          safe harbor, if a transferor meets the investigation requirement and the
          representation requirement but the transfer fails to meet the formula test,
          the
          transferor may invoke the safe harbor if the transferee meets a two-prong
          test
          (the asset test). A transferee generally meets the first prong of this
          test if,
          at the time of the transfer, and in each of the two years preceding the
          year of
          transfer, the transferee's gross assets exceed $100 million and its net
          assets
          exceed $10 million. A transferee generally meets the second prong of this
          test
          if it is a domestic, taxable corporation and agrees in writing not to transfer
          the interest to any person other than another domestic, taxable corporation
          that
          also satisfies the requirements of the asset test. A transferor cannot
          rely on
          the asset test if the transferor knows, or has reason to know, that the
          transferee will not comply with its written agreement to limit the restrictions
          on subsequent transfers of the residual interest.

         

        Rev.
          Proc. 2001-12 provides that the asset test fails to be satisfied in the
          case of
          a transfer or assignment of a noneconomic residual interest to a foreign
          branch
          of an otherwise eligible transferee. If such a transfer or assignment were
          permitted, a corporate taxpayer might seek to claim that the provisions
          of an
          applicable income tax treaty would resource excess inclusion income as
          foreign
          source income, and that, as a consequence, any U.S. tax liability attributable
          to the excess inclusion income could be offset by foreign tax credits.
          Such a
          claim would impede the assessment or collection of U.S. tax on excess inclusion
          income, contrary to the congressional purpose of assuring that such income
          will
          be taxable in all events. See, e.g., sections 860E(a)(1), (b), (e) and
          860G(b)
          of the Code.

         

        The
          Treasury and the IRS have learned that certain taxpayers transferring
          noneconomic residual interests to foreign branches have attempted to rely
          on the
          formula test to obtain safe harbor treatment in an effort to impede the
          assessment or collection of U.S. tax on excess inclusion income. Accordingly,
          the final regulations provide that if a noneconomic residual interest is
          transferred to a foreign permanent establishment or fixed base of a U.S.
          taxpayer, the transfer is not eligible for safe harbor treatment under
          either
          the asset test or the formula test. The final regulations also require
          a
          transferee to represent that it will not cause income from the noneconomic
          residual interest to be attributable to a foreign permanent establishment
          or
          fixed base.

         

        Section
          1.860E-1(c)(8) provides computational rules that a taxpayer may use to
          qualify
          for safe harbor status under the formula test. Section 1.860E-1(c)(8)(i)
          provides that the transferee is presumed to pay tax at a rate equal to
          the
          highest rate of tax specified in section 11(b). Some commentators were
          concerned
          that this presumed rate of taxation was too high because it does not take
          into
          consideration taxpayers subject to the alternative minimum tax rate. In
          light of
          the comments received, this provision has been amended in the final regulations
          to allow certain transferees that compute their taxable income using the
          alternative minimum tax rate to use the alternative minimum tax rate applicable
          to corporations.

         

        Additionally,
          Sec. 1.860E-1(c)(8)(iii) provides that the present values in the formula
          test
          are to be computed using a discount rate equal to the applicable Federal
          short-term rate prescribed by section 1274(d). This is a change from the
          proposed regulation and Rev. Proc. 2001-12. In those publications the provision
          stated that “present values are computed using a discount rate equal to the
          applicable Federal rate prescribed in section 1274(d) compounded semiannually”
and that “[a] lower discount rate may be used if the transferee can demonstrate
          that it regularly borrows, in the course of its trade or business, substantial
          funds at such lower rate from an unrelated third party.” The IRS and the
          Treasury Department have learned that, based on this provision, certain
          taxpayers have been attempting to use unrealistically low or zero interest
          rates
          to satisfy the formula test, frustrating the intent of the test. Furthermore,
          the Treasury Department and the IRS believe that a rule allowing for a
          rate
          other than a rate based on an objective index would add unnecessary complexity
          to the safe harbor. As a result, the rule in the proposed regulations that
          permits a transferee to use a lower discount rate, if the transferee can
          demonstrate that it regularly borrows substantial funds at such lower rate,
          is
          not included in the final regulations; and the Federal short-term rate
          has been
          substituted for the applicable Federal rate. To simplify taxpayers'
          computations, the final regulations allow use of any of the published short-term
          rates, provided that the present values are computed with a corresponding
          period
          of compounding. With the exception of the provisions relating to transfers
          to
          foreign branches, these changes generally have the proposed applicability
          date
          of February 4, 2000, but taxpayers may choose to apply the interest rate
          formula
          set forth in the proposed regulation and Rev. Proc. 2001-12 for transfers
          occurring before August 19, 2002.

         

        
          
            
            

          

          
            J-1-3

            
              

            

          

          
            
            

          

        

        It
          is
          anticipated that when final regulations are adopted with respect to FASITs,
          Sec.
          1.860H-6(g) of the proposed regulations will be adopted in substantially
          its
          present form, with the result that the final regulations contained in this
          document will also govern transfers of FASIT ownership interests with
          substantially the same applicability date as is contained in this
          document.

         

        Effect
          on Other Documents

         

        Rev.
          Proc. 2001-12 (2001-3 I.R.B. 335) is obsolete for transfers of noneconomic
          residual interests in REMICs occurring on or after August 19, 2002.

         

        Special
          Analyses

         

        It
          is
          hereby certified that these regulations will not have a significant economic
          impact on a substantial number of small entities. This certification is
          based on
          the fact that it is unlikely that a substantial number of small entities
          will
          hold REMIC residual interests. Therefore, a Regulatory Flexibility Analysis
          under the Regulatory Flexibility Act (5 U.S.C. chapter 6) is not required.
          It
          has been determined that this Treasury decision is not a significant regulatory
          action as defined in Executive Order 12866. Therefore, a regulatory assessment
          is not required. It also has been determined that sections 553(b) and 553(d)
          of
          the Administrative Procedure Act (5 U.S.C. chapter 5) do not apply to these
          regulations.

         

        Drafting
          Information

         

        The
          principal author of these regulations is Courtney Shepardson. However,
          other
          personnel from the IRS and Treasury Department participated in their
          development.

         

        List
          of Subjects

         

        26
          CFR
          Part 1

         

        Income
          taxes, Reporting and record keeping requirements.

         

        26
          CFR
          Part 602

         

        Reporting
          and record keeping requirements.

