Common use of Qualifying Substitute Mortgage Loan Clause in Contracts

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated Principal Balance (or in the case of a substitution of more than one mortgage loan for a Deleted Mortgage Loan, an aggregate Stated Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Principal Balance of the Deleted Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs, (ii) has a Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) has a minimum Mortgage Rate not less than the minimum Mortgage Rate of the Deleted Mortgage Loan, (v) has a gross margin equal to or greater than the gross margin of the Deleted Mortgage Loan, (vi) has a next adjustment date not later than the next adjustment date on the Deleted Mortgage Loan, (vii) has the same Due Date as the Deleted Mortgage Loan, (viii) has a remaining stated term to maturity not longer than 18 months and not more than 18 months shorter than the remaining stated term to maturity of the related Deleted Mortgage Loan, (ix) is current as of the date of substitution, (x) has a Loan-to-Value Ratio as of the date of substitution equal to or lower than the Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (xi) has been underwritten by the Seller in accordance with the same underwriting criteria and guidelines as the Deleted Mortgage Loan, (xii) has a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiii) is secured by the same property type as the Deleted Mortgage Loan, (xiv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made in the Mortgage Loan Purchase Agreement, (xv) has the same first lien position as the Deleted Mortgage Loan, (xvi) is covered by a primary mortgage insurance policy if the Deleted Mortgage Loan was so covered, (xvii) contains provisions covering the payment of Prepayment Premium by the Mortgager for early prepayment of the Mortgage Loan at least as favorable to the Trust as the Deleted Mortgage Loan, (xviii) has a maturity date not later than the maturity date of the latest maturing Mortgage Loan in the Mortgage Pool as of the Closing Date, (xix) has the same Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January 1, 2004 is not a “high-cost” loan subject to the New Mexico Home Loan Protection Act. In the event that one or more mortgage loans are substituted for one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall be determined on the basis of aggregate Stated Principal Balances, the Mortgage Rates described in clause (ii) hereof shall be determined on the basis of weighted average Mortgage Rates, the risk gradings described in clause (xii) hereof shall be satisfied as to each such mortgage loan, the terms described in clause (viii) hereof shall be determined on the basis of weighted average remaining term to maturity, the Loan-to-Value Ratios described in clause (x) hereof shall be satisfied as to each such mortgage loan and, except to the extent otherwise provided in this sentence, the representations and warranties described in clause (xiv) hereof must be satisfied as to each Qualified Substitute Mortgage Loan or in the aggregate, as the case may be.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this AgreementLoan, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated a Scheduled Principal Balance (or in the case together with that of a substitution of more than one any other mortgage loan substituted for a the same Deleted Mortgage Loan, an aggregate Stated Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Principal Balance of the Deleted Mortgage Loan ) as of the Due Date in the calendar month during in which such substitution occurs not in excess of the Scheduled Principal Balance of the related Deleted Mortgage Loan; provided, however, that, to the extent that the Scheduled Principal Balance of such Mortgage Loan is less than the Scheduled Principal Balance of the related Deleted Mortgage Loan, then a Substitution Amount shall be paid by the party effecting such substitution occursto the Trustee for deposit into the Certificate Account, and shall be treated as a Principal Prepayment hereunder; (ii) has a Net Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less lower than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) has a minimum Mortgage Rate not less than the minimum Net Mortgage Rate of the related Deleted Mortgage Loan, (v) has Loan and a gross margin equal to or greater than Net Mortgage Rate within the gross margin Net Mortgage Rate parameters of the Deleted Mortgage Loan, related Subgroup; (vi) has a next adjustment date not later than the next adjustment date on the Deleted Mortgage Loan, (vii) has the same Due Date as the Deleted Mortgage Loan, (viiiiii) has a remaining stated term to maturity not more than eighteen months longer than 18 months than, and not more than 18 eighteen months shorter than than, the remaining stated term to stated maturity of the related Deleted Mortgage Loan; provided, however, in no case shall such substitute Mortgage Loan have a remaining stated term to maturity later than the Final Scheduled Distribution Date; (ixiv) is current as of the date of substitution, (xA) has a Loan-to-Value Ratio as of the date of such substitution equal to or lower of not greater than 80%; provided, however, that if the related Deleted Mortgage Loan has a Loan-to-Value Ratio of greater than 80% as of the date of substitution, then the Loan-to-Value Ratio of such substitute Mortgage Loan may be greater than 80% but shall not be greater than the Loan-to-Value Ratio of the related Deleted Mortgage Loan and (B) the addition of such substitute Mortgage Loan does not increase the weighted average Loan-to-Value Ratio, as of the date of substitution of the Mortgage Pool by more than 5%; (v) will comply with all of the representations and warranties relating to Mortgage Loans set forth herein, as of the date as of which such datesubstitution occurs; (vi) is not a Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative Loan; (vii) if applicable, (xi) has been underwritten by the Seller in accordance with the same underwriting criteria index as and guidelines as a margin not less than that of the related Deleted Mortgage Loan, ; (xiiviii) has not been delinquent for a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiii) is secured by the same property type as the Deleted Mortgage Loan, (xiv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made period of more than 30 days more than once in the Mortgage Loan Purchase Agreement, twelve months immediately preceding such date of substitution; (xv) has the same first lien position as the Deleted Mortgage Loan, (xviix) is covered by a primary mortgage insurance policy Primary Mortgage Insurance Policy if the related Deleted Mortgage Loan is so covered, and the Loan-to-Value Ratio of such Mortgage Loan is greater than 80%; and (x) has a Credit Score not greater than 20 points lower than the Credit Score of the related Deleted Mortgage Loan; provided, however, that if the Deleted Mortgage Loan was so covereddoes not have a Credit Score, (xvii) contains provisions covering the payment of Prepayment Premium by the Mortgager for early prepayment of the then such substitute Mortgage Loan at least as favorable shall have a Credit Score equal to the Trust as the Deleted Mortgage Loan, (xviii) has a maturity date not later or greater than the maturity date of the latest maturing Mortgage Loan in the Mortgage Pool as of the Closing Date, (xix) has the same Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January 1, 2004 is not a “high-cost” loan subject to the New Mexico Home Loan Protection Act700. In the event that either one mortgage loan is substituted for more than one Deleted Mortgage Loan or more than one mortgage loans are loan is substituted for one or more Deleted Mortgage Loans, then (a) the amounts described Scheduled Principal Balance referred to in clause (i) hereof above shall be determined on such that the basis aggregate Scheduled Principal Balance of all such substitute Mortgage Loans shall not exceed the aggregate Stated Scheduled Principal Balances, Balance of all Deleted Mortgage Loans and (b) each of (1) the Mortgage Rates described rate referred to in clause (ii) hereof shall be determined on above, (2) the basis of weighted average Mortgage Rates, the risk gradings described remaining term to stated maturity referred to in clause (xiiiii) hereof shall be satisfied as to each such mortgage loanabove, the terms described in clause (viii3) hereof shall be determined on the basis of weighted average remaining term to maturity, the Loan-to-Value Ratios described Ratio referred to in clause (iv) above and (4) the Credit Score referred to in clause (x) hereof above shall be satisfied as to each such mortgage loan anddetermined on a weighted average basis, except to provided that the extent otherwise provided in this sentence, the representations and warranties described in clause (xiv) hereof must be satisfied as to each Qualified final scheduled maturity date of any Qualifying Substitute Mortgage Loan or shall not exceed the Final Scheduled Distribution Date of any Class of Certificates. Whenever a Qualifying Substitute Mortgage Loan is substituted for a Deleted Mortgage Loan pursuant to this Agreement, the party effecting such substitution shall certify such qualification in writing to the aggregateTrustee. Notwithstanding any provision herein to the contrary, a Qualifying Substitute Mortgage Loan shall be deemed to have the same Applicable Fraction as that of the case may beDeleted Mortgage Loan for which it was substituted.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated Scheduled Principal Balance (or in the case of a substitution of more than one mortgage loan for a Deleted Mortgage Loan, an aggregate Stated Scheduled Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Scheduled Principal Balance of the Deleted Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs, (ii) has a Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, in the case of a Mortgage Loan to be included in Pool 2, has a maximum Mortgage Rate not less than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) if applicable, in the case of a Mortgage Loan to be included in Pool 2, has a minimum Mortgage Rate not less than the minimum Mortgage Rate of the Deleted Mortgage Loan, (v) in the case of a Mortgage Loan to be included in Pool 2, has a gross margin equal to or greater than the gross margin of the Deleted Mortgage Loan, (vi) is not a Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative Loan, (vii) if applicable, in the case of a Mortgage Loan to be included in Pool 2, has a next adjustment date not later than the next adjustment date on the Deleted Mortgage Loan, (viiviii) has the same Due Date as the Deleted Mortgage Loan, (viiiix) has a remaining stated term to maturity not longer than 18 months and not more than 18 months shorter than the remaining stated term to maturity of the related Deleted Mortgage Loan, (ixx) is current as of the date of substitution, (xxi) has a Loan-to-Value Ratio as of the date of substitution equal to or lower than the Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (xixii) has been underwritten by the Seller any Transferor in accordance with the same underwriting criteria and guidelines as the Deleted Mortgage Loan, (xiixiii) has a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiiixiv) is secured by the same property type as the Deleted Mortgage Loan, (xivxv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made in the related Mortgage Loan Purchase Sale and Assignment Agreement, (xvxvi) has the same first or higher lien position as the Deleted Mortgage Loan, (xvixvii) is covered by a primary mortgage insurance policy Primary Mortgage Insurance Policy if the Deleted Mortgage Loan was so covered, covered and (xviixviii) contains provisions covering the payment of Prepayment Premium by the Mortgager Mortgagor for early prepayment of the Mortgage Loan at least as favorable to the Trust as the Deleted Mortgage Loan, (xviii) has a maturity date not later than the maturity date of the latest maturing Mortgage Loan in the Mortgage Pool as of the Closing Date, (xix) has the same Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January 1, 2004 is not a “high-cost” loan subject to the New Mexico Home Loan Protection Act. In the event that one or more mortgage loans are substituted for one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall be determined on the basis of aggregate Stated Scheduled Principal Balances, the Mortgage Rates described in clause (ii) hereof shall be determined on the basis of weighted average Mortgage Rates, the risk gradings described in clause (xiixiii) hereof shall be satisfied as to each such mortgage loan, the terms described in clause (viiiix) hereof shall be determined on the basis of weighted average remaining term to maturity, the Loan-to-Value Ratios described in clause (xxi) hereof shall be satisfied as to each such mortgage loan and, except to the extent otherwise provided in this sentence, the representations and warranties described in clause (xivxv) hereof must be satisfied as to each Qualified Substitute Mortgage Loan or in the aggregate, as the case may be.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this AgreementLoan, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated a Scheduled Principal Balance (or in the case together with that of a substitution of more than one any other mortgage loan substituted for a the same Deleted Mortgage Loan, an aggregate Stated Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Principal Balance of the Deleted Mortgage Loan ) as of the Due Date in the calendar month during in which such substitution occurs not in excess of the Scheduled Principal Balance of the related Deleted Mortgage Loan; provided, however, that, to the extent that the Scheduled Principal Balance of such Mortgage Loan is less than the Scheduled Principal Balance of the related Deleted Mortgage Loan, then a Substitution Amount shall be paid by the party effecting such substitution occursto the Trustee for deposit into the Certificate Account, and shall be treated as a Principal Prepayment hereunder; (ii) has a Net Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less lower than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) has a minimum Mortgage Rate not less than the minimum Net Mortgage Rate of the related Deleted Mortgage Loan, (v) has Loan and will be a gross margin equal to or greater than the gross margin of Discount Mortgage Loan if the Deleted Mortgage Loan, (vi) has Loan was a next adjustment date not later than the next adjustment date on Discount Mortgage Loan or a Non-Discount Mortgage Loan if the Deleted Mortgage Loan, (vii) has the same Due Date as the Deleted Loan was a Non-Discount Mortgage Loan, ; (viiiiii) has a remaining stated term to maturity not more than eighteen months longer than 18 months than, and not more than 18 eighteen months shorter than than, the remaining stated term to stated maturity of the related Deleted Mortgage Loan; provided, however, in no case shall such substitute Mortgage Loan have a remaining stated term to maturity later than the Final Scheduled Distribution Date; (ixiv) is current as of the date of substitution, (xA) has a Loan-to-Value Ratio as of the date of such substitution equal to or lower of not greater than 80%; provided, however, that if the related Deleted Mortgage Loan has a Loan-to-Value Ratio of greater than 80% as of the date of such substitution, then the Loan-to-Value Ratio of such substitute Mortgage Loan may be greater than 80% but shall not be greater than the Loan-to-Value Ratio of the related Deleted Mortgage Loan and (B) the addition of such substitute Mortgage Loan does not increase the weighted average Loan-to-Value Ratio as of the date of such datesubstitution of the related Mortgage Pool by more than 5%; (v) will comply with all of the representations and warranties relating to Mortgage Loans set forth herein, as of the date as of which such substitution occurs; (xivi) is not a Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative Loan; (vii) if applicable, has been underwritten by the Seller in accordance with the same underwriting criteria index as and guidelines as a margin not less than that of the related Deleted Mortgage Loan, ; (xiiviii) has not been delinquent for a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiii) is secured by the same property type as the Deleted Mortgage Loan, (xiv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made period of more than 30 days more than once in the Mortgage Loan Purchase Agreement, twelve months immediately preceding such date of substitution; (xv) has the same first lien position as the Deleted Mortgage Loan, (xviix) is covered by a primary mortgage insurance policy Primary Mortgage Insurance Policy if the related Deleted Mortgage Loan is so covered, and the Loan-to-Value Ratio of such Mortgage Loan is greater than 80%; and (x) has a Credit Score not greater than 20 points lower than the Credit Score of the related Deleted Mortgage Loan; provided, however, that if the Deleted Mortgage Loan was so covereddoes not have a Credit Score, (xvii) contains provisions covering the payment of Prepayment Premium by the Mortgager for early prepayment of the then such substitute Mortgage Loan at least as favorable shall have a Credit Score equal to the Trust as the Deleted Mortgage Loan, (xviii) has a maturity date not later or greater than the maturity date of the latest maturing Mortgage Loan in the Mortgage Pool as of the Closing Date, (xix) has the same Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January 1, 2004 is not a “high-cost” loan subject to the New Mexico Home Loan Protection Act700. In the event that either one mortgage loan is substituted for more than one Deleted Mortgage Loan or more than one mortgage loans are loan is substituted for one or more Deleted Mortgage Loans, then (a) the amounts described Scheduled Principal Balance referred to in clause (i) hereof above shall be determined on such that the basis aggregate Scheduled Principal Balance of all such substitute Mortgage Loans shall not exceed the aggregate Stated Scheduled Principal Balances, Balance of all Deleted Mortgage Loans and (b) each of (1) the Mortgage Rates described rate referred to in clause (ii) hereof shall be determined on above, (2) the basis of weighted average Mortgage Rates, the risk gradings described remaining term to stated maturity referred to in clause (xiiiii) hereof shall be satisfied as to each such mortgage loanabove, the terms described in clause (viii3) hereof shall be determined on the basis of weighted average remaining term to maturity, the Loan-to-Value Ratios described Ratio referred to in clause (iv) above and (4) the Credit Score referred to in clause (x) hereof above shall be satisfied as to each such mortgage loan anddetermined on a weighted average basis, except to provided that the extent otherwise provided in this sentence, the representations and warranties described in clause (xiv) hereof must be satisfied as to each Qualified final scheduled maturity date of any Qualifying Substitute Mortgage Loan or shall not exceed the Final Scheduled Distribution Date of any Class of Certificates. Whenever a Qualifying Substitute Mortgage Loan is substituted for a Deleted Mortgage Loan pursuant to this Agreement, the party effecting such substitution shall certify such qualification in writing to the aggregateTrustee. Notwithstanding any provision herein to the contrary, a Qualifying Substitute Mortgage Loan shall be deemed to have the same AP Percentage and Non-AP Percentage as that of the case may be.Deleted Mortgage Loan for which it was substituted. Rating Agency: Each of Xxxxx’x and S&P.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this AgreementLoan, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated a Scheduled Principal Balance (or in the case together with that of a substitution of more than one any other mortgage loan substituted for a the same Deleted Mortgage Loan, an aggregate Stated Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Principal Balance of the Deleted Mortgage Loan ) as of the Due Date in the calendar month during in which such substitution occurs not in excess of the Scheduled Principal Balance of the related Deleted Mortgage Loan; provided, however, that, to the extent that the Scheduled Principal Balance of such Mortgage Loan is less than the Scheduled Principal Balance of the related Deleted Mortgage Loan, then a Substitution Amount shall be paid by the party effecting such substitution occursto the Trustee for deposit into the Certificate Account, and shall be treated as a Principal Prepayment hereunder; (ii) has a Net Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less lower than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) has a minimum Mortgage Rate not less than the minimum Net Mortgage Rate of the related Deleted Mortgage Loan, (v) has Loan and will be a gross margin equal to or greater than the gross margin of Discount Mortgage Loan if the Deleted Mortgage Loan, (vi) has Loan was a next adjustment date not later than the next adjustment date on Discount Mortgage Loan or a Non-Discount Mortgage Loan if the Deleted Mortgage Loan, (vii) has the same Due Date as the Deleted Loan was a Non-Discount Mortgage Loan, ; (viiiiii) has a remaining stated term to maturity not more than eighteen months longer than 18 months than, and not more than 18 eighteen months shorter than than, the remaining stated term to stated maturity of the related Deleted Mortgage Loan; provided, however, in no case shall such substitute Mortgage Loan have a remaining stated term to maturity later than the Final Scheduled Distribution Date; (ixiv) is current as of the date of substitution, (xA) has a Loan-to-Value Ratio as of the date of such substitution equal to or lower of not greater than 80%; provided, however, that if the related Deleted Mortgage Loan has a Loan-to-Value Ratio of greater than 80%, then the Loan-to-Value Ratio of such substitute Mortgage Loan may be greater than 80% but shall not be greater than the Loan-to-Value Ratio of the related Deleted Mortgage Loan and (B) the addition of such substitute Mortgage Loan does not increase the weighted average Loan-to-Value Ratio of the related Mortgage Pool by more than 5%; (v) will comply with all of the representations and warranties relating to Mortgage Loans set forth herein, as of the date as of which such datesubstitution occurs; (vi) is not a Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative Loan; (vii) if applicable, (xi) has been underwritten by the Seller in accordance with the same underwriting criteria index as and guidelines as a margin not less than that of the related Deleted Mortgage Loan, ; (xiiviii) has not been delinquent for a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiii) is secured by the same property type as the Deleted Mortgage Loan, (xiv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made period of more than 30 days more than once in the Mortgage Loan Purchase Agreement, twelve months immediately preceding such date of substitution; (xv) has the same first lien position as the Deleted Mortgage Loan, (xviix) is covered by a primary mortgage insurance policy Primary Mortgage Insurance Policy if the related Deleted Mortgage Loan is so covered, and the Loan-to-Value Ratio of such Mortgage Loan is greater than 80%; and (x) has a Credit Score not greater than 20 points lower than the Credit Score of the related Deleted Mortgage Loan; provided, however, that if the Deleted Mortgage Loan was so covereddoes not have a Credit Score, (xvii) contains provisions covering the payment of Prepayment Premium by the Mortgager for early prepayment of the then such substitute Mortgage Loan at least as favorable shall have a Credit Score equal to the Trust as the Deleted Mortgage Loan, (xviii) has a maturity date not later or greater than the maturity date of the latest maturing Mortgage Loan in the Mortgage Pool as of the Closing Date, (xix) has the same Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January 1, 2004 is not a “high-cost” loan subject to the New Mexico Home Loan Protection Act700. In the event that either one mortgage loan is substituted for more than one Deleted Mortgage Loan or more than one mortgage loans are loan is substituted for one or more Deleted Mortgage Loans, then (a) the amounts described Scheduled Principal Balance referred to in clause (i) hereof above shall be determined on such that the basis aggregate Scheduled Principal Balance of all such substitute Mortgage Loans shall not exceed the aggregate Stated Scheduled Principal Balances, Balance of all Deleted Mortgage Loans and (b) each of (1) the Mortgage Rates described rate referred to in clause (ii) hereof shall be determined on above, (2) the basis of weighted average Mortgage Rates, the risk gradings described remaining term to stated maturity referred to in clause (xiiiii) hereof shall be satisfied as to each such mortgage loanabove, the terms described in clause (viii3) hereof shall be determined on the basis of weighted average remaining term to maturity, the Loan-to-Value Ratios described Ratio referred to in clause (iv) above and (4) the Credit Score referred to in clause (x) hereof above shall be satisfied as to each such mortgage loan anddetermined on a weighted average basis, except to provided that the extent otherwise provided in this sentence, the representations and warranties described in clause (xiv) hereof must be satisfied as to each Qualified final scheduled maturity date of any Qualifying Substitute Mortgage Loan shall not exceed the Final Scheduled Distribution Date of any Class of Certificates. Whenever a Qualifying Substitute Mortgage Loan is substituted for a Deleted Mortgage Loan pursuant to this Agreement, the party effecting such substitution shall certify such qualification in writing to the Trustee. Notwithstanding any provision herein to the contrary, a Qualifying Substitute Mortgage Loan shall be deemed to have the same AP Percentage and Non-AP Percentage as that of the Deleted Mortgage Loan for which it was substituted. Rating Agency: Each of S&P and Xxxxx’x. Realized Loss: (a) With respect to each Liquidated Mortgage Loan, an amount equal to (i) the unpaid principal balance of such Mortgage Loan as of the date of liquidation, plus (ii) interest at the applicable Net Mortgage Rate (plus the Employee Discount Rate, if any, for such Mortgage Loan) from the date as to which interest was last paid up to the last day of the month of such liquidation, minus (iii) Liquidation Proceeds received, net of amounts that are reimbursable to the Master Servicer or in the aggregateapplicable Servicer with respect to such Mortgage Loan (other than Advances of principal and interest) including expenses of liquidation, and (b) with respect to each Mortgage Loan that has become the subject of a Deficient Valuation, the difference between the unpaid principal balance of such Mortgage Loan immediately prior to such Deficient Valuation and the unpaid principal balance of such Mortgage Loan as reduced by the case may beDeficient Valuation. In determining whether a Realized Loss on a Liquidated Mortgage Loan is a Realized Loss of interest or principal, Liquidation Proceeds shall be allocated, first, to payment of expenses related to such Liquidated Mortgage Loan (including payment of any Retained Interest), then to accrued unpaid interest and finally to reduce the principal balance of the Mortgage Loan.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated Principal Balance (or in the case of a substitution of more than one mortgage loan for a Deleted Mortgage Loan, an aggregate Stated Principal Balance), after application of all Scheduled Payments Principal Collections and Interest Collections due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Principal Balance of the Deleted Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs, (ii) has a Mortgage Loan Rate not less than, and not more than 0.50% higher than, the Mortgage Loan Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Loan Rate not less than the maximum Mortgage Loan Rate on the Deleted Mortgage Loan, (iv) has a minimum Mortgage Loan Rate not less than the minimum Mortgage Loan Rate of the Deleted Mortgage Loan, (v) has a gross margin equal to or greater than the gross margin of the Deleted Mortgage Loan, (vi) has a next adjustment date not later than the next adjustment date on the Deleted Mortgage Loan, (vii) has the same Due Date as the Deleted Mortgage Loan, (viii) has a remaining stated term to maturity not longer than 18 months and not more than 18 months shorter than the remaining stated term to maturity of the related Deleted Mortgage LoanLoan and has a remaining stated term to maturity not later than the Mortgage Loan with the latest stated term to maturity as of the Closing Date, (ix) is current as of the date of substitution, (x) has a an original Combined Loan-to-Value Ratio as of the date of substitution equal to or lower than the original Combined Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (xi) has been underwritten by the Seller any Transferor or in accordance with the same underwriting criteria and guidelines as the Deleted Mortgage Loan, (xii) has a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiii) is secured by the same property type as the Deleted Mortgage Loan, (xiv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made in the Mortgage Loan Purchase related Transfer Agreement, (xv) has the same first or higher lien position as the Deleted Mortgage Loan, (xvi) has a Credit Score greater than or equal to the Credit Score of the Deleted Mortgage Loan at the time such Mortgage Loan was transferred to the Trust, (xvii) the related Mortgaged Property is covered by a primary mortgage insurance policy if not an investment property (unless the Mortgaged Property related to the Deleted Mortgage Loan was so covered, (xvii) contains provisions covering the payment of Prepayment Premium by the Mortgager for early prepayment of the Mortgage Loan at least as favorable to the Trust as the Deleted Mortgage Loanan investment property), (xviii) has the related Mortgaged Property is not a maturity date not later than second home (unless the maturity date of Mortgaged Property related to the latest maturing Deleted Mortgage Loan in the Mortgage Pool as of the Closing Datewas a second home), (xix) has the same Mortgage Index as the Deleted Mortgage Combined Loan-to-Value Ratio is not greater than 100%, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject to the New Jersey Home Ownership Security Act of 2003 no longer in its teaser period and (xxi) if originated on or after January 1, 2004 is not a “high-cost” loan subject acceptable to the New Mexico Home Loan Protection ActInsurer. In the event that one or more mortgage loans are substituted for one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall be determined on the basis of aggregate Stated Principal Balances, the Mortgage Loan Rates described in clause (ii) hereof shall be determined on the basis of weighted average Mortgage Loan Rates, the risk gradings described in clause (xiixi) hereof shall be satisfied as to each such mortgage loan, the terms described in clause (viii) hereof shall be determined on the basis of weighted average remaining term to maturity, the Loan-to-Value Ratios described in clause (x) hereof shall be satisfied as to each such mortgage loan and, except to the extent otherwise provided in this sentence, the representations and warranties described in clause (xiv) hereof must be satisfied as to each Qualified Qualifying Substitute Mortgage Loan or in the aggregate, as the case may be.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated Scheduled Principal Balance (or in the case of a substitution of more than one mortgage loan for a Deleted Mortgage Loan, an aggregate Stated Scheduled Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Scheduled Principal Balance of the Deleted Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs, (ii) has a Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has is not a maximum Mortgage Rate not less than Cooperative Loan unless the maximum Mortgage Rate on the related Deleted Mortgage Loan was a Cooperative Loan, (iv) has a minimum Mortgage Rate not less than the minimum Mortgage Rate of the Deleted Mortgage Loan, (v) has a gross margin equal to or greater than the gross margin of the Deleted Mortgage Loan, (vi) has a next adjustment date not later than the next adjustment date on the Deleted Mortgage Loan, (vii) has the same Due Date as the Deleted Mortgage Loan, (viiiv) has a remaining stated term to maturity not longer than 18 months and not more than 18 months shorter than the remaining stated term to maturity of the related Deleted Mortgage Loan, (ixvi) is current as of the date of substitution, (xvii) has a Combined Loan-to-Value Ratio as of the date of substitution equal to or lower than the Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (xiviii) has been underwritten by the Seller any Transferor or in accordance with the same underwriting criteria and guidelines as the Deleted Mortgage Loan, (xiiix) has a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiiix) is secured by the same property type as the Deleted Mortgage Loan, (xivxi) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made in the related Mortgage Loan Purchase Sale and Assignment Agreement, (xvxii) has the same first or higher lien position as the Deleted Mortgage Loan, (xvixiii) is covered by a primary mortgage insurance the Pool Insurance Policy or similar policy if the Deleted Mortgage Loan was so covered, covered and (xviixiv) contains provisions covering the payment of Prepayment Premium by the Mortgager for early prepayment of the Mortgage Loan at least as favorable to the Trust as the Deleted Mortgage Loan, (xviii) has a maturity date not later than the maturity date of the latest maturing Mortgage Loan in the Mortgage Pool as of the Closing Date, (xix) has the same Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January 1, 2004 is not a “high-cost” loan subject to the New Mexico Home Loan Protection Act. In the event that one or more mortgage loans are substituted for one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall be determined on the basis of aggregate Stated Scheduled Principal Balances, the Mortgage Rates described in clause (ii) hereof shall be determined on the basis of weighted average Mortgage Rates, the risk gradings described in clause (xiiix) hereof shall be satisfied as to each such mortgage loan, the terms described in clause (viiiv) hereof shall be determined on the basis of weighted average remaining term to maturity, the Combined Loan-to-Value Ratios described in clause (xvii) hereof shall be satisfied as to each such mortgage loan and, except to the extent otherwise provided in this sentence, the representations and warranties described in clause (xivxi) hereof must be satisfied as to each Qualified Substitute Mortgage Loan or in the aggregate, as the case may be. Rating Agency: Each of S&P and Xxxxx’x.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated Scheduled Principal Balance (or in the case of a substitution of more than one mortgage loan for a Deleted Mortgage Loan, an aggregate Stated Scheduled Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Scheduled Principal Balance of the Deleted Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs, (ii) has a Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) if applicable, has a minimum Mortgage Rate not less than the minimum Mortgage Rate of the Deleted Mortgage Loan, (v) if applicable, has a gross margin equal to or greater than the gross margin of the Deleted Mortgage Loan, (vi) is not a Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative Loan, (vii) if applicable, has a next adjustment date not later than the next adjustment date on the Deleted Mortgage Loan, (viiviii) has the same Due Date as the Deleted Mortgage Loan, (viiiix) has a remaining stated term to maturity not longer than 18 months and not more than 18 months shorter than the remaining stated term to maturity of the related Deleted Mortgage Loan, (ixx) is current as of the date of substitution, (xxi) has a Loan-to-Value Ratio as of the date of substitution equal to or lower than the Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (xixii) has been underwritten by the Seller any Transferor in accordance with the same underwriting criteria and guidelines as the Deleted Mortgage Loan, (xiixiii) has a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiiixiv) is secured by the same property type as the Deleted Mortgage Loan, (xivxv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made in the related Mortgage Loan Purchase Sale and Assignment Agreement, (xvxvi) has the same first or higher lien position as the Deleted Mortgage Loan, (xvixvii) is covered by a primary mortgage insurance policy Primary Mortgage Insurance Policy if the Deleted Mortgage Loan was so covered, covered and (xviixviii) contains provisions covering the payment of Prepayment Premium by the Mortgager Mortgagor for early prepayment of the Mortgage Loan at least as favorable to the Trust as the Deleted Mortgage Loan, (xviii) has a maturity date not later than the maturity date of the latest maturing Mortgage Loan in the Mortgage Pool as of the Closing Date, (xix) has the same Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January 1, 2004 is not a “high-cost” loan subject to the New Mexico Home Loan Protection Act. In the event that one or more mortgage loans are substituted for one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall be determined on the basis of aggregate Stated Scheduled Principal Balances, the Mortgage Rates described in clause (ii) hereof shall be determined on the basis of weighted average Mortgage Rates, the risk gradings described in clause (xiixiii) hereof shall be satisfied as to each such mortgage loan, the terms described in clause (viiiix) hereof shall be determined on the basis of weighted average remaining term to maturity, the Loan-to-Value Ratios described in clause (xxi) hereof shall be satisfied as to each such mortgage loan and, except to the extent otherwise provided in this sentence, the representations and warranties described in clause (xivxv) hereof must be satisfied as to each Qualified Substitute Mortgage Loan or in the aggregate, as the case may be.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated Scheduled Principal Balance (or in the case of a substitution of more than one mortgage loan for a Deleted Mortgage Loan, an aggregate Stated Scheduled Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Scheduled Principal Balance of the Deleted Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs, (ii) has a Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicablein the case of any Adjustable Rate Mortgage Loans, has a maximum Mortgage Rate not less than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) in the case of any Adjustable Rate Mortgage Loans, has a minimum Mortgage Rate not less than the minimum Mortgage Rate of the Deleted Mortgage Loan, (v) in the case of any Adjustable Rate Mortgage Loans, has a gross margin equal to or greater than the gross margin of the Deleted Mortgage Loan, (vi) is not a Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative Loan, (vii) in the case of any Adjustable Rate Mortgage Loans, has a next adjustment date not later than the next adjustment date on the Deleted Mortgage Loan, (viiviii) has the same Due Date as the Deleted Mortgage Loan, (viiiix) has a remaining stated term to maturity not longer greater than 18 months (and not more than 18 months shorter than the remaining stated term to maturity one year less than) that of the related Deleted Mortgage Loan, provided, that in no case shall such substitute Mortgage Loan have a maturity date later than the Final Scheduled Maturity Date, (ixx) is current as of the date of substitution, (xxi) has a Loan-to-Value Ratio as of the date of substitution equal to or lower than the Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (xixii) has been underwritten by the Seller any Transferor in accordance with the same underwriting criteria and guidelines as the Deleted Mortgage Loan, (xiixiii) has a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiiixiv) is secured by the same property type as the Deleted Mortgage Loan, (xivxv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made in the related Mortgage Loan Purchase Sale and Assignment Agreement, (xvxvi) has the same first or higher lien position as the Deleted Mortgage Loan, (xvixvii) is covered by a primary mortgage insurance policy Primary Mortgage Insurance Policy if the Deleted Mortgage Loan was so covered, covered and (xviixviii) contains provisions covering the payment of Prepayment Premium by the Mortgager Mortgagor for early prepayment of the Mortgage Loan at least as favorable to the Trust as the Deleted Mortgage Loan, (xviii) has a maturity date not later than the maturity date of the latest maturing Mortgage Loan in the Mortgage Pool as of the Closing Date, (xix) has the same Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January 1, 2004 is not a “high-cost” loan subject to the New Mexico Home Loan Protection Act. In the event that one or more mortgage loans are substituted for one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall be determined on the basis of aggregate Stated Scheduled Principal Balances, the Mortgage Rates described in clause (ii) hereof shall be determined on the basis of weighted average Mortgage Rates, the risk gradings described in clause (xiixiii) hereof shall be satisfied as to each such mortgage loan, the terms described in clause (viiiix) hereof shall be determined on the basis of weighted average remaining term to maturitymaturity (provided, that the stated maturity date of any Qualified Substitute Mortgage Loan shall not be later than the Final Scheduled Distribution Date), the Loan-to-Value Ratios described in clause (xxi) hereof shall be satisfied as to each such mortgage loan and, except to the extent otherwise provided in this sentence, the representations and warranties described in clause (xivxv) hereof must be satisfied as to each Qualified Substitute Mortgage Loan or in the aggregate, as the case may be.