Common use of Standard Default Assumption Clause in Contracts

Standard Default Assumption. The Standard Default Assumption experience of the Mortgage Loans. The Analytics Report shall be presented in substantially the same format attached hereto as Exhibit R-5. The Credit Risk Manager shall make such reports and any additional information reasonably requested by the Depositor available each month to Certificateholders, the Trustee, any NIMS Insurer and the Rating Agencies via the Credit Risk Manager’s internet website. The Credit Risk Manager’s internet website shall initially be located at hxxxx://xxxxxxx.xxxxxxx.xxx. The user name for access to the website shall be the Certificateholder’s e-mail address and the password shall be “BNC 2007-3.” The Trustee shall not have any obligation to review such reports or otherwise monitor or supervise the activities of the Credit Risk Manager. (c) [Reserved]. (d) The Credit Risk Manager shall reasonably cooperate with the Depositor and the Exchange Act Signing Party in connection with the Trust Fund’s satisfying the reporting requirements under the Exchange Act with respect to reports prepared by the Credit Risk Manager. (e) The Credit Risk Manager has not and shall not engage any Subcontractor without (a) giving notice to the Sponsor, the Trustee, the Master Servicer and the Depositor and (b) requiring any such Subcontractor to provide to the Credit Risk Manager an assessment report as provided for in Section 9.25(a) above and an attestation report as provided in Section 9.25(b) above, which reports the Credit Risk Manager shall include in its assessment and attestation reports. (f) By March 15 of each year (or if such day is not a Business Day, the immediately preceding Business Day), the Credit Risk Manager shall deliver a signed certification, in the form attached hereto as Exhibit U (the “Credit Risk Manager Certification”), for the benefit of the Depositor, the Sponsor, the Master Servicer and the Trustee and for the benefit of the Person(s) signing the Form 10-K Certification; provided (i) that the Credit Risk Manager Certification shall be so provided by March 15 of such year only to the extent that the Depositor delivers a draft (without exhibits) of the applicable Annual Report on Form 10-K to the Credit Risk Manager by the fifth Business Day in March of such year and (ii) in the event that the Depositor delivers the draft Form 10-K referred to in clause (i) after the fifth Business Day in March of such year, the Credit Risk Manager shall deliver the Credit Risk Manager Certification as soon as practicable but no later than five calendar days of delivery to the Credit Risk Manager of such draft Form 10-K. (g) In the event that prior to the filing date of the Form 10-K in March of each year, the Credit Risk Manager has knowledge or information material to the Credit Risk Manager Certification, the Credit Risk Manager shall promptly notify the Depositor and the Trustee, in writing.

Standard Default Assumption. The Standard Default Assumption experience of the Mortgage Loans. The Analytics Report shall be presented in substantially the same format attached hereto as Exhibit R-5. The Credit Risk Manager shall make such reports and any additional information reasonably requested by the Depositor available each month to Certificateholders, the Trustee, the Securities Administrator, any NIMS Insurer and the Rating Agencies via the Credit Risk Manager’s internet website. The Credit Risk Manager’s internet website shall initially be located at hxxxx://xxxxxxx.xxxxxxx.xxxxxxxx://xxxxxxx.xxxxxxx.com. The user name for access to the website shall be the Certificateholder’s e-mail address and the password shall be “BNC 2007-31.” The Neither the Trustee nor the Securities Administrator shall not have any obligation to review such reports or otherwise monitor or supervise the activities of the Credit Risk Manager. (c) [Reserved]On each Distribution Date, the Credit Risk Manager shall (A) calculate, for each PMI Insurer, the Threshold Calculation for each such PMI Insurer for the immediately preceding Collection Period and (B) notify the Depositor, the Sponsor and the related PMI Insurer of each such PMI Insurer’s Threshold Calculation. (d) The Credit Risk Manager shall reasonably cooperate with the Depositor Depositor, the Trustee and the Exchange Act Signing Party Securities Administrator in connection with the Trust Fund’s satisfying the reporting requirements under the Exchange Act with respect to reports prepared by the Credit Risk Manager. (e) The Credit Risk Manager has not and shall not engage any Subcontractor without (a) giving notice to the Sponsor, the TrusteeSecurities Administrator, the Master Servicer and the Depositor and (b) requiring any such Subcontractor to provide to the Credit Risk Manager an assessment report as provided for in Section 9.25(a) above and an attestation report as provided in Section 9.25(b) above, which reports the Credit Risk Manager shall include in its assessment and attestation reports. (f) By March 15 of each year (or if such day is not a Business Day, the immediately preceding Business Day), the Credit Risk Manager shall deliver a signed certification, in the form attached hereto as Exhibit U (the “Credit Risk Manager Certification”), for the benefit of the Depositor, the Sponsor, the Master Servicer and the Trustee Securities Administrator and for the benefit of the Person(s) signing the Form 10-K Certification; provided (i) that the Credit Risk Manager Certification shall be so provided by March 15 of such year only to the extent that the Depositor delivers a draft (without exhibits) of the applicable Annual Report on Form 10-K to the Credit Risk Manager by the fifth Business Day in March of such year and (ii) in the event that the Depositor delivers the draft Form 10-K referred to in clause (i) after the fifth Business Day in March of such year, the Credit Risk Manager shall deliver the Credit Risk Manager Certification as soon as practicable but no later than five calendar days of delivery to the Credit Risk Manager of such draft Form 10-K. (g) In the event that prior to the filing date of the Form 10-K in March of each year, the Credit Risk Manager has knowledge or information material to the Credit Risk Manager Certification, the Credit Risk Manager shall promptly notify the Depositor Depositor, the Trustee and the TrusteeSecurities Administrator, in writing.