         

        
          
            
            

          

          
            J-1-4

            
              

            

          

          
            
            

          

        

        Adoption
          of Amendments to the Regulations

         

        Accordingly,
          26 CFR parts 1 and 602 are amended as follows:

         

        PART
          1--INCOME TAXES

         

        Paragraph
          1. The authority citation for part 1 continues to read in part as
          follows:

         

        Authority:
          26 U.S.C. 7805 * * *

         

        

         

        

        
          
            
            

          

          
            J-1-5

            
              

            

          

          
            
            

          

        

        

        
          	
                  Exhibit K

                   

                

        

        

        

        [Reserved]

        

        
          
            
            

          

          
            K-1

            
              

            

          

          
            
            

          

        

        

        
          	
                  Exhibit L

                   

                

        

        

        

        
          	
                  [FORM
                    OF RULE 144A INVESTMENT REPRESENTATION]

                
	 
	
                  Description
                    of Rule 144A Securities, including
                    numbers:

                

        

        

        
          	
                  ___________________________________

                
	
                  ___________________________________

                
	
                  ___________________________________

                
	
                  ___________________________________

                

        

        

        

        The
          undersigned seller, as registered holder (the “Seller”), intends to transfer the
          Rule 144A Securities described above to the undersigned buyer (the
“Buyer”).

         

        1. In
          connection with such transfer and in accordance with the agreements pursuant
          to
          which the Rule 144A Securities were issued, the Seller hereby certifies
          the
          following facts: Neither the Seller nor anyone acting on its behalf has
          offered,
          transferred, pledged, sold or otherwise disposed of the Rule 144A Securities,
          any interest in the Rule 144A Securities or any other similar security
          to, or
          solicited any offer to buy or accept a transfer, pledge or other disposition
          of
          the Rule 144A Securities, any interest in the Rule 144A Securities or any
          other
          similar security from, or otherwise approached or negotiated with respect
          to the
          Rule 144A Securities, any interest in the Rule 144A Securities or any other
          similar security with, any person in any manner, or made any general
          solicitation by means of general advertising or in any other manner, or
          taken
          any other action, that would constitute a distribution of the Rule 144A
          Securities under the Securities Act of 1933, as amended (the “1933 Act”), or
          that would render the disposition of the Rule 144A Securities a violation
          of
          Section 5 of the 1933 Act or require registration pursuant thereto, and
          that the
          Seller has not offered the Rule 144A Securities to any person other than
          the
          Buyer or another “qualified institutional buyer” as defined in Rule 144A under
          the 1933 Act.

         

        2. The
          Buyer
          warrants and represents to, and covenants with, the Seller, the Trustee,
          the
          Trust and the Servicer (as defined in Section 1.01 of the Pooling and Servicing
          Agreement (the “Agreement”) dated as of April 1, 2006 among WaMu Asset
          Acceptance Corp., as Depositor, Washington Mutual Bank, as Servicer, LaSalle
          Bank National Association, as Trustee, and Christiana Bank & Trust Company,
          as Delaware Trustee) pursuant to Section 5.01(f) of the Agreement, as
          follows:

         

        a. The
          Buyer
          understands that the Rule 144A Securities have not been registered under
          the
          1933 Act or the securities laws of any state.

         

        b. The
          Buyer
          considers itself a substantial, sophisticated institutional investor having
          such
          knowledge and experience in financial and business matters that it is capable
          of
          evaluating the merits and risks of investment in the Rule 144A
          Securities.

         

        c. The
          Buyer
          has received and reviewed the Private Placement Memorandum dated April
          27, 2006
          relating to the Rule 144A Securities and has been furnished with all information
          regarding the Rule 144A Securities that it has requested from the Seller,
          the
          Trustee, the Company or the Servicer.

         

        d. Neither
          the Buyer nor anyone acting on its behalf has offered, transferred, pledged,
          sold or otherwise disposed of the Rule 144A Securities, any interest in
          the Rule
          144A Securities or any other similar security to, or solicited any offer
          to buy
          or accept a transfer, pledge or other disposition of the Rule 144A Securities,
          any interest in the Rule 144A Securities or any other similar security
          from, or
          otherwise approached or negotiated with respect to the Rule 144A Securities,
          any
          interest in the Rule 144A Securities or any other similar security with,
          any
          person in any manner, or made any general solicitation by means of general
          advertising or in any other manner, or taken any other action, that would
          constitute a distribution of the Rule 144A Securities under the 1933 Act
          or that
          would render the disposition of the Rule 144A Securities a violation of
          Section
          5 of the 1933 Act or require registration pursuant thereto, nor will it
          act, nor
          has it authorized or will it authorize any person to act, in such manner
          with
          respect to the Rule 144A Securities.

         

        
          
            
            

          

          
            L-1

            
              

            

          

          
            
            

          

        

        e. The
          Buyer
          is a “qualified institutional buyer” as that term is defined in Rule 144A under
          the 1933 Act and has (1) completed either of the forms of certification
          to that
          effect attached hereto as Annex 1 or Annex 2, or (2) obtained the waiver
          of the
          Company with respect to Annex 1 and Annex 2 pursuant to Section
          5.01(f) of the Agreement. The Buyer is aware that the sale to it is being
          made
          in reliance on Rule 144A. The Buyer is acquiring the Rule 144A Securities
          for
          its own account or the accounts of other qualified institutional buyers,
          understands that such Rule 144A Securities 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.

         

        f. The
          Buyer
          is not affiliated with (i) the Trustee or (ii) any Rating Agency that
          rated the Rule 144A Securities.

         

        g. If
          applicable, the Buyer has complied, and will continue to comply, with the
          guidelines established by Thrift Bulletin 13a issued April 23, 1998, by
          the
          Office of Regulatory Activities of the Federal Home Loan Bank
          System.

         

        3. This
          document may be executed in one or more counterparts and by the different
          parties hereto on separate counterparts, each of which, when so executed,
          shall
          be deemed to be an original; such counterparts, together, shall constitute
          one
          and the same document.

         

        IN
          WITNESS WHEREOF, each of the parties has executed this document as of the
          date
          set forth below.