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this AgreementLoan, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated a Scheduled Principal Balance (or in the case together with that of a substitution of more than one any other mortgage loan substituted for a the same Deleted Mortgage Loan, an aggregate Stated Principal Balance), after application ) as of all Scheduled Payments due during or prior to the Due Date in the month of substitution, in which such substitution occurs not in excess of, and not more than 5% less than, the outstanding Stated Scheduled Principal Balance of the related Deleted Mortgage Loan; provided, however, that, to the extent that the Scheduled Principal Balance of such Mortgage Loan as is less than the Scheduled Principal Balance of the Due Date related Deleted Mortgage Loan, then such differential in principal amount, together with interest thereon at the calendar month during applicable Mortgage Rate net of the Master Servicing Fee and the applicable Servicing Fee from the date as to which interest was last paid through the end of the Collection Period in which such substitution occurs, shall be paid by the party effecting such substitution to the Master Servicer for deposit into the Collection Account, and shall be treated as a Principal Prepayment hereunder; (ii) has a Mortgage Rate and a Net Mortgage Rate not less than, and not more lower than 0.50% higher than, the Mortgage Rate on and the Net Mortgage Rate, respectively, of the related Deleted Mortgage Loan, ; (iii) if applicable, has a maximum Mortgage Rate not less than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) has a minimum Mortgage Rate not less than the minimum Mortgage Rate of the Deleted Mortgage Loan, (v) has a gross margin equal to or greater than the gross margin of the Deleted Mortgage Loan, (vi) has a next adjustment date not later than the next adjustment date on the Deleted Mortgage Loan, (vii) has the same Due Date as the Deleted Mortgage Loan, (viii) has a remaining stated term to maturity not longer than 18 months and not more than 18 months shorter than the remaining stated term to maturity of the related Deleted Mortgage Loan, ; (ixiv) is current as of the date of substitution, (xA) has a Loan-to-Value Ratio as of the date of such substitution equal to or lower of not greater than 80%; provided, however, that if the related Deleted Mortgage Loan has a Loan-to-Value Ratio of greater than 80%, then the Loan-to-Value Ratio of such substitute Mortgage Loan may be greater than 80% but shall not be greater than the Loan-to-Value Ratio of the Deleted Mortgage Loan and (B) the addition of such substitute Mortgage Loan does not increase the weighted average aggregate Loan-to-Value Ratio of the Mortgage Loans by more than 5%; (v) will comply with all of the representations and warranties relating to Mortgage Loans set forth herein, as of the date as of which such date, substitution occurs; (xi) has been underwritten by the Seller in accordance with the same underwriting criteria and guidelines as the Deleted Mortgage Loan, (xii) has a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiiivi) is secured by not a Cooperative Loan unless the same property type as the Deleted Mortgage Loan, (xiv) conforms to each representation and warranty applicable to the related Deleted Mortgage Loan made was a Cooperative Loan; (vii) has not been delinquent for a period of more than 30 days more than once in the Mortgage Loan Purchase Agreement, twelve months immediately preceding such date of substitution; (xv) has the same first lien position as the Deleted Mortgage Loan, (xviviii) is covered by a primary mortgage insurance policy Primary Mortgage Insurance Policy if the related Deleted Mortgage Loan is so covered; and (ix) has a Credit Score not greater than 20 points lower than the Credit Score of the related Deleted Mortgage Loan; provided, however, that if the Deleted Mortgage Loan was so covereddoes not have a Credit Score, (xvii) contains provisions covering the payment of Prepayment Premium by the Mortgager for early prepayment of the then such substitute Mortgage Loan at least as favorable shall have a Credit Score equal to the Trust as the Deleted Mortgage Loan, (xviii) has a maturity date not later or greater than the maturity date of the latest maturing Mortgage Loan in the Mortgage Pool as of the Closing Date, (xix) has the same Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January 1, 2004 is not a “high-cost” loan subject to the New Mexico Home Loan Protection Act700. In the event that either one mortgage loan is substituted for more than one Deleted Mortgage Loan or more than one mortgage loans are loan is substituted for one or more Deleted Mortgage Loans, then (a) the amounts described Scheduled Principal Balance referred to in clause (i) hereof above shall be determined on such that the basis aggregate Scheduled Principal Balance of all such substitute Mortgage Loans shall not exceed the aggregate Stated Scheduled Principal Balances, Balance of all Deleted Mortgage Loans and (b) each of (1) the Mortgage Rates described rate referred to in clause (ii) hereof shall be determined on above, (2) the basis of weighted average Mortgage Rates, the risk gradings described remaining term to stated maturity referred to in clause (xiiiii) hereof shall be satisfied as to each such mortgage loanabove, the terms described in clause (viii3) hereof shall be determined on the basis of weighted average remaining term to maturity, the Loan-to-Value Ratios described Ratio referred to in clause (xiv) hereof shall be satisfied as above and (4) the Credit Score referred to each such mortgage loan and, except to the extent otherwise provided in this sentence, the representations and warranties described in clause (xivix) hereof must above shall be satisfied as to each Qualified determined on a weighted average basis, provided that the final scheduled maturity date of any Qualifying Substitute Mortgage Loan or shall not exceed the Final Scheduled Distribution Date of any Class of Certificates. Whenever a Qualifying Substitute Mortgage Loan is substituted for a Deleted Mortgage Loan pursuant to this Agreement, the party effecting such substitution shall certify such qualification in writing to the aggregate, as the case may be.Trustee. Rating Agency: Each of Xxxxx’x and S&P.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated Scheduled Principal Balance (or in the case of a substitution of more than one mortgage loan for a Deleted Mortgage Loan, an aggregate Stated Scheduled Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Scheduled Principal Balance of the Deleted Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs, (ii) has a Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) if applicable, has a minimum Mortgage Rate not less than the minimum Mortgage Rate of the Deleted Mortgage Loan, (v) if applicable, has a gross margin equal to or greater than the gross margin of the Deleted Mortgage Loan, (vi) is not a Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative Loan, (vii) if applicable, has a next adjustment date not later than the next adjustment date on the Deleted Mortgage Loan, (viiviii) has the same Due Date as the Deleted Mortgage Loan, (viiiix) has a remaining stated term to maturity not longer than 18 months and not more than 18 months shorter than the remaining stated term to maturity of the related Deleted Mortgage Loan; provided, that in no case should such substitute Mortgage Loan have a maturity date later than the Final Scheduled Distribution Date; (ixx) is current as of the date of substitution, (xxi) has a Loan-to-Value Ratio as of the date of substitution equal to or lower than the Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (xixii) has been underwritten by the Seller Transferor in accordance with the same underwriting criteria and guidelines as the Deleted Mortgage Loan, (xiixiii) has a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiiixiv) is secured by the same property type as the Deleted Mortgage Loan, (xivxv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made in the related Mortgage Loan Purchase Sale Agreement, (xvxvi) has the same first or higher lien position as the Deleted Mortgage Loan, (xvixvii) is covered by a primary mortgage insurance policy Primary Mortgage Insurance Policy if the Deleted Mortgage Loan was so covered, covered and (xviixviii) contains provisions covering the payment of Prepayment Premium by the Mortgager Mortgagor for early prepayment of the Mortgage Loan at least as favorable to the Trust as the Deleted Mortgage Loan, (xviii) has a maturity date not later than the maturity date of the latest maturing Mortgage Loan in the Mortgage Pool as of the Closing Date, (xix) has the same Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January 1, 2004 is not a “high-cost” loan subject to the New Mexico Home Loan Protection Act. In the event that one or more mortgage loans are substituted for one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall be determined on the basis of aggregate Stated Scheduled Principal Balances, the Mortgage Rates described in clause (ii) hereof shall be determined on the basis of weighted average Mortgage Rates, the risk gradings described in clause (xiixiii) hereof shall be satisfied as to each such mortgage loan, the terms described in clause (viiiix) hereof shall be determined on the basis of weighted average remaining term to maturity; provided, that the stated maturity date of any Qualifying Substitute Mortgage Loan shall not be later than the Final Scheduled Distribution Date, the Loan-to-Value Ratios described in clause (xxi) hereof shall be satisfied as to each such mortgage loan and, except to the extent otherwise provided in this sentence, the representations and warranties described in clause (xivxv) hereof must be satisfied as to each Qualified Qualifying Substitute Mortgage Loan or in the aggregate, as the case may be.. Rating Agency: Each of Xxxxx’x and S&P.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated Scheduled Principal Balance (or in the case of a substitution of more than one mortgage loan for a Deleted Mortgage Loan, an aggregate Stated Scheduled Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Scheduled Principal Balance of the Deleted Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs, (ii) has a Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) has a minimum Mortgage Rate not less than the minimum Mortgage Rate of the Deleted Mortgage Loan, (v) has a gross margin equal to or greater than the gross margin of the Deleted Mortgage Loan, (vi) has a next adjustment date not later than the next adjustment date on the Deleted Mortgage Loan, (vii) has the same Due Date as the Deleted Mortgage Loan, (viii) has a remaining stated term to maturity not longer than 18 months and not more than 18 months shorter than the remaining stated term to maturity of the related Deleted Mortgage Loan, (ix) is current as of the date of substitution, (x) has a Loan-to-Value Ratio as of the date of substitution equal to or lower than the Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (xi) has been underwritten by the Seller any Transferor or in accordance with the same underwriting criteria and guidelines as the Deleted Mortgage Loan, (xii) has a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiii) is secured by the same property type as the Deleted Mortgage Loan, (xiv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made in the Mortgage Loan Purchase Sale Agreement, (xv) has the same first or higher lien position as the Deleted Mortgage Loan, (xvi) is covered by a primary mortgage insurance policy PMI Policy if the Deleted Mortgage Loan was so covered, and (xvii) contains provisions covering the payment of Prepayment Premium by the Mortgager Mortgagor for early prepayment of the Mortgage Loan at least as favorable to the Trust as the Deleted Mortgage Loan, (xviii) has a maturity date not later than the maturity date of the latest maturing Mortgage Loan in the Mortgage Pool as of the Closing Date, (xix) has the same Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January 1, 2004 is not a “high-cost” loan subject to the New Mexico Home Loan Protection Act. In the event that one or more mortgage loans are substituted for one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall be determined on the basis of aggregate Stated Scheduled Principal Balances, the Mortgage Rates described in clause (ii) hereof shall be determined on the basis of weighted average Mortgage Rates, the risk gradings described in clause (xiixi) hereof shall be satisfied as to each such mortgage loan, the terms described in clause (viii) hereof shall be determined on the basis of weighted average remaining term to maturity, the Loan-to-Value Ratios described in clause (x) hereof shall be satisfied as to each such mortgage loan and, except to the extent otherwise provided in this sentence, the representations and warranties described in clause (xiv) hereof must be satisfied as to each Qualified Substitute Mortgage Loan or in the aggregate, as the case may be.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated Scheduled Principal Balance (or in the case of a substitution of more than one mortgage loan for a Deleted Mortgage Loan, an aggregate Stated Scheduled Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Scheduled Principal Balance of the Deleted Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs, (ii) has a Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicablein the case of Mortgage Loans in Pool 1, has a maximum Mortgage Rate not less than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) in the case of Mortgage Loans in Pool 1, has a minimum Mortgage Rate not less than the minimum Mortgage Rate of the Deleted Mortgage Loan, (v) in the case of Mortgage Loans in Pool 1, has a gross margin equal to or greater than the gross margin of the Deleted Mortgage Loan, (vi) is not a Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative Loan, (vii) in the case of Mortgage Loans in Pool 1, has a next adjustment date not later than the next adjustment date on the Deleted Mortgage Loan, (viiviii) has the same Due Date as the Deleted Mortgage Loan, (viiiix) has a remaining stated term to maturity not longer greater than 18 months (and not more than 18 months shorter than the remaining stated term to maturity one year less than) that of the related Deleted Mortgage Loan, provided, that in no case shall such substitute Mortgage Loan have a maturity date later than the Final Scheduled Maturity Date, (ixx) is current as of the date of substitution, (xxi) has a Loan-to-Value Ratio as of the date of substitution equal to or lower than the Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (xixii) has been underwritten by the Seller any Transferor in accordance with the same underwriting criteria and guidelines as the Deleted Mortgage Loan, (xiixiii) has a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiiixiv) is secured by the same property type as the Deleted Mortgage Loan, (xivxv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made in the related Mortgage Loan Purchase Sale and Assignment Agreement, (xvxvi) has the same first or higher lien position as the Deleted Mortgage Loan, (xvixvii) is covered by a primary mortgage insurance policy Primary Mortgage Insurance Policy if the Deleted Mortgage Loan was so covered, covered and (xviixviii) contains provisions covering the payment of Prepayment Premium by the Mortgager Mortgagor for early prepayment of the Mortgage Loan at least as favorable to the Trust as the Deleted Mortgage Loan, (xviii) has a maturity date not later than the maturity date of the latest maturing Mortgage Loan in the Mortgage Pool as of the Closing Date, (xix) has the same Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January 1, 2004 is not a “high-cost” loan subject to the New Mexico Home Loan Protection Act. In the event that one or more mortgage loans are substituted for one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall be determined on the basis of aggregate Stated Scheduled Principal Balances, the Mortgage Rates described in clause (ii) hereof shall be determined on the basis of weighted average Mortgage Rates, the risk gradings described in clause (xiixiii) hereof shall be satisfied as to each such mortgage loan, the terms described in clause (viiiix) hereof shall be determined on the basis of weighted average remaining term to maturitymaturity (provided, that the stated maturity date of any Qualified Substitute Mortgage Loan shall not be later than the Final Scheduled Distribution Date), the Loan-to-Value Ratios described in clause (xxi) hereof shall be satisfied as to each such mortgage loan and, except to the extent otherwise provided in this sentence, the representations and warranties described in clause (xivxv) hereof must be satisfied as to each Qualified Substitute Mortgage Loan or in the aggregate, as the case may be.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated Scheduled Principal Balance (or in the case of a substitution of more than one mortgage loan for a Deleted Mortgage Loan, an aggregate Stated Scheduled Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Scheduled Principal Balance of the Deleted Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs, (ii) has a Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) has a minimum Mortgage Rate not less than the minimum Mortgage Rate of the Deleted Mortgage Loan, (v) has a gross margin equal to or greater than the gross margin of the Deleted Mortgage Loan, (vi) has a next adjustment date not later than the next adjustment date on the Deleted Mortgage Loan, (vii) has the same Due Date as the Deleted Mortgage Loan, (viii) has a remaining stated term to maturity not longer greater than 18 months (and not more than 18 months shorter than the remaining stated term to maturity one year less than) that of the related Deleted Mortgage Loan, (ix) is current as of the date of substitution, (x) has a Loan-to-Value Ratio as of the date of substitution equal to or lower than the Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (xi) has been underwritten by the Seller any Transferor or in accordance with the same underwriting criteria and guidelines as the Deleted Mortgage Loan, (xii) has a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiii) is secured by the same property type as the Deleted Mortgage Loan, (xiv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made in the Mortgage Loan Purchase Sale and Assignment Agreement, (xv) has the same first or higher lien position as the Deleted Mortgage Loan, (xvi) is covered by a primary mortgage insurance policy PMI Policy if the Deleted Mortgage Loan was so covered, covered and (xvii) contains provisions covering the payment of Prepayment Premium by the Mortgager for early prepayment of the Mortgage Loan at least as favorable to the Trust as the Deleted Mortgage Loan, (xviii) has a maturity date not later than the maturity date of the latest maturing Mortgage Loan in the Mortgage Pool as of the Closing Date, (xix) has the same Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January 1, 2004 is not a “high-cost” loan subject to the New Mexico Home Loan Protection Act. In the event that one or more mortgage loans are substituted for one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall be determined on the basis of aggregate Stated Scheduled Principal Balances, the Mortgage Rates described in clause (ii) hereof shall be determined on the basis of weighted average Mortgage Rates, the risk gradings described in clause (xii) hereof shall be satisfied as to each such mortgage loan, the terms described in clause (viii) hereof shall be determined on the basis of weighted average remaining term to maturity, the Loan-to-Value Ratios described in clause (x) hereof shall be satisfied as to each such mortgage loan and, except to the extent otherwise provided in this sentence, the representations and warranties described in clause (xiv) hereof must be satisfied as to each Qualified Substitute Mortgage Loan or in the aggregate, as the case may be.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated Scheduled Principal Balance (or in the case of a substitution of more than one mortgage loan for a Deleted Mortgage Loan, an aggregate Stated Scheduled Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Scheduled Principal Balance of the Deleted Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs, (ii) has a Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) has a minimum Mortgage Rate not less than the minimum Mortgage Rate of the Deleted Mortgage Loan, (v) if applicable, has a gross margin equal to or greater than the gross margin of the Deleted Mortgage Loan, (vi) if applicable, is not a Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative Loan, (vii) if applicable, has a next adjustment date not later than the next adjustment date on the Deleted Mortgage Loan, (viiviii) has the same Due Date as the Deleted Mortgage Loan, (viiiix) has a remaining stated term to maturity not longer than 18 months and not more than 18 months shorter than the remaining stated term to maturity of the related Deleted Mortgage Loan; provided, that in no case shall such substitute Mortgage Loan have a maturity date later than the Final Scheduled Distribution Date, (ixx) is current as of the date of substitution, (xxi) has a Loan-to-Value Ratio as of the date of substitution equal to or lower than the Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (xixii) has been underwritten by the Seller Transferor in accordance with the same underwriting criteria and guidelines as the Deleted Mortgage Loan, (xiixiii) has a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiiixiv) is secured by the same property type as the Deleted Mortgage Loan, (xivxv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made in the related Mortgage Loan Purchase Sale Agreement, (xvxvi) has the same first or higher lien position as the Deleted Mortgage Loan, (xvixvii) is covered by a primary mortgage insurance policy if the Deleted Mortgage Loan was so covered, [Reserved] and (xviixviii) contains provisions covering the payment of any Prepayment Premium Charge by the Mortgager Mortgagor for early prepayment of the Mortgage Loan at least as favorable to the Trust as the Deleted Mortgage Loan, (xviii) has a maturity date not later than the maturity date of the latest maturing Mortgage Loan in the Mortgage Pool as of the Closing Date, (xix) has the same Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January 1, 2004 is not a “high-cost” loan subject to the New Mexico Home Loan Protection Act. In the event that one or more mortgage loans are substituted for one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall be determined on the basis of aggregate Stated Scheduled Principal Balances, the Mortgage Rates described in clause (ii) hereof shall be determined on the basis of weighted average Mortgage Rates, the risk gradings described in clause (xiixiii) hereof shall be satisfied as to each such mortgage loan, the terms described in clause (viiiix) hereof shall be determined on the basis of a weighted average remaining term to maturitybasis, provided that the stated maturity date of any Qualifying Substitute Mortgage Loan shall not be later than the Final Scheduled Distribution Date, the Loan-to-Value Ratios described in clause (xxi) hereof shall be satisfied as to each such mortgage loan and, except to the extent otherwise provided in this sentence, the representations and warranties described in clause (xivxv) hereof must be satisfied as to each Qualified Qualifying Substitute Mortgage Loan or in the aggregate, as the case may be.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this AgreementLoan, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated a Scheduled Principal Balance (or in the case together with that of a substitution of more than one any other mortgage loan substituted for a the same Deleted Mortgage Loan, an aggregate Stated Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Principal Balance of the Deleted Mortgage Loan ) as of the Due Date in the calendar month during in which such substitution occurs not in excess of the Scheduled Principal Balance of the related Deleted Mortgage Loan; provided, however, that, to the extent that the Scheduled Principal Balance of such Mortgage Loan is less than the Scheduled Principal Balance of the related Deleted Mortgage Loan, then a Substitution Amount shall be paid by the party effecting such substitution occursto the Trustee for deposit into the Certificate Account, and shall be treated as a Principal Prepayment hereunder; (ii) has a Net Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less lower than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) has a minimum Mortgage Rate not less than the minimum Net Mortgage Rate of the related Deleted Mortgage Loan, (v) has Loan and will be a gross margin equal to or greater than the gross margin of Discount Mortgage Loan if the Deleted Mortgage Loan, (vi) has Loan was a next adjustment date not later than the next adjustment date on Discount Mortgage Loan or a Non-Discount Mortgage Loan if the Deleted Mortgage Loan, (vii) has the same Due Date as the Deleted Loan was a Non-Discount Mortgage Loan, ; (viiiiii) has a remaining stated term to maturity not more than eighteen months longer than 18 months than, and not more than 18 eighteen months shorter than than, the remaining stated term to stated maturity of the related Deleted Mortgage Loan; provided, however, in no case shall such substitute Mortgage Loan have a remaining stated term to maturity later than the Final Scheduled Distribution Date; (ixiv) is current as of the date of substitution, (xA) has a Loan-to-Value Ratio as of the date of such substitution equal to or lower of not greater than 80%; provided, however, that if the related Deleted Mortgage Loan has a Loan-to-Value Ratio of greater than 80%, then the Loan-to-Value Ratio of such substitute Mortgage Loan may be greater than 80% but shall not be greater than the Loan-to-Value Ratio of the related Deleted Mortgage Loan and (B) the addition of such substitute Mortgage Loan does not increase the weighted average Loan-to-Value Ratio of the related Mortgage Pool by more than 5%; (v) will comply with all of the representations and warranties relating to Mortgage Loans set forth herein, as of the date as of which such datesubstitution occurs; (vi) is not a Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative Loan; (vii) if applicable, (xi) has been underwritten by the Seller in accordance with the same underwriting criteria index as and guidelines as a margin not less than that of the related Deleted Mortgage Loan, ; (xiiviii) has not been delinquent for a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiii) is secured by the same property type as the Deleted Mortgage Loan, (xiv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made period of more than 30 days more than once in the Mortgage Loan Purchase Agreement, twelve months immediately preceding such date of substitution; (xv) has the same first lien position as the Deleted Mortgage Loan, (xviix) is covered by a primary mortgage insurance policy Primary Mortgage Insurance Policy if the related Deleted Mortgage Loan is so covered, and the Loan-to-Value Ratio of such Mortgage Loan is greater than 80%; and (x) has a Credit Score not greater than 20 points lower than the Credit Score of the related Deleted Mortgage Loan; provided, however, that if the Deleted Mortgage Loan was so covereddoes not have a Credit Score, (xvii) contains provisions covering the payment of Prepayment Premium by the Mortgager for early prepayment of the then such substitute Mortgage Loan at least as favorable shall have a Credit Score equal to the Trust as the Deleted Mortgage Loan, (xviii) has a maturity date not later or greater than the maturity date of the latest maturing Mortgage Loan in the Mortgage Pool as of the Closing Date, (xix) has the same Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January 1, 2004 is not a “high-cost” loan subject to the New Mexico Home Loan Protection Act700. In the event that either one mortgage loan is substituted for more than one Deleted Mortgage Loan or more than one mortgage loans are loan is substituted for one or more Deleted Mortgage Loans, then (a) the amounts described Scheduled Principal Balance referred to in clause (i) hereof above shall be determined on such that the basis aggregate Scheduled Principal Balance of all such substitute Mortgage Loans shall not exceed the aggregate Stated Scheduled Principal Balances, Balance of all Deleted Mortgage Loans and (b) each of (1) the Mortgage Rates described rate referred to in clause (ii) hereof shall be determined on above, (2) the basis of weighted average Mortgage Rates, the risk gradings described remaining term to stated maturity referred to in clause (xiiiii) hereof shall be satisfied as to each such mortgage loanabove, the terms described in clause (viii3) hereof shall be determined on the basis of weighted average remaining term to maturity, the Loan-to-Value Ratios described Ratio referred to in clause (iv) above and (4) the Credit Score referred to in clause (x) hereof above shall be satisfied as to each such mortgage loan anddetermined on a weighted average basis, except to provided that the extent otherwise provided in this sentence, the representations and warranties described in clause (xiv) hereof must be satisfied as to each Qualified final scheduled maturity date of any Qualifying Substitute Mortgage Loan shall not exceed the Final Scheduled Distribution Date of any Class of Certificates. Whenever a Qualifying Substitute Mortgage Loan is substituted for a Deleted Mortgage Loan pursuant to this Agreement, the party effecting such substitution shall certify such qualification in writing to the Trustee. Notwithstanding any provision herein to the contrary, a Qualifying Substitute Mortgage Loan shall be deemed to have the same AP Percentage and Non-AP Percentage as that of the Deleted Mortgage Loan for which it was substituted. Rating Agency: Each of S&P and Fitch. Realized Loss: (a) With respect to each Liquidated Mortgage Loan, an amount equal to (i) the unpaid principal balance of such Mortgage Loan as of the date of liquidation, plus (ii) interest at the applicable Net Mortgage Rate (plus the Employee Discount Rate, if any, for such Mortgage Loan) from the date as to which interest was last paid up to the last day of the month of such liquidation, minus (iii) Liquidation Proceeds received, net of amounts that are reimbursable to the Master Servicer or in the aggregateapplicable Servicer with respect to such Mortgage Loan (other than Advances of principal and interest) including expenses of liquidation, and (b) with respect to each Mortgage Loan that has become the subject of a Deficient Valuation, the difference between the unpaid principal balance of such Mortgage Loan immediately prior to such Deficient Valuation and the unpaid principal balance of such Mortgage Loan as reduced by the case may beDeficient Valuation. In determining whether a Realized Loss on a Liquidated Mortgage Loan is a Realized Loss of interest or principal, Liquidation Proceeds shall be allocated, first, to payment of expenses related to such Liquidated Mortgage Loan (including payment of any Retained Interest), then to accrued unpaid interest and finally to reduce the principal balance of the Mortgage Loan.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this AgreementLoan, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated a Scheduled Principal Balance (or in the case together with that of a substitution of more than one any other mortgage loan substituted for a the same Deleted Mortgage Loan, an aggregate Stated Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Principal Balance of the Deleted Mortgage Loan ) as of the Due Date in the calendar month during in which such substitution occurs not in excess of the Scheduled Principal Balance of the related Deleted Mortgage Loan; provided, however, that, to the extent that the Scheduled Principal Balance of such Mortgage Loan is less than the Scheduled Principal Balance of the related Deleted Mortgage Loan, then such differential in principal amount, together with interest thereon at the applicable Mortgage Rate net of the Master Servicing Fee and the applicable Servicing Fee from the date as to which interest was last paid through the end of the Due Period in which such substitution occurs, shall be paid by the party effecting such substitution to the Trustee for deposit into the Certificate Account, and shall be treated as a Principal Prepayment hereunder; (ii) has a Net Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less lower than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) has a minimum Mortgage Rate not less than the minimum Net Mortgage Rate of the related Deleted Mortgage Loan, (v) has Loan and will be a gross margin equal to or greater than the gross margin of Discount Mortgage Loan if the Deleted Mortgage Loan, (vi) has Loan was a next adjustment date not later than the next adjustment date on Discount Mortgage Loan or a Non-Discount Mortgage Loan if the Deleted Mortgage Loan, (vii) has the same Due Date as the Deleted Loan was a Non-Discount Mortgage Loan, ; (viiiiii) has a remaining stated term to maturity not longer than 18 months than, and not more than 18 months one year shorter than than, the remaining stated term to stated maturity of the related Deleted Mortgage Loan, ; (ixiv) is current as of the date of substitution, (xA) has a Loan-to-Value Ratio as of the date of such substitution equal to or lower of not greater than 80%; provided, however, that if the related Deleted Mortgage Loan has a Loan-to-Value Ratio of greater than 80%, then the Loan-to-Value Ratio of such substitute Mortgage Loan may be greater than 80% but shall not be greater than the Loan-to-Value Ratio of the related Deleted Mortgage Loan and (B) the addition of such substitute Mortgage Loan does not increase the weighted average Loan-to-Value Ratio of the related Mortgage Pool by more than 5%; (v) will comply with all of the representations and warranties relating to Mortgage Loans set forth herein, as of the date as of which such datesubstitution occurs; (vi) is not a Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative Loan; (vii) if applicable, (xi) has been underwritten by the Seller in accordance with the same underwriting criteria index as and guidelines as a margin not less than that of the related Deleted Mortgage Loan, ; (xiiviii) has not been delinquent for a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiii) is secured by the same property type as the Deleted Mortgage Loan, (xiv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made period of more than 30 days more than once in the Mortgage Loan Purchase Agreement, twelve months immediately preceding such date of substitution; (xv) has the same first lien position as the Deleted Mortgage Loan, (xviix) is covered by a primary mortgage insurance policy Primary Mortgage Insurance Policy if the related Deleted Mortgage Loan is so covered, and the Loan-to-Value Ratio of such Mortgage Loan is greater than 80%; and (x) has a Credit Score not greater than 20 points lower than the Credit Score of the related Deleted Mortgage Loan; provided, however, that if the Deleted Mortgage Loan was so covereddoes not have a Credit Score, (xvii) contains provisions covering the payment of Prepayment Premium by the Mortgager for early prepayment of the then such substitute Mortgage Loan at least as favorable shall have a Credit Score equal to the Trust as the Deleted Mortgage Loan, (xviii) has a maturity date not later or greater than the maturity date of the latest maturing Mortgage Loan in the Mortgage Pool as of the Closing Date, (xix) has the same Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January 1, 2004 is not a “high-cost” loan subject to the New Mexico Home Loan Protection Act700. In the event that either one mortgage loan is substituted for more than one Deleted Mortgage Loan or more than one mortgage loans are loan is substituted for one or more Deleted Mortgage Loans, then (a) the amounts described Scheduled Principal Balance referred to in clause (i) hereof above shall be determined on such that the basis aggregate Scheduled Principal Balance of all such substitute Mortgage Loans shall not exceed the aggregate Stated Scheduled Principal Balances, Balance of all Deleted Mortgage Loans and (b) each of (1) the Mortgage Rates described rate referred to in clause (ii) hereof shall be determined on above, (2) the basis of weighted average Mortgage Rates, the risk gradings described remaining term to stated maturity referred to in clause (xiiiii) hereof shall be satisfied as to each such mortgage loanabove, the terms described in clause (viii3) hereof shall be determined on the basis of weighted average remaining term to maturity, the Loan-to-Value Ratios described Ratio referred to in clause (iv) above and (4) the Credit Score referred to in clause (x) hereof above shall be satisfied as to each such mortgage loan anddetermined on a weighted average basis, except to provided that the extent otherwise provided in this sentence, the representations and warranties described in clause (xiv) hereof must be satisfied as to each Qualified final scheduled maturity date of any Qualifying Substitute Mortgage Loan or shall not exceed the Final Scheduled Distribution Date of any Class of Certificates. Whenever a Qualifying Substitute Mortgage Loan is substituted for a Deleted Mortgage Loan pursuant to this Agreement, the party effecting such substitution shall certify such qualification in writing to the aggregate, as the case may beTrustee.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated Scheduled Principal Balance (or in the case of a substitution of more than one mortgage loan for a Deleted Mortgage Loan, an aggregate Stated Scheduled Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Scheduled Principal Balance of the Deleted Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs, (ii) has a Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) if applicable, has a minimum Mortgage Rate not less than the minimum Mortgage Rate of the Deleted Mortgage Loan, (v) if applicable, has a gross margin equal to or greater than the gross margin of the Deleted Mortgage Loan, (vi) is not a Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative Loan, (vii) if applicable, has a next adjustment date not later than the next adjustment date on the Deleted Mortgage Loan, (viiviii) has the same Due Date as the Deleted Mortgage Loan, (viiiix) has a remaining stated term to maturity not longer than 18 months and not more than 18 months shorter than the remaining stated term to maturity of the related Deleted Mortgage Loan; provided, that in no case should such substitute Mortgage Loan have a maturity date later than the Final Scheduled Distribution Date; (ixx) is current as of the date of substitution, (xxi) has a Loan-to-Value Ratio as of the date of substitution equal to or lower than the Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (xixii) has been underwritten by the Seller Transferor in accordance with the same underwriting criteria and guidelines as the Deleted Mortgage Loan, (xiixiii) has a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiiixiv) is secured by the same property type as the Deleted Mortgage Loan, (xivxv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made in the related Mortgage Loan Purchase Sale Agreement, (xvxvi) has the same first or higher lien position as the Deleted Mortgage Loan, (xvixvii) is covered by a primary mortgage insurance policy Primary Mortgage Insurance Policy if the Deleted Mortgage Loan was so covered, (xviixviii) contains provisions covering the payment of Prepayment Premium by the Mortgager Mortgagor for early prepayment of the Mortgage Loan at least as favorable to the Trust as the Deleted Mortgage Loan, (xviii) has a maturity date not later than the maturity date of the latest maturing Mortgage Loan in the Mortgage Pool as of the Closing Date, and (xix) has the same for any Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject Loan to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January be substituted into Pool 1, 2004 is not a “highhas an original Scheduled Principal Balance within the maximum dollar amount limitations prescribed by Xxxxxx Xxx for conforming one-cost” loan subject to the New Mexico Home Loan Protection Actto-four family first and second lien residential mortgaged properties. In the event that one or more mortgage loans are substituted for one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall be determined on the basis of aggregate Stated Scheduled Principal Balances, the Mortgage Rates described in clause (ii) hereof shall be determined on the basis of weighted average Mortgage Rates, the risk gradings described in clause (xiixiii) hereof shall be satisfied as to each such mortgage loan, the terms described in clause (viiiix) hereof shall be determined on the basis of weighted average remaining term to maturity; provided, that the stated maturity date of any Qualifying Substitute Mortgage Loan shall not be later than the Final Scheduled Distribution Date, the Loan-to-Value Ratios described in clause (xxi) hereof shall be satisfied as to each such mortgage loan and, except to the extent otherwise provided in this sentence, the representations and warranties described in clause (xivxv) hereof must be satisfied as to each Qualified Qualifying Substitute Mortgage Loan or in the aggregate, as the case may be.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated Scheduled Principal Balance (or in the case of a substitution of more than one mortgage loan for a Deleted Mortgage Loan, an aggregate Stated Scheduled Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Scheduled Principal Balance of the Deleted Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs, (ii) has a Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) has a minimum Mortgage Rate not less than the minimum Mortgage Rate of the Deleted Mortgage Loan, (v) has a gross margin equal to or greater than the gross margin of the Deleted Mortgage Loan, (vi) has a next adjustment date not later than the next adjustment date on the Deleted Mortgage Loan, (vii) has the same Due Date as the Deleted Mortgage Loan, (viii) has a remaining stated term to maturity not longer greater than 18 months (and not more than 18 months shorter than the remaining stated term to maturity one year less than) that of the related Deleted Mortgage Loan, (ix) is current as of the date of substitution, (x) has a Loan-to-Value Ratio as of the date of substitution equal to or lower than the Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (xi) has been underwritten by the Seller any Transferor or in accordance with the same underwriting criteria and guidelines as the Deleted Mortgage Loan, (xii) has a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiii) is secured by the same property type as the Deleted Mortgage Loan, (xiv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made in the related Mortgage Loan Purchase Sale and Assignment Agreement, (xv) has the same first or higher lien position as the Deleted Mortgage Loan, (xvi) is covered by a primary mortgage insurance policy PMI Policy if the Deleted Mortgage Loan was so covered, covered and (xvii) contains provisions covering the payment of Prepayment Premium by the Mortgager for early prepayment of the Mortgage Loan at least as favorable to the Trust as the Deleted Mortgage Loan, (xviii) has a maturity date not later than the maturity date of the latest maturing Mortgage Loan in the Mortgage Pool as of the Closing Date, (xix) has the same Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January 1, 2004 is not a “high-cost” loan subject to the New Mexico Home Loan Protection Act. In the event that one or more mortgage loans are substituted for one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall be determined on the basis of aggregate Stated Scheduled Principal Balances, the Mortgage Rates described in clause (ii) hereof shall be determined on the basis of weighted average Mortgage Rates, the risk gradings described in clause (xii) hereof shall be satisfied as to each such mortgage loan, the terms described in clause (viii) hereof shall be determined on the basis of weighted average remaining term to maturity, the Loan-to-Value Ratios described in clause (x) hereof shall be satisfied as to each such mortgage loan and, except to the extent otherwise provided in this sentence, the representations and warranties described in clause (xiv) hereof must be satisfied as to each Qualified Substitute Mortgage Loan or in the aggregate, as the case may be.