Common use of Reports to Certificateholders Clause in Contracts

Reports to Certificateholders. (a) On each Distribution Date, the Securities Administrator shall have prepared (based solely on information provided by the Master Servicer and the Trustee or the Cap Provider) and shall make available to the Trustee, any NIMS Insurer, the Credit Risk Manager and each Certificateholder a report setting forth the following information (on the basis of Mortgage Loan level information obtained from the Servicers): (i) the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates other than any Class of Notional Certificates, to the extent applicable, allocable to principal on the Mortgage Loans, including Liquidation Proceeds and Insurance Proceeds, stating separately the amount attributable to scheduled principal payments and unscheduled payments in the nature of principal; (ii) the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates allocable to interest and the calculation thereof; (iii) the amount, if any, of any distribution to the Holders of the Class P Certificates, the Class X Certificates and the Residual Certificate; (A) the aggregate amount of any Advances required to be made by or on behalf of the Servicers (or the Master Servicer) with respect to such Distribution Date, (B) the aggregate amount of such Advances actually made, and (C) the amount, if any, by which (A) above exceeds (B) above; (v) the total number of Mortgage Loans, the aggregate Scheduled Principal Balance of all the Mortgage Loans as of the close of business on the last day of the related Collection Period, after giving effect to payments allocated to principal reported under clause (i) above; (vi) the Class Principal Amount (or Class Notional Amount) of each Class of Certificates, to the extent applicable, as of such Distribution Date after giving effect to payments allocated to principal reported under clause (i) above, separately identifying any reduction of any of the foregoing Certificate Principal Amounts due to Applied Loss Amounts; (vii) the amount of any Prepayment Premiums distributed to the Class P Certificates; (viii) the amount of any Realized Losses incurred with respect to the Mortgage Loans (x) in the applicable Prepayment Period and (y) in the aggregate since the Cut-off Date; (ix) the amount of the Securities Administrator Fees, Trustee Fees, Servicing Fees, Credit Risk Manager’s Fees and Pool Insurance Premiums paid during the Collection Period to which such distribution relates; (x) the number and aggregate Scheduled Principal Balance of Mortgage Loans, as reported to the Securities Administrator by the Master Servicer, (a) remaining outstanding (b) Delinquent 30 to 59 days on a contractual basis, (c) Delinquent 60 to 89 days on a contractual basis, (d) Delinquent 90 or more days on a contractual basis, (e) as to which foreclosure proceedings have been commenced, as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs, (f) in bankruptcy and (g) that are REO Properties; (xi) the aggregate Scheduled Principal Balance of any Mortgage Loans with respect to which the related Mortgaged Property became a REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs; (xii) with respect to substitution of Mortgage Loans in the preceding calendar month, the Scheduled Principal Balance of each Deleted Mortgage Loan, and of each Qualifying Substitute Mortgage Loan; (xiii) the aggregate outstanding Carryforward Interest, Net Prepayment Interest Shortfalls, Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date; (xiv) the Certificate Interest Rate applicable to such Distribution Date with respect to each Class of Certificates; (xv) the Interest Remittance Amount and the Principal Remittance Amount applicable to such Distribution Date; (xvi) if applicable, the amount of any shortfall (i.e., the difference between the aggregate amounts of principal and interest which Certificateholders would have received if there were sufficient available amounts in the Certificate Account and the amounts actually distributed); (xvii) the amount of any Overcollateralization Deficiency Amount after giving effect to the distributions made in such Distribution Date; (xviii) the aggregate amount of any insurance claim payments received with respect to each Pool Insurance Policy during the related Collection Period, the Old Republic Undrawn Pool Insurance Policy Balance, the United Guaranty Undrawn Pool Insurance Policy Balance, the Old Republic Covered Balance and the United Guaranty Covered Balance; (xix) the level of LIBOR and the Certificate Interest Rates of the Certificates; and (xx) the amount of any payments made by the Cap Provider to the Trust Fund under the Cap Agreement. In the case of information furnished pursuant to subclauses (i), (ii) and (vi) above, the amounts shall (except in the case of the report delivered to the holder of the Class X Certificates) be expressed as a dollar amount per $1,000 of original principal amount of Certificates. The Securities Administrator shall make such report and any additional loan level information (and, at its option, any additional files containing the same information in an alternative format) available each month to the Trustee, any NIMS Insurer, Certificateholders and the Rating Agencies via the Securities Administrator’s internet website. The Securities Administrator’s internet website shall initially be located at “xxx.xxxxxxx.xxx.” Assistance in using the website can be obtained by calling the Securities Administrator’s customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Securities Administrator shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. The foregoing information and reports shall be prepared and determined by the Securities Administrator based solely on Mortgage Loan data provided to the Securities Administrator by the Master Servicer (in a format agreed to by the Securities Administrator and the Master Servicer) no later than 12:00 p.m.(noon) Eastern Standard Time four Business Days prior to the Distribution Date. In preparing or furnishing the foregoing information to the Trustee, Certificateholders and any NIMS Insurer, the Securities Administrator shall be entitled to rely conclusively on the accuracy of the information or data regarding the Mortgage Loans and the related REO Property that has been provided to the Master Servicer by each Servicer, and the Securities Administrator shall not be obligated to verify, recompute, reconcile or recalculate any such information or data. The Securities Administrator shall be entitled to conclusively rely on the Mortgage Loan data provided by the Master Servicer and shall have no liability for any errors in such Mortgage Loan data. The information and reports described in the first paragraph of this Section 4.03(a) shall be provided to the Trustee by the Securities Administrator no later than 12:00 p.m.(noon) Eastern Standard Time one Business Day prior to the Distribution Date. (b) Upon the reasonable advance written request of any NIMS Insurer or any Certificateholder that is a savings and loan, bank or insurance company, which request, if received by the Trustee, shall be promptly forwarded to the Securities Administrator, the Securities Administrator shall provide, or cause to be provided, (or, to the extent that such information or documentation is not required to be provided by a Servicer under the applicable Servicing Agreement, shall use reasonable efforts to obtain such information and documentation from such Servicer, and provide) to any NIMS Insurer and such Certificateholder such reports and access to information and documentation regarding the Mortgage Loans as any NIMS Insurer or such Certificateholder may reasonably deem necessary to comply with applicable regulations of the Office of Thrift Supervision or its successor or other regulatory authorities with respect to an investment in the Certificates; provided, however, that the Securities Administrator shall be entitled to be reimbursed by such Certificateholder or the NIMS Insurer for the actual expenses incurred in providing such reports and access. (c) Within 90 days, or such shorter period as may be required by statute or regulation, after the end of each calendar year, the Trustee shall have prepared and the Trustee shall make available to any NIMS Insurer and each Person who at any time during the calendar year was a Certificateholder of record, and make available to Certificate Owners (identified as such by the Clearing Agency) in accordance with applicable regulations, a report summarizing the items provided to any NIMS Insurer and the Certificateholders pursuant to Sections 4.03(a)(i) and 4.03(a)(ii) on an annual basis as may be required to enable any NIMS Insurer and such Holders to prepare their federal income tax returns; provided, however, that this Section 4.03(c) shall not be applicable where relevant reports or summaries are required elsewhere in this Agreement. Such information shall also include the amount of original issue discount accrued on each Class of Certificates and information regarding the expenses of the Trust Fund furnished by the Master Servicer to the Trustee. The Trustee shall be deemed to have satisfied this requirement if it forwards such information in any other format permitted by the Code. The Master Servicer shall provide the Trustee with such information as is necessary for the Trustee to prepare such reports (and the Trustee may rely solely upon such information). (d) The Securities Administrator shall furnish any other information that is required by the Code and regulations thereunder to be made available to Certificateholders. The Master Servicer shall provide the Securities Administrator with such information as is necessary for the Securities Administrator to prepare such reports (and the Securities Administrator may rely solely upon such information).

Reports to Certificateholders. (a) On each Distribution Date, concurrently with the Securities Administrator distribution to the Certificateholders, the Trustee shall have prepared (furnish to the Certificateholders, the Seller, the Depositor and each Rating Agency, a report, based solely on information provided to the Trustee by the Master Servicer and in the Trustee or the Cap Provider) and shall make available to the TrusteeMaster Servicer’s Monthly Report, any NIMS Insurer, the Credit Risk Manager and each Certificateholder a report setting forth containing the following information (on the basis of Mortgage Loan level information obtained from the Servicers):information: (i) the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates other than any Class of Notional Certificates, to the extent applicable, allocable to principal on the Mortgage Loans, including Liquidation Proceeds and Insurance Proceeds, stating separately the amount attributable to scheduled principal payments and unscheduled payments in the nature of principal; (ii) the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates allocable to interest and the calculation thereof; (iii) the amount, if any, of any distribution to the Holders of the Class P Certificates, the Class X Certificates and the Residual Certificate; (A) the aggregate amount of any Advances required to be made by or on behalf of the Servicers (or the Master Servicer) with respect to such Distribution Date, (B) the aggregate amount of such Advances actually made, and (C) the amount, if any, by which (A) above exceeds (B) above; (v) the total number of Mortgage Loans, the aggregate Scheduled Principal Balance of all the Mortgage Loans as of the close of business on the last day of the related Collection Period, after giving effect to payments allocated to principal reported under clause (i) above; (vi) the Class Principal Amount (or Class Notional Amount) of each Class of Certificates, to the extent applicable, as of such Distribution Date after giving effect to payments allocated to principal reported under clause (i) above, separately identifying any reduction of any of the foregoing Certificate Principal Amounts due to Applied Loss Amounts; (vii) the amount of any Prepayment Premiums distributed to the Class P Certificates; (viii) the amount of any Realized Losses incurred with respect to the Mortgage Loans (x) in the applicable Prepayment Period and (y) in the aggregate since the Cut-off Date; (ix) the amount of the Securities Administrator Fees, Trustee Fees, Servicing Fees, Credit Risk Manager’s Fees and Pool Insurance Premiums paid during the Collection Period to which such distribution relates; (x) the number and aggregate Scheduled Principal Balance of Mortgage Loans, as reported to the Securities Administrator by the Master Servicer, (a) remaining outstanding (b) Delinquent 30 to 59 days on a contractual basis, (c) Delinquent 60 to 89 days on a contractual basis, (d) Delinquent 90 or more days on a contractual basis, (e) as to which foreclosure proceedings have been commenced, as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs, (f) in bankruptcy and (g) that are REO Properties; (xi) the aggregate Scheduled Principal Balance of any Mortgage Loans with respect to which the related Mortgaged Property became a REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs; (xii) with respect to substitution of Mortgage Loans in the preceding calendar month, the Scheduled Principal Balance of each Deleted Mortgage Loan, and of each Qualifying Substitute Mortgage Loan; (xiii) the aggregate outstanding Carryforward Interest, Net Prepayment Interest Shortfalls, Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date; (xiv) the Certificate Interest Rate applicable to such Distribution Date with respect to each Class of Certificates; (xvii) the Interest Remittance Amount and amount of such distributions allocable to principal, separately identifying the aggregate amount of any prepayments or other unscheduled recoveries of principal included therein; (iii) the amount of such distributions allocable to interest; (iv) the Class Principal Remittance Amount applicable Balance (or Class Notional Balance) for each Class of Certificates as of such Distribution Date together with the principal amount or notional amount of the Certificates of the related Class (based on a Certificate in the original principal amount or notional amount of $1,000) then outstanding, in each case after giving effect to any payment of principal on such Distribution Date; (xviv) the level of LIBOR and the Interest Rates applicable to the LIBOR Certificates for such Distribution Date; (vi) if applicable, a statement that interest distributable on one or more Classes of Certificates on such Distribution Date represents interest accrued on such Classes at a rate equal to the Class A Available Funds Cap or the Subordinate Available Funds Cap, as applicable; (vii) the Pool Balance as of such Distribution Date; (viii) the Overcollateralization Amount for such Distribution Date; (ix) the amount of any shortfall Delinquency Advances for such Distribution Date, and the amount of any Outstanding Advances in respect of Delinquency Advances remaining after such Distribution Date; the amount of any Purchase Prices deposited into the Collection Account; (i.e., x) the difference between amount of current and cumulative Realized Losses on the Mortgage Loans; (xi) the number of Mortgagor bankruptcies; (xii) the number of Mortgage Loans and the aggregate amounts Principal Balance thereof that were repurchased by the Seller or Depositor pursuant Section 2.03 hereof during the one-month period immediately preceding the related Determination Date; (xiii) the amount of principal and any Realized Losses applied to any Class of Certificates on such Distribution Date; (xiv) the amount of any Basis Risk Shortfall with respect to any Class of Certificates; (xv) the amount of any Class F Shortfall; (xvi) the amount of any shortfalls in distributions of interest which Certificateholders would have received if there were sufficient available amounts in the Certificate Account with respect to each Class of Certificates on such Distribution Date and the amounts actually distributed)cumulative amount of any unreimbursed shortfalls in distributions of interest from prior Distribution Dates; (xvii) the amount of any Overcollateralization Deficiency Amount after giving effect Servicing Fees, the Master Servicing Fee, the Trustee Fee, the Custodian Fee and the Pool PMI Insurance Premium paid with respect to the distributions made in such Distribution Date; (xviii) the aggregate amount of any insurance claim payments received with respect to each Pool Insurance Policy during the related Collection Period, the Old Republic Undrawn Pool Insurance Policy Balance, the United Guaranty Undrawn Pool Insurance Policy Balance, the Old Republic Covered Balance and the United Guaranty Covered Balance; (xix) the level of LIBOR and the Certificate Interest Rates of the Certificates; and (xxxviii) the amount of any payments made by the Cap Provider to the Trust Fund received under the Cap Agreement. In Items (i) through (iii) above shall, with respect to the case Certificates be presented on the basis of a Certificate having an original $1,000 denomination and on an aggregate basis. The Trustee may, at its option, make the information furnished set forth above available each month to Certificateholders and the parties to this Agreement via the Trustee’s internet website. Access to this service shall be limited to Persons with valid passwords. The Trustee shall provide such information by mail to any Certificateholder that requests paper copies. Each calendar year following any year during which the Certificates are outstanding, the Trustee shall furnish a report to each Certificateholder of record at any time during such calendar year as to the aggregate of amounts reported pursuant to subclauses items (i), (ii) and (viiii) aboveabove with respect to the related Certificates for such calendar year. (b) In addition, on each Distribution Date the Trustee will distribute to each Certificateholder (which shall be the Depository Trust Company as long as the Certificates are in book-entry form), the amounts shall (except in the case of the report delivered to the holder of the Class X Certificates) be expressed as a dollar amount per $1,000 of original principal amount of Certificates. The Securities Administrator shall make such report and any additional loan level following information (and, at its option, any additional files containing the same based upon information in an alternative format) available each month to the Trustee, any NIMS Insurer, Certificateholders and the Rating Agencies via the Securities Administrator’s internet website. The Securities Administrator’s internet website shall initially be located at “xxx.xxxxxxx.xxx.” Assistance in using the website can be obtained by calling the Securities Administrator’s customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Securities Administrator shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. The foregoing information and reports shall be prepared and determined by the Securities Administrator based solely on Mortgage Loan data provided to the Securities Administrator by the Master Servicer (in a format agreed to by the Securities Administrator and the Master Servicer) no later than 12:00 p.m.(noon) Eastern Standard Time four Business Days prior to the Distribution Date. In preparing or furnishing the foregoing information to the Trustee, Certificateholders and any NIMS Insurer, the Securities Administrator shall be entitled to rely conclusively on the accuracy of the information or data regarding the Mortgage Loans and the related REO Property that has been provided to the Master Servicer by each Servicer, and the Securities Administrator shall not be obligated to verify, recompute, reconcile or recalculate any such information or data. The Securities Administrator shall be entitled to conclusively rely on the Mortgage Loan data provided by the Master Servicer and shall have no liability for any errors in such Mortgage Loan data. The information and reports described in the first paragraph of this Section 4.03(a) shall be provided to the Trustee by the Securities Administrator no later than 12:00 p.m.(noonMaster Servicer) Eastern Standard Time one Business Day as of the close of business on the last business day of the prior to calendar month: (i) the Distribution Date. total number of Mortgage Loans and the aggregate principal balances thereof, together with the number and aggregate principal balances of Mortgage Loans (a) 30-59 days delinquent, (b) Upon 60-89 days delinquent and (c) 90 or more days delinquent; (ii) the reasonable advance written request number and aggregate principal balance of any NIMS Insurer or any Certificateholder that is a savings and loan, bank or insurance company, which request, if received by the Trustee, shall be promptly forwarded to the Securities Administrator, the Securities Administrator shall provide, or cause to be provided, (or, to the extent that such information or documentation is not required to be provided by a Servicer under the applicable Servicing Agreement, shall use reasonable efforts to obtain such information and documentation from such Servicer, and provide) to any NIMS Insurer and such Certificateholder such reports and access to information and documentation regarding the Mortgage Loans as in foreclosure proceedings (and whether any NIMS Insurer or such Certificateholder may reasonably deem necessary to comply with applicable regulations Mortgage Loans are also included in any of the Office of Thrift Supervision or its successor or other regulatory authorities with respect to an investment statistics described in the Certificatesforegoing clause (i)); provided, however, that and (iii) the Securities Administrator shall be entitled number and aggregate principal balance of all Mortgage Loans relating to be reimbursed by REO Properties (and whether any such Certificateholder or Mortgage Loans are also included in any of the NIMS Insurer for statistics described in the actual expenses incurred in providing such reports foregoing clauses (i) and access(ii)). (c) Within 90 daysAnnually, or such shorter period as may be required by statute or regulation, after the end in January of each calendar year, the Trustee shall have prepared and the Trustee shall make available furnish to any NIMS Insurer and each Person who at any time during the calendar year that was a Certificateholder of record, and make available to Certificate Owners (identified as such by during the Clearing Agency) in accordance with applicable regulations, prior calendar year a report summarizing statement showing the items provided to any NIMS Insurer aggregate interest and the Certificateholders pursuant aggregate principal received by such Person with respect to Sections 4.03(a)(i) and 4.03(a)(ii) on an annual basis as may be required to enable the Certificates during the prior calendar year, together with any NIMS Insurer and such Holders to prepare their standard federal income tax returns; providedreporting form for such information, however, that this Section 4.03(c) shall not be applicable where relevant reports or summaries are required elsewhere in this Agreement. Such information shall also include the amount of original issue discount accrued on each Class of Certificates and information regarding the expenses of the Trust Fund furnished by the Master Servicer Trustee upon request pursuant to the Trustee. The Trustee shall be deemed to have satisfied this requirement if it forwards such information in any other format permitted by the Code. The Master Servicer shall provide the Trustee with such information as is necessary for the Trustee to prepare such reports (and the Trustee may rely solely upon such information). (dSection 6049(d)(7)(C) The Securities Administrator shall furnish any other information that is required by of the Code and the regulations promulgated thereunder to be made available to Certificateholders. The Master Servicer shall provide assist the Securities Administrator with such information as is necessary for the Securities Administrator to prepare such reports (and the Securities Administrator may rely solely upon such information)Certificateholders in computing their market discount.

Reports to Certificateholders. (a) On each Distribution Date, the Securities Administrator Trustee shall have prepared (based solely on information provided by the Master Servicer and the Trustee or the Cap ProviderSwap Counterparty) and shall make available to the Trustee, any NIMS InsurerSwap Counterparty, the Credit Risk Manager and each Certificateholder a report setting forth the following information (on the basis of Mortgage Loan level information obtained from the ServicersMaster Servicer and from the Swap Counterparty with respect to payments made under the Swap Agreement): (i) the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates other than any Class of Notional Certificates, to the extent applicable, allocable to principal on the Mortgage Loans, including Liquidation Proceeds and Insurance Proceeds, stating separately the amount attributable to scheduled principal payments and unscheduled payments in the nature of principal; (ii) the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates allocable to interest and the calculation thereof; (iii) the amount, if any, of any distribution to the Holders of the Class P CertificatesCertificate, the Class X Certificates and the Residual Certificate; (A) the aggregate amount of any Advances required to be made by or on behalf of the Servicers (or the Master Servicer) with respect to such Distribution Date, (B) the aggregate amount of such Advances actually made, and (C) the amount, if any, by which (A) above exceeds (B) above; (v) the total number of Mortgage Loans, the aggregate Scheduled Principal Balance of all the Mortgage Loans as of the close of business on the last day of the related Collection Period, after giving effect to payments allocated to principal reported under clause (i) above; (vi) the Class Principal Amount (or Class Notional Amount) of each Class of Certificates, to the extent applicable, as of such Distribution Date after giving effect to payments allocated to principal reported under clause (i) above, separately identifying any reduction of any of the foregoing Certificate Principal Amounts due to Applied Loss Amounts; (vii) the amount of any Prepayment Premiums distributed to the Class P Certificates; (viii) the amount of any Realized Losses incurred with respect to the Mortgage Loans (x) in the applicable Prepayment Period and (y) in the aggregate since the Cut-off Date; (ix) the amount of the Securities Administrator Fees, Trustee Fees, the Servicing Fees, Fees and the Credit Risk Manager’s Fees and Pool Insurance Premiums paid during the Collection Period to which such distribution relates; (x) the number and aggregate Scheduled Principal Balance of Mortgage Loans, as reported to the Securities Administrator Trustee by the Master Servicer, (a) remaining outstanding (b) Delinquent 30 to 59 days on a contractual basis, (c) Delinquent 60 to 89 days on a contractual basis, (d) Delinquent 90 or more days on a contractual basis, (e) as to which foreclosure proceedings have been commenced, commenced as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs, (f) in bankruptcy and (g) that are REO Properties; (xi) the aggregate Scheduled Principal Balance of any Mortgage Loans with respect to which the related Mortgaged Property became a REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs; (xii) with respect to substitution of Mortgage Loans in the preceding calendar month, the Scheduled Principal Balance of each Deleted Mortgage Loan, and of each Qualifying Substitute Mortgage Loan; (xiii) the aggregate outstanding Carryforward Interest, Net Prepayment Interest Shortfalls, Net Prepayment Interest Excess, Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date; (xiv) the Certificate Interest Rate applicable to such Distribution Date with respect to each Class of Certificates; (xv) the Interest Remittance Amount and the Principal Remittance Amount applicable to such Distribution Date; (xvi) if applicable, the amount of any shortfall (i.e., the difference between the aggregate amounts of principal and interest which Certificateholders would have received if there were sufficient available amounts in the Certificate Account and the amounts actually distributed); (xvii) the amount of any Overcollateralization Deficiency Amount after giving effect to the distributions made in on such Distribution Date; (xviii) the aggregate amount of any insurance claim payments received with respect to each Pool Insurance any PMI Policy during the related Collection Period, the Old Republic Undrawn Pool Insurance Policy Balance, the United Guaranty Undrawn Pool Insurance Policy Balance, the Old Republic Covered Balance and the United Guaranty Covered Balance; (xix) the level of LIBOR and the Certificate Interest Rates Rate of the LIBOR Certificates; and (xx) the amount of any payments made by the Cap Provider Net Swap Payment to the Supplemental Interest Trust Fund under made pursuant to Section 5.02, any Net Swap Payment to the Cap AgreementSwap Counterparty made pursuant to Section 5.02, any Swap Termination Payment to the Supplemental Interest Trust made pursuant to Sections 5.02 and any Swap Termination Payment to the Swap Counterparty made pursuant to Section 5.02. In the case of information furnished pursuant to subclauses (i), (ii) and (vi) above, the amounts shall (except in the case of the report delivered to the holder of the Class X CertificatesCertificate) be expressed as a dollar amount per $1,000 of original principal amount of Certificates. The Securities Administrator shall Trustee will make such report and any additional loan level information (and, at its option, any additional files containing the same information in an alternative format) available each month to the Trustee, any NIMS Insurer, Certificateholders and the Rating Agencies via the Securities AdministratorTrustee’s internet website. The Securities AdministratorTrustee’s internet website shall initially be located at “xxx.xxxxxxx.xxx.xxx.xxxxxx.xxx” Assistance in using the website can be obtained by calling the Securities AdministratorTrustee’s customer service desk at 01-000800-000934-00006802. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Securities Administrator Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Securities Administrator Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The foregoing information and reports shall be prepared and determined by the Securities Administrator Trustee based solely on Mortgage Loan data provided to the Securities Administrator Trustee by the Master Servicer (in a format agreed to by the Securities Administrator Trustee and the Master Servicer) and information regarding payments to be made under the Swap Agreement provided by the Swap Counterparty no later than 12:00 p.m.(noon) 2:00 p.m. Eastern Standard Time four Business Days prior to the Distribution Date. In preparing or furnishing the foregoing information to the Trustee, Certificateholders and any NIMS InsurerCertificateholders, the Securities Administrator Trustee shall be entitled to rely conclusively on the accuracy of the information or data (i) regarding the Mortgage Loans and the Loans, related REO Property and the Primary Mortgage Insurance Policies that has been provided to the Master Servicer by each ServicerServicer and (ii) regarding the Swap Agreement, that has been provided by the Swap Counterparty, and the Securities Administrator Trustee shall not be obligated to verify, recompute, reconcile or recalculate any such information or data. The Securities Administrator Trustee shall be entitled to conclusively rely on the Mortgage Loan data provided by the Master Servicer and shall have no liability for any errors in such Mortgage Loan data. The information and reports described in the first paragraph of this Section 4.03(a) Master Servicer shall be entitled to conclusively rely on the Mortgage Loan data provided to the Trustee by the Securities Administrator any Servicer and shall have no later than 12:00 p.m.(noon) Eastern Standard Time one Business Day prior to the Distribution Dateliability for any errors in such Mortgage Loan data. (b) Upon the reasonable advance written request of any NIMS Insurer or any Certificateholder that is a savings and loan, bank or insurance company, which request, if received by the Trustee, shall be promptly forwarded to the Securities Administrator, the Securities Administrator Trustee shall provide, or cause to be provided, (or, to the extent that such information or documentation is not required to be provided by a Servicer under the applicable Servicing Agreement, shall use reasonable efforts to obtain such information and documentation from such Servicer, and provide) to any NIMS Insurer and such Certificateholder such reports and access to information and documentation regarding the Mortgage Loans as any NIMS Insurer or such Certificateholder may reasonably deem necessary to comply with applicable regulations of the Office of Thrift Supervision or its successor or other regulatory authorities with respect to an investment in the Certificates; provided, however, that the Securities Administrator Trustee shall be entitled to be reimbursed by such Certificateholder or the NIMS Insurer for the actual expenses incurred in providing such reports and access. (c) Within 90 days, or such shorter period as may be required by statute or regulation, after the end of each calendar year, the Trustee shall have prepared and the Trustee shall make available to any NIMS Insurer and each Person who at any time during the calendar year was a Certificateholder of record, and make available to Certificate Owners (identified as such by the Clearing Agency) in accordance with applicable regulations, a report summarizing the items provided to any NIMS Insurer and the Certificateholders pursuant to Sections 4.03(a)(i) and 4.03(a)(iiSection 4.03(a) on an annual basis as may be required to enable any NIMS Insurer and such Holders to prepare their federal income tax returns; provided, however, that this Section 4.03(c) shall not be applicable where relevant reports or summaries are required elsewhere in this Agreement. Such information shall also include the amount of original issue discount accrued on each Class of Certificates and information regarding the expenses of the Trust Fund furnished by the Master Servicer to the TrusteeFund. The Trustee shall be deemed to have satisfied this requirement if it forwards such information in any other format permitted by the Code. The Master Servicer shall provide the Trustee with such information as is necessary for the Trustee to prepare such reports (and the Trustee may rely solely upon such information)reports. (d) The Securities Administrator Trustee shall prepare and file with the Internal Revenue Service (“IRS”), on behalf of the Trust Fund, an application for an employer identification number on IRS Form SS-4 or by any other acceptable method. The Trustee shall also file a Form 8811 as required. The Trustee, upon receipt from the IRS of the Notice of Taxpayer Identification Number Assigned, shall upon request promptly forward a copy of such notice to the Master Servicer and the Depositor. The Trustee shall furnish any other information that is required by the Code and regulations thereunder to be made available to Certificateholders. The Master Servicer shall provide the Securities Administrator Trustee with such information as is necessary for the Securities Administrator Trustee to prepare such reports (and the Securities Administrator may rely solely upon such information)reports.

Reports to Certificateholders. (a) On Unless otherwise specified in the applicable Series Supplement, on the next Business Day following each such Distribution Date, the Securities Administrator shall have prepared (based solely on information provided by the Master Servicer and Date the Trustee shall forward or the Cap Provider) and shall make available cause to be forwarded to the TrusteeDepositor, any NIMS Insurer, the Credit Risk Manager and each Certificateholder of such Series, to each Rating Agency rating such Series and such other Persons as may be specified in such Series Supplement, a report statement setting forth the following information (on the basis of Mortgage Loan level information obtained from the Servicers):forth: (i) the aggregate amount amounts received by the Trustee as of the distribution to be made on last such Distribution Date to the Holders statement in respect of each Class of Certificates other than any Class of Notional Certificatesprincipal, to the extent applicable, allocable to principal interest and premium on the Mortgage LoansUnderlying Securities and the Swap Receipt Amount, including Liquidation Proceeds and Insurance Proceeds, stating separately the amount attributable to scheduled principal payments and unscheduled payments in the nature of principalif any; (ii) the aggregate amount of the distribution to be made on Swap Distribution Amount, if any, for such Distribution Date to the Holders of each Class of Certificates allocable to interest and the calculation thereofdate; (iii) the amountamount of the distribution on such Distribution Date to Certificateholders of each Class of such Series allocable to principal of and premium, if any, and interest on the Certificates of any distribution to the Holders of the Class P Certificates, the Class X Certificates each such Class; and the Residual Certificateamount of aggregate unpaid interest accrued as of such Distribution Date; (Aiv) in the aggregate amount case of any Advances required each Class of Floating Rate Certificates of such Series, the respective Floating Interest Rate applicable to be made by or each such Class on behalf of the Servicers (or the Master Servicer) with respect to such Distribution Date, (B) as calculated in accordance with the aggregate amount of method specified in such Advances actually made, Certificates and (C) the amount, if any, by which (A) above exceeds (B) aboverelated Series Supplement; (v) the total number amount of Mortgage Loanscompensation received by the Trustee for the period relating to such Distribution Date, and such other customary information as the Trustee deems necessary or desirable, (or that any such Certificateholder reasonably requests,) to enable such Certificateholders to prepare their tax returns; (vi) the aggregate stated principal amount and, if applicable, notional amount of the Underlying Securities related to such Series, and the current interest rate or rates thereon at the close of business on such Distribution Date; (vii) the aggregate Certificate Principal Balance (or Notional Amount or Amortizing Notional Balance, if applicable) of each Class of such Series at the close of business on such Distribution Date, separately identifying any reduction in such aggregate Certificate Principal Balance (or Notional Amount or Amortizing Notional Balance) due to the allocation of any Realized Losses on such Distribution Date or otherwise; (viii) as to any Series (or any Class within such Series) for which Credit Support has been obtained, the aggregate Scheduled Principal Balance amount or notional amount of all the Mortgage Loans coverage of each element of Credit Support (and rating, if any, thereof) included therein as of the close of business on the last day of the related Collection Period, after giving effect to payments allocated to principal reported under clause (i) above; (vi) the Class Principal Amount (or Class Notional Amount) of each Class of Certificates, to the extent applicable, as of such Distribution Date after giving effect to payments allocated to principal reported under clause (i) above, separately identifying any reduction of any of the foregoing Certificate Principal Amounts due to Applied Loss Amounts; (vii) the amount of any Prepayment Premiums distributed to the Class P Certificates; (viii) the amount of any Realized Losses incurred with respect to the Mortgage Loans (x) in the applicable Prepayment Period and (y) in the aggregate since the Cut-off Date; (ix) the amount of the Securities Administrator Fees, Trustee Fees, Servicing Fees, Credit Risk Manager’s Fees and Pool Insurance Premiums paid during the Collection Period to which such distribution relates; (x) the number and aggregate Scheduled Principal Balance of Mortgage Loans, as reported to the Securities Administrator by the Master Servicer, (a) remaining outstanding (b) Delinquent 30 to 59 days on a contractual basis, (c) Delinquent 60 to 89 days on a contractual basis, (d) Delinquent 90 or more days on a contractual basis, (e) as to which foreclosure proceedings have been commenced, as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs, (f) in bankruptcy and (g) that are REO Properties; (xi) the aggregate Scheduled Principal Balance of any Mortgage Loans with respect to which the related Mortgaged Property became a REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs; (xii) with respect to substitution of Mortgage Loans in the preceding calendar month, the Scheduled Principal Balance of each Deleted Mortgage Loan, and of each Qualifying Substitute Mortgage Loan; (xiii) the aggregate outstanding Carryforward Interest, Net Prepayment Interest Shortfalls, Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date; (xiv) the Certificate Interest Rate applicable to such Distribution Date with respect to each Class of Certificates; (xv) the Interest Remittance Amount and the Principal Remittance Amount applicable to such Distribution Date; (xvi) if applicable, the amount of any shortfall (i.e., the difference between the aggregate amounts of principal and interest which Certificateholders would have received if there were sufficient available amounts in the Certificate Account and the amounts actually distributed); (xvii) the amount of any Overcollateralization Deficiency Amount after giving effect to the distributions made in such Distribution Date; (xviii) the aggregate amount of any insurance claim payments received with respect to each Pool Insurance Policy during the related Collection Period, the Old Republic Undrawn Pool Insurance Policy Balance, the United Guaranty Undrawn Pool Insurance Policy Balance, the Old Republic Covered Balance and the United Guaranty Covered Balance; (xix) the level of LIBOR and the Certificate Interest Rates of the Certificates; and (xx) the amount of any payments made by the Cap Provider to the Trust Fund under the Cap Agreement. In the case of information furnished pursuant to subclauses (i), (iiiii) and (viv) above, the amounts shall (except in the case of the report delivered to the holder of the Class X Certificates) be expressed as a dollar amount per $1,000 of original principal amount of Certificates. The Securities Administrator shall make such report and any additional loan level information (and, at its option, any additional files containing the same information in an alternative format) available each month to the Trustee, any NIMS Insurer, Certificateholders and the Rating Agencies via the Securities Administrator’s internet website. The Securities Administrator’s internet website shall initially be located at “xxx.xxxxxxx.xxx.” Assistance in using the website can be obtained by calling the Securities Administrator’s customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Securities Administrator shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. The foregoing information and reports shall be prepared and determined by the Securities Administrator based solely on Mortgage Loan data provided to the Securities Administrator by the Master Servicer (in a format agreed to by the Securities Administrator and the Master Servicer) no later than 12:00 p.m.(noon) Eastern Standard Time four Business Days prior to the Distribution Date. In preparing or furnishing the foregoing information to the Trustee, Certificateholders and any NIMS Insurer, the Securities Administrator shall be entitled to rely conclusively on the accuracy of the information or data regarding the Mortgage Loans and the related REO Property that has been provided to the Master Servicer by each Servicer, and the Securities Administrator shall not be obligated to verify, recompute, reconcile or recalculate any such information or data. The Securities Administrator shall be entitled to conclusively rely on the Mortgage Loan data provided by the Master Servicer and shall have no liability for any errors in such Mortgage Loan data. The information and reports described in the first paragraph of this Section 4.03(a) shall be provided to the Trustee by the Securities Administrator no later than 12:00 p.m.(noon) Eastern Standard Time one Business Day prior to the Distribution Date. (b) Upon the reasonable advance written request of any NIMS Insurer or any Certificateholder that is a savings and loan, bank or insurance company, which request, if received by the Trustee, shall be promptly forwarded to the Securities Administrator, the Securities Administrator shall provide, or cause to be provided, (or, to the extent that such information or documentation is not required to be provided by a Servicer under the applicable Servicing Agreement, shall use reasonable efforts to obtain such information and documentation from such Servicer, and provide) to any NIMS Insurer and such Certificateholder such reports and access to information and documentation regarding the Mortgage Loans as any NIMS Insurer or such Certificateholder may reasonably deem necessary to comply with applicable regulations of the Office of Thrift Supervision or its successor or other regulatory authorities with respect to an investment in the Certificates; provided, however, that the Securities Administrator shall be entitled to be reimbursed by such Certificateholder or the NIMS Insurer equivalent thereof in any other Specified Currency) per minimum denomination of Certificates or for the actual expenses incurred in providing such reports and access. (c) other specified portion thereof. Within 90 days, or such shorter a reasonable period as may be required by statute or regulation, of time after the end of each calendar year, the Trustee shall have prepared and the Trustee shall make available furnish to any NIMS Insurer and each Person who at any time during the each such calendar year was a Certificateholder of record, and make available to Certificate Owners a statement containing the information set forth in subclauses (identified as such by the Clearing Agency) in accordance with applicable regulations, a report summarizing the items provided to any NIMS Insurer and the Certificateholders pursuant to Sections 4.03(a)(iiii) and 4.03(a)(ii(v) on an annual basis as may be required to enable any NIMS Insurer and above, aggregated for such Holders to prepare their federal income tax returns; provided, however, that this Section 4.03(c) shall not be calendar year or the applicable where relevant reports or summaries are required elsewhere in this Agreementportion thereof during which such person was a Certificateholder. Such information shall also include the amount of original issue discount accrued on each Class of Certificates and information regarding the expenses obligation of the Trust Fund furnished by the Master Servicer to the Trustee. The Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as are from time to time in effect. The Trustee shall supply to Certificateholders who so request all materials received by the Trustee from the Underlying Securities Issuer. (b) Unless otherwise specified in the applicable Series Supplement, the Trustee shall appoint a firm of independent certified public accountants to review each of the distribution reports prepared by the Trustee pursuant to this requirement if it forwards such information Section 4.03 and to verify (x) the assertions of the Depositor and Trustee in any other format permitted by report filed pursuant to this Section 4.03 and Section 3.09(a) are fairly stated in all material respects and (y) that the Code. The Master Servicer shall provide the Trustee with such information as is necessary for the Trustee to prepare such reports (Depositor and the Trustee have each fulfilled their obligations under this Trust Agreement. The Trustee shall instruct the accountants (i) to promptly report to the Trustee any errors in such distribution reports discovered in verifying such calculations and (ii) to render to the Trustee an annual examination report, prepared in compliance with established or stated criteria as set forth in the professional standards of the American Institute of Certified Public Accountants, within 45 days (or such longer period as may rely solely upon be acceptable to the Trustee) following the end of each calendar year that specifies the calculations made in reviewing the distribution reports prepared by the Trustee for the previous calendar year and such information)accountants' associated findings. (dc) The Securities Administrator If any Certificates of a given Series are listed on the New York Stock Exchange, the Trustee shall furnish any other information that is required by simultaneously forward reports to Certificateholders pursuant to this Section 4.03 of the Code and regulations thereunder Standard Terms to be made available to Certificateholders. The Master Servicer shall provide the Securities Administrator with such information as is necessary for the Securities Administrator to prepare such reports (and the Securities Administrator may rely solely upon such information)New York Stock Exchange.

Reports to Certificateholders. (a) On each Distribution Date, the Securities Administrator Trustee shall have prepared (based solely on information provided by the Master Servicer and the Trustee or the Cap ProviderServicer) and shall make available to the Trustee, any NIMS Insurer, the Credit Risk Manager and each Certificateholder a written report setting forth the following information information, by Mortgage Pool and Certificate Group (on the basis of Mortgage Loan level information obtained from the Servicersapplicable Servicer and the Master Servicer): (i) the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates Certificates, other than any Class of Notional Certificates, to the extent applicable, allocable to principal on the Mortgage Loans, including Liquidation Proceeds and Insurance Proceeds, stating separately the amount attributable to scheduled principal payments and unscheduled payments in the nature of principalprincipal in each Mortgage Pool; (ii) the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates allocable to interest and interest, including any Accrual Amount added to the calculation thereofClass Principal Amount of any Class of Accrual Certificates; (iii) the amount, if any, of any distribution to the Holders of the Class P Certificates, the Class X Certificates and the a Residual Certificate; (iv) (A) the aggregate amount of any Advances required to be made by or on behalf of the Servicers Master Servicer or any Servicer (or or, if applicable, the Master ServicerTrustee) with respect to such Distribution Date, (B) the aggregate amount of such Advances actually made, and (C) the amount, if any, by which (A) above exceeds (B) above; (v) the total number of Mortgage Loans, the aggregate Scheduled Aggregate Principal Balance of all the Mortgage Loans as and the Pool Balance of the close of business on the last day of the related Collection Periodeach Mortgage Pool for such Distribution Date, after giving effect to payments allocated to principal reported under clause (i) above; (vi) the Class Principal Amount (or Class Notional Amount) of each Class of Certificates, to the extent applicable, as of such Distribution Date after giving effect to payments allocated to principal reported under clause (i) aboveabove (and to the addition of any Accrual Amount in the case of any Class of Accrual Certificates), separately identifying any reduction of any of the foregoing Certificate Principal Amounts due to Applied Loss Amounts;Realized Losses: (vii) the amount of any Prepayment Premiums distributed to the Class P Certificates; (viii) the amount of any Realized Losses incurred realized with respect to the Mortgage Loans (x) in the applicable Prepayment Period and (y) in the aggregate since the Cut-off Date, stating separately the amount of Special Hazard Losses, Fraud Losses and Bankruptcy Losses and the aggregate amount of such Realized Losses, and the remaining Special Hazard Loss Amount, Fraud Loss Amount and Bankruptcy Loss Amount; (ixviii) the amount of the Securities Administrator Fees, Trustee Master Servicing Fees, Servicing Fees, Credit Risk Manager’s Fees and Pool Insurance Premiums Trustee Fee paid during the Collection Due Period to which such distribution relates; (xix) the number and aggregate Scheduled Principal Balance of Mortgage Loans, as reported to the Securities Administrator Trustee by the Master Servicer, (a) remaining outstanding (b) Delinquent 30 to 59 days on a contractual basisdelinquent one month, (c) Delinquent 60 to 89 days on a contractual basisdelinquent two months, (d) Delinquent 90 delinquent three or more days on a contractual basismonths, and (e) as to which foreclosure proceedings have been commenced, as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs, (f) in bankruptcy and (g) that are REO Properties; (xi) the aggregate Scheduled Principal Balance of any Mortgage Loans with respect to which the related Mortgaged Property became a REO Property commenced as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs; (xiix) the aggregate principal balance of all REO Properties as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs; (xi) with respect to substitution of Mortgage Loans in the preceding calendar month, the aggregate Scheduled Principal Balance of each all such Deleted Mortgage LoanLoans, and of each all Qualifying Substitute Mortgage LoanLoans; (xiiixii) the aggregate outstanding Carryforward Interest, Interest Shortfalls and Net Prepayment Interest Shortfalls, Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date; (xivxiii) the Certificate Interest Rate applicable to such Distribution Date with respect to each Class of Certificates;; and (xv) the Interest Remittance Amount and the Principal Remittance Amount applicable to such Distribution Date; (xvixiv) if applicable, the amount of any shortfall (i.e., the difference between the aggregate amounts of principal and interest which Certificateholders would have received if there were sufficient available amounts in the Certificate Account and the amounts actually distributed); (xvii) the amount of any Overcollateralization Deficiency Amount after giving effect to the distributions made in such Distribution Date; (xviii) the aggregate amount of any insurance claim payments received with respect to each Pool Insurance Policy during the related Collection Period, the Old Republic Undrawn Pool Insurance Policy Balance, the United Guaranty Undrawn Pool Insurance Policy Balance, the Old Republic Covered Balance and the United Guaranty Covered Balance; (xix) the level of LIBOR and the Certificate Interest Rates of the Certificates; and (xx) the amount of any payments made by the Cap Provider to the Trust Fund under the Cap Agreement. In the case of information furnished pursuant to subclauses (i), (ii) and (viviii) above, the amounts shall (except in the case of the report delivered to the holder of the Class X Certificates) be expressed as a dollar amount per $1,000 of original principal amount of Certificates. The Securities Administrator shall Trustee will make such report and any additional loan level information (and, at its option, any additional files provided by the Master Servicer containing the same information in an alternative format) available each month to the Trustee, any NIMS Insurer, Certificateholders and the Rating Agencies via the Securities Administrator’s Trustee's internet website. The Securities Administrator’s Trustee's internet website shall initially be located at “xxx.xxxxxxx.xxx"xxx.xxxxxxxx.xxx/xxxxxx.” " Assistance in using the website can be obtained by calling the Securities Administrator’s Trustee's customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Securities Administrator Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Securities Administrator Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The foregoing information and reports shall be prepared and determined by the Securities Administrator Trustee based solely on Mortgage Loan data provided to the Securities Administrator Trustee by the Master Servicer (in a format agreed to by the Securities Administrator and the Master Servicer) no later than 12:00 p.m.(noon) Eastern Standard Time four Business Days prior to the Distribution Date. In preparing or furnishing the foregoing information Mortgage Loan data to the Trustee, Certificateholders and any NIMS Insurer, the Securities Administrator Master Servicer shall be entitled to rely conclusively on the accuracy of the information or data regarding the Mortgage Loans and the related REO Property that has been provided to the Master Servicer by each Servicer, and the Securities Administrator Master Servicer shall not be obligated to verify, recompute, reconcile or recalculate any such information or data. The Securities Administrator Trustee shall be entitled to conclusively rely on the Mortgage Loan data provided by the Master Servicer and shall have no liability for any errors in such Mortgage Loan data. The information and reports described in the first paragraph of this Section 4.03(a) shall be provided to the Trustee by the Securities Administrator no later than 12:00 p.m.(noon) Eastern Standard Time one Business Day prior to the Distribution Date. (b) Upon the reasonable advance written request of any NIMS Insurer or any Certificateholder that is a savings and loan, bank or insurance company, which request, if received by the Trustee, shall will be promptly forwarded to the Securities AdministratorMaster Servicer, the Securities Administrator Master Servicer shall provide, or cause to be provided, (or, to the extent that such information or documentation is not required to be provided by a Servicer under the applicable Servicing Agreement, shall use reasonable efforts to obtain such information and documentation from such Servicer, and provide) to any NIMS Insurer and such Certificateholder such reports and access to information and documentation regarding the Mortgage Loans as any NIMS Insurer or such Certificateholder may reasonably deem necessary to comply with applicable regulations of the Office of Thrift Supervision or its successor or other regulatory authorities with respect to an investment in the Certificates; provided, however, that the Securities Administrator Master Servicer shall be entitled to be reimbursed by such Certificateholder or the NIMS Insurer for the such Master Servicer's actual expenses incurred in providing such reports and access. (c) Within 90 days, or such shorter period as may be required by statute or regulation, after the end of each calendar year, the Trustee shall have prepared and the Trustee shall make available shall, upon written request, send to any NIMS Insurer and each Person who at any time during the calendar year was a Certificateholder of record, and make available to Certificate Owners (identified as such by the Clearing Agency) in accordance with applicable regulations, a report summarizing the items provided to any NIMS Insurer and the Certificateholders pursuant to Sections 4.03(a)(i) and 4.03(a)(iiSection 4.03(a) on an annual basis as may be required to enable any NIMS Insurer and such Holders to prepare their federal income tax returns; provided, however, that this Section 4.03(c) shall not be applicable where relevant reports or summaries are required elsewhere in this Agreement. Such information shall also include the amount of original issue discount accrued on each Class of Certificates and information regarding the expenses of the Trust Fund furnished by the Master Servicer to the Trustee. The Trustee shall be deemed to have satisfied this requirement if it forwards such information in any other format permitted by the CodeFund. The Master Servicer shall provide the Trustee with such Mortgage Loan level information as is necessary for the Trustee to prepare such reports (and the Trustee may rely solely upon such information)reports. (d) The Securities Administrator shall furnish any other information that is required by the Code and regulations thereunder to be made available to Certificateholders. The Master Servicer shall provide the Securities Administrator with such information as is necessary for the Securities Administrator to prepare such reports (and the Securities Administrator may rely solely upon such information).

Reports to Certificateholders. (a) On each Distribution Date, the Securities Administrator Trustee shall have prepared (based solely on information provided by the Master Servicer and the Trustee or the Cap ProviderServicer) and shall make available to the Trustee, any NIMS Insurer, the Credit Risk Manager and each Certificateholder a written report setting forth the following information (on the basis of Mortgage Loan level information obtained from the Servicers):). (i) the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates other than any Class of Notional Certificates, to the extent applicable, allocable to principal on the Mortgage Loans, including Liquidation Proceeds and Insurance Proceeds, stating separately the amount attributable to scheduled principal payments and unscheduled payments in the nature of principal; (ii) the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates allocable to interest and the calculation thereof; (iii) the amount, if any, of any distribution to the Holders of the Class P CertificatesCertificate, the Class X Certificates Certificate and the Residual Certificate; (A) the aggregate amount of any Advances required to be made by or on behalf of the Servicers (or the Master Servicer) with respect to such Distribution Date, (B) the aggregate amount of such Advances actually made, and (C) the amount, if any, by which (A) above exceeds (B) above; (v) by Mortgage Pool and in the aggregate, the total number of Mortgage Loans, the aggregate Scheduled Principal Balance of all the Mortgage Loans as of the close of business on the last day of the related Collection Period, after giving effect to payments allocated to principal reported under clause (i) above; (vi) the Class Principal Amount (or Class Notional Amount) of each Class of Certificates, to the extent applicable, as of such Distribution Date after giving effect to payments allocated to principal reported under clause (i) above, separately identifying any reduction of any of the foregoing Certificate Principal Amounts due to Applied Loss Amounts; (vii) the amount of any all Prepayment Premiums distributed to the Class P Certificates; (viii) by Mortgage Pool and in the aggregate, the amount of any Realized Losses incurred with respect to the Mortgage Loans (x) in the applicable Prepayment Period and (y) in the aggregate since the Cut-off Date; (ix) the amount of the Securities Administrator Fees, Trustee Fees, the Servicing Fees, Credit Risk Manager’s Fees and Pool PMI Insurance Premiums paid during the Collection Period to which such distribution relates; (x) the number and aggregate Scheduled Principal Balance of Mortgage Loans, as reported to the Securities Administrator Trustee by the Master Servicer, (a) remaining outstanding (b) Delinquent 30 to 59 days on a contractual basis, (c) Delinquent 60 to 89 days on a contractual basis, (d) Delinquent 90 or more days on a contractual basis, (e) as to which foreclosure proceedings have been commenced, commenced as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs, (f) in bankruptcy and (g) that are REO Properties; (xi) the aggregate Scheduled Principal Balance of any Mortgage Loans in either Mortgage Pool with respect to which the related Mortgaged Property became a REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs; (xii) with respect to substitution of Mortgage Loans in the preceding calendar month, the Scheduled Principal Balance of each Deleted Mortgage Loan, and of each Qualifying Substitute Mortgage Loan; (xiii) the aggregate outstanding Carryforward Interest, Net Prepayment Interest Shortfalls, Net Prepayment Interest Excess, Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date; (xiv) the Certificate Interest Rate applicable to such Distribution Date with respect to each Class of Certificates; (xv) with respect to each Mortgage Pool, the Interest Remittance Amount and the Principal Remittance Amount applicable to such Distribution Date; (xvi) if applicable, the amount of any shortfall (i.e., the difference between the aggregate amounts of principal and interest which Certificateholders would have received if there were sufficient available amounts in the Certificate Account and the amounts actually distributed); (xvii) the amount of any Overcollateralization Deficiency Amount after giving effect to the distributions made in such Distribution Date; (xviii) the aggregate amount of any the insurance claim payments received with respect to each Pool Insurance Policy the Bulk PMI Policies during the related Collection Period, the Old Republic Undrawn Pool Insurance Policy Balance, the United Guaranty Undrawn Pool Insurance Policy Balance, the Old Republic Covered Balance and the United Guaranty Covered Balance; (xix) the level of LIBOR and the Certificate Interest Rates Rate of the LIBOR Certificates; and (xx) the amount of any payments made by the Cap Provider to the Trust Fund under the Basis Risk Cap Agreementand the Class X Cap. In the case of information furnished pursuant to subclauses (i), (ii) and (viviii) above, the amounts shall (except in the case of the report delivered to the holder of the Class X CertificatesCertificate) be expressed as a dollar amount per $1,000 of original principal amount of Certificates. The Securities Administrator shall Trustee will make such report and any additional loan level information (and, at its option, any additional files containing the same information in an alternative format) available each month to the TrusteeCertificateholders, any NIMS Insurer, Certificateholders Insurer and the Rating Agencies via the Securities AdministratorTrustee’s internet website. The Securities AdministratorTrustee’s internet website shall initially be located at “xxx.xxxxxxx.xxx.” Assistance in using the website can be obtained by calling the Securities AdministratorTrustee’s customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Securities Administrator Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Securities Administrator Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The foregoing information and reports shall be prepared and determined by the Securities Administrator Trustee based solely on Mortgage Loan data provided to the Securities Administrator Trustee by the Master Servicer (in a format agreed to by the Securities Administrator Trustee and the Master Servicer) no later than 12:00 p.m.(noon) Eastern Standard Time four Business Days prior to the Distribution Date. In preparing or furnishing the foregoing information to the Trustee, Certificateholders and any NIMS Insurer, the Securities Administrator Trustee shall be entitled to rely conclusively on the accuracy of the information or data regarding the Mortgage Loans and the related REO Property that has been provided to the Master Servicer by each Servicer, and the Securities Administrator Trustee shall not be obligated to verify, recompute, reconcile or recalculate any such information or data. The Securities Administrator Trustee shall be entitled to conclusively rely on the Mortgage Loan data provided by the Master Servicer and shall have no liability for any errors in such Mortgage Loan data. The information and reports described in the first paragraph of this Section 4.03(a) shall be provided to the Trustee by the Securities Administrator no later than 12:00 p.m.(noon) Eastern Standard Time one Business Day prior to the Distribution Date. (b) Upon the reasonable advance written request of any NIMS Insurer or and any Certificateholder that is a savings and loan, bank or insurance company, which request, if received by the Trustee, shall be promptly forwarded to the Securities Administrator, the Securities Administrator Trustee shall provide, or cause to be provided, (or, to the extent that such information or documentation is not required to be provided by a Servicer under the applicable Servicing Agreement, shall use reasonable efforts to obtain such information and documentation from such Servicer, and provide) to any NIMS Insurer and such Certificateholder such reports and access to information and documentation regarding the Mortgage Loans as any NIMS Insurer or such Certificateholder may reasonably deem necessary to comply with applicable regulations of the Office of Thrift Supervision or its successor or other regulatory authorities with respect to an investment in the Certificates; provided, however, that the Securities Administrator Trustee shall be entitled to be reimbursed by such Certificateholder or the NIMS Insurer for the actual expenses incurred in providing such reports and access. (c) Within 90 days, or such shorter period as may be required by statute or regulation, after the end of each calendar year, the Trustee shall have prepared and the Trustee shall make available to any NIMS Insurer and each Person who at any time during the calendar year was a Certificateholder of record, and make available to Certificate Owners (identified as such by the Clearing Agency) in accordance with applicable regulations, a report summarizing the items provided to any NIMS Insurer and the Certificateholders pursuant to Sections 4.03(a)(i) and 4.03(a)(iiSection 4.03(a) on an annual basis as may be required to enable any NIMS Insurer and such Holders to prepare their federal income tax returns; provided, however, however that this Section 4.03(c) shall not be applicable where relevant reports or summaries are required elsewhere in this Agreement. Such information shall also include the amount of original issue discount accrued on each Class of Certificates and information regarding the expenses of the Trust Fund furnished by the Master Servicer to the TrusteeFund. The Trustee shall be deemed to have satisfied this requirement if it forwards such information in any other format permitted by the Code. The Master Servicer shall provide the Trustee with such information as is necessary for the Trustee to prepare such reports (and the Trustee may rely solely upon such information)shall provide any NIMS Insurer with the required tax information applicable to any NIMS Insurer. (d) The Securities Administrator Trustee shall furnish any other information that is required by the Code and regulations thereunder to be made available to Certificateholders. The Master Servicer shall provide the Securities Administrator Trustee with such information as is necessary for the Securities Administrator Trustee to prepare such reports (and the Securities Administrator may rely solely upon such information)reports.