         

        

        
          	
                  ___________________________________

                	 	
                  ___________________________________

                
	
                  Print
                    Name of Seller

                	 	
                  Print
                    Name of Buyer

                
	 	 	 
	
                  By:

                	
                  ______________________________

                	 	
                  By:

                	
                  ______________________________

                
	 	
                  Name:

                	 	 	
                  Name:

                
	 	
                  Title:

                	 	 	
                  Title:

                
	 	 	 
	
                  Taxpayer
                    Identification Number:

                	 	
                  Taxpayer
                    Identification Number:

                
	
                  ___________________________________

                	 	
                  ___________________________________

                
	
                  Date:

                	
                  ___________________________

                	 	
                  Date:

                	
                  ___________________________

                

        

        

        

        
          
            
            

          

          
            L-2

            
              

            

          

          
            
            

          

        

        

        
          	
                  Annex
                    1 to Exhibit L

                   

                

        

        

        

        
          	
                  QUALIFIED
                    INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

                
	 
	
                  [For
                    Buyers Other Than Registered Investment
                    Companies]

                

        

        

        

        The
          undersigned hereby certifies as follows in connection with the Rule 144A
          Investment Representation to which this Certification is attached:

         

        1. As
          indicated below, the undersigned is the President, Chief Financial Officer,
          Senior Vice President or other executive officer of the Buyer.

         

        2. In
          connection with purchases by the Buyer, the Buyer is a “qualified institutional
          buyer” as that term is defined in Rule 144A under the Securities Act of 1933
          (“Rule 144A”) because (i) the Buyer owned and/or invested on a
          discretionary basis $______________________ (the Buyer must own and/or
          invest on
          a discretionary basis at least $100,000,000 in securities unless the Buyer
          is a
          dealer, and, in that case, the Buyer must own and/or invest on a discretionary
          basis at least $10,000,000 in securities) in securities (except for the
          excluded
          securities referred to below) as of the end of the Buyer's most recent
          fiscal
          year (such amount being calculated in accordance with Rule 144A) and
          (ii) the Buyer satisfies the criteria in the category marked
          below.

         

        
          	
                  ___

                   

                	
                  Corporation,
                    etc.
                    The Buyer is a corporation (other than a bank, savings and loan
                    association or similar institution), Massachusetts or similar
                    business
                    trust, partnership, or charitable organization described in Section
                    501(c)(3) of the Internal Revenue Code.

                   

                
	
                  ___

                   

                	
                  Bank.
                    The Buyer (a) is a national bank or banking institution organized
                    under
                    the laws of any State, territory or the District of Columbia,
                    the business
                    of which is substantially confined to banking and is supervised
                    by the
                    State or territorial banking commission or similar official or
                    is a
                    foreign bank or equivalent institution, and (b) has an audited
                    net worth
                    of at least $25,000,000 as demonstrated in its latest annual
                    financial
                    statements, a
                    copy of which is attached hereto.

                   

                
	
                  ___

                   

                	
                  Savings
                    and Loan.
                    The Buyer (a) is a savings and loan association, building and
                    loan
                    association, cooperative bank, homestead association or similar
                    institution, which is supervised and examined by a State or Federal
                    authority having supervision over any such institutions or is
                    a foreign
                    savings and loan association or equivalent institution and (b)
                    has an
                    audited net worth of at least $25,000,000 as demonstrated in
                    its latest
                    annual financial statements.

                   

                
	
                  ___

                   

                	
                  Broker-Dealer.
                    The Buyer is a dealer registered pursuant to Section 15 of the
                    Securities
                    Exchange Act of 1934.

                   

                
	
                  ___

                   

                	
                  Insurance
                    Company.
                    The Buyer is an insurance company whose primary and predominant
                    business
                    activity is the writing of insurance or the reinsuring of risks
                    underwritten by insurance companies and which is subject to supervision
                    by
                    the insurance commissioner or a similar official or agency of
                    a State or
                    territory or the District of Columbia.

                   

                

        

         

        
          
            
            

          

          
            L-1-1

            
              

            

          

          
            
            

          

        

        
          	
                  ___

                   

                	
                  State
                    or Local Plan.
                    The Buyer is a plan established and maintained by a State, its
                    political
                    subdivisions, or any agency or instrumentality of the State or
                    its
                    political subdivisions, for the benefit of its employees.

                   

                
	
                  ___

                   

                	
                  ERISA
                    Plan.
                    The Buyer is an employee benefit plan within the meaning of Section
                    3(3)
                    of the Employee Retirement Income Security Act of 1974, as amended
                    (“ERISA”) and is subject to the fiduciary responsibility provisions of
                    ERISA.

                   

                
	
                  ___

                   

                	
                  Investment
                    Adviser.
                    The Buyer is an investment adviser registered under the Investment
                    Advisers Act of 1940.

                   

                
	
                  ___

                   

                	
                  SBIC.
                    The Buyer is a Small Business Investment Company licensed by
                    the U.S.
                    Small Business Administration under Section 301(c) or (d) of
                    the Small
                    Business Investment Act of 1958.

                   

                
	
                  ___

                   

                	
                  Business
                    Development Company.
                    The Buyer is a business development company as defined in Section
                    202(a)(22) of the Investment Advisers Act of 1940.

                   

                
	
                  ___

                   

                	
                  Trust
                    Fund.
                    The Buyer is a trust fund whose trustee is a bank or trust company
                    and
                    whose participants are exclusively (a) plans 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,
                    or (b) employee benefit plans within the meaning of Title I of
                    the
                    Employee Retirement Income Security Act of 1974, but is not a
                    trust fund
                    that includes as participants individual retirement accounts
                    or H.R. 10
                    plans.

                   

                

        

        3. The
          term
“securities”
as
          used
          herein does
          not include
          (i) securities of issuers that are affiliated with the Buyer,
          (ii) securities that are part of an unsold allotment to or subscription by
          the Buyer, if the Buyer is a dealer, (iii) 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.

         

        4. For
          purposes of determining the aggregate amount of securities owned and/or
          invested
          on a discretionary basis by the Buyer, the Buyer used the cost of such
          securities to the Buyer and did not include any of the securities referred
          to in
          the preceding paragraph. Further, in determining such aggregate amount,
          the
          Buyer may have included securities owned by subsidiaries of the Buyer,
          but only
          if such subsidiaries are consolidated with the Buyer in its financial statements
          prepared in accordance with generally accepted accounting principles and
          if the
          investments of such subsidiaries are managed under the Buyer's direction.
          However, such securities were not included if the Buyer is a majority-owned,
          consolidated subsidiary of another enterprise and the Buyer is not itself
          a
          reporting company under the Securities Exchange Act of 1934.

         

        5. The
          Buyer
          acknowledges that it is familiar with Rule 144A and understands that the
          seller
          to it and other parties related to the Certificates are relying and will
          continue to rely on the statements made herein because one or more sales
          to the
          Buyer may be in reliance on Rule 144A.

         

        
          	
                  _____

                	 	
                  _____

                	 	
                  Will
                    the Buyer be purchasing the Rule 144A Securities for the Buyer’s own
                    account?

