BEAR STEARNS ASSET BACKED SECURITIES I LLC Depositor EMC MORTGAGE CORPORATION Seller and Master Servicer and WELLS FARGO BANK, NATIONAL ASSOCIATION Trustee POOLING AND SERVICING AGREEMENT Dated as of July 1, 2006 BEAR STEARNS MORTGAGE FUNDING TRUST...

BEAR XXXXXXX ASSET BACKED SECURITIES I LLC

Depositor

EMC MORTGAGE CORPORATION

Seller and Master Servicer

and

XXXXX FARGO BANK, NATIONAL ASSOCIATION

Trustee

____________________

POOLING AND SERVICING AGREEMENT

Dated as of July 1, 2006

________________________________________

BEAR XXXXXXX MORTGAGE FUNDING TRUST 2006-AC1

ASSET-BACKED CERTIFICATES, SERIES 2006-AC1

TABLE OF CONTENTS

ARTICLE I	DEFINITIONS
Section 1.01	Defined Terms.
Section 1.02	Allocation of Certain Interest Shortfalls.

ARTICLE II	CONVEYANCE OF TRUST FUND REPRESENTATIONS AND WARRANTIES
Section 2.01	Conveyance of Trust Fund.
Section 2.02	Acceptance of the Mortgage Loans.
Section 2.03	Representations, Warranties and Covenants of the Master Servicer and the Seller.
Section 2.04	Representations and Warranties of the Depositor.
Section 2.05	Delivery of Opinion of Counsel in Connection with Substitutions and Repurchases.
Section 2.06	Countersignature and Delivery of Certificates.
Section 2.07	Purposes and Powers of the Trust.

ARTICLE III	ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS
Section 3.01	The Master Servicer to act as Master Servicer.
Section 3.02	Due-on-Sale Clauses; Assumption Agreements.
Section 3.03	Subservicers.
Section 3.04	Documents, Records and Funds in Possession of the Master Servicer To Be Held for Trustee.
Section 3.05	Maintenance of Hazard Insurance.
Section 3.06	Presentment of Claims and Collection of Proceeds.
Section 3.07	Maintenance of the Primary Mortgage Insurance Policies.
Section 3.08	Fidelity Bond, Errors and Omissions Insurance.
Section 3.09	Realization Upon Defaulted Mortgage Loans; Determination of Excess Liquidation Proceeds and Realized Losses; Repurchases of Certain Mortgage Loans.
Section 3.10	Servicing Compensation.
Section 3.11	REO Property.
Section 3.12	Liquidation Reports.
Section 3.13	Books and Records.
Section 3.14	Annual Statement as to Compliance.
Section 3.15	Assessments of Compliance and Attestation Reports.
Section 3.16	Reports Filed with Securities and Exchange Commission.
Section 3.17	Intention of the Parties and Interpretation.
Section 3.18	UCC.
Section 3.19	Optional Purchase of Certain Mortgage Loans.
Section 3.20	REMIC-Related Covenants.
Section 3.21	Trustee to Retain Possession of Certain Insurance Policies and Documents.

ARTICLE IV	[Reserved]

ARTICLE V	ACCOUNTS
Section 5.01	Collection of Mortgage Loan Payments; Protected Account.
Section 5.02	Permitted Withdrawals From the Protected Account.
Section 5.03	Statements to the Trustee
Section 5.04	Collection of Taxes; Assessments and Similar Items; Escrow Accounts.
Section 5.05	[Reserved].
Section 5.06	[Reserved].
Section 5.07	[Reserved].
Section 5.08	Distribution Account.
Section 5.09	Permitted Withdrawals and Transfers from the Distribution Account.

ARTICLE VI	DISTRIBUTIONS AND ADVANCES
Section 6.01	Advances.
Section 6.02	Compensating Interest Payments.
Section 6.03	REMIC Distributions.
Section 6.04	Distributions.
Section 6.05	Allocation of Realized Losses.
Section 6.06	Monthly Statements to Certificateholders.
Section 6.07	REMIC Designations and REMIC Distributions.
Section 6.08	Reserve Fund.
Section 6.09	Class P Certificate Account.
Section 6.10	Class A-3/A-4 Net WAC Pass-Through Amount; Class A-3/A-4 Net WAC Reserve Account.

ARTICLE VII	THE CERTIFICATES
Section 7.01	The Certificates.
Section 7.02	Certificate Register; Registration of Transfer and Exchange of Certificates.
Section 7.03	Mutilated, Destroyed, Lost or Stolen Certificates.
Section 7.04	Persons Deemed Owners.
Section 7.05	Access to List of Certificateholders’ Names and Addresses.
Section 7.06	Book-Entry Certificates.
Section 7.07	Notices to Depository.
Section 7.08	Definitive Certificates.
Section 7.09	Maintenance of Office or Agency.

ARTICLE VIII	THE DEPOSITOR AND THE MASTER SERVICER
Section 8.01	Liabilities of the Depositor and the Master Servicer.
Section 8.02	Merger or Consolidation of the Depositor or the Master Servicer.
Section 8.03	Indemnification of the Trustee and the Master Servicer.
Section 8.04	Limitations on Liability of the Depositor, the Master Servicer and Others.
Section 8.05	Master Servicer Not to Resign.
Section 8.06	Successor Master Servicer.
Section 8.07	Sale and Assignment of Master Servicing.

ARTICLE IX	DEFAULT; TERMINATION OF MASTER SERVICER; TERMINATION OF COMPANY
Section 9.01	Events of Default.
Section 9.02	Trustee to Act; Appointment of Successor.
Section 9.03	Notification to Certificateholders and Rating Agencies.
Section 9.04	Waiver of Defaults.

ARTICLE X	CONCERNING THE TRUSTEE
Section 10.01	Duties of Trustee.
Section 10.02	Certain Matters Affecting the Trustee.
Section 10.03	Trustee Not Liable for Certificates or Mortgage Loans.
Section 10.04	Trustee May Own Certificates.
Section 10.05	Trustee’s Fees and Expenses.
Section 10.06	Eligibility Requirements for Trustee.
Section 10.07	Insurance.
Section 10.08	Resignation and Removal of Trustee.
Section 10.09	Successor Trustee.
Section 10.10	Merger or Consolidation of Trustee.
Section 10.11	Appointment of Co-Trustee or Separate Trustee.
Section 10.12	Tax Matters.

ARTICLE XI	TERMINATION
Section 11.01	Termination upon Liquidation or Repurchase of all Mortgage Loans.
Section 11.02	Final Distribution on the Certificates.
Section 11.03	Additional Termination Requirements.

ARTICLE XII	MISCELLANEOUS PROVISIONS
Section 12.01	Amendment.
Section 12.02	Recordation of Agreement; Counterparts.
Section 12.03	Governing Law.
Section 12.04	Intention of Parties.
Section 12.05	Notices.
Section 12.06	Severability of Provisions.
Section 12.07	Assignment.
Section 12.08	Limitation on Rights of Certificateholders.
Section 12.09	Inspection and Audit Rights.
Section 12.10	Certificates Nonassessable and Fully Paid.

Exhibits

Exhibit A-1	Form of Class A Certificates
Exhibit A-2	Form of Class M Certificates
Exhibit A-3	Form of Class B Certificates
Exhibit A-4	Form of Class C Certificates
Exhibit A-5	Form of Class P Certificates
Exhibit A-6	Form of Class R Certificates
Exhibit B	Mortgage Loan Schedule
Exhibit C	Form of Transfer Affidavit
Exhibit D	Form of Transferor Certificate
Exhibit E	Form of Investment Letter (Non-Rule 144A)
Exhibit F	Form of Rule 144A and Related Matters Certificate
Exhibit G	Form of Request for Release
Exhibit H	DTC Letter of Representations
Exhibit I	Schedule of Mortgage Loans with Lost Notes
Exhibit J	Form of Custodial Agreement
Exhibit K	Form of Servicer Back-Up Certification to Form 10-K Certificate
Exhibit L	Form of Mortgage Loan Purchase Agreement
Exhibit M	Form of Trustee Back-Up Certification to Form 10-K Certificate
Exhibit N	Servicing Criteria to Be Addressed in Assessment of Compliance
Exhibit O	Form 10-D, Form 8-K and Form 10-K Reporting Responsibility
Exhibit P	Additional Disclosure Notification
Exhibit Q	Loan Level Format for Tape Input, Servicer Period Reporting
Exhibit R	Reporting Data for Defaulted Loans

POOLING AND SERVICING AGREEMENT, dated as of July 1, 2006, among BEAR XXXXXXX ASSET BACKED SECURITIES I LLC, a Delaware limited liability company, as depositor (the “Depositor”), EMC MORTGAGE CORPORATION, a Delaware corporation, as seller (in such capacity, the “Seller”) and as master servicer (in such capacity, the “Master Servicer”) and XXXXX FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as trustee (in such capacity, the “Trustee”).

PRELIMINARY STATEMENT

The Depositor is the owner of the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates.

REMIC I

As provided herein, the Trustee shall elect to treat the segregated pool of assets consisting of the Mortgage Loans and certain other related assets subject to this Agreement (other than the Reserve Fund and the Class A-3/A-4 Net WAC Reserve Account) as a REMIC (as defined herein) for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC I”. The Class R-1 Certificates will represent the sole class of Residual Interests (as defined herein) in REMIC I for purposes of the REMIC Provisions (as defined herein). The following table irrevocably sets forth the designation, the Uncertificated REMIC I Pass-Through Rate, the initial Uncertificated Principal Balance and, for purposes of satisfying Treasury Regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for each of the REMIC I Regular Interests (as defined herein). None of the REMIC I Regular Interests will be certificated.

Designation	Initial Uncertificated Principal Balance		Uncertificated REMIC I Pass-Through Rate	Latest Possible Maturity Date⁽¹⁾
AA	$	241,458,305.52	Variable⁽²⁾	August 25, 2036
A-1	$	750,000.00	Xxxxxxxx⁽⁰⁾	Xxxxxx 00, 0000
X-0	$	70,000.00	Xxxxxxxx⁽⁰⁾	Xxxxxx 00, 0000
X-0	$	1,447,980.00	Variable⁽²⁾	August 25, 2036
M-1	$	59,130.00	Variable⁽²⁾	August 25, 2036
M-2	$	30,800.00	Variable⁽²⁾	August 25, 2036
M-3	$	14,780.00	Variable⁽²⁾	August 25, 2036
M-4	$	12,320.00	Xxxxxxxx⁽⁰⁾	Xxxxxx 00, 0000
X-0	$	11,090.00	Xxxxxxxx⁽⁰⁾	Xxxxxx 00, 0000
X-0	$	8,620.00	Xxxxxxxx⁽⁰⁾	Xxxxxx 00, 0000
X-0	$	12,320.00	Xxxxxxxx⁽⁰⁾	Xxxxxx 00, 0000
X-0	$	14,780.00	Variable⁽²⁾	August 25, 2036
ZZ	$	2,495,900.52	Variable⁽²⁾	August 25, 2036
P	$	100.00	0.00%	August 25, 2036

___________________________

⁽¹⁾	For purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the Distribution Date in the month following the maturity date for the Mortgage Loan with the latest maturity date has been designated as the “latest possible maturity date” for each REMIC I Regular Interest.

⁽²⁾	Calculated in accordance with the definition of “Uncertificated REMIC I Pass-Through Rate” herein.

REMIC II

As provided herein, the Trustee shall elect to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC II”. The Class R-2 Certificates will represent the sole class of Residual Interests in REMIC II for purposes of the REMIC Provisions. The following table irrevocably sets forth the designation, the Uncertificated REMIC II Pass-Through Rate, the initial Uncertificated Principal Balance and, for purposes of satisfying Treasury Regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for each of the REMIC II Regular Interests (as defined herein). None of the REMIC II Regular Interests will be certificated.

Designation	Initial Uncertificated Principal Balance		Uncertificated REMIC II Pass-Through Rate	Latest Possible Maturity Date⁽¹⁾
A-1	$	75,000,000.00	⁽²⁾	August 25, 2036
A-2	$	7,000,000.00	⁽²⁾	August 25, 2036
A-3	$	144,798,000.00	⁽²⁾	August 25, 2036
M-1	$	5,913,000.00	⁽²⁾	August 25, 2036
M-2	$	3,080,000.00	⁽²⁾	August 25, 2036
M-3	$	1,478,000.00	⁽²⁾	August 25, 2036
M-4	$	1,232,000.00	⁽²⁾	August 25, 2036
B-1	$	1,109,000.00	⁽²⁾	August 25, 2036
B-2	$	862,000.00	⁽²⁾	August 25, 2036
B-3	$	1,232,000.00	⁽²⁾	August 25, 2036
B-4	$	1,478,000.00	⁽²⁾	August 25, 2036
C	$	3,204,026.04	⁽²⁾⁽³⁾	August 25, 2036
P	$	100.00	0.00%	August 25, 2036

___________________________

⁽¹⁾	For purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the Distribution Date in the month following the maturity date for the Mortgage Loan with the latest maturity date has been designated as the “latest possible maturity date” for each REMIC II Regular Interest.

⁽²⁾	Calculated in accordance with the definition of “Uncertificated REMIC II Pass-Through Rate” herein.

⁽³⁾

REMIC II Regular Interest C will not accrue interest on its Uncertificated Principal Balance, but will accrue interest at the related Uncertificated REMIC II Pass-Through Rate on its Uncertificated Notional Amount (as defined herein) which shall equal the aggregate Uncertificated Principal Balance of the REMIC I Regular Interests (other than REMIC I Regular Interest P).

___________________________

REMIC III

As provided herein, the Trustee shall elect to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC III”. The Class R-3 Certificates will represent the sole class of Residual Interests in REMIC III for purposes of the REMIC Provisions.

The following table irrevocably sets forth the designation, Pass-Through Rate, Initial Certificate Principal Balance (or initial Uncertificated Principal Balance, in the case of the Class C Interest or Class P Interest) and, for purposes of satisfying Treasury Regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for each class of Certificates and interests that represents ownership of one or more of the Regular Interests (as defined herein) in REMIC III created hereunder.

Designation	Initial Certificate or Uncertificated Principal Balance		Pass-Through Rate	Latest Possible Maturity Date⁽¹⁾
A-1	$	75,000,000.00	Class A-1 Pass-Through Rate	August 25, 2036
A-2	$	7,000,000.00	Class A-2 Pass-Through Rate	August 25, 2036
A-3⁽²⁾	$	144,798,000.00	Class A-3 Pass-Through Rate	August 25, 2036
A-4⁽³⁾	$	N/A⁽⁴⁾	Class A-4 Pass-Through Rate	August 25, 2036
M-1	$	5,913,000.00	Class M-1 Pass-Through Rate	August 25, 2036
M-2	$	3,080,000.00	Class M-2 Pass-Through Rate	August 25, 2036
M-3	$	1,478,000.00	Class M-3 Pass-Through Rate	August 25, 2036
M-4	$	1,232,000.00	Class X-0 Xxxx-Xxxxxxx Xxxx	Xxxxxx 00, 0000
X-0	$	1,109,000.00	Class X-0 Xxxx-Xxxxxxx Xxxx	Xxxxxx 00, 0000
X-0	$	862,000.00	Class X-0 Xxxx-Xxxxxxx Xxxx	Xxxxxx 00, 0000
X-0	$	1,232,000.00	Class X-0 Xxxx-Xxxxxxx Xxxx	Xxxxxx 00, 0000
X-0	$	1,478,000.00	Class B-4 Pass-Through Rate	August 25, 2036
Class C Interest	$	3,204,026.04	⁽⁵⁾	August 25, 2036
Class P Interest	$	100.00	0.00%	August 25, 2036

___________________

⁽¹⁾	For purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the Distribution Date in the month following the maturity date for the Mortgage Loan with the latest maturity date has been designated as the “latest possible maturity date” for each Class of Class A, Class M and Class B Certificates and the Class C Interest and the Class P Interest.
⁽²⁾	The Class A-3 Certificates represent ownership of a Regular Interest in REMIC III, as well as the obligation to make payments in respect of Class A-3/A-4 Net WAC Pass-Through Amounts to the Class A-3/A-4 Net WAC Reserve Account for distribution in respect of the Class A-4 Certificates, which obligation shall not be an interest in any REMIC but a contractual obligation of the Holders of the Class A-3 Certificates. For federal income tax purposes, the Regular Interest the ownership of which is represented by this Certificate shall accrue interest at the related Uncertificated REMIC III Pass-Through Rate instead of the Pass-Through Rate applicable to such Certificate. Any amount accrued on each Distribution Date by Holders of this Certificate at the related Pass-Through Rate which is in excess of, or less than, the amount specified in the foregoing sentence for the Regular Interest the ownership of which is represented by this Certificate shall be treated in accordance with the provisions relating to Class A-3/A-4 Net WAC Pass-Through Amounts in Section 6.10.
⁽³⁾	The Class A-4 Certificates represent ownership of a Regular Interest in REMIC III, as well as the right to receive payments from the Class A-3/A-4 Net WAC Reserve Account in respect of Class A-3/A-4 Net WAC Pass-Through Amounts, which payments shall not be in respect of an interest in any REMIC. For federal income tax purposes, the Regular Interest the ownership of which is represented by the Class A-4 Certificates shall have a principal balance equal to the Certificate Principal Balance of such Certificates, but such Regular Interest shall not accrue interest on its principal balance but rather shall be entitled to interest on its Uncertificated Notional Amount at its Uncertificated REMIC III Pass-Through Rate. Any amount accrued on each Distribution Date by Holders of this Certificate at the related Pass-Through Rate which is in excess of, or less than, the amount specified in the foregoing sentence for the Regular Interest the ownership of which is represented by this Certificate shall be treated in accordance with the provisions relating to Class A-3/A-4 Net WAC Pass-Through Amounts in Section 6.10.
⁽⁴⁾	The Class A-4 Certificates do not have an initial Certificate Principal Balance. The Class A-4 Certificates have an initial Notional Amount of $144,798,000.00, and for any subsequent Distribution Date, the Class A-4 Certificates will have a Notional Amount equal to the Certificate Principal Balance of the Class A-3 Certificates as of such Distribution Date. For federal income tax purposes, the Class A-4 Certificates will have a Notional Amount equal to the Uncertificated Principal Balance of REMIC IV Regular Interest A-3.
⁽⁵⁾	The Class C Interest will not accrue interest on its Uncertificated Principal Balance, but will be entitled to 100% of the amounts distributed on REMIC II Regular Interest X.

XXXXX XX

As provided herein, the Trustee shall elect to treat the segregated pool of assets consisting of the Class C Interest as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC IV”. The Class R-4 Interest will represent the sole class of Residual Interests in REMIC IV for purposes of the REMIC Provisions.

The following table sets forth the Class designation, Pass-Through Rate, Initial Certificate Principal Balance and, for purposes of satisfying Treasury Regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for the indicated Class of Certificates that represents a Regular Interest in REMIC IV created hereunder:

Class Designation	Pass-Through Rate	Initial Certificate Principal Balance	Latest Possible Maturity Date⁽¹⁾
C	Variable⁽²⁾	$3,204,026.04	August 25, 2036

_______________

⁽¹⁾	For purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the Distribution Date in the month following the maturity date for the Mortgage Loan with the latest maturity date has been designated as the “latest possible maturity date” for the Class C Certificates.

⁽²⁾	The Class C Certificates will receive 100% of the amounts received in respect of the Class C Interest.

REMIC V

As provided herein, the Trustee shall elect to treat the segregated pool of assets consisting of the Class P Interest as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC V”. The Class R-5 Interest will represent the sole class of Residual Interests in REMIC V for purposes of the REMIC Provisions.

Class Designation	Pass-Through Rate	Initial Certificate Principal Balance	Latest Possible Maturity Date⁽¹⁾
P	0.00%	$ 100.00	August 25, 2036

_______________

⁽¹⁾	For purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the Distribution Date in the month following the maturity date for the Mortgage Loan with the latest maturity date has been designated as the “latest possible maturity date” for the Class P Certificates.

⁽²⁾	The Class P Certificates will receive 100% of the amounts received in respect of the Class P Interest.

The Trust Fund shall be named, and may be referred to as, the “Bear Xxxxxxx Mortgage Funding Trust 2006-AC1.” The Certificates issued hereunder may be referred to as “Asset-Backed Certificates Series 2006-AC1” (including for purposes of any endorsement or assignment of a Mortgage Note or Mortgage).

In consideration of the mutual agreements herein contained, the Depositor, the Master Servicer, the Seller and the Trustee agree as follows:

ARTICLE I

DEFINITIONS

Section 1.01 Defined Terms.

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

Accepted Servicing Practices: With respect to each Mortgage Loan, those mortgage servicing practices (including collection procedures) that are in accordance with all applicable statutes, regulations and prudent mortgage banking practices for similar mortgage loans.

Account: The Distribution Account, the Reserve Fund, the Class A-3/A-4 Net WAC Reserve Account and any Protected Account.

Additional Disclosure: As defined in Section 3.16.

Additional Form 10-D Disclosure: As defined in Section 3.16.

Additional Form 10-K Disclosure: As defined in Section 3.16.

Adjustable Rate Mortgage Loan: Each of the Mortgage Loans identified in the Mortgage Loan Schedule as having a Mortgage Rate that is subject to adjustment.

Adjustment Date: With respect to each Adjustable Rate Mortgage Loan, the first day of the month in which the Mortgage Rate of an Adjustable Rate Mortgage Loan changes pursuant to the related Mortgage Note. The first Adjustment Date following the Cut-off Date as to each Adjustable Rate Mortgage Loan is set forth in the Mortgage Loan Schedule.

Advance: An advance of delinquent payments of principal or interest in respect of a Mortgage Loan required to be made by the Master Servicer as provided in Section 6.01 hereof.

Agreement: This Pooling and Servicing Agreement and any and all amendments or supplements hereto made in accordance with the terms herein.

Amount Held for Future Distribution: As to any Distribution Date, the aggregate amount held in the Protected Account at the close of business on the immediately preceding Determination Date on account of (i) all Scheduled Payments or portions thereof received in respect of the Mortgage Loans due after the related Due Period and (ii) Principal Prepayments, Liquidation Proceeds and Insurance Proceeds received in respect of such Mortgage Loans after the last day of the related Prepayment Period.

Annual Statement of Compliance: As defined in Section 3.14.

Applied Realized Loss Amount: With respect to any Distribution Date and a Class of Class A, Class M and Class B Certificates, the sum of the Realized Losses with respect to the Mortgage Loans which have been applied in reduction of the Certificate Principal Balance of a Class of Certificates pursuant to Section 6.05 of this Agreement which have not previously been reimbursed or reduced by any Subsequent Recoveries applied to such Applied Realized Loss Amount.

Appraised Value: With respect to any Mortgage Loan originated in connection with a refinancing, the appraised value of the Mortgaged Property based upon the appraisal made at the time of such refinancing or, with respect to any other Mortgage Loan, the lesser of (x) the appraised value of the Mortgaged Property based upon the appraisal made by a fee appraiser at the time of the origination of the related Mortgage Loan, and (y) the sales price of the Mortgaged Property at the time of such origination.

Assessment of Compliance: As defined in Section 3.15.

Attesting Party: As defined in Section 3.15.

Attestation Report: As defined in Section 3.15.

Bankruptcy Code: Title 11 of the United States Code.

Basis Risk Shortfall Carry Forward Amount: With respect to any Distribution Date and any Class of Class A, Class M and Class B Certificates, an amount equal to the sum of (A) if the Pass-Through Rate for such Class for such Distribution Date is limited to the related Net Rate Cap, the excess, if any, of (a) the amount of Current Interest that such Class would have been entitled to receive on such Distribution Date had the Pass-Though Rate applicable to such Class not been reduced by the applicable Net Rate Cap on such Distribution Date, over (b) the amount of Current Interest that such Class received on such Distribution Date and (B) the Basis Risk Shortfall Carry Forward Amount for the previous Distribution Date not previously paid, together with interest thereon at a rate equal to the related Pass-Through Rate for the current Distribution Date.

Book-Entry Certificates: Any of the Certificates that shall be registered in the name of the Depository or its nominee, the ownership of which is reflected on the books of the Depository or on the books of a person maintaining an account with the Depository (directly, as a “Depository Participant”, or indirectly, as an indirect participant in accordance with the rules of the Depository and as described in Section 7.06). As of the Closing Date, each Class of Offered Certificates constitutes a Class of Book-Entry Certificates.

Business Day: Any day other than (i) a Saturday or a Sunday, or (ii) a day on which banking institutions in The City of New York, New York, Columbia, Maryland, Minneapolis, Minnesota or the city in which the Corporate Trust Office of the Trustee or the principal office of the Master Servicer is located is authorized or obligated by law or executive order to be closed.

Certificate: Any one of the certificates of any Class executed and authenticated by the Trustee in substantially the forms attached hereto as Exhibits A-1 through A-6.

Certificateholder or Holder: The person in whose name a Certificate is registered in the Certificate Register (initially, Cede & Co., as nominee for the Depository, in the case of any Book-Entry Certificates).

Certificate Owner: With respect to a Book-Entry Certificate, the Person that is the beneficial owner of such Book-Entry Certificate.

Certificate Principal Balance: As to any Certificate (other than the Class A-4, Class C or Class R Certificates) and as of any Distribution Date, the Initial Certificate Principal Balance of such Certificate plus any Subsequent Recoveries added to the Certificate Principal Balance of such Certificate pursuant to Section 5.04(b), less the sum of (i) all amounts distributed with respect to such Certificate in reduction of the Certificate Principal Balance thereof on previous Distribution Dates pursuant to Section 5.04, and (ii) any Applied Realized Loss Amounts allocated to such Certificate on previous Distribution Dates. As to the Class C Certificates and as of any Distribution Date, an amount equal to the Uncertificated Principal Balance of the Class C Interest.

Certificate Register: The register maintained pursuant to Section 7.02 hereof.

Class: All Certificates bearing the same Class designation as set forth in Section 7.01 hereof.

Class A Certificate: Any of the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates.

Class A Principal Distribution Amount: For any Distribution Date, an amount equal to the lesser of (x) the Principal Distribution Amount for such Distribution Date and (y) the greater of (I) the excess, if any, of (i) the aggregate Certificate Principal Balance of the Class A Certificates immediately prior to such Distribution Date, over (ii) the lesser of (a) the product of (1) 84.10% and (2) the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses incurred during the related Due Period), and (b) the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses incurred during the related Due Period) minus $1,231,930 and (II) the lesser of (i) $1,000 and (ii) the aggregate Certificate Principal Balance of the Class A Certificates on such Distribution Date prior to principal distributions on such Certificates.

Class A-1 Certificate: Any Certificate designated as a “Class A-1 Certificate” on the face thereof, in the form of Exhibit A-1 hereto, representing the right to the Percentage Interest of distributions provided for the Class A-1 Certificates as set forth herein and evidencing (i) a Regular Interest in REMIC III and (ii) the right to receive Basis Risk Shortfall Carry Forward Amounts.

Class A-1 Pass-Through Rate: Shall mean on any Distribution Date, a fixed rate equal to 7.00% per annum, subject to a cap equal to the related Net Rate Cap for such Distribution Date.

Class A-2 Certificate: Any Certificate designated as a “Class A-2 Certificate” on the face thereof, in the form of Exhibit A-1 hereto, representing the right to the Percentage Interest of distributions provided for the Class A-2 Certificates as set forth herein and evidencing (i) a Regular Interest in REMIC III and (ii) the right to receive Basis Risk Shortfall Carry Forward Amounts.

Class A-2 Pass-Through Rate: Shall mean on any Distribution Date, a fixed rate equal to 7.00% per annum, subject to a cap equal to the related Net Rate Cap for such Distribution Date.

Class A-3 Certificate: Any Certificate designated as a “Class A-3 Certificate” on the face thereof, in the form of Exhibit A-1 hereto, representing the right to the Percentage Interest of distributions provided for the Class A-3 Certificates as set forth herein and evidencing (i) a Regular Interest in REMIC III, (ii) the right to receive Basis Risk Shortfall Carry Forward Amounts and (iii) the obligation to pay Class A-3/A-4 Net WAC Pass-Through Amounts.

Class A-3 Pass-Through Rate: Shall mean on any Distribution Date, One-Month LIBOR plus 0.550% per annum, with a maximum rate of 7.000% per annum and a minimum rate of 0.550% per annum, subject to a cap equal to the related Net Rate Cap for such Distribution Date.

Class A-3/A-4 Net WAC Pass-Through Amount: Shall mean, with respect to any Distribution Date, the excess, if any, of (A) the amount of interest payable on such Distribution Date to the Regular Interest the ownership of which is represented by the Class A-3 Certificates at the related Uncertificated REMIC III Pass-Through Rate, over (B) the amount of interest payable on such Distribution Date to the Class A-3 Certificates at the Class A-3 Pass-Through Rate.

Class A-3/A-4 Net WAC Reserve Account: Shall mean the separate trust account or subaccount created and maintained by the Trustee pursuant to Section 6.10(a) hereof.

Class A-3/A-4 Net WAC Reserve Account Deposit: With respect to the Class A-3/A-4 Net WAC Reserve Account, an amount equal to $5,000, which the Depositor shall deposit initially into the Class A-3/A-4 Net WAC Reserve Account pursuant to Section 6.10(a) hereof.

Class A-3/A-4 Target Rate: Shall mean (A) for any Distribution Date on or prior to the Optional Termination Date, 7.00% per annum, and (B) for any Distribution Date thereafter, 7.50% per annum.

Class A-4 Certificate: Any Certificate designated as a “Class A-4 Certificate” on the face thereof, in the form of Exhibit A-1 hereto, representing the right to the Percentage Interest of distributions provided for the Class A-4 Certificates as set forth herein and evidencing (i) a Regular Interest in REMIC III, (ii) the right to receive Basis Risk Shortfall Carry Forward Amounts and (iii) the right to receive Class A-3/A-4 Net WAC Pass-Through Amounts.

Class A-4 Pass-Through Rate: Shall mean on any Distribution Date, 6.450% per annum minus One-Month LIBOR, with a maximum rate of 6.450% per annum and a minimum rate of 0.00% per annum, subject to a cap equal to the related Net Rate Cap for such Distribution Date.

Class B Certificates: Any of the Class B-1, Class B-2, Class B-3 and Class B-4 Certificates.

Class B-1 Certificate: Any Certificate designated as a “Class B-1 Certificate” on the face thereof, in the form of Exhibit A-3 hereto, representing the right to its Percentage Interest of distributions provided for the Class B-1 Certificates as set forth herein and evidencing (i) a Regular Interest in REMIC III and (ii) the right to receive Basis Risk Shortfall Carry Forward Amounts.

Class B-1 Pass-Through Rate: Shall mean (i) on any Distribution Date which occurs on or prior to the Optional Termination Date, the lesser of (1) One-Month LIBOR plus 1.000% per annum and (2) 11.00% per annum and (ii) for each Distribution Date thereafter, the lesser of (1) One-Month LIBOR plus 1.500% per annum and (2) 11.00% per annum, in each case subject to a cap equal to the related Net Rate Cap for such Distribution Date.

Class B-1 Principal Distribution Amount: For any Distribution Date, an amount equal to the lesser of (x) the remaining Principal Distribution Amount for such Distribution Date after distribution of the Class A Principal Distribution Amount and (y) the excess, if any, of (a) the sum of (1) the aggregate Certificate Principal Balance of the Class A Certificates (after taking into account the distribution of the Class A Principal Distribution Amount on such Distribution Date), (2) the Certificate Principal Balance of the Class M-1 Certificates (after taking into account the payment of the Class M-1 Principal Distribution Amount on such Distribution Date), (3) the Certificate Principal Balance of the Class M-2 Certificates (after taking into account the payment of the Class M-2 Principal Distribution Amount on such Distribution Date), (4) the Certificate Principal Balance of the Class M-3 Certificates (after taking into account the payment of the Class M-3 Principal Distribution Amount on such Distribution Date) and (5) the Certificate Principal Balance of the Class B-1 Certificates immediately prior to such Distribution Date, over (b) the lesser of (1) the product of (x) 94.50% and (y) the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses incurred during the related Due Period), and (2) the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses incurred during the related Due Period) minus $1,231,930.

Class B-2 Certificate: Any Certificate designated as a “Class B-2 Certificate” on the face thereof, in the form of Exhibit A-3 hereto, representing the right to its Percentage Interest of distributions provided for the Class B-2 Certificates as set forth herein and evidencing (i) a Regular Interest in REMIC III and (ii) the right to receive Basis Risk Shortfall Carry Forward Amounts.

Class B-2 Pass-Through Rate: Shall mean (i) on any Distribution Date which occurs on or prior to the Optional Termination Date, the lesser of (1) One-Month LIBOR plus 1.100% per annum and (ii) 11.00% per annum and (ii) for each Distribution Date thereafter, the lesser of (1) One-Month LIBOR plus 1.650% per annum and (ii) 11.00% per annum, in each case subject to a cap equal to the related Net Rate Cap for such Distribution Date.

Class B-2 Principal Distribution Amount: For any Distribution Date, an amount equal to the lesser of (x) the remaining Principal Distribution Amount for such Distribution Date after distribution of the Class A Principal Distribution Amount and (y) the excess, if any, of (a) the sum of (1) the aggregate Certificate Principal Balance of the Class A Certificates (after taking into account the distribution of the Class A Principal Distribution Amount on such Distribution Date), (2) the Certificate Principal Balance of the Class M-1 Certificates (after taking into account the payment of the Class M-1 Principal Distribution Amount on such Distribution Date), (3) the Certificate Principal Balance of the Class M-2 Certificates (after taking into account the payment of the Class M-2 Principal Distribution Amount on such Distribution Date), (4) the Certificate Principal Balance of the Class M-3 Certificates (after taking into account the payment of the Class M-3 Principal Distribution Amount on such Distribution Date), (5) the Certificate Principal Balance of the Class B-1 Certificates (after taking into account the payment of the Class B-1 Principal Distribution Amount on such Distribution Date) and (6) the Certificate Principal Balance of the Class B-2 Certificates immediately prior to such Distribution Date, over (b) the lesser of (1) the product of (x) 95.20% and (y) the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses incurred during the related Due Period), and (2) the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses incurred during the related Due Period) minus $1,231,930.

Class B-3 Certificate: Any Certificate designated as a “Class B-3 Certificate” on the face thereof, in the form of Exhibit A-3 hereto, representing the right to its Percentage Interest of distributions provided for the Class B-3 Certificates as set forth herein and evidencing (i) a Regular Interest in REMIC III and (ii) the right to receive Basis Risk Shortfall Carry Forward Amounts.

Class B-3 Pass-Through Rate: Shall mean (i) on any Distribution Date which occurs on or prior to the Optional Termination Date, the lesser of (1) One-Month LIBOR plus 2.000% per annum and (ii) 11.00% per annum and (ii) for each Distribution Date thereafter, the lesser of (1) One-Month LIBOR plus 3.000% per annum and (ii) 11.00% per annum, in each case subject to a cap equal to the related Net Rate Cap for such Distribution Date.

Class B-3 Principal Distribution Amount: For any Distribution Date, an amount equal to the lesser of (x) the remaining Principal Distribution Amount for such Distribution Date after distribution of the Class A Principal Distribution Amount and (y) the excess, if any, of (a) the sum of (1) the aggregate Certificate Principal Balance of the Class A Certificates (after taking into account the distribution of the Class A Principal Distribution Amount on such Distribution Date), (2) the Certificate Principal Balance of the Class M-1 Certificates (after taking into account the payment of the Class M-1 Principal Distribution Amount on such Distribution Date), (3) the Certificate Principal Balance of the Class M-2 Certificates (after taking into account the payment of the Class M-2 Principal Distribution Amount on such Distribution Date), (4) the Certificate Principal Balance of the Class M-3 Certificates (after taking into account the payment of the Class M-3 Principal Distribution Amount on such Distribution Date), (5) the Certificate Principal Balance of the Class B-1 Certificates (after taking into account the payment of the Class B-1 Principal Distribution Amount on such Distribution Date), (6) the Certificate Principal Balance of the Class B-2 Certificates (after taking into account the payment of the Class B-2 Principal Distribution Amount on such Distribution Date) and (7) the Certificate Principal Balance of the Class B-3 Certificates immediately prior to such Distribution Date, over (b) the lesser of (1) the product of (x) 96.20% and (y) the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses incurred during the related Due Period), and (2) the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses incurred during the related Due Period) minus $1,231,930.

Class B-4 Certificate: Any Certificate designated as a “Class B-4 Certificate” on the face thereof, in the form of Exhibit A-3 hereto, representing the right to its Percentage Interest of distributions provided for the Class B-4 Certificates as set forth herein and evidencing (i) a Regular Interest in REMIC III and (ii) the right to receive Basis Risk Shortfall Carry Forward Amounts.

Class B-4 Pass-Through Rate: Shall mean (i) on any Distribution Date which occurs on or prior to the Optional Termination Date, the lesser of (1) One-Month LIBOR plus 2.000% per annum and (ii) 11.00% per annum and (ii) for each Distribution Date thereafter, the lesser of (1) One-Month LIBOR plus 3.000% per annum and (ii) 11.00% per annum, in each case subject to a cap equal to the related Net Rate Cap for such Distribution Date.

Class B-4 Principal Distribution Amount: For any Distribution Date, an amount equal to the lesser of (x) the remaining Principal Distribution Amount for such Distribution Date after distribution of the Class A Principal Distribution Amount and (y) the excess, if any, of (a) the sum of (1) the aggregate Certificate Principal Balance of the Class A Certificates (after taking into account the distribution of the Class A Principal Distribution Amount on such Distribution Date), (2) the Certificate Principal Balance of the Class M-1 Certificates (after taking into account the payment of the Class M-1 Principal Distribution Amount on such Distribution Date), (3) the Certificate Principal Balance of the Class M-2 Certificates (after taking into account the payment of the Class M-2 Principal Distribution Amount on such Distribution Date), (4) the Certificate Principal Balance of the Class M-3 Certificates (after taking into account the payment of the Class M-3 Principal Distribution Amount on such Distribution Date), (5) the Certificate Principal Balance of the Class B-1 Certificates (after taking into account the payment of the Class B-1 Principal Distribution Amount on such Distribution Date), (6) the Certificate Principal Balance of the Class B-2 Certificates (after taking into account the payment of the Class B-2 Principal Distribution Amount on such Distribution Date), (7) the Certificate Principal Balance of the Class B-3 Certificates (after taking into account the payment of the Class B-3 Principal Distribution Amount on such Distribution Date) and (8) the Certificate Principal Balance of the Class B-4 Certificates immediately prior to such Distribution Date, over (b) the lesser of (1) the product of (x) 97.40% and (y) the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses incurred during the related Due Period), and (2) the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses incurred during the related Due Period) minus $1,231,930.

Class C Certificate: Any Certificate designated as a “Class C Certificate” on the face thereof, in the form of Exhibit A-4 hereto, representing the right to its Percentage Interest of distributions provided for the Class C Certificates herein and evidencing (i) a Regular Interest in REMIC IV and (ii) the obligation to pay Basis Risk Shortfall Carry Forward Amounts.

Class C Distribution Amount: With respect to any Distribution Date, the sum of (i) the Current Interest for the Class C Interest for such Distribution Date, (ii) any Overcollateralization Release Amount for such Distribution Date and (iii) without duplication, any Subsequent Recoveries not distributed to the Class A, Class M and Class B Certificates on such Distribution Date; provided, however that on any Distribution Date after the Distribution Date on which the Certificate Principal Balances of the Class A, Class M and Class B Certificates have been reduced to zero, the Class C Distribution Amount shall include the Overcollateralization Amount. For federal income tax purposes, the Class C Distribution Amount for the Class C Interest for any Distribution Date shall be an amount equal to 100% of the amounts distributed in respect of REMIC II Regular Interest C on such Distribution Date.

Class C Interest: An uncertificated interest in the Trust Fund held by the Trustee on behalf of the Holders of the Class C Certificates, evidencing a Regular Interest in REMIC III for purposes of the REMIC Provisions.

Class M Certificates: Any of the Class M-1, Class M-2, Class M-3 and Class M-4 Certificates.

Class M-1 Certificate: Any Certificate designated as a “Class M-1 Certificate” on the face thereof, in the form of Exhibit A-2 hereto, representing the right to its Percentage Interest of distributions provided for the Class M-1 Certificates as set forth herein and evidencing (i) a Regular Interest in REMIC III and (ii) the right to receive Basis Risk Shortfall Carry Forward Amounts.

Class M-1 Pass-Through Rate: Shall mean (i) on any Distribution Date which occurs on or prior to the Optional Termination Date, the lesser of (1) One-Month LIBOR plus 0.320% per annum and (ii) 11.00% per annum and (ii) for each Distribution Date thereafter, the lesser of (1) One-Month LIBOR plus 0.480% per annum and (ii) 11.00% per annum, in each case subject to a cap equal to the related Net Rate Cap for such Distribution Date.

Class M-1 Principal Distribution Amount: For any Distribution Date, an amount equal to the lesser of (x) the remaining Principal Distribution Amount for such Distribution Date after distribution of the Class A Principal Distribution Amount and (y) the excess, if any, of (a) the sum of (1) the aggregate Certificate Principal Balance of the Class A Certificates (after taking into account the distribution of the Class A Principal Distribution Amount on such Distribution Date) and (2) the Certificate Principal Balance of the Class M-1 Certificates immediately prior to such Distribution Date, over (b) the lesser of (1) the product of (x) 88.90% and (y) the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses incurred during the related Due Period), and (2) the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses incurred during the related Due Period) minus $1,231,930.

Class M-2 Certificate: Any Certificate designated as a “Class M-2 Certificate” on the face thereof, in the form of Exhibit A-2 hereto, representing the right to its Percentage Interest of distributions provided for the Class M-2 Certificates as set forth herein and evidencing (i) a Regular Interest in REMIC III and (ii) the right to receive Basis Risk Shortfall Carry Forward Amounts.

Class M-2 Pass-Through Rate: Shall mean (i) on any Distribution Date which occurs on or prior to the Optional Termination Date, the lesser of (1) One-Month LIBOR plus 0.390% per annum and (ii) 11.00% per annum and (ii) for each Distribution Date thereafter, the lesser of (1) One-Month LIBOR plus 0.585% per annum and (ii) 11.00% per annum, in each case subject to a cap equal to the related Net Rate Cap for such Distribution Date.

Class M-2 Principal Distribution Amount: For any Distribution Date, an amount equal to the lesser of (x) the remaining Principal Distribution Amount for such Distribution Date after distribution of the Class A Principal Distribution Amount and the Class M-1 Principal Distribution Amount and (y) the excess, if any, of (a) the sum of (1) the aggregate Certificate Principal Balance of the Class A Certificates (after taking into account the distribution of the Class A Principal Distribution Amount on such Distribution Date), (2) the Certificate Principal Balance of the Class M-1 Certificates (after taking into account the distribution of the Class M-1 Principal Distribution Amount on such Distribution Date) and (3) the Certificate Principal Balance of the Class M-2 Certificates immediately prior to such Distribution Date, over (b) the lesser of (1) the product of (x) 91.40% and (y) the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses incurred during the related Due Period), and (2) the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses incurred during the related Due Period) minus $1,231,930.

Class M-3 Certificate: Any Certificate designated as a “Class M-3 Certificate” on the face thereof, in the form of Exhibit A-2 hereto, representing the right to its Percentage Interest of distributions provided for the Class M-3 Certificates as set forth herein and evidencing (i) a Regular Interest in REMIC III and (ii) the right to receive Basis Risk Shortfall Carry Forward Amounts.

Class M-3 Pass-Through Rate: Shall mean (i) on any Distribution Date which occurs on or prior to the Optional Termination Date, the lesser of (1) One-Month LIBOR plus 0.420% per annum and (ii) 11.00% per annum and (ii) for each Distribution Date thereafter, the lesser of (1) One-Month LIBOR plus 0.630% per annum and (ii) 11.00% per annum, in each case subject to a cap equal to the related Net Rate Cap for such Distribution Date.

Class M-3 Principal Distribution Amount: For any Distribution Date, an amount equal to the lesser of (x) the remaining Principal Distribution Amount for such Distribution Date after distribution of the Class A Principal Distribution Amount, the Class M-1 Principal Distribution Amount and the Class M-2 Principal Distribution Amount and (y) the excess, if any, of (a) the sum of (1) the aggregate Certificate Principal Balance of the Class A Certificates (after taking into account the distribution of the Class A Principal Distribution Amount on such Distribution Date), (2) the Certificate Principal Balance of the Class M-1 Certificates (after taking into account the distribution of the Class M-1 Principal Distribution Amount on such Distribution Date), (3) the Certificate Principal Balance of the Class M-2 Certificates (after taking into account the distribution of the Class M-2 Principal Distribution Amount on such Distribution Date) and (4) the Certificate Principal Balance of the Class M-3 Certificates immediately prior to such Distribution Date, over (b) the lesser of (1) the product of (x) 92.60% and (y) the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses incurred during the related Due Period), and (2) the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses incurred during the related Due Period) minus $1,231,930.

Class M-4 Certificate: Any Certificate designated as a “Class M-4 Certificate” on the face thereof, in the form of Exhibit A-2 hereto, representing the right to its Percentage Interest of distributions provided for the Class M-4 Certificates as set forth herein and evidencing (i) a Regular Interest in REMIC III and (ii) the right to receive Basis Risk Shortfall Carry Forward Amounts.

Class M-4 Pass-Through Rate: Shall mean (i) on any Distribution Date which occurs on or prior to the Optional Termination Date, the lesser of (1) One-Month LIBOR plus 0.500% per annum and (ii) 11.00% per annum and (ii) for each Distribution Date thereafter, the lesser of (1) One-Month LIBOR plus 0.750% per annum and (ii) 11.00% per annum, in each case subject to a cap equal to the related Net Rate Cap for such Distribution Date.

Class M-4 Principal Distribution Amount: For any Distribution Date, an amount equal to the lesser of (x) the remaining Principal Distribution Amount for such Distribution Date after distribution of the Class A Principal Distribution Amount, the Class M-1 Principal Distribution Amount, the Class M-2 Principal Distribution Amount and the Class M-3 Principal Distribution Amount and (y) the excess, if any, of (a) the sum of (1) the aggregate Certificate Principal Balance of the Class A Certificates (after taking into account the distribution of the Class A Principal Distribution Amount on such Distribution Date), (2) the Certificate Principal Balance of the Class M-1 Certificates (after taking into account the distribution of the Class M-1 Principal Distribution Amount on such Distribution Date), (3) the Certificate Principal Balance of the Class M-2 Certificates (after taking into account the distribution of the Class M-2 Principal Distribution Amount on such Distribution Date), (4) the Certificate Principal Balance of the Class M-3 Certificates immediately prior to such Distribution Date and (5) the Certificate Principal Balance of the Class M-4 Certificates immediately prior to such Distribution Date, over (b) the lesser of (1) the product of (x) 93.60% and (y) the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses incurred during the related Due Period), and (2) the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses incurred during the related Due Period) minus $1,231,930.

Class P Certificate: Any Certificate designated as a “Class P Certificate” on the face thereof, in the form of Exhibit A-5 hereto, representing the right to its Percentage Interest of distributions provided for the Class P Certificates as set forth herein and evidencing (i) a Regular Interest in REMIC V and (ii) the right to receive any Prepayment Charge Waiver Amounts.

Class P Certificate Account: The account established and maintained by the Trustee pursuant to Section 6.09 hereof.

Class P Interest: An uncertificated interest in the Trust Fund held by the Trustee on behalf of the Holders of the Class P Certificates, evidencing a Regular Interest in REMIC III for purposes of the REMIC Provisions.

Class R Certificate: Any of the Class R-1, Class R-2, Class R-3 or Class RX Certificates.

Class R-1 Certificate: Any Certificate designated a “Class R-1 Certificate” on the face thereof, in the form set forth in Exhibit A-6 hereto, evidencing the Residual Interest in REMIC I and representing the right to the Percentage Interest of distributions provided for the Class R-1 Certificates as set forth herein.

Class R-2 Certificate: Any Certificate designated a “Class R-2 Certificate” on the face thereof, in the form set forth in Exhibit A-6 hereto, evidencing the Residual Interest in REMIC II and representing the right to the Percentage Interest of distributions provided for the Class R-2 Certificates as set forth herein.

Class R-3 Certificate: Any Certificate designated a “Class R-3 Certificate” on the face thereof, in the form set forth in Exhibit A-6 hereto, evidencing the Residual Interest in REMIC III and representing the right to the Percentage Interest of distributions provided for the Class R-3 Certificates as set forth herein.

Class RX Certificate: Any Certificate designated a “Class RX Certificate” on the face thereof, in the form set forth in Exhibit A-6 hereto, evidencing the ownership of the Class R-4 Interest and Class R-5 Interest and representing the right to the Percentage Interest of distributions provided for the Class RX Certificates as set forth herein.

Closing Date: July 31, 2006.

Code: The Internal Revenue Code of 1986, including any successor or amendatory provisions.

Compensating Interest: An amount, not to exceed the Servicing Fee, to be deposited in the Protected Account by the Master Servicer with respect to the payment of a Prepayment Interest Shortfall on a Mortgage Loan subject to this Agreement.

Corporate Trust Office: With respect to the Trustee, the designated corporate trust office of the Trustee where at any particular time its corporate trust business with respect to this Agreement shall be administered, which office at the date of the execution of this agreement is located at 0000 Xxx Xxxxxxxxx Xxxx, Xxxxxxxx, XX 00000, Attention: Corporate Trust Services, BSMF 2006-AC1. For purposes of certificate transfer purposes, such term shall mean the office or agency of the Trustee located at Xxxxx Fargo Bank, N.A., Xxxxx Xxxxxx xxx Xxxxxxxxx Xxxxxx, Xxxxxxxxxxx, Xxxxxxxxx 00000, Attention: Corporate Trust Services, BSMF 2006-AC1.

Corresponding Certificate: With respect to each REMIC II Regular Interest (other than REMIC II Regular Interests C and P), the Certificate with the corresponding designation.

Corresponding Interest: With respect to each REMIC I Regular Interest (other than REMIC I Regular Interests AA and ZZ), the REMIC II Regular Interest with the corresponding designation.

Current Interest: As of any Distribution Date, with respect to the Certificates and interests of each class (other than the Residual Interests and the Residual Certificates), (i) the interest accrued on the Certificate Principal Balance or Notional Amount or Uncertificated Notional Amount, as applicable, during the related Interest Accrual Period at the applicable Pass-Through Rate, plus any amount previously distributed with respect to interest for such Certificate or interest that has been recovered as a voidable preference by a trustee in bankruptcy minus (ii) the sum of (a) any Prepayment Interest Shortfall for such Distribution Date, to the extent not covered by Compensating Interest and (b) any Relief Act Interest Shortfalls during the related Due Period, provided, however, that for purposes of calculating Current Interest for any such class, amounts specified in clause (ii) hereof for any such Distribution Date shall be allocated first to the C Certificates, the Class C Interest and the Class R Certificates in reduction of amounts otherwise distributable to such Certificates and interest on such Distribution Date and then any excess shall be allocated to each Class of Class A, Class M and Class B Certificates pro rata based on the respective amounts of interest accrued pursuant to clause (i) hereof for each such Class on such Distribution Date.

Current Report: The Current Report pursuant to Section 13 or 15(d) of the Exchange Act.

Current Specified Enhancement Percentage: With respect to any Distribution Date, the percentage obtained by dividing (x) the sum of (i) the aggregate Certificate Principal Balance of the Class M Certificates and Class B Certificates and (ii) the Overcollateralization Amount, in each case prior to the distribution of the Principal Distribution Amount on such Distribution Date, by (y) the aggregate Stated Principal Balance of the Mortgage Loans as of the end of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses incurred during the related Due Period).

Custodial Agreement: An agreement, dated as of July 31, 2006, among the Depositor, the Seller, the Trustee, the Master Servicer and the Custodian in substantially the form of Exhibit J hereto.

Custodian: Xxxxx Fargo Bank, National Association, or any successor custodian appointed pursuant to the provisions hereof and the Custodial Agreement.

Cut-off Date: The close of business on July 1, 2006.

Cut-off Date Principal Balance: As to any Mortgage Loan, the unpaid principal balance thereof as of the close of business on the Cut-off Date after application of all Principal Prepayments received prior to the Cut-off Date and scheduled payments of principal due on or before the Cut-off Date, whether or not received, but without giving effect to any installments of principal received in respect of Due Dates after the Cut-off Date. The aggregate Cut-off Date Principal Balance of the Mortgage Loans is $246,386,026.04.

Debt Service Reduction: With respect to any Mortgage Loan, a reduction by a court of competent jurisdiction in a proceeding under the Bankruptcy Code in the Scheduled Payment for such Mortgage Loan that became final and non-appealable, except such a reduction resulting from a Deficient Valuation or any other reduction that results in a permanent forgiveness of principal.

Deficient Valuation: With respect to any Mortgage Loan, a valuation by a court of competent jurisdiction of the Mortgaged Property in an amount less than the then outstanding indebtedness under such Mortgage Loan, or any reduction in the amount of principal to be paid in connection with any Scheduled Payment that results in a permanent forgiveness of principal, which valuation or reduction results from an order of such court that is final and non-appealable in a proceeding under the Bankruptcy Code.

Definitive Certificates: As defined in Section 7.06.

Deleted Mortgage Loan: A Mortgage Loan replaced or to be replaced by a Replacement Mortgage Loan.

Delinquency Event: A Delinquency Event shall have occurred and be continuing if at any time, (x) the percent equivalent of a fraction, the numerator of which is the aggregate Stated Principal Balance of the Mortgage Loans that are 60 days or more Delinquent (including for this purpose any such Mortgage Loans in bankruptcy or foreclosure and Mortgage Loans with respect to which the related Mortgaged Property is REO Property), and the denominator of which is the aggregate Stated Principal Balance of all of the Mortgage Loans as of the last day of the related Due Period exceeds (y) 44.05% of the Current Specified Enhancement Percentage.

Delinquent: A Mortgage Loan is “delinquent” if any payment due thereon is not made pursuant to the terms of such Mortgage Loan by the close of business on the day such payment is scheduled to be due. A Mortgage Loan is “30 days delinquent” if such payment has not been received by the close of business on the corresponding day of the month immediately succeeding the month in which such payment was due, or, if there is no such corresponding day (e.g., as when a 30-day month follows a 31-day month in which a payment was due on the 31st day of such month), then on the last day of such immediately succeeding month. Similarly for “60 days delinquent,” “90 days delinquent” and so on. This method of determining delinquencies is also referred to as the OTS method.

Denomination: With respect to each Certificate, the amount set forth on the face thereof as the “Initial Principal Balance or initial notional amount of this Certificate”.

Depositor: Bear Xxxxxxx Asset Backed Securities I LLC, a Delaware limited liability company, or its successor in interest.

Depositor Information: As defined in Section 3.16(b).

Depository: The initial Depository shall be The Depository Trust Company (“DTC”), the nominee of which is Cede & Co., or any other organization registered as a “clearing agency” pursuant to Section 17A of the Securities Exchange Act of 1934, as amended. The Depository shall initially be the registered Holder of the Book-Entry Certificates. The Depository shall at all times be a “clearing corporation” as defined in Section 8-102(a)(5) of the Uniform Commercial Code of the State of New York.

Depository Agreement: With respect to the Class of Book-Entry Certificates, the agreement between the Depositor signing on behalf of the Issuing Entity and the initial Depository, dated as of the Closing Date, substantially in the form of Exhibit H.

Depository Participant: A broker, dealer, bank or other financial institution or other Person for whom from time to time a Depository effects book-entry transfers and pledges of securities deposited with the Depository.

Determination Date: With respect to any Distribution Date, the 15th day of the month of such Distribution Date or, if such 15th day is not a Business Day, the immediately preceding Business Day.

Distribution Account: The separate Eligible Account created and maintained by the Trustee pursuant to Section 5.08 in the name of the Trustee for the benefit of the Certificateholders and designated “Xxxxx Fargo Bank, Bank National Association, in trust for registered Holders of Bear Xxxxxxx Mortgage Funding Trust 2006-AC1, Asset-Backed Certificates, Series 2006-AC1” shall be held in trust for the Certificateholders for the uses and purposes set forth in this Agreement.

Distribution Date: The 25th day of each calendar month after the initial issuance of the Certificates, or if such 25th day is not a Business Day, the next succeeding Business Day, commencing in August 2006.

Distribution Report: The Asset-Backed Issuer Distribution Report pursuant to Section 13 or 15(d) of the Exchange Act.

Due Date: As to any Mortgage Loan, the date in each month on which the related Scheduled Payment is due, as set forth in the related Mortgage Note.

Due Period: With respect to any Distribution Date, the period from the second day of the calendar month preceding the calendar month in which such Distribution Date occurs through close of business on the first day of the calendar month in which such Distribution Date occurs.

XXXXX: As defined in Section 3.16.

Eligible Account: Any of (i) an account or accounts maintained with a federal or state chartered depository institution or trust company, the long-term unsecured debt obligations and short-term unsecured debt obligations of which (or, in the case of a depository institution or trust company that is the principal subsidiary of a holding company, the debt obligations of such holding company, so long as Xxxxx’x is not a Rating Agency) are rated by each Rating Agency in one of its two highest long-term and its highest short-term rating categories respectively, at the time any amounts are held on deposit therein, or (ii) an account or accounts in a depository institution or trust company in which such accounts are insured by the FDIC (to the limits established by the FDIC) and the uninsured deposits in which accounts are otherwise secured such that, as evidenced by an Opinion of Counsel delivered to the Trustee and to each Rating Agency, the Certificateholders have a claim with respect to the funds in such account or a perfected first priority security interest against any collateral (which shall be limited to Permitted Investments) securing such funds that is superior to claims of any other depositors or creditors of the depository institution or trust company in which such account is maintained, or (iii) a trust account or accounts maintained with the corporate trust department of a federal or state chartered depository institution or trust company having capital and surplus of not less than $50,000,000, acting in its fiduciary capacity or (iv) any other account acceptable to the Rating Agencies. Eligible Accounts may bear interest, and may include, if otherwise qualified under this definition, accounts maintained with the Trustee.

EMC: EMC Mortgage Corporation, a Delaware corporation.

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

ERISA Restricted Certificates: Any of the Class B-4, Class C, Class P and Residual Certificates.

Event of Default: As defined in Section 9.01 hereof.

Excess Cashflow: With respect to any Distribution Date, an amount, if any, equal to the sum of (a) the Remaining Excess Spread for such Distribution Date and (b) the Overcollateralization Release Amount for such Distribution Date.

Excess Liquidation Proceeds: To the extent not required by law to be paid to the related Mortgagor, the excess, if any, of any Liquidation Proceeds with respect to a Mortgage Loan over the Stated Principal Balance of such Mortgage Loan and accrued and unpaid interest at the related Mortgage Rate through the last day of the month in which the Mortgage Loan has been liquidated.

Excess Spread: With respect to any Distribution Date, the excess, if any, of (i) the Interest Funds for such Distribution Date over (ii) the sum of the Current Interest on the Class A, Class M and Class B Certificates and Interest Carry Forward Amounts on the Class A Certificates (other than Interest Carry Forward Amounts paid pursuant to Section 6.04(a)(3)(A)), in each case for such Distribution Date.

Exchange Act: Securities Exchange Act of 1934, as amended.

Exchange Act Reports: Any reports required to be filed pursuant to Section 3.16 of this Agreement.

Exemption: Prohibited Transaction Exemption 90-30, as amended from time to time.

Extra Principal Distribution Amount: With respect to any Distribution Date, the lesser of (i) the excess, if any, of the Overcollateralization Target Amount for such Distribution Date, over the Overcollateralization Amount for such Distribution Date (after giving effect to distributions of principal on the Certificates other than any Extra Principal Distribution Amount) and (ii) the Excess Spread for such Distribution Date.

Xxxxxx Mae: Xxxxxx Xxx (formally, Federal National Mortgage Association), or any successor thereto.

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

Final Recovery Determination: With respect to any defaulted Mortgage Loan or any REO Property (other than a Mortgage Loan or REO Property purchased by EMC pursuant to or as contemplated by Section 2.03(c) or Section 11.01), a determination made by the Master Servicer that all Insurance Proceeds, Liquidation Proceeds and other payments or recoveries which the Master Servicer, in its reasonable good faith judgment, expects to be finally recoverable in respect thereof have been so recovered. The Trustee shall maintain records, based solely on information provided by the Master Servicer, of each Final Recovery Determination made thereby.

Final Scheduled Distribution Date: With respect to the Certificates, August 25, 2036

Fiscal Quarter: December 1 to February 29 (or the last day in such month), March 1 to May 31, June 1 to August 31, or September to November 30, as applicable.

Form 8-K Disclosure Information: As defined in Section 3.16(a)(ii)(A).

Xxxxxxx Mac: Xxxxxxx Mac (formally, The Federal Home Loan Mortgage Corporation), or any successor thereto.

Global Certificate: Any Private Certificate registered in the name of the Depository or its nominee, beneficial interests in which are reflected on the books of the Depository or on the books of a Person maintaining an account with such Depository (directly or as an indirect participant in accordance with the rules of such depository).

Gross Margin: With respect to each Adjustable Rate Mortgage Loan, the fixed percentage set forth in the related Mortgage Note that is added to the Index on each Adjustment Date in accordance with the terms of the related Mortgage Note used to determine the Mortgage Rate for such Mortgage Loan.

Indemnified Persons: The Trustee, the Master Servicer, the Trust Fund and their officers, directors, agents and employees and, with respect to the Trustee, any separate co-trustee and its officers, directors, agents and employees.

Individual Certificate: Any Private Certificate registered in the name of the Holder other than the Depository or its nominee.

Initial Certificate Principal Balance: With respect to any Certificate, the Certificate Principal Balance of such Certificate or any predecessor Certificate on the Closing Date.

Insurance Policy: With respect to any Mortgage Loan included in the Trust Fund, any insurance policy or LPMI Policy, including all riders and endorsements thereto in effect with respect to such Mortgage Loan, including any replacement policy or policies for any Insurance Policies.

Insurance Proceeds: Proceeds paid in respect of the Mortgage Loans pursuant to any Insurance Policy or any other insurance policy covering a Mortgage Loan, to the extent such proceeds are payable to the mortgagee under the Mortgage, the Master Servicer or the trustee under the deed of trust and are not applied to the restoration of the related Mortgaged Property or released to the Mortgagor in accordance with the procedures that the Master Servicer would follow in servicing mortgage loans held for its own account, in each case other than any amount included in such Insurance Proceeds in respect of Insured Expenses.

Insured Expenses: Expenses covered by an Insurance Policy or any other insurance policy with respect to the Mortgage Loans.

Interest Accrual Period: With respect to the Class A-1 Certificates and Class A-2 Certificates and any Distribution Date, the calendar month immediately preceding the calendar month in which such Distribution Date occurs. With respect to the Class X-0, Xxxxx X-0, Class M, and Class B Certificates) and any Distribution Date, the period from and including the 25th day of the calendar month preceding the month in which such Distribution Date occurs (or with respect to the Class M Certificates and Class B Certificates and the first Interest Accrual Period, the Closing Date) to and including the 24^th day of the calendar month in which such Distribution Date occurs. The Class R Certificates and Class P Certificates are not entitled to distributions of interest and do not have an Interest Accrual Period. With respect to the Class C Certificates and the Class C Interest and any Distribution Date, the calendar month immediately preceding such Distribution Date. All calculations of interest on the Class A Certificates and Class C Certificates and the Class C Interest will be made on the basis of a 360-day year consisting of twelve 30-day months. All calculations of interest on the Class M Certificates and Class B Certificates will be made on the basis of the actual number of days elapsed in the related Interest Accrual Period.

Interest Carry Forward Amount: As of any Distribution Date and with respect to each Class of Certificates (other than the Class C, Class P and Residual Certificates), the sum of (i) the excess of (a) the Current Interest for such Class with respect to such Distribution Date and any prior Distribution Dates over (b) the amount actually distributed to such Class of Certificates with respect to interest on such Distribution Dates and (ii) interest thereon (to the extent permitted by applicable law) at the applicable Pass-Through Rate for such Class for the related Interest Accrual Period including the Interest Accrual Period relating to such Distribution Date.

Interest Determination Date: Shall mean the second LIBOR Business Day preceding the commencement of each Interest Accrual Period.

Interest Funds: For any Distribution Date, (i) the sum, without duplication, of (a) all scheduled interest during the related Due Period with respect to the related Mortgage Loans less the Servicing Fee, the Trustee Fee and the LPMI Fee, if any, (b) all Advances relating to interest with respect to the related Mortgage Loans remitted by the Master Servicer on or prior to the related Remittance Date, (c) all Compensating Interest with respect to the related Mortgage Loans required to be remitted by the Master Servicer pursuant to this Agreement with respect to such Distribution Date, (d) Liquidation Proceeds and Subsequent Recoveries with respect to the related Mortgage Loans collected during the related Prepayment Period (to the extent such Liquidation Proceeds and Subsequent Recoveries relate to interest), (e) all amounts relating to interest with respect to each Mortgage Loan repurchased by the Seller pursuant to Sections 2.02 and 2.03 and by EMC pursuant to Section 3.19, (f) all amounts in respect of interest paid by the Master Servicer pursuant to Section 11.01, to the Distribution Account pursuant to this Agreement and (g) the interest portion of any proceeds received from the exercise of an Optional Termination pursuant to Section 11.01 minus (ii) all amounts required to be reimbursed pursuant to Sections 5.02 and 5.09 or as otherwise set forth in this Agreement.

Issuing Entity: Bear Xxxxxxx Mortgage Funding Trust 2006-AC1.

Latest Possible Maturity Date: August 25, 2036, which is the Distribution Date in the month following the final scheduled maturity date of the Mortgage Loan in the Trust Fund having the latest scheduled maturity date as of the Cut-off Date. For purposes of the Treasury regulations under Sections 860A through 860G of the Code, the latest possible maturity date of each Regular Interest issued by REMIC I, REMIC II, REMIC III, REMIC IV and REMIC V shall be the Latest Possible Maturity Date.

LIBOR Business Day: Shall mean a day on which banks are open for dealing in foreign currency and exchange in London and New York City.

LIBOR Certificates: Any of the Class A-3, Class A-4, Class M and Class B Certificates.

Liquidated Loan: With respect to any Distribution Date, a defaulted Mortgage Loan that has been liquidated through deed-in-lieu of foreclosure, foreclosure sale, trustee’s sale or other realization as provided by applicable law governing the real property subject to the related Mortgage and any security agreements and as to which the Master Servicer has made a Final Recovery Determination with respect thereto.

Liquidation Proceeds: Amounts, other than Insurance Proceeds, received in connection with the partial or complete liquidation of a Mortgage Loan, whether through trustee’s sale, foreclosure sale or otherwise, or in connection with any condemnation or partial release of a Mortgaged Property and any other proceeds received with respect to an REO Property, less the sum of related unreimbursed Advances, Servicing Fees and Servicing Advances and all expenses of liquidation, including property protection expenses and foreclosure and sale costs, including court and reasonable attorneys fees.

Loan-to-Value Ratio: The fraction, expressed as a percentage, the numerator of which is the original principal balance of the related Mortgage Loan and the denominator of which is the Appraised Value of the related Mortgaged Property.

Loss Allocation Limitation: The meaning specified in Section 6.05(c) hereof.

LPMI Fee: Shall mean the fee payable to the insurer for each Mortgage Loan subject to an LPMI Policy as set forth in such LPMI Policy and on the Mortgage Loan Schedule.

LPMI Policy: A policy of mortgage guaranty insurance issued by an insurer meeting the requirements of Xxxxxx Mae and Xxxxxxx Mac in which the Master Servicer is responsible for the payment of the LPMI Fee thereunder from collections on the related Mortgage Loan.

Majority Class C Certificateholder: Shall mean the Holder of a 50.01% or greater Percentage Interest in the Class C Certificates.

Marker Rate: With respect to REMIC II Regular Interest C and any Distribution Date, a per annum rate equal to two (2) times the weighted average of the Uncertificated REMIC I Pass-Through Rates for the REMIC I Regular Interests (other than REMIC I Regular Interests AA and P), with the rate on each such REMIC I Regular Interest (other than REMIC I Regular Interest ZZ) subject to a cap equal to the Uncertificated REMIC II Pass-Through Rate for the Corresponding Interest for the purpose of this calculation for such Distribution Date, and with the rate on REMIC I Regular Interest ZZ subject to a cap of zero for the purpose of this calculation; provided, however, that solely for this purpose, the related cap with respect to each REMIC I Regular Interest (other than REMIC I Regular Interests AA, X-0, X-0, X-0, P and ZZ) shall be multiplied by a fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the related Interest Accrual Period.

Master Servicer: EMC Mortgage Corporation, in its capacity as master servicer, and its successors and assigns.

Master Servicer Information: As defined in Section 3.16(b).

Maximum Mortgage Rate: With respect to each Adjustable Rate Mortgage Loan, the percentage set forth in the related Mortgage Note as the maximum Mortgage Rate thereunder.

MERS: Mortgage Electronic Registration Systems, Inc., a corporation organized and existing under the laws of the State of Delaware, or any successor thereto.

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

MIN: The Mortgage Identification Number for Mortgage Loans registered with MERS on the MERS® System.

Minimum Mortgage Rate: With respect to each Adjustable Rate Mortgage Loan, the percentage set forth in the related Mortgage Note as the minimum Mortgage Rate thereunder.

MOM Loan: With respect to any Mortgage Loan, MERS acting as the mortgagee of such Mortgage Loan, solely as nominee for the originator of such Mortgage Loan and its successors and assigns, at the origination thereof.

Monthly Statement: The statement delivered pursuant to Section 6.06.

Moody’s: Xxxxx’x Investors Service, Inc., and any successor thereto.

Mortgage: The mortgage, deed of trust or other instrument creating a first lien on or first priority ownership interest in an estate in fee simple in real property securing a Mortgage Note.

Mortgage File: The mortgage documents listed in Section 2.01 hereof pertaining to a particular Mortgage Loan and any additional documents delivered to the Trustee or Custodian on its behalf to be added to the Mortgage File pursuant to this Agreement.

Mortgage Loans: Such of the Mortgage Loans transferred and assigned to the Trustee pursuant to the provisions hereof, as from time to time are held as a part of the Trust Fund (including any REO Property), the mortgage loans so held being identified in the Mortgage Loan Schedule, notwithstanding foreclosure or other acquisition of title of the related Mortgaged Property. Any mortgage loan that was intended by the parties hereto to be transferred to the Trust Fund as indicated by such Mortgage Loan Schedule which is in fact not so transferred for any reason including, without limitation, a breach of the representation contained in Section 2.03(b)(v) hereof, shall continue to be a Mortgage Loan hereunder until the Purchase Price with respect thereto has been paid to the Trust Fund.

Mortgage Loan Purchase Agreement: Shall mean the Mortgage Loan Purchase Agreement, dated as of July 31, 2006, between the Seller, as seller and the Depositor, as purchaser in the form attached hereto as Exhibit L.

Mortgage Loan Purchase Price: The price, calculated as set forth in Section 11.01, to be paid in connection with the repurchase of the Mortgage Loans pursuant to Section 11.01.

Mortgage Loan Schedule: The list of Mortgage Loans (as from time to time amended by the Seller to reflect the deletion of Deleted Mortgage Loans and the addition of Replacement Mortgage Loans pursuant to the provisions of this Agreement) transferred to the Trustee as part of the Trust Fund and from time to time subject to this Agreement, the initial Mortgage Loan Schedule being attached hereto as Exhibit B, setting forth the following information with respect to each Mortgage Loan:

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

(b) the property type;

(d) the Servicing Fee Rate;

(e) the Master Servicing Fee Rate, if applicable;

(f) the LPMI Fee, if applicable;

(g) the Trustee Fee Rate, if applicable;

(h) the Net Rate;

(i) the maturity date;

(j) the stated original term to maturity;

(k) the stated remaining term to maturity;

(l) the original Principal Balance;

(m) the first payment date;

(n) the principal and interest payment in effect as of the Cut-off Date;

(o) the unpaid Principal Balance as of the Cut-off Date;

(p) the Loan-to-Value Ratio at origination;

(q) the insurer of any Primary Mortgage Insurance Policy;

(r) the MIN with respect to each MOM Loan;

(s) the Gross Margin, if applicable;

(t) the next Adjustment Date, if applicable;

(u) the Maximum Mortgage Rate, if applicable;

(v) the Minimum Mortgage Rate, if applicable;

(w) the Periodic Rate Cap, if applicable;

(x) the Loan Group, if applicable;

(y) a code indicating whether the Mortgage Loan is negatively amortizing;

(z) which Mortgage Loans adjust after an initial fixed-rate period of one, two, three, five, seven or ten years or any other period;

(aa) the Prepayment Charge, if any;

(bb) lien position (e.g., first lien or second lien);

(cc) a code indicating whether the Mortgage Loan is has a balloon payment;

(dd) a code indicating whether the Mortgage Loan is an interest-only loan;

(ee) the interest-only term, if applicable;

(ff) the Mortgage Loan Seller; and

(gg) the original amortization term.

Such schedule also shall set forth for all of the Mortgage Loans, the total number of Mortgage Loans, the total of each of the amounts described under (n) and (j) above, the weighted average by principal balance as of the Cut-off Date of each of the rates described under (c) through (h) above, and the weighted average remaining term to maturity by unpaid principal balance as of the Cut-off Date.

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

Mortgage Rate: The annual rate of interest borne by a Mortgage Note.

Mortgaged Property: The underlying property securing a Mortgage Loan.

Mortgagor: The obligors on a Mortgage Note.

Net Mortgage Rate: As to each Mortgage Loan, and at any time, the per annum rate equal to the Mortgage Rate less the sum of (i) the Servicing Fee Rate, (ii) the Trustee Fee Rate and (iii) the rate at which the LPMI Fee is calculated, if any.

Net Rate Cap: With respect to the Class A-1 Certificates and Class A-2 Certificates and any Distribution Date, a per annum rate equal to the weighted average of the Net Mortgage Rates on the Mortgage Loans. With respect to the Class A-3 Certificates and Class A-4 Certificates and any Distribution Date, an interest rate cap calculated based on an assumed certificate with a principal balance equal to the Certificate Principal Balance of the Class A-3 Certificates and a fixed pass-through rate of 7.00% per annum and a rate increase of 0.50% per annum after the Optional Termination Date. If the weighted average of the Net Mortgage Rates on the Mortgage Loans for any Distribution Date is less than 7.00% per annum (or, after the Optional Termination Date, 7.50% per annum), the amount of the shortfall which would occur with respect to the assumed certificate for such Distribution Date will be allocated between the Class A-3 Certificates and Class A-4 Certificates in proportion to their current entitlements to interest for such Distribution Date calculated without regard to this cap, and the Net Rate Cap for each such Class for such Distribution Date will be equal to the Pass-Through Rate for such Class for such Distribution Date (determined without regard to the related Net Rate Cap) reduced by the shortfall for such Distribution Date allocable to such Class as determined pursuant to this sentence. For the avoidance of doubt, the Net Rate Cap will not be applicable to the Class A-3 Certificates or Class A-4 Certificates for any Distribution Date on which the weighted average of the Net Mortgage Rates on the Mortgage Loans is equal to or greater than 7.00% per annum (or, after the Optional Termination Date, 7.50% per annum).

With respect to the Class M Certificates and Class B Certificates, a per annum rate equal to the weighted average of the Net Mortgage Rates on the Mortgage Loans as of the first day of the related Due Period, adjusted for the actual numbers of days elapsed in the Interest Accrual Period.

For federal income tax purposes, the Net Rate Cap with respect to each of the Class A-3 Certificates and Class A-4 Certificates and any Distribution Date shall be equal to the Uncertificated REMIC III Pass-Through Rate for such Distribution Date for the Regular Interest the ownership of which is represented by such Certificate. For federal income tax purposes, the Net Rate Cap with respect to each Class X-0, Xxxxx X-0, Class M and Class B Certificate and any Distribution Date shall be a rate equal to the weighted average of the Uncertificated REMIC II Pass-Through Rate for such Distribution Date for the REMIC II Regular Interest for which such Certificate is the Corresponding Certificate.

Non-Book-Entry Certificate: Any Certificate other than a Book-Entry Certificate.

Nonrecoverable Advance: Any portion of an Advance previously made or proposed to be made by the Master Servicer pursuant to this Agreement, that, in the good faith judgment of the Master Servicer, will not or, in the case of a proposed advance, would not, be ultimately recoverable by it from the related Mortgagor, related Liquidation Proceeds, Insurance Proceeds or otherwise.

Notional Amount: With respect to the Class A-4 Certificates, an amount equal to the Certificate Principal Balance of the Class A-3 Certificates. With respect to the Class C Certificates and any Distribution Date, an amount equal to the aggregate Stated Principal Balance of the Mortgage Loans. The initial Notional Amount of the Class C Certificates shall be $246,386,026.04. For federal income tax purposes, the Class C Certificates will have a Notional Amount equal to the Uncertificated Notional Amount of the Class C Interest.

Offered Certificates: Any of the Class A-1, Class A-2, Class X-0, Xxxxx X-0, Class M-1, Class M-2, Class M-3, Class M-4, Class B-1, Class B-2 and Class B-3 Certificates.

Officer’s Certificate: A certificate (i) signed by the Chairman of the Board, the Vice Chairman of the Board, the President, a Vice President (however denominated), an Assistant Vice President, the Treasurer, the Secretary, or one of the assistant treasurers or assistant secretaries of the Depositor, the Seller or the Master Servicer (or any other officer customarily performing functions similar to those performed by any of the above designated officers and also to whom, with respect to a particular matter, such matter is referred because of such officer’s knowledge of and familiarity with a particular subject) or (ii), if provided for in this Agreement, signed by a Servicing Officer, as the case may be, and delivered to the Depositor, the Seller, the Master Servicer and/or the Trustee, as the case may be, as required by this Agreement.

One-Month LIBOR: With respect to any Interest Accrual Period and the LIBOR Certificates, the rate determined by the Trustee on the related Interest Determination Date on the basis of the rate for U.S. dollar deposits for one month that appears on Telerate Screen Page 3750 as of 11:00 a.m. (London time) on such Interest Determination Date. If such rate does not appear on such page (or such other page as may replace that page on that service, or if such service is no longer offered, such other service for displaying One-Month LIBOR or comparable rates as may be reasonably selected by the Trustee), One-Month LIBOR for the applicable Interest Accrual Period will be the Reference Bank Rate. If no such quotations can be obtained by the Trustee and no Reference Bank Rate is available, One-Month LIBOR shall be One-Month LIBOR applicable to the preceding Interest Accrual Period. The establishment of One-Month LIBOR on each Interest Determination Date by the Trustee and the Trustee’s calculation of the rate of interest applicable to the LIBOR Certificates for the related Interest Accrual Period shall, in the absence of manifest error, be final and binding. One-Month LIBOR for the Class M Certificates and Class B Certificates and any Accrual Period shall be calculated as described above. One-Month LIBOR for the initial Accrual Period will be 5.35% with regard to the Class A-3 Certificates and Class A-4 Certificates.

Opinion of Counsel: A written opinion of counsel, who may be counsel for the Seller, the Depositor or the Master Servicer, reasonably acceptable to each addressee of such opinion; provided that with respect to Section 2.05, 8.05, 8.07 or 12.01, or the interpretation or application of the REMIC Provisions, such counsel must (i) in fact be independent of the Seller, Depositor and the Master Servicer, (ii) not have any direct financial interest in the Seller, Depositor or the Master Servicer or in any affiliate of either, and (iii) not be connected with the Seller, Depositor or the Master Servicer as an officer, employee, promoter, underwriter, trustee, partner, director or person performing similar functions.

Optional Termination: The termination of the Trust created hereunder as a result of the purchase of all of the assets of the Trust and any related REO Property pursuant to Section 11.01.

Optional Termination Date: The Distribution Date on which the aggregate Stated Principal Balance of all of the Mortgage Loans is equal to or less than 20% of the aggregate Stated Principal Balance of all of the Mortgage Loans as of the Cut-off Date.

Original Value: The value of the property underlying a Mortgage Loan based, in the case of the purchase of the underlying Mortgaged Property, on the lower of an appraisal or the sales price of such property or, in the case of a refinancing, on an appraisal.

Originator: With respect to each Mortgage Loan, shall mean the originator set forth in the Mortgage Loan Schedule for such Mortgage Loan.

OTS: The Office of Thrift Supervision.

Outstanding: With respect to the Certificates as of any date of determination, all Certificates theretofore executed and authenticated under this Agreement except:

(a) Certificates theretofore canceled by the Trustee or delivered to the Trustee for cancellation; and

(b) Certificates in exchange for which or in lieu of which other Certificates have been executed and delivered by the Trustee pursuant to this Agreement.

Outstanding Mortgage Loan: As of any date of determination, a Mortgage Loan with a Stated Principal Balance greater than zero that was not the subject of a Principal Prepayment in full, and that did not become a Liquidated Loan, prior to the end of the related Prepayment Period.

Overcollateralization Amount: With respect to any Distribution Date, the excess, if any, of the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses incurred during the related Due Period) over the aggregate Certificate Principal Balance of the Certificates (other than the Class C Certificates and the Class P Certificates) on such Distribution Date (after taking into account the payment of principal other than any Extra Principal Distribution Amount on such Certificates).

Overcollateralization Release Amount: With respect to any Distribution Date, the lesser of (x) the Principal Remittance Amount for such Distribution Date and (y) the excess, if any, of (i) the Overcollateralization Amount for such Distribution Date (assuming that 100% of the Principal Remittance Amount is applied as a principal payment on such Distribution Date), over (ii) the Overcollateralization Target Amount for such Distribution Date (with the amount pursuant to clause (y) deemed to be $0 if the Overcollateralization Amount is less than or equal to the Overcollateralization Target Amount on that Distribution Date).

Overcollateralization Target Amount: With respect to any Distribution Date (a) prior to the Stepdown Date, 1.30% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date, (b) on or after the Stepdown Date and if a Trigger Event is not in effect, the greater of (i) the lesser of (1) 1.30% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date and (2) 2.60% of the then current aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses incurred during the related Due Period) and (ii) $1,231,930 or (c) on or after the Stepdown Date and if a Trigger Event is in effect, the Overcollateralization Target Amount for the immediately preceding Distribution Date.

Ownership Interest: As to any Certificate, any ownership interest in such Certificate including any interest in such Certificate as the Holder thereof and any other interest therein, whether direct or indirect, legal or beneficial.

Pass-Through Transfer: Any transaction involving either (1) a sale or other transfer of mortgage loans directly or indirectly to an issuing entity in connection with an issuance of publicly offered or privately placed, rated or unrated mortgage-backed securities or (2) an issuance of publicly offered or privately placed, rated or unrated securities, the payments on which are determined primarily by reference to one or more portfolios of residential mortgage loans.

Pass-Through Rate: With respect to each Class of Certificates (other than the Class C Certificates and Class P Certificates), the Class A-1 Pass-Through Rate, Class A-2 Pass-Through Rate, Class A-3 Pass-Through Rate, Class A-4 Pass-Through Rate, Class M-1 Pass-Through Rate, Class M-2 Pass-Through Rate, Class M-3 Pass-Through Rate, Class M43 Pass-Through Rate, Class B-1 Pass-Through Rate, Class B-2 Pass-Through Rate, Class B-3 Pass-Through Rate or Class B-4 Pass-Through Rate, as applicable.

With respect to the Class C Interest, the Class C Interest shall not have a Pass-Through Rate, but the Current Interest for such interest and each Distribution Date shall be an amount equal to 100% of the amounts distributable to REMIC II Regular Interest C.

With respect to the Class C Certificate, the Class C Certificate shall not have a Pass-Through Rate, but Current Interest for such Certificate and each Distribution Date shall be an amount equal to 100% of the amounts distributable to the Class C Interest for such Distribution Date.

With respect to the Class P Certificate and the Class P Interest, 0.00% per annum.

Percentage Interest: With respect to any Certificate of a specified Class, the Percentage Interest set forth on the face thereof or the percentage obtained by dividing the Denomination of such Certificate by the aggregate of the Denominations of all Certificates of such Class.

Periodic Rate Cap: With respect to each Adjustable Rate Mortgage Loan and any Adjustment Date therefor, the fixed percentage set forth in the related Mortgage Note, which is the maximum amount by which the Mortgage Rate for such Mortgage Loan may increase or decrease (without regard to the Maximum Mortgage Rate or the Minimum Mortgage Rate) on such Adjustment Date from the Mortgage Rate in effect immediately prior to such Adjustment Date.

Permitted Investments: At any time, any one or more of the following obligations and securities:

(i) obligations of the United States or any agency thereof, provided such obligations are backed by the full faith and credit of the United States;

(ii) general obligations of or obligations guaranteed by any state of the United States or the District of Columbia receiving the highest long-term debt rating of each Rating Agency, or such lower rating as will not result in the downgrading or withdrawal of the ratings then assigned to the Certificates by each Rating Agency;

(iii) commercial or finance company paper which is then receiving the highest commercial or finance company paper rating of each Rating Agency, or such lower rating as will not result in the downgrading or withdrawal of the ratings then assigned to the Certificates by each Rating Agency;

(iv) certificates of deposit, demand or time deposits, or bankers’ acceptances issued by any depository institution or trust company incorporated under the laws of the United States or of any state thereof and subject to supervision and examination by federal and/or state banking authorities (including the Trustee in its commercial banking capacity), provided that the commercial paper and/or long term unsecured debt obligations of such depository institution or trust company are then rated one of the two highest long-term and the highest short-term ratings of each such Rating Agency for such securities, or such lower ratings as will not result in the downgrading or withdrawal of the rating then assigned to the Certificates by any Rating Agency;

(v) demand or time deposits or certificates of deposit issued by any bank or trust company or savings institution to the extent that such deposits are fully insured by the FDIC;

(vi) guaranteed reinvestment agreements issued by any bank, insurance company or other corporation containing, at the time of the issuance of such agreements, such terms and conditions as will not result in the downgrading or withdrawal of the rating then assigned to the Certificates by any such Rating Agency;

(vii) repurchase obligations with respect to any security described in clauses (i) and (ii) above, in either case entered into with a depository institution or trust company (acting as principal) described in clause (iv) above;

(viii) securities (other than stripped bonds, stripped coupons or instruments sold at a purchase price in excess of 115% of the face amount thereof) bearing interest or sold at a discount issued by any corporation incorporated under the laws of the United States or any state thereof which, at the time of such investment, have one of the two highest long term ratings of each Rating Agency (except if the Rating Agency is Xxxxx’x, such rating shall be the highest commercial paper rating of Xxxxx’x for any such securities), or such lower rating as will not result in the downgrading or withdrawal of the rating then assigned to the Certificates by any Rating Agency, as evidenced by a signed writing delivered by each Rating Agency;

(ix) interests in any money market fund (including any such fund managed or advised by the Trustee or Master Servicer or any affiliate thereof) which at the date of acquisition of the interests in such fund and throughout the time such interests are held in such fund has the highest applicable long term rating by each Rating Agency rating such fund or such lower rating as will not result in the downgrading or withdrawal of the ratings then assigned to the Certificates by each Rating Agency;

(x) short term investment funds sponsored by any trust company or banking association incorporated under the laws of the United States or any state thereof (including any such fund managed or advised by the Trustee or any affiliate thereof) which on the date of acquisition has been rated by each Rating Agency in their respective highest applicable rating category or such lower rating as will not result in the downgrading or withdrawal of the ratings then assigned to the Certificates by each Rating Agency; and

(xi) such other investments having a specified stated maturity and bearing interest or sold at a discount acceptable to each Rating Agency as will not result in the downgrading or withdrawal of the rating then assigned to the Certificates by any Rating Agency, as evidenced by a signed writing delivered by each Rating Agency;

provided, that no such instrument shall be a Permitted Investment if such instrument (i) evidences the right to receive interest only payments with respect to the obligations underlying such instrument, (ii) is purchased at a premium or (iii) is purchased at a deep discount; provided further that no such instrument shall be a Permitted Investment (A) if such instrument evidences principal and interest payments derived from obligations underlying such instrument and the interest payments with respect to such instrument provide a yield to maturity of greater than 120% of the yield to maturity at par of such underlying obligations, or (B) if it may be redeemed at a price below the purchase price (the foregoing clause (B) not to apply to investments in units of money market funds pursuant to clause (vi) above); provided further that no amount beneficially owned by any REMIC may be invested in investments (other than money market funds) treated as equity interests for federal income tax purposes, unless the Trustee shall receive an Opinion of Counsel, at the expense of the Trustee, to the effect that such investment will not adversely affect the status of any such REMIC as a REMIC under the Code or result in imposition of a tax on any such REMIC. Permitted Investments that are subject to prepayment or call may not be purchased at a price in excess of par.

Permitted Transferee: Any Person (x) other than (i) the United States, any State or political subdivision thereof, any possession of the United States or any agency or instrumentality of any of the foregoing, (ii) a foreign government, International Organization or any agency or instrumentality of either of the foregoing, (iii) an organization (except certain farmers’ cooperatives described in Section 521 of the Code) that is exempt from tax imposed by Chapter 1 of the Code (including the tax imposed by Section 511 of the Code on unrelated business taxable income) on any excess inclusions (as defined in Section 860E(c)(1) of the Code) with respect to any Residual Certificate, (iv) rural electric and telephone cooperatives described in Section 1381(a)(2)(C) of the Code or (v) an electing large partnership within the meaning of Section 775(a) of the Code, (y) that is a citizen or resident of the United States, a corporation, partnership (other than a partnership that has any direct or indirect foreign partners) or other entity (treated as a corporation or a partnership for federal income tax purposes), created or organized in or under the laws of the United States, any State thereof or the District of Columbia, an estate whose income from sources without the United States is includible in gross income for United States federal income tax purposes regardless of its connection with the conduct of a trade or business within the United States, or a trust if a court within the United States is able to exercise primary supervision over the administration of the trust and one or more United States persons have authority to control all substantial decisions of the trust or if it has a valid election in effect under applicable U.S. Treasury regulations to be treated as a United States person and (z) other than any other Person so designated by the Trustee based upon an Opinion of Counsel addressed to the Trustee (which shall not be an expense of the Trustee) that states that the Transfer of an Ownership Interest in a Residual Certificate to such Person may cause REMIC I, REMIC II, REMIC III, REMIC IV or REMIC V to fail to qualify as a REMIC at any time that any Certificates are Outstanding. The terms “United States,” “State” and “International Organization” shall have the meanings set forth in Section 7701 of the Code or successor provisions. A corporation will not be treated as an instrumentality of the United States or of any State or political subdivision thereof for these purposes if all of its activities are subject to tax and, with the exception of Xxxxxxx Mac, a majority of its board of directors is not selected by such government unit.

Person: Any individual, corporation, partnership, joint venture, association, joint- stock company, limited liability company, trust, unincorporated organization or government, or any agency or political subdivision thereof.

Prepayment Assumption: The applicable rate of prepayment, as described in the Prospectus Supplement.

Prepayment Charge: Any prepayment premium, penalty or charge payable by a Mortgagor in connection with any Principal Prepayment on a Mortgage Loan pursuant to the terms of the related Mortgage Note.

Prepayment Charge Waiver Amount: Any amount paid by the Master Servicer to the Trustee in respect of waived Prepayment Charges pursuant to Section 5.01(a).

Prepayment Interest Excess: With respect to any Distribution Date, for each Mortgage Loan that was the subject of a Principal Prepayment in full or in part during the portion of the related Prepayment Period occurring between the first day of the calendar month in which such Distribution Date occurs and the Determination Date of the calendar month in which such Distribution Date occurs, an amount equal to interest (to the extent received) at the applicable Net Mortgage Rate on the amount of such Principal Prepayment for the number of days commencing on the first day of the calendar month in which such Distribution Date occurs and ending on the last date through which interest is collected from the related Mortgagor.

Prepayment Interest Shortfall: With respect to any Distribution Date, for each Mortgage Loan that was the subject of a partial Principal Prepayment, or a Principal Prepayment in full during the related Prepayment Period, or that became a Liquidated Loan during the prior calendar month, (other than a Principal Prepayment in full resulting from the purchase of a Mortgage Loan pursuant to Section 2.02, 2.03, 3.19 or 11.01 hereof), the amount, if any, by which (i) one month’s interest at the applicable Net Mortgage Rate on the Stated Principal Balance of such Mortgage Loan immediately prior to such prepayment (or liquidation) or in the case of a partial Principal Prepayment on the amount of such prepayment (or liquidation proceeds) exceeds (ii) the amount of interest paid or collected in connection with such Principal Prepayment or such liquidation proceeds less the sum of (a) the Servicing Fee, (b) the Trustee Fee and (c) the LPMI Fee, if any.

Prepayment Period: As to any Distribution Date, the period commencing on the 16^th day of the month prior to the month in which the related Distribution Date occurs and ending on the 15^th day of the month in which such Distribution Date occurs.

Primary Mortgage Insurance Policy: Any primary mortgage guaranty insurance policy issued in connection with a Mortgage Loan which provides compensation to a Mortgage Note holder in the event of default by the obligor under such Mortgage Note or the related security instrument, if any or any replacement policy therefor through the related Interest Accrual Period for such Class relating to a Distribution Date.

Principal Distribution Amount: With respect to each Distribution Date, an amount equal to (x) the Principal Funds for such Distribution Date plus (y) any Extra Principal Distribution Amount for such Distribution Date, less (z) any Overcollateralization Release Amount.

Principal Funds: With respect to any Distribution Date, (i) the sum, without duplication, of (a) all scheduled principal collected on the Mortgage Loans during the related Due Period, (b) all Advances relating to principal made with respect to the Mortgage Loans remitted by the Master Servicer on or prior to the Remittance Date, (c) Principal Prepayments with respect to the Mortgage Loans exclusive of Prepayment Charges or penalties collected during the related Prepayment Period, (d) the Stated Principal Balance of each Mortgage Loan that was repurchased by the Seller pursuant to Sections 2.02 or 2.03 or by EMC pursuant to Section 3.19, (e) the aggregate of all Substitution Adjustment Amounts with respect to the Mortgage Loans for the related Determination Date in connection with the substitution of related Mortgage Loans pursuant to Section 2.03(d), (e) all Liquidation Proceeds and Subsequent Recoveries with respect to the Mortgage Loans collected during the related Prepayment Period (to the extent such Liquidation Proceeds and Subsequent Recoveries relate to principal) and remitted by the Master Servicer to the Distribution Account pursuant to this Agreement and (f) amounts in respect of principal paid by the Majority Class C Certificateholder pursuant to Section 11.01 minus (ii) all related amounts required to be reimbursed pursuant to Sections 5.02 and 5.09 or as otherwise set forth in this Agreement.

Principal Prepayment: Any Mortgagor payment or other recovery of (or proceeds with respect to) principal on a Mortgage Loan (including loans purchased or repurchased under Sections 2.02, 2.03, 3.19 and 11.01 hereof) that is received in advance of its scheduled Due Date and is not accompanied by an amount as to interest representing scheduled interest due on any date or dates in any month or months subsequent to the month of prepayment. Partial Principal Prepayments shall be applied by the Master Servicer in accordance with the terms of the related Mortgage Note.

Principal Remittance Amount: With respect to each Distribution Date, the sum of the amounts listed in clauses (a) through (e) of the definition of Principal Funds.

Private Certificates: Any of the Class B-4, Class C, Class P and Class R Certificates.

Prospectus Supplement: The Prospectus Supplement dated July 27, 2006 relating to the public offering of the Offered Certificates.

Protected Account: The account established and maintained by the Master Servicer with respect to receipts on the Mortgage Loans and REO Property in accordance with Section 5.01 hereof or by the related Servicer in accordance with the related Servicing Agreement.

PUD: A Planned Unit Development.

Purchase Price: With respect to any Mortgage Loan (x) required to be repurchased by the Seller pursuant to Section 2.02 or 2.03 hereof or (y) that EMC has a right to purchase pursuant to Section 3.19 hereof, an amount equal to the sum of (i) 100% of the outstanding principal balance of the Mortgage Loan as of the date of such purchase plus (ii) accrued interest thereon at the applicable Mortgage Rate through the first day of the month in which the Purchase Price is to be distributed to Certificateholders, reduced by any portion of the Servicing Fee, Servicing Advances and Advances payable to the purchaser of the Mortgage Loan plus and (iii) any costs and damages (if any) incurred by the Trust in connection with any violation of such Mortgage Loan of any predatory lending laws.

Rating Agency: Each of Xxxxx’x and S&P. If any such organization or its successor is no longer in existence, “Rating Agency” shall be a nationally recognized statistical rating organization, or other comparable Person, designated by the Depositor, notice of which designation shall be given to the Trustee. References herein to a given rating category of a Rating Agency shall mean such rating category without giving effect to any modifiers.

Realized Loss: With respect to each Mortgage Loan as to which a Final Recovery Determination has been made, an amount (not less than zero) equal to (i) the unpaid principal balance of such Mortgage Loan as of the commencement of the calendar month in which the Final Recovery Determination was made, plus (ii) accrued interest from the Due Date as to which interest was last paid by the Mortgagor through the end of the calendar month in which such Final Recovery Determination was made, calculated in the case of each calendar month during such period (A) at an annual rate equal to the annual rate at which interest was then accruing on such Mortgage Loan and (B) on a principal amount equal to the Stated Principal Balance of such Mortgage Loan as of the close of business on the Distribution Date during such calendar month, minus (iii) the proceeds, if any, received in respect of such Mortgage Loan during the calendar month in which such Final Recovery Determination was made, net of amounts that are payable therefrom to the Master Servicer pursuant to this Agreement. In addition, to the extent the Master Servicer receives Subsequent Recoveries with respect to any Mortgage Loan, the amount of the Realized Loss with respect to that Mortgage Loan will be reduced to the extent such recoveries are distributed to any Class of Certificates or applied to increase Excess Spread on any Distribution Date.

With respect to any REO Property as to which a Final Recovery Determination has been made, an amount (not less than zero) equal to (i) the unpaid principal balance of the related Mortgage Loan as of the date of acquisition of such REO Property on behalf of REMIC I, plus (ii) accrued interest from the Due Date as to which interest was last paid by the Mortgagor in respect of the related Mortgage Loan through the end of the calendar month immediately preceding the calendar month in which such REO Property was acquired, calculated in the case of each calendar month during such period (A) at an annual rate equal to the annual rate at which interest was then accruing on the related Mortgage Loan and (B) on a principal amount equal to the Stated Principal Balance of the related Mortgage Loan as of the close of business on the Distribution Date during such calendar month, plus (iii) REO Imputed Interest for such REO Property for each calendar month commencing with the calendar month in which such REO Property was acquired and ending with the calendar month in which such Final Recovery Determination was made, minus (iv) the aggregate of all unreimbursed Advances and Servicing Advances.

With respect to each Mortgage Loan which has become the subject of a Deficient Valuation, the difference between the principal balance of the Mortgage Loan outstanding immediately prior to such Deficient Valuation and the principal balance of the Mortgage Loan as reduced by the Deficient Valuation.

With respect to each Mortgage Loan which has become the subject of a Debt Service Reduction, the portion, if any, of the reduction in each affected Monthly Payment attributable to a reduction in the Mortgage Rate imposed by a court of competent jurisdiction. Each such Realized Loss shall be deemed to have been incurred on the Due Date for each affected Monthly Payment.

Record Date: With respect to any Distribution Date and the Certificates (other than the Class A-1, Class A-2, Class C, Class P and Residual Certificates), so long as such Classes of Certificates are Book-Entry Certificates, the Business Day preceding such Distribution Date, and otherwise, the close of business on the last Business Day of the month preceding the month in which such Distribution Date occurs. With respect to any Distribution Date and the Class A-1 Certificates and Class A-2 Certificates, the close of business on the last Business Day of the month preceding the month in which such Distribution Date occurs. With respect to any Distribution Date and the Class C, Class P Certificates and Residual Certificates, so long as such Classes of Certificates remain non Book-Entry Certificates, the close of business on the last Business Day of the month preceding the month in which such Distribution Date occurs.

Reference Banks: Shall mean leading banks selected by the Trustee and engaged in transactions in Eurodollar deposits in the international Eurocurrency market (i) with an established place of business in London, (ii) which have been designated as such by the Trustee and (iii) which are not controlling, controlled by, or under common control with, the Depositor, the Seller or the Master Servicer.

Reference Bank Rate: With respect to any Interest Accrual Period shall mean the arithmetic mean, rounded upwards, if necessary, to the nearest whole multiple of 0.03125%, of the offered rates for United States dollar deposits for one month that are quoted by the Reference Banks as of 11:00 a.m., New York City time, on the related Interest Determination Date to prime banks in the London interbank market for a period of one month in an amount approximately equal to the aggregate Certificate Principal Balance of the LIBOR Certificates for such Interest Accrual Period, provided that at least two such Reference Banks provide such rate. If fewer than two offered rates appear, the Reference Bank Rate will be the arithmetic mean, rounded upwards, if necessary, to the nearest whole multiple of 0.03125%, of the rates quoted by one or more major banks in New York City, selected by the Trustee, as of 11:00 a.m., New York City time, on such date for loans in United States dollars to leading European banks for a period of one month in amounts approximately equal to the aggregate Certificate Principal Balance of the LIBOR Certificates for such Interest Accrual Period.

Regular Certificate: Any Certificate other than a Residual Certificate.

Regular Interest: A “regular interest” in a REMIC within the meaning of Section 860G(a)(1) of the Code.

Regulation AB: Subpart 229.1100 - Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1123, as such may be amended from time to time, and subject to such clarification and interpretation as have been provided by the Commission in the adopting release (Asset-Backed Securities, Securities Act Release No. 33-8518, 70 Fed. Reg. 1,506, 1,531 (Jan. 7, 2005)) or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time.

Relief Act: The Servicemembers Civil Relief Act, as amended, or any similar state or local law.

Relief Act Interest Shortfall: With respect to any Distribution Date and any Mortgage Loan, any reduction in the amount of interest collectible on such Mortgage Loan for the most recently ended Due Period as a result of the application of the Relief Act.

Remaining Excess Spread: With respect to any Distribution Date, the Excess Spread less any Extra Principal Distribution Amount, in each case for such Distribution Date.

REMIC: A “real estate mortgage investment conduit” within the meaning of Section 860D of the Code.

REMIC I: The segregated pool of assets described in the Preliminary Statement and Section 6.07(a).

REMIC I Regular Interest: Any of the separate non-certificated beneficial ownership interests in REMIC I issued hereunder and designated as a Regular Interest in REMIC I. Each REMIC I Regular Interest shall accrue interest at the related Uncertificated REMIC I Pass-Through Rate in effect from time to time, and shall be entitled to distributions of principal, subject to the terms and conditions hereof, in an aggregate amount equal to its initial Uncertificated Principal Balance as set forth in the Preliminary Statement hereto. The designations for the respective REMIC I Regular Interests are set forth in the Preliminary Statement hereto.

REMIC I Interest Loss Allocation Amount: With respect to any Distribution Date, an amount equal to (a) the product of (i) the aggregate Stated Principal Balance of the Mortgage Loans and REO Properties then outstanding and (ii) the Uncertificated REMIC I Pass-Through Rate for REMIC I Regular Interest AA minus the Marker Rate, divided by (b) 12.

REMIC I Overcollateralization Amount: With respect to any date of determination, (i) 1.00% of the aggregate Uncertificated Principal Balance of the REMIC I Regular Interests (other than REMIC I Regular Interest P) minus (ii) the aggregate Uncertificated Principal Balance of each REMIC I Regular Interest (other than REMIC I Regular Interest P) for which a REMIC II Regular Interest is a Corresponding Interest, in each case, as of such date of determination.

REMIC I Overcollateralization Target Amount: 1.00% of the Overcollateralization Target Amount.

REMIC I Principal Loss Allocation Amount: With respect to any Distribution Date, an amount equal to the product of (i) the aggregate Stated Principal Balance of the Mortgage Loans and REO Properties then outstanding and (ii) 1 minus a fraction, the numerator of which is two (2) times the aggregate Uncertificated Principal Balance of each REMIC I Regular Interest (other than REMIC I Regular Interest P) for which a REMIC II Regular Interest is a Corresponding Interest and the denominator of which is the aggregate Uncertificated Principal Balance of each REMIC I Regular Interest (other than REMIC I Regular Interest P) for which a REMIC II Regular Interest is a Corresponding Interest and REMIC I Regular Interest ZZ.

REMIC I Regular Interest ZZ Maximum Interest Deferral Amount: With respect to any Distribution Date, the excess of (i) accrued interest at the Uncertificated REMIC I Pass-Through Rate applicable to REMIC I Regular Interest ZZ for such Distribution Date on a balance equal to the Uncertificated Principal Balance of REMIC I Regular Interest ZZ minus the REMIC I Overcollateralization Amount, in each case for such Distribution Date, over (ii) the Uncertificated Accrued Interest on each REMIC I Regular Interest (other than REMIC I Regular Interest P) for which a REMIC II Regular Interest is a Corresponding Interest for the purpose of this calculation for such Distribution Date, with the rate on each such REMIC I Regular Interest subject to a cap equal to the Uncertificated REMIC II Pass-Through Rate for the Corresponding Interest; provided, however, that solely for this purpose, the related cap with respect to each REMIC I Regular Interest (other than REMIC I Regular Interests X-0, X-0, X-0 and P) for which a REMIC II Regular Interest is a Corresponding Interest shall be multiplied by a fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the related Interest Accrual Period.

REMIC II: The segregated pool of assets described in the Preliminary Statement consisting of the REMIC I Regular Interests

REMIC II Interests: The REMIC II Regular Interests and the Class R-2 Certificates..

REMIC II Regular Interest: Any of the separate non-certificated beneficial ownership interests in REMIC II issued hereunder and designated as a Regular Interest in REMIC II. Each REMIC II Regular Interest shall accrue interest at the related Uncertificated REMIC II Pass-Through Rate in effect from time to time, and shall be entitled to distributions of principal, subject to the terms and conditions hereof, in an aggregate amount equal to its initial Uncertificated Principal Balance as set forth in the Preliminary Statement hereto. The designations for the respective REMIC II Regular Interests are set forth in the Preliminary Statement hereto.

REMIC II Regular Interest C Distribution Amount: With respect to any Distribution Date, the sum of (i) the Uncertificated Accrued Interest for REMIC II Regular Interest C for such Distribution Date, (ii) any Overcollateralization Release Amount for such Distribution Date and (iii) without duplication, any Subsequent Recoveries not distributed to the Class A, Class M and Class B Certificates on such Distribution Date; provided, however, that on and after the Distribution Date on which the Certificate Principal Balances of the Class A, Class M and Class B Certificates have been reduced to zero, the REMIC II Regular Interest C Distribution Amount shall include the Overcollateralization Amount.

REMIC III: The segregated pool of assets described in the Preliminary Statement consisting of the REMIC II Regular Interests.

REMIC IV: The segregated pool of assets consisting of the Class C Interest conveyed in trust to the Trustee, for the benefit of the Holders of the Class C Certificates and the Class RX Certificates (in respect of the Class R-4 Interest), with respect to which a separate REMIC election is to be made.

REMIC V: The segregated pool of assets consisting of the Class P Interest conveyed in trust to the Trustee, for the benefit of the Holders of the Class P Certificates and the Class RX Certificates (in respect of the Class R-5 Interest), with respect to which a separate REMIC election is to be made.

REMIC Opinion: Shall mean an Opinion of Counsel to the effect that the proposed action will not have an adverse effect on any REMIC created hereunder.

REMIC Provisions: Provisions of the federal income tax law relating to real estate mortgage investment conduits, which appear at Sections 860A through 860G of the Code, and related provisions, and proposed, temporary and final regulations and published rulings, notices and announcements promulgated thereunder, as the foregoing may be in effect from time to time, as well as provisions of applicable state laws.

REMIC Regular Interests: The REMIC I Regular Interests and REMIC II Regular Interests.

Remittance Date: Shall mean the 23^rd calendar day of each month or, if such day is not a Business Day, the Business Day immediately preceding the 23^rd day of each month.

Remittance Report: As defined in Section 6.04(g).

REO Imputed Interest: As to any REO Property, for any calendar month during which such REO Property was at any time part of REMIC I, one month’s interest at the applicable Net Mortgage Rate on the Stated Principal Balance of such REO Property (or, in the case of the first such calendar month, of the related Mortgage Loan, if appropriate) as of the close of business on the Distribution Date in such calendar month.

REO Property: A Mortgaged Property acquired by the Master Servicer on behalf of the Trust through foreclosure or deed-in-lieu of foreclosure in connection with a defaulted Mortgage Loan.

Replacement Mortgage Loan: A Mortgage Loan or Mortgage Loans in the aggregate substituted by the Seller for a Deleted Mortgage Loan, which must, on the date of such substitution, as confirmed in a Request for Release, (i) have a Stated Principal Balance, after deduction of the principal portion of the Scheduled Payment due in the month of substitution, not in excess of, and not less than 90% of, the Stated Principal Balance of the Deleted Mortgage Loan; (ii) have a fixed Mortgage Rate not less than or more than 1% per annum higher than the Mortgage Rate of the Deleted Mortgage Loan; (iii) have the same or higher credit quality characteristics than that of the Deleted Mortgage Loan; (iv) have a Loan-to-Value Ratio no higher than that of the Deleted Mortgage Loan; (v) have a remaining term to maturity no greater than (and not more than one year less than) that of the Deleted Mortgage Loan; (vi) not permit conversion of the Mortgage Rate from a fixed rate to a variable rate; (vii) have the same lien priority as the Deleted Mortgage Loan; (viii) constitute the same occupancy type as the Deleted Mortgage Loan or be owner occupied; and (ix) comply with each representation and warranty set forth in Section 2.03 hereof.

Reportable Event: As defined in Section 3.16.

Repurchase Price: With respect to each Mortgage Loan, a price equal to (i) the outstanding principal balance of such Mortgage Loan, plus (ii) interest on such outstanding principal balance at the Mortgage Rate (net of the Servicing Fee Rate) from the last date through which interest has been paid to the end of the month of repurchase, less (iii) amounts advanced by the Master Servicer in respect of such repurchased Mortgage Loan which are being held in the Distribution Account for remittance to the Trustee plus (iv) any costs and damages (if any) incurred by the Trust in connection with any violation of such Mortgage Loan of any anti-predatory lending laws.

Request for Release: The Request for Release to be submitted by the Seller or the Master Servicer to the Custodian substantially in the form of Exhibit G. Each Request for Release furnished to the Custodian by the Seller or the Master Servicer shall be in duplicate and shall be executed by an officer of such Person or a Servicing Officer (or, if furnished electronically to the Custodian, shall be deemed to have been sent and executed by an officer of such Person or a Servicing Officer) of the Master Servicer.

Required Insurance Policy: With respect to any Mortgage Loan, any insurance policy that is required to be maintained from time to time under this Agreement.

Reserve Fund: Shall mean the separate trust account created and maintained by the Trustee pursuant to Section 6.08 hereof.

Reserve Fund Deposit: With respect to the Reserve Fund, an amount equal to $5,000, which the Depositor shall initially deposit into the Reserve Fund pursuant to Section 6.08 hereof.

Residual Certificates: The Class R-1, Class R-2, Class R-3 and Class RX Certificates, each evidencing the sole class of Residual Interests in the related REMIC.

Residual Interest: The sole class of “residual interests” in a REMIC within the meaning of Section 860G(a)(2) of the Code.

Responsible Officer: With respect to the Trustee, any Vice President, any Assistant Vice President, the Secretary, any Assistant Secretary, or any Trust Officer with specific responsibility for the transactions contemplated hereby, any other officer customarily performing functions similar to those performed by any of the above designated officers or other officers of the Trustee specified by the Trustee, as to whom, with respect to a particular matter, such matter is referred because of such officer’s knowledge of and familiarity with the particular subject.

S&P: Standard & Poor’s, a division of The XxXxxx-Xxxx Companies, Inc.

Scheduled Payment: The scheduled monthly payment on a Mortgage Loan due on any Due Date allocable to principal and/or interest on such Mortgage Loan.

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

Seller: EMC in its capacity as seller of the Mortgage Loans to the Depositor.

