Common use of Reports by Trustee to Owners Clause in Contracts

Reports by Trustee to Owners. (a) On each Distribution Date the Trustee shall make available to each Owner, the Underwriters, the Depositor, Standard & Poor’s, Xxxxx’x and Fitch: (i) the amount of the distribution with respect to such Owner’s Certificates (based on a Certificate in the original principal amount of $[__________]); (ii) the amount of such Owner’s distributions allocable to principal, separately identifying the aggregate amount of any Prepayments in full or other Prepayments or other recoveries of principal included therein (based on a Certificate in the original principal amount of $[__________]) and any related Subordination Increase Amount; (iii) the amount of such Owner’s distributions allocable to interest (based on a Certificate in the original principal amount of $[__________]); (iv) any Class Interest Carryover Shortfall for any Class of Offered Certificates for such Distribution Date; (v) any Class Principal Carryover Shortfall for any Class of Subordinate Certificates for such Distribution Date; (vi) the principal amount of each Class of Offered Certificate which will be Outstanding and the aggregate Loan Balance of each Group, after giving effect to any payment of principal on such Distribution Date; (vii) the Overcollateralization Amount and Required Overcollateralization Amount, if any, remaining after giving effect to all distributions and transfers on such Distribution Date; (viii) based upon information furnished by the Servicer, such information as may be required by Section 6049(d)(7)(C) of the Code and the regulations promulgated thereunder to assist the Owners in computing their market discount; (ix) the total of any Substitution Amounts and any Loan Purchase Price amounts included in such distribution with respect to each Group; (x) the weighted average Coupon Rate of the Home Equity Loans in each Group; (xi) [Reserved]; (xii) such other information as any Owner may reasonably request with respect to Delinquent Home Equity Loans; (xiii) the weighted average gross margin of the Home Equity Loans in Group II; (xiv) the largest Loan Balance outstanding in each Group; (xv) the Basic Principal Amount for each Group for such Distribution Date; (xvi) the Group I Net WAC Cap Carryover, the Group II Net WAC Cap Carryover and the Subordinate Net WAC Cap Carryover paid to the Owners of each Class of Carryover Certificates for such Distribution Date and any Group I Net WAC Cap Carryover, Group II Net WAC Cap Carryover and the Subordinate Net WAC Cap Carryover remaining unpaid; (xvii) the related Certificate Rate for each Class for the related Distribution Date; (xviii) the Group I Net WAC Cap, the Group II Net WAC Cap and the Subordinate Net WAC Cap for such Distribution Date; and (xix) the amount of any Applied Realized Loss Amounts applied with respect to each Class of Subordinate Certificates; (xx) the occurrence of the Stepdown Date; and (xxi) with respect to the second Distribution Date, the number and aggregate Loan Balance of any Delayed Delivery Home Equity Loans not delivered within twenty days after the Startup Day. The Servicer shall provide to the Trustee the information described in Section 8.08(f) and in clause (b) below to enable the Trustee to perform its reporting obligations under this Section, and such obligations of the Trustee under this Section are conditioned upon such information being received and the information provided in clauses (ii), (ix) and (x) above shall be based solely upon information contained in the monthly servicing report provided by the Servicer to the Trustee pursuant to Section 8.08 hereof. (b) In addition, on each Distribution Date the Trustee will make available to each Owner, the Underwriters, Standard & Poor’s, Xxxxx’x and Fitch, together with the information described in subsection (a) preceding, the following information with respect to each Home Equity Loan Group and for all Groups in the aggregate which is hereby required to be prepared by the Servicer and furnished to the Trustee for such purpose on or prior to the related Monthly Remittance Date: (i) the number and aggregate Loan Balances of Home Equity Loans (a) 30-59 days Delinquent, (b) 60-89 days Delinquent and (c) 90 or more days Delinquent, as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date, (d) the number and aggregate Loan Balances of all Home Equity Loans as of such Distribution Date after giving effect to any payment of principal on the last day of the Remittance Period immediately preceding the Distribution Date and (e) the percentage that each of the amounts represented by clauses (a), (b) and (c) represent as a percentage of the respective amounts in clause (d); (ii) the status and the number and dollar amounts of all Home Equity Loans in foreclosure proceedings as of the close of business on the last Business Day of the calendar month immediately preceding such Distribution Date, separately stating, for this purpose, all Home Equity Loans with respect to which foreclosure proceedings were commenced in the immediately preceding calendar month; (iii) the number of Mortgagors and the Loan Balances of (a) the related Home Equity Loans involved in bankruptcy proceedings as of the close of business on the last Business Day of the calendar month immediately preceding such Distribution Date and (b) Home Equity Loans that are “balloon” loans; (iv) the existence of (and aggregate Loan Balance of the Home Equity Loans relating to) any REO Properties, as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date; (v) the book value of any REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date; (vi) cumulative Realized Losses and Recoveries incurred on the Home Equity Loans from the Cut-Off Date to and including the Remittance Period immediately preceding the Distribution Date; (vii) the amount of Net Liquidation Proceeds realized on the Home Equity Loans during the Remittance Period immediately preceding the Distribution Date; and (viii) the 60+ Delinquency Percentage (Rolling Three Month) with respect to such Distribution Date; (ix) for each Distribution Date beginning with the Distribution Date in [__________ 200_], the percentage obtained by dividing (a) the aggregate amount of cumulative Realized Losses, minus the aggregate amount of cumulative Recoveries incurred on the Home Equity Loans from the Cut-Off Date through the last day of the related Remittance Period by (b) the aggregate Loan Balance of the Home Equity Loans as of the Cut-Off Date; and (x) whether the Trigger Event has occurred. The Trustee shall forward such report (together with the information described in (a) above) concurrently with each distribution to the Certificateholders and the Rating Agencies (which requirement may be satisfied by complying with Section 7.10). (c) The Trustee shall, on behalf of the Trust, cause to be filed with the Commission any periodic reports required to be filed on behalf of the Trust under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder, including as provided in Section 8.28. Upon the request of the Trustee, each of the Seller, the Servicer and the Depositor shall cooperate with the Trustee in the preparation of any such report and shall provide to the Trustee in a timely manner all such information or documentation as is in the possession of such Person and that the Trustee may reasonably request in connection with the performance of its duties and obligations under this Section. The Trustee shall file with the Commission a Form 15 with respect to the Trust as soon as practicable following the first date on which the conditions to filing thereof have been satisfied. Following the filing of such Form 15, the Trustee will submit a certificate addressed to an officer of the Depositor certifying that all filings under the Exchange Act have been made and shall attach a copy of acceptance slips for such filings. On the Startup Day, the Depositor shall provide the Trustee with a letter at Closing, substantially in the form attached hereto as Exhibit M, instructing the Trustee, as filing agent, to comply with the reporting obligations for the Trust under the Exchange Act.

Reports by Trustee to Owners. (a) On each Distribution Date the Trustee shall make available transmit a report in writing to each Owner, the Underwriters, the Depositor, Standard & Poor’s, Xxxxx’x and FitchFitch setting forth: (i) the amount of the distribution with respect to such Owner’s Certificates (based on a Certificate in the original principal amount or notional amount of $[__________]1,000); (ii) the amount of such Owner’s distributions allocable to principal, separately identifying the aggregate amount of any Prepayments in full or other Prepayments or other recoveries of principal included therein (based on a Certificate in the original principal amount or notional amount of $[__________]1,000) and any related Subordination Increase Amount; (iii) the amount of such Owner’s distributions allocable to interest (based on a Certificate in the original principal amount or notional amount of $[__________]1,000); (iv) any Class Interest Carryover Shortfall for any Class of Offered Certificates for such Distribution Date; (v) any Class Principal Carryover Shortfall for any Class of Subordinate Certificates for such Distribution Date; (vi) the principal amount of each Class of Offered Certificate which will be Outstanding and the aggregate Loan Balance of each Group, after giving effect to any payment of principal on such Distribution Date; (vii) the Overcollateralization Amount and Required Overcollateralization Amount, if any, remaining after giving effect to all distributions and transfers on such Distribution Date; (viii) based upon information furnished by the Servicer, such information as may be required by Section 6049(d)(7)(C) of the Code and the regulations promulgated thereunder to assist the Owners in computing their market discount; (ix) the total of any Substitution Amounts and any Loan Purchase Price amounts included in such distribution with respect to each Group; (x) the weighted average Coupon Rate of the Home Equity Loans in each Group; (xi) [Reserved]; (xii) such other information as any Owner may reasonably request with respect to Delinquent Home Equity Loans; (xiii) the weighted average gross margin of the Home Equity Loans in Group IIII and Group III; (xiv) the largest Loan Balance outstanding in each Group; (xv) the Basic Principal Amount for each Group for such Distribution Date; (xvi) the Group I Net WAC Cap Carryover, the Group II Net WAC Cap Carryover, the Group III Net WAC Cap Carryover and the Subordinate Net WAC Cap Carryover paid to the Owners of each Class of Carryover Certificates for such Distribution Date and any Group I Net WAC Cap Carryover, Group II Net WAC Cap Carryover, Group III Net WAC Cap Carryover and the Subordinate Net WAC Cap Carryover remaining unpaid; (xvii) the related Certificate Rate for each Class for the related Distribution Date; (xviii) the Group I Net WAC Cap, the Group II Net WAC Cap, the Group III Net WAC Cap and the Subordinate Net WAC Cap for such Distribution Date; and (xix) the amount of any Applied Realized Loss Amounts applied with respect to each Class of Subordinate Certificates; (xx) the occurrence of the Stepdown Date; and (xxi) with respect to the second Distribution Date, the number and aggregate Loan Balance of any Delayed Delivery Home Equity Loans not delivered within twenty days after the Startup Day. The Servicer shall provide to the Trustee the information described in Section 8.08(f) and in clause (b) below to enable the Trustee to perform its reporting obligations under this Section, and such obligations of the Trustee under this Section are conditioned upon such information being received and the information provided in clauses (ii), (ix) and (x) above shall be based solely upon information contained in the monthly servicing report provided by the Servicer to the Trustee pursuant to Section 8.08 hereof. (b) In addition, on each Distribution Date the Trustee will make available distribute to each Owner, the Underwriters, Standard & Poor’s, Xxxxx’x and Fitch, together with the information described in subsection (a) preceding, the following information with respect to each Home Equity Loan Group and for all Groups in the aggregate which is hereby required to be prepared by the Servicer and furnished to the Trustee for such purpose on or prior to the related Monthly Remittance Date: (i) the number and aggregate Loan Balances of Home Equity Loans (a) 30-59 days Delinquent, (b) 60-89 days Delinquent and (c) 90 or more days Delinquent, as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date, (d) the number and aggregate Loan Balances of all Home Equity Loans as of such Distribution Date after giving effect to any payment of principal on the last day of the Remittance Period immediately preceding the Distribution Date and (e) the percentage that each of the amounts represented by clauses (a), (b) and (c) represent as a percentage of the respective amounts in clause (d); (ii) the status and the number and dollar amounts of all Home Equity Loans in foreclosure proceedings as of the close of business on the last Business Day of the calendar month immediately preceding such Distribution Date, separately stating, for this purpose, all Home Equity Loans with respect to which foreclosure proceedings were commenced in the immediately preceding calendar month; (iii) the number of Mortgagors and the Loan Balances of (a) the related Home Equity Loans involved in bankruptcy proceedings as of the close of business on the last Business Day of the calendar month immediately preceding such Distribution Date and (b) Home Equity Loans that are “balloon” loans; (iv) the existence of (and aggregate Loan Balance of the Home Equity Loans relating to) any REO Properties, as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date; (v) the book value of any REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date; (vi) cumulative Realized Losses and Recoveries incurred on the Home Equity Loans from the Cut-Off Date to and including the Remittance Period immediately preceding the Distribution Date; (vii) the amount of Net Liquidation Proceeds realized on the Home Equity Loans during the Remittance Period immediately preceding the Distribution Date; and (viii) the 60+ Delinquency Percentage (Rolling Three Month) with respect to such Distribution Date; (ix) for each Distribution Date beginning with the Distribution Date in [__________ 200_]July 2007, the percentage obtained by dividing (a) the aggregate amount of cumulative Realized Losses, minus the aggregate amount of cumulative Recoveries incurred on the Home Equity Loans from the Cut-Off Date through the last day of the related Remittance Period by (b) the aggregate Loan Balance of the Home Equity Loans as of the Cut-Off Date; and (x) whether the Trigger Event has occurred. The Trustee shall forward such report (together with the information described in (a) above) concurrently with each distribution to the Certificateholders and the Rating Agencies (which requirement may be satisfied by complying with Section 7.10). (c) The Trustee shall, on behalf of the Trust, cause to be filed with the Commission any periodic reports required to be filed on behalf of the Trust under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder, including as provided in Section 8.28. Upon the request of the Trustee, each of the Seller, the Servicer and the Depositor shall cooperate with the Trustee in the preparation of any such report and shall provide to the Trustee in a timely manner all such information or documentation as is in the possession of such Person and that the Trustee may reasonably request in connection with the performance of its duties and obligations under this Section. The Trustee shall file with the Commission a Form 15 with respect to the Trust as soon as practicable following the first date on which the conditions to filing thereof have been satisfied. Following the filing of such Form 15, the Trustee will submit a certificate addressed to an officer of the Depositor certifying that all filings under the Exchange Act have been made and shall attach a copy of acceptance slips for such filings. On the Startup Day, the Depositor shall provide the Trustee with a letter at Closing, substantially in the form attached hereto as Exhibit M, instructing the Trustee, as filing agent, to comply with the reporting obligations for the Trust under the Exchange Act.

Reports by Trustee to Owners. (a) On each Distribution Payment Date the Trustee shall make available report in writing to the Depositor, each Owner, the Underwriters, Underwriters and the Depositor, Standard & Poor’s, Xxxxx’x and FitchRating Agencies: (i) the amount of the distribution with respect to such Owner’s Owners' Certificates (based on a Certificate in the original principal amount of $[__________]1,000); (ii) the amount of such Owner’s 's distributions allocable to principal, separately identifying the aggregate amount of any Prepayments in full or other Prepayments or other recoveries of principal included therein (based on a Certificate in the original principal amount of $[__________]) and any related Subordination Increase Amounttherein; (iii) the amount of such Owner’s 's distributions allocable to interest (based on a Certificate in the original principal amount of $[__________]1,000); (iv) any Class the Interest Carryover Shortfall Carry Forward Amount for any Class of Offered Certificates for such Distribution Dateeach Class; (v) any Class Principal Carryover Shortfall for any Class of Subordinate Certificates for such Distribution Date; (vi) the principal amount (or notional principal amount) of each Class of Offered Certificates (based on a Certificate in the original principal amount of $1,000) which will be Outstanding and the aggregate Loan Balance of each Group, after giving effect to any payment of principal on such Distribution Payment Date; (viivi) the Overcollateralization Amount and Required Overcollateralization Amount, if any, remaining aggregate Loan Balance of all Home Equity Loans after giving effect to all distributions and transfers any payment of principal on such Distribution DatePayment Date both in the aggregate and in each of the Home Equity Loan Groups; (viiivii) based upon information furnished by the ServicerDepositor, such information as may be required by Section 6049(d)(7)(C) of the Code and the regulations promulgated thereunder to assist the Owners in computing their market discount; (ixviii) the total of any Substitution Amounts and any Loan Purchase Price amounts included in such distribution with respect to each Group; (xix) the weighted average Coupon Rate of the Home Equity Loans in with respect to each Group; (x) whether a Group I Trigger Event or a Group II Trigger Event has occurred; (xi) [Reserved]the amount of any Group I Extra Principal Distribution Amount or any Group II Extra Principal Distribution Amount; (xii) such other information as any Owner may reasonably request with respect to Delinquent Home Equity Loansthe Group I Senior Enhancement Percentage and the Group II Senior Enhancement Percentage; (xiii) the weighted average gross margin Group I Overcollateralization Amount, the Group II Overcollateralization Amount and the Certificate Principal Balance of each Class of the Home Equity Loans in Group II;Offered Certificates then outstanding after giving effect to any payment of principal on such Payment Date; and (xiv) the largest Loan Balance outstanding in each Group; (xv) the Basic Principal amount of any Group I or Group II Applied Realized Loss Amount, Group I or Group II Realized Loss Amortization Amount and Unpaid Realized Loss Amount for each Group for such Distribution Date; (xvi) the Group I Net WAC Cap Carryover, the Group II Net WAC Cap Carryover and the Subordinate Net WAC Cap Carryover paid to the Owners of each Class of Carryover Certificates for such Distribution Date and any Group I Net WAC Cap Carryover, Group II Net WAC Cap Carryover and the Subordinate Net WAC Cap Carryover remaining unpaid; (xvii) the related Certificate Rate for each Class for the related Distribution Date; (xviii) the Group I Net WAC Cap, the Group II Net WAC Cap and the Subordinate Net WAC Cap for such Distribution Date; and (xix) the amount of any Applied Realized Loss Amounts applied with respect to each Class of Subordinate Certificates; (xx) the occurrence as of the Stepdown close of such Payment Date; and (xxi) with respect to the second Distribution Date, the number and aggregate Loan Balance of any Delayed Delivery Home Equity Loans not delivered within twenty days after the Startup Day. The Servicer shall provide to the Trustee the information described in Section 8.08(f8.08(d)(iii) and in clause (b) below to enable the Trustee to perform its reporting obligations under this Section, and such obligations of the Trustee under this Section are conditioned upon such information being received and the information provided in clauses (ii), (vii), (viii), (ix), (xi), (xii), (xiii) and (xxiv) above shall be based solely upon information contained in the monthly servicing report provided by the Servicer to the Trustee pursuant to Section 8.08 8.01 hereof. (b) In addition, on each Distribution Payment Date the Trustee will make available distribute to the Depositor, each Owner, the Underwriters, Standard & Poor’s, Xxxxx’x Underwriters and Fitchthe Rating Agencies, together with the information described in subsection Subsection (a) preceding, the following information with respect to each Home Equity Loan Group and for all Groups in the aggregate which is hereby required to be prepared by the Servicer and furnished to the Trustee for such purpose on or prior to the related Monthly Remittance Date: (i) the number and aggregate Loan Balances of Home Equity Loans in each Group (and in the aggregate) (a) 30-59 days Delinquent, (b) 60-89 days Delinquent and (c) 90 or more days Delinquent, as of the close of business on the last Business Day of the calendar month immediately next preceding the Distribution such Payment Date, (d) the number and aggregate Loan Balances of all Home Equity Loans as of such Distribution Date after giving effect to any payment of principal on the last day of the Remittance Period immediately preceding the Distribution Date and (e) the percentage that each of the amounts represented by clauses (a), (b) and (c) represent as a percentage of the respective amounts in clause (d);, (ii) the status and the number and dollar amounts of all Home Equity Loans in each Group (and in the aggregate) in foreclosure proceedings as of the close of business on the last Business Day of the calendar month immediately next preceding such Distribution Payment Date, separately stating, for this purpose, all Home Equity Loans in each Group with respect to which foreclosure proceedings were commenced in the immediately preceding calendar month; (iii) the number of Mortgagors and the Loan Balances of Home Equity Loans of (a) the related Home Equity Loans Mortgages involved in bankruptcy proceedings as of the close of business on the last Business Day of the calendar month immediately next preceding such Distribution Payment Date and (b) Home Equity Loans in each Group that are “"balloon” " loans; (iv) the existence and status of (and aggregate Loan Balance any REO Properties in each Group, as of the Home Equity Loans relating toclose of business of the last Business Day of the month next preceding the Payment Date; (v) the book value of any REO Properties, Property in each Group as of the close of business on the last Business Day of the calendar month immediately next preceding the Distribution Date; (v) the book value of any REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Payment Date; (vi) cumulative the amount of Group I Cumulative Realized Losses and Recoveries incurred on the Home Equity Loans from the Cut-Off Date to and including the Remittance Period immediately preceding the Distribution Date; (vii) the amount of Net Liquidation Proceeds realized on the Home Equity Loans during the Remittance Period immediately preceding the Distribution DateGroup II Cumulative Realized Losses; and (viii) the 60+ Delinquency Percentage (Rolling Three Month) with respect to such Distribution Date; (ix) for each Distribution Date beginning with the Distribution Date in [__________ 200_], the percentage obtained by dividing (a) the aggregate amount of cumulative Realized Losses, minus the aggregate amount of cumulative Recoveries incurred on the Home Equity Loans from the Cut-Off Date through the last day of the related Remittance Period by (bvii) the aggregate Loan Balance of the Home Equity 60+ Day Delinquent Loans as of the Cut-Off Date; and (x) whether the Trigger Event has occurred. The Trustee shall forward such report (together with the information described in (a) above) concurrently with respect to each distribution to the Certificateholders and the Rating Agencies (which requirement may be satisfied by complying with Section 7.10)Group. (c) The Servicer shall furnish to the Trustee shallduring the term of this Agreement, on behalf of the Trustsuch periodic, cause special, or other reports or information not specifically provided for herein, as may be necessary, reasonable, or appropriate with respect to be filed with the Commission any periodic reports required to be filed on behalf of the Trust under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder, including as provided in Section 8.28. Upon the request of the Trustee, each of the Seller, the Servicer and the Depositor shall cooperate or otherwise with the Trustee in the preparation of any such report and shall provide respect to the Trustee in a timely manner purposes of this Agreement, all such reports or information or documentation to be provided by and in accordance with such applicable instructions and directions as is in the possession of such Person and that the Trustee may reasonably request in connection require; provided, that the Servicer shall be entitled to be reimbursed by the requesting party for the fees and actual expenses associated with the performance of its duties and obligations under this Section. The Trustee shall file with the Commission a Form 15 with respect to the Trust as soon as practicable following the first date on which the conditions to filing thereof have been satisfied. Following the filing of providing such Form 15reports, the Trustee will submit a certificate addressed to an officer of the Depositor certifying that all filings under the Exchange Act have been made and shall attach a copy of acceptance slips for if such filings. On the Startup Day, the Depositor shall provide the Trustee with a letter at Closing, substantially reports are not generally produced in the form attached hereto as Exhibit M, instructing the Trustee, as filing agent, to comply with the reporting obligations for the Trust under the Exchange Actordinary course of business.

Reports by Trustee to Owners. (a) On each Distribution Date the Trustee shall make available transmit a report in writing to each Owner, the Underwriters, the Depositor, Standard & Poor’s, Xxxxx’x and FitchFitch setting forth: (i) the amount of the distribution with respect to such Owner’s Certificates (based on a Certificate in the original principal amount or notional amount of $[__________]1,000); (ii) the amount of such Owner’s distributions allocable to principal, separately identifying the aggregate amount of any Prepayments in full or other Prepayments or other recoveries of principal included therein (based on a Certificate in the original principal amount or notional amount of $[__________]1,000) and any related Subordination Increase Amount; (iii) the amount of such Owner’s distributions allocable to interest (based on a Certificate in the original principal amount or notional amount of $[__________]1,000); (iv) any Class Interest Carryover Shortfall for any Class of Offered Certificates for such Distribution Date; (v) any Class Principal Carryover Shortfall for any Class of Subordinate Certificates for such Distribution Date; (vi) the principal amount of each Class of Offered Certificate which will be Outstanding and the aggregate Loan Balance of each Group, after giving effect to any payment of principal on such Distribution Date; (vii) the Overcollateralization Amount and Required Overcollateralization Amount, if any, remaining after giving effect to all distributions and transfers on such Distribution Date; (viii) based upon information furnished by the Servicer, such information as may be required by Section 6049(d)(7)(C) of the Code and the regulations promulgated thereunder to assist the Owners in computing their market discount; (ix) the total of any Substitution Amounts and any Loan Purchase Price amounts included in such distribution with respect to each Group; (x) the weighted average Coupon Rate of the Home Equity Loans in each Group; (xi) [Reserved]; (xii) such other information as any Owner may reasonably request with respect to Delinquent Home Equity Loans; (xiii) the weighted average gross margin of the Home Equity Loans in Group II; (xiv) the largest Loan Balance outstanding in each Group; (xv) the Basic Principal Amount for each Group for such Distribution Date; (xvi) the Group I Net WAC Cap Carryover, the Group II Net WAC Cap Carryover and the Subordinate Net WAC Cap Carryover paid to the Owners of each Class of Carryover Certificates for such Distribution Date and any Group I Net WAC Cap Carryover, Group II Net WAC Cap Carryover and the Subordinate Net WAC Cap Carryover remaining unpaid; (xvii) the related Certificate Rate for each Class for the related Distribution Date; (xviii) the Group I Net WAC Cap, the Group II Net WAC Cap and the Subordinate Net WAC Cap for such Distribution Date; and (xix) the amount of any Applied Realized Loss Amounts applied with respect to each Class of Subordinate Certificates; (xx) the occurrence of the Stepdown Date; and (xxi) with respect to the second Distribution Date, the number and aggregate Loan Balance of any Delayed Delivery Home Equity Loans not delivered within twenty days after the Startup DayDate. The Servicer shall provide to the Trustee the information described in Section 8.08(f) and in clause (b) below to enable the Trustee to perform its reporting obligations under this Section, and such obligations of the Trustee under this Section are conditioned upon such information being received and the information provided in clauses (ii), (ix) and (x) above shall be based solely upon information contained in the monthly servicing report provided by the Servicer to the Trustee pursuant to Section 8.08 hereof. (b) In addition, on each Distribution Date the Trustee will make available distribute to each Owner, the Underwriters, Standard & Poor’s, Xxxxx’x and Fitch, together with the information described in subsection (a) preceding, the following information with respect to each Home Equity Loan Group and for all both Groups in the aggregate which is hereby required to be prepared by the Servicer and furnished to the Trustee for such purpose on or prior to the related Monthly Remittance Date: (i) the number and aggregate Loan Balances of Home Equity Loans (a) 30-59 days Delinquent, (b) 60-89 days Delinquent and (c) 90 or more days Delinquent, as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date, (d) the number and aggregate Loan Balances of all Home Equity Loans as of such Distribution Date after giving effect to any payment of principal on the last day of the Remittance Period immediately preceding the Distribution Date and (e) the percentage that each of the amounts represented by clauses (a), (b) and (c) represent as a percentage of the respective amounts in clause (d); (ii) the status and the number and dollar amounts of all Home Equity Loans in foreclosure proceedings as of the close of business on the last Business Day of the calendar month immediately preceding such Distribution Date, separately stating, for this purpose, all Home Equity Loans with respect to which foreclosure proceedings were commenced in the immediately preceding calendar month; (iii) the number of Mortgagors and the Loan Balances of (a) the related Home Equity Loans involved in bankruptcy proceedings as of the close of business on the last Business Day of the calendar month immediately preceding such Distribution Date and (b) Home Equity Loans that are “balloon” loans; (iv) the existence of (and aggregate Loan Balance of the Home Equity Loans relating to) any REO Properties, as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date; (v) the book value of any REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date; (vi) cumulative Realized Losses and Recoveries incurred on the Home Equity Loans from the Cut-Off Date to and including the Remittance Period immediately preceding the Distribution Date; (vii) the amount of Net Liquidation Proceeds realized on the Home Equity Loans during the Remittance Period immediately preceding the Distribution Date; and (viii) the 60+ Delinquency Percentage (Rolling Three Month) with respect to such Distribution Date; (ix) for each Distribution Date beginning with the Distribution Date in [__________ 200_]January 2006, the percentage obtained by dividing (a) the aggregate amount of cumulative Realized Losses, minus the aggregate amount of cumulative Recoveries Losses incurred on the Home Equity Loans from the Cut-Off Date through the last day of the related Remittance Period by (b) the aggregate Loan Balance of the Home Equity Loans as of the Cut-Off Date; and (x) whether the Trigger Event has occurred. The Trustee shall forward such report (together with the information described in (a) above) concurrently with each distribution to the Certificateholders and the Rating Agencies (which requirement may be satisfied by complying with Section 7.10). (c) The Trustee shall, on behalf of the Trust, cause to be filed with the Commission any periodic reports required to be filed on behalf of the Trust under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder, including as provided in Section 8.28. Upon the request of the Trustee, each of the Seller, the Servicer and the Depositor shall cooperate with the Trustee in the preparation of any such report and shall provide to the Trustee in a timely manner all such information or documentation as is in the possession of such Person and that the Trustee may reasonably request in connection with the performance of its duties and obligations under this Section. The Trustee shall file with the Commission a Form 15 with respect to the Trust as soon as practicable following the first date on which the conditions to filing thereof have been satisfied. Following the filing of such Form 15, the Trustee will submit a certificate addressed to an officer of the Depositor certifying that all filings under the Exchange Act have been made and shall attach a copy of acceptance slips for such filings. On the Startup Day, the Depositor shall provide the Trustee with a letter at Closing, substantially in the form attached hereto as Exhibit M, instructing the Trustee, as filing agent, to comply with the reporting obligations for the Trust under the Exchange Act.