                
	
                  Yes

                	
                  No

                

        

        

        6. If
          the
          answer to the foregoing question is “no”, the Buyer agrees that, in connection
          with any purchase of securities sold to the Buyer for the account of a
          third
          party (including any separate account) in reliance on Rule 144A, the Buyer
          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 Buyer agrees that the Buyer will not purchase securities
          for a
          third party unless the Buyer 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.

         

        
          
            
            

          

          
            L-1-2

            
              

            

          

          
            
            

          

        

        7. The
          Buyer
          will notify each of the parties to which this certification is made of
          any
          changes in the information and conclusions herein. Until such notice is
          given,
          the Buyer's purchase of Rule 144A Securities will constitute a reaffirmation
          of
          this certification as of the date of such purchase.

         

        

        

        
          	 	 	
                  ___________________________________

                
	 	 	
                  Print
                    Name of Buyer

                
	 	 	 
	 	 	 
	 	 	 	
                  By:

                	
                  ______________________________

                
	 	 	 	 	
                  Name:

                
	 	 	 	 	
                  Title:

                
	 	 	 
	 	 	 	
                  Date:

                	
                  ____________________________

                
	 	 	 	 	 

        

      

       

      
        

        
          
            
            

          

          
            L-1-3

            
              

            

          

          
            
            

          

        

        
          	
                  Annex
                    2 to Exhibit L

                

        

        

        

        
          	
                  QUALIFIED
                    INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

                
	 
	
                  [For
                    Buyers That Are Registered Investment
                    Companies]

                

        

        

        

        

        The
          undersigned hereby certifies as follows in connection with the Rule 144A
          Investment Representation to which this Certification is attached:

         

        1. As
          indicated below, the undersigned is the President, Chief Financial Officer
          or
          Senior Vice President of the Buyer or, if the Buyer is a “qualified
          institutional buyer” as that term is defined in Rule 144A under the Securities
          Act of 1933 (“Rule 144A”) because Buyer is part of a Family of Investment
          Companies (as defined below), is such an officer of the Adviser.

         

        2. In
          connection with purchases by Buyer, the Buyer is a “qualified institutional
          buyer” as defined in SEC Rule 144A because (i) the Buyer is an investment
          company registered under the Investment Company Act of 1940, and (ii) as
          marked
          below, the Buyer alone, or the Buyer's Family of Investment Companies,
          owned at
          least $100,000,000 in securities (other than the excluded securities referred
          to
          below) as of the end of the Buyer's most recent fiscal year. For purposes
          of
          determining the amount of securities owned by the Buyer or the Buyer's
          Family of
          Investment Companies, the cost of such securities was used.

         

        
          	
                  ____

                   

                	
                  The
                    Buyer owned $___________________ in securities (other than the
                    excluded
                    securities referred to below) as of the end of the Buyer's most
                    recent
                    fiscal year (such amount being calculated in accordance with
                    Rule
                    144A).

                   

                
	
                  ____

                   

                	
                  The
                    Buyer is part of a Family of Investment Companies which owned
                    in the
                    aggregate $______________ in securities (other than the excluded
                    securities referred to below) as of the end of the Buyer's most
                    recent
                    fiscal year (such amount being calculated in accordance with
                    Rule
                    144A).

                   

                

        

        3. The
          term
“Family
          of Investment Companies”
as
          used
          herein means two or more registered investment companies (or series thereof)
          that have the same investment adviser or investment advisers that are affiliated
          (by virtue of being majority owned subsidiaries of the same parent or because
          one investment adviser is a majority owned subsidiary of the
          other).

         

        4. The
          term
“securities”
as
          used
          herein does not include (i) securities of issuers that are affiliated with
          the
          Buyer or are part of the Buyer's Family of Investment Companies, (ii) bank
          deposit notes and certificates of deposit, (iii) loan participations, (iv)
          repurchase agreements, (v) securities owned but subject to a repurchase
          agreement and (vi) currency, interest rate and commodity swaps.

         

        5. The
          Buyer
          is familiar with Rule 144A and understands that each of the parties to
          which
          this certification is made are relying and will continue to rely on the
          statements made herein because one or more sales to the Buyer will be in
          reliance on Rule 144A. In addition, the Buyer will only purchase for the
          Buyer's
          own account.

         

        6. The
          undersigned will notify each of the parties to which this certification
          is made
          of any changes in the information and conclusions herein. Until such notice,
          the
          Buyer's purchase of Rule 144A Securities will constitute a reaffirmation
          of this
          certification by the undersigned as of the date of such purchase.

         

        

        
          
            
            

          

          
            L-2-1

            
              

            

          

          
            
            

          

        

        

        
          	 	 	
                  ___________________________________

                
	 	 	
                  Print
                    Name of Buyer

                
	 	 	 
	 	 	 
	 	 	 	
                  By:

                	
                  ______________________________

                
	 	 	 	 	
                  Name:

                
	 	 	 	 	
                  Title:

                
	 	 	 
	 	 	 	
                  Date:

                	
                  ____________________________

                
	 	 	 	 	 

        

        

        

        
          	
                  IF
                    AN ADVISER:

                	 	
                  ___________________________________

                
	 	 	
                  Print
                    Name of Buyer

                
	 	 	 
	 	 	 
	 	 	 	
                  By:

                	
                  ______________________________

                
	 	 	 	 	
                  Name:

                
	 	 	 	 	
                  Title:

                
	 	 	 
	 	 	 	
                  Date:

                	
                  ____________________________

                
	 	 	 	 	 

        

        

        

        

        

        (SEAL)

        

        

         

        

        
          
            
            

          

          
            L-2-2

            
              

            

          

          
            
            

          

        

        
          	
                  Exhibit M

                   

                

        

        

        

        
          	
                  [Date]

                

        

        

        

        [Company]

         

         

        
          	 	
                  Re:

                	
                  Pooling
                    and Servicing Agreement dated as of April 1, 2006 by and among
                    WaMu Asset
                    Acceptance Corp., as Depositor, Washington Mutual Bank, as Servicer,
                    LaSalle Bank National Association, as Trustee, and Christiana
                    Bank &
                    Trust Company, as Delaware Trustee, relating to WaMu Asset Acceptance
                    Corp. Washington Mutual Mortgage Pass-Through Certificates, WMALT
                    Series
                    2006-4

                

        

         

        Ladies
          and Gentlemen:

         