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated Scheduled Principal Balance (or in the case of a substitution of more than one mortgage loan for a Deleted Mortgage Loan, an aggregate Stated Scheduled Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Scheduled Principal Balance of the Deleted Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs, (ii) has a Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) if applicable, has a minimum Mortgage Rate not less than the minimum Mortgage Rate of the Deleted Mortgage Loan, (v) if applicable, has a gross margin equal to or greater than the gross margin of the Deleted Mortgage Loan, (vi) is not a Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative Loan, (vii) if applicable, has a next adjustment date not later than the next adjustment date on the Deleted Mortgage Loan, (viiviii) has the same Due Date as the Deleted Mortgage Loan, (viiiix) has a remaining stated term to maturity not longer than 18 months and not more than 18 months shorter than the remaining stated term to maturity of the related Deleted Mortgage Loan; provided, that in no case should such substitute Mortgage Loan have a maturity date later than the Final Scheduled Distribution Date; (ixx) is current as of the date of substitution, (xxi) has a Loan-to-Value Ratio as of the date of substitution equal to or lower than the Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (xixii) has been underwritten by the Seller Transferor in accordance with the same underwriting criteria and guidelines as the Deleted Mortgage Loan, (xiixiii) has a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiiixiv) is secured by the same property type as the Deleted Mortgage Loan, (xivxv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made in the related Mortgage Loan Purchase Sale Agreement, (xvxvi) has the same first or higher lien position as the Deleted Mortgage Loan, (xvixvii) is covered by a primary mortgage insurance policy Primary Mortgage Insurance Policy if the Deleted Mortgage Loan was so covered, (xviixviii) contains provisions covering the payment of Prepayment Premium by the Mortgager Mortgagor for early prepayment of the Mortgage Loan at least as favorable to the Trust as the Deleted Mortgage Loan, (xviii) has a maturity date not later than the maturity date of the latest maturing Mortgage Loan in the Mortgage Pool as of the Closing Date, and (xix) has the same for any Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject Loan to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January be substituted into Pool 1, 2004 is not a “highhas an original Scheduled Principal Balance within the maximum dollar amount limitations prescribed by Fxxxxx Mxx for conforming one-cost” loan subject to the New Mexico Home Loan Protection Actto-four family first and second lien residential mortgaged properties. In the event that one or more mortgage loans are substituted for one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall be determined on the basis of aggregate Stated Scheduled Principal Balances, the Mortgage Rates described in clause (ii) hereof shall be determined on the basis of weighted average Mortgage Rates, the risk gradings described in clause (xiixiii) hereof shall be satisfied as to each such mortgage loan, the terms described in clause (viiiix) hereof shall be determined on the basis of weighted average remaining term to maturity; provided, that the stated maturity date of any Qualifying Substitute Mortgage Loan shall not be later than the Final Scheduled Distribution Date, the Loan-to-Value Ratios described in clause (xxi) hereof shall be satisfied as to each such mortgage loan and, except to the extent otherwise provided in this sentence, the representations and warranties described in clause (xivxv) hereof must be satisfied as to each Qualified Qualifying Substitute Mortgage Loan or in the aggregate, as the case may be.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated Scheduled Principal Balance (or in the case of a substitution of more than one mortgage loan for a Deleted Mortgage Loan, an aggregate Stated Scheduled Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Scheduled Principal Balance of the Deleted Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs, (ii) has a Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) has a minimum Mortgage Rate not less than the minimum Mortgage Rate of the Deleted Mortgage Loan, (v) has a gross margin equal to or greater than the gross margin of the Deleted Mortgage Loan, (vi) is not a Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative Loan, (vii) has a next adjustment date not later than the next adjustment date on the Deleted Mortgage Loan, (viiviii) has the same Due Date as the Deleted Mortgage Loan, (viiiix) has a remaining stated term to maturity not longer than 18 months and not more than 18 months shorter than the remaining stated term to maturity of the related Deleted Mortgage Loan; provided, that in no case shall such substitute Mortgage Loan have a maturity date later than the Final Scheduled Distribution Date, (ixx) is current as of the date of substitution, (xxi) has a Loan-to-Value Ratio as of the date of substitution equal to or lower than the Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (xixii) has been underwritten by the Seller Transferor in accordance with the same underwriting criteria and guidelines as the Deleted Mortgage Loan, (xiixiii) has a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiiixiv) is secured by the same property type as the Deleted Mortgage Loan, (xivxv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made in the related Mortgage Loan Purchase Sale Agreement, (xvxvi) has the same first or higher lien position as the Deleted Mortgage Loan, (xvixvii) is covered by a primary mortgage insurance policy Primary Mortgage Insurance Policy if the Deleted Mortgage Loan was so covered, (xviixviii) contains provisions covering the payment of Prepayment Premium by the Mortgager Mortgagor for early prepayment of the Mortgage Loan at least as favorable to the Trust as the Deleted Mortgage Loan, (xviii) has a maturity date not later than the maturity date of the latest maturing Mortgage Loan in the Mortgage Pool as of the Closing Date, and (xix) has the same for any Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject Loan to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January be substituted into Pool 1, 2004 is not a “highhas an original Scheduled Principal Balance within the maximum dollar amount limitations prescribed by Xxxxxxx Mac for conforming one-cost” loan subject to the New Mexico Home Loan Protection Actto-four-family mortgage loans. In the event that one or more mortgage loans are substituted for one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall be determined on the basis of aggregate Stated Scheduled Principal Balances, the Mortgage Rates described in clause (ii) hereof shall be determined on the basis of weighted average Mortgage Rates, the risk gradings described in clause (xiixiii) hereof shall be satisfied as to each such mortgage loan, the terms described in clause (viiiix) hereof shall be determined on the basis of a weighted average remaining term to maturitybasis, provided that the stated maturity date of any Qualifying Substitute Mortgage Loan shall not be later than the Final Scheduled Distribution Date, the Loan-to-Value Ratios described in clause (xxi) hereof shall be satisfied as to each such mortgage loan and, except to the extent otherwise provided in this sentence, the representations and warranties described in clause (xivxv) hereof must be satisfied as to each Qualified Qualifying Substitute Mortgage Loan or in the aggregate, as the case may be.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this AgreementLoan, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated a Scheduled Principal Balance (or in the case together with that of a substitution of more than one any other mortgage loan substituted for a the same Deleted Mortgage Loan, an aggregate Stated Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Principal Balance of the Deleted Mortgage Loan ) as of the Due Date in the calendar month during in which such substitution occurs not in excess of the Scheduled Principal Balance of the related Deleted Mortgage Loan; provided, however, that, to the extent that the Scheduled Principal Balance of such Mortgage Loan is less than the Scheduled Principal Balance of the related Deleted Mortgage Loan, then a Substitution Amount shall be paid by the party effecting such substitution occursto the Trustee for deposit into the Certificate Account, and shall be treated as a Principal Prepayment hereunder; (ii) has a Net Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less lower than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) has a minimum Mortgage Rate not less than the minimum Net Mortgage Rate of the related Deleted Mortgage Loan, (v) has Loan and will be a gross margin equal to or greater than the gross margin of Discount Mortgage Loan if the Deleted Mortgage Loan, (vi) has Loan was a next adjustment date not later than the next adjustment date on Discount Mortgage Loan or a Non-Discount Mortgage Loan if the Deleted Mortgage Loan, (vii) has the same Due Date as the Deleted Loan was a Non-Discount Mortgage Loan, ; (viiiiii) has a remaining stated term to maturity not longer than 18 months than, and not more than 18 months one year shorter than than, the remaining stated term to stated maturity of the related Deleted Mortgage Loan, ; (ixiv) is current as of the date of substitution, (xA) has a Loan-to-Value Ratio as of the date of such substitution equal to or lower of not greater than 80%; provided, however, that if the related Deleted Mortgage Loan has a Loan-to-Value Ratio of greater than 80%, then the Loan-to-Value Ratio of such substitute Mortgage Loan may be greater than 80% but shall not be greater than the Loan-to-Value Ratio of the related Deleted Mortgage Loan and (B) the addition of such substitute Mortgage Loan does not increase the weighted average Loan-to-Value Ratio of the related Mortgage Pool by more than 5%; (v) will comply with all of the representations and warranties relating to Mortgage Loans set forth herein, as of the date as of which such datesubstitution occurs; (vi) is not a Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative Loan; (vii) if applicable, (xi) has been underwritten by the Seller in accordance with the same underwriting criteria index as and guidelines as a margin not less than that of the related Deleted Mortgage Loan, ; (xiiviii) has not been delinquent for a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiii) is secured by the same property type as the Deleted Mortgage Loan, (xiv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made period of more than 30 days more than once in the Mortgage Loan Purchase Agreement, twelve months immediately preceding such date of substitution; (xv) has the same first lien position as the Deleted Mortgage Loan, (xviix) is covered by a primary mortgage insurance policy Primary Mortgage Insurance Policy if the related Deleted Mortgage Loan is so covered, and the Loan-to-Value Ratio of such Mortgage Loan is greater than 80%; and (x) has a Credit Score not greater than 20 points lower than the Credit Score of the related Deleted Mortgage Loan; provided, however, that if the Deleted Mortgage Loan was so covereddoes not have a Credit Score, (xvii) contains provisions covering the payment of Prepayment Premium by the Mortgager for early prepayment of the then such substitute Mortgage Loan at least as favorable shall have a Credit Score equal to the Trust as the Deleted Mortgage Loan, (xviii) has a maturity date not later or greater than the maturity date of the latest maturing Mortgage Loan in the Mortgage Pool as of the Closing Date, (xix) has the same Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January 1, 2004 is not a “high-cost” loan subject to the New Mexico Home Loan Protection Act700. In the event that either one mortgage loan is substituted for more than one Deleted Mortgage Loan or more than one mortgage loans are loan is substituted for one or more Deleted Mortgage Loans, then (a) the amounts described Scheduled Principal Balance referred to in clause (i) hereof above shall be determined on such that the basis aggregate Scheduled Principal Balance of all such substitute Mortgage Loans shall not exceed the aggregate Stated Scheduled Principal Balances, Balance of all Deleted Mortgage Loans and (b) each of (1) the Mortgage Rates described rate referred to in clause (ii) hereof shall be determined on above, (2) the basis of weighted average Mortgage Rates, the risk gradings described remaining term to stated maturity referred to in clause (xiiiii) hereof shall be satisfied as to each such mortgage loanabove, the terms described in clause (viii3) hereof shall be determined on the basis of weighted average remaining term to maturity, the Loan-to-Value Ratios described Ratio referred to in clause (iv) above and (4) the Credit Score referred to in clause (x) hereof above shall be satisfied as to each such mortgage loan anddetermined on a weighted average basis, except to provided that the extent otherwise provided in this sentence, the representations and warranties described in clause (xiv) hereof must be satisfied as to each Qualified final scheduled maturity date of any Qualifying Substitute Mortgage Loan shall not exceed the Final Scheduled Distribution Date of any Class of Certificates. Whenever a Qualifying Substitute Mortgage Loan is substituted for a Deleted Mortgage Loan pursuant to this Agreement, the party effecting such substitution shall certify such qualification in writing to the Trustee. Notwithstanding any provision herein to the contrary, a Qualifying Substitute Mortgage Loan shall be deemed to have the same AP Percentage and Non-AP Percentage as that of the Deleted Mortgage Loan for which it was substituted. Rating Agency: Each of S&P and Xxxxx’x. Realized Loss: (a) With respect to each Liquidated Mortgage Loan, an amount equal to (i) the unpaid principal balance of such Mortgage Loan as of the date of liquidation, plus (ii) interest at the applicable Net Mortgage Rate (plus the Employee Discount Rate, if any, for such Mortgage Loan) from the date as to which interest was last paid up to the last day of the month of such liquidation, minus (iii) Liquidation Proceeds received, net of amounts that are reimbursable to the Master Servicer or in the aggregateapplicable Servicer with respect to such Mortgage Loan (other than Advances of principal and interest) including expenses of liquidation, and (b) with respect to each Mortgage Loan that has become the subject of a Deficient Valuation, the difference between the unpaid principal balance of such Mortgage Loan immediately prior to such Deficient Valuation and the unpaid principal balance of such Mortgage Loan as reduced by the case may beDeficient Valuation. In determining whether a Realized Loss on a Liquidated Mortgage Loan is a Realized Loss of interest or principal, Liquidation Proceeds shall be allocated, first, to payment of expenses related to such Liquidated Mortgage Loan (including payment of any Retained Interest), then to accrued unpaid interest and finally to reduce the principal balance of the Mortgage Loan.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this AgreementLoan, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated a Scheduled Principal Balance (or in the case together with that of a substitution of more than one any other mortgage loan substituted for a the same Deleted Mortgage Loan, an aggregate Stated Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Principal Balance of the Deleted Mortgage Loan ) as of the Due Date in the calendar month during in which such substitution occurs not in excess of the Scheduled Principal Balance of the related Deleted Mortgage Loan; provided, however, that, to the extent that the Scheduled Principal Balance of such Mortgage Loan is less than the Scheduled Principal Balance of the related Deleted Mortgage Loan, then such differential in principal amount, together with interest thereon at the applicable Mortgage Rate net of the Master Servicing Fee and the applicable Servicing Fee from the date as to which interest was last paid through the end of the Due Period in which such substitution occurs, shall be paid by the party effecting such substitution to the Trustee for deposit into the Certificate Account, and shall be treated as a Principal Prepayment hereunder; (ii) has a Net Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less lower than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) has a minimum Mortgage Rate not less than the minimum Net Mortgage Rate of the related Deleted Mortgage Loan, (v) has Loan and will be a gross margin equal to or greater than the gross margin of Discount Mortgage Loan if the Deleted Mortgage Loan, (vi) has Loan was a next adjustment date not later than the next adjustment date on Discount Mortgage Loan or a Non-Discount Mortgage Loan if the Deleted Mortgage Loan, (vii) has the same Due Date as the Deleted Loan was a Non-Discount Mortgage Loan, ; (viiiiii) has a remaining stated term to maturity not longer than 18 months than, and not more than 18 months one year shorter than than, the remaining stated term to stated maturity of the related Deleted Mortgage Loan, ; (ixiv) is current as of the date of substitution, (xA) has a Loan-to-Value Ratio as of the date of such substitution equal to or lower of not greater than 80%; provided, however, that if the related Deleted Mortgage Loan has a Loan-to-Value Ratio of greater than 80%, then the Loan-to-Value Ratio of such substitute Mortgage Loan may be greater than 80% but shall not be greater than the Loan-to-Value Ratio of the Deleted Mortgage Loan and (B) the addition of such substitute Mortgage Loan does not increase the weighted average Loan-to-Value Ratio of the Mortgage Pool by more than 5%; (v) will comply with all of the representations and warranties relating to Mortgage Loans set forth herein, as of the date as of which such datesubstitution occurs; (vi) is not a Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative Loan; (vii) if applicable, (xi) has been underwritten by the Seller in accordance with the same underwriting criteria index as and guidelines as a margin not less than that of the related Deleted Mortgage Loan, ; (xiiviii) has not been delinquent for a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiii) is secured by the same property type as the Deleted Mortgage Loan, (xiv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made period of more than 30 days more than once in the Mortgage Loan Purchase Agreement, twelve months immediately preceding such date of substitution; (xv) has the same first lien position as the Deleted Mortgage Loan, (xviix) is covered by a primary mortgage insurance policy Primary Mortgage Insurance Policy if the related Deleted Mortgage Loan is so covered, and the Loan-to-Value Ratio of such Mortgage Loan is greater than 80%; and (x) has a Credit Score not greater than 20 points lower than the Credit Score of the related Deleted Mortgage Loan; provided, however, that if the Deleted Mortgage Loan was so covereddoes not have a Credit Score, (xvii) contains provisions covering the payment of Prepayment Premium by the Mortgager for early prepayment of the then such substitute Mortgage Loan at least as favorable shall have a Credit Score equal to the Trust as the Deleted Mortgage Loan, (xviii) has a maturity date not later or greater than the maturity date of the latest maturing Mortgage Loan in the Mortgage Pool as of the Closing Date, (xix) has the same Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January 1, 2004 is not a “high-cost” loan subject to the New Mexico Home Loan Protection Act700. In the event that either one mortgage loan is substituted for more than one Deleted Mortgage Loan or more than one mortgage loans are loan is substituted for one or more Deleted Mortgage Loans, then (a) the amounts described Scheduled Principal Balance referred to in clause (i) hereof above shall be determined on such that the basis aggregate Scheduled Principal Balance of all such substitute Mortgage Loans shall not exceed the aggregate Stated Scheduled Principal Balances, Balance of all Deleted Mortgage Loans and (b) each of (1) the Mortgage Rates described rate referred to in clause (ii) hereof shall be determined on above, (2) the basis of weighted average Mortgage Rates, the risk gradings described remaining term to stated maturity referred to in clause (xiiiii) hereof shall be satisfied as to each such mortgage loanabove, the terms described in clause (viii3) hereof shall be determined on the basis of weighted average remaining term to maturity, the Loan-to-Value Ratios described Ratio referred to in clause (iv) above and (4) the Credit Score referred to in clause (x) hereof above shall be satisfied as to each such mortgage loan anddetermined on a weighted average basis, except to provided that the extent otherwise provided in this sentence, the representations and warranties described in clause (xiv) hereof must be satisfied as to each Qualified final scheduled maturity date of any Qualifying Substitute Mortgage Loan or shall not exceed the Final Scheduled Distribution Date of any Class of Certificates. Whenever a Qualifying Substitute Mortgage Loan is substituted for a Deleted Mortgage Loan pursuant to this Agreement, the party effecting such substitution shall certify such qualification in writing to the aggregate, as the case may beTrustee.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated Scheduled Principal Balance (or in the case of a substitution of more than one mortgage loan for a Deleted Mortgage Loan, an aggregate Stated Scheduled Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Scheduled Principal Balance of the Deleted Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs, (ii) has a Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) has a minimum Mortgage Rate not less than the minimum Mortgage Rate of the Deleted Mortgage Loan, (v) has a gross margin equal to or greater than the gross margin of the Deleted Mortgage Loan, (vi) is not a Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative Loan, (vii) has a next adjustment date not later than the next adjustment date on the Deleted Mortgage Loan, (viiviii) has the same Due Date as the Deleted Mortgage Loan, (viiiix) has a remaining stated term to maturity not longer than 18 months and not more than 18 months shorter than the remaining stated term to maturity of the related Deleted Mortgage Loan, (ixx) is current as of the date of substitution, (xxi) has a Loan-to-Value Ratio as of the date of substitution equal to or lower than the Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (xixii) has been underwritten by the Seller Transferor in accordance with the same underwriting criteria and guidelines as the Deleted Mortgage Loan, (xiixiii) has a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiiixiv) is secured by the same property type as the Deleted Mortgage Loan, (xivxv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made in the related Mortgage Loan Purchase Sale and Assignment Agreement, (xvxvi) has the same first or higher lien position as the Deleted Mortgage Loan, (xvixvii) is covered by a primary mortgage insurance policy Primary Mortgage Insurance Policy if the Deleted Mortgage Loan was so covered, covered and (xviixviii) contains provisions covering the payment of Prepayment Premium by the Mortgager Mortgagor for early prepayment of the Mortgage Loan at least as favorable to the Trust as the Deleted Mortgage Loan, (xviii) has a maturity date not later than the maturity date of the latest maturing Mortgage Loan in the Mortgage Pool as of the Closing Date, (xix) has the same Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January 1, 2004 is not a “high-cost” loan subject to the New Mexico Home Loan Protection Act. In the event that one or more mortgage loans are substituted for one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall be determined on the basis of aggregate Stated Scheduled Principal Balances, the Mortgage Rates described in clause (ii) hereof shall be determined on the basis of weighted average Mortgage Rates, the risk gradings described in clause (xiixiii) hereof shall be satisfied as to each such mortgage loan, the terms described in clause (viiiix) hereof shall be determined on the basis of weighted average remaining term to maturity, the Loan-to-Value Ratios described in clause (xxi) hereof shall be satisfied as to each such mortgage loan and, except to the extent otherwise provided in this sentence, the representations and warranties described in clause (xivxv) hereof must be satisfied as to each Qualified Substitute Mortgage Loan or in the aggregate, as the case may be. Radian: Radian Guaranty Inc. or any successor in interest thereto.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated Scheduled Principal Balance (or in the case of a substitution of more than one mortgage loan for a Deleted Mortgage Loan, an aggregate Stated Scheduled Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Scheduled Principal Balance of the Deleted Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs, (ii) has a Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicablein the case of any Adjustable Rate Mortgage Loans, has a maximum Mortgage Rate not less than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) in the case of any Adjustable Rate Mortgage Loans, has a minimum Mortgage Rate not less than the minimum Mortgage Rate of the Deleted Mortgage Loan, (v) in the case of any Adjustable Rate Mortgage Loans, has a gross margin equal to or greater than the gross margin of the Deleted Mortgage Loan, (vi) is not a Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative Loan, (vii) in the case of any Adjustable Rate Mortgage Loans, has a next adjustment date not later than the next adjustment date on the Deleted Mortgage Loan, (viiviii) has the same Due Date as the Deleted Mortgage Loan, (viiiix) has a remaining stated term to maturity not longer greater than 18 months (and not more than 18 months shorter than the remaining stated term to maturity one year less than) that of the related Deleted Mortgage Loan, provided, that in no case shall such substitute Mortgage Loan have a maturity date later than the Final Scheduled Maturity Date, (ixx) is current as of the date of substitution, (xxi) has a Loan-to-Value Ratio as of the date of substitution equal to or lower than the Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (xixii) has been underwritten by the Seller any Transferor in accordance with the same underwriting criteria and guidelines as the Deleted Mortgage Loan, (xiixiii) has a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiiixiv) is secured by the same property type as the Deleted Mortgage Loan, (xivxv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made in the related Mortgage Loan Purchase Sale and Assignment Agreement, (xvxvi) has the same first or higher lien position as the Deleted Mortgage Loan, (xvixvii) is covered by a primary mortgage insurance policy Primary Mortgage Insurance Policy if the Deleted Mortgage Loan was so covered, covered and (xviixviii) contains provisions covering the payment of Prepayment Premium by the Mortgager Mortgagor for early prepayment of the Mortgage Loan at least as favorable to the Trust as the Deleted Mortgage Loan, (xviii) has a maturity date not later than the maturity date of the latest maturing Mortgage Loan in the Mortgage Pool as of the Closing Date, (xix) has the same Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January 1, 2004 is not a “high-cost” loan subject to the New Mexico Home Loan Protection Act. In the event that one or more mortgage loans are substituted for one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall be determined on the basis of aggregate Stated Scheduled Principal Balances, the Mortgage Rates described in clause (ii) hereof shall be determined on the basis of weighted average Mortgage Rates, the risk gradings described in clause (xiixiii) hereof shall be satisfied as to each such mortgage loan, the terms described in clause (viiiix) hereof shall be determined on the basis of weighted average remaining term to maturitymaturity (provided, that the stated maturity date of any Qualified Substitute Mortgage Loan shall not be later than the Final Scheduled Distribution Date), the Loan-to-Value Ratios described in clause (xxi) hereof shall be satisfied as to each such mortgage loan and, except to the extent otherwise provided in this sentence, the representations and warranties described in clause (xivxv) hereof must be satisfied as to each Qualified Substitute Mortgage Loan or in the aggregate, as the case may be.. Rating Agency: Each of Xxxxx’x and S&P.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated Scheduled Principal Balance (or in the case of a substitution of more than one mortgage loan for a Deleted Mortgage Loan, an aggregate Stated Scheduled Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Scheduled Principal Balance of the Deleted Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs, (ii) has a Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) has a minimum Mortgage Rate not less than the minimum Mortgage Rate of the Deleted Mortgage Loan, (v) has a gross margin equal to or greater than the gross margin of the Deleted Mortgage Loan, (vi) is not a Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative Loan, (vii) has a next adjustment date not later than the next adjustment date on the Deleted Mortgage Loan, (viiviii) has the same Due Date as the Deleted Mortgage Loan, (viiiix) has a remaining stated term to maturity not longer than 18 months and not more than 18 months shorter than the remaining stated term to maturity of the related Deleted Mortgage Loan, (ixx) is current as of the date of substitution, (xxi) has a Combined Loan-to-Value Ratio as of the date of substitution equal to or lower than the Combined Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (xixii) has been underwritten by the Seller any Transferor in accordance with the same underwriting criteria and guidelines as the Deleted Mortgage Loan, (xiixiii) has a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiiixiv) is secured by the same property type as the Deleted Mortgage Loan, (xivxv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made in the related Mortgage Loan Purchase Sale and Assignment Agreement, (xvxvi) has the same first or higher lien position as the Deleted Mortgage Loan, (xvixvii) is covered by a primary mortgage insurance policy Primary Mortgage Insurance Policy if the Deleted Mortgage Loan was so covered, and (xviixviii) contains provisions covering the payment of Prepayment Premium by the Mortgager Mortgagor for early prepayment of the Mortgage Loan at least as favorable to the Trust as the Deleted Mortgage Loan, (xviii) has a maturity date not later than the maturity date of the latest maturing Mortgage Loan in the Mortgage Pool as of the Closing Date, (xix) has the same Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January 1, 2004 is not a “high-cost” loan subject to the New Mexico Home Loan Protection Act. In the event that one or more mortgage loans are substituted for one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall be determined on the basis of aggregate Stated Scheduled Principal Balances, the Mortgage Rates described in clause (ii) hereof shall be determined on the basis of weighted average Mortgage Rates, the risk gradings described in clause (xiixiii) hereof shall be satisfied as to each such mortgage loan, the terms described in clause (viiiix) hereof shall be determined on the basis of weighted average remaining term to maturity, the Combined Loan-to-Value Ratios described in clause (xxi) hereof shall be satisfied as to each such mortgage loan and, except to the extent otherwise provided in this sentence, the representations and warranties described in clause (xivxv) hereof must be satisfied as to each Qualified Substitute Mortgage Loan or in the aggregate, as the case may be.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this AgreementLoan, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated a Scheduled Principal Balance (or in the case together with that of a substitution of more than one any other mortgage loan substituted for a the same Deleted Mortgage Loan, an aggregate Stated Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Principal Balance of the Deleted Mortgage Loan ) as of the Due Date in the calendar month during in which such substitution occurs not in excess of the Scheduled Principal Balance of the related Deleted Mortgage Loan; provided, however, that, to the extent that the Scheduled Principal Balance of such Mortgage Loan is less than the Scheduled Principal Balance of the related Deleted Mortgage Loan, then a Substitution Amount shall be paid by the party effecting such substitution occursto the Trustee for deposit into the Certificate Account, and shall be treated as a Principal Prepayment hereunder; (ii) has a Net Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less lower than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) has a minimum Mortgage Rate not less than the minimum Net Mortgage Rate of the related Deleted Mortgage Loan, (v) has Loan and will be a gross margin equal to or greater than the gross margin of Discount Mortgage Loan if the Deleted Mortgage Loan, (vi) has Loan was a next adjustment date not later than the next adjustment date on Discount Mortgage Loan or a Non-Discount Mortgage Loan if the Deleted Mortgage Loan, (vii) has the same Due Date as the Deleted Loan was a Non-Discount Mortgage Loan, ; (viiiiii) has a remaining stated term to maturity not longer than 18 months than, and not more than 18 months one year shorter than than, the remaining stated term to stated maturity of the related Deleted Mortgage Loan, ; (ixiv) is current as of the date of substitution, (xA) has a Loan-to-Value Ratio as of the date of such substitution equal to or lower of not greater than 80%; provided, however, that if the related Deleted Mortgage Loan has a Loan-to-Value Ratio of greater than 80%, then the Loan-to-Value Ratio of such substitute Mortgage Loan may be greater than 80% but shall not be greater than the Loan-to-Value Ratio of the Deleted Mortgage Loan and (B) the addition of such substitute Mortgage Loan does not increase the weighted average Loan-to-Value Ratio of the Mortgage Pool by more than 5%; (v) will comply with all of the representations and warranties relating to Mortgage Loans set forth herein, as of the date as of which such datesubstitution occurs; (vi) is not a Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative Loan; (vii) if applicable, (xi) has been underwritten by the Seller in accordance with the same underwriting criteria index as and guidelines as a margin not less than that of the related Deleted Mortgage Loan, ; (xiiviii) has not been delinquent for a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiii) is secured by the same property type as the Deleted Mortgage Loan, (xiv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made period of more than 30 days more than once in the Mortgage Loan Purchase Agreement, twelve months immediately preceding such date of substitution; (xv) has the same first lien position as the Deleted Mortgage Loan, (xviix) is covered by a primary mortgage insurance policy Primary Mortgage Insurance Policy if the related Deleted Mortgage Loan is so covered, and the Loan-to-Value Ratio of such Mortgage Loan is greater than 80%; and (x) has a Credit Score not greater than 20 points lower than the Credit Score of the related Deleted Mortgage Loan; provided, however, that if the Deleted Mortgage Loan was so covereddoes not have a Credit Score, (xvii) contains provisions covering the payment of Prepayment Premium by the Mortgager for early prepayment of the then such substitute Mortgage Loan at least as favorable shall have a Credit Score equal to the Trust as the Deleted Mortgage Loan, (xviii) has a maturity date not later or greater than the maturity date of the latest maturing Mortgage Loan in the Mortgage Pool as of the Closing Date, (xix) has the same Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January 1, 2004 is not a “high-cost” loan subject to the New Mexico Home Loan Protection Act700. In the event that either one mortgage loan is substituted for more than one Deleted Mortgage Loan or more than one mortgage loans are loan is substituted for one or more Deleted Mortgage Loans, then (a) the amounts described Scheduled Principal Balance referred to in clause (i) hereof above shall be determined on such that the basis aggregate Scheduled Principal Balance of all such substitute Mortgage Loans shall not exceed the aggregate Stated Scheduled Principal Balances, Balance of all Deleted Mortgage Loans and (b) each of (1) the Mortgage Rates described rate referred to in clause (ii) hereof shall be determined on above, (2) the basis of weighted average Mortgage Rates, the risk gradings described remaining term to stated maturity referred to in clause (xiiiii) hereof shall be satisfied as to each such mortgage loanabove, the terms described in clause (viii3) hereof shall be determined on the basis of weighted average remaining term to maturity, the Loan-to-Value Ratios described Ratio referred to in clause (iv) above and (4) the Credit Score referred to in clause (x) hereof above shall be satisfied as to each such mortgage loan anddetermined on a weighted average basis, except to provided that the extent otherwise provided in this sentence, the representations and warranties described in clause (xiv) hereof must be satisfied as to each Qualified final scheduled maturity date of any Qualifying Substitute Mortgage Loan shall not exceed the Final Scheduled Distribution Date of any Class of Certificates. Whenever a Qualifying Substitute Mortgage Loan is substituted for a Deleted Mortgage Loan pursuant to this Agreement, the party effecting such substitution shall certify such qualification in writing to the Trustee. Notwithstanding any provision herein to the contrary, a Qualifying Substitute Mortgage Loan shall be deemed to have the same AP Percentage and Non-AP Percentage as that of the Deleted Mortgage Loan for which it was substituted. Rating Agency: Each of S&P and Fitch. Realized Loss: (a) With respect to each Liquidated Mortgage Loan, an amount equal to (i) the unpaid principal balance of such Mortgage Loan as of the date of liquidation, plus (ii) interest at the applicable Net Mortgage Rate (plus the Employee Discount Rate, if any, for such Mortgage Loan) from the date as to which interest was last paid up to the last day of the month of such liquidation, minus (iii) Liquidation Proceeds received, net of amounts that are reimbursable to the Master Servicer or in the aggregateapplicable Servicer with respect to such Mortgage Loan (other than Advances of principal and interest) including expenses of liquidation, and (b) with respect to each Mortgage Loan that has become the subject of a Deficient Valuation, the difference between the unpaid principal balance of such Mortgage Loan immediately prior to such Deficient Valuation and the unpaid principal balance of such Mortgage Loan as reduced by the case may beDeficient Valuation. In determining whether a Realized Loss on a Liquidated Mortgage Loan is a Realized Loss of interest or principal, Liquidation Proceeds shall be allocated, first, to payment of expenses related to such Liquidated Mortgage Loan (including payment of any Retained Interest), then to accrued unpaid interest and finally to reduce the principal balance of the Mortgage Loan.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated Scheduled Principal Balance (or in the case of a substitution of more than one mortgage loan for a Deleted Mortgage Loan, an aggregate Stated Scheduled Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Scheduled Principal Balance of the Deleted Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs, (ii) has a Mortgage Rate not less than, and not more than 0.50% higher than, of the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) has a minimum Mortgage Rate not less than the minimum Mortgage Rate of the Deleted Mortgage Loan, (v) has a gross margin equal to or greater than the gross margin of the Deleted Mortgage Loan, (vi) has a next adjustment date not later than the next adjustment date on the Deleted Mortgage Loan, (vii) has the same Due Date as the Deleted Mortgage Loan, (viii) has a remaining stated term to maturity not longer than 18 months and not more than 18 months shorter than the remaining stated term to maturity of the related Deleted Mortgage Loan, (ix) is current as of the date of substitution, (x) has a Loan-to-Value Ratio as of the date of substitution equal to or lower than the Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (xi) has been underwritten by the Seller in accordance with the same underwriting criteria and guidelines as the Deleted Mortgage Loan, (xii) has a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiii) is secured by the same property type as the Deleted Mortgage Loan, (xiv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made in the Mortgage Loan Purchase Agreement, (xv) has the same first or higher lien position as the Deleted Mortgage Loan, (xvi) is covered by a primary mortgage insurance policy if the Deleted Mortgage Loan was so covered, (xvii) contains provisions covering the payment of Prepayment Premium by the Mortgager for early prepayment of the Mortgage Loan at least as favorable to the Trust as the Deleted Mortgage Loan, (xviii) has a maturity date not later than the maturity date of the latest maturing Mortgage Loan in the Mortgage Pool as of the Closing Date, (xix) has the same Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January 1, 2004 is not a “high-cost” loan subject to the New Mexico Home Loan Protection Act. In the event that one or more mortgage loans are substituted for one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall be determined on the basis of aggregate Stated Scheduled Principal Balances, the Mortgage Rates described in clause (ii) hereof shall be determined on the basis of weighted average Mortgage Rates, the risk gradings described in clause (xii) hereof shall be satisfied as to each such mortgage loan, the terms described in clause (viii) hereof shall be determined on the basis of weighted average remaining term to maturity, the Loan-to-Value Ratios described in clause (x) hereof shall be satisfied as to each such mortgage loan and, except to the extent otherwise provided in this sentence, the representations and warranties described in clause (xiv) hereof must be satisfied as to each Qualified Substitute Mortgage Loan or in the aggregate, as the case may be.