Reports to Certificateholders. (a) On each Distribution Date, concurrently with the Securities Administrator distribution to the Certificateholders, the Trustee shall have prepared (furnish to the Certificateholders, the Seller, the Depositor and each Rating Agency, a report, based solely on information provided to the Trustee by the Master Servicer and in the Trustee or the Cap Provider) and shall make available to the TrusteeMaster Servicer’s Monthly Report, any NIMS Insurer, the Credit Risk Manager and each Certificateholder a report setting forth containing the following information (on the basis of Mortgage Loan level information obtained from the Servicers):information: (i) the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates other than any Class of Notional Certificates, to the extent applicable, allocable to principal on the Mortgage Loans, including Liquidation Proceeds and Insurance Proceeds, stating separately the amount attributable to scheduled principal payments and unscheduled payments in the nature of principal; (ii) the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates allocable to interest and the calculation thereof; (iii) the amount, if any, of any distribution to the Holders of the Class P Certificates, the Class X Certificates and the Residual Certificate; (A) the aggregate amount of any Advances required to be made by or on behalf of the Servicers (or the Master Servicer) with respect to such Distribution Date, (B) the aggregate amount of such Advances actually made, and (C) the amount, if any, by which (A) above exceeds (B) above; (v) the total number of Mortgage Loans, the aggregate Scheduled Principal Balance of all the Mortgage Loans as of the close of business on the last day of the related Collection Period, after giving effect to payments allocated to principal reported under clause (i) above; (vi) the Class Principal Amount (or Class Notional Amount) of each Class of Certificates, to the extent applicable, as of such Distribution Date after giving effect to payments allocated to principal reported under clause (i) above, separately identifying any reduction of any of the foregoing Certificate Principal Amounts due to Applied Loss Amounts; (vii) the amount of any Prepayment Premiums distributed to the Class P Certificates; (viii) the amount of any Realized Losses incurred with respect to the Mortgage Loans (x) in the applicable Prepayment Period and (y) in the aggregate since the Cut-off Date; (ix) the amount of the Securities Administrator Fees, Trustee Fees, Servicing Fees, Credit Risk Manager’s Fees and Pool Insurance Premiums paid during the Collection Period to which such distribution relates; (x) the number and aggregate Scheduled Principal Balance of Mortgage Loans, as reported to the Securities Administrator by the Master Servicer, (a) remaining outstanding (b) Delinquent 30 to 59 days on a contractual basis, (c) Delinquent 60 to 89 days on a contractual basis, (d) Delinquent 90 or more days on a contractual basis, (e) as to which foreclosure proceedings have been commenced, as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs, (f) in bankruptcy and (g) that are REO Properties; (xi) the aggregate Scheduled Principal Balance of any Mortgage Loans with respect to which the related Mortgaged Property became a REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs; (xii) with respect to substitution of Mortgage Loans in the preceding calendar month, the Scheduled Principal Balance of each Deleted Mortgage Loan, and of each Qualifying Substitute Mortgage Loan; (xiii) the aggregate outstanding Carryforward Interest, Net Prepayment Interest Shortfalls, Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date; (xiv) the Certificate Interest Rate applicable to such Distribution Date with respect to each Class of Certificates; (xvii) the Interest Remittance Amount and amount of such distributions allocable to principal, separately identifying the aggregate amount of any prepayments or other unscheduled recoveries of principal included therein; (iii) the amount of such distributions allocable to interest; (iv) the Class Principal Remittance Amount applicable Balance (or Class Notional Balance) for each Class of Certificates as of such Distribution Date together with the principal amount or notional amount of the Certificates of the related Class (based on a Certificate in the original principal amount or notional amount of $1,000) then outstanding, in each case after giving effect to any payment of principal on such Distribution Date; (xviv) the level of LIBOR and the Interest Rates applicable to the LIBOR Certificates for such Distribution Date; (vi) if applicable, a statement that interest distributable on one or more Classes of Certificates on such Distribution Date represents interest accrued on such Classes at a rate equal to the Class [A] Available Funds Cap or the Subordinate Available Funds Cap, as applicable; (vii) the Pool Balance as of such Distribution Date; (viii) the Overcollateralization Amount for such Distribution Date; (ix) the amount of any shortfall Delinquency Advances for such Distribution Date, and the amount of any Outstanding Advances in respect of Delinquency Advances remaining after such Distribution Date; (i.e., x) the difference between amount of any Purchase Prices deposited into the Collection Account; (xi) the amount of current and cumulative Realized Losses on the Mortgage Loans; (xii) the number of Mortgagor bankruptcies; (xiii) the number of Mortgage Loans and the aggregate amounts Principal Balance thereof that were repurchased by the Seller or Depositor pursuant Section 2.03 hereof during the one-month period immediately preceding the related Determination Date; (xiv) the amount of principal and interest which Certificateholders would have received any Realized Losses applied to any Class of Certificates on such Distribution Date; (xv) the amount of any Basis Risk Shortfall with respect to any Class of Certificates; (xvi) the amount of any Class [F] Shortfall, if there were sufficient available amounts in the Certificate Account and the amounts actually distributed)applicable; (xvii) the amount of any Overcollateralization Deficiency Amount after giving effect shortfalls in distributions of interest with respect to the distributions made in each Class of Certificates on such Distribution DateDate and the cumulative amount of any unreimbursed shortfalls in distributions of interest from prior Distribution Dates; (xviii) the aggregate amount of any insurance claim payments received Servicing Fees, the Master Servicing Fee, the Trustee Fee and the Pool PMI Insurance Premium, if any, paid with respect to each Pool Insurance Policy during the related Collection Period, the Old Republic Undrawn Pool Insurance Policy Balance, the United Guaranty Undrawn Pool Insurance Policy Balance, the Old Republic Covered Balance and the United Guaranty Covered Balance; (xix) the level of LIBOR and the Certificate Interest Rates of the Certificatessuch Distribution Date; and (xxxix) the amount of any payments made by the Cap Provider to the Trust Fund received under the Cap AgreementAgreement or received as proceeds from the sale of any Excess Cap Amount. In addition to the case information listed above, such report shall also include such other information as is required by Form 10-D, including, but not limited to, the information required by Item 1121 (§ 229.1121) of Regulation AB. Items (i) through (iii) above shall, with respect to the Certificates be presented on the basis of a Certificate having an original $1,000 denomination and on an aggregate basis. The Trustee may, at its option, make the information furnished set forth above available each month to Certificateholders and the parties to this Agreement via the Trustee’s internet website. Access to this service shall be limited to Persons with valid passwords. The Trustee shall provide such information by mail to any Certificateholder that requests paper copies. Each calendar year following any year during which the Certificates are outstanding, the Trustee shall furnish a report to each Certificateholder of record at any time during such calendar year as to the aggregate of amounts reported pursuant to subclauses items (i), (ii) and (viiii) aboveabove with respect to the related Certificates for such calendar year. (b) In addition, on each Distribution Date the Trustee will distribute to each Certificateholder (which shall be the Depository Trust Company as long as the Certificates are in book-entry form), the amounts shall (except in the case of the report delivered to the holder of the Class X Certificates) be expressed as a dollar amount per $1,000 of original principal amount of Certificates. The Securities Administrator shall make such report and any additional loan level following information (and, at its option, any additional files containing the same based upon information in an alternative format) available each month to the Trustee, any NIMS Insurer, Certificateholders and the Rating Agencies via the Securities Administrator’s internet website. The Securities Administrator’s internet website shall initially be located at “xxx.xxxxxxx.xxx.” Assistance in using the website can be obtained by calling the Securities Administrator’s customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Securities Administrator shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. The foregoing information and reports shall be prepared and determined by the Securities Administrator based solely on Mortgage Loan data provided to the Securities Administrator by the Master Servicer (in a format agreed to by the Securities Administrator and the Master Servicer) no later than 12:00 p.m.(noon) Eastern Standard Time four Business Days prior to the Distribution Date. In preparing or furnishing the foregoing information to the Trustee, Certificateholders and any NIMS Insurer, the Securities Administrator shall be entitled to rely conclusively on the accuracy of the information or data regarding the Mortgage Loans and the related REO Property that has been provided to the Master Servicer by each Servicer, and the Securities Administrator shall not be obligated to verify, recompute, reconcile or recalculate any such information or data. The Securities Administrator shall be entitled to conclusively rely on the Mortgage Loan data provided by the Master Servicer and shall have no liability for any errors in such Mortgage Loan data. The information and reports described in the first paragraph of this Section 4.03(a) shall be provided to the Trustee by the Securities Administrator no later than 12:00 p.m.(noonMaster Servicer) Eastern Standard Time one Business Day as of the close of business on the last business day of the prior to calendar month: (i) the Distribution Date. total number of Mortgage Loans and the aggregate principal balances thereof, together with the number and aggregate principal balances of Mortgage Loans (a) 30-59 days delinquent, (b) Upon 60-89 days delinquent and (c) 90 or more days delinquent; (ii) the reasonable advance written request number and aggregate principal balance of any NIMS Insurer or any Certificateholder that is a savings and loan, bank or insurance company, which request, if received by the Trustee, shall be promptly forwarded to the Securities Administrator, the Securities Administrator shall provide, or cause to be provided, (or, to the extent that such information or documentation is not required to be provided by a Servicer under the applicable Servicing Agreement, shall use reasonable efforts to obtain such information and documentation from such Servicer, and provide) to any NIMS Insurer and such Certificateholder such reports and access to information and documentation regarding the Mortgage Loans as in foreclosure proceedings (and whether any NIMS Insurer or such Certificateholder may reasonably deem necessary to comply with applicable regulations Mortgage Loans are also included in any of the Office of Thrift Supervision or its successor or other regulatory authorities with respect to an investment statistics described in the Certificatesforegoing clause (i)); provided, however, that and (iii) the Securities Administrator shall be entitled number and aggregate principal balance of all Mortgage Loans relating to be reimbursed by REO Properties (and whether any such Certificateholder or Mortgage Loans are also included in any of the NIMS Insurer for statistics described in the actual expenses incurred in providing such reports foregoing clauses (i) and access(ii)). (c) Within 90 daysAnnually, or such shorter period as may be required by statute or regulation, after the end in January of each calendar year, the Trustee shall have prepared and the Trustee shall make available furnish to any NIMS Insurer and each Person who at any time during the calendar year that was a Certificateholder of record, and make available to Certificate Owners (identified as such by during the Clearing Agency) in accordance with applicable regulations, prior calendar year a report summarizing statement showing the items provided to any NIMS Insurer aggregate interest and the Certificateholders pursuant aggregate principal received by such Person with respect to Sections 4.03(a)(i) and 4.03(a)(ii) on an annual basis as may be required to enable the Certificates during the prior calendar year, together with any NIMS Insurer and such Holders to prepare their standard federal income tax returns; providedreporting form for such information, however, that this Section 4.03(c) shall not be applicable where relevant reports or summaries are required elsewhere in this Agreement. Such information shall also include the amount of original issue discount accrued on each Class of Certificates and information regarding the expenses of the Trust Fund furnished by the Master Servicer Trustee upon request pursuant to Section 6049(d)(7)(C) of the Trustee. The Trustee shall be deemed to have satisfied this requirement if it forwards such information in any other format permitted by the Code. The Master Servicer shall provide the Trustee with such information as is necessary for the Trustee to prepare such reports (Code and the Trustee may rely solely upon such information)regulations promulgated thereunder to assist the Certificateholders in computing their market discount. (d) The Securities Administrator On each Distribution Date, the Trustee shall furnish any other information that is required by the Code and regulations thereunder deliver or cause to be made delivered by first class mail or make available on its website to Certificateholders. The Master Servicer shall provide the Securities Administrator with such information as is necessary for Depositor, a copy of the Securities Administrator report delivered to prepare such reports (and the Securities Administrator may rely solely upon such information)Certificateholders pursuant to this Section 6.08.

Reports to Certificateholders. (a) On each Distribution Date, the Securities Trust Administrator shall have prepared (based solely on information provided by the Master Servicer and the Trustee or the Cap ProviderServicer) and shall make available to the Trustee, any NIMS Insurer, the Credit Risk Manager Insurer and each Certificateholder a report setting forth the following information (on the basis of Mortgage Loan level information obtained from the ServicersServicer): (i) the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates other than any Class of Notional Certificates, to the extent applicable, allocable to principal on the Mortgage Loans, including Liquidation Proceeds and Insurance Proceeds, stating separately the amount attributable to scheduled principal payments and unscheduled payments in the nature of principal; (ii) the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates allocable to interest and the calculation thereof; (iii) the amount, if any, of any distribution to the Holders of the Class P Certificates, the Class X Certificates Certificate and the Residual Certificate; (iv) (A) the aggregate amount of any Advances required to be made by or on behalf of the Servicers Servicer, the Subservicer (or the Master Servicer) with respect to such Distribution Date, (B) the aggregate amount of such Advances actually made, and (C) the amount, if any, by which (A) above exceeds (B) above; (v) by Mortgage Pool and in the aggregate, the total number of Mortgage Loans, the aggregate Scheduled Principal Balance of all the Mortgage Loans as of the close of business on the last day of the related Collection Period, after giving effect to payments allocated to principal reported under clause (i) above; (vi) the Class Principal Amount (or Class Notional Amount) of each Class of Certificates, to the extent applicable, as of such Distribution Date after giving effect to payments allocated to principal reported under clause (i) above, separately identifying any reduction of any of the foregoing Certificate Principal Amounts due to Applied Loss Amounts; (vii) the amount of any all Prepayment Premiums distributed to the Class P X Certificates; (viii) by Mortgage Pool, and in the aggregate, the amount of any Realized Losses incurred with respect to the Mortgage Loans (x) in the applicable Prepayment Period and (y) in the aggregate since the Cut-off Date; (ix) the amount of the Securities Administrator Fees, Trustee Fees, Master Servicing Fees, Credit Risk Manager’s Fees and Pool Insurance Premiums the Servicing Fees paid during the Collection Period to which such distribution relates; (x) the number and aggregate Scheduled Principal Balance of Mortgage Loans, as reported to the Securities Administrator Master Servicer by the Master ServicerServicer or Subservicer, (a) remaining outstanding (b) Delinquent 30 to 59 days on a contractual basis, (c) Delinquent 60 to 89 days on a contractual basis, (d) Delinquent 90 or more days on a contractual basis, (e) as to which foreclosure proceedings have been commenced, commenced as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs, (f) in bankruptcy and (g) that are REO Properties; (xi) the aggregate Scheduled Principal Balance of any Mortgage Loans in any Mortgage Pool with respect to which the related Mortgaged Property became a REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs; (xii) with respect to substitution of Mortgage Loans in the preceding calendar month, the Scheduled Principal Balance of each Deleted Mortgage Loan, and of each Qualifying Substitute Mortgage Loan; (xiii) the aggregate outstanding Carryforward Interest, Net Prepayment Interest Shortfalls, Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date; (xiv) the Certificate Interest Rate applicable to such Distribution Date with respect to each Class of Certificates; (xv) with respect to each Mortgage Pool, the Interest Remittance Amount and the Principal Remittance Amount applicable to such Distribution Date; (xvi) if applicable, the amount of any shortfall (i.e., the difference between the aggregate amounts of principal and interest which Certificateholders would have received if there were sufficient available amounts in the Certificate Collection Account and the amounts actually distributed); (xvii) the amount of any Overcollateralization Deficiency Amount after giving effect to the distributions made in on such Distribution Date; (xviii) the aggregate amount of any insurance claim payments received with respect to each Pool Insurance Policy during the related Collection Period, the Old Republic Undrawn Pool Insurance Policy Balance, the United Guaranty Undrawn Pool Insurance Policy Balance, the Old Republic Covered Balance and the United Guaranty Covered Balance; (xix) the level of LIBOR and the Certificate Interest Rates Rate of the Certificates; and (xxxix) the amount of any payments made by the Cap Provider to the Trust Fund under the Basis Risk Cap Agreementand the Class X Cap. In the case of information furnished pursuant to subclauses (i), (ii) and (vi) above, the amounts shall (except in the case of the report delivered to the holder of the Class X CertificatesCertificate) be expressed as a dollar amount per $1,000 of original principal amount of Certificates. The Securities Trust Administrator shall will make such report and any additional loan level information (and, at its option, any additional files containing the same information in an alternative format) available each month to the Trustee, any NIMS Insurer, Certificateholders and the Rating Agencies via the Securities Trust Administrator’s internet website. The Securities Trust Administrator’s internet website shall initially be located at “xxx.xxxxxxx.xxx[ ].” Assistance in using the website can be obtained by calling the Securities Trust Administrator’s customer service desk at 0-000-000-0000[ ]. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Securities Trust Administrator shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Securities Trust Administrator shall provide timely and adequate notification to all above parties regarding any such changes. The foregoing information and reports shall be prepared and determined by the Securities Trust Administrator based solely on Mortgage Loan data provided to the Securities Trust Administrator by the Master Servicer (in a format agreed to by the Securities Trust Administrator and the Master Servicer) no later than 12:00 p.m.(noon) Eastern Standard Time four Business Days prior to the Distribution Date. In preparing or furnishing the foregoing information to the TrusteeTrust Administrator, Certificateholders the Trustee and any NIMS Insurer, the Securities Administrator Master Servicer shall be entitled to rely conclusively on the accuracy of the information or data regarding the Mortgage Loans and the related REO Property that has been provided to the Master Servicer by each Servicerthe Servicer or the Subservicer, and the Securities Administrator Master Servicer shall not be obligated to verify, recompute, reconcile or recalculate any such information or data. The Securities Administrator Master Servicer shall be entitled to conclusively rely on the Mortgage Loan data provided by to the Master Servicer and shall have no liability for any errors in such Mortgage Loan data. The information and reports described in the first paragraph of this Section 4.03(a) shall be provided to the Trustee by the Securities Administrator no later than 12:00 p.m.(noon) Eastern Standard Time one Business Day prior to the Distribution Date. (b) Upon the reasonable advance written request of any NIMS Insurer or and any Certificateholder that is a savings and loan, bank or insurance company, which request, if received by the Trustee, shall be promptly forwarded to the Securities Trust Administrator, the Securities Trust Administrator shall provide, or cause to be provided, (or, to the extent that such information or documentation is not required to be provided by a the Servicer or the Subservicer under the applicable Servicing Agreement, shall use reasonable efforts to obtain such information and documentation from such Servicerthe Servicer or the Subservicer, and provide) to any NIMS Insurer and such Certificateholder such reports and access to information and documentation regarding the Mortgage Loans as any NIMS Insurer or such Certificateholder may reasonably deem necessary to comply with applicable regulations of the Office of Thrift Supervision or its successor or other regulatory authorities with respect to an investment in the Certificates; provided, however, that the Securities Trust Administrator shall be entitled to be reimbursed by such Certificateholder or the NIMS Insurer for the actual expenses incurred in providing such reports and access. (c) Within 90 days, or such shorter period as may be required by statute or regulation, after the end of each calendar year, the Trustee Trust Administrator shall have prepared prepare and the Trustee shall make available to any NIMS Insurer and each Person who at any time during the calendar year was a Certificateholder of record, and make available to Certificate Owners (identified as such by the Clearing Agency) in accordance with applicable regulations, a report summarizing the items provided to any NIMS Insurer and the Certificateholders pursuant to Sections 4.03(a)(i) and 4.03(a)(iiSection 4.03(a) on an annual basis as may be required to enable any NIMS Insurer and such Holders to prepare their federal income tax returns; provided, however, that this Section 4.03(c) shall not be applicable where relevant reports or summaries are required elsewhere in this Agreement. Such information shall also include the amount of original issue discount accrued on each Class of Certificates and information regarding the expenses of the Trust Fund furnished by the Master Servicer to the TrusteeFund. The Trustee Trust Administrator shall be deemed to have satisfied this requirement if it forwards such information in any other format permitted by the Code. The Master Servicer shall provide the Trustee with such information as is necessary for the Trustee to prepare such reports (and the Trustee may rely solely upon such information). (d) The Securities Administrator shall furnish any other information that is required by the Code and regulations thereunder to be made available to Certificateholders. The Master Servicer shall provide the Securities Trust Administrator with such information as is necessary for the Securities Trust Administrator to prepare such reports (and the Securities Trust Administrator may rely solely upon such information). The Trust Administrator shall provide any NIMS Insurer with the required tax information applicable to any NIMS Insurer.

Reports to Certificateholders. (a) On each Distribution Date, the Securities Administrator shall have prepared (based solely on information provided by the Master Servicer and the Trustee or the Cap ProviderCounterparty) and shall make available to the Trustee, any NIMS Insurer, the Credit Risk Manager and each Certificateholder a report setting forth the following information (on the basis of Mortgage Loan level information obtained from the Servicers): (i) the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates other than any Class of Notional Certificates, to the extent applicable, allocable to principal on the Mortgage Loans, including Liquidation Proceeds and Insurance Proceeds, stating separately the amount attributable to scheduled principal payments and unscheduled payments in the nature of principal; (ii) the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates allocable to interest and the calculation thereof; (iii) the amount, if any, of any distribution to the Holders of the Class P CertificatesCertificate, the Class X Certificates and the Residual Certificate; (A) the aggregate amount of any Advances required to be made by or on behalf of the Servicers (or the Master Servicer) with respect to such Distribution Date, (B) the aggregate amount of such Advances actually made, and (C) the amount, if any, by which (A) above exceeds (B) above; (v) by Mortgage Pool and in the aggregate, the total number of Mortgage Loans, the aggregate Scheduled Principal Balance of all the Mortgage Loans as of the close of business on the last day of the related Collection Period, after giving effect to payments allocated to principal reported under clause (i) above; (vi) the Class Principal Amount (or Class Notional Amount) of each Class of Certificates, to the extent applicable, as of such Distribution Date after giving effect to payments allocated to principal reported under clause (i) above, separately identifying any reduction of any of the foregoing Certificate Principal Amounts due to Applied Loss Amounts; (vii) the amount of any Prepayment Premiums distributed to the Class P Certificates; (viii) by Mortgage Pool and in the aggregate, the amount of any Realized Losses incurred with respect to the Mortgage Loans (x) in the applicable Prepayment Period and (y) in the aggregate since the Cut-off Date; (ix) the amount of the Servicing Fees, Securities Administrator Fees, Trustee Fees, Servicing Fees, Credit Risk Manager’s Fees and Pool PMI Insurance Premiums paid during the Collection Period to which such distribution relates; (x) the number and aggregate Scheduled Principal Balance of Mortgage Loans, as reported to the Securities Administrator by the Master Servicer, (a) remaining outstanding (b) Delinquent 30 to 59 days on a contractual basis, (c) Delinquent 60 to 89 days on a contractual basis, (d) Delinquent 90 or more days on a contractual basis, (e) as to which foreclosure proceedings have been commenced, all as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs, (f) in bankruptcy and (g) that are REO Properties; (xi) the aggregate Scheduled Principal Balance of any Mortgage Loans in any Mortgage Pool with respect to which the related Mortgaged Property became a REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs; (xii) with respect to substitution of Mortgage Loans in the preceding calendar month, the Scheduled Principal Balance of each Deleted Mortgage Loan, and of each Qualifying Substitute Mortgage Loan; (xiii) the aggregate outstanding Carryforward Interest, Net Prepayment Interest Shortfalls, Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date; (xiv) the Certificate Interest Rate applicable to such Distribution Date with respect to each Class of Certificates; (xv) with respect to each Mortgage Pool, the Interest Remittance Amount and the Principal Remittance Amount applicable to such Distribution Date; (xvi) if applicable, the amount of any shortfall (i.e., the difference between the aggregate amounts of principal and interest which Certificateholders would have received if there were sufficient available amounts in the Certificate Account and the amounts actually distributed); (xvii) the amount of any Overcollateralization Deficiency Amount after giving effect to the distributions made in such Distribution Date; (xviii) the aggregate amount of any insurance claim payments received with respect to each Pool Insurance the Bulk PMI Policy and any LPMI Policy during the related Collection Period, the Old Republic Undrawn Pool Insurance Policy Balance, the United Guaranty Undrawn Pool Insurance Policy Balance, the Old Republic Covered Balance and the United Guaranty Covered Balance; (xix) the level of LIBOR and the Certificate Interest Rates Rate of the Certificates; (xx) Based upon information provided by the Depositor, the aggregate principal balance of any Subsequent Mortgage Loans acquired by the Trust Fund in the preceding Collection Period and based upon information provided by the Trustee, the amount of funds remaining in each Pre-Funding Account (after taking into account such acquisition); and the amount of funds remaining in the Capitalized Interest Account (after giving effect to distributions on such Distribution Date); and (xxxxi) the amount of any payments made by the Cap Provider Counterparty to the Trust Fund under the Cap Agreement. In the case of information furnished pursuant to subclauses (i), (ii) and (vi) above, the amounts shall also (except in the case of the report delivered to the holder of the Class X Certificates) be expressed as a dollar amount per $1,000 of original principal amount of Certificates. The Securities Administrator shall make such report and any additional loan level information (and, at its option, any additional files containing the same information in an alternative format) available each month to the Trustee, any NIMS Insurer, Certificateholders and the Rating Agencies via the Securities Administrator’s internet website. The Securities Administrator’s internet website shall initially be located at “xxx.xxxxxxx.xxx.” Assistance in using the website can be obtained by calling the Securities Administrator’s customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Securities Administrator shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. The foregoing information and reports shall be prepared and determined by the Securities Administrator based solely on Mortgage Loan data provided to the Securities Administrator by the Master Servicer (in a format agreed to by the Securities Administrator and the Master Servicer) no later than 12:00 p.m.(noon) p.m. Eastern Standard Time four Business Days prior to the Distribution Date. In preparing or furnishing the foregoing information to the Trustee, Certificateholders and any NIMS Insurer, the Securities Administrator shall be entitled to rely conclusively on the accuracy of the information or data regarding the Mortgage Loans and the related REO Property that has been provided to the Master Servicer by each Servicer, and the Securities Administrator shall not be obligated to verify, recompute, reconcile or recalculate any such information or data. The Securities Administrator shall be entitled to conclusively rely on the Mortgage Loan data provided by the Master Servicer and shall have no liability for any errors in such Mortgage Loan data. The information and reports described in the first paragraph of this Section 4.03(a) shall be provided to the Trustee by the Securities Administrator no later than 12:00 p.m.(noon) p.m. Eastern Standard Time one Business Day prior to the Distribution Date. (b) Upon the reasonable advance written request of any NIMS Insurer or any Certificateholder that is a savings and loan, bank or insurance company, which request, if received by the Trustee, shall be promptly forwarded to the Securities Administrator, the Securities Administrator shall provide, or cause to be provided, (or, to the extent that such information or documentation is not required to be provided by a Servicer under the applicable Servicing Agreement, shall use reasonable efforts to obtain such information and documentation from such Servicer, and provide) to any NIMS Insurer and such Certificateholder such reports and access to information and documentation regarding the Mortgage Loans as any NIMS Insurer or such Certificateholder may reasonably deem necessary to comply with applicable regulations of the Office of Thrift Supervision or its successor or other regulatory authorities with respect to an investment in the Certificates; provided, however, that the Securities Administrator shall be entitled to be reimbursed by such Certificateholder or the NIMS Insurer for the actual expenses incurred in providing such reports and access. (c) Within 90 days, or such shorter period as may be required by statute or regulation, after the end of each calendar year, the Trustee shall have prepared and the Trustee shall make available to any NIMS Insurer and each Person who at any time during the calendar year was a Certificateholder of record, and make available to Certificate Owners (identified as such by the Clearing Agency) in accordance with applicable regulations, a report summarizing the items provided to any NIMS Insurer and the Certificateholders pursuant to Sections 4.03(a)(i) and 4.03(a)(ii) on an annual basis as may be required to enable any NIMS Insurer and such Holders to prepare their federal income tax returns; provided, however, that this Section 4.03(c) shall not be applicable where relevant reports or summaries are required elsewhere in this Agreement. Such information shall also include the amount of original issue discount accrued on each Class of Certificates and information regarding the expenses of the Trust Fund furnished by the Master Servicer to the Trustee. The Trustee shall be deemed to have satisfied this requirement if it forwards such information in any other format permitted by the Code. The Master Servicer shall provide the Trustee with such information as is necessary for the Trustee to prepare such reports (and the Trustee may rely solely upon such information). (d) The Securities Administrator shall furnish any other information that is required by the Code and regulations thereunder to be made available to Certificateholders. The Master Servicer shall provide the Securities Administrator with such information as is necessary for the Securities Administrator to prepare such reports (and the Securities Administrator may rely solely upon such information).

Reports to Certificateholders. (a) On the Business Day next following each Distribution Date, the Securities Administrator Trustee shall have prepared (based solely on information provided by forward or cause to be forwarded to the Master Servicer Depositor, each Certificateholder, the Option Agent and the Trustee or New York Stock Exchange (or, if the Cap Provider) and shall make available to the Trustee, any NIMS Insurer, the Credit Risk Manager and each Certificateholder a report setting forth the following information (Class A-1 Certificates are no longer listed on the basis of Mortgage Loan level information obtained from New York Stock Exchange, to any exchange or securities trading system on which the Servicers):Class A-1 Certificates are then listed or quoted), a statement setting forth: (ia) the aggregate amount of the distribution to be made on such Distribution Date to the Holders Certificateholders of each Class of Certificates other than any Class of Notional Certificates, to the extent applicable, allocable to principal on the Mortgage Loans, including Liquidation Proceeds of and Insurance Proceeds, stating separately the amount attributable to scheduled principal payments and unscheduled payments in the nature of principal; (ii) the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates allocable to interest and the calculation thereof; (iii) the amountpremium, if any, and interest on the Certificates of any distribution to the Holders of the Class P Certificates, the Class X Certificates and the Residual Certificate; (A) the aggregate amount of any Advances required to be made by or on behalf of the Servicers (or the Master Servicer) with respect to each such Distribution Date, (B) the aggregate amount of such Advances actually madeClass, and (C) the amount, if any, by which (A) above exceeds (B) above; (v) the total number of Mortgage Loans, the aggregate Scheduled Principal Balance of all the Mortgage Loans as of the close of business on the last day of the related Collection Period, after giving effect to payments allocated to principal reported under clause (i) above; (vi) the Class Principal Amount (or Class Notional Amount) of each Class of Certificates, to the extent applicable, as of such Distribution Date after giving effect to payments allocated to principal reported under clause (i) above, separately identifying any reduction of any of the foregoing Certificate Principal Amounts due to Applied Loss Amounts; (vii) the amount of any Prepayment Premiums distributed to the Class P Certificates; (viii) the amount of any Realized Losses incurred with respect to the Mortgage Loans (x) in the applicable Prepayment Period and (y) in the aggregate since the Cut-off Date; (ix) the amount of the Securities Administrator Fees, Trustee Fees, Servicing Fees, Credit Risk Manager’s Fees and Pool Insurance Premiums paid during the Collection Period to which such distribution relates; (x) the number and aggregate Scheduled Principal Balance of Mortgage Loans, as reported to the Securities Administrator by the Master Servicer, (a) remaining outstanding (b) Delinquent 30 to 59 days on a contractual basis, (c) Delinquent 60 to 89 days on a contractual basis, (d) Delinquent 90 or more days on a contractual basis, (e) as to which foreclosure proceedings have been commenced, unpaid interest accrued as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs, (f) in bankruptcy and (g) that are REO Properties; (xi) the aggregate Scheduled Principal Balance of any Mortgage Loans with respect to which the related Mortgaged Property became a REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs; (xii) with respect to substitution of Mortgage Loans in the preceding calendar month, the Scheduled Principal Balance of each Deleted Mortgage Loan, and of each Qualifying Substitute Mortgage Loan; (xiii) the aggregate outstanding Carryforward Interest, Net Prepayment Interest Shortfalls, Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date; (xivb) the Certificate Interest Rate applicable to such Distribution Date with respect to aggregate stated principal amount of the Underlying Securities, the current rating assigned by each Class of Certificates; (xv) the Interest Remittance Amount Rating Agency thereto and the Principal Remittance Amount applicable to current interest rate thereon at the close of business on such Distribution Date; (xvi) if applicable, the amount of any shortfall (i.e., the difference between the aggregate amounts of principal and interest which Certificateholders would have received if there were sufficient available amounts in the Certificate Account and the amounts actually distributed); (xvii) the amount of any Overcollateralization Deficiency Amount after giving effect to the distributions made in such Distribution Date; (xviii) the aggregate amount of any insurance claim payments received with respect to each Pool Insurance Policy during the related Collection Period, the Old Republic Undrawn Pool Insurance Policy Balance, the United Guaranty Undrawn Pool Insurance Policy Balance, the Old Republic Covered Balance and the United Guaranty Covered Balance; (xix) the level of LIBOR and the Certificate Interest Rates of the Certificates; and (xxc) the amount aggregate Certificate Principal Balance of any payments made by the Cap Provider to Class A-1 Certificates and the Trust Fund under Aggregate Certificate Notional Amount of Class B-1 Certificates at the Cap Agreementclose of business on such Distribution Date. In the case of information furnished pursuant to subclauses subclause (i), (ii) and (via) above, the amounts shall (except in the case of the report delivered to the holder of the Class X Certificates) be expressed as a dollar amount per $1,000 minimum authorized denomination of original principal amount each class of Certificates. The Securities Administrator shall make such report and any additional loan level information (and, at its option, any additional files containing the same information in an alternative format) available each month to the Trustee, any NIMS Insurer, Certificateholders and the Rating Agencies via the Securities Administrator’s internet website. The Securities Administrator’s internet website shall initially be located at “xxx.xxxxxxx.xxx.” Assistance in using the website can be obtained by calling the Securities Administrator’s customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have Within a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Securities Administrator shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. The foregoing information and reports shall be prepared and determined by the Securities Administrator based solely on Mortgage Loan data provided to the Securities Administrator by the Master Servicer (in a format agreed to by the Securities Administrator and the Master Servicer) no later than 12:00 p.m.(noon) Eastern Standard Time four Business Days prior to the Distribution Date. In preparing or furnishing the foregoing information to the Trustee, Certificateholders and any NIMS Insurer, the Securities Administrator shall be entitled to rely conclusively on the accuracy reasonable period of the information or data regarding the Mortgage Loans and the related REO Property that has been provided to the Master Servicer by each Servicer, and the Securities Administrator shall not be obligated to verify, recompute, reconcile or recalculate any such information or data. The Securities Administrator shall be entitled to conclusively rely on the Mortgage Loan data provided by the Master Servicer and shall have no liability for any errors in such Mortgage Loan data. The information and reports described in the first paragraph of this Section 4.03(a) shall be provided to the Trustee by the Securities Administrator no later than 12:00 p.m.(noon) Eastern Standard Time one Business Day prior to the Distribution Date. (b) Upon the reasonable advance written request of any NIMS Insurer or any Certificateholder that is a savings and loan, bank or insurance company, which request, if received by the Trustee, shall be promptly forwarded to the Securities Administrator, the Securities Administrator shall provide, or cause to be provided, (or, to the extent that such information or documentation is not required to be provided by a Servicer under the applicable Servicing Agreement, shall use reasonable efforts to obtain such information and documentation from such Servicer, and provide) to any NIMS Insurer and such Certificateholder such reports and access to information and documentation regarding the Mortgage Loans as any NIMS Insurer or such Certificateholder may reasonably deem necessary to comply with applicable regulations of the Office of Thrift Supervision or its successor or other regulatory authorities with respect to an investment in the Certificates; provided, however, that the Securities Administrator shall be entitled to be reimbursed by such Certificateholder or the NIMS Insurer for the actual expenses incurred in providing such reports and access. (c) Within 90 days, or such shorter period as may be required by statute or regulation, time after the end of each calendar year, the Trustee shall have prepared and the Trustee shall make available furnish to any NIMS Insurer and each Person person who at any time during the such calendar year was a Certificateholder of record, and make available to Certificate Owners a statement containing the information set forth in subclauses (identified as such by the Clearing Agency) in accordance with applicable regulations, a report summarizing the items provided to any NIMS Insurer and the Certificateholders pursuant to Sections 4.03(a)(ia) and 4.03(a)(ii(b) on an annual basis as may be required to enable any NIMS Insurer and above, aggregated for such Holders to prepare their federal income tax returns; provided, however, that this Section 4.03(c) shall not be calendar year or the applicable where relevant reports or summaries are required elsewhere in this Agreementportion thereof during which such person was a Certificateholder. Such information shall also include the amount of original issue discount accrued on each Class of Certificates and information regarding the expenses obligation of the Trust Fund furnished by the Master Servicer to the Trustee. The Trustee shall be deemed to have been satisfied this requirement if it forwards such to the extent that substantially comparable information in any other format permitted shall be provided by the CodeTrustee pursuant to any requirements of the Code as are from time to time in effect. The Master Servicer shall provide In the Trustee with such information as is necessary for case of the Trustee rating furnished pursuant to prepare such reports subclause (and b) above, the Trustee may rely solely upon on an information agent such information). (d) The Securities Administrator shall furnish any other information that is required by the Code and regulations thereunder to be made available to Certificateholders. The Master Servicer shall provide the Securities Administrator with such information as is necessary for the Securities Administrator to prepare such reports (and the Securities Administrator may rely solely upon such information).Bloomberg L.P.

Reports to Certificateholders. (a) On each Distribution Date, the Securities Administrator Trustee shall have prepared (based solely on information provided by the Master Servicer and the Trustee or the Cap Provider) and shall make available to the Trustee, any NIMS InsurerDepositor, the Credit Risk Manager Rating Agencies and each Certificateholder a written report setting forth the following information (on the basis of Mortgage Loan level information obtained from the ServicersServicer pursuant to the Servicing Agreement): (ia) the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates other than any Class of Notional Certificates, to the extent applicable, allocable to principal on the Mortgage Loans, including Liquidation Proceeds and Insurance Proceeds, stating separately the amount attributable to scheduled principal payments and unscheduled payments in the nature of principal; (iib) the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates allocable to interest and the calculation thereof; (iiic) the amount, if any, of any distribution distributions to the Holders of the Class P CertificatesP, Class OC and Class R Certificates on such Distribution Date, stated separately, and the aggregate amounts, if any, of distributions to the Holders of the Class X P, Class OC and Class R Certificates and the Residual Certificateon all Distribution Dates, stated separately; (Ad) the aggregate amount of any P&I Advances required to be made by or on behalf of the Servicers (or the Master Servicer) Servicer with respect to such Distribution Date, (B) the aggregate amount of such Advances actually made, and (C) the amount, if any, by which (A) above exceeds (B) above; (ve) the total number of Mortgage Loans, the aggregate Scheduled Stated Principal Balance of all the Mortgage Loans as of the close of business on the last day of the related Collection Due Period, after giving effect to payments allocated to principal reported under clause (ia) above; (vif) the Class Principal Amount (or Class Notional Amount) Balance of each Class of Certificates, to the extent applicable, as of such Distribution Date after giving effect to payments allocated to principal reported under clause (i) above, separately identifying any reduction of any of the foregoing Certificate Class Principal Amounts Balances due to Applied Loss AmountsRealized Losses; (viig) the amount of any Prepayment Premiums Penalties distributed to the Class P Certificates; (viiih) the amount of any Realized Losses incurred with respect to the Mortgage Loans (x) in the applicable Prepayment Period and (y) in the aggregate since the Cut-off Date; (ixi) the amount of the Securities Administrator Fees, Trustee Fees, Servicing Fees, Credit Risk Manager’s Fees and Pool Insurance Premiums paid or retained by the Servicer during the Collection Due Period to which such distribution relates; (xj) the number and aggregate Scheduled Stated Principal Balance of Mortgage Loans, as reported to the Securities Administrator Trustee by the Master Servicer, (a) remaining outstanding (b) Delinquent 30 to 59 days on a contractual basis, (c) Delinquent 60 to 89 days on a contractual basis, (d) Delinquent 90 or more days on a contractual basis, (e) as to which foreclosure proceedings have been commenced, each as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs, (f) in bankruptcy and (g) that are REO Properties, (h) that are Charged-off Loans and (i) that are Released Mortgage Loans; (xik) the aggregate Scheduled Stated Principal Balance of any Mortgage Loans with respect to which the related Mortgaged Property became a REO Property Property, each as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs; (xiil) with respect to substitution of Mortgage Loans in the preceding calendar month, the Scheduled Stated Principal Balance of each Deleted Mortgage Loan, and of each Qualifying Substitute Replacement Mortgage Loan; (xiiim) the aggregate outstanding Interest Carryforward InterestAmount, Net Prepayment Interest Shortfalls, Shortfalls and Basis Risk Shortfalls and Unpaid Basis Risk ShortfallsCarryforward Amount, if any, for each applicable Class of Certificates, after giving effect to the distribution distributions made on such Distribution Date; (xivn) the Certificate Interest Pass-Through Rate applicable to such Distribution Date with respect to each Class of CertificatesCertificates (with a notation if such Pass-Through Rate reflects the application of the Net WAC Cap); (xvo) the Available Distribution Amount, the Interest Remittance Amount and Amount, the Principal Remittance Distribution Amount applicable to such Distribution Date; (xvip) if applicable, the amount of any shortfall (i.e., the difference between the aggregate amounts of principal and interest which Certificateholders would have received if there were sufficient available amounts in the Certificate Distribution Account and the amounts actually distributed); (xviiq) the amount of any Overcollateralization Deficiency Overcollateralized Amount after giving effect to the distributions made in on such Distribution Date; (xviiir) the aggregate amount of any insurance claim payments received with respect Overcollateralization Increase Amount after giving effect to each Pool Insurance Policy during the related Collection Period, the Old Republic Undrawn Pool Insurance Policy Balance, the United Guaranty Undrawn Pool Insurance Policy Balance, the Old Republic Covered Balance and the United Guaranty Covered Balance;distributions made on such Distribution Date; and (xixs) the level of LIBOR for such Distribution Date and the Certificate Interest Rates level of LIBOR for the Certificates; and (xx) the amount of any payments made by the Cap Provider to the Trust Fund under the Cap Agreement. In the case of information furnished pursuant to subclauses (i), (ii) and (vi) above, the amounts shall (except in the case of the report delivered to the holder of the Class X Certificates) be expressed as a dollar amount per $1,000 of original principal amount of Certificatesfollowing Distribution Date. The Securities Administrator Trustee shall make such report and any additional loan level information (and, at its option, any additional files containing the same information in an alternative format) reports available each month to the Trustee, any NIMS Insurer, Certificateholders and the Rating Agencies via the Securities Administrator’s internet websiteits website at xxx.xxxxxxxx.xxx. The Securities Administrator’s internet website shall initially be located at “xxx.xxxxxxx.xxx.” Assistance in using the website can may be obtained by calling the Securities AdministratorTrustee’s customer service desk at 0-(000-) 000-0000. Such Certificateholders and other parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling contacting the customer service desk Trustee and indicating such. The Securities Administrator shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. The foregoing information and reports shall be prepared and determined by the Securities Administrator based solely on Mortgage Loan data provided to the Securities Administrator by the Master Servicer (in a format agreed to by the Securities Administrator and the Master Servicer) no later than 12:00 p.m.(noon) Eastern Standard Time four Business Days prior to the Distribution Date. In preparing or furnishing the foregoing information to the Trustee, Certificateholders and any NIMS Insurerreports, the Securities Administrator Trustee shall be entitled to rely conclusively on the accuracy and completeness of the information or data regarding the Mortgage Loans and the related REO Property Properties that has been provided to the Master Servicer Trustee by each the Servicer, without any independent investigation, and the Securities Administrator Trustee shall not be obligated to verify, recompute, reconcile or recalculate any such information or data. The Securities Administrator shall be entitled to conclusively rely on the Mortgage Loan data provided by the Master Servicer and shall have no liability for any errors in such Mortgage Loan data. The information and reports described in the first paragraph of this Section 4.03(a) shall be provided to the Trustee by the Securities Administrator no later than 12:00 p.m.(noon) Eastern Standard Time one Business Day prior to the Distribution Date. (b) Upon the reasonable advance written request of any NIMS Insurer or any Certificateholder that is a savings and loan, bank or insurance company, which request, if received by the Trustee, shall be promptly forwarded to the Securities Administrator, the Securities Administrator Trustee shall provide, or cause to be provided, (or, to the extent that such information or documentation is not required to be provided by a the Servicer under the applicable Servicing Agreement, shall use reasonable efforts to obtain such information and documentation from such the Servicer, and provide) to any NIMS Insurer and such Certificateholder Certificateholders such reports and access to information and documentation regarding the Mortgage Loans as any NIMS Insurer or such Certificateholder Certificateholders may reasonably deem necessary to comply with applicable regulations of the Office of Thrift Supervision or its successor or other regulatory authorities with respect to an investment in the Certificates; provided, however, that the Securities Administrator Trustee shall be entitled to be reimbursed by such Certificateholder or the NIMS Insurer Certificateholders for the Trustee’s actual expenses incurred in providing such reports and access. (c) Within 90 days, or such shorter period as may be required by statute or regulation, after the end of each calendar year, the Trustee shall have prepared and the Trustee shall make available to any NIMS Insurer and each Person who at any time during the calendar year was a Certificateholder of record, and make available to Certificate Owners (identified as such by the Clearing Agency) in accordance with applicable regulations, a report summarizing the items provided to any NIMS Insurer and the Certificateholders pursuant to Sections 4.03(a)(i) and 4.03(a)(ii) on an annual basis as may be required to enable any NIMS Insurer and such Holders to prepare their federal income tax returns; provided, however, that this Section 4.03(c) shall not be applicable where relevant reports or summaries are required elsewhere in this Agreement. Such information shall also include the amount of original issue discount accrued on each Class of Certificates and information regarding the expenses of the Trust Fund furnished by the Master Servicer to the Trustee. The Trustee shall be deemed to have satisfied this requirement if it forwards such information in any other format permitted by the Code. The Master Servicer shall provide the Trustee with such information as is necessary for the Trustee to prepare such reports (and the Trustee may rely solely upon such information). (d) The Securities Administrator shall furnish any other information that is required by the Code and regulations thereunder to be made available to Certificateholders. The Master Servicer shall provide the Securities Administrator with such information as is necessary for the Securities Administrator to prepare such reports (and the Securities Administrator may rely solely upon such information).

Reports to Certificateholders. (a) On each Distribution Date, concurrently with the Securities Administrator distribution to the Certificateholders, the Trustee shall have prepared (furnish to the Certificateholders, the Depositor and each Rating Agency, a report, based solely on information provided to the Trustee by the Master Servicer and in the Trustee or the Cap Provider) and shall make available to the TrusteeMaster Servicer’s Monthly Report, any NIMS Insurer, the Credit Risk Manager and each Certificateholder a report setting forth containing the following information (on the basis of Mortgage Loan level information obtained from the Servicers):information: (i) the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates other than any Class of Notional Certificates, to the extent applicable, allocable to principal on the Mortgage Loans, including Liquidation Proceeds and Insurance Proceeds, stating separately the amount attributable to scheduled principal payments and unscheduled payments in the nature of principal; (ii) the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates allocable to interest and the calculation thereof; (iii) the amount, if any, of any distribution to the Holders of the Class P Certificates, the Class X Certificates and the Residual Certificate; (A) the aggregate amount of any Advances required to be made by or on behalf of the Servicers (or the Master Servicer) with respect to such Distribution Date, (B) the aggregate amount of such Advances actually made, and (C) the amount, if any, by which (A) above exceeds (B) above; (v) the total number of Mortgage Loans, the aggregate Scheduled Principal Balance of all the Mortgage Loans as of the close of business on the last day of the related Collection Period, after giving effect to payments allocated to principal reported under clause (i) above; (vi) the Class Principal Amount (or Class Notional Amount) of each Class of Certificates, to the extent applicable, as of such Distribution Date after giving effect to payments allocated to principal reported under clause (i) above, separately identifying any reduction of any of the foregoing Certificate Principal Amounts due to Applied Loss Amounts; (vii) the amount of any Prepayment Premiums distributed to the Class P Certificates; (viii) the amount of any Realized Losses incurred with respect to the Mortgage Loans (x) in the applicable Prepayment Period and (y) in the aggregate since the Cut-off Date; (ix) the amount of the Securities Administrator Fees, Trustee Fees, Servicing Fees, Credit Risk Manager’s Fees and Pool Insurance Premiums paid during the Collection Period to which such distribution relates; (x) the number and aggregate Scheduled Principal Balance of Mortgage Loans, as reported to the Securities Administrator by the Master Servicer, (a) remaining outstanding (b) Delinquent 30 to 59 days on a contractual basis, (c) Delinquent 60 to 89 days on a contractual basis, (d) Delinquent 90 or more days on a contractual basis, (e) as to which foreclosure proceedings have been commenced, as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs, (f) in bankruptcy and (g) that are REO Properties; (xi) the aggregate Scheduled Principal Balance of any Mortgage Loans with respect to which the related Mortgaged Property became a REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs; (xii) with respect to substitution of Mortgage Loans in the preceding calendar month, the Scheduled Principal Balance of each Deleted Mortgage Loan, and of each Qualifying Substitute Mortgage Loan; (xiii) the aggregate outstanding Carryforward Interest, Net Prepayment Interest Shortfalls, Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date; (xiv) the Certificate Interest Rate applicable to such Distribution Date with respect to each Class of Certificates; (xvii) the Interest Remittance Amount and amount of such distributions allocable to principal, separately identifying the aggregate amount of any prepayments or other unscheduled recoveries of principal included therein; (iii) the amount of such distributions allocable to interest; (iv) the Class Principal Remittance Amount applicable Balance (or Class Notional Balance) for each Class of Certificates as of such Distribution Date together with the principal amount or notional amount of the Certificates of the related Class (based on a Certificate in the original principal amount or notional amount of $1,000) then outstanding, in each case after giving effect to any payment of principal on such Distribution Date; (xviv) the level of LIBOR and the Interest Rates applicable to the LIBOR Certificates for such Distribution Date; (vi) if applicable, a statement that interest distributable on one or more Classes of Certificates on such Distribution Date represents interest accrued on such Classes at a rate equal to the Class A Available Funds Cap or the Subordinate Available Funds Cap, as applicable; (vii) the Pool Balance as of such Distribution Date; (viii) the Overcollateralization Amount for such Distribution Date; (ix) the amount of any shortfall Delinquency Advances for such Distribution Date, and the amount of any Outstanding Advances in respect of Delinquency Advances remaining after such Distribution Date; the amount of any Purchase Prices deposited into the Collection Account; (i.e.x) the amount of current and cumulative Realized Losses on the Mortgage Loans; (xi) the number of Mortgagor bankruptcies; (xii) the number of Mortgage Loans and the aggregate Principal Balance thereof that were repurchased by the Seller or Depositor pursuant Section 2.03 hereof during the one-month period immediately preceding the related Determination Date; (xiii) the amount of any Realized Losses applied to any Class of Certificates on such Distribution Date; (xiv) the amount of any Basis Risk Shortfall with respect to any Class of Certificates; (xv) the amount of any shortfalls in distributions of interest with respect to each Class of Certificates on such Distribution Date and the cumulative amount of any unreimbursed shortfalls in distributions of interest from prior Distribution Dates; (xvi) the amount of Servicing Fees, the difference between Master Servicing Fee, the aggregate amounts of principal and interest which Certificateholders would have received if there were sufficient available amounts in Trustee Fee, the Certificate Account Custodian Fee and the amounts actually distributed);Pool PMI Insurance Premium paid with respect to such Distribution Date; and (xvii) the amount of any Overcollateralization Deficiency Amount after giving effect to the distributions made in such Distribution Date; (xviii) the aggregate amount of any insurance claim payments received with respect to each Pool Insurance Policy during the related Collection Period, the Old Republic Undrawn Pool Insurance Policy Balance, the United Guaranty Undrawn Pool Insurance Policy Balance, the Old Republic Covered Balance and the United Guaranty Covered Balance; (xix) the level of LIBOR and the Certificate Interest Rates of the Certificates; and (xx) the amount of any payments made by the Cap Provider to the Trust Fund under the Cap Agreement. In Items (i) through (iii) above shall, with respect to the case Certificates be presented on the basis of a Certificate having an original $1,000 denomination and on an aggregate basis. The Trustee may, at its option, make the information furnished set forth above available each month to Certificateholders and the parties to this Agreement via the Trustee’s internet website. Access to this service shall be limited to Persons with valid passwords. The Trustee shall provide such information by mail to any Certificateholder that requests paper copies. Each calendar year following any year during which the Certificates are outstanding, the Trustee shall furnish a report to each Certificateholder of record at any time during such calendar year as to the aggregate of amounts reported pursuant to subclauses items (i), (ii) and (viiii) aboveabove with respect to the related Certificates for such calendar year. (b) In addition, on each Distribution Date the Trustee will distribute to each Certificateholder (which shall be the Depository Trust Company as long as the Certificates are in book-entry form), the amounts shall (except in the case of the report delivered to the holder of the Class X Certificates) be expressed as a dollar amount per $1,000 of original principal amount of Certificates. The Securities Administrator shall make such report and any additional loan level following information (and, at its option, any additional files containing the same based upon information in an alternative format) available each month to the Trustee, any NIMS Insurer, Certificateholders and the Rating Agencies via the Securities Administrator’s internet website. The Securities Administrator’s internet website shall initially be located at “xxx.xxxxxxx.xxx.” Assistance in using the website can be obtained by calling the Securities Administrator’s customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Securities Administrator shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. The foregoing information and reports shall be prepared and determined by the Securities Administrator based solely on Mortgage Loan data provided to the Securities Administrator by the Master Servicer (in a format agreed to by the Securities Administrator and the Master Servicer) no later than 12:00 p.m.(noon) Eastern Standard Time four Business Days prior to the Distribution Date. In preparing or furnishing the foregoing information to the Trustee, Certificateholders and any NIMS Insurer, the Securities Administrator shall be entitled to rely conclusively on the accuracy of the information or data regarding the Mortgage Loans and the related REO Property that has been provided to the Master Servicer by each Servicer, and the Securities Administrator shall not be obligated to verify, recompute, reconcile or recalculate any such information or data. The Securities Administrator shall be entitled to conclusively rely on the Mortgage Loan data provided by the Master Servicer and shall have no liability for any errors in such Mortgage Loan data. The information and reports described in the first paragraph of this Section 4.03(a) shall be provided to the Trustee by the Securities Administrator no later than 12:00 p.m.(noonMaster Servicer) Eastern Standard Time one Business Day as of the close of business on the last business day of the prior to calendar month: (i) the Distribution Date. total number of Mortgage Loans and the aggregate principal balances thereof, together with the number and aggregate principal balances of Mortgage Loans (a) 30-59 days delinquent, (b) Upon 60-89 days delinquent and (c) 90 or more days delinquent; (ii) the reasonable advance written request number and aggregate principal balance of any NIMS Insurer or any Certificateholder that is a savings and loan, bank or insurance company, which request, if received by the Trustee, shall be promptly forwarded to the Securities Administrator, the Securities Administrator shall provide, or cause to be provided, (or, to the extent that such information or documentation is not required to be provided by a Servicer under the applicable Servicing Agreement, shall use reasonable efforts to obtain such information and documentation from such Servicer, and provide) to any NIMS Insurer and such Certificateholder such reports and access to information and documentation regarding the Mortgage Loans as in foreclosure proceedings (and whether any NIMS Insurer or such Certificateholder may reasonably deem necessary to comply with applicable regulations Mortgage Loans are also included in any of the Office of Thrift Supervision or its successor or other regulatory authorities with respect to an investment statistics described in the Certificatesforegoing clause (i)); provided, however, that and (iii) the Securities Administrator shall be entitled number and aggregate principal balance of all Mortgage Loans relating to be reimbursed by REO Properties (and whether any such Certificateholder or Mortgage Loans are also included in any of the NIMS Insurer for statistics described in the actual expenses incurred in providing such reports foregoing clauses (i) and access(ii)). (c) Within 90 daysAnnually, or such shorter period as may be required by statute or regulation, after the end in January of each calendar year, the Trustee shall have prepared and the Trustee shall make available furnish to any NIMS Insurer and each Person who at any time during the calendar year that was a Certificateholder of record, and make available to Certificate Owners (identified as such by during the Clearing Agency) in accordance with applicable regulations, prior calendar year a report summarizing statement showing the items provided to any NIMS Insurer aggregate interest and the Certificateholders pursuant aggregate principal received by such Person with respect to Sections 4.03(a)(i) and 4.03(a)(ii) on an annual basis as may be required to enable the Certificates during the prior calendar year, together with any NIMS Insurer and such Holders to prepare their standard federal income tax returns; providedreporting form for such information, however, that this Section 4.03(c) shall not be applicable where relevant reports or summaries are required elsewhere in this Agreement. Such information shall also include the amount of original issue discount accrued on each Class of Certificates and information regarding the expenses of the Trust Fund furnished by the Master Servicer Trustee upon request pursuant to the Trustee. The Trustee shall be deemed to have satisfied this requirement if it forwards such information in any other format permitted by the Code. The Master Servicer shall provide the Trustee with such information as is necessary for the Trustee to prepare such reports (and the Trustee may rely solely upon such information). (dSection 6049(d)(7)(C) The Securities Administrator shall furnish any other information that is required by of the Code and the regulations promulgated thereunder to be made available to Certificateholders. The Master Servicer shall provide assist the Securities Administrator with such information as is necessary for the Securities Administrator to prepare such reports (and the Securities Administrator may rely solely upon such information)Certificateholders in computing their market discount.