        In
          accordance with Section 2.07 of the above-captioned Pooling and Servicing
          Agreement, the undersigned, as [Trustee] [Custodian] [Initial Custodian],
          hereby
          certifies that, except as noted on the attachment hereto, as to each Mortgage
          Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan
          paid in
          full or listed on the attachment hereto) it has reviewed the documents
          delivered
          to it pursuant to Section 2.05 of the Pooling and Servicing Agreement and
          has
          determined that (i) all documents required (in the case of instruments
          described
          in clauses (X)(ii), (X)(iv) and (Y)(ix) of the definition of “Mortgage File,”
known by it to be required) pursuant to the definition of “Mortgage File” and
          Section 2.05 of the Pooling and Servicing Agreement to have been executed
          and
          received as of the date hereof are in its possession and (ii) all such
          documents
          have been executed and relate to the Mortgage Loans identified in the Mortgage
          Loan Schedule. The [Trustee] [Custodian] [Initial Custodian] has made no
          independent examination of such documents beyond the review specifically
          required in the above referenced Pooling and Servicing Agreement and has
          relied
          upon the purported genuineness and due execution of any such documents
          and upon
          the purported genuineness of any signature thereon. The [Trustee] [Custodian]
          [Initial Custodian] makes no representations as to: (i) the validity, legality,
          enforceability or genuineness of any of the documents contained in each
          Mortgage
          File or any of the Mortgage Loans identified on the Mortgage Loan Schedule,
          or
          (ii) the collectability, insurability, effectiveness or suitability of
          any such
          Mortgage Loan.

         

        Capitalized
          words and phrases used herein shall have the respective meanings assigned to
          them in the above-captioned Pooling and Servicing Agreement.

         

        

        

        
          	 	 	
                  ___________________________________

                
	 	 	
                  as
                    [Trustee] [Custodian] [Initial Custodian]

                
	 	 	 
	 	 	 
	 	 	 	
                  By:

                	
                  ______________________________

                
	 	 	 	 	
                  Name:

                
	 	 	 	 	
                  Title:

                

        

        

        

         

        
          
            
            

          

          
            M-1

            
              

            

          

          
            
            

          

        

        

        
          	
                  Exhibit N

                   

                

        

        

        

        
          	
                  BENEFIT
                    PLAN AFFIDAVIT

                

        

        

        

        

        LaSalle
          Bank National Association, as Trustee (the “Trustee”)

        135
          South
          LaSalle Street, Suite 1625

        Chicago,
          Illinois, 60603

        Attention:
          Global Securitization Trust Services

        

        WaMu
          Asset Acceptance Corp. (“Washington Mutual”)

        1201
          Third Avenue, WMT 1706A

        Seattle,
          WA 98101

        

         

        
          	 	
                  RE:

                	
                  CLASS
                    [L-B-4][L-B-5][L-B-6][3-B-1][3-B-2][3-C] CERTIFICATES (THE “PURCHASED
                    CERTIFICATES”) ISSUED BY WASHINGTON MUTUAL MORTGAGE PASS-THROUGH
                    CERTIFICATES WMALT SERIES 2006-4 TRUST (THE
                    “TRUST”)

                

        

         

        Under
          penalties of perjury, I, _____________________, declare that, to the best
          of my
          knowledge and belief, the following representations are true, correct and
          complete; and 

         

        1. That
          I am
          the _______________ of __________________ (the “Purchaser”), whose taxpayer
          identification number is ___________, and on behalf of which I have the
          authority to make this affidavit. 

         

        2. That
          the
          Purchaser is acquiring a Purchased Certificate representing an interest
          in the
          assets of the Trust. 

         

        3. That
          the
          Purchaser satisfies the condition in the paragraph marked below [mark one
          paragraph only]: 

         

        
          	
                  ___

                   

                	
                  The
                    Purchaser 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, or Section 4975 of the Internal
                    Revenue
                    Code of 1986, as amended (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 of the
                    Purchased
                    Certificates with “plan assets” of, any Plan within the meaning of the
                    Department of Labor (“DOL”) regulation at 29 C.F.R. Section
                    2510.3-101.

                   

                
	
                  ___

                   

                	
                  The
                    Purchaser is an insurance company, the source of funds to be
                    used by it to
                    acquire or hold the Purchased Certificate is an “insurance company general
                    account” (within the meaning of DOL Prohibited Transaction Class Exemption
                    (“PTCE”) 95-60), and the conditions in Sections I and III of PTCE 95-60
                    have been satisfied.

                   

                
	
                  ___

                   

                	
                  The
                    Purchaser has delivered to Washington Mutual and the Trustee
                    a Benefit
                    Plan Opinion (as defined in Section 1.01 of the Pooling and Servicing
                    Agreement, dated as of April 1, 2006, by and among Washington
                    Mutual, the
                    Servicer, the Trustee and the Delaware Trustee thereunder, and
                    relating to
                    the Trust). 

                   

                

        

        

        
          
            
            

          

          
            N-1

            
              

            

          

          
            
            

          

        

        IN
          WITNESS WHEREOF,
          the
          Purchaser has caused this instrument to be duly executed on its behalf,
          by its
          duly authorized officer this _____ day of __________________, 20__.

         

        

        
          	 	 	
                  [Purchaser]

                
	 	 	 
	 	 	 
	 	 	 
	 	 	 	
                  By:

                	
                  _________________________________

                
	 	 	 	 	
                  Its:

                

        

        

        

         

        

        
          
            
            

          

          
            N-2

            
              

            

          

          
            
            

          

        

        Personally
          appeared before me ______________________, known or proved to me to be
          the same
          person who executed the foregoing instrument and to be a ________________
          of the
          Purchaser, and acknowledged to me that (s)he executed the same as his/her
          free
          act and deed and as the free act and deed of the Purchaser.

         

        SUBSCRIBED
          and SWORN to before me this day of ____________, 20__.