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated Scheduled Principal Balance (or in the case of a substitution of more than one mortgage loan for a Deleted Mortgage Loan, an aggregate Stated Scheduled Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Scheduled Principal Balance of the Deleted Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs, (ii) has a Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) has a minimum Mortgage Rate not less than the minimum Mortgage Rate of the Deleted Mortgage Loan, (v) has a gross margin equal to or greater than the gross margin of the Deleted Mortgage Loan, (vi) is not a Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative Loan, (vii) has a next adjustment date not later than the next adjustment date on the Deleted Mortgage Loan, (viiviii) has the same Due Date as the Deleted Mortgage Loan, (viiiix) has a remaining stated term to maturity not longer than 18 months and not more than 18 months shorter than the remaining stated term to maturity of the related Deleted Mortgage Loan, (ixx) is current as of the date of substitution, (xxi) has a Loan-to-Value Ratio as of the date of substitution equal to or lower than the Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (xixii) has been underwritten by the Seller any Transferor or in accordance with the same underwriting criteria and guidelines as the Deleted Mortgage Loan, (xiixiii) has a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiiixiv) is secured by the same property type as the Deleted Mortgage Loan, (xivxv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made in the related Mortgage Loan Purchase Sale and Assignment Agreement, (xvxvi) has the same first or higher lien position as the Deleted Mortgage Loan, (xvixvii) is covered by a primary mortgage insurance policy PMI Policy if the Deleted Mortgage Loan was so covered, (xviixviii) contains provisions covering the payment of Prepayment Premium by the Mortgager for early prepayment of the Mortgage Loan at least as favorable to the Trust as the Deleted Mortgage Loan, (xviiixix) has a maturity date not later than the maturity date of the latest maturing for any Mortgage Loan in to be substituted into Pool 1, has an original Scheduled Principal Balance within the Mortgage Pool as of the Closing Date, (xix) has the same Mortgage Index as the Deleted Mortgage Loan, maximum dollar amount limitations prescribed by FNMA and FHLMC for conforming one-to-four-family mortgage loans and (xx) if originated on or after November 27for any Mortgage Loans to be substituted into Pool 2, 2003, is not a “high cost” loan subject to has an original Scheduled Principal Balance within the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January 1, 2004 is not a “highmaximum dollar amount limitations prescribed by FHLMC for conforming one-cost” loan subject to the New Mexico Home Loan Protection Actto-four family mortgage loans. In the event that one or more mortgage loans are substituted for one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall be determined on the basis of aggregate Stated Scheduled Principal Balances, the Mortgage Rates described in clause (ii) hereof shall be determined on the basis of weighted average Mortgage Rates, the risk gradings described in clause (xii) hereof shall be satisfied as to each such mortgage loan, the terms described in clause (viii) hereof shall be determined on the basis of weighted average remaining term to maturity, the Loan-to-Value Ratios described in clause (x) hereof shall be satisfied as to each such mortgage loan and, except to the extent otherwise provided in this sentence, the representations and warranties described in clause (xiv) hereof must be satisfied as to each Qualified Substitute Mortgage Loan or in the aggregate, as the case may be. Rating Agency: Each of S&P, Xxxxx’x and Fitch.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated Scheduled Principal Balance (or in the case of a substitution of more than one mortgage loan for a Deleted Mortgage Loan, an aggregate Stated Scheduled Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Scheduled Principal Balance of the Deleted Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs, (ii) has a Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) if applicable, has a minimum Mortgage Rate not less than the minimum Mortgage Rate of the Deleted Mortgage Loan, (v) if applicable, has a gross margin equal to or greater than the gross margin of the Deleted Mortgage Loan, (vi) is not a Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative Loan, (vii) if applicable, has a next adjustment date not later than the next adjustment date on the Deleted Mortgage Loan, (viiviii) has the same Due Date as the Deleted Mortgage Loan, (viiiix) has a remaining stated term to maturity not longer than 18 months and not more than 18 months shorter than the remaining stated term to maturity of the related Deleted Mortgage Loan, (ixx) is current as of the date of substitution, (xxi) has a Loan-to-Value Ratio as of the date of substitution equal to or lower than the Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (xixii) has been underwritten by the Seller any Transferor in accordance with the same underwriting criteria and guidelines as the Deleted Mortgage Loan, (xiixiii) has a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiiixiv) is secured by the same property type as the Deleted Mortgage Loan, (xivxv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made in the Mortgage Loan Purchase Sale Agreement, (xvxvi) has the same first or higher lien position as the Deleted Mortgage Loan, (xvixvii) is covered by a primary mortgage insurance policy Primary Mortgage Insurance Policy if the Deleted Mortgage Loan was so covered, (xviixviii) contains provisions covering the payment of Prepayment Premium by the Mortgager Mortgagor for early prepayment of the Mortgage Loan at least as favorable to the Trust as the Deleted Mortgage Loan, (xviii) has a maturity date not later than the maturity date of the latest maturing Mortgage Loan in the Mortgage Pool as of the Closing Date, and (xix) for any Mortgage Loan to be substituted into Pool 1, has an original Scheduled Principal Balance within the same Mortgage Index as the Deleted Mortgage Loan, maximum dollar amount limitations prescribed by Xxxxxx Xxx for conforming one-to-four-family mortgage loans and (xx) if originated on for any Mortgage Loan to be substituted into Pool 2 or after November 27Pool 3, 2003, is not a “high cost” loan subject to has an original Scheduled Principal Balance within the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January 1, 2004 is not a “highmaximum dollar amount limitations prescribed by Xxxxxxx Mac for conforming one-cost” loan subject to the New Mexico Home Loan Protection Actto-four-family mortgage loans. In the event that one or more mortgage loans are substituted for one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall be determined on the basis of aggregate Stated Scheduled Principal Balances, the Mortgage Rates described in clause (ii) hereof shall be determined on the basis of weighted average Mortgage Rates, the risk gradings described in clause (xiixiii) hereof shall be satisfied as to each such mortgage loan, the terms described in clause (viiiix) hereof shall be determined on the basis of weighted average remaining term to maturity, the Loan-to-Value Ratios described in clause (xxi) hereof shall be satisfied as to each such mortgage loan and, except to the extent otherwise provided in this sentence, the representations and warranties described in clause (xivxv) hereof must be satisfied as to each Qualified Substitute Mortgage Loan or in the aggregate, as the case may be.. Rating Agency: Each of Fitch, Xxxxx’x and S&P.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated Scheduled Principal Balance (or in the case of a substitution of more than one mortgage loan for a Deleted Mortgage Loan, an aggregate Stated Scheduled Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Scheduled Principal Balance of the Deleted Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs, (ii) has a Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) has a minimum Mortgage Rate not less than the minimum Mortgage Rate of the Deleted Mortgage Loan, (v) has a gross margin equal to or greater than the gross margin of the Deleted Mortgage Loan, (vi) has a next adjustment date not later than the next adjustment date on the Deleted Mortgage Loan, (vii) has the same Due Date as the Deleted Mortgage Loan, (viii) has a remaining stated term to maturity not longer greater than 18 months (and not more than 18 months shorter than the remaining stated term to maturity one year less than) that of the related Deleted Mortgage Loan, (ix) is current as of the date of substitution, (x) has a Combined Loan-to-Value Ratio as of the date of substitution equal to or lower than the Combined Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (xi) has been underwritten by the Seller any Transferor or in accordance with the same underwriting criteria and guidelines as the Deleted Mortgage Loan, (xii) has a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiii) is secured by the same property type as the Deleted Mortgage Loan, (xiv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made in the Mortgage Loan Purchase Sale and Assignment Agreement, (xv) has the same first or higher lien position as the Deleted Mortgage Loan, (xvi) is covered by a primary mortgage insurance policy PMI Policy if the Deleted Mortgage Loan was so covered, covered and (xvii) contains provisions covering the payment of Prepayment Premium by the Mortgager for early prepayment of the Mortgage Loan at least as favorable to the Trust as the Deleted Mortgage Loan, (xviii) has a maturity date not later than the maturity date of the latest maturing Mortgage Loan in the Mortgage Pool as of the Closing Date, (xix) has the same Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January 1, 2004 is not a “high-cost” loan subject to the New Mexico Home Loan Protection Act. In the event that one or more mortgage loans are substituted for one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall be determined on the basis of aggregate Stated Scheduled Principal Balances, ; the Mortgage Rates described in clause (ii) hereof shall be determined on the basis of weighted average Mortgage Rates, ; the risk gradings described in clause (xii) hereof shall be satisfied as to each such mortgage loan, loan and the terms described in clause (viii) hereof shall be determined on the basis of weighted average remaining term to maturity, ; the Loan-to-Value Ratios described in clause (x) hereof shall be satisfied as to each such mortgage loan loan; and, except to the extent otherwise provided in this sentence, the representations and warranties described in clause (xiv) hereof must be satisfied as to each Qualified Qualifying Substitute Mortgage Loan or in the aggregate, as the case may be.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated Scheduled Principal Balance (or in the case of a substitution of more than one mortgage loan for a Deleted Mortgage Loan, an aggregate Stated Scheduled Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Scheduled Principal Balance of the Deleted Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs, (ii) has a Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) has a minimum Mortgage Rate not less than the minimum Mortgage Rate of the Deleted Mortgage Loan, (v) has a gross margin equal to or greater than the gross margin of the Deleted Mortgage Loan, (vi) has a next adjustment date not later than the next adjustment date on the Deleted Mortgage Loan, (vii) has the same Due Date as the Deleted Mortgage Loan, (viii) has a remaining stated term to maturity not longer than 18 months and not more than 18 months shorter than the remaining stated term to maturity of the related Deleted Mortgage Loan, (ix) is current as of the date of substitution, (x) has a Loan-to-Value Ratio as of the date of substitution equal to or lower than the Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (xi) has been underwritten by the Seller in accordance with the same underwriting criteria and guidelines as the Deleted Mortgage Loan, (xii) has a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiii) is secured by the same property type as the Deleted Mortgage Loan, (xiv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made in the Mortgage Loan Purchase Agreement, (xv) has the same first lien position as the Deleted Mortgage Loan, (xvi) is covered by a primary mortgage insurance policy if the Deleted Mortgage Loan was so covered, (xvii) contains provisions covering the payment of Prepayment Premium by the Mortgager for early prepayment of the Mortgage Loan at least as favorable to the Trust as the Deleted Mortgage Loan, (xviii) has a maturity date not later than the maturity date of the latest maturing Mortgage Loan in the Mortgage Pool as of the Closing Date, (xix) has the same Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January 1, 2004 is not a “high-cost” loan subject to the New Mexico Home Loan Protection Act. In the event that one or more mortgage loans are substituted for one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall be determined on the basis of aggregate Stated Scheduled Principal Balances, the Mortgage Rates described in clause (ii) hereof shall be determined on the basis of weighted average Mortgage Rates, the risk gradings described in clause (xii) hereof shall be satisfied as to each such mortgage loan, the terms described in clause (viii) hereof shall be determined on the basis of weighted average remaining term to maturity, the Loan-to-Value Ratios described in clause (x) hereof shall be satisfied as to each such mortgage loan and, except to the extent otherwise provided in this sentence, the representations and warranties described in clause (xiv) hereof must be satisfied as to each Qualified Substitute Mortgage Loan or in the aggregate, as the case may be.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this AgreementLoan, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated a Scheduled Principal Balance (or in the case together with that of a substitution of more than one any other mortgage loan substituted for a the same Deleted Mortgage Loan, an aggregate Stated Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Principal Balance of the Deleted Mortgage Loan ) as of the Due Date in the calendar month during in which such substitution occurs not in excess of the Scheduled Principal Balance of the related Deleted Mortgage Loan; provided, however, that, to the extent that the Scheduled Principal Balance of such Mortgage Loan is less than the Scheduled Principal Balance of the related Deleted Mortgage Loan, then a Substitution Amount shall be paid by the party effecting such substitution occursto the Trustee for deposit into the Certificate Account, and shall be treated as a Principal Prepayment hereunder; (ii) has a Net Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less lower than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) has a minimum Mortgage Rate not less than the minimum Net Mortgage Rate of the related Deleted Mortgage Loan, (v) has Loan and a gross margin equal to or greater than Net Mortgage Rate within the gross margin Net Mortgage Rate parameters of the Deleted Mortgage Loan, related Subgroup; (vi) has a next adjustment date not later than the next adjustment date on the Deleted Mortgage Loan, (vii) has the same Due Date as the Deleted Mortgage Loan, (viiiiii) has a remaining stated term to maturity not more than eighteen months longer than 18 months than, and not more than 18 eighteen months shorter than than, the remaining stated term to stated maturity of the related Deleted Mortgage Loan; provided, however, in no case shall such substitute Mortgage Loan have a remaining stated term to maturity later than the Final Scheduled Distribution Date; (ixiv) is current as of the date of substitution, (xA) has a Loan-to-Value Ratio as of the date of such substitution equal to or lower of not greater than 80%; provided, however, that if the related Deleted Mortgage Loan has a Loan-to-Value Ratio of greater than 80% as of the date of substitution, then the Loan-to-Value Ratio of such substitute Mortgage Loan may be greater than 80% but shall not be greater than the Loan-to-Value Ratio of the related Deleted Mortgage Loan and (B) the addition of such substitute Mortgage Loan does not increase the weighted average Loan-to-Value Ratio, as of the date of substitution of the Mortgage Pool by more than 5%; (v) will comply with all of the representations and warranties relating to Mortgage Loans set forth herein, as of the date as of which such datesubstitution occurs; (vi) is not a Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative Loan; (vii) if applicable, (xi) has been underwritten by the Seller in accordance with the same underwriting criteria index as and guidelines as a margin not less than that of the related Deleted Mortgage Loan, ; (xiiviii) has not been delinquent for a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiii) is secured by the same property type as the Deleted Mortgage Loan, (xiv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made period of more than 30 days more than once in the Mortgage Loan Purchase Agreement, twelve months immediately preceding such date of substitution; (xv) has the same first lien position as the Deleted Mortgage Loan, (xviix) is covered by a primary mortgage insurance policy Primary Mortgage Insurance Policy if the related Deleted Mortgage Loan is so covered, and the Loan-to-Value Ratio of such Mortgage Loan is greater than 80%; and (x) has a Credit Score not greater than 20 points lower than the Credit Score of the related Deleted Mortgage Loan; provided, however, that if the Deleted Mortgage Loan was so covereddoes not have a Credit Score, (xvii) contains provisions covering the payment of Prepayment Premium by the Mortgager for early prepayment of the then such substitute Mortgage Loan at least as favorable shall have a Credit Score equal to the Trust as the Deleted Mortgage Loan, (xviii) has a maturity date not later or greater than the maturity date of the latest maturing Mortgage Loan in the Mortgage Pool as of the Closing Date, (xix) has the same Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January 1, 2004 is not a “high-cost” loan subject to the New Mexico Home Loan Protection Act700. In the event that either one mortgage loan is substituted for more than one Deleted Mortgage Loan or more than one mortgage loans are loan is substituted for one or more Deleted Mortgage Loans, then (a) the amounts described Scheduled Principal Balance referred to in clause (i) hereof above shall be determined on such that the basis aggregate Scheduled Principal Balance of all such substitute Mortgage Loans shall not exceed the aggregate Stated Scheduled Principal Balances, Balance of all Deleted Mortgage Loans and (b) each of (1) the Mortgage Rates described rate referred to in clause (ii) hereof shall be determined on above, (2) the basis of weighted average Mortgage Rates, the risk gradings described remaining term to stated maturity referred to in clause (xiiiii) hereof shall be satisfied as to each such mortgage loanabove, the terms described in clause (viii3) hereof shall be determined on the basis of weighted average remaining term to maturity, the Loan-to-Value Ratios described Ratio referred to in clause (iv) above and (4) the Credit Score referred to in clause (x) hereof above shall be satisfied as to each such mortgage loan anddetermined on a weighted average basis, except to provided that the extent otherwise provided in this sentence, the representations and warranties described in clause (xiv) hereof must be satisfied as to each Qualified final scheduled maturity date of any Qualifying Substitute Mortgage Loan or shall not exceed the Final Scheduled Distribution Date of any Class of Certificates. Whenever a Qualifying Substitute Mortgage Loan is substituted for a Deleted Mortgage Loan pursuant to this Agreement, the party effecting such substitution shall certify such qualification in writing to the aggregateTrustee. Notwithstanding any provision herein to the contrary, a Qualifying Substitute Mortgage Loan shall be deemed to have the same Applicable Fraction as that of the case may be.Deleted Mortgage Loan for which it was substituted. Rating Agency: Each of Fitch, Xxxxx’x and S&P.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated Scheduled Principal Balance (or in the case of a substitution of more than one mortgage loan for a Deleted Mortgage Loan, an aggregate Stated Scheduled Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Scheduled Principal Balance of the Deleted Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs, (ii) has a Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) has a minimum Mortgage Rate not less than the minimum Mortgage Rate of the Deleted Mortgage Loan, (v) has a gross margin equal to or greater than the gross margin of the Deleted Mortgage Loan, (vi) is not a Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative Loan, (vii) has a next adjustment date not later than the next adjustment date on the Deleted Mortgage Loan, (viiviii) has the same Due Date as the Deleted Mortgage Loan, (viiiix) has a remaining stated term to maturity not longer than 18 months and not more than 18 months shorter than the remaining stated term to maturity of the related Deleted Mortgage Loan, (ixx) is current as of the date of substitution, (xxi) has a Loan-to-Value Ratio as of the date of substitution equal to or lower than the Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (xixii) has been underwritten by the Seller any Transferor or in accordance with the same underwriting criteria and guidelines as the Deleted Mortgage Loan, (xiixiii) has a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiiixiv) is secured by the same property type as the Deleted Mortgage Loan, (xivxv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made in the related Mortgage Loan Purchase Sale and Assignment Agreement, (xvxvi) has the same first or higher lien position as the Deleted Mortgage Loan, (xvixvii) is covered by a primary mortgage insurance policy PMI Policy if the Deleted Mortgage Loan was so covered, (xviixviii) contains provisions covering the payment of Prepayment Premium by the Mortgager for early prepayment of the Mortgage Loan at least as favorable to the Trust as the Deleted Mortgage Loan, (xviiixix) has a maturity date not later than the maturity date of the latest maturing for any Mortgage Loan in to be substituted into Pool 1, has an original Scheduled Principal Balance within the Mortgage Pool as of the Closing Date, (xix) has the same Mortgage Index as the Deleted Mortgage Loan, maximum dollar amount limitations prescribed by FNMA for conforming one-to-four-family mortgage loans and (xx) if originated on or after November 27for any Mortgage Loans to be substituted into Pool 2, 2003, is not a “high cost” loan subject to has an original Scheduled Principal Balance within the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January 1, 2004 is not a “highmaximum dollar amount limitations prescribed by FHLMC for conforming one-cost” loan subject to the New Mexico Home Loan Protection Actto-four family mortgage loans. In the event that one or more mortgage loans are substituted for one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall be determined on the basis of aggregate Stated Scheduled Principal Balances, the Mortgage Rates described in clause (ii) hereof shall be determined on the basis of weighted average Mortgage Rates, the risk gradings described in clause (xii) hereof shall be satisfied as to each such mortgage loan, the terms described in clause (viii) hereof shall be determined on the basis of weighted average remaining term to maturity, the Loan-to-Value Ratios described in clause (x) hereof shall be satisfied as to each such mortgage loan and, except to the extent otherwise provided in this sentence, the representations and warranties described in clause (xiv) hereof must be satisfied as to each Qualified Substitute Mortgage Loan or in the aggregate, as the case may be. Radian: Radian Guaranty Inc., and its successors in interest. Radian Bulk PMI Policy: Radian Guaranty Inc. Master Policy and related Terms Letter Agreement dated November 26, 2003 between Radian and Xxxxxx Brothers Inc. Rating Agency: Each of S&P and Fitch.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated Scheduled Principal Balance (or in the case of a substitution of more than one mortgage loan for a Deleted Mortgage Loan, an aggregate Stated Scheduled Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Scheduled Principal Balance of the Deleted Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs, (ii) has a Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) has a minimum Mortgage Rate not less than the minimum Mortgage Rate of the Deleted Mortgage Loan, (v) has a gross margin equal to or greater than the gross margin of the Deleted Mortgage Loan, (vi) has a next adjustment date not later than the next adjustment date on the Deleted Mortgage Loan, (vii) has the same Due Date as the Deleted Mortgage Loan, (viii) has a remaining stated term to maturity not longer greater than 18 months (and not more than 18 months shorter than the remaining stated term to maturity one year less than) that of the related Deleted Mortgage Loan, (ix) is current as of the date of substitution, (x) has a Loan-to-Value Ratio as of the date of substitution equal to or lower than the Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (xi) has been underwritten by the Seller any Transferor or in accordance with the same underwriting criteria and guidelines as the Deleted Mortgage Loan, (xii) has a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiii) is secured by the same property type as the Deleted Mortgage Loan, (xiv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made in the related Mortgage Loan Purchase Sale and Assignment Agreement, (xv) has the same first or higher lien position as the Deleted Mortgage Loan, (xvi) is covered by a primary mortgage insurance policy PMI Policy if the Deleted Mortgage Loan was so covered, (xvii) contains provisions covering the payment of Prepayment Premium by the Mortgager for early prepayment of the Mortgage Loan at least as favorable to the Trust as the Deleted Mortgage Loan, Loan and (xviii) has a maturity date not later than the maturity date of the latest maturing for any Mortgage Loan in the Mortgage to be substituted into Pool as of the Closing Date, (xix) has the same Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January 1, 2004 is not a “highhas an original Scheduled Principal Balance within the maximum dollar amount limitations prescribed by FNMA for conforming one-cost” loan subject to the New Mexico Home Loan Protection Actto-four-family mortgage loans. In the event that one or more mortgage loans are substituted for one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall be determined on the basis of aggregate Stated Scheduled Principal Balances, the Mortgage Rates described in clause (ii) hereof shall be determined on the basis of weighted average Mortgage Rates, the risk gradings described in clause (xii) hereof shall be satisfied as to each such mortgage loan, the terms described in clause (viii) hereof shall be determined on the basis of weighted average remaining term to maturity, the Loan-to-Value Ratios described in clause (x) hereof shall be satisfied as to each such mortgage loan and, except to the extent otherwise provided in this sentence, the representations and warranties described in clause (xiv) hereof must be satisfied as to each Qualified Substitute Mortgage Loan or in the aggregate, as the case may be. Radian: Radian Guaranty Inc., or any successor in interest Rating Agency: Each of Xxxxx’x, S&P and Fitch.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated Scheduled Principal Balance (or in the case of a substitution of more than one mortgage loan for a Deleted Mortgage Loan, an aggregate Stated Scheduled Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Scheduled Principal Balance of the Deleted Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs, (ii) has a Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicablein the case of Mortgage Loans in Pool 1, has a maximum Mortgage Rate not less than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) in the case of Mortgage Loans in Pool 1, has a minimum Mortgage Rate not less than the minimum Mortgage Rate of the Deleted Mortgage Loan, (v) in the case of Mortgage Loans in Pool 1, has a gross margin equal to or greater than the gross margin of the Deleted Mortgage Loan, (vi) is not a Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative Loan, (vii) in the case of Mortgage Loans in Pool 1, has a next adjustment date not later than the next adjustment date on the Deleted Mortgage Loan, (viiviii) has the same Due Date as the Deleted Mortgage Loan, (viiiix) has a remaining stated term to maturity not longer than 18 months and not more than 18 months shorter than the remaining stated term to maturity of the related Deleted Mortgage Loan, (ixx) is current as of the date of substitution, (xxi) has a Loan-to-Value Ratio as of the date of substitution equal to or lower than the Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (xixii) has been underwritten by the Seller any Transferor in accordance with the same underwriting criteria and guidelines as the Deleted Mortgage Loan, (xiixiii) has a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiiixiv) is secured by the same property type as the Deleted Mortgage Loan, (xivxv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made in the related Mortgage Loan Purchase Sale and Assignment Agreement, (xvxvi) has the same first or higher lien position as the Deleted Mortgage Loan, (xvixvii) is covered by a primary mortgage insurance policy Primary Mortgage Insurance Policy if the Deleted Mortgage Loan was so covered, covered and (xviixviii) contains provisions covering the payment of Prepayment Premium by the Mortgager Mortgagor for early prepayment of the Mortgage Loan at least as favorable to the Trust as the Deleted Mortgage Loan, (xviii) has a maturity date not later than the maturity date of the latest maturing Mortgage Loan in the Mortgage Pool as of the Closing Date, (xix) has the same Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January 1, 2004 is not a “high-cost” loan subject to the New Mexico Home Loan Protection Act. In the event that one or more mortgage loans are substituted for one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall be determined on the basis of aggregate Stated Scheduled Principal Balances, the Mortgage Rates described in clause (ii) hereof shall be determined on the basis of weighted average Mortgage Rates, the risk gradings described in clause (xiixiii) hereof shall be satisfied as to each such mortgage loan, the terms described in clause (viiiix) hereof shall be determined on the basis of weighted average remaining term to maturity, the Loan-to-Value Ratios described in clause (xxi) hereof shall be satisfied as to each such mortgage loan and, except to the extent otherwise provided in this sentence, the representations and warranties described in clause (xivxv) hereof must be satisfied as to each Qualified Substitute Mortgage Loan or in the aggregate, as the case may be.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated Scheduled Principal Balance (or in the case of a substitution of more than one mortgage loan for a Deleted Mortgage Loan, an aggregate Stated Scheduled Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Scheduled Principal Balance of the Deleted Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs, (ii) has a Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) has a minimum Mortgage Rate not less than the minimum Mortgage Rate of the Deleted Mortgage Loan, (v) has a gross margin equal to or greater than the gross margin of the Deleted Mortgage Loan, (vi) has a next adjustment date not later than the next adjustment date on the Deleted Mortgage Loan, (vii) has the same Due Date as the Deleted Mortgage Loan, (viii) has a remaining stated term to maturity not longer greater than 18 months (and not more than 18 months shorter than the remaining stated term to maturity one year less than) that of the related Deleted Mortgage Loan, (ix) is current as of the date of substitution, (x) has a Loan-to-Value Ratio as of the date of substitution equal to or lower than the Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (xi) has been underwritten by the Seller any Transferor or in accordance with the same underwriting criteria and guidelines as the Deleted Mortgage Loan, (xii) has a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiii) is secured by the same property type as the Deleted Mortgage Loan, (xiv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made in the related Mortgage Loan Purchase Sale and Assignment Agreement, (xv) has the same first or higher lien position as the Deleted Mortgage Loan, (xvi) is covered by a primary mortgage insurance policy PMI Policy if the Deleted Mortgage Loan was so covered, (xvii) contains provisions covering the payment of Prepayment Premium by the Mortgager for early prepayment of the Mortgage Loan at least as favorable to the Trust as the Deleted Mortgage Loan, Loan and (xviii) has a maturity date not later than the maturity date of the latest maturing for any Mortgage Loan in the Mortgage to be substituted into Pool as of the Closing Date, (xix) has the same Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January 1, 2004 is not a “highhas an original Scheduled Principal Balance within the maximum dollar amount limitations prescribed by Xxxxxx Xxx for conforming one-cost” loan subject to the New Mexico Home Loan Protection Actto-four-family mortgage loans. In the event that one or more mortgage loans are substituted for one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall be determined on the basis of aggregate Stated Scheduled Principal Balances, the Mortgage Rates described in clause (ii) hereof shall be determined on the basis of weighted average Mortgage Rates, the risk gradings described in clause (xii) hereof shall be satisfied as to each such mortgage loan, the terms described in clause (viii) hereof shall be determined on the basis of weighted average remaining term to maturity, the Loan-to-Value Ratios described in clause (x) hereof shall be satisfied as to each such mortgage loan and, except to the extent otherwise provided in this sentence, the representations and warranties described in clause (xiv) hereof must be satisfied as to each Qualified Substitute Mortgage Loan or in the aggregate, as the case may be.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated Scheduled Principal Balance (or in the case of a substitution of more than one mortgage loan for a Deleted Mortgage Loan, an aggregate Stated Scheduled Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Scheduled Principal Balance of the Deleted Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs, (ii) has a Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) has a minimum Mortgage Rate not less than the minimum Mortgage Rate of the Deleted Mortgage Loan, (v) has a gross margin equal to or greater than the gross margin of the Deleted Mortgage Loan, (vi) is not a Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative Loan, (vii) has a next adjustment date not later than the next adjustment date on the Deleted Mortgage Loan, (viiviii) has the same Due Date as the Deleted Mortgage Loan, (viiiix) has a remaining stated term to maturity not longer than 18 months and not more than 18 months shorter than the remaining stated term to maturity of the related Deleted Mortgage Loan, (ixx) is current as of the date of substitution, (xxi) has a Loan-to-Value Ratio as of the date of substitution equal to or lower than the Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (xixii) has been underwritten by the Seller or in accordance with the same underwriting criteria and guidelines as the Deleted Mortgage Loan, (xiixiii) has a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiiixiv) is secured by the same property type as the Deleted Mortgage Loan, (xivxv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made in the Mortgage Loan Purchase Agreement, (xvxvi) has the same first or higher lien position as the Deleted Mortgage Loan, (xvi) is covered by a primary mortgage insurance policy if the Deleted Mortgage Loan was so covered, (xvii) contains provisions covering the payment of Prepayment Premium by the Mortgager for early prepayment of the Mortgage Loan at least as favorable to the Trust as the Deleted Mortgage Loan, (xviii) for any Mortgage Loan to be substituted into Pool 1, has an original Scheduled Principal Balance within the maximum dollar amount limitations prescribed by FNMA and FHLMC for conforming one-to-four-family mortgage loans, (xix) is covered by a primary mortgage insurance policy if the Deleted Mortgage Loan was so covered, (xx) has a maturity date not later than the maturity date of the latest maturing Mortgage Loan in the Mortgage Pool as of the Closing Date, (xixxxi) has the same Mortgage Index as the Deleted Mortgage Loan, ; (xxxxii) if originated on or after November 27, 2003, is not a “high cost” loan subject to the New Jersey Home Ownership Security Act of 2003 2003; and (xxixxiii) if originated on or after January 1, 2004 2004, is not a “high-cost” loan subject to the New Mexico Home Loan Protection Act. In the event that one or more mortgage loans are substituted for one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall be determined on the basis of aggregate Stated Scheduled Principal Balances, the Mortgage Rates described in clause (ii) hereof shall be determined on the basis of weighted average Mortgage Rates, the risk gradings described in clause (xii) hereof shall be satisfied as to each such mortgage loan, the terms described in clause (viii) hereof shall be determined on the basis of weighted average remaining term to maturity, the Loan-to-Value Ratios described in clause (x) hereof shall be satisfied as to each such mortgage loan and, except to the extent otherwise provided in this sentence, the representations and warranties described in clause (xiv) hereof must be satisfied as to each Qualified Substitute Mortgage Loan or in the aggregate, as the case may be.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this AgreementLoan, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated a Scheduled Principal Balance (or in the case together with that of a substitution of more than one any other mortgage loan substituted for a the same Deleted Mortgage Loan, an aggregate Stated Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Principal Balance of the Deleted Mortgage Loan ) as of the Due Date in the calendar month during in which such substitution occurs not in excess of the Scheduled Principal Balance of the related Deleted Mortgage Loan; provided, however, that, to the extent that the Scheduled Principal Balance of such Mortgage Loan is less than the Scheduled Principal Balance of the related Deleted Mortgage Loan, then a Substitution Amount shall be paid by the party effecting such substitution occursto the Trustee for deposit into the Certificate Account, and shall be treated as a Principal Prepayment hereunder; (ii) has a Net Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less lower than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) has a minimum Mortgage Rate not less than the minimum Net Mortgage Rate of the related Deleted Mortgage Loan, (v) has Loan and will be a gross margin equal to or greater than the gross margin of Discount Mortgage Loan if the Deleted Mortgage Loan, (vi) has Loan was a next adjustment date not later than the next adjustment date on Discount Mortgage Loan or a Non-Discount Mortgage Loan if the Deleted Mortgage Loan, (vii) has the same Due Date as the Deleted Loan was a Non-Discount Mortgage Loan, ; (viiiiii) has a remaining stated term to maturity not more than eighteen months longer than 18 months than, and not more than 18 eighteen months shorter than than, the remaining stated term to stated maturity of the related Deleted Mortgage Loan; provided, however, in no case shall such substitute Mortgage Loan have a remaining stated term to maturity later than the Final Scheduled Distribution Date; (ixiv) is current as of the date of substitution, (xA) has a Loan-to-Value Ratio as of the date of such substitution equal to or lower of not greater than 80%; provided, however, that if the related Deleted Mortgage Loan has a Loan-to-Value Ratio of greater than 80%, then the Loan-to-Value Ratio of such substitute Mortgage Loan may be greater than 80% but shall not be greater than the Loan-to-Value Ratio of the related Deleted Mortgage Loan and (B) the addition of such substitute Mortgage Loan does not increase the weighted average Loan-to-Value Ratio of the related Mortgage Pool by more than 5%; (v) will comply with all of the representations and warranties relating to Mortgage Loans set forth herein, as of the date as of which such datesubstitution occurs; (vi) is not a Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative Loan; (vii) if applicable, (xi) has been underwritten by the Seller in accordance with the same underwriting criteria index as and guidelines as a margin not less than that of the related Deleted Mortgage Loan, ; (xiiviii) has not been delinquent for a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiii) is secured by the same property type as the Deleted Mortgage Loan, (xiv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made period of more than 30 days more than once in the Mortgage Loan Purchase Agreement, twelve months immediately preceding such date of substitution; (xv) has the same first lien position as the Deleted Mortgage Loan, (xviix) is covered by a primary mortgage insurance policy Primary Mortgage Insurance Policy if the related Deleted Mortgage Loan is so covered, and the Loan-to-Value Ratio of such Mortgage Loan is greater than 80%; and (x) has a Credit Score not greater than 20 points lower than the Credit Score of the related Deleted Mortgage Loan; provided, however, that if the Deleted Mortgage Loan was so covereddoes not have a Credit Score, (xvii) contains provisions covering the payment of Prepayment Premium by the Mortgager for early prepayment of the then such substitute Mortgage Loan at least as favorable shall have a Credit Score equal to the Trust as the Deleted Mortgage Loan, (xviii) has a maturity date not later or greater than the maturity date of the latest maturing Mortgage Loan in the Mortgage Pool as of the Closing Date, (xix) has the same Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January 1, 2004 is not a “high-cost” loan subject to the New Mexico Home Loan Protection Act700. In the event that either one mortgage loan is substituted for more than one Deleted Mortgage Loan or more than one mortgage loans are loan is substituted for one or more Deleted Mortgage Loans, then (a) the amounts described Scheduled Principal Balance referred to in clause (i) hereof above shall be determined on such that the basis aggregate Scheduled Principal Balance of all such substitute Mortgage Loans shall not exceed the aggregate Stated Scheduled Principal Balances, Balance of all Deleted Mortgage Loans and (b) each of (1) the Mortgage Rates described rate referred to in clause (ii) hereof shall be determined on above, (2) the basis of weighted average Mortgage Rates, the risk gradings described remaining term to stated maturity referred to in clause (xiiiii) hereof shall be satisfied as to each such mortgage loanabove, the terms described in clause (viii3) hereof shall be determined on the basis of weighted average remaining term to maturity, the Loan-to-Value Ratios described Ratio referred to in clause (iv) above and (4) the Credit Score referred to in clause (x) hereof above shall be satisfied as to each such mortgage loan anddetermined on a weighted average basis, except to provided that the extent otherwise provided in this sentence, the representations and warranties described in clause (xiv) hereof must be satisfied as to each Qualified final scheduled maturity date of any Qualifying Substitute Mortgage Loan shall not exceed the Final Scheduled Distribution Date of any Class of Certificates. Whenever a Qualifying Substitute Mortgage Loan is substituted for a Deleted Mortgage Loan pursuant to this Agreement, the party effecting such substitution shall certify such qualification in writing to the Trustee. Notwithstanding any provision herein to the contrary, a Qualifying Substitute Mortgage Loan shall be deemed to have the same AP Percentage and Non-AP Percentage as that of the Deleted Mortgage Loan for which it was substituted. Rating Agency: Each of Fitch and S&P. Realized Loss: (a) With respect to each Liquidated Mortgage Loan, an amount equal to (i) the unpaid principal balance of such Mortgage Loan as of the date of liquidation, plus (ii) interest at the applicable Net Mortgage Rate from the date as to which interest was last paid up to the last day of the month of such liquidation, minus (iii) Liquidation Proceeds received, net of amounts that are reimbursable to the Master Servicer or in the aggregateapplicable Servicer with respect to such Mortgage Loan (other than Advances of principal and interest) including expenses of liquidation, and (b) with respect to each Mortgage Loan that has become the subject of a Deficient Valuation, the difference between the unpaid principal balance of such Mortgage Loan immediately prior to such Deficient Valuation and the unpaid principal balance of such Mortgage Loan as reduced by the case may beDeficient Valuation. In determining whether a Realized Loss on a Liquidated Mortgage Loan is a Realized Loss of interest or principal, Liquidation Proceeds shall be allocated, first, to payment of expenses related to such Liquidated Mortgage Loan (including payment of any Retained Interest), then to accrued unpaid interest and finally to reduce the principal balance of the Mortgage Loan.