Reports to Certificateholders. (a) On the Business Day next succeeding each Distribution Date, the Securities Administrator Trustee shall have prepared (based solely on information provided by the Master Servicer and the Trustee forward or the Cap Provider) and shall make available cause to be forwarded to the Trustee, any NIMS Insurer, the Credit Risk Manager Depositor and each Certificateholder a report statement setting forth the following information (on the basis of Mortgage Loan level information obtained from the Servicers):forth: (i) the aggregate amount of the distribution distributions to be made on such Distribution Date to the Holders of each Class of Certificates other than any Class of Notional Certificates, to the extent applicable, Certificateholders allocable to principal on the Mortgage Loans, including Liquidation Proceeds and Insurance Proceeds, stating separately the amount attributable to scheduled principal payments and unscheduled payments in the nature or interest portion of principalAvailable Funds; (ii) the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates allocable to interest and the calculation thereof; (iii) the amount, if any, of any distribution to the Holders of the Class P Certificates, the Class X Certificates and the Residual Certificate; (A) the aggregate amount of any Advances required to be made by or on behalf of the Servicers (or the Master Servicer) with respect to such Distribution Date, (B) the aggregate amount of such Advances actually made, and (C) the amount, if any, by which (A) above exceeds (B) above; (v) the total number of Mortgage Loans, the aggregate Scheduled Certificate Principal Balance of all the Mortgage Loans as of at the close of business on the last day of the related Collection Period, after giving effect to payments allocated to principal reported under clause (i) above; (vi) the Class Principal Amount (or Class Notional Amount) of each Class of Certificates, to the extent applicable, as of such Distribution Date after giving effect to payments allocated to principal reported under clause (i) above, separately identifying any reduction of any of the foregoing Certificate Principal Amounts due to Applied Loss Amounts; (vii) the amount of any Prepayment Premiums distributed to the Class P Certificates; (viii) the amount of any Realized Losses incurred with respect to the Mortgage Loans (x) in the applicable Prepayment Period and (y) in the aggregate since the Cut-off Date; (ix) the amount of the Securities Administrator Fees, Trustee Fees, Servicing Fees, Credit Risk Manager’s Fees and Pool Insurance Premiums paid during the Collection Period to which such distribution relates; (x) the number and aggregate Scheduled Principal Balance of Mortgage Loans, as reported to the Securities Administrator by the Master Servicer, (a) remaining outstanding (b) Delinquent 30 to 59 days on a contractual basis, (c) Delinquent 60 to 89 days on a contractual basis, (d) Delinquent 90 or more days on a contractual basis, (e) as to which foreclosure proceedings have been commenced, as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs, (f) in bankruptcy and (g) that are REO Properties; (xi) the aggregate Scheduled Principal Balance of any Mortgage Loans with respect to which the related Mortgaged Property became a REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs; (xii) with respect to substitution of Mortgage Loans in the preceding calendar month, the Scheduled Principal Balance of each Deleted Mortgage Loan, and of each Qualifying Substitute Mortgage Loan; (xiii) the aggregate outstanding Carryforward Interest, Net Prepayment Interest Shortfalls, Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date; (xiv) the Certificate Interest Rate applicable to such Distribution Date with respect to each Class of Certificates; (xv) the Interest Remittance Amount and the Principal Remittance Amount applicable to such Distribution Date; (xvi) if applicable, the amount of any shortfall (i.e., the difference between the aggregate amounts of principal and interest which Certificateholders would have received if there were sufficient available amounts in the Certificate Account and the amounts actually distributed); (xviiiii) the amount of any Overcollateralization Deficiency Amount after giving effect to received by the distributions made in such Distribution Date; (xviii) the aggregate amount of any insurance claim payments received with respect to each Pool Insurance Policy during Trustee on the related Collection Underlying Notes for the applicable Underlying Note Accrual Period, the Old Republic Undrawn Pool Insurance Policy Balance, the United Guaranty Undrawn Pool Insurance Policy Balance, the Old Republic Covered Balance and the United Guaranty Covered Balance; (xix) the level of LIBOR and the Certificate Interest Rates of the Certificates; and (xxiv) the aggregate principal amount of any payments made by the Cap Provider Underlying Notes as of such Distribution Date and the weighted average interest rate per annum applicable to the Trust Fund under Underlying Notes for the Cap Agreementnext succeeding Underlying Note Accrual Period. In the case of information furnished pursuant to subclauses clause (i), (ii) and (vi) above, the amounts any amount shall (except in the case of the report delivered to the holder of the Class X Certificates) be expressed as a dollar Dollar amount per $1,000 minimum denomination of original principal amount Certificates or for such other specified portion thereof. Within a reasonable period of Certificates. The Securities Administrator shall make such report and any additional loan level information (and, at its option, any additional files containing the same information in an alternative format) available each month to the Trustee, any NIMS Insurer, Certificateholders and the Rating Agencies via the Securities Administrator’s internet website. The Securities Administrator’s internet website shall initially be located at “xxx.xxxxxxx.xxx.” Assistance in using the website can be obtained by calling the Securities Administrator’s customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Securities Administrator shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. The foregoing information and reports shall be prepared and determined by the Securities Administrator based solely on Mortgage Loan data provided to the Securities Administrator by the Master Servicer (in a format agreed to by the Securities Administrator and the Master Servicer) no later than 12:00 p.m.(noon) Eastern Standard Time four Business Days prior to the Distribution Date. In preparing or furnishing the foregoing information to the Trustee, Certificateholders and any NIMS Insurer, the Securities Administrator shall be entitled to rely conclusively on the accuracy of the information or data regarding the Mortgage Loans and the related REO Property that has been provided to the Master Servicer by each Servicer, and the Securities Administrator shall not be obligated to verify, recompute, reconcile or recalculate any such information or data. The Securities Administrator shall be entitled to conclusively rely on the Mortgage Loan data provided by the Master Servicer and shall have no liability for any errors in such Mortgage Loan data. The information and reports described in the first paragraph of this Section 4.03(a) shall be provided to the Trustee by the Securities Administrator no later than 12:00 p.m.(noon) Eastern Standard Time one Business Day prior to the Distribution Date. (b) Upon the reasonable advance written request of any NIMS Insurer or any Certificateholder that is a savings and loan, bank or insurance company, which request, if received by the Trustee, shall be promptly forwarded to the Securities Administrator, the Securities Administrator shall provide, or cause to be provided, (or, to the extent that such information or documentation is not required to be provided by a Servicer under the applicable Servicing Agreement, shall use reasonable efforts to obtain such information and documentation from such Servicer, and provide) to any NIMS Insurer and such Certificateholder such reports and access to information and documentation regarding the Mortgage Loans as any NIMS Insurer or such Certificateholder may reasonably deem necessary to comply with applicable regulations of the Office of Thrift Supervision or its successor or other regulatory authorities with respect to an investment in the Certificates; provided, however, that the Securities Administrator shall be entitled to be reimbursed by such Certificateholder or the NIMS Insurer for the actual expenses incurred in providing such reports and access. (c) Within 90 days, or such shorter period as may be required by statute or regulation, time after the end of each calendar year, the Trustee shall have prepared and the Trustee shall make available furnish to any NIMS Insurer and each Person who at any time during the each such calendar year was a Certificateholder of recorda statement containing the information set forth in clause (i) above, and make available aggregated for such calendar year or the applicable portion thereof during which such Person was a Certificateholder, which statement shall contain sufficient information to Certificate Owners (identified as such by the Clearing Agency) in accordance with applicable regulations, a report summarizing the items provided allow Certificateholders to any NIMS Insurer and the Certificateholders pursuant to Sections 4.03(a)(i) and 4.03(a)(ii) on an annual basis as may be required to enable any NIMS Insurer and such Holders to prepare calculate their federal U.S. Federal income tax returns; provided, however, that this Section 4.03(c) shall not be applicable where relevant reports or summaries are required elsewhere in this Agreementliability with respect to the Certificates. Such information shall also include the amount of original issue discount accrued on each Class of Certificates and information regarding the expenses obligation of the Trust Fund furnished by the Master Servicer to the Trustee. The Trustee shall be deemed to have been satisfied this requirement if it forwards such to the extent that substantially comparable information in any other format permitted shall have been provided by the Code. The Master Servicer shall provide Trustee pursuant to any requirements of the Code as are from time to time in effect. (b) If there is a Removal Event with respect to any Underlying Note or Underlying Issuer and such Removal Event is actually known to the Trustee, the Trustee with shall promptly give notice to the Certificateholders thereof as promptly as practicable in the manner and to the extent provided in TIA Section 313(c). Such notice will set forth (i) the identity of the Underlying Issuer of the relevant Underlying Notes, (ii) the date and nature of such information as is necessary for Removal Event, including whether such Removal Event relates to the failure of such Underlying Issuer to pay the principal of or premium, if any, or interest on such Underlying Notes, (iii) the aggregate principal amount of such Underlying Notes and the aggregate principal amount and weighted average interest rate per annum applicable to the remaining Underlying Notes, (iv) the Certificate Principal Balance of each Certificate after the removal of such Underlying Notes from the Trust Property, (v) the requirement that Holders of Certificated Certificates must deliver the same to the Trustee at its Corporate Trust Office to prepare reflect a reduced Certificate Principal Balance in exchange for such reports Underlying Notes or the proceeds therefrom in accordance with Sections 3.08 and 3.09 and (vi) the current rating of the Certificates by each applicable Rating Agency after taking such Removal Event into account. (c) The Trustee will promptly deliver to the Certificateholders copies of all notices and communications it receives from each Underlying Issuer, including notice of the Trustee may rely solely upon such information)optional redemption of any Underlying Notes by the related Underlying Issuer. (d) The Securities Administrator There shall furnish any other information be delivered to the Depositor on or before each [MONTH/DAY] an annual statement signed by two Responsible Officers of the Trustee to the effect that is the Trustee has fulfilled its obligations under this Agreement throughout the preceding calendar year with respect to the Certificates. Copies of such annual statement may be obtained by Certificateholders without charge upon written request to the Trustee. (e) If required by TIA Section 313(a), within 60 days after December 31 of each year, the Code Trustee shall mail a brief report dated as of such date that complies with TIA Section 313(a) to (i) each Certificateholder as required by TIA Section 313(c) and regulations thereunder to be made available to Certificateholders(ii) the Depositor. The Master Servicer Trustee also shall provide comply with TIA Section 313(b). A copy of any report delivered pursuant to this Section 4.02(e) shall, at the Securities Administrator with such information as is necessary for the Securities Administrator time of its mailing to prepare such reports (Certificateholders and the Securities Administrator may rely solely upon such information)Depositor, be filed by the Trustee with the Commission.

Reports to Certificateholders. (a) On each Distribution Date, the Securities Administrator shall have prepared (based solely on information provided by the Master Servicer and the Trustee or the Cap Provider) and shall make available to the Trustee, any NIMS Insurerthe Servicers, Cenlar FSB as Subservicer, the Credit Risk Manager Master Servicer, the Depositor and each Certificateholder Certificateholder, a report (each, a “Monthly Report”) setting forth the following information (on the basis of Mortgage Loan level information obtained from the ServicersServicers or Subservicer): (i) the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates other than any Class of Notional Certificates, to the extent applicable, allocable to principal on the Mortgage Loans, including Liquidation Proceeds and Insurance Proceeds, stating separately the amount attributable to scheduled principal payments and unscheduled payments in the nature of principal; (ii) the aggregate amount of the distribution payment to be made on such Distribution Date to the Holders of each Class of Certificates allocable to interest and the calculation thereofinterest; (iii) the amount, if any, of any distribution to the Holders of the Class P Certificates, the Class X Certificates and the Residual Certificate; (A) the aggregate amount of any Advances required to be made by or on behalf of the Servicers (or the Master Servicer) with respect to such Distribution Date, ; (Biv) the aggregate amount of Advances included in the payment on such Advances actually made, and (C) the amount, if any, by which (A) above exceeds (B) aboveDistribution Date; (v) the total Class Principal Amount of each Class of Certificates after giving effect to the payment of principal on such Distribution Date; (vi) in the aggregate, the amount of the Servicing Fee and Master Servicing Fee with respect to such Distribution Date; (vii) the Pass-Through Rate for each Class of Certificates for such Distribution Date; (viii) the cumulative amount of Realized Losses to date, in the aggregate; (ix) with respect to each Mortgage Group and in the aggregate, the amount of Realized Losses with respect to such Distribution Date, in the aggregate and the amount of any Applied Loss Amounts in respect of each class of certificates; (x) the amount of Realized Losses with respect to such Distribution Date, in the aggregate; (xi) the number and aggregate principal amounts of Mortgage Loans, the aggregate Scheduled Principal Balance Loans (A) delinquent (exclusive of all the Mortgage Loans in foreclosure) using the MBA method (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (B) in foreclosure and delinquent (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, in each case as of the close of business on the last day of the related Collection Period, after giving effect to payments allocated to principal reported under clause (i) above; (vi) the Class Principal Amount (or Class Notional Amount) of each Class of Certificates, to the extent applicable, as of calendar month preceding such Distribution Date after giving effect to payments allocated to principal reported under clause (i) aboveDate, separately identifying any reduction of any of in the foregoing Certificate Principal Amounts due to Applied Loss Amounts; (vii) the amount of any Prepayment Premiums distributed to the Class P Certificates; (viii) the amount of any Realized Losses incurred aggregate and with respect to the Mortgage Loans (x) in the applicable Prepayment Period and (y) in the aggregate since the Cut-off Date; (ix) the amount of the Securities Administrator Fees, Trustee Fees, Servicing Fees, Credit Risk Manager’s Fees and Pool Insurance Premiums paid during the Collection Period to which such distribution relates; (x) the number and aggregate Scheduled Principal Balance of Group 1 Mortgage Loans, as reported to the Securities Administrator by Group 2 Mortgage Loans and the Master Servicer, Group 3 Mortgage Loans and (aC) remaining outstanding (b) Delinquent 30 to 59 days on a contractual basis, (c) Delinquent 60 to 89 days on a contractual basis, (d) Delinquent 90 or more days on a contractual basis, (e) as to which foreclosure proceedings have been commenced, in bankruptcy as of the close of business on the last Business Day day of the calendar month immediately preceding the month in which such that Distribution Date occurs, (f) in bankruptcy and (g) that are REO PropertiesDate; (xixii) with respect to Mortgage Loans that became REO Properties during the preceding calendar month, the number and aggregate Scheduled Stated Principal Balance of any such Mortgage Loans with respect to which the related Mortgaged Property became a REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs; (xii) with respect to substitution of Mortgage Loans in the preceding calendar month, the Scheduled Principal Balance of each Deleted Mortgage Loan, and of each Qualifying Substitute Mortgage LoanDetermination Date; (xiii) with respect to each Mortgage Group and in the aggregate outstanding Carryforward Interestaggregate, Net Prepayment Interest Shortfallsthe total number and principal balance of any REO Properties as of the close of business on the related Determination Date, Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, if any, for each Class of Certificates, after giving effect to in the distribution made on such Distribution Date;aggregate; and (xiv) to the Certificate Interest Rate applicable extent such information is provided to such Distribution Date the Master Servicer by the Servicer or Subservicer, the number of Mortgage Loans with respect to each Class which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower’s obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act, or the California Military and Veterans Code, as amended; and the amount of Certificatesinterest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions, in the aggregate and with respect to the Group 1 Mortgage Loans, the Group 2 and Group 3 Mortgage Loans; (xv) the amount of any unpaid Interest Remittance Amount and the Principal Remittance Amount applicable Shortfalls with respect to such Distribution Dateeach class of Certificates; (xvi) if applicable, the amount Group Balance for all of any shortfall (i.e., the difference between the aggregate amounts of principal and interest which Certificateholders would have received if there were sufficient available amounts in the Certificate Account Mortgage Groups and the amounts actually distributed)Stated Principal Balance of the Mortgage Loans in each Mortgage Group at the end of the related Prepayment Period, and the applicable Net WAC of the Mortgage Loans in each Mortgage Group at the beginning of the related Due Period; (xvii) the amount of any Overcollateralization Deficiency Amount after giving effect to Senior Percentage and the distributions made in such Subordinate Percentage for each Mortgage Group for the following Distribution Date;; and (xviii) the aggregate amount of any insurance claim payments received with respect to Senior Prepayment Percentage and Subordinate Prepayment Percentage for each Pool Insurance Policy during Mortgage Group for the related Collection Period, the Old Republic Undrawn Pool Insurance Policy Balance, the United Guaranty Undrawn Pool Insurance Policy Balance, the Old Republic Covered Balance and the United Guaranty Covered Balance; (xix) the level of LIBOR and the Certificate Interest Rates of the Certificates; and (xx) the amount of any payments made by the Cap Provider to the Trust Fund under the Cap Agreement. In the case of information furnished pursuant to subclauses (i), (ii) and (vi) above, the amounts shall (except in the case of the report delivered to the holder of the Class X Certificates) be expressed as a dollar amount per $1,000 of original principal amount of Certificatesfollowing Distribution Date. The Securities Administrator shall will make such report and any additional loan level information (and, at its option, any additional files containing the same information in an alternative format) available each month to the Trustee, any NIMS Insurer, Certificateholders and the Rating Agencies and Certificateholders via the Securities Administrator’s internet website. The Securities Administrator’s internet website shall initially can be located accessed at “xxx.xxxxxxx.xxx.” . Assistance in using the website can be obtained by calling the Securities Administrator’s customer service desk at 0-(000-) 000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by notifying the Securities Administrator by calling the Securities Administrator’s customer service desk and indicating such. The Securities Administrator shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. The foregoing information and reports shall be prepared and determined by the Securities Administrator based solely on Mortgage Loan data provided to the Securities Administrator by the Master Servicer (in a format agreed to by the Securities Administrator and the Master Servicer) no later than 12:00 p.m.(noon) Eastern Standard Time four Business Days prior to the Distribution Date. In preparing or furnishing the foregoing information to the Trustee, Certificateholders and any NIMS Insurerinformation, the Securities Administrator and the Master Servicer shall be entitled to rely conclusively on the accuracy of the information or data regarding the Mortgage Loans and the related REO Property that has been provided to the Master Servicer by each Servicerthe Servicers or the Subservicer, and neither the Securities Administrator nor the Master Servicer shall not be obligated to verify, recompute, reconcile or recalculate any such information or data. The Securities Administrator and the Master Servicer shall be entitled to conclusively rely on the Mortgage Loan data provided by to the Master Servicer and shall have no liability for any errors in such Mortgage Loan data. The information and reports described in the first paragraph of this Section 4.03(a) shall be provided to the Trustee by the Securities Administrator no later than 12:00 p.m.(noon) Eastern Standard Time one Business Day prior to the Distribution Date. (b) Upon the reasonable advance written request of any NIMS Insurer or any Certificateholder that is a savings and loan, bank or insurance company, which request, if received by the Trustee, Trustee shall be forwarded promptly forwarded to the Securities Administrator, the Securities Administrator shall provide, or cause to be provided, provided (or, to the extent that such information or documentation is not required to be provided by a Servicer under the applicable Servicing AgreementServicers, shall use reasonable efforts to obtain such information and documentation from such Servicerthe Servicers, and provide) ), to any NIMS Insurer and such Certificateholder such reports and access to information and documentation regarding the Mortgage Loans as any NIMS Insurer or such Certificateholder may reasonably deem necessary to comply with applicable regulations of the Office of Thrift Supervision or its successor or other regulatory authorities with respect to an investment in the Certificates; provided, however, that the Securities Administrator shall be entitled to be reimbursed by such Certificateholder or the NIMS Insurer for the actual expenses incurred in providing such reports and access. (c) Within 90 days, or such shorter period as may be required by statute or regulation, after the end of each calendar year, the Trustee Securities Administrator shall have prepared and the Trustee shall make available to any NIMS Insurer and each Person who at any time during the calendar year was a Certificateholder of record, and make available to Certificate Security Owners (identified as such by the Clearing Agency) in accordance with applicable regulations, a report summarizing the such items provided to any NIMS Insurer and the Certificateholders pursuant to Sections 4.03(a)(iSection 5.09(a) and 4.03(a)(ii) on an annual basis as may be required to enable any NIMS Insurer and such Holders to prepare their federal income tax returns; provided, however, that this Section 4.03(c5.09(c) shall not be applicable where relevant reports or summaries are required elsewhere in this Agreement. Such information shall also include the amount of original issue discount accrued on each Class of Certificates and information regarding the expenses of the Trust Fund furnished by the Master Servicer to the TrusteeCertificates. The Trustee Securities Administrator shall be deemed to have satisfied this such requirement if it forwards such information in any other format permitted by the Code. The Master Servicer shall provide the Trustee with such information as is necessary for the Trustee to prepare such reports (and the Trustee may rely solely upon such information). (d) The Securities Administrator shall furnish any other information that is required by the Code and regulations thereunder to be made available to Certificateholders. The Master Servicer shall provide the Securities Administrator with such information as is necessary for the Securities Administrator to prepare such reports (and the Securities Administrator may rely solely upon such information).

Reports to Certificateholders. (a) On each Distribution Date, the Securities Administrator Trustee shall have prepared (based solely on information provided by the Master Servicer and the Trustee or the Cap Provider) and shall make available to the Trustee, any NIMS InsurerDepositor, the Credit Risk Manager Rating Agencies and each Certificateholder a written report setting forth the following information (on the basis of Mortgage Loan level information obtained from the ServicersServicer pursuant to the Servicing Agreement): (ia) the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates other than any Class of Notional Certificates, to the extent applicable, allocable to principal on the Mortgage Loans, including Liquidation Proceeds and Insurance Proceeds, stating separately the amount attributable to scheduled principal payments and unscheduled payments in the nature of principal; (iib) the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates allocable to interest and the calculation thereof; (iiic) the amount, if any, of any distribution distributions to the Holders of the Class P CertificatesP, Class OC and Class R Certificates on such Distribution Date, stated separately, and the aggregate amounts, if any, of distributions to the Holders of the Class X P, Class OC and Class R Certificates and the Residual Certificateon all Distribution Dates, stated separately; (Ad) the aggregate amount of any P&I Advances required to be made by or on behalf of the Servicers (or the Master Servicer) Servicer with respect to such Distribution Date, (B) the aggregate amount of such Advances actually made, and (C) the amount, if any, by which (A) above exceeds (B) above; (ve) the total number of Mortgage Loans, the aggregate Scheduled Stated Principal Balance of all the Mortgage Loans as of the close of business on the last day of the related Collection Due Period, after giving effect to payments allocated to principal reported under clause (ia) above; (vif) the Class Principal Amount (or Class Notional Amount) Balance of each Class of Certificates, to the extent applicable, as of such Distribution Date after giving effect to payments allocated to principal reported under clause (i) above, separately identifying any reduction of any of the foregoing Certificate Class Principal Amounts Balances due to Applied Loss AmountsRealized Losses; (viig) the amount of any Prepayment Premiums Penalties distributed to the Class P Certificates; (viiih) the amount of any Realized Losses incurred with respect to the Mortgage Loans (x) in the applicable Prepayment Period and (y) in the aggregate since the Cut-off Date; (ixi) the amount of the Securities Administrator Fees, Trustee Fees, Servicing Fees, Credit Risk Manager’s Fees and Pool Insurance Premiums paid or retained by the Servicer during the Collection Due Period to which such distribution relates; (xj) the number and aggregate Scheduled Stated Principal Balance of Mortgage Loans, as reported to the Securities Administrator Trustee by the Master Servicer, (a) remaining outstanding (b) Delinquent 30 to 59 days on a contractual basis, (c) Delinquent 60 to 89 days on a contractual basis, (d) Delinquent 90 or more days on a contractual basis, (e) as to which foreclosure proceedings have been commenced, each as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs, (f) in bankruptcy and (g) that are REO Properties, (h) that are Charged-off Loans and (i) that are Released Mortgage Loans; (xik) the aggregate Scheduled Stated Principal Balance of any Mortgage Loans with respect to which the related Mortgaged Property became a REO Property Property, each as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs; (xiil) with respect to substitution of Mortgage Loans in the preceding calendar month, the Scheduled Stated Principal Balance of each Deleted Mortgage Loan, and of each Qualifying Substitute Replacement Mortgage Loan; (xiiim) the aggregate outstanding Interest Carryforward InterestAmount, Net Prepayment Interest Shortfalls, Shortfalls and Basis Risk Shortfalls and Unpaid Basis Risk ShortfallsCarryforward Amount, if any, for each applicable Class of Certificates, after giving effect to the distribution distributions made on such Distribution Date; (xivn) the Certificate Interest Pass-Through Rate applicable to such Distribution Date with respect to each Class of CertificatesCertificates (with a notation if such Pass-Through Rate reflects the application of the Net WAC Cap); (xvo) the Available Distribution Amount, the Interest Remittance Amount and Amount, the Principal Remittance Distribution Amount applicable to such Distribution Date; (xvip) if applicable, the amount of any shortfall (i.e., the difference between the aggregate amounts of principal and interest which Certificateholders would have received if there were sufficient available amounts in the Certificate Distribution Account and the amounts actually distributed); (xviiq) the amount of any Overcollateralization Deficiency Overcollateralized Amount after giving effect to the distributions made in on such Distribution Date; (xviiir) the aggregate amount of any insurance claim payments received with respect Overcollateralization Increase Amount after giving effect to each Pool Insurance Policy during the related Collection Period, the Old Republic Undrawn Pool Insurance Policy Balance, the United Guaranty Undrawn Pool Insurance Policy Balance, the Old Republic Covered Balance and the United Guaranty Covered Balance;distributions made on such Distribution Date; and (xixs) the level of LIBOR for such Distribution Date and the Certificate Interest Rates level of LIBOR for the Certificates; and (xx) the amount of any payments made by the Cap Provider to the Trust Fund under the Cap Agreement. In the case of information furnished pursuant to subclauses (i), (ii) and (vi) above, the amounts shall (except in the case of the report delivered to the holder of the Class X Certificates) be expressed as a dollar amount per $1,000 of original principal amount of Certificatesfollowing Distribution Date. The Securities Administrator Trustee shall make such report and any additional loan level information (and, at its option, any additional files containing the same information in an alternative format) reports available each month to the Trustee, any NIMS Insurer, Certificateholders and the Rating Agencies via the Securities Administrator’s internet websiteits website at xxx.xxxxxxxx.xxx. The Securities Administrator’s internet website shall initially be located at “xxx.xxxxxxx.xxx.” Assistance in using the website can may be obtained by calling the Securities AdministratorTrustee’s customer service desk at 0-(000-) 000-0000. Such Certificateholders and other parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling contacting the customer service desk Trustee and indicating such. The Securities Administrator shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. The foregoing information and reports shall be prepared and determined by the Securities Administrator based solely on Mortgage Loan data provided to the Securities Administrator by the Master Servicer (in a format agreed to by the Securities Administrator and the Master Servicer) no later than 12:00 p.m.(noon) Eastern Standard Time four Business Days prior to the Distribution Date. In preparing or furnishing the foregoing information to the Trustee, Certificateholders and any NIMS Insurerreports, the Securities Administrator Trustee shall be entitled to rely conclusively on the accuracy of the information or data regarding the Mortgage Loans and the related REO Property Properties that has been provided to the Master Servicer Trustee by each the Servicer, without any independent investigation, and the Securities Administrator Trustee shall not be obligated to verify, recompute, reconcile or recalculate any such information or data. The Securities Administrator shall be entitled to conclusively rely on the Mortgage Loan data provided by the Master Servicer and shall have no liability for any errors in such Mortgage Loan data. The information and reports described in the first paragraph of this Section 4.03(a) shall be provided to the Trustee by the Securities Administrator no later than 12:00 p.m.(noon) Eastern Standard Time one Business Day prior to the Distribution Date. (b) Upon the reasonable advance written request of any NIMS Insurer or any Certificateholder that is a savings and loan, bank or insurance company, which request, if received by the Trustee, shall be promptly forwarded to the Securities Administrator, the Securities Administrator Trustee shall provide, or cause to be provided, (or, to the extent that such information or documentation is not required to be provided by a the Servicer under the applicable Servicing Agreement, shall use reasonable efforts to obtain such information and documentation from such the Servicer, and provide) to any NIMS Insurer and such Certificateholder Certificateholders such reports and access to information and documentation regarding the Mortgage Loans as any NIMS Insurer or such Certificateholder Certificateholders may reasonably deem necessary to comply with applicable regulations of the Office of Thrift Supervision or its successor or other regulatory authorities with respect to an investment in the Certificates; provided, however, that the Securities Administrator Trustee shall be entitled to be reimbursed by such Certificateholder or the NIMS Insurer Certificateholders for the Trustee’s actual expenses incurred in providing such reports and access. (c) Within 90 days, or such shorter period as may be required by statute or regulation, after the end of each calendar year, the Trustee shall have prepared and the Trustee shall make available to any NIMS Insurer and each Person who at any time during the calendar year was a Certificateholder of record, and make available to Certificate Owners (identified as such by the Clearing Agency) in accordance with applicable regulations, a report summarizing the items provided to any NIMS Insurer and the Certificateholders pursuant to Sections 4.03(a)(i) and 4.03(a)(ii) on an annual basis as may be required to enable any NIMS Insurer and such Holders to prepare their federal income tax returns; provided, however, that this Section 4.03(c) shall not be applicable where relevant reports or summaries are required elsewhere in this Agreement. Such information shall also include the amount of original issue discount accrued on each Class of Certificates and information regarding the expenses of the Trust Fund furnished by the Master Servicer to the Trustee. The Trustee shall be deemed to have satisfied this requirement if it forwards such information in any other format permitted by the Code. The Master Servicer shall provide the Trustee with such information as is necessary for the Trustee to prepare such reports (and the Trustee may rely solely upon such information). (d) The Securities Administrator shall furnish any other information that is required by the Code and regulations thereunder to be made available to Certificateholders. The Master Servicer shall provide the Securities Administrator with such information as is necessary for the Securities Administrator to prepare such reports (and the Securities Administrator may rely solely upon such information).

Reports to Certificateholders. (a) On Unless otherwise specified in the applicable Series Supplement, on the next Business Day following each such Distribution Date, the Securities Administrator shall have prepared (based solely on information provided by the Master Servicer and the Trustee or the Cap Provider) and shall make available to Date the Trustee, any NIMS Insureras specified in such Series Supplement, shall forward or cause to be forwarded to the Credit Risk Manager and Depositor, each Certificateholder of such Series and such other Persons as may be specified in such Series Supplement, a report statement setting forth the following information (on the basis of Mortgage Loan level information obtained from the Servicers):forth: (i) the aggregate amount of the distribution to be made on such Distribution Date to the Holders Certificateholders of each Class of Certificates other than any Class of Notional Certificatessuch Series allocable to principal, to the extent and interest, if applicable, allocable to principal on the Mortgage Loans, including Liquidation Proceeds Certificates of each such Class; and Insurance Proceeds, stating separately the amount attributable to scheduled principal payments and unscheduled payments in the nature of principalaggregate unpaid interest accrued or accreted, if applicable, as of such Distribution Date; (ii) [any information reasonably requested by a Certificateholder to enable such Certificateholders to prepare their tax returns, provided that such information is reasonably attainable in the aggregate requested form, and the amount of compensation received by the distribution to be made on such Distribution Date to Trustee for the Holders of each Class of Certificates allocable to interest and the calculation thereofperiod;] (iii) the amountaggregate stated principal amount or, if applicable, notional amount of the Underlying Securities related to such Series and the current interest rate or rates thereon at the close of business on such Distribution Date; (iv) the aggregate Certificate Principal Balance (or Notional Amount, if applicable) of each Class of such Series at the close of business on such Distribution Date, separately identifying any reduction in such aggregate Certificate Principal Balance or aggregate Notional Amount due to the allocation of any Realized Losses or otherwise; and (v) as to any Series (or any Class within such Series) for which Credit Support has been obtained, the amount or notional amount of coverage of each element of Credit Support (and rating, if any, of any distribution to the Holders of the Class P Certificates, the Class X Certificates and the Residual Certificate; (Athereof) the aggregate amount of any Advances required to be made by or on behalf of the Servicers (or the Master Servicer) with respect to such Distribution Date, (B) the aggregate amount of such Advances actually made, and (C) the amount, if any, by which (A) above exceeds (B) above; (v) the total number of Mortgage Loans, the aggregate Scheduled Principal Balance of all the Mortgage Loans included therein as of the close of business on the last day of the related Collection Period, after giving effect to payments allocated to principal reported under clause (i) above; (vi) the Class Principal Amount (or Class Notional Amount) of each Class of Certificates, to the extent applicable, as of such Distribution Date after giving effect to payments allocated to principal reported under clause (i) above, separately identifying any reduction of any of the foregoing Certificate Principal Amounts due to Applied Loss Amounts; (vii) the amount of any Prepayment Premiums distributed to the Class P Certificates; (viii) the amount of any Realized Losses incurred with respect to the Mortgage Loans (x) in the applicable Prepayment Period and (y) in the aggregate since the Cut-off Date; (ix) the amount of the Securities Administrator Fees, Trustee Fees, Servicing Fees, Credit Risk Manager’s Fees and Pool Insurance Premiums paid during the Collection Period to which such distribution relates; (x) the number and aggregate Scheduled Principal Balance of Mortgage Loans, as reported to the Securities Administrator by the Master Servicer, (a) remaining outstanding (b) Delinquent 30 to 59 days on a contractual basis, (c) Delinquent 60 to 89 days on a contractual basis, (d) Delinquent 90 or more days on a contractual basis, (e) as to which foreclosure proceedings have been commenced, as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs, (f) in bankruptcy and (g) that are REO Properties; (xi) the aggregate Scheduled Principal Balance of any Mortgage Loans with respect to which the related Mortgaged Property became a REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs; (xii) with respect to substitution of Mortgage Loans in the preceding calendar month, the Scheduled Principal Balance of each Deleted Mortgage Loan, and of each Qualifying Substitute Mortgage Loan; (xiii) the aggregate outstanding Carryforward Interest, Net Prepayment Interest Shortfalls, Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date; (xiv) the Certificate Interest Rate applicable to such Distribution Date with respect to each Class of Certificates; (xv) the Interest Remittance Amount and the Principal Remittance Amount applicable to such Distribution Date; (xvi) if applicable, the amount of any shortfall (i.e., the difference between the aggregate amounts of principal and interest which Certificateholders would have received if there were sufficient available amounts in the Certificate Account and the amounts actually distributed); (xvii) the amount of any Overcollateralization Deficiency Amount after giving effect to the distributions made in such Distribution Date; (xviii) the aggregate amount of any insurance claim payments received with respect to each Pool Insurance Policy during the related Collection Period, the Old Republic Undrawn Pool Insurance Policy Balance, the United Guaranty Undrawn Pool Insurance Policy Balance, the Old Republic Covered Balance and the United Guaranty Covered Balance; (xix) the level of LIBOR and the Certificate Interest Rates of the Certificates; and (xx) the amount of any payments made by the Cap Provider to the Trust Fund under the Cap Agreement. In the case of information furnished pursuant to subclauses (i), (ii) and (viiii) above, the amounts shall (except in the case of the report delivered to the holder of the Class X Certificates) be expressed as a dollar Dollar amount per $1,000 of original principal amount of Certificates. The Securities Administrator shall make such report and any additional loan level information (and, at its option, any additional files containing the same information in an alternative format) available each month to the Trustee, any NIMS Insurer, Certificateholders and the Rating Agencies via the Securities Administrator’s internet website. The Securities Administrator’s internet website shall initially be located at “xxx.xxxxxxx.xxx.” Assistance in using the website can be obtained by calling the Securities Administrator’s customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Securities Administrator shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. The foregoing information and reports shall be prepared and determined by the Securities Administrator based solely on Mortgage Loan data provided to the Securities Administrator by the Master Servicer (in a format agreed to by the Securities Administrator and the Master Servicer) no later than 12:00 p.m.(noon) Eastern Standard Time four Business Days prior to the Distribution Date. In preparing or furnishing the foregoing information to the Trustee, Certificateholders and any NIMS Insurer, the Securities Administrator shall be entitled to rely conclusively on the accuracy of the information or data regarding the Mortgage Loans and the related REO Property that has been provided to the Master Servicer by each Servicer, and the Securities Administrator shall not be obligated to verify, recompute, reconcile or recalculate any such information or data. The Securities Administrator shall be entitled to conclusively rely on the Mortgage Loan data provided by the Master Servicer and shall have no liability for any errors in such Mortgage Loan data. The information and reports described in the first paragraph of this Section 4.03(a) shall be provided to the Trustee by the Securities Administrator no later than 12:00 p.m.(noon) Eastern Standard Time one Business Day prior to the Distribution Date. (b) Upon the reasonable advance written request of any NIMS Insurer or any Certificateholder that is a savings and loan, bank or insurance company, which request, if received by the Trustee, shall be promptly forwarded to the Securities Administrator, the Securities Administrator shall provide, or cause to be provided, (or, to the extent that such information or documentation is not required to be provided by a Servicer under the applicable Servicing Agreement, shall use reasonable efforts to obtain such information and documentation from such Servicer, and provide) to any NIMS Insurer and such Certificateholder such reports and access to information and documentation regarding the Mortgage Loans as any NIMS Insurer or such Certificateholder may reasonably deem necessary to comply with applicable regulations of the Office of Thrift Supervision or its successor or other regulatory authorities with respect to an investment in the Certificates; provided, however, that the Securities Administrator shall be entitled to be reimbursed by such Certificateholder or the NIMS Insurer equivalent thereof in any other Specified Currency) per minimum denomination of Certificates or for the actual expenses incurred in providing such reports and access. (c) other specified portion thereof. Within 90 days, or such shorter a reasonable period as may be required by statute or regulation, of time after the end of each calendar year, the Trustee shall have prepared and the Trustee shall make available furnish to any NIMS Insurer and each Person person who at any time during the each such calendar year was a Certificateholder of record, and make available to Certificate Owners a statement containing the information set forth in subclauses (identified as such by the Clearing Agency) in accordance with applicable regulations, a report summarizing the items provided to any NIMS Insurer and the Certificateholders pursuant to Sections 4.03(a)(ii) and 4.03(a)(ii(iii) on an annual basis as may be required to enable any NIMS Insurer and above, aggregated for such Holders to prepare their federal income tax returns; provided, however, that this Section 4.03(c) shall not be calendar year or the applicable where relevant reports or summaries are required elsewhere in this Agreementportion thereof during which such person was a Certificateholder. Such information shall also include the amount of original issue discount accrued on each Class of Certificates and information regarding the expenses obligation of the Trust Fund furnished by the Master Servicer to the Trustee. The Trustee shall be deemed to have been satisfied this requirement if it forwards such to the extent that substantially comparable information in any other format permitted shall be provided by the Code. The Master Servicer shall provide the Trustee with such information as is necessary for the Trustee pursuant to prepare such reports (and the Trustee may rely solely upon such information). (d) The Securities Administrator shall furnish any other information that is required by requirements of the Code and regulations thereunder as are from time to be made available to Certificateholders. The Master Servicer shall provide the Securities Administrator with such information as is necessary for the Securities Administrator to prepare such reports (and the Securities Administrator may rely solely upon such information)time in effect.

Reports to Certificateholders. (a) On each ----------------------------- Distribution Date, concurrently with the Securities Administrator distribution to the Certificateholders, the Trustee shall have prepared (furnish to the Certificateholders, the Depositor and each Rating Agency, a report, based solely on information provided to the Trustee by the Master Servicer and in the Trustee or the Cap Provider) and shall make available to the TrusteeMaster Servicer's Monthly Report, any NIMS Insurer, the Credit Risk Manager and each Certificateholder a report setting forth containing the following information (on the basis of Mortgage Loan level information obtained from the Servicers):information: (i) the aggregate amount of the distribution with respect to be made on such Distribution Date to the Holders of each Class of Certificates other than any Class of Notional the Certificates, to the extent applicable, allocable to principal on the Mortgage Loans, including Liquidation Proceeds and Insurance Proceeds, stating separately the amount attributable to scheduled principal payments and unscheduled payments in the nature of principal; (ii) the amount of such distributions allocable to principal, separately identifying the aggregate amount of the distribution to be made on such Distribution Date to the Holders any prepayments or other unscheduled recoveries of each Class of Certificates allocable to interest and the calculation thereofprincipal included therein; (iii) the amount, if any, amount of any distribution such distributions allocable to the Holders of the Class P Certificates, the Class X Certificates and the Residual Certificateinterest; (Aiv) the aggregate Certificate Principal Balance (or Notional Amount) for the related Class of Certificates as of such Distribution Date together with the principal amount of any Advances required to be made by or on behalf the Certificates of the Servicers related Class (based on a Certificate in the original principal amount or the Master ServicerNotional Amount of $1,000) with respect then outstanding, in each case after giving effect to any payment of principal on such Distribution Date, (B) the aggregate amount of such Advances actually made, and (C) the amount, if any, by which (A) above exceeds (B) above; (v) the total number Pass-Through Rate for the next Distribution Date; (vi) the amount of Mortgage Loansany Delinquency Advances for such Distribution Date, and the amount of any unreimbursed Delinquency Advances or unreimbursed Servicing Advances remaining after such Distribution Date; and (vii) the amount of any Repurchase Prices deposited into the Collection Account. Items (i) through (iii) above shall, with respect to the Certificates be presented on the basis of a Certificate having an original $1,000 denomination and on an aggregate basis. Each calendar year following any year during which the Certificates are outstanding, the Trustee shall furnish a report to each Certificateholder of record at any time during such calendar year as to the aggregate Scheduled Principal Balance of all amounts reported pursuant to items (i), (ii) and (iii) above with respect to the Mortgage Loans related Certificates for such calendar year. (b) In addition, on each Distribution Date the Trustee, based upon information provided to it by the Master Servicer, will distribute to each Certificateholder (which shall be DTC as long as the Certificates are in book- entry form), the following 101 information as of the close of business on the last business day of the related Collection Periodprior calendar month: (i) the total number of Mortgage Loans in the Trust and the aggregate principal balances thereof, after giving effect to payments allocated to together with the number and aggregate principal reported under balances of Mortgage Loans in the Trust (a) 31-60 days delinquent, (b) 61-90 days delinquent and (c) 91 or more days delinquent; (ii) the number and aggregate principal balance of all Mortgage Loans in the Trust in foreclosure proceedings (and whether any such Mortgage Loans are also included in any of the statistics described in the foregoing clause (i) above)); (viiii) the Class Principal Amount number and aggregate principal balance of all Mortgage Loans in the Trust relating to "REO" properties (or Class Notional Amount) and whether any such Mortgage Loans are also included in any of each Class of Certificates, to the extent applicable, as of such Distribution Date after giving effect to payments allocated to principal reported under statistics described in the foregoing clause (i)); and (iv) above, separately identifying any reduction the book value of any "REO" property in the Trust. (c) Annually, in January of each year, the Trustee shall furnish to each Person which was a Certificateholder during the prior calendar year a statement showing the aggregate interest and the aggregate principal received by such Person with respect to the Certificates during the prior calendar year, together with any standard federal income tax reporting form for such information, and information furnished by the Trustee pursuant to Section 6049(d)(7)(C) of the foregoing Certificate Principal Amounts due Code and the regulations promulgated thereunder to Applied Loss Amounts;assist the Certificateholders in computing their market discount. (viid) The Depositor and the amount Master Servicer, on behalf of any Prepayment Premiums distributed Certificateholders and the Trust (the "TRUST PARTIES") hereby authorize the Trustee to include the Class P Certificates; (viii) the amount of any Realized Losses incurred loan level information with respect to the Mortgage Loans (x) contained in the applicable Prepayment Period and (y) in the aggregate since the Cut-off Date; (ix) the amount of the Securities Administrator Fees, Trustee Fees, Servicing Fees, Credit Risk Manager’s Fees and Pool Insurance Premiums paid during the Collection Period to which such distribution relates; (x) the number and aggregate Scheduled Principal Balance of Mortgage Loans, as reported to the Securities Administrator by the Master Servicer, (a) remaining outstanding (b) Delinquent 30 to 59 days on a contractual basis, (c) Delinquent 60 to 89 days on a contractual basis, (d) Delinquent 90 or more days on a contractual basis, (e) as to which foreclosure proceedings have been commenced, as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs, (f) in bankruptcy and (g) that are REO Properties; (xi) the aggregate Scheduled Principal Balance of any Mortgage Loans with respect to which the related Mortgaged Property became a REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs; (xii) with respect to substitution of Mortgage Loans in the preceding calendar month, the Scheduled Principal Balance of each Deleted Mortgage Loan, and of each Qualifying Substitute Mortgage Loan; (xiii) the aggregate outstanding Carryforward Interest, Net Prepayment Interest Shortfalls, Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date; (xiv) the Certificate Interest Rate applicable to such Distribution Date with respect to each Class of Certificates; (xv) the Interest Remittance Amount and the Principal Remittance Amount applicable to such Distribution Date; (xvi) if applicable, the amount of any shortfall (i.e., the difference between the aggregate amounts of principal and interest which Certificateholders would have received if there were sufficient available amounts in the Certificate Account and the amounts actually distributed); (xvii) the amount of any Overcollateralization Deficiency Amount after giving effect to the distributions made in such Distribution Date; (xviii) the aggregate amount of any insurance claim payments received with respect to each Pool Insurance Policy during the related Collection Period, the Old Republic Undrawn Pool Insurance Policy Balance, the United Guaranty Undrawn Pool Insurance Policy Balance, the Old Republic Covered Balance and the United Guaranty Covered Balance; (xix) the level of LIBOR and the Certificate Interest Rates of the Certificates; and (xx) the amount of any payments made by the Cap Provider to the Trust Fund under the Cap Agreement. In the case of information furnished pursuant to subclauses (i), (ii) and (vi) above, the amounts shall (except in the case of the report delivered to the holder of the Class X Certificates) be expressed as a dollar amount per $1,000 of original principal amount of Certificates. The Securities Administrator shall make such report and any additional loan level information (and, at its option, any additional files containing the same information in an alternative format) available each month to the Trustee, any NIMS Insurer, Certificateholders and the Rating Agencies via the Securities Administrator’s internet website. The Securities Administrator’s internet website shall initially be located at “xxx.xxxxxxx.xxx.” Assistance in using the website can be obtained by calling the Securities Administrator’s customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Securities Administrator shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. The foregoing information and reports shall be prepared and determined by the Securities Administrator based solely on Mortgage Loan data provided to the Securities Administrator by the Master Servicer (in a format agreed to by the Securities Administrator and the Master Servicer) no later than 12:00 p.m.(noon) Eastern Standard Time four Business Days prior to the Distribution Date. In preparing or furnishing the foregoing information to the Trustee, Certificateholders and any NIMS Insurer, the Securities Administrator shall be entitled to rely conclusively on the accuracy of the information or data regarding the Mortgage Loans and the related REO Property that has been provided to the Master Servicer by each Servicer, and the Securities Administrator shall not be obligated to verify, recompute, reconcile or recalculate any such information or data. The Securities Administrator shall be entitled to conclusively rely on the Mortgage Loan data provided by the Master Servicer and shall have no liability for any errors in such Mortgage Loan data. The information and reports described in the first paragraph of this Section 4.03(a) shall be provided to the Trustee by the Securities Administrator no later than 12:00 p.m.(noon) Eastern Standard Time one Business Day prior Master Servicer hereunder and, if so directed by an Authorized Officer of the Master Servicer in writing to the Distribution Date. Trustee, the monthly report to the Certificateholders prepared by the Trustee (bthe "INFORMATION") Upon on The Bloomberg, an on-line computer based on-line information network maintained by Bloomberg L.P. ("BLOOMBERG") or on any other on-line computer based on-line information network or service, including Intex Solutions ("INFORMATION NETWORK"), or in other electronic or print information services deemed acceptable by the reasonable advance written request Master Servicer as designated in writing to the Trustee by an Authorized Officer of the Master Servicer. The Trust Parties agree not to commence any actions or proceedings, or otherwise assert any claims, against the Trustee or its affiliates or any of the Trustee's or its affiliates' respective agents, representatives, directors, officers or employees (collectively, the "DESIGNATED 102 PARTIES"), arising out of, or related to or in connection with the dissemination and/or use of any NIMS Insurer or any Certificateholder that is a savings and loan, bank or insurance company, which request, if received Information by the Trustee, shall be promptly forwarded including, but not limited to, claims based on allegations of inaccurate or incomplete information by the Trustee to the Securities Administrator, the Securities Administrator shall provide, Bloomberg or cause to be provided, (or, to the extent that such information or documentation is not required to be provided by a Servicer under the applicable Servicing Agreement, shall use reasonable efforts to obtain such information and documentation from such Servicer, and provide) to any NIMS Insurer Information Network or otherwise (other than in connection with the Trustee's negligence or willful misconduct). The Trust Parties waive their rights to assert any such claims against the Designated Parties and fully and finally release the Designated Parties from any and all such Certificateholder claims, demands, obliga tions, actions and liabilities (other than in connection with such reports and access to information and documentation regarding the Mortgage Loans as Designated Parties' negligence or willful misconduct). The Trustee makes no representations or warranties, expressed or implied, of any NIMS Insurer or such Certificateholder may reasonably deem necessary to comply with applicable regulations of the Office of Thrift Supervision or its successor or other regulatory authorities kind whatsoever with respect to an investment the accuracy, adequacy, timeliness, completeness, merchantability or fitness for any particular purpose of any Information in the Certificates; providedany form or manner. The authorizations, however, that the Securities Administrator shall be entitled to be reimbursed by such Certificateholder or the NIMS Insurer for the actual expenses incurred in providing such reports covenants and access. (c) Within 90 days, or such shorter period as may be required by statute or regulation, after the end of each calendar year, the Trustee shall have prepared and the Trustee shall make available to any NIMS Insurer and each Person who at any time during the calendar year was a Certificateholder of record, and make available to Certificate Owners (identified as such by the Clearing Agency) in accordance with applicable regulations, a report summarizing the items provided to any NIMS Insurer and the Certificateholders pursuant to Sections 4.03(a)(i) and 4.03(a)(ii) on an annual basis as may be required to enable any NIMS Insurer and such Holders to prepare their federal income tax returns; provided, however, that this Section 4.03(c) shall not be applicable where relevant reports or summaries are required elsewhere in this Agreement. Such information shall also include the amount of original issue discount accrued on each Class of Certificates and information regarding the expenses obligations of the Trust Fund furnished by the Master Servicer to the Trustee. The Trustee Parties under this section shall be deemed to have satisfied irrevocable and shall survive the termination of this requirement if it forwards such information in any other format permitted by the Code. The Master Servicer shall provide the Trustee with such information as is necessary for the Trustee to prepare such reports (and the Trustee may rely solely upon such information)Agreement. (d) The Securities Administrator shall furnish any other information that is required by the Code and regulations thereunder to be made available to Certificateholders. The Master Servicer shall provide the Securities Administrator with such information as is necessary for the Securities Administrator to prepare such reports (and the Securities Administrator may rely solely upon such information).

Reports to Certificateholders. (a) On each Distribution Date, the Securities Administrator shall have prepared (based solely on information provided by the Master Servicer and the Trustee or the Cap Provider) and shall make available to the Trustee, any NIMS Insurer, the Credit Risk Manager and each Certificateholder and other interested parties a written report setting forth the following information (based solely on the basis of Mortgage Loan level report provided to the Securities Administrator by the Master Servicer (which in turn shall be based on information obtained from provided to the Servicers):Master Servicer by the Servicer) pursuant to Section 9.18). (i) the aggregate amount of the distribution distributions, separately identified, with respect to be made on such Distribution Date to the Holders of each Class of Certificates other than any Class of Notional Certificates, to the extent applicable, allocable to principal on the Mortgage Loans, including Liquidation Proceeds and Insurance Proceeds, stating separately the amount attributable to scheduled principal payments and unscheduled payments in the nature of principal; (ii) the amount of the distributions set forth in the clause (i) allocable to principal, separately identifying the aggregate amount of the distribution to be made on such Distribution Date to the Holders any Principal Prepayments or other unscheduled recoveries of each Class of Certificates allocable to interest and the calculation thereofprincipal included in that amount; (iii) the amount, if any, of any distribution to the Holders amount of the Class P Certificates, distributions set forth in the Class X Certificates clause (i) allocable to interest and the Residual Certificatehow it was calculated; (Aiv) the aggregate amount of any Advances required to be made by or on behalf of unpaid Interest Shortfall and the Servicers (or the Master Servicer) related accrued interest thereon, with respect to such Distribution Date, (B) the aggregate amount each Class of such Advances actually made, and (C) the amount, if any, by which (A) above exceeds (B) aboveCertificates; (v) the total number Class Principal Amount of Mortgage Loans, each Class of Certificates after giving effect to the aggregate Scheduled distribution of principal on that Distribution Date; (vi) the Aggregate Stated Principal Balance of all the Mortgage Loans in each Mortgage Pool and the applicable Net WAC of the Mortgage Loans at the end of the related Prepayment Period; (vii) the Stated Principal Balance of the Mortgage Loans in each Mortgage Pool whose Mortgage Rates adjust on the basis of the One-Year LIBOR index and the Six-Month LIBOR index at the end of the related Prepayment Period; (viii) the Pro Rata Senior Percentage, Senior Percentage and the Subordinate Percentage for each Mortgage Pool for the following Distribution Date; (ix) the Senior Prepayment Percentage and Subordinate Prepayment Percentage for each Mortgage Pool the following Distribution Date; (x) in the aggregate and with respect to each Mortgage Pool, the amount of any Servicing Fee paid to or retained by the Servicer for the related Due Period; (xi) in the aggregate and with respect to each Mortgage Pool, the amount of Advances for the related Due Period; (xii) in the aggregate and with respect to each Mortgage Pool, the number and Stated Principal Balance of the Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in foreclosure) (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (B) in foreclosure and Delinquent (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days and (C) in bankruptcy as of the close of business on the last day of the calendar month preceding that Distribution Date as determined in accordance with the MBA methodology for determining delinquencies; (xiii) in the aggregate and with respect to each Mortgage Pool, for any Mortgage Loan as to which the related Mortgaged Property was an REO property during the preceding calendar month, the principal balance of that Mortgage Loan as of the close of business on the last day of the related Collection Due Period, after giving effect to payments allocated to principal reported under clause (i) above; (vi) the Class Principal Amount (or Class Notional Amount) of each Class of Certificates, to the extent applicable, as of such Distribution Date after giving effect to payments allocated to principal reported under clause (i) above, separately identifying any reduction of any of the foregoing Certificate Principal Amounts due to Applied Loss Amounts; (vii) the amount of any Prepayment Premiums distributed to the Class P Certificates; (viii) the amount of any Realized Losses incurred with respect to the Mortgage Loans (x) in the applicable Prepayment Period and (yxiv) in the aggregate since and with respect to each Mortgage Pool, the Cut-off Date; (ix) the amount of the Securities Administrator Fees, Trustee Fees, Servicing Fees, Credit Risk Manager’s Fees and Pool Insurance Premiums paid during the Collection Period to which such distribution relates; (x) the total number and aggregate Scheduled Principal Balance principal balance of Mortgage Loans, as reported to the Securities Administrator by the Master Servicer, (a) remaining outstanding (b) Delinquent 30 to 59 days on a contractual basis, (c) Delinquent 60 to 89 days on a contractual basis, (d) Delinquent 90 or more days on a contractual basis, (e) as to which foreclosure proceedings have been commenced, any REO properties as of the close of business on the last Business Day day of the calendar month immediately preceding the month in which such Distribution Date occurs, (f) in bankruptcy and (g) that are REO Properties; (xi) the aggregate Scheduled Principal Balance of any Mortgage Loans with respect to which the related Mortgaged Property became a REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs; (xii) with respect to substitution of Mortgage Loans in the preceding calendar month, the Scheduled Principal Balance of each Deleted Mortgage Loan, and of each Qualifying Substitute Mortgage Loan; (xiii) the aggregate outstanding Carryforward Interest, Net Prepayment Interest Shortfalls, Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date; (xiv) the Certificate Interest Rate applicable to such Distribution Date with respect to each Class of CertificatesDue Period; (xv) in the Interest Remittance Amount aggregate and with respect to each Mortgage Pool, the Principal Remittance Amount applicable to such Distribution Dateamount of Realized Losses incurred during the preceding calendar month; (xvi) if applicablein the aggregate and with respect to each Mortgage Pool, the cumulative amount of any shortfall (i.e., Realized Losses incurred since the difference between the aggregate amounts of principal and interest which Certificateholders would have received if there were sufficient available amounts in the Certificate Account and the amounts actually distributed)Closing Date; (xvii) the amount Realized Losses, if any, allocated to each Class of any Overcollateralization Deficiency Amount after giving effect to the distributions made in such Certificates on that Distribution Date; (xviii) the aggregate amount Certificate Interest Rate for each Class of any insurance claim payments received with respect to each Pool Insurance Policy during the related Collection Period, the Old Republic Undrawn Pool Insurance Policy Balance, the United Guaranty Undrawn Pool Insurance Policy Balance, the Old Republic Covered Balance and the United Guaranty Covered Balance;Certificates for that Distribution Date; and (xix) the level of LIBOR and the Certificate Interest Rates of the Certificates; and (xx) the amount of any payments made by the Cap Provider Compensating Interest Payments, if any, allocated to the Trust Fund under the Cap Agreement. In the case each Class of information furnished pursuant to subclauses (i), (ii) and (vi) above, the amounts shall (except in the case of the report delivered to the holder of the Class X Certificates) be expressed as a dollar amount per $1,000 of original principal amount of CertificatesCertificates on that Distribution Date. The Securities Administrator shall make such report and any additional loan level information (and, at its option, any additional files containing the same information in an alternative format) reports available each month to the Trustee, any NIMS Insurer, Certificateholders and the Rating Agencies via the Securities Administrator’s internet websiteits website at xxxx://xxx.xxxxxxx.xxx. The Securities Administrator’s internet website shall initially be located at “xxx.xxxxxxx.xxx.” Assistance in using the website can may be obtained by calling the Securities Administrator’s 's customer service desk at 0-(000-) 000-0000. Such Certificateholders and other parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Securities Administrator shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. The foregoing information and reports shall be prepared and determined by the Securities Administrator based solely on Mortgage Loan data provided to the Securities Administrator by the Master Servicer (in a format agreed to by contacting the Securities Administrator and the Master Servicer) no later than 12:00 p.m.(noon) Eastern Standard Time four Business Days prior to the Distribution Dateindicating such. In preparing or furnishing the foregoing information to the Trustee, Certificateholders and any NIMS Insurerinformation, the Securities Administrator shall be entitled to rely conclusively on the accuracy of the information or data regarding the Mortgage Loans and the related REO Property Properties that has been provided to the Securities Administrator by the Master Servicer (which in turn was based on information or data provided to the Master Servicer by each the Servicer), and the Securities Administrator shall not be obligated to verify, recompute, reconcile or recalculate any such information or data. The Securities Administrator shall be entitled to conclusively rely on the Mortgage Loan data provided by the Master Servicer and shall have no liability for any errors in such Mortgage Loan data. The information and reports described in the first paragraph of this Section 4.03(a) shall be provided to the Trustee Upon receipt by the Securities Administrator no later than 12:00 p.m.(noon) Eastern Standard Time one Business Day prior to the Distribution Date. (b) Upon of the reasonable advance written request of any NIMS Insurer or any Certificateholder that is a savings and loan, bank or insurance company, which request, if received by the Trustee, shall be promptly forwarded to the Securities Administrator, the Securities Administrator shall provide, or cause to be provided, provided (or, to the extent that such information or documentation is not required to be provided by a the Servicer or by the Master Servicer under the applicable Servicing this Agreement, shall use reasonable efforts to obtain such information and documentation from the Master Servicer (who shall use reasonable efforts to obtain such information and documentation from the Servicer), and provide) to any NIMS Insurer and such Certificateholder Certificateholders such reports and access to information and documentation regarding the Mortgage Loans as any NIMS Insurer or such Certificateholder Certificateholders may reasonably deem necessary to comply with applicable regulations of the Office of Thrift Supervision or its successor or other regulatory authorities with respect to an investment in the Certificates; provided, however, that the Securities Administrator shall be entitled to be reimbursed by such Certificateholder or the NIMS Insurer Certificateholders for the Securities Administrator's actual expenses incurred in providing such reports and access. . The Securities Administrator shall prepare and file with the Internal Revenue Service (c) Within 90 days"IRS"), or such shorter period as may be required by statute or regulation, after the end on behalf of each calendar yearREMIC, the Trustee shall have prepared and the Trustee shall make available to an application for an employer identification number on IRS Form SS-4 or by any NIMS Insurer and each Person who at any time during the calendar year was a Certificateholder of record, and make available to Certificate Owners (identified as such by the Clearing Agency) in accordance with applicable regulations, a report summarizing the items provided to any NIMS Insurer and the Certificateholders pursuant to Sections 4.03(a)(i) and 4.03(a)(ii) on an annual basis as may be required to enable any NIMS Insurer and such Holders to prepare their federal income tax returns; provided, however, that this Section 4.03(c) shall not be applicable where relevant reports or summaries are required elsewhere in this Agreementother acceptable method. Such information The Securities Administrator shall also include file a Form 8811 as required. The Securities Administrator, upon receipt from the amount of original issue discount accrued on each Class of Certificates and information regarding the expenses IRS of the Trust Fund furnished by the Master Servicer Notice of Taxpayer Identification Number Assigned, shall upon request promptly forward a copy of such notice to the TrusteeDepositor. The Trustee shall be deemed to have satisfied this requirement if it forwards such information in any other format permitted by the Code. The Master Servicer shall provide the Trustee with such information as is necessary for the Trustee to prepare such reports (and the Trustee may rely solely upon such information). (d) The Securities Administrator shall furnish any other information that is required by the Code and regulations thereunder to be made available to Certificateholders. The Depositor shall cause the Master Servicer shall to provide the Securities Administrator with such information as is necessary for the Securities Administrator to prepare such reports (and the Securities Administrator may rely solely upon such information)reports.