Reports by Trustee to Owners. (a) On each Distribution Date the Trustee shall make available to each Owner, the Underwriters, the Depositor, Standard & Poor’s, Xxxxx’x and Fitch: (i) the amount of the distribution with respect to such Owner’s Certificates (based on a Certificate in the original principal amount of $[__________]1,000); (ii) the amount of such Owner’s distributions allocable to principal, separately identifying the aggregate amount of any Prepayments in full or other Prepayments or other recoveries of principal included therein (based on a Certificate in the original principal amount of $[__________]1,000) and any related Subordination Increase Amount; (iii) the amount of such Owner’s distributions allocable to interest (based on a Certificate in the original principal amount of $[__________]1,000); (iv) any Class Interest Carryover Shortfall for any Class of Offered Certificates for such Distribution Date; (v) any Class Principal Carryover Shortfall for any Class of Subordinate Certificates for such Distribution Date; (vi) the principal amount of each Class of Offered Certificate which will be Outstanding and the aggregate Loan Balance of each Group, after giving effect to any payment of principal on such Distribution Date; (vii) the Overcollateralization Amount and Required Overcollateralization Amount, if any, remaining after giving effect to all distributions and transfers on such Distribution Date; (viii) based upon information furnished by the Servicer, such information as may be required by Section 6049(d)(7)(C) of the Code and the regulations promulgated thereunder to assist the Owners in computing their market discount; (ix) the total of any Substitution Amounts and any Loan Purchase Price amounts included in such distribution with respect to each Group; (x) the weighted average Coupon Rate of the Home Equity Loans in each Group; (xi) [Reserved]; (xii) such other information as any Owner may reasonably request with respect to Delinquent Home Equity Loans; (xiii) the weighted average gross margin of the Home Equity Loans in Group II; (xiv) the largest Loan Balance outstanding in each Group; (xv) the Basic Principal Amount for each Group for such Distribution Date; (xvi) the Group I Net WAC Cap Carryover, the Group II Net WAC Cap Carryover and the Subordinate Net WAC Cap Carryover paid to the Owners of each Class of Carryover Certificates for such Distribution Date and any Group I Net WAC Cap Carryover, Group II Net WAC Cap Carryover and the Subordinate Net WAC Cap Carryover remaining unpaid; (xvii) the related Certificate Rate for each Class for the related Distribution Date; (xviii) the Group I Net WAC Cap, the Group II Net WAC Cap and the Subordinate Net WAC Cap for such Distribution Date; and (xix) the amount of any Applied Realized Loss Amounts applied with respect to each Class of Subordinate Certificates; (xx) the occurrence of the Stepdown Date; and (xxi) with respect to the second Distribution Date, the number and aggregate Loan Balance of any Delayed Delivery Home Equity Loans not delivered within twenty days after the Startup Day. The Servicer shall provide to the Trustee the information described in Section 8.08(f) and in clause (b) below to enable the Trustee to perform its reporting obligations under this Section, and such obligations of the Trustee under this Section are conditioned upon such information being received and the information provided in clauses (ii), (ix) and (x) above shall be based solely upon information contained in the monthly servicing report provided by the Servicer to the Trustee pursuant to Section 8.08 hereof. (b) In addition, on each Distribution Date the Trustee will make available to each Owner, the Underwriters, Standard & Poor’s, Xxxxx’x and Fitch, together with the information described in subsection (a) preceding, the following information with respect to each Home Equity Loan Group and for all Groups in the aggregate which is hereby required to be prepared by the Servicer and furnished to the Trustee for such purpose on or prior to the related Monthly Remittance Date: (i) the number and aggregate Loan Balances of Home Equity Loans (a) 30-59 days Delinquent, (b) 60-89 days Delinquent and (c) 90 or more days Delinquent, as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date, (d) the number and aggregate Loan Balances of all Home Equity Loans as of such Distribution Date after giving effect to any payment of principal on the last day of the Remittance Period immediately preceding the Distribution Date and (e) the percentage that each of the amounts represented by clauses (a), (b) and (c) represent as a percentage of the respective amounts in clause (d); (ii) the status and the number and dollar amounts of all Home Equity Loans in foreclosure proceedings as of the close of business on the last Business Day of the calendar month immediately preceding such Distribution Date, separately stating, for this purpose, all Home Equity Loans with respect to which foreclosure proceedings were commenced in the immediately preceding calendar month; (iii) the number of Mortgagors and the Loan Balances of (a) the related Home Equity Loans involved in bankruptcy proceedings as of the close of business on the last Business Day of the calendar month immediately preceding such Distribution Date and (b) Home Equity Loans that are “balloon” loans; (iv) the existence of (and aggregate Loan Balance of the Home Equity Loans relating to) any REO Properties, as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date; (v) the book value of any REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date; (vi) cumulative Realized Losses and Recoveries incurred on the Home Equity Loans from the Cut-Off Date to and including the Remittance Period immediately preceding the Distribution Date; (vii) the amount of Net Liquidation Proceeds realized on the Home Equity Loans during the Remittance Period immediately preceding the Distribution Date; and (viii) the 60+ Delinquency Percentage (Rolling Three Month) with respect to such Distribution Date; (ix) for each Distribution Date beginning with the Distribution Date in [__________ 200_]November 2007, the percentage obtained by dividing (a) the aggregate amount of cumulative Realized Losses, minus the aggregate amount of cumulative Recoveries incurred on the Home Equity Loans from the Cut-Off Date through the last day of the related Remittance Period by (b) the aggregate Loan Balance of the Home Equity Loans as of the Cut-Off Date; and (x) whether the Trigger Event has occurred. The Trustee shall forward such report (together with the information described in (a) above) concurrently with each distribution to the Certificateholders and the Rating Agencies (which requirement may be satisfied by complying with Section 7.10). (c) The Trustee shall, on behalf of the Trust, cause to be filed with the Commission any periodic reports required to be filed on behalf of the Trust under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder, including as provided in Section 8.28. Upon the request of the Trustee, each of the Seller, the Servicer and the Depositor shall cooperate with the Trustee in the preparation of any such report and shall provide to the Trustee in a timely manner all such information or documentation as is in the possession of such Person and that the Trustee may reasonably request in connection with the performance of its duties and obligations under this Section. The Trustee shall file with the Commission a Form 15 with respect to the Trust as soon as practicable following the first date on which the conditions to filing thereof have been satisfied. Following the filing of such Form 15, the Trustee will submit a certificate addressed to an officer of the Depositor certifying that all filings under the Exchange Act have been made and shall attach a copy of acceptance slips for such filings. On the Startup Day, the Depositor shall provide the Trustee with a letter at Closing, substantially in the form attached hereto as Exhibit M, instructing the Trustee, as filing agent, to comply with the reporting obligations for the Trust under the Exchange Act.

Reports by Trustee to Owners. (a) On each Distribution Date the Trustee shall make available transmit a report in writing to each Owner, the Underwriters, the Depositor, Standard & Poor’s, Xxxxx’x and FitchFitch setting forth: (i) the amount of the distribution with respect to such Owner’s 's Certificates (based on a Certificate in the original principal amount of $[__________]1,000); (ii) the amount of such Owner’s distributions allocable to principal, separately identifying the aggregate amount of any Prepayments in full or other Prepayments or other recoveries of principal included therein (based on a Certificate in the original principal amount of $[__________]1,000) and any related Subordination Increase Amount; (iii) the amount of such Owner’s 's distributions allocable to interest (based on a Certificate in the original principal amount of $[__________]1,000); (iv) any Class Interest Carryover Shortfall for any Class of Offered Certificates for such Distribution Date; (v) any Class Principal Carryover Shortfall for any Class of Subordinate Certificates for such Distribution Date; (vi) the principal amount of each Class of Offered Certificate which will be Outstanding and the aggregate Loan Balance of each Group, after giving effect to any payment of principal on such Distribution Date; (vii) the Overcollateralization Amount and Required Overcollateralization Amount, if any, remaining after giving effect to all distributions and transfers on such Distribution Date; (viii) based upon information furnished by the Servicer, such information as may be required by Section 6049(d)(7)(C) of the Code and the regulations promulgated thereunder to assist the Owners in computing their market discount; (ix) the total of any Substitution Amounts and any Loan Purchase Price amounts included in such distribution with respect to each Group; (x) the weighted average Coupon Rate of the Home Equity Loans in each Group; (xi) [Reserved]; (xii) such other information as any Owner may reasonably request with respect to Delinquent Home Equity Loans; (xiii) the weighted average gross margin of the Home Equity Loans in Group II; (xiv) the largest Loan Balance outstanding in each Group; (xv) the Basic Principal Amount for each Group for such Distribution Date[Reserved]; (xvi) the Group I Net WAC Cap Carryover, the Group II Net WAC Cap Class A-7 Certificateholders’ Interest Index Carryover and the Subordinate Net WAC Rate Cap Carryover paid to the Owners of each Class of Carryover Certificates for such Distribution Date and any Group I Net WAC Cap Carryover, Group II Net WAC Cap Class A-7 Certificateholders’ Interest Index Carryover and the Subordinate Net WAC Rate Cap Carryover remaining unpaid; (xvii) the related Certificate Rate for each Class for the related Distribution Date; (xviii) the Group I Net WAC Cap, the Group II Net WAC Fixed Rate Interest Rate Cap and the Subordinate Net WAC Class A-7 Available Funds Cap for such Distribution Date; and (xix) the amount of any Applied Realized Loss Amounts applied with respect to each Class of Subordinate Certificates;; and (xx) the occurrence of the Stepdown Date; and (xxi) with respect to the second Distribution Date, the number and aggregate Loan Balance of any Delayed Delivery Home Equity Loans not delivered within twenty days after the Startup Day. The Servicer shall provide to the Trustee the information described in Section 8.08(f) and in clause (b) below to enable the Trustee to perform its reporting obligations under this Section, and such obligations of the Trustee under this Section are conditioned upon such information being received and the information provided in clauses (ii), (ix) and (x) above shall be based solely upon information contained in the monthly servicing report provided by the Servicer to the Trustee pursuant to Section 8.08 hereof. (b) In addition, on each Distribution Date the Trustee will make available distribute to each Owner, the Underwriters, Standard & Poor’s, Xxxxx’x and Fitch, together with the information described in subsection (a) preceding, the following information with respect to each Home Equity Loan Group and for all both Groups in the aggregate which is hereby required to be prepared by the Servicer and furnished to the Trustee for such purpose on or prior to the related Monthly Remittance Date: (i) the number and aggregate Loan Balances of Home Equity Loans (a) 30-59 days Delinquent, (b) 60-89 days Delinquent and (c) 90 or more days Delinquent, as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date, (d) the number and aggregate Loan Balances of all Home Equity Loans as of such Distribution Date after giving effect to any payment of principal on the last day of the Remittance Period immediately preceding the Distribution Date and (e) the percentage that each of the amounts represented by clauses (a), (b) and (c) represent as a percentage of the respective amounts in clause (d); (ii) the status and the number and dollar amounts of all Home Equity Loans in foreclosure proceedings as of the close of business on the last Business Day of the calendar month immediately preceding such Distribution Date, separately stating, for this purpose, all Home Equity Loans with respect to which foreclosure proceedings were commenced in the immediately preceding calendar month; (iii) the number of Mortgagors and the Loan Balances of (a) the related Home Equity Loans involved in bankruptcy proceedings as of the close of business on the last Business Day of the calendar month immediately preceding such Distribution Date and (b) Home Equity Loans that are “"balloon” " loans; (iv) the existence and status of (and aggregate Loan Balance of the Home Equity Loans relating to) any REO Properties, as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date; (v) the book value of any REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date; (vi) cumulative Realized Losses and Recoveries incurred on the Home Equity Loans from the Cut-Off Date Startup Day to and including the Remittance Period immediately preceding the Distribution Date; (vii) the amount of Net Liquidation Proceeds realized on the Home Equity Loans during the Remittance Period immediately preceding the Distribution Date; and (viii) the 60+ Delinquency Percentage (Rolling Three Month) with respect to such Distribution Date;; and (ix) for each Distribution Date beginning with the Distribution Date in [__________ 200_], the percentage obtained by dividing (a) the aggregate amount of cumulative Realized Losses, minus the aggregate amount of cumulative Recoveries incurred on the Home Equity Loans from the Cut-Off Date through the last day of the related Remittance Period by (b) the aggregate Loan Balance of the Home Equity Loans as of the Cut-Off Date; and (x) whether the a Trigger Event has occurred. The Trustee shall forward such report (together with the information described in (a) above) concurrently with each distribution to the Certificateholders and the Rating Agencies (which requirement may be satisfied by complying with Section 7.10)Agencies. (c) The Trustee shall, on behalf of the Trust, cause to be filed with the Commission any periodic reports required to be filed on behalf of the Trust under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder, including as provided in Section 8.28. Upon the request of the Trustee, each of the Seller, the Servicer and the Depositor shall cooperate with the Trustee in the preparation of any such report and shall provide to the Trustee in a timely manner all such information or documentation as is in the possession of such Person and that the Trustee may reasonably request in connection with the performance of its duties and obligations under this Section. The Trustee shall file with the Commission a Form 15 with respect to the Trust as soon as practicable following the first date on which the conditions to filing thereof have been satisfied. Following the filing of such Form 15, the Trustee will submit a certificate addressed to an officer of the Depositor certifying that all filings under the Exchange Act have been made and shall attach a copy of acceptance slips for such filings. On the Startup Day, the Depositor shall provide the Trustee with a letter at Closing, substantially in the form attached hereto as Exhibit M, instructing the Trustee, as filing agent, to comply with the reporting obligations for the Trust under the Exchange Act.

Reports by Trustee to Owners. (a) On each Distribution Date the Trustee shall make available transmit a report in writing to each Owner, the Underwriters, the Depositor, Standard & Poor’s, Xxxxx’x and FitchFitch setting forth: (i) the amount of the distribution with respect to such Owner’s Certificates (based on a Certificate in the original principal amount or notional amount of $[__________]1,000); (ii) the amount of such Owner’s distributions allocable to principal, separately identifying the aggregate amount of any Prepayments in full or other Prepayments or other recoveries of principal included therein (based on a Certificate in the original principal amount or notional amount of $[__________]1,000) and any related Subordination Increase Amount; (iii) the amount of such Owner’s distributions allocable to interest (based on a Certificate in the original principal amount or notional amount of $[__________]1,000); (iv) any Class Interest Carryover Shortfall for any Class of Offered Certificates for such Distribution Date; (v) any Class Principal Carryover Shortfall for any Class of Subordinate Certificates for such Distribution Date; (vi) the principal amount of each Class of Offered Certificate which will be Outstanding and the aggregate Loan Balance of each Group, after giving effect to any payment of principal on such Distribution Date; (vii) the Overcollateralization Amount and Required Overcollateralization Amount, if any, remaining after giving effect to all distributions and transfers on such Distribution Date; (viii) based upon information furnished by the Servicer, such information as may be required by Section 6049(d)(7)(C) of the Code and the regulations promulgated thereunder to assist the Owners in computing their market discount; (ix) the total of any Substitution Amounts and any Loan Purchase Price amounts included in such distribution with respect to each Group; (x) the weighted average Coupon Rate of the Home Equity Loans in each Group; (xi) [Reserved]; (xii) such other information as any Owner may reasonably request with respect to Delinquent Home Equity Loans; (xiii) the weighted average gross margin of the Home Equity Loans in Group IIII and Group III; (xiv) the largest Loan Balance outstanding in each Group; (xv) the Basic Principal Amount for each Group for such Distribution Date; (xvi) the Group I Net WAC Cap Carryover, the Group II Net WAC Cap Carryover, the Group III Net WAC Cap Carryover and the Subordinate Net WAC Cap Carryover paid to the Owners of each Class of Carryover Certificates for such Distribution Date and any Group I Net WAC Cap Carryover, Group II Net WAC Cap Carryover, Group III Net WAC Cap Carryover and the Subordinate Net WAC Cap Carryover remaining unpaid; (xvii) the related Certificate Rate for each Class for the related Distribution Date; (xviii) the Group I Net WAC Cap, the Group II Net WAC Cap, the Group III Net WAC Cap and the Subordinate Net WAC Cap for such Distribution Date; and (xix) the amount of any Applied Realized Loss Amounts applied with respect to each Class of Subordinate Certificates; (xx) the occurrence of the Stepdown Date; and (xxi) with respect to the second Distribution Date, the number and aggregate Loan Balance of any Delayed Delivery Home Equity Loans not delivered within twenty days after the Startup Day. The Servicer shall provide to the Trustee the information described in Section 8.08(f) and in clause (b) below to enable the Trustee to perform its reporting obligations under this Section, and such obligations of the Trustee under this Section are conditioned upon such information being received and the information provided in clauses (ii), (ix) and (x) above shall be based solely upon information contained in the monthly servicing report provided by the Servicer to the Trustee pursuant to Section 8.08 hereof. (b) In addition, on each Distribution Date the Trustee will make available distribute to each Owner, the Underwriters, Standard & Poor’s, Xxxxx’x and Fitch, together with the information described in subsection (a) preceding, the following information with respect to each Home Equity Loan Group and for all Groups in the aggregate which is hereby required to be prepared by the Servicer and furnished to the Trustee for such purpose on or prior to the related Monthly Remittance Date: (i) the number and aggregate Loan Balances of Home Equity Loans (a) 30-59 days Delinquent, (b) 60-89 days Delinquent and (c) 90 or more days Delinquent, as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date, (d) the number and aggregate Loan Balances of all Home Equity Loans as of such Distribution Date after giving effect to any payment of principal on the last day of the Remittance Period immediately preceding the Distribution Date and (e) the percentage that each of the amounts represented by clauses (a), (b) and (c) represent as a percentage of the respective amounts in clause (d); (ii) the status and the number and dollar amounts of all Home Equity Loans in foreclosure proceedings as of the close of business on the last Business Day of the calendar month immediately preceding such Distribution Date, separately stating, for this purpose, all Home Equity Loans with respect to which foreclosure proceedings were commenced in the immediately preceding calendar month; (iii) the number of Mortgagors and the Loan Balances of (a) the related Home Equity Loans involved in bankruptcy proceedings as of the close of business on the last Business Day of the calendar month immediately preceding such Distribution Date and (b) Home Equity Loans that are “balloon” loans; (iv) the existence of (and aggregate Loan Balance of the Home Equity Loans relating to) any REO Properties, as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date; (v) the book value of any REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date; (vi) cumulative Realized Losses and Recoveries incurred on the Home Equity Loans from the Cut-Off Date to and including the Remittance Period immediately preceding the Distribution Date; (vii) the amount of Net Liquidation Proceeds realized on the Home Equity Loans during the Remittance Period immediately preceding the Distribution Date; and (viii) the 60+ Delinquency Percentage (Rolling Three Month) with respect to such Distribution Date; (ix) for each Distribution Date beginning with the Distribution Date in [__________ 200_]February 2007, the percentage obtained by dividing (a) the aggregate amount of cumulative Realized Losses, minus the aggregate amount of cumulative Recoveries Losses incurred on the Home Equity Loans from the Cut-Off Date through the last day of the related Remittance Period by (b) the aggregate Loan Balance of the Home Equity Loans as of the Cut-Off Date; and (x) whether the Trigger Event has occurred. The Trustee shall forward such report (together with the information described in (a) above) concurrently with each distribution to the Certificateholders and the Rating Agencies (which requirement may be satisfied by complying with Section 7.10). (c) The Trustee shall, on behalf of the Trust, cause to be filed with the Commission any periodic reports required to be filed on behalf of the Trust under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder, including as provided in Section 8.28. Upon the request of the Trustee, each of the Seller, the Servicer and the Depositor shall cooperate with the Trustee in the preparation of any such report and shall provide to the Trustee in a timely manner all such information or documentation as is in the possession of such Person and that the Trustee may reasonably request in connection with the performance of its duties and obligations under this Section. The Trustee shall file with the Commission a Form 15 with respect to the Trust as soon as practicable following the first date on which the conditions to filing thereof have been satisfied. Following the filing of such Form 15, the Trustee will submit a certificate addressed to an officer of the Depositor certifying that all filings under the Exchange Act have been made and shall attach a copy of acceptance slips for such filings. On the Startup Day, the Depositor shall provide the Trustee with a letter at Closing, substantially in the form attached hereto as Exhibit M, instructing the Trustee, as filing agent, to comply with the reporting obligations for the Trust under the Exchange Act.

Reports by Trustee to Owners. (a) On each Distribution Date the Trustee shall make available transmit a report in writing to each Owner, the Underwriters, the Depositor, Standard & Poor’s, Xxxxx’x and FitchFitch setting forth: (i) the amount of the distribution with respect to such Owner’s Certificates (based on a Certificate in the original principal amount or notional amount of $[__________]1,000); (ii) the amount of such Owner’s distributions allocable to principal, separately identifying the aggregate amount of any Prepayments in full or other Prepayments or other recoveries of principal included therein (based on a Certificate in the original principal amount or notional amount of $[__________]1,000) and any related Subordination Increase Amount; (iii) the amount of such Owner’s distributions allocable to interest (based on a Certificate in the original principal amount or notional amount of $[__________]1,000); (iv) any Class Interest Carryover Shortfall for any Class of Offered Certificates for such Distribution Date; (v) any Class Principal Carryover Shortfall for any Class of Subordinate Certificates for such Distribution Date; (vi) the principal amount of each Class of Offered Certificate which will be Outstanding and the aggregate Loan Balance of each Group, after giving effect to any payment of principal on such Distribution Date; (vii) the Overcollateralization Amount and Required Overcollateralization Amount, if any, remaining after giving effect to all distributions and transfers on such Distribution Date; (viii) based upon information furnished by the Servicer, such information as may be required by Section 6049(d)(7)(C) of the Code and the regulations promulgated thereunder to assist the Owners in computing their market discount; (ix) the total of any Substitution Amounts and any Loan Purchase Price amounts included in such distribution with respect to each Group; (x) the weighted average Coupon Rate of the Home Equity Loans in each Group; (xi) [Reserved]; (xii) such other information as any Owner may reasonably request with respect to Delinquent Home Equity Loans; (xiii) the weighted average gross margin of the Home Equity Loans in Group II; (xiv) the largest Loan Balance outstanding in each Group; (xv) the Basic Principal Amount for each Group for such Distribution Date; (xvi) the Group I Net WAC Cap Carryover, Carryover and the Group II Net WAC Cap Carryover and the Subordinate Net WAC Cap Carryover paid to the Owners of each Class of Carryover Certificates for such Distribution Date and any Group I Net WAC Cap Carryover, Carryover and Group II Net WAC Cap Carryover and the Subordinate Net WAC Cap Carryover remaining unpaid; (xvii) the related Certificate Rate for each Class for the related Distribution Date; (xviii) the Group I Net WAC Cap, Cap and the Group II Net WAC Cap and the Subordinate Net WAC Cap for such Distribution Date; and (xix) the amount of any Applied Realized Loss Amounts applied with respect to each Class of Subordinate Certificates; (xx) the occurrence of the Stepdown Date; and (xxi) with respect to the second Distribution Date, the number and aggregate Loan Balance of any Delayed Delivery Home Equity Loans not delivered within twenty days after the Startup DayDate. The Servicer shall provide to the Trustee the information described in Section 8.08(f) and in clause (b) below to enable the Trustee to perform its reporting obligations under this Section, and such obligations of the Trustee under this Section are conditioned upon such information being received and the information provided in clauses (ii), (ix) and (x) above shall be based solely upon information contained in the monthly servicing report provided by the Servicer to the Trustee pursuant to Section 8.08 hereof. (b) In addition, on each Distribution Date the Trustee will make available distribute to each Owner, the Underwriters, Standard & Poor’s, Xxxxx’x and Fitch, together with the information described in subsection (a) preceding, the following information with respect to each Home Equity Loan Group and for all both Groups in the aggregate which is hereby required to be prepared by the Servicer and furnished to the Trustee for such purpose on or prior to the related Monthly Remittance Date: (i) the number and aggregate Loan Balances of Home Equity Loans (a) 30-59 days Delinquent, (b) 60-89 days Delinquent and (c) 90 or more days Delinquent, as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date, (d) the number and aggregate Loan Balances of all Home Equity Loans as of such Distribution Date after giving effect to any payment of principal on the last day of the Remittance Period immediately preceding the Distribution Date and (e) the percentage that each of the amounts represented by clauses (a), (b) and (c) represent as a percentage of the respective amounts in clause (d); (ii) the status and the number and dollar amounts of all Home Equity Loans in foreclosure proceedings as of the close of business on the last Business Day of the calendar month immediately preceding such Distribution Date, separately stating, for this purpose, all Home Equity Loans with respect to which foreclosure proceedings were commenced in the immediately preceding calendar month; (iii) the number of Mortgagors and the Loan Balances of (a) the related Home Equity Loans involved in bankruptcy proceedings as of the close of business on the last Business Day of the calendar month immediately preceding such Distribution Date and (b) Home Equity Loans that are “balloon” loans; (iv) the existence of (and aggregate Loan Balance of the Home Equity Loans relating to) any REO Properties, as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date; (v) the book value of any REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date; (vi) cumulative Realized Losses and Recoveries incurred on the Home Equity Loans from the Cut-Off Date to and including the Remittance Period immediately preceding the Distribution Date; (vii) the amount of Net Liquidation Proceeds realized on the Home Equity Loans during the Remittance Period immediately preceding the Distribution Date; and (viii) the 60+ Delinquency Percentage (Rolling Three Month) with respect to such Distribution Date; (ix) for each Distribution Date beginning with the Distribution Date in [__________ 200_]September 2005, the percentage obtained by dividing (a) the aggregate amount of cumulative Realized Losses, minus the aggregate amount of cumulative Recoveries Losses incurred on the Home Equity Loans from the Cut-Off Date through the last day of the related Remittance Period by (b) the aggregate Loan Balance of the Home Equity Loans as of the Cut-Off Date; and (x) whether the Trigger Event has occurred. The Trustee shall forward such report (together with the information described in (a) above) concurrently with each distribution to the Certificateholders and the Rating Agencies (which requirement may be satisfied by complying with Section 7.10). (c) The Trustee shall, on behalf of the Trust, cause to be filed with the Commission any periodic reports required to be filed on behalf of the Trust under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder, including as provided in Section 8.28. Upon the request of the Trustee, each of the Seller, the Servicer and the Depositor shall cooperate with the Trustee in the preparation of any such report and shall provide to the Trustee in a timely manner all such information or documentation as is in the possession of such Person and that the Trustee may reasonably request in connection with the performance of its duties and obligations under this Section. The Trustee shall file with the Commission a Form 15 with respect to the Trust as soon as practicable following the first date on which the conditions to filing thereof have been satisfied. Following the filing of such Form 15, the Trustee will submit a certificate addressed to an officer of the Depositor certifying that all filings under the Exchange Act have been made and shall attach a copy of acceptance slips for such filings. On the Startup Day, the Depositor shall provide the Trustee with a letter at Closing, substantially in the form attached hereto as Exhibit M, instructing the Trustee, as filing agent, to comply with the reporting obligations for the Trust under the Exchange Act.

Reports by Trustee to Owners. (a) On each Distribution Date the Trustee shall make available to each Owner, the Underwriters, the Depositor, Standard & Poor’s, Xxxxx’x and Fitch: (i) the amount of the distribution with respect to such Owner’s Certificates (based on a Certificate in the original principal amount of $[__________]1,000); (ii) the amount of such Owner’s distributions allocable to principal, separately identifying the aggregate amount of any Prepayments in full or other Prepayments or other recoveries of principal included therein (based on a Certificate in the original principal amount of $[__________]1,000) and any related Subordination Increase Amount; (iii) the amount of such Owner’s distributions allocable to interest (based on a Certificate in the original principal amount of $[__________]1,000); (iv) any Class Interest Carryover Shortfall for any Class of Offered Certificates for such Distribution Date; (v) any Class Principal Carryover Shortfall for any Class of Subordinate Certificates for such Distribution Date; (vi) the principal amount of each Class of Offered Certificate which will be Outstanding and the aggregate Loan Balance of each Group, after giving effect to any payment of principal on such Distribution Date; (vii) the Overcollateralization Amount and Required Overcollateralization Amount, if any, remaining after giving effect to all distributions and transfers on such Distribution Date; (viii) based upon information furnished by the Servicer, such information as may be required by Section 6049(d)(7)(C) of the Code and the regulations promulgated thereunder to assist the Owners in computing their market discount; (ix) the total of any Substitution Amounts and any Loan Purchase Price amounts included in such distribution with respect to each Group; (x) the weighted average Coupon Rate of the Home Equity Loans in each Group; (xi) [Reserved]; (xii) such other information as any Owner may reasonably request with respect to Delinquent Home Equity Loans; (xiii) the weighted average gross margin of the Home Equity Loans in Group II; (xiv) the largest Loan Balance outstanding in each Group; (xv) the Basic Principal Amount for each Group for such Distribution Date; (xvi) the Group I Net WAC Cap Carryover, the Group II Net WAC Cap Carryover and the Subordinate Net WAC Cap Carryover paid to the Owners of each Class of Carryover Certificates for such Distribution Date and any Group I Net WAC Cap Carryover, Group II Net WAC Cap Carryover and the Subordinate Net WAC Cap Carryover remaining unpaid; (xvii) the related Certificate Rate for each Class for the related Distribution Date; (xviii) the Group I Net WAC Cap, the Group II Net WAC Cap and the Subordinate Net WAC Cap for such Distribution Date; and (xix) the amount of any Applied Realized Loss Amounts applied with respect to each Class of Subordinate Certificates; (xx) the occurrence of the Stepdown Date; and (xxi) with respect to the second Distribution Date, the number and aggregate Loan Balance of any Delayed Delivery Home Equity Loans not delivered within twenty days after the Startup Day. The Servicer shall provide to the Trustee the information described in Section 8.08(f) and in clause (b) below to enable the Trustee to perform its reporting obligations under this Section, and such obligations of the Trustee under this Section are conditioned upon such information being received and the information provided in clauses (ii), (ix) and (x) above shall be based solely upon information contained in the monthly servicing report provided by the Servicer to the Trustee pursuant to Section 8.08 hereof. (b) In addition, on each Distribution Date the Trustee will make available to each Owner, the Underwriters, Standard & Poor’s, Xxxxx’x and Fitch, together with the information described in subsection (a) preceding, the following information with respect to each Home Equity Loan Group and for all Groups in the aggregate which is hereby required to be prepared by the Servicer and furnished to the Trustee for such purpose on or prior to the related Monthly Remittance Date: (i) the number and aggregate Loan Balances of Home Equity Loans (a) 30-59 days Delinquent, (b) 60-89 days Delinquent and (c) 90 or more days Delinquent, as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date, (d) the number and aggregate Loan Balances of all Home Equity Loans as of such Distribution Date after giving effect to any payment of principal on the last day of the Remittance Period immediately preceding the Distribution Date and (e) the percentage that each of the amounts represented by clauses (a), (b) and (c) represent as a percentage of the respective amounts in clause (d); (ii) the status and the number and dollar amounts of all Home Equity Loans in foreclosure proceedings as of the close of business on the last Business Day of the calendar month immediately preceding such Distribution Date, separately stating, for this purpose, all Home Equity Loans with respect to which foreclosure proceedings were commenced in the immediately preceding calendar month; (iii) the number of Mortgagors and the Loan Balances of (a) the related Home Equity Loans involved in bankruptcy proceedings as of the close of business on the last Business Day of the calendar month immediately preceding such Distribution Date and (b) Home Equity Loans that are “balloon” loans; (iv) the existence of (and aggregate Loan Balance of the Home Equity Loans relating to) any REO Properties, as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date; (v) the book value of any REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date; (vi) cumulative Realized Losses and Recoveries incurred on the Home Equity Loans from the Cut-Off Date to and including the Remittance Period immediately preceding the Distribution Date; (vii) the amount of Net Liquidation Proceeds realized on the Home Equity Loans during the Remittance Period immediately preceding the Distribution Date; and (viii) the 60+ Delinquency Percentage (Rolling Three Month) with respect to such Distribution Date; (ix) for each Distribution Date beginning with the Distribution Date in [__________ 200_]July 2007, the percentage obtained by dividing (a) the aggregate amount of cumulative Realized Losses, minus the aggregate amount of cumulative Recoveries incurred on the Home Equity Loans from the Cut-Off Date through the last day of the related Remittance Period by (b) the aggregate Loan Balance of the Home Equity Loans as of the Cut-Off Date; and (x) whether the Trigger Event has occurred. The Trustee shall forward such report (together with the information described in (a) above) concurrently with each distribution to the Certificateholders and the Rating Agencies (which requirement may be satisfied by complying with Section 7.10). (c) The Trustee shall, on behalf of the Trust, cause to be filed with the Commission any periodic reports required to be filed on behalf of the Trust under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder, including as provided in Section 8.28. Upon the request of the Trustee, each of the Seller, the Servicer and the Depositor shall cooperate with the Trustee in the preparation of any such report and shall provide to the Trustee in a timely manner all such information or documentation as is in the possession of such Person and that the Trustee may reasonably request in connection with the performance of its duties and obligations under this Section. The Trustee shall file with the Commission a Form 15 with respect to the Trust as soon as practicable following the first date on which the conditions to filing thereof have been satisfied. Following the filing of such Form 15, the Trustee will submit a certificate addressed to an officer of the Depositor certifying that all filings under the Exchange Act have been made and shall attach a copy of acceptance slips for such filings. On the Startup Day, the Depositor shall provide the Trustee with a letter at Closing, substantially in the form attached hereto as Exhibit M, instructing the Trustee, as filing agent, to comply with the reporting obligations for the Trust under the Exchange Act.