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated Scheduled Principal Balance (or in the case of a substitution of more than one mortgage loan for a Deleted Mortgage Loan, an aggregate Stated Scheduled Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Scheduled Principal Balance of the Deleted Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs, (ii) has a Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) has a minimum Mortgage Rate not less than the minimum Mortgage Rate of the Deleted Mortgage Loan, (v) has a gross margin equal to or greater than the gross margin of the Deleted Mortgage Loan, (vi) is not a Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative Loan, (vii) has a next adjustment date not later than the next adjustment date on the Deleted Mortgage Loan, (viiviii) has the same Due Date as the Deleted Mortgage Loan, (viiiix) has a remaining stated term to maturity not longer than 18 months and not more than 18 months shorter than the remaining stated term to maturity of the related Deleted Mortgage Loan, (ixx) is current as of the date of substitution, (xxi) has a Loan-to-Value Ratio as of the date of substitution equal to or lower than the Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (xixii) has been underwritten by the Seller Transferor in accordance with the same underwriting criteria and guidelines as the Deleted Mortgage Loan, (xiixiii) has a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiiixiv) is secured by the same property type as the Deleted Mortgage Loan, (xivxv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made in the related Mortgage Loan Purchase Sale and Assignment Agreement, (xvxvi) has the same first or higher lien position as the Deleted Mortgage Loan, (xvi) is covered by a primary mortgage insurance policy if the Deleted Mortgage Loan was so covered, (xvii) contains provisions covering the payment of Prepayment Premium by the Mortgager Mortgagor for early prepayment of the Mortgage Loan at least as favorable to the Trust as the Deleted Mortgage Loan, Loan and (xviii) has a maturity date not later than the maturity date of the latest maturing for any Mortgage Loan in to be substituted into Pool 2, has an original Scheduled Principal Balance within the Mortgage Pool as of the Closing Date, (xix) has the same Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January 1, 2004 is not a “highmaximum dollar amount limitations prescribed by Xxxxxxx Mac for conforming one-cost” loan subject to the New Mexico Home Loan Protection Actto-four-family mortgage loans. In the event that one or more mortgage loans are substituted for one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall be determined on the basis of aggregate Stated Scheduled Principal Balances, the Mortgage Rates described in clause (ii) hereof shall be determined on the basis of weighted average Mortgage Rates, the risk gradings described in clause (xiixiii) hereof shall be satisfied as to each such mortgage loan, the terms described in clause (viiiix) hereof shall be determined on the basis of weighted average remaining term to maturity, the Loan-to-Value Ratios described in clause (xxi) hereof shall be satisfied as to each such mortgage loan and, except to the extent otherwise provided in this sentence, the representations and warranties described in clause (xivxv) hereof must be satisfied as to each Qualified Substitute Mortgage Loan or in the aggregate, as the case may be.. Rating Agency: Each of Fitch, Xxxxx’x and S&P.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this AgreementLoan, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated a Scheduled Principal Balance (or in the case together with that of a substitution of more than one any other mortgage loan substituted for a the same Deleted Mortgage Loan, an aggregate Stated Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Principal Balance of the Deleted Mortgage Loan ) as of the Due Date in the calendar month during in which such substitution occurs not in excess of the Scheduled Principal Balance of the related Deleted Mortgage Loan; provided, however, that, to the extent that the Scheduled Principal Balance of such Mortgage Loan is less than the Scheduled Principal Balance of the related Deleted Mortgage Loan, then such differential in principal amount, together with interest thereon at the applicable Mortgage Rate net of the Master Servicing Fee and the applicable Servicing Fee from the date as to which interest was last paid through the end of the Due Period in which such substitution occurs, shall be paid by the party effecting such substitution to the Trustee for deposit into the Certificate Account, and shall be treated as a Principal Prepayment hereunder; (ii) has a Net Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less lower than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) has a minimum Mortgage Rate not less than the minimum Net Mortgage Rate of the related Deleted Mortgage Loan, (v) has Loan and will be a gross margin equal to or greater than the gross margin of Discount Mortgage Loan if the Deleted Mortgage Loan, (vi) has Loan was a next adjustment date not later than the next adjustment date on Discount Mortgage Loan or a Non-Discount Mortgage Loan if the Deleted Mortgage Loan, (vii) has the same Due Date as the Deleted Loan was a Non-Discount Mortgage Loan, ; (viiiiii) has a remaining stated term to maturity not longer than 18 months than, and not more than 18 months one year shorter than than, the remaining stated term to stated maturity of the related Deleted Mortgage Loan, ; (ixiv) is current as of the date of substitution, (xA) has a Loan-to-Value Ratio as of the date of such substitution equal to or lower of not greater than 80%; provided, however, that if the related Deleted Mortgage Loan has a Loan-to-Value Ratio of greater than 80%, then the Loan-to-Value Ratio of such substitute Mortgage Loan may be greater than 80% but shall not be greater than the Loan-to-Value Ratio of the related Deleted Mortgage Loan and (B) the addition of such substitute Mortgage Loan does not increase the weighted average Loan-to-Value Ratio of the related Mortgage Pool by more than 5%; (v) will comply with all of the representations and warranties relating to Mortgage Loans set forth herein, as of the date as of which such datesubstitution occurs; (vi) is not a Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative Loan; (vii) if applicable, (xi) has been underwritten by the Seller in accordance with the same underwriting criteria index as and guidelines as a margin not less than that of the related Deleted Mortgage Loan, ; (xiiviii) has not been delinquent for a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiii) is secured by the same property type as the Deleted Mortgage Loan, (xiv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made period of more than 30 days more than once in the Mortgage Loan Purchase Agreement, twelve months immediately preceding such date of substitution; (xv) has the same first lien position as the Deleted Mortgage Loan, (xviix) is covered by a primary mortgage insurance policy Primary Mortgage Insurance Policy if the related Deleted Mortgage Loan is so covered, and the Loan-to-Value Ratio of such Mortgage Loan is greater than 80%; and (x) has a Credit Score not greater than 20 points lower than the Credit Score of the related Deleted Mortgage Loan; provided, however, that if the Deleted Mortgage Loan was so covereddoes not have a Credit Score, (xvii) contains provisions covering the payment of Prepayment Premium by the Mortgager for early prepayment of the then such substitute Mortgage Loan at least as favorable shall have a Credit Score equal to the Trust as the Deleted Mortgage Loan, (xviii) has a maturity date not later or greater than the maturity date of the latest maturing Mortgage Loan in the Mortgage Pool as of the Closing Date, (xix) has the same Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January 1, 2004 is not a “high-cost” loan subject to the New Mexico Home Loan Protection Act700. In the event that either one mortgage loan is substituted for more than one Deleted Mortgage Loan or more than one mortgage loans are loan is substituted for one or more Deleted Mortgage Loans, then (a) the amounts described Scheduled Principal Balance referred to in clause (i) hereof above shall be determined on such that the basis aggregate Scheduled Principal Balance of all such substitute Mortgage Loans shall not exceed the aggregate Stated Scheduled Principal Balances, Balance of all Deleted Mortgage Loans and (b) each of (1) the Mortgage Rates described rate referred to in clause (ii) hereof shall be determined on above, (2) the basis of weighted average Mortgage Rates, the risk gradings described remaining term to stated maturity referred to in clause (xiiiii) hereof shall be satisfied as to each such mortgage loanabove, the terms described in clause (viii3) hereof shall be determined on the basis of weighted average remaining term to maturity, the Loan-to-Value Ratios described Ratio referred to in clause (iv) above and (4) the Credit Score referred to in clause (x) hereof above shall be satisfied as to each such mortgage loan anddetermined on a weighted average basis, except to provided that the extent otherwise provided in this sentence, the representations and warranties described in clause (xiv) hereof must be satisfied as to each Qualified final scheduled maturity date of any Qualifying Substitute Mortgage Loan shall not exceed the Final Scheduled Distribution Date of any Class of Certificates. Whenever a Qualifying Substitute Mortgage Loan is substituted for a Deleted Mortgage Loan pursuant to this Agreement, the party effecting such substitution shall certify such qualification in writing to the Trustee. Rating Agency: Each of S&P and Xxxxx'x. Realized Loss: (a) With respect to each Liquidated Mortgage Loan, an amount equal to (i) the unpaid principal balance of such Mortgage Loan as of the date of liquidation, plus (ii) interest at the applicable Net Mortgage Rate (plus the Employee Discount Rate, if any, for such Mortgage Loan) from the date as to which interest was last paid up to the last day of the month of such liquidation, minus (iii) Liquidation Proceeds received, net of amounts that are reimbursable to the Master Servicer or in the aggregateapplicable Servicer with respect to such Mortgage Loan (other than Advances of principal and interest) including expenses of liquidation, and (b) with respect to each Mortgage Loan that has become the subject of a Deficient Valuation, the difference between the unpaid principal balance of such Mortgage Loan immediately prior to such Deficient Valuation and the unpaid principal balance of such Mortgage Loan as reduced by the case may beDeficient Valuation. In determining whether a Realized Loss on a Liquidated Mortgage Loan is a Realized Loss of interest or principal, Liquidation Proceeds shall be allocated, first, to payment of expenses related to such Liquidated Mortgage Loan (including payment of any Retained Interest), then to accrued unpaid interest and finally to reduce the principal balance of the Mortgage Loan.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this AgreementLoan, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated a Scheduled Principal Balance (or in the case together with that of a substitution of more than one any other mortgage loan substituted for a the same Deleted Mortgage Loan, an aggregate Stated Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Principal Balance of the Deleted Mortgage Loan ) as of the Due Date in the calendar month during in which such substitution occurs not in excess of the Scheduled Principal Balance of the related Deleted Mortgage Loan, provided, however, that, to the extent that the Scheduled Principal Balance of such Mortgage Loan is less than the Scheduled Principal Balance of the related Deleted Mortgage Loan, then such differential in principal amount, together with interest thereon at the applicable Mortgage Rate net of the applicable Master Servicing Fee and the applicable Servicing Fee from the date as to which interest was last paid through the end of the Due Period in which such substitution occurs, shall be paid by the party effecting such substitution to the Master Servicer for deposit into the Collection Account, and shall be treated as a Principal Prepayment hereunder; (ii) has a Net Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less lower than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) has a minimum Mortgage Rate not less than the minimum Net Mortgage Rate of the related Deleted Mortgage Loan, (v) has Loan and will be a gross margin equal to or greater than the gross margin of Discount Mortgage Loan if the Deleted Mortgage Loan, (vi) has Loan was a next adjustment date not later than the next adjustment date on Discount Mortgage Loan or a Non-Discount Mortgage Loan if the Deleted Mortgage Loan, (vii) has the same Due Date as the Deleted Loan was a Non-Discount Mortgage Loan, ; (viiiiii) has a remaining stated term to maturity not longer than 18 eighteen months than, and not more than 18 eighteen months shorter than than, the remaining stated term to stated maturity of the related Deleted Mortgage Loan, ; (ixiv) is current as of the date of substitution, (xA) has a Loan-to-Value Ratio as of the date of such substitution equal to or lower of not greater than 80%, provided, however, that if the related Deleted Mortgage Loan has a Loan-to-Value Ratio of greater than 80%, then the Loan-to-Value Ratio of such substitute Mortgage Loan may be greater than 80% but shall not be greater than the Loan-to-Value Ratio of the related Deleted Mortgage Loan and (B) the addition of such substitute Mortgage Loan does not increase the weighted average Loan-to-Value Ratio of the related Mortgage Pool by more than 5%; (v) will comply with all of the representations and warranties relating to Mortgage Loans set forth herein, as of the date as of which such datesubstitution occurs; (vi) is not a Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative Loan; (vii) if applicable, has the same index as and a margin not less than that of the related Deleted Mortgage Loan; (viii) has not been delinquent for a period of more than 30 days more than once in the twelve months immediately preceding such date of substitution; (ix) is covered by a Primary Mortgage Insurance Policy if the related Deleted Mortgage Loan is so covered, and the Loan-to-Value Ratio of such Mortgage Loan is greater than 80%; (x) has a Credit Score not greater than 20 points lower than the Credit Score of the related Deleted Mortgage Loan, provided, however, that if the Deleted Mortgage Loan does not have a Credit Score, then such substitute Mortgage Loan shall have a Credit Score equal to or greater than 700; (xi) has been underwritten by its initial adjustment date after the Seller in accordance with the same underwriting criteria related Reset Date; and guidelines as the Deleted Mortgage Loan, (xii) has a risk grading determined by gross margin no less than the Seller at least equal to the risk grading assigned on the related Deleted Mortgage Loan, (xiii) is secured by the same property type as the Deleted Mortgage Loan, (xiv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made in the Mortgage Loan Purchase Agreement, (xv) has the same first lien position as the Deleted Mortgage Loan, (xvi) is covered by a primary mortgage insurance policy if the Deleted Mortgage Loan was so covered, (xvii) contains provisions covering the payment of Prepayment Premium by the Mortgager for early prepayment of the Mortgage Loan at least as favorable to the Trust as the Deleted Mortgage Loan, (xviii) has a maturity date not later than the maturity date of the latest maturing Mortgage Loan in the Mortgage Pool as of the Closing Date, (xix) has the same Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January 1, 2004 is not a “high-cost” loan subject to the New Mexico Home Loan Protection Act. In the event that either one mortgage loan is substituted for more than one Deleted Mortgage Loan or more than one mortgage loans are loan is substituted for one or more Deleted Mortgage Loans, then (a) the amounts described Scheduled Principal Balance referred to in clause (i) hereof above shall be determined on such that the basis aggregate Scheduled Principal Balance of all such substitute Mortgage Loans shall not exceed the aggregate Stated Scheduled Principal Balances, Balance of all Deleted Mortgage Loans and (b) each of (1) the Mortgage Rates described rate referred to in clause (ii) hereof shall be determined on above, (2) the basis of weighted average Mortgage Rates, the risk gradings described remaining term to stated maturity referred to in clause (xiiiii) hereof shall be satisfied as to each such mortgage loanabove, the terms described in clause (viii3) hereof shall be determined on the basis of weighted average remaining term to maturity, the Loan-to-Value Ratios described Ratio referred to in clause (iv) above and (4) the Credit Score referred to in clause (x) hereof above shall be satisfied as to each such mortgage loan anddetermined on a weighted average basis, except to provided that the extent otherwise provided in this sentence, the representations and warranties described in clause (xiv) hereof must be satisfied as to each Qualified final scheduled maturity date of any Qualifying Substitute Mortgage Loan or shall not exceed the Final Scheduled Distribution Date of any Class of Certificates. Whenever a Qualifying Substitute Mortgage Loan is substituted for a Deleted Mortgage Loan pursuant to this Agreement, the party effecting such substitution shall certify such qualification in writing to the aggregate, as Trustee and the case may beMaster Servicer.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated Principal Balance (or in the case of a substitution of more than one mortgage loan for a Deleted Mortgage Loan, an aggregate Stated Principal Balance), after application of all Scheduled Payments Principal Collections and Interest Collections due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Principal Balance of the Deleted Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs, (ii) has a Mortgage Loan Rate not less than, and not more than 0.50% higher than, the Mortgage Loan Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Loan Rate not less than the maximum Mortgage Loan Rate on the Deleted Mortgage Loan, (iv) has a minimum Mortgage Loan Rate not less than the minimum Mortgage Loan Rate of the Deleted Mortgage Loan, (v) has a gross margin equal to or greater than the gross margin Gross Margin of the Deleted Mortgage Loan, (vi) has a next adjustment date not later than the next adjustment date on the Deleted Mortgage Loan, (vii) has the same Due Date as the Deleted Mortgage Loan, (viii) has a remaining stated term to maturity not longer than 18 months and not more than 18 months shorter than the remaining stated term to maturity of the related Deleted Mortgage LoanLoan and has a remaining stated term to maturity not later than the Mortgage Loan with the latest stated term to maturity as of the Closing Date, (ix) is current as of the date of substitution, (x) has a an original Combined Loan-to-Value Ratio as of the date of substitution equal to or lower than the original Combined Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (xi) has been underwritten by the Seller any Transferor or in accordance with the same underwriting criteria and guidelines as the Deleted Mortgage Loan, (xii) has a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiii) is secured by the same property type as the Deleted Mortgage Loan, (xiv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made in the related Transfer Agreement and the Mortgage Loan Purchase Sale Agreement, (xv) has the same first or higher lien position as the Deleted Mortgage Loan, (xvi) has a Credit Score greater than or equal to the Credit Score of the Deleted Mortgage Loan at the time such Deleted Mortgage Loan was transferred to the Issuer, (xvii) the related Mortgaged Property is covered by a primary mortgage insurance policy if not an investment property (unless the Mortgaged Property related to the Deleted Mortgage Loan was so covered, (xvii) contains provisions covering the payment of Prepayment Premium by the Mortgager for early prepayment of the Mortgage Loan at least as favorable to the Trust as the Deleted Mortgage Loanan investment property), (xviii) has the related Mortgaged Property is not a maturity date not later than second home (unless the maturity date of Mortgaged Property related to the latest maturing Deleted Mortgage Loan in the Mortgage Pool as of the Closing Datewas a second home), (xix) has the same Mortgage Index as the Deleted Mortgage Combined Loan-to-Value Ratio is not greater than 100%, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject to the New Jersey Home Ownership Security Act of 2003 no longer in its teaser period and (xxi) if originated on or after January 1so long as the Class A Notes are Outstanding, 2004 is not a “high-cost” loan subject acceptable to the New Mexico Home Loan Protection ActInsurer. In the event that one or more mortgage loans are substituted for one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall be determined on the basis of aggregate Stated Principal Balances, the Mortgage Loan Rates described in clause (ii) hereof shall be determined on the basis of weighted average Mortgage Loan Rates, the risk gradings described in clause (xiixi) hereof shall be satisfied as to each such mortgage loan, the terms described in clause (viii) hereof shall be determined on the basis of weighted average remaining term to maturity, the Loan-to-Value Ratios described in clause (x) hereof shall be satisfied as to each such mortgage loan and, except to the extent otherwise provided in this sentence, the representations and warranties described in clause (xiv) hereof must be satisfied as to each Qualified Qualifying Substitute Mortgage Loan or in the aggregate, as the case may be.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated Scheduled Principal Balance (or in the case of a substitution of more than one mortgage loan for a Deleted Mortgage Loan, an aggregate Stated Scheduled Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Scheduled Principal Balance of the Deleted Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs, (ii) has a Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) if applicable, has a minimum Mortgage Rate not less than the minimum Mortgage Rate of the Deleted Mortgage Loan, (v) if applicable, has a gross margin equal to or greater than the gross margin of the Deleted Mortgage Loan, (vi) is not a Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative Loan, (vii) if applicable, has a next adjustment date not later than the next adjustment date on the Deleted Mortgage Loan, (viiviii) has the same Due Date as the Deleted Mortgage Loan, (viiiix) has a remaining stated term to maturity not longer more than 18 months longer and not more than 18 months shorter than the remaining stated term to maturity of the related Deleted Mortgage Loan; provided, that in no case should such substitute Mortgage Loan have a maturity date later than the Final Scheduled Distribution Date; (ixx) is current as of the date of substitution, (xxi) has a Loan-to-Value Ratio as of the date of substitution equal to or lower than the Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (xixii) has been underwritten by the Seller Transferor in accordance with the same underwriting criteria and guidelines as the Deleted Mortgage Loan, (xiixiii) has a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiiixiv) is secured by the same property type as the Deleted Mortgage Loan, (xivxv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made in the related Mortgage Loan Purchase Sale Agreement, (xvxvi) has the same first or higher lien position as the Deleted Mortgage Loan, (xvixvii) is covered by a primary mortgage insurance policy if the Deleted Mortgage Loan was so covered[reserved], (xviixviii) if applicable, contains provisions covering the payment of Prepayment Premium by the Mortgager Mortgagor for early prepayment of the Mortgage Loan at least as favorable to the Trust as the Deleted Mortgage Loan, (xviii) has a maturity date not later than the maturity date of the latest maturing Mortgage Loan in the Mortgage Pool as of the Closing Date, and (xix) has the same for any Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject Loan to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January be substituted into Pool 1, 2004 is not a “highhas an original Scheduled Principal Balance within the maximum dollar amount limitations prescribed by Xxxxxx Xxx for conforming one-cost” loan subject to the New Mexico Home Loan Protection Actto-four family first and second lien residential mortgaged properties. In the event that one or more mortgage loans are substituted for one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall be determined on the basis of aggregate Stated Scheduled Principal Balances, the Mortgage Rates described in clause (ii) hereof shall be determined on the basis of weighted average Mortgage Rates, the risk gradings described in clause (xiixiii) hereof shall be satisfied as to each such mortgage loan, the terms described in clause (viiiix) hereof shall be determined on the basis of weighted average remaining term to maturity; provided, that the stated maturity date of any Qualifying Substitute Mortgage Loan shall not be later than the Final Scheduled Distribution Date, the Loan-to-Value Ratios described in clause (xxi) hereof shall be satisfied as to each such mortgage loan and, except to the extent otherwise provided in this sentence, the representations and warranties described in clause (xivxv) hereof must be satisfied as to each Qualified Qualifying Substitute Mortgage Loan or in the aggregate, as the case may be.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated Scheduled Principal Balance (or in the case of a substitution of more than one mortgage loan for a Deleted Mortgage Loan, an aggregate Stated Scheduled Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Scheduled Principal Balance of the Deleted Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs, (ii) has a Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) has a minimum Mortgage Rate not less than the minimum Mortgage Rate of the Deleted Mortgage Loan, (v) has a gross margin equal to or greater than the gross margin of the Deleted Mortgage Loan, (vi) is not a Cooperative Loan unless the Deleted Mortgage Loan was a Cooperative Loan, (vii) has a next adjustment date not later than the next adjustment date on the Deleted Mortgage Loan, (viiviii) has the same Due Date as the Deleted Mortgage Loan, (viiiix) has a remaining stated term to maturity not longer than 18 months and not more than 18 months shorter than the remaining stated term to maturity of the related Deleted Mortgage Loan, (ixx) is current as of the date of substitution, (xxi) has a Loan-to-Value Ratio as of the date of substitution equal to or lower than the Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (xixii) has been underwritten by the Seller any Transferor in accordance with the same underwriting criteria and guidelines as the Deleted Mortgage Loan, (xiixiii) has a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiiixiv) is secured by the same property type as the Deleted Mortgage Loan, (xivxv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made in the related Mortgage Loan Purchase Sale and Assignment Agreement, (xvxvi) has the same first or higher lien position as the Deleted Mortgage Loan, (xvixvii) is covered by a primary mortgage insurance policy PMI Policy if the Deleted Mortgage Loan was so covered, and (xviixviii) contains provisions covering the payment of Prepayment Premium by the Mortgager Mortgagor for early prepayment of the Mortgage Loan at least as favorable to the Trust as the Deleted Mortgage Loan, (xviii) has a maturity date not later than the maturity date of the latest maturing Mortgage Loan in the Mortgage Pool as of the Closing Date, (xix) has the same Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January 1, 2004 is not a “high-cost” loan subject to the New Mexico Home Loan Protection Act. In the event that one or more mortgage loans are substituted for one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall be determined on the basis of aggregate Stated Scheduled Principal Balances, the Mortgage Rates described in clause (ii) hereof shall be determined on the basis of weighted average Mortgage Rates, the risk gradings described in clause (xiixiii) hereof shall be satisfied as to each such mortgage loan, the terms described in clause (viiiix) hereof shall be determined on the basis of weighted average remaining term to maturity, the Loan-to-Value Ratios described in clause (xxi) hereof shall be satisfied as to each such mortgage loan and, except to the extent otherwise provided in this sentence, the representations and warranties described in clause (xivxv) hereof must be satisfied as to each Qualified Substitute Mortgage Loan or in the aggregate, as the case may be.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this AgreementLoan, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated a Scheduled Principal Balance (or in the case together with that of a substitution of more than one any other mortgage loan substituted for a the same Deleted Mortgage Loan, an aggregate Stated Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Principal Balance of the Deleted Mortgage Loan ) as of the Due Date in the calendar month during in which such substitution occurs not in excess of the Scheduled Principal Balance of the related Deleted Mortgage Loan; provided, however, that, to the extent that the Scheduled Principal Balance of such Mortgage Loan is less than the Scheduled Principal Balance of the related Deleted Mortgage Loan, then a Substitution Amount shall be paid by the party effecting such substitution occursto the Trustee for deposit into the Certificate Account, and shall be treated as a Principal Prepayment hereunder; (ii) has a Net Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less lower than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) has a minimum Mortgage Rate not less than the minimum Net Mortgage Rate of the related Deleted Mortgage Loan, (v) has Loan and will be a gross margin equal to or greater than the gross margin of Discount Mortgage Loan if the Deleted Mortgage Loan, (vi) has Loan was a next adjustment date not later than the next adjustment date on Discount Mortgage Loan or a Non-Discount Mortgage Loan if the Deleted Mortgage Loan, (vii) has the same Due Date as the Deleted Loan was a Non-Discount Mortgage Loan, ; (viiiiii) has a remaining stated term to maturity not more than eighteen months longer than 18 months than, and not more than 18 eighteen months shorter than than, the remaining stated term to stated maturity of the related Deleted Mortgage Loan; provided, however, in no case shall such substitute Mortgage Loan have a remaining stated term to maturity later than the Final Scheduled Distribution Date; (ixiv) is current as of the date of substitution, (xA) has a Loan-to-Value Ratio as of the date of such substitution equal to or lower of not greater than 80%; provided, however, that if the related Deleted Mortgage Loan has a Loan-to-Value Ratio of greater than 80% as of the date of such substitution, then the Loan-to-Value Ratio of such substitute Mortgage Loan may be greater than 80% but shall not be greater than the Loan-to-Value Ratio of the related Deleted Mortgage Loan and (B) the addition of such substitute Mortgage Loan does not increase the weighted average Loan-to-Value Ratio as of the date of such datesubstitution of the related Collateral Group by more than 5%; (v) will comply with all of the representations and warranties relating to Mortgage Loans set forth herein, as of the date as of which such substitution occurs; (xivi) is not a Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative Loan; (vii) if applicable, has been underwritten by the Seller in accordance with the same underwriting criteria index as and guidelines as a margin not less than that of the related Deleted Mortgage Loan, ; (xiiviii) has not been delinquent for a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiii) is secured by the same property type as the Deleted Mortgage Loan, (xiv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made period of more than 30 days more than once in the Mortgage Loan Purchase Agreement, twelve months immediately preceding such date of substitution; (xv) has the same first lien position as the Deleted Mortgage Loan, (xviix) is covered by a primary mortgage insurance policy Primary Mortgage Insurance Policy if the related Deleted Mortgage Loan is so covered, and the Loan-to-Value Ratio of such Mortgage Loan is greater than 80%; and (x) has a Credit Score not greater than 20 points lower than the Credit Score of the related Deleted Mortgage Loan; provided, however, that if the Deleted Mortgage Loan was so covereddoes not have a Credit Score, (xvii) contains provisions covering the payment of Prepayment Premium by the Mortgager for early prepayment of the then such substitute Mortgage Loan at least as favorable shall have a Credit Score equal to the Trust as the Deleted Mortgage Loan, (xviii) has a maturity date not later or greater than the maturity date of the latest maturing Mortgage Loan in the Mortgage Pool as of the Closing Date, (xix) has the same Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January 1, 2004 is not a “high-cost” loan subject to the New Mexico Home Loan Protection Act700. In the event that either one mortgage loan is substituted for more than one Deleted Mortgage Loan or more than one mortgage loans are loan is substituted for one or more Deleted Mortgage Loans, then (a) the amounts described Scheduled Principal Balance referred to in clause (i) hereof above shall be determined on such that the basis aggregate Scheduled Principal Balance of all such substitute Mortgage Loans shall not exceed the aggregate Stated Scheduled Principal Balances, Balance of all Deleted Mortgage Loans and (b) each of (1) the Mortgage Rates described rate referred to in clause (ii) hereof shall be determined on above, (2) the basis of weighted average Mortgage Rates, the risk gradings described remaining term to stated maturity referred to in clause (xiiiii) hereof shall be satisfied as to each such mortgage loanabove, the terms described in clause (viii3) hereof shall be determined on the basis of weighted average remaining term to maturity, the Loan-to-Value Ratios described Ratio referred to in clause (iv) above and (4) the Credit Score referred to in clause (x) hereof above shall be satisfied as to each such mortgage loan anddetermined on a weighted average basis, except to provided that the extent otherwise provided in this sentence, the representations and warranties described in clause (xiv) hereof must be satisfied as to each Qualified final scheduled maturity date of any Qualifying Substitute Mortgage Loan shall not exceed the Final Scheduled Distribution Date of any Class of Certificates. Whenever a Qualifying Substitute Mortgage Loan is substituted for a Deleted Mortgage Loan pursuant to this Agreement, the party effecting such substitution shall certify such qualification in writing to the Trustee. Notwithstanding any provision herein to the contrary, a Qualifying Substitute Mortgage Loan shall be deemed to have the same Applicable Fraction as that of the Deleted Mortgage Loan for which it was substituted. Rating Agency: Each of Moody’s and S&P. Realized Loss: (a) With respect to each Liquidated Mortgage Loan, an amount equal to (i) the unpaid principal balance of such Mortgage Loan as of the date of liquidation, plus (ii) interest at the applicable Net Mortgage Rate from the date as to which interest was last paid up to the last day of the month of such liquidation, minus (iii) Liquidation Proceeds received, net of amounts that are reimbursable to the Master Servicer or in the aggregateapplicable Servicer with respect to such Mortgage Loan (other than Advances of principal and interest) including expenses of liquidation, and (b) with respect to each Mortgage Loan that has become the subject of a Deficient Valuation, the difference between the unpaid principal balance of such Mortgage Loan immediately prior to such Deficient Valuation and the unpaid principal balance of such Mortgage Loan as reduced by the case may beDeficient Valuation. In determining whether a Realized Loss on a Liquidated Mortgage Loan is a Realized Loss of interest or principal, Liquidation Proceeds shall be allocated, first, to payment of expenses related to such Liquidated Mortgage Loan (including payment of any Retained Interest), then to accrued unpaid interest and finally to reduce the principal balance of the Mortgage Loan.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated Scheduled Principal Balance (or in the case of a substitution of more than one mortgage loan for a Deleted Mortgage Loan, an aggregate Stated Scheduled Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Scheduled Principal Balance of the Deleted Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs, (ii) has a Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) if applicable, has a minimum Mortgage Rate not less than the minimum Mortgage Rate of the Deleted Mortgage Loan, (v) if applicable, has a gross margin equal to or greater than the gross margin of the Deleted Mortgage Loan, (vi) is not a Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative Loan, (vii) if applicable, has a next adjustment date not later than the next adjustment date on the Deleted Mortgage Loan, (viiviii) has the same Due Date as the Deleted Mortgage Loan, (viiiix) has a remaining stated term to maturity not longer than 18 months and not more than 18 months shorter than the remaining stated term to maturity of the related Deleted Mortgage Loan; provided, that in no case should such substitute Mortgage Loan have a maturity date later than the Final Scheduled Distribution Date; (ixx) is current as of the date of substitution, (xxi) has a Loan-to-Value Ratio as of the date of substitution equal to or lower than the Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (xixii) has been underwritten by the Seller Transferor in accordance with the same underwriting criteria and guidelines as the Deleted Mortgage Loan, (xiixiii) has a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiiixiv) is secured by the same property type as the Deleted Mortgage Loan, (xivxv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made in the Mortgage Loan Purchase Sale Agreement, (xvxvi) has the same first or higher lien position as the Deleted Mortgage Loan, (xvixvii) is covered by a primary mortgage insurance policy if the Deleted Mortgage Loan was so covered[Reserved], (xviixviii) contains provisions covering the payment of Prepayment Premium by the Mortgager Mortgagor for early prepayment of the Mortgage Loan at least as favorable to the Trust as the Deleted Mortgage Loan, (xviii) has a maturity date not later than the maturity date of the latest maturing Mortgage Loan in the Mortgage Pool as of the Closing Date, and (xix) has the same for any Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject Loan to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January be substituted into Pool 1, 2004 is not a “highhas an original Scheduled Principal Balance within the maximum dollar amount limitations prescribed by Fxxxxxx Mac and Fxxxxx Mae for conforming one-cost” loan subject to the New Mexico Home Loan Protection Actto-four family first and second lien residential mortgaged properties. In the event that one or more mortgage loans are substituted for one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall be determined on the basis of aggregate Stated Scheduled Principal Balances, the Mortgage Rates described in clause (ii) hereof shall be determined on the basis of weighted average Mortgage Rates, the risk gradings described in clause (xiixiii) hereof shall be satisfied as to each such mortgage loan, the terms described in clause (viiiix) hereof shall be determined on the basis of weighted average remaining term to maturity; provided, that the stated maturity date of any Qualifying Substitute Mortgage Loan shall not be later than the Final Scheduled Distribution Date, the Loan-to-Value Ratios described in clause (xxi) hereof shall be satisfied as to each such mortgage loan and, except to the extent otherwise provided in this sentence, the representations and warranties described in clause (xivxv) hereof must be satisfied as to each Qualified Qualifying Substitute Mortgage Loan or in the aggregate, as the case may be.