Standard Default Assumption. The Standard Default Assumption experience of the Mortgage Loans. The Analytics Report shall be presented in substantially the same format attached hereto as Exhibit R-5. The Credit Risk Manager shall make such reports and any additional information reasonably requested by the Depositor available each month to Certificateholders, the Trustee, the Securities Administrator, any NIMS Insurer and the Rating Agencies via the Credit Risk Manager’s internet website. The Credit Risk Manager’s internet website shall initially be located at hxxxx://xxxxxxx.xxxxxxx.xxxxxxxx://xxxxxxx.xxxxxxx.com. The user name for access to the website shall be the Certificateholder’s e-mail address and the password shall be “BNC SASCO 2007-3BC3.” The Neither the Trustee nor the Securities Administrator shall not have any obligation to review such reports or otherwise monitor or supervise the activities of the Credit Risk Manager. (c) [Reserved]. (d) The Credit Risk Manager shall reasonably cooperate with the Depositor Depositor, the Trustee and the Exchange Act Signing Party Securities Administrator in connection with the Trust Fund’s satisfying the reporting requirements under the Exchange Act with respect to reports prepared by the Credit Risk Manager. (ed) The Credit Risk Manager has not and shall not engage any Subcontractor without (a) giving notice to the Sponsor, the TrusteeSecurities Administrator, the Master Servicer and the Depositor and (b) requiring any such Subcontractor to provide to the Credit Risk Manager an assessment report as provided for in Section 9.25(a) above and an attestation report as provided in Section 9.25(b) above, which reports the Credit Risk Manager shall include in its assessment and attestation reports. (fe) By March 15 of each year (or if such day is not a Business Day, the immediately preceding Business Day), the Credit Risk Manager shall deliver a signed certification, in the form attached hereto as Exhibit U (the “Credit Risk Manager Certification”), for the benefit of the Depositor, the Sponsor, the Master Servicer and the Trustee Securities Administrator and for the benefit of the Person(s) signing the Form 10-K Certification; provided (i) that the Credit Risk Manager Certification shall be so provided by March 15 of such year only to the extent that the Depositor delivers a draft (without exhibits) of the applicable Annual Report on Form 10-K to the Credit Risk Manager by the fifth Business Day in March of such year and (ii) in the event that the Depositor delivers the draft Form 10-K referred to in clause (i) after the fifth Business Day in March of such year, the Credit Risk Manager shall deliver the Credit Risk Manager Certification as soon as practicable but no later than five calendar days of delivery to the Credit Risk Manager of such draft Form 10-K. (gf) In the event that prior to the filing date of the Form 10-K in March of each year, the Credit Risk Manager has knowledge or information material to the Credit Risk Manager Certification, the Credit Risk Manager shall promptly notify the Depositor Depositor, the Trustee and the TrusteeSecurities Administrator, in writing.