Reports to Certificateholders. (a) On each Distribution Date, the Securities Administrator Trustee shall have prepared prepare (based solely on information provided by the Master Servicer and the Trustee or the any Cap Provider) and shall make available to the Trustee, Certificateholders and any NIMS Insurer, the Credit Risk Manager and each Certificateholder Insurer a written report setting forth the following information by Mortgage Pool (on the basis of Mortgage Loan level information obtained from the Servicers):applicable Servicer). (i) the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of LIBOR Certificates, MTA Certificates and Grantor Trust Certificates, other than any Class of Notional Certificates, to the extent applicable, allocable to principal on the Mortgage Loans, including any Subsequent Recovery, Liquidation Proceeds and Insurance Proceeds, stating separately the amount attributable to scheduled principal payments and unscheduled payments in the nature of principalprincipal in each Mortgage Pool; (ii) the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of LIBOR Certificates, MTA Certificates, Notional Certificates and Grantor Trust Certificates allocable to interest and the calculation thereof; (iii) the amount, if any, of any distribution distributions to the Holders of the Class P CertificatesC, Class 1-AP, Class 2-AP, Class 3-AP, Class X and Class R Certificates on such Distribution Date, stated separately, and the aggregate amounts, if any, of distributions to the Holders of the Class C, Class X and Class R Certificates and the Residual Certificateon all Distribution Dates, stated separately; (iv) the amount, if any, of any distributions to the Cap Provider with respect to each Class of Grantor Trust Certificates (A) as interest on any outstanding Cap Deferred Interest Amount, (B) in reduction of such Cap Deferred Interest Amount or (C) as a termination payment or for any other reason; (v) the amount of the Cap Deferred Interest Amount for each Class of Grantor Trust Certificates after distributions on such Distribution Date; (vi) by Mortgage Pool and in the aggregate (A) the aggregate amount of any Advances required to be made as of the end of the month immediately preceding the month in which such Distribution Date occurs by or on behalf of the Servicers (or the Master Servicer) any Servicer with respect to such Distribution Date, (B) the aggregate amount of such Advances actually made, and (C) the amount, if any, by which (A) above exceeds (B) above; (vvii) by Mortgage Pool and in the aggregate, the total number of Mortgage Loans, the aggregate Scheduled Principal Balance of all the Mortgage Loans as of the close of business on the last day of the related Collection Period, after giving effect to payments allocated to principal reported under clause (i) above; (viviii) the Class Principal Amount (or Class Notional Amount) of each Class of Certificates, to the extent applicable, as of such Distribution Date after giving effect to payments allocated to principal reported under clause (i) above, separately identifying any reduction of any of the foregoing Certificate Principal Amounts due to any Applied Loss Amounts; (viiix) by Mortgage Pool and in the amount of any Prepayment Premiums distributed to the Class P Certificates; (viii) aggregate, the amount of any Realized Losses incurred with respect to the Mortgage Loans (x) in the applicable Prepayment Period and (y) in the aggregate since the Cut-off Date; (ixx) by Mortgage Pool and in the aggregate, the amount of the Securities Administrator Fees, Trustee FeesMaster Servicing Fee, Servicing Fees, Credit Risk Manager’s Fees (other than for GMACM) and Pool Insurance Premiums General Servicing Fees paid during the Collection Period to which such distribution relates; (xxi) by Mortgage Pool and in the aggregate, the number and aggregate Scheduled Principal Balance of Mortgage Loans, as reported to the Securities Administrator Trustee by the Master Servicer, (a) remaining outstanding outstanding, (b) Delinquent 30 to 59 days on a contractual basis, (c) Delinquent 60 to 89 days on a contractual basis, (d) Delinquent 90 or more days on a contractual basis, (e) as to which foreclosure proceedings have been commenced, all as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs, (f) in bankruptcy and (g) that are REO PropertiesProperties (the information in this item (xi) to be calculated utilizing the ABS delinquency method); (xixii) by Mortgage Pool and in the aggregate, the aggregate Scheduled Principal Balance of any Mortgage Loans with respect to which the related Mortgaged Property became a REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs; (xiixiii) with respect to substitution of Mortgage Loans in the preceding calendar month, the Scheduled Principal Balance of each Deleted Mortgage Loan, and of each Qualifying Substitute Mortgage Loan; (xiiixiv) the aggregate outstanding Carryforward Interest, Net Prepayment Interest Shortfalls, Deferred Amounts, Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, if any, for each applicable Class of Certificates, after giving effect to the distribution made on such Distribution Date; (xivxv) the Certificate Interest Rate applicable to such Distribution Date with respect to each Class of CertificatesCertificates (with a notation if such Certificate Interest Rate reflects the application of the applicable Net Funds Cap); (xvxvi) by Mortgage Pool and in the aggregate, the Interest Remittance Amount, the Principal Remittance Amount, the Principal Distribution Amount and the Principal Remittance Overcollateralization Release Amount applicable to such Distribution Date; (xvixvii) if applicable, the amount of any shortfall (i.e., the difference between the aggregate amounts of principal and interest which Certificateholders would have received if there were sufficient available amounts in the Certificate Account and the amounts actually distributed); (xviixviii) the Overcollateralization Amount after giving effect to the distributions made on such Distribution Date; (xix) the amount of any Overcollateralization Deficiency Amount after giving effect to the distributions made in such Distribution Date; (xviii) the aggregate amount of any insurance claim payments received with respect to each Pool Insurance Policy during the related Collection Period, the Old Republic Undrawn Pool Insurance Policy Balance, the United Guaranty Undrawn Pool Insurance Policy Balance, the Old Republic Covered Balance and the United Guaranty Covered Balance; (xixxx) the level of LIBOR and One-Year MTA and the Certificate Interest Rates Rate of each of the LIBOR Certificates, MTA Certificates, Notional Certificates and Grantor Trust Certificates; (xxi) the amount of any payments made to each Class of Certificates that are treated as payments received in respect of a REMIC 2 Regular Interest and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC 2 Regular Interest; and (xxxxii) the amount of any payments made by the Cap Provider to the Trust Fund under the Interest Rate Cap AgreementAgreement or the Deferred Interest Cap Agreements. In the case of information furnished pursuant to subclauses sub-clauses (i), (ii) and (viviii) above, the amounts shall (except in the case of the report delivered with respect to the holder of the Class X Certificates) be expressed as a dollar amount per $1,000 of original principal amount of Certificates. In addition to the information listed above for any year in which the Depositor is subject to Exchange Act reporting with respect to the Certificates, such Distribution Date report shall also include such other information as is required by Form 10-D, including, but not limited to, the information required by Item 1121 (§ 229.1121) of Regulation AB to the extent that the Trustee shall have received any such information from the Depositor, the Sponsor, the Master Servicer, any Servicer, any Custodian, the Cap Provider or any Subservicer or Subcontractor therefor, as applicable, no later than four Business Days prior to the Distribution Date. The Securities Administrator shall Trustee will make such report and any additional loan level information (and, at its option, any additional files containing the same information in an alternative format) provided to it by the Master Servicer available each month to the TrusteeCertificateholders, any NIMS Insurer, Certificateholders and the Rating Agencies via the Securities AdministratorTrustee’s internet website. The Securities AdministratorTrustee’s internet website shall initially be located at “xxx.xxxxxxx.xxx.” Assistance xxxx://xxxxxxxxxxxxxxxxxxxxxx.xxx and assistance in using the website can be obtained by calling emailing the Securities AdministratorTrustee’s customer service desk at 0-000-000-0000xx.xxxxxxxxxxx.xxxxxxxx@xxxxxx.xxx. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Securities Administrator Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Securities Administrator Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall provide a “zero settlement file” to Bloomberg L.P. within seven (7) calendar days after the receipt of the collateral data file from the Depositor, but in no event later than the first Distribution Date, which shall contain all of the information in the initial Monthly Report (without giving effect to any distributions); provided, however, that in no event will such zero settlement file contain any mortgagor-specific information. The foregoing information and reports shall be prepared and determined by the Securities Administrator Trustee based solely on Mortgage Loan data provided to the Securities Administrator Trustee by the Master Servicer (in a format agreed to by the Securities Administrator Trustee and the Master Servicer) no later than 12:00 p.m.(noon) 2:00 p.m. Eastern Standard Time four Business Days prior to the Distribution DateDate or such other time period as set forth in Section 9.23(c). In preparing or furnishing the foregoing information to the Trustee, Certificateholders and any NIMS Insurerinformation, the Securities Administrator Trustee shall be entitled to rely conclusively on the accuracy and completeness of the information or data (i) regarding the Mortgage Loans and the related REO Property that has been provided to the Master Servicer by each Servicerthe Servicer and to the Trustee by the Master Servicer and (ii) regarding the Interest Rate Cap Agreement and Deferred Interest Cap Agreements that has been provided to the Trustee by the Cap Provider, and the Securities Administrator Trustee shall not be obligated to verify, recompute, reconcile or recalculate any such information or data. The Securities Administrator Trustee shall be entitled to conclusively rely on the Mortgage Loan data provided by the Master Servicer and shall have no liability for any errors or omissions in such Mortgage Loan data. The information and reports described in the first paragraph of this Section 4.03(a) Master Servicer shall be entitled to conclusively rely on the Mortgage Loan data provided to the Trustee by the Securities Administrator each Servicer and shall have no later than 12:00 p.m.(noon) Eastern Standard Time one Business Day prior to the Distribution Dateliability for any errors or omissions in such Mortgage Loan data. (b) Upon the reasonable advance written request of any NIMS Insurer or any Certificateholder that is a savings and loan, bank or insurance company, which request, if received by the Trustee, shall be promptly forwarded to the Securities Administrator, the Securities Administrator Master Servicer shall provide, or cause to be provided, to the extent such information is available to the Master Servicer exercising reasonable efforts to obtain such information (or, to the extent that such information or documentation is not required to be provided by a the applicable Servicer under the applicable related Servicing Agreement, shall use reasonable efforts to obtain such information and documentation from such Servicer, and provide) to any NIMS Insurer and such Certificateholder such reports and access to information and documentation regarding the Mortgage Loans as any NIMS Insurer or such Certificateholder may reasonably deem necessary to comply with applicable regulations of the Office of Thrift Supervision or its successor or other regulatory authorities with respect to the NIM Securities or an investment in the Certificates; provided, however, that the Securities Administrator Master Servicer shall be entitled to be reimbursed by such Certificateholder or the NIMS Insurer for the actual expenses incurred in providing such reports and access. (c) Within 90 days, or such shorter period as may be required by statute or regulation, after the end of each calendar year, the Trustee shall shall, upon written request, have prepared and the Trustee shall make available to any NIMS Insurer and each Person who at any time during the calendar year was a Certificateholder of record, and to any NIMS Insurer, and make available to Certificate Owners (identified as such by the Clearing Agency) in accordance with applicable regulations, a report summarizing the items provided to any NIMS Insurer and the Certificateholders pursuant to Sections Section 4.03(a)(i) and 4.03(a)(ii(ii) on an annual basis as may be required to enable any NIMS Insurer and such Holders to prepare their federal income tax returns; provided, however, however that this Section 4.03(c) shall not be applicable where relevant reports or summaries are required elsewhere in this Agreement. Such information shall also include the amount of original issue discount accrued on each Class of Certificates and information regarding the expenses of the Trust Fund furnished by the Master Servicer to the TrusteeFund. The Trustee shall be deemed to have satisfied this requirement if it forwards such information in any other format permitted by the Code. The Master Servicer shall provide the Trustee with such information (to the extent readily available to the Master Servicer) as is necessary for the Trustee to prepare such reports (and the Trustee may rely solely upon such information)reports. (d) The Securities Administrator Trustee shall prepare and file with the IRS, on behalf of the Trust Fund, an application for an employer identification number on IRS Form SS-4 or by any other acceptable method. The Trustee shall also file a Form 8811 as required. The Trustee, upon receipt from the IRS of the Notice of Taxpayer Identification Number Assigned, shall upon request promptly forward a copy of such notice to the Master Servicer and the Depositor. The Trustee shall furnish any other information that is required by the Code and regulations thereunder to be made available to Certificateholders. The Master Servicer shall provide the Securities Administrator Trustee with such information (to the extent readily available to the Master Servicer) as is necessary for the Securities Administrator Trustee to prepare such reports (and comply with the Securities Administrator may rely solely upon such information)foregoing.

Reports to Certificateholders. (a) On each Distribution Date, concurrently with the Securities Administrator distribution to the Certificateholders, the Trustee shall have prepared (furnish to the Certificateholders, the Seller, the Depositor, the Swap Counterparty and each Rating Agency, a report, based solely on information provided to the Trustee by the Master Servicer and in the Trustee or the Cap Provider) and shall make available to the TrusteeMaster Servicer’s Monthly Report, any NIMS Insurer, the Credit Risk Manager and each Certificateholder a report setting forth containing the following information (on the basis of Mortgage Loan level information obtained from the Servicers):information: (i) the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates other than any Class of Notional Certificates, to the extent applicable, allocable to principal on the Mortgage Loans, including Liquidation Proceeds and Insurance Proceeds, stating separately the amount attributable to scheduled principal payments and unscheduled payments in the nature of principal; (ii) the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates allocable to interest and the calculation thereof; (iii) the amount, if any, of any distribution to the Holders of the Class P Certificates, the Class X Certificates and the Residual Certificate; (A) the aggregate amount of any Advances required to be made by or on behalf of the Servicers (or the Master Servicer) with respect to such Distribution Date, (B) the aggregate amount of such Advances actually made, and (C) the amount, if any, by which (A) above exceeds (B) above; (v) the total number of Mortgage Loans, the aggregate Scheduled Principal Balance of all the Mortgage Loans as of the close of business on the last day of the related Collection Period, after giving effect to payments allocated to principal reported under clause (i) above; (vi) the Class Principal Amount (or Class Notional Amount) of each Class of Certificates, to the extent applicable, as of such Distribution Date after giving effect to payments allocated to principal reported under clause (i) above, separately identifying any reduction of any of the foregoing Certificate Principal Amounts due to Applied Loss Amounts; (vii) the amount of any Prepayment Premiums distributed to the Class P Certificates; (viii) the amount of any Realized Losses incurred with respect to the Mortgage Loans (x) in the applicable Prepayment Period and (y) in the aggregate since the Cut-off Date; (ix) the amount of the Securities Administrator Fees, Trustee Fees, Servicing Fees, Credit Risk Manager’s Fees and Pool Insurance Premiums paid during the Collection Period to which such distribution relates; (x) the number and aggregate Scheduled Principal Balance of Mortgage Loans, as reported to the Securities Administrator by the Master Servicer, (a) remaining outstanding (b) Delinquent 30 to 59 days on a contractual basis, (c) Delinquent 60 to 89 days on a contractual basis, (d) Delinquent 90 or more days on a contractual basis, (e) as to which foreclosure proceedings have been commenced, as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs, (f) in bankruptcy and (g) that are REO Properties; (xi) the aggregate Scheduled Principal Balance of any Mortgage Loans with respect to which the related Mortgaged Property became a REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs; (xii) with respect to substitution of Mortgage Loans in the preceding calendar month, the Scheduled Principal Balance of each Deleted Mortgage Loan, and of each Qualifying Substitute Mortgage Loan; (xiii) the aggregate outstanding Carryforward Interest, Net Prepayment Interest Shortfalls, Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date; (xiv) the Certificate Interest Rate applicable to such Distribution Date with respect to each Class of Certificates; (xvii) the Interest Remittance Amount and amount of such distributions allocable to principal, separately identifying the aggregate amount of any prepayments or other unscheduled recoveries of principal included therein; (iii) the amount of such distributions allocable to interest; (iv) the Class Principal Remittance Amount applicable Balance (or Class Notional Balance) for each Class of Certificates as of such Distribution Date together with the principal amount or notional amount of the Certificates of the related Class (based on a Certificate in the original principal amount or notional amount of $1,000) then outstanding, in each case after giving effect to any payment of principal on such Distribution Date; (xviv) the level of LIBOR and the Interest Rates applicable to the LIBOR Certificates for such Distribution Date; (vi) if applicable, a statement that interest distributable on one or more Classes of Certificates on such Distribution Date represents interest accrued on such Classes at a rate equal to the Pool 1 Available Funds Cap, the Pool 2 Available Funds Cap, the Subordinate Available Funds Cap, the A-IO(1) Component Available Funds Cap or the A-IO(2) Component Available Funds Cap, as applicable; (vii) the Aggregate Pool Balance, the Pool Balance of Pool 1 and the Pool Balance of Pool 2 as of such Distribution Date; (viii) the Overcollateralization Amount for such Distribution Date; (ix) by Mortgage Pool and in the aggregate, the amount of any shortfall Delinquency Advances for such Distribution Date, and the amount of any Outstanding Advances in respect of Delinquency Advances remaining after such Distribution Date; (i.e.x) the amount of any Purchase Prices deposited into the Collection Account; (xi) by Mortgage Pool and in the aggregate, the difference between amount of current and cumulative Realized Losses on the Mortgage Loans; (xii) by Mortgage Pool and in the aggregate, the number of Mortgagor bankruptcies; (xiii) by Mortgage Pool and in the aggregate, the number of Mortgage Loans and the aggregate amounts Principal Balance thereof that were repurchased by the Seller or Depositor pursuant Section 2.03 hereof during the one-month period immediately preceding the related Determination Date; (xiv) the amount of principal any Realized Losses applied to any Class of Certificates on such Distribution Date; (xv) the amount of any Basis Risk Shortfall and Unpaid Basis Risk Shortfall with respect to any Class of Certificates; (xvi) the amount of any shortfalls in distributions of interest which Certificateholders would have received if there were sufficient available amounts in the Certificate Account with respect to each Class of Certificates on such Distribution Date and the amounts actually distributed)cumulative amount of any unreimbursed shortfalls in distributions of interest from prior Distribution Dates; (xvii) the amount of any Overcollateralization Deficiency Amount after giving effect Servicing Fees, the Master Servicing Fee, the Trustee Fee, the Custodian Fee and the Pool PMI Insurance Premium, if any, paid with respect to the distributions made in such Distribution Date; (xviii) the aggregate amount of any insurance claim payments received with respect under the Cap Agreement or received as proceeds from the sale of any Excess Cap Amount (the amount of such proceeds from the sale of any Excess Cap Amount to each Pool Insurance Policy during be based on information provided by the related Collection Period, Manager to the Old Republic Undrawn Pool Insurance Policy Balance, the United Guaranty Undrawn Pool Insurance Policy Balance, the Old Republic Covered Balance Master Servicer and the United Guaranty Covered Balance;Trustee pursuant to the Management Agreement); and (xix) the level of LIBOR and the Certificate Interest Rates of the Certificates; and (xx) the amount of any payments made by the Cap Provider Net Swap Payment to the Supplemental Interest Trust Fund under the Cap Agreement. In the case of information furnished made pursuant to subclauses Section 6.14, any Net Swap Payment to the Swap Counterparty made pursuant to Section 6.14, any Swap Termination Payment to the Supplemental Interest Trust made pursuant to Section 6.14 and any Swap Termination Payment to the Swap Counterparty made pursuant to Section 6.14. Items (i) through (iii) above shall, with respect to the Certificates be presented on the basis of a Certificate having an original $1,000 denomination and on an aggregate basis. The Trustee shall make the information set forth above available each month to Certificateholders and the parties to this Agreement via the Trustee’s internet website initially located at xxx.xxxxxx.xxx/xxx. The Trustee shall provide such information by mail to any Certificateholder that requests paper copies. Each calendar year following any year during which the Certificates are outstanding, the Trustee shall furnish a report to each Certificateholder of record at any time during such calendar year as to the aggregate of amounts reported pursuant to items (i), (ii) and (viiii) aboveabove with respect to the related Certificates for such calendar year. (b) In addition, on each Distribution Date the Trustee will distribute to each Certificateholder (which shall be the Depository Trust Company as long as the Certificates are in book-entry form), the amounts shall (except in the case of the report delivered to the holder of the Class X Certificates) be expressed as a dollar amount per $1,000 of original principal amount of Certificates. The Securities Administrator shall make such report and any additional loan level following information (and, at its option, any additional files containing the same based upon information in an alternative format) available each month to the Trustee, any NIMS Insurer, Certificateholders and the Rating Agencies via the Securities Administrator’s internet website. The Securities Administrator’s internet website shall initially be located at “xxx.xxxxxxx.xxx.” Assistance in using the website can be obtained by calling the Securities Administrator’s customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Securities Administrator shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. The foregoing information and reports shall be prepared and determined by the Securities Administrator based solely on Mortgage Loan data provided to the Securities Administrator by the Master Servicer (in a format agreed to by the Securities Administrator and the Master Servicer) no later than 12:00 p.m.(noon) Eastern Standard Time four Business Days prior to the Distribution Date. In preparing or furnishing the foregoing information to the Trustee, Certificateholders and any NIMS Insurer, the Securities Administrator shall be entitled to rely conclusively on the accuracy of the information or data regarding the Mortgage Loans and the related REO Property that has been provided to the Master Servicer by each Servicer, and the Securities Administrator shall not be obligated to verify, recompute, reconcile or recalculate any such information or data. The Securities Administrator shall be entitled to conclusively rely on the Mortgage Loan data provided by the Master Servicer and shall have no liability for any errors in such Mortgage Loan data. The information and reports described in the first paragraph of this Section 4.03(a) shall be provided to the Trustee by the Securities Administrator no later than 12:00 p.m.(noonMaster Servicer) Eastern Standard Time one Business Day as of the close of business on the last business day of the prior to calendar month: (i) the Distribution Date. total number of Mortgage Loans and the aggregate principal balances thereof, together with the number and aggregate principal balances of Mortgage Loans (a) 30-59 days delinquent, (b) Upon 60-89 days delinquent and (c) 90 or more days delinquent; (ii) the reasonable advance written request number and aggregate principal balance of any NIMS Insurer or any Certificateholder that is a savings and loan, bank or insurance company, which request, if received by the Trustee, shall be promptly forwarded to the Securities Administrator, the Securities Administrator shall provide, or cause to be provided, (or, to the extent that such information or documentation is not required to be provided by a Servicer under the applicable Servicing Agreement, shall use reasonable efforts to obtain such information and documentation from such Servicer, and provide) to any NIMS Insurer and such Certificateholder such reports and access to information and documentation regarding the Mortgage Loans as in foreclosure proceedings (and whether any NIMS Insurer or such Certificateholder may reasonably deem necessary to comply with applicable regulations Mortgage Loans are also included in any of the Office of Thrift Supervision or its successor or other regulatory authorities with respect to an investment statistics described in the Certificatesforegoing clause (i)); provided, however, that and (iii) the Securities Administrator shall be entitled number and aggregate principal balance of all Mortgage Loans relating to be reimbursed by REO Properties (and whether any such Certificateholder or Mortgage Loans are also included in any of the NIMS Insurer for statistics described in the actual expenses incurred in providing such reports foregoing clauses (i) and access(ii)). (c) Within 90 daysAnnually, or such shorter period as may be required by statute or regulation, after the end in January of each calendar year, the Trustee shall have prepared and the Trustee shall make available furnish to any NIMS Insurer and each Person who at any time during the calendar year that was a Certificateholder of record, and make available to Certificate Owners (identified as such by during the Clearing Agency) in accordance with applicable regulations, prior calendar year a report summarizing statement showing the items provided to any NIMS Insurer aggregate interest and the Certificateholders pursuant aggregate principal received by such Person with respect to Sections 4.03(a)(i) and 4.03(a)(ii) on an annual basis as may be required to enable the Certificates during the prior calendar year, together with any NIMS Insurer and such Holders to prepare their standard federal income tax returns; providedreporting form for such information, however, that this Section 4.03(c) shall not be applicable where relevant reports or summaries are required elsewhere in this Agreement. Such information shall also include the amount of original issue discount accrued on each Class of Certificates and information regarding the expenses of the Trust Fund furnished by the Master Servicer Trustee upon request pursuant to the Trustee. The Trustee shall be deemed to have satisfied this requirement if it forwards such information in any other format permitted by the Code. The Master Servicer shall provide the Trustee with such information as is necessary for the Trustee to prepare such reports (and the Trustee may rely solely upon such information). (dSection 6049(d)(7)(C) The Securities Administrator shall furnish any other information that is required by of the Code and the regulations promulgated thereunder to be made available to Certificateholders. The Master Servicer shall provide assist the Securities Administrator with such information as is necessary for the Securities Administrator to prepare such reports (and the Securities Administrator may rely solely upon such information)Certificateholders in computing their market discount.

Reports to Certificateholders. (a) On each Distribution Date, the Securities Administrator Trustee shall have prepared prepare (based solely on information provided by the Master Servicer and the Trustee or the Cap ProviderServicer) and shall make available to the Trustee, any NIMS Insurer, the Credit Risk Manager each Certificateholder and each Certificateholder Rating Agency a written report setting forth the following information (on the basis of Mortgage Loan level information obtained from the ServicersServicers and the Master Servicer): (i) the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates other than any Class of Notional Certificates, to the extent applicable, allocable to principal on the Mortgage Loans, including any Subsequent Recovery, Liquidation Proceeds and Insurance Proceeds, stating separately the amount attributable to scheduled principal payments and unscheduled payments in the nature of principal; (ii) the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates allocable to interest and the calculation thereofinterest; (iii) the amount, if any, of any distribution to the Holders of the Class P Certificates, the Class X Certificates and the a Residual Certificate; (A) the aggregate amount of any Advances required to be made by or on behalf of the Servicers Master Servicer or any Servicer (or the Master ServicerTrustee) with respect to such Distribution Date, (B) the aggregate amount of such Advances actually made, and (C) the amount, if any, by which (A) above exceeds (B) above; (v) the total number of Mortgage Loans, the aggregate Scheduled Aggregate Principal Balance of all the Mortgage Loans as of the close of business on the last day of the related Collection Periodfor such Distribution Date, after giving effect to payments allocated to principal reported under clause (i) above; (vi) the Class Principal Amount (or Class Notional Amount) of each Class of Certificates, to the extent applicable, Certificates as of such Distribution Date after giving effect to payments allocated to principal reported under clause (i) above, separately identifying any reduction of any of the foregoing Certificate Class Principal Amounts due to Applied Loss AmountsRealized Losses; (vii) the amount of any Prepayment Premiums distributed to the Class P Certificates; (viii) the amount of any Realized Losses incurred realized with respect to the Mortgage Loans (x) in the applicable Prepayment Period and (y) in the aggregate since the Cut-off Date, stating separately the amount of Special Hazard Losses, Fraud Losses and Bankruptcy Losses and the aggregate amount of such Realized Losses, and the remaining Special Hazard Loss Amount, Fraud Loss Amount and Bankruptcy Loss Amount; (ixviii) the amount of the Securities Administrator Fees, Trustee Fees, Master Servicing Fees, Credit Risk Manager’s Fees and Pool Insurance Premiums Servicing Fees paid during the Collection Due Period to which such distribution relates; (xix) the number and aggregate Scheduled Principal Balance of Mortgage LoansLoans in the Mortgage Pool, as reported to the Securities Administrator Trustee by the Master Servicer, (a) remaining outstanding (b) Delinquent 30 to 59 days on a contractual basisdelinquent one month, (c) Delinquent 60 to 89 days on a contractual basisdelinquent two months, (d) Delinquent 90 delinquent three or more days on a contractual basismonths, and (e) as to which foreclosure proceedings have been commenced, commenced as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs, ; (fx) the deemed principal balance of each REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the month in bankruptcy and (g) that are REO Propertieswhich such Distribution Date occurs; (xi) the aggregate Scheduled Principal Balance of any Mortgage Loans with respect to which the related Mortgaged Property any Mortgage Loan that became a an REO Property during the preceding calendar month, the principal balance of such Mortgage Loan and the number of such Mortgage Loans as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs; (xii) with respect to substitution of Mortgage Loans in the preceding calendar month, the Scheduled Principal Balance of each Deleted Mortgage Loan, and of each Qualifying Substitute Mortgage Loan; (xiii) the aggregate outstanding Carryforward Interest, Interest Shortfalls and Net Prepayment Interest Shortfalls, Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, if any, for each Class of Certificates, after giving effect to the distribution distributions made on such Distribution Date; (xiv) the Certificate Interest Rate applicable to such Distribution Date with respect to each Class of Certificates; (xv) the Interest Remittance Amount and the Principal Remittance Amount applicable to such Distribution Date; (xvi) if applicable, the amount of any shortfall (i.e., the difference between the aggregate amounts of principal and interest which Certificateholders would have received if there were sufficient available amounts in the Certificate Account and the amounts actually distributed);; and (xviixvi) the amount of any Overcollateralization Deficiency Class P Distributable Amount after giving effect allocated to the distributions made in such Class P Certificates for that Distribution Date; (xviii) the aggregate amount of any insurance claim payments received with respect to each Pool Insurance Policy during the related Collection Period, the Old Republic Undrawn Pool Insurance Policy Balance, the United Guaranty Undrawn Pool Insurance Policy Balance, the Old Republic Covered Balance Date and the United Guaranty Covered Balance; (xix) the level of LIBOR and the Certificate Interest Rates of the Certificates; and (xx) the amount of any payments made by the Cap Provider Class E Distributable Amount allocated to the Trust Fund under the Cap AgreementClass E Certificates for that Distribution Date. In the case of information furnished pursuant to subclauses (i), (ii) and (vivii) above, the amounts shall (except in the case of the report delivered to the holder of the Class X Certificates) be expressed as a dollar amount per $1,000 of original principal amount of Certificates. The Securities Administrator shall Trustee will make such report and any additional loan level information (and, at its option, any additional files containing the same information in an alternative format) available each month to the Trustee, any NIMS Insurer, Certificateholders and the Rating Agencies via the Securities AdministratorTrustee’s internet website. The Securities AdministratorTrustee’s internet website shall initially be located at “xxx.xxxxxxx.xxx.” Assistance in using the website can be obtained by calling the Securities Administrator’s customer service desk at 0-000-000-0000xxxx://xxxxxxxxxxxxxxxxxxxxxx.xxxxxx. com. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating suchupon request. The Securities Administrator Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or more accessible to the above above-parties and the Securities Administrator Trustee shall provide timely and adequate notification to all above above-parties regarding any such changes. The foregoing information and reports shall be prepared and determined by the Securities Administrator Trustee based solely on Mortgage Loan data provided to the Securities Administrator Trustee by the Master Servicer (in a format agreed to by the Securities Administrator Trustee and the Master Servicer) no later than 12:00 p.m.(noon) Eastern Standard Time four Business Days prior to the Distribution Date. In preparing or furnishing the foregoing information Mortgage Loan data to the Trustee, Certificateholders and any NIMS Insurer, the Securities Administrator Master Servicer shall be entitled to rely conclusively on the accuracy of the information or data regarding the Mortgage Loans and the related REO Property that has been provided to the Master Servicer by each Servicer, and the Securities Administrator Master Servicer shall not be obligated to verify, recompute, reconcile or recalculate any such information or data. The Securities Administrator Trustee shall be entitled to conclusively rely on the Mortgage Loan data provided by the Master Servicer and shall have no liability for any errors in such Mortgage Loan data. The information and reports described in the first paragraph of this Section 4.03(a) shall be provided to the Trustee by the Securities Administrator no later than 12:00 p.m.(noon) Eastern Standard Time one Business Day prior to the Distribution Date. (b) Upon the reasonable advance written request of any NIMS Insurer or any Certificateholder that is a savings and loan, bank or insurance company, which request, if received by the Trustee, shall will be promptly forwarded to the Securities AdministratorMaster Servicer, the Securities Administrator Master Servicer shall provide, or cause to be provided, (or, to the extent that such information or documentation is not required to be provided by a Servicer under the applicable Servicing Agreement, shall use reasonable efforts to obtain such information and documentation from such Servicer, and provide) to any NIMS Insurer and such Certificateholder such reports and access to information and documentation regarding the Mortgage Loans as any NIMS Insurer or such Certificateholder may reasonably deem necessary to comply with applicable regulations of the Office of Thrift Supervision or its successor or other regulatory authorities with respect to an investment in the Certificates; provided, however, that the Securities Administrator Master Servicer shall be entitled to be reimbursed by such Certificateholder or the NIMS Insurer for the such Master Servicer’s actual expenses incurred in providing such reports and access. (c) Within 90 days, or such shorter period as may be required by statute or regulation, after the end of each calendar year, the Trustee shall have prepared and the Trustee shall make available to any NIMS Insurer and each Person who at any time during the calendar year was a Certificateholder of record, and make available to Certificate Owners (identified as such by the Clearing Agency) in accordance with applicable regulations, a report summarizing the items provided to any NIMS Insurer and the Certificateholders pursuant to Sections Section 4.03(a)(i) and 4.03(a)(ii(ii) on an annual basis as may be required to enable any NIMS Insurer and such Holders to prepare their federal income tax returns; provided, however, that this Section 4.03(c) shall not be applicable where relevant reports or summaries are required elsewhere in this Agreement. Such information shall also include the amount of original issue discount accrued on each Class of Certificates and information regarding the expenses of the Trust Fund furnished by the Master Servicer to the TrusteeFund. The Trustee shall be deemed to have satisfied this requirement if it forwards such information in any other format permitted by the Code. The Master Servicer shall provide the Trustee with such information as is necessary for the Trustee to prepare such reports (and the Trustee may rely solely upon such information)reports. (d) The Securities Administrator shall furnish any other information that is required by the Code and regulations thereunder to be made available to Certificateholders. The Master Servicer shall provide the Securities Administrator with such information as is necessary for the Securities Administrator to prepare such reports (and the Securities Administrator may rely solely upon such information).

Reports to Certificateholders. (a) On each Distribution Date, the Securities Administrator Trustee shall have prepared (based solely on information provided by the Master Servicer and the Trustee or the Cap Provider) and shall make available to the Trustee, any NIMS InsurerDepositor, the Credit Risk Manager Rating Agencies and each Certificateholder a written report setting forth the following information (on the basis of Mortgage Loan level information obtained from the ServicersServicer pursuant to the Servicing Agreement): (ia) the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates other than any Class of Notional Certificates, to the extent applicable, allocable to principal on the Mortgage Loans, including Liquidation Proceeds and Insurance Proceeds, stating separately the amount attributable to scheduled principal payments and unscheduled payments in the nature of principal; (iib) the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates allocable to interest and the calculation thereof; (iiic) the amount, if any, of any distribution distributions to the Holders of the Class P CertificatesP, Class OC and Class R Certificates on such Distribution Date, stated separately, and the aggregate amounts, if any, of distributions to the Holders of the Class X P, Class OC and Class R Certificates and the Residual Certificateon all Distribution Dates, stated separately; (Ad) the aggregate amount of any P&I Advances required to be made by or on behalf of the Servicers (or the Master Servicer) Servicer with respect to such Distribution Date, (B) the aggregate amount of such Advances actually made, and (C) the amount, if any, by which (A) above exceeds (B) above; (ve) the total number of Mortgage Loans, the aggregate Scheduled Stated Principal Balance of all the Mortgage Loans as of the close of business on the last day of the related Collection Due Period, after giving effect to payments allocated to principal reported under clause (ia) above; (vif) the Class Principal Amount (or Class Notional Amount) Balance of each Class of Certificates, to the extent applicable, as of such Distribution Date after giving effect to payments allocated to principal reported under clause (i) above, separately identifying any reduction of any of the foregoing Certificate Class Principal Amounts Balances due to Applied Loss AmountsRealized Losses; (viig) the amount of any Prepayment Premiums Penalties distributed to the Class P Certificates; (viiih) the amount of any Realized Losses incurred with respect to the Mortgage Loans (x) in the applicable Prepayment Period and (y) in the aggregate since the Cut-off Date; (ixi) the amount of the Securities Administrator Fees, Trustee Fees, Servicing Fees, Credit Risk Manager’s Fees and Pool Insurance Premiums paid or retained by the Servicer during the Collection Due Period to which such distribution relates; (xj) the number and aggregate Scheduled Stated Principal Balance of Mortgage Loans, as reported to the Securities Administrator Trustee by the Master Servicer, (a) remaining outstanding (b) Delinquent 30 to 59 days on a contractual basis, (c) Delinquent 60 to 89 days on a contractual basis, (d) Delinquent 90 or more days on a contractual basis, (e) as to which foreclosure proceedings have been commenced, each as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs, (f) in bankruptcy and (g) that are REO Properties, (h) that are Charged-off Loans and (i) that are Released Mortgage Loans; (xik) the aggregate Scheduled Stated Principal Balance of any Mortgage Loans with respect to which the related Mortgaged Property became a REO Property Property, each as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs; (xiil) with respect to substitution of Mortgage Loans in the preceding calendar month, the Scheduled Stated Principal Balance of each Deleted Mortgage Loan, and of each Qualifying Substitute Replacement Mortgage Loan; (xiiim) the aggregate outstanding Interest Carryforward InterestAmount, Net Prepayment Interest Shortfalls, Shortfalls and Basis Risk Shortfalls and Unpaid Basis Risk ShortfallsCarryforward Amount, if any, for each applicable Class of Certificates, after giving effect to the distribution distributions made on such Distribution Date; (xivn) the Certificate Interest Pass-Through Rate applicable to such Distribution Date with respect to each Class of CertificatesCertificates (with a notation if such Pass-Through Rate reflects the application of the Net WAC Cap); (xvo) the Available Distribution Amount, the Interest Remittance Amount and Amount, the Principal Remittance Distribution Amount applicable to such Distribution Date; (xvip) if applicable, the amount of any shortfall (i.e., the difference between the aggregate amounts of principal and interest which Certificateholders would have received if there were sufficient available amounts in the Certificate Distribution Account and the amounts actually distributed); (xviiq) the amount of any Overcollateralization Deficiency Overcollateralized Amount after giving effect to the distributions made in on such Distribution Date; (xviiir) the aggregate amount of any insurance claim payments received with respect Overcollateralization Increase Amount after giving effect to each Pool Insurance Policy during the related Collection Period, the Old Republic Undrawn Pool Insurance Policy Balance, the United Guaranty Undrawn Pool Insurance Policy Balance, the Old Republic Covered Balance and the United Guaranty Covered Balance;distributions made on such Distribution Date; and (xixs) the level of LIBOR for such Distribution Date and the Certificate Interest Rates level of LIBOR for the Certificates; and (xx) the amount of any payments made by the Cap Provider to the Trust Fund under the Cap Agreement. In the case of information furnished pursuant to subclauses (i), (ii) and (vi) above, the amounts shall (except in the case of the report delivered to the holder of the Class X Certificates) be expressed as a dollar amount per $1,000 of original principal amount of Certificatesfollowing Distribution Date. The Securities Administrator Trustee shall make such report and any additional loan level information (and, at its option, any additional files containing the same information in an alternative format) reports available each month to the Trustee, any NIMS Insurer, Certificateholders and the Rating Agencies via the Securities Administrator’s internet websiteits website at xxx.xxxxxxxx.xxx. The Securities Administrator’s internet website shall initially be located at “xxx.xxxxxxx.xxx.” Assistance in using the website can may be obtained by calling the Securities AdministratorTrustee’s customer service desk at 0-(000-) 000-0000. Such Certificateholders and other parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling contacting the customer service desk Trustee and indicating such. The Securities Administrator shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. The foregoing information and reports shall be prepared and determined by the Securities Administrator based solely on Mortgage Loan data provided to the Securities Administrator by the Master Servicer (in a format agreed to by the Securities Administrator and the Master Servicer) no later than 12:00 p.m.(noon) Eastern Standard Time four Business Days prior to the Distribution Date. In preparing or furnishing the foregoing information to the Trustee, Certificateholders and any NIMS Insurerreports, the Securities Administrator Trustee shall be entitled to rely conclusively on the accuracy and completeness of the information or data regarding the Mortgage Loans and the related REO Property Properties that has been provided to the Master Servicer Trustee by each the Servicer, without any independent investigation, and the Securities Administrator Trustee shall not be obligated to verify, recompute, reconcile or recalculate any such information or data. The Securities Administrator shall be entitled to conclusively rely on the Mortgage Loan data provided by the Master Servicer and shall have no liability for any errors in such Mortgage Loan data. The information and reports described in the first paragraph of this Section 4.03(a) shall be provided to the Trustee by the Securities Administrator no later than 12:00 p.m.(noon) Eastern Standard Time one Business Day prior to the Distribution Date. (b) Upon the reasonable advance written request of any NIMS Insurer or any Certificateholder that is a savings and loan, bank or insurance company, which request, if received by the Trustee, shall be promptly forwarded to the Securities Administrator, the Securities Administrator Trustee shall provide, or cause to be provided, (or, to the extent that such information or documentation is not required to be provided by a the Servicer under the applicable Servicing Agreement, shall use reasonable efforts to obtain such information and documentation from such the Servicer, and provide) to any NIMS Insurer and such Certificateholder Certificateholders such reports and access to information and documentation regarding the Mortgage Loans as any NIMS Insurer or such Certificateholder Certificateholders may reasonably deem necessary to comply with applicable regulations of the Office of Thrift Supervision or its successor or other regulatory authorities with respect to an investment in the Certificates; provided, however, that the Securities Administrator Trustee shall be entitled to be reimbursed by such Certificateholder or the NIMS Insurer Certificateholders for the Trustee’s actual expenses incurred in providing such reports and access. (c) Within 90 days. For all purposes of this Agreement, or such shorter period as may be required by statute or regulation, after the end of each calendar year, the Trustee shall have prepared and the Trustee shall make available with respect to any NIMS Insurer Mortgage Loan, delinquencies shall be determined and each Person who at any time during reported based on the calendar year was so-called “OTS” methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Certificateholder Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of recordbusiness on the Mortgage Loan’s next succeeding Due Date, and make available a Mortgage Loan would be more than 30-days Delinquent with respect to Certificate Owners (identified as such Scheduled Payment if such Scheduled Payment were not made by the Clearing Agency) in accordance with applicable regulations, a report summarizing close of business on the items provided Mortgage Loan’s second succeeding Due Date. The Servicer hereby represents and warrants to any NIMS Insurer and the Certificateholders pursuant to Sections 4.03(a)(i) and 4.03(a)(ii) on an annual basis as may be required to enable any NIMS Insurer and such Holders to prepare their federal income tax returns; provided, however, Depositor that this Section 4.03(c) shall delinquency recognition policy is not be applicable where relevant reports or summaries are required elsewhere in this Agreement. Such information shall also include less restrictive than any delinquency recognition policy established by the amount of original issue discount accrued on each Class of Certificates primary safety and information regarding the expenses soundness regulator, if any, of the Trust Fund furnished by the Master Servicer to the Trustee. The Trustee shall be deemed to have satisfied this requirement if it forwards such information in any other format permitted by the Code. The Master Servicer shall provide the Trustee with such information as is necessary for the Trustee to prepare such reports (and the Trustee may rely solely upon such information)Servicer. (d) The Securities Administrator shall furnish any other information that is required by the Code and regulations thereunder to be made available to Certificateholders. The Master Servicer shall provide the Securities Administrator with such information as is necessary for the Securities Administrator to prepare such reports (and the Securities Administrator may rely solely upon such information).

Reports to Certificateholders. (a) On The Trustee will include, or will cause to be included, with each Distribution Datedistribution to Holders of CitiCertificates and will send, or cause to be sent to the Securities Administrator shall have Rating Agencies and each Underwriter, a statement, prepared (based solely on information provided or caused to be prepared by the Master Servicer CMSI and the Trustee or the Cap Provider) and shall make available delivered to the Trustee, any NIMS Insurer, the Credit Risk Manager and each Certificateholder a report setting forth the following information (on the basis of Mortgage Loan level information obtained from the Servicersper $1,000 Initial Principal Amount or initial notional amount, as to (i) and (ii) below): (i) to each Certificateholder of a Class of CitiCertificates on which a distribution in reduction of the Principal Amount is then being made, the amount of such distribution which represents a reduction in the Principal Amount and the amount which represents interest, and the Principal Amount of a Single Certificate after giving effect to the reduction of Principal Amount on such Distribution Date; (ii) to each Certificateholder of a Class of CitiCertificates on which a distribution of interest only is then being made, the aggregate Principal Amount or notional amount of Certificates Outstanding of each Class after giving effect to the distribution to be distributions in reduction of Principal Amount, if any, made on such Distribution Date occurring subsequent to the Holders last such report and any reduction in Principal Amount pursuant to Section 13.02 including, if any Accrual CitiCertificates are Outstanding, the aggregate Principal Amount of each Class Accrual CitiCertificates Outstanding and the amount of Certificates other than any Class of Notional Certificates, accrued interest added to the extent applicable, allocable to principal on the Mortgage Loans, including Liquidation Proceeds and Insurance Proceeds, stating separately the amount attributable to scheduled principal payments and unscheduled payments in the nature of principal; (ii) the aggregate amount of the distribution to be made Principal Amount thereof on such Distribution Date to the Holders of each Class of Certificates allocable to interest and the calculation thereofDate; (iii) the amountamount of Servicing Fee and Master Servicing Fee received by CMSI during the calendar month preceding the month of such distribution, if anyas reduced, in the case of any distribution the Servicing Fee, in an amount up to the Holders of the Class P Certificates, the Class X Certificates and the Residual CertificateCompensating Cap in connection with any Prepayment Interest Shortfalls; (Aiv) the aggregate amount book value of any Advances required to be made real estate acquired by the Trust Fund through foreclosure or on behalf of the Servicers (or the Master Servicer) with respect to such Distribution Date, (B) the aggregate amount of such Advances actually made, and (C) the amount, if any, by which (A) above exceeds (B) aboveotherwise; (v) the total number of Mortgage Loans, the aggregate Scheduled Principal Adjusted Balance of all the Mortgage Loans as of the close of business on the last day of the related Collection Period, month next preceding the month of such distribution after giving effect to payments allocated to principal reported under clause (i) aboveon the Mortgage Loans due on the related Due Date and Principal Prepayments distributed on the Distribution Date; (vi) the Class Principal Amount number and aggregate principal amount of Mortgage Loans delinquent 30 days and 60 or more days (or Class Notional Amount) of each Class of Certificates, to as determined by CMSI under the extent applicable, as of such Distribution Date after giving effect to payments allocated to principal reported under clause (i) above, separately identifying any reduction of any of the foregoing Certificate Principal Amounts due to Applied Loss AmountsMortgage Bankers Association method); (vii) the aggregate amount of any Prepayment Premiums distributed to Remittances received on Mortgage Loans during the Class P Certificatesrelated Due Period; (viii) the amount any Voluntary Advances, Trustee Advances, Advance Account Advances, Certificate Account Advances and any other amounts charged thereto in respect of any Realized Losses incurred with respect to the Mortgage Loans (x) in the applicable Prepayment Period and (y) in the aggregate since the Cut-off Distribution Date; (ix) the amount Class A Subclass Principal Amount (or notional amount) of each Subclass of Class A CitiCertificates, the Class M Principal Amount and the Class B Subclass Principal Amount of each Subclass of the Securities Administrator Fees, Trustee Fees, Servicing Fees, Credit Risk Manager’s Fees and Pool Insurance Premiums paid during the Collection Period to which such distribution relates; (x) the number and aggregate Scheduled Principal Balance of Mortgage Loans, as reported to the Securities Administrator by the Master Servicer, (a) remaining outstanding (b) Delinquent 30 to 59 days on a contractual basis, (c) Delinquent 60 to 89 days on a contractual basis, (d) Delinquent 90 or more days on a contractual basis, (e) as to which foreclosure proceedings have been commenced, as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs, (f) in bankruptcy and (g) that are REO Properties; (xi) the aggregate Scheduled Principal Balance of any Mortgage Loans with respect to which the related Mortgaged Property became a REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs; (xii) with respect to substitution of Mortgage Loans in the preceding calendar month, the Scheduled Principal Balance of each Deleted Mortgage Loan, and of each Qualifying Substitute Mortgage Loan; (xiii) the aggregate outstanding Carryforward Interest, Net Prepayment Interest Shortfalls, Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, if any, for each Class of Certificates, after giving effect to the distribution made B CitiCertificates on such Distribution Date; (xivx) the Certificate any Class A Unpaid Interest Rate Shortfall, Class M Unpaid Interest Shortfall and Class B Unpaid Interest Shortfall applicable to such Distribution Date with respect to each Class of Certificates; (xv) the Interest Remittance Amount and the Principal Remittance Amount applicable to such next succeeding Distribution Date; (xvixi) if applicable, the amount in reduction of any shortfall (i.e., Principal Amount of the difference between CitiCertificates not the aggregate amounts result of principal and interest which Certificateholders would have received if there were sufficient available amounts distributions in the Certificate Account and the amounts actually distributed)reduction of Principal Amount; (xviixii) the amount Class A Principal Xxxxxx, the Class M Principal Xxxxxx and the Class B Principal Amount as of any Overcollateralization Deficiency Amount the following Determination Date after giving effect to the distributions distribution of principal made in and losses allocated with respect to such Distribution Date; (xviii) the aggregate amount of any insurance claim payments received with respect to each Pool Insurance Policy during the related Collection Period, the Old Republic Undrawn Pool Insurance Policy Balance, the United Guaranty Undrawn Pool Insurance Policy Balance, the Old Republic Covered Balance and the United Guaranty Covered Balance; (xix) the level of LIBOR and the Certificate Interest Rates of the Certificates; and (xxxiii) the amount of any payments made by the Cap Provider to the Trust Fund under the Cap Agreement. In the case of information furnished pursuant to subclauses (i), (ii) and (vi) aboveClass A Percentage, the amounts shall (except in the case of the report delivered to the holder of Class A Prepayment Percentage, the Class X Certificates) be expressed as a dollar amount per $1,000 of original principal amount of Certificates. The Securities Administrator shall make such report and any additional loan level information (andM Percentage, at its optionthe Class M Prepayment Percentage, any additional files containing the same information in an alternative format) available each month to Class B-1 Percentage, the TrusteeClass B-1 Prepayment Percentage, any NIMS Insurerthe Class B-2 Percentage, Certificateholders the Class B-2 Prepayment Percentage, the Class B-3 Percentage, the Class B-3 Prepayment Percentage, the Class B-4 Percentage, the Class B-4 Prepayment Percentage, the Class B-5 Percentage and the Rating Agencies via Class B-5 Prepayment Percentage for the Securities Administrator’s internet website. The Securities Administrator’s internet website shall initially be located at “xxx.xxxxxxx.xxx.” Assistance in using the website can be obtained by calling the Securities Administrator’s customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Securities Administrator shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. The foregoing information and reports shall be prepared and determined by the Securities Administrator based solely on Mortgage Loan data provided to the Securities Administrator by the Master Servicer (in a format agreed to by the Securities Administrator and the Master Servicer) no later than 12:00 p.m.(noon) Eastern Standard Time four Business Days prior to the following Distribution Date. In preparing or furnishing the foregoing information to the Trustee, Certificateholders and any NIMS Insurer, the Securities Administrator shall be entitled to rely conclusively on the accuracy of the information or data regarding the Mortgage Loans and the related REO Property that has been provided to the Master Servicer by each Servicer, and the Securities Administrator shall not be obligated to verify, recompute, reconcile or recalculate any such information or data. The Securities Administrator shall be entitled to conclusively rely on the Mortgage Loan data provided by the Master Servicer and shall have no liability for any errors in such Mortgage Loan data. The information and reports described in the first paragraph of this Section 4.03(a) shall be provided to the Trustee by the Securities Administrator no later than 12:00 p.m.(noon) Eastern Standard Time one Business Day prior to the Distribution Date. (b) Upon the reasonable advance written request of any NIMS Insurer or any Certificateholder that is a savings and loan, bank or insurance company, which request, if received by the Trustee, shall be promptly forwarded to the Securities Administrator, the Securities Administrator shall providewill send, or will cause to be provided, (orsent through the Certificate Registrar, to Holders of Residual Certificates a statement setting forth the extent information in paragraphs (i) through (viii). CMSI will provide Certificateholders that such information or documentation is not required to be provided by a Servicer under the applicable Servicing Agreement, shall use reasonable efforts to obtain such information are federally insured savings and documentation from such Servicerloan associations with certain reports, and provide) to any NIMS Insurer and such Certificateholder such reports and will provide access to information and documentation regarding the Mortgage Loans as any NIMS Insurer or included in the Trust Fund, sufficient to permit such Certificateholder may reasonably deem necessary associations to comply with applicable regulations of the Office of Thrift Supervision Supervision. In addition to the foregoing, CMSI, on behalf of the Trustee, shall file with the Internal Revenue Service and furnish to Certificateholders such statements or its successor or other regulatory authorities with respect to an investment information at such times and in the Certificates; provided, however, that the Securities Administrator shall be entitled to be reimbursed by such Certificateholder or the NIMS Insurer for the actual expenses incurred in providing such reports and access. (c) Within 90 days, or such shorter period manner as may be required by statute or regulation, after the end of each calendar year, the Trustee shall have prepared and the Trustee shall make available to any NIMS Insurer and each Person who at any time during the calendar year was a Certificateholder of record, and make available to Certificate Owners (identified as such by the Clearing Agency) in accordance with applicable regulations, a report summarizing the items provided to any NIMS Insurer and the Certificateholders pursuant to Sections 4.03(a)(i) and 4.03(a)(ii) on an annual basis as may be required to enable any NIMS Insurer and such Holders to prepare their federal income tax returns; provided, however, that this Section 4.03(c) shall not be applicable where relevant reports or summaries are required elsewhere in this Agreement. Such information shall also include the amount of original issue discount accrued on each Class of Certificates and information regarding the expenses of the Trust Fund furnished by the Master Servicer to the Trustee. The Trustee shall be deemed to have satisfied this requirement if it forwards such information in any other format permitted by the Code. The Master Servicer shall provide the Trustee with such information as is necessary for the Trustee to prepare such reports (and the Trustee may rely solely upon such information). (d) The Securities Administrator shall furnish any other information that is required by the Code and regulations thereunder to be made available to Certificateholders. The Master Servicer shall provide the Securities Administrator with such information as is necessary for the Securities Administrator to prepare such reports (and the Securities Administrator may rely solely upon such information).