Reports by Trustee to Owners. (a) On each Distribution Date the Trustee shall make available transmit a report in writing to each Owner, the Underwriters, the Depositor, Standard & Poor’s, Xxxxx’x and FitchFitch setting forth: (i) the amount of the distribution with respect to such Owner’s Certificates (based on a Certificate in the original principal amount or notional amount of $[__________]1,000); (ii) the amount of such Owner’s distributions allocable to principal, separately identifying the aggregate amount of any Prepayments in full or other Prepayments or other recoveries of principal included therein (based on a Certificate in the original principal amount or notional amount of $[__________]1,000) and any related Subordination Increase Amount; (iii) the amount of such Owner’s distributions allocable to interest (based on a Certificate in the original principal amount or notional amount of $[__________]1,000); (iv) any Class Interest Carryover Shortfall for any Class of Offered Certificates for such Distribution Date; (v) any Class Principal Carryover Shortfall for any Class of Subordinate Certificates for such Distribution Date; (vi) the principal amount of each Class of Offered Certificate which will be Outstanding and the aggregate Loan Balance of each Group, after giving effect to any payment of principal on such Distribution Date; (vii) the Overcollateralization Amount and Required Overcollateralization AmountAmount for each Group, if any, remaining after giving effect to all distributions and transfers on such Distribution Date; (viii) based upon information furnished by the Servicer, such information as may be required by Section 6049(d)(7)(C) of the Code and the regulations promulgated thereunder to assist the Owners in computing their market discount; (ix) the total of any Substitution Amounts and any Loan Purchase Price amounts included in such distribution with respect to each Group; (x) the weighted average Coupon Rate of the Home Equity Loans in each Group; (xi) [Reserved]; (xii) such other information as any Owner may reasonably request with respect to Delinquent Home Equity Loans; (xiii) the weighted average gross margin of the Home Equity Loans in Group IIII and Group III; (xiv) the largest Loan Balance outstanding in each Group; (xv) the Basic Principal Amount for each Group for such Distribution Date; (xvi) the Group I Net WAC Cap Carryover, the Group II Net WAC Cap Carryover, the Group III Net WAC Cap Carryover and the Group II/III Subordinate Net WAC Cap Carryover paid to the Owners of each Class of Carryover Certificates for such Distribution Date and any Group I Net WAC Cap Carryover, Group II Net WAC Cap Carryover, Group III Net WAC Cap Carryover and the Group II/III Subordinate Net WAC Cap Carryover remaining unpaid; (xvii) the related Certificate Rate for each Class for the related Distribution Date; (xviii) the Group I Net WAC Cap, the Group II Net WAC Cap, the Group III Net WAC Cap and the Group II/III Subordinate Net WAC Cap for such Distribution Date; and (xix) the amount of any Applied Realized Loss Amounts applied with respect to each Class of Subordinate Certificates; (xx) the occurrence of the Stepdown DateDate for any Group; and (xxi) with respect to the second Distribution Date, the number and aggregate Loan Balance of any Delayed Delivery Home Equity Loans not delivered within twenty days after the Startup Day. The Servicer shall provide to the Trustee the information described in Section 8.08(f) and in clause (b) below to enable the Trustee to perform its reporting obligations under this Section, and such obligations of the Trustee under this Section are conditioned upon such information being received and the information provided in clauses (ii), (ix) and (x) above shall be based solely upon information contained in the monthly servicing report provided by the Servicer to the Trustee pursuant to Section 8.08 hereof. (b) In addition, on each Distribution Date the Trustee will make available distribute to each Owner, the Underwriters, Standard & Poor’s, Xxxxx’x and Fitch, together with the information described in subsection (a) preceding, the following information with respect to each Home Equity Loan Group and for all Groups in the aggregate which is hereby required to be prepared by the Servicer and furnished to the Trustee for such purpose on or prior to the related Monthly Remittance Date: (i) the number and aggregate Loan Balances of Home Equity Loans (a) 30-59 days Delinquent, (b) 60-89 days Delinquent and (c) 90 or more days Delinquent, as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date, (d) the number and aggregate Loan Balances of all Home Equity Loans as of such Distribution Date after giving effect to any payment of principal on the last day of the Remittance Period immediately preceding the Distribution Date and (e) the percentage that each of the amounts represented by clauses (a), (b) and (c) represent as a percentage of the respective amounts in clause (d); (ii) the status and the number and dollar amounts of all Home Equity Loans in foreclosure proceedings as of the close of business on the last Business Day of the calendar month immediately preceding such Distribution Date, separately stating, for this purpose, all Home Equity Loans with respect to which foreclosure proceedings were commenced in the immediately preceding calendar month; (iii) the number of Mortgagors and the Loan Balances of (a) the related Home Equity Loans involved in bankruptcy proceedings as of the close of business on the last Business Day of the calendar month immediately preceding such Distribution Date and (b) Home Equity Loans that are “balloon” loans; (iv) the existence of (and aggregate Loan Balance of the Home Equity Loans relating to) any REO Properties, as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date; (v) the book value of any REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date; (vi) cumulative Realized Losses and Recoveries incurred on the Home Equity Loans from the Cut-Off Date to and including the Remittance Period immediately preceding the Distribution Date; (vii) the amount of Net Liquidation Proceeds realized on the Home Equity Loans during the Remittance Period immediately preceding the Distribution Date; and (viii) the 60+ Delinquency Percentage (Rolling Three Month) for each Group with respect to such Distribution Date; (ix) for each of Group I and Group II/III and each Distribution Date beginning with the Distribution Date in [__________ 200_]October 2007, the percentage obtained by dividing (a) the aggregate amount of cumulative Realized Losses, minus the aggregate amount of cumulative Recoveries incurred on the Home Equity Loans of such Group from the Cut-Off Date through the last day of the related Remittance Period by (b) the aggregate Loan Balance of the Home Equity Loans of such Group as of the Cut-Off Date; and (x) whether the a Trigger Event for a Group has occurred. The Trustee shall forward such report (together with the information described in (a) above) concurrently with each distribution to the Certificateholders and the Rating Agencies (which requirement may be satisfied by complying with Section 7.10). (c) The Trustee shall, on behalf of the Trust, cause to be filed with the Commission any periodic reports required to be filed on behalf of the Trust under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder, including as provided in Section 8.28. Upon the request of the Trustee, each of the Seller, the Servicer and the Depositor shall cooperate with the Trustee in the preparation of any such report and shall provide to the Trustee in a timely manner all such information or documentation as is in the possession of such Person and that the Trustee may reasonably request in connection with the performance of its duties and obligations under this Section. The Trustee shall file with the Commission a Form 15 with respect to the Trust as soon as practicable following the first date on which the conditions to filing thereof have been satisfied. Following the filing of such Form 15, the Trustee will submit a certificate addressed to an officer of the Depositor certifying that all filings under the Exchange Act have been made and shall attach a copy of acceptance slips for such filings. On the Startup Day, the Depositor shall provide the Trustee with a letter at Closing, substantially in the form attached hereto as Exhibit M, instructing the Trustee, as filing agent, to comply with the reporting obligations for the Trust under the Exchange Act.

Reports by Trustee to Owners. (a) On each Distribution Date the Trustee shall make available to each Owner, the Underwriters, the Depositor, Standard & Poor’s, Xxxxx’x and Fitch: (i) the amount of the distribution with respect to such Owner’s Certificates (based on a Certificate in the original principal amount of $[__________]); (ii) the amount of such Owner’s distributions allocable to principal, separately identifying the aggregate amount of any Prepayments in full or other Prepayments or other recoveries of principal included therein (based on a Certificate in the original principal amount of $[__________]) and any related Subordination Increase Amount; (iii) the amount of such Owner’s distributions allocable to interest (based on a Certificate in the original principal amount of $[__________]); (iv) any Class Interest Carryover Shortfall for any Class of Offered Certificates for such Distribution Date; (v) any Class Principal Carryover Shortfall for any Class of Subordinate Certificates for such Distribution Date; (vi) the principal amount of each Class of Offered Certificate which will be Outstanding and the aggregate Loan Balance of each Group, after giving effect to any payment of principal on such Distribution Date; (vii) the Overcollateralization Amount and Required Overcollateralization Amount, if any, remaining after giving effect to all distributions and transfers on such Distribution Date; (viii) based upon information furnished by the Servicer, such information as may be required by Section 6049(d)(7)(C) of the Code and the regulations promulgated thereunder to assist the Owners in computing their market discount; (ix) the total of any Substitution Amounts and any Loan Purchase Price amounts included in such distribution with respect to each Group; (x) the weighted average Coupon Rate of the Home Equity Loans in each Group; (xi) [Reserved]; (xii) such other information as any Owner may reasonably request with respect to Delinquent Home Equity Loans; (xiii) the weighted average gross margin of the Home Equity Loans in Group IIII and Group III; (xiv) the largest Loan Balance outstanding in each Group; (xv) the Basic Principal Amount for each Group for such Distribution Date; (xvi) the Group I Net WAC Cap Carryover, the Group II Net WAC Cap Carryover, the Group III Net WAC Cap Carryover and the Subordinate Net WAC Cap Carryover paid to the Owners of each Class of Carryover Certificates for such Distribution Date and any Group I Net WAC Cap Carryover, Group II Net WAC Cap Carryover, Group III Net WAC Cap Carryover and the Subordinate Net WAC Cap Carryover remaining unpaid; (xvii) the related Certificate Rate for each Class for the related Distribution Date; (xviii) the Group I Net WAC Cap, the Group II Net WAC Cap, the Group III Net WAC Cap and the Subordinate Net WAC Cap for such Distribution Date; and (xix) the amount of any Applied Realized Loss Amounts applied with respect to each Class of Subordinate Certificates; (xx) the occurrence of the Stepdown Date; and (xxi) with respect to the second Distribution Date, the number and aggregate Loan Balance of any Delayed Delivery Home Equity Loans not delivered within twenty days after the Startup Day. The Servicer shall provide to the Trustee the information described in Section 8.08(f) and in clause (b) below to enable the Trustee to perform its reporting obligations under this Section, and such obligations of the Trustee under this Section are conditioned upon such information being received and the information provided in clauses (ii), (ix) and (x) above shall be based solely upon information contained in the monthly servicing report provided by the Servicer to the Trustee pursuant to Section 8.08 hereof. (b) In addition, on each Distribution Date the Trustee will make available to each Owner, the Underwriters, Standard & Poor’s, Xxxxx’x and Fitch, together with the information described in subsection (a) preceding, the following information with respect to each Home Equity Loan Group and for all Groups in the aggregate which is hereby required to be prepared by the Servicer and furnished to the Trustee for such purpose on or prior to the related Monthly Remittance Date: (i) the number and aggregate Loan Balances of Home Equity Loans (a) 30___-59 ___ days Delinquent, (b) 60___-89 ___ days Delinquent and (c) 90 or more days Delinquent, as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date, (d) the number and aggregate Loan Balances of all Home Equity Loans as of such Distribution Date after giving effect to any payment of principal on the last day of the Remittance Period immediately preceding the Distribution Date and (e) the percentage that each of the amounts represented by clauses (a), (b) and (c) represent as a percentage of the respective amounts in clause (d); (ii) the status and the number and dollar amounts of all Home Equity Loans in foreclosure proceedings as of the close of business on the last Business Day of the calendar month immediately preceding such Distribution Date, separately stating, for this purpose, all Home Equity Loans with respect to which foreclosure proceedings were commenced in the immediately preceding calendar month; (iii) the number of Mortgagors and the Loan Balances of (a) the related Home Equity Loans involved in bankruptcy proceedings as of the close of business on the last Business Day of the calendar month immediately preceding such Distribution Date and (b) Home Equity Loans that are “balloon” loans; (iv) the existence of (and aggregate Loan Balance of the Home Equity Loans relating to) any REO Properties, as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date; (v) the book value of any REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date; (vi) cumulative Realized Losses and Recoveries incurred on the Home Equity Loans from the Cut-Off Date to and including the Remittance Period immediately preceding the Distribution Date; (vii) the amount of Net Liquidation Proceeds realized on the Home Equity Loans during the Remittance Period immediately preceding the Distribution Date; and (viii) the 60+ Delinquency Percentage (Rolling Three Month) with respect to such Distribution Date; (ix) for each Distribution Date beginning with the Distribution Date in [__________ 200_]April 2008, the percentage obtained by dividing (a) the aggregate amount of cumulative Realized Losses, minus the aggregate amount of cumulative Recoveries incurred on the Home Equity Loans from the Cut-Off Date through the last day of the related Remittance Period by (b) the aggregate Loan Balance of the Home Equity Loans as of the Cut-Off Date; and (x) whether the Trigger Event has occurred. The Trustee shall forward such report (together with the information described in (a) above) concurrently with each distribution to the Certificateholders and the Rating Agencies (which requirement may be satisfied by complying with Section 7.10). (c) The Trustee shall, on behalf of the Trust, cause to be filed with the Commission any periodic reports required to be filed on behalf of the Trust under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder, including as provided in Section 8.28. Upon the request of the Trustee, each of the Seller, the Servicer and the Depositor shall cooperate with the Trustee in the preparation of any such report and shall provide to the Trustee in a timely manner all such information or documentation as is in the possession of such Person and that the Trustee may reasonably request in connection with the performance of its duties and obligations under this Section. The Trustee shall file with the Commission a Form 15 with respect to the Trust as soon as practicable following the first date on which the conditions to filing thereof have been satisfied. Following the filing of such Form 15, the Trustee will submit a certificate addressed to an officer of the Depositor certifying that all filings under the Exchange Act have been made and shall attach a copy of acceptance slips for such filings. On the Startup Day, the Depositor shall provide the Trustee with a letter at Closing, substantially in the form attached hereto as Exhibit M, instructing the Trustee, as filing agent, to comply with the reporting obligations for the Trust under the Exchange Act.

Reports by Trustee to Owners. (a) On the Business Day preceding each Distribution Payment Date the Trustee shall make available transmit a report in writing to each Owner, and the Underwriters, the Depositor, Standard & Poor’s, Xxxxx’x and FitchRating Agencies: (i) the amount of the distribution with respect to such Owner’s Owners' Certificates (based on a Certificate in the original principal amount of $[__________]1,000); (ii) the amount of such Owner’s 's distributions allocable to principal, separately identifying the aggregate amount of any Prepayments in full or other Prepayments or other recoveries of principal included therein and any Pre-Funded Amounts distributed as a prepayment (based on a Certificate in the original principal amount of $[__________]) and any related Subordination Increase Amount1,000); (iii) the amount of such Owner’s 's distributions allocable to interest (based on a Certificate in the original principal amount of $[__________]1,000); (iv) any Class the related Interest Carryover Shortfall Carry Forward Amount for any Class of Offered Certificates for such Distribution Dateeach Class; (v) any Class Principal Carryover Shortfall for any Class of Subordinate Certificates for such Distribution Date; (vi) the principal amount (or notional principal amount) of each Class of Offered Certificate (based on a Certificate in the original principal amount of $1,000) which will be Outstanding and the aggregate Loan Balance of each Group, Group after giving effect to any payment of principal on such Distribution Payment Date; (viivi) the Overcollateralization Amount and Required Overcollateralization Amount, if any, remaining aggregate Loan Balance of all Home Equity Loans after giving effect to all distributions and transfers any payment of principal on such Distribution Payment Date;. (viiivii) based upon information furnished by the Servicer, such information as may be required by Section 6049(d)(7)(C) of the Code and the regulations promulgated thereunder to assist the Owners in computing their market discount; (ixviii) the total of any Substitution Amounts and any Loan Purchase Price amounts included in such distribution with respect to each Groupdistribution; (xix) the weighted average Coupon Rate of the Home Equity Loans in each GroupLoans; (x) whether a Trigger Event or Subordinated Trigger Event has occurred; (xi) [Reserved]the Senior Enhancement Percentage; (xii) such other information as any Owner may reasonably request with respect to Delinquent Home Equity Loans;the Overcollateralization Amount (xiii) the weighted average gross margin of the Home Equity Loans in Group II; (xiv) the largest Loan Balance outstanding in each Group; (xv) the Basic Principal Amount for each Group for such Distribution Date; (xvi) the Group I Net WAC Cap Carryover, the Group II Net WAC Cap Carryover and the Subordinate Net WAC Cap Carryover paid to the Owners of each Class of Carryover Certificates for such Distribution Date and any Group I Net WAC Cap Carryover, Group II Net WAC Cap Carryover and the Subordinate Net WAC Cap Carryover remaining unpaid; (xvii) the related Certificate Rate for each Class for the related Distribution Date; (xviii) the Group I Net WAC Cap, the Group II Net WAC Cap and the Subordinate Net WAC Cap for such Distribution Date; and (xix) the amount of any Applied Realized Loss Amounts applied with respect to Amount, Realized Loss Amortization Amount and Unpaid Realized Loss Amount for each Class of Subordinate Certificates; (xx) the occurrence as of the Stepdown close of such Payment Date; , and (xxixiv) with respect to for the second Distribution DatePayment Dates in April and May 1998, the number and aggregate Loan Balance of any Delayed Delivery Home Equity Loans not delivered within twenty days after total remaining Pre-Funded Amount in the Startup DayPre-Funding Account. The Servicer shall provide to the Trustee the information described in Section 8.08(f8.08(d)(iii) and in clause (b) below to enable the Trustee to perform its reporting obligations under this Section, and such obligations of the Trustee under this Section are conditioned upon such information being received and the information provided in clauses (ii), (ix) and (x) above shall be based solely upon information contained in the monthly servicing report provided by the Servicer to the Trustee pursuant to Section 8.08 hereof. (b) In addition, on the Business Day preceding each Distribution Payment Date the Trustee will make available distribute to each Owner, the Underwriters, Standard & Poor’s, Xxxxx’x and FitchRating Agencies, together with the information described in subsection Subsection (a) preceding, the following information with respect to each Home Equity Loan Group and for all Groups in the aggregate which is hereby required to be prepared by the Servicer and furnished to the Trustee for such purpose on or prior to the related Monthly Remittance Reporting Date: (i) the number and aggregate Loan Balances principal balances of Home Equity Loans (a) 30-59 days Delinquent, (b) 60-89 days Delinquent and (c) 90 or more days Delinquent, as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Payment Date, (d) the number numbers and aggregate Loan Balances of all Home Equity Loans as of such Distribution Date after giving effect to any payment of principal on the last day of the Remittance Period immediately preceding the Distribution Payment Date and (e) the percentage that each of the amounts represented by clauses (a), (b) and (c) represent as a percentage of the respective amounts in clause (d); (ii) the status and the number and dollar amounts of all Home Equity Loans in foreclosure proceedings as of the close of business on the last Business Day of the calendar month immediately preceding such Distribution Payment Date, separately stating, for this purpose, all Home Equity Loans with respect to which foreclosure proceedings were commenced in the immediately preceding calendar month; (iii) the number of Mortgagors and the Loan Balances of (a) the related Home Equity Loans Mortgages involved in bankruptcy proceedings as of the close of business on the last Business Day of the calendar month immediately preceding such Distribution Payment Date and (b) Home Equity Loans that are “"balloon” " loans; (iv) the existence and status of (and aggregate Loan Balance of the Home Equity Loans relating to) any REO Properties, as of the close of business on of the last Business Day of the calendar month immediately preceding the Distribution Payment Date; (v) the book value of any REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Payment Date; (vi) the Cumulative Loss Percentage, the amount of cumulative Realized Losses and Recoveries incurred on the Home Equity Loans from the Cut-Off Date to and including the Remittance Period immediately preceding the Distribution Date;current period Realized Losses, and (vii) the amount of Net Liquidation Proceeds realized on the Home Equity Loans during the Remittance Period immediately preceding the Distribution Date; and (viii) the 60+ Delinquency Percentage (Rolling Three Month) with respect to such Distribution Date; (ix) for each Distribution Date beginning with the Distribution Date in [__________ 200_], the percentage obtained by dividing (a) the aggregate amount of cumulative Realized Losses, minus the aggregate amount of cumulative Recoveries incurred on the Home Equity Loans from the Cut-Off Date through the last day of the related Remittance Period by (b) the aggregate Loan Balance of the Home Equity Loans as of the Cut-Off Date; and (x) whether the Trigger Event has occurred. The Trustee shall forward such report (together with the information described in (a) above) concurrently with each distribution to the Certificateholders and the Rating Agencies (which requirement may be satisfied by complying with Section 7.10)60+ Day Delinquent Loans. (c) The Trustee shall, on behalf of the Trust, cause to be filed with the Commission any periodic reports required to be filed on behalf of the Trust under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder, including as provided in Section 8.28. Upon the request of the Trustee, each of the Seller, the Servicer and the Depositor shall cooperate with the Trustee in the preparation of any such report and shall provide to the Trustee in a timely manner all such information or documentation as is in the possession of such Person and that the Trustee may reasonably request in connection with the performance of its duties and obligations under this Section. The Trustee shall file with the Commission a Form 15 with respect to the Trust as soon as practicable following the first date on which the conditions to filing thereof have been satisfied. Following the filing of such Form 15, the Trustee will submit a certificate addressed to an officer of the Depositor certifying that all filings under the Exchange Act have been made and shall attach a copy of acceptance slips for such filings. On the Startup Day, the Depositor shall provide the Trustee with a letter at Closing, substantially in the form attached hereto as Exhibit M, instructing the Trustee, as filing agent, to comply with the reporting obligations for the Trust under the Exchange Act.

Reports by Trustee to Owners. (a) On each Distribution Date the Trustee shall make available to each Owner, the Underwriters, the Depositor, the Swap Provider, Standard & Poor’s and Moody’s, Xxxxx’x and Fitch: (i) the amount of the distribution with respect to such Owner’s Certificates (based on a Certificate in the original principal amount of $[__________]1,000); (ii) the amount of such Owner’s distributions allocable to principal, separately identifying the aggregate amount of any Prepayments in full or other Prepayments or other recoveries of principal included therein (based on a Certificate in the original principal amount of $[__________]1,000) and any related Subordination Increase Amount; (iii) the amount of such Owner’s distributions allocable to interest (based on a Certificate in the original principal amount of $[__________]1,000); (iv) any Class Interest Carryover Shortfall for any Class of Offered Certificates for such Distribution Date; (v) any Class Principal Carryover Shortfall for any Class of Subordinate Certificates for such Distribution Date; (vi) the principal amount of each Class of Offered Certificate which will be Outstanding and the aggregate Loan Balance of each Group, after giving effect to any payment of principal on such Distribution Date; (vii) the Overcollateralization Amount and Required Overcollateralization Amount, if any, remaining after giving effect to all distributions and transfers on such Distribution Date; (viii) based upon information furnished by the Servicer, such information as may be required by Section 6049(d)(7)(C) of the Code and the regulations promulgated thereunder to assist the Owners in computing their market discount; (ix) the total of any Substitution Amounts and any Loan Purchase Price amounts included in such distribution with respect to each Group; (x) the weighted average Coupon Rate of the Home Equity Loans in each GroupLoans; (xi) [Reserved]the amount of the Prepayment Charges remitted by the Servicer; (xii) such other information as any Owner may reasonably request with respect to Delinquent Home Equity Loans; (xiii) the weighted average gross margin of the Adjustable Rate Home Equity Loans in Group IILoans; (xiv) the largest Loan Balance outstanding in each Group; (xv) the Basic Principal Amount for each Group for such Distribution Date; (xvi) the Group I 1 Net WAC Cap Carryover, the Group II 2 Net WAC Cap Carryover and the Subordinate Net WAC Cap Carryover paid to the Owners of each Class of Carryover Offered Certificates for such Distribution Date and any Group I 1 Net WAC Cap Carryover, Group II 2 Net WAC Cap Carryover and the Subordinate Net WAC Cap Carryover remaining unpaid; (xvii) the related Certificate Rate for each Class for the related Distribution Date; (xviii) the Group I 1 Net WAC Cap, the Group II 2 Net WAC Cap and the Subordinate Net WAC Cap for such Distribution Date; and (xix) the amount of any Applied Realized Loss Amounts applied with respect to each Class of Subordinate Certificates; (xx) the occurrence of the Stepdown Date; and (xxi) with respect to the second Distribution Date, the number and aggregate Loan Balance of any Delayed Delivery Home Equity Loans not delivered within twenty days after the Startup Day. In addition to the information listed above, not later than the first Business Day immediately following the Distribution Date, the Servicer shall provide to the Trustee for inclusion in each such report any other information required by Form 10-D, including, but not limited to, the information required by Item 1121 (17 C.F.R. § 229.1121) of Regulation AB. The Servicer shall provide to the Trustee the information described in Section 8.08(f) and in clause (b) below to enable the Trustee to perform its reporting obligations under this Section, and such obligations of the Trustee under this Section are conditioned upon such information being received and the information provided in clauses (ii), (ix) and (x) above shall be based solely upon information contained in the monthly servicing report provided by the Servicer to the Trustee pursuant to Section 8.08 hereof. (b) In addition, on each Distribution Date the Trustee will make available to each Owner, the Underwriters, Standard & Poor’s, Xxxxx’x ’s and FitchXxxxx’x, together with the information described in subsection (a) preceding, the following information with respect to each Home Equity Loan Group and for all Groups in the aggregate which is hereby required to be prepared by the Servicer and furnished to the Trustee for such purpose on or prior to the related Monthly Remittance Date: (i) the number and aggregate Loan Balances Balance of Home Equity Loans (a) 30-59 days Delinquent, (b) 60-89 days Delinquent and (c) 90 or more days Delinquent, as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date, (d) the number and aggregate Loan Balances Balance of all Home Equity Loans as of such Distribution Date after giving effect to any payment of principal on the last day of the Remittance Period immediately preceding the Distribution Date and (e) the percentage that each of the amounts represented by clauses (a), (b) and (c) represent as a percentage of the respective amounts in clause (d); (ii) the status and the number and dollar amounts of all Home Equity Loans in foreclosure proceedings as of the close of business on the last Business Day of the calendar month immediately preceding such Distribution Date, separately stating, for this purpose, all Home Equity Loans with respect to which foreclosure proceedings were commenced in the immediately preceding calendar month; (iii) the number of Mortgagors and the Loan Balances of (a) the related Home Equity Loans involved in bankruptcy proceedings as of the close of business on the last Business Day of the calendar month immediately preceding such Distribution Date and (b) Home Equity Loans that are “balloon” loans; (iv) the existence of (and aggregate Loan Balance of the Home Equity Loans relating to) any REO Properties, as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date; (v) the book value of any REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date; (vi) cumulative Realized Losses and Recoveries incurred on the Home Equity Loans from the Cut-Off Date to and including the Remittance Period immediately preceding the Distribution Date; (vii) the amount of Net Liquidation Proceeds realized on the Home Equity Loans during the Remittance Period immediately preceding the Distribution Date; and (viii) the 60+ Delinquency Percentage (Rolling Three Month) with respect to such Distribution Date; (ix) for each Distribution Date beginning with the Distribution Date in [__________ 200_]May 2010, the percentage obtained by dividing (a) the aggregate amount of cumulative Realized Losses, minus the aggregate amount of cumulative Recoveries incurred on the Home Equity Loans from the Cut-Off Date through the last day of the related Remittance Period by (b) the aggregate Loan Balance of the Home Equity Loans as of the Cut-Off Date; and (x) whether the Trigger Event has occurred. The Trustee shall forward such report (together with the information described in (a) above) concurrently with each distribution to the Certificateholders and the Rating Agencies (which requirement may be satisfied by complying with Section 7.10). (c) The Trustee shall, on behalf of the Trust, cause to be filed with the Commission any periodic reports required to be filed on behalf of the Trust under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder, including as provided in Section 8.28Article XII. Upon the request of the Trustee, each of the Seller, the Servicer and the Depositor shall cooperate with the Trustee in the preparation of any such report and shall provide to the Trustee in a timely manner all such information or documentation as is in the possession of such Person and that the Trustee may reasonably request in connection with the performance of its duties and obligations under this Section. The Trustee shall file with the Commission a Form 15 with respect to the Trust as soon as practicable following the first date on which the conditions to filing thereof have been satisfied. Following the filing of such Form 15, the Trustee will shall (i) notify the Custodian and the Swap Provider of such filing and (ii) submit a certificate addressed to an officer of the Depositor certifying that all filings under the Exchange Act have been made and shall attach a copy of acceptance slips for such filings. On the Startup Day, the Depositor shall provide the Trustee with a letter at Closing, substantially in the form attached hereto as Exhibit M, instructing the Trustee, as filing agent, to comply with the reporting obligations for the Trust under the Exchange Act.