Senior Certificates: Any of the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates

Servicing Advances: All customary, reasonable and necessary “out of pocket” costs and expenses (including reasonable legal fees) incurred in the performance by Master Servicer of its servicing obligations hereunder, including, but not limited to, the cost of (i) the preservation, restoration and protection of a Mortgaged Property, (ii) any enforcement or judicial proceedings, including foreclosures, and including any expenses incurred in relation to any such proceedings that result from the Mortgage Loan being registered in the MERS® System, (iii) the management and liquidation of any REO Property (including, without limitation, realtor’s commissions) and (iv) compliance with any obligations under Section 3.07 hereof to cause insurance to be maintained.

Servicing Criteria: The “servicing criteria” set forth in Item 1122(d) of Regulation AB, as such may be amended from time to time, or those Servicing Criteria otherwise mutually agreed to by EMC, the Master Servicer, the Trustee and the applicable Servicer in response to evolving interpretations of Regulation AB and incorporated into a revised Exhibit N.

Servicing Fee: As to each Mortgage Loan and any Distribution Date, an amount equal to 1/12th of the Servicing Fee Rate multiplied by the Stated Principal Balance of such Mortgage Loan as of the Due Date in the month preceding the month in which such Distribution Date occurs.

Servicing Fee Rate: 0.250% per annum.

Servicing Modification: With respect to any Mortgage Loan that is in default or, in the reasonable judgment of the Master Servicer, as to which default is reasonably foreseeable, any modification which is effected by the Master Servicer in accordance with the terms of this Agreement which results in any change in the outstanding Stated Principal Balance, any change in the Mortgage Rate or any extension of the term of such Mortgage Loan.

Servicing Officer: Any officer of the Master Servicer involved in, or responsible for, the administration and servicing of the Mortgage Loans whose name and facsimile signature appear on a list of servicing officers furnished to the Trustee by the Master Servicer on the Closing Date pursuant to this Agreement, as such list may from time to time be amended.

Sponsor: EMC Mortgage Corporation, a Delaware corporation, and its successors and assigns, in its capacity as sponsor.

Startup Day: The Startup Day for each REMIC formed hereunder shall be the Closing Date.

Stated Principal Balance: With respect to any Mortgage Loan or related REO Property and any Distribution Date, the Cut-off Date Principal Balance thereof minus the sum of (i) the principal portion of the Scheduled Payments due with respect to such Mortgage Loan during each Due Period ending prior to such Distribution Date (and irrespective of any delinquency in their payment), (ii) all Principal Prepayments with respect to such Mortgage Loan received prior to or during the related Prepayment Period, and all Liquidation Proceeds to the extent applied by the Master Servicer as recoveries of principal in accordance with Section 3.09 with respect to such Mortgage Loan, that were received by the Master Servicer as of the close of business on the last day of the preceding calendar month related to such Distribution Date and (iii) any Realized Losses on such Mortgage Loan incurred during the related Due Period. The Stated Principal Balance of a Liquidated Loan equals zero.

Stepdown Date: The later to occur of (a) the Distribution Date in August 2009 and (b) the first Distribution Date on which the Current Specified Enhancement Percentage is greater than or equal to 15.90%.

Subordinated Certificates: The Class M, Class B, Class C and Residual Certificates.

Subsequent Recoveries: As of any Distribution Date, amounts received by the Master Servicer or any Servicer (net of any related expenses permitted to be reimbursed pursuant to Section 6.05) or surplus amounts held by the Master Servicer cover estimated expenses (including, but not limited to, recoveries in respect of the representations and warranties made by the Seller pursuant to the Mortgage Loan Purchase Agreement) specifically related to a Mortgage Loan that was the subject of a liquidation or final disposition of any REO Property prior to the related Prepayment Period that resulted in a Realized Loss.

Subservicing Agreement: Any agreement entered into between the Master Servicer and a subservicer with respect to the subservicing of any Mortgage Loan hereunder by such subservicer.

Substitution Adjustment Amount: The meaning ascribed to such term pursuant to Section 2.03(d).

Successor Master Servicer: The meaning ascribed to such term pursuant to Section 9.01.

Tax Matters Person: The person designated as “tax matters person” in the manner provided under Treasury Regulation Sections 1.860F-4(d) and 301.6231(a)(7)-1T. The Holder of the greatest Percentage Interest in a Class of Residual Certificates shall be the Tax Matters Person for the related REMIC. The Trustee or any successor thereto or assignee thereof shall serve as tax administrator hereunder and as agent for the related Tax Matters Person.

Transfer Affidavit: As defined in Section 7.02(c).

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

Trigger Event: With respect to any Distribution Date, a Trigger Event exists if (i) a Delinquency Event shall have occurred and be continuing or (ii) the aggregate amount of Realized Losses on the Mortgage Loans since the Cut-off Date as a percentage of the aggregate Cut-off Date Principal Balance of the Mortgage Loans exceeds the applicable percentages set forth below with respect to such Distribution Date:

Distribution Date	Percentage
August 2009 to July 2010	0.65% with respect to August 2009, plus an additional 1/12th of the difference between 1.10% and 0.65% for each month thereafter
August 2010 to July 2011	1.10% with respect to August 2010, plus an additional 1/12th of the difference between 1.55% and 1.10% for each month thereafter
August 2011 to July 2012	1.55% with respect to August 2011, plus an additional 1/12th of the difference between 1.85% and 1.55% for each month thereafter
August 2012 and thereafter	1.85%

Trust or Trust Fund: The corpus of the trust created hereunder consisting of (i) the Mortgage Loans and all interest accruing and principal due with respect thereto after the Cut-off Date to the extent not applied in computing the Cut-off Date Principal Balance thereof; (ii) the Class P Certificate Account, the Reserve Fund, the Class A-3/A-4 Net WAC Reserve Account, the Distribution Account maintained by the Trustee and the Protected Account and all amounts deposited therein pursuant to the applicable provisions of this Agreement; (iii) property that secured a Mortgage Loan and has been acquired by foreclosure, deed in lieu of foreclosure or otherwise; (iv) the mortgagee’s rights under the Insurance Policies with respect to the Mortgage Loans; (v) the Servicing Agreements and the Assignment Agreements; (vi) the rights under the Mortgage Loan Purchase Agreement; and (vii) all proceeds of the foregoing, including proceeds of conversion, voluntary or involuntary, of any of the foregoing into cash or other liquid property. The Reserve Fund, the Class A-3/A-4 Net WAC Reserve Account and Prepayment Charge Waiver Amounts shall not be included in REMIC I, REMIC II, REMIC III, REMIC IV or REMIC V.

Trustee: Xxxxx Fargo Bank, National Association, a national banking association, as trustee for the benefit of the Certificateholders under this Agreement, and any successor thereto, and any corporation or national banking association resulting from or surviving any consolidation or merger to which it or its successors may be a party and any successor trustee as may from time to time be serving as successor trustee hereunder.

Trustee Fee: As to each Mortgage Loan and any Distribution Date, an amount equal to 1/12th of 0.0165% multiplied by the Stated Principal Balance of such Mortgage Loan as of the Due Date in the month preceding the month in which such Distribution Date occurs.

Uncertificated Accrued Interest: With respect to each REMIC Regular Interest on each Distribution Date, an amount equal to one month’s interest at the related Uncertificated REMIC I Pass-Through Rate or Uncertificated REMIC II Pass-Through Rate on the Uncertificated Principal Balance or Uncertificated Notional Amount, as applicable, of such REMIC Regular Interest. In each case, Uncertificated Accrued Interest will be reduced by any Prepayment Interest Shortfalls and Relief Act Interest Shortfalls (allocated to such REMIC Regular Interests as set forth in Section 1.02).

Uncertificated Notional Amount: With respect to REMIC II Regular Interest C and any Distribution Date, an amount equal to the aggregate Uncertificated Principal Balance of the REMIC I Regular Interests (other than REMIC I Regular Interest P) for such Distribution Date.

With respect to the Class C Interest and any Distribution Date, an amount equal to the Uncertificated Notional Amount of the REMIC II Regular Interest C for such Distribution Date.

With respect to the Regular Interest the ownership of which is represented by the Class A-4 Certificates, an amount equal to the Uncertificated Principal Balance of REMIC II Regular Interest A-3.

Uncertificated Principal Balance: With respect to each REMIC Regular Interest, the Class C Interest and the Class P Interest, the principal amount of such REMIC Regular Interest, Class C Interest and Class P Interest outstanding as of any date of determination. As of the Closing Date, the Uncertificated Principal Balance of each REMIC Regular Interest, Class C Interest and Class P Interest shall equal the amount set forth in the Preliminary Statement hereto as its initial uncertificated principal balance. On each Distribution Date, the Uncertificated Principal Balance of the REMIC Regular Interests (other than REMIC II Regular Interest C) and Class P Interest shall be reduced by all distributions of principal made on such REMIC Regular Interests and Class P Interest on such Distribution Date pursuant to Section 6.07 and, if and to the extent necessary and appropriate, shall be further reduced on such Distribution Date by Realized Losses as provided in Section 6.05, and the Uncertificated Principal Balance of REMIC I Regular Interest ZZ shall be increased by interest deferrals as provided in Section 6.07(b)(i). The Uncertificated Principal Balance of each REMIC Regular Interest, Class P Interest and Class C Interest shall never be less than zero. With respect to the REMIC II Regular Interest C as of any date of determination, an amount equal to the excess, if any, of (A) the then aggregate Uncertificated Principal Balance of the REMIC I Regular Interests over (B) the then aggregate Certificate Principal Balance of the Class A, Class M, Class B and Class P Certificates then outstanding. With respect to the Class C Interest as of any date of determination, an amount equal to the Uncertificated Principal Balance of REMIC II Regular Interest C.

Uncertificated REMIC I Pass-Through Rate: With respect to any REMIC I Regular Interest (other than REMIC I Regular Interest P) and any Distribution Date, a per annum rate equal to the weighted average of the Net Mortgage Rates of the Mortgage Loans, weighted on the basis of the Stated Principal Balances thereof as of the first day of the related Due Period. With respect to REMIC I Regular Interest P and any Distribution Date, 0.00% per annum.

Uncertificated REMIC II Pass-Through Rate: With respect to any Distribution Date and each REMIC II Regular Interest other than REMIC II Regular Interest C, REMIC II Regular Interest P and REMIC II Regular Interest A-3, a rate per annum equal to the Pass-Through Rate for the Class of Corresponding Certificates for such Distribution Date; provided, however, that for this purpose the Net Rate Cap with respect to each such Class of Corresponding Certificates shall be equal to the weighted average of the Uncertificated REMIC I Pass-Through Rates for the REMIC I Regular Interests (other than REMIC I Regular Interest P), weighted on the basis of the Uncertificated Principal Balances of each such REMIC I Regular Interest, for such Distribution Date.

With respect to REMIC II Regular Interest A-3 and (i) any Distribution Date which occurs on or prior to the Optional Termination Date, the lesser of (a) 7.00% per annum and (b) the weighted average of the Uncertificated REMIC I Pass-Through Rates for the REMIC I Regular Interests (other than REMIC I Regular Interest P), weighted on the basis of the Uncertificated Principal Balances of each such REMIC I Regular Interest, for such Distribution Date, and (ii) any Distribution Date thereafter, the lesser of (a) 7.50% per annum and (b) the weighted average of the Uncertificated REMIC I Pass-Through Rates for the REMIC I Regular Interests (other than REMIC I Regular Interest P), weighted on the basis of the Uncertificated Principal Balances of each such REMIC I Regular Interest, for such Distribution Date.

With respect to REMIC II Regular Interest C, a rate per annum equal to the percentage equivalent of a fraction, the numerator of which is the sum of the amount determined for each REMIC I Regular Interest (other than REMIC I Regular Interest P) equal to the product of (x) the excess, if any, of the Uncertificated REMIC I Pass-Through Rate for such REMIC I Regular Interest over the Marker Rate and (y) a notional amount equal to the Uncertificated Principal Balance of such REMIC I Regular Interest, and the denominator of which is the aggregate Uncertificated Principal Balance of such REMIC I Regular Interests.

With respect to REMIC II Regular Interest P, 0.00% per annum.

Uncertificated REMIC III Pass-Through Rate: With respect to the Regular Interest the ownership of which is represented by the Class A-3 Certificates and any Distribution Date, a rate equal to the least of (A) One-Month LIBOR plus 0.55% per annum, (B) 7.00% per annum and (C) the weighted average of the Uncertificated REMIC II Pass-Through Rate for REMIC II Regular Interest A-3 for such Distribution Date, weighted on the basis of the Uncertificated Principal Balance of such REMIC II Regular Interest.

With respect to the Regular Interest the ownership of which is represented by the Class A-4 Certificates and any Distribution Date, a rate equal to the excess, if any, of (A) the Uncertificated REMIC II Pass-Through Rate for REMIC II Regular Interest A-3 over (B) the least of (x) One-Month LIBOR plus 0.55% per annum, (y) 7.00% per annum and (z) the weighted average of the Uncertificated REMIC II Pass-Through Rate for REMIC II Regular Interest A-3 for such Distribution Date, weighted on the basis of the Uncertificated Principal Balance of such REMIC II Regular Interest.

Unpaid Realized Loss Amount: With respect to any Class A Certificates and as to any Distribution Date, is the excess of Applied Realized Loss Amounts with respect to such Class over the sum of all distributions in reduction of the Applied Realized Loss Amounts on all previous Distribution Dates. Any amounts distributed to the Class A Certificates in respect of any Unpaid Realized Loss Amount shall not be applied to reduce the Certificate Principal Balance of such Class.

Voting Rights: The portion of the voting rights of all the Certificates that is allocated to any Certificate for purposes of the voting provisions hereunder. Voting Rights shall be allocated (i) 91% to the Class A (other than the Class A-4 Certificates), Class M and Class B Certificates, (ii) 3% to the Class C Certificates until paid in full, and (iii) 1% to each of the Class A-4, Class P, Class R-1, Class R-2, Class R-3 and Class RX Certificates, with the allocation among the Certificates (other than the Class C and Residual Certificates) to be in proportion to the Certificate Principal Balance of each Class relative to the Certificate Principal Balance of all other such Classes. Voting Rights will be allocated among the Certificates of each such Class in accordance with their respective Percentage Interests.

Section 1.02 Allocation of Certain Interest Shortfalls.

For purposes of calculating the amount of Current Interest for the Class A, Class M, Class B and Class C Certificates for any Distribution Date, the aggregate amount of any Prepayment Interest Shortfalls (to the extent not covered by payments by the Master Servicer pursuant to Section 6.02) and any Relief Act Interest Shortfalls incurred in respect of the Mortgage Loans for any Distribution Date shall be allocated first, to the Class C Interest based on, and to the extent of, one month’s interest otherwise distributable thereto, and to the Class R-3 Certificates based on amounts otherwise distributable thereto, and, thereafter, among the Class A, Class M and Class B Certificates, in each case on a pro rata basis, based on, and to the extent of, one month’s interest at the then applicable respective Pass-Through Rates on the respective Certificate Principal Balances of each such Certificate.

For purposes of calculating the amount of Uncertificated Accrued Interest for the REMIC I Regular Interests (other than REMIC I Regular Interest P) for any Distribution Date, the aggregate amount of any Prepayment Interest Shortfalls (to the extent not covered by payments by the Master Servicer pursuant to Section 6.02) and any Relief Act Interest Shortfalls incurred in respect of the Mortgage Loans for any Distribution Date shall be allocated first, to Uncertificated Accrued Interest payable to REMIC I Regular Interest AA and REMIC I Regular Interest ZZ up to an aggregate amount equal to the REMIC I Interest Loss Allocation Amount, 98% and 2%, respectively, and to amounts otherwise distributable to the Class R-1 Certificates, and thereafter among REMIC I Regular Interest AA, each REMIC I Regular Interest (other than REMIC I Regular Interest P) for which a REMIC II Regular Interest is the Corresponding Interest and REMIC I Regular Interest ZZ, pro rata, based on, and to the extent of, one month’s interest at the then applicable respective Uncertificated REMIC I Pass-Through Rates on the respective Uncertificated Principal Balances of each such REMIC I Regular Interest.

For purposes of calculating the amount of Uncertificated Accrued Interest for the REMIC II Regular Interests (other than REMIC II Regular Interest P) for any Distribution Date, the aggregate amount of any Prepayment Interest Shortfalls (to the extent not covered by payments by the Master Servicer pursuant to Section 6.02) and any Relief Act Interest Shortfalls incurred in respect of the Mortgage Loans for any Distribution Date shall be allocated among such REMIC II Regular Interests and the Class R-2 Certificates in the same manner and priority as such amounts are allocable to the Corresponding Certificates and, in the case of REMIC II Regular Interest C, to the Class C Interest, and, in the case of the Class R-2 Certificates, to the Class R-3 Certificates; provided, however, that solely for purposes of allocating such shortfalls to such REMIC II Regular Interests, any such shortfalls allocable to the Class A-4 Certificates shall be deemed to be allocated to the Class A-3 Certificates.

ARTICLE II

CONVEYANCE OF TRUST FUND

REPRESENTATIONS AND WARRANTIES

Section 2.01 Conveyance of Trust Fund.

Pursuant to the Mortgage Loan Purchase Agreement, the Seller sold, transferred, assigned, set over and otherwise conveyed to the Depositor, without recourse, all the right, title and interest of the Seller in and to the assets in the Trust Fund.

The Seller has entered into this Agreement in consideration for the purchase of the Mortgage Loans by the Depositor pursuant to the Mortgage Loan Purchase Agreement and has agreed to take the actions specified herein.

The Depositor, concurrently with the execution and delivery hereof, hereby sells, transfers, assigns, sets over and otherwise conveys to the Trustee for the use and benefit of the Certificateholders without recourse, all the right, title and interest of the Depositor in and to the Trust Fund.

In connection with such sale, the Depositor has delivered to, and deposited with, the Trustee or the Custodian, as its agent, the following documents or instruments with respect to each Mortgage Loan so assigned: (i) the original Mortgage Note, including any riders thereto, endorsed without recourse (A) in blank or to the order of “Xxxxx Fargo Bank, National Association, as Trustee for Certificateholders of Bear Xxxxxxx Mortgage Funding Trust 2006-AC1, Asset Backed Certificates, Series 2006-AC1”, or (B) in the case of a loan registered on the MERS system, in blank and in each case showing to the extent available to the Seller an unbroken chain of endorsements from the original payee thereof to the Person endorsing it to the Trustee, (ii) the original Mortgage and, if the related Mortgage Loan is a MOM Loan, noting the presence of the MIN and language indicating that such Mortgage Loan is a MOM Loan, which shall have been recorded (or if the original is not available, a copy), with evidence of such recording indicated thereon (or if clause (x) in the proviso below applies, shall be in recordable form), (iii) unless the Mortgage Loan is a MOM Loan or has been assigned in the name of MERS®, the assignment (either an original or a copy, which may be in the form of a blanket assignment if permitted in the jurisdiction in which the Mortgaged Property is located) to the Trustee of the Mortgage with respect to each Mortgage Loan in the name of “Xxxxx Fargo Bank, National Association, as Trustee for Certificateholders of Bear Xxxxxxx Mortgage Funding Trust 2006-AC1, Asset Backed Certificates, Series 2006-AC1,” which shall have been recorded (or if clause (x) in the proviso below applies, shall be in recordable form) (iv) an original or a copy of all intervening assignments of the Mortgage, if any, to the extent available to the Seller, with evidence of recording thereon, (v) the original policy of title insurance or mortgagee’s certificate of title insurance or commitment or binder for title insurance, if available, or a copy thereof, or, in the event that such original title insurance policy is unavailable, a photocopy thereof, or in lieu thereof, a current lien search on the related Mortgaged Property and (vi) originals or copies of all available assumption, modification or substitution agreements, if any; provided, however, that in lieu of the foregoing, the Seller may deliver the following documents, under the circumstances set forth below: (x) if any Mortgage, assignment thereof to the Trustee or intervening assignments thereof have been delivered or are being delivered to recording offices for recording and have not been returned in time to permit their delivery as specified above, the Depositor may deliver a true copy thereof with a certification by the Seller or the title company issuing the commitment for title insurance, on the face of such copy, substantially as follows: “Certified to be a true and correct copy of the original, which has been transmitted for recording”; and (y) in lieu of the Mortgage Notes relating to the Mortgage Loans identified in the list set forth in Exhibit I, the Depositor may deliver a lost note affidavit and indemnity and a copy of the original note, if available; and provided, further, however, that in the case of Mortgage Loans which have been prepaid in full after the Cut-off Date and prior to the Closing Date, the Depositor, in lieu of delivering the above documents, may deliver to the Trustee and its Custodian a certification of a Servicing Officer to such effect and in such case shall deposit all amounts paid in respect of such Mortgage Loans, in the Distribution Account on the Closing Date. In the case of the documents referred to in clause (x) above, the Depositor shall deliver such documents to the Trustee or its Custodian promptly after they are received. The Seller shall cause, at its expense, the Mortgage and intervening assignments, if any, and to the extent required in accordance with the foregoing, the assignment of the Mortgage to the Trustee to be submitted for recording promptly after the Closing Date provided that the Seller need not cause to be recorded any assignment (a) in any jurisdiction under the laws of which, as evidenced by an Opinion of Counsel addressed to the Trustee delivered by the Seller to the Trustee and the Rating Agencies, the recordation of such assignment is not necessary to protect the Trustee’s interest in the related Mortgage Loan or (b) if MERS is identified on the Mortgage or on a properly recorded assignment of the Mortgage as mortgagee of record solely as nominee for Seller and its successors and assigns. In the event that the Seller, the Depositor or the Master Servicer gives written notice to the Trustee that a court has recharacterized the sale of the Mortgage Loans as a financing, the Seller shall submit or cause to be submitted for recording as specified above or, should the Seller fail to perform such obligations, the Master Servicer shall cause each such previously unrecorded assignment to be submitted for recording as specified above at the expense of the Trust. In the event a Mortgage File is released to the Master Servicer as a result of such Person having completed a Request for Release, the Custodian shall, if not so completed, complete the assignment of the related Mortgage in the manner specified in clause (iii) above.

In connection with the assignment of any Mortgage Loan registered on the MERS® System, the Seller further agrees that it will cause, at the Seller’s own expense, within 30 days after the Closing Date, the MERS® System to indicate that such Mortgage Loans have been assigned by the Seller to the Depositor and by the Depositor to the Trustee in accordance with this Agreement for the benefit of the Certificateholders by including (or deleting, in the case of Mortgage Loans which are repurchased in accordance with this Agreement) in such computer files (a) the code in the field which identifies the specific Trustee and (b) the code in the field “Pool Field” which identifies the series of the Certificates issued in connection with such Mortgage Loans. The Seller further agrees that it will not, and will not permit the Master Servicer to, and the Master Servicer agrees that it will not, alter the codes referenced in this paragraph with respect to any Mortgage Loan during the term of this Agreement unless and until such Mortgage Loan is repurchased in accordance with the terms of this Agreement or the Mortgage Loan Purchase Agreement.

Section 2.02 Acceptance of the Mortgage Loans.

(a) Based on the Initial Certification received by it from the Custodian, the Trustee acknowledges receipt of, subject to the further review and exceptions reported by the Custodian pursuant to the procedures described below, the documents (or certified copies thereof) delivered to the Trustee or the Custodian on its behalf pursuant to Section 2.01 and declares that it holds and will continue to hold directly or through a custodian those documents and any amendments, replacements or supplements thereto and all other assets of the Trust Fund delivered to it in trust for the use and benefit of all present and future Holders of the Certificates. On the Closing Date, the Trustee or the Custodian on its behalf will deliver the Seller, the Trustee an Initial Certification confirming whether or not it has received the Mortgage File for each Mortgage Loan, but without review of such Mortgage File, except to the extent necessary to confirm whether such Mortgage File contains the original Mortgage Note or a lost note affidavit and indemnity in lieu thereof. No later than 90 days after the Closing Date, the Trustee or the Custodian on its behalf shall, for the benefit of the Certificateholders, review each Mortgage File delivered to it and execute and deliver to the Seller and, if reviewed by the Custodian, the Trustee, an Interim Certification. In conducting such review, the Trustee or the Custodian on its behalf will ascertain whether all required documents have been executed and received and whether those documents relate, determined on the basis of the Mortgagor name, original principal balance and loan number, to the Mortgage Loans identified in Exhibit B to this Agreement, as supplemented (provided, however, that with respect to those documents described in subclauses (iv) and (vi) of Section 2.01, such obligations shall extend only to documents actually delivered pursuant to such subclauses). In performing any such review, the Trustee and the Custodian may conclusively rely on the purported due execution and genuineness of any such document and on the purported genuineness of any signature thereon. If the Trustee or the Custodian on its behalf finds any document constituting part of the Mortgage File not to have been executed or received, or to be unrelated to the Mortgage Loans identified in Exhibit B or to appear to be defective on its face, the Trustee or the Custodian on its behalf shall include such information in the exception report. The Seller shall correct or cure any such defect or, if prior to the end of the second anniversary of the Closing Date, the Seller may substitute for the related Mortgage Loan a Replacement Mortgage Loan, which substitution shall be accomplished in the manner and subject to the conditions set forth in Section 2.03 or shall deliver to the Trustee an Opinion of Counsel addressed to the Trustee to the effect that such defect does not materially or adversely affect the interests of the Certificateholders in such Mortgage Loan within 60 days from the date of notice from the Trustee of the defect and if the Seller fails to correct or cure the defect or deliver such opinion within such period, the Seller will, subject to Section 2.03, within 90 days from the notification of the Trustee purchase such Mortgage Loan at the Purchase Price; provided, however, that if such defect relates solely to the inability of the Seller to deliver the Mortgage, assignment thereof to the Trustee, or intervening assignments thereof with evidence of recording thereon because such documents have been submitted for recording and have not been returned by the applicable jurisdiction, the Seller shall not be required to purchase such Mortgage Loan if the Seller delivers such documents promptly upon receipt, but in no event later than 360 days after the Closing Date.

(b) No later than 180 days after the Closing Date, the Trustee or the Custodian on its behalf will review, for the benefit of the Certificateholders, the Mortgage Files and will execute and deliver or cause to be executed and delivered to the Seller and, if reviewed by the Custodian, to the Trustee, a Final Certification. In conducting such review, the Trustee or the Custodian on its behalf will ascertain whether each document required to be recorded has been returned from the recording office with evidence of recording thereon and the Trustee or the Custodian on its behalf has received either an original or a copy thereof, as required in Section 2.01 (provided, however, that with respect to those documents described in subclauses (iv) and (vi) of Section 2.01, such obligations shall extend only to documents actually delivered pursuant to such subclauses). If the Trustee or the Custodian on its behalf finds any document with respect to a Mortgage Loan has not been received, or to be unrelated, determined on the basis of the Mortgagor name, original principal balance and loan number, to the Mortgage Loans identified in Exhibit B or to appear defective on its face, the Trustee or the Custodian on its behalf shall note such defect in the exception report attached to the Final Certification and shall promptly notify the Seller. The Seller shall correct or cure any such defect or, if prior to the end of the second anniversary of the Closing Date, the Seller may substitute for the related Mortgage Loan a Replacement Mortgage Loan, which substitution shall be accomplished in the manner and subject to the conditions set forth in Section 2.03 or shall deliver to the Trustee an Opinion of Counsel addressed to the Trustee to the effect that such defect does not materially or adversely affect the interests of Certificateholders in such Mortgage Loan within 60 days from the date of notice from the Trustee of the defect and if the Seller is unable within such period to correct or cure such defect, or to substitute the related Mortgage Loan with a Replacement Mortgage Loan or to deliver such opinion, the Seller shall, subject to Section 2.03, within 90 days from the notification of the Trustee, purchase such Mortgage Loan at the Purchase Price; provided, however, that if such defect relates solely to the inability of the Seller to deliver the Mortgage, assignment thereof to the Trustee or intervening assignments thereof with evidence of recording thereon, because such documents have not been returned by the applicable jurisdiction, the Seller shall not be required to purchase such Mortgage Loan, if the Seller delivers such documents promptly upon receipt, but in no event later than 360 days after the Closing Date.

(c) In the event that a Mortgage Loan is purchased by the Seller in accordance with subsections 2.02(a) or (b) above or Section 2.03, the Seller shall remit the applicable Purchase Price to the Trustee, for deposit in the Distribution Account and shall provide written notice to the Trustee detailing the components of the Purchase Price, signed by a Servicing Officer. Upon deposit of the Purchase Price in the Distribution Account and upon receipt of a Request for Release with respect to such Mortgage Loan, the Trustee or the Custodian will release to the Seller the related Mortgage File and the Trustee shall execute and deliver all instruments of transfer or assignment, without recourse, representation or warranty furnished to it by the Seller, as are necessary to vest in the Seller title to and rights under the Mortgage Loan. Such purchase shall be deemed to have occurred on the date on which the deposit into the Distribution Account was made. The Trustee shall promptly notify the Rating Agencies of such repurchase. The obligation of the Seller to cure, repurchase or substitute for any Mortgage Loan as to which a defect in a constituent document exists shall be the sole remedies respecting such defect available to the Certificateholders or to the Trustee on their behalf.

(d) The Seller shall deliver to the Trustee or the Custodian on its behalf, and Trustee agrees to accept the Mortgage Note and other documents constituting the Mortgage File with respect to any Replacement Mortgage Loan, which the Trustee or the Custodian will review as provided in subsections 2.02(a) and 2.02(b), provided, that the Closing Date referred to therein shall instead be the date of delivery of the Mortgage File with respect to each Replacement Mortgage Loan.

Section 2.03 Representations, Warranties and Covenants of the Master Servicer and the Seller.

(a) The Master Servicer hereby represents and warrants to the Depositor and the Trustee as follows, as of the Closing Date:

(i) It is duly organized and is validly existing and in good standing under the laws of the State of Delaware and is duly authorized and qualified to transact any and all business contemplated by this Agreement to be conducted by it in any state in which a Mortgaged Property is located or is otherwise not required under applicable law to effect such qualification and, in any event, is in compliance with the doing business laws of any such state, to the extent necessary to ensure its ability to enforce each Mortgage Loan, to service the Mortgage Loans in accordance with the terms of this Agreement and to perform any of its other obligations under this Agreement in accordance with the terms hereof.

(ii) It has the full corporate power and authority to service each Mortgage Loan, and to execute, deliver and perform, and to enter into and consummate the transactions contemplated by this Agreement and has duly authorized by all necessary corporate action on its part the execution, delivery and performance of this Agreement; assuming the due authorization, execution and delivery hereof by the other parties hereto, constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, except that (a) the enforceability hereof may be limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally and (b) the remedy of specific performance and injunctive and other forms of equitable relief may be subject to equitable defenses and to the discretion of the court before which any proceeding therefor may be brought.

(iii) The execution and delivery of this Agreement by it, the servicing of the Mortgage Loans by it under this Agreement, the consummation of any other of the transactions contemplated by this Agreement, and the fulfillment of or compliance with the terms hereof are in its ordinary course of business and will not (A) result in a breach of any term or provision of its charter or by-laws or (B) conflict with, result in a breach, violation or acceleration of, or result in a default under, the terms of any other material agreement or instrument to which it is a party or by which it may be bound, or (C) constitute a violation of any statute, order or regulation applicable to it of any court, regulatory body, administrative agency or governmental body having jurisdiction over it; and it is not in breach or violation of any material indenture or other material agreement or instrument, or in violation of any statute, order or regulation of any court, regulatory body, administrative agency or governmental body having jurisdiction over it which breach or violation may materially impair its ability to perform or meet any of its obligations under this Agreement.

(iv) It is an approved servicer of conventional mortgage loans for Xxxxxx Xxx or Xxxxxxx Mac and is a mortgagee approved by the Secretary of Housing and Urban Development pursuant to sections 203 and 211 of the National Housing Act.

(v) No litigation is pending or, to the best of its knowledge, threatened, against it that would materially and adversely affect the execution, delivery or enforceability of this Agreement or its ability to service the Mortgage Loans or to perform any of its other obligations under this Agreement in accordance with the terms hereof.

(vi) No consent, approval, authorization or order of any court or governmental agency or body is required for its execution, delivery and performance of, or compliance with, this Agreement or the consummation of the transactions contemplated hereby, or if any such consent, approval, authorization or order is required, it has obtained the same.

(vii) As of the Closing Date and except as has been otherwise disclosed to the Depositor, or disclosed in any public filing: (1) no default or servicing related performance trigger has occurred as to any other Pass-Through Transfer due to any act or failure to act of the Master Servicer; (2) no material noncompliance with applicable servicing criteria as to any other Pass-Through Transfer has occurred, been disclosed or reported by the Master Servicer; (3) the Master Servicer has not been terminated as servicer in a residential mortgage loan Pass-Through Transfer, either due to a servicing default or to application of a servicing performance test or trigger; (4) no material changes to the Master Servicer’s servicing policies and procedures for similar loans have occurred in the preceding three years outside of the normal changes warranted by regulatory and product type changes in the portfolio; (5) there are no aspects of the Master Servicer’s financial condition that could have a material adverse impact on the performance by the Master Servicer of its obligations hereunder; (6) there are no legal proceedings pending, or known to be contemplated by governmental authorities, against the Master Servicer that could be material to investors in the securities issued in such Pass-Through Transfer; and (7) there are no affiliations, relationships or transactions relating to the Master Servicer of a type that are described under Item 1119 of Regulation AB.

(viii) If so requested by the Depositor on any date, the Master Servicer shall, within five Business Days following such request, confirm in writing the accuracy of the representations and warranties set forth in clause (a)(vii) of this Section or, if any such representation and warranty is not accurate as of the date of such request, provide reasonably adequate disclosure of the pertinent facts, in writing, to the requesting party.

(ix) As a condition to the succession to the Master Servicer or any subservicer as servicer or subservicer under this Agreement by any Person (i) into which the Master Servicer or such subservicer may be merged or consolidated, or (ii) which may be appointed as a successor to the Master Servicer or any subservicer, the Master Servicer shall provide to the Depositor, at least 15 calendar days prior to the effective date of such succession or appointment, (x) written notice to the Depositor of such succession or appointment and (y) in writing and in form and substance reasonably satisfactory to the Depositor, all information reasonably requested by the Depositor in order to comply with its reporting obligation under Item 6.02 of Form 8-K with respect to any class of asset-backed securities.

(b) The Seller hereby represents and warrants to the Depositor, the Master Servicer and the Trustee as follows, as of the Closing Date:

(i) The Seller is duly organized as a Delaware corporation and is validly existing and in good standing under the laws of the State of Delaware and is duly authorized and qualified to transact any and all business contemplated by this Agreement and to be conducted by the Seller in any state in which a Mortgaged Property is located or is otherwise not required under applicable law to effect such qualification and, in any event, is in compliance with the doing business laws of any such state, to the extent necessary to ensure its ability to enforce each Mortgage Loan, to sell the Mortgage Loans in accordance with the terms of this Agreement and to perform any of its other obligations under this Agreement in accordance with the terms hereof or thereof.

(ii) The Seller has the full corporate power and authority to sell each Mortgage Loan, and to execute, deliver and perform, and to enter into and consummate the transactions contemplated by this Agreement and has duly authorized by all necessary corporate action on the part of the Seller the execution, delivery and performance of this Agreement; and this Agreement, assuming the due authorization, execution and delivery hereof by the other parties hereto or thereto, as applicable, constitutes a legal, valid and binding obligation of the Seller, enforceable against the Seller in accordance with its terms, except that (a) the enforceability hereof may be limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally and (b) the remedy of specific performance and injunctive and other forms of equitable relief may be subject to equitable defenses and to the discretion of the court before which any proceeding therefor may be brought.

(iii) The execution and delivery of this Agreement by the Seller, the sale of the Mortgage Loans by the Seller under the Mortgage Loan Purchase Agreement, the consummation of any other of the transactions contemplated by this Agreement, and the fulfillment of or compliance with the terms hereof and thereof are in the ordinary course of business of the Seller and will not (A) result in a breach of any term or provision of the charter or by-laws of the Seller or (B) conflict with, result in a breach, violation or acceleration of, or result in a default under, the terms of any other material agreement or instrument to which the Seller is a party or by which it may be bound, or (C) constitute a violation of any statute, order or regulation applicable to the Seller of any court, regulatory body, administrative agency or governmental body having jurisdiction over the Seller; and the Seller is not in breach or violation of any material indenture or other material agreement or instrument, or in violation of any statute, order or regulation of any court, regulatory body, administrative agency or governmental body having jurisdiction over it which breach or violation may materially impair the Seller’s ability to perform or meet any of its obligations under this Agreement.

(iv) The Seller is an approved seller of conventional mortgage loans for Xxxxxx Mae or Xxxxxxx Mac and is a mortgagee approved by the Secretary of Housing and Urban Development pursuant to sections 203 and 211 of the National Housing Act.

(v) No litigation is pending or, to the best of the Seller’s knowledge, threatened, against the Seller that would materially and adversely affect the execution, delivery or enforceability of this Agreement or the ability of the Seller to sell the Mortgage Loans or to perform any of its other obligations under this Agreement in accordance with the terms hereof or thereof.

(vi) No consent, approval, authorization or order of any court or governmental agency or body is required for the execution, delivery and performance by the Seller of, or compliance by the Seller with, this Agreement or the consummation of the transactions contemplated hereby or thereby, or if any such consent, approval, authorization or order is required, the Seller has obtained the same.

(vii) As of the Closing Date, the representations and warranties concerning the Mortgage Loans set forth in Section 7 of the Mortgage Loan Purchase Agreement are true and correct in all material respects.

(c) Upon discovery by any of the parties hereto of a breach of a representation or warranty set forth in Section 7 of the Mortgage Loan Purchase Agreement that materially and adversely affects the interests of the Certificateholders in any Mortgage Loan, the party discovering such breach shall give prompt written notice thereof to the other parties of this Agreement. The Seller hereby covenants with respect to the representations and warranties set forth in Section 7 of the Mortgage Loan Purchase Agreement, that within 90 days of the discovery of a breach of any representation or warranty set forth therein that materially and adversely affects the interests of the Certificateholders in any Mortgage Loan, it shall cure such breach in all material respects and, if such breach is not so cured, (i) if such 90-day period expires prior to the second anniversary of the Closing Date, remove such Mortgage Loan (a “Deleted Mortgage Loan”) from the Trust Fund and substitute in its place a Replacement Mortgage Loan, in the manner and subject to the conditions set forth in this Section; or (ii) repurchase the affected Mortgage Loan or Mortgage Loans from the Trustee at the Purchase Price in the manner set forth below; provided that, any such substitution pursuant to (i) above or repurchase pursuant to (ii) above shall not be effected prior to the delivery to the Trustee of an Opinion of Counsel if required by Section 2.05 hereof and any such substitution pursuant to (i) above shall not be effected prior to the additional delivery to the Custodian of a Request for Release. The Seller shall furnish to the Trustee the Officer’s Certificate required under Section 2.03(c) relating to such cure. The Trustee shall give prompt written notice to the parties hereto if it does not receive such Officer’s Certificate from the Seller certifying as to the cure of the breached representation or warranty within 90 days of its receipt (or giving, as the case may be) or the notice of discovery of the breach, as referenced above. The Seller shall promptly reimburse the Trustee for any expenses reasonably incurred by the Trustee in respect of enforcing the remedies for such breach. To enable the Seller to amend the Mortgage Loan Schedule, the Seller shall, unless it cures such breach in a timely fashion pursuant to this Section 2.03, promptly notify the Trustee whether it intends either to repurchase, or to substitute for, the Mortgage Loan affected by such breach. With respect to the representations and warranties in Section 7 of the Mortgage Loan Purchase Agreement that are made to the best of the Seller’s knowledge, if it is discovered by any of the Depositor, the Master Servicer, the Seller or the Trustee that the substance of such representation and warranty is inaccurate and such inaccuracy materially and adversely affects the value of the related Mortgage Loan, notwithstanding the Seller’s lack of knowledge with respect to the substance of such representation or warranty, the Seller shall nevertheless be required to cure, substitute for or repurchase the affected Mortgage Loan in accordance with the foregoing.

With respect to any Replacement Mortgage Loan or Loans, the Seller shall deliver to the Trustee (or the Custodian on its behalf) for the benefit of the Certificateholders such documents and agreements as are required by Section 2.01. No substitution shall be made in any calendar month after the Determination Date for such month. Scheduled Payments due with respect to Replacement Mortgage Loans in the Due Period related to the Distribution Date on which such proceeds are to be distributed shall not be part of the Trust Fund and shall be retained by the Seller. For the month of substitution, distributions to Certificateholders will include the Scheduled Payment due on any Deleted Mortgage Loan for the related Due Period and thereafter the Seller shall be entitled to retain all amounts received in respect of such Deleted Mortgage Loan. The Seller shall amend the Mortgage Loan Schedule for the benefit of the Certificateholders to reflect the removal of such Deleted Mortgage Loan and the substitution of the Replacement Mortgage Loan or Loans and the Seller shall deliver the amended Mortgage Loan Schedule to the Trustee, the Master Servicer and the Custodian. Upon such substitution, the Replacement Mortgage Loan or Loans shall be subject to the terms of this Agreement in all respects, and the Seller shall be deemed to have made with respect to such Replacement Mortgage Loan or Loans, as of the date of substitution, the representations and warranties set forth in Section 7 of the Mortgage Loan Purchase Agreement with respect to such Mortgage Loan. Upon any such substitution and the deposit into the Distribution Account of the amount required to be deposited therein in connection with such substitution as described in the following paragraph and receipt by the Trustee of a Request for Release for such Mortgage Loan, the Trustee or the Custodian shall release to the Seller the Mortgage File relating to such Deleted Mortgage Loan and held for the benefit of the Certificateholders and the Trustee shall execute and deliver at the Seller’s direction such instruments of transfer or assignment as have been furnished to it by the Seller, in each case without recourse, representation or warranty, as shall be necessary to vest in the Seller, or its respective designee, title to the Trustee’s interest in any Deleted Mortgage Loan substituted for pursuant to this Section 2.03.

For any month in which the Seller substitutes one or more Replacement Mortgage Loans for a Deleted Mortgage Loan, the Master Servicer will determine the amount (if any) by which the aggregate principal balance of all the Replacement Mortgage Loans as of the date of substitution is less than the Stated Principal Balance (after application of the principal portion of the Scheduled Payment due in the month of substitution) of such Deleted Mortgage Loan. An amount equal to the aggregate of such deficiencies, described in the preceding sentence for any Distribution Date (such amount, the “Substitution Adjustment Amount”) shall be deposited into the Distribution Account by the Master Servicer upon receipt from the Seller delivering such Replacement Mortgage Loan on the Determination Date for the Distribution Date relating to the Prepayment Period during which the related Mortgage Loan became required to be purchased or replaced hereunder.

In the event that the Seller shall have repurchased a Mortgage Loan, the Purchase Price therefor shall be deposited into the Distribution Account maintained by the Trustee, on the Determination Date for the Distribution Date in the month following the month during which the Seller became obligated to repurchase or replace such Mortgage Loan and upon such deposit of the Purchase Price, the delivery of an Opinion of Counsel if required by Section 2.05 and the receipt of a Request for Release, the Trustee or the Custodian shall release the related Mortgage File held for the benefit of the Certificateholders to the Seller, and the Trustee shall execute and deliver at such Person’s direction the related instruments of transfer or assignment furnished to it by the Seller, in each case without recourse, representation or warranty, as shall be necessary to transfer title from the Trustee for the benefit of the Certificateholders and transfer the Trustee’s interest to the Seller to any Mortgage Loan purchased pursuant to this Section 2.03.

In connection with any repurchase or substitution of a Mortgage Loan or the cure of a breach of a representation or warranty set forth in Section 7 of the Mortgage Loan Purchase Agreement pursuant to this Section 2.03, the Seller shall promptly furnish to the Trustee an Officer’s Certificate, signed by a duly authorized officer of the Seller to the effect that such repurchase, substitution or cure has been made in accordance with the terms and conditions of this Agreement and that all conditions precedent to such repurchase, substitution or cure have been satisfied, including the delivery to the Trustee of the Purchase Price or Substitution Adjustment Amount, as applicable, for deposit into the Distribution Account, together with copies of any Opinion of Counsel required to be delivered pursuant to this Agreement and the related Request for Release, on which the Trustee may rely. Solely for purposes of the Trustee providing an Assessment of Compliance, upon receipt of such documentation, the Trustee shall approve such repurchase, substitution or cure, as applicable, and which approval shall consist solely of the Trustee’s receipt of such documentation and deposits. It is understood and agreed that the obligation under this Agreement of the Seller to cure the breach of a representation or warranty set forth in Section 7 of the Mortgage Loan Purchase Agreement or to repurchase or replace any Mortgage Loan as to which a breach has occurred and is continuing shall constitute the sole remedies against the Seller respecting such breach available to Certificateholders, the Depositor or the Trustee.

(d) The representations and warranties set forth in Section 2.03 hereof shall survive delivery of the respective Mortgage Loans and Mortgage Files to the Trustee or the Custodian for the benefit of the Certificateholders.

Section 2.04 Representations and Warranties of the Depositor.

The Depositor hereby represents and warrants to the Master Servicer and the Trustee as follows, as of the date hereof and as of the Closing Date:

(i) The Depositor is duly organized and is validly existing as limited liability company in good standing under the laws of the State of Delaware and has full power and authority necessary to own or hold its properties and to conduct its business as now conducted by it and to enter into and perform its obligations under this Agreement.

(ii) The Depositor has the full power and authority to execute, deliver and perform, and to enter into and consummate the transactions contemplated by, this Agreement and has duly authorized, by all necessary action on its part, the execution, delivery and performance of this Agreement; and this Agreement, assuming the due authorization, execution and delivery hereof and thereof by the other parties hereto and thereto, constitutes a legal, valid and binding obligation of the Depositor, enforceable against the Depositor in accordance with its terms, subject, as to enforceability, to (i) bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors’ rights generally and (ii) general principles of equity, regardless of whether enforcement is sought in a proceeding in equity or at law.

(iii) The execution and delivery of this Agreement by the Depositor, the consummation of the transactions contemplated by this Agreement, and the fulfillment of or compliance with the terms hereof are in the ordinary course of business of the Depositor and will not (A) result in a breach of any term or provision of the organizational documents of the Depositor or (B) conflict with, result in a breach, violation or acceleration of, or result in a default under, the terms of any other material agreement or instrument to which the Depositor is a party or by which it may be bound or (C) constitute a violation of any statute, order or regulation applicable to the Depositor of any court, regulatory body, administrative agency or governmental body having jurisdiction over the Depositor; and the Depositor is not in breach or violation of any material indenture or other material agreement or instrument, or in violation of any statute, order or regulation of any court, regulatory body, administrative agency or governmental body having jurisdiction over it which breach or violation may materially impair the Depositor’s ability to perform or meet any of its obligations under this Agreement.

(iv) No litigation is pending, or, to the best of the Depositor’s knowledge, threatened, against the Depositor that would materially and adversely affect the execution, delivery or enforceability of this Agreement or the ability of the Depositor to perform its obligations under this Agreement in accordance with the terms hereof.

(v) No consent, approval, authorization or order of any court or governmental agency or body is required for the execution, delivery and performance by the Depositor of, or compliance by the Depositor with, this Agreement or the consummation of the transactions contemplated hereby, or if any such consent, approval, authorization or order is required, the Depositor has obtained the same; and

(vi) The Depositor has filed all reports required to be filed by Section 13 or Section 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the Depositor was required to file such reports) and it has been subject to such filing requirements for the past 90 days.

The Depositor hereby represents and warrants to the Trustee as of the Closing Date, following the transfer of the Mortgage Loans to it by the Seller, the Depositor had good title to the Mortgage Loans and the related Mortgage Notes were subject to no offsets, claims, defenses or counterclaims.

It is understood and agreed that the representations and warranties set forth in the immediately preceding paragraph shall survive delivery of the Mortgage Files to the Trustee or the Custodian for the benefit of the Certificateholders. Upon discovery by the Depositor, the Trustee of a breach of such representations and warranties, the party discovering such breach shall give prompt written notice to the others and to each Rating Agency.

Section 2.05 Delivery of Opinion of Counsel in Connection with Substitutions and Repurchases.

(a) Notwithstanding any contrary provision of this Agreement, with respect to any Mortgage Loan that is not in default or as to which default is not reasonably foreseeable, no repurchase or substitution pursuant to Sections 2.02 or 2.03 shall be made unless the Sponsor delivers to the Trustee an Opinion of Counsel, addressed to the Trustee, to the effect that such repurchase or substitution would not (i) result in the imposition of the tax on “prohibited transactions” of REMIC I, REMIC II, REMIC III, REMIC IV or REMIC V or contributions after the Closing Date, as defined in Sections 860F(a)(2) and 860G(d) of the Code, respectively, or (ii) cause any of REMIC I, REMIC II, REMIC III, REMIC IV or REMIC V to fail to qualify as a REMIC at any time that any Certificates are outstanding. Any Mortgage Loan as to which repurchase or substitution was delayed pursuant to this paragraph shall be repurchased or the substitution therefor shall occur (subject to compliance with Sections 2.02 or 2.03) upon the earlier of (a) the occurrence of a default or a default becoming reasonably foreseeable with respect to such Mortgage Loan and (b) receipt by the Trustee of an Opinion of Counsel addressed to the Trustee to the effect that such repurchase or substitution, as applicable, will not result in the events described in clause (i) or clause (ii) of the preceding sentence.

(b) Upon discovery by the Depositor, the Seller, the Custodian or the Master Servicer that any Mortgage Loan does not constitute a “qualified mortgage” within the meaning of Section 860G(a)(3) of the Code, the party discovering such fact shall promptly (and in any event within 5 Business Days of discovery) give written notice thereof to the other parties and the Trustee. In connection therewith, the Trustee, or the Custodian on its behalf, shall require the Seller, at the Seller’s option, to either (i) substitute, if the conditions in Section 2.03(d) with respect to substitutions are satisfied, a Replacement Mortgage Loan for the affected Mortgage Loan, or (ii) repurchase the affected Mortgage Loan within 90 days of such discovery in the same manner as it would a Mortgage Loan for a breach of representation or warranty contained in Section 2.03. The Trustee, or the Custodian on its behalf, shall reconvey to the Seller the Mortgage Loan to be released pursuant hereto (and the Custodian shall deliver the related Mortgage File) in the same manner, and on the same terms and conditions, as it would a Mortgage Loan repurchased for breach of a representation or warranty contained in Section 2.03.

Section 2.06 Countersignature and Delivery of Certificates.

(a) The Trustee acknowledges the sale, transfer and assignment to it of the Trust Fund and, concurrently with such transfer and assignment, has executed, countersigned and delivered, to or upon the order of the Depositor, the Certificates in authorized denominations evidencing the entire ownership of the Trust Fund. The Trustee agrees to hold the Trust Fund and exercise the rights referred to above for the benefit of all present and future Holders of the Certificates and to perform the duties set forth in this Agreement in accordance with its terms.

(b) The Depositor concurrently with the execution and delivery hereof, does hereby transfer, assign, set over and otherwise convey in trust to the Trustee without recourse all the right, title and interest of the Depositor in and to the REMIC I Regular Interests and the other assets of REMIC II for the benefit of the holders of the REMIC II Interests. The Trustee acknowledges receipt of the REMIC I Regular Interests (which are uncertificated) and the other assets of REMIC II and declares that it holds and will hold the same in trust for the exclusive use and benefit of the holders of the REMIC II Interests.

(c) The Depositor concurrently with the execution and delivery hereof, does hereby transfer, assign, set over and otherwise convey in trust to the Trustee without recourse all the right, title and interest of the Depositor in and to the REMIC II Regular Interests and the other assets of REMIC III for the benefit of the holders of the Certificates (other than the Class C, Class P and Class R Certificates), the Class C Interest, the Class P Interest and the Class R-3 Certificates. The Trustee acknowledges receipt of the REMIC II Regular Interests (which are uncertificated) and the other assets of REMIC III and declares that it holds and will hold the same in trust for the exclusive use and benefit of the holders of the Certificates (other than the Class C, Class P and Class R Certificiates), the Class C Interest, the Class P Interest and the Class R-3 Certificates.

(d) The Depositor, concurrently with the execution and delivery hereof, does hereby transfer, assign, set over and otherwise convey in trust to the Trustee without recourse all the right, title and interest of the Depositor in and to the Class C Interest for the benefit of the Holders of the Class C Certificates and the Class RX Certificates (in respect of the Class R-4 Interest). The Trustee acknowledges receipt of the Class C Interest (which is uncertificated) and declares that it holds and will hold the same in trust for the exclusive use and benefit of the Holders of the Class C Certificates and the Class RX Certificates (in respect of the Class R-4 Interest).

(e) The Depositor, concurrently with the execution and delivery hereof, does hereby transfer, assign, set over and otherwise convey in trust to the Trustee without recourse all the right, title and interest of the Depositor in and to the Class P Interest for the benefit of the Holders of the Class P Certificates and the Class RX Certificates (in respect of the Class R-5 Interest). The Trustee acknowledges receipt of the Class P Interest (which is uncertificated) and declares that it holds and will hold the same in trust for the exclusive use and benefit of the Holders of the Class P Certificates and the Class RX Certificates (in respect of the Class R-5 Interest).

Section 2.07 Purposes and Powers of the Trust.

The purpose of the common law trust, as created hereunder, is to engage in the following activities:

(a) acquire and hold the Mortgage Loans and the other assets of the Trust Fund and the proceeds therefrom;

(b) to issue the Certificates sold to the Depositor in exchange for the Mortgage Loans;

(d) to engage in those activities that are necessary, suitable or convenient to accomplish the foregoing or are incidental thereto or connected therewith; and

(e) subject to compliance with this Agreement, to engage in such other activities as may be required in connection with conservation of the Trust Fund and the making of distributions to the Certificateholders.

The Trust is hereby authorized to engage in the foregoing activities. The Trust shall not engage in any activity other than in connection with the foregoing or other than as required or authorized by the terms of this Agreement while any Certificate is outstanding.

ARTICLE III

ADMINISTRATION AND SERVICING OF

THE MORTGAGE LOANS

Section 3.01 The Master Servicer to act as Master Servicer.

The Master Servicer shall service and administer the Mortgage Loans in accordance with customary and usual standards of practice of prudent mortgage loan servicers in the respective states in which the related Mortgaged Properties are located. In connection with such servicing and administration, the Master Servicer shall have full power and authority, acting alone and/or through subservicers as provided in Section 3.03, to do or cause to be done any and all things that it may deem necessary or desirable in connection with such servicing and administration, including but not limited to, the power and authority, subject to the terms hereof (i) to execute and deliver, on behalf of the Certificateholders, the Trustee, customary consents or waivers and other instruments and documents, (ii) to consent to transfers of any related Mortgaged Property and assumptions of the Mortgage Notes and related Mortgages (but only in the manner provided herein), (iii) to collect any Insurance Proceeds and other Liquidation Proceeds or Subsequent Recoveries, and (iv) subject to Section 3.09, to effectuate foreclosure or other conversion of the ownership of the Mortgaged Property securing any Mortgage Loan; provided that the Master Servicer shall take no action that is inconsistent with or prejudices the interests of the Trust Fund or the Certificateholders in any Mortgage Loan or the rights and interests of the Depositor or the Trustee under this Agreement.

Without limiting the generality of the foregoing, the Master Servicer, in its own name or in the name of the Trust, the Depositor or the Trustee, is hereby authorized and empowered by the Trust, the Depositor and the Trustee, when the Master Servicer believes it appropriate in its reasonable judgment, to execute and deliver, on behalf of the Trustee, the Depositor, the Certificateholders or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments, with respect to the Mortgage Loans, and with respect to the related Mortgaged Properties held for the benefit of the Certificateholders. The Master Servicer shall prepare and deliver to the Depositor and/or the Trustee such documents requiring execution and delivery by any or all of them as are necessary or appropriate to enable the Master Servicer to service and administer the Mortgage Loans. Upon receipt of such documents, the Depositor and/or the Trustee shall execute such documents and deliver them to the Master Servicer.

In accordance with the standards of the first paragraph of this Section 3.01, the Master Servicer shall advance or cause to be advanced funds as necessary for the purpose of effecting the payment of taxes and assessments on the Mortgaged Properties relating to the Mortgage Loans, which advances shall be reimbursable in the first instance from related collections from the Mortgagors pursuant to Section 5.04, and further as provided in Section 5.02. All costs incurred by the Master Servicer, if any, in effecting the timely payments of taxes and assessments on the Mortgaged Properties relating to the Mortgage Loans and related insurance premiums shall not, for the purpose of calculating monthly distributions to the Certificateholders, be added to the Stated Principal Balance under the Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit.

Section 3.02 Due-on-Sale Clauses; Assumption Agreements.

(a) Except as otherwise provided in this Section 3.02, when any property subject to a Mortgage has been or is about to be conveyed by the Mortgagor, the Master Servicer shall to the extent that it has knowledge of such conveyance, enforce any due-on-sale clause contained in any Mortgage Note or Mortgage, to the extent permitted under applicable law and governmental regulations, but only to the extent that such enforcement will not adversely affect or jeopardize coverage under any Required Insurance Policy. Notwithstanding the foregoing, the Master Servicer is not required to exercise such rights with respect to a Mortgage Loan if the Person to whom the related Mortgaged Property has been conveyed or is proposed to be conveyed satisfies the terms and conditions contained in the Mortgage Note and Mortgage related thereto and the consent of the mortgagee under such Mortgage Note or Mortgage is not otherwise so required under such Mortgage Note or Mortgage as a condition to such transfer. In the event that the Master Servicer is prohibited by law from enforcing any such due-on-sale clause, or if coverage under any Required Insurance Policy would be adversely affected, or if nonenforcement is otherwise permitted hereunder, the Master Servicer is authorized, subject to Section 3.02(b), to take or enter into an assumption and modification agreement from or with the person to whom such property has been or is about to be conveyed, pursuant to which such person becomes liable under the Mortgage Note and, unless prohibited by applicable state law, the Mortgagor remains liable thereon, provided that the Mortgage Loan shall continue to be covered (if so covered before the Master Servicer enters such agreement) by the applicable Required Insurance Policies. The Master Servicer, subject to Section 3.02(b), is also authorized with the prior approval of the insurers under any Required Insurance Policies to enter into a substitution of liability agreement with such Person, pursuant to which the original Mortgagor is released from liability and such Person is substituted as Mortgagor and becomes liable under the Mortgage Note. Notwithstanding the foregoing, the Master Servicer shall not be deemed to be in default under this Section 3.02(a) by reason of any transfer or assumption that the Master Servicer reasonably believes it is restricted by law from preventing.

(b) Subject to the Master Servicer’s duty to enforce any due-on-sale clause to the extent set forth in Section 3.02(a), in any case in which a Mortgaged Property has been conveyed to a Person by a Mortgagor, and such Person is to enter into an assumption agreement or modification agreement or supplement to the Mortgage Note or Mortgage that requires the signature of the Trustee, or if an instrument of release signed by the Trustee is required releasing the Mortgagor from liability on the related Mortgage Loan, the Master Servicer shall prepare and deliver or cause to be prepared and delivered to the Trustee for signature and shall direct, in writing, the Trustee to execute the assumption agreement with the Person to whom the Mortgaged Property is to be conveyed and such modification agreement or supplement to the Mortgage Note or Mortgage or other instruments as are reasonable or necessary to carry out the terms of the Mortgage Note or Mortgage or otherwise to comply with any applicable laws regarding assumptions or the transfer of the Mortgaged Property to such Person. In connection with any such assumption, no material term of the Mortgage Note (including, but not limited to, the Mortgage Rate, the amount of the Scheduled Payment and any other term affecting the amount or timing of payment on the Mortgage Loan) may be changed. In addition, the substitute Mortgagor and the Mortgaged Property must be acceptable to the Master Servicer in accordance with its servicing standards as then in effect. The Master Servicer shall notify the Trustee that any such substitution or assumption agreement has been completed by forwarding to the Trustee the original of such substitution or assumption agreement, which in the case of the original shall be added to the related Mortgage File and shall, for all purposes, be considered a part of such Mortgage File to the same extent as all other documents and instruments constituting a part thereof. Any fee collected by the Master Servicer for entering into an assumption or substitution of liability agreement shall be retained by the Master Servicer as additional servicing compensation.

Section 3.03 Subservicers.

The Master Servicer shall perform all of its servicing responsibilities hereunder or may cause a subservicer to perform any such servicing responsibilities on its behalf, but the use by the Master Servicer of a subservicer shall not release the Master Servicer from any of its obligations hereunder and the Master Servicer shall remain responsible hereunder for all acts and omissions of each subservicer as fully as if such acts and omissions were those of the Master Servicer. The Master Servicer shall pay all fees of each subservicer from its own funds, and a subservicer’s fee shall not exceed the Servicing Fee payable to the Master Servicer hereunder.

At the cost and expense of the Master Servicer, without any right of reimbursement from its Protected Account, the Master Servicer shall be entitled to terminate the rights and responsibilities of a subservicer and arrange for any servicing responsibilities to be performed by a successor subservicer; provided, however, that nothing contained herein shall be deemed to prevent or prohibit the Master Servicer, at the Master Servicer’s option, from electing to service the related Mortgage Loans itself. In the event that the Master Servicer’s responsibilities and duties under this Agreement are terminated pursuant to Section 9.01, the Master Servicer shall at its own cost and expense terminate the rights and responsibilities of each subservicer effective as of the date of termination of the Master Servicer. The Master Servicer shall pay all fees, expenses or penalties necessary in order to terminate the rights and responsibilities of each subservicer from the Master Servicer’s own funds without reimbursement from the Trust Fund.

Notwithstanding the foregoing, the Master Servicer shall not be relieved of its obligations hereunder and shall be obligated to the same extent and under the same terms and conditions as if it alone were servicing and administering the Mortgage Loans. The Master Servicer shall be entitled to enter into an agreement with a subservicer for indemnification of the Master Servicer by the subservicer and nothing contained in this Agreement shall be deemed to limit or modify such indemnification.

Any Subservicing Agreement and any other transactions or services relating to the Mortgage Loans involving a subservicer shall be deemed to be between such subservicer and the Master Servicer alone, and the Trustee shall not have any obligations, duties or liabilities with respect to such subservicer including any obligation, duty or liability of the Trustee to pay such subservicer’s fees and expenses. For purposes of remittances to the Trustee pursuant to this Agreement, the Master Servicer shall be deemed to have received a payment on a Mortgage Loan when a subservicer has received such payment.

Section 3.04 Documents, Records and Funds in Possession of the Master Servicer To Be Held for Trustee.

Notwithstanding any other provisions of this Agreement, the Master Servicer shall transmit to the Trustee as required by this Agreement all documents and instruments in respect of a Mortgage Loan coming into the possession of the Master Servicer from time to time and shall account fully to the Trustee for any funds received by the Master Servicer or that otherwise are collected by the Master Servicer as Liquidation Proceeds or Insurance Proceeds in respect of any such Mortgage Loan. All Mortgage Files and funds collected or held by, or under the control of, the Master Servicer in respect of any Mortgage Loans, whether from the collection of principal and interest payments or from Liquidation Proceeds, including but not limited to, any funds on deposit in the Protected Account, shall be held by the Master Servicer for and on behalf of the Trustee and shall be and remain the sole and exclusive property of the Trustee, subject to the applicable provisions of this Agreement. The Master Servicer also agrees that it shall not create, incur or subject any Mortgage File or any funds that are deposited in the Protected Account or the Distribution Account or in any Escrow Account, or any funds that otherwise are or may become due or payable to the Trustee for the benefit of the Certificateholders, to any claim, lien, security interest, judgment, levy, writ of attachment or other encumbrance, or assert by legal action or otherwise any claim or right of set off against any Mortgage File or any funds collected on, or in connection with, a Mortgage Loan, except, however, that the Master Servicer shall be entitled to set off against and deduct from any such funds any amounts that are properly due and payable to the Master Servicer under this Agreement.

Section 3.05 Maintenance of Hazard Insurance.

The Master Servicer shall cause to be maintained, for each Mortgage Loan, hazard insurance on buildings upon, or comprising part of, the Mortgaged Property against loss by fire, hazards of extended coverage and such other hazards as are customary in the area where the related Mortgaged Property is located with an insurer which is licensed to do business in the state where the related Mortgaged Property is located. Each such policy of standard hazard insurance shall contain, or have an accompanying endorsement that contains, a standard mortgagee clause. The Master Servicer shall also cause flood insurance to be maintained on property acquired upon foreclosure or deed in lieu of foreclosure of any Mortgage Loan, to the extent described below. Pursuant to Section 5.01, any amounts collected by the Master Servicer under any such policies (other than the amounts to be applied to the restoration or repair of the related Mortgaged Property or property thus acquired or amounts released to the Mortgagor in accordance with the Master Servicer’s normal servicing procedures) shall be deposited in the Protected Account. Any cost incurred by the Master Servicer in maintaining any such insurance shall not, for the purpose of calculating monthly distributions to the Certificateholders or remittances to the Trustee for their benefit, be added to the principal balance of the Mortgage Loan, notwithstanding that the terms of the Mortgage Loan so permit. Such costs shall be recoverable by the Master Servicer out of late payments by the related Mortgagor or out of Liquidation Proceeds to the extent permitted by Section 5.02. It is understood and agreed that no earthquake or other additional insurance is to be required of any Mortgagor or maintained on property acquired in respect of a Mortgage other than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance. If the Mortgaged Property is located at the time of origination of the related Mortgage Loan in a federally designated special flood hazard area and such area is participating in the national flood insurance program, the Master Servicer shall cause flood insurance to be maintained with respect to such Mortgage Loan. Such flood insurance shall be in an amount equal to the least of (i) the Stated Principal Balance of the related Mortgage Loan, (ii) minimum amount required to compensate for damage or loss on a replacement cost basis or (iii) the maximum amount of such insurance available for the related Mortgaged Property under the Flood Disaster Protection Act of 1973, as amended.

In the event that the Master Servicer shall obtain and maintain a blanket policy insuring against hazard losses on all of the Mortgage Loans, it shall conclusively be deemed to have satisfied its obligations as set forth in the first sentence of this Section 3.05, it being understood and agreed that such policy may contain a deductible clause on terms substantially equivalent to those commercially available and maintained by comparable servicers. If such policy contains a deductible clause, the Master Servicer shall, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with the first sentence of this Section 3.05, and there shall have been a loss that would have been covered by such policy, deposit in the Protected Account the amount not otherwise payable under the blanket policy because of such deductible clause. Such deposit shall be from the Master Servicer’s own funds without reimbursement therefor. In connection with its activities as administrator and servicer of the Mortgage Loans, the Master Servicer agrees to present, on behalf of itself, the Depositor and the Trustee for the benefit of the Certificateholders, claims under any such blanket policy.

Section 3.06 Presentment of Claims and Collection of Proceeds.

The Master Servicer shall prepare and present on behalf of the Trustee and the Certificateholders all claims under the Insurance Policies relating to the Mortgage Loans and take such actions (including the negotiation, settlement, compromise or enforcement of the insured’s claim) as shall be necessary to realize recovery under such Insurance Policies. Any proceeds disbursed to the Master Servicer in respect of such Insurance Policies shall be promptly deposited in the Protected Account upon receipt, except that any amounts realized that are to be applied to the repair or restoration of the related Mortgaged Property as a condition precedent to the presentation of claims on the related Mortgage Loan to the insurer under any applicable Insurance Policy need not be so deposited (or remitted).

Section 3.07 Maintenance of the Primary Mortgage Insurance Policies.

(a) The Master Servicer shall not take any action that would result in noncoverage under any applicable Primary Mortgage Insurance Policy of any loss which, but for the actions of the Master Servicer would have been covered thereunder. The Master Servicer shall use its best efforts to keep in force and effect (to the extent that the Mortgage Loan requires the Mortgagor to maintain such insurance), Primary Mortgage Insurance applicable to each Mortgage Loan. The Master Servicer shall not cancel or refuse to renew any such Primary Mortgage Insurance Policy that is in effect at the date of the initial issuance of the related Mortgage Note and is required to be kept in force hereunder.

(b) The Master Servicer agrees to present on behalf of the Trustee and the Certificateholders, claims to the insurer under any Primary Mortgage Insurance Policies relating to the Mortgage Loans and, in this regard, to take such reasonable action as shall be necessary to permit recovery under any Primary Mortgage Insurance Policies respecting defaulted Mortgage Loans. Pursuant to Section 5.01, any amounts collected by the Master Servicer under any Primary Mortgage Insurance Policies shall be deposited in the Protected Account, subject to withdrawal pursuant to Section 5.02 hereof.

Section 3.08 Fidelity Bond, Errors and Omissions Insurance.

The Master Servicer shall maintain, at its own expense, a blanket fidelity bond and an errors and omissions insurance policy, with broad coverage with responsible companies on all officers, employees or other persons acting in any capacity with regard to the Mortgage Loans and who handle funds, money, documents and papers relating to the Mortgage Loans. The fidelity bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s Blanket Bond and shall protect and insure the Master Servicer against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such persons. Such fidelity bond shall also protect and insure the Master Servicer against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not in accordance with Accepted Servicing Practices. No provision of this Section 3.08 requiring the fidelity bond and errors and omissions insurance shall diminish or relieve the Master Servicer from its duties and obligations as set forth in this Agreement. The minimum coverage under any such bond and insurance policy shall be at least equal to the corresponding amounts required by Accepted Servicing Practices. The Master Servicer shall deliver to the Trustee a certificate from the surety and the insurer as to the existence of the fidelity bond and errors and omissions insurance policy and shall obtain a statement from the surety and the insurer that such fidelity bond or insurance policy shall in no event be terminated or materially modified without thirty days prior written notice to the Trustee. The Master Servicer shall notify the Trustee within five business days of receipt of notice that such fidelity bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policy.

The Master Servicer shall provide to the Trustee and the Depositor evidence of the authorization of the person signing any certification or statement, copies or other evidence of fidelity bond and errors and omissions insurance, financial information and reports, and such other information related to the Master Servicer or any subservicer engaged by it or the Master Servicer’s or such subservicer’s performance hereunder or under the related Subservicing Agreement as may be reasonably requested by the Trustee or the Depositor.

Section 3.09 Realization Upon Defaulted Mortgage Loans; Determination of Excess Liquidation Proceeds and Realized Losses; Repurchases of Certain Mortgage Loans.

(a) The Master Servicer shall use reasonable efforts to foreclose upon or otherwise comparably convert the ownership of properties securing such of the Mortgage Loans as come into and continue in default and as to which no satisfactory arrangements can be made for collection of delinquent payments. In connection with such foreclosure or other conversion, the Master Servicer shall follow such practices and procedures as it shall deem necessary or advisable and as shall be normal and usual in its general mortgage servicing activities and the requirements of the insurer under any Required Insurance Policy; provided that the Master Servicer shall not be required to expend its own funds in connection with any foreclosure or towards the restoration of any property unless it shall determine (i) that such restoration and/or foreclosure will increase the proceeds of liquidation of the Mortgage Loan after reimbursement to itself of such expenses and (ii) that such expenses will be recoverable to it through Insurance Proceeds or Liquidation Proceeds (respecting which it shall have priority for purposes of withdrawals from the Protected Account pursuant to Section 5.02). If the Master Servicer reasonably believes that Liquidation Proceeds with respect to any such Mortgage Loan would not be increased as a result of such foreclosure or other action, such Mortgage Loan will be charged-off and will become a Liquidated Loan. The Master Servicer will give notice of any such charge-off to the Trustee. The Master Servicer shall be responsible for all other costs and expenses incurred by it in any such proceedings; provided that such costs and expenses shall be Servicing Advances and that it shall be entitled to reimbursement thereof from the proceeds of liquidation of the related Mortgaged Property, as contemplated in Section 5.02. If the Master Servicer has knowledge that a Mortgaged Property that the Master Servicer is contemplating acquiring in foreclosure or by deed- in-lieu of foreclosure is located within a one-mile radius of any site with environmental or hazardous waste risks known to the Master Servicer, the Master Servicer will, prior to acquiring the related Mortgaged Property, consider such risks and only take action in accordance with its established environmental review procedures.

With respect to any REO Property, the deed or certificate of sale shall be taken in the name of the Trustee for the benefit of the Certificateholders (or the Trustee’s nominee on behalf of the Certificateholders). The Trustee’s name shall be placed on the title to such REO Property solely as the Trustee hereunder and not in its individual capacity. The Master Servicer shall ensure that the title to such REO Property references this Agreement and the Trustee’s capacity hereunder. Pursuant to its efforts to sell such REO Property, the Master Servicer shall either itself or through an agent selected by the Master Servicer protect and conserve such REO Property in the same manner and to such extent as is customary in the locality where such REO Property is located and may, incident to its conservation and protection of the interests of the Certificateholders, rent the same, or any part thereof, as the Master Servicer deems to be in the best interest of the Master Servicer and the Certificateholders for the period prior to the sale of such REO Property. The Master Servicer shall prepare for and deliver to the Trustee a statement with respect to each such REO Property that has been rented showing the aggregate rental income received and all expenses incurred in connection with the management and maintenance of such REO Property at such times as is necessary to enable the Trustee to comply with the reporting requirements of the REMIC Provisions. The net monthly rental income, if any, from such REO Property shall be deposited in the Protected Account no later than the close of business on each Determination Date. The Master Servicer shall perform the tax reporting and withholding related to foreclosures, abandonments and cancellation of indebtedness income as specified by Sections 1445, 6050J and 6050P of the Code by preparing and filing such tax and information returns, as may be required.

In the event that the Trust Fund acquires any Mortgaged Property as aforesaid or otherwise in connection with a default or a default becoming reasonably foreseeable on a Mortgage Loan, the Master Servicer shall dispose of such Mortgaged Property prior to three years after its acquisition by the Trust Fund or, at the expense of the Trust Fund, request more than 60 days prior to the day on which such three-year period would otherwise expire, an extension of the three-year grace period unless the Trustee shall have been supplied with an Opinion of Counsel addressed to the Trustee (such opinion not to be an expense of the Trustee) to the effect that the holding by the Trust Fund of such Mortgaged Property subsequent to such three-year period will not result in the imposition of taxes on “prohibited transactions” of REMIC I, REMIC II, REMIC III, REMIC IV or REMIC V as defined in Section 860F of the Code or cause either REMIC I, REMIC II, REMIC III, REMIC IV or REMIC V to fail to qualify as a REMIC at any time that any Certificates are outstanding, in which case the Trust Fund may continue to hold such Mortgaged Property (subject to any conditions contained in such Opinion of Counsel). Notwithstanding any other provision of this Agreement, no Mortgaged Property acquired by the Trust Fund shall be rented (or allowed to continue to be rented) or otherwise used for the production of income by or on behalf of the Trust Fund in such a manner or pursuant to any terms that would (i) cause such Mortgaged Property to fail to qualify as “foreclosure property” within the meaning of Section 860G(a)(8) of the Code or (ii) subject any of REMIC I, REMIC II, REMIC III, REMIC IV or REMIC V to the imposition of any federal, state or local income taxes on the income earned from such Mortgaged Property under Section 860G(c) of the Code or otherwise, unless the Master Servicer has agreed to indemnify and hold harmless the Trust Fund with respect to the imposition of any such taxes.

The decision of the Master Servicer to foreclose on a defaulted Mortgage Loan shall be subject to a determination by the Master Servicer that the proceeds of such foreclosure would exceed the costs and expenses of bringing such a proceeding. The income earned from the management of any Mortgaged Properties acquired through foreclosure or other judicial proceeding, net of reimbursement to the Master Servicer for expenses incurred (including any property or other taxes) in connection with such management and net of unreimbursed Servicing Fees, Advances, Servicing Advances and any management fee paid or to be paid with respect to the management of such Mortgaged Property, shall be applied to the payment of principal of, and interest on, the related defaulted Mortgage Loans (with interest accruing as though such Mortgage Loans were still current) and all such income shall be deemed, for all purposes in the Agreement, to be payments on account of principal and interest on the related Mortgage Notes and shall be deposited into the Protected Account. To the extent the income received during a Prepayment Period is in excess of the amount attributable to amortizing principal and accrued interest at the related Mortgage Rate on the related Mortgage Loan, such excess shall be considered to be a partial Principal Prepayment for such Mortgage Loan for all purposes hereof.

The Liquidation Proceeds from any liquidation of a related Mortgage Loan, net of any payment to the Master Servicer as provided above, shall be deposited in the Protected Account on the next succeeding Determination Date following receipt thereof for distribution on the related Distribution Date, except that any Excess Liquidation Proceeds shall be retained by the Master Servicer as additional servicing compensation.

The proceeds of any Liquidated Loan, as well as any recovery resulting from a partial collection of related Liquidation Proceeds or any income from a related REO Property, shall be applied in the following order of priority: first, to reimburse the Master Servicer for any related unreimbursed Servicing Advances and Servicing Fees, pursuant to Section 5.02 or this Section 3.09; second, to reimburse the Master Servicer for any unreimbursed Advances pursuant to Section 5.02 or this Section 3.09; third, to accrued and unpaid interest (to the extent no Advance has been made for such amount) on the Mortgage Loan or related REO Property, at the Net Mortgage Rate to the first day of the month in which such amounts are required to be distributed; and fourth, as a recovery of principal of the Mortgage Loan.

(b) On each Determination Date, the Master Servicer shall determine the respective aggregate amounts of Excess Liquidation Proceeds and Realized Losses, if any, for the related Prepayment Period.

(c) The Master Servicer has no intent to foreclose on any Mortgage Loan based on the delinquency characteristics as of the Closing Date; provided, that the foregoing does not prevent the Master Servicer from initiating foreclosure proceedings on any date hereafter if the facts and circumstances of such Mortgage Loans including delinquency characteristics in the Master Servicer’s discretion so warrant such action.

Section 3.10 Servicing Compensation.

As compensation for its activities hereunder, the Master Servicer shall be entitled to retain or withdraw from its Protected Account out of each payment of interest on a Mortgage Loan included in the Trust Fund an amount equal to the Servicing Fee.

Additional servicing compensation in the form of any Excess Liquidation Proceeds, assumption fees, late payment charges, all Prepayment Interest Excess on any Mortgage Loan, all income and gain net of any losses realized from Permitted Investments with respect to funds in or credited to the Protected Account shall be retained by the Master Servicer to the extent not required to be deposited in the Protected Account pursuant to Section 5.02. The Master Servicer shall be required to pay all expenses incurred by it in connection with its servicing activities hereunder (including payment of any premiums for hazard insurance, as required by Section 3.05 and maintenance of the other forms of insurance coverage required by Section 3.07) and shall not be entitled to reimbursement therefor except as specifically provided in Section 5.02.

EMC shall be entitled to retain any Prepayment Interest Excess.

Section 3.11 REO Property.

(a) In the event the Trust Fund acquires ownership of any REO Property in respect of any related Mortgage Loan, the deed or certificate of sale shall be issued to the Trustee, or to its nominee, on behalf of the related Certificateholders. The Master Servicer shall sell any such REO Property as expeditiously as possible and in accordance with the provisions of this Agreement. Pursuant to its efforts to sell such REO Property, the Master Servicer shall protect and conserve such REO Property in the manner and to the extent required herein, in accordance with the REMIC Provisions.

(b) The Master Servicer shall deposit all funds collected and received in connection with the operation of any REO Property in respect of any Mortgage Loan into the Protected Account maintained by the Master Servicer.

(c) The Master Servicer, upon the final disposition of any REO Property in respect of any Mortgage Loan, shall be entitled to reimbursement for any related unreimbursed Advances, unreimbursed Servicing Advances or Servicing Fees from Liquidation Proceeds received in connection with the final disposition of such REO Property; provided, that any such unreimbursed Advances or Servicing Fees as well as any unpaid Servicing Fees may be reimbursed or paid, as the case may be, prior to final disposition, out of any net rental income or other net amounts derived from such REO Property.

Section 3.12 Liquidation Reports.

Upon the foreclosure of any Mortgaged Property or the acquisition thereof by the Trust Fund pursuant to a deed-in-lieu of foreclosure, the Master Servicer shall submit a liquidation report to the Trustee containing such information as shall be mutually acceptable to the Master Servicer and the Trustee with respect to such Mortgaged Property.

Section 3.13 Books and Records.

The Master Servicer shall be responsible for maintaining, and shall maintain, a complete set of books and records for the Mortgage Loans which shall be appropriately identified in the Master Servicer’s computer system to clearly reflect the ownership of the Mortgage Loans by the Trust. In particular, the Master Servicer shall maintain in its possession, available for inspection by the Trustee and shall deliver to the Trustee upon demand, evidence of compliance with all federal, state and local laws, rules and regulations. To the extent that original documents are not required for purposes of realization of Liquidation Proceeds or Insurance Proceeds, documents maintained by the Master Servicer may be in the form of microfilm or microfiche or such other reliable means of recreating original documents, including, but not limited to, optical imagery techniques so long as the Master Servicer complies with the requirements of Accepted Servicing Practices.

The Master Servicer shall maintain with respect to each Mortgage Loan and shall make available for inspection by the Trustee the related servicing file during the time such Mortgage Loan is subject to this Agreement and thereafter in accordance with applicable law.

Payments on the Mortgage Loans, including any payoffs, made in accordance with the related Mortgage File will be entered in the Master Servicer’s set of books and records no more than two business days after receipt and identification, and allocated to principal or interest as specified in the related Mortgage File.

Section 3.14 Annual Statement as to Compliance.

The Master Servicer and the Trustee shall deliver (or otherwise make available) to the Depositor, Master Servicer and the Trustee not later than March 15^th of each calendar year beginning in 2007, an Officer’s Certificate (an “Annual Statement of Compliance”) stating, as to each signatory thereof, that (i) a review of the activities of each such party during the preceding calendar year and of its performance under this Agreement has been made under such officer’s supervision and (ii) to the best of such officer’s knowledge, based on such review, such party has fulfilled all of its obligations under this Agreement in all material respects throughout such year, or, if there has been a failure to fulfill any such obligation in any material respect, specifying each such failure known to such officer and the nature and status of the cure provisions thereof. Such Annual Statement of Compliance shall contain no restrictions or limitations on its use. In the event that certain servicing responsibilities with respect to any Mortgage Loan have been delegated by the Master Servicer to a subservicer or subcontractor, each such entity shall cause such subservicer or subcontractor to deliver a similar Annual Statement of Compliance by such subservicer or subcontractor to the Depositor, the Master Servicer and the Trustee as described above as and when required with respect to the Master Servicer.

Failure of the Master Servicer to comply with this Section 3.14 (including with respect to the timeframes required herein) shall be deemed an Event of Default, and at the written direction of the Depositor, the Trustee shall, in addition to whatever rights the Trustee may have under this Agreement and at law or equity or to damages, including injunctive relief and specific performance, upon notice immediately terminate all of the rights and obligations of the Master Servicer under this Agreement and in and to the Mortgage Loans and the proceeds thereof without compensating the Master Servicer for the same (but subject to the Master Servicer’s right to reimbursement of all amounts for which it is entitled to be reimbursed prior to the date of termination). Failure of the Trustee to comply with this Section 3.14 (including with respect to the timeframes required in this Section) which failure results in a failure to timely file the related Form 10-K, shall be deemed a default which may result in the termination of the Trustee pursuant to Section 9.08 of this Agreement, and the Depositor shall, in addition to whatever rights the Depositor may have under this Agreement and at law or equity or to damages, including injunctive relief and specific performance, upon notice immediately terminate all of the rights and obligations of the Trustee under this Agreement and in and to the Mortgage Loans and the proceeds thereof without compensating the Trustee for the same (but subject to the Trustee’s right to reimbursement of all amounts for which it is entitled to be reimbursed prior to the date of termination). This paragraph shall supersede any other provision in this Agreement or any other agreement to the contrary.

In the event the Master Servicer, the Trustee or any subservicer or subcontractor engaged by either such party is terminated or resigns pursuant to the terms of the Agreement, or any other applicable agreement in the case of a subservicer or subcontractor, as the case may be, such party shall provide an Annual Statement of Compliance pursuant to this Section 3.14 or to the related section of such other applicable agreement, as the case may be, as to the performance of its obligations with respect to the period of time it was subject to this Agreement or any other applicable agreement, as the case may be notwithstanding any such termination or resignation.

Section 3.15 Assessments of Compliance and Attestation Reports.

The Master Servicer shall service and administer the Mortgage Loans in accordance with all applicable requirements of the Servicing Criteria. Pursuant to Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB, each of the Master Servicer, the Trustee and the Custodian (to the extent set forth in this Section) (each, an “Attesting Party”) shall deliver (or otherwise make available) to the Master Servicer, the Trustee and the Depositor on or before March 15^th of each calendar year beginning in 2007, a report regarding such Attesting Party’s assessment of compliance (an “Assessment of Compliance”) with the Servicing Criteria during the preceding calendar year. The Assessment of Compliance, as set forth in Regulation AB, must contain the following:

(a) A statement by an authorized officer of such Attesting Party of its authority and responsibility for assessing compliance with the Servicing Criteria applicable to the related Attesting Party;

(b) A statement by an authorized officer that such Attesting Party used the Servicing Criteria attached as Exhibit N hereto, and which will also be attached to the Assessment of Compliance, to assess compliance with the Servicing Criteria applicable to the related Attesting Party;

(c) An assessment by such officer of the related Attesting Party’s compliance with the applicable Servicing Criteria for the period consisting of the preceding calendar year, including disclosure of any material instance of noncompliance with respect thereto during such period, which assessment shall be based on the activities such Attesting Party performs with respect to asset-backed securities transactions taken as a whole involving the related Attesting Party, that are backed by the same asset type as the Mortgage Loans;

(d) A statement that a registered public accounting firm has issued an attestation report on the related Attesting Party’s Assessment of Compliance for the period consisting of the preceding calendar year; and

(e) A statement as to which of the Servicing Criteria, if any, are not applicable to the related Attesting Party, which statement shall be based on the activities such Attesting Party performs with respect to asset-backed securities transactions taken as a whole involving such Attesting Party, that are backed by the same asset type as the Mortgage Loans.

Such report at a minimum shall address each of the Servicing Criteria specified on Exhibit N hereto which are indicated as applicable to the related Attesting Party.

On or before March 15^th of each calendar year beginning in 2007, each Attesting Party shall furnish to the Master Servicer, the Depositor and the Trustee a report (an “Attestation Report”) by a registered public accounting firm that attests to, and reports on, the Assessment of Compliance made by the related Attesting Party, as required by Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122(b) of Regulation AB, which Attestation Report must be made in accordance with standards for attestation reports issued or adopted by the Public Company Accounting Oversight Board.

The Master Servicer shall cause, any subservicer and each subcontractor determined by it to be “participating in the servicing function” within the meaning of Item 1122 of Regulation AB to deliver to the Trustee, the Master Servicer and the Depositor an Assessment of Compliance and Attestation Report as and when provided above. Such Assessment of Compliance, as to any subservicer or subcontractor, shall at a minimum address the applicable Servicing Criteria specified on Exhibit N hereto which are indicated as applicable to the “master servicer” to the extent such subservicer or subcontractor is performing any servicing function for the party who engages it and to the extent such party is not itself addressing the Servicing Criteria related to such servicing function in its own Assessment of Compliance. The Trustee shall confirm that each of the Assessments of Compliance delivered to it, taken as a whole, address all of the Servicing Criteria and taken individually address the Servicing Criteria for each party as set forth in Exhibit N and notify the Depositor of any exceptions. Notwithstanding the foregoing, as to any subcontractor, an Assessment of Compliance is not required to be delivered unless it is required as part of a Form 10-K with respect to the Trust Fund.

In addition, for the avoidance of doubt and without duplication, the Master Servicer shall (and shall cause each subservicer engaged by it to) provide the following information to the Depositor and the Trustee: (A) any Event of Default hereunder and any subservicer event of default under the terms of the related Subservicing Agreement, (B) any merger, consolidation or sale of substantially all of the assets of the Master Servicer or, to the best of the Master Servicer’s knowledge, any such subservicer, and (C) the Master Servicer’s entry into an agreement with a subservicer to perform or assist in the performance of any of the Master Servicer’s obligations.

In addition, the Master Servicer, shall cause each subservicer engaged by it to provide the following information to the Depositor and the Trustee, to the extent applicable, within the timeframes that the Master Servicer would otherwise have to provide such information:

(A) any material modifications, extensions or waivers of pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time (Item 1121(a)(11) of Regulation AB);

(B) material breaches of pool asset representations or warranties or transaction covenants (Item 1121(a)(12) of Regulation AB); and

(C) information regarding new asset-backed securities issuances backed by the same pool assets, any pool asset changes (such as, additions, substitutions or repurchases), and any material changes in origination, underwriting or other criteria for acquisition or selection of pool assets (Item 1121(a)(14) of Regulation AB).

The Custodian shall deliver to the Master Servicer, the Trustee and the Depositor an Assessment of Compliance and Attestation Report, as and when provided above, which shall at a minimum address each of the Servicing Criteria specified on Exhibit N hereto which are indicated as applicable to a “custodian”. Notwithstanding the foregoing, an Assessment of Compliance or Attestation Report is not required to be delivered by any Custodian unless it is required as part of a Form 10-K with respect to the Trust Fund.

Failure of the Master Servicer to comply with this Section 3.15 (including with respect to the timeframes required herein) shall constitute an Event of Default, and at the written direction of the Depositor the Trustee shall, in addition to whatever rights the Trustee may have under this Agreement and at law or equity or to damages, including injunctive relief and specific performance, upon notice immediately terminate all of the rights and obligations of the Master Servicer under this Agreement and in and to the Mortgage Loans and the proceeds thereof without compensating the Master Servicer for the same (but subject to the Master Servicer’s right to reimbursement of all amounts for which it is entitled to be reimbursed prior to the date of termination). Failure of the Trustee to comply with this Section 3.15 (including with respect to the timeframes required in this Section) which failure results in a failure to timely file the related Form 10-K, shall constitute a default and the Depositor shall, in addition to whatever rights the Depositor may have under this Agreement and at law or equity or to damages, including injunctive relief and specific performance, upon notice immediately terminate all of the rights and obligations of the Trustee under this Agreement and in and to the Mortgage Loans and the proceeds thereof without compensating the Trustee for the same (but subject to the Trustee’s right to reimbursement of all amounts for which it is entitled to be reimbursed prior to the date of termination). This paragraph shall supersede any other provision in this Agreement or any other agreement to the contrary.

Section 3.16 Reports Filed with Securities and Exchange Commission.

(a) (i) (A) Within 15 days after each Distribution Date, the Trustee shall, in accordance with industry standards, prepare and file with the Commission via the Electronic Data Gathering and Retrieval System (“XXXXX”), a Distribution Report on Form 10-D, signed by the Master Servicer, with a copy of the Monthly Statement to be furnished by the Trustee to the Certificateholders for such Distribution Date; provided that, the Trustee shall have received no later than five (5) calendar days after the related Distribution Date, all information required to be provided to the Trustee as described in clause (a)(iv) below. Any disclosure that is in addition to the Monthly Statement and that is required to be included on Form 10-D (“Additional Form 10-D Disclosure”) shall be, pursuant to the paragraph immediately below, reported by the parties set forth on Exhibit O to the Trustee and the Depositor and approved for inclusion by the Depositor, and the Trustee will have no duty or liability for any failure hereunder to determine or prepare any Additional Form 10-D Disclosure absent such reporting (other than with respect to when it is the reporting party as set forth in Exhibit O) and approval.

(B) Within five (5) calendar days after the related Distribution Date, (i) the parties set forth in Exhibit O shall be required to provide, pursuant to Section 3.16(a)(iv) below, to the Trustee and the Depositor, to the extent known by a responsible officer thereof, in XXXXX-compatible format, or in such other form as otherwise agreed upon by the Trustee and the Depositor and such party, the form and substance of any Additional Form 10-D Disclosure, if applicable, and (ii) the Depositor will approve, as to form and substance, or disapprove, as the case may be, the inclusion of the Additional Form 10-D Disclosure on Form 10-D. The Depositor shall be responsible for any reasonable fees and expenses assessed or incurred by the Trustee in connection with including any Additional Form 10-D Disclosure on Form 10-D pursuant to this Section.

(C) After preparing the Form 10-D, the Trustee shall forward electronically a copy of the Form 10-D to the Depositor (in the case of any Additional 10-D Disclosure and otherwise if requested by the Depositor) and the Master Servicer for review. Within two Business Days after receipt of such copy, but no later than the 12th calendar day after the Distribution Date (provided that, the Trustee forwards a copy of the Form 10-D no later than the 10^th calendar after the Distribution Date), the Depositor shall notify the Trustee in writing (which may be furnished electronically) of any changes to or approval of such Form 10-D. In the absence of receipt of any written changes or approval, the Trustee shall be entitled to assume that such Form 10-D is in final form and the Trustee may proceed with the execution and filing of the Form 10-D. No later than the 13th calendar day after the related Distribution Date, a duly authorized officer of the Master Servicer shall sign the Form 10-D and return an electronic or fax copy of such signed Form 10-D (with an original executed hard copy to follow by overnight mail) to the Trustee. If a Form 10-D cannot be filed on time or if a previously filed Form 10-D needs to be amended, the Trustee shall follow the procedures set forth in Section 3.16(a)(v)(B). Promptly (but no later than one (1) Business Day) after filing with the Commission, the Trustee shall make available on its internet website identified in Section 6.06 a final executed copy of each Form 10-D filed by the Trustee. The signing party at the Master Servicer can be contacted as set forth in Section 12.05. Form 10-D requires the registrant to indicate (by checking “yes” or “no”) that it (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. The Depositor shall notify the Trustee in writing, no later than the fifth calendar day after the related Distribution Date with respect to the filing of a report on Form 10-D if the answer to the questions should be “no”. The Trustee shall be entitled to rely on the representations in Section 2.04(vi) and in any such notice in preparing, executing and/or filing any such report. The parties to this Agreement acknowledge that the performance by the Trustee of its duties under Sections 3.16(a)(i) and (v) related to the timely preparation, execution and filing of Form 10-D is contingent upon such parties strictly observing all applicable deadlines in the performance of their duties under such Sections. Neither the Master Servicer nor the Trustee shall have any liability for any loss, expense, damage, claim arising out of or with respect to any failure to properly prepare, execute and/or timely file such Form 10-D, where such failure results from a party’s failure to deliver, on a timely basis, any information from such party needed to prepare, arrange for execution or file such Form 10-D, not resulting from its own negligence, bad faith or willful misconduct.

(ii) (A) Within four (4) Business Days after the occurrence of an event requiring disclosure on Form 8-K (each such event, a “Reportable Event”), the Trustee shall prepare and file, at the direction of the Depositor, on behalf of the Trust, any Form 8-K, as required by the Exchange Act; provided that, the Depositor shall file the initial Form 8-K in connection with the issuance of the Certificates. Any disclosure or information related to a Reportable Event or that is otherwise required to be included on Form 8-K (“Form 8-K Disclosure Information”) shall be, pursuant to the paragraph immediately below, reported by the parties set forth on Exhibit O to the Trustee and the Depositor and approved for inclusion by the Depositor, and the Trustee will have no duty or liability for any failure hereunder to determine or prepare any Form 8-K Disclosure Information absent such reporting (other than in the case where the Trustee is the reporting party as set forth in Exhibit O) and approval.

(B) For so long as the Trust is subject to the Exchange Act reporting requirements, no later than the close of business on the 2nd Business Day after the occurrence of a Reportable Event (i) the parties set forth in Exhibit O shall be required pursuant to Section 3.16(a)(iv) below to provide to the Trustee and the Depositor, to the extent known by a responsible officer thereof, in XXXXX-compatible format, or in such other form as otherwise agreed upon by the Trustee and the Depositor and such party, the form and substance of any Form 8-K Disclosure Information, if applicable, and (ii) the Depositor shall approve, as to form and substance, or disapprove, as the case may be, the inclusion of the Form 8-K Disclosure Information on Form 8-K. The Depositor shall be responsible for any reasonable fees and expenses assessed or incurred by the Trustee in connection with including any Form 8-K Disclosure Information on Form 8-K pursuant to this Section.

(C) After preparing the Form 8-K, the Trustee shall forward electronically a copy of the Form 8-K to the Depositor and the Master Servicer for review. No later than the close of business New York City time on the 3^rd Business Day after the Reportable Event, a duly authorized officer of the Master Servicer shall sign the Form 8-K and return an electronic or fax copy of such signed Form 8-K (with an original executed hard copy to follow by overnight mail) to the Trustee. Promptly, but no later than the close of business on the 3rd Business Day after the Reportable Event (provided that, the Trustee forwards a copy of the Form 8-K no later than noon New York time on the third Business Day after the Reportable Event), the Depositor shall notify the Trustee in writing (which may be furnished electronically) of any changes to or approval of such Form 8-K. In the absence of receipt of any written changes or approval, the Trustee shall be entitled to assume that such Form 8-K is in final form and the Trustee may proceed with the execution and filing of the Form 8-K. If a Form 8-K cannot be filed on time or if a previously filed Form 8-K needs to be amended, the Trustee shall follow the procedures set forth in Section 3.16(a)(v)(B). Promptly (but no later than one (1) Business Day) after filing with the Commission, the Trustee shall, make available on its internet website a final executed copy of each Form 8-K filed by the Trustee. The signing party at the Master Servicer can be contacted as set forth in Section 12.05. The parties to this Agreement acknowledge that the performance by Master Servicer and the Trustee of their respective duties under this Section 3.16(a)(ii) related to the timely preparation, execution and filing of Form 8-K is contingent upon such parties strictly observing all applicable deadlines in the performance of their duties under this Section 3.16(a)(ii). Neither the Master Servicer nor the Trustee shall have any liability for any loss, expense, damage, claim arising out of or with respect to any failure to properly prepare, execute and/or timely file such Form 8-K, where such failure results from a party’s failure to deliver, on a timely basis, any information from such party needed to prepare, arrange for execution or file such Form 8-K, not resulting from its own negligence, bad faith or willful misconduct.

(iii) (A) Within 90 days after the end of each fiscal year of the Trust or such earlier date as may be required by the Exchange Act (the “10-K Filing Deadline”) (it being understood that the fiscal year for the Trust ends on December 31st of each year), commencing in March 2007, the Trustee shall prepare and file on behalf of the Trust a Form 10-K, in form and substance as required by the Exchange Act. Each such Form 10-K shall include the following items, in each case to the extent they have been delivered to the Trustee within the applicable time frames set forth in this Agreement, (I) an annual compliance statement for the Master Servicer and any subservicer or subcontractor, as applicable, as described under Section 3.14, (II)(A) the annual reports on assessment of compliance with Servicing Criteria for the Master Servicer, each subservicer and subcontractor participating in the servicing function, the Trustee and the Custodian, as described under Section 3.15, and (B) if any such report on assessment of compliance with Servicing Criteria described under Section 3.15 identifies any material instance of noncompliance, disclosure identifying such instance of noncompliance, or if any such report on assessment of compliance with Servicing Criteria described under Section 3.15 is not included as an exhibit to such Form 10-K, disclosure that such report is not included and an explanation why such report is not included, (III)(A) the registered public accounting firm attestation report for the Master Servicer, the Trustee, each subservicer, each subcontractor, as applicable, and the Custodian, as described under Section 3.15, and (B) if any registered public accounting firm attestation report described under Section 3.15 identifies any material instance of noncompliance, disclosure identifying such instance of noncompliance, or if any such registered public accounting firm attestation report is not included as an exhibit to such Form 10-K, disclosure that such report is not included and an explanation why such report is not included, and (IV) a Xxxxxxxx-Xxxxx Certification as described in Section 3.16(a)(iii)(D) below (provided, however, that the Trustee, at its discretion, may omit from the Form 10-K any annual compliance statement, assessment of compliance or attestation report that is not required to be filed with such Form 10-K pursuant to Regulation AB). Any disclosure or information in addition to (I) through (IV) above that is required to be included on Form 10-K (“Additional Form 10-K Disclosure”) shall be, pursuant to the paragraph immediately below, reported by the parties set forth on Exhibit O to the Trustee and the Depositor and approved for inclusion by the Depositor, and the Trustee will have no duty or liability for any failure hereunder to determine or prepare any Additional Form 10-K Disclosure absent such reporting (other than in the case where the Trustee is the reporting party as set forth in Exhibit O) and approval.

(B) No later than March 15^th of each year that the Trust is subject to the Exchange Act reporting requirements, commencing in 2007, (i) the parties set forth in Exhibit O shall be required to provide pursuant to Section 3.16(a)(iv) below to the Trustee and the Depositor, to the extent known by a responsible officer thereof, in XXXXX-compatible format, or in such other form as otherwise agreed upon by the Trustee and the Depositor and such party, the form and substance of any Additional Form 10-K Disclosure, if applicable, and (ii) the Depositor will approve, as to form and substance, or disapprove, as the case may be, the inclusion of the Additional Form 10-K Disclosure on Form 10-K. The Depositor shall be responsible for any reasonable fees and expenses assessed or incurred by the Trustee in connection with including any Additional Form 10-K Disclosure on Form 10-K pursuant to this Section.

(C) After preparing the Form 10-K, the Trustee shall forward electronically a copy of the Form 10-K to the Depositor (only in the case where such Form 10-K includes Additional Form 10-K Disclosure and otherwise if requested by the Depositor) and the Master Servicer for review. Within three Business Days after receipt of such copy, but no later than March 25^th (provided that, the Trustee forwards a copy of the Form 10-K no later than the third Business Day prior to March 25th), the Depositor shall notify the Trustee in writing (which may be furnished electronically) of any changes to or approval of such Form 10-K. In the absence of receipt of any written changes or approval, the Trustee shall be entitled to assume that such Form 10-K is in final form and the Trustee may proceed with the execution and filing of the Form 10-K. No later than the close of business Eastern Standard time on the 4th Business Day prior to the 10-K Filing Deadline, an officer of the Master Servicer in charge of the master servicing function shall sign the Form 10-K and return an electronic or fax copy of such signed Form 10-K (with an original executed hard copy to follow by overnight mail) to the Trustee. If a Form 10-K cannot be filed on time or if a previously filed Form 10-K needs to be amended, the Trustee will follow the procedures set forth in Section 3.16(a)(v)(B). Promptly (but no later than one (1) Business Day) after filing with the Commission, the Trustee shall make available on its internet website a final executed copy of each Form 10-K filed by the Trustee. The signing party at the Master Servicer can be contacted as set forth in Section 12.05. Form 10-K requires the registrant to indicate (by checking “yes” or “no”) that it (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. The Depositor shall notify the Trustee in writing, no later than March 15th after the related Distribution Date with respect to the filing of a report on Form 10-K, if the answer to the questions should be “no”. The Trustee shall be entitled to rely on the representations in Section 2.04(vi) and in any such notice in preparing, executing and/or filing any such report. The parties to this Agreement acknowledge that the performance by the Trustee of its duties under Sections 3.16(a)(iv) and (v) related to the timely preparation, execution and filing of Form 10-K is contingent upon such parties strictly observing all applicable deadlines in the performance of their duties under such Sections and Sections 3.14 and Section 3.15. The Trustee shall not have any liability for any loss, expense, damage, claim arising out of or with respect to any failure to properly prepare, execute and/or timely file such Form 10-K, where such failure results from the Trustee’s inability or failure to receive, on a timely basis, any information from any other party hereto needed to prepare, arrange for execution or file such Form 10-K, not resulting from its own negligence, bad faith or willful misconduct.

(D) Each Form 10-K shall include a certification (the “Xxxxxxxx-Xxxxx Certification”) required to be included therewith pursuant to the Xxxxxxxx-Xxxxx Act which shall be signed by the Certifying Person and delivered to the Trustee no later than March 15^th of each year in which the Trust is subject to the reporting requirements of the Exchange Act. The Master Servicer shall cause any subservicer or subcontractor engaged by it to, provide to the Person who signs the Xxxxxxxx-Xxxxx Certification (the “Certifying Person”), by March 10th of each year in which the Trust is subject to the reporting requirements of the Exchange Act and otherwise within a reasonable period of time upon request, a certification (each, a “Back-Up Certification”), in the form attached hereto as Exhibit K, upon which the Certifying Person, the entity for which the Certifying Person acts as an officer, and such entity’s officers, directors and Affiliates (collectively with the Certifying Person, “Certification Parties”) can reasonably rely. An officer of the Master Servicer in charge of the master servicing function shall serve as the Certifying Person on behalf of the Trust. Such officer of the Certifying Person can be contacted as set forth in Section 12.05. In connection with the filing of any 10-K hereunder, the Trustee shall sign a Back-Up Certification substantially in the form attached hereto as Exhibit M for the Depositor regarding certain aspects of the Form 10-K certification signed by the Master Servicer; provided, however, the Trustee shall not be required to undertake an analysis of any accountant’s report as an exhibit to the Form 10-K.

(iv) With respect to any Additional Form 10-D Disclosure, Additional Form 10-K Disclosure or any Form 8-K Disclosure Information (collectively, the “Additional Disclosure”) relating to the Trust Fund, the Trustee’s obligation to include such Additional Information in the applicable Exchange Act report is subject to receipt from the entity that is indicated in Exhibit O as the responsible party for providing that information, if other than the Trustee, as and when required as described in Section 3.16(a)(i) through (iii) above. Such Additional Disclosure shall be accompanied by a notice substantially in the form of Exhibit P. Each of the Master Servicer, the Seller and the Depositor hereby agrees to notify and provide to the extent known to the Master Servicer, the Seller and the Depositor all Additional Disclosure relating to the Trust Fund, with respect to which such party is indicated in Exhibit O as the responsible party for providing that information. The Depositor shall be responsible for any reasonable fees and expenses assessed or incurred by the Trustee in connection with including any Additional Disclosure information pursuant to this Section.

(v) (A) On or prior to January 30th of the first year in which the Trustee is able to do so under applicable law, the Trustee shall prepare and file a Form 15 relating to the automatic suspension of reporting in respect of the Trust under the Exchange Act.

(B) In the event that the Trustee is unable to timely file with the Commission all or any required portion of any Form 8-K, 10-D or 10-K required to be filed by this Agreement because required disclosure information was either not delivered to it or delivered to it after the delivery deadlines set forth in this Agreement or for any other reason, the Trustee shall promptly notify the Depositor and the Master Servicer. In the case of Form 10-D and 10-K, the Depositor, the Master Servicer and the Trustee shall cooperate to prepare and file a Form 12b-25 and a 10-DA and 10-KA as applicable, pursuant to Rule 12b-25 of the Exchange Act. In the case of Form 8-K, the Trustee will, upon receipt of all required Form 8-K Disclosure Information and upon the approval and direction of the Depositor, include such disclosure information on the next Form 10-D. In the event that any previously filed Form 8-K, 10-D or 10-K needs to be amended, and such amendment relates to any Additional Disclosure, the Trustee shall notify the Depositor and the parties affected thereby and such parties will cooperate to prepare any necessary Form 8-K, 10-DA or 10-KA. Any Form 15, Form 12b-25 or any amendment to Form 8-K, 10-D or 10-K shall be signed by an appropriate officer of the Master Servicer. The parties hereto acknowledge that the performance by the Trustee of its respective duties under this Section 3.16(a)(v) related to the timely preparation, execution and filing of Form 15, a Form 12b-25 or any amendment to Form 8-K, 10-D or 10-K is contingent upon the Master Servicer and the Depositor timely performing their duties under this Section. The Trustee shall not have any liability for any loss, expense, damage, claim arising out of or with respect to any failure to properly prepare, execute and/or timely file any such Form 15, Form 12b-25 or any amendments to Form 8-K, 10-D or 10-K, where such failure results from a party’s failure to deliver, on a timely basis, any information from such party needed to prepare, arrange for execution or file such Form 15, Form 12b-25 or any amendments to Form 8-K, 10-D or 10-K, not resulting from its own negligence, bad faith or willful misconduct.

The Depositor agrees to promptly furnish to the Trustee, from time to time upon request, such further information, reports and financial statements within its control related to this Agreement, the Mortgage Loans as the Trustee reasonably deems appropriate to prepare and file all necessary reports with the Commission. The Trustee shall have no responsibility to file any items other than those specified in this Section 3.16; provided, however, the Trustee shall cooperate with the Depositor in connection with any additional filings with respect to the Trust Fund as the Depositor deems necessary under the Exchange Act. Fees and expenses incurred by the Trustee in connection with this Section 3.16 shall not be reimbursable from the Trust Fund.

(b) The Depositor shall indemnify and hold harmless the Trustee and the Master Servicer and each of its officers, directors and affiliates from and against any losses, damages, penalties, fines, forfeitures, reasonable and necessary legal fees and related costs, judgments and other costs and expenses arising out of or based upon a breach of the obligations of the Depositor under Sections 3.14, 3.15 and 3.16 or the Depositor’s negligence, bad faith or willful misconduct in connection therewith. In addition, the Depositor shall indemnify and hold harmless the Master Servicer, the Trustee and each of their respective officers, directors and affiliates from and against any losses, damages, penalties, fines, forfeitures, reasonable and necessary legal fees and related costs, judgments and other costs and expenses arising out of or based upon (i) any untrue statement or alleged untrue statement of any material fact contained in any Additional Disclosure provided by the Depositor that is required to be filed pursuant to this Section 3.16 (the “Depositor Information”), or (ii) any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances in which they were made, not misleading; provided, by way of clarification, that this paragraph shall be construed solely by reference to the Depositor Information that is required to be filed and not to any other information communicated in connection with the Certificates, without regard to whether the Depositor Information or any portion thereof is presented together with or separately from such other information.

The Master Servicer shall indemnify and hold harmless the Trustee and the Depositor and each of its respective officers, directors and affiliates from and against any losses, damages, penalties, fines, forfeitures, reasonable and necessary legal fees and related costs, judgments and other costs and expenses arising out of or based upon a breach of the obligations of the Master Servicer under Sections 3.14, 3.15 and 3.16 or the Master Servicer’s negligence, bad faith or willful misconduct in connection therewith. In addition, the Master Servicer shall indemnify and hold harmless the Depositor and each of its officers, directors and affiliates from and against any losses, damages, penalties, fines, forfeitures, reasonable and necessary legal fees and related costs, judgments and other costs and expenses arising out of or based upon (i) any untrue statement or alleged untrue statement of any material fact contained in any Annual Statement of Compliance, any Assessment of Compliance or any Additional Disclosure provided by the Master Servicer on its behalf or on behalf of any subservicer or subcontractor engaged by the Master Servicer pursuant to Section 3.14, 3.15 or 3.16 (the “Master Servicer Information”), or (ii) any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances in which they were made, not misleading; provided, by way of clarification, that this paragraph shall be construed solely by reference to the Master Servicer Information and not to any other information communicated in connection with the Certificates, without regard to whether the Master Servicer Information or any portion thereof is presented together with or separately from such other information.

If the indemnification provided for herein is unavailable or insufficient to hold harmless the Depositor, the Trustee or the Master Servicer, as applicable, then the defaulting party, in connection with any conduct for which it is providing indemnification under this Section 3.16(b), agrees that it shall contribute to the amount paid or payable by the other parties as a result of the losses, claims, damages or liabilities of the other party in such proportion as is appropriate to reflect the relative fault and the relative benefit of the respective parties.

The indemnification provisions set forth in this Section 3.16(b) shall survive the termination of this Agreement or the termination of any party to this Agreement.

(c) Failure of the Master Servicer to comply with this Section 3.16 (including with respect to the timeframes required herein) shall, constitute an Event of Default, and at the written direction of the Depositor the Trustee shall, in addition to whatever rights the Trustee may have under this Agreement and at law or equity or to damages, including injunctive relief and specific performance, upon notice immediately terminate all of the rights and obligations of the Master Servicer under this Agreement and in and to the Mortgage Loans and the proceeds thereof without compensating the Master Servicer for the same (but subject to the Master Servicer’s right to reimbursement of all amounts for which it is entitled to be reimbursed prior to the date of termination). This paragraph shall supersede any other provision in this Agreement or any other agreement to the contrary. In connection with the termination of the Master Servicer pursuant to this Section 3.16(d), the Trustee shall be entitled to reimbursement of all costs and expenses associated with such termination to the extent set forth in Section 10.05. Notwithstanding anything to the contrary in this Agreement, no Event of Default by the Master Servicer shall have occurred with respect to any failure to properly prepare, execute and/or timely file any report on Form 8-K, Form 10-D or Form 10-K, any Form 15 or Form 12b-25 or any amendments to Form 8-K, 10-D or 10-K, where such failure results from any party’s failure to deliver, on a timely basis, any information from such party needed to prepare, arrange for execution or file any such report, Form or amendment, and does not result from its own negligence, bad faith or willful misconduct.