Standard Default Assumption. The Standard Default Assumption experience of the Mortgage Loans. The Analytics Premiums Report shall be presented in substantially the same format attached hereto as Exhibit R-5Q-5. The Credit Risk Manager shall make such reports and any additional information reasonably requested by the Depositor available each month to Certificateholders, the Trustee, the Securities Administrator, any NIMS Insurer and the Rating Agencies via the Credit Risk Manager’s internet website. The Credit Risk Manager’s internet website shall initially be located at hxxxx://xxxxxxx.xxxxxxx.xxx[_______________]. The user name for access to the website shall be the Certificateholder’s e-mail address and the password shall be “BNC 2007-3[_____].” The Neither the Trustee nor the Securities Administrator shall not have any obligation to review such reports or otherwise monitor or supervise the activities of the Credit Risk Manager. (c) [Reserved]. (d) The Credit Risk Manager shall reasonably cooperate with the Depositor Depositor, the Trustee and the Exchange Act Signing Party Securities Administrator in connection with the Trust Fund’s satisfying the reporting requirements under the Exchange 1934 Act with respect to reports prepared by the Credit Risk Manager. (e) The Credit Risk Manager has not and shall not engage any Subcontractor without (a) giving notice to the Sponsor, the Trustee, the Master Servicer and the Depositor and (b) requiring any such Subcontractor to provide to the Credit Risk Manager an assessment report as provided for in Section 9.25(a) above and an attestation report as provided in Section 9.25(b) above, which reports the Credit Risk Manager shall include in its assessment and attestation reports. (fd) By March 15 10th of each year (or if such day is not a Business Day, the immediately preceding Business Day), the Credit Risk Manager shall deliver a signed certification, in the form attached hereto as Exhibit U R (the “Credit Risk Manager Certification”), for the benefit of the Depositor, the Sponsor, the Master Servicer Trustee and the Trustee Securities Administrator and for the benefit of the Person(s) signing the Form 10-K Certification; provided (i) that the Credit Risk Manager Certification shall be so provided by March 15 10th of such year only to the extent that the Depositor delivers a draft (without exhibits) of the applicable Annual Report on Form 10-K to the Credit Risk Manager by the fifth 5th Business Day in March of such year and (ii) in the event that the Depositor delivers the draft Form 10-K referred to in clause (i) after the fifth 5th Business Day in March of such year, the Credit Risk Manager shall deliver the Credit Risk Manager Certification as soon as practicable but no later than five calendar days of delivery to the Credit Risk Manager of such draft Form 10-K. (ge) In the event that prior to the filing date of the Form 10-K in March of each year, the Credit Risk Manager has knowledge or information material to the Credit Risk Manager Certification, the Credit Risk Manager shall promptly notify the Depositor Depositor, the Trustee and the TrusteeSecurities Administrator, in writing.

Standard Default Assumption. The Standard Default Assumption experience of the Mortgage Loans. The Analytics Report shall be presented in substantially the same format attached hereto as Exhibit R-5S-4. The Credit Risk Manager shall make such reports and any additional information reasonably requested by the Depositor available each month to Certificateholders, the Trustee, any NIMS Insurer Trustee and the Rating Agencies via the Credit Risk Manager’s internet website. The Credit Risk Manager’s internet website shall initially be located at hxxxx://xxxxxxx.xxxxxxx.xxxxxxx://xxxxxxx.xxxxxxx.com. The user name for access to the website shall be the Certificateholder’s e-mail email address and the password shall be “BNC 2007SASCO 2006-3.” S2”. The Trustee shall not have any obligation to review such reports or otherwise monitor or supervise the activities of the Credit Risk Manager. (c) [Reserved]. (d) The Credit Risk Manager shall reasonably cooperate with the Depositor and the Exchange Act Signing Party in connection with the Trust Fund’s satisfying the reporting requirements under the Exchange Act with respect to reports prepared by the Credit Risk Manager. (e) The Credit Risk Manager has not and shall not engage any Subcontractor without (a) giving notice to the Sponsor, the Trustee, the Master Servicer and the Depositor and (b) requiring any such Subcontractor to provide to the Credit Risk Manager an assessment report as provided for in Section 9.25(a) above and an attestation report as provided in Section 9.25(b) above, which reports the Credit Risk Manager shall include in its assessment and attestation reports. (f) By March 15 of each year (or if such day is not a Business Day, the immediately preceding Business Day), the Credit Risk Manager shall deliver a signed certification, in the form attached hereto as Exhibit U (the “Credit Risk Manager Certification”), for the benefit of the Depositor, the Sponsor, the Master Servicer and the Trustee and for the benefit of the Person(s) signing the Form 10-K Certification; provided (i) that the Credit Risk Manager Certification shall be so provided by March 15 of such year only to the extent that the Depositor delivers a draft (without exhibits) of the applicable Annual Report on Form 10-K to the Credit Risk Manager by the fifth Business Day tenth calendar day in March of such year and (ii) in the event that the Depositor delivers the draft Form 10-K referred to in clause (i) after the fifth Business Day tenth calendar day in March of such year, the Credit Risk Manager shall deliver the Credit Risk Manager Certification as soon as practicable but no later than five calendar days of delivery to the Credit Risk Manager of such draft Form 10-K. (g) In the event that prior to the filing date of the Form 10-K in March of each year, the Credit Risk Manager has knowledge or information material to the Credit Risk Manager Certification, the Credit Risk Manager shall promptly notify the Depositor and the Trustee, in writing.