Reports by Trustee to Owners. (a) On each Distribution Date the Trustee shall make available transmit a report in writing to each Owner, the Underwriters, the Depositor, Standard & Poor’s, Xxxxx’x and FitchFitch setting forth: (i) the amount of the distribution with respect to such Owner’s Certificates (based on a Certificate in the original principal amount or notional amount of $[__________]1,000); (ii) the amount of such Owner’s distributions allocable to principal, separately identifying the aggregate amount of any Prepayments in full or other Prepayments or other recoveries of principal included therein (based on a Certificate in the original principal amount or notional amount of $[__________]1,000) and any related Subordination Increase Amount; (iii) the amount of such Owner’s distributions allocable to interest (based on a Certificate in the original principal amount or notional amount of $[__________]1,000); (iv) any Class Interest Carryover Shortfall for any Class of Offered Certificates for such Distribution Date; (v) any Class Principal Carryover Shortfall for any Class of Subordinate Certificates for such Distribution Date; (vi) the principal amount of each Class of Offered Certificate which will be Outstanding and the aggregate Loan Balance of each Group, after giving effect to any payment of principal on such Distribution Date; (vii) the Overcollateralization Amount and Required Overcollateralization Amount, if any, remaining after giving effect to all distributions and transfers on such Distribution Date; (viii) based upon information furnished by the Servicer, such information as may be required by Section 6049(d)(7)(C) of the Code and the regulations promulgated thereunder to assist the Owners in computing their market discount; (ix) the total of any Substitution Amounts and any Loan Purchase Price amounts included in such distribution with respect to each Group; (x) the weighted average Coupon Rate of the Home Equity Loans in each Group; (xi) [Reserved]; (xii) such other information as any Owner may reasonably request with respect to Delinquent Home Equity Loans; (xiii) the weighted average gross margin of the Home Equity Loans in Group II, Group III and Group IV; (xiv) the largest Loan Balance outstanding in each Group; (xv) the Basic Principal Amount for each Group for such Distribution Date; (xvi) the Group I Net WAC Cap Carryover, the Group II Net WAC Cap Carryover, the Group III Net WAC Cap Carryover, the Group IV Net WAC Cap Carryover and the Subordinate Net WAC Cap Carryover paid to the Owners of each Class of Carryover Certificates for such Distribution Date and any Group I Net WAC Cap Carryover, Group II Net WAC Cap Carryover, Group III Net WAC Cap Carryover, the Group IV Net WAC Cap Carryover and the Subordinate Net WAC Cap Carryover remaining unpaid; (xvii) the related Certificate Rate for each Class for the related Distribution Date; (xviii) the Group I Net WAC Cap, the Group II Net WAC Cap, the Group III Net WAC Cap, the Group IV Net WAC Cap and the Subordinate Net WAC Cap for such Distribution Date; and (xix) the amount of any Applied Realized Loss Amounts applied with respect to each Class of Subordinate Certificates; (xx) the occurrence of the Stepdown Date; and (xxi) with respect to the second Distribution Date, the number and aggregate Loan Balance of any Delayed Delivery Home Equity Loans not delivered within twenty days after the Startup Day. The Servicer shall provide to the Trustee the information described in Section 8.08(f) and in clause (b) below to enable the Trustee to perform its reporting obligations under this Section, and such obligations of the Trustee under this Section are conditioned upon such information being received and the information provided in clauses (ii), (ix) and (x) above shall be based solely upon information contained in the monthly servicing report provided by the Servicer to the Trustee pursuant to Section 8.08 hereof. (b) In addition, on each Distribution Date the Trustee will make available distribute to each Owner, the Underwriters, Standard & Poor’s, Xxxxx’x and Fitch, together with the information described in subsection (a) preceding, the following information with respect to each Home Equity Loan Group and for all Groups in the aggregate which is hereby required to be prepared by the Servicer and furnished to the Trustee for such purpose on or prior to the related Monthly Remittance Date: (i) the number and aggregate Loan Balances of Home Equity Loans (a) 30-59 days Delinquent, (b) 60-89 days Delinquent and (c) 90 or more days Delinquent, as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date, (d) the number and aggregate Loan Balances of all Home Equity Loans as of such Distribution Date after giving effect to any payment of principal on the last day of the Remittance Period immediately preceding the Distribution Date and (e) the percentage that each of the amounts represented by clauses (a), (b) and (c) represent as a percentage of the respective amounts in clause (d); (ii) the status and the number and dollar amounts of all Home Equity Loans in foreclosure proceedings as of the close of business on the last Business Day of the calendar month immediately preceding such Distribution Date, separately stating, for this purpose, all Home Equity Loans with respect to which foreclosure proceedings were commenced in the immediately preceding calendar month; (iii) the number of Mortgagors and the Loan Balances of (a) the related Home Equity Loans involved in bankruptcy proceedings as of the close of business on the last Business Day of the calendar month immediately preceding such Distribution Date and (b) Home Equity Loans that are “balloon” loans; (iv) the existence of (and aggregate Loan Balance of the Home Equity Loans relating to) any REO Properties, as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date; (v) the book value of any REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date; (vi) cumulative Realized Losses and Recoveries incurred on the Home Equity Loans from the Cut-Off Date to and including the Remittance Period immediately preceding the Distribution Date; (vii) the amount of Net Liquidation Proceeds realized on the Home Equity Loans during the Remittance Period immediately preceding the Distribution Date; and (viii) the 60+ Delinquency Percentage (Rolling Three Month) with respect to such Distribution Date; (ix) for each Distribution Date beginning with the Distribution Date in [__________ 200_]April 2007, the percentage obtained by dividing (a) the aggregate amount of cumulative Realized Losses, minus the aggregate amount of cumulative Recoveries Losses incurred on the Home Equity Loans from the Cut-Off Date through the last day of the related Remittance Period by (b) the aggregate Loan Balance of the Home Equity Loans as of the Cut-Off Date; and (x) whether the Trigger Event has occurred. The Trustee shall forward such report (together with the information described in (a) above) concurrently with each distribution to the Certificateholders and the Rating Agencies (which requirement may be satisfied by complying with Section 7.10). (c) The Trustee shall, on behalf of the Trust, cause to be filed with the Commission any periodic reports required to be filed on behalf of the Trust under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder, including as provided in Section 8.28. Upon the request of the Trustee, each of the Seller, the Servicer and the Depositor shall cooperate with the Trustee in the preparation of any such report and shall provide to the Trustee in a timely manner all such information or documentation as is in the possession of such Person and that the Trustee may reasonably request in connection with the performance of its duties and obligations under this Section. The Trustee shall file with the Commission a Form 15 with respect to the Trust as soon as practicable following the first date on which the conditions to filing thereof have been satisfied. Following the filing of such Form 15, the Trustee will submit a certificate addressed to an officer of the Depositor certifying that all filings under the Exchange Act have been made and shall attach a copy of acceptance slips for such filings. On the Startup Day, the Depositor shall provide the Trustee with a letter at Closing, substantially in the form attached hereto as Exhibit M, instructing the Trustee, as filing agent, to comply with the reporting obligations for the Trust under the Exchange Act.

Reports by Trustee to Owners. (a) On the Business Day preceding each Distribution Payment Date the Trustee shall make available transmit a report in writing to each Owner, and the Underwriters, the Depositor, Standard & Poor’s, Xxxxx’x and FitchRating Agencies: (i) the amount of the distribution with respect to such Owner’s Owners' Certificates (based on a Certificate in the original principal amount of $[__________]1,000); (ii) the amount of such Owner’s 's distributions allocable to principal, separately identifying the aggregate amount of any Prepayments in full or other Prepayments or other recoveries of principal included therein and any Pre-Funded Amounts distributed as a prepayment (based on a Certificate in the original principal amount of $[__________]) and any related Subordination Increase Amount1,000); (iii) the amount of such Owner’s 's distributions allocable to interest (based on a Certificate in the original principal amount of $[__________]1,000); (iv) any Class the related Interest Carryover Shortfall Carry Forward Amount for any Class of Offered Certificates for such Distribution Dateeach Class; (v) any Class Principal Carryover Shortfall for any Class of Subordinate Certificates for such Distribution Date; (vi) the principal amount (or notional principal amount) of each Class of Offered Certificate (based on a Certificate in the original principal amount of $1,000) which will be Outstanding and the aggregate Loan Balance of each Group, Group after giving effect to any payment of principal on such Distribution Payment Date; (viivi) the Overcollateralization Amount and Required Overcollateralization Amount, if any, remaining aggregate Loan Balance of all Home Equity Loans after giving effect to all distributions and transfers any payment of principal on such Distribution Payment Date;. (viiivii) based upon information furnished by the Servicer, such information as may be required by Section 6049(d)(7)(C) of the Code and the regulations promulgated thereunder to assist the Owners in computing their market discount; (ixviii) the total of any Substitution Amounts and any Loan Purchase Price amounts included in such distribution with respect to each Groupdistribution; (xix) the weighted average Coupon Rate of the Home Equity Loans in each GroupLoans; (x) whether a Trigger Event has occurred; (xi) [Reserved]the Senior Enhancement Percentage; (xii) such other information as any Owner may reasonably request with respect to Delinquent Home Equity Loans;the Overcollateralization Amount (xiii) the weighted average gross margin of the Home Equity Loans in Group II; (xiv) the largest Loan Balance outstanding in each Group; (xv) the Basic Principal Amount for each Group for such Distribution Date; (xvi) the Group I Net WAC Cap Carryover, the Group II Net WAC Cap Carryover and the Subordinate Net WAC Cap Carryover paid to the Owners of each Class of Carryover Certificates for such Distribution Date and any Group I Net WAC Cap Carryover, Group II Net WAC Cap Carryover and the Subordinate Net WAC Cap Carryover remaining unpaid; (xvii) the related Certificate Rate for each Class for the related Distribution Date; (xviii) the Group I Net WAC Cap, the Group II Net WAC Cap and the Subordinate Net WAC Cap for such Distribution Date; and (xix) the amount of any Applied Realized Loss Amounts applied with respect to Amount, Realized Loss Amortization Amount and Unpaid Realized Loss Amount for each Class of Subordinate Certificates; (xx) the occurrence as of the Stepdown close of such Payment Date; , and (xxixiv) with respect to for the second Distribution Date, initial Payment Date the number and aggregate Loan Balance of any Delayed Delivery Home Equity Loans not delivered within twenty days after total remaining Pre-Funded Amount in the Startup DayPre-Funding Account. The Servicer shall provide to the Trustee the information described in Section 8.08(f8.08(d)(iii) and in clause (b) below to enable the Trustee to perform its reporting obligations under this Section, and such obligations of the Trustee under this Section are conditioned upon such information being received and the information provided in clauses (ii), (ix) and (x) above shall be based solely upon information contained in the monthly servicing report provided by the Servicer to the Trustee pursuant to Section 8.08 hereof. (b) In addition, on the Business Day preceding each Distribution Payment Date the Trustee will make available distribute to each Owner, the Underwriters, Standard & Poor’s, Xxxxx’x and FitchRating Agencies, together with the information described in subsection Subsection (a) preceding, the following information with respect to each Home Equity Loan Group and for all Groups in the aggregate which is hereby required to be prepared by the Servicer and furnished to the Trustee for such purpose on or prior to the related Monthly Remittance Reporting Date: (i) the number and aggregate Loan Balances principal balances of Home Equity Loans (a) 30-59 days Delinquent, (b) 60-89 days Delinquent and (c) 90 or more days Delinquent, as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Payment Date, (d) the number numbers and aggregate Loan Balances of all Home Equity Loans as of such Distribution Date after giving effect to any payment of principal on the last day of the Remittance Period immediately preceding the Distribution Payment Date and (e) the percentage that each of the amounts represented by clauses (a), (b) and (c) represent as a percentage of the respective amounts in clause (d); (ii) the status and the number and dollar amounts of all Home Equity Loans in foreclosure proceedings as of the close of business on the last Business Day of the calendar month immediately preceding such Distribution Payment Date, separately stating, for this purpose, all Home Equity Loans with respect to which foreclosure proceedings were commenced in the immediately preceding calendar month; (iii) the number of Mortgagors and the Loan Balances of (a) the related Home Equity Loans Mortgages involved in bankruptcy proceedings as of the close of business on the last Business Day of the calendar month immediately preceding such Distribution Date and (b) Home Equity Loans that are “balloon” loans; (iv) the existence of (and aggregate Loan Balance of the Home Equity Loans relating to) any REO Properties, as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date; (v) the book value of any REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date; (vi) cumulative Realized Losses and Recoveries incurred on the Home Equity Loans from the Cut-Off Date to and including the Remittance Period immediately preceding the Distribution Date; (vii) the amount of Net Liquidation Proceeds realized on the Home Equity Loans during the Remittance Period immediately preceding the Distribution Date; and (viii) the 60+ Delinquency Percentage (Rolling Three Month) with respect to such Distribution Date; (ix) for each Distribution Date beginning with the Distribution Date in [__________ 200_], the percentage obtained by dividing (a) the aggregate amount of cumulative Realized Losses, minus the aggregate amount of cumulative Recoveries incurred on the Home Equity Loans from the Cut-Off Date through the last day of the related Remittance Period by (b) the aggregate Loan Balance of the Home Equity Loans as of the Cut-Off Date; and (x) whether the Trigger Event has occurred. The Trustee shall forward such report (together with the information described in (a) above) concurrently with each distribution to the Certificateholders and the Rating Agencies (which requirement may be satisfied by complying with Section 7.10). (c) The Trustee shall, on behalf of the Trust, cause to be filed with the Commission any periodic reports required to be filed on behalf of the Trust under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder, including as provided in Section 8.28. Upon the request of the Trustee, each of the Seller, the Servicer and the Depositor shall cooperate with the Trustee in the preparation of any such report and shall provide to the Trustee in a timely manner all such information or documentation as is in the possession of such Person and that the Trustee may reasonably request in connection with the performance of its duties and obligations under this Section. The Trustee shall file with the Commission a Form 15 with respect to the Trust as soon as practicable following the first date on which the conditions to filing thereof have been satisfied. Following the filing of such Form 15, the Trustee will submit a certificate addressed to an officer of the Depositor certifying that all filings under the Exchange Act have been made and shall attach a copy of acceptance slips for such filings. On the Startup Day, the Depositor shall provide the Trustee with a letter at Closing, substantially in the form attached hereto as Exhibit M, instructing the Trustee, as filing agent, to comply with the reporting obligations for the Trust under the Exchange Act.

Reports by Trustee to Owners. (a) On each Distribution Date the Trustee shall make available to each Owner, the Underwriters, the Depositor, the Swap Provider, Standard & Poor’s and Moody’s, Xxxxx’x and Fitch: (i) the amount of the distribution with respect to such Owner’s Certificates (based on a Certificate in the original principal amount of $[__________]1,000); (ii) the amount of such Owner’s distributions allocable to principal, separately identifying the aggregate amount of any Prepayments in full or other Prepayments or other recoveries of principal included therein (based on a Certificate in the original principal amount of $[__________]1,000) and any related Subordination Increase Amount; (iii) the amount of such Owner’s distributions allocable to interest (based on a Certificate in the original principal amount of $[__________]1,000); (iv) any Class Interest Carryover Shortfall for any Class of Offered Certificates for such Distribution Date; (v) any Class Principal Carryover Shortfall for any Class of Subordinate Certificates for such Distribution Date; (vi) the principal amount of each Class of Offered Certificate which will be Outstanding and the aggregate Loan Balance of each GroupPool Balance, after giving effect to any payment of principal on such Distribution Date; (vii) the Overcollateralization Amount and Required Overcollateralization Amount, if any, remaining after giving effect to all distributions and transfers on such Distribution Date; (viii) based upon information furnished by the Servicer, such information as may be required by Section 6049(d)(7)(C) of the Code and the regulations promulgated thereunder to assist the Owners in computing their market discount; (ix) the total of any Substitution Amounts and any Loan Purchase Price amounts included in such distribution with respect to each Groupdistribution; (x) the weighted average Coupon Rate of the Home Equity Loans in each GroupLoans; (xi) [Reserved]the amount of the Prepayment Charges remitted by the Servicer; (xii) such other information as any Owner may reasonably request with respect to Delinquent Home Equity Loans; (xiii) the weighted average gross margin of the Adjustable Rate Home Equity Loans in Group IILoans; (xiv) the largest Loan Balance outstanding in each GroupBalance; (xv) the Basic Principal Amount for each Group for such Distribution Date; (xvi) the Group I Net WAC Cap Carryover, the Group II Net WAC Cap Carryover and the Subordinate Net WAC Cap Carryover paid to the Owners of each Class of Carryover Offered Certificates for such Distribution Date and any Group I Net WAC Cap Carryover, Group II Net WAC Cap Carryover and the Subordinate Net WAC Cap Carryover remaining unpaid; (xvii) the related Certificate Rate for each Class for the related Distribution Date; (xviii) the Group I Net WAC Cap, the Group II Net WAC Cap and the Subordinate Net WAC Cap for such Distribution Date; and (xix) the amount of any Applied Realized Loss Amounts applied with respect to each Class of Subordinate Certificates; (xx) the occurrence of the Stepdown Date; and (xxi) with respect to the second Distribution Date, the number and aggregate Loan Balance of any Delayed Delivery Home Equity Loans not delivered within twenty days after the Startup Day. In addition to the information listed above, not later than the first Business Day immediately following the Distribution Date, the Servicer shall provide to the Trustee for inclusion in each such report any other information required by Form 10-D, including, but not limited to, the information required by Item 1121 (17 C.F.R. § 229.1121) of Regulation AB. The Servicer shall provide to the Trustee the information described in Section 8.08(f) and in clause (b) below to enable the Trustee to perform its reporting obligations under this Section, and such obligations of the Trustee under this Section are conditioned upon such information being received and the information provided in clauses (ii), (ix) and (x) above shall be based solely upon information contained in the monthly servicing report provided by the Servicer to the Trustee pursuant to Section 8.08 hereof. (b) In addition, on each Distribution Date the Trustee will make available to each Owner, the Underwriters, Standard & Poor’s and Moody’s, Xxxxx’x and Fitch, together with the information described in subsection (a) preceding, the following information with respect to each all Home Equity Loan Group and for all Groups Loans in the aggregate which is hereby required to be prepared by the Servicer and furnished to the Trustee for such purpose on or prior to the related Monthly Remittance Date: (i) the number and aggregate Loan Balances Balance of Home Equity Loans (a) 30-59 days Delinquent, (b) 60-89 days Delinquent and (c) 90 or more days Delinquent, as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date, (d) the number and aggregate Loan Balances Balance of all Home Equity Loans as of such Distribution Date after giving effect to any payment of principal on the last day of the Remittance Period immediately preceding the Distribution Date and (e) the percentage that each of the amounts represented by clauses (a), (b) and (c) represent as a percentage of the respective amounts in clause (d); (ii) the status and the number and dollar amounts of all Home Equity Loans in foreclosure proceedings as of the close of business on the last Business Day of the calendar month immediately preceding such Distribution Date, separately stating, for this purpose, all Home Equity Loans with respect to which foreclosure proceedings were commenced in the immediately preceding calendar month; (iii) the number of Mortgagors and the Loan Balances of (a) the related Home Equity Loans involved in bankruptcy proceedings as of the close of business on the last Business Day of the calendar month immediately preceding such Distribution Date and (b) Home Equity Loans that are “balloon” loans; (iv) the existence of (and aggregate Loan Balance of the Home Equity Loans relating to) any REO Properties, as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date; (v) the book value of any REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date; (vi) cumulative Realized Losses and Recoveries incurred on the Home Equity Loans from the Cut-Off Date to and including the Remittance Period immediately preceding the Distribution Date; (vii) the amount of Net Liquidation Proceeds realized on the Home Equity Loans during the Remittance Period immediately preceding the Distribution Date; and (viii) the 60+ Delinquency Percentage (Rolling Three Month) with respect to such Distribution Date; (ix) for each Distribution Date beginning with the Distribution Date in [__________ 200_]October 2008, the percentage obtained by dividing (a) the aggregate amount of cumulative Realized Losses, minus the aggregate amount of cumulative Recoveries incurred on the Home Equity Loans from the Cut-Off Date through the last day of the related Remittance Period by (b) the aggregate Loan Balance of the Home Equity Loans as of the Cut-Off Date; and (x) whether the Trigger Event has occurred. The Trustee shall forward such report (together with the information described in (a) above) concurrently with each distribution to the Certificateholders and the Rating Agencies (which requirement may be satisfied by complying with Section 7.10). (c) The Trustee shall, on behalf of the Trust, cause to be filed with the Commission any periodic reports required to be filed on behalf of the Trust under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder, including as provided in Section 8.28Article XII. Upon the request of the Trustee, each of the Seller, the Servicer and the Depositor shall cooperate with the Trustee in the preparation of any such report and shall provide to the Trustee in a timely manner all such information or documentation as is in the possession of such Person and that the Trustee may reasonably request in connection with the performance of its duties and obligations under this Section. The Trustee shall file with the Commission a Form 15 with respect to the Trust as soon as practicable following the first date on which the conditions to filing thereof have been satisfied. Following the filing of such Form 15, the Trustee will shall (i) notify the Swap Provider of such filing and (ii) submit a certificate addressed to an officer of the Depositor certifying that all filings under the Exchange Act have been made and shall attach a copy of acceptance slips for such filings. On the Startup Day, the Depositor shall provide the Trustee with a letter at Closing, substantially in the form attached hereto as Exhibit M, instructing the Trustee, as filing agent, to comply with the reporting obligations for the Trust under the Exchange Act.

Reports by Trustee to Owners. (a) On each Distribution Date the Trustee shall make available to each Owner, the Underwriters, the Depositor, Standard & Poor’s, Xxxxx’x and Fitch: (i) the amount of the distribution with respect to such Owner’s Certificates (based on a Certificate in the original principal amount of $[__________]1,000); (ii) the amount of such Owner’s distributions allocable to principal, separately identifying the aggregate amount of any Prepayments in full or other Prepayments or other recoveries of principal included therein (based on a Certificate in the original principal amount of $[__________]1,000) and any related Subordination Increase Amount; (iii) the amount of such Owner’s distributions allocable to interest (based on a Certificate in the original principal amount of $[__________]1,000); (iv) any Class Interest Carryover Shortfall for any Class of Offered Certificates for such Distribution Date; (v) any Class Principal Carryover Shortfall for any Class of Subordinate Certificates for such Distribution Date; (vi) the principal amount of each Class of Offered Certificate which will be Outstanding and the aggregate Loan Balance of each GroupPool Balance, after giving effect to any payment of principal on such Distribution Date; (vii) the Overcollateralization Amount and Required Overcollateralization Amount, if any, remaining after giving effect to all distributions and transfers on such Distribution Date; (viii) based upon information furnished by the Servicer, such information as may be required by Section 6049(d)(7)(C) of the Code and the regulations promulgated thereunder to assist the Owners in computing their market discount; (ix) the total of any Substitution Amounts and any Loan Purchase Price amounts included in such distribution with respect to each Groupdistribution; (x) the weighted average Coupon Rate of the Home Equity Loans in each GroupLoans; (xi) [Reserved]; (xii) such other information as any Owner may reasonably request with respect to Delinquent Home Equity Loans; (xiii) the weighted average gross margin of the Adjustable Rate Home Equity Loans in Group IILoans; (xiv) the largest Loan Balance outstanding in each GroupBalance; (xv) the Basic Principal Amount for each Group for such Distribution Date; (xvi) the Group I Net WAC Cap Carryover, the Group II Net WAC Cap Carryover and the Subordinate Net WAC Cap Carryover paid to the Owners of each Class of Carryover Offered Certificates for such Distribution Date and any Group I Net WAC Cap Carryover, Group II Net WAC Cap Carryover and the Subordinate Net WAC Cap Carryover remaining unpaid; (xvii) the related Certificate Rate for each Class for the related Distribution Date; (xviii) the Group I Net WAC Cap, the Group II Net WAC Cap and the Subordinate Net WAC Cap for such Distribution Date; and (xix) the amount of any Applied Realized Loss Amounts applied with respect to each Class of Subordinate Certificates; (xx) the occurrence of the Stepdown Date; and (xxi) with respect to the second Distribution Date, the number and aggregate Loan Balance of any Delayed Delivery Home Equity Loans not delivered within twenty days after the Startup Day. In addition to the information listed above, not later than the first Business Day immediately following the Determination Date, the Servicer shall provide to the Trustee for inclusion in each such report any other information required by Form 10-D, including, but not limited to, the information required by Item 1121 (17 C.F.R. § 229.1121) of Regulation AB. The Servicer shall provide to the Trustee the information described in Section 8.08(f) and in clause (b) below to enable the Trustee to perform its reporting obligations under this Section, and such obligations of the Trustee under this Section are conditioned upon such information being received and the information provided in clauses (ii), (ix) and (x) above shall be based solely upon information contained in the monthly servicing report provided by the Servicer to the Trustee pursuant to Section 8.08 hereof. (b) In addition, on each Distribution Date the Trustee will make available to each Owner, the Underwriters, Standard & Poor’s, Xxxxx’x and Fitch, together with the information described in subsection (a) preceding, the following information with respect to each all Home Equity Loan Group and for all Groups Loans in the aggregate which is hereby required to be prepared by the Servicer and furnished to the Trustee for such purpose on or prior to the related Monthly Remittance Date: (i) the number and aggregate Loan Balances of Home Equity Loans (a) 30-59 days Delinquent, (b) 60-89 days Delinquent and (c) 90 or more days Delinquent, as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date, (d) the number and aggregate Loan Balances of all Home Equity Loans as of such Distribution Date after giving effect to any payment of principal on the last day of the Remittance Period immediately preceding the Distribution Date and (e) the percentage that each of the amounts represented by clauses (a), (b) and (c) represent as a percentage of the respective amounts in clause (d); (ii) the status and the number and dollar amounts of all Home Equity Loans in foreclosure proceedings as of the close of business on the last Business Day of the calendar month immediately preceding such Distribution Date, separately stating, for this purpose, all Home Equity Loans with respect to which foreclosure proceedings were commenced in the immediately preceding calendar month; (iii) the number of Mortgagors and the Loan Balances of (a) the related Home Equity Loans involved in bankruptcy proceedings as of the close of business on the last Business Day of the calendar month immediately preceding such Distribution Date and (b) Home Equity Loans that are “balloon” loans; (iv) the existence of (and aggregate Loan Balance of the Home Equity Loans relating to) any REO Properties, as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date; (v) the book value of any REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date; (vi) cumulative Realized Losses and Recoveries incurred on the Home Equity Loans from the Cut-Off Date to and including the Remittance Period immediately preceding the Distribution Date; (vii) the amount of Net Liquidation Proceeds realized on the Home Equity Loans during the Remittance Period immediately preceding the Distribution Date; and (viii) the 60+ Delinquency Percentage (Rolling Three Month) with respect to such Distribution Date; (ix) for each Distribution Date beginning with the Distribution Date in [__________ 200_]June 2007, the percentage obtained by dividing (a) the aggregate amount of cumulative Realized Losses, minus the aggregate amount of cumulative Recoveries incurred on the Home Equity Loans from the Cut-Off Date through the last day of the related Remittance Period by (b) the aggregate Loan Balance of the Home Equity Loans as of the Cut-Off Date; and (x) whether the Trigger Event has occurred. The Trustee shall forward such report (together with the information described in (a) above) concurrently with each distribution to the Certificateholders and the Rating Agencies (which requirement may be satisfied by complying with Section 7.10). (c) The Trustee shall, on behalf of the Trust, cause to be filed with the Commission any periodic reports required to be filed on behalf of the Trust under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder, including as provided in Section 8.28Article XII. Upon the request of the Trustee, each of the Seller, the Servicer and the Depositor shall cooperate with the Trustee in the preparation of any such report and shall provide to the Trustee in a timely manner all such information or documentation as is in the possession of such Person and that the Trustee may reasonably request in connection with the performance of its duties and obligations under this Section. The Trustee shall file with the Commission a Form 15 with respect to the Trust as soon as practicable following the first date on which the conditions to filing thereof have been satisfied. Following the filing of such Form 15, the Trustee will submit a certificate addressed to an officer of the Depositor certifying that all filings under the Exchange Act have been made and shall attach a copy of acceptance slips for such filings. On the Startup Day, the Depositor shall provide the Trustee with a letter at Closing, substantially in the form attached hereto as Exhibit M, instructing the Trustee, as filing agent, to comply with the reporting obligations for the Trust under the Exchange Act.

Reports by Trustee to Owners. (a) On each Distribution Date the Trustee shall make available transmit a report in writing to each Owner, the Underwriters, the Depositor, Standard & Poor’s's, Xxxxx’x Moody's and FitchFitch setting forth: (i) the amount of the distribution disxxxxxxxon with respect to such Owner’s 's Certificates (based on a Certificate in the original principal amount of $[__________]1,000); (ii) the amount of such Owner’s 's distributions allocable to principal, separately identifying the aggregate amount of any Prepayments in full or other Prepayments or other recoveries of principal included therein (based on a Certificate in the original principal amount of $[__________]1,000) and any related Subordination Increase Amount; (iii) the amount of such Owner’s 's distributions allocable to interest (based on a Certificate in the original principal amount of $[__________]1,000); (iv) any Class Interest Carryover Shortfall for any Class of Offered Certificates for such Distribution Date; (v) any Class Principal Carryover Shortfall for any Class of Subordinate Certificates for such Distribution Date; (vi) the principal amount of each Class of Offered Certificate which will be Outstanding and the aggregate Loan Balance of each Group, after giving effect to any payment of principal on such Distribution Date; (vii) the Overcollateralization Amount and Required Overcollateralization Amount, if any, remaining after giving effect to all distributions and transfers on such Distribution Date; (viii) based upon information furnished by the Servicer, such information as may be required by Section 6049(d)(7)(C) of the Code and the regulations promulgated thereunder to assist the Owners in computing their market discount; (ix) the total of any Substitution Amounts and any Loan Purchase Price amounts included in such distribution with respect to each Group; (x) the weighted average Coupon Rate of the Home Equity Loans in each Group; (xi) [Reserved]; (xii) such other information as any Owner may reasonably request with respect to Delinquent Home Equity Loans; (xiii) the weighted average gross margin of the Home Equity Loans in Group II; (xiv) the largest Loan Balance outstanding in each Group; (xv) the Basic Principal Amount for each Group for such Distribution Date[Reserved]; (xvi) the Group I Net WAC Cap Carryover, the Group II Net WAC Cap Class A-7 Certificateholders' Interest Index Carryover and the Subordinate Net WAC Rate Cap Carryover paid to the Owners of each Class of Carryover Certificates for such Distribution Date and any Group I Net WAC Cap Carryover, Group II Net WAC Cap Class A-7 Certificateholders' Interest Index Carryover and the Subordinate Net WAC Rate Cap Carryover remaining unpaid; (xvii) the related Certificate Rate for each Class for the related Distribution Date; (xviii) the Group I Net WAC Cap, the Group II Net WAC Fixed Rate Interest Rate Cap and the Subordinate Net WAC Class A-7 Available Funds Cap for such Distribution Date; and (xix) the amount of any Applied Realized Loss Amounts applied with respect to each Class of Subordinate Certificates;; and (xx) the occurrence of the Stepdown Date; and (xxi) with respect to the second Distribution Date, the number and aggregate Loan Balance of any Delayed Delivery Home Equity Loans not delivered within twenty days after the Startup Day. The Servicer shall provide to the Trustee the information described in Section 8.08(f) and in clause (b) below to enable the Trustee to perform its reporting obligations under this Section, and such obligations of the Trustee under this Section are conditioned upon such information being received and the information provided in clauses (ii), (ix) and (x) above shall be based solely upon information contained in the monthly servicing report provided by the Servicer to the Trustee pursuant to Section 8.08 hereof. (b) In addition, on each Distribution Date the Trustee will make available distribute to each Owner, the Underwriters, Standard & Poor’s's, Xxxxx’x Moody's and Fitch, together with the information described in subsection subsectxxx (ax) preceding, the following information with respect to each Home Equity Loan Group and for all both Groups in the aggregate which is hereby required to be prepared by the Servicer and furnished to the Trustee for such purpose on or prior to the related Monthly Remittance Date: (i) the number and aggregate Loan Balances of Home Equity Loans (a) 30-59 days Delinquent, (b) 60-89 days Delinquent and (c) 90 or more days Delinquent, as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date, (d) the number and aggregate Loan Balances of all Home Equity Loans as of such Distribution Date after giving effect to any payment of principal on the last day of the Remittance Period immediately preceding the Distribution Date and (e) the percentage that each of the amounts represented by clauses (a), (b) and (c) represent as a percentage of the respective amounts in clause (d); (ii) the status and the number and dollar amounts of all Home Equity Loans in foreclosure proceedings as of the close of business on the last Business Day of the calendar month immediately preceding such Distribution Date, separately stating, for this purpose, all Home Equity Loans with respect to which foreclosure proceedings were commenced in the immediately preceding calendar month; (iii) the number of Mortgagors and the Loan Balances of (a) the related Home Equity Loans involved in bankruptcy proceedings as of the close of business on the last Business Day of the calendar month immediately preceding such Distribution Date and (b) Home Equity Loans that are “"balloon” " loans; (iv) the existence and status of (and aggregate Loan Balance of the Home Equity Loans relating to) any REO Properties, as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date; (v) the book value of any REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date; (vi) cumulative Realized Losses and Recoveries incurred on the Home Equity Loans from the Cut-Off Date Startup Day to and including the Remittance Period immediately preceding the Distribution Date; (vii) the amount of Net Liquidation Proceeds realized on the Home Equity Loans during the Remittance Period immediately preceding the Distribution Date; and (viii) the 60+ Delinquency Percentage (Rolling Three Month) with respect to such Distribution Date;; and (ix) for each Distribution Date beginning with the Distribution Date in [__________ 200_], the percentage obtained by dividing (a) the aggregate amount of cumulative Realized Losses, minus the aggregate amount of cumulative Recoveries incurred on the Home Equity Loans from the Cut-Off Date through the last day of the related Remittance Period by (b) the aggregate Loan Balance of the Home Equity Loans as of the Cut-Off Date; and (x) whether the a Trigger Event has occurred. The Trustee shall forward such report (together with the information described in (a) above) concurrently with each distribution to the Certificateholders and the Rating Agencies (which requirement may be satisfied by complying with Section 7.10)Agencies. (c) The Trustee shall, on behalf of the Trust, cause to be filed with the Commission any periodic reports required to be filed on behalf of the Trust under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder, including as provided in Section 8.28. Upon the request of the Trustee, each of the Seller, the Servicer and the Depositor shall cooperate with the Trustee in the preparation of any such report and shall provide to the Trustee in a timely manner all such information or documentation as is in the possession of such Person and that the Trustee may reasonably request in connection with the performance of its duties and obligations under this Section. The Trustee shall file with the Commission a Form 15 with respect to the Trust as soon as practicable following the first date on which the conditions to filing thereof have been satisfied. Following the filing of such Form 15, the Trustee will submit a certificate addressed to an officer of the Depositor certifying that all filings under the Exchange Act have been made and shall attach a copy of acceptance slips for such filings. On the Startup Day, the Depositor shall provide the Trustee with a letter at Closing, substantially in the form attached hereto as Exhibit M, instructing the Trustee, as filing agent, to comply with the reporting obligations for the Trust under the Exchange Act.