(d) Notwithstanding the provisions of Section 12.01, this Section 3.16 may be amended without the consent of the Certificateholders.

(e) Any report, notice or notification to be delivered by the Master Servicer or the Trustee to the Depositor pursuant to this Section 3.16, may be delivered via email to or, in the case of a notification, telephonically by calling Reg AB Compliance Manager at 000-000-0000.

Section 3.17 Intention of the Parties and Interpretation.

Each of the parties acknowledges and agrees that the purpose of Sections 3.14, 3.15 and 3.16 of this Agreement is to facilitate compliance by the Seller, the Depositor and the Master Servicer with the provisions of Regulation AB. Therefore, each of the parties agrees that (a) the obligations of the parties hereunder shall be interpreted in such a manner as to accomplish that purpose, (b) the parties’ obligations hereunder will be supplemented and modified as necessary to be consistent with any such amendments, interpretive advice or guidance, convention or consensus among active participants in the asset-backed securities markets, advice of counsel, or otherwise in respect of the requirements of Regulation AB, (c) the parties shall comply with reasonable requests made by the Seller, the Depositor, the Master Servicer or the Trustee for delivery of additional or different information as the Seller, the Depositor, the Master Servicer or the Trustee may determine in good faith is necessary to comply with the provisions of Regulation AB, and (d) no amendment of this Agreement shall be required to effect any such changes in the obligations of the parties to this transaction as are necessary to accommodate evolving interpretations of the provisions of Regulation AB.

Section 3.18 UCC.

The Seller shall file any financing statements, continuation statements or amendments thereto required by any change in the Uniform Commercial Code.

Section 3.19 Optional Purchase of Certain Mortgage Loans.

With respect to any Mortgage Loan which as of the first day of a Fiscal Quarter is delinquent in payment by 90 days or more or is an REO Property, the Seller shall have the right to purchase any such Mortgage Loan or REO Property from the Trust at a price equal to the Purchase Price; provided however (i) that such Mortgage Loan is still 90 days or more delinquent or is an REO Property as of the date of such purchase and (ii) this purchase option, if not theretofore exercised, shall terminate on the date prior to the last day of the related Fiscal Quarter. This purchase option, if not exercised, shall not be thereafter reinstated unless the delinquency is cured and the Mortgage Loan thereafter again becomes 90 days or more delinquent or becomes an REO Property, in which case the option shall again become exercisable as of the first day of the related Fiscal Quarter.

In addition, EMC shall, at its option, purchase any Mortgage Loan from the Trust if the first Due Date for such Mortgage Loan is subsequent to the Cut-off Date and the initial Monthly Payment is not made within thirty (30) days of such Due Date. Such purchase shall be made at a price equal to the Repurchase Price.

If at any time EMC remits to the Trustee a payment for deposit in the Distribution Account covering the amount of the Repurchase Price for such a Mortgage Loan, and EMC provides to the Trustee a certification signed by a Servicing Officer stating that the amount of such payment has been deposited in the Distribution Account, then the Trustee shall execute the assignment of such Mortgage Loan prepared and delivered to the Trustee, at the request of EMC, without recourse, representation or warranty, to EMC which shall succeed to all the Trustee’s right, title and interest in and to such Mortgage Loan, and all security and documents relative thereto. Such assignment shall be an assignment outright and not for security. EMC will thereupon own such Mortgage, and all such security and documents, free of any further obligation to the Trustee or the Certificateholders with respect thereto.

Section 3.20 REMIC-Related Covenants.

For as long as each REMIC created hereunder shall exist, the Trustee shall act in accordance herewith to assure continuing treatment of such REMIC as a REMIC, and the Trustee shall comply with any directions of the Seller or the Master Servicer to assure such continuing treatment. In particular, the Trustee shall not (a) sell or permit the sale of all or any portion of the Mortgage Loans or of any investment of deposits in an Account (except as otherwise expressly permitted by this Agreement) unless such sale is as a result of a repurchase of the Mortgage Loans pursuant to this Agreement or the Trustee has received a REMIC Opinion addressed to the Trustee prepared at the expense of the Trust Fund; (b) other than with respect to a substitution pursuant to the Mortgage Loan Purchase Agreement or Section 2.03 of this Agreement, as applicable, accept any contribution to any REMIC after the Startup Day without receipt of a REMIC Opinion; or (c) or acquire any assets for any REMIC other than any REO Property after the Startup Day without receipt of a REMIC Opinion.

Section 3.21 Trustee to Retain Possession of Certain Insurance Policies and Documents.

The Trustee (or the Custodian, as directed by the Trustee), shall retain possession and custody of the originals (to the extent available) of any Primary Mortgage Insurance Policies, or certificate of insurance if applicable, and any certificates of renewal as to the foregoing as may be issued from time to time as contemplated by this Agreement. Until all amounts distributable in respect of the Certificates have been distributed in full and the Master Servicer otherwise has fulfilled its obligations under this Agreement, the Trustee (or its Custodian, if any, as directed by the Trustee) shall also retain possession and custody of each Mortgage File in accordance with and subject to the terms and conditions of this Agreement. The Master Servicer shall promptly deliver or cause to be delivered to the Trustee (or the Custodian, as directed by the Trustee), upon the execution or receipt thereof the originals of any Primary Mortgage Insurance Policies, any certificates of renewal, and such other documents or instruments that constitute portions of the Mortgage File that come into the possession of the Master Servicer from time to time.

ARTICLE IV

[RESERVED]

ARTICLE V

ACCOUNTS

Section 5.01 Collection of Mortgage Loan Payments; Protected Account.

(a) The Master Servicer shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties are located to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Master Servicer may in its discretion (i) waive any late payment charge and (ii) extend the due dates for payments due on a Mortgage Note for a period not greater than 125 days. In the event of any such arrangement, the Master Servicer shall make Advances on the related Mortgage Loan during the scheduled period in accordance with the amortization schedule of such Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.01. The Master Servicer shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) a Mortgage Loan is in default or default is reasonably foreseeable, the Master Servicer may also waive, modify or vary any term of any Mortgage Loan or consent to the postponement of strict compliance with any such term or in any manner grant indulgence to any mortgagor, including without limitation, to (1) capitalize any amounts owing on the Mortgage Loan by adding such amount to the outstanding principal balance of the Mortgage Loan, (2) defer such amounts to a later date or the final payment date of such Mortgage Loan, (3) extend the maturity of any such Mortgage Loan, but in no instance past the date on which the final payment is due on the latest maturing Mortgage Loan as of the Cut-off Date, and/or (4) reduce the related Mortgage Rate (subject to clause (y) below), provided that, in the Master Servicer’s determination such waiver, modification, postponement or indulgence is not materially adverse to the interests of the Certificateholders (taking into account any estimated Realized Loss that might result absent such action), or (y) the Master Servicer delivers to the Trustee a certification addressed to the Trustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such Mortgage Loan will not result in the imposition of taxes on or disqualify from REMIC status any of REMIC I, REMIC II, REMIC III, REMIC IV or REMIC V, the Master Servicer may, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any Mortgage Loan and (B) amend any Mortgage Note to extend the maturity thereof.

In accordance with the standards of the first paragraph of Section 3.01, the Master Servicer shall not waive (or permit a sub-servicer to waive) any Prepayment Charge unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the mortgage debt has been accelerated in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the Master Servicer, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Master Servicer is required to pay the amount of such waived Prepayment Charge, for the benefit of Class P Certificates, by remitting such amount to the Trustee by the Remittance Date.

(b) The Master Servicer shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Master Servicer for the benefit of the Trustee on behalf of the Certificateholders and designated “Xxxxx Fargo, National Association, in trust for registered holders of Bear Xxxxxxx Mortgage Funding Trust 2006-AC1, Asset-Backed Certificates, Series 2006-AC1”. The Master Servicer shall deposit or cause to be deposited into the Protected Account on a daily basis within two Business Days of receipt and identification, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder:

(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;

(ii) all payments on account of interest on the Mortgage Loans net of the related Servicing Fee permitted under Section 3.10 and LPMI Fees, if any;

(iii) all Liquidation Proceeds and Insurance Proceeds, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Master Servicer’s normal servicing procedures;

(iv) any amount required to be deposited by the Master Servicer pursuant to Section 5.01(c) in connection with any losses on Permitted Investments;

(v) any amounts required to be deposited by the Master Servicer pursuant to Section 3.05;

(vi) any Prepayment Charges collected on the Mortgage Loans; and

(vii) any other amounts required to be deposited hereunder.

The foregoing requirements for remittance by the Master Servicer into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be remitted by the Master Servicer. In the event that the Master Servicer shall remit any amount not required to be remitted and not otherwise subject to withdrawal pursuant to Section 5.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. Reconciliations will be prepared for the Protected Account within 45 calendar days after the bank statement cut-off date. All items requiring reconciliation will be resolved within 90 calendar days of their original identification. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.02.

(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the Master Servicer, in Permitted Investments which shall mature not later than the Remittance Date and shall not be sold or disposed of prior to its maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment shall be for the benefit of the Master Servicer as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Master Servicer into the Protected Account, out of the Master Servicer’s own funds.

(d) The Master Servicer shall give at least 30 days advance notice to the Trustee, the Seller, the Master Servicer, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.

Section 5.02 Permitted Withdrawals From the Protected Account.

(a) The Master Servicer may from time to time make withdrawals from the Protected Account for the following purposes:

(i) to pay itself (to the extent not previously paid to or withheld by the Master Servicer), as servicing compensation in accordance with Section 3.10, that portion of any payment of interest that equals the Servicing Fee for the period with respect to which such interest payment was made, and, as additional servicing compensation, those other amounts set forth in Section 3.10;

(ii) to reimburse the Master Servicer for Advances made by it with respect to the Mortgage Loans, provided, however, that the Master Servicer’s right of reimbursement pursuant to this subclause (ii) shall be limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Liquidation Proceeds and Insurance Proceeds and Subsequent Recoveries) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made;

(iii) to reimburse the Master Servicer for any previously made portion of a Servicing Advance or an Advance made by the Master Servicer that, in the good faith judgment of the Master Servicer, will not be ultimately recoverable by it from the related Mortgagor, any related Liquidation Proceeds, Insurance Proceeds or otherwise (a “Nonrecoverable Advance”), to the extent not reimbursed pursuant to clause (ii) or clause (v);

(iv) to reimburse the Master Servicer from Insurance Proceeds for Insured Expenses covered by the related Insurance Policy;

(v) to pay the Master Servicer any unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing Advances, provided, however, that the Master Servicer’s right to reimbursement for Servicing Advances pursuant to this subclause (v) with respect to any Mortgage Loan shall be limited to amounts received on particular Mortgage Loan(s) (including, for this purpose, Liquidation Proceeds, Insurance Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such Servicing Advances were made;

(vi) to pay to the Seller, the Depositor or itself, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 4.20 of this Agreement, all amounts received thereon and not taken into account in determining the related Stated Principal Balance of such repurchased Mortgage Loan;

(vii) to pay any expenses recoverable by the Master Servicer pursuant to Section 8.04 of this Agreement;

(viii) to withdraw pursuant to Section 5.01 any amount deposited in the Protected Account and not required to be deposited therein; and

(ix) to clear and terminate the Protected Account upon termination of this Agreement pursuant to Section 11.01 hereof.

In addition, no later than 1:00 p.m. Eastern time on the Remittance Date, the Master Servicer shall withdraw from the Protected Account and remit to the Trustee the amount required to be withdrawn therefrom pursuant to Section 5.08 hereof. With respect to any remittance received by the Trustee from the Master Servicer after the date on which such remittance was due, the Master Servicer shall pay to the Trustee interest on any such late remittance at an annual rate equal to the prime rate announced to be in effect from time to time as published as the average rate in The Wall Street Journal (Northeast Edition), plus two percentage points, but in no event greater than the maximum amount permitted by applicable law. Such interest shall be deposited in the Protected Account by the Master Servicer on the date such late payment is made and shall cover the period commencing with the day following the date on which such remittance was due and ending with the Business Day on which such remittance is made, both inclusive. Such interest shall be remitted along with the distribution payable on the next succeeding Remittance Date. The payment by the Master Servicer of any such interest shall not be deemed an extension of time for payment or a waiver of any Event of Default with respect to the Master Servicer.

The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Protected Account pursuant to subclauses (i), (ii), (iv), (v) and (vi) above. Prior to making any withdrawal from the Protected Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trustee an Officer’s Certificate of a Servicing Officer indicating the amount of any previous Advance or Servicing Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loan(s), and their respective portions of such Nonrecoverable Advance.

Section 5.03 Statements to the Trustee.

The Master Servicer shall furnish to the Trustee an individual Mortgage Loan accounting report (a "Report"), as of the last Business Day of each month, in the Master Servicer's assigned loan number order to document Mortgage Loan payment activity on an individual Mortgage Loan basis. With respect to each month, such Report shall be received by the Trustee no later than the 10th calendar day of the month of the related Distribution Date (or August 10, 2006, in the case of the initial Report) a report in an Excel (or compatible) electronic format (that can be downloaded into a Sybase database), in such format as may be mutually agreed upon by both the Trustee and the Master Servicer, and in hard copy, which Report shall contain the following:

(i) with respect to each Monthly Payment received or advanced during the related Due Period, the amount of such remittance allocable to interest and to principal; the amount of Principal Prepayments and prepayment penalties received during the related Prepayment Period;

(ii) the amount of servicing compensation received by the Master Servicer during the prior Due Period;

(iii) the aggregate Stated Principal Balance of the Mortgage Loans;

(iv) the number and aggregate outstanding principal balances of Mortgage Loans (a) Delinquent (1) 30 to 59 days, (2) 60 to 89 days, (3) 90 days or more; (b) as to which foreclosure has commenced; and (c) as to which REO Property has been acquired; and

(v) such other data as may reasonably be required by the Trustee in order to make distributions to the Certificateholders on such Distribution Date.

The Master Servicer shall also provide with each such Report a trial balance, sorted in the Trustee's assigned loan number order, and such other loan level information as described on Exhibits Q and R, in electronic tape form.

The Master Servicer shall prepare and file any and all information statements or other filings required to be delivered to any governmental taxing authority or to the Trustee pursuant to any applicable law with respect to the Mortgage Loans and the transactions contemplated hereby. In addition, the Master Servicer shall provide the Trustee with such information concerning the Mortgage Loans as is necessary for the Trustee to prepare the Trust’s income tax returns as the Trustee may reasonably request from time to time.

Section 5.04 Collection of Taxes; Assessments and Similar Items; Escrow Accounts.

With respect to each Mortgage Loan, to the extent required by the related Mortgage Note, the Master Servicer shall establish and maintain one or more accounts (each, an “Escrow Account”) and deposit and retain therein all collections from the Mortgagors (or advances by the Master Servicer) for the payment of taxes, assessments, hazard insurance premiums or comparable items for the account of the Mortgagors. Nothing herein shall require the Master Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law.

Withdrawals of amounts so collected from the Escrow Accounts may be made only to effect timely payment of taxes, assessments, hazard insurance premiums, condominium or PUD association dues, or comparable items, to reimburse the Master Servicer out of related collections for any payments made with respect to each Mortgage Loan pursuant to Section 3.01 (with respect to taxes and assessments and insurance premiums) and Section 3.05 (with respect to hazard insurance), to refund to any Mortgagors for any Mortgage Loans any sums as may be determined to be overages, to pay interest, if required by law or the terms of the related Mortgage or Mortgage Note, to such Mortgagors on balances in the Escrow Account or to clear and terminate the Escrow Account at the termination of this Agreement in accordance with Section 11.01 thereof. The Escrow Account shall not be a part of the Trust Fund.

Section 5.05 [Reserved].

Section 5.06 [Reserved].

Section 5.07 [Reserved].

Section 5.08 Distribution Account.

(a) The Trustee shall establish and maintain in the name of the Trustee, for the benefit of the Certificateholders, the Distribution Account as a segregated trust account or accounts. The Distribution Account shall be an Eligible Account. On or before each Remittance Date, the Master Servicer shall withdraw or shall cause to be withdrawn from the Protected Account and shall immediately deposit or remit to the Trustee for deposit in the Distribution Account the following amounts (other than with respect to principal of or interest on the Mortgage Loans due on or before the Cut-off Date):

(i) Scheduled Payments on the Mortgage Loans received or any related portion thereof advanced by the Master Servicer pursuant to this Agreement which were due on or before the related Due Date, net of the amount thereof comprising the Servicing Fee;

(ii) Full Principal Prepayments and any Liquidation Proceeds received by the Master Servicer with respect to such Mortgage Loans in the related Prepayment Period and any Liquidation Proceeds received by the Master Servicer with respect to such Mortgage Loans during the related calendar month, with interest to the date of prepayment or liquidation, net of the amount thereof comprising the Servicing Fee and LPMI Fees, if any;

(iii) Partial Principal Prepayments received by the Master Servicer for such Mortgage Loans in the related Prepayment Period;

(iv) the amount of any Prepayment Charges collected with respect to the Mortgage Loans and the amount of any Prepayment Charges paid by the Master Servicer in connection with the waiver of a Prepayment Charge in a manner that is not permitted under this Agreement;

(v) any Advance and any Compensating Interest Payments;

(vi) any Insurance Proceeds, Liquidation Proceeds or Subsequent Recoveries received by or on behalf of the Master Servicer or which were not deposited in a Protected Account;

(vii) the Repurchase Price with respect to any Mortgage Loans purchased by the Seller or Section 2.02 or 2.03, any amounts which are to be treated pursuant to Section 5.09 of this Agreement as the payment of such a Repurchase Price, the Repurchase Price with respect to any Mortgage Loans purchased by EMC pursuant to Section 3.19, and all proceeds of any Mortgage Loans or property acquired with respect thereto repurchased by the Seller or its designee pursuant to Section 11.01;

(viii) any amounts required to be deposited with respect to losses on investments of deposits in an Account; and

(ix) any other amounts received by or on behalf of the Master Servicer and required to be deposited in the Distribution Account pursuant to this Agreement.

(b) All amounts deposited to the Distribution Account shall be held by the Trustee in the name of the Trustee in trust for the benefit of the Certificateholders in accordance with the terms and provisions of this Agreement. The requirements for crediting the Distribution Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption, tax service, statement account or payoff, substitution, satisfaction, release and other like fees and charges, need not be credited by the Master Servicer to the Distribution Account. In the event that the Trustee shall deposit or cause to be deposited to the Distribution Account any amount not required to be credited thereto, the Trustee, upon receipt of a written request therefor signed by a Servicing Officer of the Master Servicer, shall promptly transfer such amount to the Trustee, any provision herein to the contrary notwithstanding.

(c) The Distribution Account shall constitute a trust account of the Trust Fund segregated on the books of the Trustee and held by the Trustee and the Distribution Account and the funds deposited therein shall not be subject to, and shall be protected from, all claims, liens, and encumbrances of any creditors or depositors of the Trustee (whether made directly, or indirectly through a liquidator or receiver of the Trustee. The amount at any time credited to the Distribution Account may be either uninvested in a trust or deposit account of the Trustee with no liability for interest or other compensation thereofor invested in the name of the Trustee, in such Permitted Investments as may be selected by the Trustee on such direction which mature not later than the Business Day next preceding the succeeding Distribution Date, except if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date. Permitted Investments in respect of the Distribution Account shall not be sold or disposed of prior to their maturity. All investment earnings on amounts on deposit in the Distribution Account or benefit from funds uninvested therein from time to time shall be for the account of the Trustee. The Trustee shall be permitted to receive distribution of any and all investment earnings from the Distribution Account on each Distribution Date. If there is any loss on a Permitted Investment or demand deposit, the Trustee shall deposit the amount of the loss in the Distribution Account. With respect to the Distribution Account and the funds deposited therein, the Trustee shall take such action as may be necessary to ensure that the Certificateholders shall be entitled to the priorities afforded to such a trust account (in addition to a claim against the estate of the Trustee) as provided by 12 U.S.C. § 92a(e), and applicable regulations pursuant thereto, if applicable, or any applicable comparable state statute applicable to state chartered banking corporations.

Section 5.09 Permitted Withdrawals and Transfers from the Distribution Account.

(a) The Trustee will make such withdrawals or transfers from the Distribution Account for the following purposes:

(i) to pay itself the Trustee Fee;

(ii) to reimburse the Trustee;

(iii) to pay investment income to the Trustee;

(iv) to reimburse the Trustee or the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement;

(v) to remove amounts deposited in error; and

(vi) to clear and terminate the Distribution Account pursuant to Section 11.01.

(b) On each Distribution Date, the Trustee shall distribute the Interest Funds and Principal Funds to the extent of funds on deposit in the Distribution Account to the Holders of the Certificates in accordance with the Remittance Report upon which the Trustee may conclusively rely.

ARTICLE VI

DISTRIBUTIONS AND ADVANCES

Section 6.01 Advances.

The Master Servicer shall make an Advance with respect to a Mortgage Loan and remit such Advance to the Trustee for deposit in the Distribution Account no later than 1:00 p.m. Eastern time on the Remittance Date in immediately available funds. The Master Servicer shall be obligated to make any such Advance only to the extent that such advance would not be a Nonrecoverable Advance. If the Master Servicer shall have determined that it has made a Nonrecoverable Advance or that a proposed Advance or a lesser portion of such Advance would constitute a Nonrecoverable Advance, the Master Servicer shall deliver (i) to the Trustee for the benefit of the Certificateholders constituting the remaining portion of such Advance, if applicable, and (ii) to the Depositor, each Rating Agency and the Trustee an Officer’s Certificate setting forth the basis for such determination.

In lieu of making all or a portion of such Advance from its own funds, the Master Servicer may (i) cause to be made an appropriate entry in its records relating to the Protected Account that any Amounts Held for Future Distribution has been used by the Master Servicer in discharge of its obligation to make any such Advance and (ii) transfer such funds from the Protected Account to the Distribution Account. Any funds so applied and transferred shall be replaced by the Master Servicer by deposit in the Distribution Account, no later than the close of business on the Remittance Date immediately preceding the Distribution Date on which such funds are required to be distributed pursuant to this Agreement.

The Master Servicer shall be entitled to be reimbursed from the Protected Account for all Advances of its own funds made pursuant to this Section as provided in Section 5.02. The obligation to make Advances with respect to any Mortgage Loan shall continue until such Mortgage Loan is paid in full or the related Mortgaged Property or related REO Property has been liquidated or until the purchase or repurchase thereof (or substitution therefor) from the Trust Fund pursuant to any applicable provision of this Agreement, except as otherwise provided in this Section 6.01.

Subject to and in accordance with the provisions of Article IX hereof, in the event the Master Servicer fails to make such Advance, then the Trustee, as Successor Master Servicer, or any other Successor Master Servicer appointed hereunder, shall be obligated to make such Advance, subject to the provisions of this Section 6.01, in accordance with and subject to the terms of this Agreement (including its rights of reimbursement hereunder).

Section 6.02 Compensating Interest Payments.

In the event that there is a Prepayment Interest Shortfall arising from a voluntary Principal Prepayment in part or in full by the Mortgagor with respect to any Mortgage Loan, the Master Servicer shall, to the extent of the Servicing Fee for such Distribution Date, deposit into the Distribution Account, as a reduction of the Servicing Fee for such Distribution Date, no later than the close of business on the Remittance Date immediately preceding such Distribution Date, an amount equal to the Prepayment Interest Shortfall; and in case of such deposit, the Master Servicer shall not be entitled to any recovery or reimbursement from the Depositor, the Trustee, the Seller, the Trust Fund or the Certificateholders.

Section 6.03 REMIC Distributions.

On each Distribution Date the Trustee shall be deemed to have allocated distributions to the REMIC Regular Interests, each Regular Interest the ownership of which is represented by the Class A-3 Certificates and Class A-4 Certificates, the Class C Interest and the Class P Interest in accordance with Section 6.07 hereof.

Section 6.04 Distributions.

(a) On each Distribution Date, an amount equal to the Interest Funds and Principal Funds for such Distribution Date shall be withdrawn by the Trustee from the Distribution Account and distributed in the following order of priority:

(1) Interest Funds shall be distributed in the following manner and order of priority:

(A) to the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates, the Current Interest and any Interest Carry Forward Amount for each such Class, pro rata in accordance with the amount of accrued interest due thereon; and

(B) From remaining Interest Funds, sequentially, to the Class X-0, Xxxxx X-0, Class M-3, Class M-4, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates, in that order, the Current Interest for each such Class.

Any Excess Spread to the extent necessary to meet a level of overcollateralization equal to the Overcollateralization Target Amount will be the Extra Principal Distribution Amount and will be included as part of the Principal Distribution Amount. Any Remaining Excess Spread together with any Overcollateralization Release Amount will be applied as Excess Cashflow and distributed pursuant to clauses (3)(A) through (H) below.

On any Distribution Date, any Relief Act Interest Shortfalls and any Prepayment Interest Shortfalls to the extent not covered by Compensating Interest will be allocated as set forth in the definition of “Current Interest” herein and in Section 1.02.

(2) On each Distribution Date, the Principal Distribution Amount shall be distributed in the following manner and order of priority:

(A) For each Distribution Date (i) prior to the Stepdown Date or (ii) on which a Trigger Event is in effect:

(i) To the Class A Certificates (other than the Class A-4 Certificates), on a pro rata basis, the Principal Distribution Amount for such Distribution Date, until the Certificate Principal Balances thereof are reduced to zero; provided, however, the Principal Distribution Amount otherwise allocable to the Class A-2 Certificates will first be distributed to the Class A-1 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, and then to the Class A-2 Certificates;

(ii) To the Class M-1 Certificates, from any remaining Principal Funds for such Distribution Date, until the Certificate Principal Balance thereof is reduced to zero;

(iii) To the Class M-2 Certificates, from any remaining Principal Funds for such Distribution Date, until the Certificate Principal Balance thereof is reduced to zero;

(iv) To the Class M-3 Certificates, from any remaining Principal Funds for such Distribution Date, until the Certificate Principal Balance thereof is reduced to zero;

(v) To the Class M-4 Certificates, from any remaining Principal Funds for such Distribution Date, until the Certificate Principal Balance thereof is reduced to zero;

(vi) To the Class B-1 Certificates, from any remaining Principal Funds for such Distribution Date, until the Certificate Principal Balance thereof is reduced to zero;

(vii) To the Class B-2 Certificates, from any remaining Principal Funds for such Distribution Date, until the Certificate Principal Balance thereof is reduced to zero;

(viii) To the Class B-3 Certificates, from any remaining Principal Funds for such Distribution Date, until the Certificate Principal Balance thereof is reduced to zero; and

(ix) To the Class B-4 Certificates, from any remaining Principal Funds for such Distribution Date, until the Certificate Principal Balance thereof is reduced to zero.

(B) For each Distribution Date on or after the Stepdown Date, so long as a Trigger Event is not in effect:

(i) To the Class A Certificates (other than the Class A-4 Certificates), on a pro rata basis, the Class A Principal Distribution Amount for such Distribution Date, until the Certificate Principal Balances thereof are reduced to zero; provided, however, the Class A Principal Distribution Amount otherwise allocable to the Class A-2 Certificates will first be distributed to the Class A-1 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, and then to the Class A-2 Certificates;

(ii) To the Class M-1 Certificates, from any remaining Principal Distribution Amount for such Distribution Date, the Class M-1 Principal Distribution Amount, until the Certificate Principal Balance thereof is reduced to zero;

(iii) To the Class M-2 Certificates, from any remaining Principal Distribution Amount for such Distribution Date, the Class M-2 Principal Distribution Amount, until the Certificate Principal Balance thereof is reduced to zero;

(iv) To the Class M-3 Certificates, from any remaining Principal Distribution Amount for such Distribution Date, the Class M-3 Principal Distribution Amount, until the Certificate Principal Balance thereof is reduced to zero;

(v) To the Class M-4 Certificates, from any remaining Principal Distribution Amount for such Distribution Date, the Class M-3 Principal Distribution Amount, until the Certificate Principal Balance thereof is reduced to zero;

(vi) To the Class B-1 Certificates, from any remaining Principal Distribution Amount for such Distribution Date, the Class B-1 Principal Distribution Amount, until the Certificate Principal Balance thereof is reduced to zero;

(vii) To the Class B-2 Certificates, from any remaining Principal Distribution Amount for such Distribution Date, the Class B-2 Principal Distribution Amount, until the Certificate Principal Balance thereof is reduced to zero;

(viii) To the Class B-3 Certificates, from any remaining Principal Distribution Amount for such Distribution Date, the Class B-3 Principal Distribution Amount, until the Certificate Principal Balance thereof is reduced to zero; and

(ix) To the Class B-4 Certificates, from any remaining Principal Distribution Amount for such Distribution Date, the Class B-4 Principal Distribution Amount, until the Certificate Principal Balance thereof is reduced to zero.

(3) Any Excess Cashflow shall be distributed in the following manner and order of priority:

(A) To the Class A Certificates, (a) first, any remaining Interest Carry Forward Amount for such Classes, pro rata, in accordance with the Interest Carry Forward Amount due with respect to each such Class, to the extent not fully paid pursuant to clause (1) (A) above and (b) second, any Unpaid Realized Loss Amount for the Class A Certificates, on a pro rata basis, for such Distribution Date, in accordance with the Applied Realized Loss Amount allocated to each such Class;

(B) From any remaining Excess Cashflow, sequentially, to the Class X-0, Xxxxx X-0, Class M-3, Class M-4, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates, in that order, an amount equal to the Interest Carry Forward Amount for each such Class;

(C) From any remaining Excess Cashflow otherwise distributable to the Class C Interest and the Class C Certificates, to the Reserve Fund, (i) first, to pay to the Classes of Class A Certificates, any Basis Risk Shortfall Carry Forward Amount for such Classes for such Distribution Date, on a pro rata basis, based on the amount of the Basis Risk Shortfall Carry Forward Amount for each such Class, to the extent such amount exceeds the amounts then on deposit in the Reserve Fund, and (ii) second, to maintain a balance in the Reserve Fund equal to the Reserve Fund Deposit;

(D) From any remaining Excess Cashflow otherwise distributable to the Class C Interest and the Class C Certificates, to the Reserve Fund, (i) first, to pay to the Class X-0, Xxxxx X-0, Class M-3, Class M-4, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates, sequentially in that order, any Basis Risk Shortfall Carry Forward Amount for each such Class, for such Distribution Date, if any, to the extent such amount exceeds the amounts then on deposit in the Reserve Fund, and (ii) second, to maintain a balance in the Reserve Fund equal to the Reserve Fund Deposit;

(E) From any remaining Excess Cashflow, to the Class A Certificates, on a pro rata basis, based on the entitlement of each such Class, and then sequentially to the Class X-0, Xxxxx X-0, Class M-3, Class M-4, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates, in that order, the amount of Relief Act Shortfalls and any Prepayment Interest Shortfalls allocated to such Classes of Certificates, to the extent not previously reimbursed;

(F) From any remaining Excess Cashflow, to the Class C Interest and Class C Certificates, an amount equal to the Class C Distribution Amount reduced by amounts distributed in clauses (C) and (D) above; and

(G) From any remaining Excess Cashflow, to each of the Class R-1, Class R-2, Class R-3 and Class RX Certificates, based on the related REMIC in which such amount remains.

In addition, notwithstanding the foregoing, on any Distribution Date after the Distribution Date on which the Certificate Principal Balance of a Class of Class A, Class B or Class M Certificates has been reduced to zero, that Class of Certificates will be retired and will no longer be entitled to distributions, including distributions in respect of Prepayment Interest Shortfalls or Basis Risk Shortfall Carry Forward Amounts.

(b) Subject to Section 11.02 hereof respecting the final distribution, on each Distribution Date the Trustee shall make distributions to each Certificateholder of record on the preceding Record Date either by wire transfer in immediately available funds to the account of such Holder at a bank or other entity having appropriate facilities therefor, if (i) such Holder has so notified the Trustee at least 5 Business Days prior to the related Record Date and (ii) such Holder shall hold Regular Certificates with aggregate principal denominations of not less than $1,000,000 or evidencing a Percentage Interest aggregating 10% or more with respect to such Class or, if not, by check mailed by first class mail to such Certificateholder at the address of such Holder appearing in the Certificate Register. Notwithstanding the foregoing, but subject to Section 11.02 hereof respecting the final distribution, distributions with respect to Certificates registered in the name of a Depository shall be made to such Depository in immediately available funds.

(c) On or before 5:00 p.m. Eastern time on the fifth Business Day immediately preceding each Distribution Date, the Master Servicer shall deliver a report to the Trustee in the form of a computer readable magnetic tape (or by such other means as the Master Servicer and the Trustee may agree from time to time) containing such data and information, as agreed to by the Master Servicer and the Trustee such as to permit the Trustee to prepare the Monthly Statement to Certificateholders and to direct the Trusteee in writing to make the required distributions for the related Distribution Date (the “Remittance Report”).

Section 6.05 Allocation of Realized Losses.

(a) All Realized Losses on the Mortgage Loans shall be allocated by the Trustee on each Distribution Date as follows: first, to Excess Spread through an increased distribution of the Extra Principal Distribution Amount for such Distribution Date; second, to the Class C Interest and Class C Certificates, until the Certificate Principal Balance or Uncertificated Principal Balance thereof, as applicable, has been reduced to zero; third, to the Class B-4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; fourth, to the Class B-3 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; fifth, to the Class B-2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; sixth, to the Class B-1 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; seventh, to the Class M-4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; eighth, to the Class M-3 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; ninth, to the Class M-2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; tenth, to the Class M-1 Certificates, until the Certificate Principal Balance thereof has been reduced to zero and eleventh, to the Class A Certificates (other than the Class A-4 Certificates), on a pro rata basis, in reduction of the Certificate Principal Balances thereof, until reduced to zero. All Realized Losses to be allocated to the Certificate Principal Balances of all Classes on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. All references above to the Certificate Principal Balance of any Class of Certificates shall be to the Certificate Principal Balance of such Class immediately prior to the relevant Distribution Date, before reduction thereof by any Realized Losses, in each case to be allocated to such Class of Certificates, on such Distribution Date.

(b) Any allocation of Realized Losses to a Class of Certificates or to the Class C Interest on any Distribution Date shall be made by reducing the Certificate Principal Balance or Uncertificated Principal Balance thereof by the amount so allocated; any allocation of Realized Losses to Excess Spread shall be made by reducing the amount otherwise payable in respect of the Class C Interest and the Class C Certificates pursuant to clause (F) of Section 6.04(a)(3).

Notwithstanding the foregoing, no such allocation of any Realized Loss shall be made on a Distribution Date to any Class of Certificates to the extent that such allocation would result in the reduction of the aggregate Certificate Principal Balance of all the Certificates as of such Distribution Date (other than the Class C Certificates and Class P Certificates) after giving effect to all distributions and prior allocations of Realized Losses on the Mortgage Loans on such date, to an amount less than the aggregate Stated Principal Balance of all of the Mortgage Loans as of the first day of the month of such Distribution Date (such limitation, the “Loss Allocation Limitation”). In addition in no event will the Certificate Principal Balance of any Certificate be reduced more than once in respect of any particular amount both (i) allocable to such Certificate in respect of Realized Losses and (ii) payable as principal to the Holder of such Certificate from Remaining Excess Spread.

As used herein, an allocation of a Realized Loss on a “pro rata basis” among two or more specified Classes of Certificates means an allocation on a pro rata basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby.

(c) (i)All Realized Losses on the Mortgage Loans shall be allocated by the Trustee on each Distribution Date to the following REMIC I Regular Interests in the specified percentages, as follows: first, to Uncertificated Accrued Interest payable to REMIC I Regular Interest AA and REMIC I Regular Interest ZZ up to an aggregate amount equal to the REMIC I Interest Loss Allocation Amount (without duplication of shortfalls allocated pursuant to Section 1.02), 98.00% and 2.00%, respectively; second, to the Uncertificated Principal Balances of REMIC I Regular Interest AA and REMIC I Regular Interest ZZ up to an aggregate amount equal to the REMIC I Principal Loss Allocation Amount, 98.00% and 2.00%, respectively; third, to the Uncertificated Principal Balances of REMIC I Regular Interest AA, REMIC I Regular Interest B-4 and REMIC I Regular Interest ZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Principal Balance of REMIC I Regular Interest B-4 has been reduced to zero; fourth, to the Uncertificated Principal Balances of REMIC I Regular Interest AA, REMIC I Regular Interest B-3 and REMIC I Regular Interest ZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Principal Balance of REMIC I Regular Interest B-3 has been reduced to zero; fifth, to the Uncertificated Principal Balances of REMIC I Regular Interest AA, REMIC I Regular Interest B-2 and REMIC I Regular Interest ZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Principal Balance of REMIC I Regular Interest B-2 has been reduced to zero; sixth, to the Uncertificated Principal Balances of REMIC I Regular Interest AA, REMIC I Regular Interest B-1 and REMIC I Regular Interest ZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Principal Balance of REMIC I Regular Interest B-1 has been reduced to zero; seventh, to the Uncertificated Principal Balances of REMIC I Regular Interest AA, REMIC I Regular Interest M-4 and REMIC I Regular Interest ZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Principal Balance of REMIC I Regular Interest M-4 has been reduced to zero; eighth, to the Uncertificated Principal Balances of REMIC I Regular Interest AA, REMIC I Regular Interest M-3 and REMIC I Regular Interest ZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Principal Balance of REMIC I Regular Interest M-3 has been reduced to zero; ninth, to the Uncertificated Principal Balances of REMIC I Regular Interest AA, REMIC I Regular Interest M-2 and REMIC I Regular Interest ZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Principal Balance of REMIC I Regular Interest M-2 has been reduced to zero; tenth, to the Uncertificated Principal Balances of REMIC I Regular Interest AA, REMIC I Regular Interest M-1 and REMIC I Regular Interest ZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Principal Balance of REMIC I Regular Interest M-1 has been reduced to zero; and eleventh, to the Uncertificated Principal Balance of REMIC I Regular Interest AA, 98.00%, to the Uncertificated Principal Balances of REMIC I Regular Interests X-0, X-0 xxx X-0, 1.00% pro rata, and to the Uncertificated Principal Balance of REMIC I Regular Interest ZZ, 1.00%, until the Uncertificated Principal Balances of such REMIC I Regular Interests X-0, X-0 and A-3 have been reduced to zero.

(ii) All Realized Losses on the Mortgage Loans shall be allocated on each Distribution Date to the REMIC II Regular Interests in the same manner and priority as Realized Losses are allocated to the Corresponding Certificates and, in the case of REMIC II Regular Interest C, to the Class C Interest, pursuant to Section 6.05(a).

Section 6.06 Monthly Statements to Certificateholders.

(a) Not later than each Distribution Date, the Trustee shall prepare and make available to each Holder of Certificates, the Master Servicer and the Depositor a statement setting forth for the Certificates:

(i) the applicable accrual periods for calculating distributions and general distribution dates;

(ii) the total cash flows received and the general sources thereof;

(iii) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Master Servicer for the related Due Period;

(iv) the amount of the related distribution to Holders of the Class A (other than the Class A-4 Certificates), Class M and Class B Certificates (by Class) allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments of principal included therein and (C) the Extra Principal Distribution Amount (if any);

(v) the amount of such distribution to Holders of each Class of Class A, Class M and Class B Certificates allocable to interest

(vi) the amount of the distribution made on such Distribution Date to the Holders of the Class P Certificates allocable to Prepayment Charges

(vii) the Interest Carry Forward Amounts and any Basis Risk Shortfall Carry Forward Amounts for each Class of Certificates (if any);

(viii) the Pass-Through Rate for each Class of Class A, Class M and Class B Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the related Net Rate Cap;

(ix) the number and Stated Principal Balance of all of the Mortgage Loans for the related Distribution Date, together with updated pool composition information including the following: weighted average mortgage rate and weighted average remaining term;

(x) the Certificate Principal Balance or Notional Amount, as applicable, of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;

(xi) the number and aggregate Stated Principal Balance of the Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcy and those Liquidated Mortgage Loans as of the end of a Prepayment Period) (1) 30 days Delinquent, (2) 60 days Delinquent and (3) 90 days or more Delinquent, (B) in foreclosure and delinquent (1) 30 days Delinquent, (2) 60 days Delinquent and (3) 90 days or more Delinquent and (C) in bankruptcy and delinquent (1) 30 days Delinquent, (2) 60 days Delinquent and (3) 90 days

(xii) or more Delinquent, in each case as of the close of business on the last day of the calendar month preceding such Distribution Date;

(xiii) the amount of aggregate Advances included in the distribution on such Distribution Date (including the general purpose of such Advances), the aggregate amount of unreimbursed Advances as of the end of the Due Period, and the general source of funds for reimbursements;

(xiv) the amount of, if any, of excess cashflow or excess spread and the application of such excess cashflow;

(xv) the cumulative amount of Applied Realized Loss Amounts through the end of the preceding month;

(xvi) if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;

(xvii) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the aggregate Stated Principal Balance of, and Realized Loss on, such Mortgage Loans as of the end of the Due Period;

(xviii) unless otherwise set forth in the Form 10-D relating to such distribution date, material breaches of pool asset representation or warranties or transaction covenants which have been reported to the Trustee in accordance with this Agreement;

(xix) the total number and principal balance of any real estate owned or REO Properties as of the end of the related Due Period;

(xx) the three month rolling average of the percent equivalent of a fraction, the numerator of which is the aggregate Stated Principal Balance of the Mortgage Loans that are 60 days or more delinquent or are in bankruptcy or foreclosure or are REO Properties, and the denominator of which is the aggregate Stated Principal Balance of all of the Mortgage Loans in each case as of the end of the Prepayment Period;

(xxi) the Realized Losses as of the close of business on the last day of the calendar month preceding such Distribution Date and the cumulative Realized Losses through the end of the preceding month;

(xxii) whether a Trigger Event exists;

(xxiii) information on loss and delinquency used for determining early amortization, liquidation, stepdowns or other performance triggers and whether the trigger was met;

(xxiv) the amount of the Prepayment Charges remitted by the Master Servicer and the amount on deposit in the Reserve Fund; and

(xxv) updated pool composition data including the following: weighted average mortgage rate and weighted average remaining term.

The Trustee may make the foregoing Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders via the Trustee’s internet website. The Trustee’s internet website shall initially be located at “xxx.xxxxxxx.xxx”. Assistance in using the website can be obtained by calling the Trustee’s customer service desk at (000) 000-0000. Parties that are unable to use the above distribution options are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Trustee may change the way Monthly Statements are distributed in order to make such distributions more convenient or more accessible to the above parties.

(b) The Trustee’s responsibility for making the above information available to the Certificateholders is limited to the availability, timeliness and accuracy of the information derived from the Master Servicer. The Trustee will make available a copy of each statement provided pursuant to this Section 6.06 to each Rating Agency.

(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall furnish upon request to each Person who at any time during the calendar year was a Certificateholder, the information set forth in clauses (a)(iv) and (a)(v) of this Section 6.06 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of 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 from time to time in effect.

(d) Upon filing with the Internal Revenue Service, the Trustee shall furnish to the Holders of the Residual Certificates the applicable Form 1066 and each applicable Form 1066Q and shall respond promptly to written requests made not more frequently than quarterly by any Holder of a Residual Certificate with respect to the following matters:

(i) The original projected principal and interest cash flows on the Closing Date on each class of Regular Interests and Residual Interests created hereunder and on the Mortgage Loans, based on the Prepayment Assumption;

(ii) The projected remaining principal and interest cash flows as of the end of any calendar quarter with respect to each class of Regular Interests and Residual Interests created hereunder and the Mortgage Loans, based on the Prepayment Assumption;

(iii) The applicable Prepayment Assumption and any interest rate assumptions used in determining the projected principal and interest cash flows described above;

(iv) The original issue discount (or, in the case of the Mortgage Loans, market discount) or premium accrued or amortized through the end of such calendar quarter with respect to each class of Regular Interests or Residual Interests created hereunder and to the Mortgage Loans, together with each constant yield to maturity used in computing the same;

(v) The treatment of Realized Losses with respect to the Mortgage Loans or the Regular Interests created hereunder, including the timing and amount of any cancellation of indebtedness income of a REMIC with respect to such Regular Interests or bad debt deductions claimed with respect to the related Mortgage Loans;

(vi) The amount and timing of any non-interest expenses of a REMIC; and

(vii) Any taxes (including penalties and interest) imposed on the REMIC, including, without limitation, taxes on “prohibited transactions,” “contributions” or “net income from foreclosure property” or state or local income or franchise taxes.

The information pursuant to clauses (i), (ii), (iii) and (iv) above shall be provided by the Depositor pursuant to Section 10.12.

Section 6.07 REMIC Designations and REMIC Distributions.

(a) The Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV and REMIC V shall be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans and all interest owing in respect of and principal due thereon, the Distribution Account, the Protected Account, any REO Property, any proceeds of the foregoing and any other assets subject to this Agreement (other than the Reserve Fund, the Class A-3/A-4 Net WAC Reserve Account and any Prepayment Charge Waiver Amounts). The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III. The Class C Interest shall constitute assets of REMIC IV. The Class P Interest shall constitute assets of REMIC V.

(b) On each Distribution Date, the Interest Funds and Principal Funds, in the following order of priority, shall be deemed distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests (other than REMIC I Regular Interest P) or withdrawn from the Distribution Account and distributed to the Holders of the Class R-1 Certificates, as the case may be:

(i) to the holders of the REMIC I Regular Interests (other than REMIC I Regular Interest P), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for each such REMIC I Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC I Regular Interest ZZ shall be reduced and deferred when the REMIC I Overcollateralization Amount is less than the REMIC I Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the REMIC I Regular Interest ZZ Maximum Interest Deferral Amount, and such amount will be payable to the holders of each REMIC I Regular Interest (other than REMIC I Regular Interest P) for which a REMIC II Regular Interest is the Corresponding Interest, allocated in the same proportion as the Extra Principal Distribution Amount is allocated to the Corresponding Certificates for such Corresponding Interests, and the Uncertificated Principal Balance of REMIC I Regular Interest ZZ shall be increased by such amount;

(ii) from the remainder of the Interest Funds and Principal Funds for such Distribution Date after the distribution made pursuant to clause (i) above, allocated as follows:

(A) 98.00% of such remainder to the holders of REMIC I Regular Interest AA, until the Uncertificated Principal Balance of such REMIC I Regular Interest is reduced to zero;

(B) 2.00% of such remainder, first, to the holders of each REMIC I Regular Interest for which a REMIC II Regular Interest (other than REMIC I Regular Interest P) is the Corresponding Interest, in an aggregate amount equal to 1.00% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for such Corresponding Interests, until the Uncertificated Principal Balances of such REMIC I Regular Interests are reduced to zero, and second, to the holders of REMIC I Regular Interest ZZ, until the Uncertificated Principal Balance of such REMIC I Regular Interest is reduced to zero; and

(c) On each Distribution Date, all amounts representing Prepayment Charges shall be deemed distributed in respect of REMIC I Regular Interest P, provided that such amounts shall not reduce the Uncertificated Principal Balance of REMIC I Regular Interest P. On the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule, $100 shall be deemed distributed in respect of REMIC I Regular Interest P in reduction of the Uncertificated Principal Balance thereof.

(d) On each Distribution Date, the Interest Funds and Principal Funds, in the following order of priority, shall be deemed distributed by REMIC II to REMIC III on account of the REMIC II Regular Interests (other than REMIC II Regular Interest P) or withdrawn from the Distribution Account and distributed to the Holders of the Class R-2 Certificates, as the case may be:

(i) to the holders of the REMIC II Regular Interests (other than REMIC II Regular Interest P), in the same manner and priority as paid to the Corresponding Certificates and, in the case of REMIC II Regular Interest C, as paid to the Class C Interest, the Uncertificated Accrued Interest (or, in the case of REMIC II Regular Interest C, the REMIC II Regular Interest C Distribution Amount) for such Distribution Date, plus any amounts in respect thereof remaining unpaid from previous Distribution Dates; and

(ii) to the holders of the REMIC II Regular Interests (other than REMIC II Regular Interest P), in an amount equal to the remainder of the Interest Funds and Principal Funds for such Distribution Date after the distribution made pursuant to clause (i) above, allocated in the same manner and priority as paid to the Corresponding Certificates, until the Uncertificated Principal Balances thereof have been reduced to zero, and any remaining amount to the Holders of the Class R-2 Certificates.

(e) On each Distribution Date, all amounts representing Prepayment Charges distributed in respect of REMIC I Regular Interest P shall be deemed to be distributed in respect of REMIC II Regular Interest P, provided that such amounts shall not reduce the Uncertificated Principal Balance of REMIC II Regular Interest P. On the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule, $100 shall be deemed distributed in respect of REMIC II Regular Interest P in reduction of the Uncertificated Principal Balance thereof.

(f) On each Distribution Date, for federal income tax purposes, (1) (i) the Regular Interest the ownership of which is represented by the Class A-3 Certificates shall be deemed to receive (x) accrued interest at the related Uncertificated REMIC III Pass-Through Rate on an amount equal to the then current Certificate Principal Balance of the Class A-3 Certificates and (y) any amounts in respect thereof remaining unpaid from previous Distribution Dates for such Regular Interest, and (ii) the Regular Interest the ownership of which is represented by the Class A-4 Certificates shall be deemed to receive (x) accrued interest at the related Uncertificated REMIC III Pass-Through Rate on the Uncertificated Notional Amount for such Regular Interest for such Distribution Date, and (y) any amounts in respect thereof remaining unpaid from previous Distribution Dates for such Regular Interest, and (2) amounts distributable in reduction of the Certificate Principal Balances of the Class A-3 Certificates shall be deemed distributed to the Regular Interest the ownership of which is represented by such Certificates in reduction of the related principal balance thereof. Any amounts received on each Distribution Date by Holders of the Class A-3 Certificates or Class A-4 Certificates at a rate equal to the related Pass-Through Rate which is in excess of, or less than, the amounts specified above in the related clause (x) for the Regular Interests the ownership of which is represented by such Certificates shall be treated in accordance with the provisions relating to Class A-3/A-4 Net WAC Pass-Through Amounts in Section 6.10.

(g) On each Distribution Date, an amount equal to the amounts distributed pursuant to Sections 6.04(a)(3)(C), (D) and (F) on such date shall be deemed distributed from REMIC III to REMIC IV in respect of the Class C Distribution Amount distributable to the Class C Interest.

(h) On each Distribution Date, 100% of the amounts deemed distributed on REMIC II Regular Interest P shall be deemed distributed by REMIC III to REMIC V in respect of the Class P Interest.

Section 6.08 Reserve Fund.

(a) The Trustee shall establish a Reserve Fund on behalf of the Holders of the Class A, Class B and Class M Certificates. The Reserve Fund shall be an Eligible Account. The Reserve Fund shall be entitled “Reserve Fund, Xxxxx Fargo Bank, N.A. as Trustee for the benefit of Holders of Bear Xxxxxxx Mortgage Funding Trust 2006-AC1, Asset-Backed Certificates, Series 2006-AC1, Class A-1, Class X-0, Xxxxx X-0, Class A-4, Class M-1, Class M-2, Class M-3, Class M-4, Class B-1, Class B-2, Class B-3, Class B-4 and Class C”. On the Closing Date, the Depositor will deposit, or cause to be deposited, into the Reserve Fund an amount equal to the Reserve Fund Deposit. On each Distribution Date as to which there is a Basis Risk Shortfall Carry Forward Amount payable to any Class of Certificates, the Trustee shall deposit the amounts pursuant to clauses (C) and (D) of Section 6.04(a)(3) into the Reserve Fund, and the Trustee has been directed by the Class C Certificateholder to distribute any amounts then on deposit in the Reserve Fund to the Holders of the Class A, Class M and Class B Certificates in respect of the Basis Risk Shortfall Carry Forward Amount for each such Class in the priorities set forth in clauses (C) and (D) of Section 6.04(a)(3). Any amount paid to the Holders of Class A, Class M or Class B Certificates from amounts distributable pursuant to clauses (C) and (D) of Section 6.04(a)(3) pursuant to the preceding sentence in respect of Basis Risk Shortfall Carry Forward Amounts shall be treated as distributed to the Class C Certificateholder in respect of the Class C Certificates and paid by the Class C Certificateholder to the Holders of the Class A, Class M or Class B Certificates. Any payments to the Holders of the Class A, Class M or Class B in respect of Basis Risk Shortfall Carry Forwards Amounts pursuant to the second preceding sentence shall not be payments with respect to a Regular Interest in a REMIC within the meaning of Section 860G(a)(1) of the Code.

(b) The Reserve Fund is an “outside reserve fund” within the meaning of Treasury Regulation Section 1.860G-2(h) and shall be an asset of the Trust Fund but not an asset of any REMIC. The Trustee on behalf of the Trust shall be the nominal owner of the Reserve Fund. The Class C Certificateholders shall be the beneficial owners of the Reserve Fund, subject to the power of the Trustee to transfer amounts under Section 6.04(a)(3). Amounts in the Reserve Fund shall be held either uninvested in a trust or deposit account of the Trustee with no liability for interest or other compensation thereof or, at the direction of the Class C Certificateholder, be invested in Permitted Investments that mature no later than the Business Day prior to the next succeeding Distribution Date. All net income and gain from such investments shall be distributed to the Class C Certificateholder, not as a distribution in respect of any interest in any REMIC, on such Distribution Date. All amounts earned on amounts on deposit in the Reserve Fund shall be taxable to the Class C Certificateholder. Any losses on such investments shall be deposited in the Reserve Fund by the Class C Certificateholder out of its own funds immediately as realized. In the event that the Class C Certificateholder shall fail to provide investment instructions to the Trustee, the amounts on deposit in the Reserve Fund shall be held uninvested.

(c) For federal tax return and information reporting, the right of the Holders of the Class A, Class M and Class B Certificates to receive payments from the Reserve Fund in respect of any Basis Risk Shortfall Carry Forward Amounts shall be assigned a value of zero.

Section 6.09 Class P Certificate Account.

The Trustee shall establish and maintain with itself a separate, segregated trust account for each of the Class P Certificates, titled “Bear Xxxxxxx Mortgage Funding Trust 2006-AC1 Class P Certificate Account” (the “Class P Certificate Account”). On the Closing Date, the Depositor will deposit, or cause to be deposited in the Class P Certificate Account $100.00. Prepayment charges shall be allocated to the Class P Certificate. The amount on deposit in the Class P Certificate Account shall be held uninvested. On the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule, the Trustee shall withdraw the amount on deposit in the Class P Certificate Account and remit such amount to the Holders of the Class P Certificates in reduction of the Certificate Principal Balance thereof.

Section 6.10 Class A-3/A-4 Net WAC Pass-Through Amount; Class A-3/A-4 Net WAC Reserve Account.

(a) The Trustee shall establish a Class A-3/A-4 Net WAC Reserve Account on behalf of the Holders of the Class A-3 Certificates and Class A-4 Certificates. The Class A-3/A-4 Net WAC Reserve Account shall be an Eligible Account. The Class A-3/A-4 Net WAC Reserve Account shall be entitled “Class A-3/A-4 Net WAC Reserve Account, Xxxxx Fargo Bank, N.A., as Trustee for the benefit of Holders of Bear Xxxxxxx Mortgage Funding Trust 2006-AC1, Asset-Backed Certificates, Series 2006-AC1, Class A-3 Certificates and Class A-4 Certificates”. On the Closing Date, the Depositor will deposit, or cause to be deposited, into the Class A-3/A-4 Net WAC Reserve Account an amount equal to the Class A-3/A-4 Net WAC Reserve Account Deposit.

(b) On each Distribution Date on which the weighted average of the Net Mortgage Rates on the Mortgage Loans is less than the Class A-3/A-4 Target Rate, the accrued interest in respect of the Regular Interest the ownership of which is represented by the Class A-3 Certificates will include the Class A-3/A-4 Net WAC Pass-Through Amount for such Distribution Date. On each such Distribution Date, the Trustee shall deposit into the Class A-3/A-4 Net WAC Reserve Account the Class A-3/A-4 Net WAC Pass-Through Amount for such Distribution Date, rather than distributing such amounts to the Class A-3 Certificateholders. Notwithstanding the foregoing, for federal, state and local tax purposes, such Class A-3/A-4 Net WAC Pass-Through Amount shall be deemed distributed to the Class A-3 Certificateholders in respect of the Regular Interest the ownership of which is represented by the Class A-3 Certificates. On each such Distribution Date, the Trustee shall hold the Class A-3/A-4 Net WAC Pass-Through Amount for the benefit of the Holders of the Class A-4 Certificates, and shall distribute such amount to the Holders of the Class A-4 Certificates. Payments to the Holders of the Class A-4 Certificates of any Class A-3/A-4 Net WAC Pass-Through Amount will not be payments with respect to a Regular Interest in a REMIC within the meaning of Code Section 860G(a)(1).

(c) By accepting a Class A-3 Certificate, each Class A-3 Certificateholder thereby agrees to direct the Trustee, and the Trustee is hereby directed, to deposit into the Class A-3/A-4 Net WAC Reserve Account any Class A-3/A-4 Net WAC Pass-Through Amount rather than distributing such amount to the Class A-3 Certificateholders and further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance. By accepting a Class A-3 Certificate, each Class A-3 Certificateholder acknowledges that any such Class A-3/A-4 Net WAC Pass-Through Amount shall for federal, state and local tax purposes be deemed distributed in respect of the Regular Interest the ownership of which is represented by the Class A-3 Certificates. By accepting a Class A-4 Certificate, each Class A-4 Certificateholder acknowledges that for federal, state and local tax purposes any payments of such Class A-3/A-4 Net WAC Pass-Through Amount shall not be payments with respect to a Regular Interest in a REMIC within the meaning of Code Section 860G(a)(1).

(d) The Class A-3/A-4 Net WAC Reserve Account is an “outside reserve fund” within the meaning of Treasury Regulation Section 1.860G-2(h) and shall be an asset of the Trust Fund but not an asset of any REMIC. The Trustee on behalf of the Trust shall be the nominal owner of the Class A-3/A-4 Net WAC Reserve Account. The Class A-3 Certificateholders shall be the beneficial owner of the Class A-3/A-4 Net WAC Reserve Account, subject to the power of the Trustee to transfer amounts under clause (b) above. Amounts in the Class A-3/A-4 Net WAC Reserve Account shall be held uninvested.

ARTICLE VII

THE CERTIFICATES

Section 7.01 The Certificates.

The Certificates shall be substantially in the forms attached hereto as Exhibits A-1 through A-7. The Certificates shall be issuable in registered form, in the minimum dollar denominations, integral dollar multiples in excess thereof (except that one Certificate of each Class may be issued in a different amount which must be in excess of the applicable minimum dollar denomination) and aggregate dollar denominations as set forth in the following table:

Class	Minimum Denomination			Integral Multiple in Excess of Minimum		Initial Certificate Principal Balance or Notional Amount			Pass-Through Rate
A-1	$	100,000		$	1,000	$	75,000,000.00		Class A-1 Pass-Through Rate
A-2	$	100,000		$	1,000	$	7,000,000.00		Class A-2 Pass-Through Rate
A-3	$	100,000		$	1,000	$	144,798,000.00		Class A-3 Pass-Through Rate
A-4	$	100,000		$	1,000	$	⁽¹⁾		Class A-4 Pass-Through Rate
M-1	$	100,000		$	1,000	$	5,913,000.00		Class M-1 Pass-Through Rate
M-2	$	100,000		$	1,000	$	3,080,000.00		Class M-2 Pass-Through Rate
M-3	$	100,000		$	1,000	$	1,478,000.00		Class M-3 Pass-Through Rate
M-4	$	100,000		$	1,000	$	1,232,000.00		Class M-4 Pass-Through Rate
B-1	$	100,000		$	1,000	$	1,109,000.00		Class B-1 Pass-Through Rate
B-2	$	100,000		$	1,000	$	862,000.00		Class B-2 Pass-Through Rate
B-3	$	100,000		$	1,000	$	1,232,000.00		Class B-3 Pass-Through Rate
B-4	$	100,000		$	1,000	$	1,478,000.00		Class B-4 Pass-Through Rate
C	$	100,000		$	1,000	$	246,386,026.04	⁽²⁾	⁽⁴⁾
P	$	100			N/A	$	100.00	⁽³⁾	N/A
R-1		100	%		N/A		N/A	⁽³⁾	N/A
R-2		100	%		N/A		N/A	⁽³⁾	N/A
R-3		100	%		N/A		N/A	⁽³⁾	N/A
RX		100	%		N/A		N/A	⁽³⁾	N/A

(1)

The Class A-4 Certificates do not have an initial Certificate Principal Balance. The Class A-4 Certificates have an initial Notional Amount of $144,798,000.00, and for any subsequent Distribution Date, the Class A-4 Certificates will have a Notional Amount equal to the Certificate Principal Balance of the Class A-3 Certificates as of such Distribution Date.

(2)	This is a notional amount.

(3)	The Class P, Class R-1, Class R-2, Class R-3 and Class RX Certificates are not entitled to distributions in respect of interest.

(4)	As defined in “Pass-Through Rate” definition.

The Certificates shall be executed by manual or facsimile signature on behalf of the Trustee by an authorized officer. Certificates bearing the manual or facsimile signatures of individuals who were, at the time when such signatures were affixed, authorized to sign on behalf of the Trustee shall bind the Trustee, notwithstanding that such individuals or any of them have ceased to be so authorized prior to the authentication and delivery of such Certificates or did not hold such offices at the date of such authentication and delivery. No Certificate shall be entitled to any benefit under this Agreement, or be valid for any purpose, unless there appears on such Certificate the countersignature of the Trustee by manual signature, and such countersignature upon any Certificate shall be conclusive evidence, and the only evidence, that such Certificate has been duly countersigned and delivered hereunder. All Certificates shall be dated the date of their countersignature. On the Closing Date, the Trustee shall authenticate the Certificates to be issued at the written direction of the Depositor, or any affiliate thereof.

The Depositor shall provide, or cause to be provided, to the Trustee on a continuous basis, an adequate inventory of Certificates to facilitate transfers.

Section 7.02 Certificate Register; Registration of Transfer and Exchange of Certificates.

(a) The Trustee shall maintain, or cause to be maintained in accordance with the provisions of Section 7.09 hereof, a Certificate Register for the Trust Fund in which, subject to the provisions of subsections (b) and (c) below and to such reasonable regulations as it may prescribe, the Trustee shall provide for the registration of Certificates and of Transfers and exchanges of Certificates as herein provided. Upon surrender for registration of Transfer of any Certificate, the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Certificates of the same Class and of like aggregate Percentage Interest.

At the option of a Certificateholder, Certificates may be exchanged for other Certificates of the same Class in authorized denominations and evidencing the same aggregate Percentage Interest upon surrender of the Certificates to be exchanged at the office or agency of the Trustee. Whenever any Certificates are so surrendered for exchange, the Trustee shall execute, authenticate, and deliver the Certificates that the Certificateholder making the exchange is entitled to receive. Every Certificate presented or surrendered for registration of Transfer or exchange shall be accompanied by a written instrument of Transfer in form satisfactory to the Trustee duly executed by the Holder thereof or his attorney duly authorized in writing.

No service charge to the Certificateholders shall be made for any registration of Transfer or exchange of Certificates, but payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any Transfer or exchange of Certificates may be required.

All Certificates surrendered for registration of Transfer or exchange shall be canceled and subsequently destroyed by the Trustee in accordance with the Trustee’s customary procedures.

(b) No Transfer of a Private Certificate shall be made unless such Transfer is made pursuant to an effective registration statement under the Securities Act and any applicable state securities laws or is exempt from the registration requirements under the Securities Act and such state securities laws. In the event that a Transfer is to be made in reliance upon an exemption from the Securities Act and such laws, in order to assure compliance with the Securities Act and such laws, the Certificateholder desiring to effect such Transfer and such Certificateholder’s prospective transferee shall each certify to the Trustee in writing the facts surrounding the Transfer in substantially the forms set forth in Exhibit D (the “Transferor Certificate”) and (x) deliver a letter in substantially the form of either Exhibit E (the “Investment Letter”) or Exhibit F (the “Rule 144A Letter”) or (y) there shall be delivered to the Trustee an Opinion of Counsel addressed to the Trustee that such Transfer may be made pursuant to an exemption from the Securities Act, which Opinion of Counsel shall not be an expense of the Depositor, the Seller, the Master Servicer or the Trustee. The Depositor shall provide to any Holder of a Private Certificate and any prospective transferee designated by any such Holder, information regarding the related Certificates and the Mortgage Loans and such other information as shall be necessary to satisfy the condition to eligibility set forth in Rule 144A(d)(4) for Transfer of any such Certificate without registration thereof under the Securities Act pursuant to the registration exemption provided by Rule 144A. The Trustee and the Master Servicer shall cooperate with the Depositor in providing the Rule 144A information referenced in the preceding sentence, including providing to the Depositor such information regarding the Certificates, the Mortgage Loans and other matters regarding the Trust Fund as the Depositor shall reasonably request to meet its obligation under the preceding sentence. Notwithstanding the provisions of the immediately preceding sentence, no restrictions shall apply with respect to the transfer or registration of transfer of a beneficial interest in any Certificate that is a Global Certificate of a Class to a transferee that takes delivery in the form of a beneficial interest in the Global Certificate of such Class provided that each such transferee shall be deemed to have made such representations and warranties contained in the Rule 144A and Related Matters Certificate as are sufficient to establish that it is a QIB. Each Holder of a Private Certificate desiring to effect such Transfer shall, and does hereby agree to, indemnify the Trustee, the Depositor, the Seller and the Master Servicer against any liability that may result if the Transfer is not so exempt or is not made in accordance with such federal and state laws.

No Transfer of an ERISA Restricted Certificate shall be made unless either (i) the Master Servicer and the Trustee shall have received a representation from the transferee of such Certificate acceptable to and in form and substance satisfactory to the Master Servicer and the Trustee, to the effect that such transferee is not an employee benefit plan subject to Section 406 of ERISA and/or a plan subject to Section 4975 of the Code, or a Person acting on behalf of any such plan or using the assets of any such plan, or (ii) in the case of any such ERISA Restricted Certificate presented for registration in the name of an employee benefit plan subject to ERISA, or a plan subject to Section 4975 of the Code (or comparable provisions of any subsequent enactments), or a trustee of any such plan or any other person acting on behalf of any such plan, the Trustee shall have received an Opinion of Counsel for the benefit of the Trustee, the Master Servicer and the Trustee and on which they may rely, satisfactory to the Trustee, to the effect that the purchase and holding of such ERISA Restricted Certificate is permissible under applicable law, will not constitute or result in the assets of the Trust being deemed to be “plan assets” under ERISA or the Code, will not result in any prohibited transactions under ERISA or Section 4975 of the Code and will not subject the Trustee, the Master Servicer or the Depositor to any obligation in addition to those expressly undertaken in this Agreement, which Opinion of Counsel shall not be an expense of the Trustee, the Master Servicer or the Depositor, or, in the case of a Class B-4 Certificate, the transferee provides a representation, or deemed representation in the case of the Global Certificate or an opinion of counsel to the effect that the proposed transfer and holding of such Certificate and the servicing, management and operation of the Trustee and its assets: (I) will not result in any prohibited transaction which is not covered under an individual or class prohibited transaction exemption, including, but not limited to, Prohibited Transaction Class Exemption (“PTCE”) 84-14, XXXX 00-00, XXXX 00-0, XXXX 95-60 or PTCE 96-23 and (II) will not give rise to any additional obligations on the part of the Depositor, the Master Servicer or the Trustee. Notwithstanding anything else to the contrary herein, any purported transfer of an ERISA Restricted Certificate to or on behalf of an employee benefit plan subject to Section 406 of ERISA and/or a plan subject to Section 4975 of the Code without the delivery of the Opinion of Counsel or representation as described above shall be void and of no effect; provided that the restriction set forth in this sentence shall not be applicable if there has been delivered to the Trustee an Opinion of Counsel meeting the requirements of clause (ii) of the first sentence of this paragraph. Neither the Trustee nor the Master Servicer shall be required to monitor, determine or inquire as to compliance with the transfer restrictions with respect to any ERISA Restricted Certificate that is a Book-Entry Certificate, and neither the Trustee nor the Master Servicer shall have any liability for transfers of any such Book-Entry Certificates made through the book-entry facilities of any Depository or between or among participants of the Depository or Certificate Owners made in violation of the transfer restrictions set forth herein. Neither the Trustee nor the Master Servicer shall be under any liability to any Person for any registration of transfer of any ERISA Restricted Certificate that is in fact not permitted by this Section 7.02(b) or for making any payments due on such Certificate to the Holder thereof or taking any other action with respect to such Holder under the provisions of this Agreement. The Trustee shall be entitled, but not obligated, to recover from any Holder of any ERISA Restricted Certificate that was in fact an employee benefit plan subject to Section 406 of ERISA or a plan subject to Section 4975 of the Code or a Person acting on behalf of any such plan at the time it became a Holder or, at such subsequent time as it became such a plan or Person acting on behalf of such a plan, all payments made on such ERISA Restricted Certificate at and after either such time. Any such payments so recovered by the Trustee shall be paid and delivered by the Trustee to the last preceding Holder of such Certificate that is not such a plan or Person acting on behalf of a plan.

Each beneficial owner of a Class M Certificate and Class B Certificate, except for a Class B-4 Certificate, or any interest therein shall be deemed to have represented, by virtue of its acquisition or holding of that certificate or interest therein, that either (i) it is not a Plan or investing with “Plan Assets”, (ii) it has acquired and is holding such certificate in reliance on the Exemption, and that it understands that there are certain conditions to the availability of the Exemption, including that the certificate must be rated, at the time of purchase, not lower than “BBB-”(or its equivalent) by S&P, Fitch Ratings or Xxxxx’x, and the certificate is so rated or (iii) (1) it is an insurance company, (2) the source of funds used to acquire or hold the certificate or interest therein is an “insurance company general account,” as such term is defined in Prohibited Transaction Class Exemption (“PTCE”) 95-60, and (3) the conditions in Sections I and III of PTCE 95-60 have been satisfied.

(c) Each Person who has or who acquires any Ownership Interest in a Residual Certificate shall be deemed by the acceptance or acquisition of such Ownership Interest to have agreed to be bound by the following provisions, and the rights of each Person acquiring any Ownership Interest in a Residual Certificate are expressly subject to the following provisions:

(i) Each Person holding or acquiring any Ownership Interest in a Residual Certificate shall be a Permitted Transferee and shall promptly notify the Trustee of any change or impending change in its status as a Permitted Transferee.

(ii) No Ownership Interest in a Residual Certificate may be registered on the Closing Date or thereafter transferred, and the Trustee shall not register the Transfer of any Residual Certificate unless, in addition to the certificates required to be delivered to the Trustee under subparagraph (b) above, the Trustee shall have been furnished with an affidavit (a “Transfer Affidavit”) of the initial owner or the proposed transferee in the form attached hereto as Exhibit C.

(iii) Each Person holding or acquiring any Ownership Interest in a Residual Certificate shall agree (A) to obtain a Transfer Affidavit from any other Person to whom such Person attempts to Transfer its Ownership Interest in a Residual Certificate, (B) to obtain a Transfer Affidavit from any Person for whom such Person is acting as nominee, trustee or agent in connection with any Transfer of a Residual Certificate and (C) not to Transfer its Ownership Interest in a Residual Certificate or to cause the Transfer of an Ownership Interest in a Residual Certificate to any other Person if it has actual knowledge that such Person is not a Permitted Transferee.

(iv) Any attempted or purported Transfer of any Ownership Interest in a Residual Certificate in violation of the provisions of this Section 7.02(c) shall be absolutely null and void and shall vest no rights in the purported Transferee. If any purported transferee shall become a Holder of a Residual Certificate in violation of the provisions of this Section 7.02(c), then the last preceding Permitted Transferee shall be restored to all rights as Holder thereof retroactive to the date of registration of Transfer of such Residual Certificate. The Trustee shall not be under any liability to any Person for any registration of Transfer of a Residual Certificate that is in fact not permitted by Section 7.02(b) and this Section 7.02(c) or for making any payments due on such Certificate to the Holder thereof or taking any other action with respect to such Holder under the provisions of this Agreement so long as the Transfer was registered after receipt of the related Transfer Affidavit. The Trustee shall be entitled but not obligated to recover from any Holder of a Residual Certificate that was in fact not a Permitted Transferee at the time it became a Holder or, at such subsequent time as it became other than a Permitted Transferee, all payments made on such Residual Certificate at and after either such time. Any such payments so recovered by the Trustee shall be paid and delivered by the Trustee to the last preceding Permitted Transferee of such Certificate.

(v) The Master Servicer shall make available within 60 days of written request from the Trustee, all information necessary to compute any tax imposed under Section 860E(e) of the Code as a result of a Transfer of an Ownership Interest in a Residual Certificate to any Holder who is not a Permitted Transferee.

The restrictions on Transfers of a Residual Certificate set forth in this Section 7.02(c) shall cease to apply (and the applicable portions of the legend on a Residual Certificate may be deleted) with respect to Transfers occurring after delivery to the Trustee of an Opinion of Counsel addressed to the Trustee, which Opinion of Counsel shall not be an expense of the Trustee, the Seller or the Master Servicer to the effect that the elimination of such restrictions will not cause REMIC I, REMIC II, REMIC III, REMIC IV or REMIC V, as applicable, to fail to qualify as a REMIC at any time that the Certificates are outstanding or result in the imposition of any tax on the Trust Fund, a Certificateholder or another Person. Each Person holding or acquiring any Ownership Interest in a Residual Certificate hereby consents to any amendment of this Agreement that, based on an Opinion of Counsel addressed to the Trustee and furnished to the Trustee, is reasonably necessary (a) to ensure that the record ownership of, or any beneficial interest in, a Residual Certificate is not transferred, directly or indirectly, to a Person that is not a Permitted Transferee and (b) to provide for a means to compel the Transfer of a Residual Certificate that is held by a Person that is not a Permitted Transferee to a Holder that is a Permitted Transferee.

(d) The preparation and delivery of all certificates and opinions referred to above in this Section 7.02 shall not be an expense of the Trust Fund, the Trustee, the Depositor, the Seller or the Master Servicer.

(e) Subject to Subsection 7.02(i), so long as a Global Certificate of such Class is outstanding and is held by or on behalf of the Depository, transfers of beneficial interests in such Global Certificate, or transfers by holders of Individual Certificates of such Class to transferees that take delivery in the form of beneficial interests in the Global Certificate, may be made only in accordance with Subsection 7.02(b) and in accordance with the rules of the Depository:

(i) In the case of a beneficial interest in the Global Certificate being transferred to an Institutional Accredited Investor, such transferee shall be required to take delivery in the form of an Individual Certificate or Certificates and the Trustee shall register such transfer only upon compliance with the provisions of Subsection 7.02(b).

(ii) In the case of a beneficial interest in a Class of Global Certificates being transferred to a transferee that takes delivery in the form of an Individual Certificate or Certificates of such Class, except as set forth in clause (i) above, the Trustee shall register such transfer only upon compliance with the provisions of Subsection 7.02(b).

(iii) In the case of an Individual Certificate of a Class being transferred to a transferee that takes delivery in the form of a beneficial interest in a Global Certificate of such Class, the Trustee shall register such transfer if the transferee has provided the Trustee with a Rule 144A and Related Matters Certificate or comparable evidence as to its QIB status.

(iv) No restrictions shall apply with respect to the transfer or registration of transfer of a beneficial interest in the Global Certificate of a Class to a transferee that takes delivery in the form of a beneficial interest in the Global Certificate of such Class; provided that each such transferee shall be deemed to have made such representations and warranties contained in the Rule 144A and Related Matters Certificate as are sufficient to establish that it is a QIB.

(f) Subject to Subsection 7.02(h), an exchange of a beneficial interest in a Global Certificate of a Class for an Individual Certificate or Certificates of such Class, an exchange of an Individual Certificate or Certificates of a Class for a beneficial interest in the Global Certificate of such Class and an exchange of an Individual Certificate or Certificates of a Class for another Individual Certificate or Certificates of such Class (in each case, whether or not such exchange is made in anticipation of subsequent transfer, and, in the case of the Global Certificate of such Class, so long as such Certificate is outstanding and is held by or on behalf of the Depository) may be made only in accordance with this Subsection 7.02(e) and in accordance with the rules of the Depository:

(i) A holder of a beneficial interest in a Global Certificate of a Class may at any time exchange such beneficial interest for an Individual Certificate or Certificates of such Class.

(ii) A holder of an Individual Certificate or Certificates of a Class may exchange such Certificate or Certificates for a beneficial interest in the Global Certificate of such Class if such holder furnishes to the Trustee a Rule 144A and Related Matters Certificate or comparable evidence as to its QIB status.

(iii) A holder of an Individual Certificate of a Class may exchange such Certificate for an equal aggregate principal amount of Individual Certificates of such Class in different authorized denominations without any certification.

(g) (i)Upon acceptance for exchange or transfer of an Individual Certificate of a Class for a beneficial interest in a Global Certificate of such Class as provided herein, the Trustee shall cancel such Individual Certificate and shall (or shall request the Depository to) endorse on the schedule affixed to the applicable Global Certificate (or on a continuation of such schedule affixed to the Global Certificate and made a part thereof) or otherwise make in its books and records an appropriate notation evidencing the date of such exchange or transfer and an increase in the certificate balance of the Global Certificate equal to the certificate balance of such Individual Certificate exchanged or transferred therefor.

(ii) Upon acceptance for exchange or transfer of a beneficial interest in a Global Certificate of a Class for an Individual Certificate of such Class as provided herein, the Trustee shall (or shall request the Depository to) endorse on the schedule affixed to such Global Certificate (or on a continuation of such schedule affixed to such Global Certificate and made a part thereof) or otherwise make in its books and records an appropriate notation evidencing the date of such exchange or transfer and a decrease in the certificate balance of such Global Certificate equal to the certificate balance of such Individual Certificate issued in exchange therefor or upon transfer thereof.

(h) Any Individual Certificate issued in exchange for or upon transfer of another Individual Certificate or of a beneficial interest in a Global Certificate shall bear the applicable legends set forth in Exhibit A-2.

(i) Subject to the restrictions on transfer and exchange set forth in this Section 7.02, the holder of any Individual Certificate may transfer or exchange the same in whole or in part (in an initial certificate balance equal to the minimum authorized denomination set forth in Section 7.01 above or any integral multiple of $1.00 in excess thereof) by surrendering such Certificate at the Corporate Trust Office, or at the office of any transfer agent, together with an executed instrument of assignment and transfer satisfactory in form and substance to the Trustee in the case of transfer and a written request for exchange in the case of exchange. The holder of a beneficial interest in a Global Certificate may, subject to the rules and procedures of the Depository, cause the Depository (or its nominee) to notify the Trustee in writing of a request for transfer or exchange of such beneficial interest for an Individual Certificate or Certificates. Following a proper request for transfer or exchange, the Trustee shall, within five Business Days of such request made at the Corporate Trust Office, sign, countersign and deliver at the Corporate Trust Office, to the transferee (in the case of transfer) or holder (in the case of exchange) or send by first class mail at the risk of the transferee (in the case of transfer) or holder (in the case of exchange) to such address as the transferee or holder, as applicable, may request, an Individual Certificate or Certificates, as the case may require, for a like aggregate Percentage Interest and in such authorized denomination or denominations as may be requested. The presentation for transfer or exchange of any Individual Certificate shall not be valid unless made at the Corporate Trust Office by the registered holder in person, or by a duly authorized attorney-in-fact.

Neither the Trustee nor the Master Servicer shall be required to monitor, determine or inquire as to compliance with the transfer restrictions with respect to the Global Certificates. Any attempted or purported transfer of any Certificate in violation of the provisions of Subsections (a) or (b) above shall be void ab initio and such Certificate shall be considered to have been held continuously by the prior permitted Certificateholder. Any transferor of any Certificate in violation of such provisions, shall indemnify and hold harmless the Trustee and the Master Servicer from and against any and all liabilities, claims, costs or expenses incurred by the Trustee or the Master Servicer as a result of such attempted or purported transfer. The Trustee shall not have any liability for transfer of any such Global Certificates in or through book-entry facilities of any Depository or between or among Depository Participants or Certificate Owners made in violation of the transfer restrictions set forth herein.

Section 7.03 Mutilated, Destroyed, Lost or Stolen Certificates.

If any mutilated Certificate is surrendered to the Trustee, or the Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Certificate and of the ownership thereof.

Section 7.04 Persons Deemed Owners.

The Trustee and any agent of the Trustee may treat the person in whose name any Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided in this Agreement and for all other purposes whatsoever, and neither the Trustee nor any agent of the Trustee shall be affected by any notice to the contrary.

Section 7.05 Access to List of Certificateholders’ Names and Addresses.

If three or more Certificateholders (a) request such information in writing from the Trustee, (b) state that such Certificateholders desire to communicate with other Certificateholders with respect to their rights under this Agreement or under the Certificates, and (c) provide a copy of the communication that such Certificateholders propose to transmit or if the Depositor or the Master Servicer shall request such information in writing from the Trustee, then the Trustee shall, within ten Business Days after the receipt of such request, provide the Depositor, the Master Servicer or such Certificateholders at such recipients’ expense the most recent list of the Certificateholders of the Trust Fund held by the Trustee, if any. The Depositor and every Certificateholder, by receiving and holding a Certificate, agree that the Trustee shall not be held accountable by reason of the disclosure of any such information as to the list of the Certificateholders hereunder, regardless of the source from which such information was derived.

Section 7.06 Book-Entry Certificates.

The Offered Certificates, upon original issuance, shall be issued in the form of one or more typewritten Certificates representing the Book-Entry Certificates, to be delivered to the Depository by or on behalf of the Depositor. Such Certificates shall initially be registered on the Certificate Register in the name of the Depository or its nominee, and no Certificate Owner of such Certificates will receive a definitive certificate representing such Certificate Owner’s interest in such Certificates, except as provided in Section 7.08. Unless and until definitive, fully registered Certificates (“Definitive Certificates”) have been issued to the Certificate Owners of such Certificates pursuant to Section 7.08:

(a) the provisions of this Section shall be in full force and effect;

(b) the Depositor and the Trustee may deal with the Depository and the Depository Participants for all purposes (including the making of distributions) as the authorized representative of the respective Certificate Owners of such Certificates;

(d) the rights of the respective Certificate Owners of such Certificates shall be exercised only through the Depository and the Depository Participants and shall be limited to those established by law and agreements between the Owners of such Certificates and the Depository and/or the Depository Participants. Pursuant to the Depository Agreement, unless and until Definitive Certificates are issued pursuant to Section 7.08, the Depository will make book-entry transfers among the Depository Participants and receive and transmit distributions of principal and interest on the related Certificates to such Depository Participants;

(e) the Depository may collect its usual and customary fees, charges and expenses from its Depository Participants;

(f) the Trustee may rely and shall be fully protected in relying upon information furnished by the Depository with respect to its Depository Participants; and

(g) to the extent that the provisions of this Section conflict with any other provisions of this Agreement, the provisions of this Section shall control.

For purposes of any provision of this Agreement requiring or permitting actions with the consent of, or at the direction of, Certificateholders evidencing a specified percentage of the aggregate unpaid principal amount of any Class of Certificates, such direction or consent may be given by Certificate Owners (acting through the Depository and the Depository Participants) owning Book-Entry Certificates evidencing the requisite percentage of principal amount of such Class of Certificates.

The Private Certificates shall initially be held in fully registered certificated form. If at any time the Holders of all of the Certificates of one or more such Classes request that the Trustee cause such Class to become Global Certificates, the Depositor (with the assistance of the Trustee) will take such action as may be reasonably required to cause the Depository to accept such Class or Classes for trading if it may legally be so traded. If at anytime there are to be Global Certificates, the Global Certificates shall be delivered to the Depository by the Depositor or deposited with the Trustee as custodian for the Depository.

All transfers by Certificate Owners of such respective Classes of Book-Entry Certificates and any Global Certificates shall be made in accordance with the procedures established by the Depository Participant or brokerage firm representing such Certificate Owners. Each Depository Participant shall only transfer Book-Entry Certificates of Certificate Owners it represents or of brokerage firms for which it acts as agent in accordance with the Depository’s normal procedures.

Section 7.07 Notices to Depository.

Whenever any notice or other communication is required to be given to Certificateholders of a Class with respect to which Book-Entry Certificates have been issued, unless and until Definitive Certificates shall have been issued to the related Certificate Owners, the Trustee shall give all such notices and communications to the Depository.

Section 7.08 Definitive Certificates.

If, after Book-Entry Certificates have been issued with respect to any Certificates, (a) the Depositor or the Depository advises the Trustee that the Depository is no longer willing or able to discharge properly its responsibilities under the Depository Agreement with respect to such Certificates and the Depositor is unable to locate a qualified successor, (b) the Depositor, at its sole option, advises the Trustee that it elects to terminate the book-entry system with respect to such Certificates through the Depository or (c) after the occurrence and continuation of an Event of Default, Certificate Owners of such Book-Entry Certificates having not less than 51% of the Voting Rights evidenced by any Class of Book-Entry Certificates advise the Trustee and the Depository in writing through the Depository Participants that the continuation of a book-entry system with respect to Certificates of such Class through the Depository (or its successor) is no longer in the best interests of the Certificate Owners of such Class, then the Trustee shall notify all Certificate Owners of such Certificates, through the Depository, of the occurrence of any such event and of the availability of Definitive Certificates to applicable Certificate Owners requesting the same. The Depositor shall provide the Trustee with an adequate inventory of certificates to facilitate the issuance and transfer of Definitive Certificates. Upon surrender to the Trustee of any such Certificates by the Depository, accompanied by registration instructions from the Depository for registration, the Trustee shall countersign and deliver such Definitive Certificates. Neither the Depositor nor the Trustee shall be liable for any delay in delivery of such instructions and each may conclusively rely on, and shall be protected in relying on, such instructions. Upon the issuance of such Definitive Certificates, all references herein to obligations imposed upon or to be performed by the Depository shall be deemed to be imposed upon and performed by the Trustee, to the extent applicable with respect to such Definitive Certificates and the Trustee and the Trustee shall recognize the Holders of such Definitive Certificates as Certificateholders hereunder.

Section 7.09 Maintenance of Office or Agency.

The Trustee will maintain or cause to be maintained at its expense an office or offices or agency or agencies at Xxxxx Fargo Bank, National Association, Xxxxx Xxxxxx xxx Xxxxxxxxx Xxxxxx, Xxxxxxxxxxx, Xxxxxxxxx 00000 where Certificates may be surrendered for registration of transfer or exchange. The Trustee will give prompt written notice to the Certificateholders of any change in such location of any such office or agency.

ARTICLE VIII

THE DEPOSITOR AND THE MASTER SERVICER

Section 8.01 Liabilities of the Depositor and the Master Servicer.

Each of the Depositor and the Master Servicer shall be liable in accordance herewith only to the extent of the obligations specifically imposed upon and undertaken by it herein.

Section 8.02 Merger or Consolidation of the Depositor or the Master Servicer.

(a) Each of the Depositor and the Master Servicer will keep in full force and effect its existence, rights and franchises as a corporation under the laws of the state of its incorporation, and will obtain and preserve its qualification to do business as a foreign corporation in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Agreement, the Certificates or any of the Mortgage Loans and to perform its duties under this Agreement.

(b) Any Person into which the Depositor or the Master Servicer may be merged or consolidated, or any corporation resulting from any merger or consolidation to which the Depositor or the Master Servicer shall be a party, or any Person succeeding to the business of the Depositor or the Master Servicer, shall be the successor of the Depositor or the Master Servicer hereunder, without the execution or filing of any paper or further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding.

Section 8.03 Indemnification of the Trustee and the Master Servicer.

(a) The Master Servicer agrees to indemnify the Indemnified Persons for, and to hold them harmless against, any loss, liability or expense (including reasonable legal fees and disbursements of counsel) incurred on their part that may be sustained in connection with, arising out of, or relating to, any claim or legal action (including any pending or threatened claim or legal action) relating to this Agreement, including the powers of attorney delivered pursuant to Sections 3.01 and 3.02 of this Agreement, the Custodial Agreement or the Certificates (i) related to the Master Servicer’s failure to perform its duties in compliance with this Agreement (except as any such loss, liability or expense shall be otherwise reimbursable pursuant to this Agreement) or (ii) incurred by reason of the Master Servicer’s willful misfeasance, bad faith or gross negligence in the performance of duties hereunder or by reason of reckless disregard of obligations and duties hereunder, provided, in each case, that with respect to any such claim or legal action (or pending or threatened claim or legal action), the Trustee shall have given the Master Servicer and the Seller written notice thereof promptly after a responsible officer of the Trustee shall have with respect to such claim or legal action actual knowledge thereof; provided, however, the failure to give such notice shall not relieve the Master Servicer of its indemnification obligations hereunder. This indemnity shall survive the resignation or removal of the Trustee or the Master Servicer and the termination of this Agreement.

(b) The Master Servicer shall immediately notify the Trustee if a claim is made by a third party with respect to this Agreement or the Mortgage Loans, assume (with the consent of the Trustee and with counsel reasonably satisfactory to the Trustee) the defense of any such claim and pay all expenses in connection therewith, including counsel fees, and promptly pay, discharge and satisfy any judgment or decree which may be entered against it or any Indemnified Person in respect of such claim but failure to so notify the Master Servicer shall not limit its obligations hereunder. The Master Servicer agrees that it will not enter into any settlement of any such claim without the consent of the Indemnified Persons unless such settlement includes an unconditional release of such Indemnified Persons from all liability that is the subject matter of such claim. The provisions of this Section 8.03(b) shall survive termination of this Agreement.

(c) The Seller will indemnify any Indemnified Person for any loss, liability or expense of any Indemnified Person not otherwise paid or covered pursuant to Subsection (a) above.

Section 8.04 Limitations on Liability of the Depositor, the Master Servicer and Others.

Subject to the obligation of the Seller and the Master Servicer to indemnify the Indemnified Persons pursuant to Section 8.03:

(a) Neither the Depositor, the Master Servicer nor any of the directors, officers, employees or agents of the Depositor and the Master Servicer shall be under any liability to the Indemnified Persons, the Trust Fund or the Certificateholders for taking any action or for refraining from taking any action in good faith pursuant to this Agreement, or for errors in judgment; provided, however, that this provision shall not protect the Depositor, the Master Servicer or any such Person against any breach of warranties or representations made herein or any liability which would otherwise be imposed by reason of such Person’s willful misfeasance, bad faith or gross negligence in the performance of duties or by reason of reckless disregard of obligations and duties hereunder.

(b) The Depositor, the Master Servicer and any director, officer, employee or agent of the Depositor and the Master Servicer may rely in good faith on any document of any kind prima facie properly executed and submitted by any Person respecting any matters arising hereunder.

(c) The Depositor, the Master Servicer, the Trustee, the Custodian and any director, officer, employee or agent of the Depositor, the Master Servicer, the Trustee or the Custodian shall be indemnified by the Trust and held harmless thereby against any loss, liability or expense (including reasonable legal fees and disbursements of counsel) incurred on their part that may be sustained in connection with, arising out of, or related to, any claim or legal action (including any pending or threatened claim or legal action) relating to this Agreement, the Custodial Agreement or the Certificates, other than (i) any such loss, liability or expense related to the Master Servicer’s failure to perform its respective duties in compliance with this Agreement (except as any such loss, liability or expense shall be otherwise reimbursable pursuant to this Agreement), or to the Custodian’s failure to perform its duties under the Custodial Agreement, or (ii) any such loss, liability or expense incurred by reason of the Master Servicer’s or the Custodian’s willful misfeasance, bad faith or gross negligence in the performance of duties hereunder or under the Custodial Agreement, as applicable, or by reason of reckless disregard of obligations and duties hereunder or under the Custodial Agreement, as applicable.

(d) Neither the Depositor nor the Master Servicer shall be under any obligation to appear in, prosecute or defend any legal action that is not incidental to its duties under this Agreement and that in its opinion may involve it in any expense or liability; provided, however, the Master Servicer may in its discretion, with the consent of the Trustee (which consent shall not be unreasonably withheld), undertake any such action which it may deem necessary or desirable with respect to this Agreement and the rights and duties of the parties hereto and the interests of the Certificateholders hereunder. In such event, the legal expenses and costs of such action and any liability resulting therefrom shall be expenses, costs and liabilities of the Trust Fund, and the Master Servicer shall be entitled to be reimbursed therefor out of the Distribution Account as provided by Section 5.08. Nothing in this Subsection 8.04(d) shall affect the Master Servicer’s obligation to supervise, or to take such actions as are necessary to ensure, the servicing and administration of the Mortgage Loans pursuant to Section 3.01.

(e) In taking or recommending any course of action pursuant to this Agreement, unless specifically required to do so pursuant to this Agreement, the Master Servicer shall not be required to investigate or make recommendations concerning potential liabilities which the Trust might incur as a result of such course of action by reason of the condition of the Mortgaged Properties but shall give notice to the Trustee if it has notice of such potential liabilities.

Section 8.05 Master Servicer Not to Resign.

Except as provided in Section 8.07, the Master Servicer shall not resign from the obligations and duties hereby imposed on it except (i) with the prior written consent of the Trustee (which consent shall not be unreasonably withheld) or (ii) upon a determination that any such duties hereunder are no longer permissible under applicable law and such impermissibility cannot be cured. Any such determination permitting the resignation of the Master Servicer shall be evidenced by an Opinion of Counsel to such effect, addressed to and delivered to, the Trustee. No such resignation by the Master Servicer shall become effective until EMC or the Trustee or a successor to the Master Servicer reasonably satisfactory to the Trustee shall have assumed the responsibilities and obligations of the Master Servicer in accordance with Section 9.02 hereof. The Trustee shall notify the Rating Agencies of the resignation of the Master Servicer.

Section 8.06 Successor Master Servicer.

In connection with the appointment of any successor Master Servicer or the assumption of the duties of the Master Servicer, the Trustee may make such arrangements for the compensation of such successor master servicer out of payments on the Mortgage Loans the Trustee and such successor master servicer shall agree. If the successor master servicer does not agree that such market value is a fair price, such successor master servicer shall obtain two quotations of market value from third parties actively engaged in the servicing of single-family mortgage loans. In no event shall the compensation of any successor master servicer exceed that permitted the Master Servicer without the consent of all of the Certificateholders.

Section 8.07 Sale and Assignment of Master Servicing.

The Master Servicer may sell and assign its rights and delegate its duties and obligations in its entirety as Master Servicer under this Agreement; provided, however, that: (i) the purchaser or transferee accepting such assignment and delegation (a) shall be a Person which (or an Affiliate thereof the primary business of which is the servicing of conventional residential mortgage loans) shall be qualified to service mortgage loans for Xxxxxx Xxx or Xxxxxxx Mac; (b) shall have a net worth of not less than $15,000,000 (unless otherwise approved by each Rating Agency pursuant to clause (ii) below); (c) shall be reasonably satisfactory to the Trustee (as evidenced in a writing signed by the Trustee); and (d) shall execute and deliver to the Trustee an agreement, in form and substance reasonably satisfactory to the Trustee, which contains an assumption by such Person of the due and punctual performance and observance of each covenant and condition to be performed or observed by it as master servicer under this Agreement, any custodial agreement from and after the effective date of such agreement; (ii) each Rating Agency shall be given prior written notice of the identity of the proposed successor to the Master Servicer and each Rating Agency’s rating of the Certificates in effect immediately prior to such assignment, sale and delegation will not be downgraded, qualified or withdrawn as a result of such assignment, sale and delegation, as evidenced by a letter to such effect delivered to the Master Servicer and the Trustee; and (iii) the Master Servicer assigning and selling the master servicing shall deliver to the Trustee an Officer’s Certificate and an Opinion of Counsel addressed to the Trustee, each stating that all conditions precedent to such action under this Agreement have been completed and such action is permitted by and complies with the terms of this Agreement. No such assignment or delegation shall affect any liability of the Master Servicer arising prior to the effective date thereof.

ARTICLE IX

DEFAULT; TERMINATION OF MASTER SERVICER;

TERMINATION OF COMPANY

Section 9.01 Events of Default.

“Event of Default,” wherever used herein, means any one of the following events:

(i) any failure by the Master Servicer to remit to the Trustee any amounts received or collected by the Master Servicer in respect of the Mortgage Loans and required to be remitted by it (other than any Advance) pursuant to this Agreement, which failure shall continue unremedied for one Business Day after the date on which written notice of such failure shall have been given to the Master Servicer by the Trustee or the Depositor, or to the Trustee and the Master Servicer by the Holders of Certificates evidencing not less than 25% of the Voting Rights evidenced by the Certificates; or

(ii) any failure by the Master Servicer to observe or perform in any material respect any other of the covenants or agreements on the part of the Master Servicer contained in this Agreement or any breach of a representation or warranty by the Master Servicer, which failure or breach shall continue unremedied for a period of 60 days after the date on which written notice of such failure shall have been given to Master Servicer by the Trustee or the Depositor, or to the Trustee and the Master Servicer by the Holders of Certificates evidencing not less than 25% of the Voting Rights evidenced by the Certificates; or

(iii) a decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Master Servicer and such decree or order shall have remained in force undischarged or unstayed for a period of 60 consecutive days; or

(iv) the Master Servicer shall consent to the appointment of a receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Master Servicer or all or substantially all of the property of the Master Servicer; or

(v) the Master Servicer shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage of, or commence a voluntary case under, any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, or voluntarily suspend payment of its obligations;

(vi) the Master Servicer assigns or delegates its duties or rights under this Agreement in contravention of the provisions permitting such assignment or delegation under Sections 8.05 or 8.07; or

(vii) The Master Servicer fails to deposit, or cause to be deposited, in the Distribution Account any Advance required to be made by the Master Servicer (other than a Nonrecoverable Advance) by 5:00 p.m. New York City time on the Business Day prior to the related Distribution Date.

If an Event of Default shall occur, then, and in each and every such case, so long as such Event of Default shall not have been remedied, the Trustee may, and at the direction of the Holders of Certificates evidencing not less than 25% of the Voting Rights evidenced by the Certificates, the Trustee shall, by notice in writing to the Master Servicer, with a copy to the Rating Agencies, terminate all of the rights and obligations (but not the liabilities) of the Master Servicer under this Agreement and in and to the Mortgage Loans and the proceeds thereof, other than its rights as a Certificateholder hereunder. On or after the receipt by the Master Servicer of such written notice, all authority and power of the Master Servicer hereunder, whether with respect to the Mortgage Loans or otherwise, shall pass to and be vested in the Trustee, or any successor appointed pursuant to Section 9.02 (a “Successor Master Servicer”). Such Successor Master Servicer shall thereupon if such Successor Master Servicer is a successor to the Master Servicer, make any Advance required by Article VI, subject, in the case of the Trustee, to Section 9.02. The Trustee is hereby authorized and empowered to execute and deliver, on behalf of the terminated Master Servicer, as attorney- in-fact or otherwise, any and all documents and other instruments, and to do or accomplish all other acts or things necessary or appropriate to effect the purposes of such notice of termination, whether to complete the transfer and endorsement or assignment of any Mortgage Loans and related documents, or otherwise. Unless expressly provided in such written notice, no such termination shall affect any obligation of the Master Servicer to pay amounts owed pursuant to Article VIII or Article X. The Master Servicer agrees to cooperate with the Trustee in effecting the termination of the Master Servicer’s responsibilities and rights hereunder, including, without limitation, the transfer to the applicable Successor Master Servicer of all cash amounts which shall at the time be credited to the Distribution Account maintained pursuant to Section 5.08, or thereafter be received with respect to the applicable Mortgage Loans. The Trustee shall promptly notify the Rating Agencies of the occurrence of an Event of Default known to the Trustee.

Notwithstanding any termination of the activities of the Master Servicer hereunder, the Master Servicer shall be entitled to receive, out of any late collection of a Scheduled Payment on a Mortgage Loan that was due prior to the notice terminating the Master Servicer’s rights and obligations as Master Servicer hereunder and received after such notice, that portion thereof to which the Master Servicer would have been entitled pursuant to Sections 5.02 and to receive any other amounts payable to the Master Servicer hereunder the entitlement to which arose prior to the termination of its activities hereunder.

Notwithstanding the foregoing, if an Event of Default described in clause (vii) of this Section 9.01 shall occur and the Master Servicer fails to make such Advance described in clause (vii), the Trustee shall, by notice in writing to the Master Servicer, which may be delivered by telecopy, immediately terminate all of the rights and obligations of the Master Servicer thereafter arising under this Agreement, but without prejudice to any rights it may have as a Certificateholder or to reimbursement of Advances and other advances of its own funds, and the Trustee shall act as provided in Section 8.02 to carry out the duties of the Master Servicer, including the obligation to make any Advance the nonpayment of which was an Event of Default described in clause (vii) of this Section 9.01. Any such action taken by the Trustee must be prior to the distribution on the relevant Distribution Date.

Section 9.02 Trustee to Act; Appointment of Successor.

On and after the time the Master Servicer receives a notice of termination pursuant to Section 9.01 hereof the Trustee shall automatically become the successor to the Master Servicer with respect to the transactions set forth or provided for herein and after a transition period (not to exceed 90 days), shall have all the rights and powers of, and be subject to all the responsibilities, duties and liabilities relating thereto placed on the Master Servicer by the terms and provisions hereof; provided, however that, pursuant to Article VI hereof, the Trustee in its capacity as successor Master Servicer shall be responsible for making any Advances required to be made by the Master Servicer immediately upon the termination of the Master Servicer and any such Advance shall be made on the Distribution Date on which such Advance was required to be made by the predecessor Master Servicer. Effective on the date of such notice of termination, as compensation therefor, the Trustee shall be entitled to all compensation, reimbursement of expenses and indemnifications that the Master Servicer would have been entitled to if it had continued to act hereunder, provided, however, that the Trustee shall not be (i) liable for any acts or omissions of the Master Servicer, (ii) obligated to make Advances if it is prohibited from doing so under applicable law, (iii) responsible for expenses of the Master Servicer pursuant to Section 2.03 or (iv) obligated to deposit losses on any Permitted Investment directed by the Master Servicer. Notwithstanding the foregoing, the Trustee may, if it shall be unwilling to so act, or shall, if it is prohibited by applicable law from making Advances pursuant to Article VI or if it is otherwise unable to so act, appoint, or petition a court of competent jurisdiction to appoint, any established mortgage loan servicing institution the appointment of which does not adversely affect the then current rating of the Certificates by each Rating Agency as the successor to the Master Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Master Servicer hereunder. Any Successor Master Servicer shall (i) be an institution that is a Xxxxxx Xxx and Xxxxxxx Mac approved seller/servicer in good standing, that has a net worth of at least $15,000,000 and (ii) be willing to act as successor servicer of any Mortgage Loans under this Agreement, and shall have executed and delivered to the Depositor, the Trustee an agreement accepting such delegation and assignment, that contains an assumption by such Person of the rights, powers, duties, responsibilities, obligations and liabilities of the Master Servicer (other than any liabilities of the Master Servicer hereof incurred prior to termination of the Master Servicer under Section 9.01 or as otherwise set forth herein), with like effect as if originally named as a party to this Agreement, provided that each Rating Agency shall have acknowledged in writing that its rating of the Certificates in effect immediately prior to such assignment and delegation will not be qualified or reduced as a result of such assignment and delegation. If the Trustee assumes the duties and responsibilities of the Master Servicer in accordance with this Section 9.02, the Trustee shall not resign as Master Servicer until a Successor Master Servicer has been appointed and has accepted such appointment. Pending appointment of a successor to the Master Servicer hereunder, the Trustee, unless the Trustee is prohibited by law from so acting, shall act in such capacity as hereinabove provided. In connection with such appointment and assumption, the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans or otherwise as it and such successor shall agree; provided that no such compensation unless agreed to by the Certificateholders shall be in excess of that permitted the Master Servicer hereunder. The Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. Neither the Trustee nor any other Successor Master Servicer shall be deemed to be in default hereunder by reason of any failure to make, or any delay in making, any distribution hereunder or any portion thereof or any failure to perform, or any delay in performing, any duties or responsibilities hereunder, in either case caused by the failure of the Master Servicer to deliver or provide, or any delay in delivering or providing, any cash, information, documents or records to it.

The costs and expenses of the Trustee in connection with the termination of the Master Servicer, appointment of a Successor Master Servicer and, if applicable, any transfer of servicing, including, without limitation, all costs and expenses associated with the complete transfer of all servicing data and the completion, correction or manipulation of such servicing data as may be required by the Trustee to correct any errors or insufficiencies in the servicing data or otherwise to enable the Trustee or the Successor Master Servicer to service the related Mortgage Loans properly and effectively, to the extent not paid by the terminated Master Servicer, shall be payable to the Trustee pursuant to Section 10.05. Any successor to the Master Servicer as successor servicer under any Subservicing Agreement shall give notice to the applicable Mortgagors of such change of servicer and shall, during the term of its service as successor servicer maintain in force the policy or policies that the Master Servicer is required to maintain pursuant to Section 3.08.

Section 9.03 Notification to Certificateholders and Rating Agencies.

(a) Upon any termination of or appointment of a successor to the Master Servicer, the Trustee shall give prompt written notice thereof to Certificateholders and to each Rating Agency.

(b) Within 60 days after the occurrence of any Event of Default, the Trustee shall transmit by mail to all Certificateholders notice of each such Event of Default hereunder actually known to a Responsible Officer of the Trustee, unless such Event of Default shall have been cured or waived.

Section 9.04 Waiver of Defaults.

The Trustee shall transmit by mail to all Certificateholders, within 60 days after the occurrence of any Event of Default actually known to a Responsible Officer of the Trustee, unless such Event of Default shall have been cured, notice of each such Event of Default hereunder known to the Trustee. Holders of Certificates evidencing not less than 51% of the Voting Rights may, on behalf of all Certificateholders, waive any default by the Master Servicer in the performance of its obligations hereunder and the consequences thereof, except a default in the making of or the causing to be made of any required distribution on the Certificates. Upon any such waiver of a past default, such default shall be deemed to cease to exist, and any Event of Default arising therefrom shall be deemed to have been timely remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other default or impair any right consequent thereon except to the extent expressly so waived. The Trustee shall give notice of any such waiver to the Rating Agencies.

ARTICLE X

CONCERNING THE TRUSTEE

Section 10.01 Duties of Trustee.

(a) The Trustee, prior to the occurrence of an Event of Default and after the curing or waiver of all Events of Default which may have occurred, undertakes to perform such duties and only such duties as are specifically set forth in this Agreement as duties of the Trustee. If an Event of Default has occurred and has not been cured or waived, the Trustee shall exercise such of the rights and powers vested in it by this Agreement, and the same degree of care and skill in their exercise, as a prudent person would exercise under the circumstances in the conduct of such Person’s own affairs.

(b) Upon receipt of all resolutions, certificates, statements, opinions, reports, documents, orders or other instruments which are specifically required to be furnished to the Trustee pursuant to any provision of this Agreement, the Trustee shall examine them to determine whether they are, on their face, in the form required by this Agreement; provided, however, that the Trustee shall not be responsible for the accuracy or content of any resolution, certificate, statement, opinion, report, document, order or other instrument furnished by the Master Servicer; provided, further, that the Trustee shall not be responsible for the accuracy or verification of any calculation provided to it pursuant to this Agreement.

(c) On each Distribution Date, the Trustee shall make monthly distributions and the final distribution to the Certificateholders from funds in the Distribution Account as provided in Sections 6.04 and 11.02 herein based solely on the applicable Remittance Report.

(d) No provision of this Agreement shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to act or its own willful misconduct; provided, however, that:

(i) Prior to the occurrence of an Event of Default, and after the curing or waiver of all such Events of Default which may have occurred, the duties and obligations of the Trustee shall be determined solely by the express provisions of this Agreement, the Trustee shall not be liable except for the performance of their respective duties and obligations as are specifically set forth in this Agreement, no implied covenants or obligations shall be read into this Agreement against the Trustee and, in the absence of bad faith on the part of the Trustee, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee and conforming to the requirements of this Agreement;

(ii) The Trustee shall not be liable in its individual capacity for an error of judgment made in good faith by a Responsible Officer or Responsible Officers of the Trustee unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts;

(iii) The Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken by it in good faith in accordance with the directions of the Holders of Certificates evidencing not less than 25% of the aggregate Voting Rights of the Certificates (or such other percentage as specifically set forth herein), if such action or non-action relates to the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or other power conferred upon the Trustee under this Agreement;

(iv) The Trustee shall not be required to take notice or be deemed to have notice or knowledge of any default or Event of Default unless a Responsible Officer of the Trustee shall have actual knowledge thereof. In the absence of such notice, the Trustee may conclusively assume there is no such default or Event of Default;

(v) The Trustee shall not in any way be liable by reason of any insufficiency in any Account held in the name of Trustee unless it is determined by a court of competent jurisdiction in a non-appealable judgment that the Trustee’s gross negligence or willful misconduct was the primary cause of such insufficiency (except to the extent that the Trustee is obligor and has defaulted thereon);

(vi) Anything in this Agreement to the contrary notwithstanding, in no event shall the Trustee be liable for special, indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action; and

(vii) None of the Master Servicer, the Seller, the Depositor or the Trustee shall be responsible for the acts or omissions of the other, it being understood that this Agreement shall not be construed to render them partners, joint venturers or agents of one another.

The Trustee shall not be required to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if there is reasonable ground for believing that the repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it, and none of the provisions contained in this Agreement shall in any event require the Trustee to perform, or be responsible for the manner of performance of, any of the obligations of the Master Servicer.

(e) All funds received by the Trustee and required to be deposited in the Distribution Account pursuant to this Agreement shall be promptly so deposited by the Trustee.

Section 10.02 Certain Matters Affecting the Trustee.

(a) Except as otherwise provided in Section 10.01:

(i) The Trustee may rely and shall be protected in acting or refraining from acting in reliance on any resolution or certificate of the Seller or the Master Servicer, any certificates of auditors or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, appraisal, bond or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties;

(ii) The Trustee may consult with counsel and any advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection with respect to any action taken or suffered or omitted by it hereunder in good faith and in accordance with such advice or Opinion of Counsel;

(iii) The Trustee shall not be under any obligation to exercise any of the trusts or powers vested in it by this Agreement, other than its obligation to give notices pursuant to this Agreement, or to institute, conduct or defend any litigation hereunder or in relation hereto at the request, order or direction of any of the Certificateholders pursuant to the provisions of this Agreement, unless such Certificateholders shall have offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities which may be incurred therein or thereby. Nothing contained herein shall, however, relieve the Trustee of the obligation, upon the occurrence of an Event of Default of which a Responsible Officer of the Trustee has actual knowledge (which has not been cured or waived), to exercise such of the rights and powers vested in it by this Agreement, and to use the same degree of care and skill in their exercise, as a prudent person would exercise under the circumstances in the conduct of his own affairs;

(iv) Prior to the occurrence of an Event of Default hereunder and after the curing or waiver of all Events of Default which may have occurred with respect to the Trustee, the Trustee shall not be liable in its individual capacity for any action taken, suffered or omitted by it in good faith and believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Agreement;

(v) The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless requested in writing to do so by Holders of Certificates evidencing not less than 25% of the aggregate Voting Rights of the Certificates and provided that the payment within a reasonable time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee reasonably assured to the Trustee by the security afforded to it by the terms of this Agreement. The Trustee may require reasonable indemnity against such expense or liability as a condition to taking any such action. The reasonable expense of every such examination shall be paid by the Certificateholders requesting the investigation;

(vi) The Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or through Affiliates, agents or attorneys; provided, however, that the Trustee may not appoint any paying agent to perform any paying agent functions under this Agreement without the express written consent of the Master Servicer, which consents will not be unreasonably withheld. The Trustee shall not be liable or responsible for the misconduct or negligence of any of the Trustee’s agents or attorneys or paying agent appointed hereunder by the Trustee with due care and, when required, with the consent of the Master Servicer;

(vii) Should the Trustee deem the nature of any action required on its part to be unclear, the Trustee may require prior to such action that it be provided by the Depositor with reasonable further instructions; the right of the Trustee to perform any discretionary act enumerated in this Agreement shall not be construed as a duty, and the Trustee shall not be accountable for other than its negligence or willful misconduct in the performance of any such act;

(viii) The Trustee shall not be required to give any bond or surety with respect to the execution of the trust created hereby or the powers granted hereunder, except as provided in Subsection 10.07; and

(ix) The Trustee shall not have any duty to conduct any affirmative investigation as to the occurrence of any condition requiring the repurchase of any Mortgage Loan by any Person pursuant to this Agreement, or the eligibility of any Mortgage Loan for purposes of this Agreement.