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this AgreementLoan, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated a Scheduled Principal Balance (or in the case together with that of a substitution of more than one any other mortgage loan substituted for a the same Deleted Mortgage Loan, an aggregate Stated Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Principal Balance of the Deleted Mortgage Loan ) as of the Due Date in the calendar month during in which such substitution occurs not in excess of the Scheduled Principal Balance of the related Deleted Mortgage Loan; provided, however, that, to the extent that the Scheduled Principal Balance of such Mortgage Loan is less than the Scheduled Principal Balance of the related Deleted Mortgage Loan, then a Substitution Amount shall be paid by the party effecting such substitution occursto the Trustee for deposit into the Certificate Account, and shall be treated as a Principal Prepayment hereunder; (ii) has a Net Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less lower than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) has a minimum Mortgage Rate not less than the minimum Net Mortgage Rate of the related Deleted Mortgage Loan, (v) has Loan and will be a gross margin equal to or greater than the gross margin of Discount Mortgage Loan if the Deleted Mortgage Loan, (vi) has Loan was a next adjustment date not later than the next adjustment date on Discount Mortgage Loan or a Non-Discount Mortgage Loan if the Deleted Mortgage Loan, (vii) has the same Due Date as the Deleted Loan was a Non-Discount Mortgage Loan, ; (viiiiii) has a remaining stated term to maturity not more than eighteen months longer than 18 months than, and not more than 18 eighteen months shorter than than, the remaining stated term to stated maturity of the related Deleted Mortgage Loan; provided, however, in no case shall such substitute Mortgage Loan have a remaining stated term to maturity later than the Final Scheduled Distribution Date; (ixiv) is current as of the date of substitution, (xA) has a Loan-to-Value Ratio as of the date of such substitution equal to or lower of not greater than 80%; provided, however, that if the related Deleted Mortgage Loan has a Loan-to-Value Ratio of greater than 80% as of the date of such substitution, then the Loan-to-Value Ratio of such substitute Mortgage Loan may be greater than 80% but shall not be greater than the Loan-to-Value Ratio of the related Deleted Mortgage Loan and (B) the addition of such substitute Mortgage Loan does not increase the weighted average Loan-to-Value Ratio as of the date of such datesubstitution of the related Collateral Group by more than 5%; (v) will comply with all of the representations and warranties relating to Mortgage Loans set forth herein, as of the date as of which such substitution occurs; (xivi) is not a Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative Loan; (vii) if applicable, has been underwritten by the Seller in accordance with the same underwriting criteria index as and guidelines as a margin not less than that of the related Deleted Mortgage Loan, ; (xiiviii) has not been delinquent for a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiii) is secured by the same property type as the Deleted Mortgage Loan, (xiv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made period of more than 30 days more than once in the Mortgage Loan Purchase Agreement, twelve months immediately preceding such date of substitution; (xv) has the same first lien position as the Deleted Mortgage Loan, (xviix) is covered by a primary mortgage insurance policy Primary Mortgage Insurance Policy if the related Deleted Mortgage Loan is so covered, and the Loan-to-Value Ratio of such Mortgage Loan is greater than 80%; and (x) has a Credit Score not greater than 20 points lower than the Credit Score of the related Deleted Mortgage Loan; provided, however, that if the Deleted Mortgage Loan was so covereddoes not have a Credit Score, (xvii) contains provisions covering the payment of Prepayment Premium by the Mortgager for early prepayment of the then such substitute Mortgage Loan at least as favorable shall have a Credit Score equal to the Trust as the Deleted Mortgage Loan, (xviii) has a maturity date not later or greater than the maturity date of the latest maturing Mortgage Loan in the Mortgage Pool as of the Closing Date, (xix) has the same Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January 1, 2004 is not a “high-cost” loan subject to the New Mexico Home Loan Protection Act700. In the event that either one mortgage loan is substituted for more than one Deleted Mortgage Loan or more than one mortgage loans are loan is substituted for one or more Deleted Mortgage Loans, then (a) the amounts described Scheduled Principal Balance referred to in clause (i) hereof above shall be determined on such that the basis aggregate Scheduled Principal Balance of all such substitute Mortgage Loans shall not exceed the aggregate Stated Scheduled Principal Balances, Balance of all Deleted Mortgage Loans and (b) each of (1) the Mortgage Rates described rate referred to in clause (ii) hereof shall be determined on above, (2) the basis of weighted average Mortgage Rates, the risk gradings described remaining term to stated maturity referred to in clause (xiiiii) hereof shall be satisfied as to each such mortgage loanabove, the terms described in clause (viii3) hereof shall be determined on the basis of weighted average remaining term to maturity, the Loan-to-Value Ratios described Ratio referred to in clause (iv) above and (4) the Credit Score referred to in clause (x) hereof above shall be satisfied as to each such mortgage loan anddetermined on a weighted average basis, except to provided that the extent otherwise provided in this sentence, the representations and warranties described in clause (xiv) hereof must be satisfied as to each Qualified final scheduled maturity date of any Qualifying Substitute Mortgage Loan or shall not exceed the Final Scheduled Distribution Date of any Class of Certificates. Whenever a Qualifying Substitute Mortgage Loan is substituted for a Deleted Mortgage Loan pursuant to this Agreement, the party effecting such substitution shall certify such qualification in writing to the aggregateTrustee. Notwithstanding any provision herein to the contrary, a Qualifying Substitute Mortgage Loan shall be deemed to have the same Applicable Fraction as that of the case may be.Deleted Mortgage Loan for which it was substituted. Rating Agency: Each of Xxxxx’x and S&P.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated Scheduled Principal Balance (or in the case of a substitution of more than one mortgage loan for a Deleted Mortgage Loan, an aggregate Stated Scheduled Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Scheduled Principal Balance of the Deleted Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs, (ii) has a Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) has a minimum Mortgage Rate not less than the minimum Mortgage Rate of the Deleted Mortgage Loan, (v) has a gross margin equal to or greater than the gross margin of the Deleted Mortgage Loan, (vi) has a next adjustment date not later than the next adjustment date on the Deleted Mortgage Loan, (vii) has the same Due Date as the Deleted Mortgage Loan, (viii) has a remaining stated term to maturity not longer greater than 18 months (and not more than 18 months shorter than the remaining stated term to maturity one year less than) that of the related Deleted Mortgage Loan, (ix) is current as of the date of substitution, (x) has a Loan-to-Value Ratio as of the date of substitution equal to or lower than the Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (xi) has been underwritten by the Seller any Transferor or in accordance with the same underwriting criteria and guidelines as the Deleted Mortgage Loan, (xii) has a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiii) is secured by the same property type as the Deleted Mortgage Loan, (xiv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made in the related Mortgage Loan Purchase Sale and Assignment Agreement, (xv) has the same first or higher lien position as the Deleted Mortgage Loan, (xvi) is covered by a primary mortgage insurance policy PMI Policy if the Deleted Mortgage Loan was so covered, (xvii) contains provisions covering the payment of Prepayment Premium by the Mortgager for early prepayment of the Mortgage Loan at least as favorable to the Trust as the Deleted Mortgage Loan, (xviii) has a maturity date not later than the maturity date of the latest maturing for any Mortgage Loan in to be substituted into Pool 1, has an original Scheduled Principal Balance within the Mortgage Pool as of the Closing Date, maximum dollar amount limitations prescribed by FNMA for conforming one-to-four-family mortgage loans and (xix) for any Mortgage Loans to be substituted into Pool 2, has an original Scheduled Principal Balance within the same Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January 1, 2004 is not a “highmaximum dollar amount limitations prescribed by FHLMC for conforming one-cost” loan subject to the New Mexico Home Loan Protection Actto-four family mortgage loans. In the event that one or more mortgage loans are substituted for one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall be determined on the basis of aggregate Stated Scheduled Principal Balances, the Mortgage Rates described in clause (ii) hereof shall be determined on the basis of weighted average Mortgage Rates, the risk gradings described in clause (xii) hereof shall be satisfied as to each such mortgage loan, the terms described in clause (viii) hereof shall be determined on the basis of weighted average remaining term to maturity, the Loan-to-Value Ratios described in clause (x) hereof shall be satisfied as to each such mortgage loan and, except to the extent otherwise provided in this sentence, the representations and warranties described in clause (xiv) hereof must be satisfied as to each Qualified Substitute Mortgage Loan or in the aggregate, as the case may be. Rating Agency: Each of S&P, Xxxxx’x and Fitch.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated Scheduled Principal Balance (or in the case of a substitution of more than one mortgage loan for a Deleted Mortgage Loan, an aggregate Stated Scheduled Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Scheduled Principal Balance of the Deleted Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs, (ii) has a Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) has a minimum Mortgage Rate not less than the minimum Mortgage Rate of the Deleted Mortgage Loan, (v) has a gross margin equal to or greater than the gross margin of the Deleted Mortgage Loan, (vi) has a next adjustment date not later than the next adjustment date on the Deleted Mortgage Loan, (vii) has the same Due Date as the Deleted Mortgage Loan, (viii) has a remaining stated term to maturity not longer than 18 months and not more than 18 months shorter than the remaining stated term to maturity of the related Deleted Mortgage Loan, (ix) is current as of the date of substitution, (x) has a Loan-to-Value Ratio as of the date of substitution equal to or lower than the Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (xi) has been underwritten by the Seller any Transferor or in accordance with the same underwriting criteria and guidelines as the Deleted Mortgage Loan, (xii) has a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiii) is secured by the same property type as the Deleted Mortgage Loan, (xiv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made in the related Mortgage Loan Purchase Sale and Assignment Agreement, (xv) has the same first or higher lien position as the Deleted Mortgage Loan, (xvi) is covered by a primary mortgage insurance policy PMI Policy if the Deleted Mortgage Loan was so covered, (xvii) contains provisions covering the payment of Prepayment Premium by the Mortgager for early prepayment of the Mortgage Loan at least as favorable to the Trust as the Deleted Mortgage Loan, (xviii) has a maturity date not later than the maturity date of the latest maturing for any Mortgage Loan in to be substituted into Pool 1, has an original Scheduled Principal Balance within the Mortgage Pool as of the Closing Date, maximum dollar amount limitations prescribed by FNMA and FHLMC for conforming one-to-four-family mortgage loans and (xix) for any Mortgage Loans to be substituted into Pool 2, has an original Scheduled Principal Balance within the same Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January 1, 2004 is not a “highmaximum dollar amount limitations prescribed by FHLMC for conforming one-cost” loan subject to the New Mexico Home Loan Protection Actto-four family mortgage loans. In the event that one or more mortgage loans are substituted for one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall be determined on the basis of aggregate Stated Scheduled Principal Balances, the Mortgage Rates described in clause (ii) hereof shall be determined on the basis of weighted average Mortgage Rates, the risk gradings described in clause (xii) hereof shall be satisfied as to each such mortgage loan, the terms described in clause (viii) hereof shall be determined on the basis of weighted average remaining term to maturity, the Loan-to-Value Ratios described in clause (x) hereof shall be satisfied as to each such mortgage loan and, except to the extent otherwise provided in this sentence, the representations and warranties described in clause (xiv) hereof must be satisfied as to each Qualified Substitute Mortgage Loan or in the aggregate, as the case may be. Rating Agency: Each of S&P, Xxxxx’x and Fitch.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated Scheduled Principal Balance (or in the case of a substitution of more than one mortgage loan for a Deleted Mortgage Loan, an aggregate Stated Scheduled Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Scheduled Principal Balance of the Deleted Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs, (ii) has a Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) if applicable, has a minimum Mortgage Rate not less than the minimum Mortgage Rate of the Deleted Mortgage Loan, (v) if applicable, has a gross margin equal to or greater than the gross margin of the Deleted Mortgage Loan, (vi) is not a Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative Loan, (vii) if applicable, has a next adjustment date not later than the next adjustment date on the Deleted Mortgage Loan, (viiviii) has the same Due Date as the Deleted Mortgage Loan, (viiiix) has a remaining stated term to maturity not longer than 18 months and not more than 18 months shorter than the remaining stated term to maturity of the related Deleted Mortgage Loan; provided, that in no case should such substitute Mortgage Loan have a maturity date later than the Final Scheduled Distribution Date; (ixx) is current as of the date of substitution, (xxi) has a Combined Loan-to-Value Ratio as of the date of substitution equal to or lower than the Combined Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (xixii) has been underwritten by the Seller Transferor in accordance with the same underwriting criteria and guidelines as the Deleted Mortgage Loan, (xiixiii) has a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiiixiv) is secured by the same property type as the Deleted Mortgage Loan, (xivxv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made in the Mortgage Loan Purchase Sale Agreement, (xvxvi) has the same first or higher lien position as the Deleted Mortgage Loan, (xvi) is covered by a primary mortgage insurance policy if the Deleted Mortgage Loan was so covered, (xvii) contains provisions covering the payment of Prepayment Premium by the Mortgager Mortgagor for early prepayment of the Mortgage Loan at least as favorable to the Trust as the Deleted Mortgage Loan, Loan and (xviii) has a maturity date not later than the maturity date of the latest maturing for any Mortgage Loan in the Mortgage to be substituted into Pool as of the Closing Date, (xix) has the same Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January 1, 2004 is not a “highhas an original Scheduled Principal Balance within the maximum dollar amount limitations prescribed by Xxxxxxx Mac for conforming one-cost” loan subject to the New Mexico Home Loan Protection Actto-four family first and second lien residential mortgaged properties. In the event that one or more mortgage loans are substituted for one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall be determined on the basis of aggregate Stated Scheduled Principal Balances, the Mortgage Rates described in clause (ii) hereof shall be determined on the basis of weighted average Mortgage Rates, the risk gradings described in clause (xiixiii) hereof shall be satisfied as to each such mortgage loan, the terms described in clause (viiiix) hereof shall be determined on the basis of weighted average remaining term to maturity; provided, that the stated maturity date of any Qualifying Substitute Mortgage Loan shall not be later than the Final Scheduled Distribution Date, the Combined Loan-to-Value Ratios described in clause (xxi) hereof shall be satisfied as to each such mortgage loan and, except to the extent otherwise provided in this sentence, the representations and warranties described in clause (xivxv) hereof must be satisfied as to each Qualified Qualifying Substitute Mortgage Loan or in the aggregate, as the case may be.. 50 Rating Agency: Each of Xxxxx’x, DRBS and S&P.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated Scheduled Principal Balance (or in the case of a substitution of more than one mortgage loan for a Deleted Mortgage Loan, an aggregate Stated Scheduled Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Scheduled Principal Balance of the Deleted Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs, (ii) has a Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) has a minimum Mortgage Rate not less than the minimum Mortgage Rate of the Deleted Mortgage Loan, (v) has a gross margin equal to or greater than the gross margin of the Deleted Mortgage Loan, (vi) has a next adjustment date not later than the next adjustment date on the Deleted Mortgage Loan, (vii) has the same Due Date as the Deleted Mortgage Loan, (viii) has a remaining stated term to maturity not longer greater than 18 months (and not more than 18 months shorter than the remaining stated term to maturity one year less than) that of the related Deleted Mortgage Loan, (ix) is current as of the date of substitution, (x) has a Loan-to-Value Ratio as of the date of substitution equal to or lower than the Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (xi) has been underwritten by the Seller any Transferor or in accordance with the same underwriting criteria and guidelines as the Deleted Mortgage Loan, (xii) has a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiii) is secured by the same property type as the Deleted Mortgage Loan, (xiv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made in the Mortgage Loan Purchase Sale and Assignment Agreement, (xv) has the same first or higher lien position as the Deleted Mortgage Loan, (xvi) is covered by a primary mortgage insurance policy PMI Policy if the Deleted Mortgage Loan was so covered, (xvii) contains provisions covering the payment of Prepayment Premium by the Mortgager for early prepayment of the Mortgage Loan at least as favorable to the Trust as the Deleted Mortgage Loan, Loan and (xviii) has a maturity date not later than the maturity date of the latest maturing for any Mortgage Loan in the Mortgage to be substituted into Pool as of the Closing Date, (xix) has the same Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January 1, 2004 is not a “highhas an original Scheduled Principal Balance within the maximum dollar amount limitations prescribed by the FHLMC for conforming one- to four-cost” loan subject to the New Mexico Home Loan Protection Actfamily mortgage loans. In the event that one or more mortgage loans are substituted for one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall be determined on the basis of aggregate Stated Scheduled Principal Balances, the Mortgage Rates described in clause (ii) hereof shall be determined on the basis of weighted average Mortgage Rates, the risk gradings described in clause (xii) hereof shall be satisfied as to each such mortgage loan, the terms described in clause (viii) hereof shall be determined on the basis of weighted average remaining term to maturity, the Loan-to-Value Ratios described in clause (x) hereof shall be satisfied as to each such mortgage loan and, except to the extent otherwise provided in this sentence, the representations and warranties described in clause (xiv) hereof must be satisfied as to each Qualified Substitute Mortgage Loan or in the aggregate, as the case may be.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated Scheduled Principal Balance (or in the case of a substitution of more than one mortgage loan for a Deleted Mortgage Loan, an aggregate Stated Scheduled Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Scheduled Principal Balance of the Deleted Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs, (ii) has a Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) has a minimum Mortgage Rate not less than the minimum Mortgage Rate of the Deleted Mortgage Loan, (v) has a gross margin equal to or greater than the gross margin of the Deleted Mortgage Loan, (vi) is not a Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative Loan, (vii) has a next adjustment date not later than the next adjustment date on the Deleted Mortgage Loan, (viiviii) has the same Due Date as the Deleted Mortgage Loan, (viiiix) has a remaining stated term to maturity not longer than 18 months and not more than 18 months shorter than the remaining stated term to maturity of the related Deleted Mortgage Loan, (ixx) is current as of the date of substitution, (xxi) has a Combined Loan-to-Value Ratio as of the date of substitution equal to or lower than the Combined Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (xixii) has been underwritten by the Seller any Transferor in accordance with the same underwriting criteria and guidelines as the Deleted Mortgage Loan, (xiixiii) has a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiiixiv) is secured by the same property type as the Deleted Mortgage Loan, (xivxv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made in the related Mortgage Loan Purchase Sale and Assignment Agreement, (xvxvi) has the same first or higher lien position as the Deleted Mortgage Loan, (xvixvii) is covered by a primary mortgage insurance policy Primary Mortgage Insurance Policy if the Deleted Mortgage Loan was so covered, and (xviixviii) contains provisions covering the payment of Prepayment Premium by the Mortgager Mortgagor for early prepayment of the Mortgage Loan at least as favorable to the Trust as the Deleted Mortgage Loan, (xviii) has a maturity date not later than the maturity date of the latest maturing Mortgage Loan in the Mortgage Pool as of the Closing Date, (xix) has the same Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January 1, 2004 is not a “high-cost” loan subject to the New Mexico Home Loan Protection Act. In the event that one or more mortgage loans are substituted for one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall be determined on the basis of aggregate Stated Scheduled Principal Balances, the Mortgage Rates described in clause (ii) hereof shall be determined on the basis of weighted average Mortgage Rates, the risk gradings described in clause (xiixiii) hereof shall be satisfied as to each such mortgage loan, the terms described in clause (viiiix) hereof shall be determined on the basis of weighted average remaining term to maturity, the Combined Loan-to-Value Ratios described in clause (xxi) hereof shall be satisfied as to each such mortgage loan and, except to the extent otherwise provided in this sentence, the representations and warranties described in clause (xivxv) hereof must be satisfied as to each Qualified Substitute Mortgage Loan or in the aggregate, as the case may be.. Rating Agency: Each of Fitch, Xxxxx’x and S&P.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated Scheduled Principal Balance (or in the case of a substitution of more than one mortgage loan for a Deleted Mortgage Loan, an aggregate Stated Scheduled Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Scheduled Principal Balance of the Deleted Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs, (ii) has a Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) has a minimum Mortgage Rate not less than the minimum Mortgage Rate of the Deleted Mortgage Loan, (v) has a gross margin equal to or greater than the gross margin of the Deleted Mortgage Loan, (vi) is not a Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative Loan, (vii) has a next adjustment date not later than the next adjustment date on the Deleted Mortgage Loan, (viiviii) has the same Due Date as the Deleted Mortgage Loan, (viiiix) has a remaining stated term to maturity not longer than 18 months and not more than 18 months shorter than the remaining stated term to maturity of the related Deleted Mortgage Loan, (ixx) is current as of the date of substitution, (xxi) has a Loan-to-Value Ratio as of the date of substitution equal to or lower than the Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (xixii) has been underwritten by the Seller any Transferor in accordance with the same underwriting criteria and guidelines as the Deleted Mortgage Loan, (xiixiii) has a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiiixiv) is secured by the same property type as the Deleted Mortgage Loan, (xivxv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made in the related Mortgage Loan Purchase Sale and Assignment Agreement, (xvxvi) has the same first or higher lien position as the Deleted Mortgage Loan, (xvixvii) is covered by a primary mortgage insurance policy PMI Policy if the Deleted Mortgage Loan was so covered, (xviixviii) contains provisions covering the payment of Prepayment Premium by the Mortgager Mortgagor for early prepayment of the Mortgage Loan at least as favorable to the Trust as the Deleted Mortgage Loan, (xviii) has a maturity date not later than the maturity date of the latest maturing Mortgage Loan in the Mortgage Pool as of the Closing Dateand, (xix) has the same for any Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject Loan to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January be substituted into Pool 1, 2004 is not a “highhas an original Scheduled Principal Balance within the maximum dollar amount limitations prescribed by Xxxxxxx Mac for conforming one-cost” loan subject to the New Mexico Home Loan Protection Actto-four-family mortgage loans. In the event that one or more mortgage loans are substituted for one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall be determined on the basis of aggregate Stated Scheduled Principal Balances, the Mortgage Rates described in clause (ii) hereof shall be determined on the basis of weighted average Mortgage Rates, the risk gradings described in clause (xiixiii) hereof shall be satisfied as to each such mortgage loan, the terms described in clause (viiiix) hereof shall be determined on the basis of weighted average remaining term to maturity, the Loan-to-Value Ratios described in clause (xxi) hereof shall be satisfied as to each such mortgage loan and, except to the extent otherwise provided in this sentence, the representations and warranties described in clause (xivxv) hereof must be satisfied as to each Qualified Substitute Mortgage Loan or in the aggregate, as the case may be. Rating Agency: Each of Xxxxx’x, S&P and Fitch.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated Scheduled Principal Balance (or in the case of a substitution of more than one mortgage loan for a Deleted Mortgage Loan, an aggregate Stated Scheduled Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Scheduled Principal Balance of the Deleted Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs, (ii) has a Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) has a minimum Mortgage Rate not less than the minimum Mortgage Rate of the Deleted Mortgage Loan, (v) has a gross margin equal to or greater than the gross margin of the Deleted Mortgage Loan, (vi) is not a Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative Loan, (vii) has a next adjustment date not later than the next adjustment date on the Deleted Mortgage Loan, (viiviii) has the same Due Date as the Deleted Mortgage Loan, (viiiix) has a remaining stated term to maturity not longer than 18 months and not more than 18 months shorter than the remaining stated term to maturity of the related Deleted Mortgage Loan, (ixx) is current as of the date of substitution, (xxi) has a Loan-to-Value Ratio as of the date of substitution equal to or lower than the Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (xixii) has been underwritten by the Seller any Transferor or in accordance with the same underwriting criteria and guidelines as the Deleted Mortgage Loan, (xiixiii) has a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiiixiv) is secured by the same property type as the Deleted Mortgage Loan, (xivxv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made in the Mortgage Loan Purchase Sale Agreement, (xvxvi) has the same first or higher lien position as the Deleted Mortgage Loan, (xvixvii) is covered by a primary mortgage insurance policy PMI Policy if the Deleted Mortgage Loan was so covered, (xviixviii) contains provisions covering the payment of Prepayment Premium by the Mortgager for early prepayment of the Mortgage Loan at least as favorable to the Trust as the Deleted Mortgage Loan, (xviii) has a maturity date not later than the maturity date of the latest maturing Mortgage Loan in the Mortgage Pool as of the Closing Date, and (xix) has the same for any Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject Loans to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January be substituted into Pool 1, 2004 is not a “highhas an original Scheduled Principal Balance within the maximum dollar amount limitations prescribed by FHLMC for conforming one-cost” loan subject to the New Mexico Home Loan Protection Actto-four family mortgage loans. In the event that one or more mortgage loans are substituted for one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall be determined on the basis of aggregate Stated Scheduled Principal Balances, the Mortgage Rates described in clause (ii) hereof shall be determined on the basis of weighted average Mortgage Rates, the risk gradings described in clause (xii) hereof shall be satisfied as to each such mortgage loan, the terms described in clause (viii) hereof shall be determined on the basis of weighted average remaining term to maturity, the Loan-to-Value Ratios described in clause (x) hereof shall be satisfied as to each such mortgage loan and, except to the extent otherwise provided in this sentence, the representations and warranties described in clause (xiv) hereof must be satisfied as to each Qualified Substitute Mortgage Loan or in the aggregate, as the case may be.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated Scheduled Principal Balance (or in the case of a substitution of more than one mortgage loan for a Deleted Mortgage Loan, an aggregate Stated Scheduled Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Scheduled Principal Balance of the Deleted Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs, (ii) has a Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) if applicable, has a minimum Mortgage Rate not less than the minimum Mortgage Rate of the Deleted Mortgage Loan, (v) if applicable, has a gross margin equal to or greater than the gross margin of the Deleted Mortgage Loan, (vi) if applicable, has a next adjustment date not later than the next adjustment date on the Deleted Mortgage Loan, (vii) has the same Due Date as the Deleted Mortgage Loan, (viii) has a remaining stated term to maturity not longer than 18 months and not more than 18 months shorter than the remaining stated term to maturity of the related Deleted Mortgage Loan; provided that in no case shall such substitute Mortgage Loan have a maturity date later than the Final Scheduled Distribution Date, (ix) is current as of the date of substitution, (x) has a Combined Loan-to-Value Ratio as of the date of substitution equal to or lower than the Combined Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (xi) has been underwritten by the Seller in any Transferor or accordance with the same underwriting criteria and guidelines as the Deleted Mortgage Loan, (xii) has a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiii) is secured by the same property type as the Deleted Mortgage Loan, (xiv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made in the Mortgage Loan Purchase Sale Agreement, (xv) has the same first or higher lien position as the Deleted Mortgage Loan, (xvi) is covered by a primary mortgage insurance policy if the Deleted Mortgage Loan was so covered, (xvii) contains provisions covering the payment of Prepayment Premium by the Mortgager Mortgagor for early prepayment of the Mortgage Loan at least as favorable to the Trust as the Deleted Mortgage Loan, (xviii) Loan and has a maturity date not later than an original Scheduled Principal Balance within the maturity date of the latest maturing Mortgage Loan in the Mortgage Pool as of the Closing Date, (xix) has the same Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January 1, 2004 is not a “highmaximum dollar amount limitations prescribed by Xxxxxxx Mac for conforming one-cost” loan subject to the New Mexico Home Loan Protection Actto-four-family mortgage loans. In the event that one or more mortgage loans are substituted for one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall be determined on the basis of aggregate Stated Scheduled Principal Balances, the Mortgage Rates described in clause (ii) hereof shall be determined on the basis of weighted average Mortgage Rates, the risk gradings described in clause (xiixiii) hereof shall be satisfied as to each such mortgage loan, the terms described in clause (viiiix) hereof shall be determined on the basis of a weighted average remaining term to maturity; provided that the stated maturity date of any Qualifying Substitute Mortgage Loan shall not be later than the Final Scheduled Distribution Date, the Combined Loan-to-Value Ratios described in clause (xxi) hereof shall be satisfied as to each such mortgage loan and, except to the extent otherwise provided in this sentence, the representations and warranties described in clause (xivxv) hereof must be satisfied as to each Qualified Qualifying Substitute Mortgage Loan or in the aggregate, as the case may be.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated Scheduled Principal Balance (or in the case of a substitution of more than one mortgage loan for a Deleted Mortgage Loan, an aggregate Stated Scheduled Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Scheduled Principal Balance of the Deleted Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs, (ii) has a Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) if applicable, has a minimum Mortgage Rate not less than the minimum Mortgage Rate of the Deleted Mortgage Loan, (v) if applicable, has a gross margin equal to or greater than the gross margin of the Deleted Mortgage Loan, (vi) is not a Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative Loan, (vii) if applicable, has a next adjustment date not later than the next adjustment date on the Deleted Mortgage Loan, (viiviii) has the same Due Date as the Deleted Mortgage Loan, (viiiix) has a remaining stated term to maturity not longer more than 18 months longer and not more than 18 months shorter than the remaining stated term to maturity of the related Deleted Mortgage Loan; provided, that in no case should such substitute Mortgage Loan have a maturity date later than the Final Scheduled Distribution Date; (ixx) is current as of the date of substitution, (xxi) has a Loan-to-Value Ratio as of the date of substitution equal to or lower than the Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (xixii) has been underwritten by the Seller Transferor in accordance with the same underwriting criteria and guidelines as the Deleted Mortgage Loan, (xiixiii) has a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiiixiv) is secured by the same property type as the Deleted Mortgage Loan, (xivxv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made in the related Mortgage Loan Purchase Sale Agreement, (xvxvi) has the same first or higher lien position as the Deleted Mortgage Loan, (xvixvii) is covered by a primary mortgage insurance policy if the Deleted Mortgage Loan was so covered[reserved], (xviixviii) contains provisions covering the payment of Prepayment Premium by the Mortgager Mortgagor for early prepayment of the Mortgage Loan at least as favorable to the Trust as the Deleted Mortgage Loan, (xviii) has a maturity date not later than the maturity date of the latest maturing Mortgage Loan in the Mortgage Pool as of the Closing Date, and (xix) has the same for any Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject Loan to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January be substituted into Pool 1, 2004 is not a “highhas an original Scheduled Principal Balance within the maximum dollar amount limitations prescribed by Xxxxxx Xxx for conforming one-cost” loan subject to the New Mexico Home Loan Protection Actto-four family first lien residential mortgaged properties. In the event that one or more mortgage loans are substituted for one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall be determined on the basis of aggregate Stated Scheduled Principal Balances, the Mortgage Rates described in clause (ii) hereof shall be determined on the basis of weighted average Mortgage Rates, the risk gradings described in clause (xiixiii) hereof shall be satisfied as to each such mortgage loan, the terms described in clause (viiiix) hereof shall be determined on the basis of weighted average remaining term to maturity; provided, that the stated maturity date of any Qualifying Substitute Mortgage Loan shall not be later than the Final Scheduled Distribution Date, the Loan-to-Value Ratios described in clause (xxi) hereof shall be satisfied as to each such mortgage loan and, except to the extent otherwise provided in this sentence, the representations and warranties described in clause (xivxv) hereof must be satisfied as to each Qualified Qualifying Substitute Mortgage Loan or in the aggregate, as the case may be.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this AgreementLoan, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated a Scheduled Principal Balance (or in the case together with that of a substitution of more than one any other mortgage loan substituted for a the same Deleted Mortgage Loan, an aggregate Stated Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Principal Balance of the Deleted Mortgage Loan ) as of the Due Date in the calendar month during in which such substitution occurs not in excess of the Scheduled Principal Balance of the related Deleted Mortgage Loan; provided, however, that, to the extent that the Scheduled Principal Balance of such Mortgage Loan is less than the Scheduled Principal Balance of the related Deleted Mortgage Loan, then a Substitution Amount shall be paid by the party effecting such substitution occursto the Trustee for deposit into the Certificate Account, and shall be treated as a Principal Prepayment hereunder; (ii) has a Net Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less lower than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) has a minimum Mortgage Rate not less than the minimum Net Mortgage Rate of the related Deleted Mortgage Loan, (v) has Loan and will be a gross margin equal to or greater than the gross margin of Discount Mortgage Loan if the Deleted Mortgage Loan, (vi) has Loan was a next adjustment date not later than the next adjustment date on Discount Mortgage Loan or a Non-Discount Mortgage Loan if the Deleted Mortgage Loan, (vii) has the same Due Date as the Deleted Loan was a Non-Discount Mortgage Loan, ; (viiiiii) has a remaining stated term to maturity not more than eighteen months longer than 18 months than, and not more than 18 eighteen months shorter than than, the remaining stated term to stated maturity of the related Deleted Mortgage Loan; provided, however, in no case shall such substitute Mortgage Loan have a remaining stated term to maturity later than the Final Scheduled Distribution Date; (ixiv) is current as of the date of substitution, (xA) has a Loan-to-Value Ratio as of the date of such substitution equal to or lower of not greater than 80%; provided, however, that if the related Deleted Mortgage Loan has a Loan-to-Value Ratio of greater than 80%, then the Loan-to-Value Ratio of such substitute Mortgage Loan may be greater than 80% but shall not be greater than the Loan-to-Value Ratio of the related Deleted Mortgage Loan and (B) the addition of such substitute Mortgage Loan does not increase the weighted average Loan-to-Value Ratio of the Mortgage Pool by more than 5%; (v) will comply with all of the representations and warranties relating to Mortgage Loans set forth herein, as of the date as of which such datesubstitution occurs; (vi) is not a Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative Loan; (vii) if applicable, (xi) has been underwritten by the Seller in accordance with the same underwriting criteria index as and guidelines as a margin not less than that of the related Deleted Mortgage Loan, ; (xiiviii) has not been delinquent for a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiii) is secured by the same property type as the Deleted Mortgage Loan, (xiv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made period of more than 30 days more than once in the Mortgage Loan Purchase Agreement, twelve months immediately preceding such date of substitution; (xv) has the same first lien position as the Deleted Mortgage Loan, (xviix) is covered by a primary mortgage insurance policy Primary Mortgage Insurance Policy if the related Deleted Mortgage Loan is so covered, and the Loan-to-Value Ratio of such Mortgage Loan is greater than 80%; and (x) has a Credit Score not greater than 20 points lower than the Credit Score of the related Deleted Mortgage Loan; provided, however, that if the Deleted Mortgage Loan was so covereddoes not have a Credit Score, (xvii) contains provisions covering the payment of Prepayment Premium by the Mortgager for early prepayment of the then such substitute Mortgage Loan at least as favorable shall have a Credit Score equal to the Trust as the Deleted Mortgage Loan, (xviii) has a maturity date not later or greater than the maturity date of the latest maturing Mortgage Loan in the Mortgage Pool as of the Closing Date, (xix) has the same Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January 1, 2004 is not a “high-cost” loan subject to the New Mexico Home Loan Protection Act700. In the event that either one mortgage loan is substituted for more than one Deleted Mortgage Loan or more than one mortgage loans are loan is substituted for one or more Deleted Mortgage Loans, then (a) the amounts described Scheduled Principal Balance referred to in clause (i) hereof above shall be determined on such that the basis aggregate Scheduled Principal Balance of all such substitute Mortgage Loans shall not exceed the aggregate Stated Scheduled Principal Balances, Balance of all Deleted Mortgage Loans and (b) each of (1) the Mortgage Rates described rate referred to in clause (ii) hereof shall be determined on above, (2) the basis of weighted average Mortgage Rates, the risk gradings described remaining term to stated maturity referred to in clause (xiiiii) hereof shall be satisfied as to each such mortgage loanabove, the terms described in clause (viii3) hereof shall be determined on the basis of weighted average remaining term to maturity, the Loan-to-Value Ratios described Ratio referred to in clause (iv) above and (4) the Credit Score referred to in clause (x) hereof above shall be satisfied as to each such mortgage loan anddetermined on a weighted average basis, except to provided that the extent otherwise provided in this sentence, the representations and warranties described in clause (xiv) hereof must be satisfied as to each Qualified final scheduled maturity date of any Qualifying Substitute Mortgage Loan shall not exceed the Final Scheduled Distribution Date of any Class of Certificates. Whenever a Qualifying Substitute Mortgage Loan is substituted for a Deleted Mortgage Loan pursuant to this Agreement, the party effecting such substitution shall certify such qualification in writing to the Trustee. Notwithstanding any provision herein to the contrary, a Qualifying Substitute Mortgage Loan shall be deemed to have the same AP Percentage and Non-AP Percentage as that of the Deleted Mortgage Loan for which it was substituted. Rating Agency: Each of Fitch and S&P. Realized Loss: (a) With respect to each Liquidated Mortgage Loan, an amount equal to (i) the unpaid principal balance of such Mortgage Loan as of the date of liquidation, plus (ii) interest at the applicable Net Mortgage Rate from the date as to which interest was last paid up to the last day of the month of such liquidation, minus (iii) Liquidation Proceeds received, net of amounts that are reimbursable to the Master Servicer or in the aggregateapplicable Servicer with respect to such Mortgage Loan (other than Advances of principal and interest) including expenses of liquidation, and (b) with respect to each Mortgage Loan that has become the subject of a Deficient Valuation, the difference between the unpaid principal balance of such Mortgage Loan immediately prior to such Deficient Valuation and the unpaid principal balance of such Mortgage Loan as reduced by the case may beDeficient Valuation. In determining whether a Realized Loss on a Liquidated Mortgage Loan is a Realized Loss of interest or principal, Liquidation Proceeds shall be allocated, first, to payment of expenses related to such Liquidated Mortgage Loan (including payment of any Retained Interest), then to accrued unpaid interest and finally to reduce the principal balance of the Mortgage Loan.