Reports by Trustee to Owners. (a) On the Business Day preceding each Distribution Payment Date the Trustee shall make available transmit a report in writing to each Owner, the Underwriters, Certificate Insurer and the Depositor, Standard & Poor’s, Xxxxx’x and FitchRating Agencies: (i) the amount of the distribution with respect to such Owner’s Owners' Certificates (based on a Certificate in the original principal amount of $[__________]1,000); (ii) the amount of such Owner’s 's distributions allocable to principal, separately identifying the aggregate amount of any Prepayments in full or other Prepayments or other recoveries of principal included therein and any Pre-Funded Amounts distributed as a prepayment (based on a Certificate in the original principal amount of $[__________]1,000) and any related Subordination Overcollateralization Increase Amount; (iii) the amount of such Owner’s 's distributions allocable to interest (based on a Certificate in the original principal amount of $[__________]1,000); (iv) if the distribution (net of any Class Interest Carryover Shortfall for Insured Payment) to the Owners of any Class of Offered the Class A Certificates for on such Payment Date was less than the related Class A Distribution Amount on such Payment Date, the related Interest Carry Forward Amount and the allocation thereof to the related Classes of Class A Certificates resulting therefrom; (v) the amount of any Insured Payment included in the amounts distributed to the Owners of Class Principal Carryover Shortfall for any Class of Subordinate A Certificates for on such Distribution Payment Date; (vi) the principal amount (or notional principal amount) of each Class of Offered Certificate (based on a Certificate in the original principal amount of $1,000) which will be Outstanding and the aggregate Loan Balance of each Group, after giving effect to any payment of principal on such Distribution Payment Date; (vii) the Overcollateralization Amount and Required Overcollateralization AmountDeficit, if any, remaining after giving effect to all distributions and transfers on such Distribution Payment Date; (viii) the aggregate Loan Balance of all Home Equity Loans after giving effect to any payment of principal on such Payment Date; (ix) based upon information furnished by the Servicer, such information as may be required by Section 6049(d)(7)(C) of the Code and the regulations promulgated thereunder to assist the Owners in computing their market discount; (ixx) the total of any Substitution Amounts and any Loan Purchase Price amounts included in such distribution with respect to each Groupdistribution; (xxi) the weighted average Coupon Rate of the Home Equity Loans in each Group; (xi) [Reserved]Loans; (xii) such other information as the Certificate Insurer or any Owner may reasonably request with respect to Delinquent Home Equity Loans; (xiii) the weighted average gross margin Loan Balance of the largest Home Equity Loans in Group IILoan outstanding; (xiv) for each Payment Date during and immediately following the largest Loan Balance outstanding Funding Period, the total remaining Pre-Funded Amount in each Group;the Pre-Funding Account; and (xv) whether the Basic Principal Amount for each Group for such Distribution Date; (xvi) the Group I Net WAC Cap Carryover, the Group II Net WAC Cap Carryover and the Subordinate Net WAC Cap Carryover paid to the Owners of each Class of Carryover Certificates for such Distribution Date and any Group I Net WAC Cap Carryover, Group II Net WAC Cap Carryover and the Subordinate Net WAC Cap Carryover remaining unpaid; (xvii) the related Certificate Rate for each Class for the related Distribution Date; (xviii) the Group I Net WAC Cap, the Group II Net WAC Cap and the Subordinate Net WAC Cap for such Distribution Date; and (xix) the amount of any Applied Realized Loss Amounts applied with respect to each Class of Subordinate Certificates; (xx) the occurrence of the Stepdown Date; and (xxi) with respect to the second Distribution Date, the number and aggregate Loan Balance of any Delayed Delivery Home Equity Loans not delivered within twenty days after the Startup DayServicer Termination Test is failed. The Servicer shall provide to the Trustee the information described in Section 8.08(f8.08(d)(iii) and in clause (b) below to enable the Trustee to perform its reporting obligations under this Section, and such obligations of the Trustee under this Section are conditioned upon such information being received and the information provided in clauses (ii), (ix) and (x) above shall be based solely upon information contained in the monthly servicing report provided by the Servicer to the Trustee pursuant to Section 8.08 hereof. (b) In addition, on the Business Day preceding each Distribution Payment Date the Trustee will make available distribute to each Owner, the UnderwritersCertificate Insurer, Standard & Poor’s, Xxxxx’x and Fitchthe Rating Agencies, together with the information described in subsection Subsection (a) preceding, the following information with respect to each Home Equity Loan Group and for all Groups in the aggregate which is hereby required to be prepared by the Servicer and furnished to the Trustee for such purpose on or prior to the related Monthly Remittance Reporting Date: (i) the number and aggregate Loan Balances principal balances of Home Equity Loans (a) 30-59 days Delinquent, (b) 60-89 days Delinquent and (c) 90 or more days Delinquent, as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Payment Date, (d) the number numbers and aggregate Loan Balances of all Home Equity Loans as of such Distribution Date after giving effect to any payment of principal on the last day of the Remittance Period immediately preceding the Distribution Payment Date and (e) the percentage that each of the amounts represented by clauses (a), (b) and (c) represent as a percentage of the respective amounts in clause (d);; 84 (ii) the status and the number and dollar amounts of all Home Equity Loans in foreclosure proceedings as of the close of business on the last Business Day of the calendar month immediately preceding such Distribution Payment Date, separately stating, for this purpose, all Home Equity Loans with respect to which foreclosure proceedings were commenced in the immediately preceding calendar month; (iii) the number of Mortgagors and the Loan Balances of (a) the related Home Equity Loans Mortgages involved in bankruptcy proceedings as of the close of business on the last Business Day of the calendar month immediately preceding such Distribution Payment Date and (b) Home Equity Loans that are “"balloon” " loans; (iv) the existence and status of (and aggregate Loan Balance of the Home Equity Loans relating to) any REO Properties, as of the close of business on of the last Business Day of the calendar month immediately preceding the Distribution Payment Date; (v) the book value of any REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Payment Date; (vi) the Cumulative Loss Percentage, the amount of cumulative Realized Losses Losses, the current period Realized Losses, and Recoveries incurred on the Home Equity Loans from the Cut-Off Date to and including the Remittance Period immediately preceding the Distribution Date;Annual Loss Percentage (Rolling Twelve Month); and (vii) the amount of Net Liquidation Proceeds realized on the Home Equity Loans during the Remittance Period immediately preceding the Distribution Date; and (viii) the 60+ Delinquency Percentage (Rolling Three Six Month) with respect to such Distribution Date; (ix) for each Distribution Date beginning with and the Distribution Date in [__________ 200_], the percentage obtained by dividing (a) the aggregate amount of cumulative Realized Losses, minus the aggregate amount of cumulative Recoveries incurred on the Home Equity Loans from the Cut-Off Date through the last day of the related Remittance Period by (b) the aggregate Loan Balance of the Home Equity Loans as of the Cut-Off Date; and (x) whether the Trigger Event has occurred. The Trustee shall forward such report (together with the information described in (a) above) concurrently with each distribution to the Certificateholders and the Rating Agencies (which requirement may be satisfied by complying with Section 7.10)60+ Day Delinquent Loans. (c) The Trustee shall, on behalf of the Trust, cause to be filed with the Commission any periodic reports required to be filed on behalf of the Trust under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder, including as provided in Section 8.28. Upon the request of the Trustee, each of the Seller, the Servicer and the Depositor shall cooperate with the Trustee in the preparation of any such report and shall provide to the Trustee in a timely manner all such information or documentation as is in the possession of such Person and that the Trustee may reasonably request in connection with the performance of its duties and obligations under this Section. The Trustee shall file with the Commission a Form 15 with respect to the Trust as soon as practicable following the first date on which the conditions to filing thereof have been satisfied. Following the filing of such Form 15, the Trustee will submit a certificate addressed to an officer of the Depositor certifying that all filings under the Exchange Act have been made and shall attach a copy of acceptance slips for such filings. On the Startup Day, the Depositor shall provide the Trustee with a letter at Closing, substantially in the form attached hereto as Exhibit M, instructing the Trustee, as filing agent, to comply with the reporting obligations for the Trust under the Exchange Act.

Reports by Trustee to Owners. (a) On each Distribution Date the Trustee shall make available to each Owner, the Underwriters, the Depositor, Standard & Poor’s, Xxxxx’x and Fitch: (i) the amount of the distribution with respect to such Owner’s Certificates (based on a Certificate in the original principal amount of $[__________]1,000); (ii) the amount of such Owner’s distributions allocable to principal, separately identifying the aggregate amount of any Prepayments in full or other Prepayments or other recoveries of principal included therein (based on a Certificate in the original principal amount of $[__________]1,000) and any related Subordination Increase Amount; (iii) the amount of such Owner’s distributions allocable to interest (based on a Certificate in the original principal amount of $[__________]1,000); (iv) any Class Interest Carryover Shortfall for any Class of Offered Certificates for such Distribution Date; (v) any Class Principal Carryover Shortfall for any Class of Subordinate Certificates for such Distribution Date; (vi) the principal amount of each Class of Offered Certificate which will be Outstanding and the aggregate Loan Balance of each Group, after giving effect to any payment of principal on such Distribution Date; (vii) the Overcollateralization Amount and Required Overcollateralization Amount, if any, remaining after giving effect to all distributions and transfers on such Distribution Date; (viii) based upon information furnished by the Servicer, such information as may be required by Section 6049(d)(7)(C) of the Code and the regulations promulgated thereunder to assist the Owners in computing their market discount; (ix) the total of any Substitution Amounts and any Loan Purchase Price amounts included in such distribution with respect to each Group; (x) the weighted average Coupon Rate of the Home Equity Loans in each Group; (xi) [Reserved]; (xii) such other information as any Owner may reasonably request with respect to Delinquent Home Equity Loans; (xiii) the weighted average gross margin of the Home Equity Loans in Group IIII and Group III; (xiv) the largest Loan Balance outstanding in each Group; (xv) the Basic Principal Amount for each Group for such Distribution Date; (xvi) the Group I Net WAC Cap Carryover, the Group II Net WAC Cap Carryover, the Group III Net WAC Cap Carryover and the Subordinate Net WAC Cap Carryover paid to the Owners of each Class of Carryover Certificates for such Distribution Date and any Group I Net WAC Cap Carryover, Group II Net WAC Cap Carryover, Group III Net WAC Cap Carryover and the Subordinate Net WAC Cap Carryover remaining unpaid; (xvii) the related Certificate Rate for each Class for the related Distribution Date; (xviii) the Group I Net WAC Cap, the Group II Net WAC Cap, the Group III Net WAC Cap and the Subordinate Net WAC Cap for such Distribution Date; and (xix) the amount of any Applied Realized Loss Amounts applied with respect to each Class of Subordinate Certificates; (xx) the occurrence of the Stepdown Date; and (xxi) with respect to the second Distribution Date, the number and aggregate Loan Balance of any Delayed Delivery Home Equity Loans not delivered within twenty days after the Startup Day. The Servicer shall provide to the Trustee the information described in Section 8.08(f) and in clause (b) below to enable the Trustee to perform its reporting obligations under this Section, and such obligations of the Trustee under this Section are conditioned upon such information being received and the information provided in clauses (ii), (ix) and (x) above shall be based solely upon information contained in the monthly servicing report provided by the Servicer to the Trustee pursuant to Section 8.08 hereof. (b) In addition, on each Distribution Date the Trustee will make available to each Owner, the Underwriters, Standard & Poor’s, Xxxxx’x and Fitch, together with the information described in subsection (a) preceding, the following information with respect to each Home Equity Loan Group and for all Groups in the aggregate which is hereby required to be prepared by the Servicer and furnished to the Trustee for such purpose on or prior to the related Monthly Remittance Date: (i) the number and aggregate Loan Balances of Home Equity Loans (a) 30-59 days Delinquent, (b) 60-89 days Delinquent and (c) 90 or more days Delinquent, as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date, (d) the number and aggregate Loan Balances of all Home Equity Loans as of such Distribution Date after giving effect to any payment of principal on the last day of the Remittance Period immediately preceding the Distribution Date and (e) the percentage that each of the amounts represented by clauses (a), (b) and (c) represent as a percentage of the respective amounts in clause (d); (ii) the status and the number and dollar amounts of all Home Equity Loans in foreclosure proceedings as of the close of business on the last Business Day of the calendar month immediately preceding such Distribution Date, separately stating, for this purpose, all Home Equity Loans with respect to which foreclosure proceedings were commenced in the immediately preceding calendar month; (iii) the number of Mortgagors and the Loan Balances of (a) the related Home Equity Loans involved in bankruptcy proceedings as of the close of business on the last Business Day of the calendar month immediately preceding such Distribution Date and (b) Home Equity Loans that are “balloon” loans; (iv) the existence of (and aggregate Loan Balance of the Home Equity Loans relating to) any REO Properties, as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date; (v) the book value of any REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date; (vi) cumulative Realized Losses and Recoveries incurred on the Home Equity Loans from the Cut-Off Date to and including the Remittance Period immediately preceding the Distribution Date; (vii) the amount of Net Liquidation Proceeds realized on the Home Equity Loans during the Remittance Period immediately preceding the Distribution Date; and (viii) the 60+ Delinquency Percentage (Rolling Three Month) with respect to such Distribution Date; (ix) for each Distribution Date beginning with the Distribution Date in [__________ 200_]April 2008, the percentage obtained by dividing (a) the aggregate amount of cumulative Realized Losses, minus the aggregate amount of cumulative Recoveries incurred on the Home Equity Loans from the Cut-Off Date through the last day of the related Remittance Period by (b) the aggregate Loan Balance of the Home Equity Loans as of the Cut-Off Date; and (x) whether the Trigger Event has occurred. The Trustee shall forward such report (together with the information described in (a) above) concurrently with each distribution to the Certificateholders and the Rating Agencies (which requirement may be satisfied by complying with Section 7.10). (c) The Trustee shall, on behalf of the Trust, cause to be filed with the Commission any periodic reports required to be filed on behalf of the Trust under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder, including as provided in Section 8.28. Upon the request of the Trustee, each of the Seller, the Servicer and the Depositor shall cooperate with the Trustee in the preparation of any such report and shall provide to the Trustee in a timely manner all such information or documentation as is in the possession of such Person and that the Trustee may reasonably request in connection with the performance of its duties and obligations under this Section. The Trustee shall file with the Commission a Form 15 with respect to the Trust as soon as practicable following the first date on which the conditions to filing thereof have been satisfied. Following the filing of such Form 15, the Trustee will submit a certificate addressed to an officer of the Depositor certifying that all filings under the Exchange Act have been made and shall attach a copy of acceptance slips for such filings. On the Startup Day, the Depositor shall provide the Trustee with a letter at Closing, substantially in the form attached hereto as Exhibit M, instructing the Trustee, as filing agent, to comply with the reporting obligations for the Trust under the Exchange Act.

Reports by Trustee to Owners. (a) On the Business Day preceding each Distribution Payment Date the Trustee shall make available transmit a report in writing to each Owner, the Underwriters, the Depositor, Standard & Poor’s, Xxxxx’x Fitch and FitchXxxxx'x: (i) the amount of the distribution with respect to such Owner’s Owners' Certificates (based on a Certificate in the original principal amount of $[__________]1,000); (ii) the amount of such Owner’s 's distributions allocable to principal, separately identifying the aggregate amount of any Prepayments in full or other Prepayments or other recoveries of principal included therein and any Pre-Funded Amounts distributed as a prepayment (based on a Certificate in the original principal amount of $[__________]) and any related Subordination Increase Amount1,000); (iii) the amount of such Owner’s 's distributions allocable to interest (based on a Certificate in the original principal amount of $[__________]1,000); (iv) any Class the related Interest Carryover Shortfall Carry Forward Amount for any Class of Offered Certificates for such Distribution Dateeach Class; (v) any Class Principal Carryover Shortfall for any Class of Subordinate Certificates for such Distribution Date; (vi) the principal amount of each Class of Offered Certificate (based on a Certificate in the original principal amount of $1,000) which will be Outstanding and the aggregate Loan Balance of each Group, Group after giving effect to any payment of principal on such Distribution Payment Date; (viivi) the Overcollateralization Amount and Required Overcollateralization Amount, if any, remaining aggregate Loan Balance of all Home Equity Loans after giving effect to all distributions and transfers any payment of principal on such Distribution Payment Date;. (viiivii) based upon information furnished by the Servicer, such information as may be required by Section 6049(d)(7)(C) of the Code and the regulations promulgated thereunder to assist the Owners in computing their market discount; (ixviii) the total of any Substitution Amounts and any Loan Purchase Price amounts included in such distribution with respect to each Groupdistribution; (xix) the weighted average Coupon Rate of the Home Equity Loans in each GroupLoans; (x) whether a Trigger Event has occurred; (xi) [Reserved]the Senior Enhancement Percentage; (xii) such other information as any Owner may reasonably request with respect to Delinquent Home Equity Loans;the Overcollateralization Amount (xiii) the weighted average gross margin of the Home Equity Loans in Group II; (xiv) the largest Loan Balance outstanding in each Group; (xv) the Basic Principal Amount for each Group for such Distribution Date; (xvi) the Group I Net WAC Cap Carryover, the Group II Net WAC Cap Carryover and the Subordinate Net WAC Cap Carryover paid to the Owners of each Class of Carryover Certificates for such Distribution Date and any Group I Net WAC Cap Carryover, Group II Net WAC Cap Carryover and the Subordinate Net WAC Cap Carryover remaining unpaid; (xvii) the related Certificate Rate for each Class for the related Distribution Date; (xviii) the Group I Net WAC Cap, the Group II Net WAC Cap and the Subordinate Net WAC Cap for such Distribution Date; and (xix) the amount of any Applied Realized Loss Amounts applied with respect to Amount, Realized Loss Amortization Amount and Unpaid Realized Loss Amount for each Class of Subordinate Certificates; (xx) the occurrence as of the Stepdown close of such Payment Date; , and (xxixiv) with respect to for the second Distribution Date, initial Payment Date the number and aggregate Loan Balance of any Delayed Delivery Home Equity Loans not delivered within twenty days after total remaining Pre-Funded Amount in the Startup DayPre-Funding Account. The Servicer shall provide to the Trustee the information described in Section 8.08(f8.08(d)(iii) and in clause (b) below to enable the Trustee to perform its reporting obligations under this Section, and such obligations of the Trustee under this Section are conditioned upon such information being received and the information provided in clauses (ii), (ix) and (x) above shall be based solely upon information contained in the monthly servicing report provided by the Servicer to the Trustee pursuant to Section 8.08 hereof. (b) In addition, on the Business Day preceding each Distribution Payment Date the Trustee will make available distribute to each Owner, the Underwriters, Standard & Poor’s, Xxxxx’x Fitch and FitchXxxxx'x, together with the information described in subsection Subsection (a) preceding, the following information with respect to each Home Equity Loan Group and for all Groups in the aggregate which is hereby required to be prepared by the Servicer and furnished to the Trustee for such purpose on or prior to the related Monthly Remittance Reporting Date: (i) the number and aggregate Loan Balances principal balances of Home Equity Loans (a) 30-59 days Delinquent, (b) 60-89 days Delinquent and (c) 90 or more days Delinquent, as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Payment Date, (d) the number numbers and aggregate Loan Balances of all Home Equity Loans as of such Distribution Date after giving effect to any payment of principal on the last day of the Remittance Period immediately preceding the Distribution Payment Date and (e) the percentage that each of the amounts represented by clauses (a), (b) and (c) represent as a percentage of the respective amounts in clause (d); (ii) the status and the number and dollar amounts of all Home Equity Loans in foreclosure proceedings as of the close of business on the last Business Day of the calendar month immediately preceding such Distribution Payment Date, separately stating, for this purpose, all Home Equity Loans with respect to which foreclosure proceedings were commenced in the immediately preceding calendar month; (iii) the number of Mortgagors and the Loan Balances of (a) the related Home Equity Loans Mortgages involved in bankruptcy proceedings as of the close of business on the last Business Day of the calendar month immediately preceding such Distribution Payment Date and (b) Home Equity Loans that are “"balloon” " loans; (iv) the existence and status of (and aggregate Loan Balance of the Home Equity Loans relating to) any REO Properties, as of the close of business on of the last Business Day of the calendar month immediately preceding the Distribution Payment Date; (v) the book value of any REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Payment Date; (vi) cumulative Realized Losses and Recoveries incurred on the Home Equity Loans from the Cut-Off Date to and including the Remittance Period immediately preceding the Distribution Date; (vii) the amount of Net Liquidation Proceeds realized on the Home Equity Loans during the Remittance Period immediately preceding the Distribution Date; and (viii) the 60+ Delinquency Percentage (Rolling Three Month) with respect to such Distribution Date; (ix) for each Distribution Date beginning with the Distribution Date in [__________ 200_]Cumulative Loss Percentage, the percentage obtained by dividing (a) the aggregate amount of cumulative Realized Losses, minus the aggregate amount of cumulative Recoveries incurred on current period Realized Losses, and the Home Equity Loans from the Cut-Off Date through the last day of the related Remittance Period by Annual Loss Percentage (bRolling Twelve Month); and (vii) the aggregate Loan Balance of the Home Equity Loans as of the Cut-Off Date; and (x) whether the Trigger Event has occurred. The Trustee shall forward such report (together with the information described in (a) above) concurrently with each distribution to the Certificateholders and the Rating Agencies (which requirement may be satisfied by complying with Section 7.10)60+ Day Delinquent Loans. (c) The Trustee shall, on behalf of the Trust, cause to be filed with the Commission any periodic reports required to be filed on behalf of the Trust under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder, including as provided in Section 8.28. Upon the request of the Trustee, each of the Seller, the Servicer and the Depositor shall cooperate with the Trustee in the preparation of any such report and shall provide to the Trustee in a timely manner all such information or documentation as is in the possession of such Person and that the Trustee may reasonably request in connection with the performance of its duties and obligations under this Section. The Trustee shall file with the Commission a Form 15 with respect to the Trust as soon as practicable following the first date on which the conditions to filing thereof have been satisfied. Following the filing of such Form 15, the Trustee will submit a certificate addressed to an officer of the Depositor certifying that all filings under the Exchange Act have been made and shall attach a copy of acceptance slips for such filings. On the Startup Day, the Depositor shall provide the Trustee with a letter at Closing, substantially in the form attached hereto as Exhibit M, instructing the Trustee, as filing agent, to comply with the reporting obligations for the Trust under the Exchange Act.

Reports by Trustee to Owners. (a) On each Distribution Date the Trustee shall make available transmit a report in writing to each Owner, the Underwriters, the Depositor, Standard & Poor’s, Xxxxx’x and FitchFitch setting forth: (i) the amount of the distribution with respect to such Owner’s Certificates (based on a Certificate in the original principal amount or notional amount of $[__________]1,000); (ii) the amount of such Owner’s distributions allocable to principal, separately identifying the aggregate amount of any Prepayments in full or other Prepayments or other recoveries of principal included therein (based on a Certificate in the original principal amount or notional amount of $[__________]1,000) and any related Subordination Increase Amount; (iii) the amount of such Owner’s distributions allocable to interest (based on a Certificate in the original principal amount or notional amount of $[__________]1,000); (iv) any Class Interest Carryover Shortfall for any Class of Offered Certificates for such Distribution Date; (v) any Class Principal Carryover Shortfall for any Class of Subordinate Certificates for such Distribution Date; (vi) the principal amount of each Class of Offered Certificate which will be Outstanding and the aggregate Loan Balance of each Group, after giving effect to any payment of principal on such Distribution Date; (vii) the Overcollateralization Amount and Required Overcollateralization Amount, if any, remaining after giving effect to all distributions and transfers on such Distribution Date; (viii) based upon information furnished by the Servicer, such information as may be required by Section 6049(d)(7)(C) of the Code and the regulations promulgated thereunder to assist the Owners in computing their market discount; (ix) the total of any Substitution Amounts and any Loan Purchase Price amounts included in such distribution with respect to each Group; (x) the weighted average Coupon Rate of the Home Equity Loans in each Group; (xi) [Reserved]; (xii) such other information as any Owner may reasonably request with respect to Delinquent Home Equity Loans; (xiii) the weighted average gross margin of the Home Equity Loans in Group II; (xiv) the largest Loan Balance outstanding in each Group; (xv) the Basic Principal Amount for each Group for such Distribution Date; (xvi) the Group I Net WAC Cap Carryover, the Group II Net WAC Cap Carryover and the Subordinate Net WAC Cap Carryover paid to the Owners of each Class of Carryover Certificates for such Distribution Date and any Group I Net WAC Cap Carryover, Group II Net WAC Cap Carryover and the Subordinate Net WAC Cap Carryover remaining unpaid; (xvii) the related Certificate Rate for each Class for the related Distribution Date; (xviii) the Group I Net WAC Cap, the Group II Net WAC Cap and the Subordinate Net WAC Cap for such Distribution Date; and (xix) the amount of any Applied Realized Loss Amounts applied with respect to each Class of Subordinate Certificates; (xx) the occurrence of the Stepdown Date; and (xxi) with respect to the second Distribution Date, the number and aggregate Loan Balance of any Delayed Delivery Home Equity Loans not delivered within twenty days after the Startup Day. The Servicer shall provide to the Trustee the information described in Section 8.08(f) and in clause (b) below to enable the Trustee to perform its reporting obligations under this Section, and such obligations of the Trustee under this Section are conditioned upon such information being received and the information provided in clauses (ii), (ix) and (x) above shall be based solely upon information contained in the monthly servicing report provided by the Servicer to the Trustee pursuant to Section 8.08 hereof. (b) In addition, on each Distribution Date the Trustee will make available distribute to each Owner, the Underwriters, Standard & Poor’s, Xxxxx’x and Fitch, together with the information described in subsection (a) preceding, the following information with respect to each Home Equity Loan Group and for all both Groups in the aggregate which is hereby required to be prepared by the Servicer and furnished to the Trustee for such purpose on or prior to the related Monthly Remittance Date: (i) the number and aggregate Loan Balances of Home Equity Loans (a) 30-59 days Delinquent, (b) 60-89 days Delinquent and (c) 90 or more days Delinquent, as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date, (d) the number and aggregate Loan Balances of all Home Equity Loans as of such Distribution Date after giving effect to any payment of principal on the last day of the Remittance Period immediately preceding the Distribution Date and (e) the percentage that each of the amounts represented by clauses (a), (b) and (c) represent as a percentage of the respective amounts in clause (d); (ii) the status and the number and dollar amounts of all Home Equity Loans in foreclosure proceedings as of the close of business on the last Business Day of the calendar month immediately preceding such Distribution Date, separately stating, for this purpose, all Home Equity Loans with respect to which foreclosure proceedings were commenced in the immediately preceding calendar month; (iii) the number of Mortgagors and the Loan Balances of (a) the related Home Equity Loans involved in bankruptcy proceedings as of the close of business on the last Business Day of the calendar month immediately preceding such Distribution Date and (b) Home Equity Loans that are “balloon” loans; (iv) the existence of (and aggregate Loan Balance of the Home Equity Loans relating to) any REO Properties, as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date; (v) the book value of any REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date; (vi) cumulative Realized Losses and Recoveries incurred on the Home Equity Loans from the Cut-Off Date to and including the Remittance Period immediately preceding the Distribution Date; (vii) the amount of Net Liquidation Proceeds realized on the Home Equity Loans during the Remittance Period immediately preceding the Distribution Date; and (viii) the 60+ Delinquency Percentage (Rolling Three Month) with respect to such Distribution Date; (ix) for each Distribution Date beginning with the Distribution Date in [__________ 200_]October] 2006, the percentage obtained by dividing (a) the aggregate amount of cumulative Realized Losses, minus the aggregate amount of cumulative Recoveries Losses incurred on the Home Equity Loans from the Cut-Off Date through the last day of the related Remittance Period by (b) the aggregate Loan Balance of the Home Equity Loans as of the Cut-Off Date; and (x) whether the Trigger Event has occurred. The Trustee shall forward such report (together with the information described in (a) above) concurrently with each distribution to the Certificateholders and the Rating Agencies (which requirement may be satisfied by complying with Section 7.10). (c) The Trustee shall, on behalf of the Trust, cause to be filed with the Commission any periodic reports required to be filed on behalf of the Trust under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder, including as provided in Section 8.28. Upon the request of the Trustee, each of the Seller, the Servicer and the Depositor shall cooperate with the Trustee in the preparation of any such report and shall provide to the Trustee in a timely manner all such information or documentation as is in the possession of such Person and that the Trustee may reasonably request in connection with the performance of its duties and obligations under this Section. The Trustee shall file with the Commission a Form 15 with respect to the Trust as soon as practicable following the first date on which the conditions to filing thereof have been satisfied. Following the filing of such Form 15, the Trustee will submit a certificate addressed to an officer of the Depositor certifying that all filings under the Exchange Act have been made and shall attach a copy of acceptance slips for such filings. On the Startup Day, the Depositor shall provide the Trustee with a letter at Closing, substantially in the form attached hereto as Exhibit M, instructing the Trustee, as filing agent, to comply with the reporting obligations for the Trust under the Exchange Act.