(b) The Trustee is hereby directed by the Depositor to execute and deliver the Insurance Agreement.

Section 10.03 Trustee Not Liable for Certificates or Mortgage Loans.

The recitals contained herein and in the Certificates (other than the signature and countersignature of the Trustee on the Certificates) shall be taken as the statements of the Depositor, and the Trustee shall not have any responsibility for their correctness. The Trustee does not make any representation as to the validity or sufficiency of the Certificates (other than the signature and countersignature of the Trustee on the Certificates) or of any Mortgage Loan except as expressly provided in Sections 2.02 and 2.06 hereof; provided, however, that the foregoing shall not relieve the Trustee, or the Custodian on its behalf, of the obligation to review the Mortgage Files pursuant to Section 2.02 of this Agreement. The Trustee shall not be accountable for the use or application by the Depositor of any of the Certificates or of the proceeds of such Certificates, or for the use or application of any funds paid to the Depositor with respect to the Mortgage Loans. Subject to Section 2.06, the Trustee shall not be responsible for the legality or validity of this Agreement or any document or instrument relating to this Agreement, the validity of the execution of this Agreement or of any supplement hereto or instrument of further assurance, or the validity, priority, perfection or sufficiency of the security for the Certificates issued hereunder or intended to be issued hereunder. The Trustee shall not at any time have any responsibility or liability for or with respect to the legality, validity and enforceability of any Mortgage or any Mortgage Loan, or the perfection and priority of any Mortgage or the maintenance of any such perfection and priority, or for or with respect to the sufficiency of the Trust Fund or its ability to generate the payments to be distributed to Certificateholders, under this Agreement. The Trustee shall not have any responsibility for filing any financing or continuation statement in any public office at any time or to otherwise perfect or maintain the perfection of any security interest or lien granted to it hereunder or to record this Agreement.

Section 10.04 Trustee May Own Certificates.

The Trustee in its individual capacity or in any capacity other than as Trustee hereunder may become the owner or pledgee of any Certificates with the same rights it would have if it were not the Trustee and may otherwise deal with the parties hereto.

Section 10.05 Trustee’s Fees and Expenses.

The Trustee will be entitled to recover from the Distribution Account pursuant to Section 5.08, the Trustee Fee, all reasonable out-of-pocket expenses, disbursements and advances and the expenses of the Trustee in connection with any Event of Default, any breach of this Agreement or any claim or legal action (including any pending or threatened claim or legal action) incurred or made by the Trustee in the administration of the trusts hereunder (including the reasonable compensation, expenses and disbursements of its counsel) except any such expense, disbursement or advance as may arise from its negligence or intentional misconduct or which is the responsibility of the Certificateholders or the Trust Fund hereunder. If funds in the Distribution Account are insufficient therefor, the Trustee shall recover such expenses, disbursements or advances from the Depositor and the Depositor hereby agrees to pay such expenses, disbursements or advances upon demand. Such compensation and reimbursement obligation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust.

Section 10.06 Eligibility Requirements for Trustee.

The Trustee and any successor Trustee shall during the entire duration of this Agreement be a state bank or trust company or a national banking association organized and doing business under the laws of a state or the United States of America, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus and undivided profits of at least $40,000,000 or, in the case of a successor Trustee, $50,000,000, subject to supervision or examination by federal or state authority and, in the case of the Trustee, rated “BBB” or higher by Fitch, Inc. with respect to their long-term rating and rated “BBB” or higher by Standard & Poor’s and “Baa2” or higher by Moody’s with respect to any outstanding long-term unsecured unsubordinated debt, and, in the case of a successor Trustee other than pursuant to Section 10.10, rated in one of the two highest long-term debt categories of, or otherwise acceptable to, each of the Rating Agencies (which consent shall not be unreasonably withheld). The Trustee shall not be an Affiliate of the Master Servicer. If the Trustee publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section 10.06 the combined capital and surplus of such corporation shall be deemed to be its total equity capital (combined capital and surplus) as set forth in its most recent report of condition so published. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 10.06, the Trustee shall resign immediately in the manner and with the effect specified in Section 10.08.

Section 10.07 Insurance.

The Trustee, at its own expense, shall at all times maintain and keep in full force and effect: (i) fidelity insurance, (ii) theft of documents insurance and (iii) forgery insurance (which may be collectively satisfied by a “Financial Institution Bond” and/or a “Bankers’ Blanket Bond”). All such insurance shall be in amounts, with standard coverage and subject to deductibles, as are customary for insurance typically maintained by banks or their affiliates which act as custodians for investor-owned mortgage pools. A certificate of an officer of the Trustee as to the Trustee’s compliance with this Section 10.07 shall be furnished to any Certificateholder upon reasonable written request.

Section 10.08 Resignation and Removal of Trustee.

The Trustee may at any time resign and be discharged from the Trust hereby created by giving written notice thereof to the Depositor, the Seller and the Master Servicer, with a copy to the Rating Agencies. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee by written instrument, in triplicate, one copy of which instrument shall be delivered to each of the resigning trustee and the successor trustee. If no successor trustee shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee.

If at any time (i) the Trustee shall cease to be eligible in accordance with the provisions of Section 10.06 hereof and shall fail to resign after written request thereto by the Depositor, (ii) the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee and (C) the Trustee fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee and appoint a successor trustee by written instrument, in multiple copies, a copy of which instrument shall be delivered to the Trustee, each Master Servicer and the successor trustee.

The Holders evidencing at least 51% of the Voting Rights of the Certificates may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in multiple copies, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor trustee to each of the Master Servicer or the Trustee so removed and the successor trustee so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the Trustee or successor trustee.

Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 10.08 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 10.09 hereof.

Section 10.09 Successor Trustee.

Any successor trustee appointed as provided in Section 10.08 hereof shall execute, acknowledge and deliver to the Depositor and to its predecessor trustee and the Master Servicer an instrument accepting such appointment hereunder and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with the like effect as if originally named as trustee herein.

No successor trustee shall accept appointment as provided in this Section 10.09 unless at the time of such acceptance such successor trustee shall be eligible under the provisions of Section 10.06 hereof and its appointment shall not adversely affect the then current rating of the Certificates.

Upon acceptance of appointment by a successor trustee as provided in this Section 10.09, the successor trustee shall mail notice of the succession of such trustee hereunder to all Holders of Certificates. If the successor trustee fails to mail such notice within ten days after acceptance of appointment, the Depositor shall cause such notice to be mailed at the expense of the Trust Fund.

Section 10.10 Merger or Consolidation of Trustee.

Any corporation, state bank or national banking association into which the Trustee may be merged or converted or with which it may be consolidated or any corporation, state bank or national banking association resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation, state bank or national banking association succeeding to substantially all of the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided that such corporation shall be eligible under the provisions of Section 10.06 hereof without the execution or filing of any paper or further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding.

Section 10.11 Appointment of Co-Trustee or Separate Trustee.

Notwithstanding any other provisions of this Agreement, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of the Trust Fund or property securing any Mortgage Note may at the time be located, the Master Servicer and the Trustee acting jointly shall have the power and shall execute and deliver all instruments to appoint one or more Persons approved by the Trustee to act as co-trustee or co-trustees jointly with the Trustee, or separate trustee or separate trustees, of all or any part of the Trust Fund, and to vest in such Person or Persons, in such capacity and for the benefit of the Certificateholders, such title to the Trust Fund or any part thereof, whichever is applicable, and, subject to the other provisions of this Section 10.11, such powers, duties, obligations, rights and trusts as the Master Servicer and the Trustee may consider necessary or desirable. If the Master Servicer shall not have joined in such appointment within 15 days after the receipt by it of a request to do so, or in the case an Event of Default shall have occurred and be continuing, the Trustee alone shall have the power to make such appointment. No co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a successor trustee under Section 10.06 and no notice to Certificateholders of the appointment of any co-trustee or separate trustee shall be required under Section 10.09.

Every separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions:

(i) All rights, powers, duties and obligations conferred or imposed upon the Trustee, except for the obligation of the Trustee under this Agreement to advance funds on behalf of the Master Servicer, shall be conferred or imposed upon and exercised or performed by the Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act separately without the Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed (whether a Trustee hereunder or as a Successor Master Servicer hereunder), the Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Trust Fund or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the Trustee;

(ii) No trustee hereunder shall be held personally liable by reason of any act or omission of any other trustee hereunder; and

(iii) The Trustee may at any time accept the resignation of or remove any separate trustee or co-trustee.

Any notice, request or other writing given to the Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Agreement and the conditions of this Article X. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Trustee or separately, as may be provided therein, subject to all the provisions of this Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability of, or affording protection to, the Trustee. Every such instrument shall be filed with the Trustee and a copy thereof given to the Master Servicer and the Depositor.

Any separate trustee or co-trustee may, at any time, constitute the Trustee its agent or attorney-in-fact, with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any separate trustee or co- trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Trustee, to the extent permitted by law, without the appointment of a new or successor trustee.

Section 10.12 Tax Matters.

It is intended that the Trust Fund shall constitute one or more REMICs, and that the affairs of the Trust Fund shall be conducted so that each REMIC formed hereunder qualifies as a “real estate mortgage investment conduit” as defined in and in accordance with the REMIC Provisions. In furtherance of such intention, the Trustee covenants and agrees that it shall act as agent for so long as it is also Master Servicer (and the Trustee is hereby appointed to act as agent) on behalf of the Trust Fund. The Trustee, as agent on behalf of the Trust Fund, shall do or refrain from doing, as applicable, the following: (a) the Trustee shall prepare and file, or cause to be prepared and filed, in a timely manner, U.S. Real Estate Mortgage Investment Conduit Income Tax Returns (Form 1066 or any successor form adopted by the Internal Revenue Service) and prepare and file or cause to be prepared and filed with the Internal Revenue Service and applicable state or local tax authorities income tax or information returns for each taxable year with respect to each such REMIC containing such information and at the times and in the manner as may be required by the Code or state or local tax laws, regulations or rules, and furnish or cause to be furnished, to Certificateholders the schedules, statements or information at such times and in such manner as may be required thereby; (b) the Trustee shall apply for an employer identification number with the Internal Revenue Service via a Form SS-4 or other comparable method for each REMIC that is or becomes a taxable entity, and within thirty days of the Closing Date, furnish or cause to be furnished to the Internal Revenue Service on Forms 8811 or as otherwise may be required by the Code, the name, title, address, and telephone number of the person that the Holders of the Certificates may contact for tax information relating thereto, together with such additional information as may be required by such form, and update such information at the time or times in the manner required by the Code for the Trust Fund; (c) the Trustee shall make, or cause to be made, elections on behalf of each REMIC formed hereunder to be treated as a REMIC on the federal tax return of such REMIC for its first taxable year (and, if necessary, under applicable state law); (d) the Trustee shall prepare and forward, or cause to be prepared and forwarded, to the Certificateholders and to the Internal Revenue Service and, if necessary, state tax authorities, all information returns and reports as and when required to be provided to them in accordance with the REMIC Provisions, including without limitation, the calculation of any original issue discount using the Prepayment Assumption; (e) the Trustee shall provide information necessary for the computation of tax imposed on the transfer of a Residual Certificate to a Person that is not a Permitted Transferee, or an agent (including a broker, nominee or other middleman) of a Person that is not a Permitted Transferee, or a pass-through entity in which a Person that is not a Permitted Transferee is the record Holder of an interest (the reasonable cost of computing and furnishing such information may be charged to the Person liable for such tax); (f) the Trustee shall, to the extent under its control, conduct the affairs of the Trust Fund at all times that any Certificates are outstanding so as to maintain the status of each REMIC formed hereunder as a REMIC under the REMIC Provisions; (g) the Trustee shall not knowingly or intentionally take any action or omit to take any action that could (i) cause the termination of the REMIC status of any REMIC formed hereunder or (ii) result in the imposition of a tax upon the Trust Fund (including but not limited to the tax on prohibited transactions as defined in Section 860F(a)(2) of the Code and the tax on contributions to a REMIC set forth in Section 860G(d) of the Code); (h) the Trustee shall pay, from the sources specified in this Section 10.12, the amount of any federal, state and local taxes, including prohibited transaction taxes as described below, imposed on any REMIC formed hereunder prior to the termination of the Trust Fund when and as the same shall be due and payable (but such obligation shall not prevent the Trustee or any other appropriate Person from contesting any such tax in appropriate proceedings and shall not prevent the Trustee from withholding payment of such tax, if permitted by law, pending the outcome of such proceedings); (i) the Trustee shall sign or cause to be signed federal, state or local income tax or information returns or any other document prepared by the Trustee pursuant to this Section 10.12 requiring a signature thereon by the Trustee; (j) the Trustee shall maintain records relating to each REMIC formed hereunder including but not limited to the income, expenses, assets and liabilities of each such REMIC and adjusted basis of the Trust Fund property determined at such intervals as may be required by the Code, as may be necessary to prepare the foregoing returns, schedules, statements or information; (k) the Trustee shall, for federal income tax purposes, maintain books and records with respect to the REMICs on a calendar year and on an accrual basis; (l) neither the Trustee nor the Master Servicer shall enter into any arrangement not otherwise provided for in this Agreement by which the REMICs will receive a fee or other compensation for services nor permit the REMICs to receive any income from assets other than “qualified mortgages” as defined in Section 860G(a)(3) of the Code or “permitted investments” as defined in Section 860G(a)(5) of the Code; and (m) as and when necessary and appropriate, the Trustee shall represent the Trust Fund in any administrative or judicial proceedings relating to an examination or audit by any governmental taxing authority, request an administrative adjustment as to any taxable year of any REMIC formed hereunder, enter into settlement agreements with any governmental taxing agency, extend any statute of limitations relating to any tax item of the Trust Fund, and otherwise act on behalf of each REMIC formed hereunder in relation to any tax matter involving any such REMIC.

In order to enable the Trustee to perform its duties as set forth herein, the Depositor shall provide, or cause to be provided, to the Trustee within 10 days after the Closing Date all information or data that the Trustee requests in writing and determines to be relevant for tax purposes to the valuations and offering prices of the Certificates, including, without limitation, the price, yield, prepayment assumption and projected cash flows of the Certificates and the related Mortgage Loans. Thereafter, the Depositor shall provide to the Trustee promptly upon written request therefor, any such additional information or data that the Trustee may, from time to time, request in order to enable the Trustee to perform its duties as set forth herein. The Depositor hereby indemnifies the Trustee for any losses, liabilities, damages, claims or expenses of the Trustee arising from any errors or miscalculations of the Trustee that result from any failure of the Depositor to provide, or to cause to be provided, accurate information or data to the Trustee on a timely basis.

In the event that any tax is imposed on “prohibited transactions” of any of REMIC I, REMIC II, REMIC III, REMIC IV or REMIC V as defined in Section 860F(a)(2) of the Code, on the “net income from foreclosure property” of the Trust Fund as defined in Section 860G(c) of the Code, on any contribution to any of REMIC I, REMIC II, REMIC III, REMIC IV or REMIC V after the Startup Day pursuant to Section 860G(d) of the Code, or any other tax is imposed, including, without limitation, any federal, state or local tax or minimum tax imposed upon any of REMIC I, REMIC II, REMIC III, REMIC IV or REMIC V and is not paid as otherwise provided for herein, such tax shall be paid by (i) the Master Servicer or the Trustee, if any such tax arises out of or results from a breach by the Master Servicer or the Trustee of any of its obligations under this Agreement, provided, however, in no event shall the Master Servicer or the Trustee have any liability (1) for any action or omission that is taken in accordance with and compliance with the express terms of, or which is expressly permitted by the terms of, this Agreement, (2) for any losses other than those arising out of a negligent performance by the Master Servicer or the Trustee of its duties and obligations set forth herein, or (3) for any special or consequential damages to Certificateholders (in addition to payment of principal and interest on the Certificates), (ii) any party hereto (other than the Master Servicer or the Trustee) to the extent any such tax arises out of or results from a breach by such other party of any of its obligations under this Agreement or (iii) in all other cases, or in the event that any liable party hereto fails to honor its obligations under the preceding clauses (i) or (ii), first with amounts otherwise to be distributed to the Class R Certificateholders, and second with amounts otherwise to be distributed to all the Holders of the following Certificates in the following order of priority: first, to the Class B-4 Certificates, second, to the Class B-3 Certificates, third, to the Class B-2 Certificates, fourth, to the Class B-1 Certificates, fifth, to the Class M-4 Certificates, sixth, to the Class M-3 Certificates, seventh, to the Class M-2 Certificates, eighth, to the Class M-1 Certificates, and ninth, to the Class A Certificates (pro rata based on the amounts to be distributed). Notwithstanding anything to the contrary contained herein, to the extent that such tax is payable by the Holder of any Certificates, the Trustee is hereby authorized to retain on any Distribution Date, from the Holders of the Class R Certificates (and, if necessary, second, from the Holders of the other Certificates in the priority specified in the preceding sentence), funds otherwise distributable to such Holders in an amount sufficient to pay such tax. The Trustee shall include in its Remittance Report instructions as to distributions to such parties taking into account the priorities described in the second preceding sentence. The Trustee shall promptly notify in writing the party liable for any such tax of the amount thereof and the due date for the payment thereof.

The Trustee agrees that, in the event it should obtain any information necessary for the other party to perform its obligations pursuant to this Section 10.12, it will promptly notify and provide such information to such other party.

Notwithstanding any other provision of this Agreement, the Trustee shall comply with all federal withholding requirements respecting payments to Certificateholders of interest or original issue discount that the Trustee reasonably believes are applicable under the Code. The consent of Certificateholders shall not be required for such withholding. In the event the Trustee does withhold any amount from interest or original issue discount payments or advances thereof to any Certificateholder pursuant to federal withholding requirements, the Trustee shall indicate the amount withheld to such Certificateholders.

ARTICLE XI

TERMINATION

Section 11.01 Termination upon Liquidation or Repurchase of all Mortgage Loans.

Subject to Section 11.03, the obligations and responsibilities of the Depositor, the Master Servicer, the Seller and the Trustee created hereby with respect to the Trust Fund shall terminate upon the earlier of (a) the exercise of the Majority Class C Certificateholder (or its designee) of its right to repurchase all of the Mortgage Loans (and REO Properties) remaining in the Trust Fund at a price (the “Mortgage Loan Purchase Price”) equal to the sum of (i) 100% of the Stated Principal Balance of each Mortgage Loan (other than in respect of REO Property), (ii) accrued interest thereon at the applicable Mortgage Rate to, but not including, the first day of the month of such purchase, (iii) the appraised value of any REO Property in the Trust Fund (up to the Stated Principal Balance of the related Mortgage Loan), such appraisal to be conducted by an appraiser mutually agreed upon by the Master Servicer and the Trustee, and (iv) unreimbursed out-of pocket costs of the Master Servicer, including unreimbursed servicing advances and the principal portion of any unreimbursed Advances, made on the Mortgage Loans prior to the exercise of such repurchase right, (v) any unreimbursed costs and expenses of the Trustee payable pursuant to Section 10.05 or of the Custodian pursuant to the Custodial Agreement, and (b) the later of (i) the maturity or other liquidation (or any Advance with respect thereto) of the last Mortgage Loan remaining in the Trust Fund and the disposition of all REO Property and (ii) the distribution to Certificateholders of all amounts required to be distributed to them pursuant to this Agreement, as applicable. In no event shall the trusts created hereby continue beyond the earlier of (i) the expiration of 21 years from the death of the last survivor of the descendants of Xxxxxx X. Xxxxxxx, the late Ambassador of the United States to the Court of St. Xxxxx, living on the date hereof and (ii) the Latest Possible Maturity Date.

The right to repurchase all Mortgage Loans and REO Properties by the Majority Class C Certificateholder pursuant to clause (a) in the preceding paragraph shall be conditioned upon the Stated Principal Balance of all of the Mortgage Loans in the Trust Fund, at the time of any such repurchase, aggregating 20% or less of the aggregate Cut-off Date Principal Balance of all of the Mortgage Loans.

Section 11.02 Final Distribution on the Certificates.

If on any Determination Date, (i) the Master Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Distribution Account, the Master Servicer shall direct the Trustee to send a final distribution notice promptly to each Certificateholder or (ii) the Trustee determines that a Class of Certificates shall be retired after a final distribution on such Class, the Trustee shall notify the Certificateholders within five (5) Business Days after such Determination Date that the final distribution in retirement of such Class of Certificates is scheduled to be made on the immediately following Distribution Date. Any final distribution made pursuant to the immediately preceding sentence will be made only upon presentation and surrender of the Certificates at the Corporate Trust Office of the Trustee. If the Majority Class C Certificateholder elects to terminate the Trust Fund pursuant to Section 11.01, at least 20 days prior to the date notice is to be mailed to the Certificateholders, the Majority Class C Certificateholder shall notify the Depositor and the Trustee of the date the Majority Class C Certificateholder intends to terminate the Trust Fund. The Majority Class C Certificateholder shall remit the Mortgage Loan Purchase Price to the Trustee on the Business Day prior to the Distribution Date for such Optional Termination by the Majority Class C Certificateholder.

Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not later than two Business Days after the Determination Date in the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee will give such notice to each Rating Agency at the time such notice is given to Certificateholders.

Upon such final deposit with respect to the Trust Fund and the receipt by the Custodian of a Request for Release therefor, the Custodian shall promptly release to the Master Servicer, as applicable the Mortgage Files for the Mortgage Loans and the Trustee shall execute and deliver any documents prepared and delivered to it which are necessary to transfer any REO Property.

Upon presentation and surrender of the Certificates, the Trustee shall distribute to Certificateholders of each Class the amounts allocable to such Certificates held in the Distribution Account in the order and priority set forth in Section 5.04 hereof on the final Distribution Date and in proportion to their respective Percentage Interests.

In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets that remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund that remain subject hereto.

Section 11.03 Additional Termination Requirements.

(a) Upon exercise by the Majority Class C Certificateholder of its purchase option as provided in Section 11.01, the Trust Fund shall be terminated in accordance with the following additional requirements, unless the Trustee has been supplied with an Opinion of Counsel addressed to the Trustee at the expense of the Majority Class C Certificateholder to the effect that the failure of the Trust Fund to comply with the requirements of this Section 11.03 will not (i) result in the imposition of taxes on “prohibited transactions” of a REMIC, or (ii) cause a REMIC to fail to qualify as a REMIC at any time that any Certificates are outstanding:

(1) The Majority Class C Certificateholder shall establish a 90-day liquidation period and notify the Trustee thereof, and the Trustee shall in turn specify the first day of such period in a statement attached to the tax return for each of REMIC I, REMIC II, REMIC III, REMIC IV and REMIC V pursuant to Treasury Regulation Section 1.860F-1. The Majority Class C Certificateholder shall satisfy all the requirements of a qualified liquidation under Section 860F of the Code and any regulations thereunder, as evidenced by an Opinion of Counsel addressed to the Trustee obtained at the expense of the Majority Class C Certificateholder;

(2) During such 90-day liquidation period, and at or prior to the time of making the final payment on the Certificates, the Trustee shall sell all of the assets of REMIC I for cash; and

(3) At the time of the making of the final payment on the Certificates, the Trustee shall distribute or credit, or cause to be distributed or credited, to the Holders of the Residual Certificates, all cash on hand (other than cash retained to meet claims), and REMIC I shall terminate at that time.

(b) By their acceptance of the Certificates, the Holders thereof hereby authorize the adoption of a 90-day liquidation period and the adoption of a plan of complete liquidation for each of REMIC I, REMIC II, REMIC III, REMIC IV and REMIC V, which authorization shall be binding upon all successor Certificateholders.

(c) The Trustee as agent for each REMIC hereby agrees to adopt and sign such a plan of complete liquidation meeting the requirements for a qualified liquidation under Section 860F of the Code and any regulations thereunder upon the written request of the Majority Class C Certificateholder and the receipt of the Opinion of Counsel referred to in Section 11.03(a)(1) and to take such other action in connection therewith as may be reasonably requested by the Majority Class C Certificateholder.

ARTICLE XII

MISCELLANEOUS PROVISIONS

Section 12.01 Amendment.

This Agreement may be amended from time to time by parties hereto without the consent of any of the Certificateholders to cure any ambiguity, to correct or supplement any provisions herein (including to give effect to the expectations of investors), to comply with any changes in the Code, to revise any provisions to reflect the obligations of the parties to this Agreement as they relate to Regulation AB, to change the manner in which the Distribution Account maintained by the Trustee or the Protected Account maintained by the Master Servicer is maintained or to make such other provisions with respect to matters or questions arising under this Agreement as shall not be inconsistent with any other provisions herein if such action shall not, as evidenced by an Opinion of Counsel addressed to the Trustee, adversely affect in any material respect the interests of any Certificateholder; provided that any such amendment shall be deemed not to adversely affect in any material respect the interests of the Certificateholders and no such Opinion of Counsel shall be required if the Person requesting such amendment obtains a letter from each Rating Agency stating that such amendment would not result in the downgrading or withdrawal of the respective ratings then assigned to the Certificates.

Notwithstanding the foregoing, without the consent of the Certificateholders, the parties hereto may at any time and from time to time amend this Agreement to modify, eliminate or add to any of its provisions to such extent as shall be necessary or appropriate to maintain the qualification of each of REMIC I, REMIC II, REMIC III, REMIC IV or REMIC V, as a REMIC under the Code or to avoid or minimize the risk of the imposition of any tax on any of REMIC I, REMIC II, REMIC III, REMIC IV or REMIC V pursuant to the Code that would be a claim against any of REMIC I, REMIC II, REMIC III, REMIC IV or REMIC V at any time prior to the final redemption of the Certificates, provided that the Trustee has been provided an Opinion of Counsel addressed to the Trustee, which opinion shall be an expense of the party requesting such opinion but in any case shall not be an expense of the Trustee or the Trust Fund, to the effect that such action is necessary or appropriate to maintain such qualification or to avoid or minimize the risk of the imposition of such a tax.

This Agreement may also be amended from time to time by the parties hereto with the consent of the Holders of the Certificates evidencing over 50% of the aggregate Certificate Principal Balance of the Certificates, or the Holders of each Class of Certificates affected thereby, as applicable, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Holders of Certificates; provided that no such amendment shall (i) reduce in any manner the amount of, or delay the timing of, payments required to be distributed on any Certificate without the consent of the Holder of such Certificate, (ii) cause any of REMIC I, REMIC II, REMIC III, REMIC IV or REMIC V to cease to qualify as a REMIC or (iii) reduce the aforesaid percentages of Certificates the Holders of which are required to consent to any such amendment without the consent of the Holders of all Certificates then outstanding.

Notwithstanding any contrary provision of this Agreement, the Trustee shall not consent to any amendment to this Agreement unless it shall have first received an Opinion of Counsel addressed to the Trustee, which opinion shall be an expense of the party requesting such amendment but in any case shall not be an expense of the Trustee, to the effect that such amendment will not (other than an amendment pursuant to clause (ii) of, and in accordance with, the preceding paragraph) cause the imposition of any tax on REMIC I, REMIC II, REMIC III, REMIC IV or REMIC V or the Certificateholders or cause REMIC I, REMIC II, REMIC III, REMIC IV or REMIC V to cease to qualify as a REMIC at any time that any Certificates are outstanding. Further, nothing in this Agreement shall require the Trustee to enter into an amendment without receiving an Opinion of Counsel, satisfactory to the Trustee (i) that such amendment is permitted and is not prohibited by this Agreement and (ii) that all requirements for amending this Agreement (including any consent of the applicable Certificateholders) have been complied with.

Promptly after the execution of any amendment to this Agreement requiring the consent of Certificateholders, the Trustee shall furnish written notification of the substance of such amendment to each Certificateholder and each Rating Agency.

It shall not be necessary for the consent of Certificateholders under this Section to approve the particular form of any proposed amendment, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining such consents and of evidencing the authorization of the execution thereof by Certificateholders shall be subject to such reasonable regulations as the Trustee may prescribe.

Section 12.02 Recordation of Agreement; Counterparts.

To the extent permitted by applicable law, this Agreement is subject to recordation in all appropriate public offices for real property records in all of the counties or other comparable jurisdictions in which any or all of the Mortgaged Properties are situated, and in any other appropriate public recording office or elsewhere. The Master Servicer shall effect such recordation at the Trust’s expense upon the request in writing of a Certificateholder, but only if such direction is accompanied by an Opinion of Counsel (provided at the expense of the Certificateholder requesting recordation) to the effect that such recordation would materially and beneficially affect the interests of the Certificateholders or is required by law.

For the purpose of facilitating the recordation of this Agreement as herein provided and for other purposes, this Agreement may be executed simultaneously in any number of counterparts, each of which counterparts shall be deemed to be an original, and such counterparts shall constitute but one and the same instrument.

Section 12.03 Governing Law.

THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE SUBSTANTIVE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED IN THE STATE OF NEW YORK AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HERETO AND THE CERTIFICATEHOLDERS SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS WITHOUT REGARD TO THE CONFLICTS OF LAWS PRINCIPLES THEREOF (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAWS).

Section 12.04 Intention of Parties.

It is the express intent of the parties hereto that the conveyance of the Mortgage Notes, Mortgages, assignments of Mortgages, title insurance policies and any modifications, extensions and/or assumption agreements and private mortgage insurance policies relating to the Mortgage Loans by the Seller to the Depositor, and by the Depositor to the Trustee be, and be construed as, an absolute sale thereof to the Depositor or the Trustee, as applicable. It is, further, not the intention of the parties that such conveyance be deemed a pledge thereof by the Seller to the Depositor, or by the Depositor to the Trustee. However, in the event that, notwithstanding the intent of the parties, such assets are held to be the property of the Seller or the Depositor, as applicable, or if for any other reason the Mortgage Loan Purchase Agreement or this Agreement is held or deemed to create a security interest in such assets, then (i) the Mortgage Loan Purchase Agreement and this Agreement shall each be deemed to be a security agreement within the meaning of the Uniform Commercial Code of the State of New York and (ii) the conveyance provided for in the Mortgage Loan Purchase Agreement from the Seller to the Depositor, and the conveyance provided for in this Agreement from the Depositor to the Trustee, shall be deemed to be an assignment and a grant by the Seller or the Depositor, as applicable, for the benefit of the Certificateholders, of a security interest in all of the assets that constitute the Trust Fund, whether now owned or hereafter acquired.

The Depositor for the benefit of the Certificateholders shall, to the extent consistent with this Agreement, take such actions as may be necessary to ensure that, if this Agreement were deemed to create a security interest in the assets of the Trust Fund, such security interest would be deemed to be a perfected security interest of first priority under applicable law and shall be maintained as such throughout the term of the Agreement.

Section 12.05 Notices.

(a) The Trustee shall use its best efforts to promptly provide notice to each Rating Agency with respect to each of the following of which a Responsible Officer of the Trustee has actual knowledge:

(i) Any material change or amendment to this Agreement;

(ii) The occurrence of any Event of Default that has not been cured;

(iii) The resignation or termination of the Master Servicer or the Trustee and the appointment of any successor;

(iv) The repurchase or substitution of Mortgage Loans pursuant to Sections 2.02, 2.03, 3.19 and 11.01; and

(v) The final payment to Certificateholders.

(b) All directions, demands and notices hereunder shall be in writing and shall be deemed to have been duly given when delivered at or mailed by registered mail, return receipt requested, postage prepaid, or by recognized overnight courier, or by facsimile transmission to a number provided by the appropriate party if receipt of such transmission is confirmed to (i) in the case of the Depositor, Bear Xxxxxxx Asset Backed Securities I LLC, 000 Xxxxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000, Attention: Chief Counsel, and with respect to Regulation AB notifications to the Depositor at xxxxxxxxxxxxxxxxxx@xxxx.xxx; (ii) in the case of the Seller or the Master Servicer, EMC Mortgage Xxxxxxxxxxx, XXX Mortgage Corporation, 0000 Xxxx Xxxxx Xxxxx, Xxxxxxxxxx, Xxxxx 00000 (Facsimile: (000) 000-0000), attention: President or General Counsel or such other address as may be hereafter furnished to the other parties hereto by the Master Servicer in writing; (iii) in the case of the Trustee, P. O. Xxx 00, Xxxxxxxx, Xxxxxxxx 00000 (or, for overnight deliveries, 0000 Xxx Xxxxxxxxx Xxxx, Xxxxxxxx, Xxxxxxxx 21045), Attention: BSMF 2006-AC1 or such other address as may be hereafter furnished to the other parties hereto by the Trustee in writing and (iv) in the case of the Rating Agencies, (x) Xxxxx’x Investors Service, Inc., 00 Xxxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000, Attention: Home Equity Monitoring and (y) Standard & Poor’s, 00 Xxxxx Xxxxxx, 00xx Xxxxx, Xxx Xxxx, Xxx Xxxx 00000, Attention: Mortgage Surveillance Group. Any notice delivered to the Seller, the Master Servicer or the Trustee under this Agreement shall be effective only upon receipt. Any notice required or permitted to be mailed to a Certificateholder, unless otherwise provided herein, shall be given by first-class mail, postage prepaid, at the address of such Certificateholder as shown in the Certificate Register; any notice so mailed within the time prescribed in this Agreement shall be conclusively presumed to have been duly given, whether or not the Certificateholder receives such notice.

Section 12.06 Severability of Provisions.

If any one or more of the covenants, agreements, provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement or of the Certificates or the rights of the Holders thereof.

Section 12.07 Assignment.

Notwithstanding anything to the contrary contained herein, except as provided pursuant to Section 8.07, this Agreement may not be assigned by the Master Servicer, the Seller or the Depositor.

Section 12.08 Limitation on Rights of Certificateholders.

The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s legal representative or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition or winding up of the Trust Fund, or otherwise affect the rights, obligations and liabilities of the parties hereto or any of them.

No Certificateholder shall have any right to vote (except as provided herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth or contained in the terms of the Certificates be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party by reason of any action taken by the parties to this Agreement pursuant to any provision hereof.

No Certificateholder shall have any right by virtue or by availing itself of any provisions of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless such Holder previously shall have given to the Trustee a written notice of an Event of Default and of the continuance thereof, as hereinbefore provided, the Holders of Certificates evidencing not less than 25% of the Voting Rights evidenced by the Certificates shall also have made written request to the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder and shall have offered to the Trustee such reasonable indemnity as it may require against the costs, expenses, and liabilities to be incurred therein or thereby, and the Trustee, for 60 days after its receipt of such notice, request and offer of indemnity shall have neglected or refused to institute any such action, suit or proceeding; it being understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder or to enforce any right under this Agreement, except in the manner herein provided and for the common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 12.08, each and every Certificateholder, the Trustee shall be entitled to such relief as can be given either at law or in equity.

Section 12.09 Inspection and Audit Rights.

The Master Servicer agrees that, on reasonable prior notice, it will permit any representative of the Depositor or the Trustee during the Master Servicer’s normal business hours, to examine all the books of account, records, reports and other papers of the Master Servicer relating to the Mortgage Loans, to make copies and extracts therefrom, to cause such books to be audited by independent certified public accountants selected by the Depositor or the Trustee and to discuss its affairs, finances and accounts relating to such Mortgage Loans with its officers, employees and independent public accountants (and by this provision the Master Servicer hereby authorizes such accountants to discuss with such representative such affairs, finances and accounts), all at such reasonable times and as often as may be reasonably requested. Any out-of-pocket expense incident to the exercise by the Depositor or the Trustee of any right under this Section 12.09 shall be borne by the party requesting such inspection, subject to such party’s right to reimbursement hereunder (in the case of the Trustee, pursuant to Section 10.05 hereof).

Section 12.10 Certificates Nonassessable and Fully Paid.

It is the intention of the Depositor that Certificateholders shall not be personally liable for obligations of the Trust Fund, that the interests in the Trust Fund represented by the Certificates shall be nonassessable for any reason whatsoever, and that the Certificates, upon due authentication thereof by the Trustee pursuant to this Agreement, are and shall be deemed fully paid.

* * *

IN WITNESS WHEREOF, the Depositor, the Seller, the Master Servicer and the Trustee have caused their names to be signed hereto by their respective officers thereunto duly authorized as of the day and year first above written.

BEAR XXXXXXX ASSET BACKED SECURITIES I LLC, as Depositor

By:	/s/ Xxxxx Xxxxxxxxxxx
Name:	Xxxxx Xxxxxxxxxxx
Title:	Vice President


EMC MORTGAGE CORPORATION, as Seller and Master Servicer

By:	/s/ Xxx Xxxxxxxx
Name:	Xxx Xxxxxxxx
Title:	Executive Vice President


XXXXX FARGO BANK, NATIONAL ASSOCIATION, as Trustee

By:	/s/ Xxxxxxxx X. Xxxxxxxxxx
Name:	Xxxxxxxx X. Xxxxxxxxxx
Title:	Assistant Vice President

STATE OF NEW YORK	)
	)	ss.:
COUNTY OF NEW YORK	)

On this 31st day of July, 2006, before me, a notary public in and for said State, appeared Xxxxx Xxxxxxxxxxx, personally known to me on the basis of satisfactory evidence to be an authorized representative of Bear Xxxxxxx Asset Backed Securities I LLC, one of the companies that executed the within instrument, and also known to me to be the person who executed it on behalf of such limited liability company and acknowledged to me that such limited liability company executed the within instrument.

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.


	Notary Public

[Notarial Seal]

STATE OF TEXAS	)
	)	ss.:
COUNTY OF DALLAS	)

On this 31st day of July, 2006, before me, a notary public in and for said State, appeared ________________________, personally known to me on the basis of satisfactory evidence to be an authorized representative of EMC Mortgage Corporation, one of the corporations that executed the within instrument, and also known to me to be the person who executed it on behalf of such corporation and acknowledged to me that such corporation executed the within instrument.

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.


	Notary Public

[Notarial Seal]

STATE OF MARYLAND	)
	)	ss.:
COUNTY OF BALTIMORE	)

On this 31st day of July, 2006, before me, a notary public in and for said State, appeared ____________________, personally known to me on the basis of satisfactory evidence to be an authorized representative of Xxxxx Fargo Bank, National Association that executed the within instrument, and also known to me to be the person who executed it on behalf of such national banking association, and acknowledged to me that such national banking association executed the within instrument.

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.


	Notary Public

[Notarial Seal]

EXHIBIT A-1

FORM OF CLASS A CERTIFICATES

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986 (THE “CODE”).

[FOR CLASS A-1, CLASS A-2 AND CLASS A-3] CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL BE DECREASED BY THE PRINCIPAL PAYMENTS HEREON AND REALIZED LOSSES ALLOCABLE HERETO AS DESCRIBED IN THE AGREEMENT. ACCORDINGLY, FOLLOWING THE INITIAL ISSUANCE OF THE CERTIFICATES, THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL BE DIFFERENT FROM THE DENOMINATION SHOWN BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS CERTIFICATE PRINCIPAL BALANCE BY INQUIRY OF THE TRUSTEE NAMED HEREIN.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE DEPOSITOR OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

Certificate No.1	[Pass-Through Rate: [ ]]

Class A-[1][2][3][4] Senior

Date of Pooling and Servicing Agreement and Cut-off Date: July 1, 2006	Aggregate Initial Certificate [Principal Balance] [Notional Amount] of this Certificate as of the Cut-off Date: $[_____________]

First Distribution Date: August 25, 2006	Initial Certificate [Principal Balance] [Notional Amount] of this Certificate as of the Cut-off Date: $[_____________]

Master Servicer: EMC Mortgage Corporation	CUSIP: [___________]

Assumed Final Distribution Date: August 25, 2036

BEAR XXXXXXX MORTGAGE FUNDING TRUST 2006-AC1

ASSET-BACKED CERTIFICATE

SERIES 2006-AC1

evidencing a percentage interest in the distributions allocable to the Class A-[1][2][3][4] Certificates with respect to a Trust Fund consisting primarily of a pool of conventional, one- to four-family, fixed interest rate mortgage loans sold by BEAR XXXXXXX ASSET BACKED SECURITIES I LLC.

This Certificate is payable solely from the assets of the Trust Fund, and does not represent an obligation of or interest in Bear Xxxxxxx Asset Backed Securities I LLC, the Master Servicer or the Trustee referred to below or any of their affiliates or any other person. Neither this Certificate nor the underlying Mortgage Loans are guaranteed or insured by any governmental entity or by Bear Xxxxxxx Asset Backed Securities I LLC, the Master Servicer or the Trustee or any of their affiliates or any other person. None of Bear Xxxxxxx Asset Backed Securities I LLC, the Master Servicer or any of their affiliates will have any obligation with respect to any certificate or other obligation secured by or payable from payments on the Certificates.

This certifies that Cede & Co. is the registered owner of the Percentage Interest evidenced hereby in the beneficial ownership interest of Certificates of the same Class as this Certificate in a trust (the “Trust Fund”) generally consisting of conventional, first lien, fixed rate mortgage loans secured by one- to four- family residences (collectively, the “Mortgage Loans”) sold by Bear Xxxxxxx Asset Backed Securities I LLC (“BSABS I”). The Mortgage Loans were sold by EMC Mortgage Corporation (“EMC”) to BSABS I. EMC will act as master servicer of the Mortgage Loans (the “Master Servicer,” which term includes any successors thereto under the Agreement referred to below). The Trust Fund was created pursuant to the Pooling and Servicing Agreement, dated as of the Cut-off Date specified above (the “Agreement”), among BSABS I, as depositor (the “Depositor”), EMC Mortgage Corporation, as seller and Master Servicer, and Xxxxx Fargo Bank, National Association, as trustee (the “Trustee”), a summary of certain of the pertinent provisions of which is set forth hereafter. To the extent not defined herein, capitalized terms used herein shall have the meaning ascribed to them in the Agreement. This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of its acceptance hereof assents and by which such Holder is bound.

[For Class A-1 and Class A-2] Interest on this Certificate will accrue during the month prior to the month in which a Distribution Date (as hereinafter defined) occurs on the Certificate Principal Balance hereof at a per annum rate equal to the Pass-Through Rate set forth above. The Trustee will distribute on the 25th day of each month, or, if such 25th day is not a Business Day, the immediately following Business Day (each, a “Distribution Date”), commencing on the First Distribution Date specified above, to the Person in whose name this Certificate is registered at the close of business on the last Business Day of the calendar month immediately preceding the month in which the Distribution Date occurs, an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount (of interest and principal, if any) required to be distributed to the Holders of Certificates of the same Class as this Certificate. The Assumed Final Distribution Date is the Distribution Date in the month following the latest scheduled maturity date of any Mortgage Loan and is not likely to be the date on which the Certificate Principal Balance of this Class of Certificates will be reduced to zero.

[For Class A-3 and A-4] [Interest on this Certificate will accrue from and including the 25th day of the calendar month preceding the month in which a Distribution Date (as hereinafter defined) occurs to and including the 24th day of the calendar month in which that Distribution Date occurs on the Certificate [Principal Balance] [Notional Amount] hereof at a per annum rate equal to the Pass-Through Rate set forth above. The Trustee will distribute on the 25th day of each month, or, if such 25th day is not a Business Day, the immediately following Business Day (each, a “Distribution Date”), commencing on the First Distribution Date specified above, to the Person in whose name this Certificate is registered at the close of business on the Business Day immediately preceding such Distribution Date, an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount (of interest and principal, if any) required to be distributed to the Holders of Certificates of the same Class as this Certificate. The Assumed Final Distribution Date is the Distribution Date in the month following the latest scheduled maturity date of any Mortgage Loan and is not likely to be the date on which the Certificate [Principal Balance] [Notional Amount] of this Class of Certificates will be reduced to zero. [The Class A-4 Certificates have no Certificate Principal Balance.]

Distributions on this Certificate will be made by the Trustee by check mailed to the address of the Person entitled thereto as such name and address shall appear on the Certificate Register or, if such Person so requests by notifying the Trustee in writing as specified in the Agreement. Notwithstanding the above, the final distribution on this Certificate will be made after due notice by the Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Trustee for that purpose and designated in such notice. The Initial Certificate [Principal Balance] [Notional Amount] of this Certificate is set forth above. [The Certificate Principal Balance hereof will be reduced to the extent of distributions allocable to principal hereon and any Realized Losses allocable thereto.] [For Class A-4] [The Initial Notional Amount of this Certificate is set forth above.]

This Certificate is one of a duly authorized issue of Certificates designated as set forth on the face hereof (the “Certificates”). The Certificates, in the aggregate, evidence the entire beneficial ownership interest in the Trust Fund formed pursuant to the Agreement.

The Certificateholder, by its acceptance of this Certificate, agrees that it will look solely to the Trust Fund for payment hereunder and that the Trustee is not liable to the Certificateholders for any amount payable under this Certificate or the Agreement or, except as expressly provided in the Agreement, subject to any liability under the Agreement.

This Certificate does not purport to summarize the Agreement and reference is made to the Agreement for the interests, rights and limitations of rights, benefits, obligations and duties evidenced hereby, and the rights, duties and immunities of the Trustee.

The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor and the rights of the Certificateholders under the Agreement from time to time by the parties thereto with the consent of the Holders of the Class or Classes of Certificates affected thereby evidencing over 50% of the Voting Rights of such Class or Classes. Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in lieu hereof whether or not notation of such consent is made upon this Certificate. The Agreement also permits the amendment thereof, in certain limited circumstances, without the consent of the Holders of any of the Certificates.

As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable with the Trustee upon surrender of this Certificate for registration of transfer at the offices or agencies maintained by the Trustee for such purposes, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Trustee duly executed by the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more new Certificates in authorized denominations representing a like aggregate Percentage Interest will be issued to the designated transferee.

The Certificates are issuable only as registered Certificates without coupons in the Classes and denominations specified in the Agreement. As provided in the Agreement and subject to certain limitations therein set forth, this Certificate is exchangeable for one or more new Certificates evidencing the same Class and in the same aggregate Percentage Interest, as requested by the Holder surrendering the same.

No service charge will be made to the Certificateholders for any such registration of transfer, but the Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Depositor, the Master Servicer, the Trustee and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of Depositor, the Master Servicer, the Trustee or any such agent shall be affected by notice to the contrary.

The obligations created by the Agreement and the Trust Fund created thereby (other than the obligations to make payments to Certificateholders with respect to the termination of the Agreement) shall terminate upon the earlier of (i) the later of (A) the maturity or other liquidation (or Advance with respect thereto) of the last Mortgage Loan remaining in the Trust Fund and disposition of all property acquired upon foreclosure or deed in lieu of foreclosure of any Mortgage Loan and (B) the remittance of all funds due under the Agreement, or (ii) the optional repurchase by the party named in the Agreement of all the Mortgage Loans and other related assets of the Trust Fund in accordance with the terms of the Agreement. Such optional repurchase may be made only on or after the first Distribution Date on which the aggregate Stated Principal Balance of the Mortgage Loans is less than or equal to a certain percentage of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date as set forth in the Agreement. The exercise of such right will effect the early retirement of the Certificates. In no event, however, will the Trust Fund created by the Agreement continue beyond the earlier of (i) the expiration of 21 years after the death of certain persons identified in the Agreement and (ii) the Latest Possible Maturity Date (as defined in the Agreement).

Unless this Certificate has been countersigned by an authorized signatory of the Trustee by manual signature, this Certificate shall not be entitled to any benefit under the Agreement, or be valid for any purpose.

IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly executed.

Dated: July 31, 2006

XXXXX FARGO BANK, NATIONAL ASSOCIATION,

as Trustee

By:

Authorized Signatory

CERTIFICATE OF AUTHENTICATION

This is one of the Class A-[1][2][3][4] Certificates referred to in the within-mentioned Agreement.

XXXXX FARGO BANK, NATIONAL ASSOCIATION,

as Trustee

By:

Authorized Signatory

ASSIGNMENT

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto __________________________________ (Please print or typewrite name and address including postal zip code of assignee) a Percentage Interest evidenced by the within Asset-Backed Certificate and hereby authorizes the transfer of registration of such interest to assignee on the Certificate Register of the Trust Fund.

I (We) further direct the Certificate Registrar to issue a new Certificate of a like denomination and Class, to the above named assignee and deliver such Certificate to the following address:


		.

Dated:
	Signature by or on behalf of assignor


	Signature Guaranteed

DISTRIBUTION INSTRUCTIONS

This assignee should include the following for purposes of distribution:

Distributions shall be made, by wire transfer or otherwise, in immediately available funds

to					,
for the account of					,
account number___________, or, if mailed by check, to					,
Applicable statements should be mailed to					,
					.

This information is provided by				,
the assignee named above, or				,
as its agent.

EXHIBIT A-2

FORM OF CLASS M CERTIFICATES

THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE SENIOR CERTIFICATES [,] [AND] [CLASS M-1 CERTIFICATES] [,] [AND] [CLASS M-2 CERTIFICATES] [AND] [CLASS M-3 CERTIFICATES] AS DESCRIBED IN THE AGREEMENT (AS DEFINED BELOW).

THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL BE DECREASED BY THE PRINCIPAL PAYMENTS HEREON AND REALIZED LOSSES ALLOCABLE HERETO AS DESCRIBED IN THE AGREEMENT. ACCORDINGLY, FOLLOWING THE INITIAL ISSUANCE OF THE CERTIFICATES, THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL BE DIFFERENT FROM THE DENOMINATION SHOWN BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS CERTIFICATE PRINCIPAL BALANCE BY INQUIRY OF THE TRUSTEE NAMED HEREIN.

EACH HOLDER OF A CERTIFICATE OR BENEFICIAL OWNERSHIP SHALL BE DEEMED TO HAVE MADE THE REPRESENTATIONS SET FORTH IN SECTION 7.02(b) OF THE AGREEMENT.

Certificate No.1	Adjustable Pass-Through Rate

Class M-[1][2][3][4] Subordinate

Date of Pooling and Servicing Agreement and Cut-off Date: July 1, 2006	Aggregate Initial Certificate Principal Balance of this Certificate as of the Cut-off Date: $[________________]

First Distribution Date: August 25, 2006	Initial Certificate Principal Balance of this Certificate as of the Cut-off Date: $[________________]

Master Servicer: EMC Mortgage Corporation	CUSIP: [_______________]

Assumed Final Distribution Date: August 25, 2036

BEAR XXXXXXX MORTGAGE FUNDING TRUST 2006-AC1

ASSET-BACKED CERTIFICATE

SERIES 2006-AC1

evidencing a percentage interest in the distributions allocable to the Class M-[1][2][3][4] Certificates with respect to a Trust Fund consisting primarily of a pool of conventional, one- to four-family, fixed interest rate mortgage loans sold by BEAR XXXXXXX ASSET BACKED SECURITIES I LLC.

Interest on this Certificate will accrue from and including the 25th day of the calendar month preceding the month in which a Distribution Date (as hereinafter defined) occurs (or, with respect to the first accrual period, the Closing Date) to and including the 24th day of the calendar month in which that Distribution Date occurs on the Certificate Principal Balance hereof at a per annum rate equal to the Pass-Through Rate set forth above and as further described in the Agreement. The Trustee will distribute on the 25th day of each month, or, if such 25th day is not a Business Day, the immediately following Business Day (each, a “Distribution Date”), commencing on the First Distribution Date specified above, to the Person in whose name this Certificate is registered at the close of business on the Business Day immediately preceding such Distribution Date, an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount (of interest and principal, if any) required to be distributed to the Holders of Certificates of the same Class as this Certificate. The Assumed Final Distribution Date is the Distribution Date in the month following the latest scheduled maturity date of any Mortgage Loan and is not likely to be the date on which the Certificate Principal Balance of this Class of Certificates will be reduced to zero.

Distributions on this Certificate will be made by the Trustee by check mailed to the address of the Person entitled thereto as such name and address shall appear on the Certificate Register or, if such Person so requests by notifying the Trustee in writing as specified in the Agreement. Notwithstanding the above, the final distribution on this Certificate will be made after due notice by the Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Trustee for that purpose and designated in such notice. The Initial Certificate Principal Balance of this Certificate is set forth above. The Certificate Principal Balance hereof will be reduced to the extent of distributions allocable to principal hereon and any Realized Losses allocable thereto.

Each holder of a Certificate or beneficial ownership shall be deemed to have made the representations set forth in section 7.02(b) of the Agreement.

IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly executed.

Dated: July 31, 2006

XXXXX FARGO BANK, NATIONAL ASSOCIATION,

as Trustee

By:

Authorized Signatory

CERTIFICATE OF AUTHENTICATION

This is one of the Class M-[1][2][3][4] Certificates referred to in the within-mentioned Agreement.

XXXXX FARGO BANK, NATIONAL ASSOCIATION, as Trustee

By:

Authorized Signatory

ASSIGNMENT

I (We) further direct the Certificate Registrar to issue a new Certificate of a like denomination and Class, to the above named assignee and deliver such Certificate to the following address:


		.

Dated:
	Signature by or on behalf of assignor


	Signature Guaranteed

DISTRIBUTION INSTRUCTIONS

This assignee should include the following for purposes of distribution:

Distributions shall be made, by wire transfer or otherwise, in immediately available funds

to					,
for the account of					,
account number___________, or, if mailed by check, to					,
Applicable statements should be mailed to					,
					.

This information is provided by				,
the assignee named above, or				,
as its agent.

EXHIBIT A-3

FORM OF CLASS B CERTIFICATES

THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE SENIOR CERTIFICATES [,] [AND] [CLASS M-1 CERTIFICATES] [,] [AND] [CLASS M-2 CERTIFICATES] [,] [AND] [CLASS M-3 CERTIFICATES] [,] [AND] [CLASS M-4 CERTIFICATES] [,] [AND] [CLASS B-1 CERTIFICATES] [,] [AND] [CLASS B-2 CERTIFICATES] [AND] [CLASS B-3 CERTIFICATES] AS DESCRIBED IN THE AGREEMENT (AS DEFINED BELOW).

[For Class B-1, Class B-2 and Class B-3] UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE DEPOSITOR OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

[For Class B-1, Class B-2 and Class B-3] EACH HOLDER OF A CERTIFICATE OR BENEFICIAL OWNERSHIP SHALL BE DEEMED TO HAVE MADE THE REPRESENTATIONS SET FORTH IN SECTION 7.02(b) OF THE AGREEMENT.

[For Class B-4] [THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER ANY STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE ACT AND OTHER APPLICABLE LAWS AND ONLY (1) PURSUANT TO RULE 144A UNDER THE ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A (A “QIB”), PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE ACT (IF AVAILABLE) OR (3) IN CERTIFICATED FORM TO AN “INSTITUTIONAL ACCREDITED INVESTOR” WITHIN THE MEANING THEREOF IN RULE 501(a)(1), (2),(3) OR (7) (OR ANY ENTITY IN WHICH ALL OF THE EQUITY HOLDERS COME WITHIN SUCH PARAGRAPHS) OF REGULATION D UNDER THE ACT PURCHASING NOT FOR DISTRIBUTION IN VIOLATION OF THE ACT, SUBJECT TO (A) THE RECEIPT BY THE TRUSTEE OF A LETTER SUBSTANTIALLY IN THE FORM PROVIDED IN THE AGREEMENT AND (B) THE RECEIPT BY THE TRUSTEE OF AN OPINION OF COUNSEL AS TO COMPLIANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED STATES. THIS CERTIFICATE MAY NOT BE ACQUIRED DIRECTLY OR INDIRECTLY BY, OR ON BEHALF OF, AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT WHICH IS SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, UNLESS THE TRANSFEREE CERTIFIES OR REPRESENTS THAT THE PROPOSED TRANSFER AND HOLDING OF A CERTIFICATE AND THE SERVICING, MANAGEMENT AND OPERATION OF THE TRUST AND ITS ASSETS: (I) WILL NOT RESULT IN ANY PROHIBITED TRANSACTION WHICH IS NOT COVERED UNDER AN INDIVIDUAL OR CLASS PROHIBITED TRANSACTION EXEMPTION, INCLUDING, BUT NOT LIMITED TO, PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”) 84-14, XXXX 00-00, XXXX 00-0, XXXX 95-60 OR PTCE 96-23 AND (II) WILL NOT GIVE RISE TO ANY ADDITIONAL OBLIGATIONS ON THE PART OF THE DEPOSITOR, THE MASTER SERVICER OR THE TRUSTEE, WHICH WILL BE DEEMED REPRESENTED BY AN OWNER OF A BOOK-ENTRY CERTIFICATE OR A GLOBAL CERTIFICATE, OR PROVIDES AN OPINION OF COUNSEL TO SUCH EFFECT.]

Certificate No.1	Adjustable Pass-Through Rate

Class B-[1][2][3][4] Subordinate

Date of Pooling and Servicing Agreement and Cut-off Date: July 1, 2006	Aggregate Initial Certificate Principal Balance of this Certificate as of the Cut-off Date: $[________________]

First Distribution Date: August 25, 2006	Initial Certificate Principal Balance of this Certificate as of the Cut-off Date: $[________________]

Master Servicer: EMC Mortgage Corporation	CUSIP: [_______________]

Assumed Final Distribution Date: August 25, 2036

BEAR XXXXXXX MORTGAGE FUNDING TRUST 2006-AC1

ASSET-BACKED CERTIFICATE

SERIES 2006-AC1

evidencing a percentage interest in the distributions allocable to the Class B-[1][2][3][4] Certificates with respect to a Trust Fund consisting primarily of a pool of conventional, one- to four-family, fixed interest rate mortgage loans sold by BEAR XXXXXXX ASSET BACKED SECURITIES I LLC.

This certifies that ___________ is the registered owner of the Percentage Interest evidenced hereby in the beneficial ownership interest of Certificates of the same Class as this Certificate in a trust (the “Trust Fund”) generally consisting of conventional, first lien, fixed rate mortgage loans secured by one- to four- family residences (collectively, the “Mortgage Loans”) sold by Bear Xxxxxxx Asset Backed Securities I LLC (“BSABS I”). The Mortgage Loans were sold by EMC Mortgage Corporation (“EMC”) to BSABS I. EMC will act as master servicer of the Mortgage Loans (the “Master Servicer,” which term includes any successors thereto under the Agreement referred to below). The Trust Fund was created pursuant to the Pooling and Servicing Agreement, dated as of the Cut-off Date specified above (the “Agreement”), among BSABS I, as depositor (the “Depositor”), EMC Mortgage Corporation, as seller and Master Servicer, and Xxxxx Fargo Bank, National Association, as trustee (the “Trustee”), a summary of certain of the pertinent provisions of which is set forth hereafter. To the extent not defined herein, capitalized terms used herein shall have the meaning ascribed to them in the Agreement. This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of its acceptance hereof assents and by which such Holder is bound.

[For Class B-1, Class B-2, and Class B-3] [Interest on this Certificate will accrue from and including the 25th day of the calendar month preceding the month in which a Distribution Date (as hereinafter defined) occurs (or, with respect to the first accrual period, the Closing Date) to and including the 24th day of the calendar month in which that Distribution Date occurs on the Certificate Principal Balance hereof at a per annum rate equal to the Pass-Through Rate set forth above and as further described in the Agreement. The Trustee will distribute on the 25th day of each month, or, if such 25th day is not a Business Day, the immediately following Business Day (each, a “Distribution Date”), commencing on the First Distribution Date specified above, to the Person in whose name this Certificate is registered at the close of business on the Business Day immediately preceding such Distribution Date, an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount (of interest and principal, if any) required to be distributed to the Holders of Certificates of the same Class as this Certificate. The Assumed Final Distribution Date is the Distribution Date in the month immediately following the month of the latest scheduled maturity date of any Mortgage Loan and is not likely to be the date on which the Certificate Principal Balance of this Class of Certificates will be reduced to zero.]

[For Class B-4] [Interest on this Certificate will accrue from and including the 25th day of the calendar month preceding the month in which a Distribution Date (as hereinafter defined) occurs (or, with respect to the first accrual period, the Closing Date) to and including the 24th day of the calendar month in which that Distribution Date occurs on the Certificate Principal Balance hereof at a per annum rate equal to the Pass-Through Rate set forth above and as further described in the Agreement. The Trustee will distribute on the 25th day of each month, or, if such 25th day is not a Business Day, the immediately following Business Day (each, a “Distribution Date”), commencing on the First Distribution Date specified above, to the Person in whose name this Certificate is registered at the close of business on the last Business Day of the month immediately preceding the month of such Distribution date so long as this Certificate remains in non book-entry form (and otherwise, the close of business on the Business Day immediately preceding such Distribution Date) an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount (of interest and principal, if any) required to be distributed to the Holders of Certificates of the same Class as this Certificate. The Assumed Final Distribution Date is the Distribution Date in the month following the latest scheduled maturity date of any Mortgage Loan.]

Distributions on this Certificate will be made by the Trustee by check mailed to the address of the Person entitled thereto as such name and address shall appear on the Certificate Register or, if such Person so requests by notifying the Trustee in writing as specified in the Agreement. Notwithstanding the above, the final distribution on this Certificate will be made after due notice by the Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Trustee for that purpose and designated in such notice. The Initial Certificate Principal Balance of this Certificate is set forth above. The Certificate Principal Balance hereof will be reduced to the extent of distributions allocable to principal hereon and any Realized Losses allocable hereto.

[For Class B-4] [No transfer of this Class B-4 Certificate will be made unless such transfer is (i) exempt from the registration requirements of the Securities Act of 1933, as amended, and any applicable state securities laws or is made in accordance with said Act and laws and (ii) made in accordance with Section 7.02 of the Agreement. In the event that such transfer is to be made the Trustee shall register such transfer if, (i) made to a transferee who has provided the Trustee with evidence as to its QIB status; or (ii) (A) the transferor has advised the Trustee in writing that the Certificate is being transferred to an Institutional Accredited Investor and (B) prior to such transfer the transferee furnishes to the Trustee an Investment Letter; provided that if based upon an Opinion of Counsel to the effect that (A) and (B) above are not sufficient to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and other applicable laws, the Trustee shall as a condition of the registration of any such transfer require the transferor to furnish such other certifications, legal opinions or other information prior to registering the transfer of this Certificate as shall be set forth in such Opinion of Counsel.]

Each holder of a Certificate or beneficial ownership shall be deemed to have made the representations set forth in section 7.02(b) of the Agreement.

[For Class B-4] [This Certificate may not be acquired directly or indirectly by, or on behalf of, an employee benefit plan or other retirement arrangement which is subject to Title I of the Employee Retirement Income Security Act of 1974, as amended, or Section 4975 of the Internal Revenue Code of 1986, as amended, unless the transferee certifies or represents that the proposed transfer and holding of a Certificate and the servicing, management and operation of the trust and its assets: (i) will not result in any prohibited transaction which is not covered under an individual or class prohibited transaction exemption, including, but not limited to, Prohibited Transaction Class Exemption (“PTCE”) 84-14, XXXX 00-00, XXXX 00-0, XXXX 95-60 or PTCE 96-23 and (ii) will not give rise to any additional obligations on the part of the Depositor, the Master Servicer or the Trustee, which will be deemed represented by an owner of a Book-Entry Certificate or a Global Certificate, or an Opinion of Counsel specified in section 7.02 of the Agreement is provided. This Certificate is one of a duly authorized issue of Certificates designated as set forth on the face hereof (the “Certificates”). The Certificates, in the aggregate, evidence the entire beneficial ownership interest in the Trust Fund formed pursuant to the Agreement.]

No service charge will be made to the Certificateholders for any such registration of transfer, but the Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Depositor, the Master Servicer, the Trustee and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Trustee or any such agent shall be affected by notice to the contrary.

IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly executed.

Dated: July 31, 2006

XXXXX FARGO BANK, NATIONAL ASSOCIATION,

as Trustee

By:

Authorized Signatory

CERTIFICATE OF AUTHENTICATION

This is one of the Class B-[1][2][3][4] Certificates referred to in the within-mentioned Agreement.

XXXXX FARGO BANK, NATIONAL ASSOCIATION, as Trustee

By:

Authorized Signatory

ASSIGNMENT

I (We) further direct the Certificate Registrar to issue a new Certificate of a like denomination and Class, to the above named assignee and deliver such Certificate to the following address:


		.

Dated:
	Signature by or on behalf of assignor


	Signature Guaranteed

DISTRIBUTION INSTRUCTIONS

This assignee should include the following for purposes of distribution:

Distributions shall be made, by wire transfer or otherwise, in immediately available funds

to					,
for the account of					,
account number___________, or, if mailed by check, to					,
Applicable statements should be mailed to					,
					.

This information is provided by				,
the assignee named above, or				,
as its agent.

EXHIBIT A-4

FORM OF CLASS C CERTIFICATES

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER ANY STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE ACT AND OTHER APPLICABLE LAWS AND ONLY (1) PURSUANT TO RULE 144A UNDER THE ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A (A “QIB”), PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE ACT (IF AVAILABLE) OR (3) IN CERTIFICATED FORM TO AN “INSTITUTIONAL ACCREDITED INVESTOR” WITHIN THE MEANING THEREOF IN RULE 501(a)(1), (2),(3) OR (7) (OR ANY ENTITY IN WHICH ALL OF THE EQUITY HOLDERS COME WITHIN SUCH PARAGRAPHS) OF REGULATION D UNDER THE ACT PURCHASING NOT FOR DISTRIBUTION IN VIOLATION OF THE ACT, SUBJECT TO (A) THE RECEIPT BY THE TRUSTEE OF A LETTER SUBSTANTIALLY IN THE FORM PROVIDED IN THE AGREEMENT (AS DEFINED BELOW) AND (B) THE RECEIPT BY THE Trustee OF AN OPINION OF COUNSEL AS TO COMPLIANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED STATES.

NO TRANSFER OF THIS CERTIFICATE SHALL BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE PROVIDES EITHER (I) A CERTIFICATION PURSUANT TO SECTION 7.02(b) OF THE AGREEMENT OR (II) AN OPINION OF COUNSEL PURSUANT TO 7.02(b) OF THE AGREEMENT, SATISFACTORY TO THE TRUSTEE THAT THE PURCHASE AND HOLDING OF THIS CERTIFICATE ARE PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR RESULT IN ANY NON-EXEMPT PROHIBITED TRANSACTIONS UNDER SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE CODE AND WILL NOT SUBJECT THE TRUSTEE, MASTER SERVICER, OR THE DEPOSITOR TO ANY OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT.

Certificate No. 1	Percentage Interest: 100%

Class C

Date of Pooling and Servicing Agreement and Cut-off Date: July 1, 2006	Aggregate Certificate Notional Amount of this Certificate as of the Cut-off Date: $[____________]

First Distribution Date: August 25, 2006	Initial Certificate Notional Amount of this Certificate as of the Cut-off Date: $[____________]

Master Servicer: EMC Mortgage Corporation	CUSIP: [_______________]

Assumed Final Distribution Date: August 25, 2036

BEAR XXXXXXX MORTGAGE FUNDING TRUST 2006-AC1

ASSET-BACKED CERTIFICATE

SERIES 2006-AC1

evidencing a percentage interest in the distributions allocable to the Class C Certificates with respect to a Trust Fund consisting primarily of a pool of conventional, one- to four-family, fixed interest rate mortgage loans sold by BEAR XXXXXXX ASSET BACKED SECURITIES I LLC.

This certifies that _______________ is the registered owner of the Percentage Interest evidenced hereby in the beneficial ownership interest of Certificates of the same Class as this Certificate in a trust (the “Trust Fund”) generally consisting of conventional, first lien, fixed rate mortgage loans secured by one- to four- family residences (collectively, the “Mortgage Loans”) sold by Bear Xxxxxxx Asset Backed Securities I LLC (“BSABS I”). The Mortgage Loans were sold by EMC Mortgage Corporation (“EMC”) to BSABS I. EMC will act as master servicer of the Mortgage Loans (the “Master Servicer,” which term includes any successors thereto under the Agreement referred to below). The Trust Fund was created pursuant to the Pooling and Servicing Agreement, dated as of the Cut-off Date specified above (the “Agreement”), among BSABS I, as depositor (the “Depositor”), EMC Mortgage Corporation, as seller and Master Servicer, and Xxxxx Fargo Bank, National Association, as trustee (the “Trustee”), a summary of certain of the pertinent provisions of which is set forth hereafter. To the extent not defined herein, capitalized terms used herein shall have the meaning ascribed to them in the Agreement. This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of its acceptance hereof assents and by which such Holder is bound.

The Trustee will distribute on the 25th day of each month, or, if such 25th day is not a Business Day, the immediately following Business Day (each, a “Distribution Date”), commencing on the First Distribution Date specified above, to the Person in whose name this Certificate is registered at the close of business on the last day (or if such last day is not a Business Day, the Business Day immediately preceding such last day) of the calendar month immediately preceding the month in which the Distribution Date occurs, an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amounts required to be distributed to the Holders of Certificates of the same Class as this Certificate. The Assumed Final Distribution Date is the Distribution Date in the month following the latest scheduled maturity date of any Mortgage Loan.

No transfer of this Certificate shall be made unless the transfer is made pursuant to an effective registration statement under the Securities Act of 1933, as amended (the “1933 Act”), and an effective registration or qualification under applicable state securities laws, or is made in a transaction that does not require such registration or qualification. In the event that such a transfer of this Certificate is to be made without registration or qualification, the Trustee shall require receipt of (i) if such transfer is purportedly being made in reliance upon Rule 144A under the 1933 Act, written certifications from the Holder of the Certificate desiring to effect the transfer, and from such Holder’s prospective transferee, substantially in the forms attached to the Agreement as Exhibit D and either Exhibit E or Exhibit F, as applicable, and (ii) in all other cases, an Opinion of Counsel satisfactory to it that such transfer may be made without such registration or qualification (which Opinion of Counsel shall not be an expense of the Trust Fund or of the Depositor, the Trustee, or the Master Servicer in their respective capacities as such), together with copies of the written certification(s) of the Holder of the Certificate desiring to effect the transfer and/or such Holder’s prospective transferee upon which such Opinion of Counsel is based. Neither the Depositor nor the Trustee is obligated to register or qualify the Class of Certificates specified on the face hereof under the 1933 Act or any other securities law or to take any action not otherwise required under the Agreement to permit the transfer of such Certificates without registration or qualification. Any Holder desiring to effect a transfer of this Certificate shall be required to indemnify the Trustee, the Depositor, the Seller and the Master Servicer against any liability that may result if the transfer is not so exempt or is not made in accordance with such federal and state laws.

No transfer of this Certificate shall be made to any person, unless the transferee provides either (i) a certification pursuant to section 7.02(b) of the Agreement or an (ii) Opinion of Counsel pursuant to section 7.02(b) of the Agreement, satisfactory to the Trustee that the purchase and holding of this Certificate are permissible under applicable law, will not constitute or result in any non-exempt prohibited transactions under Section 406 ERISA or Section 4975 of the Code and will not subject the Trustee, Master Servicer, or the Depositor to any obligation or liability in addition to those undertaken in the Agreement.

IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly executed.

Dated: July 31, 2006

XXXXX FARGO BANK, NATIONAL ASSOCIATION,

as Trustee

By:

Authorized Signatory

CERTIFICATE OF AUTHENTICATION

This is one of the Class C Certificates referred to in the within-mentioned Agreement.

XXXXX FARGO BANK, NATIONAL ASSOCIATION,

as Trustee

By:

Authorized Signatory

ASSIGNMENT

I (We) further direct the Certificate Registrar to issue a new Certificate of a like denomination and Class, to the above named assignee and deliver such Certificate to the following address:


		.

Dated:
	Signature by or on behalf of assignor


	Signature Guaranteed

DISTRIBUTION INSTRUCTIONS

This assignee should include the following for purposes of distribution:

Distributions shall be made, by wire transfer or otherwise, in immediately available funds

to					,
for the account of					,
account number___________, or, if mailed by check, to					,
Applicable statements should be mailed to					,
					.

This information is provided by				,
the assignee named above, or				,
as its agent.

EXHIBIT A-5

FORM OF CLASS P CERTIFICATES

THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL BE DECREASED BY THE PRINCIPAL PAYMENTS HEREON. ACCORDINGLY, FOLLOWING THE INITIAL ISSUANCE OF THE CERTIFICATES, THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL BE DIFFERENT FROM THE DENOMINATION SHOWN BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS CERTIFICATE PRINCIPAL BALANCE BY INQUIRY OF THE TRUSTEE NAMED HEREIN.

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER ANY STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE ACT AND OTHER APPLICABLE LAWS AND ONLY (1) PURSUANT TO RULE 144A UNDER THE ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A (A “QIB”), PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE ACT (IF AVAILABLE) OR (3) IN CERTIFICATED FORM TO AN “INSTITUTIONAL ACCREDITED INVESTOR” WITHIN THE MEANING THEREOF IN RULE 501(a)(1), (2),(3) OR (7) (OR ANY ENTITY IN WHICH ALL OF THE EQUITY HOLDERS COME WITHIN SUCH PARAGRAPHS) OF REGULATION D UNDER THE ACT PURCHASING NOT FOR DISTRIBUTION IN VIOLATION OF THE ACT, SUBJECT TO (A) THE RECEIPT BY THE TRUSTEE OF A LETTER SUBSTANTIALLY IN THE FORM PROVIDED IN THE AGREEMENT (AS DEFINED BELOW) AND (B) THE RECEIPT BY THE TRUSTEE OF AN OPINION OF COUNSEL AS TO COMPLIANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED STATES.

Certificate No.1	Percentage Interest: 100%

Class P

Date of Pooling and Servicing Agreement and Cut-off Date: July 1, 2006	Aggregate Initial Certificate Principal Balance of this Certificate as of the Cut-off Date: $100.00

First Distribution Date: August 25, 2006	Initial Certificate Principal Balance of this Certificate as of the Cut-off Date: $100.00

Master Servicer: EMC Mortgage Corporation	CUSIP: [_________________]

Assumed Final Distribution Date: August 25, 2036

BEAR XXXXXXX MORTGAGE FUNDING TRUST 2006-AC1

ASSET-BACKED CERTIFICATE

SERIES 2006-AC1

evidencing a percentage interest in the distributions allocable to the Class P Certificates with respect to a Trust Fund consisting primarily of a pool of conventional, one- to four-family, fixed interest rate mortgage loans sold by BEAR XXXXXXX ASSET BACKED SECURITIES I LLC.

Each Holder of this Certificate will be deemed to have agreed to be bound by the restrictions set forth in the Agreement to the effect that (i) each person holding or acquiring any Ownership Interest in this Certificate must be a United States Person and a Permitted Transferee, (ii) the transfer of any Ownership Interest in this Certificate will be conditioned upon the delivery to the Trustee of, among other things, an affidavit to the effect that it is a United States Person and Permitted Transferee, (iii) any attempted or purported transfer of any Ownership Interest in this Certificate in violation of such restrictions will be absolutely null and void and will vest no rights in the purported transferee, and (iv) if any person other than a United States Person and a Permitted Transferee acquires any Ownership Interest in this Certificate in violation of such restrictions, then the Depositor will have the right, in its sole discretion and without notice to the Holder of this Certificate, to sell this Certificate to a purchaser selected by the Depositor, which purchaser may be the Depositor, or any affiliate of the Depositor, on such terms and conditions as the Depositor may choose.

IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly executed.

Dated: July 31, 2006

XXXXX FARGO BANK, NATIONAL ASSOCIATION,

as Trustee

By:

Authorized Signatory

CERTIFICATE OF AUTHENTICATION

This is one of the Class P Certificates referred to in the within-mentioned Agreement.

XXXXX FARGO BANK, NATIONAL ASSOCIATION,

as Trustee

By:

Authorized Signatory

ASSIGNMENT

I (We) further direct the Certificate Registrar to issue a new Certificate of a like denomination and Class, to the above named assignee and deliver such Certificate to the following address:


		.

Dated:
	Signature by or on behalf of assignor


	Signature Guaranteed

DISTRIBUTION INSTRUCTIONS

This assignee should include the following for purposes of distribution:

Distributions shall be made, by wire transfer or otherwise, in immediately available funds

to					,
for the account of					,
account number___________, or, if mailed by check, to					,
Applicable statements should be mailed to					,
					.

This information is provided by				,
the assignee named above, or				,
as its agent.

EXHIBIT A-6

FORM OF CLASS R[-][1][2][3][X] CERTIFICATES

THIS CERTIFICATE MAY NOT BE HELD BY OR TRANSFERRED TO A NON-UNITED STATES PERSON OR A DISQUALIFIED ORGANIZATION (AS DEFINED BELOW).

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “RESIDUAL INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986 (THE “CODE”).

NO TRANSFER OF THIS CERTIFICATE SHALL BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE PROVIDES EITHER (I) A CERTIFICATION PURSUANT TO SECTION 7.02(b) OF THE AGREEMENT (AS DEFINED BELOW) OR (II) AN OPINION OF COUNSEL PURSUANT TO 7.02(b) OF THE AGREEMENT, SATISFACTORY TO THE TRUSTEE THAT THE PURCHASE AND HOLDING OF THIS CERTIFICATE ARE PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR RESULT IN ANY NON-EXEMPT PROHIBITED TRANSACTIONS UNDER SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE CODE AND WILL NOT SUBJECT THE TRUSTEE, MASTER SERVICER, OR THE DEPOSITOR TO ANY OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT.

ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY IF THE PROPOSED TRANSFEREE PROVIDES A TRANSFER AFFIDAVIT TO THE TRUSTEE THAT (1) SUCH TRANSFEREE IS NOT (A) THE UNITED STATES, ANY STATE OR POLITICAL SUBDIVISION THEREOF, ANY POSSESSION OF THE UNITED STATES, OR ANY AGENCY OR INSTRUMENTALITY OF ANY OF THE FOREGOING (OTHER THAN AN INSTRUMENTALITY WHICH IS A CORPORATION IF ALL OF ITS ACTIVITIES ARE SUBJECT TO TAX AND EXCEPT FOR XXXXXXX MAC, A MAJORITY OF ITS BOARD OF DIRECTORS IS NOT SELECTED BY SUCH GOVERNMENTAL UNIT), (B) A FOREIGN GOVERNMENT, ANY INTERNATIONAL ORGANIZATION, OR ANY AGENCY OR INSTRUMENTALITY OF EITHER OF THE FOREGOING, (C) ANY ORGANIZATION (OTHER THAN CERTAIN FARMERS’ COOPERATIVES DESCRIBED IN SECTION 521 OF THE CODE) WHICH IS EXEMPT FROM THE TAX IMPOSED BY CHAPTER 1 OF THE CODE UNLESS SUCH ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE CODE (INCLUDING THE TAX IMPOSED BY SECTION 511 OF THE CODE ON UNRELATED BUSINESS TAXABLE INCOME), (D) RURAL ELECTRIC AND TELEPHONE COOPERATIVES DESCRIBED IN SECTION 1381(a)(2)(C) OF THE CODE, (E) AN ELECTING LARGE PARTNERSHIP UNDER SECTION 775(a) OF THE CODE (ANY SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES (A), (B), (C), (D) OR (E) BEING HEREIN REFERRED TO AS A “DISQUALIFIED ORGANIZATION”), OR (F) AN AGENT OF A DISQUALIFIED ORGANIZATION, (2) NO PURPOSE OF SUCH TRANSFER IS TO IMPEDE THE ASSESSMENT OR COLLECTION OF TAX, (3) SUCH TRANSFEREE SATISFIES CERTAIN ADDITIONAL CONDITIONS RELATING TO THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE AND (4) SUCH TRANSFEREE IS A UNITED STATES PERSON. NOTWITHSTANDING THE REGISTRATION IN THE CERTIFICATE REGISTER OR ANY TRANSFER, SALE OR OTHER DISPOSITION OF THIS CERTIFICATE TO A DISQUALIFIED ORGANIZATION OR AN AGENT OF A DISQUALIFIED ORGANIZATION OR A NON-UNITED STATES PERSON, SUCH REGISTRATION SHALL BE DEEMED TO BE OF NO LEGAL FORCE OR EFFECT WHATSOEVER AND SUCH PERSON SHALL NOT BE DEEMED TO BE A CERTIFICATEHOLDER FOR ANY PURPOSE HEREUNDER, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS CERTIFICATE. EACH HOLDER OF THIS CERTIFICATE BY ACCEPTANCE OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE CONSENTED TO THE PROVISIONS OF THIS PARAGRAPH.

Certificate No.1

Class R-[1][2][3][X]
	Percentage Interest: 100%
Date of Pooling and Servicing Agreement and Cut-off Date: July 1, 2006

First Distribution Date: August 25, 2006

Master Servicer: EMC Mortgage Corporation
	CUSIP: [____________]
Assumed Final Distribution Date: August 25, 2036

BEAR XXXXXXX MORTGAGE FUNDING TRUST 2006-AC1

ASSET-BACKED CERTIFICATE

SERIES 2006-AC1

evidencing a percentage interest in the distributions allocable to the Class R[-][1][2][3][X] Certificates with respect to a Trust Fund consisting primarily of a pool of conventional, one- to four-family, fixed interest rate mortgage loans sold by BEAR XXXXXXX ASSET BACKED SECURITIES I LLC.

IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly executed.

Dated: July 31, 2006

XXXXX FARGO BANK, NATIONAL ASSOCIATION,

as Trustee

By:

Authorized Signatory

CERTIFICATE OF AUTHENTICATION

This is one of the Class R[-][1][2][3][X] Certificates referred to in the within-mentioned Agreement.

XXXXX FARGO BANK, NATIONAL ASSOCIATION,

as Trustee

By:

Authorized Signatory

ASSIGNMENT

I (We) further direct the Certificate Registrar to issue a new Certificate of a like denomination and Class, to the above named assignee and deliver such Certificate to the following address:


		.

Dated:
	Signature by or on behalf of assignor


	Signature Guaranteed

DISTRIBUTION INSTRUCTIONS

This assignee should include the following for purposes of distribution:

Distributions shall be made, by wire transfer or otherwise, in immediately available funds

to					,
for the account of					,
account number___________, or, if mailed by check, to					,
Applicable statements should be mailed to					,
					.

This information is provided by				,
the assignee named above, or				,
as its agent.

EXHIBIT B

MORTGAGE LOAN SCHEDULE

STATE            ZIP_CODE            CITY1                                         PROPTYPE
-----------------------------------------------------------------------------------------------------------
VA                        23233      RICHMOND                                      Single Family
VA                        22310      ALEXANDRIA                                    PUD
MD                        20715      BOWIE                                         Single Family
DC                        20016      Washington                                    Single Family
MD                        21009      ABINGDON                                      PUD
GA                        30319      Xxxxxxx                                       XXX
XX                        00000      Blacksburg                                    Single Family
VA                        20111      MANASSAS                                      Single Family
MD                        20785      HYATTSVILLE                                   PUD
VA                        22151      N SPRINGFIELD                                 PUD
PA                        19460      Phoenixville                                  Single Family
GA                        30043      Lawrenceville                                 PUD
PA                        16125      GREENVILLE                                    Single Family
MD                        00000      XXXXXXX                                       Xxxxxxxxx
XX                        00000      WHITE PLAINS                                  PUD
VA                        22405      FALMOUTH                                      Single Family
GA                        30294      ELLENWOOD                                     Single Family
VA                        22473      Heathsville                                   Single Family
MD                        21163      WOODSTOCK                                     Single Family
MD                        00000      Xxxxx Xxx                                     Xxxxxx Xxxxxx
XX                        00000      SEVERN                                        Condominium
DE                        19943      XXXXXX                                        Single Family
DE                        19805      WILMINGTON                                    Single Family
MD                        00000      XXXXXXXX XXXX                                 Single Family
DE                        00000      XXXXXXXXXX                                    Xxxxxxxxx
XX                        00000      WALDORF                                       Condominium
MD                        21037      Edgewater                                     Single Family
MD                        21502      CUMBERLAND                                    2-4 Family
UT                        84065      XXXXXXXX                                      PUD
ID                        00000      Xxxxx Xxxxx                                   Single Family
NY                        10452      Bronx                                         2-4 Family
NY                        11434      Jamaica                                       Single Family
NY                        11422      Rosedale                                      Single Family
NY                        11429      Queens Village                                Single Xxxxxx
XX                        00000      Biloxi                                        Single Family
NY                        11206      Brooklyn                                      2-4 Family
FL                        33813      Lakeland                                      Single Family
NY                        10451      Bronx                                         2-4 Family
NY                        10030      New York                                      2-4 Family
NJ                         7206      Xxxxxxxxx                                     2-4 Family
NY                        00000      Xxxx Xxxx                                     Xxxxxx Xxxxxx
XX                        00000      Woodhaven                                     2-4 Family
NY                        11563      Lynbrook                                      2-4 Family
NJ                         7503      Paterson                                      2-4 Family
NY                        11422      Rosedale                                      Single Family
GA                        30263      Newnan                                        Single Family
NY                        11550      Hempstead                                     2-4 Family
NY                        11234      Brooklyn                                      Single Family
NY                        11561      Xxxx Xxxxx                                    XX-XX
XX                        00000      Xxxxx Xxxx                                    Single Family
NY                        11421      Woodhaven                                     Single Family
NJ                         8610      Xxxxxxxx                                      Single Family
MD                        00000      Xxxxx Xxxx                                    Xxxxxxxxxxx
XX                        00000      SANFORD                                       Single Family
NJ                         7105      NEWARK                                        Single Family
NJ                         7104      NEWARK                                        2-4 Family
FL                        33701      St Petersburg                                 Single Family
FL                        32820      XXXXXXX                                       XXX
XX                        00000      THOMASVILLE                                   Single Family
PA                        18508      SCRANTON                                      Single Family
PA                        19104      PHILADELPHIA                                  2-4 Family
NJ                         7109      BELLEVILLE                                    Single Family
NJ                         7202      Xxxxxxxxx                                     Single Family
NJ                         8822      FLEMINGTON                                    Condominium
NJ                         7087      UNION CITY                                    2-4 Family
NJ                         7734      KEANSBURG BOURGH                              2-4 Family
NJ                         0000      XXXXXX XXXXXXXX                               Xxxxxxxxxxx
XX                        00000      EAST STROUDSBURG                              Single Family
PA                        18102      ALLENTOWN                                     Single Family
FL                        32805      ORLANDO                                       2-4 Family
NJ                         8081      XXXXXXX TOWNSHIP                              Single Family
NJ                         0000      XXXXX XXXXXX xxxxxxxx                         0-0 Xxxxxx
XX                        00000      LEESBURG                                      Single Family
NC                        28208      Charlotte                                     Single Family
NJ                         8618      TRENTON                                       2-4 Family
NJ                         7208      XXXXXXXXX                                     2-4 Family
NJ                         0000      XXXXXXX XXXXXXXX                              Xxxxxx Xxxxxx
XX                        00000      LAUDERHILL                                    PUD
GA                        30084      XXXXXX                                        Xxxxxxxxxxx
XX                        00000      FRANKLIN                                      Single Family
GA                        31794      TIFTON                                        Single Family
GA                        30044      Lawrenceville                                 Single Family
GA                        30060      Marietta                                      Single Family
SC                        29568      LONGS                                         Single Family
GA                        30504      Gainesville                                   Single Family
GA                        30291      UNION CITY                                    Single Family
GA                        30328      Marietta                                      Single Family
TX                        75154      Xxxxx Heights                                 Single Family
TX                        79938      El Paso                                       Single Family
OK                        74055      Owasso                                        Single Family
TX                        75208      DALLAS                                        2-4 Family
TX                        75208      DALLAS                                        2-4 Family
TX                        75214      Dallas                                        Single Family
TX                        78613      Cedar Park                                    Single Family
TX                        77036      Xxxxxxx                                       XXX
XX                        00000      San Antonio                                   2-4 Family
TX                        77079      Houston                                       PUD
TX                        77590      Xxxxx Xxxx                                    0-0 Xxxxxx
XX                        00000      Vancouver                                     Single Family
OH                        44449      North Xxxxxx                                  Single Family
TX                        79936      El Paso                                       Single Family
FL                        33027      MIRAMAR                                       Xxxxxxxxxxx
XX                        00000      The Colony                                    Single Family
TX                        75062      IRVING                                        2-4 Family
TX                        75224      Dallas                                        Single Family
TX                        77033      Houston                                       Single Family
OR                        97006      Beaverton                                     2-4 Family
TX                        77535      Dayton                                        Single Family
OK                        74129      Tulsa                                         Single Family
TX                        78201      San Antonio                                   2-4 Family
TX                        77070      XXXXXXX                                       XXX
XX                        00000      Carrollton                                    Single Family
TX                        75225      DALLAS                                        Xxxxxxxxxxx
XX                        00000      Albuquerque                                   Single Family
FL                        33498      Boca Raton                                    Xxxxxxxxxxx
XX                        00000      Homestead                                     Condominium
PA                        15601      Greensburg                                    Single Family
NJ                         8902      North Brunswick                               2-4 Family
NJ                         7104      Newark                                        Single Family
NJ                         7083      Union                                         Single Family
NJ                         7104      Newark                                        2-4 Family
FL                        32693      TRENTON                                       Single Family
CO                        81650      RIFLE                                         Single Family
FL                        33313      SUNRISE                                       PUD
CO                        00000      XXXXXX XXXX                                   XXX
XX                        00000      DENVER                                        PUD
FL                        33773      Largo                                         Single Family
TN                        37211      Nashville                                     Single Family
FL                        34212      Bradenton                                     PUD
TN                        37406      Chattanooga                                   2-4 Family
FL                        00000      Xxxxxxxx Xxxx                                 Xxxxxx Xxxxxx
XX                        00000      Venice                                        Single Family
TN                        37406      Chattanooga                                   2-4 Family
FL                        34787      Winter Garden                                 PUD
AL                        35242      Birmingham                                    PUD
TN                        37406      Chattanooga                                   2-4 Family
FL                        32566      Navarre                                       PUD
FL                        33703      St Petersburg                                 Condominium
TN                        37406      Chattanooga                                   2-4 Family
TN                        38305      Xxxxxxx                                       Single Family
FL                        32826      Orlando                                       Single Family
TN                        37087      Lebanon                                       Single Family
TN                        37406      Chattanooga                                   2-4 Family
FL                        32796      Xxxxxxxxxx                                    XXX
XX                        00000      Covington                                     Single Family
TN                        37115      Madison                                       Xxxxxxxxxxx
XX                        00000      Holiday                                       Single Family
FL                        32404      Panama City                                   Single Xxxxxx
XX                        00000      DECATUR                                       Single Family
GA                        00000      XXXX XXXXX                                    Xxxxxx Xxxxxx
XX                        00000      WINDER                                        Single Family
GA                        30273      XXX                                           Single Family
GA                        30117      CARROLLTON                                    Single Family
GA                        30605      ATHENS                                        2-4 Family
GA                        30318      ATLANTA                                       Single Family
GA                        30318      XXXXXXX                                       XXX
XX                        00000      LAWRENCEVILLE                                 PUD
GA                        30121      CARTERSVILLE                                  Single Family
GA                        30034      DECATUR                                       Single Family
GA                        30141      XXXXX                                         Single Family
CA                        92395      Victorville                                   Single Family
PA                        19608      XXXXXXX                                       Xxxxxxxxx
XX                         0000      Xxxxxxx                                       Condominium
PA                        19070      Xxxxxx                                        Single Family
PA                        19146      Philadelphia                                  Single Family
PA                        16505      Erie                                          Single Family
PA                        19050      Lansdowne                                     Single Family
NY                        11003      Elmont                                        Single Family
PA                        19145      Phila                                         Single Family
PA                        19143      Xxxxxxxxxxxx                                  Xxxxxxxxx
XX                        00000      Philadelphia                                  Single Family
PA                        19317      Chadds Ford                                   PUD
PA                        19124      .                                             2-4 Family
NY                        10024      New York                                      CO-OP
FL                        33436      VILLAGE OF GOLF                               Single Family
NY                        11702      Babylon                                       2-4 Family
NY                        11596      E WILLISTON                                   Single Family
NJ                         0000      XXXXXXXX XXXXX                                Xxxxxx Xxxxxx
XX                        00000      Babylon                                       Single Family
NY                        11937      E HAMPTON                                     Single Family
AZ                        85220      Xxxxxx Xxxxxxxx                               XXX
XX                        00000      Mesa                                          Single Family
NJ                         8103      CAMDEN                                        Single Family
NJ                         7110      NUTLEY                                        2-4 Family
AR                        00000      Xxxxx Xxxxxx Xxxx                             Xxxxxx Xxxxxx
XX                        00000      Arlington                                     Single Family
TX                        75219      Dallas                                        Condominium
TX                        75218      Dallas                                        Single Family
TX                        75230      Dallas                                        Condominium
IL                        62232      Caseyville                                    Single Family
GA                        30540      East Ellijay                                  Single Family
FL                        32811      Orlando                                       2-4 Family
FL                        34759      Kissimmee                                     Single Family
GA                        30281      Stockbridge                                   Single Family
FL                        33614      Tampa                                         Single Family
SC                        29451      Isle Of Palms                                 Single Family
CO                        81007      Pueblo West                                   Single Family
GA                        30349      Atlanta                                       Single Family
FL                        34473      Ocala                                         Single Family
IN                        46410      Merrillville                                  Single Family
MO                        63129      Saint Louis                                   Single Family
AZ                        85228      Coolidge                                      Single Family
FL                        34434      Citrus Springs                                Single Family
NJ                         7055      Passaic                                       2-4 Family
NY                        11510      Xxxxxxx                                       Single Family
CA                        92352      Lake Arrowhead                                Condominium
CA                        90027      Los Angeles                                   2-4 Family
VA                        22193      Woodbridge                                    Single Family
AZ                        85013      Phoenix                                       Single Family
TX                        78572      MISSION                                       Single Family
CA                        95843      Antelope                                      Single Family
TX                        79905      El Paso                                       Single Xxxxxx
XX                        00000      Laredo                                        PUD
AZ                        86046      Xxxxxxxx                                      Single Family
GA                        00000      Xxxxx Xxxx                                    XXX
XX                        00000      Laredo                                        PUD
XX                        00000      Xxxxxx                                        Single Family
TX                        78539      Edinburg                                      Single Family
NC                        28262      Charlotte                                     PUD
IN                        46143      Greenwood                                     PUD
NC                        27704      Xxxxxx                                        XXX
XX                        00000      PUEBLO                                        2-4 Family
AZ                        85239      MARICOPA                                      Single Family
CO                        80214      DENVER                                        Single Family
TX                        77396      HUMBLE                                        PUD
CA                        92376      RIALTO                                        Single Family
MN                        55075      South Saint Xxxx                              Single Family
MN                        00000      Xxxxx Xxxxxx                                  Xxxxxxxxxxx
XX                        00000      GARLAND                                       Single Family
GA                        30060      Marietta                                      Single Family
GA                        30809      Xxxxx                                         PUD
TX                        78223      San Antonio                                   PUD
GA                        30809      Xxxxx                                         Single Family
TX                        76207      Xxxxxx                                        XXX
XX                        00000      Yuba City                                     Single Xxxxxx
XX                        00000      Hampton                                       PUD
IL                        60629      Chicago                                       Single Family
IL                        60014      CRYSTAL LAKE                                  Condominium
NJ                         7928      Chatham                                       Single Family
TX                        78245      San Antonio                                   PUD
TX                        75068      Little Xxx                                    XXX
XX                        00000      Xxxxxxxx                                      Xxxxxxxxx
XX                        00000      Carrollton                                    Single Xxxxxx
XX                        00000      Sachse                                        Single Family
TX                        75068      Little Xxx                                    XXX
XX                        00000      Decatur                                       2-4 Family
TX                        78223      Xxx Xxxxxxx                                   XXX
XX                        00000      Venus                                         Single Family
GA                        30058      Lithonia                                      2-4 Family
NC                        27597      Zebulon                                       Single Family
TX                        75070      Mckinney                                      PUD
TX                        75032      Rockwall                                      Condominium
TX                        75416      BLOSSOM                                       Single Family
UT                        84043      LEHI                                          Single Family
CA                        92115      San Diego                                     Single Family
PA                        18017      XXXXXXXXX                                     Xxxxxxxxx
XX                        00000      PARK HEIGHTS                                  Townhouse
MD                        00000      XXXXX XXXXXXXX                                XXX
XX                        00000      VERMONTVILLE                                  Single Family
XX                        00000      Xxxxxxxx                                      Single Family
OH                        43068      REYNOLDSBURG                                  Single Family
NV                        89108      LAS VEGAS                                     Single Family
XX                        00000      Anacortes                                     Xxxxxxxxxxx
XX                        00000      Apopka                                        PUD
MD                        00000      Xxxxxxxxxxx                                   Xxxxxxxxxxx
XX                        00000      Carrollton                                    Single Family
OR                        97223      Portland                                      2-4 Family
TX                        75035      Frisco                                        PUD
CA                        93631      Kingsburg                                     2-4 Family
TX                        78734      Lakeway                                       2-4 Family
AZ                        85641      Vail                                          PUD
TX                        76105      Fort Worth                                    2-4 Family
AZ                        85741      Tucson                                        PUD
MD                        00000      Xxxx Xxxxxx                                   Xxxxxx Xxxxxx
XX                        00000      ELK GROVE                                     Single Family
CA                        93631      Kingsburg                                     2-4 Family
AZ                        85032      Xxxxxxx                                       Xxxxxxxxxxx
XX                        00000      Fresno                                        Xxxxxxxxxxx
XX                        00000      Peoria                                        PUD
FL                        34953      Port Saint Lucie                              Single Family
FL                        32738      Deltona                                       Single Family
CA                        93458      Santa Xxxxx                                   PUD
AZ                        85710      Tucson                                        Single Family
CA                        94534      Fairfield                                     Single Family
TX                        76084      Venus                                         Single Family
ID                        83854      Post Falls                                    PUD
CA                        92592      Temecula                                      PUD
TX                        76105      Xxxx Xxxxx                                    0-0 Xxxxxx
XX                        00000      Jupiter                                       Single Family
PA                        18330      Xxxxxx                                        XXX
XX                        00000      Greenfield                                    Single Family
XX                        00000      Frankfort                                     2-4 Family
TX                        78654      MEADOWLAKES                                   PUD
TX                        78220      San Antonio                                   Single Family
FL                        32808      Orlando                                       Single Family
AR                        71913      Hot Springs                                   2-4 Family
AR                        71913      Hot Springs                                   Single Family
OR                        97415      Brookings                                     Single Family
MD                        20706      Glenarden                                     Single Family
ID                        83815      Coeur D Alene                                 Single Family
CA                        94952      Petaluma                                      Single Family
CA                        94803      TACOMA                                        2-4 Family
ID                        83814      Coeur D Alene                                 Single Family
VA                        23141      Xxxxxxx                                       Single Family
NJ                         0000      Xxxx Xxxx                                     Xxxxxx Xxxxxx
XX                        00000      Livermore                                     Single Family
VA                        23227      Richmond                                      Single Family
OR                        00000      Xxxxxx Xxxxx                                  Xxxxxx Xxxxxx
XX                        00000      Hillsboro                                     Single Family
OR                        97405      Xxxxxx                                        Single Family
ID                        83815      Xxxxxx Gardens                                Single Family
TX                        75052      Grand Prairie                                 PUD
PA                        18101      Allentown                                     Single Family
CA                        95991      Yuba City                                     Single Family
CA                        95966      Oroville                                      Single Family
XX                        00000      Georgetown                                    PUD
FL                        34951      Fort Xxxxxx                                   PUD
MD                        21133      Xxxxxxxxxxxx                                  XXX
XX                        00000      Columbus                                      2-4 Family
IN                        46975      ROCHESTER                                     Single Family
OH                        45237      cincinnati                                    Single Family
XX                        00000      LOUISVILLE                                    2-4 Family
IN                        46580      WARSAW                                        Single Family
KY                        40031      LA GRANGE                                     Single Xxxxxx
XX                        00000      XXXXXXXX                                      Single Family
IN                        00000      XX XXXXX                                      Xxxxxx Xxxxxx
XX                        00000      Columbus                                      2-4 Family
OH                        43055      NEWARK                                        Single Family
XX                        00000      SOMERSET                                      Single Family
IN                        47150      NEW ALBANY                                    Condominium
OH                        45065      SOUTH LEBANON                                 Single Family
TN                        37080      JOELTON                                       Single Family
OH                        43223      COLUMBUS                                      Single Family
XX                        00000      LOUISVILLE                                    Single Family
IN                        46806      FT XXXXX                                      Single Family
KY                        40272      LOUISVILLE                                    Single Family
HI                        96813      Honolulu                                      Condominium
HI                        96813      Honolulu                                      Condominium
CO                        80012      AURORA                                        Single Family
FL                        00000      XXXXX                                         Xx-Xxxx Xxxxx
XX                        00000      Steamboat Springs                             Xxxxxxxxxxx
XX                        00000      Denver                                        Single Family
CO                        80524      FORT XXXXXXX                                  PUD
CO                        80229      DENVER                                        PUD
IL                        60540      Naperville                                    Single Family
XX                        00000      Cody                                          Single Family
FL                        32221      JACKSONVILLE                                  Single Family
DC                        20008      Xxxxxxxxxx                                    Xxxxxxxxx
XX                        00000      Purcellville                                  Single Family
NJ                         7010      Cliffside Park                                2-4 Family
ME                         4530      Bath                                          Single Family
VA                        23454      Virginia Beach                                Single Family
VA                        20111      Manassas                                      Single Family
DE                        19963      MILFORD                                       Single Family
ID                        83869      SPIRIT LAKE                                   Single Family
TX                        76010      ARLINGTON                                     Single Family
SC                        29485      Summerville                                   Single Family
GA                        30313      Atlanta                                       Xx-Xxxx Xxxxx
XX                        00000      Xxxx Xxxxxxxx                                 Single Xxxxxx
XX                        00000      Xxxxx                                         Single Family
NC                        28745      Lake Junaluska                                2-4 Family
MN                        55044      Lakeville                                     Single Family
AZ                        85713      Tucson                                        Single Family
TX                        78109      Converse                                      Single Family
TX                        77079      Xxxxxxx                                       Xxxxxxxxx
XX                        00000      Laredo                                        2-4 Family
TX                        76227      Xxxxxx                                        PUD
AZ                        85641      Vail                                          Single Family
FL                        32504      Pensacola                                     Single Family
AZ                        85017      Phoenix                                       2-4 Family
TX                        78041      Laredo                                        2-4 Family
KS                        67554      Xxxxx                                         Single Family
AZ                        85243      Queen Creek                                   PUD
MO                        64118      Kansas City                                   PUD
TX                        77386      Spring                                        PUD
AZ                        86301      Prescott                                      Single Family
TX                        77845      College Station                               2-4 Family
CO                        80906      Colorado Springs                              Single Family
AZ                        85250      Xxxxxxxxxx                                    XXX
XX                        00000      Houston                                       Condominium
MO                        64015      Blue Springs                                  Single Family
TX                        77584      PEARLAND                                      Single Family
MO                        63070      Pevely                                        PUD
TX                        77379      SPRING                                        PUD
TX                        77373      SPRING                                        PUD
TX                        77373      SPRING                                        PUD
TX                        77022      HOUSTON                                       Single Family
TX                        77373      SPRING                                        PUD
TX                        76543      KILLEEN                                       2-4 Family
TX                        77338      HUMBLE                                        Single Family
TX                        78539      EDINBURG                                      2-4 Family
NC                        00000      XXXX XXXXX                                    XXX
XX                        00000      HOUSTON                                       Single Family
TX                        78250      SAN ANTONIO                                   2-4 Family
TX                        77433      CYPRESS                                       PUD
TN                        38128      MEMPHIS                                       Single Family
TX                        76513      Belton                                        Single Family
TX                        77338      BORDERSVILLE                                  Single Family
TX                        77338      BORDERSVILLE                                  PUD
TX                        77035      HOUSTON                                       PUD
FL                        34953      PT ST LUCIE                                   Single Family
NC                        28075      Harrisburg                                    PUD
FL                        00000      XXXXXXX XXXXXX                                Xxxxxx Xxxxxx
XX                        00000      Poway                                         Single Family
CA                        92337      Fontana                                       Single Family
XX                        00000      Xxxxxxx                                       XXX
XX                        00000      Albuquerque                                   PUD
CO                        80504      Xxxxxxxxx                                     PUD
VA                        22031      FAIRFAX                                       Xxxxxxxxxxx
XX                        00000      Cincinnati                                    Single Family
FL                        32909      Palm Bay                                      Single Family
FL                        33884      Winter Haven                                  PUD
FL                        32909      Palm Bay                                      Single Family
OH                        44212      Brunswick                                     PUD
FL                        32958      Sebastian                                     PUD
OH                        43232      Columbus                                      Single Family
FL                        33884      Winter Haven                                  PUD
NY                        10025      New York                                      CO-OP
NY                        10011      Xxx Xxxx                                      XX-XX
XX                        00000      Collierville                                  Single Family
RI                         2889      WARWICK                                       Single Family
NY                        11755      Lake Grove                                    Single Family
NJ                         7305      Jersey City                                   2-4 Family
PA                        15209      Pittsburgh                                    2-4 Family
CT                         6810      DANBURY                                       Condominium
RI                         2871      PORTSMOUTH                                    Single Family
NJ                         7726      MANALAPAN                                     Single Family
OK                        73098      Wynnewood                                     Single Family
TX                        76262      FT. WORTH                                     Single Xxxxxx
XX                        00000      Xxxx                                          Single Family
OK                        74820      Ada                                           Single Family
OK                        73052      Lindsay                                       Single Family
TX                        76210      Xxxxxx                                        XXX
XX                        00000      Ada                                           Single Family
TX                        75115      De Xxxx                                       Single Family
TX                        78006      Boerne                                        Single Family
TX                        76208      Xxxxxx                                        Single Family
MD                        21773      MYERSVILLE                                    Single Family
VA                        22485      KING XXXXXX                                   Single Family
MD                        20785      LANDOVER                                      Condominium
NC                        27526      FUQUAY VARINA                                 PUD
DC                        20018      WASHINGTON                                    Single Family
NC                        27529      XXXXXX                                        Single Family
MD                        20734      CLINTON                                       Single Family
MD                        21740      HAGERSTOWN                                    Single Family
NC                        27576      SELMA                                         Single Family
MD                        21229      BALTIMORE                                     Single Family
ME                         4927      Clinton                                       Single Family
MA                         1720      Acton                                         Condominium
RI                         2840      MIDDLETOWN                                    Single Family
MD                        20904      Silver Spring                                 Single Family
CA                        94116      SAN FRANCISCO                                 Single Family
CT                         6360      NORWICH                                       2-4 Family
CA                        90038      Los Angeles                                   2-4 Family
CA                        92648      Huntington Beach                              2-4 Family
SC                        29301      SPARTANBURG                                   Single Family
AL                        35601      DECATUR                                       2-4 Family
VA                        20186      AIRLIE                                        Single Family
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XX                        00000      TAMPA                                         Single Family
FL                        32765      OVIEDO                                        Single Family
UT                        84043      XXXXX XXXXXXXX                                Xxxxxxxxxxx
XX                        00000      CO SPGS                                       Single Family
TX                        76034      XXXXXXXXXXX                                   XXX
XX                        00000      XXXXXXX                                       Single Family
CO                        80920      CO SPGS                                       Single Xxxxxx
XX                        00000      SANTAQUIN                                     Single Family
FL                        32819      ORLANDO                                       2-4 Family
UT                        84116      XXXX XXXX XXXX                                Xxxxxx Xxxxxx
XX                        00000      ENNIS                                         Single Family
UT                        00000      X XXXXXX                                      Xxxxxx Xxxxxx
XX                        00000      EDINBURG                                      Single Family
CA                        93704      FRESNO                                        Single Family
TX                        76082      SPRINGTOWN                                    Single Family
OR                        97756      REDMOND                                       2-4 Family
UT                        84660      SPANISH FORK                                  Single Family
FL                        32277      JACKSONVILLE                                  Single Family
FL                        32966      VERO BEACH                                    Single Family
FL                        32526      PENSACOLA                                     Single Family
TX                        75154      Red Oak                                       Single Family
CO                        80919      CO SPGS                                       PUD
CO                        81226      XXXXXXXX                                      PUD
TX                        77469      RICHMOND                                      PUD
CO                        00000      XXXXXXXX XXXX                                 Xxxxxx Xxxxxx
XX                        00000      JACKSONVILLE                                  Single Family
CA                        95210      STOCKTON                                      Single Family
TX                        77064      XXXXXXX                                       XXX
XX                        00000      JACKSONVILLE                                  Single Family
UT                        84062      CEDAR HILLS                                   PUD
TX                        78664      XXXXX XXXX                                    XXX
XX                        00000      XXXXXX                                        2-4 Family
XX                        00000      PASCO                                         Single Xxxxxx
XX                        00000      BOUNTIFUL                                     Xxxxxxxxxxx
XX                        00000      PLEASANTON                                    Single Family
CA                        95864      SACRAMENTO                                    Single Family
FL                        34668      PORT XXXXXX                                   Xxxxxxxxxxx
XX                        00000      KATY                                          PUD
CO                        80220      DENVER                                        Single Family
TX                        78759      AUSTIN                                        2-4 Family
CA                        90016      LOS ANGELES                                   Single Family
FL                        32967      VERO BEACH                                    PUD
CA                        94571      XXX XXXXX                                     XXX
XX                        00000      XXXXXXXXX                                     XXX
TX                        79912      El Paso                                       Single Family
MI                        48239      Redford                                       Single Family
IL                        60630      Chicago                                       2-4 Family
MI                        48126      Dearborn                                      2-4 Family
OH                        44134      Parma                                         Single Family
MI                        48228      Detroit                                       Single Family
NV                        89147      Las Vegas                                     Single Xxxxxx
XX                        00000      PATASKALA                                     Single Family
CA                        92506      Riverside                                     Single Family
CA                        90222      Compton                                       Single Family
VA                        23321      Chesapeake                                    Single Family
MD                        20735      Clinton                                       PUD
MD                        21223      XXXXXXXXX                                     Xxxxxxxxx
XX                        00000      VIRGINIA BCH                                  Single Family
VA                        24551      Forest                                        PUD
GA                        30308      ATLANTA                                       Single Family
VA                        20144      Xxxxxxxxx                                     Single Family
CT                         6095      Windsor                                       Single Family
GA                        30344      East Point                                    Condominium
ME                         4654      Xxxxx Bluffs                                  Single Family
GA                        30215      Fayetteville                                  Single Family
GA                        30260      Morrow                                        PUD
MI                        49576      LEWISTON                                      Single Family
NV                        89149      Las Vegas                                     PUD
NV                        89129      Las Vegas                                     Single Family
NV                        89115      Las Vegas                                     Single Family
ID                        83687      Nampa                                         Single Family
AZ                        85303      Glendale                                      Single Family
MI                        48089      XXXXXX                                        Single Family
MI                        48223      Detroit                                       Single Family
TX                        78626      Georgetown                                    2-4 Family
TX                        78626      Georgetown                                    2-4 Family
NE                        68106      Omaha                                         Single Family
CA                        93534      Lancaster                                     2-4 Family
AZ                        85335      EL MIRAGE                                     Single Family
AZ                        85335      EL MIRAGE                                     Single Family
AZ                        85242      QUEEN CREEK                                   Single Family
AZ                        85239      MARICOPA                                      PUD
AZ                        85326      BUCKEYE                                       PUD
AZ                        85239      MARICOPA                                      Single Family
AZ                        85364      YUMA                                          Single Family
IL                        60617      Chicago                                       Single Family
NC                        28658      Xxxxxx                                        Single Family
TN                        37122      Mount Juliet                                  Single Family
TX                        77707      Beaumont                                      Single Family
TX                        76017      Arlington                                     Single Family
TX                        78504      Mcallen                                       Single Family
TX                        76706      Waco                                          Condominium
TX                        75217      Dallas                                        Single Family
OH                        44104      CLEVELAND                                     2-4 Family
SC                        00000      XXXXXX XXXXX                                  Xxxxxxxxxxx
XX                        00000      SAINT MARYS                                   Single Family
GA                        31008      XXXXX                                         Single Family
GA                        30705      CHATSWORTH                                    Xxxxxxxxxxx
XX                        00000      MARIETTA                                      Single Family
MI                        48912      LANSING                                       Single Family
MI                        48089      XXXXXX                                        Single Family
MI                        48219      DETROIT                                       Single Family
GA                        31326      XXXXXX                                        Single Family
MI                        48146      LINCOLN PARK                                  Single Family
MI                        48205      Detroit                                       Single Family
MN                        55955      MANTORVILLE                                   Single Family
CA                        90220      Xxxxxxx                                       2-4 Family
XX                        00000      Xxxxx Xxxxxx                                  Xxxxxx Xxxxxx
XX                        00000      Modesto                                       Single Family
PA                        19151      Philadelphia                                  2-4 Family
DE                        19805      Xxxxxxxxxx                                    Xxxxxxxxx
XX                        00000      West Conshohocken                             2-4 Family
NJ                         8083      Somerdale                                     Single Family
PA                        18940      Xxxxxxx                                       Xxxxxxxxxxx
XX                        00000      Philadelphia                                  Townhouse
NJ                         8234      Egg Harbor Township                           Condominium
NJ                         8012      Xxxxxxxxx                                     Single Family
NJ                         8081      Sicklerville                                  2-4 Family
PA                        19147      Philadelphia                                  Single Family
NJ                         0000      Xxxxxxxxx                                     0-0 Xxxxxx
XX                        00000      Philadelphia                                  Single Family
PA                        19335      Downingtown                                   Single Family
NJ                         8401      Atlantic City                                 Condominium
NJ                         8332      Millville                                     Single Family
PA                        19020      Xxxxxxxx                                      Xxxxxxxxx
XX                        00000      Philadelphia                                  Single Family
DE                        19805      Wilmington                                    Single Family
NJ                         0000      Xxxx Xxxxxxx                                  Xxxxxxxxx
XX                        00000      Xxxxxxxxxx                                    Single Family
PA                        19007      Bristol                                       Single Family
IN                        46706      AUBURN                                        Single Family
FL                        32208      JACKSONVILLE                                  Single Family
CO                        00000      Xxxxx Xxxxxxxx                                Xxxxxx Xxxxxx
XX                        00000      Milwaukee                                     Single Family
WI                        53081      SHEBOYGAN                                     Single Family
WI                        53215      Milwaukee                                     2-4 Family
MN                        56308      ALEXEXANDRIA                                  Single Family
WI                        53208      MILWAUKEE                                     2-4 Family
MN                        56308      ALEX                                          2-4 Family
IA                        52722      BETTENDORF                                    Single Family
VA                        23703      PORTSMOUTH                                    Single Family
MD                        21216      BALTIMORE                                     2-4 Family
GA                        30720      XXXXXX                                        Single Family
IL                        61265      MOLINE                                        Single Family
VA                        24502      LYNCHBURG                                     Condominium
FL                        32225      JACKSONVILLE                                  PUD
VA                        23970      SOUTH HILL                                    Single Family
NJ                         7302      Jersey City                                   2-4 Family
NJ                         7305      Jersey City                                   2-4 Family
NJ                         0000      Xxxxxx Xxxx                                   0-0 Xxxxxx
XX                        00000      XXXXXXXXXX                                    PUD
MI                        48015      CENTER LINE                                   Single Family
CA                        94589      VALLEJO                                       Single Family
CA                        92325      CRESTLINE                                     Single Family
CO                        80207      DENVER                                        Single Family
MA                         0000      Xxxxxx                                        Xxxxxxxxxxx
XX                        00000      SAN ANTONIO                                   PUD
MA                         2302      BROCKTON                                      Single Family
TX                        78218      San Antonio                                   Single Family
VA                        23435      Suffolk                                       Single Family
XX                         0000      Hanover                                       Single Family
MA                         1331      ATHOL                                         2-4 Family
RI                         2907      Providence                                    2-4 Family
IL                        60451      NEW LENOX                                     Single Family
AZ                        85254      Xxxxxxxxxx                                    XXX
XX                        00000      LACEY                                         Single Family
MA                         0000      XXXXXX                                        Xxxxxxxxxxx
XX                        00000      Springfield                                   Single Family
WI                        53537      Footville                                     2-4 Family
GA                        30349      College Park                                  Single Family
MO                        64093      Warrensburg                                   PUD
MO                        64093      Xxxxxxxxxxx                                   XXX
XX                        00000      Roseville                                     Single Family
WI                        53534      Edgerton                                      2-4 Family
OH                        44118      Cleveland Heights                             2-4 Family
FL                        00000      Xxx Xxxx                                      Xxxxxx Xxxxxx
XX                        00000      Footville                                     2-4 Family
MO                        64154      Kansas City                                   Single Family
AZ                        85251      Scottsdale                                    Condominium
NH                         0000      Xxxxxx                                        0-0 Xxxxxx
XX                        00000      Janesville                                    2-4 Family
MO                        64093      Xxxxxxxxxxx                                   XXX
XX                        00000      PHOENIX                                       Single Family
AZ                        85748      TUCSON                                        PUD
VA                        00000      XXX XXXX                                      XXX
XX                        00000      NORFOLK                                       Single Family
TX                        78201      SAN ANTONIO                                   Single Xxxxxx
XX                        00000      XXXX                                          Single Family
TX                        76210      CORINTH                                       PUD
TX                        76013      ARLINGTON                                     Single Family
CO                        80249      DENVER                                        Condominium
TX                        75070      MC XXXXXX                                     PUD
TX                        75032      XXXXXXXX                                      XXX
XX                        00000      SAN ANTONIO                                   Single Family
TX                        75462      PARIS                                         Single Family
TX                        78258      SAN ANTONIO                                   PUD
TX                        76114      FORT WORTH                                    Single Family
TX                        78247      SAN ANTONIO                                   PUD
TX                        78239      SAN ANTONIO                                   Single Family
TX                        78250      SAN ANTONIO                                   PUD
TX                        75032      ROCKWALL                                      PUD