Standard Default Assumption. The Standard Default Assumption experience of the Mortgage Loans. The Analytics Report shall be presented in substantially the same format attached hereto as Exhibit R-5. The Credit Risk Manager shall make such reports and any additional information reasonably requested by the Depositor available each month to Certificateholders, the Trustee, the Securities Administrator, any NIMS Insurer and the Rating Agencies via the Credit Risk Manager’s internet website. The Credit Risk Manager’s internet website shall initially be located at hxxxx://xxxxxxx.xxxxxxx.xxx. The user name for access to the website shall be the Certificateholder’s e-mail address and the password shall be “BNC 2007SASCO 2006-3BC6.” The Neither the Trustee nor the Securities Administrator shall not have any obligation to review such reports or otherwise monitor or supervise the activities of the Credit Risk Manager. (c) [Reserved]On each Distribution Date, the Credit Risk Manager shall (A) calculate, for each PMI Insurer, the Threshold Calculation for each such PMI Insurer for the immediately preceding Collection Period and (B) notify the Depositor, the Sponsor and the related PMI Insurer of each such PMI Insurer’s Threshold Calculation. (d) The Credit Risk Manager shall reasonably cooperate with the Depositor Depositor, the Trustee and the Exchange Act Signing Party Securities Administrator in connection with the Trust Fund’s satisfying the reporting requirements under the Exchange Act with respect to reports prepared by the Credit Risk Manager. (e) The Credit Risk Manager has not and shall not engage any Subcontractor without (a) giving notice to the Sponsor, the TrusteeSecurities Administrator, the Master Servicer and the Depositor and (b) requiring any such Subcontractor to provide to the Credit Risk Manager an assessment report as provided for in Section 9.25(a) above and an attestation report as provided in Section 9.25(b) above, which reports the Credit Risk Manager shall include in its assessment and attestation reports. (f) By March 15 of each year (or if such day is not a Business Day, the immediately preceding Business Day), the Credit Risk Manager shall deliver a signed certification, in the form attached hereto as Exhibit U (the “Credit Risk Manager Certification”), for the benefit of the Depositor, the Sponsor, the Master Servicer and the Trustee Securities Administrator and for the benefit of the Person(s) signing the Form 10-K Certification; provided (i) that the Credit Risk Manager Certification shall be so provided by March 15 of such year only to the extent that the Depositor delivers a draft (without exhibits) of the applicable Annual Report on Form 10-K to the Credit Risk Manager by the fifth Business Day in March of such year and (ii) in the event that the Depositor delivers the draft Form 10-K referred to in clause (i) after the fifth Business Day in March of such year, the Credit Risk Manager shall deliver the Credit Risk Manager Certification as soon as practicable but no later than five calendar days of delivery to the Credit Risk Manager of such draft Form 10-K. (g) In the event that prior to the filing date of the Form 10-K in March of each year, the Credit Risk Manager has knowledge or information material to the Credit Risk Manager Certification, the Credit Risk Manager shall promptly notify the Depositor Depositor, the Trustee and the TrusteeSecurities Administrator, in writing.