Reports by Trustee to Owners. (a) On each Distribution Date the Trustee shall make available transmit a report in writing to each Owner, the Underwriters, the Depositor, Standard & Poor’s, Xxxxx’x and FitchFitch setting forth: (i) the amount of the distribution with respect to such Owner’s Certificates (based on a Certificate in the original principal amount or notional amount of $[__________]1,000); (ii) the amount of such Owner’s distributions allocable to principal, separately identifying the aggregate amount of any Prepayments in full or other Prepayments or other recoveries of principal included therein (based on a Certificate in the original principal amount or notional amount of $[__________]1,000) and any related Subordination Increase Amount; (iii) the amount of such Owner’s distributions allocable to interest (based on a Certificate in the original principal amount or notional amount of $[__________]1,000); (iv) any Class Interest Carryover Shortfall for any Class of Offered Certificates for such Distribution Date; (v) any Class Principal Carryover Shortfall for any Class of Subordinate Certificates for such Distribution Date; (vi) the principal amount of each Class of Offered Certificate which will be Outstanding and the aggregate Loan Balance of each Group, after giving effect to any payment of principal on such Distribution Date; (vii) the Overcollateralization Amount and Required Overcollateralization Amount, if any, remaining after giving effect to all distributions and transfers on such Distribution Date; (viii) based upon information furnished by the Servicer, such information as may be required by Section 6049(d)(7)(C) of the Code and the regulations promulgated thereunder to assist the Owners in computing their market discount; (ix) the total of any Substitution Amounts and any Loan Purchase Price amounts included in such distribution with respect to each Group; (x) the weighted average Coupon Rate of the Home Equity Loans in each Group; (xi) [Reserved]; (xii) such other information as any Owner may reasonably request with respect to Delinquent Home Equity Loans; (xiii) the weighted average gross margin of the Home Equity Loans in Group IIII and Group III; (xiv) the largest Loan Balance outstanding in each Group; (xv) the Basic Principal Amount for each Group for such Distribution Date; (xvi) the Group I Net WAC Cap Carryover, the Group II Net WAC Cap Carryover, the Group III Net WAC Cap Carryover and the Subordinate Net WAC Cap Carryover paid to the Owners of each Class of Carryover Certificates for such Distribution Date and any Group I Net WAC Cap Carryover, Group II Net WAC Cap Carryover, Group III Net WAC Cap Carryover and the Subordinate Net WAC Cap Carryover remaining unpaid; (xvii) the related Certificate Rate for each Class for the related Distribution Date; (xviii) the Group I Net WAC Cap, the Group II Net WAC Cap, the Group III Net WAC Cap and the Subordinate Net WAC Cap for such Distribution Date; and (xix) the amount of any Applied Realized Loss Amounts applied with respect to each Class of Subordinate Certificates; (xx) the occurrence of the Stepdown Date; and (xxi) with respect to the second Distribution Date, the number and aggregate Loan Balance of any Delayed Delivery Home Equity Loans not delivered within twenty days after the Startup Day. The Servicer shall provide to the Trustee the information described in Section 8.08(f) and in clause (b) below to enable the Trustee to perform its reporting obligations under this Section, and such obligations of the Trustee under this Section are conditioned upon such information being received and the information provided in clauses (ii), (ix) and (x) above shall be based solely upon information contained in the monthly servicing report provided by the Servicer to the Trustee pursuant to Section 8.08 hereof. (b) In addition, on each Distribution Date the Trustee will make available distribute to each Owner, the Underwriters, Standard & Poor’s, Xxxxx’x and Fitch, together with the information described in subsection (a) preceding, the following information with respect to each Home Equity Loan Group and for all Groups in the aggregate which is hereby required to be prepared by the Servicer and furnished to the Trustee for such purpose on or prior to the related Monthly Remittance Date: (i) the number and aggregate Loan Balances of Home Equity Loans (a) 30-59 days Delinquent, (b) 60-89 days Delinquent and (c) 90 or more days Delinquent, as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date, (d) the number and aggregate Loan Balances of all Home Equity Loans as of such Distribution Date after giving effect to any payment of principal on the last day of the Remittance Period immediately preceding the Distribution Date and (e) the percentage that each of the amounts represented by clauses (a), (b) and (c) represent as a percentage of the respective amounts in clause (d); (ii) the status and the number and dollar amounts of all Home Equity Loans in foreclosure proceedings as of the close of business on the last Business Day of the calendar month immediately preceding such Distribution Date, separately stating, for this purpose, all Home Equity Loans with respect to which foreclosure proceedings were commenced in the immediately preceding calendar month; (iii) the number of Mortgagors and the Loan Balances of (a) the related Home Equity Loans involved in bankruptcy proceedings as of the close of business on the last Business Day of the calendar month immediately preceding such Distribution Date and (b) Home Equity Loans that are “balloon” loans; (iv) the existence of (and aggregate Loan Balance of the Home Equity Loans relating to) any REO Properties, as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date; (v) the book value of any REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date; (vi) cumulative Realized Losses and Recoveries incurred on the Home Equity Loans from the Cut-Off Date to and including the Remittance Period immediately preceding the Distribution Date; (vii) the amount of Net Liquidation Proceeds realized on the Home Equity Loans during the Remittance Period immediately preceding the Distribution Date; and (viii) the 60+ Delinquency Percentage (Rolling Three Month) with respect to such Distribution Date; (ix) for each Distribution Date beginning with the Distribution Date in [__________ 200_]April 2006, the percentage obtained by dividing (a) the aggregate amount of cumulative Realized Losses, minus the aggregate amount of cumulative Recoveries Losses incurred on the Home Equity Loans from the Cut-Off Date through the last day of the related Remittance Period by (b) the aggregate Loan Balance of the Home Equity Loans as of the Cut-Off Date; and (x) whether the Trigger Event has occurred. The Trustee shall forward such report (together with the information described in (a) above) concurrently with each distribution to the Certificateholders and the Rating Agencies (which requirement may be satisfied by complying with Section 7.10). (c) The Trustee shall, on behalf of the Trust, cause to be filed with the Commission any periodic reports required to be filed on behalf of the Trust under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder, including as provided in Section 8.28. Upon the request of the Trustee, each of the Seller, the Servicer and the Depositor shall cooperate with the Trustee in the preparation of any such report and shall provide to the Trustee in a timely manner all such information or documentation as is in the possession of such Person and that the Trustee may reasonably request in connection with the performance of its duties and obligations under this Section. The Trustee shall file with the Commission a Form 15 with respect to the Trust as soon as practicable following the first date on which the conditions to filing thereof have been satisfied. Following the filing of such Form 15, the Trustee will submit a certificate addressed to an officer of the Depositor certifying that all filings under the Exchange Act have been made and shall attach a copy of acceptance slips for such filings. On the Startup Day, the Depositor shall provide the Trustee with a letter at Closing, substantially in the form attached hereto as Exhibit M, instructing the Trustee, as filing agent, to comply with the reporting obligations for the Trust under the Exchange Act.

Reports by Trustee to Owners. (a) On each Distribution Payment Date the Trustee shall make available report in writing to the Depositor, each Owner, the Underwriters, Underwriters and the Depositor, Standard & Poor’s, Xxxxx’x and FitchRating Agencies: (i) the amount of the distribution with respect to such Owner’s Owners' Certificates (based on a Certificate in the original principal amount of $[__________]1,000); (ii) the amount of such Owner’s 's distributions allocable to principal, separately identifying the aggregate amount of any Prepayments in full or other Prepayments or other recoveries of principal included therein (based on a Certificate in the original principal amount of $[__________]) and any related Subordination Increase Amounttherein; (iii) the amount of such Owner’s 's distributions allocable to interest (based on a Certificate in the original principal amount of $[__________]1,000); (iv) any Class the Interest Carryover Shortfall Carry Forward Amount for any Class of Offered Certificates for such Distribution Dateeach Class; (v) any Class Principal Carryover Shortfall for any Class of Subordinate Certificates for such Distribution Date; (vi) the principal amount (or notional principal amount) of each Class of Offered Certificates (based on a Certificate in the original principal amount of $1,000) which will be Outstanding and the aggregate Loan Balance of each Group, after giving effect to any payment of principal on such Distribution Payment Date; (vi) the aggregate Loan Balance of all Home Equity Loans after giving effect to any payment of principal on such Payment Date; (vii) the Overcollateralization Amount and Required Overcollateralization Amount, if any, remaining after giving effect to all distributions and transfers on such Distribution Date; (viii) based upon information furnished by the ServicerDepositor, such information as may be required by Section 6049(d)(7)(C) of the Code and the regulations promulgated thereunder to assist the Owners in computing their market discount; (ixviii) the total of any Substitution Amounts and any Loan Purchase Price amounts included in such distribution with respect to each Groupdistribution; (xix) the weighted average Coupon Rate of the Home Equity Loans in each GroupLoans. (x) whether a Trigger Event has occurred; (xi) [Reserved]the amount of any Extra Principal Distribution Amount; (xii) such other information as any Owner may reasonably request with respect to Delinquent Home Equity Loansthe Senior Enhancement Percentage; (xiii) the weighted average gross margin of the Home Equity Loans in Group II; (xiv) the largest Loan Balance outstanding in each Group; (xv) the Basic Principal Overcollateralization Amount for each Group for such Distribution Date; (xvi) the Group I Net WAC Cap Carryover, the Group II Net WAC Cap Carryover and the Subordinate Net WAC Cap Carryover paid to the Owners Certificate Principal Balance of each Class of Carryover the Offered Certificates for then outstanding after giving effect to any payment of principal on such Distribution Date and any Group I Net WAC Cap Carryover, Group II Net WAC Cap Carryover and the Subordinate Net WAC Cap Carryover remaining unpaid; (xvii) the related Certificate Rate for each Class for the related Distribution Date; (xviii) the Group I Net WAC Cap, the Group II Net WAC Cap and the Subordinate Net WAC Cap for such Distribution Payment Date; and (xixxiv) the amount of any Applied Realized Loss Amounts applied with respect to Amount, Realized Loss Amortization Amount and Unpaid Realized Loss Amount for each Class of Subordinate Certificates; (xx) the occurrence as of the Stepdown close of such Payment Date; and (xxi) with respect to the second Distribution Date, the number and aggregate Loan Balance of any Delayed Delivery Home Equity Loans not delivered within twenty days after the Startup Day. The Servicer shall provide to the Trustee the information described in Section 8.08(f8.08(d)(iii) and in clause (b) below to enable the Trustee to perform its reporting obligations under this Section, and such obligations of the Trustee under this Section are conditioned upon such information being received and the information provided in clauses (ii), (vii), (viii), (ix), (xi), (xii), (xiii) and (xxiv) above shall be based solely upon information contained in the monthly servicing report provided by the Servicer to the Trustee pursuant to Section 8.08 8.01 hereof. (b) In addition, on each Distribution Payment Date the Trustee will make available distribute to the Depositor, each Owner, the Underwriters, Standard & Poor’s, Xxxxx’x Underwriters and Fitchthe Rating Agencies, together with the information described in subsection Subsection (a) preceding, the following information with respect to each Home Equity Loan Group and for all Groups in the aggregate which is hereby required to be prepared by the Servicer and furnished to the Trustee for such purpose on or prior to the related Monthly Remittance Date: (i) the number and aggregate Loan Balances principal balances of Home Equity Loans (a) 30-59 days Delinquent, (b) 60-89 days Delinquent and (c) 90 or more days Delinquent, as of the close of business on the last Business Day of the calendar month immediately next preceding the Distribution such Payment Date, (d) the number and aggregate Loan Balances of all Home Equity Loans as of such Distribution Date after giving effect to any payment of principal on the last day of the Remittance Period immediately preceding the Distribution Date and (e) the percentage that each of the amounts represented by clauses (a), (b) and (c) represent as a percentage of the respective amounts in clause (d);, (ii) the status and the number and dollar amounts of all Home Equity Loans in foreclosure proceedings as of the close of business on the last Business Day of the calendar month immediately next preceding such Distribution Payment Date, separately stating, for this purpose, all Home Equity Loans with respect to which foreclosure proceedings were commenced in the immediately preceding calendar month; (iii) the number of Mortgagors and the Loan Balances of Home Equity Loans of (a) the related Home Equity Loans Mortgages involved in bankruptcy proceedings as of the close of business on the last Business Day of the calendar month immediately next preceding such Distribution Payment Date and (b) Home Equity Loans that are “"balloon” " loans; (iv) the existence and status of (and aggregate Loan Balance of the Home Equity Loans relating to) any REO Properties, as of the close of business on of the last Business Day of the calendar month immediately next preceding the Distribution Payment Date; (v) the book value of any REO Property as of the close of business on the last Business Day of the calendar month immediately next preceding the Distribution Payment Date; (vi) cumulative Realized Losses and Recoveries incurred on the Home Equity Loans from the Cut-Off Date to and including the Remittance Period immediately preceding the Distribution Date; (vii) the amount of Net Liquidation Proceeds realized on the Home Equity Loans during the Remittance Period immediately preceding the Distribution DateCumulative Realized Losses; and (viii) the 60+ Delinquency Percentage (Rolling Three Month) with respect to such Distribution Date; (ix) for each Distribution Date beginning with the Distribution Date in [__________ 200_], the percentage obtained by dividing (a) the aggregate amount of cumulative Realized Losses, minus the aggregate amount of cumulative Recoveries incurred on the Home Equity Loans from the Cut-Off Date through the last day of the related Remittance Period by (bvii) the aggregate Loan Balance of the Home Equity Loans as of the Cut-Off Date; and (x) whether the Trigger Event has occurred. The Trustee shall forward such report (together with the information described in (a) above) concurrently with each distribution to the Certificateholders and the Rating Agencies (which requirement may be satisfied by complying with Section 7.10)60+ Day Delinquent Loans. (c) The Servicer shall furnish to the Trustee shallduring the term of this Agreement, on behalf of the Trustsuch periodic, cause special, or other reports or information not specifically provided for herein, as may be necessary, reasonable, or appropriate with respect to be filed with the Commission any periodic reports required to be filed on behalf of the Trust under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder, including as provided in Section 8.28. Upon the request of the Trustee, each of the Seller, the Servicer and the Depositor shall cooperate or otherwise with the Trustee in the preparation of any such report and shall provide respect to the Trustee in a timely manner purposes of this Agreement, all such reports or information or documentation to be provided by and in accordance with such applicable instructions and directions as is in the possession of such Person and that the Trustee may reasonably request in connection require; provided, that the Servicer shall be entitled to be reimbursed by the requesting party for the fees and actual expenses associated with the performance of its duties and obligations under this Section. The Trustee shall file with the Commission a Form 15 with respect to the Trust as soon as practicable following the first date on which the conditions to filing thereof have been satisfied. Following the filing of providing such Form 15reports, the Trustee will submit a certificate addressed to an officer of the Depositor certifying that all filings under the Exchange Act have been made and shall attach a copy of acceptance slips for if such filings. On the Startup Day, the Depositor shall provide the Trustee with a letter at Closing, substantially reports are not generally produced in the form attached hereto as Exhibit M, instructing the Trustee, as filing agent, to comply with the reporting obligations for the Trust under the Exchange Actordinary course of business.

Reports by Trustee to Owners. (a) On each Distribution Date the Trustee shall make available transmit a report in writing to each Owner, the Underwriters, the Depositor, Standard & Poor’s, Xxxxx’x and FitchFitch setting forth: (i) the amount of the distribution with respect to such Owner’s Certificates (based on a Certificate in the original principal amount of $[__________]1,000); (ii) the amount of such Owner’s distributions allocable to principal, separately identifying the aggregate amount of any Prepayments in full or other Prepayments or other recoveries of principal included therein (based on a Certificate in the original principal amount of $[__________]1,000) and any related Subordination Increase Amount; (iii) the amount of such Owner’s distributions allocable to interest (based on a Certificate in the original principal amount of $[__________]1,000); (iv) any Class Interest Carryover Shortfall for any Class of Offered Certificates for such Distribution Date; (v) any Class Principal Carryover Shortfall for any Class of Subordinate Certificates for such Distribution Date; (vi) the principal amount of each Class of Offered Certificate which will be Outstanding and the aggregate Loan Balance of each Group, after giving effect to any payment of principal on such Distribution Date; (vii) the Overcollateralization Amount and Required Overcollateralization Amount, if any, remaining after giving effect to all distributions and transfers on such Distribution Date; (viii) based upon information furnished by the Servicer, such information as may be required by Section 6049(d)(7)(C) of the Code and the regulations promulgated thereunder to assist the Owners in computing their market discount; (ix) the total of any Substitution Amounts and any Loan Purchase Price amounts included in such distribution with respect to each Group; (x) the weighted average Coupon Rate of the Home Equity Loans in each Group; (xi) [Reserved]; (xii) such other information as any Owner may reasonably request with respect to Delinquent Home Equity Loans; (xiii) the weighted average gross margin of the Home Equity Loans in Group II; (xiv) the largest Loan Balance outstanding in each Group; (xv) the Basic Principal Amount for each Group for such Distribution Date; (xvi) the Group I Net WAC Cap Carryover, the Group II Net WAC Cap Carryover and the Subordinate Net WAC Cap Carryover paid to the Owners of each Class of Carryover Certificates for such Distribution Date and any Group I Net WAC Cap Carryover, Group II Net WAC Cap Carryover and the Subordinate Net WAC Cap Carryover remaining unpaid; (xvii) the related Certificate Rate for each Class for the related Distribution Date; (xviii) the Group I Net WAC Cap, the Group II Net WAC Cap and the Subordinate Net WAC Cap for such Distribution Date; and (xix) the amount of any Applied Realized Loss Amounts applied with respect to each Class of Subordinate Certificates; (xx) the occurrence of the Stepdown Date; and (xxi) with respect to the second Distribution Date, the number and aggregate Loan Balance of any Delayed Delivery Home Equity Loans not delivered within twenty days after the Startup Day. The Servicer shall provide to the Trustee the information described in Section 8.08(f) and in clause (b) below to enable the Trustee to perform its reporting obligations under this Section, and such obligations of the Trustee under this Section are conditioned upon such information being received and the information provided in clauses (ii), (ix) and (x) above shall be based solely upon information contained in the monthly servicing report provided by the Servicer to the Trustee pursuant to Section 8.08 hereof. (b) In addition, on each Distribution Date the Trustee will make available distribute to each Owner, the Underwriters, Standard & Poor’s, Xxxxx’x and Fitch, together with the information described in subsection (a) preceding, the following information with respect to each Home Equity Loan Group and for all Groups in the aggregate which is hereby required to be prepared by the Servicer and furnished to the Trustee for such purpose on or prior to the related Monthly Remittance Date: (i) the number and aggregate Loan Balances of Home Equity Loans (a) 30-59 days Delinquent, (b) 60-89 days Delinquent and (c) 90 or more days Delinquent, as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date, (d) the number and aggregate Loan Balances of all Home Equity Loans as of such Distribution Date after giving effect to any payment of principal on the last day of the Remittance Period immediately preceding the Distribution Date and (e) the percentage that each of the amounts represented by clauses (a), (b) and (c) represent as a percentage of the respective amounts in clause (d); (ii) the status and the number and dollar amounts of all Home Equity Loans in foreclosure proceedings as of the close of business on the last Business Day of the calendar month immediately preceding such Distribution Date, separately stating, for this purpose, all Home Equity Loans with respect to which foreclosure proceedings were commenced in the immediately preceding calendar month; (iii) the number of Mortgagors and the Loan Balances of (a) the related Home Equity Loans involved in bankruptcy proceedings as of the close of business on the last Business Day of the calendar month immediately preceding such Distribution Date and (b) Home Equity Loans that are “balloon” loans; (iv) the existence of (and aggregate Loan Balance of the Home Equity Loans relating to) any REO Properties, as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date; (v) the book value of any REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date; (vi) cumulative Realized Losses and Recoveries incurred on the Home Equity Loans from the Cut-Off Date to and including the Remittance Period immediately preceding the Distribution Date; (vii) the amount of Net Liquidation Proceeds realized on the Home Equity Loans during the Remittance Period immediately preceding the Distribution Date; and (viii) the 60+ Delinquency Percentage (Rolling Three Month) with respect to such Distribution Date; (ix) for each Distribution Date beginning with the Distribution Date in [__________ 200_]February 2008, the percentage obtained by dividing (a) the aggregate amount of cumulative Realized Losses, minus the aggregate amount of cumulative Recoveries incurred on the Home Equity Loans from the Cut-Off Date through the last day of the related Remittance Period by (b) the aggregate Loan Balance of the Home Equity Loans as of the Cut-Off Date; and (x) whether the Trigger Event has occurred. The Trustee shall forward such report (together with the information described in (a) above) concurrently with each distribution to the Certificateholders and the Rating Agencies (which requirement may be satisfied by complying with Section 7.10). (c) The Trustee shall, on behalf of the Trust, cause to be filed with the Commission any periodic reports required to be filed on behalf of the Trust under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder, including as provided in Section 8.28. Upon the request of the Trustee, each of the Seller, the Servicer and the Depositor shall cooperate with the Trustee in the preparation of any such report and shall provide to the Trustee in a timely manner all such information or documentation as is in the possession of such Person and that the Trustee may reasonably request in connection with the performance of its duties and obligations under this Section. The Trustee shall file with the Commission a Form 15 with respect to the Trust as soon as practicable following the first date on which the conditions to filing thereof have been satisfied. Following the filing of such Form 15, the Trustee will submit a certificate addressed to an officer of the Depositor certifying that all filings under the Exchange Act have been made and shall attach a copy of acceptance slips for such filings. On the Startup Day, the Depositor shall provide the Trustee with a letter at Closing, substantially in the form attached hereto as Exhibit M, instructing the Trustee, as filing agent, to comply with the reporting obligations for the Trust under the Exchange Act.

Reports by Trustee to Owners. (a) On each Distribution Date the Trustee shall make available to each Owner, the Underwriters, the Depositor, the Swap Provider, Standard & Poor’s and Moody’s, Xxxxx’x and Fitch: (i) the amount of the distribution with respect to such Owner’s Certificates (based on a Certificate in the original principal amount of $[__________]1,000); (ii) the amount of such Owner’s distributions allocable to principal, separately identifying the aggregate amount of any Prepayments in full or other Prepayments or other recoveries of principal included therein (based on a Certificate in the original principal amount of $[__________]1,000) and any related Subordination Increase Amount; (iii) the amount of such Owner’s distributions allocable to interest (based on a Certificate in the original principal amount of $[__________]1,000); (iv) any Class Interest Carryover Shortfall for any Class of Offered Certificates for such Distribution Date; (v) any Class Principal Carryover Shortfall for any Class of Subordinate Certificates for such Distribution Date; (vi) the principal amount of each Class of Offered Certificate which will be Outstanding and the aggregate Loan Balance of each GroupPool Balance, after giving effect to any payment of principal on such Distribution Date; (vii) the Overcollateralization Amount and Required Overcollateralization Amount, if any, remaining after giving effect to all distributions and transfers on such Distribution Date; (viii) based upon information furnished by the Servicer, such information as may be required by Section 6049(d)(7)(C) of the Code and the regulations promulgated thereunder to assist the Owners in computing their market discount; (ix) the total of any Substitution Amounts and any Loan Purchase Price amounts included in such distribution with respect to each Groupdistribution; (x) the weighted average Coupon Rate of the Home Equity Loans in each GroupLoans; (xi) [Reserved]the amount of the Prepayment Charges remitted by the Servicer; (xii) such other information as any Owner may reasonably request with respect to Delinquent Home Equity Loans; (xiii) the weighted average gross margin of the Adjustable Rate Home Equity Loans in Group IILoans; (xiv) the largest Loan Balance outstanding in each GroupBalance; (xv) the Basic Principal Amount for each Group for such Distribution Date; (xvi) the Group I Net WAC Cap Carryover, the Group II Net WAC Cap Carryover and the Subordinate Net WAC Cap Carryover paid to the Owners of each Class of Carryover Offered Certificates for such Distribution Date and any Group I Net WAC Cap Carryover, Group II Net WAC Cap Carryover and the Subordinate Net WAC Cap Carryover remaining unpaid; (xvii) the related Certificate Rate for each Class for the related Distribution Date; (xviii) the Group I Net WAC Cap, the Group II Net WAC Cap and the Subordinate Net WAC Cap for such Distribution Date; and (xix) the amount of any Applied Realized Loss Amounts applied with respect to each Class of Subordinate Certificates; (xx) the occurrence of the Stepdown Date; and (xxi) with respect to the second Distribution Date, the number and aggregate Loan Balance of any Delayed Delivery Home Equity Loans not delivered within twenty days after the Startup Day. In addition to the information listed above, not later than the first Business Day immediately following the Distribution Date, the Servicer shall provide to the Trustee for inclusion in each such report any other information required by Form 10-D, including, but not limited to, the information required by Item 1121 (17 C.F.R. § 229.1121) of Regulation AB. The Servicer shall provide to the Trustee the information described in Section 8.08(f) and in clause (b) below to enable the Trustee to perform its reporting obligations under this Section, and such obligations of the Trustee under this Section are conditioned upon such information being received and the information provided in clauses (ii), (ix) and (x) above shall be based solely upon information contained in the monthly servicing report provided by the Servicer to the Trustee pursuant to Section 8.08 hereof. (b) In addition, on each Distribution Date the Trustee will make available to each Owner, the Underwriters, Standard & Poor’s and Moody’s, Xxxxx’x and Fitch, together with the information described in subsection (a) preceding, the following information with respect to each all Home Equity Loan Group and for all Groups Loans in the aggregate which is hereby required to be prepared by the Servicer and furnished to the Trustee for such purpose on or prior to the related Monthly Remittance Date: (i) the number and aggregate Loan Balances Balance of Home Equity Loans (a) 30-59 days Delinquent, (b) 60-89 days Delinquent and (c) 90 or more days Delinquent, as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date, (d) the number and aggregate Loan Balances Balance of all Home Equity Loans as of such Distribution Date after giving effect to any payment of principal on the last day of the Remittance Period immediately preceding the Distribution Date and (e) the percentage that each of the amounts represented by clauses (a), (b) and (c) represent as a percentage of the respective amounts in clause (d); (ii) the status and the number and dollar amounts of all Home Equity Loans in foreclosure proceedings as of the close of business on the last Business Day of the calendar month immediately preceding such Distribution Date, separately stating, for this purpose, all Home Equity Loans with respect to which foreclosure proceedings were commenced in the immediately preceding calendar month; (iii) the number of Mortgagors and the Loan Balances of (a) the related Home Equity Loans involved in bankruptcy proceedings as of the close of business on the last Business Day of the calendar month immediately preceding such Distribution Date and (b) Home Equity Loans that are “balloon” loans; (iv) the existence of (and aggregate Loan Balance of the Home Equity Loans relating to) any REO Properties, as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date; (v) the book value of any REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date; (vi) cumulative Realized Losses and Recoveries incurred on the Home Equity Loans from the Cut-Off Date to and including the Remittance Period immediately preceding the Distribution Date; (vii) the amount of Net Liquidation Proceeds realized on the Home Equity Loans during the Remittance Period immediately preceding the Distribution Date; and (viii) the 60+ Delinquency Percentage (Rolling Three Month) with respect to such Distribution Date; (ix) for each Distribution Date beginning with the Distribution Date in [__________ 200_]March 2010, the percentage obtained by dividing (a) the aggregate amount of cumulative Realized Losses, minus the aggregate amount of cumulative Recoveries incurred on the Home Equity Loans from the Cut-Off Date through the last day of the related Remittance Period by (b) the aggregate Loan Balance of the Home Equity Loans as of the Cut-Off Date; and (x) whether the Trigger Event has occurred. The Trustee shall forward such report (together with the information described in (a) above) concurrently with each distribution to the Certificateholders and the Rating Agencies (which requirement may be satisfied by complying with Section 7.10). (c) The Trustee shall, on behalf of the Trust, cause to be filed with the Commission any periodic reports required to be filed on behalf of the Trust under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder, including as provided in Section 8.28Article XII. Upon the request of the Trustee, each of the Seller, the Servicer and the Depositor shall cooperate with the Trustee in the preparation of any such report and shall provide to the Trustee in a timely manner all such information or documentation as is in the possession of such Person and that the Trustee may reasonably request in connection with the performance of its duties and obligations under this Section. The Trustee shall file with the Commission a Form 15 with respect to the Trust as soon as practicable following the first date on which the conditions to filing thereof have been satisfied. Following the filing of such Form 15, the Trustee will shall (i) notify the Swap Provider of such filing and (ii) submit a certificate addressed to an officer of the Depositor certifying that all filings under the Exchange Act have been made and shall attach a copy of acceptance slips for such filings. On the Startup Day, the Depositor shall provide the Trustee with a letter at Closing, substantially in the form attached hereto as Exhibit M, instructing the Trustee, as filing agent, to comply with the reporting obligations for the Trust under the Exchange Act.