STATE            CURRENT_GROSS                 SERV_FEE            LPMI           TRUSTFEE            MSERV
                 _COUPON
-----------------------------------------------------------------------------------------------------------------
VA                                 7.7500              0.2500        0.0000               0.0000          0.0165
VA                                 7.5000              0.2500        0.0000               0.0000          0.0165
MD                                 6.7500              0.2500        0.0000               0.0000          0.0165
DC                                 7.0000              0.2500        0.0000               0.0000          0.0165
MD                                 7.3750              0.2500        0.0000               0.0000          0.0165
GA                                 6.7500              0.2500        0.0000               0.0000          0.0165
VA                                 7.6250              0.2500        0.0000               0.0000          0.0165
VA                                 7.3750              0.2500        0.0000               0.0000          0.0165
MD                                 7.3750              0.2500        0.0000               0.0000          0.0165
VA                                 7.3750              0.2500        0.0000               0.0000          0.0165
PA                                 7.3750              0.2500        0.0000               0.0000          0.0165
GA                                 7.3750              0.2500        0.0000               0.0000          0.0165
PA                                 7.8750              0.2500        0.0000               0.0000          0.0165
MD                                 6.8750              0.2500        0.0000               0.0000          0.0165
MD                                 6.8750              0.2500        0.0000               0.0000          0.0165
VA                                 7.8750              0.2500        0.0000               0.0000          0.0165
GA                                 7.6250              0.2500        0.0000               0.0000          0.0165
VA                                 7.0000              0.2500        0.0000               0.0000          0.0165
MD                                 7.6250              0.2500        0.0000               0.0000          0.0165
MD                                 7.3750              0.2500        0.0000               0.0000          0.0165
MD                                 7.2500              0.2500        0.0000               0.0000          0.0165
DE                                 7.5000              0.2500        0.0000               0.0000          0.0165
DE                                 7.2500              0.2500        0.0000               0.0000          0.0165
MD                                 7.6250              0.2500        0.0000               0.0000          0.0165
DE                                 7.5000              0.2500        0.0000               0.0000          0.0165
MD                                 7.1250              0.2500        0.0000               0.0000          0.0165
MD                                 6.7500              0.2500        0.0000               0.0000          0.0165
MD                                 7.6250              0.2500        0.0000               0.0000          0.0165
UT                                 7.5000              0.2500        0.0000               0.0000          0.0165
ID                                 7.5000              0.2500        0.0000               0.0000          0.0165
NY                                 7.8750              0.2500        0.0000               0.0000          0.0165
NY                                 7.7500              0.2500        0.0000               0.0000          0.0165
NY                                 7.0000              0.2500        0.0000               0.0000          0.0165
NY                                 8.7500              0.2500        0.0000               0.0000          0.0165
MS                                 7.6250              0.2500        0.0000               0.0000          0.0165
NY                                 7.5000              0.2500        0.0000               0.0000          0.0165
FL                                 7.6250              0.2500        0.0000               0.0000          0.0165
NY                                 7.3750              0.2500        0.0000               0.0000          0.0165
NY                                 8.7500              0.2500        0.0000               0.0000          0.0165
NJ                                 7.7500              0.2500        0.0000               0.0000          0.0165
NY                                 8.8750              0.2500        0.0000               0.0000          0.0165
NY                                 8.5000              0.2500        0.0000               0.0000          0.0165
NY                                 7.1250              0.2500        0.0000               0.0000          0.0165
NJ                                 7.2500              0.2500        0.0000               0.0000          0.0165
NY                                 7.5000              0.2500        0.0000               0.0000          0.0165
GA                                 8.2500              0.2500        0.0000               0.0000          0.0165
NY                                 8.0000              0.2500        0.0000               0.0000          0.0165
NY                                 8.7500              0.2500        0.0000               0.0000          0.0165
NY                                 7.2500              0.2500        0.0000               0.0000          0.0165
NY                                 7.1250              0.2500        0.0000               0.0000          0.0165
NY                                 7.8750              0.2500        0.0000               0.0000          0.0165
NJ                                 8.8750              0.2500        0.0000               0.0000          0.0165
MD                                 7.7500              0.2500        0.0000               0.0000          0.0165
FL                                 8.0000              0.2500        0.0000               0.0000          0.0165
NJ                                 8.8750              0.2500        0.0000               0.0000          0.0165
NJ                                 8.3750              0.2500        0.0000               0.0000          0.0165
FL                                 8.6250              0.2500        0.0000               0.0000          0.0165
FL                                 8.2500              0.2500        0.0000               0.0000          0.0165
NC                                 8.6250              0.2500        0.0000               0.0000          0.0165
PA                                 8.0000              0.2500        0.0000               0.0000          0.0165
PA                                 8.3750              0.2500        0.0000               0.0000          0.0165
NJ                                 8.1250              0.2500        0.0000               0.0000          0.0165
NJ                                 8.6250              0.2500        0.0000               0.0000          0.0165
NJ                                 9.0000              0.2500        0.0000               0.0000          0.0165
NJ                                 7.7500              0.2500        0.0000               0.0000          0.0165
NJ                                 8.8750              0.2500        0.0000               0.0000          0.0165
NJ                                 7.6250              0.2500        0.0000               0.0000          0.0165
PA                                 8.0000              0.2500        0.0000               0.0000          0.0165
PA                                 8.0000              0.2500        0.0000               0.0000          0.0165
FL                                 7.5000              0.2500        0.0000               0.0000          0.0165
NJ                                 8.2500              0.2500        0.0000               0.0000          0.0165
NJ                                 7.7500              0.2500        0.0000               0.0000          0.0165
FL                                 8.0000              0.2500        0.0000               0.0000          0.0165
NC                                 7.8750              0.2500        0.0000               0.0000          0.0165
NJ                                 9.0000              0.2500        0.0000               0.0000          0.0165
NJ                                 7.8750              0.2500        0.0000               0.0000          0.0165
NJ                                 8.5000              0.2500        0.0000               0.0000          0.0165
FL                                 8.7500              0.2500        0.0000               0.0000          0.0165
GA                                 7.5000              0.2500        0.0000               0.0000          0.0165
NC                                 8.5000              0.2500        0.0000               0.0000          0.0165
GA                                 7.2500              0.2500        0.0000               0.0000          0.0165
GA                                 7.0000              0.2500        0.0000               0.0000          0.0165
GA                                 8.2500              0.2500        0.0000               0.0000          0.0165
SC                                 7.2500              0.2500        0.0000               0.0000          0.0165
GA                                 7.0000              0.2500        0.0000               0.0000          0.0165
GA                                 8.3750              0.2500        0.0000               0.0000          0.0165
GA                                 7.3750              0.2500        0.0000               0.0000          0.0165
TX                                 7.8750              0.2500        0.0000               0.0000          0.0165
TX                                 8.1250              0.2500        0.0000               0.0000          0.0165
OK                                 8.3750              0.2500        0.0000               0.0000          0.0165
TX                                 7.8750              0.2500        0.0000               0.0000          0.0165
TX                                 7.8750              0.2500        0.0000               0.0000          0.0165
TX                                 7.5000              0.2500        0.0000               0.0000          0.0165
TX                                 7.6250              0.2500        0.0000               0.0000          0.0165
TX                                 7.7500              0.2500        0.0000               0.0000          0.0165
TX                                 8.6250              0.2500        0.0000               0.0000          0.0165
TX                                 8.7500              0.2500        0.0000               0.0000          0.0165
TX                                 8.8750              0.2500        0.0000               0.0000          0.0165
WA                                 7.8750              0.2500        0.0000               0.0000          0.0165
OH                                 8.6250              0.2500        0.0000               0.0000          0.0165
TX                                 7.7500              0.2500        0.0000               0.0000          0.0165
FL                                 7.8750              0.2500        0.0000               0.0000          0.0165
TX                                 8.5000              0.2500        0.0000               0.0000          0.0165
TX                                 8.5000              0.2500        0.0000               0.0000          0.0165
TX                                 8.8750              0.2500        0.0000               0.0000          0.0165
TX                                 8.7500              0.2500        0.0000               0.0000          0.0165
OR                                 7.1250              0.2500        0.0000               0.0000          0.0165
TX                                 7.8750              0.2500        0.0000               0.0000          0.0165
OK                                 8.3750              0.2500        0.0000               0.0000          0.0165
TX                                 8.5000              0.2500        0.0000               0.0000          0.0165
TX                                 7.8750              0.2500        0.0000               0.0000          0.0165
TX                                 8.5000              0.2500        0.0000               0.0000          0.0165
TX                                 7.2500              0.2500        0.0000               0.0000          0.0165
NM                                 7.6250              0.2500        0.0000               0.0000          0.0165
FL                                 9.0000              0.2500        0.0000               0.0000          0.0165
FL                                 8.7500              0.2500        0.0000               0.0000          0.0165
PA                                 7.6250              0.2500        0.0000               0.0000          0.0165
NJ                                 8.8750              0.2500        0.0000               0.0000          0.0165
NJ                                 8.3750              0.2500        0.0000               0.0000          0.0165
NJ                                 8.2500              0.2500        0.0000               0.0000          0.0165
NJ                                 8.2500              0.2500        0.0000               0.0000          0.0165
FL                                 7.5000              0.2500        0.0000               0.0000          0.0165
CO                                 8.1250              0.2500        0.0000               0.0000          0.0165
FL                                 7.7500              0.2500        0.0000               0.0000          0.0165
CO                                 7.0000              0.2500        0.0000               0.0000          0.0165
CO                                 7.1250              0.2500        0.0000               0.0000          0.0165
FL                                 7.5000              0.2500        0.0000               0.0000          0.0165
TN                                 7.3750              0.2500        0.0000               0.0000          0.0165
FL                                 7.2500              0.2500        0.0000               0.0000          0.0165
TN                                 7.3750              0.2500        0.0000               0.0000          0.0165
FL                                 8.0000              0.2500        0.0000               0.0000          0.0165
FL                                 7.1250              0.2500        0.0000               0.0000          0.0165
TN                                 7.3750              0.2500        0.0000               0.0000          0.0165
FL                                 6.8750              0.2500        0.0000               0.0000          0.0165
AL                                 7.6250              0.2500        0.0000               0.0000          0.0165
TN                                 7.3750              0.2500        0.0000               0.0000          0.0165
FL                                 7.1250              0.2500        0.0000               0.0000          0.0165
FL                                 8.0000              0.2500        0.0000               0.0000          0.0165
TN                                 7.3750              0.2500        0.0000               0.0000          0.0165
TN                                 7.0000              0.2500        0.0000               0.0000          0.0165
FL                                 7.5000              0.2500        0.0000               0.0000          0.0165
TN                                 7.0000              0.2500        0.0000               0.0000          0.0165
TN                                 7.3750              0.2500        0.0000               0.0000          0.0165
FL                                 8.1250              0.2500        0.0000               0.0000          0.0165
LA                                 7.3750              0.2500        0.0000               0.0000          0.0165
TN                                 7.6250              0.2500        0.0000               0.0000          0.0165
FL                                 7.5000              0.2500        0.0000               0.0000          0.0165
FL                                 7.8750              0.2500        0.0000               0.0000          0.0165
GA                                 9.0000              0.2500        0.0000               0.0000          0.0165
GA                                 7.5000              0.2500        0.0000               0.0000          0.0165
GA                                 7.3750              0.2500        0.0000               0.0000          0.0165
GA                                 7.6250              0.2500        0.0000               0.0000          0.0165
GA                                 8.2500              0.2500        0.0000               0.0000          0.0165
GA                                 8.3750              0.2500        0.0000               0.0000          0.0165
GA                                 8.5000              0.2500        0.0000               0.0000          0.0165
GA                                 7.6250              0.2500        0.0000               0.0000          0.0165
GA                                 8.0000              0.2500        0.0000               0.0000          0.0165
GA                                 7.8750              0.2500        0.0000               0.0000          0.0165
GA                                 7.8750              0.2500        0.0000               0.0000          0.0165
GA                                 7.6250              0.2500        0.0000               0.0000          0.0165
CA                                 7.6250              0.2500        0.0000               0.0000          0.0165
PA                                 8.3750              0.2500        0.0000               0.0000          0.0165
NJ                                 7.5000              0.2500        0.0000               0.0000          0.0165
PA                                 7.1250              0.2500        0.0000               0.0000          0.0165
PA                                 7.8750              0.2500        0.0000               0.0000          0.0165
PA                                 6.8750              0.2500        0.0000               0.0000          0.0165
PA                                 7.0000              0.2500        0.0000               0.0000          0.0165
NY                                 6.8750              0.2500        0.0000               0.0000          0.0165
PA                                 7.8750              0.2500        0.0000               0.0000          0.0165
PA                                 8.3750              0.2500        0.0000               0.0000          0.0165
PA                                 8.1250              0.2500        0.0000               0.0000          0.0165
PA                                 7.0000              0.2500        0.0000               0.0000          0.0165
PA                                 9.1250              0.2500        0.0000               0.0000          0.0165
NY                                 6.8750              0.2500        0.0000               0.0000          0.0165
FL                                 7.0000              0.2500        0.0000               0.0000          0.0165
NY                                 7.2500              0.2500        0.0000               0.0000          0.0165
NY                                 6.8750              0.2500        0.0000               0.0000          0.0165
NJ                                 7.1250              0.2500        0.0000               0.0000          0.0165
NY                                 7.1250              0.2500        0.0000               0.0000          0.0165
NY                                 8.0000              0.2500        0.0000               0.0000          0.0165
AZ                                 6.3750              0.2500        0.0000               0.0000          0.0165
AZ                                 7.3750              0.2500        0.0000               0.0000          0.0165
NJ                                 7.0000              0.2500        0.0000               0.0000          0.0165
NJ                                 6.3750              0.2500        0.0000               0.0000          0.0165
AR                                 7.8750              0.2500        0.0000               0.0000          0.0165
TX                                 7.1250              0.2500        0.0000               0.0000          0.0165
TX                                 7.7500              0.2500        0.0000               0.0000          0.0165
TX                                 7.3750              0.2500        0.0000               0.0000          0.0165
TX                                 8.1250              0.2500        0.0000               0.0000          0.0165
IL                                 7.8750              0.2500        0.0000               0.0000          0.0165
GA                                 7.7500              0.2500        0.0000               0.0000          0.0165
FL                                 8.2500              0.2500        0.0000               0.0000          0.0165
FL                                 8.3750              0.2500        0.0000               0.0000          0.0165
GA                                 7.3750              0.2500        0.0000               0.0000          0.0165
FL                                 6.6250              0.2500        0.0000               0.0000          0.0165
SC                                 8.3750              0.2500        0.0000               0.0000          0.0165
CO                                 6.8750              0.2500        0.0000               0.0000          0.0165
GA                                 7.3750              0.2500        0.0000               0.0000          0.0165
FL                                 7.7500              0.2500        0.0000               0.0000          0.0165
IN                                 7.3750              0.2500        0.0000               0.0000          0.0165
MO                                 7.6250              0.2500        0.0000               0.0000          0.0165
AZ                                 8.1250              0.2500        0.0000               0.0000          0.0165
FL                                 7.6250              0.2500        0.0000               0.0000          0.0165
NJ                                 9.1250              0.2500        0.0000               0.0000          0.0165
NY                                 7.0000              0.2500        0.0000               0.0000          0.0165
CA                                 7.7500              0.2500        0.0000               0.0000          0.0165
CA                                 6.5000              0.2500        0.0000               0.0000          0.0165
VA                                 7.6250              0.2500        0.0000               0.0000          0.0165
AZ                                 7.2500              0.2500        0.0000               0.0000          0.0165
TX                                 7.1250              0.2500        0.0000               0.0000          0.0165
CA                                 7.2500              0.2500        0.0000               0.0000          0.0165
TX                                10.0000              0.2500        0.0000               0.0000          0.0165
TX                                 9.3750              0.2500        0.0000               0.0000          0.0165
AZ                                 7.0000              0.2500        0.0000               0.0000          0.0165
GA                                 7.6250              0.2500        0.0000               0.0000          0.0165
TX                                 9.6250              0.2500        0.0000               0.0000          0.0165
WA                                 7.8750              0.2500        0.0000               0.0000          0.0165
TX                                 7.6250              0.2500        0.0000               0.0000          0.0165
NC                                 7.3750              0.2500        0.0000               0.0000          0.0165
IN                                 6.7500              0.2500        0.0000               0.0000          0.0165
NC                                 7.0000              0.2500        0.0000               0.0000          0.0165
CO                                 8.6250              0.2500        0.0000               0.0000          0.0165
AZ                                 7.3750              0.2500        0.0000               0.0000          0.0165
CO                                 8.8750              0.2500        0.0000               0.0000          0.0165
TX                                 7.8750              0.2500        0.0000               0.0000          0.0165
CA                                 7.2500              0.2500        0.0000               0.0000          0.0165
MN                                 7.3750              0.2500        0.0000               0.0000          0.0165
MN                                 6.6250              0.2500        0.0000               0.0000          0.0165
TX                                 7.8750              0.2500        0.0000               0.0000          0.0165
GA                                 8.2500              0.2500        0.0000               0.0000          0.0165
GA                                 7.6250              0.2500        0.0000               0.0000          0.0165
TX                                 7.3750              0.2500        0.0000               0.0000          0.0165
GA                                 7.2500              0.2500        0.0000               0.0000          0.0165
TX                                 8.2500              0.2500        0.0000               0.0000          0.0165
CA                                 7.5000              0.2500        0.0000               0.0000          0.0165
GA                                 7.0000              0.2500        0.0000               0.0000          0.0165
IL                                 7.7500              0.2500        0.0000               0.0000          0.0165
IL                                 8.3750              0.2500        0.0000               0.0000          0.0165
NJ                                 7.8750              0.2500        0.0000               0.0000          0.0165
TX                                 7.8750              0.2500        0.0000               0.0000          0.0165
TX                                 7.7500              0.2500        0.0000               0.0000          0.0165
TX                                 8.2500              0.2500        0.0000               0.0000          0.0165
TX                                 7.7500              0.2500        0.0000               0.0000          0.0165
TX                                 8.1250              0.2500        0.0000               0.0000          0.0165
TX                                 7.8750              0.2500        0.0000               0.0000          0.0165
GA                                 8.3750              0.2500        0.0000               0.0000          0.0165
TX                                 7.3750              0.2500        0.0000               0.0000          0.0165
TX                                 7.8750              0.2500        0.0000               0.0000          0.0165
GA                                 7.8750              0.2500        0.0000               0.0000          0.0165
NC                                 7.7500              0.2500        0.0000               0.0000          0.0165
TX                                 8.2500              0.2500        0.0000               0.0000          0.0165
TX                                 8.0000              0.2500        0.0000               0.0000          0.0165
TX                                 9.0000              0.2500        0.0000               0.0000          0.0165
UT                                 7.3750              0.2500        0.0000               0.0000          0.0165
CA                                 6.5000              0.2500        0.0000               0.0000          0.0165
PA                                 7.5000              0.2500        0.0000               0.0000          0.0165
PA                                 7.3750              0.2500        0.0000               0.0000          0.0165
MD                                 7.5000              0.2500        0.0000               0.0000          0.0165
MI                                 6.8750              0.2500        0.0000               0.0000          0.0165
KY                                 7.7500              0.2500        0.0000               0.0000          0.0165
OH                                 6.8750              0.2500        0.0000               0.0000          0.0165
NV                                 7.5000              0.2500        0.0000               0.0000          0.0165
WA                                 7.7500              0.2500        0.0000               0.0000          0.0165
FL                                 7.0000              0.2500        0.0000               0.0000          0.0165
MD                                 7.6250              0.2500        0.0000               0.0000          0.0165
GA                                 7.5000              0.2500        0.0000               0.0000          0.0165
OR                                 7.7500              0.2500        0.0000               0.0000          0.0165
TX                                 7.6250              0.2500        0.0000               0.0000          0.0165
CA                                 6.8750              0.2500        0.0000               0.0000          0.0165
TX                                 7.6250              0.2500        0.0000               0.0000          0.0165
AZ                                 8.2500              0.2500        0.0000               0.0000          0.0165
TX                                 7.0000              0.2500        0.0000               0.0000          0.0165
AZ                                 7.5000              0.2500        0.0000               0.0000          0.0165
MD                                 6.5000              0.2500        0.0000               0.0000          0.0165
CA                                 6.8750              0.2500        0.0000               0.0000          0.0165
CA                                 6.8750              0.2500        0.0000               0.0000          0.0165
AZ                                 7.5000              0.2500        0.0000               0.0000          0.0165
CA                                 6.7500              0.2500        0.0000               0.0000          0.0165
AZ                                 7.3750              0.2500        0.0000               0.0000          0.0165
FL                                 7.5000              0.2500        0.0000               0.0000          0.0165
FL                                 8.2500              0.2500        0.0000               0.0000          0.0165
CA                                 6.8750              0.2500        0.0000               0.0000          0.0165
AZ                                 7.0000              0.2500        0.0000               0.0000          0.0165
CA                                 7.5000              0.2500        0.0000               0.0000          0.0165
TX                                 7.8750              0.2500        0.0000               0.0000          0.0165
ID                                 7.7500              0.2500        0.0000               0.0000          0.0165
CA                                 6.8750              0.2500        0.0000               0.0000          0.0165
TX                                 7.0000              0.2500        0.0000               0.0000          0.0165
FL                                 7.5000              0.2500        0.0000               0.0000          0.0165
PA                                 7.5000              0.2500        0.0000               0.0000          0.0165
CA                                 7.2500              0.2500        0.0000               0.0000          0.0165
KY                                 7.2500              0.2500        0.0000               0.0000          0.0165
TX                                 8.3750              0.2500        0.0000               0.0000          0.0165
TX                                 7.5000              0.2500        0.0000               0.0000          0.0165
FL                                 7.8750              0.2500        0.0000               0.0000          0.0165
AR                                 8.2500              0.2500        0.0000               0.0000          0.0165
AR                                 7.8750              0.2500        0.0000               0.0000          0.0165
OR                                 7.3750              0.2500        0.0000               0.0000          0.0165
MD                                 8.2500              0.2500        0.0000               0.0000          0.0165
ID                                 7.2500              0.2500        0.0000               0.0000          0.0165
CA                                 7.5000              0.2500        0.0000               0.0000          0.0165
CA                                 6.8750              0.2500        0.0000               0.0000          0.0165
ID                                 7.5000              0.2500        0.0000               0.0000          0.0165
VA                                 7.1250              0.2500        0.0000               0.0000          0.0165
NJ                                 7.2500              0.2500        0.0000               0.0000          0.0165
CA                                 7.2500              0.2500        0.0000               0.0000          0.0165
VA                                 7.3750              0.2500        0.0000               0.0000          0.0165
OR                                 7.6250              0.2500        0.0000               0.0000          0.0165
OR                                 6.8750              0.2500        0.0000               0.0000          0.0165
OR                                 7.5000              0.2500        0.0000               0.0000          0.0165
ID                                 8.0000              0.2500        0.0000               0.0000          0.0165
TX                                 7.8750              0.2500        0.0000               0.0000          0.0165
PA                                 8.2500              0.2500        0.0000               0.0000          0.0165
CA                                 7.2500              0.2500        0.0000               0.0000          0.0165
CA                                 7.5000              0.2500        0.0000               0.0000          0.0165
KY                                 7.8750              0.2500        0.0000               0.0000          0.0165
FL                                 7.8750              0.2500        0.0000               0.0000          0.0165
MD                                 6.8750              0.2500        0.0000               0.0000          0.0165
OH                                 7.8750              0.2500        0.0000               0.0000          0.0165
IN                                 7.5000              0.2500        0.0000               0.0000          0.0165
OH                                 7.2500              0.2500        0.0000               0.0000          0.0165
KY                                 7.5000              0.2500        0.0000               0.0000          0.0165
IN                                 8.0000              0.2500        0.0000               0.0000          0.0165
KY                                 8.1250              0.2500        0.0000               0.0000          0.0165
OH                                 8.0000              0.2500        0.0000               0.0000          0.0165
IN                                 8.7500              0.2500        0.0000               0.0000          0.0165
OH                                 7.8750              0.2500        0.0000               0.0000          0.0165
OH                                 7.8750              0.2500        0.0000               0.0000          0.0165
KY                                 7.6250              0.2500        0.0000               0.0000          0.0165
IN                                 7.5000              0.2500        0.0000               0.0000          0.0165
OH                                 8.2500              0.2500        0.0000               0.0000          0.0165
TN                                 7.5000              0.2500        0.0000               0.0000          0.0165
OH                                 8.7500              0.2500        0.0000               0.0000          0.0165
KY                                 7.6250              0.2500        0.0000               0.0000          0.0165
IN                                 8.2500              0.2500        0.0000               0.0000          0.0165
KY                                 7.5000              0.2500        0.0000               0.0000          0.0165
HI                                 6.6250              0.2500        0.0000               0.0000          0.0165
HI                                 6.6250              0.2500        0.0000               0.0000          0.0165
CO                                 7.8750              0.2500        0.0000               0.0000          0.0165
FL                                 7.8750              0.2500        0.0000               0.0000          0.0165
CO                                 7.6250              0.2500        0.0000               0.0000          0.0165
CO                                 7.3750              0.2500        0.0000               0.0000          0.0165
CO                                 7.1250              0.2500        0.0000               0.0000          0.0165
CO                                 7.7500              0.2500        0.0000               0.0000          0.0165
IL                                 8.1250              0.2500        0.0000               0.0000          0.0165
WY                                 6.8750              0.2500        0.0000               0.0000          0.0165
FL                                 7.8750              0.2500        0.0000               0.0000          0.0165
DC                                 6.8750              0.2500        0.0000               0.0000          0.0165
VA                                 8.2500              0.2500        0.0000               0.0000          0.0165
NJ                                 6.8750              0.2500        0.0000               0.0000          0.0165
ME                                 7.2500              0.2500        0.0000               0.0000          0.0165
VA                                 7.8750              0.2500        0.0000               0.0000          0.0165
VA                                 6.8750              0.2500        0.0000               0.0000          0.0165
DE                                 7.3750              0.2500        0.0000               0.0000          0.0165
ID                                 6.8750              0.2500        0.0000               0.0000          0.0165
TX                                 6.8750              0.2500        0.0000               0.0000          0.0165
SC                                 7.7500              0.2500        0.0000               0.0000          0.0165
GA                                 7.8750              0.2500        0.0000               0.0000          0.0165
SC                                 7.6250              0.2500        0.0000               0.0000          0.0165
SC                                 7.7500              0.2500        0.0000               0.0000          0.0165
NC                                 8.1250              0.2500        0.0000               0.0000          0.0165
MN                                 7.2500              0.2500        0.0000               0.0000          0.0165
AZ                                 7.8750              0.2500        0.0000               0.0000          0.0165
TX                                 8.1250              0.2500        0.0000               0.0000          0.0165
TX                                 8.0000              0.2500        0.0000               0.0000          0.0165
TX                                 7.5000              0.2500        0.0000               0.0000          0.0165
TX                                 8.1250              0.2500        0.0000               0.0000          0.0165
AZ                                 7.5000              0.2500        0.0000               0.0000          0.0165
FL                                 8.0000              0.2500        0.0000               0.0000          0.0165
AZ                                 7.5000              0.2500        0.0000               0.0000          0.0165
TX                                 7.5000              0.2500        0.0000               0.0000          0.0165
KS                                 7.6250              0.2500        0.0000               0.0000          0.0165
AZ                                 7.5000              0.2500        0.0000               0.0000          0.0165
MO                                 8.1250              0.2500        0.0000               0.0000          0.0165
TX                                 8.1250              0.2500        0.0000               0.0000          0.0165
AZ                                 6.8750              0.2500        0.0000               0.0000          0.0165
TX                                 7.8750              0.2500        0.0000               0.0000          0.0165
CO                                 7.5000              0.2500        0.0000               0.0000          0.0165
AZ                                 7.7500              0.2500        0.0000               0.0000          0.0165
TX                                 7.3750              0.2500        0.0000               0.0000          0.0165
MO                                 8.5000              0.2500        0.0000               0.0000          0.0165
TX                                 7.1250              0.2500        0.0000               0.0000          0.0165
MO                                 7.8750              0.2500        0.0000               0.0000          0.0165
TX                                 8.0000              0.2500        0.0000               0.0000          0.0165
TX                                 7.8750              0.2500        0.0000               0.0000          0.0165
TX                                 8.0000              0.2500        0.0000               0.0000          0.0165
TX                                 8.1250              0.2500        0.0000               0.0000          0.0165
TX                                 7.8750              0.2500        0.0000               0.0000          0.0165
TX                                 7.7500              0.2500        0.0000               0.0000          0.0165
TX                                 8.0000              0.2500        0.0000               0.0000          0.0165
TX                                 7.8750              0.2500        0.0000               0.0000          0.0165
NC                                 8.2500              0.2500        0.0000               0.0000          0.0165
TX                                 8.0000              0.2500        0.0000               0.0000          0.0165
TX                                 9.0000              0.2500        0.0000               0.0000          0.0165
TX                                 7.3750              0.2500        0.0000               0.0000          0.0165
TN                                 7.8750              0.2500        0.0000               0.0000          0.0165
TX                                 8.3750              0.2500        0.0000               0.0000          0.0165
TX                                 8.0000              0.2500        0.0000               0.0000          0.0165
TX                                 8.0000              0.2500        0.0000               0.0000          0.0165
TX                                 8.2500              0.2500        0.0000               0.0000          0.0165
FL                                 7.7500              0.2500        0.0000               0.0000          0.0165
NC                                 7.0000              0.2500        0.0000               0.0000          0.0165
FL                                 7.8750              0.2500        0.0000               0.0000          0.0165
CA                                 7.1250              0.2500        0.0000               0.0000          0.0165
CA                                 6.8750              0.2500        0.0000               0.0000          0.0165
FL                                 6.8750              0.2500        0.0000               0.0000          0.0165
NM                                 7.5000              0.2500        0.0000               0.0000          0.0165
CO                                 6.7500              0.2500        0.0000               0.0000          0.0165
VA                                 7.7500              0.2500        0.0000               0.0000          0.0165
OH                                 6.8750              0.2500        0.0000               0.0000          0.0165
FL                                 9.6250              0.2500        0.0000               0.0000          0.0165
FL                                 7.8750              0.2500        0.0000               0.0000          0.0165
FL                                 7.6250              0.2500        0.0000               0.0000          0.0165
OH                                 6.7500              0.2500        0.0000               0.0000          0.0165
FL                                 6.3750              0.2500        0.0000               0.0000          0.0165
OH                                 8.6250              0.2500        0.0000               0.0000          0.0165
FL                                 8.5000              0.2500        0.0000               0.0000          0.0165
NY                                 6.7500              0.2500        0.0000               0.0000          0.0165
NY                                 5.8750              0.2500        0.0000               0.0000          0.0165
TN                                 8.2500              0.2500        0.0000               0.0000          0.0165
RI                                 7.5000              0.2500        0.0000               0.0000          0.0165
NY                                 7.8750              0.2500        0.0000               0.0000          0.0165
NJ                                 7.7500              0.2500        0.0000               0.0000          0.0165
PA                                 9.1250              0.2500        0.0000               0.0000          0.0165
CT                                 7.6250              0.2500        0.0000               0.0000          0.0165
RI                                 7.3750              0.2500        0.0000               0.0000          0.0165
NJ                                 7.8750              0.2500        0.0000               0.0000          0.0165
OK                                 8.2500              0.2500        0.0000               0.0000          0.0165
TX                                 7.6250              0.2500        0.0000               0.0000          0.0165
TX                                 6.5000              0.2500        0.0000               0.0000          0.0165
OK                                 7.2500              0.2500        0.0000               0.0000          0.0165
OK                                 9.0000              0.2500        0.0000               0.0000          0.0165
TX                                 7.5000              0.2500        0.0000               0.0000          0.0165
OK                                 7.5000              0.2500        0.0000               0.0000          0.0165
TX                                 7.3750              0.2500        0.0000               0.0000          0.0165
TX                                 7.2500              0.2500        0.0000               0.0000          0.0165
TX                                 7.0000              0.2500        0.0000               0.0000          0.0165
MD                                 7.0000              0.2500        0.0000               0.0000          0.0165
VA                                 7.5000              0.2500        0.0000               0.0000          0.0165
MD                                 7.5000              0.2500        0.0000               0.0000          0.0165
NC                                 7.7500              0.2500        0.0000               0.0000          0.0165
DC                                 6.8750              0.2500        0.0000               0.0000          0.0165
NC                                 7.5000              0.2500        0.0000               0.0000          0.0165
MD                                 7.3750              0.2500        0.0000               0.0000          0.0165
MD                                 7.0000              0.2500        0.0000               0.0000          0.0165
NC                                 7.5000              0.2500        0.0000               0.0000          0.0165
MD                                 7.6250              0.2500        0.0000               0.0000          0.0165
ME                                 6.5000              0.2500        0.0000               0.0000          0.0165
MA                                 6.8750              0.2500        0.0000               0.0000          0.0165
RI                                 6.8750              0.2500        0.0000               0.0000          0.0165
MD                                 7.0000              0.2500        0.0000               0.0000          0.0165
CA                                 7.1250              0.2500        0.0000               0.0000          0.0165
CT                                 7.6250              0.2500        0.0000               0.0000          0.0165
CA                                 7.8750              0.2500        0.0000               0.0000          0.0165
CA                                 7.6250              0.2500        0.0000               0.0000          0.0165
SC                                 7.3750              0.2500        0.0000               0.0000          0.0165
AL                                 7.6250              0.2500        0.0000               0.0000          0.0165
VA                                 6.6250              0.2500        0.0000               0.0000          0.0165
FL                                 6.8750              0.2500        0.0000               0.0000          0.0165
MD                                 7.3750              0.2500        0.0000               0.0000          0.0165
NJ                                 7.2500              0.2500        0.0000               0.0000          0.0165
GA                                 7.5000              0.2500        0.0000               0.0000          0.0165
NC                                 7.7500              0.2500        0.0000               0.0000          0.0165
NC                                 7.6250              0.2500        0.0000               0.0000          0.0165
FL                                 7.8750              0.2500        0.0000               0.0000          0.0165
MD                                 7.7500              0.2500        0.0000               0.0000          0.0165
WA                                 8.0000              0.2500        0.0000               0.0000          0.0165
WA                                 8.7500              0.2500        0.0000               0.0000          0.0165
KS                                 7.8750              0.2500        0.0000               0.0000          0.0165
IN                                 7.8750              0.2500        0.0000               0.0000          0.0165
WA                                 8.0000              0.2500        0.0000               0.0000          0.0165
TX                                 8.2500              0.2500        0.0000               0.0000          0.0165
IL                                 7.7500              0.2500        0.0000               0.0000          0.0165
CA                                 8.6250              0.2500        0.0000               0.0000          0.0165
IL                                 8.2500              0.2500        0.0000               0.0000          0.0165
NY                                 7.6250              0.2500        0.0000               0.0000          0.0165
PA                                 9.0000              0.2500        0.0000               0.0000          0.0165
CA                                 7.7500              0.2500        0.0000               0.0000          0.0165
MI                                 9.1250              0.2500        0.0000               0.0000          0.0165
CO                                 7.6250              0.2500        0.0000               0.0000          0.0165
TX                                 9.5000              0.2500        0.0000               0.0000          0.0165
FL                                 6.8750              0.2500        0.0000               0.0000          0.0165
TX                                 7.6250              0.2500        0.0000               0.0000          0.0165
TX                                 7.5000              0.2500        0.0000               0.0000          0.0165
NM                                 8.2500              0.2500        0.0000               0.0000          0.0165
FL                                 7.1250              0.2500        0.0000               0.0000          0.0165
PA                                 7.8750              0.2500        0.0000               0.0000          0.0165
NV                                 8.2500              0.2500        0.0000               0.0000          0.0165
AZ                                 6.6250              0.2500        0.0000               0.0000          0.0165
CA                                 7.2500              0.2500        0.0000               0.0000          0.0165
CA                                 7.6250              0.2500        0.0000               0.0000          0.0165
AZ                                 7.1250              0.2500        0.0000               0.0000          0.0165
MD                                 7.8750              0.2500        0.0000               0.0000          0.0165
CA                                 7.7500              0.2500        0.0000               0.0000          0.0165
AZ                                 6.6250              0.2500        0.0000               0.0000          0.0165
AZ                                 7.7500              0.2500        0.0000               0.0000          0.0165
AZ                                 7.5000              0.2500        0.0000               0.0000          0.0165
NY                                 7.8750              0.2500        0.0000               0.0000          0.0165
NY                                 7.5000              0.2500        0.0000               0.0000          0.0165
NY                                 7.8750              0.2500        0.0000               0.0000          0.0165
NJ                                 7.5000              0.2500        0.0000               0.0000          0.0165
PA                                 8.2500              0.2500        0.0000               0.0000          0.0165
PA                                 7.2500              0.2500        0.0000               0.0000          0.0165
FL                                 7.8750              0.2500        0.0000               0.0000          0.0165
FL                                 8.7500              0.2500        0.0000               0.0000          0.0165
TX                                 8.8750              0.2500        0.0000               0.0000          0.0165
CA                                 7.2500              0.2500        0.0000               0.0000          0.0165
CA                                 6.8750              0.2500        0.0000               0.0000          0.0165
NY                                 6.7500              0.2500        0.0000               0.0000          0.0165
NY                                 6.7500              0.2500        0.0000               0.0000          0.0165
NY                                 7.1250              0.2500        0.0000               0.0000          0.0165
UT                                 8.0000              0.2500        0.0000               0.0000          0.0165
OR                                 6.8750              0.2500        0.0000               0.0000          0.0165
ID                                 8.7500              0.2500        0.0000               0.0000          0.0165
WA                                 7.2500              0.2500        0.0000               0.0000          0.0165
CA                                 7.3750              0.2500        0.0000               0.0000          0.0165
FL                                 7.5000              0.2500        0.0000               0.0000          0.0165
WA                                 7.6250              0.2500        0.0000               0.0000          0.0165
OH                                 7.8750              0.2500        0.0000               0.0000          0.0165
MD                                 7.5000              0.2500        0.0000               0.0000          0.0165
MD                                 8.5000              0.2500        0.0000               0.0000          0.0165
VA                                 7.2500              0.2500        0.0000               0.0000          0.0165
MD                                 8.5000              0.2500        0.0000               0.0000          0.0165
MD                                 8.5000              0.2500        0.0000               0.0000          0.0165
CO                                 7.6250              0.2500        0.0000               0.0000          0.0165
MD                                 8.5000              0.2500        0.0000               0.0000          0.0165
CA                                 7.5000              0.2500        0.0000               0.0000          0.0165
IA                                 8.6250              0.2500        0.0000               0.0000          0.0165
SC                                 8.0000              0.2500        0.0000               0.0000          0.0165
MD                                 9.1250              0.2500        0.0000               0.0000          0.0165
FL                                 8.1250              0.2500        0.0000               0.0000          0.0165
FL                                 6.8750              0.2500        0.0000               0.0000          0.0165
FL                                 7.6250              0.2500        0.0000               0.0000          0.0165
FL                                 7.7500              0.2500        0.0000               0.0000          0.0165
FL                                 6.8750              0.2500        0.0000               0.0000          0.0165
CA                                 7.5000              0.2500        0.0000               0.0000          0.0165
CA                                 7.0000              0.2500        0.0000               0.0000          0.0165
WA                                 7.6250              0.2500        0.0000               0.0000          0.0165
GA                                 9.0000              0.2500        0.0000               0.0000          0.0165
SC                                 9.0000              0.2500        0.0000               0.0000          0.0165
SC                                 9.1250              0.2500        0.0000               0.0000          0.0165
GA                                 8.0000              0.2500        0.0000               0.0000          0.0165
FL                                 7.7500              0.2500        0.0000               0.0000          0.0165
GA                                 7.7500              0.2500        0.0000               0.0000          0.0165
GA                                 7.6250              0.2500        0.0000               0.0000          0.0165
SC                                 7.2500              0.2500        0.0000               0.0000          0.0165
NV                                 6.5000              0.2500        0.0000               0.0000          0.0165
CO                                 6.7500              0.2500        0.0000               0.0000          0.0165
NV                                 7.3750              0.2500        0.0000               0.0000          0.0165
UT                                 6.6250              0.2500        0.0000               0.0000          0.0165
GA                                 7.2500              0.2500        0.0000               0.0000          0.0165
GA                                 7.5000              0.2500        0.0000               0.0000          0.0165
GA                                 8.3750              0.2500        0.0000               0.0000          0.0165
GA                                 7.6250              0.2500        0.0000               0.0000          0.0165
GA                                 6.3750              0.2500        0.0000               0.0000          0.0165
GA                                 7.1250              0.2500        0.0000               0.0000          0.0165
FL                                 7.8750              0.2500        0.0000               0.0000          0.0165
GA                                 7.8750              0.2500        0.0000               0.0000          0.0165
NC                                 6.7500              0.2500        0.0000               0.0000          0.0165
GA                                 6.7500              0.2500        0.0000               0.0000          0.0165
GA                                 6.7500              0.2500        0.0000               0.0000          0.0165
GA                                 6.6250              0.2500        0.0000               0.0000          0.0165
GA                                 6.3750              0.2500        0.0000               0.0000          0.0165
GA                                 6.5000              0.2500        0.0000               0.0000          0.0165
GA                                 7.6250              0.2500        0.0000               0.0000          0.0165
GA                                 6.3750              0.2500        0.0000               0.0000          0.0165
NC                                 7.5000              0.2500        0.0000               0.0000          0.0165
FL                                 7.5000              0.2500        0.0000               0.0000          0.0165
GA                                 7.6250              0.2500        0.0000               0.0000          0.0165
GA                                 7.7500              0.2500        0.0000               0.0000          0.0165
GA                                 6.2500              0.2500        0.0000               0.0000          0.0165
GA                                 7.5000              0.2500        0.0000               0.0000          0.0165
NC                                 7.6250              0.2500        0.0000               0.0000          0.0165
GA                                 6.5000              0.2500        0.0000               0.0000          0.0165
GA                                 6.3750              0.2500        0.0000               0.0000          0.0165
NC                                 7.2500              0.2500        0.0000               0.0000          0.0165
GA                                 7.1250              0.2500        0.0000               0.0000          0.0165
GA                                 7.6250              0.2500        0.0000               0.0000          0.0165
NC                                 7.6250              0.2500        0.0000               0.0000          0.0165
GA                                 7.3750              0.2500        0.0000               0.0000          0.0165
GA                                 6.5000              0.2500        0.0000               0.0000          0.0165
GA                                 6.8750              0.2500        0.0000               0.0000          0.0165
NC                                 8.5000              0.2500        0.0000               0.0000          0.0165
FL                                 7.7500              0.2500        0.0000               0.0000          0.0165
FL                                 7.6250              0.2500        0.0000               0.0000          0.0165
NC                                 7.6250              0.2500        0.0000               0.0000          0.0165
GA                                 6.7500              0.2500        0.0000               0.0000          0.0165
GA                                 7.3750              0.2500        0.0000               0.0000          0.0165
GA                                 6.5000              0.2500        0.0000               0.0000          0.0165
FL                                 6.7500              0.2500        0.0000               0.0000          0.0165
FL                                 7.5000              0.2500        0.0000               0.0000          0.0165
NJ                                 6.8750              0.2500        0.0000               0.0000          0.0165
NY                                 7.3750              0.2500        0.0000               0.0000          0.0165
FL                                 7.2500              0.2500        0.0000               0.0000          0.0165
CA                                 6.7500              0.2500        0.0000               0.0000          0.0165
NJ                                 7.0000              0.2500        0.0000               0.0000          0.0165
FL                                 7.6250              0.2500        0.0000               0.0000          0.0165
MO                                 7.7500              0.2500        0.0000               0.0000          0.0165
VA                                 7.2500              0.2500        0.0000               0.0000          0.0165
VA                                 7.2500              0.2500        0.0000               0.0000          0.0165
OH                                 6.5000              0.2500        0.0000               0.0000          0.0165
IN                                 6.7500              0.2500        0.0000               0.0000          0.0165
IN                                 6.7500              0.2500        0.0000               0.0000          0.0165
OH                                 7.5000              0.2500        0.0000               0.0000          0.0165
OH                                 7.0000              0.2500        0.0000               0.0000          0.0165
IN                                 6.7500              0.2500        0.0000               0.0000          0.0165
OH                                 5.9900              0.2500        0.0000               0.0000          0.0165
IN                                 6.7500              0.2500        0.0000               0.0000          0.0165
MI                                 6.6250              0.2500        0.0000               0.0000          0.0165
IN                                 6.7500              0.2500        0.0000               0.0000          0.0165
IN                                 6.7500              0.2500        0.0000               0.0000          0.0165
IN                                 7.0000              0.2500        0.0000               0.0000          0.0165
IN                                 6.7500              0.2500        0.0000               0.0000          0.0165
OH                                 5.8750              0.2500        0.0000               0.0000          0.0165
UT                                 7.5000              0.2500        0.0000               0.0000          0.0165
UT                                 7.7500              0.2500        0.0000               0.0000          0.0165
MN                                 7.8750              0.2500        0.0000               0.0000          0.0165
MN                                 7.7500              0.2500        0.0000               0.0000          0.0165
TX                                 7.8750              0.2500        0.0000               0.0000          0.0165
TX                                 7.7500              0.2500        0.0000               0.0000          0.0165
CA                                 6.5000              0.2500        0.0000               0.0000          0.0165
TX                                 7.7500              0.2500        0.0000               0.0000          0.0165
TX                                 7.7500              0.2500        0.0000               0.0000          0.0165
TX                                 6.5000              0.2500        0.0000               0.0000          0.0165
TN                                 7.5000              0.2500        0.0000               0.0000          0.0165
TX                                 7.8750              0.2500        0.0000               0.0000          0.0165
TX                                 7.5000              0.2500        0.0000               0.0000          0.0165
TX                                 7.8750              0.2500        0.0000               0.0000          0.0165
TX                                 8.5000              0.2500        0.0000               0.0000          0.0165
CA                                 6.3750              0.2500        0.0000               0.0000          0.0165
TX                                 7.5000              0.2500        0.0000               0.0000          0.0165
TX                                 8.5000              0.2500        0.0000               0.0000          0.0165
TX                                 8.1250              0.2500        0.0000               0.0000          0.0165
TX                                 7.8750              0.2500        0.0000               0.0000          0.0165
GA                                 7.6250              0.2500        0.0000               0.0000          0.0165
GA                                 8.0000              0.2500        0.0000               0.0000          0.0165
AZ                                 7.3750              0.2500        0.0000               0.0000          0.0165
AZ                                 8.2500              0.2500        0.0000               0.0000          0.0165
OR                                 7.3750              0.2500        0.0000               0.0000          0.0165
GA                                 6.8750              0.2500        0.0000               0.0000          0.0165
GA                                 7.1250              0.2500        0.0000               0.0000          0.0165
AZ                                 7.0000              0.2500        0.0000               0.0000          0.0165
AZ                                 7.7500              0.2500        0.0000               0.0000          0.0165
WI                                 7.3750              0.2500        0.0000               0.0000          0.0165
TX                                 7.8750              0.2500        0.0000               0.0000          0.0165
TX                                 7.5000              0.2500        0.0000               0.0000          0.0165
TX                                 8.1250              0.2500        0.0000               0.0000          0.0165
TX                                 7.7500              0.2500        0.0000               0.0000          0.0165
ID                                 7.2500              0.2500        0.0000               0.0000          0.0165
GA                                 8.0000              0.2500        0.0000               0.0000          0.0165
GA                                 7.5000              0.2500        0.0000               0.0000          0.0165
WA                                 7.3750              0.2500        0.0000               0.0000          0.0165
TX                                 7.8750              0.2500        0.0000               0.0000          0.0165
WA                                 7.0000              0.2500        0.0000               0.0000          0.0165
CO                                 7.6250              0.2500        0.0000               0.0000          0.0165
IN                                 8.5000              0.2500        0.0000               0.0000          0.0165
GA                                 7.6250              0.2500        0.0000               0.0000          0.0165
MN                                 7.5000              0.2500        0.0000               0.0000          0.0165
MN                                 7.7500              0.2500        0.0000               0.0000          0.0165
TX                                 8.1250              0.2500        0.0000               0.0000          0.0165
FL                                 7.0000              0.2500        0.0000               0.0000          0.0165
TX                                 8.8750              0.2500        0.0000               0.0000          0.0165
TX                                 7.2500              0.2500        0.0000               0.0000          0.0165
TX                                 8.1250              0.2500        0.0000               0.0000          0.0165
TX                                 8.1250              0.2500        0.0000               0.0000          0.0165
TX                                 8.6250              0.2500        0.0000               0.0000          0.0165
TX                                 7.6250              0.2500        0.0000               0.0000          0.0165
TX                                 8.1250              0.2500        0.0000               0.0000          0.0165
NC                                 7.2500              0.2500        0.0000               0.0000          0.0165
TX                                 7.8750              0.2500        0.0000               0.0000          0.0165
NM                                 7.6250              0.2500        0.0000               0.0000          0.0165
NC                                 8.6250              0.2500        0.0000               0.0000          0.0165
TX                                 7.3750              0.2500        0.0000               0.0000          0.0165
TX                                 6.8750              0.2500        0.0000               0.0000          0.0165
TX                                 8.5000              0.2500        0.0000               0.0000          0.0165
TX                                 9.1250              0.2500        0.0000               0.0000          0.0165
VA                                 7.5000              0.2500        0.0000               0.0000          0.0165
FL                                 6.8750              0.2500        0.0000               0.0000          0.0165
CO                                 7.2500              0.2500        0.0000               0.0000          0.0165
CO                                 7.6250              0.2500        0.0000               0.0000          0.0165
CO                                 7.5000              0.2500        0.0000               0.0000          0.0165
CA                                 7.3750              0.2500        0.0000               0.0000          0.0165
MA                                 8.6250              0.2500        0.0000               0.0000          0.0165
VA                                 7.2500              0.2500        0.0000               0.0000          0.0165
FL                                 7.6250              0.2500        0.0000               0.0000          0.0165
GA                                 6.8750              0.2500        0.0000               0.0000          0.0165
TX                                 7.7500              0.2500        0.0000               0.0000          0.0165
TX                                 8.7500              0.2500        0.0000               0.0000          0.0165
TX                                 8.8750              0.2500        0.0000               0.0000          0.0165
LA                                 7.8750              0.2500        0.0000               0.0000          0.0165
UT                                 7.3750              0.2500        0.0000               0.0000          0.0165
TX                                 8.7500              0.2500        0.0000               0.0000          0.0165
TX                                 8.0000              0.2500        0.0000               0.0000          0.0165
IL                                 7.5000              0.2500        0.0000               0.0000          0.0165
TX                                 8.6250              0.2500        0.0000               0.0000          0.0165
TX                                 8.7500              0.2500        0.0000               0.0000          0.0165
TX                                 8.8750              0.2500        0.0000               0.0000          0.0165
CO                                 7.5000              0.2500        0.0000               0.0000          0.0165
SC                                 8.7500              0.2500        0.0000               0.0000          0.0165
IL                                 8.8750              0.2500        0.0000               0.0000          0.0165
MD                                 7.5000              0.2500        0.0000               0.0000          0.0165
GA                                 7.7500              0.2500        0.0000               0.0000          0.0165
MD                                 7.2500              0.2500        0.0000               0.0000          0.0165
AL                                 7.3750              0.2500        0.0000               0.0000          0.0165
FL                                 6.8750              0.2500        0.0000               0.0000          0.0165
AL                                 7.8750              0.2500        0.0000               0.0000          0.0165
GA                                 7.5000              0.2500        0.0000               0.0000          0.0165
FL                                 8.0000              0.2500        0.0000               0.0000          0.0165
MS                                 7.7500              0.2500        0.0000               0.0000          0.0165
MD                                 7.0000              0.2500        0.0000               0.0000          0.0165
AL                                 7.3750              0.2500        0.0000               0.0000          0.0165
NC                                 8.0000              0.2500        0.0000               0.0000          0.0165
GA                                 8.1250              0.2500        0.0000               0.0000          0.0165
NC                                 8.0000              0.2500        0.0000               0.0000          0.0165
WI                                 7.7500              0.2500        0.0000               0.0000          0.0165
MI                                 7.7500              0.2500        0.0000               0.0000          0.0165
MA                                 7.0000              0.2500        0.0000               0.0000          0.0165
FL                                 8.1250              0.2500        0.0000               0.0000          0.0165
CA                                 8.5000              0.2500        0.0000               0.0000          0.0165
NV                                 8.3750              0.2500        0.0000               0.0000          0.0165
CA                                 7.8750              0.2500        0.0000               0.0000          0.0165
TX                                 8.7500              0.2500        0.0000               0.0000          0.0165
NV                                 7.5000              0.2500        0.0000               0.0000          0.0165
NV                                 7.3750              0.2500        0.0000               0.0000          0.0165
NV                                 7.8750              0.2500        0.0000               0.0000          0.0165
CO                                 6.8750              0.2500        0.0000               0.0000          0.0165
CT                                 8.2500              0.2500        0.0000               0.0000          0.0165
MA                                 6.8750              0.2500        0.0000               0.0000          0.0165
NJ                                 7.2500              0.2500        0.0000               0.0000          0.0165
CA                                 8.1250              0.2500        0.0000               0.0000          0.0165
CA                                 8.7500              0.2500        0.0000               0.0000          0.0165
CA                                 7.5000              0.2500        0.0000               0.0000          0.0165
OH                                 8.7500              0.2500        0.0000               0.0000          0.0165
TX                                 7.8750              0.2500        0.0000               0.0000          0.0165
HI                                 7.0000              0.2500        0.0000               0.0000          0.0165
AZ                                 5.8750              0.2500        0.0000               0.0000          0.0165
IL                                10.5000              0.2500        0.0000               0.0000          0.0165
OH                                 6.6250              0.2500        0.0000               0.0000          0.0165
AZ                                 9.6250              0.2500        0.0000               0.0000          0.0165
FL                                 9.5000              0.2500        0.0000               0.0000          0.0165
LA                                 8.5000              0.2500        0.0000               0.0000          0.0165
OH                                 7.8750              0.2500        0.0000               0.0000          0.0165
CA                                 7.2500              0.2500        0.0000               0.0000          0.0165
FL                                 6.3750              0.2500        0.0000               0.0000          0.0165
AZ                                 8.6250              0.2500        0.0000               0.0000          0.0165
WI                                 6.7500              0.2500        0.0000               0.0000          0.0165
NV                                 7.5000              0.2500        0.0000               0.0000          0.0165
WA                                 9.6250              0.2500        0.0000               0.0000          0.0165
TX                                 8.0000              0.2500        0.0000               0.0000          0.0165
OH                                 7.5000              0.2500        0.0000               0.0000          0.0165
NC                                 8.5000              0.2500        0.0000               0.0000          0.0165
LA                                 6.6250              0.2500        0.0000               0.0000          0.0165
TX                                 7.5000              0.2500        0.0000               0.0000          0.0165
TX                                 7.1250              0.2500        0.0000               0.0000          0.0165
AL                                 8.0000              0.2500        0.0000               0.0000          0.0165
NC                                 7.5000              0.2500        0.0000               0.0000          0.0165
TX                                 7.1250              0.2500        0.0000               0.0000          0.0165
AL                                 7.6250              0.2500        0.0000               0.0000          0.0165
NC                                 7.5000              0.2500        0.0000               0.0000          0.0165
AL                                 7.0000              0.2500        0.0000               0.0000          0.0165
TX                                 7.5000              0.2500        0.0000               0.0000          0.0165
AL                                 7.0000              0.2500        0.0000               0.0000          0.0165
TX                                 7.5000              0.2500        0.0000               0.0000          0.0165
TX                                 7.1250              0.2500        0.0000               0.0000          0.0165
TX                                 7.2500              0.2500        0.0000               0.0000          0.0165
OH                                 6.6250              0.2500        0.0000               0.0000          0.0165
MD                                 6.8750              0.2500        0.0000               0.0000          0.0165
VA                                 7.6250              0.2500        0.0000               0.0000          0.0165
OH                                 6.8750              0.2500        0.0000               0.0000          0.0165
OH                                 7.1250              0.2500        0.0000               0.0000          0.0165
OH                                 6.7500              0.2500        0.0000               0.0000          0.0165
VA                                 7.7500              0.2500        0.0000               0.0000          0.0165
VA                                 7.6250              0.2500        0.0000               0.0000          0.0165
NJ                                 8.0000              0.2500        0.0000               0.0000          0.0165
PA                                 7.7500              0.2500        0.0000               0.0000          0.0165
MD                                 7.6250              0.2500        0.0000               0.0000          0.0165
NJ                                 8.1250              0.2500        0.0000               0.0000          0.0165
MD                                 7.7500              0.2500        0.0000               0.0000          0.0165
MD                                 7.7500              0.2500        0.0000               0.0000          0.0165
OH                                 7.5000              0.2500        0.0000               0.0000          0.0165
FL                                 7.3750              0.2500        0.0000               0.0000          0.0165
GA                                 7.6250              0.2500        0.0000               0.0000          0.0165
CA                                 7.2500              0.2500        0.0000               0.0000          0.0165
CA                                 7.5000              0.2500        0.0000               0.0000          0.0165
MA                                 7.5000              0.2500        0.0000               0.0000          0.0165
FL                                 7.0000              0.2500        0.0000               0.0000          0.0165
AZ                                 7.5000              0.2500        0.0000               0.0000          0.0165
AZ                                 7.6250              0.2500        0.0000               0.0000          0.0165
GA                                 7.6250              0.2500        0.0000               0.0000          0.0165
GA                                 7.8750              0.2500        0.0000               0.0000          0.0165
GA                                 7.5000              0.2500        0.0000               0.0000          0.0165
GA                                 7.5000              0.2500        0.0000               0.0000          0.0165
GA                                 6.8750              0.2500        0.0000               0.0000          0.0165
GA                                 6.5000              0.2500        0.0000               0.0000          0.0165
GA                                 7.3750              0.2500        0.0000               0.0000          0.0165
NC                                 7.2500              0.2500        0.0000               0.0000          0.0165
GA                                 7.7500              0.2500        0.0000               0.0000          0.0165
GA                                 6.7500              0.2500        0.0000               0.0000          0.0165
GA                                 8.1250              0.2500        0.0000               0.0000          0.0165
GA                                 6.8750              0.2500        0.0000               0.0000          0.0165
GA                                 8.5000              0.2500        0.0000               0.0000          0.0165
GA                                 8.1250              0.2500        0.0000               0.0000          0.0165
GA                                 8.0000              0.2500        0.0000               0.0000          0.0165
SC                                 7.2500              0.2500        0.0000               0.0000          0.0165
GA                                 6.6250              0.2500        0.0000               0.0000          0.0165
GA                                 8.7500              0.2500        0.0000               0.0000          0.0165
GA                                 7.3750              0.2500        0.0000               0.0000          0.0165
GA                                 7.2500              0.2500        0.0000               0.0000          0.0165
GA                                 7.8750              0.2500        0.0000               0.0000          0.0165
GA                                 8.5000              0.2500        0.0000               0.0000          0.0165
GA                                 7.5000              0.2500        0.0000               0.0000          0.0165
GA                                 7.1250              0.2500        0.0000               0.0000          0.0165
GA                                 6.8750              0.2500        0.0000               0.0000          0.0165
GA                                 8.3750              0.2500        0.0000               0.0000          0.0165
GA                                 6.6250              0.2500        0.0000               0.0000          0.0165
GA                                 7.2500              0.2500        0.0000               0.0000          0.0165
GA                                 7.3750              0.2500        0.0000               0.0000          0.0165
GA                                 7.3750              0.2500        0.0000               0.0000          0.0165
GA                                 7.0000              0.2500        0.0000               0.0000          0.0165
GA                                 7.2500              0.2500        0.0000               0.0000          0.0165
GA                                 8.1250              0.2500        0.0000               0.0000          0.0165
GA                                 7.3750              0.2500        0.0000               0.0000          0.0165
GA                                 7.3750              0.2500        0.0000               0.0000          0.0165
GA                                 6.7500              0.2500        0.0000               0.0000          0.0165
GA                                 7.0000              0.2500        0.0000               0.0000          0.0165
GA                                 7.3750              0.2500        0.0000               0.0000          0.0165
GA                                 7.0000              0.2500        0.0000               0.0000          0.0165
GA                                 7.1250              0.2500        0.0000               0.0000          0.0165
GA                                 7.5000              0.2500        0.0000               0.0000          0.0165
GA                                 7.0000              0.2500        0.0000               0.0000          0.0165
GA                                 6.8750              0.2500        0.0000               0.0000          0.0165
GA                                 7.7500              0.2500        0.0000               0.0000          0.0165
GA                                 7.7500              0.2500        0.0000               0.0000          0.0165
GA                                 6.7500              0.2500        0.0000               0.0000          0.0165
FL                                 7.6250              0.2500        0.0000               0.0000          0.0165
GA                                 8.8750              0.2500        0.0000               0.0000          0.0165
WY                                 7.3750              0.2500        0.0000               0.0000          0.0165
CO                                 7.7500              0.2500        0.0000               0.0000          0.0165
CO                                 7.2500              0.2500        0.0000               0.0000          0.0165
AR                                 6.7500              0.2500        0.0000               0.0000          0.0165
CA                                 6.7500              0.2500        0.0000               0.0000          0.0165
CA                                 6.7500              0.2500        0.0000               0.0000          0.0165
CA                                 6.8750              0.2500        0.0000               0.0000          0.0165
CA                                 6.7500              0.2500        0.0000               0.0000          0.0165
FL                                 6.6250              0.2500        0.0000               0.0000          0.0165
CA                                 6.3750              0.2500        0.0000               0.0000          0.0165
FL                                 7.7500              0.2500        0.0000               0.0000          0.0165
TX                                 7.8750              0.2500        0.0000               0.0000          0.0165
CO                                 8.0000              0.2500        0.0000               0.0000          0.0165
NY                                 7.7500              0.2500        0.0000               0.0000          0.0165
TX                                 7.5000              0.2500        0.0000               0.0000          0.0165
IN                                 7.3750              0.2500        0.0000               0.0000          0.0165
TX                                 6.7500              0.2500        0.0000               0.0000          0.0165
TX                                 6.7500              0.2500        0.0000               0.0000          0.0165
IN                                 7.6250              0.2500        0.0000               0.0000          0.0165
TX                                 8.1250              0.2500        0.0000               0.0000          0.0165
IA                                 9.0000              0.2500        0.0000               0.0000          0.0165
TX                                 6.7500              0.2500        0.0000               0.0000          0.0165
MS                                 6.8750              0.2500        0.0000               0.0000          0.0165
TX                                 7.7500              0.2500        0.0000               0.0000          0.0165
IN                                 7.3750              0.2500        0.0000               0.0000          0.0165
GA                                 7.3750              0.2500        0.0000               0.0000          0.0165
GA                                 7.8750              0.2500        0.0000               0.0000          0.0165
FL                                 8.1250              0.2500        0.0000               0.0000          0.0165
GA                                 7.7500              0.2500        0.0000               0.0000          0.0165
GA                                 8.0000              0.2500        0.0000               0.0000          0.0165
GA                                 7.6250              0.2500        0.0000               0.0000          0.0165
GA                                 8.2500              0.2500        0.0000               0.0000          0.0165
AL                                 9.5000              0.2500        0.0000               0.0000          0.0165
GA                                 7.6250              0.2500        0.0000               0.0000          0.0165
GA                                 6.8750              0.2500        0.0000               0.0000          0.0165
SC                                 7.5000              0.2500        0.0000               0.0000          0.0165
TN                                 7.1250              0.2500        0.0000               0.0000          0.0165
GA                                 7.5000              0.2500        0.0000               0.0000          0.0165
GA                                 7.2500              0.2500        0.0000               0.0000          0.0165
GA                                 7.7500              0.2500        0.0000               0.0000          0.0165
GA                                 6.8750              0.2500        0.0000               0.0000          0.0165
AL                                 6.8750              0.2500        0.0000               0.0000          0.0165
FL                                 8.1250              0.2500        0.0000               0.0000          0.0165
GA                                 6.8750              0.2500        0.0000               0.0000          0.0165
SC                                 7.8750              0.2500        0.0000               0.0000          0.0165
GA                                 8.3750              0.2500        0.0000               0.0000          0.0165
GA                                 8.2500              0.2500        0.0000               0.0000          0.0165
TN                                 7.2500              0.2500        0.0000               0.0000          0.0165
NC                                 8.0000              0.2500        0.0000               0.0000          0.0165
GA                                 7.7500              0.2500        0.0000               0.0000          0.0165
GA                                 8.1250              0.2500        0.0000               0.0000          0.0165
GA                                 7.6250              0.2500        0.0000               0.0000          0.0165
GA                                 7.6250              0.2500        0.0000               0.0000          0.0165
NC                                 7.2500              0.2500        0.0000               0.0000          0.0165
MI                                 8.1250              0.2500        0.0000               0.0000          0.0165
TX                                 8.0000              0.2500        0.0000               0.0000          0.0165
KS                                 8.0000              0.2500        0.0000               0.0000          0.0165
OR                                 7.6250              0.2500        0.0000               0.0000          0.0165
MO                                 7.1250              0.2500        0.0000               0.0000          0.0165
FL                                 7.6250              0.2500        0.0000               0.0000          0.0165
TX                                 7.8750              0.2500        0.0000               0.0000          0.0165
TX                                 7.8750              0.2500        0.0000               0.0000          0.0165
TX                                 8.0000              0.2500        0.0000               0.0000          0.0165
TX                                 7.5000              0.2500        0.0000               0.0000          0.0165
IL                                 6.1250              0.2500        0.0000               0.0000          0.0165
TX                                 7.2500              0.2500        0.0000               0.0000          0.0165
UT                                 7.6250              0.2500        0.0000               0.0000          0.0165
WA                                 7.3750              0.2500        0.0000               0.0000          0.0165
MS                                 7.8750              0.2500        0.0000               0.0000          0.0165
TN                                 7.7500              0.2500        0.0000               0.0000          0.0165
TX                                 7.1250              0.2500        0.0000               0.0000          0.0165
TX                                 7.7500              0.2500        0.0000               0.0000          0.0165
TX                                 8.5000              0.2500        0.0000               0.0000          0.0165
TX                                 7.6250              0.2500        0.0000               0.0000          0.0165
TX                                 7.8750              0.2500        0.0000               0.0000          0.0165
MO                                 6.7500              0.2500        0.0000               0.0000          0.0165
TX                                 7.6250              0.2500        0.0000               0.0000          0.0165
TX                                 7.6250              0.2500        0.0000               0.0000          0.0165
TX                                 7.7500              0.2500        0.0000               0.0000          0.0165
CA                                 7.7500              0.2500        0.0000               0.0000          0.0165
CA                                 7.5000              0.2500        0.0000               0.0000          0.0165
IL                                 7.6250              0.2500        0.0000               0.0000          0.0165
IL                                 7.3750              0.2500        0.0000               0.0000          0.0165
FL                                 7.7500              0.2500        0.0000               0.0000          0.0165
NV                                 7.2500              0.2500        0.0000               0.0000          0.0165
AZ                                 7.0000              0.2500        0.0000               0.0000          0.0165
NV                                 7.8750              0.2500        0.0000               0.0000          0.0165
NV                                 7.6250              0.2500        0.0000               0.0000          0.0165
FL                                 7.5000              0.2500        0.0000               0.0000          0.0165
NC                                 6.7500              0.2500        0.0000               0.0000          0.0165
IL                                 7.7500              0.2500        0.0000               0.0000          0.0165
TX                                 7.6250              0.2500        0.0000               0.0000          0.0165
CO                                 7.3750              0.2500        0.0000               0.0000          0.0165
FL                                 8.2500              0.2500        0.0000               0.0000          0.0165
AZ                                 7.1250              0.2500        0.0000               0.0000          0.0165
NV                                 8.2500              0.2500        0.0000               0.0000          0.0165
FL                                 7.7500              0.2500        0.0000               0.0000          0.0165
AZ                                 7.7500              0.2500        0.0000               0.0000          0.0165
TX                                 6.7500              0.2500        0.0000               0.0000          0.0165
FL                                 8.7500              0.2500        0.0000               0.0000          0.0165
IL                                 7.7500              0.2500        0.0000               0.0000          0.0165
MI                                 7.7500              0.2500        0.0000               0.0000          0.0165
VA                                 8.0000              0.2500        0.0000               0.0000          0.0165
IL                                 8.0000              0.2500        0.0000               0.0000          0.0165
FL                                 7.2500              0.2500        0.0000               0.0000          0.0165
CA                                 7.2500              0.2500        0.0000               0.0000          0.0165
FL                                 8.3750              0.2500        0.0000               0.0000          0.0165
NV                                 7.3750              0.2500        0.0000               0.0000          0.0165
FL                                 7.8750              0.2500        0.0000               0.0000          0.0165
NM                                 7.1250              0.2500        0.0000               0.0000          0.0165
PA                                 7.0000              0.2500        0.0000               0.0000          0.0165
UT                                 7.2500              0.2500        0.0000               0.0000          0.0165
CO                                 8.5000              0.2500        0.0000               0.0000          0.0165
CO                                 7.5000              0.2500        0.0000               0.0000          0.0165
UT                                 9.1250              0.2500        0.0000               0.0000          0.0165
CO                                 8.1250              0.2500        0.0000               0.0000          0.0165
UT                                 7.7500              0.2500        0.0000               0.0000          0.0165
CO                                 7.7500              0.2500        0.0000               0.0000          0.0165
UT                                 8.0000              0.2500        0.0000               0.0000          0.0165
TX                                 7.1250              0.2500        0.0000               0.0000          0.0165
UT                                 7.5000              0.2500        0.0000               0.0000          0.0165
UT                                 7.3750              0.2500        0.0000               0.0000          0.0165
CO                                 7.6250              0.2500        0.0000               0.0000          0.0165
UT                                 7.5000              0.2500        0.0000               0.0000          0.0165
CO                                 7.0000              0.2500        0.0000               0.0000          0.0165
CO                                 9.1250              0.2500        0.0000               0.0000          0.0165
UT                                 7.3750              0.2500        0.0000               0.0000          0.0165
UT                                 9.1250              0.2500        0.0000               0.0000          0.0165
NV                                 7.2500              0.2500        0.0000               0.0000          0.0165
NV                                 7.7500              0.2500        0.0000               0.0000          0.0165
NV                                 7.5000              0.2500        0.0000               0.0000          0.0165
NV                                 7.7500              0.2500        0.0000               0.0000          0.0165
NV                                 5.7500              0.2500        0.0000               0.0000          0.0165
NV                                 7.8750              0.2500        0.0000               0.0000          0.0165
MA                                 7.5000              0.2500        0.0000               0.0000          0.0165
IL                                 7.1250              0.2500        0.0000               0.0000          0.0165
CA                                 7.0000              0.2500        0.0000               0.0000          0.0165
MA                                 7.6250              0.2500        0.0000               0.0000          0.0165
CA                                 7.0000              0.2500        0.0000               0.0000          0.0165
CO                                 7.5000              0.2500        0.0000               0.0000          0.0165
MI                                 7.1250              0.2500        0.0000               0.0000          0.0165
MA                                 7.6250              0.2500        0.0000               0.0000          0.0165
MA                                 7.5000              0.2500        0.0000               0.0000          0.0165
VA                                 6.8750              0.2500        0.0000               0.0000          0.0165
CA                                 7.5000              0.2500        0.0000               0.0000          0.0165
ME                                 7.5000              0.2500        0.0000               0.0000          0.0165
ME                                 8.2500              0.2500        0.0000               0.0000          0.0165
NH                                 8.5000              0.2500        0.0000               0.0000          0.0165
AZ                                 7.6250              0.2500        0.0000               0.0000          0.0165
MO                                 7.5000              0.2500        0.0000               0.0000          0.0165
OK                                 7.6250              0.2500        0.0000               0.0000          0.0165
OH                                 7.8750              0.2500        0.0000               0.0000          0.0165
OK                                 8.6250              0.2500        0.0000               0.0000          0.0165
OK                                 8.6250              0.2500        0.0000               0.0000          0.0165
OH                                 7.6250              0.2500        0.0000               0.0000          0.0165
OK                                 8.6250              0.2500        0.0000               0.0000          0.0165
AZ                                 7.7500              0.2500        0.0000               0.0000          0.0165
AZ                                 7.0000              0.2500        0.0000               0.0000          0.0165
FL                                 6.8750              0.2500        0.0000               0.0000          0.0165
OK                                 7.3750              0.2500        0.0000               0.0000          0.0165
TX                                 8.5000              0.2500        0.0000               0.0000          0.0165
OK                                 8.7500              0.2500        0.0000               0.0000          0.0165
OK                                 8.6250              0.2500        0.0000               0.0000          0.0165
MI                                 8.3750              0.2500        0.0000               0.0000          0.0165
TX                                 7.6250              0.2500        0.0000               0.0000          0.0165
TX                                 8.6250              0.2500        0.0000               0.0000          0.0165
TX                                 7.6250              0.2500        0.0000               0.0000          0.0165
TX                                 7.6250              0.2500        0.0000               0.0000          0.0165
TX                                 7.3750              0.2500        0.0000               0.0000          0.0165
TX                                 8.6250              0.2500        0.0000               0.0000          0.0165
AR                                 8.8750              0.2500        0.0000               0.0000          0.0165
TX                                 7.6250              0.2500        0.0000               0.0000          0.0165
TX                                 8.3750              0.2500        0.0000               0.0000          0.0165
FL                                 7.5000              0.2500        0.0000               0.0000          0.0165
TX                                 7.5000              0.2500        0.0000               0.0000          0.0165
TX                                 7.3750              0.2500        0.0000               0.0000          0.0165
UT                                 7.0000              0.2500        0.0000               0.0000          0.0165
TX                                 8.2500              0.2500        0.0000               0.0000          0.0165
FL                                 7.2500              0.2500        0.0000               0.0000          0.0165
UT                                 8.0000              0.2500        0.0000               0.0000          0.0165
FL                                 8.2500              0.2500        0.0000               0.0000          0.0165
TX                                 7.8750              0.2500        0.0000               0.0000          0.0165
FL                                 7.7500              0.2500        0.0000               0.0000          0.0165
TX                                 7.8750              0.2500        0.0000               0.0000          0.0165
FL                                 6.8750              0.2500        0.0000               0.0000          0.0165
UT                                 8.0000              0.2500        0.0000               0.0000          0.0165
TX                                 7.8750              0.2500        0.0000               0.0000          0.0165
FL                                 7.6250              0.2500        0.0000               0.0000          0.0165
FL                                 7.7500              0.2500        0.0000               0.0000          0.0165
UT                                 7.8750              0.2500        0.0000               0.0000          0.0165
CO                                 7.2500              0.2500        0.0000               0.0000          0.0165
TX                                 7.8750              0.2500        0.0000               0.0000          0.0165
ID                                 7.5000              0.2500        0.0000               0.0000          0.0165
CO                                 7.8750              0.2500        0.0000               0.0000          0.0165
UT                                 7.8750              0.2500        0.0000               0.0000          0.0165
FL                                 8.1250              0.2500        0.0000               0.0000          0.0165
UT                                 6.6250              0.2500        0.0000               0.0000          0.0165
TX                                 8.0000              0.2500        0.0000               0.0000          0.0165
UT                                 8.3750              0.2500        0.0000               0.0000          0.0165
TX                                 7.7500              0.2500        0.0000               0.0000          0.0165
CA                                 7.8750              0.2500        0.0000               0.0000          0.0165
TX                                 8.0000              0.2500        0.0000               0.0000          0.0165
OR                                 7.1250              0.2500        0.0000               0.0000          0.0165
UT                                 7.3750              0.2500        0.0000               0.0000          0.0165
FL                                 8.6250              0.2500        0.0000               0.0000          0.0165
FL                                 8.0000              0.2500        0.0000               0.0000          0.0165
FL                                 7.7500              0.2500        0.0000               0.0000          0.0165
TX                                 7.7500              0.2500        0.0000               0.0000          0.0165
CO                                 7.1250              0.2500        0.0000               0.0000          0.0165
CO                                 7.5000              0.2500        0.0000               0.0000          0.0165
TX                                 8.0000              0.2500        0.0000               0.0000          0.0165
CO                                 8.1250              0.2500        0.0000               0.0000          0.0165
FL                                 7.5000              0.2500        0.0000               0.0000          0.0165
CA                                 7.8750              0.2500        0.0000               0.0000          0.0165
TX                                 8.0000              0.2500        0.0000               0.0000          0.0165
FL                                 7.3750              0.2500        0.0000               0.0000          0.0165
UT                                 7.5000              0.2500        0.0000               0.0000          0.0165
TX                                 7.5000              0.2500        0.0000               0.0000          0.0165
UT                                 7.7500              0.2500        0.0000               0.0000          0.0165
WA                                 7.5000              0.2500        0.0000               0.0000          0.0165
UT                                 7.7500              0.2500        0.0000               0.0000          0.0165
TX                                 7.0000              0.2500        0.0000               0.0000          0.0165
CA                                 7.5000              0.2500        0.0000               0.0000          0.0165
FL                                 8.0000              0.2500        0.0000               0.0000          0.0165
TX                                 7.1250              0.2500        0.0000               0.0000          0.0165
CO                                 7.7500              0.2500        0.0000               0.0000          0.0165
TX                                 7.7500              0.2500        0.0000               0.0000          0.0165
CA                                 7.0000              0.2500        0.0000               0.0000          0.0165
FL                                 7.6250              0.2500        0.0000               0.0000          0.0165
CA                                 7.8750              0.2500        0.0000               0.0000          0.0165
NC                                 7.3750              0.2500        0.0000               0.0000          0.0165
TX                                 7.8750              0.2500        0.0000               0.0000          0.0165
MI                                 8.0000              0.2500        0.0000               0.0000          0.0165
IL                                 8.8750              0.2500        0.0000               0.0000          0.0165
MI                                 6.8750              0.2500        0.0000               0.0000          0.0165
OH                                 7.8750              0.2500        0.0000               0.0000          0.0165
MI                                 6.8750              0.2500        0.0000               0.0000          0.0165
NV                                 6.5000              0.2500        0.0000               0.0000          0.0165
OH                                 6.8750              0.2500        0.0000               0.0000          0.0165
CA                                 7.2500              0.2500        0.0000               0.0000          0.0165
CA                                 8.7500              0.2500        0.0000               0.0000          0.0165
VA                                 7.5000              0.2500        0.0000               0.0000          0.0165
MD                                 7.7500              0.2500        0.0000               0.0000          0.0165
MD                                 7.7500              0.2500        0.0000               0.0000          0.0165
VA                                 8.1250              0.2500        0.0000               0.0000          0.0165
VA                                 7.5000              0.2500        0.0000               0.0000          0.0165
GA                                 7.3750              0.2500        0.0000               0.0000          0.0165
VA                                 7.5000              0.2500        0.0000               0.0000          0.0165
CT                                 8.1250              0.2500        0.0000               0.0000          0.0165
GA                                 7.1250              0.2500        0.0000               0.0000          0.0165
ME                                 8.7500              0.2500        0.0000               0.0000          0.0165
GA                                 6.6250              0.2500        0.0000               0.0000          0.0165
GA                                 8.0000              0.2500        0.0000               0.0000          0.0165
MI                                 6.8750              0.2500        0.0000               0.0000          0.0165
NV                                 7.0000              0.2500        0.0000               0.0000          0.0165
NV                                 6.8750              0.2500        0.0000               0.0000          0.0165
NV                                 7.5000              0.2500        0.0000               0.0000          0.0165
ID                                 7.2500              0.2500        0.0000               0.0000          0.0165
AZ                                 7.8750              0.2500        0.0000               0.0000          0.0165
MI                                 8.1250              0.2500        0.0000               0.0000          0.0165
MI                                 8.1250              0.2500        0.0000               0.0000          0.0165
TX                                 7.6250              0.2500        0.0000               0.0000          0.0165
TX                                 7.6250              0.2500        0.0000               0.0000          0.0165
NE                                 9.1250              0.2500        0.0000               0.0000          0.0165
CA                                 7.7500              0.2500        0.0000               0.0000          0.0165
AZ                                 7.2500              0.2500        0.0000               0.0000          0.0165
AZ                                 7.7500              0.2500        0.0000               0.0000          0.0165
AZ                                 7.2500              0.2500        0.0000               0.0000          0.0165
AZ                                 7.6250              0.2500        0.0000               0.0000          0.0165
AZ                                 7.3750              0.2500        0.0000               0.0000          0.0165
AZ                                 7.2500              0.2500        0.0000               0.0000          0.0165
AZ                                 7.3750              0.2500        0.0000               0.0000          0.0165
IL                                 7.0000              0.2500        0.0000               0.0000          0.0165
NC                                 7.1250              0.2500        0.0000               0.0000          0.0165
TN                                 6.2500              0.2500        0.0000               0.0000          0.0165
TX                                 8.2500              0.2500        0.0000               0.0000          0.0165
TX                                 7.7500              0.2500        0.0000               0.0000          0.0165
TX                                 9.0000              0.2500        0.0000               0.0000          0.0165
TX                                 6.7500              0.2500        0.0000               0.0000          0.0165
TX                                 7.0000              0.2500        0.0000               0.0000          0.0165
OH                                 9.0000              0.2500        0.0000               0.0000          0.0165
SC                                 8.8750              0.2500        0.0000               0.0000          0.0165
GA                                 7.8750              0.2500        0.0000               0.0000          0.0165
GA                                 7.8750              0.2500        0.0000               0.0000          0.0165
GA                                 7.8750              0.2500        0.0000               0.0000          0.0165
GA                                 7.3750              0.2500        0.0000               0.0000          0.0165
MI                                 8.2500              0.2500        0.0000               0.0000          0.0165
MI                                 7.3750              0.2500        0.0000               0.0000          0.0165
MI                                 6.8750              0.2500        0.0000               0.0000          0.0165
GA                                 7.3750              0.2500        0.0000               0.0000          0.0165
MI                                 7.7500              0.2500        0.0000               0.0000          0.0165
MI                                 8.5000              0.2500        0.0000               0.0000          0.0165
MN                                 7.6250              0.2500        0.0000               0.0000          0.0165
CA                                 7.2500              0.2500        0.0000               0.0000          0.0165
WA                                 7.7500              0.2500        0.0000               0.0000          0.0165
CA                                 7.6250              0.2500        0.0000               0.0000          0.0165
PA                                 7.5000              0.2500        0.0000               0.0000          0.0165
DE                                 8.0000              0.2500        0.0000               0.0000          0.0165
PA                                 7.5000              0.2500        0.0000               0.0000          0.0165
NJ                                 7.3750              0.2500        0.0000               0.0000          0.0165
PA                                 7.1250              0.2500        0.0000               0.0000          0.0165
PA                                 7.7500              0.2500        0.0000               0.0000          0.0165
NJ                                 8.2500              0.2500        0.0000               0.0000          0.0165
NJ                                 7.5000              0.2500        0.0000               0.0000          0.0165
NJ                                 7.5000              0.2500        0.0000               0.0000          0.0165
PA                                 7.6250              0.2500        0.0000               0.0000          0.0165
NJ                                 7.8750              0.2500        0.0000               0.0000          0.0165
PA                                 7.8750              0.2500        0.0000               0.0000          0.0165
PA                                 7.1250              0.2500        0.0000               0.0000          0.0165
NJ                                 7.2500              0.2500        0.0000               0.0000          0.0165
NJ                                 8.2500              0.2500        0.0000               0.0000          0.0165
PA                                 7.5000              0.2500        0.0000               0.0000          0.0165
PA                                 8.2500              0.2500        0.0000               0.0000          0.0165
DE                                 7.6250              0.2500        0.0000               0.0000          0.0165
NJ                                 7.5000              0.2500        0.0000               0.0000          0.0165
DE                                 7.5000              0.2500        0.0000               0.0000          0.0165
PA                                 7.7500              0.2500        0.0000               0.0000          0.0165
IN                                 7.3750              0.2500        0.0000               0.0000          0.0165
FL                                 8.5000              0.2500        0.0000               0.0000          0.0165
CO                                 8.3750              0.2500        0.0000               0.0000          0.0165
WI                                 8.1250              0.2500        0.0000               0.0000          0.0165
WI                                 8.1250              0.2500        0.0000               0.0000          0.0165
WI                                 7.8750              0.2500        0.0000               0.0000          0.0165
MN                                 9.0000              0.2500        0.0000               0.0000          0.0165
WI                                 7.7500              0.2500        0.0000               0.0000          0.0165
MN                                 8.3750              0.2500        0.0000               0.0000          0.0165
IA                                 7.6250              0.2500        0.0000               0.0000          0.0165
VA                                 8.1250              0.2500        0.0000               0.0000          0.0165
MD                                 7.8750              0.2500        0.0000               0.0000          0.0165
GA                                 8.0000              0.2500        0.0000               0.0000          0.0165
IL                                 8.2500              0.2500        0.0000               0.0000          0.0165
VA                                 7.5000              0.2500        0.0000               0.0000          0.0165
FL                                 7.3750              0.2500        0.0000               0.0000          0.0165
VA                                 7.7500              0.2500        0.0000               0.0000          0.0165
NJ                                 7.0000              0.2500        0.0000               0.0000          0.0165
NJ                                 7.0000              0.2500        0.0000               0.0000          0.0165
NJ                                 7.0000              0.2500        0.0000               0.0000          0.0165
TX                                 8.5000              0.2500        0.0000               0.0000          0.0165
MI                                 7.7500              0.2500        0.0000               0.0000          0.0165
CA                                 7.7500              0.2500        0.0000               0.0000          0.0165
CA                                 7.8750              0.2500        0.0000               0.0000          0.0165
CO                                 6.5000              0.2500        0.0000               0.0000          0.0165
MA                                 7.8750              0.2500        0.0000               0.0000          0.0165
TX                                 7.2500              0.2500        0.0000               0.0000          0.0165
MA                                 6.8750              0.2500        0.0000               0.0000          0.0165
TX                                 7.1250              0.2500        0.0000               0.0000          0.0165
VA                                 6.7500              0.2500        0.0000               0.0000          0.0165
NH                                 7.0000              0.2500        0.0000               0.0000          0.0165
MA                                 7.6250              0.2500        0.0000               0.0000          0.0165
RI                                 8.2500              0.2500        0.0000               0.0000          0.0165
IL                                 7.1250              0.2500        0.0000               0.0000          0.0165
AZ                                 7.0000              0.2500        0.0000               0.0000          0.0165
WA                                 6.8750              0.2500        0.0000               0.0000          0.0165
MA                                 6.8750              0.2500        0.0000               0.0000          0.0165
MO                                 9.1250              0.2500        0.0000               0.0000          0.0165
WI                                 9.0000              0.2500        0.0000               0.0000          0.0165
GA                                 7.1250              0.2500        0.0000               0.0000          0.0165
MO                                 8.5000              0.2500        0.0000               0.0000          0.0165
MO                                 8.5000              0.2500        0.0000               0.0000          0.0165
MI                                 8.5000              0.2500        0.0000               0.0000          0.0165
WI                                 8.5000              0.2500        0.0000               0.0000          0.0165
OH                                 8.5000              0.2500        0.0000               0.0000          0.0165
FL                                 7.8750              0.2500        0.0000               0.0000          0.0165
WI                                 9.0000              0.2500        0.0000               0.0000          0.0165
MO                                 8.1250              0.2500        0.0000               0.0000          0.0165
AZ                                 7.8750              0.2500        0.0000               0.0000          0.0165
NH                                 8.7500              0.2500        0.0000               0.0000          0.0165
WI                                 8.5000              0.2500        0.0000               0.0000          0.0165
MO                                 8.5000              0.2500        0.0000               0.0000          0.0165
AZ                                 7.5000              0.2500        0.0000               0.0000          0.0165
AZ                                 7.8750              0.2500        0.0000               0.0000          0.0165
VA                                 8.0000              0.2500        0.0000               0.0000          0.0165
VA                                 8.8750              0.2500        0.0000               0.0000          0.0165
TX                                 7.8750              0.2500        0.0000               0.0000          0.0165
TX                                 9.5000              0.2500        0.0000               0.0000          0.0165
TX                                 7.3750              0.2500        0.0000               0.0000          0.0165
TX                                 8.1250              0.2500        0.0000               0.0000          0.0165
CO                                 8.0000              0.2500        0.0000               0.0000          0.0165
TX                                 7.6250              0.2500        0.0000               0.0000          0.0165
TX                                 7.8750              0.2500        0.0000               0.0000          0.0165
TX                                 7.8750              0.2500        0.0000               0.0000          0.0165
TX                                 7.2500              0.2500        0.0000               0.0000          0.0165
TX                                 7.6250              0.2500        0.0000               0.0000          0.0165
TX                                 8.2500              0.2500        0.0000               0.0000          0.0165
TX                                 6.8750              0.2500        0.0000               0.0000          0.0165
TX                                 8.5000              0.2500        0.0000               0.0000          0.0165
TX                                 8.6250              0.2500        0.0000               0.0000          0.0165
TX                                 7.7500              0.2500        0.0000               0.0000          0.0165