Reports to Certificateholders. (a) On The Trustee, in its capacity as calculation agent hereunder, shall make available to each Certificateholder of record and each Certificate Owner, on each Distribution Date, the Securities Administrator shall have a statement prepared (based solely on information provided by the Master Servicer and setting forth the Trustee or information described in Exhibit E hereto (as the Cap Providersame may be modified from time to time upon the prior written consent of the Majority Certificateholders) and shall make (the "Distribution Date Statement"). Prior to making each Distribution Date Statement available to the Certificateholders, however, the Trustee, any NIMS Insurerin its capacity as calculation agent hereunder, shall recalculate and verify the Credit Risk Manager and each Certificateholder a report setting mathematical accuracy of all amounts set forth in the following information (on the basis of Mortgage Loan level information obtained from the Servicers): (i) the aggregate amount "Distributions" section of the distribution Distribution Date Statement, representing the amounts proposed to be made distributed and paid on such Distribution Date to the Holders each of each Class of Certificates other than any Class of Notional Certificates, to the extent applicable, allocable to principal on the Mortgage Loans, including Liquidation Proceeds and Insurance Proceeds, stating separately the amount attributable to scheduled principal payments and unscheduled payments in the nature of principal; (ii) the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates allocable to interest and the calculation thereof; (iii) the amount, if any, of any distribution to the Holders of the Class P Certificates, the Class X Certificates and the Residual Certificate; (A) the aggregate amount of any Advances required to be made by or on behalf of the Servicers (or the Master Servicer) with respect to such Distribution Date, (B) the aggregate amount of such Advances actually made, and (C) the amount, if any, by which (A) above exceeds (B) above; (v) the total number of Mortgage Loans, the aggregate Scheduled Principal Balance of all the Mortgage Loans as of the close of business on the last day of the related Collection Period, after giving effect to payments allocated to principal reported under clause (i) above; (vi) the Class Principal Amount (or Class Notional Amount) of each Class of Certificates, to the extent applicable, as of such Distribution Date after giving effect to payments allocated to principal reported under clause (i) above, separately identifying any reduction of any of the foregoing Certificate Principal Amounts due to Applied Loss Amounts; (vii) the amount of any Prepayment Premiums distributed to the Class P Certificates; (viii) the amount of any Realized Losses incurred with respect to the Mortgage Loans (x) in the applicable Prepayment Period and (y) in the aggregate since the Cut-off Date; (ix) the amount of the Securities Administrator Fees, Trustee Fees, Servicing Fees, Credit Risk Manager’s Fees and Pool Insurance Premiums paid during the Collection Period to which such distribution relates; (x) the number and aggregate Scheduled Principal Balance of Mortgage Loans, as reported to the Securities Administrator by the Master Servicer, (a) remaining outstanding (b) Delinquent 30 to 59 days on a contractual basis, (c) Delinquent 60 to 89 days on a contractual basis, (d) Delinquent 90 or more days on a contractual basis, (e) as to which foreclosure proceedings have been commenced, as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs, (f) in bankruptcy and (g) that are REO Properties; (xi) the aggregate Scheduled Principal Balance of any Mortgage Loans with respect to which the related Mortgaged Property became a REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs; (xii) with respect to substitution of Mortgage Loans in the preceding calendar month, the Scheduled Principal Balance of each Deleted Mortgage Loan, and of each Qualifying Substitute Mortgage Loan; (xiii) the aggregate outstanding Carryforward Interest, Net Prepayment Interest Shortfalls, Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date; (xiv) the Certificate Interest Rate applicable to such Distribution Date with respect to each Class of Certificates; (xv) the Interest Remittance Amount and the Principal Remittance Amount applicable to such Distribution Date; (xvi) if applicable, the amount of any shortfall (i.e., the difference between the aggregate amounts of principal and interest which Certificateholders would have received if there were sufficient available amounts in the Certificate Account and the amounts actually distributed); (xvii) the amount of any Overcollateralization Deficiency Amount after giving effect to the distributions made in such Distribution Date; (xviii) the aggregate amount of any insurance claim payments received with respect to each Pool Insurance Policy during the related Collection Period, the Old Republic Undrawn Pool Insurance Policy Balance, the United Guaranty Undrawn Pool Insurance Policy Balance, the Old Republic Covered Balance and the United Guaranty Covered Balance; (xix) the level of LIBOR and the Certificate Interest Rates of the Certificates; and (xx) the amount of any payments made by the Cap Provider to the Trust Fund under the Cap Agreement. In the case of information furnished pursuant to subclauses (i), (ii) and (vi) above, the amounts shall (except in the case of the report delivered to the holder of the Class X Certificates) be expressed as a dollar amount per $1,000 of original principal amount of Certificates. The Securities Administrator shall make such report and any additional loan level information (and, at its option, any additional files containing the same information in an alternative format) available each month to the Trustee, any NIMS Insurerthe Servicer, the Certificateholders and the Rating Agencies via the Securities Administrator’s internet website. The Securities Administrator’s internet website shall initially be located at “xxx.xxxxxxx.xxx.” Assistance in using the website can be obtained by calling the Securities Administrator’s customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Securities Administrator shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. The foregoing information and reports shall be prepared and determined Reserve Account by the Securities Administrator based solely on Mortgage Loan data provided Trustee as paying agent pursuant to the Securities Administrator by the Master Servicer (in a format agreed to by the Securities Administrator and the Master Servicer) no later than 12:00 p.m.(noon) Eastern Standard Time four Business Days prior to the Distribution DateSection 3.09. In preparing or furnishing the foregoing information to If the Trustee, in its capacity as calculation agent, determines that any of such amounts is incorrect or otherwise conflicts with its calculation of such amounts, the Trustee, as calculation agent, shall notify the Servicer of such determination and the Trustee, as calculation agent, and Servicer shall work together to resolve all such discrepancies prior to finalizing and circulating the statement to Certificateholders and any NIMS Insurer, the Securities Administrator shall be entitled to rely conclusively making distributions of funds on the accuracy of the information or data regarding the Mortgage Loans and the related REO Property that has been provided to the Master Servicer by each Servicer, and the Securities Administrator shall not be obligated to verify, recompute, reconcile or recalculate any such information or data. The Securities Administrator shall be entitled to conclusively rely on the Mortgage Loan data provided by the Master Servicer and shall have no liability for any errors in such Mortgage Loan data. The information and reports described in the first paragraph of this Section 4.03(a) shall be provided to the Trustee by the Securities Administrator no later than 12:00 p.m.(noon) Eastern Standard Time one Business Day prior to the applicable Distribution Date. (b) Upon the Within a reasonable advance written request period of any NIMS Insurer or any Certificateholder that is a savings and loan, bank or insurance company, which request, if received by the Trustee, shall be promptly forwarded to the Securities Administrator, the Securities Administrator shall provide, or cause to be provided, (or, to the extent that such information or documentation is not required to be provided by a Servicer under the applicable Servicing Agreement, shall use reasonable efforts to obtain such information and documentation from such Servicer, and provide) to any NIMS Insurer and such Certificateholder such reports and access to information and documentation regarding the Mortgage Loans as any NIMS Insurer or such Certificateholder may reasonably deem necessary to comply with applicable regulations of the Office of Thrift Supervision or its successor or other regulatory authorities with respect to an investment in the Certificates; provided, however, that the Securities Administrator shall be entitled to be reimbursed by such Certificateholder or the NIMS Insurer for the actual expenses incurred in providing such reports and access. (c) Within 90 days, or such shorter period as may be required by statute or regulation, time after the end of each calendar year, but not later than the latest date permitted by law, the Trustee shall have prepared and the Trustee shall make available furnish to any NIMS Insurer and each Person who at any time during the calendar year was a Certificateholder a statement supplied by the Tax Return Preparer pursuant to paragraph (c) below containing information for the purposes of recordthe Certificateholder's preparation of federal, state and local income tax returns. (c) The Tax Return Preparer shall furnish to the Trustee, at least five Business Days prior to the date of mailing or posting, and the Trustee shall then make available to the Certificateholders and Certificate Owners (identified as such Owners, a copy of the statement required to be provided by the Clearing Agency) in accordance with applicable regulations, a report summarizing the items provided Trustee to any NIMS Insurer and the Certificateholders pursuant to Sections 4.03(a)(iparagraph (b) above. (d) The Trustee may make available to Certificateholders and 4.03(a)(ii) on an annual basis as may be each Certificate Owner, via the Trustee's internet website, all statements required to enable any NIMS Insurer be made available by the Trustee to the Certificateholders and the Certificate Owners by this Section 4.02 each month and, only with the consent or at the direction of the Seller and the Initial Purchaser, such Holders other information regarding the Certificates and/or the Contracts as the Trustee may have in its possession, but only with the use of a password provided by the Trustee or its agents to prepare their federal income tax returnssuch Person upon receipt by the Trustee from such Person of a certification in the form of Exhibit F; provided, however, that the Trustee or its agent shall provide such password to the parties to this Section 4.03(c) Agreement without requiring such certification. The Trustee will make no representation or warranties as to the accuracy or completeness of such documents and will assume no responsibility therefor. The Trustee's Internet Website shall not be applicable where relevant reports initially located at xxx.xxxxxxxxxxxx.xxx or summaries are required elsewhere in this Agreement. Such information at such other address as shall also include the amount of original issue discount accrued on each Class of Certificates and information regarding the expenses of the Trust Fund furnished be specified by the Master Servicer Trustee from time to time in writing to the parties hereto and the Certificateholders. In connection with providing access to the Trustee's Internet Website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee shall not be deemed to have satisfied this requirement if it forwards such liable for the dissemination of information in any other format accordance with this Agreement. The provisions of this paragraph (e) will apply to the tax information described in paragraph (c) above only to the extent permitted by the Code. The Master Servicer shall provide the Trustee with such information as is necessary for the Trustee to prepare such reports (and the Trustee may rely solely upon such information)law. (d) The Securities Administrator shall furnish any other information that is required by the Code and regulations thereunder to be made available to Certificateholders. The Master Servicer shall provide the Securities Administrator with such information as is necessary for the Securities Administrator to prepare such reports (and the Securities Administrator may rely solely upon such information).

Reports to Certificateholders. (a) On With respect to Pool 1, Pool 2 and Pool 3, on each Distribution Date, the Securities Administrator shall have prepared (based solely on information provided by the Group 1-3 Master Servicer and the Trustee or the Cap ProviderServicer) and shall make available to the Trustee, any NIMS Insurer, the Credit Risk Manager Trustee and each related Certificateholder a written report setting forth the following information listed below, by Mortgage Pool and Certificate Group (on the basis of Mortgage Loan level information obtained from the Servicers):Master Servicer). With respect to Pool 4, the Master Servicer shall have prepared and shall deliver to the Trustee, the Securities Administrator and the related Certificateholders on or before the second Business Day immediately preceding each Distribution Date, a written report of the performance of such Mortgage Loans, including the information listed below: (i) the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates Certificates, other than any Class of Notional Certificates, to the extent applicable, allocable to principal on the Mortgage Loans, including Liquidation Proceeds and Insurance Proceeds, stating separately the amount attributable to scheduled principal payments and unscheduled payments in the nature of principalprincipal in each Mortgage Pool; (ii) the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates Certificates, other than any Class of Principal Only Certificates, allocable to interest and interest, including any Accrual Amount added to the calculation thereofClass Principal Amount of any Class of Accrual Certificates; (iii) the amount, if any, of any distribution to the Holders of the Class P Certificates, the Class X Certificates and the a Residual Certificate; (iv) (A) the aggregate amount of any Advances required to be made by or on behalf of the Master Servicers or any Servicer (or the Securities Administrator, solely in its capacity as successor Master Servicer) with respect to such Distribution Date, (B) the aggregate amount of such Advances actually made, and (C) the amount, if any, by which (A) above exceeds (B) above; (v) the total number of Mortgage Loans, the aggregate Scheduled Aggregate Principal Balance of all the Mortgage Loans as and the Non-AP Pool Balance of the close of business on the last day of the related Collection Periodeach Mortgage Pool for such Distribution Date, after giving effect to payments allocated to principal reported under clause (i) above; (vi) the Class Principal Amount (or Class Notional Amount) of each Class of Certificates, to the extent applicable, as of such Distribution Date after giving effect to payments allocated to principal reported under clause (i) aboveabove (and to the addition of any Accrual Amount in the case of any Class of Accrual Certificates), separately identifying any reduction of any of the foregoing Certificate Principal Amounts due to Applied Loss Amounts;Realized Losses: (vii) the amount of any Prepayment Premiums distributed to the Class P Certificates; (viii) the amount of any Realized Losses incurred realized with respect to the Mortgage Loans (x) in the applicable Prepayment Period and (y) in the aggregate since the Cut-off Date, stating separately the amount of Special Hazard Losses, Fraud Losses and Bankruptcy Losses and the aggregate amount of such Realized Losses, and the remaining Special Hazard Loss Amount, Fraud Loss Amount and Bankruptcy Loss Amount; (ixviii) the amount of the Securities Administrator Fees, Trustee Master Servicing Fees, Servicing Fees, Credit Risk Manager’s Fees and Pool Insurance Premiums Trustee Fee paid during the Collection Due Period to which such distribution relates; (xix) the number and aggregate Scheduled Principal Balance of Mortgage Loans, as reported to the Securities Administrator by the Master Servicer, (a) remaining outstanding (b) Delinquent 30 to 59 days on a contractual basisdelinquent one month, (c) Delinquent 60 to 89 days on a contractual basisdelinquent two months, (d) Delinquent 90 delinquent three or more days on a contractual basismonths, and (e) as to which foreclosure proceedings have been commenced, commenced as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs, ; (fx) the deemed principal balance of each REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the month in bankruptcy and (g) that are REO Propertieswhich such Distribution Date occurs; (xi) the aggregate Scheduled Principal Balance principal balance of any all Mortgage Loans with respect to which the related Mortgaged Property became a that have become REO Property and the number of such Mortgage Loans as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs; (xii) with respect to substitution of Mortgage Loans in the preceding calendar month, the Scheduled Principal Balance of each Deleted Mortgage Loan, and of each Qualifying Substitute Mortgage Loan; (xiii) the aggregate outstanding Carryforward Interest, Interest Shortfalls and Net Prepayment Interest Shortfalls, Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date; (xiv) the Certificate Interest Rate applicable to such Distribution Date with respect to each Class of Certificates;; and (xv) the Interest Remittance Amount and the Principal Remittance Amount applicable to such Distribution Date; (xvi) if applicable, the amount of any shortfall (i.e., the difference between the aggregate amounts of principal and interest which Certificateholders would have received if there were sufficient available amounts in the Certificate Account and the amounts actually distributed); (xvii) the amount of any Overcollateralization Deficiency Amount after giving effect to the distributions made in such Distribution Date; (xviii) the aggregate amount of any insurance claim payments received with respect to each Pool Insurance Policy during the related Collection Period, the Old Republic Undrawn Pool Insurance Policy Balance, the United Guaranty Undrawn Pool Insurance Policy Balance, the Old Republic Covered Balance and the United Guaranty Covered Balance; (xix) the level of LIBOR and the Certificate Interest Rates of the Certificates; and (xx) the amount of any payments made by the Cap Provider to the Trust Fund under the Cap Agreement. In the case of information furnished pursuant to subclauses (i), (ii) and (vivii) above, the amounts shall (except in the case of the report delivered to the holder of the Class X Certificates) be expressed as a dollar amount per $1,000 of original principal amount of Certificates. The Securities Administrator shall make such report and any additional loan level information (and, at its option, any additional files containing the same information in an alternative format) available each month to the Trustee, any NIMS Insurer, Certificateholders and the Rating Agencies via the Securities Administrator’s internet website. The Securities Administrator’s internet website shall initially be located at “xxx.xxxxxxx.xxx.” Assistance in using the website can be obtained by calling the Securities Administrator’s customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Securities Administrator shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. The foregoing information and reports relating to Pool 1, Pool 2 and Pool 3, shall be prepared and determined by the Securities Administrator based solely on Mortgage Loan data provided to the Securities Administrator by the Group 1-3 Master Servicer (in a format agreed to by the Securities Administrator and the Master Servicer) no later than 12:00 p.m.(noonp.m. (noon) Eastern Standard Time four Business Days prior to the Distribution Date. In preparing or furnishing the foregoing information Mortgage Loan data to the Trustee, Certificateholders and any NIMS Insurer, the Securities Administrator Group 1-3 Master Servicer shall be entitled to rely conclusively on the accuracy of the information or data regarding the Mortgage Loans and the related REO Property that has been provided to the Master Servicer by each Servicer, and the Securities Administrator Master Servicer shall not be obligated to verify, recompute, reconcile or recalculate any such information or data. The Securities Administrator shall be entitled to conclusively rely on the Mortgage Loan data provided by the Group 1-3 Master Servicer or the Group 4 Master Servicer and shall have no liability for any errors in such Mortgage Loan data. The information and reports described in the first paragraph of this Section 4.03(a) shall be provided to the Trustee by On each Distribution Date, the Securities Administrator no later than 12:00 p.m.(noon) Eastern Standard Time one Business Day prior shall also provide or make available to the Distribution DateDepositor a copy of the above-described written report, to the following address: Mortgage Finance Group, Lehman Brothers Inc., Three World Financial Center, 200 Vesey Xxxxxt, New York, New York, 10285, Attention: MBS Fxxxxxx, xx xx such other address as the Depositor may designate. (b) Upon the reasonable advance written request of any NIMS Insurer or any Certificateholder Certificate Owner that is a savings and loan, bank bank, insurance company or insurance companyother regulated entity, which request, if received by the Trustee, shall will be promptly forwarded to the Securities Administratorapplicable Master Servicer, the Securities Administrator such Master Servicer shall provide, or cause to be provided, (or, to the extent that such information or documentation is not required to be provided by a Servicer under the applicable Servicing Agreement, shall use reasonable efforts to obtain such information and documentation from such Servicer, and provide) to any NIMS Insurer and such Certificateholder Certificate Owner such reports and access to information and documentation regarding the related Mortgage Loans as any NIMS Insurer or such Certificateholder Certificate Owner may reasonably deem necessary to comply with applicable regulations of the Office of Thrift Supervision or its successor or other regulatory authorities with respect to an investment in the Certificates; provided, however, that the Securities Administrator Master Servicer shall be entitled to be reimbursed by such Certificateholder or the NIMS Insurer Certificate Owner for the such Master Servicer's actual expenses incurred in providing such reports and access. (c) Within 90 days, or such shorter period as may be required by statute or regulation, after the end of each calendar year, the Trustee Securities Administrator shall have prepared prepare and the Trustee shall make available to any NIMS Insurer and each Person who at any time during the calendar year was a Certificateholder of record, and make available to Certificate Owners (identified as such by the Clearing Agency) in accordance with applicable regulations, a report summarizing the items provided to any NIMS Insurer and the Certificateholders pursuant to Sections 4.03(a)(i) and 4.03(a)(iiSection 4.03(a) on an annual basis as may be required to enable any NIMS Insurer and such Holders to prepare their federal income tax returns; provided, however, that this Section 4.03(c) shall not be applicable where relevant reports or summaries are required elsewhere in this Agreement. Such information shall also include the amount of original issue discount accrued on each Class of Certificates and information regarding the expenses of the Trust Fund furnished by the Master Servicer to the Trustee. The Trustee shall be deemed to have satisfied this requirement if it forwards such information in any other format permitted by the CodeFund. The Master Servicer shall provide the Trustee with such information as is necessary for the Trustee to prepare such reports (and the Trustee may rely solely upon such information). (d) The Securities Administrator shall furnish any other information that is required by the Code and regulations thereunder to be made available to Certificateholders. The Master Servicer Servicers shall provide the Securities Administrator with such information as is necessary for the Securities Administrator to prepare such reports reports. (d) Notwithstanding the foregoing, upon receipt of written notice from the Depositor that each Class of Call Certificates and Subordinate Certificates has been sold to an unaffiliated third party, the Securities Administrator may rely solely upon shall make the reports required by this Section 4.03 available to such information)Holders of the Call Certificates and/or Subordinate Certificates. (e) The Securities Administrator shall respond to any inquiry by a Person purporting to be a beneficial owner, or prospective beneficial owner, of a Class 2-A1, Class 2-A2, Class 3-A1 or Class 3-A2 Certificate as to the identity of the initial Holder of either Class of Call Certificates by identifying such initial Holder as Lehman Pass-Through Securities Inc.

Reports to Certificateholders. (a) On or before the tenth Business Day following each Distribution Certificate Payment Date, the Securities Administrator Trustee shall have prepared supply to each holder of Certificates (based solely on information provided with a copy to the Borrower) a semi-annual report in substantially the form attached as Exhibit D to the related Supplement (a "Semi-Annual Report") which shall include the following information, as of such Certificate Payment Date, with respect to the distribution by the Master Servicer and the Trustee or the Cap Provider) and shall make available to the Trustee, any NIMS Insurer, the Credit Risk Manager and each Certificateholder a report setting forth the following information (on the basis of Mortgage Loan level information obtained from the Servicers):Trust: (i) the aggregate amount amounts of the distribution to be made on such Distribution Date Principal, if any, and Interest distributed to the Holders of each Class of Certificates other than any Class of Notional Certificates, to the extent applicable, allocable to principal on the Mortgage Loans, including Liquidation Proceeds and Insurance Proceeds, stating separately the amount attributable to scheduled principal payments and unscheduled payments in the nature of principalCertificateholders; (ii) the aggregate amount Principal Balance of the distribution to be made on Certificates outstanding after such Distribution Date to the Holders of each Class of Certificates allocable to interest and the calculation thereof;distribution; and (iii) if the amounts referred to in (i) above are less than the amounts of prin cipal and interest paid on the Promissory Notes or the Eximbank Payment Certificate on the related Note Payment Date (whether as a result of a withholding tax of the country of the Borrower or through which payments were made which has not been grossed-up or otherwise), the amount of any such difference and the reason or reasons therefor (as determined on the basis of information provided to the Trustee by the Borrower or Eximbank or otherwise actually known by a Responsible Officer of the Trustee); and (iv) any additional information that the Trustee elects to include in the SemiAnnual Report in order to satisfy requirements, if any, under the Exchange Act, as then in effect, with respect to the mailing of periodic reports to Certificateholders. The Semi-Annual Report shall also state that neither a delinquency in payment under the Promissory Notes, the Liquidity Agreement, if any, the Guarantee or the Eximbank Payment Certificate nor any Event of Default actually known to a Responsible Officer of the Trustee has occurred and is continuing or, if such event has occurred and is continuing, shall specify the event and its status and the amount, if any, of any distribution to paid or payable under the Holders of the Class P Certificates, the Class X Certificates and the Residual Certificate; (A) the aggregate amount of any Advances required to be made by or on behalf of the Servicers (or the Master Servicer) with respect to such Distribution Date, (B) the aggregate amount of such Advances actually made, and (C) the amount, if any, by which (A) above exceeds (B) above; (v) the total number of Mortgage Loans, the aggregate Scheduled Principal Balance of all the Mortgage Loans as of the close of business on the last day of the related Collection Period, after giving effect to payments allocated to principal reported under clause (i) above; (vi) the Class Principal Amount (or Class Notional Amount) Guarantee. A copy of each Class of Certificates, to the extent applicable, as of such Distribution Date after giving effect to payments allocated to principal reported under clause (i) above, separately identifying any reduction of any of the foregoing Certificate Principal Amounts due to Applied Loss Amounts; (vii) the amount of any Prepayment Premiums distributed to the Class P Certificates; (viii) the amount of any Realized Losses incurred with respect to the Mortgage Loans (x) in the applicable Prepayment Period and (y) in the aggregate since the CutSemi-off Date; (ix) the amount of the Securities Administrator Fees, Trustee Fees, Servicing Fees, Credit Risk Manager’s Fees and Pool Insurance Premiums paid during the Collection Period to which such distribution relates; (x) the number and aggregate Scheduled Principal Balance of Mortgage Loans, as reported to the Securities Administrator Annual Report shall be sent by the Master Servicer, (a) remaining outstanding (b) Delinquent 30 to 59 days on a contractual basis, (c) Delinquent 60 to 89 days on a contractual basis, (d) Delinquent 90 or more days on a contractual basis, (e) as to which foreclosure proceedings have been commenced, as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs, (f) in bankruptcy and (g) that are REO Properties; (xi) the aggregate Scheduled Principal Balance of any Mortgage Loans with respect to which the related Mortgaged Property became a REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs; (xii) with respect to substitution of Mortgage Loans in the preceding calendar month, the Scheduled Principal Balance of each Deleted Mortgage Loan, and of each Qualifying Substitute Mortgage Loan; (xiii) the aggregate outstanding Carryforward Interest, Net Prepayment Interest Shortfalls, Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date; (xiv) the Certificate Interest Rate applicable to such Distribution Date with respect Trustee to each Class of Certificates; (xv) the Interest Remittance Amount and the Principal Remittance Amount applicable to such Distribution Date; (xvi) if applicable, the amount of any shortfall (i.e., the difference between the aggregate amounts of principal and interest which Certificateholders would have received if there were sufficient available amounts in the Certificate Account and the amounts actually distributed); (xvii) the amount of any Overcollateralization Deficiency Amount after giving effect to the distributions made in such Distribution Date; (xviii) the aggregate amount of any insurance claim payments received with respect to each Pool Insurance Policy during the related Collection Period, the Old Republic Undrawn Pool Insurance Policy Balance, the United Guaranty Undrawn Pool Insurance Policy Balance, the Old Republic Covered Balance and the United Guaranty Covered Balance; (xix) the level of LIBOR and the Certificate Interest Rates of the Certificates; and (xx) the amount of any payments made by the Cap Provider to the Trust Fund under the Cap Agreement. In the case of information furnished pursuant to subclauses (i), (ii) and (vi) above, the amounts shall (except in the case of the report delivered to the holder of the Class X Certificates) be expressed as a dollar amount per $1,000 of original principal amount of Certificates. The Securities Administrator shall make such report and any additional loan level information (and, at its option, any additional files containing the same information in an alternative format) available each month to the Trustee, any NIMS Insurer, Certificateholders and the Rating Agencies via that then maintains a rating for the Securities Administrator’s internet website. The Securities Administrator’s internet website shall initially be located at “xxx.xxxxxxx.xxx.” Assistance in using the website can be obtained by calling the Securities Administrator’s customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Securities Administrator shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. The foregoing information and reports shall be prepared and determined by the Securities Administrator based solely on Mortgage Loan data provided to the Securities Administrator by the Master Servicer (in a format agreed to by the Securities Administrator and the Master Servicer) no later than 12:00 p.m.(noon) Eastern Standard Time four Business Days prior to the Distribution Date. In preparing or furnishing the foregoing information to the Trustee, Certificateholders and any NIMS Insurer, the Securities Administrator shall be entitled to rely conclusively on the accuracy of the information or data regarding the Mortgage Loans and the related REO Property that has been provided to the Master Servicer by each Servicer, and the Securities Administrator shall not be obligated to verify, recompute, reconcile or recalculate any such information or data. The Securities Administrator shall be entitled to conclusively rely on the Mortgage Loan data provided by the Master Servicer and shall have no liability for any errors in such Mortgage Loan data. The information and reports described in the first paragraph of this Section 4.03(a) shall be provided to the Trustee by the Securities Administrator no later than 12:00 p.m.(noon) Eastern Standard Time one Business Day prior to the Distribution DateCertificates. (b) Upon The fiscal year of the reasonable advance written request of any NIMS Insurer or any Certificateholder that is a savings and loan, bank or insurance company, which request, if received by the Trustee, Trust shall be promptly forwarded to a calendar year. Within the Securities Administrator, the Securities Administrator shall provide, or cause to be provided, (or, to the extent that such information or documentation is not required to be provided by a Servicer under the applicable Servicing Agreement, shall use reasonable efforts to obtain such information and documentation from such Servicer, and provide) to any NIMS Insurer and such Certificateholder such reports and access to information and documentation regarding the Mortgage Loans as any NIMS Insurer or such Certificateholder may reasonably deem necessary to comply with applicable regulations period of the Office of Thrift Supervision or its successor or other regulatory authorities with respect to an investment time specified in the Certificates; provided, however, that Code or in the Securities Administrator shall be entitled to be reimbursed by such Certificateholder or the NIMS Insurer regulations promulgated thereunder for the actual expenses incurred in providing such reports and access. (c) Within 90 days, or such shorter period as may be required by statute or regulation, federal income tax reporting purposes after the end of each calendar yearyear during the term of the Declaration, the Trustee shall have prepared prepare and mail to each Certificate holder a report setting forth the Trustee shall make available amounts distributed to any NIMS Insurer such Certificateholder and each Person who at any time during such other information as is reasonably necessary for the preparation of such Certificateholder's federal income tax returns for such calendar year or, in the event such person was a Certificateholder for only a portion of recordsuch calendar year, and make available to Certificate Owners for the applicable portion of the year. The report required by this subsection (identified as such by the Clearing Agencyb) in accordance with applicable regulations, a report summarizing the items provided to any NIMS Insurer and the Certificateholders pursuant to Sections 4.03(a)(i) and 4.03(a)(ii) on an annual basis as may be required to enable any NIMS Insurer and such Holders to prepare their federal income tax returns; provided, however, that this Section 4.03(c) shall not be applicable where relevant reports or summaries are required elsewhere in this Agreement. Such information shall also include the amount of original issue discount accrued on each Class of Certificates and information regarding the expenses combined with one of the Trust Fund furnished Semi-Annual Reports sent by the Master Servicer to the Trustee. The Trustee shall be deemed to have satisfied this requirement if it forwards such information in any other format permitted by the Code. The Master Servicer shall provide the Trustee with such information as is necessary for the Trustee to prepare such reports Certificate holders each year pursuant to subsection (and the Trustee may rely solely upon such information)a) of this Section. (dc) The Securities Administrator shall furnish Trustee will deliver, without charge, copies of each related Semi-Annual Report to any other information beneficial owner of a Certificate that is required by delivers to it a completed Information Request at the Code and regulations thereunder to be made available to Certificateholders. The Master Servicer shall provide the Securities Administrator with such information as is necessary for the Securities Administrator to prepare such reports (and the Securities Administrator may rely solely upon such information)address set forth in Section 8.4.

Reports to Certificateholders. (a) On each Distribution Date, the Securities Administrator shall have prepared (based solely on information provided by the Master Servicer and the Trustee or the Cap Provider) and shall make available to the Trustee, any NIMS Insurer, the Credit Risk Manager and each Certificateholder and other interested parties a written report setting forth the following information (based solely on the basis of Mortgage Loan level report provided to the Securities Administrator by the Master Servicer (which in turn shall be based on information obtained from provided to the Servicers):Master Servicer by the related Servicer) pursuant to Section 9.18). (i) the aggregate amount of the distribution distributions, separately identified, with respect to be made on such Distribution Date to the Holders of each Class of Certificates other than any Class of Notional Certificates, to the extent applicable, allocable to principal on the Mortgage Loans, including Liquidation Proceeds and Insurance Proceeds, stating separately the amount attributable to scheduled principal payments and unscheduled payments in the nature of principal; (ii) the amount of the distributions set forth in the clause (i) allocable to principal, separately identifying the aggregate amount of the distribution to be made on such Distribution Date to the Holders any Principal Prepayments or other unscheduled recoveries of each Class of Certificates allocable to interest and the calculation thereofprincipal included in that amount; (iii) the amount, if any, of any distribution to the Holders amount of the Class P Certificates, distributions set forth in the Class X Certificates clause (i) allocable to interest and the Residual Certificatehow it was calculated; (Aiv) the aggregate amount of any Advances required to be made by or on behalf of unpaid Interest Shortfall and the Servicers (or the Master Servicer) related accrued interest thereon, with respect to such Distribution Date, (B) the aggregate amount each Class of such Advances actually made, and (C) the amount, if any, by which (A) above exceeds (B) aboveCertificates; (v) the total number Class Principal Amount of Mortgage Loans, each Class of Certificates after giving effect to the aggregate Scheduled distribution of principal on that Distribution Date; (vi) the Aggregate Stated Principal Balance of all the Mortgage Loans in each Mortgage Pool and the applicable Net WAC of the Mortgage Loans at the end of the related Prepayment Period; (vii) the Stated Principal Balance of the Mortgage Loans in each Mortgage Pool whose Mortgage Rates adjust on the basis of the One-Year Treasury Index, One-Year LIBOR index and the Six-Month LIBOR index at the end of the related Prepayment Period; (viii) the Pro Rata Senior Percentage, Senior Percentage and the Subordinate Percentage for each Mortgage Pool for the following Distribution Date; (ix) the Senior Prepayment Percentage and Subordinate Prepayment Percentage for each Mortgage Pool the following Distribution Date; (x) in the aggregate and with respect to each Mortgage Pool, the amount of Servicing Fee paid to or retained by each of the related Servicers for the related Due Period; (xi) in the aggregate and with respect to each Mortgage Pool, the amount of Advances for the related Due Period; (xii) in the aggregate and with respect to each Mortgage Pool, the number and Stated Principal Balance of the Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in foreclosure) (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (B) in foreclosure and Delinquent (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days and (C) in bankruptcy as of the close of business on the last day of the calendar month preceding that Distribution Date as determined in accordance with the MBA methodology; (xiii) in the aggregate and with respect to each Mortgage Pool, for any Mortgage Loan as to which the related Mortgaged Property was an REO property during the preceding calendar month, the principal balance of that Mortgage Loan as of the close of business on the last day of the related Collection Due Period, after giving effect to payments allocated to principal reported under clause (i) above; (vi) the Class Principal Amount (or Class Notional Amount) of each Class of Certificates, to the extent applicable, as of such Distribution Date after giving effect to payments allocated to principal reported under clause (i) above, separately identifying any reduction of any of the foregoing Certificate Principal Amounts due to Applied Loss Amounts; (vii) the amount of any Prepayment Premiums distributed to the Class P Certificates; (viii) the amount of any Realized Losses incurred with respect to the Mortgage Loans (x) in the applicable Prepayment Period and (yxiv) in the aggregate since and with respect to each Mortgage Pool, the Cut-off Date; (ix) the amount of the Securities Administrator Fees, Trustee Fees, Servicing Fees, Credit Risk Manager’s Fees and Pool Insurance Premiums paid during the Collection Period to which such distribution relates; (x) the total number and aggregate Scheduled Principal Balance principal balance of Mortgage Loans, as reported to the Securities Administrator by the Master Servicer, (a) remaining outstanding (b) Delinquent 30 to 59 days on a contractual basis, (c) Delinquent 60 to 89 days on a contractual basis, (d) Delinquent 90 or more days on a contractual basis, (e) as to which foreclosure proceedings have been commenced, any REO properties as of the close of business on the last Business Day day of the calendar month immediately preceding the month in which such Distribution Date occurs, (f) in bankruptcy and (g) that are REO Properties; (xi) the aggregate Scheduled Principal Balance of any Mortgage Loans with respect to which the related Mortgaged Property became a REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs; (xii) with respect to substitution of Mortgage Loans in the preceding calendar month, the Scheduled Principal Balance of each Deleted Mortgage Loan, and of each Qualifying Substitute Mortgage Loan; (xiii) the aggregate outstanding Carryforward Interest, Net Prepayment Interest Shortfalls, Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date; (xiv) the Certificate Interest Rate applicable to such Distribution Date with respect to each Class of CertificatesDue Period; (xv) in the Interest Remittance Amount aggregate and with respect to each Mortgage Pool, the Principal Remittance Amount applicable to such Distribution Dateamount of Realized Losses incurred during the preceding calendar month; (xvi) if applicablein the aggregate and with respect to each Mortgage Pool, the cumulative amount of any shortfall (i.e., Realized Losses incurred since the difference between the aggregate amounts of principal and interest which Certificateholders would have received if there were sufficient available amounts in the Certificate Account and the amounts actually distributed)Closing Date; (xvii) the amount Realized Losses, if any, allocated to each Class of any Overcollateralization Deficiency Amount after giving effect to the distributions made in such Certificates on that Distribution Date; (xviii) the aggregate amount Certificate Interest Rate for each Class of any insurance claim payments received with respect to each Pool Insurance Policy during the related Collection Period, the Old Republic Undrawn Pool Insurance Policy Balance, the United Guaranty Undrawn Pool Insurance Policy Balance, the Old Republic Covered Balance and the United Guaranty Covered Balance;Certificates for that Distribution Date; and (xix) the level of LIBOR and the Certificate Interest Rates of the Certificates; and (xx) the amount of any payments made by the Cap Provider Compensating Interest Payments, if any, allocated to the Trust Fund under the Cap Agreement. In the case each Class of information furnished pursuant to subclauses (i), (ii) and (vi) above, the amounts shall (except in the case of the report delivered to the holder of the Class X Certificates) be expressed as a dollar amount per $1,000 of original principal amount of CertificatesCertificates on that Distribution Date. The Securities Administrator shall make such report and any additional loan level information (and, at its option, any additional files containing the same information in an alternative format) reports available each month to the Trustee, any NIMS Insurer, Certificateholders and the Rating Agencies via the Securities Administrator’s internet websiteits website at xxxx://xxx.xxxxxxx.xxx. The Securities Administrator’s internet website shall initially be located at “xxx.xxxxxxx.xxx.” Assistance in using the website can may be obtained by calling the Securities Administrator’s 's customer service desk at 0-(000-) 000-0000. Such Certificateholders and other parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Securities Administrator shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. The foregoing information and reports shall be prepared and determined by the Securities Administrator based solely on Mortgage Loan data provided to the Securities Administrator by the Master Servicer (in a format agreed to by contacting the Securities Administrator and the Master Servicer) no later than 12:00 p.m.(noon) Eastern Standard Time four Business Days prior to the Distribution Dateindicating such. In preparing or furnishing the foregoing information to the Trustee, Certificateholders and any NIMS Insurerinformation, the Securities Administrator shall be entitled to rely conclusively on the accuracy of the information or data regarding the Mortgage Loans and the related REO Property Properties that has been provided to the Securities Administrator by the Master Servicer (which in turn was based on information or data provided to the Master Servicer by each related Servicer), and the Securities Administrator shall not be obligated to verify, recompute, reconcile or recalculate any such information or data. The Securities Administrator shall be entitled to conclusively rely on the Mortgage Loan data provided by the Master Servicer and shall have no liability for any errors in such Mortgage Loan data. The information and reports described in the first paragraph of this Section 4.03(a) shall be provided to the Trustee Upon receipt by the Securities Administrator no later than 12:00 p.m.(noon) Eastern Standard Time one Business Day prior to the Distribution Date. (b) Upon of the reasonable advance written request of any NIMS Insurer or any Certificateholder that is a savings and loan, bank or insurance company, which request, if received by the Trustee, shall be promptly forwarded to the Securities Administrator, the Securities Administrator shall provide, or cause to be provided, provided (or, to the extent that such information or documentation is not required to be provided by a each Servicer or by the Master Servicer under the applicable its related Servicing Agreement or this Agreement, respectively, shall use reasonable efforts to obtain such information and documentation from the Master Servicer (who shall use reasonable efforts to obtain such information and documentation from the related Servicer), and provide) to any NIMS Insurer and such Certificateholder Certificateholders such reports and access to information and documentation regarding the Mortgage Loans as any NIMS Insurer or such Certificateholder Certificateholders may reasonably deem necessary to comply with applicable regulations of the Office of Thrift Supervision or its successor or other regulatory authorities with respect to an investment in the Certificates; provided, however, that the Securities Administrator shall be entitled to be reimbursed by such Certificateholder or the NIMS Insurer Certificateholders for the Securities Administrator's actual expenses incurred in providing such reports and access. . The Securities Administrator shall prepare and file with the Internal Revenue Service (c) Within 90 days"IRS"), or such shorter period as may be required by statute or regulation, after the end on behalf of each calendar year, the Trustee shall have prepared of REMIC 1 and the Trustee shall make available to Upper Tier REMIC, an application for an employer identification number on IRS Form SS-4 or by any NIMS Insurer and each Person who at any time during the calendar year was a Certificateholder of record, and make available to Certificate Owners (identified as such by the Clearing Agency) in accordance with applicable regulations, a report summarizing the items provided to any NIMS Insurer and the Certificateholders pursuant to Sections 4.03(a)(i) and 4.03(a)(ii) on an annual basis as may be required to enable any NIMS Insurer and such Holders to prepare their federal income tax returns; provided, however, that this Section 4.03(c) shall not be applicable where relevant reports or summaries are required elsewhere in this Agreementother acceptable method. Such information The Securities Administrator shall also include file a Form 8811 as required. The Securities Administrator, upon receipt from the amount of original issue discount accrued on each Class of Certificates and information regarding the expenses IRS of the Trust Fund furnished by the Master Servicer Notice of Taxpayer Identification Number Assigned, shall upon request promptly forward a copy of such notice to the TrusteeDepositor. The Trustee shall be deemed to have satisfied this requirement if it forwards such information in any other format permitted by the Code. The Master Servicer shall provide the Trustee with such information as is necessary for the Trustee to prepare such reports (and the Trustee may rely solely upon such information). (d) The Securities Administrator shall furnish any other information that is required by the Code and regulations thereunder to be made available to Certificateholders. The Depositor shall cause the Master Servicer shall to provide the Securities Administrator with such information as is necessary for the Securities Administrator to prepare such reports (and the Securities Administrator may rely solely upon such information)reports.

Reports to Certificateholders. (a) On each Distribution Date, the Securities Administrator Trustee shall have prepared (based solely on information provided deliver or cause to be delivered by the Master Servicer first class mail to each Certificateholder and the Trustee or the Cap Provider) and shall make available to the Trustee, any NIMS Insurer, the Credit Risk Manager and each Certificateholder Class 2-A3 Certificate Insurer a written report setting forth the following information, by Mortgage Pool and Certificate Group, which information (the Trustee will determine on the basis of of, with respect to the Mortgage Loan level information obtained from Loans, data which the Servicers):Servicer will provide to the Trustee or its designee prior to the Remittance Date: (i) the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates (and in respect of any Component), other than any Class of Notional Certificates, to the extent applicableCertificates (or any Notional Component), allocable to principal on the Mortgage Loans, including Liquidation Proceeds and Insurance Proceeds, stating separately the amount attributable to scheduled principal payments and unscheduled payments in the nature of principalprincipal in each Mortgage Pool; (ii) the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates (other than any Class of Principal Only Certificates) allocable to interest and interest, including any Accrual Amount added to the calculation thereofClass Certificate Principal Amount of any Class of Accrual Certificates; (iii) the amount, if any, of any distribution to the Holders Holder of the Class P Residual Certificates, the Class X Certificates and the Residual Certificate; (Aiv) the aggregate amount of any Advances required to be in respect of the Mortgage Loans in each Mortgage Pool made by or on behalf of the Servicers Servicer (or the Master ServicerTrustee) with respect included in the amounts actually distributed to such Distribution Date, (B) the aggregate amount of such Advances actually made, and (C) the amount, if any, by which (A) above exceeds (B) aboveCertificateholders; (v) the total number of Mortgage Loans, the aggregate Scheduled Principal Balance of all the Mortgage Loans in each Mortgage Pool as of the close of business on the last day of the related Collection Due Period, after giving effect to payments allocated to principal reported under clause (i) above; (vi) the Class Certificate Principal Amount (or Class Aggregate Notional Amount) of each Class of Certificates, to the extent applicable, Certificates as of such Distribution Date after giving effect to payments allocated to principal reported under clause (i) aboveabove (and to the addition of any Accrual Amount in the case of any Class of Accrual Certificates), separately identifying any reduction of any of the foregoing Certificate Principal Amounts due to Applied Loss Amounts;Realized Losses: (vii) the amount of any Prepayment Premiums distributed to the Class P Certificates; (viii) the amount of any Realized Losses incurred realized with respect to the Mortgage Loans (x) in the applicable related Prepayment Period and (y) in the aggregate since the Cut-off Date, stating separately the amount of Special Hazard Losses, Fraud Losses and Bankruptcy Losses and the aggregate amount of such Realized Losses, and the remaining Special Hazard Loss Amount, Fraud Loss Amount and Bankruptcy Loss Amount; (ixviii) the amount of the Securities Administrator Fees, Trustee Fees, Servicing Fees, Credit Risk Manager’s Fees and Pool Insurance Premiums paid during the Collection Due Period to which such distribution relates; (xix) the number and aggregate Scheduled Principal Balance of Mortgage Loans, as reported to the Securities Administrator Trustee by the Master Servicer, (a) remaining outstanding (b) Delinquent 30 to 59 days on a contractual basisdelinquent one month, (c) Delinquent 60 to 89 days on a contractual basisdelinquent two months, (d) Delinquent 90 delinquent three or more days on a contractual basismonths, and (e) as to which foreclosure proceedings have been commenced, commenced as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs, (f) in bankruptcy and (g) that are REO Properties; (xix) the aggregate Scheduled Principal Balance deemed principal balance of any Mortgage Loans with respect to which the related Mortgaged Property became a each REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs; (xi) with respect to any Mortgage Loan that became an REO Property during the preceding calendar month, the principal balance of such Mortgage Loan and the number of such Mortgage Loans as of the close of business on the Distribution Date in such preceding month; (xii) with respect to substitution of Mortgage Loans in the preceding calendar month, the Scheduled Principal Balance of each Deleted Mortgage Loan, and of each Qualifying Substitute Mortgage Loan; (xiii) the aggregate outstanding Carryforward Interest, Interest Shortfalls and Net Prepayment Interest Shortfalls, Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date; (xiv) the Certificate Interest Rate applicable to such Distribution Date with respect to each Class of Certificates; (xv) the Interest Remittance Amount and the Principal Remittance Amount applicable to such Distribution Date; (xvi) if applicable, the amount of any shortfall (i.e., the difference between the aggregate amounts of principal and interest which Certificateholders would have received if there were sufficient available amounts in the Certificate Account and the amounts actually distributed); (xvi) any other "loan-level" information for any Mortgage Loans that are delinquent three or more months and any REO Property held by the Trust that is reported by the Servicer to the Trustee; (xvii) the amount The Purchase Price of any Overcollateralization Deficiency Amount after giving effect Mortgage Loan repurchased pursuant to the distributions made in such Distribution Date;Section 2.05; and (xviii) the aggregate amount any Insured Payments made in respect of any insurance claim payments received with respect to each Pool Insurance Policy during the related Collection Period, the Old Republic Undrawn Pool Insurance Policy Balance, the United Guaranty Undrawn Pool Insurance Policy Balance, the Old Republic Covered Balance and the United Guaranty Covered Balance; (xix) the level of LIBOR and the Certificate Interest Rates of the Certificates; and (xx) the amount of any payments made by the Cap Provider to the Trust Fund Guaranteed Distributions paid under the Cap AgreementClass 2-A4 Certificate Insurance Policy. In the case of information furnished pursuant to subclauses (i), (ii) and (viviii) above, the amounts shall (except in the case of the report delivered to the holder of the Class X Certificates) be expressed as a dollar amount per $1,000 of original principal amount of Certificates. The Securities Administrator On each Distribution Date, the Trustee shall make such report and any additional loan level information (and, at its option, any additional files containing the same information in an alternative format) available each month also deliver or cause to the Trustee, any NIMS Insurer, Certificateholders and the Rating Agencies via the Securities Administrator’s internet website. The Securities Administrator’s internet website shall initially be located at “xxx.xxxxxxx.xxx.” Assistance in using the website can be obtained delivered by calling the Securities Administrator’s customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Securities Administrator shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and Depositor a copy of the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. The foregoing information and reports shall be prepared and determined by the Securities Administrator based solely on Mortgage Loan data provided above-described written report, to the Securities Administrator by following address: Mortgage Finance Group, Xxxxxx Brothers Inc., Three World Financial Center, 000 Xxxxx Xxxxxx, New York, New York 10285, Attention: Xxxxxx X. Xxxxx, Vice President, or to such other address as the Master Servicer (in a format agreed to by the Securities Administrator and the Master Servicer) no later than 12:00 p.m.(noon) Eastern Standard Time four Business Days prior to the Distribution Date. In preparing or furnishing the foregoing information to the Trustee, Certificateholders and any NIMS Insurer, the Securities Administrator shall be entitled to rely conclusively on the accuracy of the information or data regarding the Mortgage Loans and the related REO Property that has been provided to the Master Servicer by each Servicer, and the Securities Administrator shall not be obligated to verify, recompute, reconcile or recalculate any such information or data. The Securities Administrator shall be entitled to conclusively rely on the Mortgage Loan data provided by the Master Servicer and shall have no liability for any errors in such Mortgage Loan data. The information and reports described in the first paragraph of this Section 4.03(a) shall be provided to the Trustee by the Securities Administrator no later than 12:00 p.m.(noon) Eastern Standard Time one Business Day prior to the Distribution DateDepositor may designate. (b) Upon the reasonable advance written request of any NIMS Insurer or any Certificateholder that is a savings and loan, bank or insurance company, which requestthe Trustee shall, if received to the extent that such information has been provided to the Trustee by the TrusteeServicer, shall be promptly forwarded to the Securities Administrator, the Securities Administrator shall provide, or cause to be provided, provided (or, to the extent that such information or documentation is not required to be provided by a the Servicer under the applicable Seller's Warrants and Servicing Agreement, shall use reasonable efforts to obtain such information and documentation from such Servicer, the Servicer and provide) ), to any NIMS Insurer and such Certificateholder such reports and access to information and documentation regarding the Mortgage Loans as any NIMS Insurer or such Certificateholder may reasonably deem necessary to comply with applicable regulations of the Office of Thrift Supervision or its successor or other regulatory authorities with respect to an investment in the Certificates; provided, however, that the Securities Administrator Trustee shall be entitled to be reimbursed by such Certificateholder or the NIMS Insurer for the such Trustee's actual expenses incurred in providing such reports and access. (c) Within 90 days, or such shorter period as may be required by statute or regulation, after the end of each calendar year, the Trustee shall have prepared and the Trustee shall make available send to any NIMS Insurer and each Person who at any time during the calendar year was a Certificateholder of record, and make available to Certificate Owners (identified as such by the Clearing Agency) in accordance with applicable regulations, a report summarizing the items provided to any NIMS Insurer and the Certificateholders pursuant to Sections 4.03(a)(i) and 4.03(a)(iiSection 4.03(a) on an annual basis as may be required to enable any NIMS Insurer and such Holders to prepare their federal income tax returns; provided, however, that this Section 4.03(c) shall not be applicable where relevant reports or summaries are required elsewhere in this Agreement. Such information shall also include the amount of original issue discount accrued on each Class of Certificates and information regarding the expenses of the Trust Fund furnished by the Master Servicer to the Trustee. The Trustee shall be deemed to have satisfied this requirement if it forwards such information in any other format permitted by the Code. The Master Servicer shall provide the Trustee with such information as is necessary for the Trustee to prepare such reports (and the Trustee may rely solely upon such information)Fund. (d) The Securities Administrator Not later than two days following each Distribution Date, the Trustee shall furnish any other information that is required deliver to the Persons designated by the Code and regulations thereunder Depositor, in the format provided by the Servicer, "loan level" information with respect to be made available the Mortgage Loans as of the related Determination Date, to Certificateholders. The Master Servicer shall provide the Securities Administrator with extent that such information as is necessary for has been provided in electronic format to the Securities Administrator to prepare such reports (and Trustee by the Securities Administrator may rely solely upon such information)Servicer.

Reports to Certificateholders. (a) On each Distribution Date, concurrently with the Securities Administrator distribution to the Certificateholders, the Trustee shall have prepared (furnish to the Certificateholders, the Seller, the Depositor, the Swap Counterparty and each Rating Agency, a report, based solely on information provided to the Trustee by the Master Servicer and in the Trustee or the Cap Provider) and shall make available to the TrusteeMaster Servicer’s Monthly Report, any NIMS Insurer, the Credit Risk Manager and each Certificateholder a report setting forth containing the following information (on the basis of Mortgage Loan level information obtained from the Servicers):information: (i) the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates other than any Class of Notional Certificates, to the extent applicable, allocable to principal on the Mortgage Loans, including Liquidation Proceeds and Insurance Proceeds, stating separately the amount attributable to scheduled principal payments and unscheduled payments in the nature of principal; (ii) the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates allocable to interest and the calculation thereof; (iii) the amount, if any, of any distribution to the Holders of the Class P Certificates, the Class X Certificates and the Residual Certificate; (A) the aggregate amount of any Advances required to be made by or on behalf of the Servicers (or the Master Servicer) with respect to such Distribution Date, (B) the aggregate amount of such Advances actually made, and (C) the amount, if any, by which (A) above exceeds (B) above; (v) the total number of Mortgage Loans, the aggregate Scheduled Principal Balance of all the Mortgage Loans as of the close of business on the last day of the related Collection Period, after giving effect to payments allocated to principal reported under clause (i) above; (vi) the Class Principal Amount (or Class Notional Amount) of each Class of Certificates, to the extent applicable, as of such Distribution Date after giving effect to payments allocated to principal reported under clause (i) above, separately identifying any reduction of any of the foregoing Certificate Principal Amounts due to Applied Loss Amounts; (vii) the amount of any Prepayment Premiums distributed to the Class P Certificates; (viii) the amount of any Realized Losses incurred with respect to the Mortgage Loans (x) in the applicable Prepayment Period and (y) in the aggregate since the Cut-off Date; (ix) the amount of the Securities Administrator Fees, Trustee Fees, Servicing Fees, Credit Risk Manager’s Fees and Pool Insurance Premiums paid during the Collection Period to which such distribution relates; (x) the number and aggregate Scheduled Principal Balance of Mortgage Loans, as reported to the Securities Administrator by the Master Servicer, (a) remaining outstanding (b) Delinquent 30 to 59 days on a contractual basis, (c) Delinquent 60 to 89 days on a contractual basis, (d) Delinquent 90 or more days on a contractual basis, (e) as to which foreclosure proceedings have been commenced, as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs, (f) in bankruptcy and (g) that are REO Properties; (xi) the aggregate Scheduled Principal Balance of any Mortgage Loans with respect to which the related Mortgaged Property became a REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs; (xii) with respect to substitution of Mortgage Loans in the preceding calendar month, the Scheduled Principal Balance of each Deleted Mortgage Loan, and of each Qualifying Substitute Mortgage Loan; (xiii) the aggregate outstanding Carryforward Interest, Net Prepayment Interest Shortfalls, Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date; (xiv) the Certificate Interest Rate applicable to such Distribution Date with respect to each Class of Certificates; (xvii) the Interest Remittance Amount and amount of such distributions allocable to principal, separately identifying the aggregate amount of any prepayments or other unscheduled recoveries of principal included therein; (iii) the amount of such distributions allocable to interest; (iv) the Class Principal Remittance Amount applicable Balance (or Class Notional Balance) for each Class of Certificates as of such Distribution Date together with the principal amount or notional amount of the Certificates of the related Class (based on a Certificate in the original principal amount or notional amount of $1,000) then outstanding, in each case after giving effect to any payment of principal on such Distribution Date; (xviv) the level of LIBOR and the Interest Rates applicable to the LIBOR Certificates for such Distribution Date; (vi) if applicable, a statement that interest distributable on one or more Classes of Certificates on such Distribution Date represents interest accrued on such Classes at a rate equal to the Pool 1 Available Funds Cap, the Pool 2 Available Funds Cap, the Subordinate Available Funds Cap, the A-IO(1) Component Available Funds Cap or the A-IO(2) Component Available Funds Cap, as applicable; (vii) the Aggregate Pool Balance, the Pool Balance of Pool 1 and the Pool Balance of Pool 2 as of such Distribution Date; (viii) the Overcollateralization Amount for such Distribution Date; (ix) by Mortgage Pool and in the aggregate, the amount of any shortfall Delinquency Advances for such Distribution Date, and the amount of any Outstanding Advances in respect of Delinquency Advances remaining after such Distribution Date; (i.e.x) the amount of any Purchase Prices deposited into the Collection Account; (xi) by Mortgage Pool and in the aggregate, the difference between amount of current and cumulative Realized Losses on the Mortgage Loans; (xii) by Mortgage Pool and in the aggregate, the number of Mortgagor bankruptcies; (xiii) by Mortgage Pool and in the aggregate, the number of Mortgage Loans and the aggregate amounts Principal Balance thereof that were repurchased by the Seller or Depositor pursuant Section 2.03 hereof during the one-month period immediately preceding the related Determination Date; (xiv) the amount of principal any Realized Losses applied to any Class of Certificates on such Distribution Date; (xv) the amount of any Basis Risk Shortfall and Unpaid Basis Risk Shortfall with respect to any Class of Certificates; (xvi) the amount of any shortfalls in distributions of interest which Certificateholders would have received if there were sufficient available amounts in the Certificate Account with respect to each Class of Certificates on such Distribution Date and the amounts actually distributed)cumulative amount of any unreimbursed shortfalls in distributions of interest from prior Distribution Dates; (xvii) the amount of any Overcollateralization Deficiency Amount after giving effect Servicing Fees, the Master Servicing Fee, the Trustee Fee and the Pool PMI Insurance Premium, if any, paid with respect to the distributions made in such Distribution Date; (xviii) the aggregate amount of any insurance claim payments received with respect under the Cap Agreement or received as proceeds from the sale of any Excess Cap Amount (the amount of such proceeds from the sale of any Excess Cap Amount to each Pool Insurance Policy during be based on information provided by the related Collection Period, Manager to the Old Republic Undrawn Pool Insurance Policy Balance, the United Guaranty Undrawn Pool Insurance Policy Balance, the Old Republic Covered Balance Master Servicer and the United Guaranty Covered Balance;Trustee pursuant to the Management Agreement); and (xix) the level of LIBOR and the Certificate Interest Rates of the Certificates; and (xx) the amount of any payments made by the Cap Provider Net Swap Payment to the Supplemental Interest Trust Fund under the Cap Agreement. In the case of information furnished made pursuant to subclauses Section 6.14, any Net Swap Payment to the Swap Counterparty made pursuant to Section 6.14, any Swap Termination Payment to the Supplemental Interest Trust made pursuant to Section 6.14 and any Swap Termination Payment to the Swap Counterparty made pursuant to Section 6.14. Items (i) through (iii) above shall, with respect to the Certificates be presented on the basis of a Certificate having an original $1,000 denomination and on an aggregate basis. The Trustee shall make the information set forth above available each month to Certificateholders and the parties to this Agreement via the Trustee’s internet website initially located at xxx.xxxxxx.xxx/xxx. The Trustee shall provide such information by mail to any Certificateholder that requests paper copies. Each calendar year following any year during which the Certificates are outstanding, the Trustee shall furnish a report to each Certificateholder of record at any time during such calendar year as to the aggregate of amounts reported pursuant to items (i), (ii) and (viiii) aboveabove with respect to the related Certificates for such calendar year. (b) In addition, on each Distribution Date the Trustee will distribute to each Certificateholder (which shall be the Depository Trust Company as long as the Certificates are in book-entry form), the amounts shall (except in the case of the report delivered to the holder of the Class X Certificates) be expressed as a dollar amount per $1,000 of original principal amount of Certificates. The Securities Administrator shall make such report and any additional loan level following information (and, at its option, any additional files containing the same based upon information in an alternative format) available each month to the Trustee, any NIMS Insurer, Certificateholders and the Rating Agencies via the Securities Administrator’s internet website. The Securities Administrator’s internet website shall initially be located at “xxx.xxxxxxx.xxx.” Assistance in using the website can be obtained by calling the Securities Administrator’s customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Securities Administrator shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. The foregoing information and reports shall be prepared and determined by the Securities Administrator based solely on Mortgage Loan data provided to the Securities Administrator by the Master Servicer (in a format agreed to by the Securities Administrator and the Master Servicer) no later than 12:00 p.m.(noon) Eastern Standard Time four Business Days prior to the Distribution Date. In preparing or furnishing the foregoing information to the Trustee, Certificateholders and any NIMS Insurer, the Securities Administrator shall be entitled to rely conclusively on the accuracy of the information or data regarding the Mortgage Loans and the related REO Property that has been provided to the Master Servicer by each Servicer, and the Securities Administrator shall not be obligated to verify, recompute, reconcile or recalculate any such information or data. The Securities Administrator shall be entitled to conclusively rely on the Mortgage Loan data provided by the Master Servicer and shall have no liability for any errors in such Mortgage Loan data. The information and reports described in the first paragraph of this Section 4.03(a) shall be provided to the Trustee by the Securities Administrator no later than 12:00 p.m.(noonMaster Servicer) Eastern Standard Time one Business Day as of the close of business on the last business day of the prior to calendar month: (i) the Distribution Date. total number of Mortgage Loans and the aggregate principal balances thereof, together with the number and aggregate principal balances of Mortgage Loans (a) 30-59 days delinquent, (b) Upon 60-89 days delinquent and (c) 90 or more days delinquent; (ii) the reasonable advance written request number and aggregate principal balance of any NIMS Insurer or any Certificateholder that is a savings and loan, bank or insurance company, which request, if received by the Trustee, shall be promptly forwarded to the Securities Administrator, the Securities Administrator shall provide, or cause to be provided, (or, to the extent that such information or documentation is not required to be provided by a Servicer under the applicable Servicing Agreement, shall use reasonable efforts to obtain such information and documentation from such Servicer, and provide) to any NIMS Insurer and such Certificateholder such reports and access to information and documentation regarding the Mortgage Loans as in foreclosure proceedings (and whether any NIMS Insurer or such Certificateholder may reasonably deem necessary to comply with applicable regulations Mortgage Loans are also included in any of the Office of Thrift Supervision or its successor or other regulatory authorities with respect to an investment statistics described in the Certificatesforegoing clause (i)); provided, however, that and (iii) the Securities Administrator shall be entitled number and aggregate principal balance of all Mortgage Loans relating to be reimbursed by REO Properties (and whether any such Certificateholder or Mortgage Loans are also included in any of the NIMS Insurer for statistics described in the actual expenses incurred in providing such reports foregoing clauses (i) and access(ii)). (c) Within 90 daysAnnually, or such shorter period as may be required by statute or regulation, after the end in January of each calendar year, the Trustee shall have prepared and the Trustee shall make available furnish to any NIMS Insurer and each Person who at any time during the calendar year that was a Certificateholder of record, and make available to Certificate Owners (identified as such by during the Clearing Agency) in accordance with applicable regulations, prior calendar year a report summarizing statement showing the items provided to any NIMS Insurer aggregate interest and the Certificateholders pursuant aggregate principal received by such Person with respect to Sections 4.03(a)(i) and 4.03(a)(ii) on an annual basis as may be required to enable the Certificates during the prior calendar year, together with any NIMS Insurer and such Holders to prepare their standard federal income tax returns; providedreporting form for such information, however, that this Section 4.03(c) shall not be applicable where relevant reports or summaries are required elsewhere in this Agreement. Such information shall also include the amount of original issue discount accrued on each Class of Certificates and information regarding the expenses of the Trust Fund furnished by the Master Servicer Trustee upon request pursuant to the Trustee. The Trustee shall be deemed to have satisfied this requirement if it forwards such information in any other format permitted by the Code. The Master Servicer shall provide the Trustee with such information as is necessary for the Trustee to prepare such reports (and the Trustee may rely solely upon such information). (dSection 6049(d)(7)(C) The Securities Administrator shall furnish any other information that is required by of the Code and the regulations promulgated thereunder to be made available to Certificateholders. The Master Servicer shall provide assist the Securities Administrator with such information as is necessary for the Securities Administrator to prepare such reports (and the Securities Administrator may rely solely upon such information)Certificateholders in computing their market discount.