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated Scheduled Principal Balance (or in the case of a substitution of more than one mortgage loan for a Deleted Mortgage Loan, an aggregate Stated Scheduled Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Scheduled Principal Balance of the Deleted Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs, (ii) has a Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) has a minimum Mortgage Rate not less than the minimum Mortgage Rate of the Deleted Mortgage Loan, (v) has a gross margin equal to or greater than the gross margin of the Deleted Mortgage Loan, (vi) is not a Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative Loan, (vii) has a next adjustment date not later than the next adjustment date on the Deleted Mortgage Loan, (viiviii) has the same Due Date as the Deleted Mortgage Loan, (viiiix) has a remaining stated term to maturity not longer than 18 months and not more than 18 months shorter than the remaining stated term to maturity of the related Deleted Mortgage Loan, (ixx) is current as of the date of substitution, (xxi) has a Loan-to-Value Ratio as of the date of substitution equal to or lower than the Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (xixii) has been underwritten by the Seller any Transferor or in accordance with the same underwriting criteria and guidelines as the Deleted Mortgage Loan, (xiixiii) has a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiiixiv) is secured by the same property type as the Deleted Mortgage Loan, (xivxv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made in the related Mortgage Loan Purchase Sale and Assignment Agreement, (xvxvi) has the same first or higher lien position as the Deleted Mortgage Loan, (xvixvii) is covered by a primary mortgage insurance policy PMI Policy if the Deleted Mortgage Loan was so covered, (xviixviii) contains provisions covering the payment of Prepayment Premium by the Mortgager Mortgagor for early prepayment of the Mortgage Loan at least as favorable to the Trust as the Deleted Mortgage Loan, (xviii) has a maturity date not later than the maturity date of the latest maturing Mortgage Loan in the Mortgage Pool as of the Closing Date, and (xix) has the same for any Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject Loan to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January be substituted into Pool 1, 2004 is not a “highhas an original Scheduled Principal Balance within the maximum dollar amount limitations prescribed by FHLMC for conforming one-cost” loan subject to the New Mexico Home Loan Protection Actto-four-family mortgage loans. In the event that one or more mortgage loans are substituted for one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall be determined on the basis of aggregate Stated Scheduled Principal Balances, the Mortgage Rates described in clause (ii) hereof shall be determined on the basis of weighted average Mortgage Rates, the risk gradings described in clause (xiixiii) hereof shall be satisfied as to each such mortgage loan, the terms described in clause (viiiix) hereof shall be determined on the basis of weighted average remaining term to maturity, the Loan-to-Value Ratios described in clause (xxi) hereof shall be satisfied as to each such mortgage loan and, except to the extent otherwise provided in this sentence, the representations and warranties described in clause (xiv) hereof must be satisfied as to each Qualified Substitute Mortgage Loan or in the aggregate, as the case may be. Radian: Radian Guaranty Inc., and its successors in interest. Radian Bulk PMI Policy: Radian Master Policy, No. 45450 as modified by the related Terms Letter Agreement (Ref. No. ID # 04-998014) dated March 30, 2004 between Radian and Xxxxxx Brothers Inc. Rating Agency: Each of S&P and Fitch.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated Scheduled Principal Balance (or in the case of a substitution of more than one mortgage loan for a Deleted Mortgage Loan, an aggregate Stated Scheduled Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Scheduled Principal Balance of the Deleted Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs, (ii) has a Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) if applicable, has a minimum Mortgage Rate not less than the minimum Mortgage Rate of the Deleted Mortgage Loan, (v) if applicable, has a gross margin equal to or greater than the gross margin of the Deleted Mortgage Loan, (vi) is not a Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative Loan, (vii) if applicable, has a next adjustment date not later than the next adjustment date on the Deleted Mortgage Loan, (viiviii) has the same Due Date as the Deleted Mortgage Loan, (viiiix) has a remaining stated term to maturity not longer than 18 months and not more than 18 months shorter than the remaining stated term to maturity of the related Deleted Mortgage Loan; provided, that in no case should such substitute Mortgage Loan have a maturity date later than the Final Scheduled Distribution Date, (ixx) is current as of the date of substitution, (xxi) has a Loan-to-Value Ratio as of the date of substitution equal to or lower than the Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (xixii) has been underwritten by the Seller Transferor in accordance with the same underwriting criteria and guidelines as the Deleted Mortgage Loan, (xiixiii) has a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiiixiv) is secured by the same property type as the Deleted Mortgage Loan, (xivxv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made in the related Mortgage Loan Purchase Sale Agreement, (xvxvi) has the same first or higher lien position as the Deleted Mortgage Loan, (xvi) is covered by a primary mortgage insurance policy if the Deleted Mortgage Loan was so covered, (xvii) if applicable, contains provisions covering the payment of any Prepayment Premium by the Mortgager Mortgagor for early prepayment of the Mortgage Loan at least as favorable to the Trust as the Deleted Mortgage Loan, (xviii) has is covered by a maturity date not later than Primary Mortgage Insurance Policy if the maturity date of the latest maturing Deleted Mortgage Loan in the Mortgage Pool as of the Closing Date, was so covered and (xix) has the same for any Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject Loan to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January be substituted into Pool 1, 2004 is not a “highhas an original Scheduled Principal Balance within the maximum dollar amount limitations prescribed by Xxxxxxx Mac for conforming one-cost” loan subject to the New Mexico Home Loan Protection Actto-four family first and second lien residential mortgaged properties. In the event that one or more mortgage loans are substituted for one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall be determined on the basis of aggregate Stated Scheduled Principal Balances, the Mortgage Rates described in clause (ii) hereof shall be determined on the basis of weighted average Mortgage Rates, the risk gradings described in clause (xiixiii) hereof shall be satisfied as to each such mortgage loan, the terms described in clause (viiiix) hereof shall be determined on the basis of weighted average remaining term to maturity, provided, that the stated maturity date of any Qualifying Substitute Mortgage Loan shall not be later than the Final Scheduled Distribution Date (subject to the second proviso above), the Loan-to-Value Ratios described in clause (xxi) hereof shall be satisfied as to each such mortgage loan and, except to the extent otherwise provided in this sentence, the representations and warranties described in clause (xivxv) hereof must be satisfied as to each Qualified Qualifying Substitute Mortgage Loan or in the aggregate, as the case may be.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this AgreementLoan, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated a Scheduled Principal Balance (or in the case together with that of a substitution of more than one any other mortgage loan substituted for a the same Deleted Mortgage Loan, an aggregate Stated Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Principal Balance of the Deleted Mortgage Loan ) as of the Due Date in the calendar month during in which such substitution occurs not in excess of the Scheduled Principal Balance of the related Deleted Mortgage Loan; provided, however, that, to the extent that the Scheduled Principal Balance of such Mortgage Loan is less than the Scheduled Principal Balance of the related Deleted Mortgage Loan, then a Substitution Amount shall be paid by the party effecting such substitution occursto the Trustee for deposit into the Certificate Account, and shall be treated as a Principal Prepayment hereunder; (ii) has a Net Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less lower than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) has a minimum Mortgage Rate not less than the minimum Net Mortgage Rate of the related Deleted Mortgage Loan, ; (v) has a gross margin equal to or greater than the gross margin of the Deleted Mortgage Loan, (vi) has a next adjustment date not later than the next adjustment date on the Deleted Mortgage Loan, (vii) has the same Due Date as the Deleted Mortgage Loan, (viiiiii) has a remaining stated term to maturity not more than eighteen months longer than 18 months than, and not more than 18 eighteen months shorter than than, the remaining stated term to stated maturity of the related Deleted Mortgage Loan; provided, however, in no case shall such substitute Mortgage Loan have a remaining stated term to maturity later than the Final Scheduled Distribution Date; (ixiv) is current as of the date of substitution, (xA) has a Loan-to-Value Ratio as of the date of such substitution equal to or lower of not greater than 80%; provided, however, that if the related Deleted Mortgage Loan has a Loan-to-Value Ratio of greater than 80% as of the date of substitution, then the Loan-to-Value Ratio of such substitute Mortgage Loan may be greater than 80% but shall not be greater than the Loan-to-Value Ratio of the related Deleted Mortgage Loan and (B) the addition of such substitute Mortgage Loan does not increase the weighted average Loan-to-Value Ratio, as of the date of substitution of the Mortgage Pool by more than 5%; (v) will comply with all of the representations and warranties relating to Mortgage Loans set forth herein, as of the date as of which such datesubstitution occurs; (vi) is not a Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative Loan; (vii) if applicable, (xi) has been underwritten by the Seller in accordance with the same underwriting criteria index as and guidelines as a margin not less than that of the related Deleted Mortgage Loan, ; (xiiviii) has not been delinquent for a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiii) is secured by the same property type as the Deleted Mortgage Loan, (xiv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made period of more than 30 days more than once in the Mortgage Loan Purchase Agreement, twelve months immediately preceding such date of substitution; (xv) has the same first lien position as the Deleted Mortgage Loan, (xviix) is covered by a primary mortgage insurance policy Primary Mortgage Insurance Policy if the related Deleted Mortgage Loan is so covered, and the Loan-to-Value Ratio of such Mortgage Loan is greater than 80%; and (x) has a Credit Score not greater than 20 points lower than the Credit Score of the related Deleted Mortgage Loan; provided, however, that if the Deleted Mortgage Loan was so covereddoes not have a Credit Score, (xvii) contains provisions covering the payment of Prepayment Premium by the Mortgager for early prepayment of the then such substitute Mortgage Loan at least as favorable shall have a Credit Score equal to the Trust as the Deleted Mortgage Loan, (xviii) has a maturity date not later or greater than the maturity date of the latest maturing Mortgage Loan in the Mortgage Pool as of the Closing Date, (xix) has the same Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January 1, 2004 is not a “high-cost” loan subject to the New Mexico Home Loan Protection Act700. In the event that either one mortgage loan is substituted for more than one Deleted Mortgage Loan or more than one mortgage loans are loan is substituted for one or more Deleted Mortgage Loans, then (a) the amounts described Scheduled Principal Balance referred to in clause (i) hereof above shall be determined on such that the basis aggregate Scheduled Principal Balance of all such substitute Mortgage Loans shall not exceed the aggregate Stated Scheduled Principal Balances, Balance of all Deleted Mortgage Loans and (b) each of (1) the Mortgage Rates described rate referred to in clause (ii) hereof shall be determined on above, (2) the basis of weighted average Mortgage Rates, the risk gradings described remaining term to stated maturity referred to in clause (xiiiii) hereof shall be satisfied as to each such mortgage loanabove, the terms described in clause (viii3) hereof shall be determined on the basis of weighted average remaining term to maturity, the Loan-to-Value Ratios described Ratio referred to in clause (iv) above and (4) the Credit Score referred to in clause (x) hereof above shall be satisfied as to each such mortgage loan anddetermined on a weighted average basis, except to provided that the extent otherwise provided in this sentence, the representations and warranties described in clause (xiv) hereof must be satisfied as to each Qualified final scheduled maturity date of any Qualifying Substitute Mortgage Loan shall not exceed the Final Scheduled Distribution Date of any Class of Certificates. Whenever a Qualifying Substitute Mortgage Loan is substituted for a Deleted Mortgage Loan pursuant to this Agreement, the party effecting such substitution shall certify such qualification in writing to the Trustee or in a Custodian on its behalf. Notwithstanding any provision herein to the aggregatecontrary, a Qualifying Substitute Mortgage Loan shall be deemed to have the same Applicable Fraction as that of the case may beDeleted Mortgage Loan for which it was substituted.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated Scheduled Principal Balance (or in the case of a substitution of more than one mortgage loan for a Deleted Mortgage Loan, an aggregate Stated Scheduled Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Scheduled Principal Balance of the Deleted Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs, (ii) has a Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) if applicable, has a minimum Mortgage Rate not less than the minimum Mortgage Rate of the Deleted Mortgage Loan, (v) if applicable, has a gross margin equal to or greater than the gross margin of the Deleted Mortgage Loan, (vi) is not a Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative Loan, (vii) if applicable, has a next adjustment date not later than the next adjustment date on the Deleted Mortgage Loan, (viiviii) has the same Due Date as the Deleted Mortgage Loan, (viiiix) has a remaining stated term to maturity not longer than 18 months and not more than 18 months shorter than the remaining stated term to maturity of the related Deleted Mortgage Loan, (ixx) is current as of the date of substitution, (xxi) has a Loan-to-Value Ratio as of the date of substitution equal to or lower than the Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (xixii) has been underwritten by the Seller any Transferor in accordance with the same underwriting criteria and guidelines as the Deleted Mortgage Loan, (xiixiii) has a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiiixiv) is secured by the same property type as the Deleted Mortgage Loan, (xivxv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made in the related Mortgage Loan Purchase Sale and Assignment Agreement, (xvxvi) has the same first or higher lien position as the Deleted Mortgage Loan, (xvixvii) is covered by a primary mortgage insurance policy Primary Mortgage Insurance Policy if the Deleted Mortgage Loan was so covered, (xviixviii) contains provisions covering the payment of Prepayment Premium by the Mortgager Mortgagor for early prepayment of the Mortgage Loan at least as favorable to the Trust as the Deleted Mortgage Loan, (xviii) has a maturity date not later than the maturity date of the latest maturing Mortgage Loan in the Mortgage Pool as of the Closing Date, and (xix) has the same for any Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject Loan to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January be substituted into Pool 1, 2004 is not a “highhas an original Scheduled Principal Balance within the maximum dollar amount limitations prescribed by Xxxxxxx Mac for conforming one-cost” loan subject to the New Mexico Home Loan Protection Actto-four-family mortgage loans. In the event that one or more mortgage loans are substituted for one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall be determined on the basis of aggregate Stated Scheduled Principal Balances, the Mortgage Rates described in clause (ii) hereof shall be determined on the basis of weighted average Mortgage Rates, the risk gradings described in clause (xiixiii) hereof shall be satisfied as to each such mortgage loan, the terms described in clause (viiiix) hereof shall be determined on the basis of weighted average remaining term to maturity, the Loan-to-Value Ratios described in clause (xxi) hereof shall be satisfied as to each such mortgage loan and, except to the extent otherwise provided in this sentence, the representations and warranties described in clause (xivxv) hereof must be satisfied as to each Qualified Qualifying Substitute Mortgage Loan or in the aggregate, as the case may be. Radian: Radian Guaranty Inc., or any successor in interest.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this AgreementLoan, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated a Scheduled Principal Balance (or in the case together with that of a substitution of more than one any other mortgage loan substituted for a the same Deleted Mortgage Loan, an aggregate Stated Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Principal Balance of the Deleted Mortgage Loan ) as of the Due Date in the calendar month during in which such substitution occurs not in excess of the Scheduled Principal Balance of the related Deleted Mortgage Loan; provided, however, that, to the extent that the Scheduled Principal Balance of such Mortgage Loan is less than the Scheduled Principal Balance of the related Deleted Mortgage Loan, then a Substitution Amount shall be paid by the party effecting such substitution occursto the Trustee for deposit into the Certificate Account, and shall be treated as a Principal Prepayment hereunder; (ii) has a Net Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less lower than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) has a minimum Mortgage Rate not less than the minimum Net Mortgage Rate of the related Deleted Mortgage Loan, (v) has Loan and a gross margin equal to or greater than Net Mortgage Rate within the gross margin Net Mortgage Rate parameters of the Deleted Mortgage Loan, related Subgroup; (vi) has a next adjustment date not later than the next adjustment date on the Deleted Mortgage Loan, (vii) has the same Due Date as the Deleted Mortgage Loan, (viiiiii) has a remaining stated term to maturity not more than eighteen months longer than 18 months than, and not more than 18 eighteen months shorter than than, the remaining stated term to stated maturity of the related Deleted Mortgage Loan; provided, however, in no case shall such substitute Mortgage Loan have a remaining stated term to maturity later than the Final Scheduled Distribution Date; (ixiv) is current as of the date of substitution, (xA) has a Loan-to-Value Ratio as of the date of such substitution equal to or lower of not greater than 80%; provided, however, that if the related Deleted Mortgage Loan has a Loan-to-Value Ratio of greater than 80% as of the date of substitution, then the Loan-to-Value Ratio of such substitute Mortgage Loan may be greater than 80% but shall not be greater than the Loan-to-Value Ratio of the related Deleted Mortgage Loan and (B) the addition of such substitute Mortgage Loan does not increase the weighted average Loan-to-Value Ratio, as of the date of substitution of the Mortgage Pool by more than 5%; (v) will comply with all of the representations and warranties relating to Mortgage Loans set forth herein, as of the date as of which such datesubstitution occurs; (vi) is not a Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative Loan; (vii) if applicable, (xi) has been underwritten by the Seller in accordance with the same underwriting criteria index as and guidelines as a margin not less than that of the related Deleted Mortgage Loan, ; (xiiviii) has not been delinquent for a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiii) is secured by the same property type as the Deleted Mortgage Loan, (xiv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made period of more than 30 days more than once in the Mortgage Loan Purchase Agreement, twelve months immediately preceding such date of substitution; (xv) has the same first lien position as the Deleted Mortgage Loan, (xviix) is covered by a primary mortgage insurance policy Primary Mortgage Insurance Policy if the related Deleted Mortgage Loan is so covered, and the Loan-to-Value Ratio of such Mortgage Loan is greater than 80%; and (x) has a Credit Score not greater than 20 points lower than the Credit Score of the related Deleted Mortgage Loan; provided, however, that if the Deleted Mortgage Loan was so covereddoes not have a Credit Score, (xvii) contains provisions covering the payment of Prepayment Premium by the Mortgager for early prepayment of the then such substitute Mortgage Loan at least as favorable shall have a Credit Score equal to the Trust as the Deleted Mortgage Loan, (xviii) has a maturity date not later or greater than the maturity date of the latest maturing Mortgage Loan in the Mortgage Pool as of the Closing Date, (xix) has the same Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January 1, 2004 is not a “high-cost” loan subject to the New Mexico Home Loan Protection Act700. In the event that either one mortgage loan is substituted for more than one Deleted Mortgage Loan or more than one mortgage loans are loan is substituted for one or more Deleted Mortgage Loans, then (a) the amounts described Scheduled Principal Balance referred to in clause (i) hereof above shall be determined on such that the basis aggregate Scheduled Principal Balance of all such substitute Mortgage Loans shall not exceed the aggregate Stated Scheduled Principal Balances, Balance of all Deleted Mortgage Loans and (b) each of (1) the Mortgage Rates described rate referred to in clause (ii) hereof shall be determined on above, (2) the basis of weighted average Mortgage Rates, the risk gradings described remaining term to stated maturity referred to in clause (xiiiii) hereof shall be satisfied as to each such mortgage loanabove, the terms described in clause (viii3) hereof shall be determined on the basis of weighted average remaining term to maturity, the Loan-to-Value Ratios described Ratio referred to in clause (iv) above and (4) the Credit Score referred to in clause (x) hereof above shall be satisfied as to each such mortgage loan anddetermined on a weighted average basis, except to provided that the extent otherwise provided in this sentence, the representations and warranties described in clause (xiv) hereof must be satisfied as to each Qualified final scheduled maturity date of any Qualifying Substitute Mortgage Loan shall not exceed the Final Scheduled Distribution Date of any Class of Certificates. Whenever a Qualifying Substitute Mortgage Loan is substituted for a Deleted Mortgage Loan pursuant to this Agreement, the party effecting such substitution shall certify such qualification in writing to the Trustee or in a Custodian on its behalf. Notwithstanding any provision herein to the aggregatecontrary, a Qualifying Substitute Mortgage Loan shall be deemed to have the same Applicable Fraction as that of the case may beDeleted Mortgage Loan for which it was substituted.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated Scheduled Principal Balance (or in the case of a substitution of more than one mortgage loan for a Deleted Mortgage Loan, an aggregate Stated Scheduled Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Scheduled Principal Balance of the Deleted Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs, (ii) has a Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) has a minimum Mortgage Rate not less than the minimum Mortgage Rate of the Deleted Mortgage Loan, (v) has a gross margin equal to or greater than the gross margin of the Deleted Mortgage Loan, (vi) has a next adjustment date not later than the next adjustment date on the Deleted Mortgage Loan, (vii) has the same Due Date as the Deleted Mortgage Loan, (viii) has a remaining stated term to maturity not longer greater than 18 months (and not more than 18 months shorter than the remaining stated term to maturity one year less than) that of the related Deleted Mortgage Loan, (ix) is current as of the date of substitution, (x) has a Loan-to-Value Ratio as of the date of substitution equal to or lower than the Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (xi) has been underwritten by the Seller any Transferor or in accordance with the same underwriting criteria and guidelines as the Deleted Mortgage Loan, (xii) has a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiii) is secured by the same property type as the Deleted Mortgage Loan, (xiv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made in the Mortgage Loan Purchase Sale and Assignment Agreement, (xv) has the same first or higher lien position as the Deleted Mortgage Loan, (xvi) is covered by a primary mortgage insurance policy the PMI Policy if the Deleted Mortgage Loan was so covered, (xvii) contains provisions covering the payment of Prepayment Premium by the Mortgager for early prepayment of the Mortgage Loan at least as favorable to the Trust as the Deleted Mortgage Loan, Loan and (xviii) has a maturity date not later than the maturity date of the latest maturing for any Mortgage Loan in the Mortgage to be substituted into Pool as of the Closing Date, (xix) has the same Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January 1, 2004 is not a “highhas an original Scheduled Principal Balance within the maximum dollar amount limitations prescribed by FHLMC for conforming one-cost” loan subject to the New Mexico Home Loan Protection Actto-four-family mortgage loans. In the event that one or more mortgage loans are substituted for one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall be determined on the basis of aggregate Stated Scheduled Principal Balances, the Mortgage Rates described in clause (ii) hereof shall be determined on the basis of weighted average Mortgage Rates, the risk gradings described in clause (xii) hereof shall be satisfied as to each such mortgage loan, the terms described in clause (viii) hereof shall be determined on the basis of weighted average remaining term to maturity, the Loan-to-Value Ratios described in clause (x) hereof shall be satisfied as to each such mortgage loan and, except to the extent otherwise provided in this sentence, the representations and warranties described in clause (xiv) hereof must be satisfied as to each Qualified Substitute Mortgage Loan or in the aggregate, as the case may be.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated Scheduled Principal Balance (or in the case of a substitution of more than one mortgage loan for a Deleted Mortgage Loan, an aggregate Stated Scheduled Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Scheduled Principal Balance of the Deleted Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs, (ii) has a Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) if applicable, has a minimum Mortgage Rate not less than the minimum Mortgage Rate of the Deleted Mortgage Loan, (v) if applicable, has a gross margin equal to or greater than the gross margin of the Deleted Mortgage Loan, (vi) is not a Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative Loan, (vii) if applicable, has a next adjustment date not later than the next adjustment date on the Deleted Mortgage Loan, (viiviii) has the same Due Date as the Deleted Mortgage Loan, (viiiix) has a remaining stated term to maturity not longer than 18 months and not more than 18 months shorter than the remaining stated term to maturity of the related Deleted Mortgage Loan; provided, that in no case should such substitute Mortgage Loan have a maturity date later than the Final Scheduled Distribution Date; (ixx) is current as of the date of substitution, (xxi) has a Loan-to-Value Ratio as of the date of substitution equal to or lower than the Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (xixii) has been underwritten by the Seller Transferor in accordance with the same underwriting criteria and guidelines as the Deleted Mortgage Loan, (xiixiii) has a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiiixiv) is secured by the same property type as the Deleted Mortgage Loan, (xivxv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made in the related Mortgage Loan Purchase Sale Agreement, (xvxvi) has the same first or higher lien position as the Deleted Mortgage Loan, (xvixvii) is covered by a primary mortgage insurance policy Primary Mortgage Insurance Policy if the Deleted Mortgage Loan was so covered, (xviixviii) contains provisions covering the payment of Prepayment Premium by the Mortgager Mortgagor for early prepayment of the Mortgage Loan at least as favorable to the Trust as the Deleted Mortgage Loan, (xviii) has a maturity date not later than the maturity date of the latest maturing Mortgage Loan in the Mortgage Pool as of the Closing Date, and (xix) has the same for any Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject Loan to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January be substituted into Pool 1, 2004 is not a “highhas an original Scheduled Principal Balance within the maximum dollar amount limitations prescribed by Xxxxxxx Mac for conforming one-cost” loan subject to the New Mexico Home Loan Protection Actto-four family first and second lien residential mortgaged properties. In the event that one or more mortgage loans are substituted for one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall be determined on the basis of aggregate Stated Scheduled Principal Balances, the Mortgage Rates described in clause (ii) hereof shall be determined on the basis of weighted average Mortgage Rates, the risk gradings described in clause (xiixiii) hereof shall be satisfied as to each such mortgage loan, the terms described in clause (viiiix) hereof shall be determined on the basis of weighted average remaining term to maturity; provided, that the stated maturity date of any Qualifying Substitute Mortgage Loan shall not be later than the Final Scheduled Distribution Date, the Loan-to-Value Ratios described in clause (xxi) hereof shall be satisfied as to each such mortgage loan and, except to the extent otherwise provided in this sentence, the representations and warranties described in clause (xivxv) hereof must be satisfied as to each Qualified Qualifying Substitute Mortgage Loan or in the aggregate, as the case may be.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated Scheduled Principal Balance (or in the case of a substitution of more than one mortgage loan for a Deleted Mortgage Loan, an aggregate Stated Scheduled Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Scheduled Principal Balance of the Deleted Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs, (ii) has a Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) if applicable, has a minimum Mortgage Rate not less than the minimum Mortgage Rate of the Deleted Mortgage Loan, (v) if applicable, has a gross margin equal to or greater than the gross margin of the Deleted Mortgage Loan, (vi) is not a Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative Loan, (vii) if applicable, has a next adjustment date not later than the next adjustment date on the Deleted Mortgage Loan, (viiviii) has the same Due Date as the Deleted Mortgage Loan, (viiiix) has a remaining stated term to maturity not longer than 18 months and not more than 18 months shorter than the remaining stated term to maturity of the related Deleted Mortgage Loan; provided, that in no case should such substitute Mortgage Loan have a maturity date later than the Final Scheduled Distribution Date; (ixx) is current as of the date of substitution, (xxi) has a Loan-to-Value Ratio as of the date of substitution equal to or lower than the Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (xixii) has been underwritten by the Seller Transferor in accordance with the same underwriting criteria and guidelines as the Deleted Mortgage Loan, (xiixiii) has a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiiixiv) is secured by the same property type as the Deleted Mortgage Loan, (xivxv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made in the Mortgage Loan Purchase Sale Agreement, (xvxvi) has the same first or higher lien position as the Deleted Mortgage Loan, (xvixvii) is covered by a primary mortgage insurance policy if the Deleted Mortgage Loan was so covered[Reserved], (xviixviii) contains provisions covering the payment of Prepayment Premium by the Mortgager Mortgagor for early prepayment of the Mortgage Loan at least as favorable to the Trust as the Deleted Mortgage Loan, (xviii) has a maturity date not later than the maturity date of the latest maturing Mortgage Loan in the Mortgage Pool as of the Closing Date, and (xix) has the same for any Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject Loan to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January be substituted into Pool 1, 2004 is not a “highhas an original Scheduled Principal Balance within the maximum dollar amount limitations prescribed by Xxxxxxx Mac and Xxxxxx Mae for conforming one-cost” loan subject to the New Mexico Home Loan Protection Actto-four family first and second lien residential mortgaged properties. In the event that one or more mortgage loans are substituted for one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall be determined on the basis of aggregate Stated Scheduled Principal Balances, the Mortgage Rates described in clause (ii) hereof shall be determined on the basis of weighted average Mortgage Rates, the risk gradings described in clause (xiixiii) hereof shall be satisfied as to each such mortgage loan, the terms described in clause (viiiix) hereof shall be determined on the basis of weighted average remaining term to maturity; provided, that the stated maturity date of any Qualifying Substitute Mortgage Loan shall not be later than the Final Scheduled Distribution Date, the Loan-to-Value Ratios described in clause (xxi) hereof shall be satisfied as to each such mortgage loan and, except to the extent otherwise provided in this sentence, the representations and warranties described in clause (xivxv) hereof must be satisfied as to each Qualified Qualifying Substitute Mortgage Loan or in the aggregate, as the case may be.. Rating Agency: Each of Fitch, Xxxxx’x and S&P.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this AgreementLoan, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated a Scheduled Principal Balance (or in the case together with that of a substitution of more than one any other mortgage loan substituted for a the same Deleted Mortgage Loan, an aggregate Stated Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Principal Balance of the Deleted Mortgage Loan ) as of the Due Date in the calendar month during in which such substitution occurs not in excess of the Scheduled Principal Balance of the related Deleted Mortgage Loan; provided, however, that, to the extent that the Scheduled Principal Balance of such Mortgage Loan is less than the Scheduled Principal Balance of the related Deleted Mortgage Loan, then a Substitution Amount shall be paid by the party effecting such substitution occursto the Trustee for deposit into the Certificate Account, and shall be treated as a Principal Prepayment hereunder; (ii) has a Net Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less lower than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) has a minimum Mortgage Rate not less than the minimum Net Mortgage Rate of the related Deleted Mortgage Loan, (v) has Loan and will be a gross margin equal to or greater than the gross margin of Discount Mortgage Loan if the Deleted Mortgage Loan, (vi) has Loan was a next adjustment date not later than the next adjustment date on Discount Mortgage Loan or a Non-Discount Mortgage Loan if the Deleted Mortgage Loan, (vii) has the same Due Date as the Deleted Loan was a Non-Discount Mortgage Loan, ; (viiiiii) has a remaining stated term to maturity not more than eighteen months longer than 18 months than, and not more than 18 eighteen months shorter than than, the remaining stated term to stated maturity of the related Deleted Mortgage Loan; provided, however, in no case shall such substitute Mortgage Loan have a remaining stated term to maturity later than the Final Scheduled Distribution Date; (ixiv) is current as of the date of substitution, (xA) has a Loan-to-Value Ratio as of the date of such substitution equal to or lower of not greater than 80%; provided, however, that if the related Deleted Mortgage Loan has a Loan-to-Value Ratio of greater than 80% as of the date of substitution, then the Loan-to-Value Ratio of such substitute Mortgage Loan may be greater than 80% but shall not be greater than the Loan-to-Value Ratio of the related Deleted Mortgage Loan and (B) the addition of such substitute Mortgage Loan does not increase the weighted average Loan-to-Value Ratio, as of the date of substitution of the related Mortgage Pool by more than 5%; (v) will comply with all of the representations and warranties relating to Mortgage Loans set forth herein, as of the date as of which such datesubstitution occurs; (vi) is not a Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative Loan; (vii) if applicable, (xi) has been underwritten by the Seller in accordance with the same underwriting criteria index as and guidelines as a margin not less than that of the related Deleted Mortgage Loan, ; (xiiviii) has not been delinquent for a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiii) is secured by the same property type as the Deleted Mortgage Loan, (xiv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made period of more than 30 days more than once in the Mortgage Loan Purchase Agreement, twelve months immediately preceding such date of substitution; (xv) has the same first lien position as the Deleted Mortgage Loan, (xviix) is covered by a primary mortgage insurance policy Primary Mortgage Insurance Policy if the related Deleted Mortgage Loan is so covered, and the Loan-to-Value Ratio of such Mortgage Loan is greater than 80%; and (x) has a Credit Score not greater than 20 points lower than the Credit Score of the related Deleted Mortgage Loan; provided, however, that if the Deleted Mortgage Loan was so covereddoes not have a Credit Score, (xvii) contains provisions covering the payment of Prepayment Premium by the Mortgager for early prepayment of the then such substitute Mortgage Loan at least as favorable shall have a Credit Score equal to the Trust as the Deleted Mortgage Loan, (xviii) has a maturity date not later or greater than the maturity date of the latest maturing Mortgage Loan in the Mortgage Pool as of the Closing Date, (xix) has the same Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January 1, 2004 is not a “high-cost” loan subject to the New Mexico Home Loan Protection Act700. In the event that either one mortgage loan is substituted for more than one Deleted Mortgage Loan or more than one mortgage loans are loan is substituted for one or more Deleted Mortgage Loans, then (a) the amounts described Scheduled Principal Balance referred to in clause (i) hereof above shall be determined on such that the basis aggregate Scheduled Principal Balance of all such substitute Mortgage Loans shall not exceed the aggregate Stated Scheduled Principal Balances, Balance of all Deleted Mortgage Loans and (b) each of (1) the Mortgage Rates described rate referred to in clause (ii) hereof shall be determined on above, (2) the basis of weighted average Mortgage Rates, the risk gradings described remaining term to stated maturity referred to in clause (xiiiii) hereof shall be satisfied as to each such mortgage loanabove, the terms described in clause (viii3) hereof shall be determined on the basis of weighted average remaining term to maturity, the Loan-to-Value Ratios described Ratio referred to in clause (iv) above and (4) the Credit Score referred to in clause (x) hereof above shall be satisfied as to each such mortgage loan anddetermined on a weighted average basis, except to provided that the extent otherwise provided in this sentence, the representations and warranties described in clause (xiv) hereof must be satisfied as to each Qualified final scheduled maturity date of any Qualifying Substitute Mortgage Loan or shall not exceed the Final Scheduled Distribution Date of any Class of Certificates. Whenever a Qualifying Substitute Mortgage Loan is substituted for a Deleted Mortgage Loan pursuant to this Agreement, the party effecting such substitution shall certify such qualification in writing to the aggregateTrustee. Notwithstanding any provision herein to the contrary, a Qualifying Substitute Mortgage Loan shall be deemed to have the same AP Percentage and Non-AP Percentage as that of the case may be.Deleted Mortgage Loan for which it was substituted. Rating Agency: Each of Xxxxx’x and S&P.