STATE            CURRENT_                 MATURITY_             STATED_ORIGINAL                STATED_REM
                 NET_COUPON               DATE                  _TERM                          _TERM
-------------------------------------------------------------------------------------------------------------------
VA                            7.4835              20360601                            360                      359
VA                            7.2335              20360601                            360                      359
MD                            6.4835              20360601                            360                      359
DC                            6.7335              20360601                            360                      359
MD                            7.1085              20360601                            360                      359
GA                            6.4835              20360601                            360                      359
VA                            7.3585              20360601                            360                      359
VA                            7.1085              20360601                            360                      359
MD                            7.1085              20360601                            360                      359
VA                            7.1085              20360701                            360                      360
PA                            7.1085              20360601                            360                      359
GA                            7.1085              20360601                            360                      359
PA                            7.6085              20360601                            360                      359
MD                            6.6085              20360701                            360                      360
MD                            6.6085              20360601                            360                      359
VA                            7.6085              20360601                            360                      359
GA                            7.3585              20360701                            360                      360
VA                            6.7335              20360501                            360                      358
MD                            7.3585              20360601                            360                      359
MD                            7.1085              20360601                            360                      359
MD                            6.9835              20360601                            360                      359
DE                            7.2335              20360601                            360                      359
DE                            6.9835              20360701                            360                      360
MD                            7.3585              20360601                            360                      359
DE                            7.2335              20360701                            360                      360
MD                            6.8585              20360601                            360                      359
MD                            6.4835              20360601                            360                      359
MD                            7.3585              20360601                            360                      359
UT                            7.2335              20360701                            360                      360
ID                            7.2335              20360701                            360                      360
NY                            7.6085              20360601                            360                      359
NY                            7.4835              20360601                            360                      359
NY                            6.7335              20360701                            360                      360
NY                            8.4835              20360601                            360                      359
MS                            7.3585              20360701                            360                      360
NY                            7.2335              20360601                            360                      359
FL                            7.3585              20360601                            360                      359
NY                            7.1085              20360601                            360                      359
NY                            8.4835              20360601                            360                      359
NJ                            7.4835              20360601                            360                      359
NY                            8.6085              20360701                            360                      360
NY                            8.2335              20360601                            360                      359
NY                            6.8585              20360601                            360                      359
NJ                            6.9835              20360601                            360                      359
NY                            7.2335              20360601                            360                      359
GA                            7.9835              20360601                            360                      359
NY                            7.7335              20360601                            360                      359
NY                            8.4835              20360601                            360                      359
NY                            6.9835              20360701                            360                      360
NY                            6.8585              20360601                            360                      359
NY                            7.6085              20360601                            360                      359
NJ                            8.6085              20360601                            360                      359
MD                            7.4835              20360601                            360                      359
FL                            7.7335              20360601                            360                      359
NJ                            8.6085              20360501                            360                      358
NJ                            8.1085              20360601                            360                      359
FL                            8.3585              20360601                            360                      359
FL                            7.9835              20360601                            360                      359
NC                            8.3585              20360701                            360                      360
PA                            7.7335              20360601                            360                      359
PA                            8.1085              20360501                            360                      358
NJ                            7.8585              20360601                            360                      359
NJ                            8.3585              20360501                            360                      358
NJ                            8.7335              20360601                            360                      359
NJ                            7.4835              20360601                            360                      359
NJ                            8.6085              20360701                            360                      360
NJ                            7.3585              20360601                            360                      359
PA                            7.7335              20360601                            360                      359
PA                            7.7335              20360701                            360                      360
FL                            7.2335              20360601                            360                      359
NJ                            7.9835              20360701                            360                      360
NJ                            7.4835              20360601                            360                      359
FL                            7.7335              20360701                            360                      360
NC                            7.6085              20360701                            360                      360
NJ                            8.7335              20360701                            360                      360
NJ                            7.6085              20360601                            360                      359
NJ                            8.2335              20360601                            360                      359
FL                            8.4835              20360701                            360                      360
GA                            7.2335              20360501                            360                      358
NC                            8.2335              20360601                            360                      359
GA                            6.9835              20360301                            360                      356
GA                            6.7335              20360401                            360                      357
GA                            7.9835              20360501                            360                      358
SC                            6.9835              20360401                            360                      357
GA                            6.7335              20360601                            360                      359
GA                            8.1085              20360501                            360                      358
GA                            7.1085              20360601                            360                      359
TX                            7.6085              20360501                            360                      358
TX                            7.8585              20360701                            360                      360
OK                            8.1085              20360701                            360                      360
TX                            7.6085              20360501                            360                      358
TX                            7.6085              20360501                            360                      358
TX                            7.2335              20360601                            360                      359
TX                            7.3585              20360701                            360                      360
TX                            7.4835              20360601                            360                      359
TX                            8.3585              20360601                            360                      359
TX                            8.4835              20360701                            360                      360
TX                            8.6085              20360601                            360                      359
WA                            7.6085              20360701                            360                      360
OH                            8.3585              20360601                            360                      359
TX                            7.4835              20360601                            360                      359
FL                            7.6085              20360201                            360                      355
TX                            8.2335              20360701                            360                      360
TX                            8.2335              20360401                            360                      357
TX                            8.6085              20360701                            360                      360
TX                            8.4835              20360601                            360                      359
OR                            6.8585              20360601                            360                      359
TX                            7.6085              20360601                            360                      359
OK                            8.1085              20360701                            360                      360
TX                            8.2335              20360601                            360                      359
TX                            7.6085              20360501                            360                      358
TX                            8.2335              20360701                            360                      360
TX                            6.9835              20360601                            360                      359
NM                            7.3585              20360701                            360                      360
FL                            8.7335              20360601                            360                      359
FL                            8.4835              20360501                            360                      358
PA                            7.3585              20360601                            360                      359
NJ                            8.6085              20360401                            360                      357
NJ                            8.1085              20360601                            360                      359
NJ                            7.9835              20360401                            360                      357
NJ                            7.9835              20360501                            360                      358
FL                            7.2335              20360601                            360                      359
CO                            7.8585              20360601                            360                      359
FL                            7.4835              20360601                            360                      359
CO                            6.7335              20360701                            360                      360
CO                            6.8585              20360601                            360                      359
FL                            7.2335              20360501                            360                      358
TN                            7.1085              20360501                            360                      358
FL                            6.9835              20360601                            360                      359
TN                            7.1085              20360501                            360                      358
FL                            7.7335              20360501                            360                      358
FL                            6.8585              20360401                            360                      357
TN                            7.1085              20360501                            360                      358
FL                            6.6085              20360501                            360                      358
AL                            7.3585              20360501                            360                      358
TN                            7.1085              20360501                            360                      358
FL                            6.8585              20360501                            360                      358
FL                            7.7335              20360601                            360                      359
TN                            7.1085              20360501                            360                      358
TN                            6.7335              20360501                            360                      358
FL                            7.2335              20360501                            360                      358
TN                            6.7335              20360501                            360                      358
TN                            7.1085              20360501                            360                      358
FL                            7.8585              20360601                            360                      359
LA                            7.1085              20360501                            360                      358
TN                            7.3585              20360501                            360                      358
FL                            7.2335              20360501                            360                      358
FL                            7.6085              20360501                            360                      358
GA                            8.7335              20360601                            360                      359
GA                            7.2335              20360501                            360                      358
GA                            7.1085              20360601                            360                      359
GA                            7.3585              20360601                            360                      359
GA                            7.9835              20360601                            360                      359
GA                            8.1085              20360701                            360                      360
GA                            8.2335              20360701                            360                      360
GA                            7.3585              20360501                            360                      358
GA                            7.7335              20360601                            360                      359
GA                            7.6085              20360601                            360                      359
GA                            7.6085              20360501                            360                      358
GA                            7.3585              20360601                            360                      359
CA                            7.3585              20360601                            360                      359
PA                            8.1085              20360601                            360                      359
NJ                            7.2335              20360601                            360                      359
PA                            6.8585              20360501                            360                      358
PA                            7.6085              20360701                            360                      360
PA                            6.6085              20360601                            360                      359
PA                            6.7335              20360601                            360                      359
NY                            6.6085              20360601                            360                      359
PA                            7.6085              20360701                            360                      360
PA                            8.1085              20360501                            360                      358
PA                            7.8585              20360601                            360                      359
PA                            6.7335              20360601                            360                      359
PA                            8.8585              20360601                            360                      359
NY                            6.6085              20360601                            360                      359
FL                            6.7335              20360601                            360                      359
NY                            6.9835              20360601                            360                      359
NY                            6.6085              20360601                            360                      359
NJ                            6.8585              20360701                            360                      360
NY                            6.8585              20360601                            360                      359
NY                            7.7335              20360701                            360                      360
AZ                            6.1085              20360601                            360                      359
AZ                            7.1085              20360601                            360                      359
NJ                            6.7335              20360501                            360                      358
NJ                            6.1085              20360301                            360                      356
AR                            7.6085              20360601                            360                      359
TX                            6.8585              20360701                            360                      360
TX                            7.4835              20360601                            360                      359
TX                            7.1085              20360601                            360                      359
TX                            7.8585              20360601                            360                      359
IL                            7.6085              20360401                            360                      357
GA                            7.4835              20360501                            360                      358
FL                            7.9835              20360501                            360                      358
FL                            8.1085              20360501                            360                      358
GA                            7.1085              20360501                            360                      358
FL                            6.3585              20351001                            360                      351
SC                            8.1085              20360601                            360                      359
CO                            6.6085              20360501                            360                      358
GA                            7.1085              20360601                            360                      359
FL                            7.4835              20351201                            360                      353
IN                            7.1085              20360601                            360                      359
MO                            7.3585              20360601                            360                      359
AZ                            7.8585              20360601                            360                      359
FL                            7.3585              20360501                            360                      358
NJ                            8.8585              20360601                            360                      359
NY                            6.7335              20360601                            360                      359
CA                            7.4835              20360601                            360                      359
CA                            6.2335              20360401                            360                      357
VA                            7.3585              20360601                            360                      359
AZ                            6.9835              20360601                            360                      359
TX                            6.8585              20360101                            360                      354
CA                            6.9835              20360601                            360                      359
TX                            9.7335              20360601                            360                      359
TX                            9.1085              20360601                            360                      359
AZ                            6.7335              20360601                            360                      359
GA                            7.3585              20360601                            360                      359
TX                            9.3585              20360601                            360                      359
WA                            7.6085              20360601                            360                      359
TX                            7.3585              20360601                            360                      359
NC                            7.1085              20360601                            360                      359
IN                            6.4835              20360601                            360                      359
NC                            6.7335              20360501                            360                      358
CO                            8.3585              20360601                            360                      359
AZ                            7.1085              20360701                            360                      360
CO                            8.6085              20360501                            360                      358
TX                            7.6085              20360501                            360                      358
CA                            6.9835              20360701                            360                      360
MN                            7.1085              20360601                            360                      359
MN                            6.3585              20360601                            360                      359
TX                            7.6085              20360501                            360                      358
GA                            7.9835              20360701                            360                      360
GA                            7.3585              20360601                            360                      359
TX                            7.1085              20360601                            360                      359
GA                            6.9835              20360601                            360                      359
TX                            7.9835              20360601                            360                      359
CA                            7.2335              20360701                            360                      360
GA                            6.7335              20360601                            360                      359
IL                            7.4835              20360701                            360                      360
IL                            8.1085              20360701                            360                      360
NJ                            7.6085              20360601                            360                      359
TX                            7.6085              20360601                            360                      359
TX                            7.4835              20360601                            360                      359
TX                            7.9835              20360601                            360                      359
TX                            7.4835              20360601                            360                      359
TX                            7.8585              20360601                            360                      359
TX                            7.6085              20360601                            360                      359
GA                            8.1085              20360601                            360                      359
TX                            7.1085              20360601                            360                      359
TX                            7.6085              20360601                            360                      359
GA                            7.6085              20360601                            360                      359
NC                            7.4835              20360601                            360                      359
TX                            7.9835              20360601                            360                      359
TX                            7.7335              20360601                            360                      359
TX                            8.7335              20360701                            360                      360
UT                            7.1085              20360601                            360                      359
CA                            6.2335              20360501                            360                      358
PA                            7.2335              20360501                            360                      358
PA                            7.1085              20360601                            360                      359
MD                            7.2335              20360601                            360                      359
MI                            6.6085              20360601                            360                      359
KY                            7.4835              20360301                            360                      356
OH                            6.6085              20360601                            360                      359
NV                            7.2335              20360501                            360                      358
WA                            7.4835              20360601                            360                      359
FL                            6.7335              20360601                            360                      359
MD                            7.3585              20360501                            360                      358
GA                            7.2335              20360501                            360                      358
OR                            7.4835              20360601                            360                      359
TX                            7.3585              20360601                            360                      359
CA                            6.6085              20360501                            360                      358
TX                            7.3585              20360601                            360                      359
AZ                            7.9835              20360601                            360                      359
TX                            6.7335              20360501                            360                      358
AZ                            7.2335              20360601                            360                      359
MD                            6.2335              20360501                            360                      358
CA                            6.6085              20360401                            360                      357
CA                            6.6085              20360501                            360                      358
AZ                            7.2335              20360601                            360                      359
CA                            6.4835              20360501                            360                      358
AZ                            7.1085              20360601                            360                      359
FL                            7.2335              20360601                            360                      359
FL                            7.9835              20360601                            360                      359
CA                            6.6085              20360601                            360                      359
AZ                            6.7335              20360601                            360                      359
CA                            7.2335              20360601                            360                      359
TX                            7.6085              20360601                            360                      359
ID                            7.4835              20360701                            360                      360
CA                            6.6085              20360601                            360                      359
TX                            6.7335              20360601                            360                      359
FL                            7.2335              20360701                            360                      360
PA                            7.2335              20360501                            360                      358
CA                            6.9835              20360501                            360                      358
KY                            6.9835              20360501                            360                      358
TX                            8.1085              20360601                            360                      359
TX                            7.2335              20360501                            360                      358
FL                            7.6085              20360601                            360                      359
AR                            7.9835              20360601                            360                      359
AR                            7.6085              20360601                            360                      359
OR                            7.1085              20360601                            360                      359
MD                            7.9835              20360601                            360                      359
ID                            6.9835              20360601                            360                      359
CA                            7.2335              20360701                            360                      360
CA                            6.6085              20360601                            360                      359
ID                            7.2335              20360701                            360                      360
VA                            6.8585              20360701                            360                      360
NJ                            6.9835              20360501                            360                      358
CA                            6.9835              20360601                            360                      359
VA                            7.1085              20360601                            360                      359
OR                            7.3585              20360601                            360                      359
OR                            6.6085              20360501                            360                      358
OR                            7.2335              20360701                            360                      360
ID                            7.7335              20360701                            360                      360
TX                            7.6085              20360601                            360                      359
PA                            7.9835              20360601                            360                      359
CA                            6.9835              20360501                            360                      358
CA                            7.2335              20360601                            360                      359
KY                            7.6085              20360601                            360                      359
FL                            7.6085              20360501                            360                      358
MD                            6.6085              20360601                            360                      359
OH                            7.6085              20360501                            360                      358
IN                            7.2335              20360601                            360                      359
OH                            6.9835              20360601                            360                      359
KY                            7.2335              20360601                            360                      359
IN                            7.7335              20360701                            360                      360
KY                            7.8585              20360601                            360                      359
OH                            7.7335              20360601                            360                      359
IN                            8.4835              20360601                            360                      359
OH                            7.6085              20360501                            360                      358
OH                            7.6085              20360601                            360                      359
KY                            7.3585              20360701                            360                      360
IN                            7.2335              20360501                            360                      358
OH                            7.9835              20360701                            360                      360
TN                            7.2335              20360701                            360                      360
OH                            8.4835              20360601                            360                      359
KY                            7.3585              20360601                            360                      359
IN                            7.9835              20360601                            360                      359
KY                            7.2335              20360701                            360                      360
HI                            6.3585              20360601                            360                      359
HI                            6.3585              20360601                            360                      359
CO                            7.6085              20360501                            360                      358
FL                            7.6085              20360601                            360                      359
CO                            7.3585              20360601                            360                      359
CO                            7.1085              20360501                            360                      358
CO                            6.8585              20360601                            360                      359
CO                            7.4835              20360601                            360                      359
IL                            7.8585              20360501                            360                      358
WY                            6.6085              20360601                            360                      359
FL                            7.6085              20360701                            360                      360
DC                            6.6085              20360501                            360                      358
VA                            7.9835              20360601                            360                      359
NJ                            6.6085              20360701                            360                      360
ME                            6.9835              20360701                            360                      360
VA                            7.6085              20360701                            360                      360
VA                            6.6085              20360601                            360                      359
DE                            7.1085              20360501                            360                      358
ID                            6.6085              20360701                            360                      360
TX                            6.6085              20360601                            360                      359
SC                            7.4835              20360601                            360                      359
GA                            7.6085              20360501                            360                      358
SC                            7.3585              20360701                            360                      360
SC                            7.4835              20360601                            360                      359
NC                            7.8585              20360501                            360                      358
MN                            6.9835              20360401                            360                      357
AZ                            7.6085              20360301                            360                      356
TX                            7.8585              20360601                            360                      359
TX                            7.7335              20360601                            360                      359
TX                            7.2335              20360601                            360                      359
TX                            7.8585              20360601                            360                      359
AZ                            7.2335              20360601                            360                      359
FL                            7.7335              20360401                            360                      357
AZ                            7.2335              20360601                            360                      359
TX                            7.2335              20360601                            360                      359
KS                            7.3585              20360601                            360                      359
AZ                            7.2335              20360601                            360                      359
MO                            7.8585              20360601                            360                      359
TX                            7.8585              20360701                            360                      360
AZ                            6.6085              20360701                            360                      360
TX                            7.6085              20360601                            360                      359
CO                            7.2335              20360601                            360                      359
AZ                            7.4835              20360601                            360                      359
TX                            7.1085              20360701                            360                      360
MO                            8.2335              20360601                            360                      359
TX                            6.8585              20360601                            360                      359
MO                            7.6085              20360501                            360                      358
TX                            7.7335              20360701                            360                      360
TX                            7.6085              20360501                            360                      358
TX                            7.7335              20360601                            360                      359
TX                            7.8585              20360601                            360                      359
TX                            7.6085              20360501                            360                      358
TX                            7.4835              20360501                            360                      358
TX                            7.7335              20360501                            360                      358
TX                            7.6085              20360601                            360                      359
NC                            7.9835              20360601                            360                      359
TX                            7.7335              20360701                            360                      360
TX                            8.7335              20360501                            360                      358
TX                            7.1085              20360601                            360                      359
TN                            7.6085              20360501                            360                      358
TX                            8.1085              20360601                            360                      359
TX                            7.7335              20360601                            360                      359
TX                            7.7335              20360601                            360                      359
TX                            7.9835              20360601                            360                      359
FL                            7.4835              20360601                            360                      359
NC                            6.7335              20360501                            360                      358
FL                            7.6085              20360601                            360                      359
CA                            6.8585              20360601                            360                      359
CA                            6.6085              20360501                            360                      358
FL                            6.6085              20360501                            360                      358
NM                            7.2335              20360501                            360                      358
CO                            6.4835              20360401                            360                      357
VA                            7.4835              20360601                            360                      359
OH                            6.6085              20360601                            360                      359
FL                            9.3585              20360601                            360                      359
FL                            7.6085              20360701                            360                      360
FL                            7.3585              20360601                            360                      359
OH                            6.4835              20360601                            360                      359
FL                            6.1085              20360701                            360                      360
OH                            8.3585              20360601                            360                      359
FL                            8.2335              20360601                            360                      359
NY                            6.4835              20360101                            360                      354
NY                            5.6085              20351201                            360                      353
TN                            7.9835              20360601                            360                      359
RI                            7.2335              20360601                            360                      359
NY                            7.6085              20360601                            360                      359
NJ                            7.4835              20360601                            360                      359
PA                            8.8585              20360601                            360                      359
CT                            7.3585              20360501                            360                      358
RI                            7.1085              20360601                            360                      359
NJ                            7.6085              20360701                            360                      360
OK                            7.9835              20360601                            360                      359
TX                            7.3585              20360601                            360                      359
TX                            6.2335              20360601                            360                      359
OK                            6.9835              20360601                            360                      359
OK                            8.7335              20360601                            360                      359
TX                            7.2335              20360601                            360                      359
OK                            7.2335              20360501                            360                      358
TX                            7.1085              20360601                            360                      359
TX                            6.9835              20360701                            360                      360
TX                            6.7335              20360601                            360                      359
MD                            6.7335              20360501                            360                      358
VA                            7.2335              20360601                            360                      359
MD                            7.2335              20360501                            360                      358
NC                            7.4835              20360601                            360                      359
DC                            6.6085              20360501                            360                      358
NC                            7.2335              20360501                            360                      358
MD                            7.1085              20360601                            360                      359
MD                            6.7335              20360601                            360                      359
NC                            7.2335              20360601                            360                      359
MD                            7.3585              20360601                            360                      359
ME                            6.2335              20360601                            360                      359
MA                            6.6085              20360401                            360                      357
RI                            6.6085              20360501                            360                      358
MD                            6.7335              20360601                            360                      359
CA                            6.8585              20360701                            360                      360
CT                            7.3585              20360601                            360                      359
CA                            7.6085              20360701                            360                      360
CA                            7.3585              20360501                            360                      358
SC                            7.1085              20360701                            360                      360
AL                            7.3585              20360501                            360                      358
VA                            6.3585              20360401                            360                      357
FL                            6.6085              20360601                            360                      359
MD                            7.1085              20360601                            360                      359
NJ                            6.9835              20360601                            360                      359
GA                            7.2335              20360601                            360                      359
NC                            7.4835              20360601                            360                      359
NC                            7.3585              20360501                            360                      358
FL                            7.6085              20360501                            360                      358
MD                            7.4835              20360701                            360                      360
WA                            7.7335              20360701                            360                      360
WA                            8.4835              20360301                            360                      356
KS                            7.6085              20360601                            360                      359
IN                            7.6085              20360501                            360                      358
WA                            7.7335              20360701                            360                      360
TX                            7.9835              20360501                            360                      358
IL                            7.4835              20360401                            360                      357
CA                            8.3585              20360401                            360                      357
IL                            7.9835              20360401                            360                      357
NY                            7.3585              20360501                            360                      358
PA                            8.7335              20360501                            360                      358
CA                            7.4835              20360301                            360                      356
MI                            8.8585              20360401                            360                      357
CO                            7.3585              20360501                            360                      358
TX                            9.2335              20360601                            360                      359
FL                            6.6085              20360301                            360                      356
TX                            7.3585              20360201                            360                      355
TX                            7.2335              20360101                            360                      354
NM                            7.9835              20360601                            360                      359
FL                            6.8585              20360601                            360                      359
PA                            7.6085              20360501                            360                      358
NV                            7.9835              20360601                            360                      359
AZ                            6.3585              20360701                            360                      360
CA                            6.9835              20360501                            360                      358
CA                            7.3585              20360601                            360                      359
AZ                            6.8585              20360601                            360                      359
MD                            7.6085              20360601                            360                      359
CA                            7.4835              20360501                            360                      358
AZ                            6.3585              20360701                            360                      360
AZ                            7.4835              20360701                            360                      360
AZ                            7.2335              20360501                            360                      358
NY                            7.6085              20360701                            360                      360
NY                            7.2335              20360601                            360                      359
NY                            7.6085              20360601                            360                      359
NJ                            7.2335              20360601                            360                      359
PA                            7.9835              20360601                            360                      359
PA                            6.9835              20360701                            360                      360
FL                            7.6085              20360501                            360                      358
FL                            8.4835              20360401                            360                      357
TX                            8.6085              20360401                            360                      357
CA                            6.9835              20360601                            360                      359
CA                            6.6085              20360601                            360                      359
NY                            6.4835              20360501                            360                      358
NY                            6.4835              20360401                            360                      357
NY                            6.8585              20360601                            360                      359
UT                            7.7335              20360501                            360                      358
OR                            6.6085              20360601                            360                      359
ID                            8.4835              20360601                            360                      359
WA                            6.9835              20360601                            360                      359
CA                            7.1085              20360501                            360                      358
FL                            7.2335              20360301                            360                      356
WA                            7.3585              20360701                            360                      360
OH                            7.6085              20360601                            360                      359
MD                            7.2335              20360701                            360                      360
MD                            8.2335              20360601                            360                      359
VA                            6.9835              20360701                            360                      360
MD                            8.2335              20360601                            360                      359
MD                            8.2335              20360601                            360                      359
CO                            7.3585              20360701                            360                      360
MD                            8.2335              20360601                            360                      359
CA                            7.2335              20360601                            360                      359
IA                            8.3585              20360601                            360                      359
SC                            7.7335              20360601                            360                      359
MD                            8.8585              20360601                            360                      359
FL                            7.8585              20360701                            360                      360
FL                            6.6085              20360501                            360                      358
FL                            7.3585              20360701                            360                      360
FL                            7.4835              20360601                            360                      359
FL                            6.6085              20360601                            360                      359
CA                            7.2335              20360701                            360                      360
CA                            6.7335              20360601                            360                      359
WA                            7.3585              20360601                            360                      359
GA                            8.7335              20360601                            360                      359
SC                            8.7335              20360501                            360                      358
SC                            8.8585              20360701                            360                      360
GA                            7.7335              20360601                            360                      359
FL                            7.4835              20360501                            360                      358
GA                            7.4835              20360701                            360                      360
GA                            7.3585              20360601                            360                      359
SC                            6.9835              20360501                            360                      358
NV                            6.2335              20360601                            360                      359
CO                            6.4835              20360701                            360                      360
NV                            7.1085              20360601                            360                      359
UT                            6.3585              20360601                            360                      359
GA                            6.9835              20360501                            360                      358
GA                            7.2335              20360501                            360                      358
GA                            8.1085              20360601                            360                      359
GA                            7.3585              20360501                            360                      358
GA                            6.1085              20360601                            360                      359
GA                            6.8585              20360501                            360                      358
FL                            7.6085              20360701                            360                      360
GA                            7.6085              20360601                            360                      359
NC                            6.4835              20360601                            360                      359
GA                            6.4835              20360601                            360                      359
GA                            6.4835              20360701                            360                      360
GA                            6.3585              20360601                            360                      359
GA                            6.1085              20360501                            360                      358
GA                            6.2335              20360501                            360                      358
GA                            7.3585              20260601                            240                      239
GA                            6.1085              20360701                            360                      360
NC                            7.2335              20360701                            360                      360
FL                            7.2335              20360601                            360                      359
GA                            7.3585              20360701                            360                      360
GA                            7.4835              20360601                            360                      359
GA                            5.9835              20360701                            360                      360
GA                            7.2335              20360601                            360                      359
NC                            7.3585              20360601                            360                      359
GA                            6.2335              20360601                            360                      359
GA                            6.1085              20360601                            360                      359
NC                            6.9835              20360501                            360                      358
GA                            6.8585              20360601                            360                      359
GA                            7.3585              20360601                            360                      359
NC                            7.3585              20360601                            360                      359
GA                            7.1085              20360601                            360                      359
GA                            6.2335              20360701                            360                      360
GA                            6.6085              20360601                            360                      359
NC                            8.2335              20360601                            360                      359
FL                            7.4835              20360701                            360                      360
FL                            7.3585              20360601                            360                      359
NC                            7.3585              20360601                            360                      359
GA                            6.4835              20360601                            360                      359
GA                            7.1085              20360601                            360                      359
GA                            6.2335              20360701                            360                      360
FL                            6.4835              20360601                            360                      359
FL                            7.2335              20360701                            360                      360
NJ                            6.6085              20360701                            360                      360
NY                            7.1085              20360701                            360                      360
FL                            6.9835              20360701                            360                      360
CA                            6.4835              20360601                            360                      359
NJ                            6.7335              20360601                            360                      359
FL                            7.3585              20360701                            360                      360
MO                            7.4835              20360701                            360                      360
VA                            6.9835              20360601                            360                      359
VA                            6.9835              20360601                            360                      359
OH                            6.2335              20350701                            360                      348
IN                            6.4835              20360501                            360                      358
IN                            6.4835              20360601                            360                      359
OH                            7.2335              20351101                            360                      352
OH                            6.7335              20351101                            360                      352
IN                            6.4835              20360601                            360                      359
OH                            5.7235              20351001                            360                      351
IN                            6.4835              20360501                            360                      358
MI                            6.3585              20351001                            360                      351
IN                            6.4835              20360501                            360                      358
IN                            6.4835              20360601                            360                      359
IN                            6.7335              20360601                            360                      359
IN                            6.4835              20360601                            360                      359
OH                            5.6085              20360401                            360                      357
UT                            7.2335              20360601                            360                      359
UT                            7.4835              20360601                            360                      359
MN                            7.6085              20360601                            360                      359
MN                            7.4835              20360601                            360                      359
TX                            7.6085              20360601                            360                      359
TX                            7.4835              20360601                            360                      359
CA                            6.2335              20360401                            360                      357
TX                            7.4835              20360701                            360                      360
TX                            7.4835              20360701                            360                      360
TX                            6.2335              20360701                            360                      360
TN                            7.2335              20360601                            360                      359
TX                            7.6085              20360601                            360                      359
TX                            7.2335              20360701                            360                      360
TX                            7.6085              20360701                            360                      360
TX                            8.2335              20360701                            360                      360
CA                            6.1085              20360401                            360                      357
TX                            7.2335              20360601                            360                      359
TX                            8.2335              20360701                            360                      360
TX                            7.8585              20360601                            360                      359
TX                            7.6085              20360601                            360                      359
GA                            7.3585              20360701                            360                      360
GA                            7.7335              20360701                            360                      360
AZ                            7.1085              20360601                            360                      359
AZ                            7.9835              20360701                            360                      360
OR                            7.1085              20360501                            360                      358
GA                            6.6085              20360701                            360                      360
GA                            6.8585              20360601                            360                      359
AZ                            6.7335              20360501                            360                      358
AZ                            7.4835              20360601                            360                      359
WI                            7.1085              20360601                            360                      359
TX                            7.6085              20360701                            360                      360
TX                            7.2335              20360701                            360                      360
TX                            7.8585              20360701                            360                      360
TX                            7.4835              20360501                            360                      358
ID                            6.9835              20360701                            360                      360
GA                            7.7335              20360701                            360                      360
GA                            7.2335              20360701                            360                      360
WA                            7.1085              20360701                            360                      360
TX                            7.6085              20360601                            360                      359
WA                            6.7335              20360701                            360                      360
CO                            7.3585              20360601                            360                      359
IN                            8.2335              20360601                            360                      359
GA                            7.3585              20360601                            360                      359
MN                            7.2335              20360701                            360                      360
MN                            7.4835              20360601                            360                      359
TX                            7.8585              20360601                            360                      359
FL                            6.7335              20360701                            360                      360
TX                            8.6085              20360701                            360                      360
TX                            6.9835              20360601                            360                      359
TX                            7.8585              20360601                            360                      359
TX                            7.8585              20360601                            360                      359
TX                            8.3585              20360601                            360                      359
TX                            7.3585              20360701                            360                      360
TX                            7.8585              20360601                            360                      359
NC                            6.9835              20360501                            360                      358
TX                            7.6085              20360601                            360                      359
NM                            7.3585              20360501                            360                      358
NC                            8.3585              20360601                            360                      359
TX                            7.1085              20360601                            360                      359
TX                            6.6085              20360601                            360                      359
TX                            8.2335              20360601                            360                      359
TX                            8.8585              20360601                            360                      359
VA                            7.2335              20360601                            360                      359
FL                            6.6085              20360601                            360                      359
CO                            6.9835              20360601                            360                      359
CO                            7.3585              20360601                            360                      359
CO                            7.2335              20360601                            360                      359
CA                            7.1085              20360501                            360                      358
MA                            8.3585              20360501                            360                      358
VA                            6.9835              20360501                            360                      358
FL                            7.3585              20360601                            360                      359
GA                            6.6085              20360401                            360                      357
TX                            7.4835              20360401                            360                      357
TX                            8.4835              20360601                            360                      359
TX                            8.6085              20360601                            360                      359
LA                            7.6085              20360501                            360                      358
UT                            7.1085              20360701                            360                      360
TX                            8.4835              20360501                            360                      358
TX                            7.7335              20360601                            360                      359
IL                            7.2335              20360701                            360                      360
TX                            8.3585              20360601                            360                      359
TX                            8.4835              20360601                            360                      359
TX                            8.6085              20360601                            360                      359
CO                            7.2335              20360401                            360                      357
SC                            8.4835              20360501                            360                      358
IL                            8.6085              20360401                            360                      357
MD                            7.2335              20360601                            360                      359
GA                            7.4835              20360601                            360                      359
MD                            6.9835              20360701                            360                      360
AL                            7.1085              20360601                            360                      359
FL                            6.6085              20360601                            360                      359
AL                            7.6085              20360701                            360                      360
GA                            7.2335              20360601                            360                      359
FL                            7.7335              20360601                            360                      359
MS                            7.4835              20360701                            360                      360
MD                            6.7335              20360501                            360                      358
AL                            7.1085              20360701                            360                      360
NC                            7.7335              20360701                            360                      360
GA                            7.8585              20360701                            360                      360
NC                            7.7335              20360601                            360                      359
WI                            7.4835              20360701                            360                      360
MI                            7.4835              20360701                            360                      360
MA                            6.7335              20360601                            360                      359
FL                            7.8585              20360601                            360                      359
CA                            8.2335              20360601                            360                      359
NV                            8.1085              20360601                            360                      359
CA                            7.6085              20360401                            360                      357
TX                            8.4835              20360501                            360                      358
NV                            7.2335              20360601                            360                      359
NV                            7.1085              20360601                            360                      359
NV                            7.6085              20360601                            360                      359
CO                            6.6085              20360701                            360                      360
CT                            7.9835              20360401                            360                      357
MA                            6.6085              20360601                            360                      359
NJ                            6.9835              20360701                            360                      360
CA                            7.8585              20360601                            360                      359
CA                            8.4835              20360601                            360                      359
CA                            7.2335              20360501                            360                      358
OH                            8.4835              20360501                            360                      358
TX                            7.6085              20360601                            360                      359
HI                            6.7335              20360601                            360                      359
AZ                            5.6085              20360301                            360                      356
IL                           10.2335              20360501                            360                      358
OH                            6.3585              20360501                            360                      358
AZ                            9.3585              20360601                            360                      359
FL                            9.2335              20360501                            360                      358
LA                            8.2335              20360601                            360                      359
OH                            7.6085              20360401                            360                      357
CA                            6.9835              20360401                            360                      357
FL                            6.1085              20360301                            360                      356
AZ                            8.3585              20360601                            360                      359
WI                            6.4835              20360401                            360                      357
NV                            7.2335              20360601                            360                      359
WA                            9.3585              20360601                            360                      359
TX                            7.7335              20360701                            360                      360
OH                            7.2335              20360501                            360                      358
NC                            8.2335              20360601                            360                      359
LA                            6.3585              20360301                            360                      356
TX                            7.2335              20360501                            360                      358
TX                            6.8585              20360601                            360                      359
AL                            7.7335              20360501                            360                      358
NC                            7.2335              20360601                            360                      359
TX                            6.8585              20360601                            360                      359
AL                            7.3585              20360601                            360                      359
NC                            7.2335              20360601                            360                      359
AL                            6.7335              20360601                            360                      359
TX                            7.2335              20360601                            360                      359
AL                            6.7335              20360601                            360                      359
TX                            7.2335              20360601                            360                      359
TX                            6.8585              20360601                            360                      359
TX                            6.9835              20360601                            360                      359
OH                            6.3585              20360601                            360                      359
MD                            6.6085              20360701                            360                      360
VA                            7.3585              20360601                            360                      359
OH                            6.6085              20360701                            360                      360
OH                            6.8585              20360701                            360                      360
OH                            6.4835              20360501                            360                      358
VA                            7.4835              20360701                            360                      360
VA                            7.3585              20360701                            360                      360
NJ                            7.7335              20360601                            360                      359
PA                            7.4835              20360601                            360                      359
MD                            7.3585              20360601                            360                      359
NJ                            7.8585              20360601                            360                      359
MD                            7.4835              20360601                            360                      359
MD                            7.4835              20360601                            360                      359
OH                            7.2335              20360601                            360                      359
FL                            7.1085              20360301                            360                      356
GA                            7.3585              20360701                            360                      360
CA                            6.9835              20360601                            360                      359
CA                            7.2335              20360601                            360                      359
MA                            7.2335              20360701                            360                      360
FL                            6.7335              20360701                            360                      360
AZ                            7.2335              20360701                            360                      360
AZ                            7.3585              20360601                            360                      359
GA                            7.3585              20360601                            360                      359
GA                            7.6085              20360601                            360                      359
GA                            7.2335              20360601                            360                      359
GA                            7.2335              20360601                            360                      359
GA                            6.6085              20360501                            360                      358
GA                            6.2335              20360501                            360                      358
GA                            7.1085              20360501                            360                      358
NC                            6.9835              20360501                            360                      358
GA                            7.4835              20360601                            360                      359
GA                            6.4835              20360501                            360                      358
GA                            7.8585              20360401                            360                      357
GA                            6.6085              20360601                            360                      359
GA                            8.2335              20360601                            360                      359
GA                            7.8585              20360401                            360                      357
GA                            7.7335              20360601                            360                      359
SC                            6.9835              20360501                            360                      358
GA                            6.3585              20360601                            360                      359
GA                            8.4835              20360501                            360                      358
GA                            7.1085              20360501                            360                      358
GA                            6.9835              20360501                            360                      358
GA                            7.6085              20360501                            360                      358
GA                            8.2335              20360601                            360                      359
GA                            7.2335              20360501                            360                      358
GA                            6.8585              20360501                            360                      358
GA                            6.6085              20360601                            360                      359
GA                            8.1085              20360601                            360                      359
GA                            6.3585              20360501                            360                      358
GA                            6.9835              20360401                            360                      357
GA                            7.1085              20360601                            360                      359
GA                            7.1085              20360601                            360                      359
GA                            6.7335              20360501                            360                      358
GA                            6.9835              20360501                            360                      358
GA                            7.8585              20360401                            360                      357
GA                            7.1085              20360501                            360                      358
GA                            7.1085              20360501                            360                      358
GA                            6.4835              20360601                            360                      359
GA                            6.7335              20360601                            360                      359
GA                            7.1085              20360601                            360                      359
GA                            6.7335              20360701                            360                      360
GA                            6.8585              20360601                            360                      359
GA                            7.2335              20360601                            360                      359
GA                            6.7335              20360501                            360                      358
GA                            6.6085              20360701                            360                      360
GA                            7.4835              20360501                            360                      358
GA                            7.4835              20360401                            360                      357
GA                            6.4835              20360601                            360                      359
FL                            7.3585              20360601                            360                      359
GA                            8.6085              20360601                            360                      359
WY                            7.1085              20360601                            360                      359
CO                            7.4835              20360701                            360                      360
CO                            6.9835              20360601                            360                      359
AR                            6.4835              20360301                            360                      356
CA                            6.4835              20360601                            360                      359
CA                            6.4835              20360601                            360                      359
CA                            6.6085              20360601                            360                      359
CA                            6.4835              20360301                            360                      356
FL                            6.3585              20360601                            360                      359
CA                            6.1085              20360301                            360                      356
FL                            7.4835              20360601                            360                      359
TX                            7.6085              20360601                            360                      359
CO                            7.7335              20360601                            360                      359
NY                            7.4835              20360401                            360                      357
TX                            7.2335              20360601                            360                      359
IN                            7.1085              20360701                            360                      360
TX                            6.4835              20360601                            360                      359
TX                            6.4835              20360601                            360                      359
IN                            7.3585              20360501                            360                      358
TX                            7.8585              20360501                            360                      358
IA                            8.7335              20360501                            360                      358
TX                            6.4835              20360601                            360                      359
MS                            6.6085              20360601                            360                      359
TX                            7.4835              20360701                            360                      360
IN                            7.1085              20360701                            360                      360
GA                            7.1085              20360701                            360                      360
GA                            7.6085              20360701                            360                      360
FL                            7.8585              20360601                            360                      359
GA                            7.4835              20360501                            360                      358
GA                            7.7335              20360601                            360                      359
GA                            7.3585              20360601                            360                      359
GA                            7.9835              20360501                            360                      358
AL                            9.2335              20360601                            360                      359
GA                            7.3585              20360601                            360                      359
GA                            6.6085              20360701                            360                      360
SC                            7.2335              20360501                            360                      358
TN                            6.8585              20360601                            360                      359
GA                            7.2335              20360601                            360                      359
GA                            6.9835              20360601                            360                      359
GA                            7.4835              20360601                            360                      359
GA                            6.6085              20360501                            360                      358
AL                            6.6085              20360701                            360                      360
FL                            7.8585              20360601                            360                      359
GA                            6.6085              20360701                            360                      360
SC                            7.6085              20360601                            360                      359
GA                            8.1085              20360501                            360                      358
GA                            7.9835              20360601                            360                      359
TN                            6.9835              20360701                            360                      360
NC                            7.7335              20360601                            360                      359
GA                            7.4835              20360501                            360                      358
GA                            7.8585              20360701                            360                      360
GA                            7.3585              20360601                            360                      359
GA                            7.3585              20360601                            360                      359
NC                            6.9835              20360601                            360                      359
MI                            7.8585              20360501                            360                      358
TX                            7.7335              20360701                            360                      360
KS                            7.7335              20360401                            360                      357
OR                            7.3585              20360601                            360                      359
MO                            6.8585              20360501                            360                      358
FL                            7.3585              20360501                            360                      358
TX                            7.6085              20360701                            360                      360
TX                            7.6085              20360601                            360                      359
TX                            7.7335              20360701                            360                      360
TX                            7.2335              20360501                            360                      358
IL                            5.8585              20360301                            360                      356
TX                            6.9835              20360501                            360                      358
UT                            7.3585              20360701                            360                      360
WA                            7.1085              20360601                            360                      359
MS                            7.6085              20360701                            360                      360
TN                            7.4835              20360601                            360                      359
TX                            6.8585              20360501                            360                      358
TX                            7.4835              20360601                            360                      359
TX                            8.2335              20360601                            360                      359
TX                            7.3585              20360601                            360                      359
TX                            7.6085              20360701                            360                      360
MO                            6.4835              20360601                            360                      359
TX                            7.3585              20360601                            360                      359
TX                            7.3585              20360601                            360                      359
TX                            7.4835              20360601                            360                      359
CA                            7.4835              20360601                            360                      359
CA                            7.2335              20360401                            360                      357
IL                            7.3585              20360701                            360                      360
IL                            7.1085              20360701                            360                      360
FL                            7.4835              20360701                            360                      360
NV                            6.9835              20360701                            360                      360
AZ                            6.7335              20360601                            360                      359
NV                            7.6085              20360701                            360                      360
NV                            7.3585              20360701                            360                      360
FL                            7.2335              20360601                            360                      359
NC                            6.4835              20360701                            360                      360
IL                            7.4835              20360701                            360                      360
TX                            7.3585              20360501                            360                      358
CO                            7.1085              20360601                            360                      359
FL                            7.9835              20360701                            360                      360
AZ                            6.8585              20360201                            360                      355
NV                            7.9835              20360601                            360                      359
FL                            7.4835              20360701                            360                      360
AZ                            7.4835              20360701                            360                      360
TX                            6.4835              20360601                            360                      359
FL                            8.4835              20360501                            360                      358
IL                            7.4835              20360701                            360                      360
MI                            7.4835              20360601                            360                      359
VA                            7.7335              20360601                            360                      359
IL                            7.7335              20360701                            360                      360
FL                            6.9835              20360601                            360                      359
CA                            6.9835              20360701                            360                      360
FL                            8.1085              20360701                            360                      360
NV                            7.1085              20360601                            360                      359
FL                            7.6085              20360701                            360                      360
NM                            6.8585              20360601                            360                      359
PA                            6.7335              20360701                            360                      360
UT                            6.9835              20360601                            360                      359
CO                            8.2335              20360601                            360                      359
CO                            7.2335              20360601                            360                      359
UT                            8.8585              20360601                            360                      359
CO                            7.8585              20360601                            360                      359
UT                            7.4835              20360601                            360                      359
CO                            7.4835              20360701                            360                      360
UT                            7.7335              20360701                            360                      360
TX                            6.8585              20360701                            360                      360
UT                            7.2335              20360601                            360                      359
UT                            7.1085              20360601                            360                      359
CO                            7.3585              20360601                            360                      359
UT                            7.2335              20360601                            360                      359
CO                            6.7335              20360601                            360                      359
CO                            8.8585              20360701                            360                      360
UT                            7.1085              20360701                            360                      360
UT                            8.8585              20360701                            360                      360
NV                            6.9835              20360601                            360                      359
NV                            7.4835              20360701                            360                      360
NV                            7.2335              20360701                            360                      360
NV                            7.4835              20360601                            360                      359
NV                            5.4835              20360701                            360                      360
NV                            7.6085              20360601                            360                      359
MA                            7.2335              20360701                            360                      360
IL                            6.8585              20360601                            360                      359
CA                            6.7335              20360601                            360                      359
MA                            7.3585              20360601                            360                      359
CA                            6.7335              20360401                            360                      357
CO                            7.2335              20360701                            360                      360
MI                            6.8585              20360501                            360                      358
MA                            7.3585              20360601                            360                      359
MA                            7.2335              20360701                            360                      360
VA                            6.6085              20360601                            360                      359
CA                            7.2335              20360701                            360                      360
ME                            7.2335              20360601                            360                      359
ME                            7.9835              20360601                            360                      359
NH                            8.2335              20360601                            360                      359
AZ                            7.3585              20360501                            360                      358
MO                            7.2335              20360601                            360                      359
OK                            7.3585              20360601                            360                      359
OH                            7.6085              20360501                            360                      358
OK                            8.3585              20360601                            360                      359
OK                            8.3585              20360601                            360                      359
OH                            7.3585              20360601                            360                      359
OK                            8.3585              20360501                            360                      358
AZ                            7.4835              20360601                            360                      359
AZ                            6.7335              20360601                            360                      359
FL                            6.6085              20360601                            360                      359
OK                            7.1085              20360601                            360                      359
TX                            8.2335              20360601                            360                      359
OK                            8.4835              20360501                            360                      358
OK                            8.3585              20360501                            360                      358
MI                            8.1085              20360601                            360                      359
TX                            7.3585              20360601                            360                      359
TX                            8.3585              20360501                            360                      358
TX                            7.3585              20360601                            360                      359
TX                            7.3585              20360501                            360                      358
TX                            7.1085              20360501                            360                      358
TX                            8.3585              20360501                            360                      358
AR                            8.6085              20360601                            360                      359
TX                            7.3585              20360501                            360                      358
TX                            8.1085              20360501                            360                      358
FL                            7.2335              20360501                            360                      358
TX                            7.2335              20360501                            360                      358
TX                            7.1085              20360601                            360                      359
UT                            6.7335              20360401                            360                      357
TX                            7.9835              20360601                            360                      359
FL                            6.9835              20360601                            360                      359
UT                            7.7335              20360701                            360                      360
FL                            7.9835              20360701                            360                      360
TX                            7.6085              20360501                            360                      358
FL                            7.4835              20360601                            360                      359
TX                            7.6085              20360601                            360                      359
FL                            6.6085              20360601                            360                      359
UT                            7.7335              20360601                            360                      359
TX                            7.6085              20360601                            360                      359
FL                            7.3585              20360601                            360                      359
FL                            7.4835              20360701                            360                      360
UT                            7.6085              20360501                            360                      358
CO                            6.9835              20360701                            360                      360
TX                            7.6085              20360701                            360                      360
ID                            7.2335              20360601                            360                      359
CO                            7.6085              20360701                            360                      360
UT                            7.6085              20360601                            360                      359
FL                            7.8585              20360601                            360                      359
UT                            6.3585              20360501                            360                      358
TX                            7.7335              20360601                            360                      359
UT                            8.1085              20360601                            360                      359
TX                            7.4835              20360601                            360                      359
CA                            7.6085              20360601                            360                      359
TX                            7.7335              20360501                            360                      358
OR                            6.8585              20360701                            360                      360
UT                            7.1085              20360701                            360                      360
FL                            8.3585              20360601                            360                      359
FL                            7.7335              20360501                            360                      358
FL                            7.4835              20360501                            360                      358
TX                            7.4835              20360501                            360                      358
CO                            6.8585              20360701                            360                      360
CO                            7.2335              20360601                            360                      359
TX                            7.7335              20360601                            360                      359
CO                            7.8585              20360501                            360                      358
FL                            7.2335              20360601                            360                      359
CA                            7.6085              20360601                            360                      359
TX                            7.7335              20360601                            360                      359
FL                            7.1085              20360601                            360                      359
UT                            7.2335              20360601                            360                      359
TX                            7.2335              20360601                            360                      359
UT                            7.4835              20360601                            360                      359
WA                            7.2335              20360601                            360                      359
UT                            7.4835              20360701                            360                      360
TX                            6.7335              20360401                            360                      357
CA                            7.2335              20360601                            360                      359
FL                            7.7335              20360601                            360                      359
TX                            6.8585              20360601                            360                      359
CO                            7.4835              20360601                            360                      359
TX                            7.4835              20360601                            360                      359
CA                            6.7335              20360501                            360                      358
FL                            7.3585              20360701                            360                      360
CA                            7.6085              20360701                            360                      360
NC                            7.1085              20360601                            360                      359
TX                            7.6085              20360701                            360                      360
MI                            7.7335              20360601                            360                      359
IL                            8.6085              20360401                            360                      357
MI                            6.6085              20360201                            360                      355
OH                            7.6085              20360601                            360                      359
MI                            6.6085              20360101                            360                      354
NV                            6.2335              20360401                            360                      357
OH                            6.6085              20360601                            360                      359
CA                            6.9835              20360601                            360                      359
CA                            8.4835              20360501                            360                      358
VA                            7.2335              20360501                            360                      358
MD                            7.4835              20360601                            360                      359
MD                            7.4835              20360601                            360                      359
VA                            7.8585              20360701                            360                      360
VA                            7.2335              20360501                            360                      358
GA                            7.1085              20360701                            360                      360
VA                            7.2335              20360601                            360                      359
CT                            7.8585              20360201                            360                      355
GA                            6.8585              20360401                            360                      357
ME                            8.4835              20360701                            360                      360
GA                            6.3585              20360301                            360                      356
GA                            7.7335              20360601                            360                      359
MI                            6.6085              20360601                            360                      359
NV                            6.7335              20360601                            360                      359
NV                            6.6085              20360601                            360                      359
NV                            7.2335              20360601                            360                      359
ID                            6.9835              20360601                            360                      359
AZ                            7.6085              20360601                            360                      359
MI                            7.8585              20360601                            360                      359
MI                            7.8585              20360701                            360                      360
TX                            7.3585              20360701                            360                      360
TX                            7.3585              20360701                            360                      360
NE                            8.8585              20360701                            360                      360
CA                            7.4835              20360701                            360                      360
AZ                            6.9835              20360601                            360                      359
AZ                            7.4835              20360601                            360                      359
AZ                            6.9835              20360601                            360                      359
AZ                            7.3585              20360701                            360                      360
AZ                            7.1085              20360101                            360                      354
AZ                            6.9835              20360601                            360                      359
AZ                            7.1085              20360601                            360                      359
IL                            6.7335              20360501                            360                      358
NC                            6.8585              20360701                            360                      360
TN                            5.9835              20360501                            360                      358
TX                            7.9835              20360601                            360                      359
TX                            7.4835              20360601                            360                      359
TX                            8.7335              20360601                            360                      359
TX                            6.4835              20360601                            360                      359
TX                            6.7335              20360301                            360                      356
OH                            8.7335              20360601                            360                      359
SC                            8.6085              20360601                            360                      359
GA                            7.6085              20360601                            360                      359
GA                            7.6085              20360601                            360                      359
GA                            7.6085              20360701                            360                      360
GA                            7.1085              20360701                            360                      360
MI                            7.9835              20360501                            360                      358
MI                            7.1085              20360601                            360                      359
MI                            6.6085              20360401                            360                      357
GA                            7.1085              20360601                            360                      359
MI                            7.4835              20360601                            360                      359
MI                            8.2335              20360601                            360                      359
MN                            7.3585              20360601                            360                      359
CA                            6.9835              20360601                            360                      359
WA                            7.4835              20360601                            360                      359
CA                            7.3585              20360301                            360                      356
PA                            7.2335              20360601                            360                      359
DE                            7.7335              20360601                            360                      359
PA                            7.2335              20360601                            360                      359
NJ                            7.1085              20360601                            360                      359
PA                            6.8585              20360701                            360                      360
PA                            7.4835              20360401                            360                      357
NJ                            7.9835              20360601                            360                      359
NJ                            7.2335              20360601                            360                      359
NJ                            7.2335              20360601                            360                      359
PA                            7.3585              20360501                            360                      358
NJ                            7.6085              20360501                            360                      358
PA                            7.6085              20360601                            360                      359
PA                            6.8585              20360701                            360                      360
NJ                            6.9835              20360601                            360                      359
NJ                            7.9835              20360601                            360                      359
PA                            7.2335              20360601                            360                      359
PA                            7.9835              20360701                            360                      360
DE                            7.3585              20360601                            360                      359
NJ                            7.2335              20360601                            360                      359
DE                            7.2335              20360601                            360                      359
PA                            7.4835              20360601                            360                      359
IN                            7.1085              20360601                            360                      359
FL                            8.2335              20360601                            360                      359
CO                            8.1085              20360601                            360                      359
WI                            7.8585              20360601                            360                      359
WI                            7.8585              20360601                            360                      359
WI                            7.6085              20360601                            360                      359
MN                            8.7335              20360501                            360                      358
WI                            7.4835              20360601                            360                      359
MN                            8.1085              20360701                            360                      360
IA                            7.3585              20360701                            360                      360
VA                            7.8585              20360701                            360                      360
MD                            7.6085              20360701                            360                      360
GA                            7.7335              20360701                            360                      360
IL                            7.9835              20360701                            360                      360
VA                            7.2335              20360601                            360                      359
FL                            7.1085              20360701                            360                      360
VA                            7.4835              20360701                            360                      360
NJ                            6.7335              20360601                            360                      359
NJ                            6.7335              20360601                            360                      359
NJ                            6.7335              20360701                            360                      360
TX                            8.2335              20360601                            360                      359
MI                            7.4835              20360501                            360                      358
CA                            7.4835              20360601                            360                      359
CA                            7.6085              20360601                            360                      359
CO                            6.2335              20360501                            360                      358
MA                            7.6085              20360701                            360                      360
TX                            6.9835              20360601                            360                      359
MA                            6.6085              20360701                            360                      360
TX                            6.8585              20360701                            360                      360
VA                            6.4835              20360601                            360                      359
NH                            6.7335              20360601                            360                      359
MA                            7.3585              20360601                            360                      359
RI                            7.9835              20360501                            360                      358
IL                            6.8585              20360701                            360                      360
AZ                            6.7335              20360601                            360                      359
WA                            6.6085              20360701                            360                      360
MA                            6.6085              20360701                            360                      360
MO                            8.8585              20360601                            360                      359
WI                            8.7335              20360601                            360                      359
GA                            6.8585              20360601                            360                      359
MO                            8.2335              20360701                            360                      360
MO                            8.2335              20360701                            360                      360
MI                            8.2335              20360501                            360                      358
WI                            8.2335              20360601                            360                      359
OH                            8.2335              20360601                            360                      359
FL                            7.6085              20360501                            360                      358
WI                            8.7335              20360601                            360                      359
MO                            7.8585              20360601                            360                      359
AZ                            7.6085              20360601                            360                      359
NH                            8.4835              20360601                            360                      359
WI                            8.2335              20360601                            360                      359
MO                            8.2335              20360701                            360                      360
AZ                            7.2335              20360601                            360                      359
AZ                            7.6085              20360601                            360                      359
VA                            7.7335              20360501                            360                      358
VA                            8.6085              20360401                            360                      357
TX                            7.6085              20360601                            360                      359
TX                            9.2335              20360601                            360                      359
TX                            7.1085              20360601                            360                      359
TX                            7.8585              20360701                            360                      360
CO                            7.7335              20360701                            360                      360
TX                            7.3585              20360701                            360                      360
TX                            7.6085              20360601                            360                      359
TX                            7.6085              20360601                            360                      359
TX                            6.9835              20360601                            360                      359
TX                            7.3585              20360601                            360                      359
TX                            7.9835              20360501                            360                      358
TX                            6.6085              20360601                            360                      359
TX                            8.2335              20360601                            360                      359
TX                            8.3585              20360701                            360                      360
TX                            7.4835              20360701                            360                      360



STATE            ORIGINAL_                            BALLOON            NEG_AM            ORIGINAL_             FIRST_PAY
                 AMORTIZATION_TERM                                                         BALANCE               _DATE
---------------------------------------------------------------------------------------------------------------------------------
VA                                           360      No                 NO                      196,000.00             20060701
VA                                           360      No                 NO                      375,920.00             20060701
MD                                           480      Yes                NO                      225,000.00             20060701
DC                                           360      No                 NO                      569,000.00             20060701
MD                                           360      No                 NO                      226,560.00             20060701
GA                                           360      No                 NO                      256,000.00             20060701
VA                                           360      No                 NO                      308,000.00             20060701
VA                                           360      No                 NO                      324,000.00             20060701
MD                                           360      No                 NO                      204,000.00             20060701
VA                                           360      No                 NO                      364,000.00             20060801
PA                                           360      No                 NO                      105,600.00             20060701
GA                                           360      No                 NO                      220,000.00             20060701
PA                                           360      No                 NO                      348,000.00             20060701
MD                                           360      No                 NO                      308,000.00             20060801
MD                                           360      No                 NO                      473,600.00             20060701
VA                                           360      No                 NO                      568,000.00             20060701
GA                                           480      Yes                NO                      115,920.00             20060801
VA                                           360      No                 NO                      530,000.00             20060601
MD                                           360      No                 NO                      549,000.00             20060701
MD                                           360      No                 NO                      110,000.00             20060701
MD                                           360      No                 NO                      240,800.00             20060701
DE                                           360      No                 NO                      180,200.00             20060701
DE                                           360      No                 NO                       85,000.00             20060801
MD                                           360      No                 NO                      174,050.00             20060701
DE                                           360      No                 NO                       52,500.00             20060801
MD                                           360      No                 NO                      154,500.00             20060701
MD                                           360      No                 NO                      348,000.00             20060701
MD                                           360      No                 NO                       52,000.00             20060701
UT                                           360      No                 NO                      187,836.00             20060801
ID                                           360      No                 NO                      511,900.00             20060801
NY                                           360      No                 NO                      333,750.00             20060701
NY                                           360      No                 NO                      332,000.00             20060701
NY                                           360      No                 NO                      384,000.00             20060801
NY                                           360      No                 NO                      337,500.00             20060701
MS                                           360      No                 NO                      188,516.00             20060801
NY                                           360      No                 NO                      498,400.00             20060701
FL                                           360      No                 NO                      163,200.00             20060701
NY                                           360      No                 NO                      453,200.00             20060701
NY                                           360      No                 NO                    1,202,500.00             20060701
NJ                                           360      No                 NO                      375,000.00             20060701
NY                                           360      No                 NO                      360,000.00             20060801
NY                                           360      No                 NO                      516,000.00             20060701
NY                                           360      No                 NO                      307,665.00             20060701
NJ                                           360      No                 NO                      268,000.00             20060701
NY                                           360      No                 NO                      325,000.00             20060701
GA                                           360      No                 NO                       86,400.00             20060701
NY                                           360      No                 NO                      344,250.00             20060701
NY                                           360      No                 NO                      315,000.00             20060701
NY                                           360      No                 NO                      220,000.00             20060801
NY                                           360      No                 NO                      520,000.00             20060701
NY                                           360      No                 NO                      232,500.00             20060701
NJ                                           360      No                 NO                      193,600.00             20060701
MD                                           360      No                 NO                    1,091,750.00             20060701
FL                                           360      No                 NO                      228,000.00             20060701
NJ                                           360      No                 NO                      333,600.00             20060601
NJ                                           360      No                 NO                      261,800.00             20060701
FL                                           360      No                 NO                      116,000.00             20060701
FL                                           360      No                 NO                      168,000.00             20060701
NC                                           360      No                 NO                       59,920.00             20060801
PA                                           360      No                 NO                       70,700.00             20060701
PA                                           360      No                 NO                      120,000.00             20060601
NJ                                           360      No                 NO                      165,900.00             20060701
NJ                                           360      No                 NO                      287,200.00             20060601
NJ                                           360      No                 NO                      206,250.00             20060701
NJ                                           360      No                 NO                      322,500.00             20060701
NJ                                           360      No                 NO                      259,560.00             20060801
NJ                                           360      No                 NO                      158,900.00             20060701
PA                                           360      No                 NO                      126,000.00             20060701
PA                                           360      No                 NO                       56,000.00             20060801
FL                                           360      No                 NO                      123,500.00             20060701
NJ                                           360      No                 NO                      101,500.00             20060801
NJ                                           360      No                 NO                      417,000.00             20060701
FL                                           360      No                 NO                      101,500.00             20060801
NC                                           360      No                 NO                       52,500.00             20060801
NJ                                           360      No                 NO                      153,600.00             20060801
NJ                                           360      No                 NO                      210,000.00             20060701
NJ                                           360      No                 NO                       96,000.00             20060701
FL                                           360      No                 NO                       68,250.00             20060801
GA                                           360      No                 NO                      120,000.00             20060601
NC                                           360      No                 NO                       73,200.00             20060701
GA                                           360      No                 NO                      177,100.00             20060401
GA                                           360      No                 NO                      119,920.00             20060501
GA                                           360      No                 NO                      118,800.00             20060601
SC                                           360      No                 NO                      150,350.00             20060501
GA                                           360      No                 NO                       63,500.00             20060701
GA                                           360      No                 NO                      106,300.00             20060601
GA                                           360      No                 NO                      568,000.00             20060701
TX                                           360      No                 NO                       72,200.00             20060601
TX                                           360      No                 NO                      161,900.00             20060801
OK                                           360      No                 NO                       85,600.00             20060801
TX                                           360      No                 NO                      123,600.00             20060601
TX                                           360      No                 NO                      123,600.00             20060601
TX                                           360      No                 NO                      127,500.00             20060701
TX                                           360      No                 NO                       87,750.00             20060801
TX                                           360      No                 NO                      100,000.00             20060701
TX                                           360      No                 NO                       80,800.00             20060701
TX                                           360      No                 NO                      360,000.00             20060801
TX                                           360      No                 NO                       48,000.00             20060701
WA                                           360      No                 NO                      196,000.00             20060801
OH                                           360      No                 NO                      104,000.00             20060701
TX                                           360      No                 NO                       80,000.00             20060701
FL                                           360      No                 NO                      258,750.00             20060301
TX                                           360      No                 NO                       80,000.00             20060801
TX                                           360      No                 NO                      189,300.00             20060501
TX                                           360      No                 NO                       70,900.00             20060801
TX                                           360      No                 NO                       54,000.00             20060701
OR                                           360      No                 NO                      260,000.00             20060701
TX                                           360      No                 NO                      153,000.00             20060701
OK                                           360      No                 NO                       70,800.00             20060801
TX                                           360      No                 NO                       80,800.00             20060701
TX                                           360      No                 NO                       58,050.00             20060601
TX                                           360      No                 NO                      109,600.00             20060801
TX                                           360      No                 NO                       70,800.00             20060701
NM                                           360      No                 NO                       78,000.00             20060801
FL                                           360      No                 NO                      216,000.00             20060701
FL                                           360      No                 NO                      111,150.00             20060601
PA                                           360      No                 NO                       64,000.00             20060701
NJ                                           360      No                 NO                      432,000.00             20060501
NJ                                           360      No                 NO                      176,000.00             20060701
NJ                                           360      No                 NO                      256,800.00             20060501
NJ                                           360      No                 NO                      208,000.00             20060601
FL                                           360      No                 NO                       94,850.00             20060701
CO                                           360      No                 NO                      192,000.00             20060701
FL                                           360      No                 NO                      227,920.00             20060701
CO                                           360      No                 NO                      183,120.00             20060801
CO                                           360      No                 NO                      204,000.00             20060701
FL                                           360      No                 NO                      168,000.00             20060601
TN                                           360      No                 NO                      169,600.00             20060601
FL                                           360      No                 NO                      504,000.00             20060701
TN                                           360      No                 NO                       51,000.00             20060601
FL                                           360      No                 NO                      158,000.00             20060601
FL                                           360      No                 NO                      417,000.00             20060501
TN                                           360      No                 NO                       51,000.00             20060601
FL                                           360      No                 NO                      507,600.00             20060601
AL                                           360      No                 NO                      515,040.00             20060601
TN                                           360      No                 NO                       51,000.00             20060601
FL                                           360      No                 NO                      287,200.00             20060601
FL                                           360      No                 NO                       70,400.00             20060701
TN                                           360      No                 NO                       51,000.00             20060601
TN                                           360      No                 NO                       91,600.00             20060601
FL                                           360      No                 NO                      167,200.00             20060601
TN                                           360      No                 NO                      132,000.00             20060601
TN                                           360      No                 NO                       51,000.00             20060601
FL                                           360      No                 NO                      520,000.00             20060701
LA                                           360      No                 NO                       95,000.00             20060601
TN                                           360      No                 NO                       78,200.00             20060601
FL                                           360      No                 NO                      135,000.00             20060601
FL                                           360      No                 NO                      720,000.00             20060601
GA                                           360      No                 NO                       93,600.00             20060701
GA                                           360      No                 NO                      109,200.00             20060601
GA                                           360      No                 NO                       74,890.00             20060701
GA                                           360      No                 NO                       75,200.00             20060701
GA                                           360      No                 NO                       62,400.00             20060701
GA                                           360      No                 NO                      100,000.00             20060801
GA                                           360      No                 NO                      121,500.00             20060801
GA                                           360      No                 NO                      194,320.00             20060601
GA                                           360      No                 NO                      134,400.00             20060701
GA                                           360      No                 NO                      145,920.00             20060701
GA                                           360      No                 NO                       93,400.00             20060601
GA                                           360      No                 NO                       81,600.00             20060701
CA                                           360      No                 NO                      162,000.00             20060701
PA                                           360      No                 NO                       64,800.00             20060701
NJ                                           360      No                 NO                      145,000.00             20060701
PA                                           360      No                 NO                      167,200.00             20060601
PA                                           360      No                 NO                       40,000.00             20060801
PA                                           360      No                 NO                      108,800.00             20060701
PA                                           360      No                 NO                      136,000.00             20060701
NY                                           360      No                 NO                      376,000.00             20060701
PA                                           360      No                 NO                       42,400.00             20060801
PA                                           360      No                 NO                       51,600.00             20060601
PA                                           360      No                 NO                       45,600.00             20060701
PA                                           360      No                 NO                      500,000.00             20060701
PA                                           360      No                 NO                       91,200.00             20060701
NY                                           360      No                 NO                      180,000.00             20060701
FL                                           360      No                 NO                      750,000.00             20060701
NY                                           360      No                 NO                      350,000.00             20060701
NY                                           360      No                 NO                    1,100,000.00             20060701
NJ                                           360      No                 NO                      600,000.00             20060801
NY                                           360      No                 NO                      200,000.00             20060701
NY                                           360      No                 NO                      650,000.00             20060801
AZ                                           360      No                 NO                      175,920.00             20060701
AZ                                           480      Yes                NO                      215,200.00             20060701
NJ                                           360      No                 NO                       63,750.00             20060601
NJ                                           360      No                 NO                      106,000.00             20060401
AR                                           360      No                 NO                       52,400.00             20060701
TX                                           360      No                 NO                       94,400.00             20060801
TX                                           360      No                 NO                       54,000.00             20060701
TX                                           360      No                 NO                      128,000.00             20060701
TX                                           360      No                 NO                       51,500.00             20060701
IL                                           360      No                 NO                      131,200.00             20060501
GA                                           360      No                 NO                      413,500.00             20060601
FL                                           360      No                 NO                      104,000.00             20060601
FL                                           360      No                 NO                      163,920.00             20060601
GA                                           360      No                 NO                       76,000.00             20060601
FL                                           360      No                 NO                      145,520.00             20051101
SC                                           360      No                 NO                      450,000.00             20060701
CO                                           480      Yes                NO                      114,100.00             20060601
GA                                           360      No                 NO                       95,200.00             20060701
FL                                           360      No                 NO                      158,950.00             20060101
IN                                           480      Yes                NO                      104,000.00             20060701
MO                                           360      No                 NO                      279,572.00             20060701
AZ                                           360      No                 NO                       55,280.00             20060701
FL                                           360      No                 NO                      179,200.00             20060601
NJ                                           360      No                 NO                      272,000.00             20060701
NY                                           360      No                 NO                      335,200.00             20060701
CA                                           360      No                 NO                      139,600.00             20060701
CA                                           360      No                 NO                      491,400.00             20060501
VA                                           360      No                 NO                      252,000.00             20060701
AZ                                           360      No                 NO                      665,000.00             20060701
TX                                           360      No                 NO                      231,631.00             20060201
CA                                           360      No                 NO                      329,600.00             20060701
TX                                           360      No                 NO                      113,050.00             20060701
TX                                           360      No                 NO                      182,779.00             20060701
AZ                                           360      No                 NO                      476,250.00             20060701
GA                                           360      No                 NO                      107,520.00             20060701
TX                                           360      No                 NO                      187,500.00             20060701
WA                                           360      No                 NO                      361,874.00             20060701
TX                                           360      No                 NO                      105,446.00             20060701
NC                                           360      No                 NO                      140,819.00             20060701
IN                                           360      No                 NO                       82,320.00             20060701
NC                                           360      No                 NO                      165,788.00             20060601
CO                                           480      Yes                NO                       60,000.00             20060701
AZ                                           360      No                 NO                      230,421.00             20060801
CO                                           360      No                 NO                      115,430.00             20060601
TX                                           360      No                 NO                       87,596.00             20060601
CA                                           360      No                 NO                      288,000.00             20060801
MN                                           360      No                 NO                      166,400.00             20060701
MN                                           360      No                 NO                      286,800.00             20060701
TX                                           360      No                 NO                      128,000.00             20060601
GA                                           360      No                 NO                       84,000.00             20060801
GA                                           360      No                 NO                       71,600.00             20060701
TX                                           360      No                 NO                      105,150.00             20060701
GA                                           360      No                 NO                      223,920.00             20060701
TX                                           360      No                 NO                       97,552.00             20060701
CA                                           360      No                 NO                      332,500.00             20060801
GA                                           360      No                 NO                      117,600.00             20060701
IL                                           360      No                 NO                      259,840.00             20060801
IL                                           360      No                 NO                       81,600.00             20060801
NJ                                           360      No                 NO                      646,750.00             20060701
TX                                           360      No                 NO                       56,000.00             20060701
TX                                           360      No                 NO                      130,700.00             20060701
TX                                           360      No                 NO                      157,178.00             20060701
TX                                           360      No                 NO                      102,400.00             20060701
TX                                           360      No                 NO                       54,100.00             20060701
TX                                           360      No                 NO                      113,689.00             20060701
GA                                           360      No                 NO                      212,400.00             20060701
TX                                           360      No                 NO                      102,100.00             20060701
TX                                           360      No                 NO                      164,736.00             20060701
GA                                           360      No                 NO                      214,400.00             20060701
NC                                           360      No                 NO                      151,920.00             20060701
TX                                           360      No                 NO                      162,400.00             20060701
TX                                           360      No                 NO                       85,050.00             20060701
TX                                           360      No                 NO                       50,250.00             20060801
UT                                           360      No                 NO                      323,842.00             20060701
CA                                           480      Yes                NO                      274,300.00             20060601
PA                                           360      No                 NO                      140,800.00             20060601
PA                                           360      No                 NO                      163,920.00             20060701
MD                                           360      No                 NO                      328,000.00             20060701
MI                                           360      No                 NO                       78,500.00             20060701
KY                                           360      No                 NO                       48,150.00             20060401
OH                                           360      No                 NO                      120,000.00             20060701
NV                                           360      No                 NO                      217,600.00             20060601
WA                                           360      No                 NO                      440,000.00             20060701
FL                                           360      No                 NO                      208,000.00             20060701
MD                                           360      No                 NO                      104,000.00             20060601
GA                                           360      No                 NO                       86,400.00             20060601
OR                                           360      No                 NO                      158,200.00             20060701
TX                                           360      No                 NO                      166,593.00             20060701
CA                                           360      No                 NO                      234,000.00             20060601
TX                                           360      No                 NO                      159,200.00             20060701
AZ                                           360      No                 NO                      406,500.00             20060701
TX                                           360      No                 NO                      128,000.00             20060601
AZ                                           360      No                 NO                      284,000.00             20060701
MD                                           360      No                 NO                      270,000.00             20060601
CA                                           480      Yes                NO                      207,000.00             20060501
CA                                           360      No                 NO                      234,000.00             20060601
AZ                                           360      No                 NO                      184,500.00             20060701
CA                                           360      No                 NO                      199,500.00             20060601
AZ                                           360      No                 NO                      239,500.00             20060701
FL                                           360      No                 NO                      200,000.00             20060701
FL                                           360      No                 NO                       74,400.00             20060701
CA                                           360      No                 NO                      332,000.00             20060701
AZ                                           360      No                 NO                      138,600.00             20060701
CA                                           360      No                 NO                      417,000.00             20060701
TX                                           360      No                 NO                       64,000.00             20060701
ID                                           360      No                 NO                      137,250.00             20060801
CA                                           360      No                 NO                      392,000.00             20060701
TX                                           360      No                 NO                      128,000.00             20060701
FL                                           360      No                 NO                      270,400.00             20060801
PA                                           360      No                 NO                      139,600.00             20060601
CA                                           480      Yes                NO                      344,000.00             20060601
KY                                           360      No                 NO                      138,400.00             20060601
TX                                           360      No                 NO                      120,600.00             20060701
TX                                           360      No                 NO                       87,850.00             20060601
FL                                           360      No                 NO                      140,000.00             20060701
AR                                           360      No                 NO                      100,800.00             20060701
AR                                           360      No                 NO                       75,200.00             20060701
OR                                           360      No                 NO                      240,000.00             20060701
MD                                           360      No                 NO                      172,000.00             20060701
ID                                           360      No                 NO                      166,400.00             20060701
CA                                           360      No                 NO                    1,000,000.00             20060801
CA                                           360      No                 NO                      350,000.00             20060701
ID                                           360      No                 NO                      116,800.00             20060801
VA                                           360      No                 NO                      169,200.00             20060801
NJ                                           360      No                 NO                      396,000.00             20060601
CA                                           360      No                 NO                      390,000.00             20060701
VA                                           360      No                 NO                      134,360.00             20060701
OR                                           360      No                 NO                      418,000.00             20060701
OR                                           360      No                 NO                      292,000.00             20060601
OR                                           360      No                 NO                      175,200.00             20060801
ID                                           360      No                 NO                      299,200.00             20060801
TX                                           360      No                 NO                      134,392.00             20060701
PA                                           360      No                 NO                       42,300.00             20060701
CA                                           360      No                 NO                      224,000.00             20060601
CA                                           360      No                 NO                      268,000.00             20060701
KY                                           360      No                 NO                      109,200.00             20060701
FL                                           360      No                 NO                      156,000.00             20060601
MD                                           360      No                 NO                      305,000.00             20060701
OH                                           360      No                 NO                      100,000.00             20060601
IN                                           360      No                 NO                      176,000.00             20060701
OH                                           360      No                 NO                       75,200.00             20060701
KY                                           360      No                 NO                       48,900.00             20060701
IN                                           360      No                 NO                      168,750.00             20060801
KY                                           360      No                 NO                      144,000.00             20060701
OH                                           360      No                 NO                       60,000.00             20060701
IN                                           360      No                 NO                       46,875.00             20060701
OH                                           360      No                 NO                      104,000.00             20060601
OH                                           360      No                 NO                      112,000.00             20060701
KY                                           360      No                 NO                      223,920.00             20060801
IN                                           360      No                 NO                      120,000.00             20060601
OH                                           360      No                 NO                       40,000.00             20060801
TN                                           360      No                 NO                      158,000.00             20060801
OH                                           360      No                 NO                       50,400.00             20060701
KY                                           360      No                 NO                       70,500.00             20060701
IN                                           360      No                 NO                       51,000.00             20060701
KY                                           360      No                 NO                      180,000.00             20060801
HI                                           360      No                 NO                      159,250.00             20060701
HI                                           360      No                 NO                      149,500.00             20060701
CO                                           360      No                 NO                      171,920.00             20060601
FL                                           360      No                 NO                      116,000.00             20060701
CO                                           360      No                 NO                      177,500.00             20060701
CO                                           360      No                 NO                      188,000.00             20060601
CO                                           360      No                 NO                      371,000.00             20060701
CO                                           360      No                 NO                      112,000.00             20060701
IL                                           360      No                 NO                      260,000.00             20060601
WY                                           360      No                 NO                      144,800.00             20060701
FL                                           360      No                 NO                      127,200.00             20060801
DC                                           360      No                 NO                      975,000.00             20060601
VA                                           360      No                 NO                      825,000.00             20060701
NJ                                           360      No                 NO                      576,400.00             20060801
ME                                           360      No                 NO                      230,825.00             20060801
VA                                           360      No                 NO                      475,000.00             20060801
VA                                           360      No                 NO                      400,000.00             20060701
DE                                           360      No                 NO                      184,000.00             20060601
ID                                           360      No                 NO                      259,200.00             20060801
TX                                           360      No                 NO                       69,000.00             20060701
SC                                           360      No                 NO                       96,000.00             20060701
GA                                           360      No                 NO                      380,070.00             20060601
SC                                           360      No                 NO                       74,900.00             20060801
SC                                           360      No                 NO                       88,000.00             20060701
NC                                           360      No                 NO                      150,000.00             20060601
MN                                           360      No                 NO                      320,800.00             20060501
AZ                                           360      No                 NO                       68,800.00             20060401
TX                                           360      No                 NO                       87,950.00             20060701
TX                                           360      No                 NO                       63,920.00             20060701
TX                                           480      Yes                NO                      158,000.00             20060701
TX                                           360      No                 NO                      102,400.00             20060701
AZ                                           360      No                 NO                      191,250.00             20060701
FL                                           360      No                 NO                      101,430.00             20060501
AZ                                           360      No                 NO                      195,300.00             20060701
TX                                           480      Yes                NO                      158,000.00             20060701
KS                                           360      No                 NO                       70,400.00             20060701
AZ                                           360      No                 NO                      205,778.00             20060701
MO                                           360      No                 NO                       82,720.00             20060701
TX                                           360      No                 NO                       88,720.00             20060801
AZ                                           360      No                 NO                      340,000.00             20060801
TX                                           360      No                 NO                      124,520.00             20060701
CO                                           360      No                 NO                      119,200.00             20060701
AZ                                           360      No                 NO                      347,200.00             20060701
TX                                           360      No                 NO                      100,800.00             20060801
MO                                           360      No                 NO                       78,400.00             20060701
TX                                           360      No                 NO                      242,428.00             20060701
MO                                           360      No                 NO                      122,800.00             20060601
TX                                           360      No                 NO                       95,876.00             20060801
TX                                           360      No                 NO                       66,375.00             20060601
TX                                           360      No                 NO                       82,500.00             20060701
TX                                           360      No                 NO                       42,675.00             20060701
TX                                           360      No                 NO                       70,125.00             20060601
TX                                           360      No                 NO                      188,000.00             20060601
TX                                           360      No                 NO                       70,989.00             20060601
TX                                           360      No                 NO                      157,500.00             20060701
NC                                           360      No                 NO                      111,600.00             20060701
TX                                           360      No                 NO                       86,250.00             20060801
TX                                           360      No                 NO                      112,400.00             20060601
TX                                           360      No                 NO                       84,198.00             20060701
TN                                           360      No                 NO                      100,000.00             20060601
TX                                           360      No                 NO                      151,920.00             20060701
TX                                           360      No                 NO                       70,989.00             20060701
TX                                           360      No                 NO                       70,989.00             20060701
TX                                           360      No                 NO                      116,250.00             20060701
FL                                           360      No                 NO                      207,900.00             20060701
NC                                           360      No                 NO                      191,150.00             20060601
FL                                           360      No                 NO                      239,489.00             20060701
CA                                           360      No                 NO                      310,000.00             20060701
CA                                           360      No                 NO                      184,000.00             20060601
FL                                           360      No                 NO                      219,920.00             20060601
NM                                           360      No                 NO                      171,750.00             20060601
CO                                           360      No                 NO                      167,064.00             20060501
VA                                           360      No                 NO                      211,920.00             20060701
OH                                           360      No                 NO                      213,600.00             20060701
FL                                           360      No                 NO                      128,995.00             20060701
FL                                           360      No                 NO                      138,512.00             20060801
FL                                           360      No                 NO                      155,192.00             20060701
OH                                           360      No                 NO                      143,032.00             20060701
FL                                           360      No                 NO                      208,336.00             20060801
OH                                           360      No                 NO                      112,000.00             20060701
FL                                           360      No                 NO                      188,792.00             20060701
NY                                           360      No                 NO                      100,000.00             20060201
NY                                           360      No                 NO                      125,000.00             20060101
TN                                           360      No                 NO                      176,800.00             20060701
RI                                           360      No                 NO                      288,000.00             20060701
NY                                           360      No                 NO                      270,000.00             20060701
NJ                                           360      No                 NO                      261,600.00             20060701
PA                                           360      No                 NO                       47,475.00             20060701
CT                                           480      Yes                NO                      208,720.00             20060601
RI                                           480      Yes                NO                      384,000.00             20060701
NJ                                           360      No                 NO                      973,500.00             20060801
OK                                           360      No                 NO                       54,400.00             20060701
TX                                           360      No                 NO                      148,200.00             20060701
TX                                           360      No                 NO                       86,015.00             20060701
OK                                           360      No                 NO                      100,000.00             20060701
OK                                           360      No                 NO                       66,400.00             20060701
TX                                           360      No                 NO                      114,400.00             20060701
OK                                           360      No                 NO                       94,760.00             20060601
TX                                           360      No                 NO                      129,600.00             20060701
TX                                           360      No                 NO                      417,000.00             20060801
TX                                           360      No                 NO                      140,000.00             20060701
MD                                           360      No                 NO                      404,000.00             20060601
VA                                           360      No                 NO                      169,500.00             20060701
MD                                           360      No                 NO                       72,800.00             20060601
NC                                           360      No                 NO                      126,200.00             20060701
DC                                           360      No                 NO                      341,250.00             20060601
NC                                           360      No                 NO                      181,000.00             20060601
MD                                           360      No                 NO                      279,200.00             20060701
MD                                           360      No                 NO                      206,100.00             20060701
NC                                           360      No                 NO                       86,200.00             20060701
MD                                           360      No                 NO                      104,000.00             20060701
ME                                           360      No                 NO                      143,000.00             20060701
MA                                           360      No                 NO                      176,000.00             20060501
RI                                           360      No                 NO                      236,000.00             20060601
MD                                           360      No                 NO                      417,000.00             20060701
CA                                           360      No                 NO                      417,000.00             20060801
CT                                           360      No                 NO                      153,400.00             20060701
CA                                           360      No                 NO                      570,000.00             20060801
CA                                           360      No                 NO                      650,000.00             20060601
SC                                           360      No                 NO                       93,750.00             20060801
AL                                           360      No                 NO                      105,000.00             20060601
VA                                           360      No                 NO                      300,000.00             20060501
FL                                           360      No                 NO                       70,000.00             20060701
MD                                           360      No                 NO                      353,650.00             20060701
NJ                                           360      No                 NO                      194,400.00             20060701
GA                                           360      No                 NO                      138,000.00             20060701
NC                                           360      No                 NO                      124,500.00             20060701
NC                                           360      No                 NO                      106,500.00             20060601
FL                                           360      No                 NO                      208,000.00             20060601
MD                                           360      No                 NO                       81,900.00             20060801
WA                                           360      No                 NO                      183,750.00             20060801
WA                                           360      No                 NO                      100,000.00             20060401
KS                                           360      No                 NO                       90,350.00             20060701
IN                                           360      No                 NO                      121,500.00             20060601
WA                                           360      No                 NO                      197,850.00             20060801
TX                                           360      No                 NO                       53,200.00             20060601
IL                                           360      No                 NO                      203,000.00             20060501
CA                                           360      No                 NO                      280,000.00             20060501
IL                                           360      No                 NO                      107,900.00             20060501
NY                                           360      No                 NO                      281,600.00             20060601
PA                                           360      No                 NO                      142,800.00             20060601
CA                                           360      No                 NO                      525,000.00             20060401
MI                                           360      No                 NO                       36,700.00             20060501
CO                                           360      No                 NO                      162,400.00             20060601
TX                                           360      No                 NO                      124,800.00             20060701
FL                                           360      No                 NO                       92,000.00             20060401
TX                                           360      No                 NO                      148,000.00             20060301
TX                                           360      No                 NO                      195,040.00             20060201
NM                                           360      No                 NO                      227,200.00             20060701
FL                                           360      No                 NO                      411,340.00             20060701
PA                                           360      No                 NO                      255,500.00             20060601
NV                                           360      No                 NO                    1,950,000.00             20060701
AZ                                           360      No                 NO                      141,000.00             20060801
CA                                           360      No                 NO                      486,000.00             20060601
CA                                           360      No                 NO                      307,500.00             20060701
AZ                                           360      No                 NO                      103,900.00             20060701
MD                                           360      No                 NO                      279,200.00             20060701
CA                                           480      Yes                NO                      268,000.00             20060601
AZ                                           360      No                 NO                      171,000.00             20060801
AZ                                           360      No                 NO                      140,000.00             20060801
AZ                                           360      No                 NO                      112,000.00             20060601
NY                                           360      No                 NO                      344,000.00             20060801
NY                                           360      No                 NO                      267,800.00             20060701
NY                                           360      No                 NO                      473,800.00             20060701
NJ                                           360      No                 NO                      309,600.00             20060701
PA                                           360      No                 NO                       67,200.00             20060701
PA                                           360      No                 NO                      106,400.00             20060801
FL                                           360      No                 NO                      308,091.00             20060601
FL                                           360      No                 NO                      128,280.00             20060501
TX                                           360      No                 NO                      313,040.00             20060501
CA                                           360      No                 NO                      160,000.00             20060701
CA                                           360      No                 NO                      312,000.00             20060701
NY                                           360      No                 NO                      239,000.00             20060601
NY                                           360      No                 NO                      464,000.00             20060501
NY                                           360      No                 NO                      850,000.00             20060701
UT                                           360      No                 NO                       65,925.00             20060601
OR                                           360      No                 NO                      325,000.00             20060701
ID                                           360      No                 NO                      217,000.00             20060701
WA                                           360      No                 NO                      280,000.00             20060701
CA                                           360      No                 NO                      324,000.00             20060601
FL                                           360      No                 NO                      285,000.00             20060401
WA                                           360      No                 NO                      180,000.00             20060801
OH                                           360      No                 NO                       56,800.00             20060701
MD                                           360      No                 NO                      650,000.00             20060801
MD                                           360      No                 NO                      228,000.00             20060701
VA                                           360      No                 NO                      412,000.00             20060801
MD                                           360      No                 NO                       87,200.00             20060701
MD                                           360      No                 NO                      292,000.00             20060701
CO                                           360      No                 NO                      110,400.00             20060801
MD                                           360      No                 NO                      236,000.00             20060701
CA                                           360      No                 NO                    1,120,700.00             20060701
IA                                           360      No                 NO                      100,000.00             20060701
SC                                           360      No                 NO                      700,000.00             20060701
MD                                           360      No                 NO                      208,000.00             20060701
FL                                           360      No                 NO                      147,900.00             20060801
FL                                           360      No                 NO                      148,000.00             20060601
FL                                           360      No                 NO                      151,900.00             20060801
FL                                           360      No                 NO                      147,900.00             20060701
FL                                           360      No                 NO                      184,000.00             20060701
CA                                           360      No                 NO                      492,000.00             20060801
CA                                           360      No                 NO                      340,000.00             20060701
WA                                           360      No                 NO                      272,800.00             20060701
GA                                           360      No                 NO                      360,000.00             20060701
SC                                           360      No                 NO                       46,800.00             20060601
SC                                           360      No                 NO                       48,410.00             20060801
GA                                           360      No                 NO                       68,000.00             20060701
FL                                           360      No                 NO                       92,000.00             20060601
GA                                           360      No                 NO                      288,000.00             20060801
GA                                           360      No                 NO                      142,800.00             20060701
SC                                           360      No                 NO                       98,000.00             20060601
NV                                           360      No                 NO                      284,000.00             20060701
CO                                           480      Yes                NO                      204,892.00             20060801
NV                                           480      Yes                NO                      305,597.00             20060701
UT                                           480      Yes                NO                      179,362.00             20060701
GA                                           360      No                 NO                      323,400.00             20060601
GA                                           360      No                 NO                      239,600.00             20060601
GA                                           360      No                 NO                       78,850.00             20060701
GA                                           360      No                 NO                      104,800.00             20060601
GA                                           360      No                 NO                      498,400.00             20060701
GA                                           360      No                 NO                      150,400.00             20060601
FL                                           360      No                 NO                      136,000.00             20060801
GA                                           360      No                 NO                      198,100.00             20060701
NC                                           360      No                 NO                      208,000.00             20060701
GA                                           360      No                 NO                      182,400.00             20060701
GA                                           360      No                 NO                      504,000.00             20060801
GA                                           360      No                 NO                      196,000.00             20060701
GA                                           360      No                 NO                      552,000.00             20060601
GA                                           360      No                 NO                      943,050.00             20060601
GA                                           240      No                 NO                      144,350.00             20060701
GA                                           360      No                 NO                      964,800.00             20060801
NC                                           360      No                 NO                       51,900.00             20060801
FL                                           360      No                 NO                       94,250.00             20060701
GA                                           360      No                 NO                      115,100.00             20060801
GA                                           360      No                 NO                      124,950.00             20060701
GA                                           360      No                 NO                      550,000.00             20060801
GA                                           360      No                 NO                      108,000.00             20060701
NC                                           360      No                 NO                      244,800.00             20060701
GA                                           360      No                 NO                      568,000.00             20060701
GA                                           360      No                 NO                      639,900.00             20060701
NC                                           360      No                 NO                      199,900.00             20060601
GA                                           360      No                 NO                      503,500.00             20060701
GA                                           360      No                 NO                       60,000.00             20060701
NC                                           360      No                 NO                       56,200.00             20060701
GA                                           360      No                 NO                       93,600.00             20060701
GA                                           360      No                 NO                      471,900.00             20060801
GA                                           360      No                 NO                      160,000.00             20060701
NC                                           360      No                 NO                       85,500.00             20060701
FL                                           360      No                 NO                      154,050.00             20060801
FL                                           360      No                 NO                      426,400.00             20060701
NC                                           360      No                 NO                       54,500.00             20060701
GA                                           360      No                 NO                      582,550.00             20060701
GA                                           360      No                 NO                      112,000.00             20060701
GA                                           360      No                 NO                      580,000.00             20060801
FL                                           360      No                 NO                      466,450.00             20060701
FL                                           360      No                 NO                      168,000.00             20060801
NJ                                           360      No                 NO                      248,000.00             20060801
NY                                           360      No                 NO                      417,000.00             20060801
FL                                           360      No                 NO                      135,750.00             20060801
CA                                           360      No                 NO                      363,000.00             20060701
NJ                                           360      No                 NO                      405,600.00             20060701
FL                                           360      No                 NO                      110,000.00             20060801
MO                                           480      Yes                NO                      250,000.00             20060801
VA                                           360      No                 NO                      320,000.00             20060701
VA                                           480      Yes                NO                      179,400.00             20060701
OH                                           360      No                 NO                      125,000.00             20050801
IN                                           360      No                 NO                       98,000.00             20060601
IN                                           360      No                 NO                       98,000.00             20060701
OH                                           360      No                 NO                      340,000.00             20051201
OH                                           360      No                 NO                      191,700.00             20051201
IN                                           360      No                 NO                       90,800.00             20060701
OH                                           360      No                 NO                      130,000.00             20051101
IN                                           360      No                 NO                      108,185.00             20060601
MI                                           360      No                 NO                      564,000.00             20051101
IN                                           360      No                 NO                      108,185.00             20060601
IN                                           360      No                 NO                       90,800.00             20060701
IN                                           360      No                 NO                      108,185.00             20060701
IN                                           360      No                 NO                       90,800.00             20060701
OH                                           360      No                 NO                       63,000.00             20060501
UT                                           360      No                 NO                    1,331,250.00             20060701
UT                                           360      No                 NO                      142,000.00             20060701
MN                                           360      No                 NO                      107,030.00             20060701
MN                                           360      No                 NO                      121,800.00             20060701
TX                                           360      No                 NO                      231,200.00             20060701
TX                                           360      No                 NO                      107,999.00             20060701
CA                                           360      No                 NO                      231,400.00             20060501
TX                                           360      No                 NO                      130,000.00             20060801
TX                                           360      No                 NO                      101,970.00             20060801
TX                                           360      No                 NO                       99,375.00             20060801
TN                                           360      No                 NO                       94,500.00             20060701
TX                                           360      No                 NO                      166,400.00             20060701
TX                                           360      No                 NO                      101,300.00             20060801
TX                                           360      No                 NO                      169,600.00             20060801
TX                                           360      No                 NO                       67,200.00             20060801
CA                                           360      No                 NO                      208,150.00             20060501
TX                                           360      No                 NO                      100,000.00             20060701
TX                                           360      No                 NO                       62,400.00             20060801
TX                                           480      Yes                NO                      116,000.00             20060701
TX                                           360      No                 NO                      122,880.00             20060701
GA                                           360      No                 NO                      117,600.00             20060801
GA                                           360      No                 NO                      131,920.00             20060801
AZ                                           360      No                 NO                      112,000.00             20060701
AZ                                           360      No                 NO                      194,800.00             20060801
OR                                           360      No                 NO                      158,250.00             20060601
GA                                           480      Yes                NO                      565,000.00             20060801
GA                                           360      No                 NO                       71,400.00             20060701
AZ                                           360      No                 NO                      285,000.00             20060601
AZ                                           360      No                 NO                      150,320.00             20060701
WI                                           360      No                 NO                       53,000.00             20060701
TX                                           360      No                 NO                      132,980.00             20060801
TX                                           360      No                 NO                      101,104.00             20060801
TX                                           360      No                 NO                       86,900.00             20060801
TX                                           360      No                 NO                       85,100.00             20060601
ID                                           360      No                 NO                      135,960.00             20060801
GA                                           360      No                 NO                      188,000.00             20060801
GA                                           360      No                 NO                      391,200.00             20060801
WA                                           360      No                 NO                      115,200.00             20060801
TX                                           360      No                 NO                      133,800.00             20060701
WA                                           360      No                 NO                       95,024.00             20060801
CO                                           360      No                 NO                      780,000.00             20060701
IN                                           360      No                 NO                       74,400.00             20060701
GA                                           360      No                 NO                      104,000.00             20060701
MN                                           360      No                 NO                      348,000.00             20060801
MN                                           360      No                 NO                      100,000.00             20060701
TX                                           360      No                 NO                      212,000.00             20060701
FL                                           360      No                 NO                       55,000.00             20060801
TX                                           360      No                 NO                       50,400.00             20060801
TX                                           360      No                 NO                       68,800.00             20060701
TX                                           360      No                 NO                      114,381.00             20060701
TX                                           360      No                 NO                       90,160.00             20060701
TX                                           360      No                 NO                       37,600.00             20060701
TX                                           360      No                 NO                       73,880.00             20060801
TX                                           360      No                 NO                       87,780.00             20060701
NC                                           360      No                 NO                      146,400.00             20060601
TX                                           360      No                 NO                      203,200.00             20060701
NM                                           360      No                 NO                       96,000.00             20060601
NC                                           360      No                 NO                       67,500.00             20060701
TX                                           360      No                 NO                       55,000.00             20060701
TX                                           360      No                 NO                       80,000.00             20060701
TX                                           360      No                 NO                       51,200.00             20060701
TX                                           360      No                 NO                       56,032.00             20060701
VA                                           360      No                 NO                       62,010.00             20060701
FL                                           480      Yes                NO                      130,000.00             20060701
CO                                           360      No                 NO                      136,000.00             20060701
CO                                           360      No                 NO                      156,000.00             20060701
CO                                           480      Yes                NO                      231,600.00             20060701
CA                                           360      No                 NO                      605,000.00             20060601
MA                                           360      No                 NO                      329,600.00             20060601
VA                                           360      No                 NO                      272,000.00             20060601
FL                                           480      Yes                NO                      236,000.00             20060701
GA                                           360      No                 NO                      121,500.00             20060501
TX                                           360      No                 NO                       94,850.00             20060501
TX                                           360      No                 NO                       46,450.00             20060701
TX                                           360      No                 NO                       51,191.00             20060701
LA                                           360      No                 NO                       57,600.00             20060601
UT                                           360      No                 NO                      118,500.00             20060801
TX                                           360      No                 NO                       42,700.00             20060601
TX                                           360      No                 NO                       45,000.00             20060701
IL                                           360      No                 NO                       82,500.00             20060801
TX                                           360      No                 NO                       75,000.00             20060701
TX                                           360      No                 NO                       44,100.00             20060701
TX                                           360      No                 NO                       49,700.00             20060701
CO                                           360      No                 NO                      116,320.00             20060501
SC                                           360      No                 NO                       65,360.00             20060601
IL                                           360      No                 NO                      102,050.00             20060501
MD                                           360      No                 NO                      184,000.00             20060701
GA                                           360      No                 NO                      122,400.00             20060701
MD                                           360      No                 NO                      360,000.00             20060801
AL                                           360      No                 NO                       92,000.00             20060701
FL                                           360      No                 NO                      224,800.00             20060701
AL                                           360      No                 NO                      107,596.00             20060801
GA                                           360      No                 NO                      100,000.00             20060701
FL                                           360      No                 NO                      404,000.00             20060701
MS                                           360      No                 NO                      165,920.00             20060801
MD                                           360      No                 NO                       60,000.00             20060601
AL                                           360      No                 NO                      140,800.00             20060801
NC                                           360      No                 NO                       76,400.00             20060801
GA                                           360      No                 NO                      111,120.00             20060801
NC                                           360      No                 NO                      405,000.00             20060701
WI                                           360      No                 NO                      123,200.00             20060801
MI                                           360      No                 NO                      136,200.00             20060801
MA                                           360      No                 NO                      260,000.00             20060701
FL                                           360      No                 NO                      162,500.00             20060701
CA                                           360      No                 NO                      650,000.00             20060701
NV                                           360      No                 NO                      193,292.00             20060701
CA                                           360      No                 NO                      200,000.00             20060501
TX                                           360      No                 NO                      156,750.00             20060601
NV                                           360      No                 NO                       92,000.00             20060701
NV                                           360      No                 NO                      272,000.00             20060701
NV                                           360      No                 NO                      189,951.00             20060701
CO                                           360      No                 NO                      160,000.00             20060801
CT                                           360      No                 NO                      100,800.00             20060501
MA                                           360      No                 NO                      115,700.00             20060701
NJ                                           360      No                 NO                      113,750.00             20060801
CA                                           360      No                 NO                      464,000.00             20060701
CA                                           360      No                 NO                      660,000.00             20060701
CA                                           360      No                 NO                      399,750.00             20060601
OH                                           360      No                 NO                       52,000.00             20060601
TX                                           360      No                 NO                       87,466.00             20060701
HI                                           360      No                 NO                      925,300.00             20060701
AZ                                           360      No                 NO                      264,000.00             20060401
IL                                           360      No                 NO                      292,000.00             20060601
OH                                           360      No                 NO                       58,320.00             20060601
AZ                                           360      No                 NO                      467,944.00             20060701
FL                                           360      No                 NO                      231,300.00             20060601
LA                                           360      No                 NO                       46,125.00             20060701
OH                                           360      No                 NO                       52,500.00             20060501
CA                                           360      No                 NO                       92,000.00             20060501
FL                                           360      No                 NO                      318,750.00             20060401
AZ                                           480      Yes                NO                      294,100.00             20060701
WI                                           360      No                 NO                       68,000.00             20060501
NV                                           480      Yes                NO                      416,000.00             20060701
WA                                           360      No                 NO                      183,950.00             20060701
TX                                           360      No                 NO                       74,250.00             20060801
OH                                           360      No                 NO                       68,000.00             20060601
NC                                           360      No                 NO                      140,000.00             20060701
LA                                           360      No                 NO                      156,000.00             20060401
TX                                           360      No                 NO                      131,800.00             20060601
TX                                           360      No                 NO                       97,600.00             20060701
AL                                           360      No                 NO                       84,800.00             20060601
NC                                           360      No                 NO                      166,496.00             20060701
TX                                           360      No                 NO                       97,600.00             20060701
AL                                           360      No                 NO                       50,320.00             20060701
NC                                           360      No                 NO                       90,720.00             20060701
AL                                           360      No                 NO                       64,000.00             20060701
TX                                           360      No                 NO                      343,200.00             20060701
AL                                           360      No                 NO                      106,400.00             20060701
TX                                           360      No                 NO                      103,200.00             20060701
TX                                           360      No                 NO                      168,000.00             20060701
TX                                           360      No                 NO                       94,000.00             20060701
OH                                           360      No                 NO                      188,639.00             20060701
MD                                           360      No                 NO                      620,000.00             20060801
VA                                           360      No                 NO                      459,050.00             20060701
OH                                           360      No                 NO                      168,032.00             20060801
OH                                           360      No                 NO                      227,350.00             20060801
OH                                           360      No                 NO                      234,232.00             20060601
VA                                           360      No                 NO                      980,000.00             20060801
VA                                           360      No                 NO                      347,300.00             20060801
NJ                                           360      No                 NO                      650,000.00             20060701
PA                                           360      No                 NO                      315,050.00             20060701
MD                                           360      No                 NO                      215,884.00             20060701
NJ                                           360      No                 NO                      297,250.00             20060701
MD                                           360      No                 NO                      448,984.00             20060701
MD                                           360      No                 NO                      576,982.00             20060701
OH                                           360      No                 NO                      214,632.00             20060701
FL                                           360      No                 NO                      234,000.00             20060401
GA                                           360      No                 NO                      204,000.00             20060801
CA                                           480      Yes                NO                      184,000.00             20060701
CA                                           480      Yes                NO                      230,000.00             20060701
MA                                           360      No                 NO                      344,000.00             20060801
FL                                           360      No                 NO                      107,000.00             20060801
AZ                                           360      No                 NO                      126,400.00             20060801
AZ                                           360      No                 NO                      200,000.00             20060701
GA                                           360      No                 NO                      171,600.00             20060701
GA                                           360      No                 NO                      170,392.00             20060701
GA                                           360      No                 NO                      112,800.00             20060701
GA                                           360      No                 NO                      268,000.00             20060701
GA                                           360      No                 NO                       98,036.00             20060601
GA                                           360      No                 NO                      144,350.00             20060601
GA                                           360      No                 NO                      185,600.00             20060601
NC                                           360      No                 NO                      190,557.00             20060601
GA                                           360      No                 NO                      192,000.00             20060701
GA                                           360      No                 NO                      130,560.00             20060601
GA                                           360      No                 NO                      101,328.00             20060501
GA                                           360      No                 NO                      168,690.00             20060701
GA                                           360      No                 NO                       43,796.00             20060701
GA                                           360      No                 NO                      104,640.00             20060501
GA                                           360      No                 NO                      161,008.00             20060701
SC                                           360      No                 NO                      145,272.00             20060601
GA                                           360      No                 NO                      176,455.00             20060701
GA                                           360      No                 NO                      159,832.00             20060601
GA                                           360      No                 NO                      108,720.00             20060601
GA                                           360      No                 NO                      121,600.00             20060601
GA                                           360      No                 NO                      116,000.00             20060601
GA                                           360      No                 NO                      160,232.00             20060701
GA                                           360      No                 NO                      134,360.00             20060601
GA                                           360      No                 NO                      214,390.00             20060601
GA                                           360      No                 NO                      107,480.00             20060701
GA                                           360      No                 NO                      178,545.00             20060701
GA                                           360      No                 NO                      108,160.00             20060601
GA                                           360      No                 NO                       93,199.00             20060501
GA                                           360      No                 NO                       81,600.00             20060701
GA                                           360      No                 NO                      102,560.00             20060701
GA                                           360      No                 NO                      145,750.00             20060601
GA                                           360      No                 NO                      167,992.00             20060601
GA                                           360      No                 NO                      102,844.00             20060501
GA                                           360      No                 NO                      114,680.00             20060601
GA                                           360      No                 NO                      127,760.00             20060601
GA                                           360      No                 NO                      211,840.00             20060701
GA                                           360      No                 NO                      150,732.00             20060701
GA                                           360      No                 NO                      137,600.00             20060701
GA                                           360      No                 NO                      140,800.00             20060801
GA                                           360      No                 NO                      116,080.00             20060701
GA                                           360      No                 NO                      120,720.00             20060701
GA                                           360      No                 NO                      138,100.00             20060601
GA                                           360      No                 NO                      186,140.00             20060801
GA                                           360      No                 NO                      172,200.00             20060601
GA                                           360      No                 NO                       95,412.00             20060501
GA                                           360      No                 NO                       80,800.00             20060701
FL                                           360      No                 NO                      195,990.00             20060701
GA                                           360      No                 NO                       44,400.00             20060701
WY                                           360      No                 NO                      256,000.00             20060701
CO                                           360      No                 NO                      120,000.00             20060801
CO                                           360      No                 NO                      860,000.00             20060701
AR                                           360      No                 NO                      183,200.00             20060401
CA                                           360      No                 NO                      354,250.00             20060701
CA                                           360      No                 NO                      175,000.00             20060701
CA                                           360      No                 NO                      242,500.00             20060701
CA                                           360      No                 NO                      177,000.00             20060401
FL                                           360      No                 NO                      236,250.00             20060701
CA                                           360      No                 NO                      999,000.00             20060401
FL                                           360      No                 NO                       78,000.00             20060701
TX                                           360      No                 NO                      150,400.00             20060701
CO                                           360      No                 NO                      214,000.00             20060701
NY                                           360      No                 NO                      320,000.00             20060501
TX                                           360      No                 NO                      131,200.00             20060701
IN                                           360      No                 NO                       84,000.00             20060801
TX                                           360      No                 NO                      135,126.00             20060701
TX                                           360      No                 NO                      110,856.00             20060701
IN                                           360      No                 NO                      106,575.00             20060601
TX                                           360      No                 NO                       77,200.00             20060601
IA                                           360      No                 NO                       74,640.00             20060601
TX                                           360      No                 NO                      157,701.00             20060701
MS                                           360      No                 NO                      104,230.00             20060701
TX                                           360      No                 NO                      114,000.00             20060801
IN                                           360      No                 NO                       81,600.00             20060801
GA                                           360      No                 NO                      170,000.00             20060801
GA                                           360      No                 NO                      152,000.00             20060801
FL                                           360      No                 NO                      169,000.00             20060701
GA                                           360      No                 NO                      139,120.00             20060601
GA                                           360      No                 NO                      101,352.00             20060701
GA                                           360      No                 NO                       55,000.00             20060701
GA                                           360      No                 NO                      124,800.00             20060601
AL                                           360      No                 NO                       50,250.00             20060701
GA                                           360      No                 NO                      169,600.00             20060701
GA                                           360      No                 NO                      205,600.00             20060801
SC                                           360      No                 NO                      120,000.00             20060601
TN                                           360      No                 NO                      306,400.00             20060701
GA                                           360      No                 NO                      350,000.00             20060701
GA                                           360      No                 NO                      209,600.00             20060701
GA                                           360      No                 NO                       84,000.00             20060701
GA                                           360      No                 NO                      111,116.00             20060601
AL                                           360      No                 NO                      110,960.00             20060801
FL                                           360      No                 NO                      130,000.00             20060701
GA                                           360      No                 NO                      619,000.00             20060801
SC                                           360      No                 NO                       63,750.00             20060701
GA                                           360      No                 NO                       58,800.00             20060601
GA                                           360      No                 NO                      142,895.00             20060701
TN                                           360      No                 NO                      164,800.00             20060801
NC                                           360      No                 NO                      124,000.00             20060701
GA                                           360      No                 NO                       90,000.00             20060601
GA                                           360      No                 NO                      405,000.00             20060801
GA                                           360      No                 NO                      208,000.00             20060701
GA                                           360      No                 NO                      792,000.00             20060701
NC                                           360      No                 NO                      540,000.00             20060701
MI                                           360      No                 NO                       54,400.00             20060601
TX                                           360      No                 NO                       68,000.00             20060801
KS                                           360      No                 NO                      115,500.00             20060501
OR                                           360      No                 NO                      324,000.00             20060701
MO                                           360      No                 NO                      114,000.00             20060601
FL                                           360      No                 NO                      144,100.00             20060601
TX                                           360      No                 NO                      195,450.00             20060801
TX                                           360      No                 NO                      176,000.00             20060701
TX                                           360      No                 NO                       72,400.00             20060801
TX                                           360      No                 NO                      133,900.00             20060601
IL                                           360      No                 NO                       70,000.00             20060401
TX                                           360      No                 NO                      141,300.00             20060601
UT                                           360      No                 NO                      140,700.00             20060801
WA                                           360      No                 NO                      220,000.00             20060701
MS                                           360      No                 NO                       46,400.00             20060801
TN                                           360      No                 NO                       51,050.00             20060701
TX                                           360      No                 NO                      193,500.00             20060601
TX                                           360      No                 NO                       70,000.00             20060701
TX                                           360      No                 NO                       74,000.00             20060701
TX                                           360      No                 NO                       47,200.00             20060701
TX                                           360      No                 NO                       90,500.00             20060801
MO                                           360      No                 NO                      134,400.00             20060701
TX                                           360      No                 NO                       61,500.00             20060701
TX                                           360      No                 NO                      133,600.00             20060701
TX                                           360      No                 NO                      288,000.00             20060701
CA                                           360      No                 NO                      536,000.00             20060701
CA                                           360      No                 NO                      332,000.00             20060501
IL                                           360      No                 NO                      220,000.00             20060801
IL                                           360      No                 NO                       81,130.00             20060801
FL                                           360      No                 NO                      138,285.00             20060801
NV                                           360      No                 NO                      344,213.00             20060801
AZ                                           360      No                 NO                      310,912.00             20060701
NV                                           360      No                 NO                      258,352.00             20060801
NV                                           360      No                 NO                      225,438.00             20060801
FL                                           360      No                 NO                      171,572.00             20060701
NC                                           360      No                 NO                      219,292.00             20060801
IL                                           360      No                 NO                      255,620.00             20060801
TX                                           360      No                 NO                      163,192.00             20060601
CO                                           360      No                 NO                      123,484.00             20060701
FL                                           360      No                 NO                      285,188.00             20060801
AZ                                           360      No                 NO                      306,574.00             20060301
NV                                           360      No                 NO                      226,292.00             20060701
FL                                           360      No                 NO                      200,292.00             20060801
AZ                                           360      No                 NO                      317,479.00             20060801
TX                                           360      No                 NO                      104,388.00             20060701
FL                                           360      No                 NO                      346,044.00             20060601
IL                                           360      No                 NO                      364,952.00             20060801
MI                                           360      No                 NO                      177,512.00             20060701
VA                                           360      No                 NO                      720,000.00             20060701
IL                                           360      No                 NO                      281,540.00             20060801
FL                                           360      No                 NO                      192,345.00             20060701
CA                                           360      No                 NO                      292,968.00             20060801
FL                                           360      No                 NO                      202,856.00             20060801
NV                                           360      No                 NO                      195,360.00             20060701
FL                                           360      No                 NO                      137,789.00             20060801
NM                                           360      No                 NO                      267,872.00             20060701
PA                                           360      No                 NO                      180,850.00             20060801
UT                                           360      No                 NO                      265,600.00             20060701
CO                                           360      No                 NO                       59,500.00             20060701
CO                                           360      No                 NO                      354,000.00             20060701
UT                                           360      No                 NO                      212,000.00             20060701
CO                                           360      No                 NO                       79,000.00             20060701
UT                                           360      No                 NO                      146,200.00             20060701
CO                                           360      No                 NO                      228,000.00             20060801
UT                                           360      No                 NO                      240,000.00             20060801
TX                                           360      No                 NO                       92,000.00             20060801
UT                                           360      No                 NO                      200,000.00             20060701
UT                                           360      No                 NO                      214,720.00             20060701
CO                                           360      No                 NO                       70,800.00             20060701
UT                                           360      No                 NO                      122,400.00             20060701
CO                                           360      No                 NO                      160,000.00             20060701
CO                                           360      No                 NO                       67,500.00             20060801
UT                                           360      No                 NO                      223,250.00             20060801
UT                                           360      No                 NO                      239,200.00             20060801
NV                                           360      No                 NO                      386,082.00             20060701
NV                                           360      No                 NO                      188,000.00             20060801
NV                                           360      No                 NO                      239,920.00             20060801
NV                                           360      No                 NO                      168,000.00             20060701
NV                                           360      No                 NO                      201,600.00             20060801
NV                                           360      No                 NO                      204,000.00             20060701
MA                                           360      No                 NO                      620,000.00             20060801
IL                                           360      No                 NO                      144,800.00             20060701
CA                                           360      No                 NO                      651,200.00             20060701
MA                                           360      No                 NO                      347,200.00             20060701
CA                                           360      No                 NO                      552,500.00             20060501
CO                                           360      No                 NO                      111,800.00             20060801
MI                                           360      No                 NO                       71,900.00             20060601
MA                                           360      No                 NO                      200,000.00             20060701
MA                                           360      No                 NO                      211,000.00             20060801
VA                                           360      No                 NO                       71,000.00             20060701
CA                                           360      No                 NO                      252,000.00             20060801
ME                                           360      No                 NO                      192,000.00             20060701
ME                                           360      No                 NO                      176,650.00             20060701
NH                                           360      No                 NO                      207,920.00             20060701
AZ                                           360      No                 NO                      180,000.00             20060601
MO                                           360      No                 NO                       72,400.00             20060701
OK                                           360      No                 NO                       93,120.00             20060701
OH                                           360      No                 NO                       92,250.00             20060601
OK                                           360      No                 NO                       50,400.00             20060701
OK                                           360      No                 NO                       51,200.00             20060701
OH                                           360      No                 NO                      117,600.00             20060701
OK                                           360      No                 NO                       51,200.00             20060601
AZ                                           360      No                 NO                       97,500.00             20060701
AZ                                           360      No                 NO                      162,750.00             20060701
FL                                           360      No                 NO                       78,018.00             20060701
OK                                           360      No                 NO                       52,350.00             20060701
TX                                           360      No                 NO                       68,000.00             20060701
OK                                           360      No                 NO                       52,000.00             20060601
OK                                           360      No                 NO                       50,400.00             20060601
MI                                           360      No                 NO                      143,920.00             20060701
TX                                           360      No                 NO                       74,250.00             20060701
TX                                           360      No                 NO                       76,000.00             20060601
TX                                           360      No                 NO                       72,000.00             20060701
TX                                           360      No                 NO                       54,400.00             20060601
TX                                           360      No                 NO                       93,964.00             20060601
TX                                           360      No                 NO                       88,800.00             20060601
AR                                           360      No                 NO                       88,000.00             20060701
TX                                           360      No                 NO                       55,200.00             20060601
TX                                           360      No                 NO                       50,400.00             20060601
FL                                           360      No                 NO                       94,500.00             20060601
TX                                           360      No                 NO                       93,964.00             20060601
TX                                           360      No                 NO                      119,900.00             20060701
UT                                           360      No                 NO                      288,000.00             20060501
TX                                           360      No                 NO                       84,000.00             20060701
FL                                           360      No                 NO                      197,600.00             20060701
UT                                           360      No                 NO                       44,000.00             20060801
FL                                           360      No                 NO                      103,000.00             20060801
TX                                           360      No                 NO                       56,000.00             20060601
FL                                           360      No                 NO                      216,000.00             20060701
TX                                           360      No                 NO                      121,540.00             20060701
FL                                           480      Yes                NO                      176,500.00             20060701
UT                                           360      No                 NO                       97,200.00             20060701
TX                                           360      No                 NO                      128,800.00             20060701
FL                                           360      No                 NO                      112,500.00             20060701
FL                                           360      No                 NO                      175,000.00             20060801
UT                                           360      No                 NO                       82,400.00             20060601
CO                                           360      No                 NO                      190,320.00             20060801
TX                                           360      No                 NO                      372,000.00             20060801
ID                                           360      No                 NO                      108,800.00             20060701
CO                                           360      No                 NO                      212,800.00             20060801
UT                                           360      No                 NO                      124,800.00             20060701
FL                                           360      No                 NO                      264,000.00             20060701
UT                                           360      No                 NO                      139,920.00             20060601
TX                                           360      No                 NO                      168,800.00             20060701
UT                                           360      No                 NO                      104,000.00             20060701
TX                                           360      No                 NO                       81,200.00             20060701
CA                                           360      No                 NO                      412,500.00             20060701
TX                                           360      No                 NO                       92,000.00             20060601
OR                                           360      No                 NO                      105,000.00             20060801
UT                                           360      No                 NO                      146,400.00             20060801
FL                                           360      No                 NO                      119,000.00             20060701
FL                                           360      No                 NO                      120,800.00             20060601
FL                                           360      No                 NO                       65,100.00             20060601
TX                                           360      No                 NO                      337,250.00             20060601
CO                                           480      Yes                NO                      216,000.00             20060801
CO                                           360      No                 NO                      155,600.00             20060701
TX                                           360      No                 NO                      140,586.00             20060701
CO                                           360      No                 NO                      160,800.00             20060601
FL                                           480      Yes                NO                       83,650.00             20060701
CA                                           360      No                 NO                      327,200.00             20060701
TX                                           360      No                 NO                      135,536.00             20060701
FL                                           360      No                 NO                      124,000.00             20060701
UT                                           480      Yes                NO                      315,200.00             20060701
TX                                           360      No                 NO                      292,800.00             20060701
UT                                           480      Yes                NO                      285,000.00             20060701
WA                                           360      No                 NO                      204,800.00             20060701
UT                                           360      No                 NO                      130,400.00             20060801
TX                                           360      No                 NO                      103,000.00             20060501
CA                                           360      No                 NO                    1,422,300.00             20060701
FL                                           360      No                 NO                       54,400.00             20060701
TX                                           360      No                 NO                       99,750.00             20060701
CO                                           360      No                 NO                      280,000.00             20060701
TX                                           360      No                 NO                      116,925.00             20060701
CA                                           360      No                 NO                      630,000.00             20060601
FL                                           360      No                 NO                      150,500.00             20060801
CA                                           360      No                 NO                      309,636.00             20060801
NC                                           360      No                 NO                      210,850.00             20060701
TX                                           360      No                 NO                      177,600.00             20060801
MI                                           360      No                 NO                       76,800.00             20060701
IL                                           360      No                 NO                      333,750.00             20060501
MI                                           360      No                 NO                      160,000.00             20060301
OH                                           360      No                 NO                      108,000.00             20060701
MI                                           360      No                 NO                       72,000.00             20060201
NV                                           360      No                 NO                      186,000.00             20060501
OH                                           360      No                 NO                      145,600.00             20060701
CA                                           360      No                 NO                      302,250.00             20060701
CA                                           360      No                 NO                      312,000.00             20060601
VA                                           360      No                 NO                      232,000.00             20060601
MD                                           360      No                 NO                      430,000.00             20060701
MD                                           360      No                 NO                       61,500.00             20060701
VA                                           360      No                 NO                      128,590.00             20060801
VA                                           360      No                 NO                       86,150.00             20060601
GA                                           360      No                 NO                      539,000.00             20060801
VA                                           360      No                 NO                      350,000.00             20060701
CT                                           360      No                 NO                      207,200.00             20060301
GA                                           360      No                 NO                       84,300.00             20060501
ME                                           360      No                 NO                       61,600.00             20060801
GA                                           360      No                 NO                      216,000.00             20060401
GA                                           360      No                 NO                       89,950.00             20060701
MI                                           480      Yes                NO                      133,650.00             20060701
NV                                           360      No                 NO                      318,140.00             20060701
NV                                           480      Yes                NO                      279,500.00             20060701
NV                                           360      No                 NO                      240,000.00             20060701
ID                                           360      No                 NO                      224,000.00             20060701
AZ                                           360      No                 NO                      148,000.00             20060701
MI                                           360      No                 NO                       64,125.00             20060701
MI                                           360      No                 NO                       82,500.00             20060801
TX                                           360      No                 NO                      131,200.00             20060801
TX                                           360      No                 NO                      131,200.00             20060801
NE                                           360      No                 NO                       73,500.00             20060801
CA                                           360      No                 NO                      248,500.00             20060801
AZ                                           360      No                 NO                      165,600.00             20060701
AZ                                           360      No                 NO                      168,000.00             20060701
AZ                                           360      No                 NO                      152,000.00             20060701
AZ                                           360      No                 NO                      240,691.00             20060801
AZ                                           360      No                 NO                      228,000.00             20060201
AZ                                           360      No                 NO                      260,924.00             20060701
AZ                                           360      No                 NO                      126,400.00             20060701
IL                                           360      No                 NO                      151,200.00             20060601
NC                                           360      No                 NO                      105,200.00             20060801
TN                                           360      No                 NO                      142,080.00             20060601
TX                                           360      No                 NO                       56,260.00             20060701
TX                                           360      No                 NO                      101,440.00             20060701
TX                                           360      No                 NO                      188,000.00             20060701
TX                                           360      No                 NO                       56,700.00             20060701
TX                                           360      No                 NO                       72,000.00             20060401
OH                                           360      No                 NO                       71,200.00             20060701
SC                                           360      No                 NO                       68,000.00             20060701
GA                                           360      No                 NO                      274,400.00             20060701
GA                                           360      No                 NO                      115,991.00             20060701
GA                                           360      No                 NO                      108,720.00             20060801
GA                                           360      No                 NO                      575,000.00             20060801
MI                                           360      No                 NO                       59,200.00             20060601
MI                                           360      No                 NO                       51,200.00             20060701
MI                                           360      No                 NO                       65,600.00             20060501
GA                                           360      No                 NO                      116,800.00             20060701
MI                                           360      No                 NO                       97,700.00             20060701
MI                                           360      No                 NO                       57,600.00             20060701
MN                                           360      No                 NO                      131,750.00             20060701
CA                                           360      No                 NO                      417,000.00             20060701
WA                                           360      No                 NO                      192,800.00             20060701
CA                                           360      No                 NO                      216,000.00             20060401
PA                                           360      No                 NO                      135,900.00             20060701
DE                                           360      No                 NO                       68,400.00             20060701
PA                                           360      No                 NO                      239,200.00             20060701
NJ                                           360      No                 NO                      136,000.00             20060701
PA                                           360      No                 NO                      219,600.00             20060801
PA                                           360      No                 NO                      123,500.00             20060501
NJ                                           360      No                 NO                      103,632.00             20060701
NJ                                           360      No                 NO                      124,800.00             20060701
NJ                                           360      No                 NO                      166,080.00             20060701
PA                                           360      No                 NO                      348,000.00             20060601
NJ                                           360      No                 NO                      191,760.00             20060601
PA                                           360      No                 NO                      156,950.00             20060701
PA                                           360      No                 NO                      456,000.00             20060801
NJ                                           360      No                 NO                      251,200.00             20060701
NJ                                           360      No                 NO                       96,800.00             20060701
PA                                           360      No                 NO                      163,152.00             20060701
PA                                           360      No                 NO                      278,400.00             20060801
DE                                           360      No                 NO                      108,000.00             20060701
NJ                                           360      No                 NO                      164,000.00             20060701
DE                                           360      No                 NO                      220,000.00             20060701
PA                                           360      No                 NO                      128,000.00             20060701
IN                                           360      No                 NO                       76,000.00             20060701
FL                                           360      No                 NO                       99,899.00             20060701
CO                                           360      No                 NO                      108,356.00             20060701
WI                                           360      No                 NO                      109,900.00             20060701
WI                                           360      No                 NO                       52,425.00             20060701
WI                                           360      No                 NO                      105,625.00             20060701
MN                                           360      No                 NO                       52,800.00             20060601
WI                                           360      No                 NO                       87,750.00             20060701
MN                                           360      No                 NO                      107,900.00             20060801
IA                                           360      No                 NO                       73,800.00             20060801
VA                                           360      No                 NO                      260,000.00             20060801
MD                                           360      No                 NO                      152,000.00             20060801
GA                                           360      No                 NO                      155,500.00             20060801
IL                                           360      No                 NO                      112,000.00             20060801
VA                                           360      No                 NO                       70,104.00             20060701
FL                                           360      No                 NO                      139,500.00             20060801
VA                                           360      No                 NO                       50,050.00             20060801
NJ                                           360      No                 NO                      975,000.00             20060701
NJ                                           360      No                 NO                      992,000.00             20060701
NJ                                           360      No                 NO                      958,750.00             20060801
TX                                           360      No                 NO                       87,108.00             20060701
MI                                           360      No                 NO                      113,520.00             20060601
CA                                           480      Yes                NO                      360,000.00             20060701
CA                                           360      No                 NO                      184,000.00             20060701
CO                                           480      Yes                NO                      115,000.00             20060601
MA                                           360      No                 NO                      296,000.00             20060801
TX                                           360      No                 NO                       79,920.00             20060701
MA                                           360      No                 NO                      150,000.00             20060801
TX                                           360      No                 NO                       85,600.00             20060801
VA                                           360      No                 NO                      332,000.00             20060701
NH                                           360      No                 NO                       90,000.00             20060701
MA                                           360      No                 NO                      160,000.00             20060701
RI                                           360      No                 NO                      255,200.00             20060601
IL                                           360      No                 NO                      196,000.00             20060801
AZ                                           360      No                 NO                      314,400.00             20060701
WA                                           360      No                 NO                      336,800.00             20060801
MA                                           360      No                 NO                      130,000.00             20060801
MO                                           360      No                 NO                       61,200.00             20060701
WI                                           360      No                 NO                       90,930.00             20060701
GA                                           360      No                 NO                       95,900.00             20060701
MO                                           360      No                 NO                      116,200.00             20060801
MO                                           360      No                 NO                      116,200.00             20060801
MI                                           360      No                 NO                       58,496.00             20060601
WI                                           360      No                 NO                       94,850.00             20060701
OH                                           360      No                 NO                       77,000.00             20060701
FL                                           360      No                 NO                       90,000.00             20060601
WI                                           360      No                 NO                       74,130.00             20060701
MO                                           360      No                 NO                      114,400.00             20060701
AZ                                           360      No                 NO                      157,500.00             20060701
NH                                           360      No                 NO                      104,650.00             20060701
WI                                           360      No                 NO                       58,100.00             20060701
MO                                           360      No                 NO                      115,500.00             20060801
AZ                                           360      No                 NO                      149,500.00             20060701
AZ                                           360      No                 NO                      320,000.00             20060701
VA                                           360      No                 NO                      228,000.00             20060601
VA                                           360      No                 NO                       70,200.00             20060501
TX                                           360      No                 NO                      215,200.00             20060701
TX                                           360      No                 NO                       77,300.00             20060701
TX                                           360      No                 NO                      124,720.00             20060701
TX                                           360      No                 NO                       84,720.00             20060801
CO                                           360      No                 NO                      117,443.00             20060801
TX                                           360      No                 NO                       92,800.00             20060801
TX                                           360      No                 NO                      111,686.00             20060701
TX                                           360      No                 NO                      199,000.00             20060701
TX                                           360      No                 NO                      144,800.00             20060701
TX                                           360      No                 NO                      229,520.00             20060701
TX                                           360      No                 NO                       55,900.00             20060601
TX                                           360      No                 NO                      129,600.00             20060701
TX                                           360      No                 NO                       50,250.00             20060701
TX                                           360      No                 NO                      100,800.00             20060801
TX                                           360      No                 NO                      113,625.00             20060801