Reports to Certificateholders. (a) On Unless otherwise ----------------------------- specified in the applicable Series Supplement, on the fifth Business Day following each such Distribution Date, the Securities Administrator shall have prepared (based solely on information provided by the Master Servicer and Date the Trustee shall forward or the Cap Provider) and shall make available cause to be forwarded to the TrusteeDepositor, any NIMS Insurer, the Credit Risk Manager and each Certificateholder of such Series, to each Rating Agency rating such Series and such other Persons as may be specified in such Series Supplement, a report statement setting forth the following information (on the basis of Mortgage Loan level information obtained from the Servicers):forth: (i) the aggregate amount amounts received by the Trustee as of the distribution to be made on last such Distribution Date to the Holders statement in respect of each Class of Certificates other than any Class of Notional Certificatesprincipal, to the extent applicable, allocable to principal interest and premium on the Mortgage LoansUnderlying Securities and the Swap Receipt Amount, including Liquidation Proceeds and Insurance Proceeds, stating separately the amount attributable to scheduled principal payments and unscheduled payments in the nature of principalif any; (ii) the aggregate amount of the distribution to be made on Swap Distribution Amount, if any, for such Distribution Date to the Holders of each Class of Certificates allocable to interest and the calculation thereofdate; (iii) the amountamount of the distribution on such Distribution Date to Certificateholders of each Class of such Series allocable to principal of and premium, if any, and interest on the Certificates of any distribution to the Holders of the Class P Certificateseach such Class, the Class X Certificates and the Residual Certificateamount of aggregate unpaid interest accrued as of such Distribution Date; (Aiv) in the aggregate amount case of any Advances required each Class of Floating Rate Certificates of such Series, the respective Floating Pass-Through Rate applicable to be made by or each such Class on behalf of the Servicers (or the Master Servicer) with respect to such Distribution Date, (B) as calculated in accordance with the aggregate amount of method specified in such Advances actually made, Certificates and (C) the amount, if any, by which (A) above exceeds (B) aboverelated Series Supplement; (v) such other customary information as the total number of Mortgage LoansTrustee deems necessary or desirable, (or that any such Certificateholder reasonably requests in writing) to enable such Certificateholders to prepare their tax returns; (vi) if the Series Supplement provides for Advances, the aggregate Scheduled amount of Advances, if any, included in such distribution, and the aggregate amount of unreimbursed Advances, if any, at the close of business on such Distribution Date; (vii) the aggregate stated principal amount and, if applicable, notional amount of the Underlying Securities related to such Series, the current rating assigned by the Rating Agency thereon and the current interest rate or rates thereon at the close of business on such Distribution Date; (viii) the aggregate Certificate Principal Balance (or Notional Amount, if applicable) of all each Class of such Series at the Mortgage Loans close of business on such Distribution Date, separately identifying any reduction in such aggregate Certificate Principal Balance (or Notional Amount) due to the allocation of any Realized Losses on such Distribution Date or otherwise; and (ix) as to any Series (or any Class within such Series) for which Credit Support has been obtained, the amount or notional amount of coverage of each element of Credit Support (and rating, if any, thereof) included therein as of the close of business on the last day of the related Collection Period, after giving effect to payments allocated to principal reported under clause (i) above; (vi) the Class Principal Amount (or Class Notional Amount) of each Class of Certificates, to the extent applicable, as of such Distribution Date after giving effect to payments allocated to principal reported under clause (i) above, separately identifying any reduction of any of the foregoing Certificate Principal Amounts due to Applied Loss Amounts; (vii) the amount of any Prepayment Premiums distributed to the Class P Certificates; (viii) the amount of any Realized Losses incurred with respect to the Mortgage Loans (x) in the applicable Prepayment Period and (y) in the aggregate since the Cut-off Date; (ix) the amount of the Securities Administrator Fees, Trustee Fees, Servicing Fees, Credit Risk Manager’s Fees and Pool Insurance Premiums paid during the Collection Period to which such distribution relates; (x) the number and aggregate Scheduled Principal Balance of Mortgage Loans, as reported to the Securities Administrator by the Master Servicer, (a) remaining outstanding (b) Delinquent 30 to 59 days on a contractual basis, (c) Delinquent 60 to 89 days on a contractual basis, (d) Delinquent 90 or more days on a contractual basis, (e) as to which foreclosure proceedings have been commenced, as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs, (f) in bankruptcy and (g) that are REO Properties; (xi) the aggregate Scheduled Principal Balance of any Mortgage Loans with respect to which the related Mortgaged Property became a REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs; (xii) with respect to substitution of Mortgage Loans in the preceding calendar month, the Scheduled Principal Balance of each Deleted Mortgage Loan, and of each Qualifying Substitute Mortgage Loan; (xiii) the aggregate outstanding Carryforward Interest, Net Prepayment Interest Shortfalls, Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date; (xiv) the Certificate Interest Rate applicable to such Distribution Date with respect to each Class of Certificates; (xv) the Interest Remittance Amount and the Principal Remittance Amount applicable to such Distribution Date; (xvi) if applicable, the amount of any shortfall (i.e., the difference between the aggregate amounts of principal and interest which Certificateholders would have received if there were sufficient available amounts in the Certificate Account and the amounts actually distributed); (xvii) the amount of any Overcollateralization Deficiency Amount after giving effect to the distributions made in such Distribution Date; (xviii) the aggregate amount of any insurance claim payments received with respect to each Pool Insurance Policy during the related Collection Period, the Old Republic Undrawn Pool Insurance Policy Balance, the United Guaranty Undrawn Pool Insurance Policy Balance, the Old Republic Covered Balance and the United Guaranty Covered Balance; (xix) the level of LIBOR and the Certificate Interest Rates of the Certificates; and (xx) the amount of any payments made by the Cap Provider to the Trust Fund under the Cap Agreement. In the case of information furnished pursuant to subclauses (i), (ii), (iii) and (viv) above, the amounts shall (except in the case of the report delivered to the holder of the Class X Certificates) be expressed as a dollar amount per $1,000 minimum denomination of original principal amount Certificates or for such other specified portion thereof. Within a reasonable period of Certificates. The Securities Administrator shall make such report and any additional loan level information (and, at its option, any additional files containing the same information in an alternative format) available each month to the Trustee, any NIMS Insurer, Certificateholders and the Rating Agencies via the Securities Administrator’s internet website. The Securities Administrator’s internet website shall initially be located at “xxx.xxxxxxx.xxx.” Assistance in using the website can be obtained by calling the Securities Administrator’s customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Securities Administrator shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. The foregoing information and reports shall be prepared and determined by the Securities Administrator based solely on Mortgage Loan data provided to the Securities Administrator by the Master Servicer (in a format agreed to by the Securities Administrator and the Master Servicer) no later than 12:00 p.m.(noon) Eastern Standard Time four Business Days prior to the Distribution Date. In preparing or furnishing the foregoing information to the Trustee, Certificateholders and any NIMS Insurer, the Securities Administrator shall be entitled to rely conclusively on the accuracy of the information or data regarding the Mortgage Loans and the related REO Property that has been provided to the Master Servicer by each Servicer, and the Securities Administrator shall not be obligated to verify, recompute, reconcile or recalculate any such information or data. The Securities Administrator shall be entitled to conclusively rely on the Mortgage Loan data provided by the Master Servicer and shall have no liability for any errors in such Mortgage Loan data. The information and reports described in the first paragraph of this Section 4.03(a) shall be provided to the Trustee by the Securities Administrator no later than 12:00 p.m.(noon) Eastern Standard Time one Business Day prior to the Distribution Date. (b) Upon the reasonable advance written request of any NIMS Insurer or any Certificateholder that is a savings and loan, bank or insurance company, which request, if received by the Trustee, shall be promptly forwarded to the Securities Administrator, the Securities Administrator shall provide, or cause to be provided, (or, to the extent that such information or documentation is not required to be provided by a Servicer under the applicable Servicing Agreement, shall use reasonable efforts to obtain such information and documentation from such Servicer, and provide) to any NIMS Insurer and such Certificateholder such reports and access to information and documentation regarding the Mortgage Loans as any NIMS Insurer or such Certificateholder may reasonably deem necessary to comply with applicable regulations of the Office of Thrift Supervision or its successor or other regulatory authorities with respect to an investment in the Certificates; provided, however, that the Securities Administrator shall be entitled to be reimbursed by such Certificateholder or the NIMS Insurer for the actual expenses incurred in providing such reports and access. (c) Within 90 days, or such shorter period as may be required by statute or regulation, time after the end of each calendar year, the Trustee shall have prepared and the Trustee shall make available furnish to any NIMS Insurer and each Person who at any time during the each such calendar year was a Certificateholder of recorda statement containing the information set forth in subclauses (i), and make available to Certificate Owners (identified as such by the Clearing Agency) in accordance with applicable regulationsii), a report summarizing the items provided to any NIMS Insurer and the Certificateholders pursuant to Sections 4.03(a)(i(iii) and 4.03(a)(ii(v) on an annual basis as may be required to enable any NIMS Insurer and above, aggregated for such Holders to prepare their federal income tax returns; provided, however, that this Section 4.03(c) shall not be calendar year or the applicable where relevant reports or summaries are required elsewhere in this Agreementportion thereof during which such person was a Certificateholder. Such information shall also include the amount of original issue discount accrued on each Class of Certificates and information regarding the expenses obligation of the Trust Fund furnished by the Master Servicer to the Trustee. The Trustee shall be deemed to have been satisfied this requirement if it forwards such to the extent that substantially comparable information in any other format permitted shall be provided by the CodeTrustee pursuant to any requirements of the Code as are from time to time in effect. The Master Servicer Trustee shall provide supply to Certificateholders who so request in writing at such Certificateholder's expense all materials received by the Trustee with such information as is necessary for from the Trustee to prepare such reports (and the Trustee may rely solely upon such information)Underlying Securities Issuer. (d) The Securities Administrator shall furnish any other information that is required by the Code and regulations thereunder to be made available to Certificateholders. The Master Servicer shall provide the Securities Administrator with such information as is necessary for the Securities Administrator to prepare such reports (and the Securities Administrator may rely solely upon such information).

Reports to Certificateholders. (a) On each Distribution Date, the Securities Administrator shall have prepared (based solely on information provided by the Master Servicer and the Trustee or the Cap Provider) and shall make available via its internet website, and shall forward to the TrusteeGuarantor, any NIMS Insurer, the Credit Risk Manager and each Certificateholder a report setting forth the following information, which information the Trustee will determine (on the basis of Mortgage Loan level information obtained from the Servicers):Servicer) no later than one Business Day prior to such Distribution Date: (i) the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates other than any Class of Notional Certificates, to the extent applicable, allocable to principal on the Mortgage Loans, including Liquidation Proceeds and Insurance Proceeds, stating separately the amount attributable to scheduled principal payments and unscheduled payments in the nature of principal; (ii) the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates set forth in clause (i) allocable to principal, separately identifying the aggregate amount of Principal Prepayments or other unscheduled recoveries of principal included therein; (iii) the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates set forth in clause (i) allocable to interest and the calculation thereof; (iiiiv) the amount, if any, of any distribution to the Holders of the Class P Certificates, the Class X Certificates Certificate and the Residual Certificate; (Av) the amount of Advances made by the Servicer or the Trustee for the related Collection Period, the amount of unrecovered Advances outstanding (after giving effect to Advances made on such Distribution Date), and the aggregate amount of any Advances required to be made by or on behalf of the Servicers (or the Master Servicer) with respect to nonrecoverable advances for such Distribution Date, (B) the aggregate amount of such Advances actually made, and (C) the amount, if any, by which (A) above exceeds (B) above; (vvi) the total number of Mortgage Loans, Aggregate Loan Balance and the aggregate Scheduled Principal Pool Balance of all the each Mortgage Loans Pool as of the close of business on the last day of the related Collection Period, Period (after giving effect to payments allocated the principal portion of Scheduled Payments due during the related Collection Period, to the extent received or advanced, and unscheduled collections of principal reported under clause (i) abovereceived during the related Prepayment Period); (vivii) the Class Principal Amount (or Class Notional Amount) of each Class of Certificates, to the extent applicable, as of such Distribution Date after giving effect to payments allocated to principal reported under clause (iii) above, separately identifying any reduction of any of the foregoing Certificate Principal Amounts due to Applied Loss Amounts; (viiviii) the amount of any Prepayment Premiums all prepayment penalties or premiums distributed to the Class P Certificates; (viiiix) by Mortgage Pool and in the aggregate, the amount of any Realized Losses incurred with respect to the Mortgage Loans (x) in the applicable Prepayment Period and (y) in the aggregate since the Cut-off Date; (ixx) cumulative Guarantor Payments after giving effect to distributions to be made on such Distribution Date; (xi) the amount of any Guarantor Reimbursement Amounts; (xii) with respect to any Guarantor Reimbursement Amounts paid to the Guarantor on such Distribution Date, the amount, if any, allocable to principal and the amount allocable to interest; (xiii) the amount of the Securities Administrator Servicing Fees, Trustee Fees, Servicing Loss Mitigation Advisor's Fees, Credit Risk Manager’s Fees and Pool MGIC Insurance Premiums paid or retained during the Collection Period to which such distribution relates; (xxiv) by Mortgage Pool and in the aggregate, the number and aggregate Scheduled Principal Balance of Mortgage Loans, as reported to the Securities Administrator Trustee by the Master Servicer, (a) remaining outstanding (b) Delinquent 30 to 59 days on a contractual basis, (c) Delinquent 60 to 89 days on a contractual basis, (d) Delinquent 90 or more days on a contractual basis, (e) as to which foreclosure proceedings have been commenced, commenced as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs, (f) in bankruptcy and (g) that are REO Properties; (xixv) the aggregate Scheduled Principal Balance of any Mortgage Loans in either Mortgage Pool with respect to which the related Mortgaged Property became a an REO Property as of the close of business on the last Business Day day of the calendar month immediately preceding the month in which such Distribution Date occursrelated Prepayment Period; (xiixvi) with respect to substitution of Mortgage Loans in the preceding calendar month, the Scheduled Principal Balance of each Deleted Mortgage Loan, and of each Qualifying Substitute Mortgage Loan; (xiiixvii) the aggregate outstanding Carryforward Interest, Net Prepayment Interest Shortfalls, Net Prepayment Interest Excess Amounts, Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date; (xivxviii) the Certificate Interest Rate applicable to such Distribution Date with respect to each Class of Certificates; (xvxix) with respect to the MGIC-Insured Mortgage Loans, (1) the amount of (a) claims filed under the MGIC Insurance Policy, (b) claims paid under the MGIC Insurance Policy and (c) claims denied or curtailed under the MGIC Insurance Policy on an aggregate basis during the Collection Period to which such distribution relates and on a cumulative basis over the term of this Agreement and (2) cancellation of the MGIC Insurance Policy with respect to any Mortgage Loan insured thereunder; (xx) with respect to each Mortgage Pool, the Interest Remittance Amount and the Principal Remittance Amount applicable to such Distribution Date;; and (xvi) if applicable, the amount of any shortfall (i.e., the difference between the aggregate amounts of principal and interest which Certificateholders would have received if there were sufficient available amounts in the Certificate Account and the amounts actually distributed); (xviixxi) the amount of any Overcollateralization Deficiency Amount after giving effect to the distributions distribution made in on such Distribution Date; (xviii) the aggregate amount of any insurance claim payments received with respect to each Pool Insurance Policy during the related Collection Period, the Old Republic Undrawn Pool Insurance Policy Balance, the United Guaranty Undrawn Pool Insurance Policy Balance, the Old Republic Covered Balance and the United Guaranty Covered Balance; (xix) the level of LIBOR and the Certificate Interest Rates of the Certificates; and (xx) the amount of any payments made by the Cap Provider to the Trust Fund under the Cap Agreement. In the case of information furnished pursuant to subclauses (i), (ii), (iii) and (vivii) above, the amounts shall (except in the case of the report delivered to the holder of the Class X Certificates) be expressed as a dollar amount per $1,000 of original principal amount of Certificates. The Securities Administrator shall On each Distribution Date, the Trustee also will make such report and any additional loan level information (and, at its option, any additional files containing the same information in an alternative format) available each month to the Trustee, Guarantor a report listing any NIMS Insurer, Certificateholders and the Rating Agencies via the Securities Administrator’s internet website. The Securities Administrator’s internet website shall initially be located at “xxx.xxxxxxx.xxx.” Assistance in using the website can be obtained by calling the Securities Administrator’s customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Securities Administrator shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. The foregoing information and reports shall be prepared and determined by the Securities Administrator based solely on Mortgage Loan data provided to the Securities Administrator by the Master Servicer (in a format agreed to by the Securities Administrator and the Master Servicer) no later than 12:00 p.m.(noon) Eastern Standard Time four Business Days prior to the Distribution Date. In preparing or furnishing the foregoing information to the Trustee, Certificateholders and any NIMS Insurer, the Securities Administrator shall be entitled to rely conclusively on the accuracy of the information or data regarding the Mortgage Loans and with respect to which the related REO Property MGIC Insurance Policy was cancelled during the preceding Collection Period, provided that the Trustee has been provided to the Master Servicer by each Servicer, and the Securities Administrator shall not be obligated to verify, recompute, reconcile or recalculate any received such information or data. The Securities Administrator shall be entitled to conclusively rely on from the Mortgage Loan data provided by the Master Servicer and shall have no liability for any errors in such Mortgage Loan data. The information and reports described in the first paragraph of this Section 4.03(a) shall be provided to the Trustee by the Securities Administrator no later than 12:00 p.m.(noon) Eastern Standard Time one Business Day prior to the Distribution DateServicer. (b) Upon the reasonable advance written request of any NIMS Insurer the Guarantor or any Certificateholder that is a savings and loan, bank or insurance company, which request, if received by the Trustee, shall be promptly forwarded to the Securities Administrator, the Securities Administrator Trustee shall provide, or cause to be provided, (or, to the extent that such information or documentation is not required to be provided by a the Servicer under the applicable Servicing Agreement, shall use reasonable efforts to obtain such information and documentation from such the Servicer, and provide) to any NIMS Insurer and such Certificateholder such reports and access to information and documentation regarding the Mortgage Loans as any NIMS Insurer or such Certificateholder may reasonably deem necessary to comply with applicable regulations of the Office of Thrift Supervision or its successor or other regulatory authorities with respect to an investment in the Certificates; provided, however, that the Securities Administrator Trustee shall be entitled to be reimbursed by such Certificateholder or the NIMS Insurer Guarantor, as applicable, for the Trustee's actual expenses incurred in providing such reports and access. (c) Within 90 days, or such shorter period as may be required by statute or regulation, after the end of each calendar year, the Trustee shall have prepared and the Trustee shall make available send to any NIMS Insurer and each Person who at any time during the calendar year was a Certificateholder of record, and make available to Certificate Owners (identified as such by the Clearing Agency) in accordance with applicable regulations, a report summarizing the items provided to any NIMS Insurer and the Certificateholders pursuant to Sections 4.03(a)(i) and 4.03(a)(iiSection 4.03(a) on an annual basis as may be required to enable any NIMS Insurer and such Holders to prepare their federal income tax returns; provided, however, that this Section 4.03(c) shall not be applicable where relevant reports or summaries are required elsewhere in this Agreement. Such information shall also include the amount of original issue discount accrued on each Class of Certificates and information regarding the expenses of the Trust Fund furnished by the Master Servicer to the Trustee. The Trustee shall be deemed to have satisfied this requirement if it forwards such information in any other format permitted by the Code. The Master Servicer shall provide the Trustee with such information as is necessary for the Trustee to prepare such reports (and the Trustee may rely solely upon such information)Fund. (d) The Securities Administrator Trustee shall prepare and file with the Internal Revenue Service ("IRS"), on behalf of the Trust Fund, an application for an employer identification number on IRS Form SS-4 or by any other acceptable method. The Trustee, upon receipt from the IRS of the Notice of Taxpayer Identification Number Assigned, shall upon request promptly forward a copy of such notice to the Trustee, the Depositor and the Guarantor. The Trustee shall furnish such other information as the Guarantor may reasonably request in such format as reasonably requested by the Guarantor and any other information that is required by the Code and regulations thereunder to be made available to Certificateholders. The Master Servicer shall provide the Securities Administrator with such information as is necessary for the Securities Administrator to prepare such reports (and the Securities Administrator may rely solely upon such information).

Reports to Certificateholders. (a) On each Distribution Date, the Securities Administrator Trustee shall have prepared prepare (based solely on information provided by the Master Servicer and the Trustee or the any Cap Provider) and shall make available to the Trustee, Certificateholders and any NIMS Insurer, the Credit Risk Manager and each Certificateholder Insurer a written report setting forth the following information by Mortgage Pool (on the basis of Mortgage Loan level information obtained from the Servicers):applicable Servicer). (i) the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of LIBOR Certificates and Grantor Trust Certificates, other than any Class of Notional Certificates, to the extent applicable, allocable to principal on the Mortgage Loans, including Liquidation Proceeds and Insurance Proceeds, stating separately the amount attributable to scheduled principal payments and unscheduled payments in the nature of principalprincipal in each Mortgage Pool; (ii) the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of LIBOR Certificates, Notional Certificates and Grantor Trust Certificates allocable to interest and the calculation thereof; (iii) the amount, if any, of any distribution distributions to the Holders of the Class P CertificatesC, Class X and Class R Certificates on such Distribution Date, stated separately, and the aggregate amounts, if any, of distributions to the Holders of the Class C, Class X and Class R Certificates and the Residual Certificateon all Distribution Dates, stated separately; (iv) the amount, if any, of any distributions to the Cap Provider with respect to each Class of Grantor Trust Certificates (A) as interest on any outstanding Cap Deferred Interest Amount, (B) in reduction of such Cap Deferred Interest Amount or (C) as a termination payment or for any other reason; (v) the amount of the Cap Deferred Interest Amount for each Class of Grantor Trust Certificates after distributions on such Distribution Date; (vi) by Mortgage Pool and in the aggregate (A) the aggregate amount of any Advances required to be made as of the end of the month immediately preceding the month in which such Distribution Date occurs by or on behalf of the Servicers (or the Master Servicer) any Servicer with respect to such Distribution Date, (B) the aggregate amount of such Advances actually made, and (C) the amount, if any, by which (A) above exceeds (B) above; (vvii) by Mortgage Pool and in the aggregate, the total number of Mortgage Loans, the aggregate Scheduled Principal Balance of all the Mortgage Loans as of the close of business on the last day of the related Collection Period, after giving effect to payments allocated to principal reported under clause (i) above; (viviii) the Class Principal Amount (or Class Notional Amount) of each Class of Certificates, to the extent applicable, as of such Distribution Date after giving effect to payments allocated to principal reported under clause (i) above, separately identifying any reduction of any of the foregoing Certificate Principal Amounts due to any Applied Loss Amounts; (viiix) by Mortgage Pool and in the amount of any Prepayment Premiums distributed to the Class P Certificates; (viii) aggregate, the amount of any Realized Losses incurred with respect to the Mortgage Loans (x) in the applicable Prepayment Period and (y) in the aggregate since the Cut-off Date; (ixx) by Mortgage Pool and in the aggregate, the amount of the Securities Administrator Fees, Trustee Fees, Servicing Fees, Credit Risk Manager’s Fees and Pool Insurance Premiums paid during the Collection Period to which such distribution relates; (xxi) by Mortgage Pool and in the aggregate, the number and aggregate Scheduled Principal Balance of Mortgage Loans, as reported to the Securities Administrator Trustee by the Master Servicer, (a) remaining outstanding outstanding, (b) Delinquent 30 to 59 days on a contractual basis, (c) Delinquent 60 to 89 days on a contractual basis, (d) Delinquent 90 or more days on a contractual basis, (e) as to which foreclosure proceedings have been commenced, all as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs, (f) in bankruptcy and (g) that are REO PropertiesProperties (the information in this item (xi) to be calculated utilizing the ABS delinquency method); (xixii) by Mortgage Pool and in the aggregate, the aggregate Scheduled Principal Balance of any Mortgage Loans with respect to which the related Mortgaged Property became a REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs; (xiixiii) with respect to substitution of Mortgage Loans in the preceding calendar month, the Scheduled Principal Balance of each Deleted Mortgage Loan, and of each Qualifying Substitute Mortgage Loan; (xiiixiv) the aggregate outstanding Carryforward Interest, Net Prepayment Interest Shortfalls, Deferred Amounts, Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, if any, for each applicable Class of Certificates, after giving effect to the distribution made on such Distribution Date; (xivxv) the Certificate Interest Rate applicable to such Distribution Date with respect to each Class of CertificatesCertificates (with a notation if such Certificate Interest Rate reflects the application of the applicable Net Funds Cap); (xvxvi) the Interest Remittance Amount, the Principal Remittance Amount, the Principal Distribution Amount and the Principal Remittance Overcollateralization Release Amount applicable to such Distribution Date; (xvixvii) if applicable, the amount of any shortfall (i.e., the difference between the aggregate amounts of principal and interest which Certificateholders would have received if there were sufficient available amounts in the Certificate Account and the amounts actually distributed); (xviixviii) the Overcollateralization Amount after giving effect to the distributions made on such Distribution Date; (xix) the amount of any Overcollateralization Deficiency Amount after giving effect to the distributions made in such Distribution Date; (xviii) the aggregate amount of any insurance claim payments received with respect to each Pool Insurance Policy during the related Collection Period, the Old Republic Undrawn Pool Insurance Policy Balance, the United Guaranty Undrawn Pool Insurance Policy Balance, the Old Republic Covered Balance and the United Guaranty Covered Balance; (xixxx) the level of LIBOR and the Certificate Interest Rates Rate of each of the LIBOR Certificates, Notional Certificates and Grantor Trust Certificates; (xxi) the amount of any payments made to each Class of Certificates that are treated as payments received in respect of a REMIC 2 Regular Interest and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC 2 Regular Interest; and (xxxxii) the amount of any payments made by the Cap Provider to the Trust Fund under the Deferred Interest Cap AgreementAgreements. In the case of information furnished pursuant to subclauses sub-clauses (i), (ii) and (viviii) above, the amounts shall (except in the case of the report delivered with respect to the holder of the Class X Certificates) be expressed as a dollar amount per $1,000 of original principal amount of Certificates. In addition to the information listed above for any year in which the Depositor is subject to Exchange Act reporting with respect to the Certificates, such Distribution Date report shall also include such other information as is required by Form 10-D, including, but not limited to, the information required by Item 1121 (§ 229.1121) of Regulation AB to the extent that the Trustee shall have received any such information from the Depositor, the Sponsor, the Master Servicer, any Servicer, any Custodian, the Cap Provider or any Subservicer or Subcontractor therefor, as applicable, no later than four Business Days prior to the Distribution Date. The Securities Administrator shall Trustee will make such report and any additional loan level information (and, at its option, any additional files containing the same information in an alternative format) provided to it by the Master Servicer available each month to the TrusteeCertificateholders, any NIMS Insurer, Certificateholders and the Rating Agencies via the Securities AdministratorTrustee’s internet website. The Securities AdministratorTrustee’s internet website shall initially be located at “xxx.xxxxxxx.xxx.” Assistance xxxx://xxxxxxxxxxxxxxxxxxxxxx.xxx and assistance in using the website can be obtained by calling emailing the Securities AdministratorTrustee’s customer service desk at 0-000-000-0000xx.xxxxxxxxxxx.xxxxxxxx@xxxxxx.xxx. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Securities Administrator Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Securities Administrator Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall provide a “zero settlement file” to Bloomberg L.P. within seven (7) calendar days after the receipt of the collateral data file from the Depositor, but in no event later than the first Distribution Date, which shall contain all of the information in the initial Monthly Report (without giving effect to any distributions); provided, however, that in no event will such zero settlement file contain any mortgagor-specific information. The foregoing information and reports shall be prepared and determined by the Securities Administrator Trustee based solely on Mortgage Loan data provided to the Securities Administrator Trustee by the Master Servicer (in a format agreed to by the Securities Administrator Trustee and the Master Servicer) no later than 12:00 p.m.(noon) 2:00 p.m. Eastern Standard Time four Business Days prior to the Distribution DateDate or such other time period as set forth in Section 9.23(c). In preparing or furnishing the foregoing information to the Trustee, Certificateholders and any NIMS Insurerinformation, the Securities Administrator Trustee shall be entitled to rely conclusively on the accuracy and completeness of the information or data (i) regarding the Mortgage Loans and the related REO Property that has been provided to the Master Servicer by each Servicerthe Servicer and to the Trustee by the Master Servicer and (ii) regarding the Cap Agreement that has been provided to the Trustee by the Cap Provider, and the Securities Administrator Trustee shall not be obligated to verify, recompute, reconcile or recalculate any such information or data. The Securities Administrator Trustee shall be entitled to conclusively rely on the Mortgage Loan data provided by the Master Servicer and shall have no liability for any errors or omissions in such Mortgage Loan data. The information and reports described in the first paragraph of this Section 4.03(a) Master Servicer shall be entitled to conclusively rely on the Mortgage Loan data provided to the Trustee by the Securities Administrator each Servicer and shall have no later than 12:00 p.m.(noon) Eastern Standard Time one Business Day prior to the Distribution Dateliability for any errors or omissions in such Mortgage Loan data. (b) Upon the reasonable advance written request of any NIMS Insurer or any Certificateholder that is a savings and loan, bank or insurance company, which request, if received by the Trustee, shall be promptly forwarded to the Securities Administrator, the Securities Administrator Master Servicer shall provide, or cause to be provided, to the extent such information is available to the Master Servicer exercising reasonable efforts to obtain such information (or, to the extent that such information or documentation is not required to be provided by a the applicable Servicer under the applicable related Servicing Agreement, shall use reasonable efforts to obtain such information and documentation from such Servicer, and provide) to any NIMS Insurer and such Certificateholder such reports and access to information and documentation regarding the Mortgage Loans as any NIMS Insurer or such Certificateholder may reasonably deem necessary to comply with applicable regulations of the Office of Thrift Supervision or its successor or other regulatory authorities with respect to the NIM Securities or an investment in the Certificates; provided, however, that the Securities Administrator Master Servicer shall be entitled to be reimbursed by such Certificateholder or the NIMS Insurer for the actual expenses incurred in providing such reports and access. (c) Within 90 days, or such shorter period as may be required by statute or regulation, after the end of each calendar year, the Trustee shall shall, upon written request, have prepared and the Trustee shall make available to any NIMS Insurer and each Person who at any time during the calendar year was a Certificateholder of record, and to any NIMS Insurer, and make available to Certificate Owners (identified as such by the Clearing Agency) in accordance with applicable regulations, a report summarizing the items provided to any NIMS Insurer and the Certificateholders pursuant to Sections Section 4.03(a)(i) and 4.03(a)(ii(ii) on an annual basis as may be required to enable any NIMS Insurer and such Holders to prepare their federal income tax returns; provided, however, however that this Section 4.03(c) shall not be applicable where relevant reports or summaries are required elsewhere in this Agreement. Such information shall also include the amount of original issue discount accrued on each Class of Certificates and information regarding the expenses of the Trust Fund furnished by the Master Servicer to the TrusteeFund. The Trustee shall be deemed to have satisfied this requirement if it forwards such information in any other format permitted by the Code. The Master Servicer shall provide the Trustee with such information (to the extent readily available to the Master Servicer) as is necessary for the Trustee to prepare such reports (and the Trustee may rely solely upon such information)reports. (d) The Securities Administrator Trustee shall prepare and file with the IRS, on behalf of the Trust Fund, an application for an employer identification number on IRS Form SS-4 or by any other acceptable method. The Trustee shall also file a Form 8811 as required. The Trustee, upon receipt from the IRS of the Notice of Taxpayer Identification Number Assigned, shall upon request promptly forward a copy of such notice to the Master Servicer and the Depositor. The Trustee shall furnish any other information that is required by the Code and regulations thereunder to be made available to Certificateholders. The Master Servicer shall provide the Securities Administrator Trustee with such information (to the extent readily available to the Master Servicer) as is necessary for the Securities Administrator Trustee to prepare such reports (and comply with the Securities Administrator may rely solely upon such information)foregoing.

Reports to Certificateholders. (a) On each Distribution Date, concurrently with the Securities Administrator distribution to the Certificateholders, the Trustee shall have prepared (furnish to the Certificateholders, the Seller, the Depositor, the Swap Counterparty and each Rating Agency, a report, based solely on information provided to the Trustee by the Master Servicer and in the Trustee or the Cap Provider) and shall make available to the TrusteeMaster Servicer’s Monthly Report, any NIMS Insurer, the Credit Risk Manager and each Certificateholder a report setting forth containing the following information (on the basis of Mortgage Loan level information obtained from the Servicers):information: (i) the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates other than any Class of Notional Certificates, to the extent applicable, allocable to principal on the Mortgage Loans, including Liquidation Proceeds and Insurance Proceeds, stating separately the amount attributable to scheduled principal payments and unscheduled payments in the nature of principal; (ii) the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates allocable to interest and the calculation thereof; (iii) the amount, if any, of any distribution to the Holders of the Class P Certificates, the Class X Certificates and the Residual Certificate; (A) the aggregate amount of any Advances required to be made by or on behalf of the Servicers (or the Master Servicer) with respect to such Distribution Date, (B) the aggregate amount of such Advances actually made, and (C) the amount, if any, by which (A) above exceeds (B) above; (v) the total number of Mortgage Loans, the aggregate Scheduled Principal Balance of all the Mortgage Loans as of the close of business on the last day of the related Collection Period, after giving effect to payments allocated to principal reported under clause (i) above; (vi) the Class Principal Amount (or Class Notional Amount) of each Class of Certificates, to the extent applicable, as of such Distribution Date after giving effect to payments allocated to principal reported under clause (i) above, separately identifying any reduction of any of the foregoing Certificate Principal Amounts due to Applied Loss Amounts; (vii) the amount of any Prepayment Premiums distributed to the Class P Certificates; (viii) the amount of any Realized Losses incurred with respect to the Mortgage Loans (x) in the applicable Prepayment Period and (y) in the aggregate since the Cut-off Date; (ix) the amount of the Securities Administrator Fees, Trustee Fees, Servicing Fees, Credit Risk Manager’s Fees and Pool Insurance Premiums paid during the Collection Period to which such distribution relates; (x) the number and aggregate Scheduled Principal Balance of Mortgage Loans, as reported to the Securities Administrator by the Master Servicer, (a) remaining outstanding (b) Delinquent 30 to 59 days on a contractual basis, (c) Delinquent 60 to 89 days on a contractual basis, (d) Delinquent 90 or more days on a contractual basis, (e) as to which foreclosure proceedings have been commenced, as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs, (f) in bankruptcy and (g) that are REO Properties; (xi) the aggregate Scheduled Principal Balance of any Mortgage Loans with respect to which the related Mortgaged Property became a REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs; (xii) with respect to substitution of Mortgage Loans in the preceding calendar month, the Scheduled Principal Balance of each Deleted Mortgage Loan, and of each Qualifying Substitute Mortgage Loan; (xiii) the aggregate outstanding Carryforward Interest, Net Prepayment Interest Shortfalls, Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date; (xiv) the Certificate Interest Rate applicable to such Distribution Date with respect to each Class of Certificates; (xvii) the Interest Remittance Amount and amount of such distributions allocable to principal, separately identifying the aggregate amount of any prepayments or other unscheduled recoveries of principal included therein; (iii) the amount of such distributions allocable to interest; (iv) the Class Principal Remittance Amount applicable Balance (or Class Notional Balance) for each Class of Certificates as of such Distribution Date together with the principal amount or notional amount of the Certificates of the related Class (based on a Certificate in the original principal amount or notional amount of $1,000) then outstanding, in each case after giving effect to any payment of principal on such Distribution Date; (xviv) the level of LIBOR and the Interest Rates applicable to the LIBOR Certificates for such Distribution Date; (vi) if applicable, a statement that interest distributable on one or more Classes of Certificates on such Distribution Date represents interest accrued on such Classes at a rate equal to the Pool 1 Available Funds Cap, the Pool 2 Available Funds Cap, the Subordinate Available Funds Cap, the A-IO(1) Component Net Funds Cap or the A-IO(2) Component Net Funds Cap, as applicable; (vii) the Aggregate Pool Balance, the Pool Balance of Pool 1 and the Pool Balance of Pool 2 as of such Distribution Date; (viii) the Overcollateralization Amount for such Distribution Date; (ix) by Mortgage Pool and in the aggregate, the amount of any shortfall Delinquency Advances for such Distribution Date, and the amount of any Outstanding Advances in respect of Delinquency Advances remaining after such Distribution Date; (i.e.x) the amount of any Purchase Prices deposited into the Collection Account; (xi) by Mortgage Pool and in the aggregate, the difference between amount of current and cumulative Realized Losses on the Mortgage Loans; (xii) by Mortgage Pool and in the aggregate, the number of Mortgagor bankruptcies; (xiii) by Mortgage Pool and in the aggregate, the number of Mortgage Loans and the aggregate amounts Principal Balance thereof that were repurchased by the Seller or Depositor pursuant Section 2.03 hereof during the one-month period immediately preceding the related Determination Date; (xiv) the amount of principal any Realized Losses applied to any Class of Certificates on such Distribution Date; (xv) the amount of any Basis Risk Shortfall and Unpaid Basis Risk Shortfall with respect to any Class of Certificates; (xvi) the amount of any shortfalls in distributions of interest which Certificateholders would have received if there were sufficient available amounts in the Certificate Account with respect to each Class of Certificates on such Distribution Date and the amounts actually distributed)cumulative amount of any unreimbursed shortfalls in distributions of interest from prior Distribution Dates; (xvii) the amount of any Overcollateralization Deficiency Amount after giving effect Servicing Fees, the Master Servicing Fee, the Trustee Fee, the Custodian Fee and the Pool PMI Insurance Premium, if any, paid with respect to the distributions made in such Distribution Date; (xviii) the aggregate amount of any insurance claim payments received with respect to each Pool Insurance Policy during under the related Collection Period, the Old Republic Undrawn Pool Insurance Policy Balance, the United Guaranty Undrawn Pool Insurance Policy Balance, the Old Republic Covered Balance and the United Guaranty Covered Balance;Cap Agreement; and (xix) the level of LIBOR and the Certificate Interest Rates of the Certificates; and (xx) the amount of any payments made by the Cap Provider Net Swap Payment to the Supplemental Interest Trust Fund under the Cap Agreement. In the case of information furnished made pursuant to subclauses Section 6.14, any Net Swap Payment to the Swap Counterparty made pursuant to Section 6.14, any Swap Termination Payment to the Supplemental Interest Trust made pursuant to Section 6.14 and any Swap Termination Payment to the Swap Counterparty made pursuant to Section 6.14. Items (i) through (iii) above shall, with respect to the Certificates be presented on the basis of a Certificate having an original $1,000 denomination and on an aggregate basis. The Trustee shall make the information set forth above available each month to Certificateholders and the parties to this Agreement via the Trustee’s internet website initially located at xxx.xxxxxx.xxx/xxx. The Trustee shall provide such information by mail to any Certificateholder that requests paper copies. Each calendar year following any year during which the Certificates are outstanding, the Trustee shall furnish a report to each Certificateholder of record at any time during such calendar year as to the aggregate of amounts reported pursuant to items (i), (ii) and (viiii) aboveabove with respect to the related Certificates for such calendar year. (b) In addition, on each Distribution Date the Trustee will distribute to each Certificateholder (which shall be the Depository Trust Company as long as the Certificates are in book-entry form), the amounts shall (except in the case of the report delivered to the holder of the Class X Certificates) be expressed as a dollar amount per $1,000 of original principal amount of Certificates. The Securities Administrator shall make such report and any additional loan level following information (and, at its option, any additional files containing the same based upon information in an alternative format) available each month to the Trustee, any NIMS Insurer, Certificateholders and the Rating Agencies via the Securities Administrator’s internet website. The Securities Administrator’s internet website shall initially be located at “xxx.xxxxxxx.xxx.” Assistance in using the website can be obtained by calling the Securities Administrator’s customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Securities Administrator shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. The foregoing information and reports shall be prepared and determined by the Securities Administrator based solely on Mortgage Loan data provided to the Securities Administrator by the Master Servicer (in a format agreed to by the Securities Administrator and the Master Servicer) no later than 12:00 p.m.(noon) Eastern Standard Time four Business Days prior to the Distribution Date. In preparing or furnishing the foregoing information to the Trustee, Certificateholders and any NIMS Insurer, the Securities Administrator shall be entitled to rely conclusively on the accuracy of the information or data regarding the Mortgage Loans and the related REO Property that has been provided to the Master Servicer by each Servicer, and the Securities Administrator shall not be obligated to verify, recompute, reconcile or recalculate any such information or data. The Securities Administrator shall be entitled to conclusively rely on the Mortgage Loan data provided by the Master Servicer and shall have no liability for any errors in such Mortgage Loan data. The information and reports described in the first paragraph of this Section 4.03(a) shall be provided to the Trustee by the Securities Administrator no later than 12:00 p.m.(noonMaster Servicer) Eastern Standard Time one Business Day as of the close of business on the last business day of the prior to calendar month: (i) the Distribution Date. total number of Mortgage Loans and the aggregate principal balances thereof, together with the number and aggregate principal balances of Mortgage Loans (a) 30-59 days delinquent, (b) Upon 60-89 days delinquent and (c) 90 or more days delinquent; (ii) the reasonable advance written request number and aggregate principal balance of any NIMS Insurer or any Certificateholder that is a savings and loan, bank or insurance company, which request, if received by the Trustee, shall be promptly forwarded to the Securities Administrator, the Securities Administrator shall provide, or cause to be provided, (or, to the extent that such information or documentation is not required to be provided by a Servicer under the applicable Servicing Agreement, shall use reasonable efforts to obtain such information and documentation from such Servicer, and provide) to any NIMS Insurer and such Certificateholder such reports and access to information and documentation regarding the Mortgage Loans as in foreclosure proceedings (and whether any NIMS Insurer or such Certificateholder may reasonably deem necessary to comply with applicable regulations Mortgage Loans are also included in any of the Office of Thrift Supervision or its successor or other regulatory authorities with respect to an investment statistics described in the Certificatesforegoing clause (i)); provided, however, that and (iii) the Securities Administrator shall be entitled number and aggregate principal balance of all Mortgage Loans relating to be reimbursed by REO Properties (and whether any such Certificateholder or Mortgage Loans are also included in any of the NIMS Insurer for statistics described in the actual expenses incurred in providing such reports foregoing clauses (i) and access(ii)). (c) Within 90 daysAnnually, or such shorter period as may be required by statute or regulation, after the end in January of each calendar year, the Trustee shall have prepared and the Trustee shall make available furnish to any NIMS Insurer and each Person who at any time during the calendar year that was a Certificateholder of record, and make available to Certificate Owners (identified as such by during the Clearing Agency) in accordance with applicable regulations, prior calendar year a report summarizing statement showing the items provided to any NIMS Insurer aggregate interest and the Certificateholders pursuant aggregate principal received by such Person with respect to Sections 4.03(a)(i) and 4.03(a)(ii) on an annual basis as may be required to enable the Certificates during the prior calendar year, together with any NIMS Insurer and such Holders to prepare their standard federal income tax returns; providedreporting form for such information, however, that this Section 4.03(c) shall not be applicable where relevant reports or summaries are required elsewhere in this Agreement. Such information shall also include the amount of original issue discount accrued on each Class of Certificates and information regarding the expenses of the Trust Fund furnished by the Master Servicer Trustee upon request pursuant to the Trustee. The Trustee shall be deemed to have satisfied this requirement if it forwards such information in any other format permitted by the Code. The Master Servicer shall provide the Trustee with such information as is necessary for the Trustee to prepare such reports (and the Trustee may rely solely upon such information). (dSection 6049(d)(7)(C) The Securities Administrator shall furnish any other information that is required by of the Code and the regulations promulgated thereunder to be made available to Certificateholders. The Master Servicer shall provide assist the Securities Administrator with such information as is necessary for the Securities Administrator to prepare such reports (and the Securities Administrator may rely solely upon such information)Certificateholders in computing their market discount.

Reports to Certificateholders. (a) On each Distribution Date, concurrently with the Securities Administrator distribution to the Certificateholders, the Trustee shall have prepared (furnish to the Certificateholders, the Seller, the Depositor, the Swap Counterparty and each Rating Agency, a report, based solely on information provided to the Trustee by the Master Servicer and in the Trustee or the Cap Provider) and shall make available to the TrusteeMaster Servicer’s Monthly Report, any NIMS Insurer, the Credit Risk Manager and each Certificateholder a report setting forth containing the following information (on the basis of Mortgage Loan level information obtained from the Servicers):information: (i) the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates other than any Class of Notional Certificates, to the extent applicable, allocable to principal on the Mortgage Loans, including Liquidation Proceeds and Insurance Proceeds, stating separately the amount attributable to scheduled principal payments and unscheduled payments in the nature of principal; (ii) the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates allocable to interest and the calculation thereof; (iii) the amount, if any, of any distribution to the Holders of the Class P Certificates, the Class X Certificates and the Residual Certificate; (A) the aggregate amount of any Advances required to be made by or on behalf of the Servicers (or the Master Servicer) with respect to such Distribution Date, (B) the aggregate amount of such Advances actually made, and (C) the amount, if any, by which (A) above exceeds (B) above; (v) the total number of Mortgage Loans, the aggregate Scheduled Principal Balance of all the Mortgage Loans as of the close of business on the last day of the related Collection Period, after giving effect to payments allocated to principal reported under clause (i) above; (vi) the Class Principal Amount (or Class Notional Amount) of each Class of Certificates, to the extent applicable, as of such Distribution Date after giving effect to payments allocated to principal reported under clause (i) above, separately identifying any reduction of any of the foregoing Certificate Principal Amounts due to Applied Loss Amounts; (vii) the amount of any Prepayment Premiums distributed to the Class P Certificates; (viii) the amount of any Realized Losses incurred with respect to the Mortgage Loans (x) in the applicable Prepayment Period and (y) in the aggregate since the Cut-off Date; (ix) the amount of the Securities Administrator Fees, Trustee Fees, Servicing Fees, Credit Risk Manager’s Fees and Pool Insurance Premiums paid during the Collection Period to which such distribution relates; (x) the number and aggregate Scheduled Principal Balance of Mortgage Loans, as reported to the Securities Administrator by the Master Servicer, (a) remaining outstanding (b) Delinquent 30 to 59 days on a contractual basis, (c) Delinquent 60 to 89 days on a contractual basis, (d) Delinquent 90 or more days on a contractual basis, (e) as to which foreclosure proceedings have been commenced, as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs, (f) in bankruptcy and (g) that are REO Properties; (xi) the aggregate Scheduled Principal Balance of any Mortgage Loans with respect to which the related Mortgaged Property became a REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs; (xii) with respect to substitution of Mortgage Loans in the preceding calendar month, the Scheduled Principal Balance of each Deleted Mortgage Loan, and of each Qualifying Substitute Mortgage Loan; (xiii) the aggregate outstanding Carryforward Interest, Net Prepayment Interest Shortfalls, Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date; (xiv) the Certificate Interest Rate applicable to such Distribution Date with respect to each Class of Certificates; (xvii) the Interest Remittance Amount and amount of such distributions allocable to principal, separately identifying the aggregate amount of any prepayments or other unscheduled recoveries of principal included therein; (iii) the amount of such distributions allocable to interest; (iv) the Class Principal Remittance Amount applicable Balance (or Class Notional Balance) for each Class of Certificates as of such Distribution Date together with the principal amount or notional amount of the Certificates of the related Class (based on a Certificate in the original principal amount or notional amount of $1,000) then outstanding, in each case after giving effect to any payment of principal on such Distribution Date; (xviv) the level of LIBOR and the Interest Rates applicable to the LIBOR Certificates for such Distribution Date; (vi) if applicable, a statement that interest distributable on one or more Classes of Certificates on such Distribution Date represents interest accrued on such Classes at a rate equal to the Pool 1 Available Funds Cap, the Pool 2 Available Funds Cap, the Subordinate Available Funds Cap, the A-IO(1) Component Net Funds Cap or the A-IO(2) Component Net Funds Cap, as applicable; (vii) the Aggregate Pool Balance, the Pool Balance of Pool 1 and the Pool Balance of Pool 2 as of such Distribution Date; (viii) the Overcollateralization Amount for such Distribution Date; (ix) by Mortgage Pool and in the aggregate, the amount of any shortfall Delinquency Advances for such Distribution Date, and the amount of any Outstanding Advances in respect of Delinquency Advances remaining after such Distribution Date; (i.e.x) the amount of any Purchase Prices deposited into the Collection Account; (xi) by Mortgage Pool and in the aggregate, the difference between amount of current and cumulative Realized Losses on the Mortgage Loans; (xii) by Mortgage Pool and in the aggregate, the number of Mortgagor bankruptcies; (xiii) by Mortgage Pool and in the aggregate, the number of Mortgage Loans and the aggregate amounts Principal Balance thereof that were repurchased by the Seller or Depositor pursuant Section 2.03 hereof during the one-month period immediately preceding the related Determination Date; (xiv) the amount of principal any Realized Losses applied to any Class of Certificates on such Distribution Date; (xv) the amount of any Basis Risk Shortfall and Unpaid Basis Risk Shortfall with respect to any Class of Certificates; (xvi) the amount of any shortfalls in distributions of interest which Certificateholders would have received if there were sufficient available amounts in the Certificate Account with respect to each Class of Certificates on such Distribution Date and the amounts actually distributed)cumulative amount of any unreimbursed shortfalls in distributions of interest from prior Distribution Dates; (xvii) the amount of any Overcollateralization Deficiency Amount after giving effect Servicing Fees, the Master Servicing Fee, the Trustee Fee, the Custodian Fee and the Pool PMI Insurance Premium, if any, paid with respect to the distributions made in such Distribution Date; (xviii) the aggregate amount of any insurance claim payments received with respect to each Pool Insurance Policy during under the related Collection Period, the Old Republic Undrawn Pool Insurance Policy Balance, the United Guaranty Undrawn Pool Insurance Policy Balance, the Old Republic Covered Balance and the United Guaranty Covered Balance;Cap Agreement; and (xix) the level of LIBOR and the Certificate Interest Rates of the Certificates; and (xx) the amount of any payments made by the Cap Provider Net Swap Payment to the Supplemental Interest Trust Fund under the Cap Agreement. In the case of information furnished made pursuant to subclauses Section 6.14, any Net Swap Payment to the Swap Counterparty made pursuant to Section 6.14, any Swap Termination Payment to the Supplemental Interest Trust made pursuant to Section 6.14 and any Swap Termination Payment to the Swap Counterparty made pursuant to Section 6.14. Items (i) through (iii) above shall, with respect to the Certificates be presented on the basis of a Certificate having an original $1,000 denomination and on an aggregate basis. The Trustee shall make the information set forth above available each month to Certificateholders and the parties to this Agreement via the Trustee’s internet website initially located at www.xxxxxx.xxx/xxx. Xxe Trustee shall provide such information by mail to any Certificateholder that requests paper copies. Each calendar year following any year during which the Certificates are outstanding, the Trustee shall furnish a report to each Certificateholder of record at any time during such calendar year as to the aggregate of amounts reported pursuant to items (i), (ii) and (viiii) aboveabove with respect to the related Certificates for such calendar year. (b) In addition, on each Distribution Date the Trustee will distribute to each Certificateholder (which shall be the Depository Trust Company as long as the Certificates are in book-entry form), the amounts shall (except in the case of the report delivered to the holder of the Class X Certificates) be expressed as a dollar amount per $1,000 of original principal amount of Certificates. The Securities Administrator shall make such report and any additional loan level following information (and, at its option, any additional files containing the same based upon information in an alternative format) available each month to the Trustee, any NIMS Insurer, Certificateholders and the Rating Agencies via the Securities Administrator’s internet website. The Securities Administrator’s internet website shall initially be located at “xxx.xxxxxxx.xxx.” Assistance in using the website can be obtained by calling the Securities Administrator’s customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Securities Administrator shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. The foregoing information and reports shall be prepared and determined by the Securities Administrator based solely on Mortgage Loan data provided to the Securities Administrator by the Master Servicer (in a format agreed to by the Securities Administrator and the Master Servicer) no later than 12:00 p.m.(noon) Eastern Standard Time four Business Days prior to the Distribution Date. In preparing or furnishing the foregoing information to the Trustee, Certificateholders and any NIMS Insurer, the Securities Administrator shall be entitled to rely conclusively on the accuracy of the information or data regarding the Mortgage Loans and the related REO Property that has been provided to the Master Servicer by each Servicer, and the Securities Administrator shall not be obligated to verify, recompute, reconcile or recalculate any such information or data. The Securities Administrator shall be entitled to conclusively rely on the Mortgage Loan data provided by the Master Servicer and shall have no liability for any errors in such Mortgage Loan data. The information and reports described in the first paragraph of this Section 4.03(a) shall be provided to the Trustee by the Securities Administrator no later than 12:00 p.m.(noonMaster Servicer) Eastern Standard Time one Business Day as of the close of business on the last business day of the prior to calendar month: (i) the Distribution Date. total number of Mortgage Loans and the aggregate principal balances thereof, together with the number and aggregate principal balances of Mortgage Loans (a) 30-59 days delinquent, (b) Upon 60-89 days delinquent and (c) 90 or more days delinquent (using the reasonable advance written request OTS method of any NIMS Insurer or any Certificateholder that is a savings calculation); (ii) the number and loan, bank or insurance company, which request, if received by the Trustee, shall be promptly forwarded to the Securities Administrator, the Securities Administrator shall provide, or cause to be provided, (or, to the extent that such information or documentation is not required to be provided by a Servicer under the applicable Servicing Agreement, shall use reasonable efforts to obtain such information and documentation from such Servicer, and provide) to any NIMS Insurer and such Certificateholder such reports and access to information and documentation regarding the aggregate principal balance of Mortgage Loans as in foreclosure proceedings (and whether any NIMS Insurer or such Certificateholder may reasonably deem necessary to comply with applicable regulations Mortgage Loans are also included in any of the Office of Thrift Supervision or its successor or other regulatory authorities with respect to an investment statistics described in the Certificatesforegoing clause (i)); provided, however, that and (iii) the Securities Administrator shall be entitled number and aggregate principal balance of all Mortgage Loans relating to be reimbursed by REO Properties (and whether any such Certificateholder or Mortgage Loans are also included in any of the NIMS Insurer for statistics described in the actual expenses incurred in providing such reports foregoing clauses (i) and access(ii)). (c) Within 90 daysAnnually, or such shorter period as may be required by statute or regulation, after the end in January of each calendar year, the Trustee shall have prepared and the Trustee shall make available furnish to any NIMS Insurer and each Person who at any time during the calendar year that was a Certificateholder of record, and make available to Certificate Owners (identified as such by during the Clearing Agency) in accordance with applicable regulations, prior calendar year a report summarizing statement showing the items provided to any NIMS Insurer aggregate interest and the Certificateholders pursuant aggregate principal received by such Person with respect to Sections 4.03(a)(i) and 4.03(a)(ii) on an annual basis as may be required to enable the Certificates during the prior calendar year, together with any NIMS Insurer and such Holders to prepare their standard federal income tax returns; providedreporting form for such information, however, that this Section 4.03(c) shall not be applicable where relevant reports or summaries are required elsewhere in this Agreement. Such information shall also include the amount of original issue discount accrued on each Class of Certificates and information regarding the expenses of the Trust Fund furnished by the Master Servicer Trustee upon request pursuant to the Trustee. The Trustee shall be deemed to have satisfied this requirement if it forwards such information in any other format permitted by the Code. The Master Servicer shall provide the Trustee with such information as is necessary for the Trustee to prepare such reports (and the Trustee may rely solely upon such information). (dSection 6049(d)(7)(C) The Securities Administrator shall furnish any other information that is required by of the Code and the regulations promulgated thereunder to be made available to Certificateholders. The Master Servicer shall provide assist the Securities Administrator with such information as is necessary for the Securities Administrator to prepare such reports (and the Securities Administrator may rely solely upon such information)Certificateholders in computing their market discount.