         

        

        

        

        
          	 	 	
                  ____________________________________

                
	 	 	
                  Notary
                    Public

                

        

        

        

         

        

        
          
            
            

          

          
            N-3

            
              

            

          

          
            
            

          

        

        
          	
                  Exhibit O

                   

                

        

        

        

        
          	
                  BENEFIT
                    PLAN AFFIDAVIT

                

        

        

        

        

        LaSalle
          Bank National Association, as Trustee (the “Trustee”)

        135
          South
          LaSalle Street, Suite 1625

        Chicago,
          Illinois, 60603

        Attention:
          Global Securitization Trust Services

        

        WaMu
          Asset Acceptance Corp. (“Washington Mutual”)

        1201
          Third Avenue, WMT 1706A

        Seattle,
          WA 98101

        

         

        
          	 	
                  RE:

                	
                  CLASS
                    [L-B-1][L-B-2][L-B-3][3-M-1][3-M-2][3-M-3][3-M-4] CERTIFICATES
                    (THE
                    “PURCHASED CERTIFICATES”) ISSUED BY WASHINGTON MUTUAL MORTGAGE
                    PASS-THROUGH CERTIFICATES WMALT SERIES 2006-4 TRUST (THE
                    “TRUST”)

                

        

         

        

        Under
          penalties of perjury, I, _____________________, declare that, to the best
          of my
          knowledge and belief, the following representations are true, correct and
          complete; and 

         

        1. That
          I am
          the _______________ of __________________ (the “Purchaser”), whose taxpayer
          identification number is ___________, and on behalf of which I have the
          authority to make this affidavit. 

         

        2. That
          the
          Purchaser is acquiring a Purchased Certificate representing an interest
          in the
          assets of the Trust. 

         

        3. That
          the
          Purchaser satisfies the condition in the paragraph marked below [mark one
          paragraph only]:

         

        
          	
                  ___

                   

                	
                  The
                    Purchaser is not an employee benefit 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 (a “Plan”), or any other person
                    (including an investment manager, a named fiduciary or a trustee
                    of any
                    such Plan) acting, directly or indirectly, on behalf of or purchasing
                    the
                    Purchased Certificate with “plan assets” of, any Plan within the meaning
                    of the Department of Labor (“DOL”) regulation at 29 C.F.R. Section
                    2510.3-101.

                   

                
	
                  ___

                   

                	
                  The
                    Purchaser is an insurance company, the source of funds to be
                    used by it to
                    acquire or hold the Purchased Certificate is an “insurance company general
                    account” (within the meaning of DOL Prohibited Transaction Class Exemption
                    (“PTCE”) 95-60), and the conditions in Sections I and III of PTCE 95-60
                    have been satisfied.

                   

                

        

         

        
          
            
            

          

          
            O-1

            
              

            

          

          
            
            

          

        

        
          	
                  ___

                   

                	
                  The
                    Purchased Certificate was rated “BBB-” or better (or its equivalent) by at
                    least one of the Rating Agencies (as defined in Section 1.01
                    of the
                    Pooling and Servicing Agreement (the “Pooling and Servicing Agreement”),
                    dated as of April 1, 2006, by and among Washington Mutual, the
                    Servicer,
                    the Trustee and the Delaware Trustee thereunder, and relating
                    to the
                    Trust) at the time of Purchaser’s acquisition of the Purchased Certificate
                    (or interest therein).

                   

                
	
                  ___

                   

                	
                  The
                    Purchaser has delivered to Washington Mutual and the Trustee
                    a Benefit
                    Plan Opinion (as defined in Section 1.01 of the Pooling and Servicing
                    Agreement).

                   

                

        

        

        

        IN
          WITNESS WHEREOF,
          the
          Purchaser has caused this instrument to be duly executed on its behalf,
          by its
          duly authorized officer this _____ day of __________________, 20__.

         

        

        
          	 	 	
                  [Purchaser]

                
	 	 	 
	 	 	 
	 	 	 
	 	 	 	
                  By:

                	
                  _________________________________

                
	 	 	 	 	
                  Its:

                

        

        

         

        

        
          
            
            

          

          
            O-2

            
              

            

          

          
            
            

          

        

        Personally
          appeared before me ______________________, known or proved to me to be
          the same
          person who executed the foregoing instrument and to be a ________________
          of the
          Purchaser, and acknowledged to me that (s)he executed the same as his/her
          free
          act and deed and as the free act and deed of the Purchaser.

         

        SUBSCRIBED
          and SWORN to before me this day of ____________, 20__.

         

        

        

        

        

        
          	 	 	
                  ___________________________________

                
	 	 	
                  Notary
                    Public

                

        

        

         

        
           

          

          
            
              
              

            

            
              O-3

              
                

              

            

            
              
              

          

        

        
          	
                  Exhibit P

                   

                

        

        

        

        
          	
                  BENEFIT
                    PLAN AFFIDAVIT

                

        

        

        

        

        LaSalle
          Bank National Association, as Trustee (the “Trustee”)

        135
          South
          LaSalle Street, Suite 1625

        Chicago,
          Illinois, 60603

        Attention:
          Global Securitization Trust Services

        

        WaMu
          Asset Acceptance Corp. (“Washington Mutual”)

        1201
          Third Avenue, WMT 1706A

        Seattle,
          WA 98101

        

         

        
          	 	
                  RE:

                	
                  CLASS
                    [C-PPP][3-PPP] CERTIFICATES (THE “PURCHASED CERTIFICATES”) ISSUED BY WaMu
                    MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-AR4 TRUST (THE
                    “TRUST”)

                

        

         

        

        Under
          penalties of perjury, I, _____________________, declare that, to the best
          of my
          knowledge and belief, the following representations are true, correct and
          complete; and 

         

        1. That
          I am
          the _______________ of __________________ (the “Purchaser”), whose taxpayer
          identification number is ___________, and on behalf of which I have the
          authority to make this affidavit. 

         

        2. That
          the
          Purchaser is acquiring a Purchased Certificate representing an interest
          in the
          assets of the Trust. 

         

        3. That
          the
          Purchaser satisfies the condition in the paragraph marked below [mark one
          paragraph only]:

         

        
          	
                  ___

                   

                	
                  The
                    Owner is not an employee benefit or other plan subject to the
                    prohibited
                    transaction provisions of the Employee Retirement Income Security
                    Act of
                    1974, as amended, or Section 4975 of the Internal Revenue Code
                    of 1986, as
                    amended (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 the Purchased Certificates
                    with
                    “plan assets” of, any Plan within the meaning of the Department of Labor
                    (“DOL”) regulation at 29 C.F.R. Section 2510.3-101.

                   

                
	
                  ___

                   

                	
                  The
                    Owner has delivered a Benefit Plan Opinion (as defined in Section
                    1.01 of
                    the Pooling Agreement under which the Purchased Certificates
                    were
                    issued).

                   

                

        

        

         

        

        
          
            
            

          

          
            P-1

            
              

            

          

          
            
            

          

        

        

        

        IN
          WITNESS WHEREOF,
          the
          Purchaser has caused this instrument to be duly executed on its behalf,
          by its
          duly authorized officer this _____ day of __________________, 20__.