Reports by Trustee to Owners. (a) On each Distribution Payment Date the Trustee shall make available report in writing to the Depositor, each Owner, the Underwriters, Underwriters and the Depositor, Standard & Poor’s, Xxxxx’x and FitchRating Agencies: (i) the amount of the distribution with respect to such Owner’s Owners' Certificates (based on a Certificate in the original principal amount of $[__________]1,000); (ii) the amount of such Owner’s 's distributions allocable to principal, separately identifying the aggregate amount of any Prepayments in full or other Prepayments or other recoveries of principal included therein (based on a Certificate in the original principal amount of $[__________]) and any related Subordination Increase Amounttherein; (iii) the amount of such Owner’s 's distributions allocable to interest (based on a Certificate in the original principal amount of $[__________]1,000); (iv) any Class the Interest Carryover Shortfall Carry Forward Amount for any Class of Offered Certificates for such Distribution Dateeach Class; (v) any Class Principal Carryover Shortfall for any Class of Subordinate Certificates for such Distribution Date; (vi) the principal amount (or notional principal amount) of each Class of Offered Certificates (based on a Certificate in the original principal amount of $1,000) which will be Outstanding and the aggregate Loan Balance of each Group, after giving effect to any payment of principal on such Distribution Payment Date; (viivi) the Overcollateralization Amount and Required Overcollateralization Amount, if any, remaining aggregate Loan Balance of all Home Equity Loans after giving effect to all distributions and transfers any payment of principal on such Distribution DatePayment Date both in the aggregate and in each of the Home Equity Loan Groups; (viiivii) based upon information furnished by the ServicerDepositor, such information as may be required by Section 6049(d)(7)(C) of the Code and the regulations promulgated thereunder to assist the Owners in computing their market discount; (ixviii) the total of any Substitution Amounts and any Loan Purchase Price amounts included in such distribution with respect to each Group; (xix) the weighted average Coupon Rate of the Home Equity Loans in with respect to each Group; (x) whether a Group I Trigger Event or a Group II Trigger Event has occurred and whether a Cumulative Realized Loss Trigger Event has occurred; (xi) [Reserved]the amount of any Group I Extra Principal Distribution Amount or any Group II Extra Principal Distribution Amount; (xii) such other information as any Owner may reasonably request with respect to Delinquent Home Equity Loansthe Group I Senior Enhancement Percentage and the Group II Senior Enhancement Percentage; (xiii) the weighted average gross margin Group I Overcollateralization Amount, the Group II Overcollateralization Amount and the Certificate Principal Balance of each Class of the Home Equity Loans in Group II;Offered Certificates then outstanding after giving effect to any payment of principal on such Payment Date; and (xiv) the largest Loan Balance outstanding in each Group; (xv) the Basic Principal amount of any Group I or Group II Applied Realized Loss Amount, Group I or Group II Realized Loss Amortization Amount and Unpaid Realized Loss Amount for each Group for such Distribution Date; (xvi) the Group I Net WAC Cap Carryover, the Group II Net WAC Cap Carryover and the Subordinate Net WAC Cap Carryover paid to the Owners of each Class of Carryover Certificates for such Distribution Date and any Group I Net WAC Cap Carryover, Group II Net WAC Cap Carryover and the Subordinate Net WAC Cap Carryover remaining unpaid; (xvii) the related Certificate Rate for each Class for the related Distribution Date; (xviii) the Group I Net WAC Cap, the Group II Net WAC Cap and the Subordinate Net WAC Cap for such Distribution Date; and (xix) the amount of any Applied Realized Loss Amounts applied with respect to each Class of Subordinate Certificates; (xx) the occurrence as of the Stepdown close of such Payment Date; and (xxi) with respect to the second Distribution Date, the number and aggregate Loan Balance of any Delayed Delivery Home Equity Loans not delivered within twenty days after the Startup Day. The Servicer shall provide to the Trustee the information described in Section 8.08(f8.08(d)(iii) and in clause (b) below to enable the Trustee to perform its reporting obligations under this Section, and such obligations of the Trustee under this Section are conditioned upon such information being received and the information provided in clauses (ii), (vii), (viii), (ix), (xi), (xii), (xiii) and (xxiv) above shall be based solely upon information contained in the monthly servicing report provided by the Servicer to the Trustee pursuant to Section 8.08 8.01 hereof. (b) In addition, on each Distribution Payment Date the Trustee will make available distribute to the Depositor, each Owner, the Underwriters, Standard & Poor’s, Xxxxx’x Underwriters and Fitchthe Rating Agencies, together with the information described in subsection Subsection (a) preceding, the following information with respect to each Home Equity Loan Group and for all Groups in the aggregate which is hereby required to be prepared by the Servicer and furnished to the Trustee for such purpose on or prior to the related Monthly Remittance Date: (i) the number and aggregate Loan Balances of Home Equity Loans in each Group (and in the aggregate) (a) 30-59 days Delinquent, (b) 60-89 days Delinquent and (c) 90 or more days Delinquent, as of the close of business on the last Business Day of the calendar month immediately next preceding the Distribution such Payment Date, (d) the number and aggregate Loan Balances of all Home Equity Loans as of such Distribution Date after giving effect to any payment of principal on the last day of the Remittance Period immediately preceding the Distribution Date and (e) the percentage that each of the amounts represented by clauses (a), (b) and (c) represent as a percentage of the respective amounts in clause (d);, (ii) the status and the number and dollar amounts of all Home Equity Loans in each Group (and in the aggregate) in foreclosure proceedings as of the close of business on the last Business Day of the calendar month immediately next preceding such Distribution Payment Date, separately stating, for this purpose, all Home Equity Loans in each Group with respect to which foreclosure proceedings were commenced in the immediately preceding calendar month; (iii) the number of Mortgagors and the Loan Balances of Home Equity Loans of (a) the related Home Equity Loans Mortgages involved in bankruptcy proceedings as of the close of business on the last Business Day of the calendar month immediately next preceding such Distribution Payment Date and (b) Home Equity Loans in each Group that are “"balloon” " loans; (iv) the existence and status of (and aggregate Loan Balance any REO Properties in each Group, as of the Home Equity Loans relating toclose of business of the last Business Day of the month next preceding the Payment Date; (v) the book value of any REO Properties, Property in each Group as of the close of business on the last Business Day of the calendar month immediately next preceding the Distribution Date; (v) the book value of any REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Payment Date; (vi) cumulative the amount of Group I Cumulative Realized Losses, Group II Cumulative Realized Losses; and the aggregate Cumulative Realized Losses and Recoveries incurred on the Home Equity Loans from the Cut-Off Date to and including the Remittance Period immediately preceding the Distribution Date;for both Groups. (vii) the amount aggregate Loan Balance of Net Liquidation Proceeds realized on the Home Equity 60+ Day Delinquent Loans during the Remittance Period immediately preceding the Distribution Datewith respect to each Group; and (viii) the Three-Month Rolling Average of 60+ Delinquency Percentage (Rolling Three Month) Day Delinquent Loans with respect to such Distribution Date; (ix) for each Distribution Date beginning with the Distribution Date in [__________ 200_], the percentage obtained by dividing (a) the aggregate amount of cumulative Realized Losses, minus the aggregate amount of cumulative Recoveries incurred on the Home Equity Loans from the Cut-Off Date through the last day of the related Remittance Period by (b) the aggregate Loan Balance of the Home Equity Loans as of the Cut-Off Date; and (x) Group and whether the a Group I Trigger Event has occurred. The Trustee shall forward such report (together with the information described or a Group II Trigger Event is in (a) above) concurrently with each distribution to the Certificateholders and the Rating Agencies (which requirement may be satisfied by complying with Section 7.10)effect. (c) The Servicer shall furnish to the Trustee shallduring the term of this Agreement, on behalf of the Trustsuch periodic, cause special, or other reports or information not specifically provided for herein, as may be necessary, reasonable, or appropriate with respect to be filed with the Commission any periodic reports required to be filed on behalf of the Trust under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder, including as provided in Section 8.28. Upon the request of the Trustee, each of the Seller, the Servicer and the Depositor shall cooperate or otherwise with the Trustee in the preparation of any such report and shall provide respect to the Trustee in a timely manner purposes of this Agreement, all such reports or information or documentation to be provided by and in accordance with such applicable instructions and directions as is in the possession of such Person and that the Trustee may reasonably request in connection require; provided, that the Servicer shall be entitled to be reimbursed by the requesting party for the fees and actual expenses associated with the performance of its duties and obligations under this Section. The Trustee shall file with the Commission a Form 15 with respect to the Trust as soon as practicable following the first date on which the conditions to filing thereof have been satisfied. Following the filing of providing such Form 15reports, the Trustee will submit a certificate addressed to an officer of the Depositor certifying that all filings under the Exchange Act have been made and shall attach a copy of acceptance slips for if such filings. On the Startup Day, the Depositor shall provide the Trustee with a letter at Closing, substantially reports are not generally produced in the form attached hereto as Exhibit M, instructing the Trustee, as filing agent, to comply with the reporting obligations for the Trust under the Exchange Actordinary course of business.

Reports by Trustee to Owners. (a) On the Business Day preceding each Distribution Payment Date the Trustee shall make available transmit a report in writing to each Owner, and the Underwriters, the Depositor, Standard & Poor’s, Xxxxx’x and FitchRating Agencies: (i) the amount of the distribution with respect to such Owner’s Owners' Certificates (based on a Certificate in the original principal amount of $[__________]1,000); (ii) the amount of such Owner’s 's distributions allocable to principal, separately identifying the aggregate amount of any Prepayments in full or other Prepayments or other recoveries of principal included therein (based on a Certificate in the original principal amount of $[__________]) and any related Subordination Increase Amount1,000); (iii) the amount of such Owner’s 's distributions allocable to interest (based on a Certificate in the original principal amount of $[__________]1,000); (iv) any Class the related Interest Carryover Shortfall Carry Forward Amount for any Class of Offered Certificates for such Distribution Dateeach Class; (v) any Class Principal Carryover Shortfall for any Class of Subordinate Certificates for such Distribution Date; (vi) the principal amount (or notional principal amount) of each Class of Offered Certificate (based on a Certificate in the original principal amount of $1,000) which will be Outstanding and the aggregate Loan Balance of each Group, Group after giving effect to any payment of principal on such Distribution Payment Date; (viivi) the Overcollateralization Amount and Required Overcollateralization Amount, if any, remaining aggregate Loan Balance of all Home Equity Loans after giving effect to all distributions and transfers any payment of principal on such Distribution Payment Date;. (viiivii) based upon information furnished by the Servicer, such information as may be required by Section 6049(d)(7)(C) of the Code and the regulations promulgated thereunder to assist the Owners in computing their market discount; (ixviii) the total of any Substitution Amounts and any Loan Purchase Price amounts included in such distribution with respect to each Groupdistribution; (xix) the weighted average Coupon Rate of the Home Equity Loans in each GroupLoans; (x) whether a Trigger Event or Subordinated Trigger Event has occurred; (xi) [Reserved]the Senior Enhancement Percentage; (xii) such other information as any Owner may reasonably request with respect to Delinquent Home Equity Loans; (xiii) the weighted average gross margin of the Home Equity Loans in Group II; (xiv) the largest Loan Balance outstanding in each Group; (xv) the Basic Principal Amount for each Group for such Distribution Date; (xvi) the Group I Net WAC Cap Carryover, the Group II Net WAC Cap Carryover and the Subordinate Net WAC Cap Carryover paid to the Owners of each Class of Carryover Certificates for such Distribution Date and any Group I Net WAC Cap Carryover, Group II Net WAC Cap Carryover and the Subordinate Net WAC Cap Carryover remaining unpaid; (xvii) the related Certificate Rate for each Class for the related Distribution Date; (xviii) the Group I Net WAC Cap, the Group II Net WAC Cap and the Subordinate Net WAC Cap for such Distribution DateOvercollateralization Amount; and (xixxiii) the amount of any Applied Realized Loss Amounts applied with respect to Amount, Realized Loss Amortization Amount and Unpaid Realized Loss Amount for each Class of Subordinate Certificates; (xx) the occurrence as of the Stepdown close of such Payment Date; and (xxi) with respect to the second Distribution Date, the number and aggregate Loan Balance of any Delayed Delivery Home Equity Loans not delivered within twenty days after the Startup Day. The Servicer shall provide to the Trustee the information described in Section 8.08(f8.08(d)(iii) and in clause (b) below to enable the Trustee to perform its reporting obligations under this Section, and such obligations of the Trustee under this Section are conditioned upon such information being received and the information provided in clauses (ii), (ix) and (x) above shall be based solely upon information contained in the monthly servicing report provided by the Servicer to the Trustee pursuant to Section 8.08 hereof. (b) In addition, on the Business Day preceding each Distribution Payment Date the Trustee will make available distribute to each Owner, the Underwriters, Standard & Poor’s, Xxxxx’x and FitchRating Agencies, together with the information described in subsection Subsection (a) preceding, the following information with respect to each Home Equity Loan Group and for all Groups in the aggregate which is hereby required to be prepared by the Servicer and furnished to the Trustee for such purpose on or prior to the related Monthly Remittance Reporting Date: (i) the number and aggregate Loan Balances principal balances of Home Equity Loans (a) 30-59 days Delinquent, (b) 60-89 days Delinquent and (c) 90 or more days Delinquent, as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Payment Date, (d) the number numbers and aggregate Loan Balances of all Home Equity Loans as of such Distribution Date after giving effect to any payment of principal on the last day of the Remittance Period immediately preceding the Distribution Payment Date and (e) the percentage that each of the amounts represented by clauses (a), (b) and (c) represent as a percentage of the respective amounts in clause (d); (ii) the status and the number and dollar amounts of all Home Equity Loans in foreclosure proceedings as of the close of business on the last Business Day of the calendar month immediately preceding such Distribution Payment Date, separately stating, for this purpose, all Home Equity Loans with respect to which foreclosure proceedings were commenced in the immediately preceding calendar month; (iii) the number of Mortgagors and the Loan Balances of (a) the related Home Equity Loans Mortgages involved in bankruptcy proceedings as of the close of business on the last Business Day of the calendar month immediately preceding such Distribution Payment Date and (b) Home Equity Loans that are “"balloon” " loans; (iv) the existence and status of (and aggregate Loan Balance of the Home Equity Loans relating to) any REO Properties, as of the close of business on of the last Business Day of the calendar month immediately preceding the Distribution Payment Date; (v) the Loan Balance and book value of any REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Payment Date; (vi) the Cumulative Loss Percentage, the amount of cumulative Realized Losses and Recoveries incurred on the Home Equity Loans from the Cut-Off Date to and including the Remittance Period immediately preceding the Distribution Date; (vii) the amount of Net Liquidation Proceeds realized on the Home Equity Loans during the Remittance Period immediately preceding the Distribution Datecurrent period Realized Losses; and (viii) the 60+ Delinquency Percentage (Rolling Three Month) with respect to such Distribution Date; (ix) for each Distribution Date beginning with the Distribution Date in [__________ 200_], the percentage obtained by dividing (a) the aggregate amount of cumulative Realized Losses, minus the aggregate amount of cumulative Recoveries incurred on the Home Equity Loans from the Cut-Off Date through the last day of the related Remittance Period by (bvii) the aggregate Loan Balance of the Home Equity Loans as of the Cut-Off Date; and (x) whether the Trigger Event has occurred. The Trustee shall forward such report (together with the information described in (a) above) concurrently with each distribution to the Certificateholders and the Rating Agencies (which requirement may be satisfied by complying with Section 7.10)60+ Day Delinquent Loans. (c) The Trustee shall, on behalf of the Trust, cause to be filed with the Commission any periodic reports required to be filed on behalf of the Trust under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder, including as provided in Section 8.28. Upon the request of the Trustee, each of the Seller, the Servicer and the Depositor shall cooperate with the Trustee in the preparation of any such report and shall provide to the Trustee in a timely manner all such information or documentation as is in the possession of such Person and that the Trustee may reasonably request in connection with the performance of its duties and obligations under this Section. The Trustee shall file with the Commission a Form 15 with respect to the Trust as soon as practicable following the first date on which the conditions to filing thereof have been satisfied. Following the filing of such Form 15, the Trustee will submit a certificate addressed to an officer of the Depositor certifying that all filings under the Exchange Act have been made and shall attach a copy of acceptance slips for such filings. On the Startup Day, the Depositor shall provide the Trustee with a letter at Closing, substantially in the form attached hereto as Exhibit M, instructing the Trustee, as filing agent, to comply with the reporting obligations for the Trust under the Exchange Act.

Reports by Trustee to Owners. (a) On the Business Day preceding each Distribution Payment Date the Trustee shall make available transmit a report in writing to each Owner, the Underwriters, Certificate Insurer and the Depositor, Standard & Poor’s, Xxxxx’x and FitchRating Agencies: (i) the amount of the distribution with respect to such Owner’s Owners' Certificates (based on a Certificate in the original principal amount of $[__________]1,000); (ii) the amount of such Owner’s 's distributions allocable to principal, separately identifying the aggregate amount of any Prepayments in full or other Prepayments or other recoveries of principal included therein (based on and any Pre-Funded Amounts distributed as a Certificate in the original principal amount of $[__________]) prepayment and any related Subordination Overcollateralization Increase Amount; (iii) the amount of such Owner’s 's distributions allocable to interest (based on a Certificate in the original principal amount of $[__________]1,000); (iv) if the distribution (net of any Class Interest Carryover Shortfall for Insured Payment) to the Owners of any Class of Offered the Class A Certificates for on such Payment Date was less than the related Class A Distribution Amount on such Payment Date, the related Interest Carry Forward Amount and the allocation thereof to the related Classes of Class A Certificates resulting therefrom; (v) the amount of any Insured Payment included in the amounts distributed to the Owners of Class Principal Carryover Shortfall for any Class of Subordinate A Certificates for on such Distribution Payment Date; (vi) the principal amount (or notional principal amount) of each Class of Offered Certificate (based on a Certificate in the original principal amount of $1,000) which will be Outstanding and the aggregate Loan Balance of each Group, after giving effect to any payment of principal on such Distribution Payment Date; (vii) the Overcollateralization Amount and Required Overcollateralization AmountDeficit, if any, remaining after giving effect to all distributions and transfers on such Distribution Payment Date; (viii) the aggregate Loan Balance of all Home Equity Loans after giving effect to any payment of principal on such Payment Date. (ix) based upon information furnished by the Servicer, such information as may be required by Section 6049(d)(7)(C) of the Code and the regulations promulgated thereunder to assist the Owners in computing their market discount; (ix) the total of any Substitution Amounts and any Loan Purchase Price amounts included in such distribution with respect to each Group; (x) the weighted average Coupon Rate of the Home Equity Loans in each Group; (xi) [Reserved]; (xii) such other information as any Owner may reasonably request with respect to Delinquent Home Equity Loans; (xiii) the weighted average gross margin of the Home Equity Loans in Group II; (xiv) the largest Loan Balance outstanding in each Group; (xv) the Basic Principal Amount for each Group for such Distribution Date; (xvi) the Group I Net WAC Cap Carryover, the Group II Net WAC Cap Carryover and the Subordinate Net WAC Cap Carryover paid to the Owners of each Class of Carryover Certificates for such Distribution Date and any Group I Net WAC Cap Carryover, Group II Net WAC Cap Carryover and the Subordinate Net WAC Cap Carryover remaining unpaid; (xvii) the related Certificate Rate for each Class for the related Distribution Date; (xviii) the Group I Net WAC Cap, the Group II Net WAC Cap and the Subordinate Net WAC Cap for such Distribution Date; and (xix) the amount of any Applied Realized Loss Amounts applied with respect to each Class of Subordinate Certificates; (xx) the occurrence of the Stepdown Date; and (xxi) with respect to the second Distribution Date, the number and aggregate Loan Balance of any Delayed Delivery Home Equity Loans not delivered within twenty days after the Startup Day. The Servicer shall provide to the Trustee the information described in Section 8.08(f) and in clause (b) below to enable the Trustee to perform its reporting obligations under this Section, and such obligations of the Trustee under this Section are conditioned upon such information being received and the information provided in clauses (ii), (ix) and (x) above shall be based solely upon information contained in the monthly servicing report provided by the Servicer to the Trustee pursuant to Section 8.08 hereof. (b) In addition, on each Distribution Date the Trustee will make available to each Owner, the Underwriters, Standard & Poor’s, Xxxxx’x and Fitch, together with the information described in subsection (a) preceding, the following information with respect to each Home Equity Loan Group and for all Groups in the aggregate which is hereby required to be prepared by the Servicer and furnished to the Trustee for such purpose on or prior to the related Monthly Remittance Date: (i) the number and aggregate Loan Balances of Home Equity Loans (a) 30-59 days Delinquent, (b) 60-89 days Delinquent and (c) 90 or more days Delinquent, as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date, (d) the number and aggregate Loan Balances of all Home Equity Loans as of such Distribution Date after giving effect to any payment of principal on the last day of the Remittance Period immediately preceding the Distribution Date and (e) the percentage that each of the amounts represented by clauses (a), (b) and (c) represent as a percentage of the respective amounts in clause (d); (ii) the status and the number and dollar amounts of all Home Equity Loans in foreclosure proceedings as of the close of business on the last Business Day of the calendar month immediately preceding such Distribution Date, separately stating, for this purpose, all Home Equity Loans with respect to which foreclosure proceedings were commenced in the immediately preceding calendar month; (iii) the number of Mortgagors and the Loan Balances of (a) the related Home Equity Loans involved in bankruptcy proceedings as of the close of business on the last Business Day of the calendar month immediately preceding such Distribution Date and (b) Home Equity Loans that are “balloon” loans; (iv) the existence of (and aggregate Loan Balance of the Home Equity Loans relating to) any REO Properties, as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date; (v) the book value of any REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date; (vi) cumulative Realized Losses and Recoveries incurred on the Home Equity Loans from the Cut-Off Date to and including the Remittance Period immediately preceding the Distribution Date; (vii) the amount of Net Liquidation Proceeds realized on the Home Equity Loans during the Remittance Period immediately preceding the Distribution Date; and (viii) the 60+ Delinquency Percentage (Rolling Three Month) with respect to such Distribution Date; (ix) for each Distribution Date beginning with the Distribution Date in [__________ 200_], the percentage obtained by dividing (a) the aggregate amount of cumulative Realized Losses, minus the aggregate amount of cumulative Recoveries incurred on the Home Equity Loans from the Cut-Off Date through the last day of the related Remittance Period by (b) the aggregate Loan Balance of the Home Equity Loans as of the Cut-Off Date; and (x) whether the Trigger Event has occurred. The Trustee shall forward such report (together with the information described in (a) above) concurrently with each distribution to the Certificateholders and the Rating Agencies (which requirement may be satisfied by complying with Section 7.10). (c) The Trustee shall, on behalf of the Trust, cause to be filed with the Commission any periodic reports required to be filed on behalf of the Trust under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder, including as provided in Section 8.28. Upon the request of the Trustee, each of the Seller, the Servicer and the Depositor shall cooperate with the Trustee in the preparation of any such report and shall provide to the Trustee in a timely manner all such information or documentation as is in the possession of such Person and that the Trustee may reasonably request in connection with the performance of its duties and obligations under this Section. The Trustee shall file with the Commission a Form 15 with respect to the Trust as soon as practicable following the first date on which the conditions to filing thereof have been satisfied. Following the filing of such Form 15, the Trustee will submit a certificate addressed to an officer of the Depositor certifying that all filings under the Exchange Act have been made and shall attach a copy of acceptance slips for such filings. On the Startup Day, the Depositor shall provide the Trustee with a letter at Closing, substantially in the form attached hereto as Exhibit M, instructing the Trustee, as filing agent, to comply with the reporting obligations for the Trust under the Exchange Act.

Reports by Trustee to Owners. (a) On each Distribution Date the Trustee shall make available transmit a report in writing to each Owner, the Underwriters, the Depositor, Standard & Poor’s, Xxxxx’x and FitchFitch setting forth: (i) the amount of the distribution with respect to such Owner’s 's Certificates (based on a Certificate in the original principal amount or notional amount of $[__________]1,000); (ii) the amount of such Owner’s distributions allocable to principal, separately identifying the aggregate amount of any Prepayments in full or other Prepayments or other recoveries of principal included therein (based on a Certificate in the original principal amount or notional amount of $[__________]1,000) and any related Subordination Increase Amount; (iii) the amount of such Owner’s distributions allocable to interest (based on a Certificate in the original principal amount or notional amount of $[__________]1,000); (iv) any Class Interest Carryover Shortfall for any Class of Offered Certificates for such Distribution Date; (v) any Class Principal Carryover Shortfall for any Class of Subordinate Certificates for such Distribution Date; (vi) the principal amount of each Class of Offered Certificate which will be Outstanding and the aggregate Loan Balance of each Group, after giving effect to any payment of principal on such Distribution Date; (vii) the Overcollateralization Amount and Required Overcollateralization AmountAmount for each Group, if any, remaining after giving effect to all distributions and transfers on such Distribution Date; (viii) based upon information furnished by the Servicer, such information as may be required by Section 6049(d)(7)(C) of the Code and the regulations promulgated thereunder to assist the Owners in computing their market discount; (ix) the total of any Substitution Amounts and any Loan Purchase Price amounts included in such distribution with respect to each Group; (x) the weighted average Coupon Rate of the Home Equity Loans in each Group; (xi) [Reserved]the Group I Monthly Interest Amount and the Group II Monthly Interest Amount for such Distribution Date; (xii) such other information as any Owner may reasonably request with respect to Delinquent Home Equity Loans; (xiii) the weighted average gross margin of the Home Equity Loans in Group II; (xiv) the largest Loan Balance outstanding in each Group; (xv) the Basic Principal Amount for each Group for such Distribution Date; (xvi) the Group I Net WAC Cap Carryover, Carryover and the Group II Net WAC Cap Carryover and the Subordinate Net WAC Cap Carryover paid to the Owners of each Class of Carryover Certificates for such Distribution Date and any Group I Net WAC Cap Carryover, Carryover and Group II Net WAC Cap Carryover and the Subordinate Net WAC Cap Carryover remaining unpaid; (xvii) the related Certificate Rate for each Class for the related Distribution Date; (xviii) the Group I Net WAC Cap, Cap and the Group II Net WAC Cap and the Subordinate Net WAC Cap for such Distribution Date; and (xix) the amount of any Applied Realized Loss Amounts applied with respect to each Class of Subordinate Certificates; (xx) the occurrence of the Stepdown DateDate for any Group; and (xxi) with respect to the second Distribution Date, the number and aggregate Loan Balance of any Delayed Delivery Home Equity Loans not delivered within twenty days after the Startup DayDate. The Servicer shall provide to the Trustee the information described in Section 8.08(f) and in clause (b) below to enable the Trustee to perform its reporting obligations under this Section, and such obligations of the Trustee under this Section are conditioned upon such information being received and the information provided in clauses (ii), (ix) and (x) above shall be based solely upon information contained in the monthly servicing report provided by the Servicer to the Trustee pursuant to Section 8.08 hereof. (b) In addition, on each Distribution Date the Trustee will make available distribute to each Owner, the Underwriters, Standard & Poor’s, Xxxxx’x and Fitch, together with the information described in subsection (a) preceding, the following information with respect to each Home Equity Loan Group and for all both Groups in the aggregate which is hereby required to be prepared by the Servicer and furnished to the Trustee for such purpose on or prior to the related Monthly Remittance Date: (i) the number and aggregate Loan Balances of Home Equity Loans (a) 30-59 days Delinquent, (b) 60-89 days Delinquent and (c) 90 or more days Delinquent, as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date, (d) the number and aggregate Loan Balances of all Home Equity Loans as of such Distribution Date after giving effect to any payment of principal on the last day of the Remittance Period immediately preceding the Distribution Date and (e) the percentage that each of the amounts represented by clauses (a), (b) and (c) represent as a percentage of the respective amounts in clause (d); (ii) the status and the number and dollar amounts of all Home Equity Loans in foreclosure proceedings as of the close of business on the last Business Day of the calendar month immediately preceding such Distribution Date, separately stating, for this purpose, all Home Equity Loans with respect to which foreclosure proceedings were commenced in the immediately preceding calendar month; (iii) the number of Mortgagors and the Loan Balances of (a) the related Home Equity Loans involved in bankruptcy proceedings as of the close of business on the last Business Day of the calendar month immediately preceding such Distribution Date and (b) Home Equity Loans that are “balloon” loans; (iv) the existence of (and aggregate Loan Balance of the Home Equity Loans relating to) any REO Properties, as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date; (v) the book value of any REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date; (vi) cumulative Realized Losses and Recoveries incurred on the Home Equity Loans from the Cut-Off Date to and including the Remittance Period immediately preceding the Distribution Date; (vii) the amount of Net Liquidation Proceeds realized on the Home Equity Loans during the Remittance Period immediately preceding the Distribution Date; and (viii) the related 60+ Delinquency Percentage (Rolling Three Month) with respect to such Distribution Date; (ix) for each Group and each Distribution Date beginning with the Distribution Date in [__________ 200_]April 2005, the percentage obtained by dividing (a) the aggregate amount of cumulative Realized Losses, minus the aggregate amount of cumulative Recoveries Losses incurred on the Home Equity Loans in such Group from the Cut-Off Date through the last day of the related Remittance Period by (b) the aggregate Loan Balance of the Home Equity Loans in such Group as of the Cut-Off Date; and (x) whether the applicable Trigger Event has occurred. The Trustee shall forward such report (together with the information described in (a) above) concurrently with each distribution to the Certificateholders and the Rating Agencies (which requirement may be satisfied by complying with Section 7.10). (c) The Trustee shall, on behalf of the Trust, cause to be filed with the Commission any periodic reports required to be filed on behalf of the Trust under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder, including as provided in Section 8.28. Upon the request of the Trustee, each of the Seller, the Servicer and the Depositor shall cooperate with the Trustee in the preparation of any such report and shall provide to the Trustee in a timely manner all such information or documentation as is in the possession of such Person and that the Trustee may reasonably request in connection with the performance of its duties and obligations under this Section. The Trustee shall file with the Commission a Form 15 with respect to the Trust as soon as practicable following the first date on which the conditions to filing thereof have been satisfied. Following the filing of such Form 15, the Trustee will submit a certificate addressed to an officer of the Depositor certifying that all filings under the Exchange Act have been made and shall attach a copy of acceptance slips for such filings. On the Startup Day, the Depositor shall provide the Trustee with a letter at Closing, substantially in the form attached hereto as Exhibit M, instructing the Trustee, as filing agent, to comply with the reporting obligations for the Trust under the Exchange Act.

Reports by Trustee to Owners. (a) On each Distribution Date the Trustee shall make available transmit a report in writing to each Owner, the Underwriters, the Depositor, Standard & Poor’s, Xxxxx’x and FitchFitch setting forth: (i) the amount of the distribution with respect to such Owner’s Certificates (based on a Certificate in the original principal amount or notional amount of $[__________]1,000); (ii) the amount of such Owner’s distributions allocable to principal, separately identifying the aggregate amount of any Prepayments in full or other Prepayments or other recoveries of principal included therein (based on a Certificate in the original principal amount or notional amount of $[__________]1,000) and any related Subordination Increase Amount; (iii) the amount of such Owner’s distributions allocable to interest (based on a Certificate in the original principal amount or notional amount of $[__________]1,000); (iv) any Class Interest Carryover Shortfall for any Class of Offered Certificates for such Distribution Date; (v) any Class Principal Carryover Shortfall for any Class of Subordinate Certificates for such Distribution Date; (vi) the principal amount of each Class of Offered Certificate which will be Outstanding and the aggregate Loan Balance of each Group, after giving effect to any payment of principal on such Distribution Date; (vii) the Overcollateralization Amount and Required Overcollateralization Amount, if any, remaining after giving effect to all distributions and transfers on such Distribution Date; (viii) based upon information furnished by the Servicer, such information as may be required by Section 6049(d)(7)(C) of the Code and the regulations promulgated thereunder to assist the Owners in computing their market discount; (ix) the total of any Substitution Amounts and any Loan Purchase Price amounts included in such distribution with respect to each Group; (x) the weighted average Coupon Rate of the Home Equity Loans in each Group; (xi) [Reserved]; (xii) such other information as any Owner may reasonably request with respect to Delinquent Home Equity Loans; (xiii) the weighted average gross margin of the Home Equity Loans in Group II; (xiv) the largest Loan Balance outstanding in each Group; (xv) the Basic Principal Amount for each Group for such Distribution Date; (xvi) the Group I Net WAC Cap Carryover, the Group II Net WAC Cap Carryover and the Subordinate Net WAC Cap Carryover paid to the Owners of each Class of Carryover Certificates for such Distribution Date and any Group I Net WAC Cap Carryover, Group II Net WAC Cap Carryover and the Subordinate Net WAC Cap Carryover remaining unpaid; (xvii) the related Certificate Rate for each Class for the related Distribution Date; (xviii) the Group I Net WAC Cap, the Group II Net WAC Cap and the Subordinate Net WAC Cap for such Distribution Date; and (xix) the amount of any Applied Realized Loss Amounts applied with respect to each Class of Subordinate Certificates; (xx) the occurrence of the Stepdown Date; and (xxi) with respect to the second Distribution Date, the number and aggregate Loan Balance of any Delayed Delivery Home Equity Loans not delivered within twenty days after the Startup Day. The Servicer shall provide to the Trustee the information described in Section 8.08(f) and in clause (b) below to enable the Trustee to perform its reporting obligations under this Section, and such obligations of the Trustee under this Section are conditioned upon such information being received and the information provided in clauses (ii), (ix) and (x) above shall be based solely upon information contained in the monthly servicing report provided by the Servicer to the Trustee pursuant to Section 8.08 hereof. (b) In addition, on each Distribution Date the Trustee will make available distribute to each Owner, the Underwriters, Standard & Poor’s, Xxxxx’x and Fitch, together with the information described in subsection (a) preceding, the following information with respect to each Home Equity Loan Group and for all both Groups in the aggregate which is hereby required to be prepared by the Servicer and furnished to the Trustee for such purpose on or prior to the related Monthly Remittance Date: (i) the number and aggregate Loan Balances of Home Equity Loans (a) 30-59 days Delinquent, (b) 60-89 days Delinquent and (c) 90 or more days Delinquent, as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date, (d) the number and aggregate Loan Balances of all Home Equity Loans as of such Distribution Date after giving effect to any payment of principal on the last day of the Remittance Period immediately preceding the Distribution Date and (e) the percentage that each of the amounts represented by clauses (a), (b) and (c) represent as a percentage of the respective amounts in clause (d); (ii) the status and the number and dollar amounts of all Home Equity Loans in foreclosure proceedings as of the close of business on the last Business Day of the calendar month immediately preceding such Distribution Date, separately stating, for this purpose, all Home Equity Loans with respect to which foreclosure proceedings were commenced in the immediately preceding calendar month; (iii) the number of Mortgagors and the Loan Balances of (a) the related Home Equity Loans involved in bankruptcy proceedings as of the close of business on the last Business Day of the calendar month immediately preceding such Distribution Date and (b) Home Equity Loans that are “balloon” loans; (iv) the existence of (and aggregate Loan Balance of the Home Equity Loans relating to) any REO Properties, as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date; (v) the book value of any REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date; (vi) cumulative Realized Losses and Recoveries incurred on the Home Equity Loans from the Cut-Off Date to and including the Remittance Period immediately preceding the Distribution Date; (vii) the amount of Net Liquidation Proceeds realized on the Home Equity Loans during the Remittance Period immediately preceding the Distribution Date; and (viii) the 60+ Delinquency Percentage (Rolling Three Month) with respect to such Distribution Date; (ix) for each Distribution Date beginning with the Distribution Date in [__________ 200_]July 2006, the percentage obtained by dividing (a) the aggregate amount of cumulative Realized Losses, minus the aggregate amount of cumulative Recoveries Losses incurred on the Home Equity Loans from the Cut-Off Date through the last day of the related Remittance Period by (b) the aggregate Loan Balance of the Home Equity Loans as of the Cut-Off Date; and (x) whether the Trigger Event has occurred. The Trustee shall forward such report (together with the information described in (a) above) concurrently with each distribution to the Certificateholders and the Rating Agencies (which requirement may be satisfied by complying with Section 7.10). (c) The Trustee shall, on behalf of the Trust, cause to be filed with the Commission any periodic reports required to be filed on behalf of the Trust under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder, including as provided in Section 8.28. Upon the request of the Trustee, each of the Seller, the Servicer and the Depositor shall cooperate with the Trustee in the preparation of any such report and shall provide to the Trustee in a timely manner all such information or documentation as is in the possession of such Person and that the Trustee may reasonably request in connection with the performance of its duties and obligations under this Section. The Trustee shall file with the Commission a Form 15 with respect to the Trust as soon as practicable following the first date on which the conditions to filing thereof have been satisfied. Following the filing of such Form 15, the Trustee will submit a certificate addressed to an officer of the Depositor certifying that all filings under the Exchange Act have been made and shall attach a copy of acceptance slips for such filings. On the Startup Day, the Depositor shall provide the Trustee with a letter at Closing, substantially in the form attached hereto as Exhibit M, instructing the Trustee, as filing agent, to comply with the reporting obligations for the Trust under the Exchange Act.