STATE            PAYMENT             CURRENT_              ORIGINAL           MI                              MERS
                                     BALANCE               _LTV
-----------------------------------------------------------------------------------------------------------------------------------------
VA                     1,404.17            195,861.66              79.35      No MI                           100218000000184453
VA                     2,349.50            375,920.00              80.00      No MI                           100218000000184420
MD                     1,357.55            224,908.08              61.31      No MI                           100218000000184271
DC                     3,319.17            568,999.17              56.90      No MI                           100218000000183943
MD                     1,392.40            226,560.00              80.00      No MI                           100218000000184479
GA                     1,440.00            256,000.00              80.00      No MI                           100218000000182788
VA                     1,957.08            308,000.00              80.00      No MI                           100218000000182879
VA                     1,991.25            324,000.00              80.00      No MI                           100218000000184776
MD                     1,253.75            204,000.00              80.00      No MI                           100218000000184677
VA                     2,237.08            364,000.00              80.00      No MI                           100218000000185633
PA                       729.35            105,519.65              80.00      No MI                                                    0
GA                     1,519.49            219,832.59              80.00      No MI                           100218000000183448
PA                     2,523.24            347,760.51              80.00      No MI                           100218000000184180
MD                     2,023.34            308,000.00              80.00      No MI                           100218000000186102
MD                     2,713.33            473,600.00              80.00      No MI                           100218000000185229
VA                     3,727.50            568,000.00              80.00      No MI                           100218000000184073
GA                       773.57            115,920.00              80.00      No MI                           100218000000186169
VA                     3,526.10            529,128.59              59.92      No MI                           100212504000272339
MD                     3,885.79            548,602.65              79.57      No MI                           100212504000290091
MD                       759.74            109,916.30              61.45      No MI                           100212504000285687
MD                     1,454.83            240,800.00              80.00      No MI                           100212504000280076
DE                     1,126.25            180,200.00              79.98      No MI                           100212504000280308
DE                       579.85             85,000.00              69.11      No MI                           100212504000292907
MD                     1,231.92            173,924.03              79.99      No MI                           100212504000241409
DE                       367.09             52,500.00              75.00      No MI                           100212504000292881
MD                       917.34            154,500.00              75.00      No MI                           100212504000282718
MD                     1,957.50            347,999.89              80.00      No MI                           100212504000237050
MD                       368.05             51,962.37              80.00      No MI                           100212504000281637
UT                     1,313.38            187,836.00              70.00      No MI                                                    0
ID                     3,579.28            511,900.00              80.00      No MI                                                    0
NY                     2,190.23            333,750.00              75.00      No MI                           100038600000118993
NY                     2,378.49            331,765.68              80.00      No MI                           100038600000119322
NY                     2,554.76            384,000.00              80.00      No MI                           100038600000120734
NY                     2,460.94            337,500.00              75.00      No MI                           100038600000119504
MS                     1,334.30            188,516.00              75.00      No MI                           100038603000045489
NY                     3,484.89            498,030.11              80.00      No MI                           100038600000118969
FL                     1,037.00            163,200.00              75.91      No MI                           100038600000120072
NY                     3,130.14            452,855.15              80.00      No MI                           100038600000119140
NY                     8,768.23          1,202,500.00              65.00      No MI                           100038600000120205
NJ                     2,421.87            375,000.00              75.00      No MI                           100038603000044706
NY                     2,864.32            360,000.00              90.00      Radian Guaranty                 100038600000120304
NY                     3,655.00            516,000.00              80.00      No MI                           100038600000120197
NY                     2,072.80            307,418.96              75.00      No MI                           100003860000120155
NJ                     1,828.23            267,790.94              67.85      No MI                           100038603000045034
NY                     2,031.25            325,000.00              67.71      No MI                           100038600000118621
GA                       649.09             86,344.91              79.63      No MI                           100038600000120130
NY                     2,295.00            344,250.00              75.00      No MI                           100038600000118829
NY                     2,478.11            314,818.76              75.00      No MI                           100038600000119983
NY                     1,500.79            220,000.00              66.67      No MI                                                    0
NY                     3,087.50            520,000.00              80.00      No MI                           100038600000119900
NY                     1,525.78            232,500.00              75.00      No MI                           100038600000119967
NJ                     1,540.37            193,491.46              80.00      No MI                           100038600000119611
MD                     7,050.89          1,091,750.00              80.00      No MI                           100090704306050705
FL                     1,520.00            228,000.00              80.00      No MI                           100246606051100010
NJ                     2,467.25            333,600.00              80.00      No MI                           100246606041100005
NJ                     1,827.15            261,800.00              70.00      No MI                           100321706042400012
FL                       902.24            115,931.51              80.00      No MI                           100246606042500062
FL                     1,155.00            168,000.00              70.00      No MI                           100246606050900105
NC                       466.05             59,920.00              80.00      No MI                           100246606060600034
PA                       518.77             70,652.56              65.46      No MI                           100246606050200001
PA                       912.09            119,850.30              80.00      No MI                           100246606041200003
NJ                     1,123.28            165,900.00              70.00      No MI                           100246606051100036
NJ                     2,064.25            287,200.00              80.00      No MI                           100246606040700086
NJ                     1,659.53            206,137.35              75.00      No MI                                                    0
NJ                     2,310.43            322,272.38              75.00      No MI                           100246606050100144
NJ                     1,919.66            259,560.00              70.00      No MI                           100246606050200084
NJ                     1,124.68            158,785.00              70.00      No MI                           100261206050800031
PA                       924.54            125,915.46              63.00      No MI                                                    0
PA                       410.91             56,000.00              70.00      No MI                           100246606051500052
FL                       863.53            123,408.35              65.00      No MI                           100246606050800024
NJ                       697.81            101,500.00              70.00      No MI                           100246606051200166
NJ                     2,987.44            416,705.68              78.68      No MI                           100295206041800058
FL                       676.67            101,500.00              70.00      No MI                           100246606051200000
NC                       380.66             52,500.00              70.00      No MI                           100246606060700016
NJ                     1,152.00            153,600.00              80.00      No MI                           100246606041200029
NJ                     1,378.13            210,000.00              38.89      No MI                           100246606042100087
NJ                       738.16             95,941.84              80.00      No MI                           100246606041700028
FL                       497.66             68,250.00              70.00      No MI                           100246606050300009
GA                       839.06            119,821.32              80.00      No MI                           100075120040112330
NC                       562.84             73,155.66              80.00      No MI                           100075120040118824
GA                     1,208.13            176,542.35              70.00      No MI                           100075120040110193
GA                       797.83            119,623.38              80.00      No MI                           100075120040112132
GA                       892.50            118,647.98              79.20      No MI                           100075120040115168
SC                       908.36            150,350.00              79.98      No MI                           100075120040112454
GA                       422.47             63,447.95              64.80      No MI                           100075120040117503
GA                       741.89            106,300.00              69.98      No MI                           100075120040116869
GA                     3,490.83            568,000.00              80.00      No MI                           100075120040119202
TX                       523.50             72,100.30              79.96      No MI                           100098500040238552
TX                     1,202.10            161,900.00              79.99      No MI                           100098500040247447
OK                       650.62             85,600.00              80.00      No MI                           100098500040250300
TX                       811.13            123,600.00              75.00      No MI                           100098500040234882
TX                       811.13            123,600.00              75.00      No MI                           100098500040234775
TX                       891.50            127,405.38              75.00      No MI                           100098500040240053
TX                       621.09             87,750.00              77.83      No MI                           100098500040253452
TX                       716.41             99,929.42              80.00      No MI                           100098500040242026
TX                       628.45             80,752.30              80.00      No MI                           100098500040241697
TX                     2,832.12            360,000.00              80.00      No MI                           100098500040242488
TX                       381.91             47,973.09              80.00      No MI                           100098500040244790
WA                     1,421.14            196,000.00              80.00      No MI                           100098500040245557
OH                       808.90            103,938.60              80.00      No MI                           100098500040235764
TX                       573.13             79,943.54              80.00      No MI                           100098500040245680
FL                     1,876.12            257,847.88              75.00      No MI                           100098500040209264
TX                       615.13             80,000.00              78.43      No MI                           100098500040244022
TX                     1,455.55            188,953.52              79.99      No MI                           100098500040231482
TX                       564.11             70,900.00              78.87      No MI                           100098500040249245
TX                       393.75             54,000.00              75.00      No MI                           100098500040227548
OR                     1,543.75            260,000.00              65.00      No MI                           100098500040247579
TX                     1,109.36            152,894.70              84.07      GE Capital MI                   100098500040243198
OK                       538.13             70,800.00              80.00      No MI                           100098500040250284
TX                       621.28             80,751.05              80.00      No MI                           100098500040247470
TX                       380.95             58,050.00              66.34      No MI                           100098500040225492
TX                       842.73            109,600.00              80.00      No MI                           100098500040244048
TX                       427.75             70,800.00              80.00      No MI                           100098500040236556
NM                       552.08             78,000.00              65.00      No MI                           100098500040247199
FL                     1,737.98            215,882.02              80.00      No MI                           100361200000602182
FL                       874.42            111,021.63              79.97      No MI                           100361200000601952
PA                       452.99             63,906.67              80.00      No MI                           100157901000900140
NJ                     3,437.19            431,268.04              80.00      No MI                                                    0
NJ                     1,337.73            175,890.60              80.00      No MI                                                    0
NJ                     1,929.25            256,305.36              80.00      No MI                           100022100138085972
NJ                     1,562.63            207,733.83              80.00      No MI                           100022100155419641
FL                       663.20             94,779.61              70.00      No MI                           100022100153277371
CO                     1,425.59            191,874.41              80.00      No MI                           100328400300602104
FL                     1,471.98            227,920.00              80.00      No MI                           100328400000605498
CO                     1,068.20            183,120.00              80.00      No MI                           100328400000605092
CO                     1,211.25            204,000.00              80.00      No MI                           100328400000603279
FL                     1,174.69            167,749.85              76.36      No MI                           100022100154062913
TN                     1,171.39            169,341.10              80.00      No MI                           100390930400064410
FL                     3,438.17            503,606.83              80.00      No MI                           100022100154061196
TN                       352.25             50,922.14              75.00      No MI                           100390930400102111
FL                     1,159.35            157,787.27              79.80      No MI                           100022100154061279
FL                     2,475.94            417,000.00              61.05      No MI                           100022100152270021
TN                       352.25             50,922.14              75.00      No MI                           100390930400103770
FL                     3,334.57            506,744.66              90.00      Republic MIC                    100022100154063663
AL                     3,272.65            515,040.00              80.00      No MI                           100390930400009233
TN                       352.25             50,922.14              75.00      No MI                           100390930400103697
FL                     1,705.25            287,200.00              80.00      No MI                           100390930400158550
FL                       516.58             70,352.75              80.00      No MI                           100022100154083703
TN                       352.25             50,922.14              75.00      No MI                           100390930400103515
TN                       609.42             91,449.40              80.00      No MI                           100022100154060511
FL                     1,169.09            166,951.04              76.00      No MI                           100022100154062590
TN                       878.20            131,782.97              80.00      No MI                                                    0
TN                       352.25             49,112.63              75.00      No MI                           100390930400117556
FL                     3,520.83            520,000.00              80.00      No MI                           100022100154064166
LA                       583.86             95,000.00              79.17      No MI                           100390930400117309
TN                       553.50             78,086.44              89.99      Republic MIC                    100022100154063333
FL                       843.75            135,000.00              77.14      No MI                           100022100154063176
FL                     5,220.50            719,005.75              76.60      No MI                           100390930400130096
GA                       753.13             93,548.87              80.00      No MI                           100184698160505024
GA                       763.54            109,037.41              70.00      No MI                           100184698160407067
GA                       517.25             74,833.01              74.96      No MI                           100184620160503018
GA                       532.26             75,145.57              80.00      No MI                           100184622060516041
GA                       429.00             62,400.00              80.00      No MI                           100184698160509136
GA                       697.92            100,000.00              79.37      No MI                           100184698160426208
GA                       860.62            121,500.00              75.00      No MI                           100184698160531106
GA                     1,234.74            194,320.00              80.00      No MI                           100184601160412038
GA                       986.18            134,309.82              80.00      No MI                           100184698160508229
GA                     1,058.02            145,819.58              80.00      No MI                           100184698160511231
GA                       612.94             93,400.00              78.82      No MI                           100184622060412019
GA                       577.56             81,540.94              80.00      No MI                           100184633060321019
CA                     1,146.63            161,882.74              57.65      No MI                           100184698160517089
PA                       492.53             64,759.72              80.00      No MI                           100086850060500330
NJ                     1,013.87            144,892.38              60.42      No MI                           100086805060400295
PA                     1,126.46            166,931.79              80.00      No MI                           100086801060301336
PA                       290.03             40,000.00              80.00      No MI                           100086801060503055
PA                       714.74            108,708.59              80.00      No MI                           100086819060300124
PA                       904.81            135,888.52              80.00      No MI                           100086801060202450
NY                     2,154.17            376,000.00              80.00      No MI                           100086850060400283
PA                       307.43             42,400.00              80.00      No MI                           100086801060502958
PA                       392.20             51,535.63              80.00      No MI                           100086801060202781
PA                       338.58             45,570.17              80.00      No MI                           100086801060301237
PA                     3,326.52            499,590.15              64.94      No MI                           100086816060300609
PA                       742.03             91,151.47              80.00      No MI                           100086850060500223
NY                     1,182.47            179,848.78              24.83      No MI                           100314507700868709
FL                     4,989.77            749,385.23              53.57      No MI                           100314507700896429
NY                     2,387.62            349,726.97              63.06      No MI                           100314507700879060
NY                     7,226.22          1,099,075.87              65.28      No MI                           100314507700843082
NJ                     4,042.31            600,000.00              62.50      No MI                           100314507700895173
NY                     1,347.44            199,840.06              44.94      No MI                           100314507700905451
NY                     4,769.47            650,000.00              74.29      No MI                           100314507770087593
AZ                     1,097.51            175,757.07              80.00      No MI                           100169900400000044
AZ                     1,396.33            214,356.83              80.00      No MI                           100169900380000584
NJ                       424.13             63,645.18              70.83      No MI                           100076400000919273
NJ                       661.30            105,604.14              20.19      No MI                           100076400000916246
AR                       379.94             52,363.94              80.00      No MI                           100022100138709936
TX                       635.99             94,400.00              80.00      No MI                           100052100006030871
TX                       386.86             53,961.89              80.00      No MI                           100052100006027265
TX                       884.06            127,902.61              80.00      No MI                           100052100006024072
TX                       382.39             51,466.31              72.03      No MI                           100052100006026903
IL                       861.00            131,200.00              80.00      No MI                           100378000003136860
GA                     2,962.36            412,914.44              79.37      No MI                           100378000003150580
FL                       781.32            103,866.90              80.00      No MI                                                    0
FL                     1,245.91            163,715.52              80.00      No MI                           100378000003160811
GA                       467.08             76,000.00              80.00      No MI                           100378000003160589
FL                       931.78            144,338.65              80.00      No MI                                                    0
SC                     3,420.33            449,720.29              31.03      No MI                           100378000003163914
CO                       698.72            114,009.70              68.73      No MI                           100378000003154988
GA                       585.08             95,200.00              80.00      No MI                           100378000003157783
FL                     1,138.74            158,149.30              85.00      No MI                                                    0
IN                       674.81            103,964.36              80.00      No MI                           100378000003159573
MO                     1,776.45            279,572.00              80.00      No MI                           100386100002125060
AZ                       410.46             55,243.83              80.00      No MI                           100386100002180461
FL                     1,138.67            179,200.00              80.00      No MI                           100022100149072324
NJ                     2,068.33            272,000.00              80.00      No MI                           100061200006336390
NY                     2,230.10            334,925.23              80.00      No MI                           100386100002164705
CA                       901.59            139,600.00              75.87      No MI                           100386100002131753
CA                     3,105.98            490,060.07              65.00      No MI                                                    0
VA                     1,783.65            251,817.60              80.00      No MI                           100386100002149136
AZ                     4,017.71            665,000.00              70.00      No MI                           100386100002111045
TX                     1,560.55            230,502.98              65.00      No MI                           100386100002049997
CA                     1,991.34            329,600.00              80.00      No MI                           100386100002150795
TX                       992.10            112,999.98              95.00      No MI                           100386100002152361
TX                     1,520.27            182,686.69              80.00      No MI                           100386100002116226
AZ                     3,168.51            475,859.61              75.00      No MI                           100386100002128981
GA                       683.21            107,520.00              80.00      No MI                           100386100002144681
TX                     1,593.74            187,410.17              75.00      No MI                           100386100002158418
WA                     2,374.80            361,874.00              80.00      No MI                           100386100002143816
TX                       746.35            105,369.67              75.00      No MI                           100386100002132793
NC                       972.60            140,711.85              80.00      No MI                           100051700207021891
IN                       533.93             82,249.12              79.99      No MI                           100051700184360718
NC                     1,102.99            165,261.27              80.00      No MI                           100051700184034693
CO                       445.57             59,985.68              80.00      No MI                           100414001000149753
AZ                     1,416.13            230,421.00              80.00      No MI                           100414001000167854
CO                       918.41            115,300.10              70.00      No MI                           100414001000151619
TX                       574.85             87,596.00              80.00      No MI                           100414001000151056
CA                     1,964.67            288,000.00              80.00      No MI                           100291300005120548
MN                     1,022.67            166,400.00              80.00      No MI                           100197500000301267
MN                     1,583.37            286,800.00              79.97      No MI                           100197500000300079
TX                       928.09            127,733.99              80.00      No MI                           100098900060349562
GA                       631.06             84,000.00              80.00      No MI                           100098900060506773
GA                       506.78             71,548.18              80.00      No MI                           100098900060534890
TX                       726.24            105,069.99              70.00      No MI                           100098900060505593
GA                     1,352.85            223,920.00              80.00      No MI                           100098900060365501
TX                       732.88             97,489.79              80.00      No MI                           100098900060520907
CA                     2,324.89            332,500.00              70.00      No MI                           100098900060603075
GA                       686.00            117,600.00              80.00      No MI                           100098900060511948
IL                     1,678.13            259,840.00              80.00      No MI                           100098900060526540
IL                       620.22             81,600.00              80.00      No MI                           100098900060523521
NJ                     4,244.30            646,750.00              65.00      No MI                           100098900060523570
TX                       406.04             55,961.46              80.00      No MI                           100098900060518364
TX                       936.35            130,607.75              79.94      No MI                           100098900060511138
TX                     1,180.83            157,077.77              70.00      No MI                           100098900060443852
TX                       733.61            102,327.72              80.00      No MI                           100098900060547932
TX                       401.69             54,064.61              79.85      No MI                           100098900060537760
TX                       746.08            113,689.00              70.00      No MI                           100098900060444264
GA                     1,614.39            212,267.98              80.00      No MI                           100098900060526664
TX                       705.18            102,022.31              69.97      No MI                           100098900060505569
TX                     1,081.08            164,736.00              80.00      No MI                           100098900060168483
GA                     1,407.00            214,400.00              80.00      No MI                           100098900060526383
NC                     1,088.37            151,812.78              80.00      No MI                           100098900060540897
TX                     1,220.06            162,296.44              70.00      No MI                           100098900060443621
TX                       567.00             85,050.00              70.00      No MI                           100098900060528165
TX                       404.32             50,250.00              75.00      No MI                           100199105110038193
UT                     1,990.28            323,842.00              80.00      No MI                           100199105110040736
CA                     1,605.91            274,059.11              58.99      No MI                           100033500000086940
PA                       984.50            140,590.35              76.94      No MI                           100232600000061387
PA                     1,132.16            163,795.26              80.00      No MI                           100232600000064241
MD                     2,050.00            328,000.00              80.00      No MI                           100229900256050778
MI                       515.69             78,434.05              71.36      No MI                           100202930605030016
KY                       344.95             47,957.34              90.00      No MI                           100202910602060018
OH                       788.31            119,899.19              80.00      No MI                           100202930605090085
NV                     1,360.00            217,600.00              80.00      No MI                           100219306045026750
WA                     3,152.21            439,689.46              80.00      No MI                           100073500011725339
FL                     1,383.83            207,829.50              80.00      No MI                           100073500011718086
MD                       736.11            103,848.96              80.00      No MI                           100073500011710036
GA                       540.00             86,400.00              90.00      No MI                           100073500011685022
OR                     1,133.36            158,088.35              70.00      No MI                           100073500011740759
TX                     1,179.13            166,472.43              70.00      No MI                           100073500011723532
CA                     1,340.63            234,000.00              65.00      No MI                           100073500011682284
TX                     1,011.58            159,200.00              80.00      No MI                           100073500011701241
AZ                     3,053.90            406,240.79              75.00      No MI                           100073500011750873
TX                       746.67            128,000.00              80.00      No MI                           100073500011700391
AZ                     1,775.00            284,000.00              80.00      No MI                           100073500011738175
MD                     1,462.50            270,000.00              75.00      No MI                           100073500011691028
CA                     1,267.61            206,567.53              54.19      No MI                           100073500011689790
CA                     1,340.63            234,000.00              65.00      No MI                           100073500011682250
AZ                     1,153.13            184,500.00              69.98      No MI                                                    0
CA                     1,293.95            199,088.82              86.74      Radian Guaranty                 100073500011680393
AZ                     1,471.93            239,500.00              77.01      No MI                           100073500011735866
FL                     1,250.00            200,000.00              80.00      No MI                           100073500011730727
FL                       558.94             74,352.56              80.00      No MI                           100073500011727210
CA                     1,902.08            332,000.00              80.00      No MI                           100073500011735395
AZ                       922.11            138,486.39              70.00      No MI                           100073500011733838
CA                     2,606.25            417,000.00              79.43      No MI                           100073500011724456
TX                       420.00             64,000.00              80.00      No MI                           100372790604120406
ID                       886.41            137,250.00              75.00      No MI                                                    0
CA                     2,575.16            391,670.67              80.00      No MI                           100073500011708426
TX                       746.67            128,000.00              80.00      No MI                           100073500011702650
FL                     1,890.68            270,400.00              80.00      No MI                           100073500011762076
PA                       976.10            139,392.15              80.00      No MI                           100073500011707477
CA                     2,200.47            343,754.15              80.00      No MI                           100073500011711133
KY                       836.14            138,396.17              80.00      No MI                           100073500011705091
TX                       916.65            120,525.04              79.87      No MI                           100073500011743795
TX                       614.26             87,718.50              94.97      Mortgage Guaranty In            100073500011682334
FL                     1,015.10            139,903.65              70.00      No MI                           100073500011709358
AR                       757.28            100,735.72              80.00      No MI                           100073500011725016
AR                       545.25             75,148.25              80.00      No MI                           100073500011731915
OR                     1,475.00            240,000.00              80.00      No MI                           100073500011731196
MD                     1,292.18            171,890.32              80.00      No MI                           100073500011735478
ID                     1,135.14            164,980.45              80.00      No MI                           100073500011738894
CA                     6,992.15          1,000,000.00              71.94      No MI                           100073500011704805
CA                     2,005.21            350,000.00              73.68      No MI                           100073500011724597
ID                       730.00            116,800.00              80.00      No MI                           100073500011733580
VA                     1,139.93            169,200.00              80.00      No MI                           100073500011750659
NJ                     2,701.42            395,380.29              80.00      No MI                           100073500011690046
CA                     2,356.25            390,000.00              62.90      No MI                           100073500011741401
VA                       825.75            134,360.00              80.00      No MI                           100073500011750824
OR                     2,958.58            417,697.46              76.00      No MI                           100073500011705760
OR                     1,672.92            292,000.00              79.89      No MI                           100073500011695656
OR                     1,225.02            175,200.00              80.00      No MI                           100073500011744850
ID                     2,195.42            299,200.00              80.00      No MI                           100073500011749404
TX                       974.44            134,298.95              80.00      No MI                           100073500011717435
PA                       317.79             42,273.02              90.00      Mortgage Guaranty In            100073500011742029
CA                     1,353.33            224,000.00              80.00      No MI                           100073500011693966
CA                     1,873.89            267,801.11              80.00      No MI                           100073500011719563
KY                       791.78            109,124.85              80.00      No MI                           100073500011736575
FL                     1,131.11            155,784.58              80.00      No MI                           100073500011702017
MD                     1,747.40            305,000.00              70.11      No MI                           100073500011717310
OH                       725.07             99,861.91              80.00      No MI                           100330706040123532
IN                     1,230.62            175,869.38              80.00      No MI                           100330706040119357
OH                       513.00             75,141.33              80.00      No MI                           100330706050126532
KY                       341.92             48,863.71              76.41      No MI                           100330706050125872
IN                     1,238.23            168,750.00              75.00      No MI                           100330706060130128
KY                     1,069.20            143,905.80              80.00      No MI                           100330706050125443
OH                       400.00             60,000.00              75.00      No MI                           100330706050125187
IN                       368.77             46,848.03              75.00      No MI                           100330706050128041
OH                       754.07            103,855.89              80.00      No MI                           100330706040123557
OH                       812.08            111,922.92              80.00      No MI                           100330706050125831
KY                     1,422.83            223,920.00              79.97      No MI                           100330706060130649
IN                       839.06            119,720.07              80.00      No MI                           100330706030118484
OH                       275.00             40,000.00              53.33      No MI                           100330706060132033
TN                     1,104.76            158,000.00              80.00      No MI                           100330706050128660
OH                       396.50             50,371.00              80.00      No MI                           100330706050129650
KY                       498.99             70,448.98              74.21      No MI                           100330706050125005
IN                       383.15             50,967.48              75.00      No MI                           100330706050128025
KY                     1,258.59            180,000.00              80.00      No MI                           100330706050129379
HI                       879.19            159,250.00              65.00      No MI                           100238688020504068
HI                       825.36            149,500.00              65.00      No MI                           100238688030504066
CO                     1,128.23            171,920.00              80.00      No MI                           100030200197062258
FL                       761.25            116,000.00              80.00      No MI                           100030200010120226
CO                     1,127.86            177,500.00              50.00      No MI                           100030200112016090
CO                     1,155.42            188,000.00              80.00      No MI                           100030200197061391
CO                     2,202.81            371,000.00              69.35      No MI                           100030200650000001
CO                       723.33            112,000.00              80.00      No MI                           100030200197062530
IL                     1,760.42            260,000.00              80.00      No MI                           100030200030066235
WY                       951.23            144,678.35              80.00      No MI                           100030200449001518
FL                       922.29            127,200.00              80.00      No MI                           100030200010121422
DC                     5,585.94            975,000.00              50.00      No MI                           100015305360181121
VA                     5,671.88            825,000.00              75.00      No MI                                                    0
NJ                     3,786.54            576,400.00              48.03      No MI                           100015305860405947
ME                     1,394.57            230,825.00              70.00      No MI                           100015305860459241
VA                     3,117.19            475,000.00              95.00      PMI                             100015305360406601
VA                     2,291.67            400,000.00              80.00      No MI                           100015305360387066
DE                     1,270.84            183,719.12              80.00      No MI                           100204100000728865
ID                     1,485.00            259,200.00              80.00      No MI                           100204100000745703
TX                       453.28             68,942.03              75.00      No MI                           100204100000074509
SC                       687.76             95,932.24              80.00      No MI                           100146850106111728
GA                     2,755.77            379,545.16              75.00      No MI                           100022100152382073
SC                       530.14             74,900.00              74.90      No MI                           100146820106098944
SC                       568.33             88,000.00              80.00      No MI                           100146820106101318
NC                     1,015.62            150,000.00              75.00      No MI                           100146850106098701
MN                     2,188.42            320,044.69              80.00      No MI                           100028510001029788
AZ                       498.85             68,608.73              80.00      No MI                           100101309060200053
TX                       653.03             87,892.46              77.83      No MI                           100101309060500932
TX                       469.02             63,877.11              80.00      No MI                           100101309060404358
TX                     1,039.75            157,947.75              80.00      No MI                           100101309060305415
TX                       760.32            102,333.01              80.00      No MI                           100101310060500112
AZ                     1,337.25            191,108.06              75.00      No MI                           100101309060505006
FL                       744.26            101,224.46              70.00      No MI                           100101320060300017
AZ                     1,365.57            195,155.06              70.00      No MI                           100101310060300133
TX                     1,039.75            157,947.75              80.00      No MI                           100101309060303451
KS                       498.29             70,339.04              80.00      No MI                           100101309060304244
AZ                     1,286.11            205,778.00              80.00      No MI                           100101309060503209
MO                       614.19             82,665.89              80.00      No MI                           100101309060405843
TX                       658.74             88,720.00              80.00      No MI                           100101300000016956
AZ                     2,233.56            340,000.00              80.00      No MI                           100101309060505428
TX                       817.16            124,520.00              80.00      No MI                           100101309060406312
CO                       833.46            119,111.54              80.00      No MI                           100101309060405751
AZ                     2,487.38            346,954.95              80.00      No MI                           100101309060500163
TX                       696.20            100,800.00              80.00      No MI                           100101300000016642
MO                       602.83             78,352.50              80.00      No MI                           100101309060403368
TX                     1,633.28            242,234.14              80.00      No MI                                                    0
MO                       805.88            122,800.00              80.00      No MI                           100177054300018100
TX                       703.50             95,876.00              75.00      No MI                           100177011300029974
TX                       435.59             66,375.00              75.00      No MI                           100177011300027986
TX                       550.00             82,500.00              75.00      No MI                           100177011300029446
TX                       316.86             42,647.09              75.00      No MI                           100177011300022003
TX                       460.20             70,125.00              75.00      No MI                           100177011300027820
TX                     1,346.86            187,733.76              80.00      No MI                           100177015800037346
TX                       473.26             70,989.00              73.95      No MI                           100177011300027010
TX                     1,141.98            157,391.61              70.00      No MI                           100177014800028728
NC                       767.25            111,600.00              80.00      No MI                           100177054300018324
TX                       575.00             86,250.00              75.00      No MI                           100177011300029479
TX                       904.40            112,276.74              80.00      No MI                           100177014600017335
TX                       581.53             84,133.94              75.00      No MI                           100177011300029826
TN                       656.25            100,000.00              80.00      No MI                           100177054300017425
TX                     1,154.70            151,825.57              80.00      No MI                           100177015800041231
TX                       473.26             70,989.00              73.95      No MI                           100177011300029222
TX                       473.26             70,989.00              73.95      No MI                           100177011300029297
TX                       799.22            116,250.00              75.00      No MI                           100177011300029578
FL                     1,489.42            207,753.27              79.99      No MI                           100429106050009055
NC                     1,271.73            190,835.71              80.00      No MI                           100429106040008258
FL                     1,736.46            239,324.19              79.32      No MI                           100429106050009212
CA                     1,839.59            309,825.00              60.78      No MI                           100165700600006773
CA                     1,054.17            184,000.00              46.58      No MI                           100165700600005130
FL                     1,259.96            219,920.00              80.00      No MI                           100015902096068612
NM                     1,073.44            171,750.00              79.99      No MI                           100015901301076634
CO                       939.74            167,064.00              80.00      No MI                           100015901041309105
VA                     1,368.65            211,920.00              80.00      No MI                           100297130605080055
OH                     1,403.20            213,420.55              79.41      No MI                                                    0
FL                     1,096.44            128,933.21              95.00      Mortgage Guaranty In            100022100154228928
FL                     1,004.31            138,512.00              80.00      No MI                                                    0
FL                     1,098.44            155,079.68              80.00      No MI                                                    0
OH                       927.70            142,908.86              80.00      No MI                                                    0
FL                     1,299.75            208,336.00              80.00      No MI                                                    0
OH                       871.12            111,933.88              80.00      No MI                                                    0
FL                     1,337.28            188,792.00              80.00      No MI                                                    0
NY                       648.60             99,467.56              12.50      No MI                           100049616280520689
NY                       739.42            124,079.64               5.00      No MI                           100049616280517297
TN                     1,215.50            176,800.00              80.00      No MI                           100401400000002183
RI                     2,013.74            287,786.26              80.00      No MI                           100102600400549871
NY                     1,957.69            269,814.19              80.00      No MI                                                    0
NJ                     1,689.50            261,600.00              80.00      No MI                           100102600400548840
PA                       386.27             47,449.74              69.98      No MI                           100102600400542561
CT                     1,392.84            208,586.38              80.00      No MI                                                    0
RI                     2,491.59            383,868.41              80.00      No MI                           100102600400553048
NJ                     6,388.59            973,500.00              74.92      No MI                           100294800039089111
OK                       408.69             54,365.31              80.00      No MI                           100259810000002285
TX                     1,048.95            148,092.74              95.00      PMI                             100259810000001964
TX                       543.68             85,937.23              52.77      No MI                           100259810000001881
OK                       682.18             99,921.99              80.00      No MI                           100259810000002053
OK                       534.27             66,363.73              80.00      No MI                           100259810000002137
TX                       715.00            114,400.00              80.00      No MI                           100259810000001980
OK                       662.58             94,494.11              80.00      No MI                           100259810000001766
TX                       895.11            129,501.39              80.00      No MI                           100259810000002210
TX                     2,844.68            417,000.00              53.81      No MI                           100259810000002657
TX                       931.42            139,885.25              80.00      No MI                           100259810000002319
MD                     2,687.82            403,335.75              71.50      No MI                           100127800005009179
VA                     1,185.17            169,374.21              79.99      No MI                           100127800005014138
MD                       455.00             72,800.00              63.30      No MI                           100127800007272387
NC                       904.11            126,110.93              78.24      No MI                                                    0
DC                     1,955.08            341,249.65              75.00      No MI                           100127800007268732
NC                     1,131.25            181,000.00              79.98      No MI                           100127800007262347
MD                     1,715.92            279,200.00              80.00      No MI                                                    0
MD                     1,371.19            205,931.06              79.98      No MI                           100127800005020523
NC                       538.75             86,200.00              79.96      No MI                           100127800007273195
MD                       736.11            103,924.72              80.00      No MI                           100127800007274029
ME                       903.86            142,870.58              62.17      No MI                           100102373590157125
MA                     1,156.19            175,553.88              67.69      No MI                           100102373590154486
RI                     1,550.35            235,602.33              80.00      No MI                           100102373590155871
MD                     2,432.50            417,000.00              76.16      No MI                           100102373390138176
CA                     2,809.41            417,000.00              64.15      No MI                           100256420060511325
CT                       974.73            153,400.00              65.00      No MI                           100059400000009423
CA                     4,132.90            570,000.00              48.31      No MI                                                    0
CA                     4,130.21            650,000.00              65.00      No MI                           100022100137471348
SC                       576.17             93,750.00              73.82      No MI                                                    0
AL                       667.19            105,000.00              75.00      No MI                           100031449004095923
VA                     1,656.25            300,000.00              80.00      No MI                           100031458006032347
FL                       401.04             70,000.00              70.00      No MI                           100031449005024567
MD                     2,173.47            353,650.00              80.00      No MI                           100031458006050034
NJ                     1,326.15            194,248.35              80.00      No MI                           100031432006050484
GA                       862.50            138,000.00              75.00      No MI                           100031449006032692
NC                       804.06            124,500.00              69.98      No MI                           100031449005114566
NC                       676.72            106,499.99              75.00      No MI                           100031449006041198
FL                     1,365.00            208,000.00              80.00      No MI                           100031449005110770
MD                       586.74             81,900.00              70.00      No MI                           100031402006060080
WA                     1,225.00            183,750.00              75.00      No MI                           100031462008050002
WA                       786.70             99,767.34              80.00      No MI                           100031462006020005
KS                       592.92             90,350.00              74.36      No MI                           100031449006032726
IN                       797.34            121,500.00              75.00      No MI                           100031449006032536
WA                     1,319.00            197,850.00              75.00      No MI                           100031462006050101
TX                       399.67             53,131.93              80.00      No MI                           100039225373394416
IL                     1,454.32            202,314.96              70.00      No MI                           100039270021997764
CA                     2,011.98            279,926.56              80.00      No MI                           100039262050153930
IL                       741.81            107,900.00              79.99      No MI                           100039237410379763
NY                     1,789.33            281,600.00              80.00      No MI                           100039279695297112
PA                     1,149.00            142,643.42              80.00      No MI                           100039286981404948
CA                     3,390.63            524,999.99              70.00      No MI                           100039242245568143
MI                       298.60             36,640.96              74.87      No MI                           100039226096058239
CO                     1,149.46            162,164.17              80.00      No MI                           100039285474345097
TX                     1,049.39            124,738.61              79.80      No MI                           100039241543704434
FL                       604.37             91,688.16              80.00      No MI                           100039279152226141
TX                     1,047.53            147,457.59              80.00      No MI                           100039257250188850
TX                     1,219.00            195,040.00              80.00      No MI                           100039274050282726
NM                     1,562.00            227,200.00              80.00      No MI                           100039282931891029
FL                     2,442.33            411,340.00              70.00      No MI                           100195910002015637
PA                     1,676.72            255,500.00              70.00      No MI                           100195910002181256
NV                    14,649.70          1,948,756.55              75.00      No MI                           100183300000307851
AZ                       902.84            141,000.00              44.06      No MI                           100183300000308966
CA                     2,936.25            486,000.00              60.00      No MI                           100183300000295528
CA                     1,953.91            307,500.00              71.51      No MI                           100183300000302928
AZ                       699.99            103,816.92              79.98      No MI                                                    0
MD                     1,832.25            279,200.00              80.00      No MI                           100183300000303157
CA                     1,813.34            267,834.45              80.00      No MI                           100183300000295460
AZ                     1,094.93            171,000.00              61.07      No MI                           100183300000308982
AZ                       904.17            140,000.00              80.00      No MI                           100183300000311747
AZ                       700.00            112,000.00              74.17      No MI                           100183300000297094
NY                     2,257.50            344,000.00              80.00      No MI                           100129810014303023
NY                     1,673.75            267,800.00              80.00      No MI                           100129810013029455
NY                     3,109.31            473,800.00              80.00      No MI                           100129810013029703
NJ                     2,164.77            309,370.23              80.00      No MI                           100234400000150530
PA                       504.86             67,157.14              80.00      No MI                           100234400000148617
PA                       725.84            106,400.00              80.00      No MI                           100234400000152312
FL                     2,233.88            307,665.55              80.00      No MI                           100142000000229572
FL                       935.38            128,280.00              80.00      No MI                           100142000000222833
TX                     2,490.69            312,509.60              80.00      No MI                           100213300000134366
CA                       966.67            160,000.00              24.62      No MI                           100194006050091421
CA                     1,787.50            312,000.00              80.00      No MI                           100194006040089246
NY                     1,550.15            238,587.30              45.52      No MI                           100284939604120059
NY                     3,009.50            462,794.74              80.00      No MI                           100284910160001199
NY                     5,726.61            849,320.27              44.10      No MI                           100284906050000366
UT                       483.73             65,836.25              75.00      No MI                           100114201000263066
OR                     2,135.02            324,726.96              57.52      No MI                           100114201000265533
ID                     1,582.29            217,000.00              70.00      No MI                           100114201000260260
WA                     1,691.67            280,000.00              80.00      No MI                           100134001100119689
CA                     1,989.79            323,762.83              80.00      No MI                           100134001100113294
FL                     1,992.76            284,146.00              95.00      United Guaranty                 100442214185668895
WA                     1,274.03            180,000.00              80.00      No MI                           100146001296964159
OH                       411.84             56,760.91              80.00      No MI                           100196368000815939
MD                     4,062.50            650,000.00              79.75      No MI                           100196368000827033
MD                     1,615.00            228,000.00              80.00      No MI                           100196368000871593
VA                     2,489.17            412,000.00              80.00      No MI                           100196368000837594
MD                       617.67             87,200.00              80.00      No MI                           100196368000864879
MD                     2,068.33            292,000.00              80.00      No MI                           100196368000872302
CO                       701.50            110,400.00              80.00      No MI                           100196368000874787
MD                     1,671.67            236,000.00              80.00      No MI                           100196368000866734
CA                     7,004.38          1,120,700.00              70.00      No MI                           100019977910000518
IA                       777.79             99,940.96              80.00      No MI                                                    0
SC                     4,666.67            700,000.00              80.00      No MI                                                    0
MD                     1,581.67            208,000.00              80.00      No MI                           100091200001048911
FL                     1,001.41            147,900.00              79.99      No MI                           100022100155046089
FL                       847.92            148,000.00              80.00      No MI                                                    0
FL                       965.20            151,900.00              79.99      No MI                                                    0
FL                       955.19            147,900.00              79.99      No MI                                                    0
FL                     1,208.75            183,845.42              80.00      No MI                           100022100154613202
CA                     3,440.14            492,000.00              80.00      No MI                           100067301000287888
CA                     2,262.03            339,721.30              80.00      No MI                           100067307000287299
WA                     1,930.86            272,602.56              62.00      No MI                           100067307000287505
GA                     2,896.64            359,803.36              75.00      No MI                           100263700001062830
SC                       351.00             46,800.00              65.00      No MI                           100263700004060815
SC                       393.88             48,410.00              72.25      No MI                           100263700004062563
GA                       498.96             67,954.37              80.00      No MI                           100263700000961107
FL                       659.10             91,869.72              80.00      No MI                           100263700000961321
GA                     1,860.00            288,000.00              80.00      No MI                           100263700001062889
GA                     1,010.73            142,696.64              70.00      No MI                           100263700001061386
SC                       668.53             97,846.64              79.35      No MI                           100039295066387627
NV                     1,538.33            284,000.00              80.00      No MI                           100062500080623376
CO                     1,236.23            204,892.00              80.00      No MI                           100062500080651047
NV                     1,982.87            305,492.28              80.00      No MI                           100062500080672035
UT                     1,066.10            179,286.13              80.00      No MI                           100062500080722319
GA                     2,206.16            322,893.91              79.99      No MI                           100022100137749974
GA                     1,675.32            239,243.25              79.99      No MI                           100022100152470183
GA                       599.32             78,800.99              79.97      No MI                           100022100152649489
GA                       741.77            104,570.29              80.00      No MI                           100022100138490396
GA                     2,647.75            498,400.00              80.00      No MI                                                    0
GA                       893.00            150,400.00              80.00      No MI                                                    0
FL                       892.50            136,000.00              79.07      No MI                           100022100154607022
GA                     1,436.36            197,963.67              79.99      No MI                           100022100153030432
NC                     1,349.08            207,820.92              78.49      No MI                                                    0
GA                     1,026.00            182,400.00              80.00      No MI                                                    0
GA                     2,835.00            504,000.00              80.00      No MI                           100022100153956198
GA                     1,082.08            196,000.00              80.00      No MI                                                    0
GA                     3,443.77            550,974.75              80.00      No MI                                                    0
GA                     5,108.19            943,050.00              75.00      No MI                           100022100138199823
GA                     1,173.94            144,093.29              74.99      No MI                                                    0
GA                     6,019.10            964,800.00              79.99      No MI                           100022100138243399
NC                       362.90             51,861.48              67.40      No MI                           100022100154570139
FL                       659.01             94,180.05              65.00      No MI                           100022100153858345
GA                       814.68            115,100.00              79.99      No MI                           100022100155137326
GA                       895.16            124,861.81              79.98      No MI                                                    0
GA                     3,386.45            550,000.00              68.21      No MI                           100022100137812996
GA                       755.16            107,919.85              80.00      No MI                           100022100154473110
NC                     1,732.68            244,622.82              80.00      No MI                                                    0
GA                     3,590.15            567,486.52              80.00      No MI                           100022100152310793
GA                     3,992.15            639,307.33              72.72      No MI                           100022100153358544
NC                     1,363.67            199,587.18              79.99      No MI                                                    0
GA                     2,989.53            503,500.00              69.45      No MI                                                    0
GA                       424.68             59,956.57              80.00      No MI                                                    0
NC                       397.79             56,159.32              74.93      No MI                           100022100152961488
GA                       575.25             93,600.00              80.00      No MI                           100022100153507884
GA                     2,556.13            471,900.00              80.00      No MI                                                    0
GA                     1,051.09            159,865.58              72.73      No MI                           100022100153378013
NC                       657.42             85,448.20              90.00      GE Capital MI                   100022100153916184
FL                     1,103.63            154,050.00              65.00      No MI                           100022100154460406
FL                     3,018.04            426,091.38              65.00      No MI                                                    0
NC                       385.75             54,460.55              74.66      No MI                           100022100152960563
GA                     3,276.84            582,550.00              79.92      No MI                                                    0
GA                       773.56            111,914.78              80.00      No MI                                                    0
GA                     3,665.99            580,000.00              80.00      No MI                           100022100153975990
FL                     3,025.39            466,048.40              78.56      No MI                                                    0
FL                     1,050.00            168,000.00              73.04      No MI                           100271100000240349
NJ                     1,420.83            248,000.00              80.00      No MI                           100271100000237733
NY                     2,562.81            417,000.00              77.22      No MI                           100271100000235919
FL                       926.05            135,750.00              75.00      No MI                           100271100000235513
CA                     2,041.88            363,000.00              55.00      No MI                           100271100000229987
NJ                     2,366.00            405,600.00              80.00      No MI                           100271100000223212
FL                       698.96            110,000.00              39.29      No MI                           100271100000236560
MO                     1,691.55            250,000.00              64.94      No MI                           100258910060413017
VA                     2,182.96            319,750.37              80.00      No MI                           100258940060303066
VA                     1,147.57            179,336.30              65.00      No MI                           100258910060425490
OH                       790.09            123,602.77              79.11      No MI                           100115600097703638
IN                       551.25             98,000.00              80.00      No MI                           100115600098677971
IN                       551.25             98,000.00              80.00      No MI                           100115600098693069
OH                     2,377.33            337,928.07              77.27      No MI                           100115600098925065
OH                     1,275.39            172,592.94              90.00      No MI                           100115600098952697
IN                       510.75             90,800.00              80.00      No MI                           100115600098690255
OH                       778.59            128,808.58              65.00      No MI                           100115600099428630
IN                       608.54            108,185.00              80.00      No MI                           100115600098680926
MI                     3,611.35            559,421.32              80.00      No MI                           100115600091452778
IN                       608.54            108,185.00              80.00      No MI                           100115600098679878
IN                       510.75             90,800.00              80.00      No MI                           100115600098680769
IN                       631.08            108,185.00              80.00      No MI                           100115600052548754
IN                       510.75             90,800.00              80.00      No MI                           100115600098680686
OH                       372.67             60,473.26              90.00      No MI                           100074500000343101
UT                     9,308.29          1,330,262.02              75.00      No MI                           100099210604070016
UT                     1,017.31            141,899.77              74.74      No MI                           100099230605080004
MN                       702.38            107,030.00              70.00      No MI                           100431500000005484
MN                       786.62            121,800.00              70.36      No MI                           100431500000006623
TX                     1,676.36            231,040.89              80.00      No MI                           100198900000053687
TX                       773.72            107,922.77              77.14      No MI                           100198900000052317
CA                     1,251.54            231,053.13              65.00      No MI                           100198900000046871
TX                       931.34            130,000.00              65.00      No MI                           100198900000058132
TX                       730.53            101,970.00              75.00      No MI                           100198900000055229
TX                       628.12             99,375.00              75.00      No MI                           100198900000056599
TN                       660.76             94,429.87              70.00      No MI                           100198900000055146
TX                     1,206.52            166,285.48              80.00      No MI                           100198900000054073
TX                       708.30            101,300.00              64.94      No MI                           100198900000054966
TX                     1,229.72            169,600.00              80.00      No MI                           100198900000058447
TX                       516.71             67,200.00              80.00      No MI                           100198900000060807
CA                     1,104.21            207,850.57              58.47      No MI                           100198900000046780
TX                       699.21             99,925.79              80.00      No MI                           100198900000050147
TX                       479.80             62,400.00              80.00      No MI                           100198900000060856
TX                       817.46            115,967.96              80.00      No MI                           100198900000058090
TX                       890.97            122,795.43              80.00      No MI                           100198900000056698
GA                       832.37            117,600.00              80.00      No MI                           100187100511359078
GA                       967.98            131,920.00              80.00      No MI                           100187100511342967
AZ                       688.33            112,000.00              51.61      No MI                           100240406040515659
AZ                     1,463.47            194,800.00              80.00      No MI                           100240406050516860
OR                     1,092.99            158,008.44              75.00      No MI                           100400200000428887
GA                     3,459.91            565,000.00              56.22      No MI                           100022100153838701
GA                       481.04             71,342.90              70.00      No MI                           100022100153429428
AZ                     1,662.50            285,000.00              75.00      No MI                           100199500137575237
AZ                     1,076.91            150,213.91              80.00      No MI                           100199500154029282
WI                       366.06             52,958.71              61.63      No MI                           100220710000120309
TX                       964.20            132,980.00              80.00      No MI                           100016900060982718
TX                       706.93            101,104.00              80.00      No MI                           100016900054890182
TX                       645.23             86,900.00              94.98      Radian Guaranty                 100016900058862963
TX                       609.67             84,979.49              79.99      No MI                           100016900061011251
ID                       927.49            135,960.00              80.00      No MI                           100016910001004647
GA                     1,253.33            188,000.00              80.00      No MI                           100016900053816113
GA                     2,445.00            391,200.00              80.00      No MI                           100016900055030812
WA                       708.00            115,200.00              80.00      No MI                           100016900062192993
TX                       970.14            133,707.92              80.00      No MI                           100016900060982973
WA                       632.20             95,024.00              80.00      No MI                           100016910000051029
CO                     4,956.25            780,000.00              80.00      No MI                           100016910000824110
IN                       572.07             74,354.93              80.00      No MI                           100399600000122725
GA                       660.83            104,000.00              80.00      No MI                           100399600000124952
MN                     2,433.27            348,000.00              80.00      No MI                           100399600000123558
MN                       645.83            100,000.00              62.50      No MI                           100399600000124390
TX                     1,574.09            211,861.33              80.00      No MI                           100251800000019247
FL                       365.92             55,000.00              59.14      No MI                           100251800000021185
TX                       401.01             50,400.00              80.00      No MI                           100251800000021888
TX                       469.34             68,746.33              80.00      No MI                           100251800000017423
TX                       849.28            114,306.17              80.00      No MI                                                    0
TX                       669.44             90,101.02              80.00      No MI                           100251800000016888
TX                       292.45             37,577.80              80.00      No MI                                                    0
TX                       469.45             73,880.00              80.00      No MI                           100251800000021698
TX                       651.76             87,722.58              80.00      No MI                           100251800000018561
NC                       998.71            146,170.89              80.00      No MI                           100251800000016326
TX                     1,473.34            203,060.16              80.00      No MI                           100251800000019098
NM                       679.48             95,860.60              80.00      No MI                                                    0
NC                       525.01             67,460.15              90.00      GE Capital MI                   100251800000017522
TX                       379.87             54,958.15              78.57      No MI                           100251800000019106
TX                       458.23             79,982.48              80.00      No MI                           100251800000016425
TX                       393.68             51,168.99              80.00      No MI                           100251800000018215
TX                       455.89             56,002.19              80.00      No MI                           100251800604180031
VA                       433.58             61,963.98              90.00      Republic MIC                    100251800000017613
FL                       796.08            129,948.71              62.05      No MI                           100251800000016615
CO                       927.76            135,893.91              80.00      No MI                           100095303311003786
CO                       991.25            156,000.00              80.00      No MI                           100095307013500114
CO                     1,524.09            231,523.41              80.00      No MI                           100095306537701075
CA                     3,718.23            605,000.00              62.05      No MI                           100034200057092789
MA                     2,369.00            329,600.00              80.00      No MI                           100034200005458918
VA                     1,643.33            272,000.00              80.00      No MI                           100034200057127353
FL                     1,574.89            235,924.69              80.00      No MI                           100273306041010694
GA                       696.09            121,500.00              75.00      No MI                           100148706023810008
TX                       612.57             94,849.14              70.00      No MI                           100424906030030278
TX                       365.42             46,423.28              70.00      No MI                           100424906040037511
TX                       407.30             51,162.30              70.00      No MI                           100424906050043326
LA                       417.64             57,520.46              80.00      No MI                           100424906030033496
UT                       818.45            118,500.00              60.00      No MI                           100424906050042070
TX                       335.92             42,650.69              70.00      No MI                           100424906040037479
TX                       330.19             44,517.31              90.00      United Guaranty                 100424906040041281
IL                       576.85             82,500.00              75.00      No MI                           100424906040038485
TX                       583.34             74,955.72              75.00      No MI                           100424906050045313
TX                       346.93             44,074.63              70.00      No MI                           100424906040037495
TX                       395.44             49,672.13              70.00      No MI                           100424906050043284
CO                       727.00            116,320.00              80.00      No MI                           100424906030029791
SC                       476.58             65,360.00              65.00      No MI                           100424906020026716
IL                       754.74            102,050.00              65.00      No MI                           100424906010020398
MD                     1,150.00            184,000.00              80.00      No MI                           100038500010133752
GA                       790.50            122,400.00              80.00      No MI                           100038500010136771
MD                     2,175.00            360,000.00              80.00      No MI                           100038500010140765
AL                       635.43             91,929.99              80.00      No MI                           100038500010132903
FL                     1,476.78            224,611.14              80.00      No MI                           100038500010135278
AL                       706.10            107,596.00              80.00      No MI                           100038500010140930
GA                       699.21             99,886.95              79.05      No MI                           100038500010129974
FL                     2,693.33            404,000.00              80.00      No MI                           100038500010137811
MS                     1,188.68            165,920.00              80.00      No MI                           100038500010142407
MD                       399.19             59,901.34              65.93      No MI                           100038500010127846
AL                       972.47            140,800.00              80.00      No MI                           100038500010139825
NC                       560.60             76,400.00              80.00      No MI                           100038500010139510
GA                       825.07            111,120.00              80.00      No MI                           100038500010139643
NC                     2,700.00            405,000.00              90.00      GE Capital MI                   100083300000010746
WI                       795.67            123,200.00              80.00      No MI                           100083300000011397
MI                       975.75            136,200.00              80.00      No MI                           100133001000557856
MA                     1,729.79            259,786.88              57.78      No MI                           100209600002210072
FL                     1,206.56            162,393.70              65.00      No MI                           100255500000041037
CA                     4,997.94            649,606.23              79.27      No MI                           100096000016008503
NV                     1,349.02            193,292.00              80.00      No MI                                                    0
CA                     1,450.14            199,584.37              80.00      No MI                           100096000015006391
TX                     1,233.15            156,568.98              95.00      PMI                             100096000060328021
NV                       643.28             91,931.72              80.00      No MI                           100096000060424069
NV                     1,671.67            272,000.00              80.00      No MI                           100096000060503011
NV                     1,246.55            189,951.00              80.00      No MI                           100096000060425025
CO                     1,051.09            160,000.00              80.00      No MI                           100096000060523092
CT                       693.00            100,800.00              70.00      No MI                           100238508482056631
MA                       662.86            115,700.00              65.00      No MI                           100124100000022308
NJ                       775.98            113,750.00              65.00      No MI                           100124100000022829
CA                     3,141.67            464,000.00              80.00      No MI                           100146900008046629
CA                     4,812.50            660,000.00              80.00      No MI                           100146900008041224
CA                     2,795.11            399,154.80              65.00      No MI                           100146900008037883
OH                       379.17             52,000.00              80.00      No MI                           100431900103643019
TX                       634.19             87,405.81              90.00      Triad Guaranty                  100431900103613723
HI                     5,397.58            925,300.00              79.99      No MI                           100431900103690036
AZ                     1,292.50            264,000.00              80.00      No MI                           100431900103499586
IL                     2,555.00            292,000.00              80.00      No MI                           100431900103606834
OH                       321.98             58,320.00              80.00      No MI                                                    0
AZ                     3,977.47            467,719.83              80.00      No MI                           100431900103698294
FL                     1,831.13            231,300.00              79.97      No MI                           100431900103611503
LA                       326.72             46,125.00              75.00      No MI                           100431900103649750
OH                       344.53             52,500.00              75.00      No MI                           100431900103560403
CA                       627.61             91,783.36              80.00      No MI                           100431900103525299
FL                     1,693.36            318,750.00              75.00      No MI                           100431900103495535
AZ                     2,184.04            294,029.80              79.49      No MI                           100431900103652440
WI                       441.05             67,823.36              80.00      No MI                           100431900103546444
NV                     2,737.57            415,862.43              80.00      No MI                           100431900103653745
WA                     1,475.43            183,950.00              80.00      No MI                           100431900103652747
TX                       495.00             74,250.00              75.00      No MI                           100431900103637144
OH                       475.47             67,898.21              80.00      No MI                           100431900103598387
NC                     1,076.48            139,915.19              80.00      No MI                           100431900103678247
LA                       861.25            156,000.00              80.00      No MI                           100431900103504484
TX                       823.75            131,800.00              79.99      No MI                           100431900103626220
TX                       579.50             97,600.00              80.00      No MI                           100020700194841796
AL                       565.33             84,799.99              80.00      No MI                           100020700194756317
NC                     1,040.60            166,496.00              80.00      No MI                           100020700194610787
TX                       579.50             97,600.00              80.00      No MI                           100020700194729439
AL                       356.16             50,283.57              80.00      No MI                           100020700194930060
NC                       567.00             90,720.00              80.00      No MI                           100020700004599287
AL                       425.79             63,947.54              80.00      No MI                           100020700194603931
TX                     2,399.71            342,945.29              80.00      No MI                           100020700190667864
AL                       707.88            106,312.78              80.00      No MI                           100020700194796099
TX                       721.59            103,123.41              80.00      No MI                           100149500055600414
TX                     1,131.85            167,865.65              80.00      No MI                           100149500055598949
TX                       641.25             93,589.89              80.00      No MI                           100149500055600133
OH                     1,041.44            188,639.00              80.00      No MI                           100027605111912286
MD                     4,072.96            620,000.00              71.15      No MI                           100027605122715868
VA                     3,249.13             98,717.75              79.99      No MI                           100027605110302331
OH                       962.68            168,032.00              80.00      No MI                           100027605112112621
OH                     1,349.89            227,350.00              80.00      No MI                           100027606011104594
OH                     1,317.56            234,232.00              80.00      No MI                           100027605102815605
VA                     7,020.84            980,000.00              80.00      No MI                           100027606022113279
VA                     2,206.80            347,300.00              80.00      No MI                           100027605120402048
NJ                     4,769.47            649,563.86              77.22      No MI                           100027606010502111
PA                     2,034.70            315,050.00              79.99      No MI                           100027600807737139
MD                     1,371.76            215,884.00              80.00      No MI                           100027605121509353
NJ                     2,012.63            297,250.00              80.00      No MI                           100027605111609700
MD                     2,899.69            448,984.00              79.98      No MI                           100027605072916771
MD                     3,700.51            572,982.00              80.00      No MI                           100027606012410859
OH                     1,500.74            214,472.71              80.00      No MI                           100027605121207420
FL                     1,616.18            233,281.19              75.00      No MI                           100134600206010021
GA                     1,443.90            204,000.00              80.00      No MI                           100134600206050910
CA                     1,177.00            183,934.67              80.00      No MI                           100121700060501860
CA                     1,513.56            229,923.94              45.10      No MI                           100121700060502082
MA                     2,150.00            344,000.00              80.00      No MI                           100302600970600052
FL                       711.88            107,000.00              64.85      No MI                           100022100155859531
AZ                       790.00            126,400.00              80.00      No MI                           100188601000119716
AZ                     1,415.59            199,855.24              80.00      No MI                           100188601000119666
GA                     1,090.38            171,600.00              80.00      No MI                           100032100001023983
GA                     1,235.46            170,274.74              80.00      No MI                           100032100001024668
GA                       788.71            112,716.29              80.00      No MI                           100032100001026846
GA                     1,675.00            268,000.00              80.00      No MI                           100032100001023801
GA                       561.66             98,036.00              80.00      No MI                           100032100001018603
GA                       912.39            144,088.31              80.00      No MI                           100032100001020252
GA                     1,140.67            185,600.00              80.00      No MI                           100032100001022183
NC                     1,151.22            190,546.70              80.00      No MI                           100032100001014826
GA                     1,240.00            192,000.00              80.00      No MI                           100032100001024924
GA                       734.40            130,560.00              80.00      No MI                           100032100001021854
GA                       752.36            101,127.80              80.00      No MI                                                    0
GA                     1,108.17            168,548.28             100.00      Radian Guaranty                 100032100001027844
GA                       336.75             43,769.47              80.00      No MI                           100032100001028818
GA                       776.95            104,433.26              80.00      No MI                           100032100001008604
GA                     1,181.42            160,899.97              80.00      No MI                           100032100001026523
SC                       877.69            145,272.00              80.00      No MI                           100032100001018306
GA                     1,129.86            176,299.32              80.00      No MI                           100032100001022878
GA                     1,165.44            159,832.00              80.00      No MI                           100032100001020914
GA                       668.18            108,720.00              80.00      No MI                           100032100001021185
GA                       734.67            121,600.00              80.00      No MI                           100032100001019239
GA                       761.25            116,000.00              80.00      No MI                           100032100001021896
GA                     1,134.98            160,232.00              80.00      No MI                           100032100001029774
GA                       839.75            134,360.00              80.00      No MI                           100032100001020633
GA                     1,272.94            214,390.00              80.00      No MI                           100032100001011442
GA                       615.77            107,480.00              80.00      No MI                           100032100001023017
GA                     1,246.10            178,545.00              80.00      No MI                           100032100000619641
GA                       597.13            108,160.00              80.00      No MI                           100032100001019577
GA                       563.08             93,199.00              80.00      No MI                           100032100001012366
GA                       501.50             81,600.00              80.00      No MI                           100032100001021607
GA                       708.36            102,481.96              80.00      No MI                           100032100001024569
GA                       969.68            145,510.36              80.00      No MI                           100032100001017266
GA                     1,146.00            167,729.11              80.00      No MI                                                    0
GA                       763.61            102,640.82              80.00      No MI                           100032100001008588
GA                       792.07            114,504.94              80.00      No MI                           100032100001005386
GA                       785.19            127,760.00              80.00      No MI                           100032100001003068
GA                     1,373.99            211,657.61              80.00      No MI                           100032100001029782
GA                     1,002.82            150,608.45              80.00      No MI                           100032100001026192
GA                       950.37            137,495.30              80.00      No MI                           100032100001023629
GA                       936.75            140,800.00              80.00      No MI                           100032100001030095
GA                       689.23            116,080.00              80.00      No MI                           100032100001024874
GA                       844.09            120,630.41              80.00      No MI                           100032100001010402
GA                       918.78            137,872.94              79.98      No MI                           100032100001019726
GA                     1,222.81            186,140.00              80.00      No MI                           100032100001031598
GA                     1,233.66            171,956.14              80.00      No MI                           100032100001021680
GA                       683.54             95,208.67              80.00      No MI                           100032100001011541
GA                       454.50             80,800.00              80.00      No MI                           100032100001020138
FL                     1,387.20            195,848.15              80.00      No MI                           100032100001029139
GA                       353.27             44,375.11              80.00      No MI                           100032100001018041
WY                     1,768.13            255,805.20              80.00      No MI                           100183102000168121
CO                       775.00            120,000.00              30.15      No MI                           100183102000157421
CO                     5,195.83            860,000.00              80.00      No MI                           100183102000170952
AR                     1,188.23            182,558.58              80.00      No MI                           100140900000248153
CA                     1,987.03            353,250.00              65.00      No MI                           100086600111035400
CA                       984.38            175,000.00              12.80      No MI                           100086600111036457
CA                     1,593.05            242,296.27              43.30      No MI                           100086600210063311
CA                       995.63            176,999.25              62.11      No MI                           100086600111033314
FL                     1,304.30            236,250.00              75.00      No MI                           100086600206000095
CA                     5,307.19            999,000.00              64.45      No MI                           100086600111033397
FL                       503.75             78,000.00              80.00      No MI                           100366000000027173
TX                     1,090.50            150,296.50              80.00      No MI                           100366000000027223
CO                     1,570.26            213,856.41              69.99      No MI                           100366000000027017
NY                     2,066.67            320,000.00              80.00      No MI                           100366000000023941
TX                       917.37            131,102.63              80.00      No MI                           100404400000038671
IN                       580.17             84,000.00              80.00      No MI                           100404400000045528
TX                       876.42            135,009.66              80.00      No MI                           100404400000046716
TX                       719.01            110,760.56              80.00      No MI                           100404400000045338
IN                       677.20            106,575.00              70.00      No MI                                                    0
TX                       573.21             77,097.59              80.00      No MI                           100404400000037673
IA                       600.57             74,558.15              80.00      No MI                           100404400000029894
TX                     1,022.85            157,565.22              80.00      No MI                           100404400000046666
MS                       597.15            104,230.00              70.00      No MI                                                    0
TX                       816.71            114,000.00              80.00      No MI                           100404400000043549
IN                       563.59             81,600.00              80.00      No MI                           100404400000045536
GA                     1,174.15            170,000.00              80.00      No MI                           100229330000153548
GA                       997.50            152,000.00              80.00      No MI                           100229330000151732
FL                     1,254.82            168,889.45              65.00      No MI                           100229330000132914
GA                       996.67            138,922.99              80.00      No MI                           100229330000143101
GA                       743.69            101,283.99              80.00      No MI                           100229330000142863
GA                       389.29             54,960.19              68.32      No MI                           100229330000135412
GA                       858.00            124,800.00              80.00      No MI                           100229330000108096
AL                       422.53             50,225.28              75.00      No MI                           100229330000150296
GA                     1,200.42            169,477.25              80.00      No MI                           100229330000146518
GA                     1,177.92            205,600.00              80.00      No MI                           100229330000162994
SC                       839.06            119,821.32              73.62      No MI                           100229330000132062
TN                     1,819.25            306,400.00              80.00      No MI                           100229330000151708
GA                     2,447.25            349,740.25              71.72      No MI                           100229330000133771
GA                     1,429.84            209,436.49              80.00      No MI                           100229330000142392
GA                       542.50             84,000.00              80.00      No MI                           100229330000140784
GA                       636.60            111,116.00              80.00      No MI                           100229330000146476
AL                       728.93            110,960.00              80.00      No MI                           100229330000161285
FL                       965.25            129,914.96              65.00      No MI                           100229330000150973
GA                     3,546.35            619,000.00              29.20      No MI                           100229330000131114
SC                       462.23             63,705.86              70.83      No MI                           100229330000150452
GA                       446.92             58,270.42              70.00      No MI                           100229330000143580
GA                       982.40            142,895.00              79.99      No MI                           100229330000142137
TN                       995.67            164,800.00              80.00      No MI                           100229330000152425
NC                       826.67            124,000.00              80.00      No MI                           100229330000137442
GA                       644.77             89,872.55              52.94      No MI                                                    0
GA                     2,742.19            405,000.00              75.00      No MI                           100022933000158802
GA                     1,321.67            208,000.00              80.00      No MI                           100229330000150221
GA                     5,032.50            792,000.00              80.00      No MI                           100229330000121461
NC                     3,262.50            540,000.00              80.00      No MI                           100229330000149181
MI                       403.92             54,328.58              85.00      PMI                             100053630322055375
TX                       453.33             68,000.00              80.00      No MI                           100053630021070980
KS                       770.00            115,500.00              70.00      No MI                           100053620141000595
OR                     2,293.25            323,765.50              80.00      No MI                           100053630021070287
MO                       768.04            113,817.13              79.97      No MI                           100053620081020132
FL                     1,019.93            143,890.75              75.84      No MI                           100053630322056290
TX                     1,417.15            195,450.00              79.99      No MI                           100053620011097408
TX                     1,276.12            175,878.88              80.00      No MI                           100034910240600948
TX                       531.25             72,400.00              80.00      No MI                           100053630681014500
TX                       836.25            133,800.63              80.00      No MI                           100053630061069678
IL                       357.29             70,000.00              66.67      No MI                           100053630322051952
TX                       963.92            141,078.87              74.37      No MI                           100053630791007691
UT                       894.03            140,700.00              79.99      No MI                           100053630021072176
WA                     1,352.08            220,000.00              80.00      No MI                           100053620111007091
MS                       336.43             46,400.00              80.00      No MI                           100053630641005275
TN                       365.73             51,013.97              79.94      No MI                           100053630061091151
TX                     1,303.65            193,189.60              79.99      No MI                           100053620011092599
TX                       501.49             69,950.59              80.00      No MI                           100053620011097309
TX                       569.00             73,955.17              80.00      No MI                           100053620171001141
TX                       334.08             47,165.84              80.00      No MI                           100053620011085841
TX                       656.19             90,500.00              79.98      No MI                           100053620101013562
MO                       871.72            134,284.28              80.00      No MI                           100053620081021460
TX                       435.29             61,455.49              75.00      No MI                           100053620011087094
TX                       848.92            133,600.00              80.00      No MI                           100053630791015538
TX                     2,063.27            287,796.73              80.00      No MI                           100053620171002040
CA                     3,461.67            536,000.00              80.00      No MI                           100171906040018441
CA                     2,074.84            331,975.00              80.00      No MI                           100171906030015530
IL                     1,397.92            220,000.00              80.00      No MI                           100113200154721946
IL                       560.34             81,130.00              70.00      No MI                           100113200154428252
FL                       990.69            138,285.00              80.00      No MI                           100057400002815498
NV                     2,348.14            344,213.00              80.00      No MI                           100057400002834861
AZ                     2,068.51            310,657.15              80.00      No MI                           100057400002484717
NV                     1,695.44            258,352.00              80.00      No MI                           100057400002827980
NV                     1,595.64            225,438.00              80.00      No MI                           100057400002823922
FL                     1,199.66            171,444.67              80.00      No MI                           100057400002780130
NC                     1,422.33            219,292.00              80.00      No MI                           100057400002631655
IL                     1,831.29            255,620.00              80.00      No MI                           100057400002675439
TX                     1,155.07            162,955.02              80.00      No MI                           100057400002770149
CO                       852.88            123,390.03              80.00      No MI                           100057400002828731
FL                     2,142.53            285,188.00              80.00      No MI                           100057400002527358
AZ                     2,065.45            304,804.34              80.00      No MI                           100574000002398297
NV                     1,700.06            226,147.70              80.00      No MI                           100057400002783233
FL                     1,434.92            200,292.00              80.00      No MI                           100057400002835637
AZ                     2,274.46            317,479.00              80.00      No MI                           100057400002432625
TX                       677.06            104,298.12              80.00      No MI                           100057400002568402
FL                     2,722.33            345,644.37              80.00      No MI                           100057400002518605
IL                     2,614.57            364,952.00              80.00      No MI                           100057400002749986
MI                     1,271.72            177,386.71              80.00      No MI                           100057400002792457
VA                     5,283.11            719,516.89              80.00      No MI                           100057400002655472
IL                     1,876.94            281,540.00              80.00      No MI                           100057400002678029
FL                     1,162.09            192,345.00              80.00      No MI                           100057400002380436
CA                     1,998.56            292,968.00              80.00      No MI                           100057400003451591
FL                     1,541.86            202,856.00              80.00      No MI                           100057400002835124
NV                     1,349.30            195,211.35              80.00      No MI                           100057400002645648
FL                       999.07            137,789.00              80.00      No MI                           100057400002833251
NM                     1,590.49            267,872.00              80.00      No MI                           100057400002817064
PA                     1,203.20            180,850.00              79.99      No MI                           100057400002543157
UT                     1,604.67            265,600.00              80.00      No MI                           100124700070124064
CO                       457.50             59,463.96              80.00      No MI                           100124700070154129
CO                     2,475.22            353,737.28              78.67      No MI                           100124700070139443
UT                     1,724.90            211,887.18              80.00      No MI                           100124700070149103
CO                       586.57             78,948.33              68.70      No MI                           100124700070142199
UT                       944.21            146,200.00              80.00      No MI                           100124700070151562
CO                     1,633.42            228,000.00              80.00      No MI                           100124700070161496
UT                     1,600.00            240,000.00              80.00      No MI                           100124700070145622
TX                       619.82             92,000.00              80.00      No MI                           100124700070153469
UT                     1,398.43            199,851.57              80.00      No MI                           100124700070138585
UT                     1,483.02            214,556.61              80.00      No MI                           100124700070142124
CO                       501.12             70,748.75              73.75      No MI                           100124700070137223
UT                       855.84            122,309.16              80.00      No MI                           100124700070152289
CO                       933.33            160,000.00              80.00      No MI                           100124700070144468
CO                       549.20             67,500.00              71.05      No MI                           100124700070159474
UT                     1,372.06            223,250.00              95.00      PMI                             100124700070126077
UT                     1,814.46            238,614.51              80.00      No MI                           100124700070154939
NV                     2,633.76            385,780.82              80.00      No MI                           100125300029374735
NV                     1,214.17            188,000.00              80.00      No MI                           100137306060028540
NV                     1,499.50            239,920.00              80.00      No MI                           100137306050026710
NV                     1,085.00            168,000.00              80.00      No MI                           100137306050026603
NV                       966.00            201,600.00              80.00      No MI                           100137306060027435
NV                     1,338.75            204,000.00              80.00      No MI                           100137306050026785
MA                     3,875.00            620,000.00              51.67      No MI                           100094600000439804
IL                       859.75            144,800.00              80.00      No MI                           100094600000430001
CA                     4,332.45            650,666.22              68.55      No MI                           100094600000433799
MA                     2,457.46            346,948.71              80.00      No MI                           100094600000434250
CA                     3,675.80            551,133.41              56.96      No MI                           100094600000422628
CO                       781.72            111,800.00              78.84      No MI                                                    0
MI                       484.41             71,784.65              79.98      No MI                           100094600000428856
MA                     1,415.59            199,709.57              79.05      No MI                           100094600000434433
MA                     1,475.34            211,000.00              64.92      No MI                                                    0
VA                       466.42             70,940.35              69.27      No MI                           100094600000432981
CA                     1,575.00            252,000.00              60.29      No MI                           100063100076912559
ME                     1,342.49            191,857.51              80.00      No MI                           100196600000339522
ME                     1,327.11            176,537.36              78.86      No MI                           100196600000263789
NH                     1,598.72            207,794.05              80.00      No MI                           100196600000339118
AZ                     1,274.03            179,738.61              80.00      No MI                           100265600005048074
MO                       506.23             72,346.27              80.00      No MI                           100265600005044982
OK                       659.10             93,052.60              80.00      No MI                           100265600005035238
OH                       668.88             92,122.60              75.00      No MI                           100265600005025288
OK                       392.01             50,370.24              80.00      No MI                           100265600005028134
OK                       398.23             51,169.77              80.00      No MI                           100265600005026369
OH                       832.37            117,514.88              80.00      No MI                           100265600005032904
OK                       398.23             51,139.32              80.00      No MI                           100265600005031781
AZ                       698.50             97,431.19              65.00      No MI                           100265600005055129
AZ                     1,082.78            162,616.59              75.00      No MI                           100265600005043075
FL                       512.52             77,952.46              65.00      No MI                           100265600005021873
OK                       361.57             52,310.16              75.00      No MI                           100265600005036657
TX                       522.86             67,958.81              80.00      No MI                           100265600005017871
OK                       409.08             51,939.96              80.00      No MI                           100265600004258393
OK                       392.01             50,340.27              80.00      No MI                           100265600005028191
MI                     1,093.90            143,830.54              80.00      No MI                           100265600005050054
TX                       525.54             74,196.26              75.00      No MI                           100265600005049411
TX                       591.12             75,809.22              80.00      No MI                                                    0
TX                       509.61             71,947.89              75.00      No MI                           100026560000504942
TX                       385.04             54,321.01              80.00      No MI                           100265600005028167
TX                       648.99             93,820.56              78.98      No MI                           100265600005039321
TX                       690.68             88,694.76              80.00      No MI                           100265600005026443
AR                       700.17             87,950.66              80.00      No MI                           100265600005037267
TX                       390.70             55,119.84              80.00      No MI                           100265600005028142
TX                       383.08             50,337.12              80.00      No MI                           100265600005014928
FL                       660.76             94,359.30              67.99      No MI                           100265600005020347
TX                       657.01             93,824.10              78.98      No MI                           100265600005017814
TX                       828.12            119,808.77              74.98      No MI                           100031700003387608
UT                     1,916.07            287,287.65              80.00      No MI                           100031700003313604
TX                       631.06             83,946.44              70.00      No MI                           100031700003397045
FL                     1,347.98            197,445.85              80.00      No MI                           100031700003378367
UT                       322.86             44,000.00              80.00      No MI                           100031700003407109
FL                       773.80            103,000.00              80.00      No MI                           100031700003396922
TX                       406.04             55,922.67              80.00      No MI                           100031700003360654
FL                     1,547.45            215,847.55              80.00      No MI                           100031700003386410
TX                       881.25            121,437.61              80.00      No MI                           100031700003347462
FL                     1,080.84            176,430.36              64.89      No MI                           100031700003373178
UT                       713.22             97,134.78              80.00      No MI                           100031700003389836
TX                       933.89            128,711.36              80.00      No MI                           100031700003374622
FL                       796.27            112,418.57              77.59      No MI                           100031700003359003
FL                     1,130.21            175,000.00              57.00      No MI                                                    0
UT                       540.75             82,400.00              80.00      No MI                           100031700003368533
CO                     1,298.32            190,320.00              80.00      No MI                           100031700003407869
TX                     2,697.26            372,000.00              80.00      No MI                           100031700003411853
ID                       760.75            108,719.25              76.89      No MI                           100031700003384654
CO                     1,542.95            212,800.00              80.00      No MI                           100031700003398076
UT                       904.89            124,714.11              80.00      No MI                           100031700003394455
FL                     1,960.19            263,827.31              80.00      No MI                           100031700003366594
UT                       895.92            139,672.42              80.00      No MI                           100031700003365596
TX                     1,125.33            168,800.00              80.00      No MI                           100031700003382773
UT                       725.83            104,000.00              80.00      No MI                                                    0
TX                       581.73             81,142.69              80.00      No MI                           100031700003343510
CA                     2,990.91            412,216.12              75.00      No MI                           1000317-0000335720
TX                       675.06             91,876.13              80.00      No MI                           100031700003367170
OR                       623.44            105,000.00              46.67      No MI                           100031700003389217
UT                     1,011.15            146,400.00              80.00      No MI                           100031700003398225
FL                       925.57            118,929.74              79.33      No MI                           100031700003372501
FL                       886.39            120,637.34              80.00      No MI                           100031700003358591
FL                       466.38             65,007.82              70.00      No MI                           100031700003365802
TX                     2,416.10            336,772.41              95.00      Radian Guaranty                 100031700003352339
CO                     1,361.95            216,000.00              80.00      No MI                           100031700003385081
CO                     1,087.98            155,484.52              80.00      No MI                           100031700003373947
TX                     1,031.57            140,491.67              80.00      No MI                           100031700003368897
CO                     1,088.75            160,800.00              80.00      No MI                           100031700003372741
FL                       550.48             83,622.33              69.71      No MI                           100031700003378292
CA                     2,372.43            326,974.82              80.00      No MI                           100031700003377294
TX                       994.52            135,445.05              80.00      No MI                           100031700003370802
FL                       762.08            124,000.00              80.00      No MI                           100031700003378755
UT                     2,074.24            315,095.76              80.00      No MI                           100031700003387145
TX                     2,047.30            292,582.70              80.00      No MI                           100031700003380934
UT                     1,928.37            284,912.25              79.83      No MI                           100031700003398050
WA                     1,280.00            204,800.00              80.00      No MI                           100031700003373749
UT                       934.20            130,400.00              80.00      No MI                           100031700003403751
TX                       685.26            102,830.65              80.00      No MI                           100031700003334121
CA                     9,944.93          1,421,244.45              75.00      No MI                           100031700003381536
FL                       399.17             54,363.50              80.00      No MI                           100031700003384910
TX                       672.03             99,670.24              75.00      No MI                           100031700003387715
CO                     2,005.95            279,802.38              84.85      PMI                             100031700003393200
TX                       837.66            116,842.48              75.00      No MI                           100031700003376718
CA                     3,672.52            629,575.00              57.27      No MI                           100031700003340037
FL                       956.30            150,500.00              70.00      No MI                           100031700003381791
CA                     2,245.08            309,636.00              80.00      No MI                           100047132260500826
NC                     1,456.29            210,689.56              80.00      No MI                           100047132160300285
TX                     1,165.50            177,600.00              80.00      No MI                           100047152206013551
MI                       563.54             76,748.46              80.00      No MI                           100032410680837425
IL                     2,655.47            332,995.25              75.00      No MI                           100032435060001045
MI                     1,051.09            159,320.14              80.00      No MI                           100032410600427208
OH                       783.08            107,925.67              80.00      No MI                           100032410614000348
MI                       472.99             71,631.81              72.00      No MI                           100032410500425427
NV                     1,007.50            186,000.00              60.78      No MI                           100163177000742947
OH                       956.49            145,477.68              80.00      No MI                           100185100605150054
CA                     1,826.09            302,250.00              60.45      No MI                           100079600600601349
CA                     2,275.00            312,000.00              80.00      No MI                           100079600710600470
VA                     1,450.00            232,000.00              80.00      No MI                           100078200000207259
MD                     2,777.08            430,000.00              80.00      No MI                           100078200000208562
MD                       440.59             61,456.60              75.00      No MI                           100078200000210154
VA                       870.66            128,590.00              70.00      No MI                           100078200000211855
VA                       602.38             86,021.72              74.98      No MI                           100078200000206459
GA                     3,722.74            539,000.00              70.00      No MI                           100078200000211707
VA                     2,447.25            349,740.25              75.27      No MI                           100078200000208182
CT                     1,538.45            206,513.06              80.00      No MI                           100190821121069477
GA                       567.95             84,096.55              65.39      No MI                           100135813100120064
ME                       484.61             61,600.00              80.00      No MI                           100135811060007834
GA                     1,192.42            215,985.00              80.00      No MI                           100190822360081249
GA                       599.67             89,950.00              74.96      No MI                           100135813080044565
MI                       818.44            133,597.26              45.00      No MI                           100194924106032134
NV                     1,855.82            318,140.00              80.00      No MI                           100194924106031383
NV                     1,711.58            279,301.30              73.55      No MI                           100194924106032126
NV                     1,678.11            239,821.89              60.00      No MI                           100194924106029593
ID                     1,528.07            223,825.26              80.00      No MI                           100194924106030856
AZ                       971.25            148,000.00              80.00      No MI                           100194972106030798
MI                       476.13             64,083.05              75.00      No MI                           100173250010074797
MI                       612.56             82,500.00              75.00      No MI                           100173250010073427
TX                       928.63            131,200.00              80.00      No MI                           100173250010077097
TX                       928.63            131,200.00              80.00      No MI                           100173250010077113
NE                       558.91             73,500.00              70.00      No MI                           100173250020077947
CA                     1,604.90            248,500.00              70.00      No MI                           100173250010073708
AZ                     1,000.50            165,600.00              80.00      No MI                           100070706050091110
AZ                     1,085.00            168,000.00              80.00      No MI                           100070706050091235
AZ                       918.33            152,000.00              80.00      No MI                           100070706050091573
AZ                     1,529.39            240,691.00              80.00      No MI                           100070706060092561
AZ                     1,574.74            226,942.93              80.00      No MI                           100070705120075871
AZ                     1,576.42            260,924.00              80.00      No MI                           100070706050090674
AZ                       873.01            126,303.82              80.00      No MI                           100070706050091458
IL                       882.00            151,200.00              80.00      No MI                           100034683320101075
NC                       708.76            105,200.00              80.00      No MI                           100065500000250331
TN                       740.00            142,080.00              80.00      No MI                           100065500000245075
TX                       422.66             56,224.13              80.00      No MI                           100307100000158887
TX                       726.73            101,368.40              80.00      No MI                           100307100000155461
TX                     1,512.69            187,897.31              80.00      No MI                           100307100000156428
TX                       367.76             56,651.18              70.00      No MI                           100307100000151130
TX                       479.02             71,761.85              80.00      No MI                           100307100000014676
OH                       572.89             71,161.11              80.00      No MI                                                    0
SC                       541.04             67,961.88              80.00      No MI                           100085600023777371
GA                     1,989.60            274,211.15              80.00      No MI                           100085600023800959
GA                       761.19            115,991.00              80.00      No MI                           100085600023089637
GA                       788.30            108,720.00              80.00      No MI                           100085600023835948
GA                     3,533.85            575,000.00              74.19      No MI                           100085600023909537
MI                       444.75             59,124.24              80.00      No MI                           100063700002735592
MI                       353.63             51,161.04              80.00      No MI                           100063700002735626
MI                       430.95             65,433.71              80.00      No MI                           100063700002732029
GA                       806.71            116,711.12              79.46      No MI                           100063700002736871
MI                       699.93             97,631.05              78.47      No MI                           100063700002736020
MI                       442.89             57,565.11              80.00      No MI                           100063700002735378
MN                       932.52            131,654.64              85.00      United Guaranty                 100063700002722673
CA                     2,519.38            417,000.00              78.68      No MI                           100040700106005445
WA                     1,245.17            192,800.00              80.00      No MI                           100040700606000722
CA                     1,528.83            215,368.69              80.00      No MI                           100040700100600120
PA                       950.23            135,799.15              79.99      No MI                           100076500000922563
DE                       501.89             68,354.11              80.00      No MI                           100076500001003090
PA                     1,672.52            239,022.48              80.00      No MI                                                    0
NJ                       939.32            135,896.51              80.00      No MI                           100076500000995510
PA                     1,479.49            219,600.00              80.00      No MI                           100076500000192555
PA                       884.77            123,236.81              95.00      Republic MIC                    100076500000934147
NJ                       712.47            103,632.00              80.00      No MI                           100076500001013370
NJ                       872.62            124,707.38              80.00      No MI                           100076500001005517
NJ                     1,161.26            165,956.74              80.00      No MI                           100076500001002167
PA                     2,463.12            347,494.66              79.09      No MI                           100076500000995395
NJ                     1,390.39            191,495.21              80.00      No MI                           100076500000199154
PA                     1,138.00            156,841.98              79.99      No MI                           100076500000935615
PA                     3,072.16            456,000.00              80.00      No MI                           100076500000844676
NJ                     1,713.63            251,004.04              80.00      No MI                           100076500001002159
NJ                       727.23             96,738.27              80.00      No MI                           100076500000191342
PA                     1,140.78            163,030.92              80.00      No MI                           100076500001008313
PA                     2,091.53            278,400.00              80.00      No MI                           100076500001026240
DE                       764.42            107,921.83              72.00      No MI                           100076500001201421
NJ                     1,025.00            164,000.00              80.00      No MI                           100076500001013198
DE                     1,538.27            219,836.73              80.00      No MI                           100076500001009774
PA                       917.01            127,909.66              80.00      No MI                           100076500001005277
IN                       524.91             75,942.17              80.00      No MI                           100209500100298450
FL                       768.14             99,838.48              79.98      No MI                           100209500100298625
CO                       823.58            108,288.65              80.00      No MI                           100198400011077049
WI                       816.00            109,828.11              70.00      No MI                           100272406051004594
WI                       389.25             52,390.71              75.00      No MI                           100272406051004271
WI                       765.85            105,552.31              65.00      No MI                           100272406052610431
MN                       424.84             52,742.10              80.00      No MI                           100272406041795871
WI                       628.65             87,688.07              65.00      No MI                           100272406050201845
MN                       820.12            107,900.00              79.99      No MI                           100272406060712831
IA                       522.35             73,800.00              80.00      No MI                           100293000154014256
VA                     1,930.49            260,000.00              79.83      No MI                           100293000153834092
MD                     1,102.11            152,000.00              80.00      No MI                           100293000154950624
GA                     1,141.00            155,500.00              79.34      No MI                           100293000153439165
IL                       841.42            112,000.00              80.00      No MI                           100293000154440527
VA                       438.15             70,104.00              80.00      No MI                           100293000153784669
FL                       963.49            139,500.00              75.00      No MI                           100293000000636641
VA                       358.56             50,050.00              65.00      No MI                           100289400000043242
NJ                     6,486.70            974,200.80              60.00      No MI                           100212001000233841
NJ                     6,599.80            991,186.87              62.59      No MI                           100212001000215095
NJ                     6,378.59            958,750.00              65.00      No MI                           100212001000233858
TX                       669.79             87,055.22              80.00      No MI                           100034683335101763
MI                       813.27            113,359.24              80.00      No MI                           100034683320100085
CA                     2,435.83            359,888.79              80.00      No MI                           100034600005073213
CA                     1,334.13            183,873.37              80.00      No MI                           100034600005071258
CO                       673.28            114,899.00              58.97      No MI                           100034683320101877
MA                     2,146.21            296,000.00              80.00      No MI                           100102373590157018
TX                       545.20             79,857.65              80.00      No MI                           100034683335102191
MA                       985.39            150,000.00              57.69      No MI                           100102373590158610
TX                       576.70             85,600.00              80.00      No MI                           100034683335102886
VA                     1,867.50            332,000.00              80.00      No MI                           100102373590156044
NH                       598.77             89,926.23              45.00      No MI                           100102373590157042
MA                     1,132.47            159,884.20              80.00      No MI                           100102373590157208
RI                     1,917.23            254,873.42              80.00      No MI                           100102373590156788
IL                     1,163.75            196,000.00              80.00      No MI                           100092047103070395
AZ                     1,834.00            314,400.00              80.00      No MI                           100092047101763546
WA                     2,212.54            336,800.00              80.00      No MI                           100092047100557857
MA                       854.01            130,000.00              43.33      No MI                           100092047101687398
MO                       497.94             61,167.44              80.00      No MI                           100031231707426815
WI                       681.98             90,930.00              70.00      No MI                           100031205407429634
GA                       646.10             95,169.45              70.00      No MI                           100031205407393673
MO                       893.48            116,200.00              70.00      No MI                           100031231707518223
MO                       893.48            116,200.00              70.00      No MI                           100031231707518306
MI                       449.78             58,424.89              70.00      No MI                           100031205707412330
WI                       729.31             94,792.54              70.00      No MI                           100031205407504360
OH                       545.42             77,000.00              70.00      No MI                           100031230707472613
FL                       652.56             89,875.73              78.95      No MI                           100031204607430575
WI                       555.98             74,130.00              70.00      No MI                           100031205407429535
MO                       849.42            114,325.16              80.00      No MI                           100031230107445763
AZ                     1,141.98            157,391.61              75.00      No MI                           100031230707380816
NH                       823.28            104,589.79              70.00      No MI                           100031204107385200
WI                       446.74             58,064.80              70.00      No MI                           100031205407481759
MO                       888.10            115,500.00              70.00      No MI                           100031231707518066
AZ                       934.38            149,500.00              65.00      No MI                           100420200000124392
AZ                     2,320.22            319,779.78              80.00      No MI                           100420200000126579
VA                     1,672.98            227,693.02              80.00      No MI                           100126300000149279
VA                       558.54             70,081.06              90.00      PMI                             100126300000144015
TX                     1,560.35            215,051.90              80.00      No MI                           100075900496007435
TX                       649.98             77,261.98              79.69      No MI                           100075900356001726
TX                       861.41            124,625.10              80.00      No MI                           100075900126019008
TX                       629.04             84,720.00              80.00      No MI                           100075900246011216
CO                       861.76            117,443.00              80.00      No MI                           100075900476004790
TX                       589.67             92,800.00              80.00      No MI                           100075900246011315
TX                       732.94            111,686.00              80.00      No MI                           100075900126011245
TX                     1,442.89            198,863.05              79.60      No MI                           100075900496004507
TX                       987.79            144,687.04              80.00      No MI                           100075900156001264
TX                     1,624.53            229,353.88              80.00      No MI                           100075900496006700
TX                       384.31             55,900.00              65.00      No MI                           100075900336002059
TX                       851.38            129,491.12              80.00      No MI                           100075900496008201
TX                       386.38             50,219.56              67.00      No MI                           100075900496006809
TX                       784.01            100,800.00              80.00      No MI                           100075900496010181
TX                       733.83            113,625.00              75.00      No MI                           100075900126019735