Standard Default Assumption. The Standard Default Assumption experience of the Mortgage Loans. The Analytics Report shall be presented in substantially the same format attached hereto as Exhibit R-5. The Credit Risk Manager shall make such reports and any additional information reasonably requested by the Depositor available each month to Certificateholders, the Trustee, the Securities Administrator, any NIMS Insurer and the Rating Agencies via the Credit Risk Manager’s internet website. The Credit Risk Manager’s internet website shall initially be located at hxxxx://xxxxxxx.xxxxxxx.xxxxxxxx://xxxxxxx.xxxxxxx.com. The user name for access to the website shall be the Certificateholder’s e-mail address and the password shall be “BNC 2007-32.” The Neither the Trustee nor the Securities Administrator shall not have any obligation to review such reports or otherwise monitor or supervise the activities of the Credit Risk Manager. (c) [Reserved]. (d) The Credit Risk Manager shall reasonably cooperate with the Depositor Depositor, the Trustee and the Exchange Act Signing Party Securities Administrator in connection with the Trust Fund’s satisfying the reporting requirements under the Exchange Act with respect to reports prepared by the Credit Risk Manager. (e) The Credit Risk Manager has not and shall not engage any Subcontractor without (a) giving notice to the Sponsor, the TrusteeSecurities Administrator, the Master Servicer and the Depositor and (b) requiring any such Subcontractor to provide to the Credit Risk Manager an assessment report as provided for in Section 9.25(a) above and an attestation report as provided in Section 9.25(b) above, which reports the Credit Risk Manager shall include in its assessment and attestation reports. (f) By March 15 of each year (or if such day is not a Business Day, the immediately preceding Business Day), the Credit Risk Manager shall deliver a signed certification, in the form attached hereto as Exhibit U (the “Credit Risk Manager Certification”), for the benefit of the Depositor, the Sponsor, the Master Servicer and the Trustee Securities Administrator and for the benefit of the Person(s) signing the Form 10-K Certification; provided (i) that the Credit Risk Manager Certification shall be so provided by March 15 of such year only to the extent that the Depositor delivers a draft (without exhibits) of the applicable Annual Report on Form 10-K to the Credit Risk Manager by the fifth Business Day in March of such year and (ii) in the event that the Depositor delivers the draft Form 10-K referred to in clause (i) after the fifth Business Day in March of such year, the Credit Risk Manager shall deliver the Credit Risk Manager Certification as soon as practicable but no later than five calendar days of delivery to the Credit Risk Manager of such draft Form 10-K. (g) In the event that prior to the filing date of the Form 10-K in March of each year, the Credit Risk Manager has knowledge or information material to the Credit Risk Manager Certification, the Credit Risk Manager shall promptly notify the Depositor Depositor, the Trustee and the TrusteeSecurities Administrator, in writing.

Standard Default Assumption. The Standard Default Assumption experience of the Mortgage Loans. The Analytics Report shall be presented in substantially the same format attached hereto as Exhibit R-5. The Credit Risk Manager shall make such reports and any additional information reasonably requested by the Depositor available each month to Certificateholders, the Trustee, any NIMS Insurer and the Rating Agencies via the Credit Risk Manager’s internet website. The Credit Risk Manager’s internet website shall initially be located at hxxxx://xxxxxxx.xxxxxxx.xxxxxxxx://xxxxxxx.xxxxxxx.com. The user name for access to the website shall be the Certificateholder’s e-mail address and the password shall be “BNC 2007FFMLT 2006-3FFB.” The Trustee shall not have any obligation to review such reports or otherwise monitor or supervise the activities of the Credit Risk Manager. (c) [Reserved]On each Distribution Date, the Credit Risk Manager shall (A) calculate, for each PMI Insurer, the Threshold Calculation for each such PMI Insurer for the immediately preceding Collection Period and (B) notify the Depositor, the Sponsor and the related PMI Insurer of each such PMI Insurer’s Threshold Calculation. (d) The Credit Risk Manager shall reasonably cooperate with the Depositor and the Exchange Act Signing Party Trustee in connection with the Trust Fund’s satisfying the reporting requirements under the Exchange Act with respect to reports prepared by the Credit Risk Manager. (e) The Credit Risk Manager has not and shall not engage any Subcontractor without (a) giving notice to the Sponsor, the Trustee, the Master Servicer and the Depositor and (b) requiring any such Subcontractor to provide to the Credit Risk Manager an assessment report as provided for in Section 9.25(a) above and an attestation report as provided in Section 9.25(b) above, which reports the Credit Risk Manager shall include in its assessment and attestation reports. (f) By March 15 of each year (or if such day is not a Business Day, the immediately preceding Business Day), the Credit Risk Manager shall deliver a signed certification, in the form attached hereto as Exhibit U (the “Credit Risk Manager Certification”), for the benefit of the Depositor, the Sponsor, the Master Servicer and the Trustee and for the benefit of the Person(s) signing the Form 10-K Certification; provided (i) that the Credit Risk Manager Certification shall be so provided by March 15 of such year only to the extent that the Depositor delivers a draft (without exhibits) of the applicable Annual Report on Form 10-K to the Credit Risk Manager by the fifth Business Day in March of such year and (ii) in the event that the Depositor delivers the draft Form 10-K referred to in clause (i) after the fifth Business Day in March of such year, the Credit Risk Manager shall deliver the Credit Risk Manager Certification as soon as practicable but no later than five calendar days of delivery to the Credit Risk Manager of such draft Form 10-K. (g) In the event that prior to the filing date of the Form 10-K in March of each year, the Credit Risk Manager has knowledge or information material to the Credit Risk Manager Certification, the Credit Risk Manager shall promptly notify the Depositor and the Trustee, in writing.