         

        

        
          	 	 	
                  [Purchaser]

                
	 	 	 
	 	 	 
	 	 	 
	 	 	 	
                  By:

                	
                  _________________________________

                
	 	 	 	 	
                  Its:

                

        

        

        

         

        

        
          
            
            

          

          
            P-2

            
              

            

          

          
            
            

          

        

        Personally
          appeared before me ______________________, known or proved to me to be
          the same
          person who executed the foregoing instrument and to be a ________________
          of the
          Purchaser, and acknowledged to me that (s)he executed the same as his/her
          free
          act and deed and as the free act and deed of the Purchaser.

         

        SUBSCRIBED
          and SWORN to before me this day of ____________, 20__.

        
 

        

        
          	 	 	
                  ___________________________________

                
	 	 	
                  Notary
                    Public

                

        

         

        
 

        
          
            
            

          

          
            P-3Exhibit
      10.13

    

    LOAN
      MODIFICATION AGREEMENT

     

    
      	 	March 30,
              2006

    

     

    THIS
      AGREEMENT is by and among Wainwright Bank & Trust Company, having an office
      at 63 Franklin Street, Boston, Massachusetts 02110 (the “Bank”), and Zoom
      Telephonics, Inc., a Delaware corporation, having a principal place of business
      and chief executive office at 207 South Street, Boston, Massachusetts 02111
      (the
“Borrower”).

    

    Recitals

    

    A.  
      The Bank is the holder of a Commercial Real Estate Promissory Note from the
      Borrower dated January 10, 2001, in the original principal amount of
      $6,500,000.00, as amended by First Amendment to Commercial Real Estate
      Promissory Note dated March 28, 2005 (the “Note”). The Note is secured, in part,
      by that certain Mortgage, Security Agreement and Assignment from the Borrower
      to
      the Bank dated January 10, 2001, and recorded with the Suffolk County Registry
      of Deeds in Book 25763, Page 284, and filed with the Suffolk County Registry
      District of the Land Court (the “Registry District”) as Document No. 609541 (the
“Mortgage”), which Mortgage covers the land and premises known as and located at
      195-201 South Street, 50 Utica Street, 207-209 South Street, and 162-168
      Kneeland Street, Boston, Massachusetts (the “Mortgaged Property”). The Note, the
      Mortgage, and all other instruments, including but not limited to, an Assignment
      of Leases and Rents from the Borrower to the Bank dated January 10, 2001, and
      recorded with the Suffolk County Registry of Deeds in Book 25763, Page 315,
      and
      filed with the Registry District as Document No. 609542, given to the Bank
      heretofore or hereafter as security for the Note or in connection with the
      indebtedness evidenced thereby are herein referred to collectively as the “Loan
      Documents”. All capitalized terms used herein without definition that are
      defined in the Note or in the Mortgage shall have the same meaning herein as
      in
      the Note or in the Mortgage, as the case may be, as herein modified.

    

    B.  
      The Note matured on January 10, 2006, but has not been paid in full. The
      Borrower has continued to make, and the Bank has continued to receive, payments
      on a monthly basis as if the Note had not matured, without the Bank waiving
      or
      modifying said maturity. The Borrower has requested certain modifications to
      the
      Note, including an extension of said Maturity Date of January 10, 2006. The
      Bank
      is willing to agree to such modifications, subject to the terms and conditions
      of this Agreement.

    

    IN
      CONSIDERATION OF the foregoing and the sum of Ten Dollars ($10.00), and for
      other good and valuable consideration, the receipt and sufficiency of which
      are
      hereby acknowledged, the parties hereto do hereby agree as follows:

    

    1.    Effective
      as of the date hereof, the Note is hereby amended as follows:

    

    (a)         
      The
      Maturity Date is hereby extended and changed to April 10, 2007. The Borrower
      may
      elect further to extend the Maturity Date to April 10, 2008, by notifying the
      Bank of such election and paying the Bank an extension fee of $36,750.00 on
      or
      before March 10, 2007, provided that (i) prior to the time of such election,
      the
      Bank has not exercised its right to accelerate the maturity of the Note
      following any default, and (ii) at the time of such election, no Event of
      Default then exists and no other event, set of facts or circumstances has then
      occurred and is then continuing which, with the giving of notice or the passage
      of time, or both, would constitute such an Event of Default.

    

    (b)        
      Commencing on the date hereof, the Interest Rate on the Note shall be changed
      to
      a fluctuating rate of interest equal to the from time to time prime rate
      published in The Wall Street Journal (the “Prime Rate”), it being understood
      that if more than one such rate is published, the highest of such rates will
      be
      used. Currently, the Prime Rate is 7.75% per annum. The effective rate of
      interest on the Note shall change on each day that the Prime Rate
      changes.

    

    (c)         
      Payments of principal and interest shall continue to be due monthly in arrears
      on the tenth (10th) day of each calendar month (with the next such payment
      due
      on April 10, 2006) until the Maturity Date (as herein provided) in an amount
      from time to time as determined by the Bank, in its sole discretion (absent
      manifest error), equal to the monthly payment required as of each such payment
      day to amortize the then current outstanding principal balance of the Note
      at
      the then applicable Interest Rate over the then remaining portion of the
      original twenty-year amortization period.

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

     

    (d)        
      Each of the following additional events shall constitute an Event of Default
      under the Note:

    

    (o)        
      If the amount of the outstanding principal balance of the Note plus all
      interest, fees, and charges due thereunder or in connection therewith shall
      at
      any time exceed fifty percent (50%) of the value of the Mortgaged Property,
      as
      determined by the Bank in its sole discretion (and such event shall constitute
      an Event of Default notwithstanding the terms of Section 4-27 (a) of the
      Mortgage).

    

    (p)        
      The failure of the Borrower to maintain and hold at all times, in its name,
      cash
      and cash equivalents, free from any and all encumbrances, in an amount not
      less
      than $1,000,000.00 (and such event shall constitute an Event of Default
      notwithstanding the terms of Section 4-27 (c) of the Mortgage).

    

    (q)        
      The failure of the Borrower to maintain at all times a Tangible Net Worth of
      not
      less than $7,000,000.00. “Tangible Net Worth” means the amount equal to the
      Borrower’s stockholders’ equity, minus the sum of its intangible assets
      (patents, goodwill, etc.) and amounts due Borrower from any employee or parent,
      subsidiary or other affiliate of Borrower, all determined in accordance with
      generally accepted accounting principles consistently applied
      (“GAAP”).