Reports to Certificateholders. (a) On each ----------------------------- Distribution Date, the Securities Administrator Trustee shall have prepared (based solely on information provided deliver or cause to be delivered by the Master Servicer and the Trustee or the Cap Provider) and shall make available first class mail to the Trustee, any NIMS Insurer, the Credit Risk Manager and each Certificateholder Holder of Certificates a written report setting forth the following information, which information (on the basis of Trustee will determine no later than two Business Days prior to the Distribution Date based on, with respect to the Mortgage Loan level information obtained from Loans, data which the Servicers):Servicer will provide to the Trustee or its designee no later than the Remittance Date: (i) the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates (and in respect of any Component), other than any Class of Notional Certificates, to the extent applicable, allocable to principal on the Mortgage Loans, including Liquidation Proceeds and Insurance Proceeds, stating separately the amount attributable to scheduled principal payments and unscheduled payments in the nature of principalprincipal in each Mortgage Pool; (ii) the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates (other than any Class of Principal Only Certificates) allocable to interest and interest, including any Accrual Amount added to the calculation thereofClass Certificate Principal Amount of any Class of Accrual Certificates; (iii) the amount, if any, of any distribution to the Holders Holder of the each Class P of Residual Certificates, the Class X Certificates and the Residual Certificate; (Aiv) the aggregate amount of any Advances required to be in respect of Mortgage Loans in each Mortgage Pool made by or on behalf of the Servicers Servicer (or the Master ServicerTrustee) with respect included in the amounts actually distributed to such Distribution Date, (B) the aggregate amount of such Advances actually made, and (C) the amount, if any, by which (A) above exceeds (B) aboveCertificateholders; (v) the total number of Mortgage Loans, the aggregate Scheduled Principal Balance of all the Mortgage Loans in each Mortgage Pool as of the close of business on the last day of the related Collection Due Period, after giving effect to payments allocated to principal reported under clause (i) above; ; (vi) the Class Certificate Principal Amount (or Class Aggregate Notional Amount) of each Class of Certificates, to the extent applicable, Certificates as of such Distribution Date after giving effect to payments allocated to principal reported under clause (i) aboveabove (and to the addition of any Accrual Amount in the case of any Class of Accrual Certificates), separately identifying any reduction of any of the foregoing Certificate Principal Amounts due to Applied Loss Amounts; (vii) the amount of any Prepayment Premiums distributed to the Class P Certificates; (viii) the amount of any Realized Losses incurred with respect to the Mortgage Loans (x) in the applicable Prepayment Period and (y) in the aggregate since the Cut-off Date; (ix) the amount of the Securities Administrator Fees, Trustee Fees, Servicing Fees, Credit Risk Manager’s Fees and Pool Insurance Premiums paid during the Collection Period to which such distribution relates; (x) the number and aggregate Scheduled Principal Balance of Mortgage Loans, as reported to the Securities Administrator by the Master Servicer, (a) remaining outstanding (b) Delinquent 30 to 59 days on a contractual basis, (c) Delinquent 60 to 89 days on a contractual basis, (d) Delinquent 90 or more days on a contractual basis, (e) as to which foreclosure proceedings have been commenced, as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs, (f) in bankruptcy and (g) that are REO Properties; (xi) the aggregate Scheduled Principal Balance of any Mortgage Loans with respect to which the related Mortgaged Property became a REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs; (xii) with respect to substitution of Mortgage Loans in the preceding calendar month, the Scheduled Principal Balance of each Deleted Mortgage Loan, and of each Qualifying Substitute Mortgage Loan; (xiii) the aggregate outstanding Carryforward Interest, Net Prepayment Interest Shortfalls, Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date; (xiv) the Certificate Interest Rate applicable to such Distribution Date with respect to each Class of Certificates; (xv) the Interest Remittance Amount and the Principal Remittance Amount applicable to such Distribution Date; (xvi) if applicable, the amount of any shortfall (i.e., the difference between the aggregate amounts of principal and interest which Certificateholders would have received if there were sufficient available amounts in the Certificate Account and the amounts actually distributed); (xvii) the amount of any Overcollateralization Deficiency Amount after giving effect to the distributions made in such Distribution Date; (xviii) the aggregate amount of any insurance claim payments received with respect to each Pool Insurance Policy during the related Collection Period, the Old Republic Undrawn Pool Insurance Policy Balance, the United Guaranty Undrawn Pool Insurance Policy Balance, the Old Republic Covered Balance and the United Guaranty Covered Balance; (xix) the level of LIBOR and the Certificate Interest Rates of the Certificates; and (xx) the amount of any payments made by the Cap Provider to the Trust Fund under the Cap Agreement. In the case of information furnished pursuant to subclauses (i), (ii) and (vi) above, the amounts shall (except in the case of the report delivered to the holder of the Class X Certificates) be expressed as a dollar amount per $1,000 of original principal amount of Certificates. The Securities Administrator shall make such report and any additional loan level information (and, at its option, any additional files containing the same information in an alternative format) available each month to the Trustee, any NIMS Insurer, Certificateholders and the Rating Agencies via the Securities Administrator’s internet website. The Securities Administrator’s internet website shall initially be located at “xxx.xxxxxxx.xxx.” Assistance in using the website can be obtained by calling the Securities Administrator’s customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Securities Administrator shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. The foregoing information and reports shall be prepared and determined by the Securities Administrator based solely on Mortgage Loan data provided to the Securities Administrator by the Master Servicer (in a format agreed to by the Securities Administrator and the Master Servicer) no later than 12:00 p.m.(noon) Eastern Standard Time four Business Days prior to the Distribution Date. In preparing or furnishing the foregoing information to the Trustee, Certificateholders and any NIMS Insurer, the Securities Administrator shall be entitled to rely conclusively on the accuracy of the information or data regarding the Mortgage Loans and the related REO Property that has been provided to the Master Servicer by each Servicer, and the Securities Administrator shall not be obligated to verify, recompute, reconcile or recalculate any such information or data. The Securities Administrator shall be entitled to conclusively rely on the Mortgage Loan data provided by the Master Servicer and shall have no liability for any errors in such Mortgage Loan data. The information and reports described in the first paragraph of this Section 4.03(a) shall be provided to the Trustee by the Securities Administrator no later than 12:00 p.m.(noon) Eastern Standard Time one Business Day prior to the Distribution Date. (b) Upon the reasonable advance written request of any NIMS Insurer or any Certificateholder that is a savings and loan, bank or insurance company, which request, if received by the Trustee, shall be promptly forwarded to the Securities Administrator, the Securities Administrator shall provide, or cause to be provided, (or, to the extent that such information or documentation is not required to be provided by a Servicer under the applicable Servicing Agreement, shall use reasonable efforts to obtain such information and documentation from such Servicer, and provide) to any NIMS Insurer and such Certificateholder such reports and access to information and documentation regarding the Mortgage Loans as any NIMS Insurer or such Certificateholder may reasonably deem necessary to comply with applicable regulations of the Office of Thrift Supervision or its successor or other regulatory authorities with respect to an investment in the Certificates; provided, however, that the Securities Administrator shall be entitled to be reimbursed by such Certificateholder or the NIMS Insurer for the actual expenses incurred in providing such reports and access. (c) Within 90 days, or such shorter period as may be required by statute or regulation, after the end of each calendar year, the Trustee shall have prepared and the Trustee shall make available to any NIMS Insurer and each Person who at any time during the calendar year was a Certificateholder of record, and make available to Certificate Owners (identified as such by the Clearing Agency) in accordance with applicable regulations, a report summarizing the items provided to any NIMS Insurer and the Certificateholders pursuant to Sections 4.03(a)(i) and 4.03(a)(ii) on an annual basis as may be required to enable any NIMS Insurer and such Holders to prepare their federal income tax returns; provided, however, that this Section 4.03(c) shall not be applicable where relevant reports or summaries are required elsewhere in this Agreement. Such information shall also include the amount of original issue discount accrued on each Class of Certificates and information regarding the expenses of the Trust Fund furnished by the Master Servicer to the Trustee. The Trustee shall be deemed to have satisfied this requirement if it forwards such information in any other format permitted by the Code. The Master Servicer shall provide the Trustee with such information as is necessary for the Trustee to prepare such reports (and the Trustee may rely solely upon such information). (d) The Securities Administrator shall furnish any other information that is required by the Code and regulations thereunder to be made available to Certificateholders. The Master Servicer shall provide the Securities Administrator with such information as is necessary for the Securities Administrator to prepare such reports (and the Securities Administrator may rely solely upon such information).Losses:

Reports to Certificateholders. (a) On each Distribution Date, concurrently with the Securities Administrator distribution to the Certificateholders, the Trustee shall have prepared (furnish to the Certificateholders, the Depositor and each Rating Agency, a report, based solely on information provided to the Trustee by the Master Servicer and in the Trustee or the Cap Provider) and shall make available to the TrusteeMaster Servicer’s Monthly Report, any NIMS Insurer, the Credit Risk Manager and each Certificateholder a report setting forth containing the following information (on the basis of Mortgage Loan level information obtained from the Servicers):information: (i) the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates other than any Class of Notional Certificates, to the extent applicable, allocable to principal on the Mortgage Loans, including Liquidation Proceeds and Insurance Proceeds, stating separately the amount attributable to scheduled principal payments and unscheduled payments in the nature of principal; (ii) the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates allocable to interest and the calculation thereof; (iii) the amount, if any, of any distribution to the Holders of the Class P Certificates, the Class X Certificates and the Residual Certificate; (A) the aggregate amount of any Advances required to be made by or on behalf of the Servicers (or the Master Servicer) with respect to such Distribution Date, (B) the aggregate amount of such Advances actually made, and (C) the amount, if any, by which (A) above exceeds (B) above; (v) the total number of Mortgage Loans, the aggregate Scheduled Principal Balance of all the Mortgage Loans as of the close of business on the last day of the related Collection Period, after giving effect to payments allocated to principal reported under clause (i) above; (vi) the Class Principal Amount (or Class Notional Amount) of each Class of Certificates, to the extent applicable, as of such Distribution Date after giving effect to payments allocated to principal reported under clause (i) above, separately identifying any reduction of any of the foregoing Certificate Principal Amounts due to Applied Loss Amounts; (vii) the amount of any Prepayment Premiums distributed to the Class P Certificates; (viii) the amount of any Realized Losses incurred with respect to the Mortgage Loans (x) in the applicable Prepayment Period and (y) in the aggregate since the Cut-off Date; (ix) the amount of the Securities Administrator Fees, Trustee Fees, Servicing Fees, Credit Risk Manager’s Fees and Pool Insurance Premiums paid during the Collection Period to which such distribution relates; (x) the number and aggregate Scheduled Principal Balance of Mortgage Loans, as reported to the Securities Administrator by the Master Servicer, (a) remaining outstanding (b) Delinquent 30 to 59 days on a contractual basis, (c) Delinquent 60 to 89 days on a contractual basis, (d) Delinquent 90 or more days on a contractual basis, (e) as to which foreclosure proceedings have been commenced, as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs, (f) in bankruptcy and (g) that are REO Properties; (xi) the aggregate Scheduled Principal Balance of any Mortgage Loans with respect to which the related Mortgaged Property became a REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs; (xii) with respect to substitution of Mortgage Loans in the preceding calendar month, the Scheduled Principal Balance of each Deleted Mortgage Loan, and of each Qualifying Substitute Mortgage Loan; (xiii) the aggregate outstanding Carryforward Interest, Net Prepayment Interest Shortfalls, Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date; (xiv) the Certificate Interest Rate applicable to such Distribution Date with respect to each Class of Certificates; (xvii) the Interest Remittance Amount and amount of such distributions allocable to principal, separately identifying the aggregate amount of any prepayments or other unscheduled recoveries of principal included therein; (iii) the amount of such distributions allocable to interest; (iv) the Class Principal Remittance Amount applicable Balance (or Class Notional Balance) for each Class of Certificates as of such Distribution Date together with the principal amount or notional amount of the Certificates of the related Class (based on a Certificate in the original principal amount or notional amount of $1,000) then outstanding, in each case after giving effect to any payment of principal on such Distribution Date; (xviv) the level of LIBOR and the Interest Rates applicable to the LIBOR Certificates for such Distribution Date; (vi) if applicable, a statement that interest distributable on one or more Classes of Certificates on such Distribution Date represents interest accrued on such Classes at a rate equal to the Available Funds Cap; (vii) the Pool Balance as of such Distribution Date; (viii) the Overcollateralization Amount for such Distribution Date; (ix) the amount of any shortfall Delinquency Advances for such Distribution Date, and the amount of any Outstanding Advances in respect of Delinquency Advances remaining after such Distribution Date; the amount of any Purchase Prices deposited into the Collection Account; (i.e.x) the amount of current and cumulative Realized Losses on the Mortgage Loans; (xi) the number of Mortgagor bankruptcies; (xii) the number of Mortgage Loans and the aggregate Principal Balance thereof that were repurchased by the Seller or Depositor pursuant Section 2.03 hereof during the one-month period immediately preceding the related Determination Date; (xiii) the amount of any Realized Losses applied to any Class of Certificates on such Distribution Date; (xiv) the amount of any Basis Risk Shortfall with respect to any Class of Certificates; (xv) the amount of any shortfalls in distributions of interest with respect to each Class of Certificates on such Distribution Date and the cumulative amount of any unreimbursed shortfalls in distributions of interest from prior Distribution Dates; (xvi) the amount of Servicing Fees, the difference between Master Servicing Fee, the aggregate amounts of principal and interest which Certificateholders would have received if there were sufficient available amounts in Trustee Fee, the Certificate Account Custodian Fee and the amounts actually distributed);Pool PMI Insurance Premium paid with respect to such Distribution Date; and (xvii) the amount of any Overcollateralization Deficiency Amount after giving effect to the distributions made in such Distribution Date; (xviii) the aggregate amount of any insurance claim payments received with respect to each Pool Insurance Policy during the related Collection Period, the Old Republic Undrawn Pool Insurance Policy Balance, the United Guaranty Undrawn Pool Insurance Policy Balance, the Old Republic Covered Balance and the United Guaranty Covered Balance; (xix) the level of LIBOR and the Certificate Interest Rates of the Certificates; and (xx) the amount of any payments made by the Cap Provider to the Trust Fund under the Cap Agreement. In Items (i) through (iii) above shall, with respect to the case Certificates be presented on the basis of a Certificate having an original $1,000 denomination and on an aggregate basis. The Trustee may, at its option, make the information furnished set forth above available each month to Certificateholders and the parties to this Agreement via the Trustee’s internet website. Access to this service shall be limited to Persons with valid passwords. The Trustee shall provide such information by mail to any Certificateholder that requests paper copies. Each calendar year following any year during which the Certificates are outstanding, the Trustee shall furnish a report to each Certificateholder of record at any time during such calendar year as to the aggregate of amounts reported pursuant to subclauses items (i), (ii) and (viiii) aboveabove with respect to the related Certificates for such calendar year. (b) In addition, on each Distribution Date the Trustee will distribute to each Certificateholder (which shall be the Depository Trust Company as long as the Certificates are in book-entry form), the amounts shall (except in the case of the report delivered to the holder of the Class X Certificates) be expressed as a dollar amount per $1,000 of original principal amount of Certificates. The Securities Administrator shall make such report and any additional loan level following information (and, at its option, any additional files containing the same based upon information in an alternative format) available each month to the Trustee, any NIMS Insurer, Certificateholders and the Rating Agencies via the Securities Administrator’s internet website. The Securities Administrator’s internet website shall initially be located at “xxx.xxxxxxx.xxx.” Assistance in using the website can be obtained by calling the Securities Administrator’s customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Securities Administrator shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. The foregoing information and reports shall be prepared and determined by the Securities Administrator based solely on Mortgage Loan data provided to the Securities Administrator by the Master Servicer (in a format agreed to by the Securities Administrator and the Master Servicer) no later than 12:00 p.m.(noon) Eastern Standard Time four Business Days prior to the Distribution Date. In preparing or furnishing the foregoing information to the Trustee, Certificateholders and any NIMS Insurer, the Securities Administrator shall be entitled to rely conclusively on the accuracy of the information or data regarding the Mortgage Loans and the related REO Property that has been provided to the Master Servicer by each Servicer, and the Securities Administrator shall not be obligated to verify, recompute, reconcile or recalculate any such information or data. The Securities Administrator shall be entitled to conclusively rely on the Mortgage Loan data provided by the Master Servicer and shall have no liability for any errors in such Mortgage Loan data. The information and reports described in the first paragraph of this Section 4.03(a) shall be provided to the Trustee by the Securities Administrator no later than 12:00 p.m.(noonMaster Servicer) Eastern Standard Time one Business Day as of the close of business on the last business day of the prior to calendar month: (i) the Distribution Date. total number of Mortgage Loans and the aggregate principal balances thereof, together with the number and aggregate principal balances of Mortgage Loans (a) 30-59 days delinquent, (b) Upon 60-89 days delinquent and (c) 90 or more days delinquent; (ii) the reasonable advance written request number and aggregate principal balance of any NIMS Insurer or any Certificateholder that is a savings and loan, bank or insurance company, which request, if received by the Trustee, shall be promptly forwarded to the Securities Administrator, the Securities Administrator shall provide, or cause to be provided, (or, to the extent that such information or documentation is not required to be provided by a Servicer under the applicable Servicing Agreement, shall use reasonable efforts to obtain such information and documentation from such Servicer, and provide) to any NIMS Insurer and such Certificateholder such reports and access to information and documentation regarding the Mortgage Loans as in foreclosure proceedings (and whether any NIMS Insurer or such Certificateholder may reasonably deem necessary to comply with applicable regulations Mortgage Loans are also included in any of the Office of Thrift Supervision or its successor or other regulatory authorities with respect to an investment statistics described in the Certificatesforegoing clause (i)); provided, however, that and (iii) the Securities Administrator shall be entitled number and aggregate principal balance of all Mortgage Loans relating to be reimbursed by REO Properties (and whether any such Certificateholder or Mortgage Loans are also included in any of the NIMS Insurer for statistics described in the actual expenses incurred in providing such reports foregoing clauses (i) and access(ii)). (c) Within 90 daysAnnually, or such shorter period as may be required by statute or regulation, after the end in January of each calendar year, the Trustee shall have prepared and the Trustee shall make available furnish to any NIMS Insurer and each Person who at any time during the calendar year that was a Certificateholder of record, and make available to Certificate Owners (identified as such by during the Clearing Agency) in accordance with applicable regulations, prior calendar year a report summarizing statement showing the items provided to any NIMS Insurer aggregate interest and the Certificateholders pursuant aggregate principal received by such Person with respect to Sections 4.03(a)(i) and 4.03(a)(ii) on an annual basis as may be required to enable the Certificates during the prior calendar year, together with any NIMS Insurer and such Holders to prepare their standard federal income tax returns; providedreporting form for such information, however, that this Section 4.03(c) shall not be applicable where relevant reports or summaries are required elsewhere in this Agreement. Such information shall also include the amount of original issue discount accrued on each Class of Certificates and information regarding the expenses of the Trust Fund furnished by the Master Servicer Trustee upon request pursuant to the Trustee. The Trustee shall be deemed to have satisfied this requirement if it forwards such information in any other format permitted by the Code. The Master Servicer shall provide the Trustee with such information as is necessary for the Trustee to prepare such reports (and the Trustee may rely solely upon such information). (dSection 6049(d)(7)(C) The Securities Administrator shall furnish any other information that is required by of the Code and the regulations promulgated thereunder to be made available to Certificateholders. The Master Servicer shall provide assist the Securities Administrator with such information as is necessary for the Securities Administrator to prepare such reports (and the Securities Administrator may rely solely upon such information)Certificateholders in computing their market discount.

Reports to Certificateholders. Unless otherwise specified in the applicable Series Supplement, on the next Business Day following each such Distribution Date the Trustee shall forward or cause to be forwarded to the Depositor, each Certificateholder of such Series, to each Rating Agency rating such Series and such other Persons as may be specified in such Series Supplement, a statement setting forth: (a) On each Distribution Date, the Securities Administrator shall have prepared (based solely on information provided amounts received by the Master Servicer Trustee as of the last such statement in respect of principal, interest and premium on the Underlying Securities and the Trustee or the Cap Provider) and shall make available to the TrusteeSwap Receipt Amount, any NIMS Insurer, the Credit Risk Manager and each Certificateholder a report setting forth the following information (on the basis of Mortgage Loan level information obtained from the Servicers):if any; (ib) the aggregate Swap Distribution Amount, if any, for such date; (c) the amount of the distribution to be made on such Distribution Date to the Holders Certificateholders of each Class of Certificates other than any Class of Notional Certificates, to the extent applicable, such Series allocable to principal of and premium, if any, and interest on the Mortgage Loans, including Liquidation Proceeds Certificates of each such Class; and Insurance Proceeds, stating separately the amount attributable to scheduled principal payments and unscheduled payments in the nature of principalaggregate unpaid interest accrued as of such Distribution Date; (iid) in the aggregate amount of the distribution to be made on such Distribution Date to the Holders case of each Class of Floating Rate Certificates allocable of such Series, the respective Floating Pass-Through Rate applicable to interest each such Class on such Distribution Date, as calculated in accordance with the method specified in such Certificates and the calculation thereofrelated Series Supplement; (iiie) the amount, if any, of any distribution to the Holders of the Class P Certificates, the Class X Certificates and the Residual Certificate; (A) the aggregate amount of any Advances required to be made compensation received by or on behalf of the Servicers (or Trustee for the Master Servicer) with respect period relating to such Distribution Date, and such other customary information as the Trustee deems necessary or desirable, (Bor that any such Certificateholder reasonably requests,) to enable such Certificateholders to prepare their tax returns; (f) if the Series Supplement provides for Advances, the aggregate amount of such Advances actually made, and (C) the amountAdvances, if any, by which (A) above exceeds (B) aboveincluded in such distribution, and the aggregate amount of unreimbursed Advances, if any, at the close of business on such Distribution Date; (vg) the total number aggregate stated principal amount and, if applicable, notional amount of Mortgage Loansthe Underlying Securities related to such Series, the current rating assigned by the Rating Agency thereon and the current interest rate or rates thereon at the close of business on such Distribution Date; (h) the aggregate Scheduled Certificate Principal Balance (or Notional Amount, if applicable) of all each Class of such series at the Mortgage Loans close of business on such Distribution Date, separately identifying any reduction in such aggregate Certificate Principal Balance (or Notional Amount) due to the allocation of any Realized Losses on such Distribution Date or otherwise; and (i) as to any Series (or any Class within such Series) for which Credit Support has been obtained, the amount or notional amount of coverage of each element of Credit Support (and rating, if any, thereof) included therein as of the close of business on the last day of the related Collection Period, after giving effect to payments allocated to principal reported under clause (i) above; (vi) the Class Principal Amount (or Class Notional Amount) of each Class of Certificates, to the extent applicable, as of such Distribution Date after giving effect to payments allocated to principal reported under clause (i) above, separately identifying any reduction of any of the foregoing Certificate Principal Amounts due to Applied Loss Amounts; (vii) the amount of any Prepayment Premiums distributed to the Class P Certificates; (viii) the amount of any Realized Losses incurred with respect to the Mortgage Loans (x) in the applicable Prepayment Period and (y) in the aggregate since the Cut-off Date; (ix) the amount of the Securities Administrator Fees, Trustee Fees, Servicing Fees, Credit Risk Manager’s Fees and Pool Insurance Premiums paid during the Collection Period to which such distribution relates; (x) the number and aggregate Scheduled Principal Balance of Mortgage Loans, as reported to the Securities Administrator by the Master Servicer, (a) remaining outstanding (b) Delinquent 30 to 59 days on a contractual basis, (c) Delinquent 60 to 89 days on a contractual basis, (d) Delinquent 90 or more days on a contractual basis, (e) as to which foreclosure proceedings have been commenced, as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs, (f) in bankruptcy and (g) that are REO Properties; (xi) the aggregate Scheduled Principal Balance of any Mortgage Loans with respect to which the related Mortgaged Property became a REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs; (xii) with respect to substitution of Mortgage Loans in the preceding calendar month, the Scheduled Principal Balance of each Deleted Mortgage Loan, and of each Qualifying Substitute Mortgage Loan; (xiii) the aggregate outstanding Carryforward Interest, Net Prepayment Interest Shortfalls, Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date; (xiv) the Certificate Interest Rate applicable to such Distribution Date with respect to each Class of Certificates; (xv) the Interest Remittance Amount and the Principal Remittance Amount applicable to such Distribution Date; (xvi) if applicable, the amount of any shortfall (i.e., the difference between the aggregate amounts of principal and interest which Certificateholders would have received if there were sufficient available amounts in the Certificate Account and the amounts actually distributed); (xvii) the amount of any Overcollateralization Deficiency Amount after giving effect to the distributions made in such Distribution Date; (xviii) the aggregate amount of any insurance claim payments received with respect to each Pool Insurance Policy during the related Collection Period, the Old Republic Undrawn Pool Insurance Policy Balance, the United Guaranty Undrawn Pool Insurance Policy Balance, the Old Republic Covered Balance and the United Guaranty Covered Balance; (xix) the level of LIBOR and the Certificate Interest Rates of the Certificates; and (xx) the amount of any payments made by the Cap Provider to the Trust Fund under the Cap Agreement. In the case of information furnished pursuant to subclauses (i), (iiiii) and (viv) above, the amounts shall (except in the case of the report delivered to the holder of the Class X Certificates) be expressed as a dollar Dollar amount per $1,000 minimum denomination of original principal amount Certificates or for such other specified portion thereof. Within a reasonable period of Certificates. The Securities Administrator shall make such report and any additional loan level information (and, at its option, any additional files containing the same information in an alternative format) available each month to the Trustee, any NIMS Insurer, Certificateholders and the Rating Agencies via the Securities Administrator’s internet website. The Securities Administrator’s internet website shall initially be located at “xxx.xxxxxxx.xxx.” Assistance in using the website can be obtained by calling the Securities Administrator’s customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Securities Administrator shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. The foregoing information and reports shall be prepared and determined by the Securities Administrator based solely on Mortgage Loan data provided to the Securities Administrator by the Master Servicer (in a format agreed to by the Securities Administrator and the Master Servicer) no later than 12:00 p.m.(noon) Eastern Standard Time four Business Days prior to the Distribution Date. In preparing or furnishing the foregoing information to the Trustee, Certificateholders and any NIMS Insurer, the Securities Administrator shall be entitled to rely conclusively on the accuracy of the information or data regarding the Mortgage Loans and the related REO Property that has been provided to the Master Servicer by each Servicer, and the Securities Administrator shall not be obligated to verify, recompute, reconcile or recalculate any such information or data. The Securities Administrator shall be entitled to conclusively rely on the Mortgage Loan data provided by the Master Servicer and shall have no liability for any errors in such Mortgage Loan data. The information and reports described in the first paragraph of this Section 4.03(a) shall be provided to the Trustee by the Securities Administrator no later than 12:00 p.m.(noon) Eastern Standard Time one Business Day prior to the Distribution Date. (b) Upon the reasonable advance written request of any NIMS Insurer or any Certificateholder that is a savings and loan, bank or insurance company, which request, if received by the Trustee, shall be promptly forwarded to the Securities Administrator, the Securities Administrator shall provide, or cause to be provided, (or, to the extent that such information or documentation is not required to be provided by a Servicer under the applicable Servicing Agreement, shall use reasonable efforts to obtain such information and documentation from such Servicer, and provide) to any NIMS Insurer and such Certificateholder such reports and access to information and documentation regarding the Mortgage Loans as any NIMS Insurer or such Certificateholder may reasonably deem necessary to comply with applicable regulations of the Office of Thrift Supervision or its successor or other regulatory authorities with respect to an investment in the Certificates; provided, however, that the Securities Administrator shall be entitled to be reimbursed by such Certificateholder or the NIMS Insurer for the actual expenses incurred in providing such reports and access. (c) Within 90 days, or such shorter period as may be required by statute or regulation, time after the end of each calendar year, the Trustee shall have prepared and the Trustee shall make available furnish to any NIMS Insurer and each Person who at any time during the each such calendar year was a Certificateholder of record, and make available to Certificate Owners a statement containing the information set forth in subclauses (identified as such by the Clearing Agency) in accordance with applicable regulations, a report summarizing the items provided to any NIMS Insurer and the Certificateholders pursuant to Sections 4.03(a)(iiii) and 4.03(a)(ii(v) on an annual basis as may be required to enable any NIMS Insurer and above, aggregated for such Holders to prepare their federal income tax returns; provided, however, that this Section 4.03(c) shall not be calendar year or the applicable where relevant reports or summaries are required elsewhere in this Agreementportion thereof during which such person was a Certificateholder. Such information shall also include the amount of original issue discount accrued on each Class of Certificates and information regarding the expenses obligation of the Trust Fund furnished by the Master Servicer to the Trustee. The Trustee shall be deemed to have been satisfied this requirement if it forwards such to the extent that substantially comparable information in any other format permitted shall be provided by the CodeTrustee pursuant to any requirements of the Code as are from time to time in effect. The Master Servicer Trustee shall provide supply to Certificateholders who so request all materials received by the Trustee with such information as is necessary for from the Trustee to prepare such reports (and the Trustee may rely solely upon such information)Underlying Securities Issuer. (d) The Securities Administrator shall furnish any other information that is required by the Code and regulations thereunder to be made available to Certificateholders. The Master Servicer shall provide the Securities Administrator with such information as is necessary for the Securities Administrator to prepare such reports (and the Securities Administrator may rely solely upon such information).

Reports to Certificateholders. (a) On each Distribution Date, the Securities Administrator Trustee shall have prepared prepare (based solely on information provided by the Master Servicer and the Trustee or the Cap Provider) and shall make available to the TrusteeCertificateholders, the Certificate Insurer and any NIMS Insurer, the Credit Risk Manager and each Certificateholder Insurer a written report setting forth the following information by Mortgage Pool (on the basis of Mortgage Loan level information obtained from the Servicersapplicable Servicer): (i) the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of LIBOR Certificates and Grantor Trust Certificates, other than any Class of Notional Certificates, to the extent applicable, allocable to principal on the Mortgage Loans, including Liquidation Proceeds and Insurance Proceeds, stating separately the amount attributable to scheduled principal payments and unscheduled payments in the nature of principalprincipal in each Mortgage Pool; (ii) the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of LIBOR Certificates and Grantor Trust Certificates allocable to interest and the calculation thereof; (iii) the amount, if any, of any distribution distributions to the Holders of the Class P CertificatesC, Class X and Class R Certificates on such Distribution Date, stated separately, and the aggregate amounts, if any, of distributions to the Holders of the Class C, Class X and Class R Certificates and the Residual Certificateon all Distribution Dates, stated separately; (iv) the amount, if any, of any distributions to the Cap Provider with respect to each Class of Grantor Trust Certificates (A) as interest on any outstanding Cap Deferred Interest Amount, (B) in reduction of such Cap Deferred Interest Amount or (C) as a termination payment or for any other reason; (v) the amount of the Cap Deferred Interest Amount for each Class of Grantor Trust Certificates after distributions on such Distribution Date; (vi) by Mortgage Pool and in the aggregate (A) the aggregate amount of any Advances required to be made by or on behalf as of the Servicers end of the month immediately preceding the month in which such Distribution Date occurs by the Master Servicer (or by the Master ServicerTrustee as successor master servicer) with respect to such Distribution Date, (B) the aggregate amount of such Advances actually made, and (C) the amount, if any, by which (A) above exceeds (B) above; (vvii) by Mortgage Pool and in the aggregate, the total number of Mortgage Loans, the aggregate Scheduled Principal Balance of all the Mortgage Loans as of the close of business on the last day of the related Collection Period, after giving effect to payments allocated to principal reported under clause (i) above; (viviii) the Class Principal Amount (or Class Notional Amount) of each Class of Certificates, to the extent applicable, as of such Distribution Date after giving effect to payments allocated to principal reported under clause (i) above, separately identifying any reduction of any of the foregoing Certificate Principal Amounts due to any Applied Loss Amounts; (viiix) by Mortgage Pool and in the amount of any Prepayment Premiums distributed to the Class P Certificates; (viii) aggregate, the amount of any Realized Losses incurred with respect to the Mortgage Loans (x) in the applicable Prepayment Period and (y) in the aggregate since the Cut-off Date; (ixx) by Mortgage Pool and in the aggregate, the amount of the Securities Administrator Fees, Trustee Fees, General Servicing Fees, Credit Risk Manager’s Fees and Pool Insurance Premiums paid during the Collection Period to which such distribution relates; (xxi) by Mortgage Pool and in the aggregate, the number and aggregate Scheduled Principal Balance of Mortgage Loans, as reported to the Securities Administrator Trustee by the Master Servicer, (a) remaining outstanding (b) Delinquent 30 to 59 days on a contractual basisdelinquent one month, (c) Delinquent 60 to 89 days on a contractual basisdelinquent two months, (d) Delinquent 90 delinquent three or more days on a contractual basismonths, (e) as to which foreclosure proceedings have been commenced, commenced as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs, (f) in bankruptcy and (g) that are REO Properties; (xixii) by Mortgage Pool and in the aggregate, the aggregate Scheduled Principal Balance of any Mortgage Loans with respect to which the related Mortgaged Property became a REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs; (xiixiii) with respect to substitution of Mortgage Loans in the preceding calendar month, the Scheduled Principal Balance of each Deleted Mortgage Loan, and of each Qualifying Substitute Mortgage Loan; (xiiixiv) the aggregate outstanding Carryforward Interest, Net Prepayment Interest Shortfalls, Deferred Amounts, Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, if any, for each applicable Class of Certificates, after giving effect to the distribution made on such Distribution Date; (xivxv) the Certificate Interest Rate applicable to such Distribution Date with respect to each Class of CertificatesCertificates (with a notation if such Certificate Interest Rate reflects the application of the applicable Net Funds Cap); (xvxvi) the Interest Remittance Amount, the Principal Remittance Amount, the Principal Distribution Amount and the Principal Remittance Overcollateralization Release Amount applicable to such Distribution Date; (xvixvii) if applicable, the amount of any shortfall (i.e., the difference between the aggregate amounts of principal and interest which Certificateholders would have received if there were sufficient available amounts in the Certificate Account and the amounts actually distributed); (xviixviii) the Overcollateralization Amount after giving effect to the distributions made on such Distribution Date; (xix) the amount of any Overcollateralization Deficiency Amount after giving effect to the distributions made in such Distribution Date; (xviii) the aggregate amount of any insurance claim payments received with respect to each Pool Insurance Policy during the related Collection Period, the Old Republic Undrawn Pool Insurance Policy Balance, the United Guaranty Undrawn Pool Insurance Policy Balance, the Old Republic Covered Balance and the United Guaranty Covered Balance; (xixxx) the level of LIBOR and the Certificate Interest Rates Rate of each of the LIBOR Certificates and the Grantor Trust Certificates; (xxi) the amount of the monthly Certificate Insurance Premiums (and the aggregate Certificate Insurance Premium, if different) due to the Certificate Insurer on the related Distribution Date and the amount of any Guaranteed Distributions paid to the Class 1-A3B Certificates under the Certificate Insurance Policy; (xxii) the amount of any payments made to each Class of Certificates that are treated as payments received in respect of a REMIC 2 Regular Interest and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC 2 Regular Interest; and (xxxxiii) the amount of any payments made by the Cap Provider to the Trust Fund under the Deferred Interest Cap AgreementAgreements. In the case of information furnished pursuant to subclauses sub-clauses (i), (ii) and (vi) above, the amounts shall (except in the case of the report delivered with respect to the holder of the Class X Certificates) be expressed as a dollar amount per $1,000 of original principal amount of Certificates. In addition to the information listed above for any year in which the Depositor is subject to Exchange Act reporting with respect to the Certificates, such Distribution Date report shall also include such other information as is required by Form 10-D, including, but not limited to, the information required by Item 1121 (§ 229.1121) of Regulation AB to the extent that the Trustee shall have received any such information from the Depositor, the Sponsor, the Master Servicer, any Servicer, the Custodian, the Cap Provider or any Subservicer or Subcontractor therefor, as applicable, no later than four Business Days prior to the Distribution Date. The Securities Administrator shall Trustee will make such report and any additional loan level information (and, at its option, any additional files containing the same information in an alternative format) provided to it by the Master Servicer available each month to Certificateholders, the TrusteeCertificate Insurer, any NIMS Insurer, Certificateholders and the Rating Agencies via the Securities AdministratorTrustee’s internet website. The Securities AdministratorTrustee’s internet website shall initially be located at “xxx.xxxxxxx.xxx.” Assistance hxxx://xxxxxxxxxxxxxxxxxxxxxx.xxx and assistance in using the website can be obtained by calling emailing the Securities AdministratorTrustee’s customer service desk at 0-000-000-0000cx.xxxxxxxxxxx.xxxxxxxx@xxxxxx.xxx. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Securities Administrator Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Securities Administrator Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall provide a “zero settlement file” to Bloomberg L.P. within seven (7) calendar days after the receipt of the collateral data file from the Depositor, but in no event later than the first Distribution Date, which shall contain all of the information in the initial Monthly Report (without giving effect to any distributions); provided, however, that in no event will such zero settlement file contain any mortgagor-specific information. The foregoing information and reports shall be prepared and determined by the Securities Administrator Trustee based solely on Mortgage Loan data provided to the Securities Administrator Trustee by the Master Servicer (in a format agreed to by the Securities Administrator Trustee and the Master Servicer) no later than 12:00 p.m.(noon) 2:00 p.m. Eastern Standard Time four Business Days prior to the Distribution DateDate or such other time period as set forth in Section 9.23(c). In preparing or furnishing the foregoing information to the Trustee, Certificateholders and any NIMS Insurerinformation, the Securities Administrator Trustee shall be entitled to rely conclusively on the accuracy and completeness of the information or data (i) regarding the Mortgage Loans and the related REO Property that has been provided to the Master Servicer by each Servicerthe Servicer and to the Trustee by the Master Servicer and (ii) regarding the Cap Agreement that has been provided to the Trustee by the Cap Provider, and the Securities Administrator Trustee shall not be obligated to verify, recompute, reconcile or recalculate any such information or data. The Securities Administrator Trustee shall be entitled to conclusively rely on the Mortgage Loan data provided by the Master Servicer and shall have no liability for any errors or omissions in such Mortgage Loan data. The information and reports described in the first paragraph of this Section 4.03(a) shall be provided to the Trustee by the Securities Administrator no later than 12:00 p.m.(noon) Eastern Standard Time one Business Day prior to the Distribution Date. (b) Upon the reasonable advance written request of any NIMS the Certificate Insurer or any Certificateholder that is a savings and loan, bank or insurance company, which request, if received by the Trustee, shall be promptly forwarded to the Securities Administrator, the Securities Administrator Master Servicer shall provide, or cause to be provided, to the extent such information is available to the Master Servicer exercising reasonable efforts to obtain such information (or, to the extent that such information or documentation is not required to be provided by a the applicable Servicer under the applicable related Servicing Agreement, shall use reasonable efforts to obtain such information and documentation from such Servicer, and provide) to any NIMS the Certificate Insurer and or such Certificateholder Certificateholder, as applicable, such reports and access to information and documentation regarding the Mortgage Loans as any NIMS Insurer or such Certificateholder may reasonably deem necessary to comply with applicable regulations of the Office of Thrift Supervision or its successor or other regulatory authorities with respect to the NIM Securities or an investment in the Certificates; provided, however, that the Securities Administrator Master Servicer shall be entitled to be reimbursed by such Certificateholder or the NIMS Insurer for the actual expenses incurred in providing such reports and access. (c) Within 90 days, or such shorter period as may be required by statute or regulation, after the end of each calendar year, the Trustee shall shall, upon written request, have prepared and the Trustee shall make available to any NIMS Insurer and each Person who at any time during the calendar year was a Certificateholder of record, and to any NIMS Insurer, and make available to Certificate Owners (identified as such by the Clearing Agency) in accordance with applicable regulations, a report summarizing the items provided to any NIMS Insurer and the Certificateholders pursuant to Sections Section 4.03(a)(i) and 4.03(a)(ii(ii) on an annual basis as may be required to enable any NIMS Insurer and such Holders to prepare their federal income tax returns; provided, however, however that this Section 4.03(c) shall not be applicable where relevant reports or summaries are required elsewhere in this Agreement. Such information shall also include the amount of original issue discount accrued on each Class of Certificates and information regarding the expenses of the Trust Fund furnished by the Master Servicer to the TrusteeFund. The Trustee shall be deemed to have satisfied this requirement if it forwards such information in any other format permitted by the Code. The Master Servicer shall provide the Trustee with such information as is necessary for the Trustee to prepare such reports (and the Trustee may rely solely upon such information)reports. (d) The Securities Administrator Trustee shall prepare and file with the Internal Revenue Service (“IRS”), on behalf of the Trust Fund, an application for an employer identification number on IRS Form SS-4 or by any other acceptable method. The Trustee shall also file a Form 8811 as required. The Trustee, upon receipt from the IRS of the Notice of Taxpayer Identification Number Assigned, shall upon request promptly forward a copy of such notice to the Master Servicer and the Depositor. The Trustee shall furnish any other information that is required by the Code and regulations thereunder to be made available to Certificateholders. The Master Servicer shall provide the Securities Administrator Trustee with such information (to the extent readily available to the Master Servicer) as is necessary for the Securities Administrator Trustee to prepare such reports (and comply with the Securities Administrator may rely solely upon such information)foregoing.

Reports to Certificateholders. (a) On the Business Day next following each Distribution Date, the Securities Administrator Trustee shall have prepared (based solely on information provided by forward or cause to be forwarded to the Master Servicer Depositor, each Certificateholder, the Option Agent and the Trustee or New York Stock Exchange (or, if the Cap Provider) and shall make available to the Trustee, any NIMS Insurer, the Credit Risk Manager and each Certificateholder a report setting forth the following information (Class _____ Certificates are no longer listed on the basis of Mortgage Loan level information obtained from New York Stock Exchange, to any exchange or securities trading system on which the Servicers):Class _____ Certificates are then listed or quoted), a statement setting forth: (ia) the aggregate amount of the distribution to be made on such Distribution Date to the Holders Certificateholders of each Class of Certificates other than any Class of Notional Certificates, to the extent applicable, allocable to principal on the Mortgage Loans, including Liquidation Proceeds of and Insurance Proceeds, stating separately the amount attributable to scheduled principal payments and unscheduled payments in the nature of principal; (ii) the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates allocable to interest and the calculation thereof; (iii) the amountpremium, if any, and interest on the Certificates of any distribution to the Holders of the Class P Certificates, the Class X Certificates and the Residual Certificate; (A) the aggregate amount of any Advances required to be made by or on behalf of the Servicers (or the Master Servicer) with respect to each such Distribution Date, (B) the aggregate amount of such Advances actually madeClass, and (C) the amount, if any, by which (A) above exceeds (B) above; (v) the total number of Mortgage Loans, the aggregate Scheduled Principal Balance of all the Mortgage Loans as of the close of business on the last day of the related Collection Period, after giving effect to payments allocated to principal reported under clause (i) above; (vi) the Class Principal Amount (or Class Notional Amount) of each Class of Certificates, to the extent applicable, as of such Distribution Date after giving effect to payments allocated to principal reported under clause (i) above, separately identifying any reduction of any of the foregoing Certificate Principal Amounts due to Applied Loss Amounts; (vii) the amount of any Prepayment Premiums distributed to the Class P Certificates; (viii) the amount of any Realized Losses incurred with respect to the Mortgage Loans (x) in the applicable Prepayment Period and (y) in the aggregate since the Cut-off Date; (ix) the amount of the Securities Administrator Fees, Trustee Fees, Servicing Fees, Credit Risk Manager’s Fees and Pool Insurance Premiums paid during the Collection Period to which such distribution relates; (x) the number and aggregate Scheduled Principal Balance of Mortgage Loans, as reported to the Securities Administrator by the Master Servicer, (a) remaining outstanding (b) Delinquent 30 to 59 days on a contractual basis, (c) Delinquent 60 to 89 days on a contractual basis, (d) Delinquent 90 or more days on a contractual basis, (e) as to which foreclosure proceedings have been commenced, unpaid interest accrued as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs, (f) in bankruptcy and (g) that are REO Properties; (xi) the aggregate Scheduled Principal Balance of any Mortgage Loans with respect to which the related Mortgaged Property became a REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs; (xii) with respect to substitution of Mortgage Loans in the preceding calendar month, the Scheduled Principal Balance of each Deleted Mortgage Loan, and of each Qualifying Substitute Mortgage Loan; (xiii) the aggregate outstanding Carryforward Interest, Net Prepayment Interest Shortfalls, Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date; (xivb) the Certificate Interest Rate applicable to such Distribution Date with respect to aggregate stated principal amount of the Underlying Securities, the current rating assigned by each Class of Certificates; (xv) the Interest Remittance Amount Rating Agency thereto and the Principal Remittance Amount applicable to current interest rate thereon at the close of business on such Distribution Date; (xvi) if applicable, the amount of any shortfall (i.e., the difference between the aggregate amounts of principal and interest which Certificateholders would have received if there were sufficient available amounts in the Certificate Account and the amounts actually distributed); (xvii) the amount of any Overcollateralization Deficiency Amount after giving effect to the distributions made in such Distribution Date; (xviii) the aggregate amount of any insurance claim payments received with respect to each Pool Insurance Policy during the related Collection Period, the Old Republic Undrawn Pool Insurance Policy Balance, the United Guaranty Undrawn Pool Insurance Policy Balance, the Old Republic Covered Balance and the United Guaranty Covered Balance; (xix) the level of LIBOR and the Certificate Interest Rates of the Certificates; and (xxc) the amount aggregate Certificate Principal Balance of any payments made by the Cap Provider to Class _____ Certificates [and the Trust Fund under Aggregate Certificate Notional Amount of Class _____ Certificates ]at the Cap Agreementclose of business on such Distribution Date. In the case of information furnished pursuant to subclauses subclause (i), (ii) and (via) above, the amounts shall (except in the case of the report delivered to the holder of the Class X Certificates) be expressed as a dollar amount per $1,000 minimum authorized denomination of original principal amount each class of Certificates. The Securities Administrator shall make such report and any additional loan level information (and, at its option, any additional files containing the same information in an alternative format) available each month to the Trustee, any NIMS Insurer, Certificateholders and the Rating Agencies via the Securities Administrator’s internet website. The Securities Administrator’s internet website shall initially be located at “xxx.xxxxxxx.xxx.” Assistance in using the website can be obtained by calling the Securities Administrator’s customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have Within a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Securities Administrator shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. The foregoing information and reports shall be prepared and determined by the Securities Administrator based solely on Mortgage Loan data provided to the Securities Administrator by the Master Servicer (in a format agreed to by the Securities Administrator and the Master Servicer) no later than 12:00 p.m.(noon) Eastern Standard Time four Business Days prior to the Distribution Date. In preparing or furnishing the foregoing information to the Trustee, Certificateholders and any NIMS Insurer, the Securities Administrator shall be entitled to rely conclusively on the accuracy reasonable period of the information or data regarding the Mortgage Loans and the related REO Property that has been provided to the Master Servicer by each Servicer, and the Securities Administrator shall not be obligated to verify, recompute, reconcile or recalculate any such information or data. The Securities Administrator shall be entitled to conclusively rely on the Mortgage Loan data provided by the Master Servicer and shall have no liability for any errors in such Mortgage Loan data. The information and reports described in the first paragraph of this Section 4.03(a) shall be provided to the Trustee by the Securities Administrator no later than 12:00 p.m.(noon) Eastern Standard Time one Business Day prior to the Distribution Date. (b) Upon the reasonable advance written request of any NIMS Insurer or any Certificateholder that is a savings and loan, bank or insurance company, which request, if received by the Trustee, shall be promptly forwarded to the Securities Administrator, the Securities Administrator shall provide, or cause to be provided, (or, to the extent that such information or documentation is not required to be provided by a Servicer under the applicable Servicing Agreement, shall use reasonable efforts to obtain such information and documentation from such Servicer, and provide) to any NIMS Insurer and such Certificateholder such reports and access to information and documentation regarding the Mortgage Loans as any NIMS Insurer or such Certificateholder may reasonably deem necessary to comply with applicable regulations of the Office of Thrift Supervision or its successor or other regulatory authorities with respect to an investment in the Certificates; provided, however, that the Securities Administrator shall be entitled to be reimbursed by such Certificateholder or the NIMS Insurer for the actual expenses incurred in providing such reports and access. (c) Within 90 days, or such shorter period as may be required by statute or regulation, time after the end of each calendar year, the Trustee shall have prepared and the Trustee shall make available furnish to any NIMS Insurer and each Person person who at any time during the such calendar year was a Certificateholder of record, and make available to Certificate Owners a statement containing the information set forth in subclauses (identified as such by the Clearing Agency) in accordance with applicable regulations, a report summarizing the items provided to any NIMS Insurer and the Certificateholders pursuant to Sections 4.03(a)(ia) and 4.03(a)(ii(b) on an annual basis as may be required to enable any NIMS Insurer and above, aggregated for such Holders to prepare their federal income tax returns; provided, however, that this Section 4.03(c) shall not be calendar year or the applicable where relevant reports or summaries are required elsewhere in this Agreementportion thereof during which such person was a Certificateholder. Such information shall also include the amount of original issue discount accrued on each Class of Certificates and information regarding the expenses obligation of the Trust Fund furnished by the Master Servicer to the Trustee. The Trustee shall be deemed to have been satisfied this requirement if it forwards such to the extent that substantially comparable information in any other format permitted shall be provided by the CodeTrustee pursuant to any requirements of the Code as are from time to time in effect. The Master Servicer shall provide In the Trustee with such information as is necessary for case of the Trustee rating furnished pursuant to prepare such reports subclause (and b) above, the Trustee may rely solely upon on an information agent such information). (d) The Securities Administrator shall furnish any other information that is required by the Code and regulations thereunder to be made available to Certificateholders. The Master Servicer shall provide the Securities Administrator with such information as is necessary for the Securities Administrator to prepare such reports (and the Securities Administrator may rely solely upon such information).Bloomberg L.P.

Reports to Certificateholders. (a) On each Distribution Date, the Securities Administrator Trustee shall have prepared (based solely on information provided by the Master Servicer and the Trustee or the Cap Provider) and shall make available to the Trustee, any NIMS Insurer, the Credit Risk Manager and each Certificateholder a written report setting forth the following information (on the basis of Mortgage Loan level information obtained from the ServicersServicer) (the “Distribution Date Statement”): (a) the amount of the distributions, separately identified, with respect to each Class of Certificates; (b) the amount of the distributions set forth in clause (a) allocable to principal, separately identifying the aggregate amount of any Principal Prepayments or other unscheduled recoveries of principal included in that amount; (c) the amount of the distributions set forth in clause (a) allocable to interest; (d) the amount of any unpaid Interest Shortfall, Net Prepayment Interest Shortfalls and Relief Act Shortfalls with respect to each Class of Certificates; (e) the Class Principal Amount of each Class of Certificates (other than the Interest-Only Certificates) and the Class Notional Amount of the Interest-Only Certificates, in each case after giving effect to the distribution of principal on that Distribution Date; (f) the Aggregate Stated Principal Balance of the Mortgage Loans, the Mortgage Rates (in incremental ranges) and the weighted average remaining term of the Mortgage Loans, at the beginning and at the end of the related Prepayment Period; (g) the aggregate Purchase Price deposited into the Distribution Account with respect to the Mortgage Loans; (h) the Senior Percentage and the Subordinate Percentage for the following Distribution Date; (i) the aggregate Senior Prepayment Percentage and the Subordinate Prepayment Percentage for the following Distribution Date; (j) the amount of the distribution Servicing Fee paid to be made on such Distribution Date to or retained by the Holders of each Class of Certificates other than any Class of Notional Certificates, to the extent applicable, allocable to principal on the Mortgage Loans, including Liquidation Proceeds Servicer and Insurance Proceeds, stating separately the amount attributable of the Trustee Fee paid to scheduled principal payments and unscheduled payments in or retained by the nature of principalTrustee; (iik) the aggregate amount of Advances for the distribution related Due Period; (l) the number and Stated Principal Balance of the Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in foreclosure) (1) 30 to be made 59 days, (2) 60 to 89 days and (3) 90 or more days, (B) in foreclosure and Delinquent (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days and (C) in bankruptcy as of the close of business on the last day of the calendar month preceding that Distribution Date; (m) the amount of cash flow received for such Distribution Date to the Holders of each Class of Certificates allocable to interest Date, and the calculation sources thereof; (iiin) for any Mortgage Loan as to which the amount, if any, of any distribution to related Mortgaged Property was an REO Property during the Holders of the Class P Certificatespreceding calendar month, the Class X Certificates and the Residual Certificate; (A) the aggregate amount of any Advances required to be made by or on behalf of the Servicers (or the Master Servicer) with respect to such Distribution Date, (B) the aggregate amount principal balance of such Advances actually made, and (C) the amount, if any, by which (A) above exceeds (B) above; (v) the total number of Mortgage Loans, the aggregate Scheduled Principal Balance of all the Mortgage Loans Loan as of the close of business on the last day of the related Collection Due Period, after giving effect to payments allocated to principal reported under clause (i) above; (vio) the Class Principal Amount (or Class Notional Amount) of each Class of Certificates, to the extent applicable, as of such Distribution Date after giving effect to payments allocated to aggregate number and principal reported under clause (i) above, separately identifying any reduction balance of any of the foregoing Certificate Principal Amounts due to Applied Loss Amounts; (vii) the amount of any Prepayment Premiums distributed to the Class P Certificates; (viii) the amount of any Realized Losses incurred with respect to the Mortgage Loans (x) in the applicable Prepayment Period and (y) in the aggregate since the Cut-off Date; (ix) the amount of the Securities Administrator Fees, Trustee Fees, Servicing Fees, Credit Risk Manager’s Fees and Pool Insurance Premiums paid during the Collection Period to which such distribution relates; (x) the number and aggregate Scheduled Principal Balance of Mortgage Loans, as reported to the Securities Administrator by the Master Servicer, (a) remaining outstanding (b) Delinquent 30 to 59 days on a contractual basis, (c) Delinquent 60 to 89 days on a contractual basis, (d) Delinquent 90 or more days on a contractual basis, (e) as to which foreclosure proceedings have been commenced, REO Properties as of the close of business on the last Business Day day of the calendar month immediately preceding the month in which such Distribution Date occurs, (f) in bankruptcy and (g) that are REO PropertiesDue Period; (xip) the aggregate Scheduled Principal Balance amount of any Mortgage Loans with respect to which the related Mortgaged Property became a REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs; (xii) with respect to substitution of Mortgage Loans in Realized Losses incurred during the preceding calendar month, the Scheduled Principal Balance of each Deleted Mortgage Loan, and of each Qualifying Substitute Mortgage Loan; (xiiiq) the aggregate outstanding Carryforward Interest, Net Prepayment Interest Shortfalls, Basis Risk Shortfalls and Unpaid Basis Risk Shortfallscumulative amount of Realized Losses incurred since the Closing Date; (r) the Realized Losses, if any, allocated to each Class of Certificates on that Distribution Date; (s) the Certificate Interest Rate for each Class of CertificatesCertificates for that Distribution Date; (t) any Servicing Modifications with respect to any Mortgage Loan during the related Due Period; (u) the applicable Record Date, after giving effect to the distribution made on Accrual Period and calculation date for each Class of Certificates and such Distribution Date; (xivv) the Certificate Interest Rate applicable to amount on deposit in the Distribution Account as of such Distribution Date with respect (after giving effect to each Class distributions on such date) and as of Certificates; (xv) the Interest Remittance Amount and the Principal Remittance Amount applicable to such prior Distribution Date; (xviw) if applicable, the nature of any material breach of a representation and warranty relating to the characteristics of the Mortgage Loans or any transaction covenants; (x) the amount of any shortfall (i.e., Advances and Servicing Advances reimbursed during the difference between the aggregate amounts of principal and interest which Certificateholders would have received if there were sufficient available amounts in the Certificate Account and the amounts actually distributed)related Due Period; (xviiy) the amount of any Overcollateralization Deficiency Amount after giving effect to the distributions made in such Distribution Date; (xviii) the aggregate amount of any insurance claim payments received with respect to each Pool Insurance Policy during the related Collection Period, the Old Republic Undrawn Pool Insurance Policy Balance, the United Guaranty Undrawn Pool Insurance Policy Balance, the Old Republic Covered Balance and the United Guaranty Covered Balance; (xix) the level of LIBOR and the Certificate Interest Rates of the CertificatesSubsequent Recoveries; and (xxz) the amount of any payments made by the Cap Provider fees, charges and costs paid or reimbursed to the Trust Fund under Trustee and the Cap Custodian from the Distribution Account pursuant to this Agreement or the Custodial Agreement. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Offered Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. In addition to the case of information furnished pursuant to subclauses (i), (ii) and (vi) listed above, such Distribution Date Statement shall also include such other information as is required by Form 10-D, including, but not limited to, the amounts shall information required by Item 1121 (except in the case §229.1121) of the report delivered to the holder of the Class X Certificates) be expressed as a dollar amount per $1,000 of original principal amount of CertificatesRegulation AB. The Securities Administrator Trustee shall make such report reports, any Form 10-K's and any additional Form 10-D's relating to the Certificates filed under the Exchange Act and such other loan level information (and, at its option, any additional files containing as the same information in an alternative format) Depositor and the Trustee shall agree available each month to via the Trustee, any NIMS Insurer, Certificateholders and the Rating Agencies via the Securities Administrator’s internet websitewebsite at xxxx://xxx.xxxxxxx.xxx. The Securities Administrator’s internet website shall initially be located at “xxx.xxxxxxx.xxx.” Assistance in using the website can may be obtained by calling the Securities AdministratorTrustee’s customer service desk at 01-000866-000846-00004526. Such Certificateholders and other parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling contacting the customer service desk Trustee and indicating such. The Securities Administrator shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. The foregoing information and reports shall be prepared and determined by the Securities Administrator based solely on Mortgage Loan data provided to the Securities Administrator by the Master Servicer (in a format agreed to by the Securities Administrator and the Master Servicer) no later than 12:00 p.m.(noon) Eastern Standard Time four Business Days prior to the Distribution Date. In preparing or furnishing the foregoing information to the Trustee, Certificateholders and any NIMS InsurerCertificateholders, the Securities Administrator Trustee shall be entitled to rely conclusively on the accuracy of the information or data regarding the Mortgage Loans and the related REO Property Properties that has been provided to the Master Servicer Trustee by each the Servicer, and the Securities Administrator Trustee shall not be obligated to verify, recompute, reconcile or recalculate any such information or data. The Securities Administrator Upon request, within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information listed above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be entitled deemed to conclusively rely on have been satisfied to the Mortgage Loan data extent that substantially comparable information shall be provided by the Master Servicer and shall have no liability for Trustee pursuant to any errors requirements of the Code as from time to time in such Mortgage Loan dataeffect. The information and reports described in the first paragraph of this Section 4.03(a) shall be provided to the Trustee by the Securities Administrator no later than 12:00 p.m.(noon) Eastern Standard Time one Business Day prior to the Distribution Date. (b) Upon the reasonable advance written request of any NIMS Insurer or any Certificateholder that is a savings and loan, bank or insurance company, which request, if received by the Trustee, shall be promptly forwarded to the Securities Administrator, the Securities Administrator Trustee shall provide, or cause to be provided, provided (or, to the extent that such information or documentation is not required to be provided by a the Servicer under the applicable Servicing Agreement, shall use reasonable efforts to obtain such information and documentation from such the Servicer, and provide) to any NIMS Insurer and such Certificateholder Certificateholders such reports and access to information and documentation regarding the Mortgage Loans as any NIMS Insurer or such Certificateholder Certificateholders may reasonably deem necessary to comply with applicable regulations of the Office of Thrift Supervision or its successor or other regulatory authorities with respect to an investment in the Certificates; provided, however, that the Securities Administrator (i) such Certificateholders shall be entitled to be reimbursed by such Certificateholder or the NIMS Insurer pay in advance for the Trustee’s actual expenses incurred in providing such reports and access. access and such expenses shall not be paid by the Trust Fund and (cii) Within 90 days, or such shorter period as may be required by statute or regulation, after the end of each calendar year, the Trustee shall have prepared provide such information and documentation only to the extent that the Trustee shall make available to any NIMS Insurer and each Person who at any time during the calendar year was a Certificateholder of record, and make available to Certificate Owners (identified as such by the Clearing Agency) in accordance with applicable regulations, a report summarizing the items provided to any NIMS Insurer and the Certificateholders pursuant to Sections 4.03(a)(i) and 4.03(a)(ii) on an annual basis as may be required to enable any NIMS Insurer and such Holders to prepare their federal income tax returns; provided, however, that this Section 4.03(c) shall would not be in violation of any applicable where relevant reports or summaries are required elsewhere in this Agreement. Such information shall also include the amount of original issue discount accrued on each Class of Certificates and information regarding the expenses of the Trust Fund furnished by the Master Servicer to the Trustee. The Trustee shall be deemed to have satisfied this requirement if it forwards such information in any other format permitted by the Code. The Master Servicer shall provide the Trustee with such information as is necessary for the Trustee to prepare such reports (and the Trustee may rely solely upon such information)privacy laws. (d) The Securities Administrator shall furnish any other information that is required by the Code and regulations thereunder to be made available to Certificateholders. The Master Servicer shall provide the Securities Administrator with such information as is necessary for the Securities Administrator to prepare such reports (and the Securities Administrator may rely solely upon such information).