Reports by Trustee to Owners. (a) On each Distribution Date the Trustee shall make available transmit a report in writing to each Owner, the Underwriters, the Depositor, Standard & Poor’s, Xxxxx’x Moody's and FitchFitch setting forth: (i) the amount of the xx xxx distribution with respect to such Owner’s 's Certificates (based on a Certificate in the original principal amount of $[__________]1,000); (ii) the amount of such Owner’s 's distributions allocable to principal, separately identifying the aggregate amount of any Prepayments in full or other Prepayments or other recoveries of principal included therein (based on a Certificate in the original principal amount of $[__________]1,000) and any related Subordination Increase Amount; (iii) the amount of such Owner’s 's distributions allocable to interest (based on a Certificate in the original principal amount of $[__________]1,000); (iv) any Class Interest Carryover Shortfall for any Class of Offered Certificates for such Distribution Date; (v) any Class Principal Carryover Shortfall for any Class of Subordinate Certificates for such Distribution Date; (vi) the principal amount of each Class of Offered Certificate which will be Outstanding and the aggregate Loan Balance of each Group, after giving effect to any payment of principal on such Distribution Date; (vii) the Overcollateralization Amount and Required Overcollateralization Amount, if any, remaining after giving effect to all distributions and transfers on such Distribution Date; (viii) based upon information furnished by the Servicer, such information as may be required by Section 6049(d)(7)(C) of the Code and the regulations promulgated thereunder to assist the Owners in computing their market discount; (ix) the total of any Substitution Amounts and any Loan Purchase Price amounts included in such distribution with respect to each Group; (x) the weighted average Coupon Rate of the Home Equity Loans in each Group; (xi) [Reserved]; (xii) such other information as any Owner may reasonably request with respect to Delinquent Home Equity Loans; (xiii) the weighted average gross margin of the Home Equity Loans in Group II; (xiv) the largest Loan Balance outstanding in each Group; (xv) the Basic Principal Amount for each Group for such Distribution Date[Reserved]; (xvi) the Group I Net WAC Cap Carryover, the Group II Net WAC Cap Class A-7 Certificateholders' Interest Index Carryover and the Subordinate Net WAC Rate Cap Carryover paid to the Owners of each Class of Carryover Certificates for such Distribution Date and any Group I Net WAC Cap Carryover, Group II Net WAC Cap Class A-7 Certificateholders' Interest Index Carryover and the Subordinate Net WAC Rate Cap Carryover remaining unpaid; (xvii) the related Certificate Rate for each Class for the related Distribution Date; (xviii) the Group I Net WAC Cap, the Group II Net WAC Fixed Rate Interest Rate Cap and the Subordinate Net WAC Class A-7 Available Funds Cap for such Distribution Date; and (xix) the amount of any Applied Realized Loss Amounts applied with respect to each Class of Subordinate Certificates;; and (xx) the occurrence of the Stepdown Date; and (xxi) with respect to the second Distribution Date, the number and aggregate Loan Balance of any Delayed Delivery Home Equity Loans not delivered within twenty days after the Startup Day. The Servicer shall provide to the Trustee the information described in Section 8.08(f) and in clause (b) below to enable the Trustee to perform its reporting obligations under this Section, and such obligations of the Trustee under this Section are conditioned upon such information being received and the information provided in clauses (ii), (ix) and (x) above shall be based solely upon information contained in the monthly servicing report provided by the Servicer to the Trustee pursuant to Section 8.08 hereof. (b) In addition, on each Distribution Date the Trustee will make available distribute to each Owner, the Underwriters, Standard & Poor’s, Xxxxx’x Moody's and Fitch, together with the information described in subsection sxxxxxxxon (a) preceding, the following information with respect to each Home Equity Loan Group and for all both Groups in the aggregate which is hereby required to be prepared by the Servicer and furnished to the Trustee for such purpose on or prior to the related Monthly Remittance Date: (i) the number and aggregate Loan Balances of Home Equity Loans (a) 30-59 days Delinquent, (b) 60-89 days Delinquent and (c) 90 or more days Delinquent, as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date, (d) the number and aggregate Loan Balances of all Home Equity Loans as of such Distribution Date after giving effect to any payment of principal on the last day of the Remittance Period immediately preceding the Distribution Date and (e) the percentage that each of the amounts represented by clauses (a), (b) and (c) represent as a percentage of the respective amounts in clause (d); (ii) the status and the number and dollar amounts of all Home Equity Loans in foreclosure proceedings as of the close of business on the last Business Day of the calendar month immediately preceding such Distribution Date, separately stating, for this purpose, all Home Equity Loans with respect to which foreclosure proceedings were commenced in the immediately preceding calendar month; (iii) the number of Mortgagors and the Loan Balances of (a) the related Home Equity Loans involved in bankruptcy proceedings as of the close of business on the last Business Day of the calendar month immediately preceding such Distribution Date and (b) Home Equity Loans that are “"balloon” " loans; (iv) the existence and status of (and aggregate Loan Balance of the Home Equity Loans relating to) any REO Properties, as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date; (v) the book value of any REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date; (vi) cumulative Realized Losses and Recoveries incurred on the Home Equity Loans from the Cut-Off Date Startup Day to and including the Remittance Period immediately preceding the Distribution Date; (vii) the amount of Net Liquidation Proceeds realized on the Home Equity Loans during the Remittance Period immediately preceding the Distribution Date; and (viii) the 60+ Delinquency Percentage (Rolling Three Month) with respect to such Distribution Date;; and (ix) for each Distribution Date beginning with the Distribution Date in [__________ 200_], the percentage obtained by dividing (a) the aggregate amount of cumulative Realized Losses, minus the aggregate amount of cumulative Recoveries incurred on the Home Equity Loans from the Cut-Off Date through the last day of the related Remittance Period by (b) the aggregate Loan Balance of the Home Equity Loans as of the Cut-Off Date; and (x) whether the a Trigger Event has occurred. The Trustee shall forward such report (together with the information described in (a) above) concurrently with each distribution to the Certificateholders and the Rating Agencies (which requirement may be satisfied by complying with Section 7.10)Agencies. (c) The Trustee shall, on behalf of the Trust, cause to be filed with the Commission any periodic reports required to be filed on behalf of the Trust under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder, including as provided in Section 8.28. Upon the request of the Trustee, each of the Seller, the Servicer and the Depositor shall cooperate with the Trustee in the preparation of any such report and shall provide to the Trustee in a timely manner all such information or documentation as is in the possession of such Person and that the Trustee may reasonably request in connection with the performance of its duties and obligations under this Section. The Trustee shall file with the Commission a Form 15 with respect to the Trust as soon as practicable following the first date on which the conditions to filing thereof have been satisfied. Following the filing of such Form 15, the Trustee will submit a certificate addressed to an officer of the Depositor certifying that all filings under the Exchange Act have been made and shall attach a copy of acceptance slips for such filings. On the Startup Day, the Depositor shall provide the Trustee with a letter at Closing, substantially in the form attached hereto as Exhibit M, instructing the Trustee, as filing agent, to comply with the reporting obligations for the Trust under the Exchange Act.

Reports by Trustee to Owners. (a) On each Distribution Date the Trustee shall make available transmit a report in writing to each Owner, the Underwriters, the Depositor, Standard & Poor’s's, Xxxxx’x Xxxxx'x and FitchFitch setting forth: (i) the amount of the distribution with respect to such Owner’s 's Certificates (based on a Certificate in the original principal amount of $[__________]1,000); (ii) the amount of such Owner’s 's distributions allocable to principal, separately identifying the aggregate amount of any Prepayments in full or other Prepayments or other recoveries of principal included therein (based on a Certificate in the original principal amount of $[__________]1,000) and any related Subordination Increase Amount; (iii) the amount of such Owner’s 's distributions allocable to interest (based on a Certificate in the original principal amount of $[__________]1,000); (iv) any Class Interest Carryover Shortfall for any Class of Offered Certificates for such Distribution Date; (v) any Class Principal Carryover Shortfall for any Class of Subordinate Certificates for such Distribution Date; (vi) the principal amount of each Class of Offered Certificate which will be Outstanding and the aggregate Loan Balance of each Group, after giving effect to any payment of principal on such Distribution Date; (vii) the Overcollateralization Amount and Required Overcollateralization AmountAmount for each Group, if any, remaining after giving effect to all distributions and transfers on such Distribution Date; (viii) based upon information furnished by the Servicer, such information as may be required by Section 6049(d)(7)(C) of the Code and the regulations promulgated thereunder to assist the Owners in computing their market discount; (ix) the total of any Substitution Amounts and any Loan Purchase Price amounts included in such distribution with respect to each Group; (x) the weighted average Coupon Rate of the Home Equity Loans in each Group; (xi) [Reserved]the Group I Monthly Interest Amount and the Group II Monthly Interest Amount for such Distribution Date; (xii) such other information as any Owner may reasonably request with respect to Delinquent Home Equity Loans; (xiii) the weighted average gross margin of the Home Equity Loans in Group II; (xiv) the largest Loan Balance outstanding in each Group; (xv) the Basic Principal Amount for each Group for such Distribution Date; (xvi) the Group I Net WAC Cap Carryover, Carryover and the Group II Net WAC Cap Carryover and the Subordinate Net WAC Cap Carryover paid to the Owners of each Class of Carryover Certificates for such Distribution Date and any Group I Net WAC Cap Carryover, Carryover and Group II Net WAC Cap Carryover and the Subordinate Net WAC Cap Carryover remaining unpaid; (xvii) the related Certificate Rate for each Class for the related Distribution Date; (xviii) the Group I Net WAC Cap, Cap and the Group II Net WAC Cap and the Subordinate Net WAC Cap for such Distribution Date; and (xix) the amount of any Applied Realized Loss Amounts applied with respect to each Class of Subordinate Certificates;; and (xx) the occurrence of the Stepdown Date; and (xxi) with respect to the second Distribution Date, the number and aggregate Loan Balance of Date for any Delayed Delivery Home Equity Loans not delivered within twenty days after the Startup DayGroup. The Servicer shall provide to the Trustee the information described in Section 8.08(f) and in clause (b) below to enable the Trustee to perform its reporting obligations under this Section, and such obligations of the Trustee under this Section are conditioned upon such information being received and the information provided in clauses (ii), (ix) and (x) above shall be based solely upon information contained in the monthly servicing report provided by the Servicer to the Trustee pursuant to Section 8.08 hereof. (b) In addition, on each Distribution Date the Trustee will make available distribute to each Owner, the Underwriters, Standard & Poor’s's, Xxxxx’x Xxxxx'x and Fitch, together with the information described in subsection (a) preceding, the following information with respect to each Home Equity Loan Group and for all both Groups in the aggregate which is hereby required to be prepared by the Servicer and furnished to the Trustee for such purpose on or prior to the related Monthly Remittance Date: (i) the number and aggregate Loan Balances of Home Equity Loans (a) 30-59 days Delinquent, (b) 60-89 days Delinquent and (c) 90 or more days Delinquent, as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date, (d) the number and aggregate Loan Balances of all Home Equity Loans as of such Distribution Date after giving effect to any payment of principal on the last day of the Remittance Period immediately preceding the Distribution Date and (e) the percentage that each of the amounts represented by clauses (a), (b) and (c) represent as a percentage of the respective amounts in clause (d); (ii) the status and the number and dollar amounts of all Home Equity Loans in foreclosure proceedings as of the close of business on the last Business Day of the calendar month immediately preceding such Distribution Date, separately stating, for this purpose, all Home Equity Loans with respect to which foreclosure proceedings were commenced in the immediately preceding calendar month; (iii) the number of Mortgagors and the Loan Balances of (a) the related Home Equity Loans involved in bankruptcy proceedings as of the close of business on the last Business Day of the calendar month immediately preceding such Distribution Date and (b) Home Equity Loans that are “"balloon” " loans; (iv) the existence and status of (and aggregate Loan Balance of the Home Equity Loans relating to) any REO Properties, as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date; (v) the book value of any REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date; (vi) cumulative Realized Losses and Recoveries incurred on the Home Equity Loans from the Cut-Off Date Startup Day to and including the Remittance Period immediately preceding the Distribution Date; (vii) the amount of Net Liquidation Proceeds realized on the Home Equity Loans during the Remittance Period immediately preceding the Distribution Date; and (viii) the related 60+ Delinquency Percentage (Rolling Three Month) with respect to such Distribution Date;; and (ix) for each Distribution Date beginning with the Distribution Date in [__________ 200_], the percentage obtained by dividing (a) the aggregate amount of cumulative Realized Losses, minus the aggregate amount of cumulative Recoveries incurred on the Home Equity Loans from the Cut-Off Date through the last day of the related Remittance Period by (b) the aggregate Loan Balance of the Home Equity Loans as of the Cut-Off Date; and (x) whether the applicable Trigger Event has occurred. The Trustee shall forward such report (together with the information described in (a) above) concurrently with each distribution to the Certificateholders and the Rating Agencies (which requirement may be satisfied by complying with Section 7.10)Agencies. (c) The Trustee shall, on behalf of the Trust, cause to be filed with the Commission any periodic reports required to be filed on behalf of the Trust under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder, including as provided in Section 8.28. Upon the request of the Trustee, each of the Seller, the Servicer and the Depositor shall cooperate with the Trustee in the preparation of any such report and shall provide to the Trustee in a timely manner all such information or documentation as is in the possession of such Person and that the Trustee may reasonably request in connection with the performance of its duties and obligations under this Section. The Trustee shall file with the Commission a Form 15 with respect to the Trust as soon as practicable following the first date on which the conditions to filing thereof have been satisfied. Following the filing of such Form 15, the Trustee will submit a certificate addressed to an officer of the Depositor certifying that all filings under the Exchange Act have been made and shall attach a copy of acceptance slips for such filings. On the Startup Day, the Depositor shall provide the Trustee with a letter at Closing, substantially in the form attached hereto as Exhibit M, instructing the Trustee, as filing agent, to comply with the reporting obligations for the Trust under the Exchange Act.

Reports by Trustee to Owners. (a) On each Distribution Date the Trustee shall make available to each Owner, the Underwriters, the Depositor, the Swap Provider, Standard & Poor’s and Moody’s, Xxxxx’x and Fitch: (i) the amount of the distribution with respect to such Owner’s Certificates (based on a Certificate in the original principal amount of $[__________]1,000); (ii) the amount of such Owner’s distributions allocable to principal, separately identifying the aggregate amount of any Prepayments in full or other Prepayments or other recoveries of principal included therein (based on a Certificate in the original principal amount of $[__________]1,000) and any related Subordination Increase Amount; (iii) the amount of such Owner’s distributions allocable to interest (based on a Certificate in the original principal amount of $[__________]1,000); (iv) any Class Interest Carryover Shortfall for any Class of Offered Certificates for such Distribution Date; (v) any Class Principal Carryover Shortfall for any Class of Subordinate Certificates for such Distribution Date; (vi) the principal amount of each Class of Offered Certificate which will be Outstanding and the aggregate Loan Balance of each Group, after giving effect to any payment of principal on such Distribution Date; (vii) the Overcollateralization Amount and Required Overcollateralization Amount, if any, remaining after giving effect to all distributions and transfers on such Distribution Date; (viii) based upon information furnished by the Servicer, such information as may be required by Section 6049(d)(7)(C) of the Code and the regulations promulgated thereunder to assist the Owners in computing their market discount; (ix) the total of any Substitution Amounts and any Loan Purchase Price amounts included in such distribution with respect to each Group; (x) the weighted average Coupon Rate of the Home Equity Loans in each GroupLoans; (xi) [Reserved]the amount of the Prepayment Charges remitted by the Servicer; (xii) such other information as any Owner may reasonably request with respect to Delinquent Home Equity Loans; (xiii) the weighted average gross margin of the Adjustable Rate Home Equity Loans in Group IILoans; (xiv) the largest Loan Balance outstanding in each Group; (xv) the Basic Principal Amount for each Group for such Distribution Date; (xvi) the Group I 1 Net WAC Cap Carryover, the Group II 2 Net WAC Cap Carryover and the Subordinate Net WAC Cap Carryover paid to the Owners of each Class of Carryover Offered Certificates for such Distribution Date and any Group I 1 Net WAC Cap Carryover, Group II 2 Net WAC Cap Carryover and the Subordinate Net WAC Cap Carryover remaining unpaid; (xvii) the related Certificate Rate for each Class for the related Distribution Date; (xviii) the Group I 1 Net WAC Cap, the Group II 2 Net WAC Cap and the Subordinate Net WAC Cap for such Distribution Date; and (xix) the amount of any Applied Realized Loss Amounts applied with respect to each Class of Subordinate Certificates; (xx) the occurrence of the Stepdown Date; and (xxi) with respect to the second Distribution Date, the number and aggregate Loan Balance of any Delayed Delivery Home Equity Loans not delivered within twenty days after the Startup Day. In addition to the information listed above, not later than the first Business Day immediately following the Distribution Date, the Servicer shall provide to the Trustee for inclusion in each such report any other information required by Form 10-D, including, but not limited to, the information required by Item 1121 (17 C.F.R. § 229.1121) of Regulation AB. The Servicer shall provide to the Trustee the information described in Section 8.08(f) and in clause (b) below to enable the Trustee to perform its reporting obligations under this Section, and such obligations of the Trustee under this Section are conditioned upon such information being received and the information provided in clauses (ii), (ix) and (x) above shall be based solely upon information contained in the monthly servicing report provided by the Servicer to the Trustee pursuant to Section 8.08 hereof. (b) In addition, on each Distribution Date the Trustee will make available to each Owner, the Underwriters, Standard & Poor’s and Moody’s, Xxxxx’x and Fitch, together with the information described in subsection (a) preceding, the following information with respect to each Home Equity Loan Group and for all Groups in the aggregate which is hereby required to be prepared by the Servicer and furnished to the Trustee for such purpose on or prior to the related Monthly Remittance Date: (i) the number and aggregate Loan Balances Balance of Home Equity Loans (a) 30-59 days Delinquent, (b) 60-89 days Delinquent and (c) 90 or more days Delinquent, as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date, (d) the number and aggregate Loan Balances Balance of all Home Equity Loans as of such Distribution Date after giving effect to any payment of principal on the last day of the Remittance Period immediately preceding the Distribution Date and (e) the percentage that each of the amounts represented by clauses (a), (b) and (c) represent as a percentage of the respective amounts in clause (d); (ii) the status and the number and dollar amounts of all Home Equity Loans in foreclosure proceedings as of the close of business on the last Business Day of the calendar month immediately preceding such Distribution Date, separately stating, for this purpose, all Home Equity Loans with respect to which foreclosure proceedings were commenced in the immediately preceding calendar month; (iii) the number of Mortgagors and the Loan Balances of (a) the related Home Equity Loans involved in bankruptcy proceedings as of the close of business on the last Business Day of the calendar month immediately preceding such Distribution Date and (b) Home Equity Loans that are “balloon” loans; (iv) the existence of (and aggregate Loan Balance of the Home Equity Loans relating to) any REO Properties, as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date; (v) the book value of any REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date; (vi) cumulative Realized Losses and Recoveries incurred on the Home Equity Loans from the Cut-Off Date to and including the Remittance Period immediately preceding the Distribution Date; (vii) the amount of Net Liquidation Proceeds realized on the Home Equity Loans during the Remittance Period immediately preceding the Distribution Date; and (viii) the 60+ Delinquency Percentage (Rolling Three Month) with respect to such Distribution Date; (ix) for each Distribution Date beginning with the Distribution Date in [__________ 200_]July 2010, the percentage obtained by dividing (a) the aggregate amount of cumulative Realized Losses, minus the aggregate amount of cumulative Recoveries incurred on the Home Equity Loans from the Cut-Off Date through the last day of the related Remittance Period by (b) the aggregate Loan Balance of the Home Equity Loans as of the Cut-Off Date; and (x) whether the Trigger Event has occurred. The Trustee shall forward such report (together with the information described in (a) above) concurrently with each distribution to the Certificateholders and the Rating Agencies (which requirement may be satisfied by complying with Section 7.10). (c) The Trustee shall, on behalf of the Trust, cause to be filed with the Commission any periodic reports required to be filed on behalf of the Trust under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder, including as provided in Section 8.28Article XII. Upon the request of the Trustee, each of the Seller, the Servicer and the Depositor shall cooperate with the Trustee in the preparation of any such report and shall provide to the Trustee in a timely manner all such information or documentation as is in the possession of such Person and that the Trustee may reasonably request in connection with the performance of its duties and obligations under this Section. The Trustee shall file with the Commission a Form 15 with respect to the Trust as soon as practicable following the first date on which the conditions to filing thereof have been satisfied. Following the filing of such Form 15, the Trustee will shall (i) notify the Custodian and the Swap Provider of such filing and (ii) submit a certificate addressed to an officer of the Depositor certifying that all filings under the Exchange Act have been made and shall attach a copy of acceptance slips for such filings. On the Startup Day, the Depositor shall provide the Trustee with a letter at Closing, substantially in the form attached hereto as Exhibit M, instructing the Trustee, as filing agent, to comply with the reporting obligations for the Trust under the Exchange Act.

Reports by Trustee to Owners. (a) On each Distribution Date the Trustee shall make available to each Owner, the Underwriters, the Depositor, Standard & Poor’s, Xxxxx’x and Fitch: (i) the amount of the distribution with respect to such Owner’s Certificates (based on a Certificate in the original principal amount of $[__________]1,000); (ii) the amount of such Owner’s distributions allocable to principal, separately identifying the aggregate amount of any Prepayments in full or other Prepayments or other recoveries of principal included therein (based on a Certificate in the original principal amount of $[__________]1,000) and any related Subordination Increase Amount; (iii) the amount of such Owner’s distributions allocable to interest (based on a Certificate in the original principal amount of $[__________]1,000); (iv) any Class Interest Carryover Shortfall for any Class of Offered Certificates for such Distribution Date; (v) any Class Principal Carryover Shortfall for any Class of Subordinate Certificates for such Distribution Date; (vi) the principal amount of each Class of Offered Certificate which will be Outstanding and the aggregate Loan Balance of each GroupPool Balance, after giving effect to any payment of principal on such Distribution Date; (vii) the Overcollateralization Amount and Required Overcollateralization Amount, if any, remaining after giving effect to all distributions and transfers on such Distribution Date; (viii) based upon information furnished by the Servicer, such information as may be required by Section 6049(d)(7)(C) of the Code and the regulations promulgated thereunder to assist the Owners in computing their market discount; (ix) the total of any Substitution Amounts and any Loan Purchase Price amounts included in such distribution with respect to each Groupdistribution; (x) the weighted average Coupon Rate of the Home Equity Loans in each GroupLoans; (xi) [Reserved]the amount of the Trust Prepayment Charges remitted by the Servicer; (xii) such other information as any Owner may reasonably request with respect to Delinquent Home Equity Loans; (xiii) the weighted average gross margin of the Adjustable Rate Home Equity Loans in Group IILoans; (xiv) the largest Loan Balance outstanding in each GroupBalance; (xv) the Basic Principal Amount for each Group for such Distribution Date; (xvi) the Group I Net WAC Cap Carryover, the Group II Net WAC Cap Carryover and the Subordinate Net WAC Cap Carryover paid to the Owners of each Class of Carryover Offered Certificates for such Distribution Date and any Group I Net WAC Cap Carryover, Group II Net WAC Cap Carryover and the Subordinate Net WAC Cap Carryover remaining unpaid; (xvii) the related Certificate Rate for each Class for the related Distribution Date; (xviii) the Group I Net WAC Cap, the Group II Net WAC Cap and the Subordinate Net WAC Cap for such Distribution Date; and (xix) the amount of any Applied Realized Loss Amounts applied with respect to each Class of Subordinate Certificates; (xx) the occurrence of the Stepdown Date; and (xxi) with respect to the second Distribution Date, the number and aggregate Loan Balance of any Delayed Delivery Home Equity Loans not delivered within twenty days after the Startup Day. In addition to the information listed above, not later than the first Business Day immediately following the Distribution Date, the Servicer shall provide to the Trustee for inclusion in each such report any other information required by Form 10-D, including, but not limited to, the information required by Item 1121 (17 C.F.R. § 229.1121) of Regulation AB. The Servicer shall provide to the Trustee the information described in Section 8.08(f) and in clause (b) below to enable the Trustee to perform its reporting obligations under this Section, and such obligations of the Trustee under this Section are conditioned upon such information being received and the information provided in clauses (ii), (ix) and (x) above shall be based solely upon information contained in the monthly servicing report provided by the Servicer to the Trustee pursuant to Section 8.08 hereof. (b) In addition, on each Distribution Date the Trustee will make available to each Owner, the Underwriters, Standard & Poor’s, Xxxxx’x and Fitch, together with the information described in subsection (a) preceding, the following information with respect to each all Home Equity Loan Group and for all Groups Loans in the aggregate which is hereby required to be prepared by the Servicer and furnished to the Trustee for such purpose on or prior to the related Monthly Remittance Date: (i) the number and aggregate Loan Balances of Home Equity Loans (a) 30-59 days Delinquent, (b) 60-89 days Delinquent and (c) 90 or more days Delinquent, as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date, (d) the number and aggregate Loan Balances of all Home Equity Loans as of such Distribution Date after giving effect to any payment of principal on the last day of the Remittance Period immediately preceding the Distribution Date and (e) the percentage that each of the amounts represented by clauses (a), (b) and (c) represent as a percentage of the respective amounts in clause (d); (ii) the status and the number and dollar amounts of all Home Equity Loans in foreclosure proceedings as of the close of business on the last Business Day of the calendar month immediately preceding such Distribution Date, separately stating, for this purpose, all Home Equity Loans with respect to which foreclosure proceedings were commenced in the immediately preceding calendar month; (iii) the number of Mortgagors and the Loan Balances of (a) the related Home Equity Loans involved in bankruptcy proceedings as of the close of business on the last Business Day of the calendar month immediately preceding such Distribution Date and (b) Home Equity Loans that are “balloon” loans; (iv) the existence of (and aggregate Loan Balance of the Home Equity Loans relating to) any REO Properties, as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date; (v) the book value of any REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the Distribution Date; (vi) cumulative Realized Losses and Recoveries incurred on the Home Equity Loans from the Cut-Off Date to and including the Remittance Period immediately preceding the Distribution Date; (vii) the amount of Net Liquidation Proceeds realized on the Home Equity Loans during the Remittance Period immediately preceding the Distribution Date; and (viii) the 60+ Delinquency Percentage (Rolling Three Month) with respect to such Distribution Date; (ix) for each Distribution Date beginning with the Distribution Date in [__________ 200_]June 2007, the percentage obtained by dividing (a) the aggregate amount of cumulative Realized Losses, minus the aggregate amount of cumulative Recoveries incurred on the Home Equity Loans from the Cut-Off Date through the last day of the related Remittance Period by (b) the aggregate Loan Balance of the Home Equity Loans as of the Cut-Off Date; and (x) whether the Trigger Event has occurred. The Trustee shall forward such report (together with the information described in (a) above) concurrently with each distribution to the Certificateholders and the Rating Agencies (which requirement may be satisfied by complying with Section 7.10). (c) The Trustee shall, on behalf of the Trust, cause to be filed with the Commission any periodic reports required to be filed on behalf of the Trust under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder, including as provided in Section 8.28Article XII. Upon the request of the Trustee, each of the Seller, the Servicer and the Depositor shall cooperate with the Trustee in the preparation of any such report and shall provide to the Trustee in a timely manner all such information or documentation as is in the possession of such Person and that the Trustee may reasonably request in connection with the performance of its duties and obligations under this Section. The Trustee shall file with the Commission a Form 15 with respect to the Trust as soon as practicable following the first date on which the conditions to filing thereof have been satisfied. Following the filing of such Form 15, the Trustee will submit a certificate addressed to an officer of the Depositor certifying that all filings under the Exchange Act have been made and shall attach a copy of acceptance slips for such filings. On the Startup Day, the Depositor shall provide the Trustee with a letter at Closing, substantially in the form attached hereto as Exhibit M, instructing the Trustee, as filing agent, to comply with the reporting obligations for the Trust under the Exchange Act.