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated Scheduled Principal Balance (or in the case of a substitution of more than one mortgage loan for a Deleted Mortgage Loan, an aggregate Stated Scheduled Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Scheduled Principal Balance of the Deleted Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs, (ii) has a Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) has a minimum Mortgage Rate not less than the minimum Mortgage Rate of the Deleted Mortgage Loan, (v) has a gross margin equal to or greater than the gross margin of the Deleted Mortgage Loan, (vi) is not a Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative Loan, (vii) has a next adjustment date not later than the next adjustment date on the Deleted Mortgage Loan, (viiviii) has the same Due Date as the Deleted Mortgage Loan, (viiiix) has a remaining stated term to maturity not longer than 18 months and not more than 18 months shorter than the remaining stated term to maturity of the related Deleted Mortgage Loan, (ixx) is current as of the date of substitution, (xxi) has a Loan-to-Value Ratio as of the date of substitution equal to or lower than the Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (xixii) has been underwritten by the Seller any Transferor in accordance with the same underwriting criteria and guidelines as the Deleted Mortgage Loan, (xiixiii) has a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiiixiv) is secured by the same property type as the Deleted Mortgage Loan, (xivxv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made in the related Mortgage Loan Purchase Sale and Assignment Agreement, (xvxvi) has the same first or higher lien position as the Deleted Mortgage Loan, (xvixvii) is covered by a primary mortgage insurance policy PMI Policy if the Deleted Mortgage Loan was so covered, (xviixviii) contains provisions covering the payment of Prepayment Premium by the Mortgager Mortgagor for early prepayment of the Mortgage Loan at least as favorable to the Trust as the Deleted Mortgage Loan, (xviii) has a maturity date not later than the maturity date of the latest maturing Mortgage Loan in the Mortgage Pool as of the Closing Date, and (xix) for any Mortgage Loan to be substituted into Pool 2, has an original Scheduled Principal Balance within the same Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January 1, 2004 is not a “highmaximum dollar amount limitations prescribed by Xxxxxxx Mac for conforming one-cost” loan subject to the New Mexico Home Loan Protection Actto-four-family mortgage loans. In the event that one or more mortgage loans are substituted for one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall be determined on the basis of aggregate Stated Scheduled Principal Balances, the Mortgage Rates described in clause (ii) hereof shall be determined on the basis of weighted average Mortgage Rates, the risk gradings described in clause (xiixiii) hereof shall be satisfied as to each such mortgage loan, the terms described in clause (viiiix) hereof shall be determined on the basis of weighted average remaining term to maturity, the Loan-to-Value Ratios described in clause (xxi) hereof shall be satisfied as to each such mortgage loan and, except to the extent otherwise provided in this sentence, the representations and warranties described in clause (xivxv) hereof must be satisfied as to each Qualified Substitute Mortgage Loan or in the aggregate, as the case may be.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this AgreementLoan, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated a Scheduled Principal Balance (or in the case together with that of a substitution of more than one any other mortgage loan substituted for a the same Deleted Mortgage Loan, an aggregate Stated Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Principal Balance of the Deleted Mortgage Loan ) as of the Due Date in the calendar month during in which such substitution occurs not in excess of the Scheduled Principal Balance of the related Deleted Mortgage Loan; provided, however, that, to the extent that the Scheduled Principal Balance of such Mortgage Loan is less than the Scheduled Principal Balance of the related Deleted Mortgage Loan, then a Substitution Amount shall be paid by the party effecting such substitution occursto the Trustee for deposit into the Certificate Account, and shall be treated as a Principal Prepayment hereunder; (ii) has a Net Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less lower than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) has a minimum Mortgage Rate not less than the minimum Net Mortgage Rate of the related Deleted Mortgage Loan, (v) has Loan and will be a gross margin equal to or greater than the gross margin of Discount Mortgage Loan if the Deleted Mortgage Loan, (vi) has Loan was a next adjustment date not later than the next adjustment date on Discount Mortgage Loan or a Non-Discount Mortgage Loan if the Deleted Mortgage Loan, (vii) has the same Due Date as the Deleted Loan was a Non-Discount Mortgage Loan, ; (viiiiii) has a remaining stated term to maturity not more than eighteen months longer than 18 months than, and not more than 18 eighteen months shorter than than, the remaining stated term to stated maturity of the related Deleted Mortgage Loan; provided, however, in no case shall such substitute Mortgage Loan have a remaining stated term to maturity later than the Final Scheduled Distribution Date; (ixiv) is current as of the date of substitution, (xA) has a Loan-to-Value Ratio as of the date of such substitution equal to or lower of not greater than 80%; provided, however, that if the related Deleted Mortgage Loan has a Loan-to-Value Ratio of greater than 80%, then the Loan-to-Value Ratio of such substitute Mortgage Loan may be greater than 80% but shall not be greater than the Loan-to-Value Ratio of the related Deleted Mortgage Loan and (B) the addition of such substitute Mortgage Loan does not increase the weighted average Loan-to-Value Ratio of the related Mortgage Pool by more than 5%; (v) will comply with all of the representations and warranties relating to Mortgage Loans set forth herein, as of the date as of which such datesubstitution occurs; (vi) is not a Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative Loan; (vii) if applicable, (xi) has been underwritten by the Seller in accordance with the same underwriting criteria index as and guidelines as a margin not less than that of the related Deleted Mortgage Loan, ; (xiiviii) has not been delinquent for a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiii) is secured by the same property type as the Deleted Mortgage Loan, (xiv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made period of more than 30 days more than once in the Mortgage Loan Purchase Agreement, twelve months immediately preceding such date of substitution; (xv) has the same first lien position as the Deleted Mortgage Loan, (xviix) is covered by a primary mortgage insurance policy Primary Mortgage Insurance Policy if the related Deleted Mortgage Loan is so covered, and the Loan-to-Value Ratio of such Mortgage Loan is greater than 80%; and (x) has a Credit Score not greater than 20 points lower than the Credit Score of the related Deleted Mortgage Loan; provided, however, that if the Deleted Mortgage Loan was so covereddoes not have a Credit Score, (xvii) contains provisions covering the payment of Prepayment Premium by the Mortgager for early prepayment of the then such substitute Mortgage Loan at least as favorable shall have a Credit Score equal to the Trust as the Deleted Mortgage Loan, (xviii) has a maturity date not later or greater than the maturity date of the latest maturing Mortgage Loan in the Mortgage Pool as of the Closing Date, (xix) has the same Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject to the New Jersey Home Ownership Security Act of 2003 700; and (xxixi) if originated on or after January for any Mortgage Loans to be substituted into Pool 1, 2004 is not a “highhas an original Scheduled Principal Balance within the maximum dollar amount limitations prescribed by FNMA for conforming one-cost” loan subject to the New Mexico Home Loan Protection Actto-four family mortgage loans. In the event that either one mortgage loan is substituted for more than one Deleted Mortgage Loan or more than one mortgage loans are loan is substituted for one or more Deleted Mortgage Loans, then (a) the amounts described Scheduled Principal Balance referred to in clause (i) hereof above shall be determined on such that the basis aggregate Scheduled Principal Balance of all such substitute Mortgage Loans shall not exceed the aggregate Stated Scheduled Principal Balances, Balance of all Deleted Mortgage Loans and (b) each of (1) the Mortgage Rates described rate referred to in clause (ii) hereof shall be determined on above, (2) the basis of weighted average Mortgage Rates, the risk gradings described remaining term to stated maturity referred to in clause (xiiiii) hereof shall be satisfied as to each such mortgage loanabove, the terms described in clause (viii3) hereof shall be determined on the basis of weighted average remaining term to maturity, the Loan-to-Value Ratios described Ratio referred to in clause (iv) above and (4) the Credit Score referred to in clause (x) hereof above shall be satisfied as to each such mortgage loan anddetermined on a weighted average basis, except to provided that the extent otherwise provided in this sentence, the representations and warranties described in clause (xiv) hereof must be satisfied as to each Qualified final scheduled maturity date of any Qualifying Substitute Mortgage Loan shall not exceed the Final Scheduled Distribution Date of any Class of Certificates. Whenever a Qualifying Substitute Mortgage Loan is substituted for a Deleted Mortgage Loan pursuant to this Agreement, the party effecting such substitution shall certify such qualification in writing to the Trustee. Notwithstanding any provision herein to the contrary, a Qualifying Substitute Mortgage Loan shall be deemed to have the same AP Percentage and Non-AP Percentage as that of the Deleted Mortgage Loan for which it was substituted. Rating Agency: Each of S&P and Moody’s. Realized Loss: (a) With respect to each Liquidated Mortgage Loan, an amount equal to (i) the unpaid principal balance of such Mortgage Loan as of the date of liquidation, plus (ii) interest at the applicable Net Mortgage Rate (plus the Employee Discount Rate, if any, for such Mortgage Loan) from the date as to which interest was last paid up to the last day of the month of such liquidation, minus (iii) Liquidation Proceeds received, net of amounts that are reimbursable to the Master Servicer or in the aggregateapplicable Servicer with respect to such Mortgage Loan (other than Advances of principal and interest) including expenses of liquidation, and (b) with respect to each Mortgage Loan that has become the subject of a Deficient Valuation, the difference between the unpaid principal balance of such Mortgage Loan immediately prior to such Deficient Valuation and the unpaid principal balance of such Mortgage Loan as reduced by the case may beDeficient Valuation. In determining whether a Realized Loss on a Liquidated Mortgage Loan is a Realized Loss of interest or principal, Liquidation Proceeds shall be allocated, first, to payment of expenses related to such Liquidated Mortgage Loan (including payment of any Retained Interest), then to accrued unpaid interest and finally to reduce the principal balance of the Mortgage Loan.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this AgreementLoan, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated a Scheduled Principal Balance (or in the case together with that of a substitution of more than one any other mortgage loan substituted for a the same Deleted Mortgage Loan, an aggregate Stated Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Principal Balance of the Deleted Mortgage Loan ) as of the Due Date in the calendar month during in which such substitution occurs not in excess of the Scheduled Principal Balance of the related Deleted Mortgage Loan; provided, however, that, to the extent that the Scheduled Principal Balance of such Mortgage Loan is less than the Scheduled Principal Balance of the related Deleted Mortgage Loan, then such differential in principal amount, together with interest thereon at the applicable Mortgage Rate net of the applicable Master Servicing Fee and the applicable Servicing Fee from the date as to which interest was last paid through the end of the Due Period in which such substitution occurs, shall be paid by the party effecting such substitution to the Securities Administrator for deposit into the Certificate Account, and shall be treated as a Principal Prepayment hereunder; (ii) has a Net Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less lower than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) has a minimum Mortgage Rate not less than the minimum Net Mortgage Rate of the related Deleted Mortgage Loan, (v) has Loan and will be a gross margin equal to or greater than the gross margin of Discount Mortgage Loan if the Deleted Mortgage Loan, (vi) has Loan was a next adjustment date not later than the next adjustment date on Discount Mortgage Loan or a Non-Discount Mortgage Loan if the Deleted Mortgage Loan, (vii) has the same Due Date as the Deleted Loan was a Non-Discount Mortgage Loan, ; (viiiiii) has a remaining stated term to maturity not longer than 18 months than, and not more than 18 months one year shorter than than, the remaining stated term to stated maturity of the related Deleted Mortgage Loan, ; (ixiv) is current as of the date of substitution, (xA) has a Loan-to-Value Ratio as of the date of such substitution equal to or lower of not greater than 80%, provided, however, that if the related Deleted Mortgage Loan has a Loan-to-Value Ratio of greater than 80%, then the Loan-to-Value Ratio of such substitute Mortgage Loan may be greater than 80% but shall not be greater than the Loan-to-Value Ratio of the related Deleted Mortgage Loan and (B) the addition of such substitute Mortgage Loan does not increase the weighted average Loan-to-Value Ratio of the related Mortgage Pool by more than 5%; (v) will comply with all of the representations and warranties relating to Mortgage Loans set forth herein, as of the date as of which such datesubstitution occurs; (vi) is not a Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative Loan; (vii) if applicable, has the same Index as and a margin not less than that of the related Deleted Mortgage Loan; (viii) has not been delinquent for a period of more than 30 days more than once in the twelve months immediately preceding such date of substitution; (ix) is covered by a Primary Mortgage Insurance Policy if the related Deleted Mortgage Loan is so covered, and the Loan-to-Value Ratio of such Mortgage Loan is greater than 80%; (x) has a Credit Score not greater than 20 points lower than the Credit Score of the related Deleted Mortgage Loan, provided, however, that if the Deleted Mortgage Loan does not have a Credit Score, then such substitute Mortgage Loan shall have a Credit Score equal to or greater than 700; (xi) has been underwritten by its initial adjustment date within three months of the Seller related Adjustment Date; (xii) will become a Mortgage Loan in accordance with the same underwriting criteria and guidelines Mortgage Pool as the Deleted Mortgage Loan, ; and (xiixiii) has a risk grading determined by gross margin no less than the Seller at least equal to the risk grading assigned on the related Deleted Mortgage Loan, (xiii) is secured by the same property type as the Deleted Mortgage Loan, (xiv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made in the Mortgage Loan Purchase Agreement, (xv) has the same first lien position as the Deleted Mortgage Loan, (xvi) is covered by a primary mortgage insurance policy if the Deleted Mortgage Loan was so covered, (xvii) contains provisions covering the payment of Prepayment Premium by the Mortgager for early prepayment of the Mortgage Loan at least as favorable to the Trust as the Deleted Mortgage Loan, (xviii) has a maturity date not later than the maturity date of the latest maturing Mortgage Loan in the Mortgage Pool as of the Closing Date, (xix) has the same Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January 1, 2004 is not a “high-cost” loan subject to the New Mexico Home Loan Protection Act. In the event that either one mortgage loan is substituted for more than one Deleted Mortgage Loan or more than one mortgage loans are loan is substituted for one or more Deleted Mortgage Loans, then (a) the amounts described Scheduled Principal Balance referred to in clause (i) hereof above shall be determined on such that the basis aggregate Scheduled Principal Balance of all such substitute Mortgage Loans shall not exceed the aggregate Stated Scheduled Principal Balances, Balance of all Deleted Mortgage Loans and (b) each of (1) the Mortgage Rates described rate referred to in clause (ii) hereof shall be determined on above, (2) the basis of weighted average Mortgage Rates, the risk gradings described remaining term to stated maturity referred to in clause (xiiiii) hereof shall be satisfied as to each such mortgage loanabove, the terms described in clause (viii3) hereof shall be determined on the basis of weighted average remaining term to maturity, the Loan-to-Value Ratios described Ratio referred to in clause (iv) above and (4) the Credit Score referred to in clause (x) hereof above shall be satisfied as to each such mortgage loan anddetermined on a weighted average basis, except to provided that the extent otherwise provided in this sentence, the representations and warranties described in clause (xiv) hereof must be satisfied as to each Qualified final scheduled maturity date of any Qualifying Substitute Mortgage Loan or shall not exceed the Final Scheduled Distribution Date of any Class of Certificates. Whenever a Qualifying Substitute Mortgage Loan is substituted for a Deleted Mortgage Loan pursuant to this Agreement, the party effecting such substitution shall certify such qualification in writing to the aggregate, as the case may be.Trustee. Rating Agency: Each of Xxxxx’x and S&P.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated Scheduled Principal Balance (or in the case of a substitution of more than one mortgage loan for a Deleted Mortgage Loan, an aggregate Stated Scheduled Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Scheduled Principal Balance of the Deleted Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs, (ii) has a Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) has a minimum Mortgage Rate not less than the minimum Mortgage Rate of the Deleted Mortgage Loan, (v) has a gross margin equal to or greater than the gross margin of the Deleted Mortgage Loan, (vi) is not a Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative Loan, (vii) has a next adjustment date not later than the next adjustment date on the Deleted Mortgage Loan, (viiviii) has the same Due Date as the Deleted Mortgage Loan, (viiiix) has a remaining stated term to maturity not longer than 18 months and not more than 18 months shorter than the remaining stated term to maturity of the related Deleted Mortgage LoanLoan that in no case shall such substitute Mortgage Loan have a maturity date later than the Final Scheduled Distribution Date, (ixx) is current as of the date of substitution, (xxi) has a Combined Loan-to-Value Ratio as of the date of substitution equal to or lower than the Combined Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (xixii) has been underwritten by the Seller Transferor in accordance with the same underwriting criteria and guidelines as the Deleted Mortgage Loan, (xiixiii) has a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiiixiv) is secured by the same property type as the Deleted Mortgage Loan, (xivxv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made in the Mortgage Loan Purchase Sale Agreement, (xvxvi) has the same first or higher lien position as the Deleted Mortgage Loan, (xvi) is covered by a primary mortgage insurance policy if the Deleted Mortgage Loan was so coveredand, (xvii) contains provisions covering the payment of Prepayment Premium by the Mortgager Mortgagor for early prepayment of the Mortgage Loan at least as favorable to the Trust as the Deleted Mortgage Loan, (xviii) has a maturity date not later than the maturity date of the latest maturing Mortgage Loan in the Mortgage Pool as of the Closing Date, (xix) has the same Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January 1, 2004 is not a “high-cost” loan subject to the New Mexico Home Loan Protection Act. In the event that one or more mortgage loans are substituted for one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall be determined on the basis of aggregate Stated Scheduled Principal Balances, the Mortgage Rates described in clause (ii) hereof shall be determined on the basis of weighted average Mortgage Rates, the risk gradings described in clause (xiixiii) hereof shall be satisfied as to each such mortgage loan, the terms described in clause (viiiix) hereof shall be determined on the basis of a weighted average basis, provided that the remaining stated term to maturitymaturity of any Qualifying Substitute Mortgage Loan shall not exceed the Final Scheduled Distribution Date, the Combined Loan-to-Value Ratios described in clause (xxi) hereof shall be satisfied as to each such mortgage loan and, except to the extent otherwise provided in this sentence, the representations and warranties described in clause (xivxv) hereof must be satisfied as to each Qualified Qualifying Substitute Mortgage Loan or in the aggregate, as the case may be.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated Scheduled Principal Balance (or in the case of a substitution of more than one mortgage loan for a Deleted Mortgage Loan, an aggregate Stated Scheduled Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Scheduled Principal Balance of the Deleted Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs, (ii) has a Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) has a minimum Mortgage Rate not less than the minimum Mortgage Rate of the Deleted Mortgage Loan, (v) has a gross margin equal to or greater than the gross margin of the Deleted Mortgage Loan, (vi) is not a Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative Loan, (vii) has a next adjustment date not later than the next adjustment date on the Deleted Mortgage Loan, (viiviii) has the same Due Date as the Deleted Mortgage Loan, (viiiix) has a remaining stated term to maturity not longer than 18 months and not more than 18 months shorter than the remaining stated term to maturity of the related Deleted Mortgage Loan, (ixx) is current as of the date of substitution, (xxi) has a Loan-to-Value Ratio as of the date of substitution equal to or lower than the Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (xixii) has been underwritten by the Seller any Transferor in accordance with the same underwriting criteria and guidelines as the Deleted Mortgage Loan, (xiixiii) has a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiiixiv) is secured by the same property type as the Deleted Mortgage Loan, (xivxv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made in the related Mortgage Loan Purchase Sale and Assignment Agreement, (xvxvi) has the same first or higher lien position as the Deleted Mortgage Loan, (xvixvii) is covered by a primary mortgage insurance policy PMI Policy if the Deleted Mortgage Loan was so covered, (xviixviii) contains provisions covering the payment of Prepayment Premium by the Mortgager Mortgagor for early prepayment of the Mortgage Loan at least as favorable to the Trust as the Deleted Mortgage Loan, (xviii) has a maturity date not later than the maturity date of the latest maturing Mortgage Loan in the Mortgage Pool as of the Closing Date, and (xix) for any Mortgage Loan to be substituted into Pool 2, has an original Scheduled Principal Balance within the same Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January 1, 2004 is not a “highmaximum dollar amount limitations prescribed by Xxxxxx Xxx for conforming one-cost” loan subject to the New Mexico Home Loan Protection Actto-four-family mortgage loans. In the event that one or more mortgage loans are substituted for one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall be determined on the basis of aggregate Stated Scheduled Principal Balances, the Mortgage Rates described in clause (ii) hereof shall be determined on the basis of weighted average Mortgage Rates, the risk gradings described in clause (xiixiii) hereof shall be satisfied as to each such mortgage loan, the terms described in clause (viiiix) hereof shall be determined on the basis of weighted average remaining term to maturity, the Loan-to-Value Ratios described in clause (xxi) hereof shall be satisfied as to each such mortgage loan and, except to the extent otherwise provided in this sentence, the representations and warranties described in clause (xivxv) hereof must be satisfied as to each Qualified Substitute Mortgage Loan or in the aggregate, as the case may be.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated Scheduled Principal Balance (or in the case of a substitution of more than one mortgage loan for a Deleted Mortgage Loan, an aggregate Stated Scheduled Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Scheduled Principal Balance of the Deleted Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs, (ii) has a Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) has a minimum Mortgage Rate not less than the minimum Mortgage Rate of the Deleted Mortgage Loan, (v) has a gross margin equal to or greater than the gross margin of the Deleted Mortgage Loan, (vi) is not a Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative Loan, (vii) has a next adjustment date not later than the next adjustment date on the Deleted Mortgage Loan, (viiviii) has the same Due Date as the Deleted Mortgage Loan, (viiiix) has a remaining stated term to maturity not longer than 18 months and not more than 18 months shorter than the remaining stated term to maturity of the related Deleted Mortgage Loan, (ixx) is current as of the date of substitution, (xxi) has a Loan-to-Value Ratio as of the date of substitution equal to or lower than the Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (xixii) has been underwritten by the Seller Transferor in accordance with the same underwriting criteria and guidelines as the Deleted Mortgage Loan, (xiixiii) has a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiiixiv) is secured by the same property type as the Deleted Mortgage Loan, (xivxv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made in the related Mortgage Loan Purchase Sale and Assignment Agreement, (xvxvi) has the same first or higher lien position as the Deleted Mortgage Loan, (xvixvii) is covered by a primary mortgage insurance policy PMI Policy if the Deleted Mortgage Loan was so covered, covered and (xviixviii) contains provisions covering the payment of Prepayment Premium by the Mortgager Mortgagor for early prepayment of the Mortgage Loan at least as favorable to the Trust as the Deleted Mortgage Loan, (xviii) has a maturity date not later than the maturity date of the latest maturing Mortgage Loan in the Mortgage Pool as of the Closing Date, (xix) has the same Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January 1, 2004 is not a “high-cost” loan subject to the New Mexico Home Loan Protection Act. In the event that one or more mortgage loans are substituted for one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall be determined on the basis of aggregate Stated Scheduled Principal Balances, the Mortgage Rates described in clause (ii) hereof shall be determined on the basis of weighted average Mortgage Rates, the risk gradings described in clause (xiixiii) hereof shall be satisfied as to each such mortgage loan, the terms described in clause (viiiix) hereof shall be determined on the basis of weighted average remaining term to maturity, the Loan-to-Value Ratios described in clause (xxi) hereof shall be satisfied as to each such mortgage loan and, except to the extent otherwise provided in this sentence, the representations and warranties described in clause (xivxv) hereof must be satisfied as to each Qualified Substitute Mortgage Loan or in the aggregate, as the case may be. Radian: Radian Guaranty Inc. or any successor in interest thereto.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated Scheduled Principal Balance (or in the case of a substitution of more than one mortgage loan for a Deleted Mortgage Loan, an aggregate Stated Scheduled Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Scheduled Principal Balance of the Deleted Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs, (ii) has a Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) has a minimum Mortgage Rate not less than the minimum Mortgage Rate of the Deleted Mortgage Loan, (v) has a gross margin equal to or greater than the gross margin of the Deleted Mortgage Loan, (vi) has a next adjustment date not later than the next adjustment date on the Deleted Mortgage Loan, (vii) has the same Due Date as the Deleted Mortgage Loan, (viii) has a remaining stated term to maturity not longer than 18 eighteen months and not more than 18 eighteen months shorter than the remaining stated term to maturity of the related Deleted Mortgage Loan, (ix) is current as of the date of substitution, (x) has a Loan-to-Value Ratio as of the date of substitution equal to or lower than the Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (xi) has been underwritten by the Seller any Transferor or in accordance with the same underwriting criteria and guidelines as the Deleted Mortgage Loan, (xii) has a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiii) is secured by the same property type as the Deleted Mortgage Loan, (xiv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made in the related Mortgage Loan Purchase Sale and Assignment Agreement, (xv) has the same first or higher lien position as the Deleted Mortgage Loan, (xvi) is covered by a primary mortgage insurance policy PMI Policy if the Deleted Mortgage Loan was so covered, (xvii) contains provisions covering the payment of Prepayment Premium by the Mortgager for early prepayment of the Mortgage Loan at least as favorable to the Trust as the Deleted Mortgage Loan, Loan and (xviii) has a maturity date not later than the maturity date of the latest maturing for any Mortgage Loan in the Mortgage to be substituted into Pool as of the Closing Date, (xix) has the same Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January 1, 2004 is not a “highhas an original Scheduled Principal Balance within the maximum dollar amount limitations prescribed by FHLMC for conforming one- to- four-cost” loan subject to the New Mexico Home Loan Protection Actfamily mortgage loans. In the event that one or more mortgage loans are substituted for one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall be determined on the basis of aggregate Stated Scheduled Principal Balances, the Mortgage Rates described in clause (ii) hereof shall be determined on the basis of weighted average Mortgage Rates, the risk gradings described in clause (xii) hereof shall be satisfied as to each such mortgage loan, the terms described in clause (viii) hereof shall be determined on the basis of weighted average remaining term to maturity, the Loan-to-Value Ratios described in clause (x) hereof shall be satisfied as to each such mortgage loan and, except to the extent otherwise provided in this sentence, the representations and warranties described in clause (xiv) hereof must be satisfied as to each Qualified Substitute Mortgage Loan or in the aggregate, as the case may be. Radian: Radian Guaranty Inc., and its successors in interest. Rating Agency: Each of S&P and Xxxxx’x.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated Scheduled Principal Balance (or in the case of a substitution of more than one mortgage loan for a Deleted Mortgage Loan, an aggregate Stated Scheduled Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Scheduled Principal Balance of the Deleted Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs, (ii) has a Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has is not a maximum Mortgage Rate not less than Cooperative Loan unless the maximum Mortgage Rate on the related Deleted Mortgage Loan was a Cooperative Loan, (iv) has a minimum Mortgage Rate not less than the minimum Mortgage Rate of the Deleted Mortgage Loan, (v) has a gross margin equal to or greater than the gross margin of the Deleted Mortgage Loan, (vi) has a next adjustment date not later than the next adjustment date on the Deleted Mortgage Loan, (vii) has the same Due Date as the Deleted Mortgage Loan, (viiiv) has a remaining stated term to maturity not longer than 18 months and not more than 18 months shorter than the remaining stated term to maturity of the related Deleted Mortgage Loan, (ixvi) is current as of the date of substitution, (xvii) has a Combined Loan-to-Value Ratio as of the date of substitution equal to or lower than the Combined Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (xiviii) has been underwritten by the Seller any Transferor or in accordance with the same underwriting criteria and guidelines as the Deleted Mortgage Loan, (xiiix) has a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiiix) is secured by the same property type as the Deleted Mortgage Loan, (xivxi) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made in the related Mortgage Loan Purchase Sale and Assignment Agreement, (xvxii) has the same first or higher lien position as the Deleted Mortgage Loan, Loan and (xvi) is covered by a primary mortgage insurance policy if the Deleted Mortgage Loan was so covered, (xviixiii) contains provisions covering the payment of Prepayment Premium by the Mortgager for early prepayment of the Mortgage Loan at least as favorable to the Trust as the Deleted Mortgage Loan, (xviii) has a maturity date not later than the maturity date of the latest maturing Mortgage Loan in the Mortgage Pool as of the Closing Date, (xix) has the same Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January 1, 2004 is not a “high-cost” loan subject to the New Mexico Home Loan Protection Act. In the event that one or more mortgage loans are substituted for one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall be determined on the basis of aggregate Stated Scheduled Principal Balances, the Mortgage Rates described in clause (ii) hereof shall be determined on the basis of weighted average Mortgage Rates, the risk gradings described in clause (xiiix) hereof shall be satisfied as to each such mortgage loan, the terms described in clause (viiiv) hereof shall be determined on the basis of weighted average remaining term to maturity, the Combined Loan-to-Value Ratios described in clause (xvii) hereof shall be satisfied as to each such mortgage loan and, except to the extent otherwise provided in this sentence, the representations and warranties described in clause (xivxi) hereof must be satisfied as to each Qualified Qualifying Substitute Mortgage Loan or in the aggregate, as the case may be. Rating Agency: Each of Fitch, Xxxxx’x and DBRS.

Qualifying Substitute Mortgage Loan. In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this AgreementLoan, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Stated a Scheduled Principal Balance (or in the case together with that of a substitution of more than one any other mortgage loan substituted for a the same Deleted Mortgage Loan, an aggregate Stated Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Stated Principal Balance of the Deleted Mortgage Loan ) as of the Due Date in the calendar month during in which such substitution occurs not in excess of the Scheduled Principal Balance of the related Deleted Mortgage Loan; provided, however, that, to the extent that the Scheduled Principal Balance of such Mortgage Loan is less than the Scheduled Principal Balance of the related Deleted Mortgage Loan, then a Substitution Amount shall be paid by the party effecting such substitution occursto the Trustee for deposit into the Certificate Account, and shall be treated as a Principal Prepayment hereunder; (ii) has a Net Mortgage Rate not less than, and not more than 0.50% higher than, the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less lower than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) has a minimum Mortgage Rate not less than the minimum Net Mortgage Rate of the related Deleted Mortgage Loan, (v) has Loan and will be a gross margin equal to or greater than the gross margin of Discount Mortgage Loan if the Deleted Mortgage Loan, (vi) has Loan was a next adjustment date not later than the next adjustment date on Discount Mortgage Loan or a Non-Discount Mortgage Loan if the Deleted Mortgage Loan, (vii) has the same Due Date as the Deleted Loan was a Non-Discount Mortgage Loan, ; (viiiiii) has a remaining stated term to maturity not longer than 18 months than, and not more than 18 months one year shorter than than, the remaining stated term to stated maturity of the related Deleted Mortgage Loan, ; (ixiv) is current as of the date of substitution, (xA) has a Loan-to-Value Ratio as of the date of such substitution equal to or lower of not greater than 80%; provided, however, that if the related Deleted Mortgage Loan has a Loan-to-Value Ratio of greater than 80%, then the Loan-to-Value Ratio of such substitute Mortgage Loan may be greater than 80% but shall not be greater than the Loan-to-Value Ratio of the Deleted Mortgage Loan and (B) the addition of such substitute Mortgage Loan does not increase the weighted average Loan-to-Value Ratio of the Mortgage Pool by more than 5%; (v) will comply with all of the representations and warranties relating to Mortgage Loans set forth herein, as of the date as of which such datesubstitution occurs; (vi) is not a Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative Loan; (vii) if applicable, (xi) has been underwritten by the Seller in accordance with the same underwriting criteria index as and guidelines as a margin not less than that of the related Deleted Mortgage Loan, ; (xiiviii) has not been delinquent for a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiii) is secured by the same property type as the Deleted Mortgage Loan, (xiv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made period of more than 30 days more than once in the Mortgage Loan Purchase Agreement, twelve months immediately preceding such date of substitution; (xv) has the same first lien position as the Deleted Mortgage Loan, (xviix) is covered by a primary mortgage insurance policy Primary Mortgage Insurance Policy if the related Deleted Mortgage Loan is so covered, and the Loan-to-Value Ratio of such Mortgage Loan is greater than 80%; and (x) has a Credit Score not greater than 20 points lower than the Credit Score of the related Deleted Mortgage Loan; provided, however, that if the Deleted Mortgage Loan was so covereddoes not have a Credit Score, (xvii) contains provisions covering the payment of Prepayment Premium by the Mortgager for early prepayment of the then such substitute Mortgage Loan at least as favorable shall have a Credit Score equal to the Trust as the Deleted Mortgage Loan, (xviii) has a maturity date not later or greater than the maturity date of the latest maturing Mortgage Loan in the Mortgage Pool as of the Closing Date, (xix) has the same Mortgage Index as the Deleted Mortgage Loan, (xx) if originated on or after November 27, 2003, is not a “high cost” loan subject to the New Jersey Home Ownership Security Act of 2003 and (xxi) if originated on or after January 1, 2004 is not a “high-cost” loan subject to the New Mexico Home Loan Protection Act700. In the event that either one mortgage loan is substituted for more than one Deleted Mortgage Loan or more than one mortgage loans are loan is substituted for one or more Deleted Mortgage Loans, then (a) the amounts described Scheduled Principal Balance referred to in clause (i) hereof above shall be determined on such that the basis aggregate Scheduled Principal Balance of all such substitute Mortgage Loans shall not exceed the aggregate Stated Scheduled Principal Balances, Balance of all Deleted Mortgage Loans and (b) each of (1) the Mortgage Rates described rate referred to in clause (ii) hereof shall be determined on above, (2) the basis of weighted average Mortgage Rates, the risk gradings described remaining term to stated maturity referred to in clause (xiiiii) hereof shall be satisfied as to each such mortgage loanabove, the terms described in clause (viii3) hereof shall be determined on the basis of weighted average remaining term to maturity, the Loan-to-Value Ratios described Ratio referred to in clause (iv) above and (4) the Credit Score referred to in clause (x) hereof above shall be satisfied as to each such mortgage loan anddetermined on a weighted average basis, except to provided that the extent otherwise provided in this sentence, the representations and warranties described in clause (xiv) hereof must be satisfied as to each Qualified final scheduled maturity date of any Qualifying Substitute Mortgage Loan shall not exceed the Final Scheduled Distribution Date of any Class of Certificates. Whenever a Qualifying Substitute Mortgage Loan is substituted for a Deleted Mortgage Loan pursuant to this Agreement, the party effecting such substitution shall certify such qualification in writing to the Trustee. Notwithstanding any provision herein to the contrary, a Qualifying Substitute Mortgage Loan shall be deemed to have the same AP Percentage and Non-AP Percentage as that of the Deleted Mortgage Loan for which it was substituted. Rating Agency: Each of S&P and Xxxxx’x. Realized Loss: (a) With respect to each Liquidated Mortgage Loan, an amount equal to (i) the unpaid principal balance of such Mortgage Loan as of the date of liquidation, plus (ii) interest at the applicable Net Mortgage Rate (plus the Employee Discount Rate, if any, for such Mortgage Loan) from the date as to which interest was last paid up to the last day of the month of such liquidation, minus (iii) Liquidation Proceeds received, net of amounts that are reimbursable to the Master Servicer or in the aggregateapplicable Servicer with respect to such Mortgage Loan (other than Advances of principal and interest) including expenses of liquidation, and (b) with respect to each Mortgage Loan that has become the subject of a Deficient Valuation, the difference between the unpaid principal balance of such Mortgage Loan immediately prior to such Deficient Valuation and the unpaid principal balance of such Mortgage Loan as reduced by the case may beDeficient Valuation. In determining whether a Realized Loss on a Liquidated Mortgage Loan is a Realized Loss of interest or principal, Liquidation Proceeds shall be allocated, first, to payment of expenses related to such Liquidated Mortgage Loan (including payment of any Retained Interest), then to accrued unpaid interest and finally to reduce the principal balance of the Mortgage Loan.