Reports to Certificateholders. (a) On The Trustee will prepare and forward to each Certificateholder on each Distribution Date, the Securities Administrator shall have prepared (based solely on information provided by the Master Servicer and the Trustee or the Cap Provider) and shall make available as soon thereafter as is practicable, a statement setting forth, to the Trusteeextent applicable to any Series, any NIMS Insurer, the Credit Risk Manager and each Certificateholder a report setting forth the following information (on the basis of Mortgage Loan level information obtained from the Servicers):among other things: (i) with respect to a Series, the aggregate amount of the such distribution to be made on such Distribution Date to the Holders of each Class of Certificates other than any Class of Notional Certificates, to the extent applicable, allocable to principal on the Mortgage LoansCertificates, including Liquidation Proceeds and Insurance Proceeds, stating separately identifying the aggregate amount attributable to scheduled of any principal payments and unscheduled payments in the nature of principalprepayments or redemptions included therein; (ii) with respect to a Series, the aggregate amount of the such distribution to be made on such Distribution Date to the Holders of each Class of Certificates allocable to interest and on the calculation thereofCertificates; (iii) the amount, if any, of any distribution to the Holders aggregate outstanding implicit or explicit principal balance of the Class P Certificates, the Class X Certificates and the Residual Certificate; (A) the aggregate amount of any Advances required to be made by or on behalf of the Servicers (or the Master Servicer) with respect to such Distribution Date, (B) the aggregate amount of such Advances actually made, and (C) the amount, if any, by which (A) above exceeds (B) above; (v) the total number of Mortgage Loans, the aggregate Scheduled Principal Balance of all the Mortgage Loans Assets as of the close of business on the last day Determination Date; (iv) the Aggregate Outstanding Principal Balance of the related Collection PeriodCertificates of such series as of the Distribution Date, after giving effect to payments distributions allocated to principal reported under clause (i) above; (vi) the Class Principal Amount (or Class Notional Amount) of each Class of Certificates, to the extent applicable, as of such Distribution Date after giving effect to payments allocated to principal reported under clause (i) above, separately identifying any reduction of any of the foregoing Certificate Principal Amounts due to Applied Loss Amounts; (vii) the amount of any Prepayment Premiums distributed to the Class P Certificates; (viii) the amount of any Realized Losses incurred with respect to the Mortgage Loans (x) in the applicable Prepayment Period and (y) in the aggregate since the Cut-off Date; (ix) the amount of the Securities Administrator Fees, Trustee Fees, Servicing Fees, Credit Risk Manager’s Fees and Pool Insurance Premiums paid during the Collection Period to which such distribution relates; (x) the number and aggregate Scheduled Principal Balance of Mortgage Loans, as reported to the Securities Administrator by the Master Servicer, (a) remaining outstanding (b) Delinquent 30 to 59 days on a contractual basis, (c) Delinquent 60 to 89 days on a contractual basis, (d) Delinquent 90 or more days on a contractual basis, (e) as to which foreclosure proceedings have been commenced, as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs, (f) in bankruptcy and (g) that are REO Properties; (xi) the aggregate Scheduled Principal Balance of any Mortgage Loans with respect to which the related Mortgaged Property became a REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs; (xii) with respect to substitution of Mortgage Loans in the preceding calendar month, the Scheduled Principal Balance of each Deleted Mortgage Loan, and of each Qualifying Substitute Mortgage Loan; (xiii) the aggregate outstanding Carryforward Interest, Net Prepayment Interest Shortfalls, Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date; (xiv) the Certificate Interest Rate applicable to such Distribution Date with respect to each Class of Certificates; (xv) the Interest Remittance Amount and the Principal Remittance Amount applicable to such Distribution Date; (xviv) if applicable, the amount of any shortfall (i.e.I.E., the difference between the aggregate amounts of principal and interest which Certificateholders would have received if there were sufficient available amounts in the Certificate Account eligible funds to distribute and the amounts actually distributed); (xviivi) if applicable, the number and aggregate principal balances of any Delinquent Contracts or Defaulted Contracts; (vii) in the case of any Credit Enhancement described in the related Prospectus Supplement, the amount of coverage of such credit support as of the close of business on the applicable Distribution Date; (viii) in the case of any Series which includes Subordinate Securities, the subordinated amount, if any, determined as of the related Determination Date and if the distribution to the Holders of Senior Securities is less than their required distribution, the amount of the shortfall; (ix) the amount of any Overcollateralization Deficiency Amount withdrawal from any applicable Reserve Fund included in amounts actually distributed to Certificateholders and the remaining balance of each Reserve Fund, if any, on such Distribution Date, after giving effect to the distributions made in on such Distribution Date; (xviii) the aggregate amount of any insurance claim payments received with respect to each Pool Insurance Policy during the related Collection Period, the Old Republic Undrawn Pool Insurance Policy Balance, the United Guaranty Undrawn Pool Insurance Policy Balance, the Old Republic Covered Balance and the United Guaranty Covered Balance; (xix) the level of LIBOR and the Certificate Interest Rates of the Certificatesdate; and (xxx) such other information as specified in the amount of any payments made by the Cap Provider to the related Trust Fund under the Cap Agreement. In addition, within a reasonable period of time after the case end of information furnished each calendar year the Trustee, unless otherwise specified in the related Prospectus Supplement, will furnish to each Certificateholder of record at any time during such calendar year: (A) the aggregate of amounts reported pursuant to subclauses clauses (i), (ii) and (viv) above, the amounts shall (except in the case of the report delivered to the holder of the Class X Certificates) be expressed as a dollar amount per $1,000 of original principal amount of Certificates. The Securities Administrator shall make such report and any additional loan level information (and, at its option, any additional files containing the same information in an alternative format) available each month to the Trustee, any NIMS Insurer, Certificateholders and the Rating Agencies via the Securities Administrator’s internet website. The Securities Administrator’s internet website shall initially be located at “xxx.xxxxxxx.xxx.” Assistance in using the website can be obtained by calling the Securities Administrator’s customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Securities Administrator shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. The foregoing information and reports shall be prepared and determined by the Securities Administrator based solely on Mortgage Loan data provided to the Securities Administrator by the Master Servicer (in a format agreed to by the Securities Administrator and the Master Servicer) no later than 12:00 p.m.(noon) Eastern Standard Time four Business Days prior to the Distribution Date. In preparing or furnishing the foregoing information to the Trustee, Certificateholders and any NIMS Insurer, the Securities Administrator shall be entitled to rely conclusively on the accuracy of the information or data regarding the Mortgage Loans and the related REO Property that has been provided to the Master Servicer by each Servicer, and the Securities Administrator shall not be obligated to verify, recompute, reconcile or recalculate any such information or data. The Securities Administrator shall be entitled to conclusively rely on the Mortgage Loan data provided by the Master Servicer and shall have no liability for any errors in such Mortgage Loan data. The information and reports described in the first paragraph of this Section 4.03(a) shall be provided to the Trustee by the Securities Administrator no later than 12:00 p.m.(noon) Eastern Standard Time one Business Day prior to the Distribution Date. (b) Upon the reasonable advance written request of any NIMS Insurer or any Certificateholder that is a savings and loan, bank or insurance company, which request, if received by the Trustee, shall be promptly forwarded to the Securities Administrator, the Securities Administrator shall provide, or cause to be provided, (or, to the extent that not received on any subsequent Payment Date(s) during such information or documentation is not required to be provided by a Servicer under the applicable Servicing Agreement, shall use reasonable efforts to obtain such information and documentation from such Servicer, and provide) to any NIMS Insurer and such Certificateholder such reports and access to information and documentation regarding the Mortgage Loans as any NIMS Insurer or such Certificateholder may reasonably deem necessary to comply with applicable regulations of the Office of Thrift Supervision or its successor or other regulatory authorities with respect to an investment in the Certificates; provided, however, that the Securities Administrator shall be entitled to be reimbursed by such Certificateholder or the NIMS Insurer for the actual expenses incurred in providing such reports and access. (c) Within 90 days, or such shorter period as may be required by statute or regulation, after the end of each calendar year, the Trustee shall have prepared and the Trustee shall make available to any NIMS Insurer and each Person who at any time during the ) above for such calendar year was a Certificateholder of record, and make available to Certificate Owners (identified as B) such by the Clearing Agency) other information specified in accordance with applicable regulations, a report summarizing the items provided to any NIMS Insurer and the Certificateholders pursuant to Sections 4.03(a)(i) and 4.03(a)(ii) on an annual basis as may be required this Trust Agreement to enable any NIMS Insurer and such Holders Certificateholders to prepare their federal income tax returns; providedreturns including, howeverwithout limitation, that this Section 4.03(c) shall not be applicable where relevant reports or summaries are required elsewhere in this Agreement. Such information shall also include the amount of original issue discount accrued on each Class of Certificates the Certificates, if applicable. Information in the Distribution Date and information regarding the expenses of the Trust Fund furnished by the Master Servicer annual reports provided to the Trustee. The Trustee shall be deemed to Certificateholders will not have satisfied this requirement if it forwards such information in any other format permitted been examined and reported upon by the Code. The Master Servicer shall provide the Trustee with such information as is necessary for the Trustee to prepare such reports (and the Trustee may rely solely upon such information)an independent public accountant. (d) The Securities Administrator shall furnish any other information that is required by the Code and regulations thereunder to be made available to Certificateholders. The Master Servicer shall provide the Securities Administrator with such information as is necessary for the Securities Administrator to prepare such reports (and the Securities Administrator may rely solely upon such information).

Reports to Certificateholders. (a) On each Distribution Date, concurrently with the Securities Administrator distribution to the Certificateholders, the Trustee shall have prepared (furnish to the Certificateholders, the Seller, the Depositor, the Class 1-A5 Insurer and each Rating Agency, a report, based solely on information provided to the Trustee by the Master Servicer and in the Trustee or the Cap Provider) and shall make available to the TrusteeMaster Servicer’s Monthly Report, any NIMS Insurer, the Credit Risk Manager and each Certificateholder a report setting forth containing the following information (on the basis of Mortgage Loan level information obtained from the Servicers):information: (i) the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates other than any Class of Notional Certificates, to the extent applicable, allocable to principal on the Mortgage Loans, including Liquidation Proceeds and Insurance Proceeds, stating separately the amount attributable to scheduled principal payments and unscheduled payments in the nature of principal; (ii) the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates allocable to interest and the calculation thereof; (iii) the amount, if any, of any distribution to the Holders of the Class P Certificates, the Class X Certificates and the Residual Certificate; (A) the aggregate amount of any Advances required to be made by or on behalf of the Servicers (or the Master Servicer) with respect to such Distribution Date, (B) the aggregate amount of such Advances actually made, and (C) the amount, if any, by which (A) above exceeds (B) above; (v) the total number of Mortgage Loans, the aggregate Scheduled Principal Balance of all the Mortgage Loans as of the close of business on the last day of the related Collection Period, after giving effect to payments allocated to principal reported under clause (i) above; (vi) the Class Principal Amount (or Class Notional Amount) of each Class of Certificates, to the extent applicable, as of such Distribution Date after giving effect to payments allocated to principal reported under clause (i) above, separately identifying any reduction of any of the foregoing Certificate Principal Amounts due to Applied Loss Amounts; (vii) the amount of any Prepayment Premiums distributed to the Class P Certificates; (viii) the amount of any Realized Losses incurred with respect to the Mortgage Loans (x) in the applicable Prepayment Period and (y) in the aggregate since the Cut-off Date; (ix) the amount of the Securities Administrator Fees, Trustee Fees, Servicing Fees, Credit Risk Manager’s Fees and Pool Insurance Premiums paid during the Collection Period to which such distribution relates; (x) the number and aggregate Scheduled Principal Balance of Mortgage Loans, as reported to the Securities Administrator by the Master Servicer, (a) remaining outstanding (b) Delinquent 30 to 59 days on a contractual basis, (c) Delinquent 60 to 89 days on a contractual basis, (d) Delinquent 90 or more days on a contractual basis, (e) as to which foreclosure proceedings have been commenced, as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs, (f) in bankruptcy and (g) that are REO Properties; (xi) the aggregate Scheduled Principal Balance of any Mortgage Loans with respect to which the related Mortgaged Property became a REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs; (xii) with respect to substitution of Mortgage Loans in the preceding calendar month, the Scheduled Principal Balance of each Deleted Mortgage Loan, and of each Qualifying Substitute Mortgage Loan; (xiii) the aggregate outstanding Carryforward Interest, Net Prepayment Interest Shortfalls, Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date; (xiv) the Certificate Interest Rate applicable to such Distribution Date with respect to each Class of Certificates; (xvii) the Interest Remittance Amount and amount of such distributions allocable to principal, separately identifying the aggregate amount of any prepayments or other unscheduled recoveries of principal included therein; (iii) the amount of such distributions allocable to interest; (iv) the Class Principal Remittance Amount applicable Balance (or Class Notional Balance) for each Class of Certificates as of such Distribution Date together with the principal amount or notional amount of the Certificates of the related Class (based on a Certificate in the original principal amount or notional amount of $1,000) then outstanding, in each case after giving effect to any payment of principal on such Distribution Date; (xviv) the level of LIBOR and the Interest Rates applicable to the LIBOR Certificates for such Distribution Date; (vi) if applicable, a statement that interest distributable on one or more Classes of Certificates on such Distribution Date represents interest accrued on such Classes at a rate equal to the Pool 1 Available Funds Cap, Pool 2 Available Funds Cap or the Subordinate Available Funds Cap, as applicable; (vii) the Aggregate Pool Balance, the Pool Balance of Pool 1 and the Pool Balance of Pool 2 as of such Distribution Date; (viii) the Overcollateralization Amount for such Distribution Date; (ix) by Mortgage Pool and in the aggregate, the amount of any shortfall Delinquency Advances for such Distribution Date, and the amount of any Outstanding Advances in respect of Delinquency Advances remaining after such Distribution Date; the amount of any Purchase Prices deposited into the Collection Account; (i.e.x) by Mortgage Pool and in the aggregate, the difference between amount of current and cumulative Realized Losses on the Mortgage Loans; (xi) by Mortgage Pool and in the aggregate, the number of Mortgagor bankruptcies; (xii) by Mortgage Pool and in the aggregate, the number of Mortgage Loans and the aggregate amounts Principal Balance thereof that were repurchased by the Seller or Depositor pursuant Section 2.03 hereof during the one-month period immediately preceding the related Determination Date; (xiii) the amount of principal and any Realized Losses applied to any Class of Certificates on such Distribution Date; (xiv) the amount of any Basis Risk Shortfall with respect to any Class of Certificates; (xv) the amount of any Class F Shortfall; (xvi) the amount of any shortfalls in distributions of interest which Certificateholders would have received if there were sufficient available amounts in the Certificate Account with respect to each Class of Certificates on such Distribution Date and the amounts actually distributed)cumulative amount of any unreimbursed shortfalls in distributions of interest from prior Distribution Dates; (xvii) the amount of any Overcollateralization Deficiency Amount after giving effect Servicing Fees, the Master Servicing Fee, the Trustee Fee and the Pool PMI Insurance Premium paid with respect to the distributions made in such Distribution Date; (xviii) the aggregate amount of any insurance claim payments received with respect to each Pool Insurance Policy during under the related Collection Period, Cap Agreement or received as proceeds from the Old Republic Undrawn Pool Insurance Policy Balance, the United Guaranty Undrawn Pool Insurance Policy Balance, the Old Republic Covered Balance and the United Guaranty Covered Balance;sale of any Excess Cap Amount; and (xix) the level amount of LIBOR the monthly Class 1-A5 Premium (and the Certificate Interest Rates of Aggregate Class 1-A5 Premium, if different) due to the Certificates; and (xx) Class 1-A5 Insurer on the related Distribution Date and the amount of any payments made by in respect of Insured Amounts out of the Cap Provider Policy Payments Account under the Class 1-A5 Policy on such Distribution Date and in the aggregate. Items (i) through (iii) above shall, with respect to the Trust Fund under Certificates be presented on the Cap Agreementbasis of a Certificate having an original $1,000 denomination and on an aggregate basis. In The Trustee may, at its option, make the case information set forth above available each month to Certificateholders and the parties to this Agreement via the Trustee’s internet website. Access to this service shall be limited to Persons with valid passwords. The Trustee shall provide such information by mail to any Certificateholder that requests paper copies. Each calendar year following any year during which the Certificates are outstanding, the Trustee shall furnish a report to each Certificateholder of information furnished record at any time during such calendar year as to the aggregate of amounts reported pursuant to subclauses items (i), (ii) and (viiii) aboveabove with respect to the related Certificates for such calendar year. (b) In addition, on each Distribution Date the Trustee will distribute to each Certificateholder (which shall be the Depository Trust Company as long as the Certificates are in book-entry form), the amounts shall (except in the case of the report delivered to the holder of the Class X Certificates) be expressed as a dollar amount per $1,000 of original principal amount of Certificates. The Securities Administrator shall make such report and any additional loan level following information (and, at its option, any additional files containing the same based upon information in an alternative format) available each month to the Trustee, any NIMS Insurer, Certificateholders and the Rating Agencies via the Securities Administrator’s internet website. The Securities Administrator’s internet website shall initially be located at “xxx.xxxxxxx.xxx.” Assistance in using the website can be obtained by calling the Securities Administrator’s customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Securities Administrator shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. The foregoing information and reports shall be prepared and determined by the Securities Administrator based solely on Mortgage Loan data provided to the Securities Administrator by the Master Servicer (in a format agreed to by the Securities Administrator and the Master Servicer) no later than 12:00 p.m.(noon) Eastern Standard Time four Business Days prior to the Distribution Date. In preparing or furnishing the foregoing information to the Trustee, Certificateholders and any NIMS Insurer, the Securities Administrator shall be entitled to rely conclusively on the accuracy of the information or data regarding the Mortgage Loans and the related REO Property that has been provided to the Master Servicer by each Servicer, and the Securities Administrator shall not be obligated to verify, recompute, reconcile or recalculate any such information or data. The Securities Administrator shall be entitled to conclusively rely on the Mortgage Loan data provided by the Master Servicer and shall have no liability for any errors in such Mortgage Loan data. The information and reports described in the first paragraph of this Section 4.03(a) shall be provided to the Trustee by the Securities Administrator no later than 12:00 p.m.(noonMaster Servicer) Eastern Standard Time one Business Day as of the close of business on the last business day of the prior to calendar month: (i) the Distribution Date. total number of Mortgage Loans and the aggregate principal balances thereof, together with the number and aggregate principal balances of Mortgage Loans (a) 30-59 days delinquent, (b) Upon 60-89 days delinquent and (c) 90 or more days delinquent; (ii) the reasonable advance written request number and aggregate principal balance of any NIMS Insurer or any Certificateholder that is a savings and loan, bank or insurance company, which request, if received by the Trustee, shall be promptly forwarded to the Securities Administrator, the Securities Administrator shall provide, or cause to be provided, (or, to the extent that such information or documentation is not required to be provided by a Servicer under the applicable Servicing Agreement, shall use reasonable efforts to obtain such information and documentation from such Servicer, and provide) to any NIMS Insurer and such Certificateholder such reports and access to information and documentation regarding the Mortgage Loans as in foreclosure proceedings (and whether any NIMS Insurer or such Certificateholder may reasonably deem necessary to comply with applicable regulations Mortgage Loans are also included in any of the Office of Thrift Supervision or its successor or other regulatory authorities with respect to an investment statistics described in the Certificatesforegoing clause (i)); provided, however, that and (iii) the Securities Administrator shall be entitled number and aggregate principal balance of all Mortgage Loans relating to be reimbursed by REO Properties (and whether any such Certificateholder or Mortgage Loans are also included in any of the NIMS Insurer for statistics described in the actual expenses incurred in providing such reports foregoing clauses (i) and access(ii)). (c) Within 90 daysAnnually, or such shorter period as may be required by statute or regulation, after the end in January of each calendar year, the Trustee shall have prepared and the Trustee shall make available furnish to any NIMS Insurer and each Person who at any time during the calendar year that was a Certificateholder of record, and make available to Certificate Owners (identified as such by during the Clearing Agency) in accordance with applicable regulations, prior calendar year a report summarizing statement showing the items provided to any NIMS Insurer aggregate interest and the Certificateholders pursuant aggregate principal received by such Person with respect to Sections 4.03(a)(i) and 4.03(a)(ii) on an annual basis as may be required to enable the Certificates during the prior calendar year, together with any NIMS Insurer and such Holders to prepare their standard federal income tax returns; providedreporting form for such information, however, that this Section 4.03(c) shall not be applicable where relevant reports or summaries are required elsewhere in this Agreement. Such information shall also include the amount of original issue discount accrued on each Class of Certificates and information regarding the expenses of the Trust Fund furnished by the Master Servicer Trustee upon request pursuant to the Trustee. The Trustee shall be deemed to have satisfied this requirement if it forwards such information in any other format permitted by the Code. The Master Servicer shall provide the Trustee with such information as is necessary for the Trustee to prepare such reports (and the Trustee may rely solely upon such information). (dSection 6049(d)(7)(C) The Securities Administrator shall furnish any other information that is required by of the Code and the regulations promulgated thereunder to be made available to Certificateholders. The Master Servicer shall provide assist the Securities Administrator with such information as is necessary for the Securities Administrator to prepare such reports (and the Securities Administrator may rely solely upon such information)Certificateholders in computing their market discount.

Reports to Certificateholders. (a) On each Distribution Date, the Securities Administrator shall have prepared (based solely on information provided by the Master Servicer and the Trustee or the Cap Provider) and shall make available to the Trustee, any NIMS Insurer, the Credit Risk Manager and each Certificateholder and other interested parties a written report setting forth the following information (based solely on the basis of Mortgage Loan level report provided to the Securities Administrator by the Master Servicer (which in turn shall be based on information obtained from provided to the Servicers):Master Servicer by the Servicer) pursuant to Section 9.18). (i) the aggregate amount of the distribution distributions, separately identified, with respect to be made on such Distribution Date to the Holders of each Class of Certificates other than any Class of Notional Certificates, to the extent applicable, allocable to principal on the Mortgage Loans, including Liquidation Proceeds and Insurance Proceeds, stating separately the amount attributable to scheduled principal payments and unscheduled payments in the nature of principal; (ii) the amount of the distributions set forth in the clause (i) allocable to principal, separately identifying the aggregate amount of the distribution to be made on such Distribution Date to the Holders any Principal Prepayments or other unscheduled recoveries of each Class of Certificates allocable to interest and the calculation thereofprincipal included in that amount; (iii) the amount, if any, of any distribution to the Holders amount of the Class P Certificates, distributions set forth in the Class X Certificates clause (i) allocable to interest and the Residual Certificatehow it was calculated; (Aiv) the aggregate amount of any Advances required to be made by or on behalf of unpaid Interest Shortfall and the Servicers (or the Master Servicer) related accrued interest thereon, with respect to such Distribution Date, (B) the aggregate amount each Class of such Advances actually made, and (C) the amount, if any, by which (A) above exceeds (B) aboveCertificates; (v) the total number Class Principal Amount and Class Notional Amount of Mortgage Loans, each Class of Certificates after giving effect to the aggregate Scheduled distribution of principal on that Distribution Date; (vi) the Aggregate Stated Principal Balance of all the Mortgage Loans in each Mortgage Pool and the applicable Net WAC of the Mortgage Loans at the end of the related Prepayment Period; (vii) the Stated Principal Balance of the Mortgage Loans in each Mortgage Pool whose Mortgage Rates adjust on the basis of the One-Year Treasury Index, One-Year LIBOR index and the Six-Month LIBOR index at the end of the related Prepayment Period; (viii) the Pro Rata Senior Percentage, Senior Percentage and the Subordinate Percentage for each Mortgage Pool for the following Distribution Date; (ix) the Senior Prepayment Percentage and Subordinate Prepayment Percentage for each Mortgage Pool the following Distribution Date; (x) in the aggregate and with respect to each Mortgage Pool, the amount of any Servicing Fee paid to or retained by the Servicer for the related Due Period; (xi) in the aggregate and with respect to each Mortgage Pool, the amount of Advances for the related Due Period; (xii) in the aggregate and with respect to each Mortgage Pool, the number and Stated Principal Balance of the Mortgage Loans that were (A) Delinquent (exclusive of Mortgage Loans in foreclosure) (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (B) in foreclosure and Delinquent (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days and (C) in bankruptcy as of the close of business on the last day of the calendar month preceding that Distribution Date as determined in accordance with the MBA methodology for determining delinquencies; (xiii) in the aggregate and with respect to each Mortgage Pool, for any Mortgage Loan as to which the related Mortgaged Property was an REO property during the preceding calendar month, the principal balance of that Mortgage Loan as of the close of business on the last day of the related Collection Due Period, after giving effect to payments allocated to principal reported under clause (i) above; (vi) the Class Principal Amount (or Class Notional Amount) of each Class of Certificates, to the extent applicable, as of such Distribution Date after giving effect to payments allocated to principal reported under clause (i) above, separately identifying any reduction of any of the foregoing Certificate Principal Amounts due to Applied Loss Amounts; (vii) the amount of any Prepayment Premiums distributed to the Class P Certificates; (viii) the amount of any Realized Losses incurred with respect to the Mortgage Loans (x) in the applicable Prepayment Period and (yxiv) in the aggregate since and with respect to each Mortgage Pool, the Cut-off Date; (ix) the amount of the Securities Administrator Fees, Trustee Fees, Servicing Fees, Credit Risk Manager’s Fees and Pool Insurance Premiums paid during the Collection Period to which such distribution relates; (x) the total number and aggregate Scheduled Principal Balance principal balance of Mortgage Loans, as reported to the Securities Administrator by the Master Servicer, (a) remaining outstanding (b) Delinquent 30 to 59 days on a contractual basis, (c) Delinquent 60 to 89 days on a contractual basis, (d) Delinquent 90 or more days on a contractual basis, (e) as to which foreclosure proceedings have been commenced, any REO properties as of the close of business on the last Business Day day of the calendar month immediately preceding the month in which such Distribution Date occurs, (f) in bankruptcy and (g) that are REO Properties; (xi) the aggregate Scheduled Principal Balance of any Mortgage Loans with respect to which the related Mortgaged Property became a REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs; (xii) with respect to substitution of Mortgage Loans in the preceding calendar month, the Scheduled Principal Balance of each Deleted Mortgage Loan, and of each Qualifying Substitute Mortgage Loan; (xiii) the aggregate outstanding Carryforward Interest, Net Prepayment Interest Shortfalls, Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date; (xiv) the Certificate Interest Rate applicable to such Distribution Date with respect to each Class of CertificatesDue Period; (xv) in the Interest Remittance Amount aggregate and with respect to each Mortgage Pool, the Principal Remittance Amount applicable to such Distribution Dateamount of Realized Losses incurred during the preceding calendar month; (xvi) if applicablein the aggregate and with respect to each Mortgage Pool, the cumulative amount of any shortfall (i.e., Realized Losses incurred since the difference between the aggregate amounts of principal and interest which Certificateholders would have received if there were sufficient available amounts in the Certificate Account and the amounts actually distributed)Closing Date; (xvii) the amount Realized Losses, if any, allocated to each Class of any Overcollateralization Deficiency Amount after giving effect to the distributions made in such Certificates on that Distribution Date; (xviii) the aggregate amount Certificate Interest Rate for each Class of any insurance claim payments received with respect to each Pool Insurance Policy during the related Collection Period, the Old Republic Undrawn Pool Insurance Policy Balance, the United Guaranty Undrawn Pool Insurance Policy Balance, the Old Republic Covered Balance and the United Guaranty Covered Balance;Certificates for that Distribution Date; and (xix) the level of LIBOR and the Certificate Interest Rates of the Certificates; and (xx) the amount of any payments made by the Cap Provider Compensating Interest Payments, if any, allocated to the Trust Fund under the Cap Agreement. In the case each Class of information furnished pursuant to subclauses (i), (ii) and (vi) above, the amounts shall (except in the case of the report delivered to the holder of the Class X Certificates) be expressed as a dollar amount per $1,000 of original principal amount of CertificatesCertificates on that Distribution Date. The Securities Administrator shall make such report and any additional loan level information (and, at its option, any additional files containing the same information in an alternative format) reports available each month to the Trustee, any NIMS Insurer, Certificateholders and the Rating Agencies via the Securities Administrator’s internet websiteits website at xxxx://xxx.xxxxxxx.xxx. The Securities Administrator’s internet website shall initially be located at “xxx.xxxxxxx.xxx.” Assistance in using the website can may be obtained by calling the Securities Administrator’s 's customer service desk at 0-(000-) 000-0000. Such Certificateholders and other parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Securities Administrator shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. The foregoing information and reports shall be prepared and determined by the Securities Administrator based solely on Mortgage Loan data provided to the Securities Administrator by the Master Servicer (in a format agreed to by contacting the Securities Administrator and the Master Servicer) no later than 12:00 p.m.(noon) Eastern Standard Time four Business Days prior to the Distribution Dateindicating such. In preparing or furnishing the foregoing information to the Trustee, Certificateholders and any NIMS Insurerinformation, the Securities Administrator shall be entitled to rely conclusively on the accuracy of the information or data regarding the Mortgage Loans and the related REO Property Properties that has been provided to the Securities Administrator by the Master Servicer (which in turn was based on information or data provided to the Master Servicer by each the Servicer), and the Securities Administrator shall not be obligated to verify, recompute, reconcile or recalculate any such information or data. The Securities Administrator shall be entitled to conclusively rely on the Mortgage Loan data provided by the Master Servicer and shall have no liability for any errors in such Mortgage Loan data. The information and reports described in the first paragraph of this Section 4.03(a) shall be provided to the Trustee Upon receipt by the Securities Administrator no later than 12:00 p.m.(noon) Eastern Standard Time one Business Day prior to the Distribution Date. (b) Upon of the reasonable advance written request of any NIMS Insurer or any Certificateholder that is a savings and loan, bank or insurance company, which request, if received by the Trustee, shall be promptly forwarded to the Securities Administrator, the Securities Administrator shall provide, or cause to be provided, provided (or, to the extent that such information or documentation is not required to be provided by a the Servicer or by the Master Servicer under the applicable Servicing this Agreement, shall use reasonable efforts to obtain such information and documentation from the Master Servicer (who shall use reasonable efforts to obtain such information and documentation from the Servicer), and provide) to any NIMS Insurer and such Certificateholder Certificateholders such reports and access to information and documentation regarding the Mortgage Loans as any NIMS Insurer or such Certificateholder Certificateholders may reasonably deem necessary to comply with applicable regulations of the Office of Thrift Supervision or its successor or other regulatory authorities with respect to an investment in the Certificates; provided, however, that the Securities Administrator shall be entitled to be reimbursed by such Certificateholder or the NIMS Insurer Certificateholders for the Securities Administrator's actual expenses incurred in providing such reports and access. . The Securities Administrator shall prepare and file with the Internal Revenue Service (c) Within 90 days"IRS"), or such shorter period as may be required by statute or regulation, after the end on behalf of each calendar yearREMIC, the Trustee shall have prepared and the Trustee shall make available to an application for an employer identification number on IRS Form SS-4 or by any NIMS Insurer and each Person who at any time during the calendar year was a Certificateholder of record, and make available to Certificate Owners (identified as such by the Clearing Agency) in accordance with applicable regulations, a report summarizing the items provided to any NIMS Insurer and the Certificateholders pursuant to Sections 4.03(a)(i) and 4.03(a)(ii) on an annual basis as may be required to enable any NIMS Insurer and such Holders to prepare their federal income tax returns; provided, however, that this Section 4.03(c) shall not be applicable where relevant reports or summaries are required elsewhere in this Agreementother acceptable method. Such information The Securities Administrator shall also include file a Form 8811 as required. The Securities Administrator, upon receipt from the amount of original issue discount accrued on each Class of Certificates and information regarding the expenses IRS of the Trust Fund furnished by the Master Servicer Notice of Taxpayer Identification Number Assigned, shall upon request promptly forward a copy of such notice to the TrusteeDepositor. The Trustee shall be deemed to have satisfied this requirement if it forwards such information in any other format permitted by the Code. The Master Servicer shall provide the Trustee with such information as is necessary for the Trustee to prepare such reports (and the Trustee may rely solely upon such information). (d) The Securities Administrator shall furnish any other information that is required by the Code and regulations thereunder to be made available to Certificateholders. The Depositor shall cause the Master Servicer shall to provide the Securities Administrator with such information as is necessary for the Securities Administrator to prepare such reports (and the Securities Administrator may rely solely upon such information)reports.

Reports to Certificateholders. (a) On each Distribution Date, concurrently with the Securities Administrator distribution to the Certificateholders, the Trustee shall have prepared (furnish to the Certificateholders, the Seller, the Depositor and each Rating Agency, a report, based solely on information provided to the Trustee by the Master Servicer and in the Trustee or the Cap Provider) and shall make available to the TrusteeMaster Servicer’s Monthly Report, any NIMS Insurer, the Credit Risk Manager and each Certificateholder a report setting forth containing the following information (on the basis of Mortgage Loan level information obtained from the Servicers):information: (i) the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates other than any Class of Notional Certificates, to the extent applicable, allocable to principal on the Mortgage Loans, including Liquidation Proceeds and Insurance Proceeds, stating separately the amount attributable to scheduled principal payments and unscheduled payments in the nature of principal; (ii) the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates allocable to interest and the calculation thereof; (iii) the amount, if any, of any distribution to the Holders of the Class P Certificates, the Class X Certificates and the Residual Certificate; (A) the aggregate amount of any Advances required to be made by or on behalf of the Servicers (or the Master Servicer) with respect to such Distribution Date, (B) the aggregate amount of such Advances actually made, and (C) the amount, if any, by which (A) above exceeds (B) above; (v) the total number of Mortgage Loans, the aggregate Scheduled Principal Balance of all the Mortgage Loans as of the close of business on the last day of the related Collection Period, after giving effect to payments allocated to principal reported under clause (i) above; (vi) the Class Principal Amount (or Class Notional Amount) of each Class of Certificates, to the extent applicable, as of such Distribution Date after giving effect to payments allocated to principal reported under clause (i) above, separately identifying any reduction of any of the foregoing Certificate Principal Amounts due to Applied Loss Amounts; (vii) the amount of any Prepayment Premiums distributed to the Class P Certificates; (viii) the amount of any Realized Losses incurred with respect to the Mortgage Loans (x) in the applicable Prepayment Period and (y) in the aggregate since the Cut-off Date; (ix) the amount of the Securities Administrator Fees, Trustee Fees, Servicing Fees, Credit Risk Manager’s Fees and Pool Insurance Premiums paid during the Collection Period to which such distribution relates; (x) the number and aggregate Scheduled Principal Balance of Mortgage Loans, as reported to the Securities Administrator by the Master Servicer, (a) remaining outstanding (b) Delinquent 30 to 59 days on a contractual basis, (c) Delinquent 60 to 89 days on a contractual basis, (d) Delinquent 90 or more days on a contractual basis, (e) as to which foreclosure proceedings have been commenced, as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs, (f) in bankruptcy and (g) that are REO Properties; (xi) the aggregate Scheduled Principal Balance of any Mortgage Loans with respect to which the related Mortgaged Property became a REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs; (xii) with respect to substitution of Mortgage Loans in the preceding calendar month, the Scheduled Principal Balance of each Deleted Mortgage Loan, and of each Qualifying Substitute Mortgage Loan; (xiii) the aggregate outstanding Carryforward Interest, Net Prepayment Interest Shortfalls, Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date; (xiv) the Certificate Interest Rate applicable to such Distribution Date with respect to each Class of Certificates; (xvii) the Interest Remittance Amount and amount of such distributions allocable to principal, separately identifying the aggregate amount of any prepayments or other unscheduled recoveries of principal included therein; (iii) the amount of such distributions allocable to interest; (iv) the Class Principal Remittance Amount applicable Balance (or Class Notional Balance) for each Class of Certificates as of such Distribution Date together with the principal amount or notional amount of the Certificates of the related Class (based on a Certificate in the original principal amount or notional amount of $1,000) then outstanding, in each case after giving effect to any payment of principal on such Distribution Date; (xviv) the level of LIBOR and the Interest Rates applicable to the LIBOR Certificates for such Distribution Date; (vi) if applicable, a statement that interest distributable on one or more Classes of Certificates on such Distribution Date represents interest accrued on such Classes at a rate equal to the Pool 1 Available Funds Cap, the Pool 2 Available Funds Cap, the Subordinate Available Funds Cap, the Component Available Funds Cap or the Pool 2 Net WAC, as applicable; (vii) the Aggregate Pool Balance, the Pool Balance of Pool 1 and the Pool Balance of Pool 2 as of such Distribution Date; (viii) the Overcollateralization Amount for such Distribution Date; (ix) by Mortgage Pool and in the aggregate, the amount of any shortfall Delinquency Advances for such Distribution Date, and the amount of any Outstanding Advances in respect of Delinquency Advances remaining after such Distribution Date; (i.e.x) the amount of any Purchase Prices deposited into the Collection Account; (xi) by Mortgage Pool and in the aggregate, the difference between amount of current and cumulative Realized Losses on the Mortgage Loans; (xii) by Mortgage Pool and in the aggregate, the number of Mortgagor bankruptcies; (xiii) by Mortgage Pool and in the aggregate, the number of Mortgage Loans and the aggregate amounts Principal Balance thereof that were repurchased by the Seller or Depositor pursuant Section 2.03 hereof during the one-month period immediately preceding the related Determination Date; (xiv) the amount of principal any Realized Losses applied to any Class of Certificates on such Distribution Date; (xv) the amount of any Basis Risk Shortfall and Unpaid Basis Risk Shortfall with respect to any Class of Certificates; (xvi) the amount of any shortfalls in distributions of interest which Certificateholders would have received if there were sufficient available amounts in the Certificate Account with respect to each Class of Certificates on such Distribution Date and the amounts actually distributed)cumulative amount of any unreimbursed shortfalls in distributions of interest from prior Distribution Dates; (xvii) the amount of any Overcollateralization Deficiency Amount after giving effect Servicing Fees, the Master Servicing Fee, the Trustee Fee and the Pool PMI Insurance Premium, if any, paid with respect to the distributions made in such Distribution Date; (xviii) the aggregate amount of any insurance claim payments received with respect to each Pool Insurance Policy during the related Collection Period, the Old Republic Undrawn Pool Insurance Policy Balance, the United Guaranty Undrawn Pool Insurance Policy Balance, the Old Republic Covered Balance and the United Guaranty Covered Balance; (xix) the level of LIBOR and the Certificate Interest Rates of the Certificates; and (xxxviii) the amount of any payments made by the Cap Provider to the Trust Fund received under the Cap Agreement. In Agreement or received as proceeds from the case sale of any Excess Cap Amount (the amount of such proceeds from the sale of any Excess Cap Amount to be based on information furnished provided by the Manager to the Master Servicer and the Trustee pursuant to subclauses the Management Agreement). Items (i) through (iii) above shall, with respect to the Certificates be presented on the basis of a Certificate having an original $1,000 denomination and on an aggregate basis. The Trustee shall make the information set forth above available each month to Certificateholders and the parties to this Agreement via the Trustee’s Internet website initially located at xxx.xxxxxx.xxx/xxx. The Trustee shall provide such information by mail to any Certificateholder that requests paper copies. Each calendar year following any year during which the Certificates are outstanding, the Trustee shall furnish a report to each Certificateholder of record at any time during such calendar year as to the aggregate of amounts reported pursuant to items (i), (ii) and (viiii) aboveabove with respect to the related Certificates for such calendar year. (b) In addition, on each Distribution Date the Trustee will distribute to each Certificateholder (which shall be the Depository Trust Company as long as the Certificates are in book-entry form), the amounts shall (except in the case of the report delivered to the holder of the Class X Certificates) be expressed as a dollar amount per $1,000 of original principal amount of Certificates. The Securities Administrator shall make such report and any additional loan level following information (and, at its option, any additional files containing the same based upon information in an alternative format) available each month to the Trustee, any NIMS Insurer, Certificateholders and the Rating Agencies via the Securities Administrator’s internet website. The Securities Administrator’s internet website shall initially be located at “xxx.xxxxxxx.xxx.” Assistance in using the website can be obtained by calling the Securities Administrator’s customer service desk at 0-000-000-0000. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Securities Administrator shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. The foregoing information and reports shall be prepared and determined by the Securities Administrator based solely on Mortgage Loan data provided to the Securities Administrator by the Master Servicer (in a format agreed to by the Securities Administrator and the Master Servicer) no later than 12:00 p.m.(noon) Eastern Standard Time four Business Days prior to the Distribution Date. In preparing or furnishing the foregoing information to the Trustee, Certificateholders and any NIMS Insurer, the Securities Administrator shall be entitled to rely conclusively on the accuracy of the information or data regarding the Mortgage Loans and the related REO Property that has been provided to the Master Servicer by each Servicer, and the Securities Administrator shall not be obligated to verify, recompute, reconcile or recalculate any such information or data. The Securities Administrator shall be entitled to conclusively rely on the Mortgage Loan data provided by the Master Servicer and shall have no liability for any errors in such Mortgage Loan data. The information and reports described in the first paragraph of this Section 4.03(a) shall be provided to the Trustee by the Securities Administrator no later than 12:00 p.m.(noonMaster Servicer) Eastern Standard Time one Business Day as of the close of business on the last business day of the prior to calendar month: (i) the Distribution Date. total number of Mortgage Loans and the aggregate principal balances thereof, together with the number and aggregate principal balances of Mortgage Loans (a) 30-59 days delinquent, (b) Upon 60-89 days delinquent and (c) 90 or more days delinquent; (ii) the reasonable advance written request number and aggregate principal balance of any NIMS Insurer or any Certificateholder that is a savings and loan, bank or insurance company, which request, if received by the Trustee, shall be promptly forwarded to the Securities Administrator, the Securities Administrator shall provide, or cause to be provided, (or, to the extent that such information or documentation is not required to be provided by a Servicer under the applicable Servicing Agreement, shall use reasonable efforts to obtain such information and documentation from such Servicer, and provide) to any NIMS Insurer and such Certificateholder such reports and access to information and documentation regarding the Mortgage Loans as in foreclosure proceedings (and whether any NIMS Insurer or such Certificateholder may reasonably deem necessary to comply with applicable regulations Mortgage Loans are also included in any of the Office of Thrift Supervision or its successor or other regulatory authorities with respect to an investment statistics described in the Certificatesforegoing clause (i)); provided, however, that and (iii) the Securities Administrator shall be entitled number and aggregate principal balance of all Mortgage Loans relating to be reimbursed by REO Properties (and whether any such Certificateholder or Mortgage Loans are also included in any of the NIMS Insurer for statistics described in the actual expenses incurred in providing such reports foregoing clauses (i) and access(ii)). (c) Within 90 daysAnnually, or such shorter period as may be required by statute or regulation, after the end in January of each calendar year, the Trustee shall have prepared and the Trustee shall make available furnish to any NIMS Insurer and each Person who at any time during the calendar year that was a Certificateholder of record, and make available to Certificate Owners (identified as such by during the Clearing Agency) in accordance with applicable regulations, prior calendar year a report summarizing statement showing the items provided to any NIMS Insurer aggregate interest and the Certificateholders pursuant aggregate principal received by such Person with respect to Sections 4.03(a)(i) and 4.03(a)(ii) on an annual basis as may be required to enable the Certificates during the prior calendar year, together with any NIMS Insurer and such Holders to prepare their standard federal income tax returns; providedreporting form for such information, however, that this Section 4.03(c) shall not be applicable where relevant reports or summaries are required elsewhere in this Agreement. Such information shall also include the amount of original issue discount accrued on each Class of Certificates and information regarding the expenses of the Trust Fund furnished by the Master Servicer Trustee upon request pursuant to the Trustee. The Trustee shall be deemed to have satisfied this requirement if it forwards such information in any other format permitted by the Code. The Master Servicer shall provide the Trustee with such information as is necessary for the Trustee to prepare such reports (and the Trustee may rely solely upon such information). (dSection 6049(d)(7)(C) The Securities Administrator shall furnish any other information that is required by of the Code and the regulations promulgated thereunder to be made available to Certificateholders. The Master Servicer shall provide assist the Securities Administrator with such information as is necessary for the Securities Administrator to prepare such reports (and the Securities Administrator may rely solely upon such information)Certificateholders in computing their market discount.

Reports to Certificateholders. (a) On each Distribution Date, the Securities Administrator Trustee shall have prepared prepare (based solely on information provided by the Master Servicer and Servicer, the Trustee Swap Counterparty or the Cap Provider) and shall make available to the TrusteeCertificateholders, the Swap Counterparty, the Certificate Insurer and any NIMS Insurer, the Credit Risk Manager and each Certificateholder Insurer a written report setting forth the following information by Mortgage Pool (on the basis of Mortgage Loan level information obtained from the Servicersapplicable Servicer): (i) the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of LIBOR Certificates (and Class M9 Certificates), other than any Class of Notional Certificates, to the extent applicable, allocable to principal on the Mortgage Loans, including any Subsequent Recovery, Liquidation Proceeds and Insurance Proceeds, stating separately the amount attributable to scheduled principal payments and unscheduled payments in the nature of principalprincipal in each Mortgage Pool; (ii) the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of LIBOR Certificates and Notional Certificates allocable to interest and the calculation thereof; (iii) the amount, if any, of any distribution distributions to the Holders of the Class P CertificatesC, Class 1-AP, Class 2-AP, Class X and Class R Certificates on such Distribution Date, stated separately, and the aggregate amounts, if any, of distributions to the Holders of the Class C, Class X and Class R Certificates and the Residual Certificateon all Distribution Dates, stated separately; (iv) by Mortgage Pool and in the aggregate (A) the aggregate amount of any Advances required to be made as of the end of the month immediately preceding the month in which such Distribution Date occurs by or on behalf of the Servicers (or the Master Servicer) any Servicer with respect to such Distribution Date, (B) the aggregate amount of such Advances actually made, and (C) the amount, if any, by which (A) above exceeds (B) above; (v) by Mortgage Pool and in the aggregate, the total number of Mortgage Loans, the aggregate Scheduled Principal Balance of all the Mortgage Loans as of the close of business on the last day of the related Collection Period, after giving effect to payments allocated to principal reported under clause (i) above; (vi) the Class Principal Amount (or Class Notional Amount) of each Class of Certificates, to the extent applicable, as of such Distribution Date after giving effect to payments allocated to principal reported under clause (i) above, separately identifying any reduction of any of the foregoing Certificate Principal Amounts due to any Applied Loss Amounts; (vii) by Mortgage Pool and in the amount of any Prepayment Premiums distributed to the Class P Certificates; (viii) aggregate, the amount of any Realized Losses incurred with respect to the Mortgage Loans (x) in the applicable Prepayment Period and (y) in the aggregate since the Cut-off Date; (ixviii) by Mortgage Pool and in the aggregate, the amount of the Securities Administrator Fees, Trustee FeesMaster Servicing Fee, Servicing Fees, Credit Risk Manager’s Fees and Pool Insurance Premiums paid during the Collection Period to which such distribution relates; (xix) by Mortgage Pool and in the aggregate, the number and aggregate Scheduled Principal Balance of Mortgage Loans, as reported to the Securities Administrator Trustee by the Master Servicer, (a) remaining outstanding outstanding, (b) Delinquent 30 to 59 days on a contractual basis, (c) Delinquent 60 to 89 days on a contractual basis, (d) Delinquent 90 or more days on a contractual basis, (e) as to which foreclosure proceedings have been commenced, all as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs, (f) in bankruptcy and (g) that are REO PropertiesProperties (the information in this item (ix) to be calculated utilizing the ABS delinquency method); (xix) by Mortgage Pool and in the aggregate, the aggregate Scheduled Principal Balance of any Mortgage Loans with respect to which the related Mortgaged Property became a REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs; (xiixi) with respect to substitution of Mortgage Loans in the preceding calendar month, the Scheduled Principal Balance of each Deleted Mortgage Loan, and of each Qualifying Substitute Mortgage Loan; (xiiixii) the aggregate outstanding Carryforward Interest, Net Prepayment Interest Shortfalls, Deferred Amounts, Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, if any, for each applicable Class of Certificates, after giving effect to the distribution made on such Distribution Date; (xivxiii) the Certificate Interest Rate applicable to such Distribution Date with respect to each Class of CertificatesCertificates (with a notation if such Certificate Interest Rate reflects the application of the applicable Net Funds Cap); (xvxiv) by Mortgage Pool and in the aggregate, the Interest Remittance Amount, the Principal Remittance Amount, the Principal Distribution Amount and the Principal Remittance Overcollateralization Release Amount applicable to such Distribution Date; (xvixv) if applicable, the amount of any shortfall (i.e., the difference between the aggregate amounts of principal and interest which Certificateholders would have received if there were sufficient available amounts in the Certificate Account and the amounts actually distributed); (xvi) the Overcollateralization Amount after giving effect to the distributions made on such Distribution Date; (xvii) the amount of any Overcollateralization Deficiency Amount after giving effect to the distributions made in such Distribution Date; (xviii) the aggregate amount of any insurance claim payments received with respect to each Pool Insurance Policy during the related Collection Period, the Old Republic Undrawn Pool Insurance Policy Balance, the United Guaranty Undrawn Pool Insurance Policy Balance, the Old Republic Covered Balance and the United Guaranty Covered Balance; (xix) the level of LIBOR and the Certificate Interest Rates Rate of each of the LIBOR Certificates and Notional Certificates; (xix) the amount of any payments made to each Class of Certificates that are treated as payments received in respect of a REMIC 3 Regular Interest and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC 3 Regular Interest; (xx) the amount of the monthly Certificate Insurer Premium (and the Aggregate Certificate Insurer Premium if different) due to the Certificate Insurer on the related Distribution Date and the amount of any Insured Amounts paid in respect of the Guaranteed Distributions to the Guaranteed Certificates paid out of the Policy Payment Account under the Certificate Insurance Policy; (xxi) the amount of any Net Swap Payment to the Supplemental Interest Trust made pursuant to Section 5.02, any Net Swap Payment to the Swap Counterparty made pursuant to Section 5.02, any Swap Termination Payment to the Supplemental Interest Trust made pursuant to Sections 5.02 and any Swap Termination Payment to the Swap Counterparty made pursuant to Section 5.02; and (xxxxii) the amount of any payments made by the Cap Provider to the Trust Fund under the Interest Rate Cap Agreement. In the case of information furnished pursuant to subclauses sub-clauses (i), (ii) and (viviii) above, the amounts shall (except in the case of the report delivered with respect to the holder of the Class X Certificates) be expressed as a dollar amount per $1,000 of original principal amount of Certificates. In addition to the information listed above for any year in which the Depositor is subject to Exchange Act reporting with respect to the Certificates, such Distribution Date report shall also include such other information as is required by Form 10-D, including, but not limited to, the information required by Item 1121 (§ 229.1121) of Regulation AB to the extent that the Trustee shall have received any such information from the Depositor, the Sponsor, the Master Servicer, any Servicer, any Custodian, the Cap Provider or any Subservicer or Subcontractor therefor, as applicable, no later than four Business Days prior to the Distribution Date. The Securities Administrator shall Trustee will make such report and any additional loan level information (and, at its option, any additional files containing the same information in an alternative format) provided to it by the Master Servicer available each month to Certificateholders, the TrusteeCertificate Insurer, any NIMS Insurer, Certificateholders and the Rating Agencies via the Securities AdministratorTrustee’s internet website. The Securities AdministratorTrustee’s internet website shall initially be located at “xxx.xxxxxxx.xxx.” Assistance xxxx://xxxxxxxxxxxxxxxxxxxxxx.xxx and assistance in using the website can be obtained by calling emailing the Securities AdministratorTrustee’s customer service desk at 0-000-000-0000xx.xxxxxxxxxxx.xxxxxxxx@xxxxxx.xxx. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Securities Administrator Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Securities Administrator Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Trustee shall provide a “zero settlement file” to Bloomberg L.P. within seven (7) calendar days after the receipt of the collateral data file from the Depositor, but in no event later than the first Distribution Date, which shall contain all of the information in the initial Monthly Report (without giving effect to any distributions); provided, however, that in no event will such zero settlement file contain any mortgagor-specific information. The foregoing information and reports shall be prepared and determined by the Securities Administrator Trustee based solely on Mortgage Loan data provided to the Securities Administrator Trustee by the Master Servicer (in a format agreed to by the Securities Administrator Trustee and the Master Servicer) no later than 12:00 p.m.(noon) 2:00 p.m. Eastern Standard Time four Business Days prior to the Distribution DateDate or such other time period as set forth in Section 9.23(c). In preparing or furnishing the foregoing information to the Trustee, Certificateholders and any NIMS Insurerinformation, the Securities Administrator Trustee shall be entitled to rely conclusively on the accuracy and completeness of the information or data (i) regarding the Mortgage Loans and the related REO Property that has been provided to the Master Servicer by each the Servicer and to the Trustee by the Master Servicer, (ii) regarding the Interest Rate Cap Agreement that has been provided to the Trustee by the Cap Provider and (iii) regarding the Swap Agreement that has been provided to the Trustee by the Swap Counterparty, and the Securities Administrator Trustee shall not be obligated to verify, recompute, reconcile or recalculate any such information or data. The Securities Administrator Trustee shall be entitled to conclusively rely on the Mortgage Loan data provided by the Master Servicer and shall have no liability for any errors or omissions in such Mortgage Loan data. The information and reports described in the first paragraph of this Section 4.03(a) Master Servicer shall be entitled to conclusively rely on the Mortgage Loan data provided to the Trustee by the Securities Administrator each Servicer and shall have no later than 12:00 p.m.(noon) Eastern Standard Time one Business Day prior to the Distribution Dateliability for any errors or omissions in such Mortgage Loan data. (b) Upon the reasonable advance written request of any NIMS Insurer or any Certificateholder that is a savings and loan, bank or insurance company, company or the Certificate Insurer (which request, if received by the Trustee, shall Trustee will be promptly forwarded to the Securities AdministratorMaster Servicer), the Securities Administrator Master Servicer shall provide, or cause to be provided, to the extent such information is available to the Master Servicer exercising reasonable efforts to obtain such information (or, to the extent that such information or documentation is not required to be provided by a the applicable Servicer under the applicable related Servicing Agreement, shall use reasonable efforts to obtain such information and documentation from such Servicer, and provide) to any NIMS Insurer and such Certificateholder such reports and access to information and documentation regarding the Mortgage Loans as any NIMS Insurer or such Certificateholder may reasonably deem necessary to comply with applicable regulations of the Office of Thrift Supervision or its successor or other regulatory authorities with respect to the NIM Securities or an investment in the Certificates; provided, however, that the Securities Administrator Master Servicer shall be entitled to be reimbursed by such Certificateholder or the NIMS Insurer for the actual expenses incurred in providing such reports and access. (c) Within 90 days, or such shorter period as may be required by statute or regulation, after the end of each calendar year, the Trustee shall shall, upon written request, have prepared and the Trustee shall make available to any NIMS Insurer and each Person who at any time during the calendar year was a Certificateholder of record, and to any NIMS Insurer, and make available to Certificate Owners (identified as such by the Clearing Agency) in accordance with applicable regulations, a report summarizing the items provided to any NIMS Insurer and the Certificateholders pursuant to Sections Section 4.03(a)(i) and 4.03(a)(ii(ii) on an annual basis as may be required to enable any NIMS Insurer and such Holders to prepare their federal income tax returns; provided, however, however that this Section 4.03(c) shall not be applicable where relevant reports or summaries are required elsewhere in this Agreement. Such information shall also include the amount of original issue discount accrued on each Class of Certificates and information regarding the expenses of the Trust Fund furnished by the Master Servicer to the TrusteeFund. The Trustee shall be deemed to have satisfied this requirement if it forwards such information in any other format permitted by the Code. The Master Servicer shall provide the Trustee with such information (to the extent readily available to the Master Servicer) as is necessary for the Trustee to prepare such reports (and the Trustee may rely solely upon such information)reports. (d) The Securities Administrator Trustee shall prepare and file with the IRS, on behalf of the Trust Fund, an application for an employer identification number on IRS Form SS-4 or by any other acceptable method. The Trustee shall also file a Form 8811 as required. The Trustee, upon receipt from the IRS of the Notice of Taxpayer Identification Number Assigned, shall upon request promptly forward a copy of such notice to the Master Servicer and the Depositor. The Trustee shall furnish any other information that is required by the Code and regulations thereunder to be made available to Certificateholders. The Master Servicer shall provide the Securities Administrator Trustee with such information (to the extent readily available to the Master Servicer) as is necessary for the Securities Administrator Trustee to prepare such reports (and comply with the Securities Administrator may rely solely upon such information)foregoing.