    

    2.          
      The
      Borrower shall establish on the date hereof, fund and maintain with the Bank,
      an
      account (the “Debt Service Reserve Account”) in an amount satisfactory to the
      Bank and equal to at least six (6) times the monthly payment due on the Note
      from time to time. Initially, the sum of $211,000.00 shall be maintained in
      the
      Debt Service Reserve Account. If from time to time the Bank determines that
      the
      amount then in the Debt Service Reserve Account is less than six (6) times
      the
      then monthly payment due on the Note, upon notice to the Borrower, the Borrower
      shall be required to deposit into the Debt Service Reserve Account the amount
      of
      such deficiency. The Debt Service Reserve Account shall not constitute a trust
      fund and may be commingled with other monies held by the Bank. The Borrower
      hereby pledges to the Bank and grants to the Bank a security interest in any
      and
      all monies now or hereafter deposited in the Debt Service Reserve Account as
      additional security for the payment of the Note. Upon the occurrence of an
      Event
      of Default, the Bank may apply any sums then present in the Debt Service Reserve
      Account to the payment of the Note in any order in its sole
      discretion.

    

    3.          
      All
      obligations and representations of the Borrower under this Agreement shall
      be
      secured by the Mortgage and the Loan Documents and a default with respect to
      such obligations or representations shall be a default under the Mortgage and
      the Loan Documents.

    

    4.          
      The
      Borrower hereby warrants that all of the representations and warranties
      contained in the Loan Documents are true and correct as of the date hereof
      (except for Borrower's representation with respect to its financial condition,
      which is accurately reflected on Borrower's most recent financial statements
      provided to the Bank) and that no Event of Default has occurred and is
      continuing under the Note or the other Loan Documents or would constitute such
      an Event of Default but for the requirement that notice be given or time elapse
      or both.

    

    5.          
      The
      Borrower hereby agrees to pay all reasonable fees and expenses incurred by
      the
      Bank in connection with the transaction contemplated by this Agreement,
      including reasonable attorneys' fees.

    

    6.          
      The
      Borrower acknowledges and agrees that as of the date of this Agreement, the
      Borrower is indebted to the Bank under the Note, without limitation, for the
      unpaid principal balance of $3,675,000.00, plus accrued interest on the
      principal balance, and, if any, other charges, fees and expenses as provided
      in
      the Note and the other Loan Documents. It is understood and agreed that such
      principal balance reflects a substantial principal paydown made by the Borrower
      recently as a condition of the Bank entering into this Agreement. The Borrower
      expressly acknowledges that the Note, as herein modified, provides for a balloon
      payment upon maturity of sums equal to the unpaid principal and interest due
      under the Note, as modified by this Agreement, and all other costs, expenses
      and
      charges due thereon, and the Bank has no obligation to the Borrower to extend
      or
      renew the Note beyond the Maturity Date herein provided.

    

    7.          
      The
      Borrower acknowledges that the Bank and its representatives, including but
      not
      limited to its officers, employees and any independent contractors, has
      fulfilled all of its obligations to it under the Loan Documents and that the
      amount of principal recited herein together with accrued interest is due and
      owing as of the date of this Agreement. The Borrower represents and warrants
      that it has no defenses, set-offs or counterclaims to the payment of its
      liabilities and obligations to the Bank as set forth in the Loan Documents,
      as
      modified by this Agreement, with respect to any actions, inactions or statements
      of fact arising or existing prior and up to the date of this Agreement, and
      to
      the extent that the Borrower has any defense, set-off or counterclaim, the
      Borrower hereby affirmatively WAIVES any such claim. The Borrower hereby
      releases and forever discharges the Bank and its representatives from any and
      all claims, defenses, actions, causes of action, suits, controversies,
      agreements, provisions and demands in law or in equity which the Borrower ever
      had, now has or now may have against the Bank or its representatives, including,
      but not limited to, claims relating to and arising out of the Loan Documents
      or
      the administration of the Note to date.

    

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

     

    8.          
      The
      Bank
      does not hereby waive any defaults now existing or hereinafter arising under
      the
      Loan Documents or any of its rights and remedies upon the occurrence of any
      Event of Default under the Loan Documents.

    

    9.          
      This
      Agreement and all other documents, instruments, and agreements executed in
      connection herewith represent the entire agreement of the parties hereto and
      incorporate the final results of all discussions and negotiations between the
      undersigned and the Bank, either express or implied, concerning the matters
      included herein and in such other documents, instruments and agreements, any
      custom, usage, or course of dealings to the contrary notwithstanding. No such
      discussions, negotiations, custom, usage, or course of dealings shall limit,
      modify, or otherwise affect the provisions hereof. Any modification, amendment,
      or waiver of any provision of this Agreement or of any provision of any other
      agreement between the undersigned and the Bank must be executed in writing
      by
      the Bank and the party against which/whom enforcement is sought.

    

    10.        
      Each
      of
      the Note and the other Loan Documents are hereby amended to be consistent with
      the terms and provisions of this Agreement. All references in the Note and
      the
      other Loan Documents to each of the others shall be deemed to refer to such
      document(s) as amended by this Agreement

    

    11.        
      Except
      as
      modified and amended by this Agreement, the Note shall remain in full force
      and
      effect as originally written and the same, as so modified, is hereby ratified
      and confirmed.

     

    12.        
      All
      the
      other Loan Documents are hereby ratified and confirmed as if said instruments
      were executed this day in connection with the Note as modified by this
      Agreement.

    

    [here
      ends this page; the next page is the signature page]

     

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

    

    

    EXECUTED
      as a sealed instrument as of the date first above written.

     

      	 	 	 
	 	WAINWRIGHT
              BANK
              & TRUST COMPANY
	 
 	 
 	 
 
	 /s/
              C.
              Norris	By:  	/s/ Darryl
              J. Fess
	 	
              

            
	
              Witness 

              C.
                Norris      

            	
              Name:  Darryl
                J. Fess

                  
Title:
                Senior Vice-President

            

    

    
      
         

          	 	 	 
	 	ZOOM
                  TELEPHONICS,
                  INC.
	 
 	 
 	 
 
	/s/
John
                  Feeney	By:  	/s/ Frank
                  B. Manning
	 	
                  

                
	
                  Witness 

                  John
                    Feeney      

                	
                  Frank
                    B. Manning, President   

                      
duly
                    authorized

                

        

      

      
        	 	 	 
	 
 	 
 	 
 
	/s/
John
                Feeney	By:  	/s/ Robert
                Crist
	 	
                

              
	
                Witness 

                John
                  Feeney

              	
                Robert
                  A. Crist, Treasurer 

                 duly
                  authorized

              

      

    

     

    
      
        
        

      

      
        28

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