STATE            MARGIN           NEXT_RATE_              MAX_          MIN_           PER_RATE            GROUP_ID
                                  ADJ_DATE1               RATE          RATE           _CAP
--------------------------------------------------------------------------------------------------------------------------
VA                                                                                                         GROUP I
VA                                                                                                         GROUP I
MD                                                                                                         GROUP I
DC                                                                                                         GROUP I
MD                                                                                                         GROUP I
GA                                                                                                         GROUP I
VA                                                                                                         GROUP I
VA                                                                                                         GROUP I
MD                                                                                                         GROUP I
VA                                                                                                         GROUP I
PA                                                                                                         GROUP I
GA                                                                                                         GROUP I
PA                                                                                                         GROUP I
MD                                                                                                         GROUP I
MD                                                                                                         GROUP I
VA                                                                                                         GROUP I
GA                                                                                                         GROUP I
VA                                                                                                         GROUP I
MD                                                                                                         GROUP I
MD                                                                                                         GROUP I
MD                                                                                                         GROUP I
DE                                                                                                         GROUP I
DE                                                                                                         GROUP I
MD                                                                                                         GROUP I
DE                                                                                                         GROUP I
MD                                                                                                         GROUP I
MD                                                                                                         GROUP I
MD                                                                                                         GROUP I
UT                                                                                                         GROUP I
ID                                                                                                         GROUP I
NY                                                                                                         GROUP I
NY                                                                                                         GROUP I
NY                                                                                                         GROUP I
NY                                                                                                         GROUP I
MS                                                                                                         GROUP I
NY                                                                                                         GROUP I
FL                                                                                                         GROUP I
NY                                                                                                         GROUP I
NY                                                                                                         GROUP I
NJ                                                                                                         GROUP I
NY                                                                                                         GROUP I
NY                                                                                                         GROUP I
NY                                                                                                         GROUP I
NJ                                                                                                         GROUP I
NY                                                                                                         GROUP I
GA                                                                                                         GROUP I
NY                                                                                                         GROUP I
NY                                                                                                         GROUP I
NY                                                                                                         GROUP I
NY                                                                                                         GROUP I
NY                                                                                                         GROUP I
NJ                                                                                                         GROUP I
MD                                                                                                         GROUP I
FL                                                                                                         GROUP I
NJ                                                                                                         GROUP I
NJ                                                                                                         GROUP I
FL                                                                                                         GROUP I
FL                                                                                                         GROUP I
NC                                                                                                         GROUP I
PA                                                                                                         GROUP I
PA                                                                                                         GROUP I
NJ                                                                                                         GROUP I
NJ                                                                                                         GROUP I
NJ                                                                                                         GROUP I
NJ                                                                                                         GROUP I
NJ                                                                                                         GROUP I
NJ                                                                                                         GROUP I
PA                                                                                                         GROUP I
PA                                                                                                         GROUP I
FL                                                                                                         GROUP I
NJ                                                                                                         GROUP I
NJ                                                                                                         GROUP I
FL                                                                                                         GROUP I
NC                                                                                                         GROUP I
NJ                                                                                                         GROUP I
NJ                                                                                                         GROUP I
NJ                                                                                                         GROUP I
FL                                                                                                         GROUP I
GA                                                                                                         GROUP I
NC                                                                                                         GROUP I
GA                                                                                                         GROUP I
GA                                                                                                         GROUP I
GA                                                                                                         GROUP I
SC                                                                                                         GROUP I
GA                                                                                                         GROUP I
GA                                                                                                         GROUP I
GA                                                                                                         GROUP I
TX                                                                                                         GROUP I
TX                                                                                                         GROUP I
OK                                                                                                         GROUP I
TX                                                                                                         GROUP I
TX                                                                                                         GROUP I
TX                                                                                                         GROUP I
TX                                                                                                         GROUP I
TX                                                                                                         GROUP I
TX                                                                                                         GROUP I
TX                                                                                                         GROUP I
TX                                                                                                         GROUP I
WA                                                                                                         GROUP I
OH                                                                                                         GROUP I
TX                                                                                                         GROUP I
FL                                                                                                         GROUP I
TX                                                                                                         GROUP I
TX                                                                                                         GROUP I
TX                                                                                                         GROUP I
TX                                                                                                         GROUP I
OR                                                                                                         GROUP I
TX                                                                                                         GROUP I
OK                                                                                                         GROUP I
TX                                                                                                         GROUP I
TX                                                                                                         GROUP I
TX                                                                                                         GROUP I
TX                                                                                                         GROUP I
NM                                                                                                         GROUP I
FL                                                                                                         GROUP I
FL                                                                                                         GROUP I
PA                                                                                                         GROUP I
NJ                                                                                                         GROUP I
NJ                                                                                                         GROUP I
NJ                                                                                                         GROUP I
NJ                                                                                                         GROUP I
FL                                                                                                         GROUP I
CO                                                                                                         GROUP I
FL                                                                                                         GROUP I
CO                                                                                                         GROUP I
CO                                                                                                         GROUP I
FL                                                                                                         GROUP I
TN                                                                                                         GROUP I
FL                                                                                                         GROUP I
TN                                                                                                         GROUP I
FL                                                                                                         GROUP I
FL                                                                                                         GROUP I
TN                                                                                                         GROUP I
FL                                                                                                         GROUP I
AL                                                                                                         GROUP I
TN                                                                                                         GROUP I
FL                                                                                                         GROUP I
FL                                                                                                         GROUP I
TN                                                                                                         GROUP I
TN                                                                                                         GROUP I
FL                                                                                                         GROUP I
TN                                                                                                         GROUP I
TN                                                                                                         GROUP I
FL                                                                                                         GROUP I
LA                                                                                                         GROUP I
TN                                                                                                         GROUP I
FL                                                                                                         GROUP I
FL                                                                                                         GROUP I
GA                                                                                                         GROUP I
GA                                                                                                         GROUP I
GA                                                                                                         GROUP I
GA                                                                                                         GROUP I
GA                                                                                                         GROUP I
GA                                                                                                         GROUP I
GA                                                                                                         GROUP I
GA                                                                                                         GROUP I
GA                                                                                                         GROUP I
GA                                                                                                         GROUP I
GA                                                                                                         GROUP I
GA                                                                                                         GROUP I
CA                                                                                                         GROUP I
PA                                                                                                         GROUP I
NJ                                                                                                         GROUP I
PA                                                                                                         GROUP I
PA                                                                                                         GROUP I
PA                                                                                                         GROUP I
PA                                                                                                         GROUP I
NY                                                                                                         GROUP I
PA                                                                                                         GROUP I
PA                                                                                                         GROUP I
PA                                                                                                         GROUP I
PA                                                                                                         GROUP I
PA                                                                                                         GROUP I
NY                                                                                                         GROUP I
FL                                                                                                         GROUP I
NY                                                                                                         GROUP I
NY                                                                                                         GROUP I
NJ                                                                                                         GROUP I
NY                                                                                                         GROUP I
NY                                                                                                         GROUP I
AZ                                                                                                         GROUP I
AZ                                                                                                         GROUP I
NJ                                                                                                         GROUP I
NJ                                                                                                         GROUP I
AR                                                                                                         GROUP I
TX                                                                                                         GROUP I
TX                                                                                                         GROUP I
TX                                                                                                         GROUP I
TX                                                                                                         GROUP I
IL                                                                                                         GROUP I
GA                                                                                                         GROUP I
FL                                                                                                         GROUP I
FL                                                                                                         GROUP I
GA                                                                                                         GROUP I
FL                                                                                                         GROUP I
SC                                                                                                         GROUP I
CO                                                                                                         GROUP I
GA                                                                                                         GROUP I
FL                                                                                                         GROUP I
IN                                                                                                         GROUP I
MO                                                                                                         GROUP I
AZ                                                                                                         GROUP I
FL                                                                                                         GROUP I
NJ                                                                                                         GROUP I
NY                                                                                                         GROUP I
CA                                                                                                         GROUP I
CA                                                                                                         GROUP I
VA                                                                                                         GROUP I
AZ                                                                                                         GROUP I
TX                                                                                                         GROUP I
CA                                                                                                         GROUP I
TX                                                                                                         GROUP I
TX                                                                                                         GROUP I
AZ                                                                                                         GROUP I
GA                                                                                                         GROUP I
TX                                                                                                         GROUP I
WA                                                                                                         GROUP I
TX                                                                                                         GROUP I
NC                                                                                                         GROUP I
IN                                                                                                         GROUP I
NC                                                                                                         GROUP I
CO                                                                                                         GROUP I
AZ                                                                                                         GROUP I
CO                                                                                                         GROUP I
TX                                                                                                         GROUP I
CA                                                                                                         GROUP I
MN                                                                                                         GROUP I
MN                                                                                                         GROUP I
TX                                                                                                         GROUP I
GA                                                                                                         GROUP I
GA                                                                                                         GROUP I
TX                                                                                                         GROUP I
GA                                                                                                         GROUP I
TX                                                                                                         GROUP I
CA                                                                                                         GROUP I
GA                                                                                                         GROUP I
IL                                                                                                         GROUP I
IL                                                                                                         GROUP I
NJ                                                                                                         GROUP I
TX                                                                                                         GROUP I
TX                                                                                                         GROUP I
TX                                                                                                         GROUP I
TX                                                                                                         GROUP I
TX                                                                                                         GROUP I
TX                                                                                                         GROUP I
GA                                                                                                         GROUP I
TX                                                                                                         GROUP I
TX                                                                                                         GROUP I
GA                                                                                                         GROUP I
NC                                                                                                         GROUP I
TX                                                                                                         GROUP I
TX                                                                                                         GROUP I
TX                                                                                                         GROUP I
UT                                                                                                         GROUP I
CA                                                                                                         GROUP I
PA                                                                                                         GROUP I
PA                                                                                                         GROUP I
MD                                                                                                         GROUP I
MI                                                                                                         GROUP I
KY                                                                                                         GROUP I
OH                                                                                                         GROUP I
NV                                                                                                         GROUP I
WA                                                                                                         GROUP I
FL                                                                                                         GROUP I
MD                                                                                                         GROUP I
GA                                                                                                         GROUP I
OR                                                                                                         GROUP I
TX                                                                                                         GROUP I
CA                                                                                                         GROUP I
TX                                                                                                         GROUP I
AZ                                                                                                         GROUP I
TX                                                                                                         GROUP I
AZ                                                                                                         GROUP I
MD                                                                                                         GROUP I
CA                                                                                                         GROUP I
CA                                                                                                         GROUP I
AZ                                                                                                         GROUP I
CA                                                                                                         GROUP I
AZ                                                                                                         GROUP I
FL                                                                                                         GROUP I
FL                                                                                                         GROUP I
CA                                                                                                         GROUP I
AZ                                                                                                         GROUP I
CA                                                                                                         GROUP I
TX                                                                                                         GROUP I
ID                                                                                                         GROUP I
CA                                                                                                         GROUP I
TX                                                                                                         GROUP I
FL                                                                                                         GROUP I
PA                                                                                                         GROUP I
CA                                                                                                         GROUP I
KY                                                                                                         GROUP I
TX                                                                                                         GROUP I
TX                                                                                                         GROUP I
FL                                                                                                         GROUP I
AR                                                                                                         GROUP I
AR                                                                                                         GROUP I
OR                                                                                                         GROUP I
MD                                                                                                         GROUP I
ID                                                                                                         GROUP I
CA                                                                                                         GROUP I
CA                                                                                                         GROUP I
ID                                                                                                         GROUP I
VA                                                                                                         GROUP I
NJ                                                                                                         GROUP I
CA                                                                                                         GROUP I
VA                                                                                                         GROUP I
OR                                                                                                         GROUP I
OR                                                                                                         GROUP I
OR                                                                                                         GROUP I
ID                                                                                                         GROUP I
TX                                                                                                         GROUP I
PA                                                                                                         GROUP I
CA                                                                                                         GROUP I
CA                                                                                                         GROUP I
KY                                                                                                         GROUP I
FL                                                                                                         GROUP I
MD                                                                                                         GROUP I
OH                                                                                                         GROUP I
IN                                                                                                         GROUP I
OH                                                                                                         GROUP I
KY                                                                                                         GROUP I
IN                                                                                                         GROUP I
KY                                                                                                         GROUP I
OH                                                                                                         GROUP I
IN                                                                                                         GROUP I
OH                                                                                                         GROUP I
OH                                                                                                         GROUP I
KY                                                                                                         GROUP I
IN                                                                                                         GROUP I
OH                                                                                                         GROUP I
TN                                                                                                         GROUP I
OH                                                                                                         GROUP I
KY                                                                                                         GROUP I
IN                                                                                                         GROUP I
KY                                                                                                         GROUP I
HI                                                                                                         GROUP I
HI                                                                                                         GROUP I
CO                                                                                                         GROUP I
FL                                                                                                         GROUP I
CO                                                                                                         GROUP I
CO                                                                                                         GROUP I
CO                                                                                                         GROUP I
CO                                                                                                         GROUP I
IL                                                                                                         GROUP I
WY                                                                                                         GROUP I
FL                                                                                                         GROUP I
DC                                                                                                         GROUP I
VA                                                                                                         GROUP I
NJ                                                                                                         GROUP I
ME                                                                                                         GROUP I
VA                                                                                                         GROUP I
VA                                                                                                         GROUP I
DE                                                                                                         GROUP I
ID                                                                                                         GROUP I
TX                                                                                                         GROUP I
SC                                                                                                         GROUP I
GA                                                                                                         GROUP I
SC                                                                                                         GROUP I
SC                                                                                                         GROUP I
NC                                                                                                         GROUP I
MN                                                                                                         GROUP I
AZ                                                                                                         GROUP I
TX                                                                                                         GROUP I
TX                                                                                                         GROUP I
TX                                                                                                         GROUP I
TX                                                                                                         GROUP I
AZ                                                                                                         GROUP I
FL                                                                                                         GROUP I
AZ                                                                                                         GROUP I
TX                                                                                                         GROUP I
KS                                                                                                         GROUP I
AZ                                                                                                         GROUP I
MO                                                                                                         GROUP I
TX                                                                                                         GROUP I
AZ                                                                                                         GROUP I
TX                                                                                                         GROUP I
CO                                                                                                         GROUP I
AZ                                                                                                         GROUP I
TX                                                                                                         GROUP I
MO                                                                                                         GROUP I
TX                                                                                                         GROUP I
MO                                                                                                         GROUP I
TX                                                                                                         GROUP I
TX                                                                                                         GROUP I
TX                                                                                                         GROUP I
TX                                                                                                         GROUP I
TX                                                                                                         GROUP I
TX                                                                                                         GROUP I
TX                                                                                                         GROUP I
TX                                                                                                         GROUP I
NC                                                                                                         GROUP I
TX                                                                                                         GROUP I
TX                                                                                                         GROUP I
TX                                                                                                         GROUP I
TN                                                                                                         GROUP I
TX                                                                                                         GROUP I
TX                                                                                                         GROUP I
TX                                                                                                         GROUP I
TX                                                                                                         GROUP I
FL                                                                                                         GROUP I
NC                                                                                                         GROUP I
FL                                                                                                         GROUP I
CA                                                                                                         GROUP I
CA                                                                                                         GROUP I
FL                                                                                                         GROUP I
NM                                                                                                         GROUP I
CO                                                                                                         GROUP I
VA                                                                                                         GROUP I
OH                                                                                                         GROUP I
FL                                                                                                         GROUP I
FL                                                                                                         GROUP I
FL                                                                                                         GROUP I
OH                                                                                                         GROUP I
FL                                                                                                         GROUP I
OH                                                                                                         GROUP I
FL                                                                                                         GROUP I
NY                                                                                                         GROUP I
NY                                                                                                         GROUP I
TN                                                                                                         GROUP I
RI                                                                                                         GROUP I
NY                                                                                                         GROUP I
NJ                                                                                                         GROUP I
PA                                                                                                         GROUP I
CT                                                                                                         GROUP I
RI                                                                                                         GROUP I
NJ                                                                                                         GROUP I
OK                                                                                                         GROUP I
TX                                                                                                         GROUP I
TX                                                                                                         GROUP I
OK                                                                                                         GROUP I
OK                                                                                                         GROUP I
TX                                                                                                         GROUP I
OK                                                                                                         GROUP I
TX                                                                                                         GROUP I
TX                                                                                                         GROUP I
TX                                                                                                         GROUP I
MD                                                                                                         GROUP I
VA                                                                                                         GROUP I
MD                                                                                                         GROUP I
NC                                                                                                         GROUP I
DC                                                                                                         GROUP I
NC                                                                                                         GROUP I
MD                                                                                                         GROUP I
MD                                                                                                         GROUP I
NC                                                                                                         GROUP I
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STATE            HYBRID_           LIEN                 PP_DESC            IO_FLAG          IO_              PORTFOLIO
                 TERM                                                                       PERIOD
------------------------------------------------------------------------------------------------------------------------------
VA                                 First Lien           3Y PP              N                          0      EMC
VA                                 First Lien           NO PP              Y                        120      EMC
MD                                 First Lien           NO PP              N                          0      EMC
DC                                 First Lien           NO PP              Y                        120      EMC
MD                                 First Lien           NO PP              Y                        120      EMC
GA                                 First Lien           NO PP              Y                        120      EMC
VA                                 First Lien           NO PP              Y                        120      EMC
VA                                 First Lien           NO PP              Y                        120      EMC
MD                                 First Lien           NO PP              Y                        120      EMC
VA                                 First Lien           NO PP              Y                        120      EMC
PA                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           NO PP              N                          0      EMC
PA                                 First Lien           3Y PP              N                          0      EMC
MD                                 First Lien           NO PP              N                          0      EMC
MD                                 First Lien           NO PP              Y                        120      EMC
VA                                 First Lien           3Y PP              Y                        120      EMC
GA                                 First Lien           NO PP              N                          0      EMC
VA                                 First Lien           NO PP              N                          0      EMC
MD                                 First Lien           NO PP              N                          0      EMC
MD                                 First Lien           NO PP              N                          0      EMC
MD                                 First Lien           NO PP              Y                        120      EMC
DE                                 First Lien           NO PP              Y                        120      EMC
DE                                 First Lien           NO PP              N                          0      EMC
MD                                 First Lien           NO PP              N                          0      EMC
DE                                 First Lien           NO PP              N                          0      EMC
MD                                 First Lien           NO PP              Y                        120      EMC
MD                                 First Lien           NO PP              Y                        120      EMC
MD                                 First Lien           NO PP              N                          0      EMC
UT                                 First Lien           3Y PP              N                          0      EMC
ID                                 First Lien           3Y PP              N                          0      EMC
NY                                 First Lien           1Y PP              Y                        120      EMC
NY                                 First Lien           1Y PP              N                          0      EMC
NY                                 First Lien           NO PP              N                          0      EMC
NY                                 First Lien           NO PP              Y                        120      EMC
MS                                 First Lien           2Y PP              N                          0      EMC
NY                                 First Lien           1Y PP              N                          0      EMC
FL                                 First Lien           1Y PP              Y                        120      EMC
NY                                 First Lien           1Y PP              N                          0      EMC
NY                                 First Lien           NO PP              Y                        120      EMC
NJ                                 First Lien           NO PP              Y                        120      EMC
NY                                 First Lien           NO PP              N                          0      EMC
NY                                 First Lien           NO PP              Y                        120      EMC
NY                                 First Lien           NO PP              N                          0      EMC
NJ                                 First Lien           NO PP              N                          0      EMC
NY                                 First Lien           1Y PP              Y                        120      EMC
GA                                 First Lien           NO PP              N                          0      EMC
NY                                 First Lien           1Y PP              Y                        120      EMC
NY                                 First Lien           NO PP              N                          0      EMC
NY                                 First Lien           1Y PP              N                          0      EMC
NY                                 First Lien           1Y PP              Y                        120      EMC
NY                                 First Lien           NO PP              Y                        120      EMC
NJ                                 First Lien           NO PP              N                          0      EMC
MD                                 First Lien           3Y PP              Y                        000      XXX
XX                                 First Lien           3Y PP              Y                        120      EMC
NJ                                 First Lien           NO PP              Y                        120      EMC
NJ                                 First Lien           NO PP              Y                        120      EMC
FL                                 First Lien           1Y PP              N                          0      EMC
FL                                 First Lien           1Y PP              Y                        120      EMC
NC                                 First Lien           1Y PP              N                          0      EMC
PA                                 First Lien           1Y PP              N                          0      EMC
PA                                 First Lien           3Y PP              N                          0      EMC
NJ                                 First Lien           NO PP              Y                        120      EMC
NJ                                 First Lien           NO PP              Y                        120      EMC
NJ                                 First Lien           NO PP              N                          0      EMC
NJ                                 First Lien           NO PP              N                          0      EMC
NJ                                 First Lien           NO PP              Y                        120      EMC
NJ                                 First Lien           NO PP              N                          0      EMC
PA                                 First Lien           3Y PP              N                          0      EMC
PA                                 First Lien           NO PP              N                          0      EMC
FL                                 First Lien           1Y PP              N                          0      EMC
NJ                                 First Lien           NO PP              Y                        120      EMC
NJ                                 First Lien           NO PP              N                          0      EMC
FL                                 First Lien           3Y PP              Y                        120      EMC
NC                                 First Lien           1Y PP              N                          0      EMC
NJ                                 First Lien           NO PP              Y                        120      EMC
NJ                                 First Lien           NO PP              Y                        120      EMC
NJ                                 First Lien           NO PP              N                          0      EMC
FL                                 First Lien           1Y PP              Y                        120      EMC
GA                                 First Lien           NO PP              N                          0      EMC
NC                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           NO PP              N                          0      EMC
SC                                 First Lien           NO PP              Y                        120      EMC
GA                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           NO PP              Y                        120      EMC
GA                                 First Lien           NO PP              Y                        120      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           NO PP              N                          0      EMC
OK                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           3Y PP              Y                        120      EMC
TX                                 First Lien           3Y PP              Y                        000      XXX
XX                                 First Lien           1Y PP              N                          0      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
WA                                 First Lien           1Y PP              N                          0      EMC
OH                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           1Y PP              N                          0      EMC
FL                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           1Y PP              Y                        120      EMC
OR                                 First Lien           1Y PP              Y                        000      XXX
XX                                 First Lien           3Y PP              N                          0      EMC
OK                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           NO PP              Y                        120      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           3Y PP              Y                        000      XXX
XX                                 First Lien           NO PP              N                          0      EMC
FL                                 First Lien           3Y PP              N                          0      EMC
FL                                 First Lien           3Y PP              N                          0      EMC
PA                                 First Lien           NO PP              N                          0      EMC
NJ                                 First Lien           NO PP              N                          0      EMC
NJ                                 First Lien           NO PP              N                          0      EMC
NJ                                 First Lien           NO PP              N                          0      EMC
NJ                                 First Lien           NO PP              N                          0      EMC
FL                                 First Lien           3Y PP              N                          0      EMC
CO                                 First Lien           NO PP              N                          0      EMC
FL                                 First Lien           3Y PP              Y                        120      EMC
CO                                 First Lien           NO PP              Y                        120      EMC
CO                                 First Lien           NO PP              Y                        120      EMC
FL                                 First Lien           NO PP              N                          0      EMC
TN                                 First Lien           NO PP              N                          0      EMC
FL                                 First Lien           NO PP              N                          0      EMC
TN                                 First Lien           NO PP              N                          0      EMC
FL                                 First Lien           NO PP              N                          0      EMC
FL                                 First Lien           NO PP              Y                        120      EMC
TN                                 First Lien           NO PP              N                          0      EMC
FL                                 First Lien           NO PP              N                          0      EMC
AL                                 First Lien           NO PP              Y                        120      EMC
TN                                 First Lien           NO PP              N                          0      EMC
FL                                 First Lien           NO PP              Y                        120      EMC
FL                                 First Lien           NO PP              N                          0      EMC
TN                                 First Lien           NO PP              N                          0      EMC
TN                                 First Lien           NO PP              N                          0      EMC
FL                                 First Lien           NO PP              N                          0      EMC
TN                                 First Lien           NO PP              N                          0      EMC
TN                                 First Lien           NO PP              N                          0      EMC
FL                                 First Lien           NO PP              Y                        120      EMC
LA                                 First Lien           NO PP              Y                        120      EMC
TN                                 First Lien           NO PP              N                          0      EMC
FL                                 First Lien           NO PP              Y                        120      EMC
FL                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           1Y PP              N                          0      EMC
GA                                 First Lien           1Y PP              N                          0      EMC
GA                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           1Y PP              N                          0      EMC
GA                                 First Lien           1Y PP              Y                        120      EMC
GA                                 First Lien           NO PP              Y                        120      EMC
GA                                 First Lien           1Y PP              Y                        120      EMC
GA                                 First Lien           NO PP              Y                        120      EMC
GA                                 First Lien           1Y PP              N                          0      EMC
GA                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           1Y PP              Y                        120      EMC
GA                                 First Lien           NO PP              N                          0      EMC
CA                                 First Lien           1Y PP              N                          0      EMC
PA                                 First Lien           NO PP              N                          0      EMC
NJ                                 First Lien           NO PP              N                          0      EMC
PA                                 First Lien           3Y PP              N                          0      EMC
PA                                 First Lien           NO PP              N                          0      EMC
PA                                 First Lien           NO PP              N                          0      EMC
PA                                 First Lien           3Y PP              N                          0      EMC
NY                                 First Lien           NO PP              Y                        120      EMC
PA                                 First Lien           NO PP              N                          0      EMC
PA                                 First Lien           NO PP              N                          0      EMC
PA                                 First Lien           NO PP              N                          0      EMC
PA                                 First Lien           NO PP              N                          0      EMC
PA                                 First Lien           3Y PP              N                          0      EMC
NY                                 First Lien           NO PP              N                          0      EMC
FL                                 First Lien           NO PP              N                          0      EMC
NY                                 First Lien           NO PP              N                          0      EMC
NY                                 First Lien           NO PP              N                          0      EMC
NJ                                 First Lien           NO PP              N                          0      EMC
NY                                 First Lien           NO PP              N                          0      EMC
NY                                 First Lien           NO PP              N                          0      EMC
AZ                                 First Lien           3Y PP              N                          0      EMC
AZ                                 First Lien           NO PP              N                          0      EMC
NJ                                 First Lien           NO PP              N                          0      EMC
NJ                                 First Lien           NO PP              N                          0      EMC
AR                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           NO PP              N                          0      EMC
IL                                 First Lien           NO PP              Y                         60      EMC
GA                                 First Lien           3Y PP              N                          0      EMC
FL                                 First Lien           3Y PP              N                          0      EMC
FL                                 First Lien           3Y PP              N                          0      EMC
GA                                 First Lien           NO PP              Y                         60      EMC
FL                                 First Lien           3Y PP              N                          0      EMC
SC                                 First Lien           1Y PP              N                          0      EMC
CO                                 First Lien           3Y PP              N                          0      EMC
GA                                 First Lien           NO PP              Y                         60      EMC
FL                                 First Lien           3Y PP              N                          0      EMC
IN                                 First Lien           3Y PP              N                          0      EMC
MO                                 First Lien           2Y PP              Y                        000      XXX
XX                                 First Lien           NO PP              N                          0      EMC
FL                                 First Lien           NO PP              Y                        120      EMC
NJ                                 First Lien           NO PP              Y                        120      EMC
NY                                 First Lien           NO PP              N                          0      EMC
CA                                 First Lien           NO PP              Y                        120      EMC
CA                                 First Lien           3Y PP              N                          0      EMC
VA                                 First Lien           3Y PP              N                          0      EMC
AZ                                 First Lien           1Y PP              Y                        120      EMC
TX                                 First Lien           NO PP              N                          0      EMC
CA                                 First Lien           NO PP              Y                        120      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
AZ                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           3Y PP              Y                        000      XXX
XX                                 First Lien           3Y PP              N                          0      EMC
WA                                 First Lien           NO PP              Y                        120      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
NC                                 First Lien           NO PP              N                          0      EMC
IN                                 First Lien           NO PP              N                          0      EMC
NC                                 First Lien           NO PP              N                          0      EMC
CO                                 First Lien           3Y PP              N                          0      EMC
AZ                                 First Lien           NO PP              Y                        120      EMC
CO                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           3Y PP              Y                        120      EMC
CA                                 First Lien           3Y PP              N                          0      EMC
MN                                 First Lien           NO PP              Y                        120      EMC
MN                                 First Lien           NO PP              Y                        120      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
GA                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           NO PP              Y                        120      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
CA                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           NO PP              Y                        120      EMC
IL                                 First Lien           NO PP              Y                        120      EMC
IL                                 First Lien           NO PP              N                          0      EMC
NJ                                 First Lien           NO PP              Y                        120      EMC
TX                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           NO PP              Y                        120      EMC
GA                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           NO PP              Y                        120      EMC
GA                                 First Lien           NO PP              Y                        120      EMC
NC                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           NO PP              Y                        120      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
UT                                 First Lien           3Y PP              Y                        120      EMC
CA                                 First Lien           6M PP              N                          0      EMC
PA                                 First Lien           NO PP              N                          0      EMC
PA                                 First Lien           NO PP              N                          0      EMC
MD                                 First Lien           NO PP              Y                        120      EMC
MI                                 First Lien           3Y PP              N                          0      EMC
KY                                 First Lien           3Y PP              N                          0      EMC
OH                                 First Lien           3Y PP              N                          0      EMC
NV                                 First Lien           NO PP              Y                        120      EMC
WA                                 First Lien           NO PP              N                          0      EMC
FL                                 First Lien           NO PP              N                          0      EMC
MD                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           NO PP              Y                        120      EMC
OR                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           NO PP              N                          0      EMC
CA                                 First Lien           NO PP              Y                        120      EMC
TX                                 First Lien           3Y PP              Y                        000      XXX
XX                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           3Y PP              Y                        000      XXX
XX                                 First Lien           NO PP              Y                        120      EMC
MD                                 First Lien           NO PP              Y                        120      EMC
CA                                 First Lien           3Y PP              N                          0      EMC
CA                                 First Lien           NO PP              Y                        120      EMC
AZ                                 First Lien           6M PP              Y                        120      EMC
CA                                 First Lien           NO PP              N                          0      EMC
AZ                                 First Lien           NO PP              Y                        120      EMC
FL                                 First Lien           NO PP              Y                        120      EMC
FL                                 First Lien           NO PP              N                          0      EMC
CA                                 First Lien           NO PP              Y                        120      EMC
AZ                                 First Lien           NO PP              N                          0      EMC
CA                                 First Lien           NO PP              Y                        120      EMC
TX                                 First Lien           3Y PP              Y                        120      EMC
ID                                 First Lien           3Y PP              Y                        120      EMC
CA                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           3Y PP              Y                        120      EMC
FL                                 First Lien           NO PP              N                          0      EMC
PA                                 First Lien           NO PP              N                          0      EMC
CA                                 First Lien           NO PP              N                          0      EMC
KY                                 First Lien           NO PP              Y                        120      EMC
TX                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           NO PP              N                          0      EMC
FL                                 First Lien           3Y PP              N                          0      EMC
AR                                 First Lien           NO PP              N                          0      EMC
AR                                 First Lien           NO PP              N                          0      EMC
OR                                 First Lien           NO PP              Y                        120      EMC
MD                                 First Lien           NO PP              N                          0      EMC
ID                                 First Lien           NO PP              N                          0      EMC
CA                                 First Lien           NO PP              N                          0      EMC
CA                                 First Lien           NO PP              Y                        120      EMC
ID                                 First Lien           NO PP              Y                        120      EMC
VA                                 First Lien           NO PP              N                          0      EMC
NJ                                 First Lien           NO PP              N                          0      EMC
CA                                 First Lien           NO PP              Y                        120      EMC
VA                                 First Lien           NO PP              Y                        120      EMC
OR                                 First Lien           NO PP              N                          0      EMC
OR                                 First Lien           1Y PP              Y                        120      EMC
OR                                 First Lien           NO PP              N                          0      EMC
ID                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           NO PP              N                          0      EMC
PA                                 First Lien           NO PP              N                          0      EMC
CA                                 First Lien           NO PP              Y                        120      EMC
CA                                 First Lien           NO PP              N                          0      EMC
KY                                 First Lien           3Y PP              N                          0      EMC
FL                                 First Lien           NO PP              N                          0      EMC
MD                                 First Lien           NO PP              Y                        120      EMC
OH                                 First Lien           NO PP              N                          0      EMC
IN                                 First Lien           NO PP              N                          0      EMC
OH                                 First Lien           NO PP              N                          0      EMC
KY                                 First Lien           NO PP              N                          0      EMC
IN                                 First Lien           NO PP              N                          0      EMC
KY                                 First Lien           NO PP              N                          0      EMC
OH                                 First Lien           NO PP              Y                        120      EMC
IN                                 First Lien           NO PP              N                          0      EMC
OH                                 First Lien           NO PP              N                          0      EMC
OH                                 First Lien           NO PP              N                          0      EMC
KY                                 First Lien           NO PP              Y                        120      EMC
IN                                 First Lien           NO PP              N                          0      EMC
OH                                 First Lien           NO PP              Y                        120      EMC
TN                                 First Lien           NO PP              N                          0      EMC
OH                                 First Lien           NO PP              N                          0      EMC
KY                                 First Lien           NO PP              N                          0      EMC
IN                                 First Lien           NO PP              N                          0      EMC
KY                                 First Lien           NO PP              N                          0      EMC
HI                                 First Lien           NO PP              Y                         60      EMC
HI                                 First Lien           5M PP              Y                         60      EMC
CO                                 First Lien           NO PP              Y                        120      EMC
FL                                 First Lien           3Y PP              Y                        120      EMC
CO                                 First Lien           NO PP              Y                        120      EMC
CO                                 First Lien           NO PP              Y                        120      EMC
CO                                 First Lien           NO PP              Y                        120      EMC
CO                                 First Lien           NO PP              Y                        120      EMC
IL                                 First Lien           NO PP              Y                        120      EMC
WY                                 First Lien           NO PP              N                          0      EMC
FL                                 First Lien           3Y PP              N                          0      EMC
DC                                 First Lien           NO PP              Y                        120      EMC
VA                                 First Lien           NO PP              Y                        120      EMC
NJ                                 First Lien           NO PP              N                          0      EMC
ME                                 First Lien           NO PP              Y                        120      EMC
VA                                 First Lien           NO PP              Y                        120      EMC
VA                                 First Lien           NO PP              Y                        120      EMC
DE                                 First Lien           3Y PP              N                          0      EMC
ID                                 First Lien           NO PP              Y                        120      EMC
TX                                 First Lien           NO PP              N                          0      EMC
SC                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           NO PP              N                          0      EMC
SC                                 First Lien           NO PP              N                          0      EMC
SC                                 First Lien           NO PP              Y                        120      EMC
NC                                 First Lien           NO PP              Y                        120      EMC
MN                                 First Lien           NO PP              N                          0      EMC
AZ                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           6M PP              N                          0      EMC
TX                                 First Lien           6M PP              N                          0      EMC
AZ                                 First Lien           6M PP              N                          0      EMC
FL                                 First Lien           3Y PP              N                          0      EMC
AZ                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           6M PP              N                          0      EMC
KS                                 First Lien           NO PP              N                          0      EMC
AZ                                 First Lien           NO PP              Y                        000      XXX
XX                                 First Lien           6M PP              N                          0      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
AZ                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           6M PP              Y                        120      EMC
CO                                 First Lien           3Y PP              N                          0      EMC
AZ                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
MO                                 First Lien           6M PP              N                          0      EMC
TX                                 First Lien           NO PP              N                          0      EMC
MO                                 First Lien           NO PP              Y                        120      EMC
TX                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           NO PP              Y                        120      EMC
TX                                 First Lien           NO PP              Y                        120      EMC
TX                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           NO PP              Y                        120      EMC
TX                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           NO PP              Y                        120      EMC
TX                                 First Lien           NO PP              N                          0      EMC
NC                                 First Lien           NO PP              Y                        120      EMC
TX                                 First Lien           NO PP              Y                        120      EMC
TX                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           NO PP              N                          0      EMC
TN                                 First Lien           NO PP              Y                        120      EMC
TX                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           NO PP              Y                        120      EMC
TX                                 First Lien           NO PP              Y                        120      EMC
TX                                 First Lien           NO PP              Y                        120      EMC
FL                                 First Lien           NO PP              N                          0      EMC
NC                                 First Lien           NO PP              N                          0      EMC
FL                                 First Lien           NO PP              N                          0      EMC
CA                                 First Lien           NO PP              Y                        120      EMC
CA                                 First Lien           NO PP              Y                        120      EMC
FL                                 First Lien           NO PP              Y                        120      EMC
NM                                 First Lien           NO PP              Y                        120      EMC
CO                                 First Lien           NO PP              Y                        120      EMC
VA                                 First Lien           2Y PP              Y                        120      EMC
OH                                 First Lien           3Y PP              N                          0      EMC
FL                                 First Lien           3Y PP              N                          0      EMC
FL                                 First Lien           3Y PP              N                          0      EMC
FL                                 First Lien           3Y PP              N                          0      EMC
OH                                 First Lien           3Y PP              N                          0      EMC
FL                                 First Lien           3Y PP              N                          0      EMC
OH                                 First Lien           3Y PP              N                          0      EMC
FL                                 First Lien           NO PP              Y                        120      EMC
NY                                 First Lien           NO PP              N                          0      EMC
NY                                 First Lien           NO PP              N                          0      EMC
TN                                 First Lien           NO PP              Y                        120      EMC
RI                                 First Lien           NO PP              N                          0      EMC
NY                                 First Lien           1Y PP              N                          0      EMC
NJ                                 First Lien           NO PP              Y                        120      EMC
PA                                 First Lien           NO PP              N                          0      EMC
CT                                 First Lien           NO PP              N                          0      EMC
RI                                 First Lien           NO PP              N                          0      EMC
NJ                                 First Lien           NO PP              Y                        120      EMC
OK                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           NO PP              N                          0      EMC
OK                                 First Lien           NO PP              N                          0      EMC
OK                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           NO PP              Y                        120      EMC
OK                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           NO PP              N                          0      EMC
MD                                 First Lien           3Y PP              N                          0      EMC
VA                                 First Lien           3Y PP              N                          0      EMC
MD                                 First Lien           NO PP              Y                        120      EMC
NC                                 First Lien           NO PP              N                          0      EMC
DC                                 First Lien           NO PP              Y                        120      EMC
NC                                 First Lien           NO PP              Y                        120      EMC
MD                                 First Lien           NO PP              Y                        120      EMC
MD                                 First Lien           NO PP              N                          0      EMC
NC                                 First Lien           NO PP              Y                        120      EMC
MD                                 First Lien           NO PP              N                          0      EMC
ME                                 First Lien           6M PP              N                          0      EMC
MA                                 First Lien           NO PP              N                          0      EMC
RI                                 First Lien           NO PP              N                          0      EMC
MD                                 First Lien           NO PP              Y                        120      EMC
CA                                 First Lien           NO PP              N                          0      EMC
CT                                 First Lien           3Y PP              Y                        120      EMC
CA                                 First Lien           3Y PP              N                          0      EMC
CA                                 First Lien           3Y PP              Y                        120      EMC
SC                                 First Lien           3Y PP              Y                        120      EMC
AL                                 First Lien           NO PP              Y                        120      EMC
VA                                 First Lien           3Y PP              Y                        120      EMC
FL                                 First Lien           NO PP              Y                        120      EMC
MD                                 First Lien           NO PP              Y                        120      EMC
NJ                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           3Y PP              Y                        120      EMC
NC                                 First Lien           3Y PP              Y                        120      EMC
NC                                 First Lien           3Y PP              Y                        120      EMC
FL                                 First Lien           NO PP              Y                        120      EMC
MD                                 First Lien           NO PP              N                          0      EMC
WA                                 First Lien           3Y PP              Y                        000      XXX
XX                                 First Lien           NO PP              N                          0      EMC
KS                                 First Lien           NO PP              Y                        120      EMC
IN                                 First Lien           3Y PP              Y                        000      XXX
XX                                 First Lien           3Y PP              Y                        000      XXX
XX                                 First Lien           3Y PP              N                          0      EMC
IL                                 First Lien           NO PP              N                          0      EMC
CA                                 First Lien           NO PP              Y                        120      EMC
IL                                 First Lien           NO PP              Y                        120      EMC
NY                                 First Lien           NO PP              Y                        120      EMC
PA                                 First Lien           NO PP              N                          0      EMC
CA                                 First Lien           NO PP              Y                        120      EMC
MI                                 First Lien           NO PP              N                          0      EMC
CO                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
FL                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           3Y PP              Y                        000      XXX
XX                                 First Lien           NO PP              Y                        120      EMC
FL                                 First Lien           3Y PP              Y                        120      EMC
PA                                 First Lien           3Y PP              Y                        120      EMC
NV                                 First Lien           3Y PP              N                          0      EMC
AZ                                 First Lien           3Y PP              N                          0      EMC
CA                                 First Lien           NO PP              Y                        120      EMC
CA                                 First Lien           NO PP              Y                        120      EMC
AZ                                 First Lien           3Y PP              N                          0      EMC
MD                                 First Lien           NO PP              Y                        120      EMC
CA                                 First Lien           3Y PP              N                          0      EMC
AZ                                 First Lien           3Y PP              N                          0      EMC
AZ                                 First Lien           3Y PP              Y                        000      XXX
XX                                 First Lien           NO PP              Y                        120      EMC
NY                                 First Lien           NO PP              Y                        120      EMC
NY                                 First Lien           NO PP              Y                        120      EMC
NY                                 First Lien           1Y PP              Y                        120      EMC
NJ                                 First Lien           NO PP              N                          0      EMC
PA                                 First Lien           NO PP              N                          0      EMC
PA                                 First Lien           NO PP              N                          0      EMC
FL                                 First Lien           5Y PP              N                          0      EMC
FL                                 First Lien           3Y PP              Y                        120      EMC
TX                                 First Lien           NO PP              N                          0      EMC
CA                                 First Lien           NO PP              Y                        120      EMC
CA                                 First Lien           NO PP              Y                        120      EMC
NY                                 First Lien           NO PP              N                          0      EMC
NY                                 First Lien           NO PP              N                          0      EMC
NY                                 First Lien           NO PP              N                          0      EMC
UT                                 First Lien           3Y PP              N                          0      EMC
OR                                 First Lien           5M PP              N                          0      EMC
ID                                 First Lien           3Y PP              Y                        000      XXX
XX                                 First Lien           NO PP              Y                        120      EMC
CA                                 First Lien           NO PP              Y                        120      EMC
FL                                 First Lien           NO PP              N                          0      EMC
WA                                 First Lien           3Y PP              N                          0      EMC
OH                                 First Lien           NO PP              N                          0      EMC
MD                                 First Lien           NO PP              Y                        120      EMC
MD                                 First Lien           NO PP              Y                        120      EMC
VA                                 First Lien           NO PP              Y                        120      EMC
MD                                 First Lien           NO PP              Y                        120      EMC
MD                                 First Lien           NO PP              Y                        120      EMC
CO                                 First Lien           NO PP              Y                        120      EMC
MD                                 First Lien           NO PP              Y                        120      EMC
CA                                 First Lien           NO PP              Y                        120      EMC
IA                                 First Lien           NO PP              N                          0      EMC
SC                                 First Lien           NO PP              Y                        120      EMC
MD                                 First Lien           NO PP              Y                        120      EMC
FL                                 First Lien           NO PP              Y                        120      EMC
FL                                 First Lien           NO PP              Y                        120      EMC
FL                                 First Lien           NO PP              Y                        120      EMC
FL                                 First Lien           NO PP              Y                        120      EMC
FL                                 First Lien           NO PP              N                          0      EMC
CA                                 First Lien           NO PP              N                          0      EMC
CA                                 First Lien           3Y PP              N                          0      EMC
WA                                 First Lien           6M PP              N                          0      EMC
GA                                 First Lien           1Y PP              N                          0      EMC
SC                                 First Lien           NO PP              Y                        120      EMC
SC                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           1Y PP              N                          0      EMC
FL                                 First Lien           1Y PP              N                          0      EMC
GA                                 First Lien           NO PP              Y                        120      EMC
GA                                 First Lien           1Y PP              N                          0      EMC
SC                                 First Lien           NO PP              N                          0      EMC
NV                                 First Lien           NO PP              Y                        120      EMC
CO                                 First Lien           NO PP              N                          0      EMC
NV                                 First Lien           NO PP              N                          0      EMC
UT                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           3Y PP              N                          0      EMC
GA                                 First Lien           3Y PP              N                          0      EMC
GA                                 First Lien           3Y PP              N                          0      EMC
GA                                 First Lien           3Y PP              N                          0      EMC
GA                                 First Lien           NO PP              Y                        120      EMC
GA                                 First Lien           NO PP              Y                        120      EMC
FL                                 First Lien           NO PP              Y                        120      EMC
GA                                 First Lien           3Y PP              N                          0      EMC
NC                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           NO PP              Y                        120      EMC
GA                                 First Lien           NO PP              Y                        120      EMC
GA                                 First Lien           NO PP              Y                        120      EMC
GA                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           NO PP              Y                        120      EMC
GA                                 First Lien           3Y PP              N                          0      EMC
GA                                 First Lien           NO PP              N                          0      EMC
NC                                 First Lien           NO PP              N                          0      EMC
FL                                 First Lien           3Y PP              N                          0      EMC
GA                                 First Lien           3Y PP              N                          0      EMC
GA                                 First Lien           3Y PP              N                          0      EMC
GA                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           3Y PP              N                          0      EMC
NC                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           NO PP              N                          0      EMC
NC                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           NO PP              Y                        120      EMC
GA                                 First Lien           3Y PP              N                          0      EMC
NC                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           NO PP              Y                        120      EMC
GA                                 First Lien           NO PP              Y                        120      EMC
GA                                 First Lien           NO PP              N                          0      EMC
NC                                 First Lien           NO PP              N                          0      EMC
FL                                 First Lien           3Y PP              N                          0      EMC
FL                                 First Lien           3Y PP              N                          0      EMC
NC                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           NO PP              Y                        120      EMC
GA                                 First Lien           3Y PP              N                          0      EMC
GA                                 First Lien           NO PP              N                          0      EMC
FL                                 First Lien           NO PP              N                          0      EMC
FL                                 First Lien           3Y PP              Y                        120      EMC
NJ                                 First Lien           NO PP              Y                        120      EMC
NY                                 First Lien           NO PP              Y                        120      EMC
FL                                 First Lien           3Y PP              N                          0      EMC
CA                                 First Lien           NO PP              Y                        120      EMC
NJ                                 First Lien           NO PP              Y                        120      EMC
FL                                 First Lien           3Y PP              Y                        000      XXX
XX                                 First Lien           3Y PP              N                          0      EMC
VA                                 First Lien           NO PP              N                          0      EMC
VA                                 First Lien           3Y PP              N                          0      EMC
OH                                 First Lien           NO PP              N                          0      EMC
IN                                 First Lien           NO PP              Y                        120      EMC
IN                                 First Lien           NO PP              Y                        120      EMC
OH                                 First Lien           NO PP              N                          0      EMC
OH                                 First Lien           NO PP              N                          0      EMC
IN                                 First Lien           NO PP              Y                        120      EMC
OH                                 First Lien           NO PP              N                          0      EMC
IN                                 First Lien           NO PP              Y                        120      EMC
MI                                 First Lien           NO PP              N                          0      EMC
IN                                 First Lien           NO PP              Y                        120      EMC
IN                                 First Lien           NO PP              Y                        120      EMC
IN                                 First Lien           NO PP              Y                        120      EMC
IN                                 First Lien           NO PP              Y                        120      EMC
OH                                 First Lien           NO PP              N                          0      EMC
UT                                 First Lien           NO PP              N                          0      EMC
UT                                 First Lien           3Y PP              N                          0      EMC
MN                                 First Lien           3Y PP              Y                        120      EMC
MN                                 First Lien           3Y PP              Y                        000      XXX
XX                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
CA                                 First Lien           6M PP              Y                        000      XXX
XX                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           6M PP              N                          0      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
TN                                 First Lien           6M PP              N                          0      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
CA                                 First Lien           6M PP              Y                        000      XXX
XX                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
GA                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           NO PP              N                          0      EMC
AZ                                 First Lien           6M PP              Y                        000      XXX
XX                                 First Lien           3Y PP              N                          0      EMC
OR                                 First Lien           3Y PP              N                          0      EMC
GA                                 First Lien           3Y PP              N                          0      EMC
GA                                 First Lien           NO PP              N                          0      EMC
AZ                                 First Lien           3Y PP              Y                        000      XXX
XX                                 First Lien           NO PP              N                          0      EMC
WI                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
ID                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           NO PP              Y                        120      EMC
GA                                 First Lien           NO PP              Y                        120      EMC
WA                                 First Lien           3Y PP              Y                        120      EMC
TX                                 First Lien           NO PP              N                          0      EMC
WA                                 First Lien           NO PP              N                          0      EMC
CO                                 First Lien           NO PP              Y                        120      EMC
IN                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           1Y PP              Y                        120      EMC
MN                                 First Lien           NO PP              N                          0      EMC
MN                                 First Lien           NO PP              Y                        120      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
FL                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           NO PP              Y                        120      EMC
TX                                 First Lien           NO PP              N                          0      EMC
NC                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           NO PP              N                          0      EMC
NM                                 First Lien           NO PP              N                          0      EMC
NC                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           3Y PP              Y                        000      XXX
XX                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
VA                                 First Lien           NO PP              N                          0      EMC
FL                                 First Lien           3Y PP              N                          0      EMC
CO                                 First Lien           NO PP              N                          0      EMC
CO                                 First Lien           NO PP              Y                        120      EMC
CO                                 First Lien           NO PP              N                          0      EMC
CA                                 First Lien           1Y PP              Y                        120      EMC
MA                                 First Lien           3Y PP              Y                        120      EMC
VA                                 First Lien           3Y PP              Y                        000      XXX
XX                                 First Lien           3Y PP              N                          0      EMC
GA                                 First Lien           NO PP              Y                         60      EMC
TX                                 First Lien           NO PP              Y                         60      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           6M PP              N                          0      EMC
LA                                 First Lien           3Y PP              N                          0      EMC
UT                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
IL                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           6M PP              N                          0      EMC
CO                                 First Lien           3Y PP              Y                         60      EMC
SC                                 First Lien           NO PP              Y                         60      EMC
IL                                 First Lien           NO PP              Y                         60      EMC
MD                                 First Lien           NO PP              Y                        120      EMC
GA                                 First Lien           NO PP              Y                        120      EMC
MD                                 First Lien           NO PP              Y                        120      EMC
AL                                 First Lien           NO PP              N                          0      EMC
FL                                 First Lien           NO PP              N                          0      EMC
AL                                 First Lien           NO PP              Y                        120      EMC
GA                                 First Lien           NO PP              N                          0      EMC
FL                                 First Lien           NO PP              Y                        120      EMC
MS                                 First Lien           NO PP              N                          0      EMC
MD                                 First Lien           NO PP              N                          0      EMC
AL                                 First Lien           NO PP              N                          0      EMC
NC                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           NO PP              N                          0      EMC
NC                                 First Lien           NO PP              Y                        120      EMC
WI                                 First Lien           NO PP              Y                        120      EMC
MI                                 First Lien           NO PP              N                          0      EMC
MA                                 First Lien           NO PP              N                          0      EMC
FL                                 First Lien           3Y PP              N                          0      EMC
CA                                 First Lien           NO PP              N                          0      EMC
NV                                 First Lien           6M PP              Y                        120      EMC
CA                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
NV                                 First Lien           NO PP              N                          0      EMC
NV                                 First Lien           1Y PP              Y                        120      EMC
NV                                 First Lien           1Y PP              Y                        120      EMC
CO                                 First Lien           3Y PP              N                          0      EMC
CT                                 First Lien           3Y PP              Y                        120      EMC
MA                                 First Lien           NO PP              Y                        120      EMC
NJ                                 First Lien           NO PP              N                          0      EMC
CA                                 First Lien           3Y PP              Y                        120      EMC
CA                                 First Lien           3Y PP              Y                        120      EMC
CA                                 First Lien           NO PP              N                          0      EMC
OH                                 First Lien           NO PP              Y                        120      EMC
TX                                 First Lien           NO PP              N                          0      EMC
HI                                 First Lien           NO PP              Y                        120      EMC
AZ                                 First Lien           3Y PP              Y                        120      EMC
IL                                 First Lien           NO PP              Y                        120      EMC
OH                                 First Lien           NO PP              Y                        120      EMC
AZ                                 First Lien           NO PP              N                          0      EMC
FL                                 First Lien           NO PP              Y                        120      EMC
LA                                 First Lien           NO PP              Y                        120      EMC
OH                                 First Lien           NO PP              Y                        120      EMC
CA                                 First Lien           NO PP              N                          0      EMC
FL                                 First Lien           3Y PP              Y                        000      XXX
XX                                 First Lien           NO PP              N                          0      EMC
WI                                 First Lien           NO PP              N                          0      EMC
NV                                 First Lien           NO PP              N                          0      EMC
WA                                 First Lien           NO PP              Y                        120      EMC
TX                                 First Lien           NO PP              Y                        120      EMC
OH                                 First Lien           NO PP              N                          0      EMC
NC                                 First Lien           NO PP              N                          0      EMC
LA                                 First Lien           NO PP              Y                        120      EMC
TX                                 First Lien           NO PP              Y                        120      EMC
TX                                 First Lien           NO PP              Y                        120      EMC
AL                                 First Lien           NO PP              Y                        120      EMC
NC                                 First Lien           NO PP              Y                        120      EMC
TX                                 First Lien           NO PP              Y                        120      EMC
AL                                 First Lien           NO PP              N                          0      EMC
NC                                 First Lien           NO PP              Y                        120      EMC
AL                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           NO PP              N                          0      EMC
AL                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           NO PP              N                          0      EMC
OH                                 First Lien           NO PP              Y                        120      EMC
MD                                 First Lien           NO PP              N                          0      EMC
VA                                 First Lien           NO PP              N                          0      EMC
OH                                 First Lien           NO PP              Y                        120      EMC
OH                                 First Lien           NO PP              Y                        120      EMC
OH                                 First Lien           NO PP              Y                        120      EMC
VA                                 First Lien           NO PP              N                          0      EMC
VA                                 First Lien           NO PP              Y                        120      EMC
NJ                                 First Lien           NO PP              N                          0      EMC
PA                                 First Lien           NO PP              Y                        120      EMC
MD                                 First Lien           NO PP              Y                        120      EMC
NJ                                 First Lien           NO PP              Y                        120      EMC
MD                                 First Lien           NO PP              Y                        120      EMC
MD                                 First Lien           NO PP              Y                        120      EMC
OH                                 First Lien           NO PP              N                          0      EMC
FL                                 First Lien           3Y PP              N                          0      EMC
GA                                 First Lien           3Y PP              N                          0      EMC
CA                                 First Lien           NO PP              N                          0      EMC
CA                                 First Lien           6M PP              N                          0      EMC
MA                                 First Lien           NO PP              Y                        120      EMC
FL                                 First Lien           3Y PP              N                          0      EMC
AZ                                 First Lien           NO PP              Y                        120      EMC
AZ                                 First Lien           6M PP              N                          0      EMC
GA                                 First Lien           NO PP              Y                        120      EMC
GA                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           NO PP              Y                        120      EMC
GA                                 First Lien           NO PP              Y                        120      EMC
GA                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           NO PP              Y                        120      EMC
NC                                 First Lien           NO PP              Y                        120      EMC
GA                                 First Lien           NO PP              Y                        120      EMC
GA                                 First Lien           NO PP              Y                        120      EMC
GA                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           NO PP              N                          0      EMC
SC                                 First Lien           NO PP              Y                        120      EMC
GA                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           NO PP              Y                        120      EMC
GA                                 First Lien           NO PP              Y                        120      EMC
GA                                 First Lien           NO PP              Y                        120      EMC
GA                                 First Lien           NO PP              Y                        120      EMC
GA                                 First Lien           NO PP              Y                        120      EMC
GA                                 First Lien           NO PP              Y                        120      EMC
GA                                 First Lien           NO PP              Y                        120      EMC
GA                                 First Lien           NO PP              Y                        120      EMC
GA                                 First Lien           NO PP              Y                        120      EMC
GA                                 First Lien           NO PP              Y                        120      EMC
GA                                 First Lien           NO PP              Y                        120      EMC
GA                                 First Lien           NO PP              Y                        120      EMC
GA                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           NO PP              Y                        120      EMC
GA                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           NO PP              Y                        120      EMC
GA                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           NO PP              Y                        120      EMC
FL                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           NO PP              N                          0      EMC
WY                                 First Lien           NO PP              N                          0      EMC
CO                                 First Lien           NO PP              Y                        120      EMC
CO                                 First Lien           NO PP              Y                        120      EMC
AR                                 First Lien           NO PP              N                          0      EMC
CA                                 First Lien           NO PP              Y                        120      EMC
CA                                 First Lien           NO PP              Y                        120      EMC
CA                                 First Lien           NO PP              N                          0      EMC
CA                                 First Lien           NO PP              Y                        120      EMC
FL                                 First Lien           NO PP              Y                        120      EMC
CA                                 First Lien           NO PP              Y                        120      EMC
FL                                 First Lien           3Y PP              Y                        000      XXX
XX                                 First Lien           3Y PP              N                          0      EMC
CO                                 First Lien           1Y PP              N                          0      EMC
NY                                 First Lien           NO PP              Y                        120      EMC
TX                                 First Lien           NO PP              N                          0      EMC
IN                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
IN                                 First Lien           3Y PP              Y                        000      XXX
XX                                 First Lien           3Y PP              N                          0      EMC
IA                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
MS                                 First Lien           3Y PP              Y                        120      EMC
TX                                 First Lien           NO PP              N                          0      EMC
IN                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           NO PP              Y                        120      EMC
FL                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           NO PP              Y                        120      EMC
AL                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           NO PP              Y                        120      EMC
SC                                 First Lien           NO PP              N                          0      EMC
TN                                 First Lien           NO PP              Y                        120      EMC
GA                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           NO PP              Y                        120      EMC
GA                                 First Lien           NO PP              Y                        120      EMC
AL                                 First Lien           NO PP              N                          0      EMC
FL                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           NO PP              Y                        120      EMC
SC                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           NO PP              Y                        120      EMC
TN                                 First Lien           NO PP              Y                        120      EMC
NC                                 First Lien           NO PP              Y                        120      EMC
GA                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           NO PP              Y                        120      EMC
GA                                 First Lien           NO PP              Y                        120      EMC
GA                                 First Lien           NO PP              Y                        120      EMC
NC                                 First Lien           NO PP              Y                        120      EMC
MI                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           3Y PP              Y                        120      EMC
KS                                 First Lien           NO PP              Y                        120      EMC
OR                                 First Lien           NO PP              N                          0      EMC
MO                                 First Lien           NO PP              N                          0      EMC
FL                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           NO PP              Y                        120      EMC
IL                                 First Lien           3Y PP              Y                        000      XXX
XX                                 First Lien           3Y PP              N                          0      EMC
UT                                 First Lien           NO PP              Y                        120      EMC
WA                                 First Lien           NO PP              Y                        120      EMC
MS                                 First Lien           NO PP              N                          0      EMC
TN                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           NO PP              N                          0      EMC
MO                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           3Y PP              Y                        120      EMC
TX                                 First Lien           NO PP              N                          0      EMC
CA                                 First Lien           7M PP              Y                        120      EMC
CA                                 First Lien           7M PP              Y                        120      EMC
IL                                 First Lien           NO PP              Y                        120      EMC
IL                                 First Lien           NO PP              N                          0      EMC
FL                                 First Lien           NO PP              N                          0      EMC
NV                                 First Lien           NO PP              N                          0      EMC
AZ                                 First Lien           NO PP              N                          0      EMC
NV                                 First Lien           NO PP              Y                        120      EMC
NV                                 First Lien           NO PP              N                          0      EMC
FL                                 First Lien           NO PP              N                          0      EMC
NC                                 First Lien           NO PP              N                          0      EMC
IL                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           NO PP              N                          0      EMC
CO                                 First Lien           NO PP              N                          0      EMC
FL                                 First Lien           NO PP              N                          0      EMC
AZ                                 First Lien           NO PP              N                          0      EMC
NV                                 First Lien           NO PP              N                          0      EMC
FL                                 First Lien           NO PP              N                          0      EMC
AZ                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           NO PP              N                          0      EMC
FL                                 First Lien           NO PP              N                          0      EMC
IL                                 First Lien           NO PP              N                          0      EMC
MI                                 First Lien           NO PP              N                          0      EMC
VA                                 First Lien           NO PP              N                          0      EMC
IL                                 First Lien           NO PP              Y                        120      EMC
FL                                 First Lien           NO PP              Y                        120      EMC
CA                                 First Lien           NO PP              N                          0      EMC
FL                                 First Lien           NO PP              N                          0      EMC
NV                                 First Lien           NO PP              N                          0      EMC
FL                                 First Lien           NO PP              N                          0      EMC
NM                                 First Lien           NO PP              Y                        120      EMC
PA                                 First Lien           NO PP              N                          0      EMC
UT                                 First Lien           NO PP              Y                        120      EMC
CO                                 First Lien           3Y PP              N                          0      EMC
CO                                 First Lien           3Y PP              N                          0      EMC
UT                                 First Lien           NO PP              N                          0      EMC
CO                                 First Lien           NO PP              N                          0      EMC
UT                                 First Lien           NO PP              Y                        120      EMC
CO                                 First Lien           3Y PP              N                          0      EMC
UT                                 First Lien           NO PP              Y                        120      EMC
TX                                 First Lien           NO PP              N                          0      EMC
UT                                 First Lien           NO PP              N                          0      EMC
UT                                 First Lien           NO PP              N                          0      EMC
CO                                 First Lien           NO PP              N                          0      EMC
UT                                 First Lien           NO PP              N                          0      EMC
CO                                 First Lien           NO PP              Y                        120      EMC
CO                                 First Lien           3Y PP              N                          0      EMC
UT                                 First Lien           3Y PP              Y                        120      EMC
UT                                 First Lien           NO PP              Y                        120      EMC
NV                                 First Lien           3Y PP              N                          0      EMC
NV                                 First Lien           NO PP              Y                        120      EMC
NV                                 First Lien           NO PP              Y                        120      EMC
NV                                 First Lien           NO PP              Y                        120      EMC
NV                                 First Lien           NO PP              Y                        120      EMC
NV                                 First Lien           NO PP              Y                        120      EMC
MA                                 First Lien           NO PP              Y                        120      EMC
IL                                 First Lien           NO PP              Y                        120      EMC
CA                                 First Lien           NO PP              N                          0      EMC
MA                                 First Lien           NO PP              N                          0      EMC
CA                                 First Lien           NO PP              N                          0      EMC
CO                                 First Lien           NO PP              N                          0      EMC
MI                                 First Lien           NO PP              N                          0      EMC
MA                                 First Lien           NO PP              N                          0      EMC
MA                                 First Lien           NO PP              N                          0      EMC
VA                                 First Lien           NO PP              N                          0      EMC
CA                                 First Lien           NO PP              Y                        120      EMC
ME                                 First Lien           1Y PP              N                          0      EMC
ME                                 First Lien           1Y PP              N                          0      EMC
NH                                 First Lien           NO PP              N                          0      EMC
AZ                                 First Lien           NO PP              N                          0      EMC
MO                                 First Lien           3Y PP              N                          0      EMC
OK                                 First Lien           3Y PP              N                          0      EMC
OH                                 First Lien           3Y PP              N                          0      EMC
OK                                 First Lien           NO PP              N                          0      EMC
OK                                 First Lien           NO PP              N                          0      EMC
OH                                 First Lien           NO PP              N                          0      EMC
OK                                 First Lien           NO PP              N                          0      EMC
AZ                                 First Lien           3Y PP              N                          0      EMC
AZ                                 First Lien           NO PP              N                          0      EMC
FL                                 First Lien           NO PP              N                          0      EMC
OK                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
OK                                 First Lien           3Y PP              N                          0      EMC
OK                                 First Lien           NO PP              N                          0      EMC
MI                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           NO PP              N                          0      EMC
AR                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
FL                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           6M PP              N                          0      EMC
UT                                 First Lien           6M PP              N                          0      EMC
TX                                 First Lien           6M PP              N                          0      EMC
FL                                 First Lien           3Y PP              N                          0      EMC
UT                                 First Lien           6M PP              N                          0      EMC
FL                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           6M PP              N                          0      EMC
FL                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
FL                                 First Lien           3Y PP              N                          0      EMC
UT                                 First Lien           6M PP              N                          0      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
FL                                 First Lien           3Y PP              N                          0      EMC
FL                                 First Lien           3Y PP              Y                        120      EMC
UT                                 First Lien           NO PP              Y                        120      EMC
CO                                 First Lien           6M PP              N                          0      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
ID                                 First Lien           6M PP              N                          0      EMC
CO                                 First Lien           6M PP              N                          0      EMC
UT                                 First Lien           3Y PP              N                          0      EMC
FL                                 First Lien           3Y PP              N                          0      EMC
UT                                 First Lien           6M PP              N                          0      EMC
TX                                 First Lien           3Y PP              Y                        120      EMC
UT                                 First Lien           6M PP              Y                        000      XXX
XX                                 First Lien           NO PP              N                          0      EMC
CA                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           6M PP              N                          0      EMC
OR                                 First Lien           3Y PP              Y                        120      EMC
UT                                 First Lien           3Y PP              N                          0      EMC
FL                                 First Lien           6M PP              N                          0      EMC
FL                                 First Lien           6M PP              N                          0      EMC
FL                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
CO                                 First Lien           6M PP              N                          0      EMC
CO                                 First Lien           6M PP              N                          0      EMC
TX                                 First Lien           NO PP              N                          0      EMC
CO                                 First Lien           NO PP              Y                        120      EMC
FL                                 First Lien           3Y PP              N                          0      EMC
CA                                 First Lien           6M PP              N                          0      EMC
TX                                 First Lien           NO PP              N                          0      EMC
FL                                 First Lien           3Y PP              Y                        120      EMC
UT                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           NO PP              N                          0      EMC
UT                                 First Lien           6M PP              N                          0      EMC
WA                                 First Lien           3Y PP              Y                        120      EMC
UT                                 First Lien           6M PP              N                          0      EMC
TX                                 First Lien           6M PP              N                          0      EMC
CA                                 First Lien           3Y PP              N                          0      EMC
FL                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           NO PP              N                          0      EMC
CO                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           NO PP              N                          0      EMC
CA                                 First Lien           3Y PP              Y                        000      XXX
XX                                 First Lien           3Y PP              Y                        120      EMC
CA                                 First Lien           NO PP              N                          0      EMC
NC                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           NO PP              Y                        120      EMC
MI                                 First Lien           NO PP              N                          0      EMC
IL                                 First Lien           NO PP              N                          0      EMC
MI                                 First Lien           NO PP              N                          0      EMC
OH                                 First Lien           NO PP              N                          0      EMC
MI                                 First Lien           NO PP              N                          0      EMC
NV                                 First Lien           5Y PP              Y                        120      EMC
OH                                 First Lien           NO PP              N                          0      EMC
CA                                 First Lien           NO PP              Y                        120      EMC
CA                                 First Lien           NO PP              Y                        120      EMC
VA                                 First Lien           NO PP              Y                        120      EMC
MD                                 First Lien           NO PP              Y                        120      EMC
MD                                 First Lien           NO PP              N                          0      EMC
VA                                 First Lien           NO PP              Y                        120      EMC
VA                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           NO PP              N                          0      EMC
VA                                 First Lien           NO PP              N                          0      EMC
CT                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           6M PP              N                          0      EMC
ME                                 First Lien           3Y PP              N                          0      EMC
GA                                 First Lien           3Y PP              Y                        120      EMC
GA                                 First Lien           NO PP              Y                        120      EMC
MI                                 First Lien           NO PP              N                          0      EMC
NV                                 First Lien           NO PP              Y                        120      EMC
NV                                 First Lien           NO PP              N                          0      EMC
NV                                 First Lien           NO PP              N                          0      EMC
ID                                 First Lien           NO PP              N                          0      EMC
AZ                                 First Lien           3Y PP              Y                        120      EMC
MI                                 First Lien           3Y PP              N                          0      EMC
MI                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
NE                                 First Lien           3Y PP              Y                        120      EMC
CA                                 First Lien           3Y PP              Y                        000      XXX
XX                                 First Lien           6M PP              Y                        000      XXX
XX                                 First Lien           3Y PP              Y                        000      XXX
XX                                 First Lien           6M PP              Y                        000      XXX
XX                                 First Lien           NO PP              Y                        120      EMC
AZ                                 First Lien           3Y PP              N                          0      EMC
AZ                                 First Lien           3Y PP              Y                        000      XXX
XX                                 First Lien           NO PP              N                          0      EMC
IL                                 First Lien           NO PP              Y                        120      EMC
NC                                 First Lien           NO PP              N                          0      EMC
TN                                 First Lien           NO PP              Y                        120      EMC
TX                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           NO PP              N                          0      EMC
OH                                 First Lien           3Y PP              N                          0      EMC
SC                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           NO PP              Y                        120      EMC
GA                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           NO PP              Y                        120      EMC
MI                                 First Lien           NO PP              N                          0      EMC
MI                                 First Lien           NO PP              N                          0      EMC
MI                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           NO PP              N                          0      EMC
MI                                 First Lien           NO PP              N                          0      EMC
MI                                 First Lien           NO PP              N                          0      EMC
MN                                 First Lien           NO PP              N                          0      EMC
CA                                 First Lien           3Y PP              Y                        000      XXX
XX                                 First Lien           3Y PP              Y                        120      EMC
CA                                 First Lien           3Y PP              N                          0      EMC
PA                                 First Lien           NO PP              N                          0      EMC
DE                                 First Lien           NO PP              N                          0      EMC
PA                                 First Lien           NO PP              N                          0      EMC
NJ                                 First Lien           NO PP              N                          0      EMC
PA                                 First Lien           NO PP              N                          0      EMC
PA                                 First Lien           NO PP              N                          0      EMC
NJ                                 First Lien           NO PP              Y                        120      EMC
NJ                                 First Lien           NO PP              N                          0      EMC
NJ                                 First Lien           NO PP              N                          0      EMC
PA                                 First Lien           NO PP              N                          0      EMC
NJ                                 First Lien           NO PP              N                          0      EMC
PA                                 First Lien           NO PP              N                          0      EMC
PA                                 First Lien           NO PP              N                          0      EMC
NJ                                 First Lien           NO PP              N                          0      EMC
NJ                                 First Lien           NO PP              N                          0      EMC
PA                                 First Lien           NO PP              N                          0      EMC
PA                                 First Lien           NO PP              N                          0      EMC
DE                                 First Lien           NO PP              N                          0      EMC
NJ                                 First Lien           NO PP              Y                        120      EMC
DE                                 First Lien           NO PP              N                          0      EMC
PA                                 First Lien           NO PP              N                          0      EMC
IN                                 First Lien           3Y PP              N                          0      EMC
FL                                 First Lien           3Y PP              N                          0      EMC
CO                                 First Lien           NO PP              N                          0      EMC
WI                                 First Lien           6M PP              N                          0      EMC
WI                                 First Lien           NO PP              N                          0      EMC
WI                                 First Lien           6M PP              N                          0      EMC
MN                                 First Lien           3Y PP              N                          0      EMC
WI                                 First Lien           3Y PP              N                          0      EMC
MN                                 First Lien           NO PP              N                          0      EMC
IA                                 First Lien           NO PP              N                          0      EMC
VA                                 First Lien           NO PP              N                          0      EMC
MD                                 First Lien           NO PP              N                          0      EMC
GA                                 First Lien           NO PP              N                          0      EMC
IL                                 First Lien           NO PP              N                          0      EMC
VA                                 First Lien           NO PP              Y                        120      EMC
FL                                 First Lien           NO PP              N                          0      EMC
VA                                 First Lien           6M PP              N                          0      EMC
NJ                                 First Lien           NO PP              N                          0      EMC
NJ                                 First Lien           NO PP              N                          0      EMC
NJ                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           6M PP              N                          0      EMC
MI                                 First Lien           NO PP              N                          0      EMC
CA                                 First Lien           6M PP              N                          0      EMC
CA                                 First Lien           NO PP              N                          0      EMC
CO                                 First Lien           6M PP              N                          0      EMC
MA                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           6M PP              N                          0      EMC
MA                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           6M PP              N                          0      EMC
VA                                 First Lien           NO PP              Y                        120      EMC
NH                                 First Lien           NO PP              N                          0      EMC
MA                                 First Lien           NO PP              N                          0      EMC
RI                                 First Lien           NO PP              N                          0      EMC
IL                                 First Lien           NO PP              Y                        120      EMC
AZ                                 First Lien           NO PP              Y                        120      EMC
WA                                 First Lien           NO PP              N                          0      EMC
MA                                 First Lien           NO PP              N                          0      EMC
MO                                 First Lien           NO PP              N                          0      EMC
WI                                 First Lien           NO PP              Y                        120      EMC
GA                                 First Lien           5M PP              N                          0      EMC
MO                                 First Lien           NO PP              N                          0      EMC
MO                                 First Lien           5M PP              N                          0      EMC
MI                                 First Lien           NO PP              N                          0      EMC
WI                                 First Lien           NO PP              N                          0      EMC
OH                                 First Lien           3Y PP              Y                        000      XXX
XX                                 First Lien           5M PP              N                          0      EMC
WI                                 First Lien           NO PP              Y                        000      XXX
XX                                 First Lien           5M PP              N                          0      EMC
AZ                                 First Lien           NO PP              N                          0      EMC
NH                                 First Lien           5M PP              N                          0      EMC
WI                                 First Lien           NO PP              N                          0      EMC
MO                                 First Lien           5M PP              N                          0      EMC
AZ                                 First Lien           3Y PP              Y                        000      XXX
XX                                 First Lien           3Y PP              N                          0      EMC
VA                                 First Lien           NO PP              N                          0      EMC
VA                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           NO PP              N                          0      EMC
CO                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           3Y PP              Y                        120      EMC
TX                                 First Lien           3Y PP              Y                         60      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           NO PP              Y                        120      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           3Y PP              N                          0      EMC
TX                                 First Lien           NO PP              N                          0      EMC
TX                                 First Lien           3Y PP              Y                        120      EMC

EXHIBIT C

FORM OF TRANSFER AFFIDAVIT

Affidavit pursuant to Section 860E(e)(4) of the Internal Revenue Code of 1986, as amended, and for other purposes

STATE OF_____________	)
	)	ss.:
COUNTY OF___________	)

[NAME OF OFFICER], being first duly sworn, deposes and says:

1. That he/she is [Title of Officer] of [Name of Investor] (the “Investor”), a [savings institution] [corporation] duly organized and existing under the laws of [the State of _____] [the United States], on behalf of which he makes this affidavit.

2. That (i) the Investor is not a “disqualified organization” as defined in Section 860E(e)(5) of the Internal Revenue Code of 1986, as amended (the “Code”), and will not be a disqualified organization as of [Closing Date] [date of purchase]; (ii) it is not acquiring the Bear Xxxxxxx Mortgage Funding Trust 2006-AC1 Asset-Backed Certificates, Series 2006-AC1, Class R-__ Certificates (the “Residual Certificates”) for the account of a disqualified organization; (iii) it consents to any amendment of the Pooling and Servicing Agreement that shall be deemed necessary by Bear Xxxxxxx Asset Backed Securities I LLC (upon advice of counsel) to constitute a reasonable arrangement to ensure that the Residual Certificates will not be owned directly or indirectly by a disqualified organization; and (iv) it will not transfer such Residual Certificates unless (a) it has received from the transferee an affidavit in substantially the same form as this affidavit containing these same four representations and (b) as of the time of the transfer, it does not have actual knowledge that such affidavit is false.

3. That the Investor is one of the following: (i) a citizen or resident of the United States, (ii) a corporation or partnership (including an entity treated as a corporation or partnership for federal income tax purposes) created or organized in, or under the laws of, the United States or any state thereof or the District of Columbia (except, in the case of a partnership, to the extent provided in regulations), provided that no partnership or other entity treated as a partnership for United States federal income tax purposes shall be treated as a United States Person unless all persons that own an interest in such partnership either directly or through any entity that is not a corporation for United States federal income tax purposes are United States Persons, (iii) an estate whose income is subject to United States federal income tax regardless of its source, or (iv) a trust other than a Aforeign trust,@ as defined in Section 7701 (a)(31) of the Code.

4. That the Investor’s taxpayer identification number is ______________________.

5. That no purpose of the acquisition of the Residual Certificates is to avoid or impede the assessment or collection of tax.

6. That the Investor understands that, as the holder of the Residual Certificates, the Investor may incur tax liabilities in excess of any cash flows generated by such Residual Certificates.

7. That the Investor intends to pay taxes associated with holding the Residual Certificates as they become due.

IN WITNESS WHEREOF, the Investor has caused this instrument to be executed on its behalf, pursuant to authority of its Board of Directors, by its [Title of Officer] this ____ day of _________, 20__.

[NAME OF INVESTOR]

By:

[Name of Officer]

[Title of Officer]

[Address of Investor for receipt of distributions]

Address of Investor for receipt of tax information:

Personally appeared before me the above-named [Name of Officer], known or proved to me to be the same person who executed the foregoing instrument and to be the [Title of Officer] of the Investor, and acknowledged to me that he/she executed the same as his/her free act and deed and the free act and deed of the Investor.

Subscribed and sworn before me this ___ day of _________, 20___.

NOTARY PUBLIC

COUNTY OF

STATE OF

My commission expires the ___ day of ___________________, 20___.

EXHIBIT D

FORM OF TRANSFEROR CERTIFICATE

______________,200___

Bear Xxxxxxx Asset Backed Securities I LLC

000 Xxxxxxx Xxxxxx

Xxx Xxxx, Xxx Xxxx 00000

Xxxxx Fargo Bank, National Association

Xxxxx Xxxxxx xxx Xxxxxxxxx Xxxxxx

Xxxxxxxxxxx, XX 00000

Attention: Bear Xxxxxxx Mortgage Funding Trust 2006-AC1

Re:	Bear Xxxxxxx Mortgage Funding Trust 2006-AC1 Asset-Backed Certificates, Series 2006-AC1, Class__

Ladies and Gentlemen:

In connection with the sale by ___________ (the “Seller”) to ________ (the “Purchaser”) of $_________ Initial Certificate Principal Balance of Asset-Backed Certificates, Series 2006-AC1, Class _____ (the “Certificates”), issued pursuant to the Pooling and Servicing Agreement (the “Pooling and Servicing Agreement”), dated as of July 1, 2006, among Bear Xxxxxxx Asset-Backed Securities I LLC, as depositor (the “Depositor”), EMC Mortgage Corporation, as seller and Master Servicer, and Xxxxx Fargo Bank, National Association, as trustee (the “Trustee”). The Seller hereby certifies, represents and warrants to, a covenants with, the Depositor, the Certificate Registrar and the Trustee that:

Neither the Seller nor anyone acting on its behalf has (a) offered, pledged, sold, disposed of or otherwise transferred any Certificate, any interest in any Certificate or any other similar security to any person in any manner, (b) has solicited any offer to buy or to accept a pledge, disposition or other transfer of any Certificate, any interest in any Certificate or any other similar security from any person in any manner, (c) has otherwise approached or negotiated with respect to any Certificate, any interest in any Certificate or any other similar security with any person in any manner, (d) has made any general solicitation by means of general advertising or in any other manner, or (e) has taken any other action, that (as to any of (a) through (e) above) would constitute a distribution of the Certificates under the Securities Act of 1933 (the “Act”), that would render the disposition of any Certificate a violation of Section 5 of the Act or any state securities law, or that would require registration or qualification pursuant thereto. The Seller will not act in any manner set forth in the foregoing sentence with respect to any Certificate. The Seller has not and will not sell or otherwise transfer any of the Certificates, except in compliance with the provisions of the Pooling and Servicing Agreement.

Very truly yours,

(Seller)

By:

Name:

Title:

EXHIBIT E

FORM OF INVESTMENT LETTER (NON-RULE 144A)

[Date]

[SELLER]

Bear Xxxxxxx Asset Backed Securities I LLC

000 Xxxxxxx Xxxxxx

Xxx Xxxx, Xxx Xxxx 00000

Xxxxx Fargo Bank, National Association

Xxxxx Xxxxxx xxx Xxxxxxxxx Xxxxxx

Xxxxxxxxxxx, XX 00000

Re:

Bear Xxxxxxx Mortgage Funding Trust 2006-AC1, Asset-Backed Certificates, Series 2006-AC1 (the “Certificates”), including the Class ___ Certificates (the “Privately Offered Certificates”)

Dear Ladies and Gentlemen:

In connection with our purchase of Privately Offered Certificates, we confirm that:

(i)

we understand that the Privately Offered Certificates are not being registered under the Securities Act of 1933, as amended (the “Act”) or any applicable state securities or “Blue Sky” laws, and are being sold to us in a transaction that is exempt from the registration requirements of such laws;

(ii)

any information we desired concerning the Certificates, including the Privately Offered Certificates, the trust in which the Certificates represent the entire beneficial ownership interest (the “Trust”) or any other matter we deemed relevant to our decision to purchase Privately Offered Certificates has been made available to us;

(iii)

we are able to bear the economic risk of investment in Privately Offered Certificates; we are an institutional “accredited investor” as defined in Section 501(a) of Regulation D promulgated under the Act and a sophisticated institutional investor;

(iv)

we are acquiring Privately Offered Certificates for our own account, not as nominee for any other person, and not with a present view to any distribution or other disposition of the Privately Offered Certificates;

(v)

we agree the Privately Offered Certificates must be held indefinitely by us (and may not be sold, pledged, hypothecated or in any way disposed of) unless subsequently registered under the Act and any applicable state securities or “Blue Sky” laws or an exemption from the registration requirements of the Act and any applicable state securities or “Blue Sky” laws is available;

(vi)

we agree that in the event that at some future time we wish to dispose of or exchange any of the Privately Offered Certificates (such disposition or exchange not being currently foreseen or contemplated), we will not transfer or exchange any of the Privately Offered Certificates unless:

(A) (1) the sale is to an Eligible Purchaser (as defined below), (2) if required by the Pooling and Servicing Agreement (as defined below) a letter to substantially the same effect as either this letter or, if the Eligible Purchaser is a Qualified Institutional Buyer as defined under Rule 144A of the Act, the Rule 144A and Related Matters Certificate in the form attached to the Pooling and Servicing Agreement (as defined below) (or such other documentation as may be acceptable to the Trustee) is executed promptly by the purchaser and delivered to the addressees hereof and (3) all offers or solicitations in connection with the sale, whether directly or through any agent acting on our behalf, are limited only to Eligible Purchasers and are not made by means of any form of general solicitation or general advertising whatsoever; and

(B) if the Privately Offered Certificate is not registered under the Act (as to which we acknowledge you have no obligation), the Privately Offered Certificate is sold in a transaction that does not require registration under the Act and any applicable state securities or “blue sky” laws and, if Xxxxx Fargo Bank, National Association (the “Trustee”) so requests, a satisfactory Opinion of Counsel is furnished to such effect, which Opinion of Counsel shall be an expense of the transferor or the transferee;

(vii)

we agree to be bound by all of the terms (including those relating to restrictions on transfer) of the Pooling and Servicing, pursuant to which the Trust was formed; we have reviewed carefully and understand the terms of the Pooling and Servicing Agreement;

(viii)

we either: (i) are not acquiring the Privately Offered Certificate directly or indirectly by, or on behalf of, an employee benefit plan or other retirement arrangement which is subject to Title I of the Employee Retirement Income Security Act of 1974, as amended, and/or section 4975 of the Internal Revenue Code of 1986, as amended, or (ii) in the case of the Privately Offered Certificates, have provided the Opinion of Counsel required by the Agreement, or (iii) in the case of the Class B-4 Certificates, are providing a representation to the effect that the proposed transfer and holding of such Certificate and servicing, management and operation of the Trust and its assets: (I) will not result in any prohibited transaction which is not covered under Prohibited Transaction Class Exemption (“PTCE”) 84-14, XXXX 00-00, XXXX 00-0, XXXX 95-60, PTCE 96-23 and (II) will not give rise to any additional obligations on the part of the Depositor, the Master Servicer or the Trustee.

(ix) We understand that each of the Privately Offered Certificates bears, and will continue to bear, a legend to substantiate the following effect: THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER ANY STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE ACT AND OTHER APPLICABLE LAWS AND ONLY (1) PURSUANT TO RULE 144A UNDER THE ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A (A “QIB”), PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE ACT (IF AVAILABLE) OR (3) IN CERTIFICATED FORM TO AN “INSTITUTIONAL ACCREDITED INVESTOR” WITHIN THE MEANING THEREOF IN RULE 501(a)(1), (2),(3) OR (7) (OR ANY ENTITY IN WHICH ALL OF THE EQUITY HOLDERS COME WITHIN SUCH PARAGRAPHS) OF REGULATION D UNDER THE ACT PURCHASING NOT FOR DISTRIBUTION IN VIOLATION OF THE ACT, SUBJECT TO (A) THE RECEIPT BY THE TRUSTEE OF A LETTER SUBSTANTIALLY IN THE FORM PROVIDED IN THE AGREEMENT AND (B) THE RECEIPT BY THE TRUSTEE OF AN OPINION OF COUNSEL AS TO COMPLIANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED STATES. [In the case of the Class B-4 Certificates]: THIS CERTIFICATE MAY NOT BE ACQUIRED DIRECTLY OR INDIRECTLY BY, OR ON BEHALF OF, AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT WHICH IS SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, UNLESS THE TRANSFEREE CERTIFIES OR REPRESENTS THAT THE PROPOSED TRANSFER AND HOLDING OF A CERTIFICATE AND THE SERVICING, MANAGEMENT AND OPERATION OF THE TRUST AND ITS ASSETS: (I) WILL NOT RESULT IN ANY PROHIBITED TRANSACTION WHICH IS NOT COVERED UNDER AN INDIVIDUAL OR CLASS PROHIBITED TRANSACTION EXEMPTION, INCLUDING, BUT NOT LIMITED TO, PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”) 84-14, XXXX 00-00, XXXX 00-0, XXXX 95-60 OR PTCE 96-23 AND (II) WILL NOT GIVE RISE TO ANY ADDITIONAL OBLIGATIONS ON THE PART OF THE DEPOSITOR, THE MASTER SERVICER OR THE TRUSTEE, WHICH WILL BE DEEMED REPRESENTED BY AN OWNER OF A BOOK-ENTRY CERTIFICATE OR A GLOBAL CERTIFICATE, OR PROVIDES AN OPINION OF COUNSEL TO SUCH EFFECT. [In the case of the Class P Certificates and Class C Certificates]: NO TRANSFER OF THIS CERTIFICATE SHALL BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE PROVIDES EITHER (I) A CERTIFICATION PURSUANT TO SECTION 7.02(b) OF THE AGREEMENT OR (II) AN OPINION OF COUNSEL PURSUANT TO 7.02(b) OF THE AGREEMENT, SATISFACTORY TO THE TRUSTEE THAT THE PURCHASE AND HOLDING OF THIS CERTIFICATE ARE PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR RESULT IN ANY NON-EXEMPT PROHIBITED TRANSACTIONS UNDER SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE CODE AND WILL NOT SUBJECT THE TRUSTEE, MASTER SERVICER, OR THE DEPOSITOR TO ANY OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT.

“Eligible Purchaser” means a corporation, partnership or other entity which we have reasonable grounds to believe and do believe (i) can make representations with respect to itself to substantially the same effect as the representations set forth herein, and (ii) is either a Qualified Institutional Buyer as defined under Rule 144A of the Act or an institutional “Accredited Investor” as defined under Rule 501 of the Act.

Terms not otherwise defined herein shall have the meanings assigned to them in the Pooling and Servicing Agreement, dated as of July 1, 2006 (the “Pooling and Servicing Agreement”), among Bear Xxxxxxx Asset Backed Securities I LLC, as depositor, EMC Mortgage Corporation, as seller and master servicer, and Xxxxx Fargo Bank, National Association, as trustee.

If the Purchaser proposes that its Certificates be registered in the name of a nominee on its behalf, the Purchaser has identified such nominee below, and has caused such nominee to complete the Nominee Acknowledgment at the end of this letter.

Name of Nominee (if any): ________________

IN WITNESS WHEREOF, this document has been executed by the undersigned who is duly authorized to do so on behalf of the undersigned Eligible Purchaser on the ___ day of ________, 20___.

Very truly yours,

[PURCHASER]

By:

(Authorized Officer)

[By:

Attorney-in-fact]

Nominee Acknowledgment

The undersigned hereby acknowledges and agrees that as to the Certificates being registered in its name, the sole beneficial owner thereof is and shall be the Purchaser identified above, for whom the undersigned is acting as nominee.

[NAME OF NOMINEE]

By:

(Authorized Officer)

[By:

Attorney-in-fact]

EXHIBIT F

FORM OF RULE 144A AND RELATED MATTERS CERTIFICATE

[SELLER]

Bear Xxxxxxx Asset Backed Securities I LLC

000 Xxxxxxx Xxxxxx

Xxx Xxxx, Xxx Xxxx 00000

Xxxxx Fargo Bank, National Association

Xxxxx Xxxxxx xxx Xxxxxxxxx Xxxxxx

Xxxxxxxxxxx, XX 00000

Re:

Bear Xxxxxxx Mortgage Funding Trust 2006-AC1, Asset-Backed Certificates, Series 2006-AC1 (the “Certificates”), including the Class ___ Certificates (the “Privately Offered Certificates”)

Dear Ladies and Gentlemen:

In connection with our purchase of Privately Offered Certificates, the undersigned certifies to each of the parties to whom this letter is addressed that it is a qualified institutional buyer (as defined in Rule 144A under the Securities Act of 1933, as amended (the “Act”)) as follows:

1.	It owned and/or invested on a discretionary basis eligible securities (excluding affiliate’s securities, bank deposit notes and CD’s, loan participations, repurchase agreements, securities owned but subject to a repurchase agreement and swaps), as described below:

Date: ______________, 20__ (must be on or after the close of its most recent fiscal year)

Amount: $ _____________________; and

2.	The dollar amount set forth above is:

greater than $100 million and the undersigned is one of the following entities:

(x)	[_]	an insurance company as defined in Section 2(13) of the Act¹ ; or

(y)	[_]	an investment company registered under the Investment Company Act or any business development company as defined in Section 2(a)(48) of the Investment Company Act of 1940; or

(z)	[_]	a Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958; or

(aa)	[_]	a plan (i) established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, the laws of which permit the purchase of securities of this type, for the benefit of its employees and (ii) the governing investment guidelines of which permit the purchase of securities of this type; or

(bb)	[_]	a business development company as defined in Section 202(a)(22) of the Investment Advisers Act of 1940; or

(cc)	[_]	a corporation (other than a U.S. bank, savings and loan association or equivalent foreign institution), partnership, Massachusetts or similar business trust, or an organization described in Section 501(c)(3) of the Internal Revenue Code; or

(dd)	[_]	a U.S. bank, savings and loan association or equivalent foreign institution, which has an audited net worth of at least $25 million as demonstrated in its latest annual financial statements; or

(ee)	[_]	an investment adviser registered under the Investment Advisers Act; or

b.	[_]	greater than $10 million, and the undersigned is a broker-dealer registered with the SEC; or

c.	[_]	less than $ 10 million, and the undersigned is a broker-dealer registered with the SEC and will only purchase Rule 144A securities in transactions in which it acts as a riskless principal (as defined in Rule 144A); or

d.	[_]	less than $100 million, and the undersigned is an investment company registered under the Investment Company Act of 1940, which, together with one or more registered investment companies having the same or an affiliated investment adviser, owns at least $100 million of eligible securities; or

e.	[_]	less than $100 million, and the undersigned is an entity, all the equity owners of which are qualified institutional buyers.

The undersigned further certifies that it is purchasing a Privately Offered Certificate for its own account or for the account of others that independently qualify as “Qualified Institutional Buyers” as defined in Rule 144A. It is aware that the sale of the Privately Offered Certificates is being made in reliance on its continued compliance with Rule 144A. It is aware that the transferor may rely on the exemption from the provisions of Section 5 of the Act provided by Rule 144A. The undersigned understands that the Privately Offered Certificates may be resold, pledged or transferred only to (i) a person reasonably believed to be a Qualified Institutional Buyer that purchases for its own account or for the account of a Qualified Institutional Buyer to whom notice is given that the resale, pledge or transfer is being made in reliance in Rule 144A, or (ii) an institutional “accredited investor,” as such term is defined under Rule 501 of the Act in a transaction that otherwise does not constitute a public offering.

The undersigned agrees that if at some future time it wishes to dispose of or exchange any of the Privately Offered Certificates, it will not transfer or exchange any of the Privately Offered Certificates to a Qualified Institutional Buyer without first obtaining a Rule 144A and Related Matters Certificate in the form hereof from the transferee and delivering such certificate to the addressees hereof. Prior to making any transfer of Privately Offered Certificates, if the proposed Transferee is an institutional “accredited investor,” the transferor shall obtain from the transferee and deliver to the addressees hereof an Investment Letter in the form attached to the Pooling and Servicing Agreement, dated as of July 1, 2006, among EMC Mortgage Corporation as seller and master servicer, Bear Xxxxxxx Asset Backed Securities I LLC, as depositor, and Xxxxx Fargo Bank, National Association, as trustee.

The undersigned certifies that it either: (i) is not acquiring the Privately Offered Certificate directly or indirectly by, or on behalf of, an employee benefit plan or other retirement arrangement which is subject to Title I of the Employee Retirement Income Security Act of 1974, as amended, and/or section 4975 of the Internal Revenue Code of 1986, as amended, or (ii) in the case of the Privately Offered Certificates, has provided the Opinion of Counsel required by the Agreement, or (iii) in the case of the Class B-4 Certificates, are providing a representation to the effect that the proposed transfer and holding of such Certificate and servicing, management and operation of the Trust and its assets: (I) will not result in any prohibited transaction which is not covered under Prohibited Transaction Class Exemption (“PTCE”) 84-14, XXXX 00-00, XXXX 00-0, XXXX 95-60, PTCE 96-23 and (II) will not give rise to any additional obligations on the part of the Depositor, the Master Servicer or the Trustee.

¹	A purchase by an insurance company for one or more of its separate accounts, as defined by Section 2(a)(37) of the Investment Company Act of 1940, which are neither registered nor required to be registered thereunder, shall be deemed to be a purchase for the account of such insurance company.

Name of Nominee (if any):

IN WITNESS WHEREOF, this document has been executed by the undersigned who is duly authorized to do so on behalf of the undersigned Eligible Purchaser on the ____ day of ___________, 20___.

Very truly yours,

[PURCHASER]

By:

(Authorized Officer)

[By:

Attorney-in-fact]

Nominee Acknowledgment

[NAME OF NOMINEE]

By:

(Authorized Officer)

[By:

Attorney-in-fact]

EXHIBIT G

FORM OF REQUEST FOR RELEASE

To: Xxxxx Fargo Bank, National Association

0000 00xx Xxxxxx X.X.

Xxxxxxxxxxx, Xxxxxxxxx 00000-0000

Re:

Custodial Agreement, dated as of July 1, 2006, between Bear Xxxxxxx Asset Backed Securities I LLC, as depositor, EMC Mortgage Corporation, as seller and master servicer, and Xxxxx Fargo Bank, National Association, as trustee

In connection with the administration of the Mortgage Loans held by you pursuant to the above-captioned Custodial Agreement, we request the release, and hereby acknowledge receipt, of the Mortgage File for the Mortgage Loan described below, for the reason indicated.

Mortgage Loan Number:

Mortgagor Name, Address & Zip Code:

Reason for Requesting Documents (check one):

_____	1.	Mortgage Paid in Full and proceeds have been deposited into the Custodial Account

_____	2.	Foreclosure

_____	3.	Substitution

_____	4.	Other Liquidation

_____	5.	Nonliquidation	Reason:________________________

_____	6.	California Mortgage Loan paid in full

By:

(authorized signer)

Issuer:

Address:

Date:

EXHIBIT H

DTC LETTER OF REPRESENTATIONS

[Provided upon Request]

EXHIBIT I

SCHEDULE OF MORTGAGE LOANS WITH LOST NOTES

[Provided upon Request]

EXHIBIT J

FORM OF CUSTODIAL AGREEMENT

CUSTODIAL AGREEMENT

THIS CUSTODIAL AGREEMENT (as amended and supplemented from time to time, the “Agreement”), dated as of July 31, 2006, by and among XXXXX FARGO BANK, NATIONAL ASSOCIATION, as trustee under the Pooling and Servicing Agreement defined below (including its successors under the Pooling and Servicing Agreement defined below, the “Trustee”) and custodian (together with any successor in interest or any successor appointed hereunder, the “Custodian”), BEAR XXXXXXX ASSET BACKED SECURITIES I LLC, as depositor (together with any successor in interest, the “Depositor”), and EMC MORTGAGE CORPORATION, as seller (the “Seller”) and master servicer (together with any successor in interest or successor under the Pooling and Servicing Agreement referred to below, the “Master Servicer”).

WITNESSETH THAT:

WHEREAS, the Depositor, the Seller, the Master Servicer and the Trustee have entered into a Pooling and Servicing Agreement, dated as of July 1, 2006, relating to the issuance of Bear Xxxxxxx Mortgage Funding Trust 2006-AC1, Series 2006-AC1 (as in effect on the date of this Agreement, the “Original Pooling and Servicing Agreement,” and as amended and supplemented from time to time, the “Pooling and Servicing Agreement”); and

WHEREAS, the Custodian has agreed to act as agent for the Trustee for the purposes of receiving and holding certain documents and other instruments delivered by the Depositor, the Seller or the Master Servicer under the Pooling and Servicing Agreement and the Servicers, if any, under their respective Servicing Agreements, all upon the terms and conditions and subject to the limitations hereinafter set forth;

NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements hereinafter set forth, the Trustee, the Depositor, the Seller, the Master Servicer and the Custodian hereby agree as follows:

ARTICLE I.

DEFINITIONS

Capitalized terms used in this Agreement and not defined herein shall have the meanings assigned in the Original Pooling and Servicing Agreement, unless otherwise required by the context herein.

ARTICLE II.

CUSTODY OF MORTGAGE DOCUMENTS

Section 2.1. Custodian to Act as Agent: Acceptance of Mortgage Files. The Custodian, as the duly appointed custodial agent of the Trustee for these purposes, acknowledges (subject to any exceptions noted in the Initial Certification referred to in Section 2.3(a)) receipt of the Mortgage Files relating to the Mortgage Loans identified on the schedule attached hereto (the “Mortgage Files”) and declares that it holds and will hold such Mortgage Files as agent for the Trustee, in trust, for the use and benefit of all present and future Certificateholders.

Section 2.2. Recordation of Assignments. If any Mortgage File includes one or more assignments of Mortgage that have not been recorded pursuant to the provisions of Section 2.01 of the Pooling and Servicing Agreement and the related Mortgage Loan is not a MOM Loan or the related Mortgaged Properties are located in jurisdictions specifically excluded by the Opinion of Counsel delivered to the Trustee pursuant to Section 2.01 of the Pooling and Servicing Agreement, each such assignment shall be delivered by the Custodian to the Seller for the purpose of recording it in the appropriate public office for real property records, and the Seller, at no expense to the Custodian, shall promptly cause to be recorded in the appropriate public office for real property records each such assignment of Mortgage and, upon receipt thereof from such public office, shall return each such assignment of Mortgage to the Custodian.

Section 2.3. Review of Mortgage Files.

(a) On or prior to the Closing Date, in accordance with Section 2.02 of the Pooling and Servicing Agreement, the Custodian shall deliver to the Seller and the Trustee an Initial Certification in the form annexed hereto as Exhibit One evidencing receipt (subject to any exceptions noted therein) of a Mortgage File for each of the Mortgage Loans listed on the Schedule attached hereto (the “Mortgage Loan Schedule”).

(b) Within 90 days of the Closing Date, the Custodian agrees, for the benefit of Certificateholders, to review, in accordance with the provisions of Section 2.02 of the Pooling and Servicing Agreement, each such document, and shall deliver to the Seller and the Trustee an Interim Certification in the form annexed hereto as Exhibit Two to the effect that all such documents have been executed and received and that such documents relate to the Mortgage Loans identified on the Mortgage Loan Schedule, except for any exceptions listed on Schedule A attached to such Interim Certification. The Custodian shall be under no duty or obligation to inspect, review or examine said documents, instruments, certificates or other papers to determine that the same are genuine, enforceable, or appropriate for the represented purpose or that they have actually been recorded or that they are other than what they purport to be on their face.

(c) Not later than 180 days after the Closing Date, the Custodian shall review the Mortgage Files as provided in Section 2.02 of the Pooling and Servicing Agreement and deliver to the Seller and the Trustee a Final Certification in the form annexed hereto as Exhibit Three evidencing the completeness of the Mortgage Files.

(d) In reviewing the Mortgage Files as provided herein and in the Pooling and Servicing Agreement, the Custodian shall make no representation as to and shall not be responsible to verify (i) the validity, legality, enforceability, due authorization, recordability, sufficiency or genuineness of any of the documents included in any Mortgage File or (ii) the collectability, insurability, effectiveness or suitability of any of the documents in any Mortgage File.

Upon receipt of written request from the Trustee, the Custodian shall as soon as practicable supply the Trustee with a list of all of the documents relating to the Mortgage Loans missing from the Mortgage Files.

Section 2.4. Notification of Breaches of Representations and Warranties. Upon discovery by the Custodian of a breach of any representation or warranty made by the Depositor as set forth in the Pooling and Servicing Agreement with respect to a Mortgage Loan relating to a Mortgage File, the Custodian shall give prompt written notice to the Depositor, the Master Servicer and the Trustee.

Section 2.5. Custodian to Cooperate: Release of Mortgage Files. Upon receipt of written notice from the Trustee that the Seller has repurchased a Mortgage Loan pursuant to Article II of the Pooling and Servicing Agreement, and a request for release (a “Request for Release”) confirming that the purchase price therefore has been deposited in the Master Servicer Collection Account or the Distribution Account, then the Custodian agrees to promptly release to the Seller the related Mortgage File.

Upon the Custodian’s receipt of a Request for Release substantially in the form of Exhibit G to the Pooling and Servicing Agreement signed by a Servicing Officer of a Servicer, stating that it has received payment in full of a Mortgage Loan or that payment in full will be escrowed in a manner customary for such purposes, the Custodian agrees promptly to release to the Servicer, the related Mortgage File. The Depositor shall deliver to the Custodian and the Custodian agrees to review in accordance with the provisions of their Agreement the Mortgage Note and other documents constituting the Mortgage File with respect to any Replacement Mortgage Loan.

From time to time as is appropriate for the servicing or foreclosure of any Mortgage Loan, including, for this purpose, collection under any Primary Insurance Policy or PMI Policy, the Master Servicer shall deliver to the Custodian a Request for Release signed by a Servicing Officer requesting that possession of all of the Mortgage File be released to the Master Servicer and certifying as to the reason for such release and that such release will not invalidate any insurance coverage provided in respect of the Mortgage Loan under any of the Insurance Policies. Upon receipt of the foregoing, the Custodian shall deliver the Mortgage File to the Master Servicer. The Master Servicer shall cause each Mortgage File or any document therein so released to be returned to the Custodian when the need therefore by the Master Servicer no longer exists, unless (i) the Mortgage Loan has been liquidated and the Liquidation Proceeds relating to the Mortgage Loan have been deposited in the Master Servicer Collection Account or the Distribution Account or (ii) the Mortgage File or such document has been delivered to an attorney, or to a public trustee or other public official as required by law, for purposes of initiating or pursuing legal action or other proceedings for the foreclosure of the Mortgaged Property either judicially or non-judicially, and the Master Servicer has delivered to the Custodian a certificate of a Servicing Officer certifying as to the name and address of the Person to which such Mortgage File or such document was delivered and the purpose or purposes of such delivery.

At any time that the Master Servicer is required to deliver to the Custodian a Request for Release, the Master Servicer shall deliver two copies of the Request for Release if delivered in hard copy or the Master Servicer may furnish such Request for Release electronically to the Custodian, in which event the Servicing Officer transmitting the same shall be deemed to have signed the Request for Release. In connection with any Request for Release of a Mortgage File because of a repurchase of a Mortgage Loan, such Request for Release shall be accompanied by an assignment of mortgage, without recourse, representation or warranty from the Trustee to the Seller (unless such Mortgage Loan is a MOM Loan) and the related Mortgage Note shall be endorsed without recourse, representation or warranty by the Trustee (unless such Mortgage Loans is registered on the MERS System) and be returned to the Seller. In connection with any Request for Release of a Mortgage File because of the payment in full of a Mortgage Loan, such Request for Release shall be accompanied by a certificate of satisfaction or other similar instrument to be executed by or on behalf of the Trustee and returned to the Master Servicer.

Section 2.6. Assumption Agreements. In the event that any assumption agreement, substitution of liability agreement or sale of servicing agreement is entered into with respect to any Mortgage Loan subject to this Agreement in accordance with the terms and provisions of the Pooling and Servicing Agreement, the Master Servicer, to the extent provided in the Pooling and Servicing Agreement or the related Servicing Agreement, shall cause EMC or the related Servicer, as applicable, to notify the Custodian that such assumption or substitution agreement has been completed by forwarding to the Custodian the original of such assumption or substitution agreement, which shall be added to the related Mortgage File and, for all purposes, shall be considered a part of such Mortgage File to the same extent as all other documents and instruments constituting parts thereof.

ARTICLE III.

CONCERNING THE CUSTODIAN

Section 3.1. Custodian a Bailee and Agent of the Trustee. With respect to each Mortgage Note, Mortgage and other documents constituting each Mortgage File which are delivered to the Custodian, the Custodian is exclusively the bailee and custodial agent of the Trustee and has no instructions to hold any Mortgage Note or Mortgage for the benefit of any person other than the Trustee and the Certificateholders and undertakes to perform such duties and only such duties as are specifically set forth in this Agreement and in the Pooling and Servicing Agreement. Except upon compliance with the provisions of Section 2.5 of this Agreement, no Mortgage Note, Mortgage or Mortgage File shall be delivered by the Custodian to the Company, the Depositor, or the Master Servicer or otherwise released from the possession of the Custodian.

Section 3.2. Custodian May Own Certificates. The Custodian in its individual or any other capacity may become the owner or pledgee of Certificates with the same rights it would have if it were not Custodian.

Section 3.3. Trustee to Pay Custodian’s Fees. The Trustee covenants and agrees to pay to the Custodian from time to time, and the Custodian shall be entitled to, reasonable compensation for all services rendered by it in the exercise and performance of any of the powers and duties hereunder of the Custodian.

Section 3.4. Custodian May Resign; Trustee May Remove Custodian. The Custodian may resign from the obligations and duties hereby imposed upon it as such obligations and duties relate to its acting as Custodian of the Mortgage Loans. Upon receiving such written notice of resignation, the Trustee shall either take custody of the Mortgage Files itself and give prompt written notice thereof to the Depositor, the Master Servicer and the Custodian, or promptly appoint a successor Custodian by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Custodian and one copy to the successor Custodian. If the Trustee shall not have taken custody of the Mortgage Files and no successor Custodian shall have been so appointed and have accepted appointment within 30 days after the giving of such written notice of resignation, the resigning Custodian may petition any court of competent jurisdiction for the appointment of a successor Custodian.

The Trustee may remove the Custodian at any time upon 60 days prior written notice to Custodian. In such event, the Trustee shall appoint, or petition a court of competent jurisdiction to appoint, a successor Custodian hereunder. Any successor Custodian shall be a depository institution subject to supervision or examination by federal or state authority shall be able to satisfy the other requirements contained in Section 3.6 and shall be unaffiliated with the Servicers, the Company and the Depositor.

Any resignation or removal of the Custodian and appointment of a successor Custodian pursuant to any of the provisions of this Section 3.4 shall become effective upon acceptance of appointment by the successor Custodian. The Trustee shall give prompt notice to the Depositor and the Master Servicer of the appointment of any successor Custodian. No successor Custodian shall be appointed by the Trustee without the prior approval of the Depositor and the Master Servicer.

Section 3.5. Merger or Consolidation of Custodian. Any Person into which the Custodian may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Custodian shall be a party, or any Person succeeding to the business of the Custodian, shall be the successor of the Custodian hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding.

Section 3.6. Representations of the Custodian. The Custodian hereby represents that it is a depository institution subject to supervision or examination by a federal or state authority, has a combined capital and surplus of at least $15,000,000 and is qualified to do business in the jurisdictions in which it will hold any Mortgage File.

ARTICLE IV.

COMPLIANCE WITH REGULATION AB

Section 4.1. Intent of the parties; Reasonableness. The parties hereto acknowledge and agree that the purpose of this Article IV is to facilitate compliance by the Depositor with the provisions of Regulation AB and related rules and regulations of the Commission. The Depositor shall not exercise its right to request delivery of information or other performance under these provisions other than in good faith, or for purposes other than compliance with the Securities Act, the Exchange Act and the rules and regulations of the Commission under the Securities Act and the Exchange Act. Each of the parties hereto acknowledges that interpretations of the requirements of Regulation AB may change over time, whether due to interpretive guidance provided by the Commission or its staff, consensus among participants in the mortgage-backed securities markets, advice of counsel, or otherwise, and agrees to comply with requests made by the Depositor in good faith for delivery of information under these provisions on the basis of evolving interpretations of Regulation AB to the extent reasonably practicable. The Custodian shall cooperate reasonably with the Depositor to deliver to the Depositor (including any of its assignees or designees), any and all disclosure, statements, reports, certifications, records and any other information necessary in the reasonable, good faith determination of the Depositor to permit the Depositor to comply with the provisions of Regulation AB.

Section 4.2. Additional Representations and Warranties of the Custodian.

(a) The Custodian hereby represents and warrants that the information set forth in the Prospectus Supplement under the caption "Description of the Certificates - The Custodian" (the "Custodian Disclosure") does not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.

(b) The Custodian shall be deemed to represent to the Depositor as of the date hereof and on each date on which information is provided to the Depositor under Section 4.3 that, except as disclosed in writing to the Depositor prior to such date: (i) there are no aspects of its financial condition that could have a material adverse effect on the performance by it of its Custodian obligations under this Agreement or any other Securitization Transaction as to which it is the custodian; (ii) there are no material legal or governmental proceedings pending (or known to be contemplated) against it; and (iii) there are no affiliations, relationships or transactions relating to the Custodian with respect to the Depositor or any sponsor, issuing entity, servicer, trustee, originator, significant obligor, enhancement or support provider or other material transaction party (as such terms are used in Regulation AB) relating to the Securitization Transaction contemplated by the Agreement, as identified by the Depositor to the Custodian in writing as of the Closing Date (each, a "Transaction Party").

(c) If so requested by the Depositor on any date following the Closing Date, the Custodian shall, within five Business Days following such request, confirm in writing the accuracy of the representations and warranties set forth in paragraph (a) of this Section or, if any such representation and warranty is not accurate as of the date of such confirmation, provide reasonably adequate disclosure of the pertinent facts, in writing, to the requesting party. Any such request from the Depositor shall not be given more than once each calendar quarter, unless the Depositor shall have a reasonable basis for a determination that any of the representations and warranties may not be accurate.

Section 4.3. Additional Information to Be Provided by the Custodian. For so long as the Certificates are outstanding, for the purpose of satisfying the Depositor 's reporting obligation under the Exchange Act with respect to any class of Certificates, the Custodian shall (a) notify the Depositor in writing of any material litigation or governmental proceedings pending against the Custodian that would be material to Certificateholders, and (b) provide to the Depositor a written description of such proceedings. Any notices and descriptions required under this Section 4.3 shall be given no later than five Business Days prior to the Determination Date following the month in which the Custodian has knowledge of the occurrence of the relevant event. As of the date the Depositor or Master Servicer files each Report on Form 10-D or Form 10-K with respect to the Certificates, the Custodian will be deemed to represent that any information previously provided under this Section 4.3, if any, is materially correct and does not have any material omissions unless the Custodian has provided an update to such information.

Section 4.4. Report on Assessment of Compliance and Attestation. On or before March 15 of each calendar year, the Custodian shall:

(a) deliver to the Master Servicer, the Depositor and the Trustee a report (in form and substance reasonably satisfactory to the Depositor) regarding the Custodian’s assessment of compliance with the Servicing Criteria during the immediately preceding calendar year, as required under Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB. Such report shall be addressed to the Master Servicer, the Depositor and the Trustee and signed by an authorized officer of the Custodian, and shall address each of the Servicing Criteria specified on a certification substantially in the form of Exhibit Four attached hereto; and

(b) deliver to the Master Servicer, the Depositor and the Trustee a report of a registered public accounting firm reasonably acceptable to the Depositor that attests to, and reports on, the assessment of compliance made by the Custodian and delivered pursuant to the preceding paragraph. Such attestation shall be in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the Exchange Act.

Section 4.5. Indemnification; Remedies.

(a) The Custodian shall indemnify the Depositor, each affiliate of the Depositor, EMC and each broker dealer acting as underwriter, placement agent or initial purchaser of the Certificates or each Person who controls any of such parties (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act); and the respective present and former directors, officers, employees and agents of each of the foregoing, and shall hold each of them harmless from and against any losses, damages, penalties, fines, forfeitures, legal fees and expenses and related costs, judgments, and any other costs, fees and expenses that any of them may sustain arising out of or based upon:

(i) (A) any untrue statement of a material fact contained or alleged to be contained in the Custodian Disclosure and any information, report, certification, accountants’ attestation or other material provided under this Article IV by or on behalf of the Custodian (collectively, the “Custodian Information”), or (B) the omission or alleged omission to state in the Custodian Information a material fact required to be stated in the Custodian Information or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; or

(ii) any failure by the Custodian to deliver any information, report, certification, accountants’ attestation or other material when and as required under this Article IV.

(iii) the negligence, bad faith or willful misconduct of the Custodian in the performance of its obligations under this Article IV.

(b) In the case of any failure of performance described in clause (ii) of Section 4.5(a), the Custodian shall promptly reimburse the Depositor for all costs reasonably incurred by the Depositor in order to obtain the information, report, certification, accountants’ letter or other material not delivered as required by the Custodian.

(c) In no event shall the Custodian or its directors, officers, and employees be liable for any special, indirect or consequential damages from any action taken or omitted to be taken by it or them hereunder or in connection herewith even if advised of the possibility of such damages.

This indemnification shall survive the termination of this Agreement or the termination of the Custodian.

ARTICLE V.

MISCELLANEOUS PROVISIONS

Section 5.1. Notices. All notices, requests, consents and demands and other communications required under this Agreement or pursuant to any other instrument or document delivered hereunder shall be in writing and, unless otherwise specifically provided, may be delivered personally, by telegram or telex, or by registered or certified mail, postage prepaid, return receipt requested, at the addresses specified on the signature page hereof (unless changed by the particular party whose address is stated herein by similar notice in writing), in which case the notice will be deemed delivered when received.

Section 5.2. [Reserved].

Section 5.3. Amendments. No modification or amendment of or supplement to this Agreement shall be valid or effective unless the same is in writing and signed by all parties hereto. The Trustee shall give prompt notice to the Custodian of any amendment or supplement to the Pooling and Servicing Agreement and furnish the Custodian with written copies thereof.

Section 5.4. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.

Section 5.5. Recordation of Agreement. To the extent permitted by applicable law, this Agreement is subject to recordation in all appropriate public offices for real property records in all the counties or other comparable jurisdictions in which any or all of the properties subject to the Mortgages are situated, and in any other appropriate public recording office or elsewhere, such recordation to be effected by the Depositor and at the Trust’s expense, but only upon direction accompanied by an Opinion of Counsel reasonably satisfactory to the Depositor to the effect that the failure to effect such recordation is likely to materially and adversely affect the interests of the Certificateholders.

Section 5.6. Severability of Provisions. If any one or more of the covenants, agreements, provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement or of the Certificates or the rights of the holders thereof.

[Signature Page Follows]

IN WITNESS WHEREOF, this Agreement is executed as of the date first above written.

Address: 0000 Xxx Xxxxxxxxx Xxxx Xxxxxxxx, XX 00000 Attention: BSMF 2006-AC1 Telecopy: (000) 000-0000 Confirmation:	XXXXX FARGO BANK, NATIONAL ASSOCIATION, not individually but solely as Trustee By:__________________________________ Name: Title:

Address: 000 Xxxxxxx Xxxxxx Xxx Xxxx, Xxx Xxxx 00000	BEAR XXXXXXX ASSET BACKED SECURITIES I LLC By:__________________________________ Name: Title:

Address: 0000 Xxxx Xxxxx Xxxxx, Xxxxxxxxxx, Xxxxx 00000	EMC MORTGAGE CORPORATION By:__________________________________ Name: Title:

Address: 0000 00xx Xxxxxx X.X. Xxxxxxxxxxx, Xxxxxxxxx 00000-0000	XXXXX FARGO BANK, NATIONAL ASSOCIATION, as Custodian By:__________________________________ Name: Title:

STATE OF MARYLAND	)
	)	ss.:
COUNTY OF XXXXXX	)

On the 31^st day of July 2006 before me, a notary public in and for said State, personally appeared _____________________, known to me to be a(n) __________________ of Xxxxx Fargo Bank, National Association, a national banking association, one of the parties that executed the within agreement, and also known to me to be the person who executed the within agreement on behalf of said party and acknowledged to me that such party executed the within instrument.

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.


	Notary Public

[SEAL]

STATE OF NEW YORK	)
	)	ss.:
COUNTY OF NEW YORK	)

On the 31^st day of July 2006 before me, a notary public in and for said State, personally appeared Xxxxx Xxxxxxxxxxx, known to me to be a Vice President of Bear Xxxxxxx Asset Backed Securities I LLC, and also known to me to be the person who executed the within instrument on behalf of said party, and acknowledged to me that such party executed the within instrument.

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.


	Notary Public

[SEAL]

STATE OF TEXAS	)
	)	ss.:
COUNTY OF DALLAS	)

On the 31^st day of July 2006 before me, a notary public in and for said State, personally appeared _____________________, known to me to be an authorized representative of EMC Mortgage Corporation, one of the parties that executed the within instrument, and also known to me to be the person who executed the within instrument on behalf of said party, and acknowledged to me that such party executed the within instrument.

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.


	Notary Public

[Notarial Seal]

STATE OF MINNESOTA	)
	)	ss.:
COUNTY OF___________	)

On the 31^st day of July 2006 before me, a notary public in and for said State, personally appeared ___________________, known to me to be a(n) _________________of Xxxxx Fargo Bank, National Association, a national banking association, one of the parties that executed the within instrument, and also known to me to be the person who executed it on behalf of said party, and acknowledged to me that such party executed the within instrument.

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.


	Notary Public

[Notarial Seal]

EXHIBIT ONE

FORM OF CUSTODIAN INITIAL CERTIFICATION

July 31, 2006

Xxxxx Fargo Bank, National Association

0000 Xxx Xxxxxxxxx Xxxx

Xxxxxxxx, XX 00000

EMC Mortgage Corporation

0000 Xxxx Xxxxx Xxxxx,

Xxxxxxxxxx, Xxxxx 00000

Attention: Bear Xxxxxxx Mortgage Funding Trust 2006-AC1, Series 2006-AC1

Re:	Custodial Agreement, dated as of July 31, 2006, by and among Bear Xxxxxxx Asset Backed Securities I LLC, EMC Mortgage Corporation and Xxxxx Fargo Bank, National Association relating to Bear Xxxxxxx Mortgage Funding Trust 2006-AC1, Asset-Backed Certificates, Series 2006-AC1

Ladies and Gentlemen:

In accordance with Section 2.3(a) of the above-captioned Custodial Agreement, and subject to Section 2.02(a) of the Pooling and Servicing Agreement, the undersigned, as Custodian, hereby certifies that it has received a Mortgage File (which contains an original Mortgage Note or lost note affidavit) to the extent required in Section 2.01 of the Pooling and Servicing Agreement with respect to each Mortgage Loan listed in the Mortgage Loan Schedule, with any exceptions listed on Schedule A attached hereto.

Capitalized words and phrases used herein shall have the respective meanings assigned to them in the above-captioned Custodial Agreement.

XXXXX FARGO BANK, NATIONAL ASSOCIATION

By:
Name:
Title:

SCHEDULE A

(PROVIDED UPON REQUEST)

EXHIBIT TWO

FORM OF CUSTODIAN INTERIM CERTIFICATION

[DATE]

Xxxxx Fargo Bank, National Association

0000 Xxx Xxxxxxxxx Xxxx

Xxxxxxxx, XX 00000

EMC Mortgage Corporation

0000 Xxxx Xxxxx Xxxxx,

Xxxxxxxxxx, Xxxxx 00000

Attention: Bear Xxxxxxx Mortgage Funding Trust 2006-AC1, Series 2006-AC1

Re:	Custodial Agreement, dated as of July 31, 2006, by and among Bear Xxxxxxx Asset Backed Securities I LLC, EMC Mortgage Corporation and Xxxxx Fargo Bank, National Association relating to Bear Xxxxxxx Mortgage Funding Trust 2006-AC1, Asset-Backed Certificates, Series 2006-AC1

Ladies and Gentlemen:

In accordance with Section 2.3(b) of the above-captioned Custodial Agreement and subject to Section 2.02(a) of the Pooling and Servicing Agreement, the undersigned, as Custodian, hereby certifies that it has received a Mortgage File to the extent required pursuant to Section 2.01 of the Pooling and Servicing Agreement with respect to each Mortgage Loan listed in the Mortgage Loan Schedule, and it has reviewed the Mortgage File and the Mortgage Loan Schedule and has determined that: all required documents have been executed and received and that such documents relate to the Mortgage Loans identified on the Mortgage Loan Schedule, with any exceptions listed on Schedule A attached hereto.

Capitalized words and phrases used herein shall have the respective meanings assigned to them in the above-captioned Custodial Agreement.

XXXXX FARGO BANK, NATIONAL ASSOCIATION

By:
Name:
Title:

SCHEDULE A

(PROVIDED UPON REQUEST)

EXHIBIT THREE

FORM OF CUSTODIAN FINAL CERTIFICATION

[DATE]

Xxxxx Fargo Bank, National Association

0000 Xxx Xxxxxxxxx Xxxx

Xxxxxxxx, XX 00000

EMC Mortgage Corporation

0000 Xxxx Xxxxx Xxxxx,

Xxxxxxxxxx, Xxxxx 00000

Attention: Mortgage Funding Trust 2006-AC1, Series 2006-AC1

Re:	Custodial Agreement, dated as of July 31, 2006, by and among Bear Xxxxxxx Asset Backed Securities I LLC, EMC Mortgage Corporation and Xxxxx Fargo Bank, National Association relating to Bear Xxxxxxx Mortgage Funding Trust 2006-AC1, Asset-Backed Certificates, Series 2006-AC1

In accordance with Section 2.3(c) of the above-captioned Custodial Agreement and, subject to Section 2.02(b) of the Pooling and Servicing Agreement, the undersigned, as Custodian, hereby certifies that it has received a Mortgage File to the extent required pursuant to Section 2.01 of the Pooling and Servicing Agreement with respect to each Mortgage Loan listed in the Mortgage Loan Schedule, and it has reviewed the Mortgage File and the Mortgage Loan Schedule and has determined that: all required documents have been executed and received and that such documents relate to the Mortgage Loans identified on the Mortgage Loan Schedule, with any exceptions listed on Schedule A attached hereto.

Capitalized words and phrases used herein shall have the respective meanings assigned to them in the above-captioned Custodial Agreement or in the Pooling and Servicing Agreement, as applicable.

XXXXX FARGO BANK, NATIONAL ASSOCIATION

By:
Name:
Title:

SCHEDULE A

(PROVIDED UPON REQUEST)

EXHIBIT FOUR

SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

The assessment of compliance to be delivered by the Custodian shall address, at a minimum, the criteria identified below as “Applicable Servicing Criteria”:

Servicing Criteria		Applicable Servicing Criteria
Reference	Criteria
	General Servicing Considerations
1122(d)(1)(i)	Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements
1122(d)(1)(ii)	If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing activities
1122(d)(1)(iii)	Any requirements in the transaction agreements to maintain a back-up servicer for the pool assets are maintained.
1122(d)(1)(iv)	A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.
	Cash Collection and Administration
1122(d)(2)(i)	Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the transaction agreements.
1122(d)(2)(ii)	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.
1122(d)(2)(iii)	Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances are made, reviewed and approved as specified in the transaction agreements.
1122(d)(2)(iv)	The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements.
1122(d)(2)(v)	Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository institutions” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.
1122(d)(2)(vi)	Unissued checks are safeguarded so as to prevent unauthorized access.
1122(d)(2)(vii)	Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliations; and (D) contain explanations for reconciling items, These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements.
	Investor Remittances and Reporting
1122(d)(3)(i)	Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements, (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors; or the trustee’s records as to the total unpaid principal balance and number of pool assets serviced by the servicer.
1122(d)(3)(ii)	Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.
1122(d)(3)(iii)	Disbursements made to an investor are posted within two business days to the servicer’s investor records, or such other number of days specified in the transaction agreements.
1122(d)(3)(iv)	Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.
	Pool Asset Administration
1122(d)(4)(i)	Collateral or security on pool assets is maintained as required by the transaction agreements or related asset pool documents.	√
1122(d)(4)(ii)	Pool assets and related documents are safeguarded as required by the transaction agreements.	√
1122(d)(4)(iii)	Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements
1122(d)(4)(iv)	Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the servicer’s obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related pool asset documents.
1122(d)(4)(v)	The servicer’s records regarding the pool assets agree with the servicer’s records with respect to an obligor’s unpaid principal balance.
1122(d)(4)(vi)	Changes with respect to the terms or status of an obligor’s pool asset (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents.
1122(d)(4)(vii)	Loss mitigation of recovery actions (e.g., forbearance plans, modifications and deed in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction documents.
1122(d)(4)(viii)	Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements., Such records are maintained in at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).
1122(d)(4)(ix)	Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents.
1122(d)(4)(x)	Regarding any funds held in trust for an obligor (such as escrow accounts); (A) such funds are analyzed, in accordance with the obligor’s pool asset documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such funds are returned to the obligor within 3- calendar days of full repayment of the related pool asset, or such other number of days specified in the transaction agreements.
1122(d)(4)(xi)	Payments made on behalf of an obligor (such as tax ore insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the service at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.
1122(d)(4)(xii)	Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s funds and not charged to the obligor, unless the late payment was due to the obligor’s error or omission.
1122(d)(4)(xiii)	Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer, or such other number of days specified in the transaction agreements.
1122(d)(4)(xiv)	Delinquencies, charge-offs and uncollectible funds are recognized and recorded in accordance with the transaction agreements.
1122(d)(4)(xv)	Any external enhancement or other support, identified in item 1114(a)(1) through (3) or item 1115 of Regulation AB, is maintained as set forth in the transaction agreements.

EXHIBIT K

FORM OF BACK-UP CERTIFICATION TO FORM 10-K CERTIFICATE

The [ ] agreement dated as of [ ], 200[ ] (the “Agreement”), among [IDENTIFY PARTIES]

I, ________________________________, the _______________________ of [NAME OF COMPANY], certify to [the Purchaser], [the Depositor], and the [Master Servicer] [Trustee], and their officers, with the knowledge and intent that they will rely upon this certification, that:

(1) I have reviewed the servicer compliance statement of the Company provided in accordance with Item 1123 of Regulation AB (the “Compliance Statement”), the report on assessment of the Company’s compliance with the servicing criteria set forth in Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided in accordance with Rules 13a-18 and 15d-18 under Securities Exchange Act of 1934, as amended (the “Exchange Act”) and Item 1122 of Regulation AB (the “Servicing Assessment”), the registered public accounting firm’s attestation report provided in accordance with Rules 13a-18 and 15d-18 under the Exchange Act and Section 1122(b) of Regulation AB (the “Attestation Report”), and all servicing reports, officer’s certificates and other information relating to the servicing of the Mortgage Loans by the Company during 200[ ] that were delivered by the Company to the [Depositor] [Master Servicer] [Trustee] pursuant to the Agreement (collectively, the “Company Servicing Information”);

(2) Based on my knowledge, the Company Servicing Information, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in the light of the circumstances under which such statements were made, not misleading with respect to the period of time covered by the Company Servicing Information;

(3) Based on my knowledge, all of the Company Servicing Information required to be provided by the Company under the Agreement has been provided to the [Depositor] [Master Servicer] [Trustee];

(4) I am responsible for reviewing the activities performed by the Company as servicer under the Agreement, and based on my knowledge and the compliance review conducted in preparing the Compliance Statement and except as disclosed in the Compliance Statement, the Servicing Assessment or the Attestation Report, the Company has fulfilled its obligations under the Agreement in all material respects; and

(5) The Compliance Statement required to be delivered by the Company pursuant to the Agreement, and the Servicing Assessment and Attestation Report required to be provided by the Company and by any Subservicer or Subcontractor pursuant to the Agreement, have been provided to the [Depositor] [Master Servicer]. Any material instances of noncompliance described in such reports have been disclosed to the [Depositor] [Master Servicer]. Any material instance of noncompliance with the Servicing Criteria has been disclosed in such reports.

Date:	_________________________

By:
Name:	________________________________
Title:	________________________________

EXHIBIT L

FORM OF MORTGAGE LOAN PURCHASE AGREEMENT

MORTGAGE LOAN PURCHASE AGREEMENT, dated as of July 31, 2006, as amended and supplemented by any and all amendments hereto (collectively, “this Agreement”), by and between EMC MORTGAGE CORPORATION, a Delaware corporation (“EMC” or the “Mortgage Loan Seller”), and BEAR XXXXXXX ASSET BACKED SECURITIES I LLC, a Delaware limited liability company (the “Purchaser”).

Upon the terms and subject to the conditions of this Agreement, the Mortgage Loan Seller agrees to sell, and the Purchaser agrees to purchase, certain conventional, fixed rate, first lien mortgage loans secured by one- to four-family residences (collectively, the “Mortgage Loans”) as described herein. The Purchaser intends to deposit the Mortgage Loans into a trust fund (the “Trust Fund”) and create Bear Xxxxxxx Mortgage Funding Trust 2006-AC1, Asset-Backed Certificates, Series 2006-AC1 (the “Certificates”), under a pooling and servicing agreement, to be dated as of July 1, 2006 (the “Pooling and Servicing Agreement”), among the Purchaser, as depositor, the Mortgage Loan Seller, as seller and master servicer (the “Master Servicer”), and Xxxxx Fargo Bank, National Association, as trustee (the “Trustee”).

The Purchaser has filed with the Securities and Exchange Commission (the “Commission”) a registration statement on Form S-3 (Number 333-131374) relating to its Asset-Backed Certificates and the offering of certain series thereof (including certain classes of the Certificates) from time to time in accordance with Rule 415 under the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder (the “Securities Act”). Such registration statement, when it became effective under the Securities Act, and the prospectus relating to the public offering of certain classes of the Certificates by the Purchaser (the “Public Offering”), as each may be amended or supplemented from time to time pursuant to the Securities Act or otherwise, are referred to herein as the “Registration Statement” and the “Prospectus”, respectively. The “Term Sheet Supplement” shall mean the term sheet supplement dated July 18, 2006, relating to certain classes of the Certificates. The “Prospectus Supplement” shall mean that supplement, dated July 27, 2006, to the Prospectus, dated June 7, 2006, relating to certain classes of the Certificates. With respect to the Public Offering of certain classes of the Certificates, the Purchaser and Bear, Xxxxxxx & Co. Inc. (“Bear Xxxxxxx”) have entered into a terms agreement, dated as of July 18, 2006, to an underwriting agreement, dated April 13, 2006, between the Purchaser and Bear Xxxxxxx (together, the “Underwriting Agreement”).

Now, therefore, in consideration of the premises and the mutual agreements set forth herein, the parties hereto agree as follows:

SECTION 1. Definitions. Certain terms are defined herein. Capitalized terms used herein but not defined herein shall have the meanings specified in the Pooling and Servicing Agreement. The following other terms are defined as follows:

Acquisition Price: Cash in an amount equal to $ * (plus $ * in accrued interest), and the Retained Certificates.

Bear Xxxxxxx: Bear, Xxxxxxx & Co. Inc.

Closing Date: July 31, 2006.

Custodial Agreement: An agreement, dated as of July 31, 2006 among the Depositor, the Mortgage Loan Seller, the Trustee, the Master Servicer and the Custodian.

Cut-off Date Balance: Shall mean $246,386,026.04.

Deleted Mortgage Loan: A Mortgage Loan replaced or to be replaced by a Replacement Mortgage Loan.

Due Date: With respect to each Mortgage Loan, the date in each month on which its scheduled payment is due, as set forth in the related Mortgage Note.

MERS: Mortgage Electronic Registration Systems, Inc., a corporation organized and existing under the laws of the State of Delaware, or any successor thereto.

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

Moody’s: Xxxxx’x Investors Service, Inc., or its successors in interest.

Mortgage: The mortgage or deed of trust creating a first lien on an interest in real property securing a Mortgage Note.

Mortgage File: The items referred to in Exhibit 1 pertaining to a particular Mortgage Loan and any additional documents required to be added to such documents pursuant to this Agreement.

Mortgage Rate: The annual rate of interest borne by a Mortgage Note as stated therein.

Mortgagor: The obligor(s) on a Mortgage Note.

Net Mortgage Rate: For each Mortgage Loan, the Mortgage Rate for such Mortgage Loan less (i) the Master Servicing Fee Rate, (ii) the Servicing Fee Rate and (ii) the rate at which the LPMI Fee is calculated, if applicable.

* Please contact Bear Xxxxxxx for pricing information.

Opinion of Counsel: A written opinion of counsel, who may be counsel for the Mortgage Loan Seller or the Purchaser, reasonably acceptable to the Trustee.

Person: Any legal person, including any individual, corporation, partnership, joint venture, association, joint stock company, trust, unincorporated organization or government or any agency or political subdivision thereof.

Purchase Price: With respect to any Mortgage Loan required to be purchased by the Mortgage Loan Seller pursuant to the applicable provisions of this Agreement, an amount equal to the sum of (i) 100% of the principal remaining unpaid on such Mortgage Loan as of the date of purchase (including if a foreclosure has already occurred, the principal balance of the related Mortgage Loan at the time the Mortgaged Property was acquired), (ii) accrued and unpaid interest thereon at the Mortgage Rate through and including the last day of the month of purchase and (iii) any costs and damages (if any) incurred by the Trust in connection with any violation of such Mortgage Loan of any anti-predatory lending laws.

Rating Agencies: Standard & Poor’s and Xxxxx’x, each a “Rating Agency”.

Replacement Mortgage Loan: A mortgage loan substituted for a Deleted

Mortgage Loan which must meet on the date of such substitution the requirements stated herein and in the Pooling and Servicing Agreement; upon such substitution, such mortgage loan shall be a “Mortgage Loan” hereunder.

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

Standard & Poor’s: Standard & Poor’s, a division of The XxXxxx-Xxxx Companies, Inc. or its successors in interest.

Transaction Documents: This Agreement, the Pooling and Servicing Agreement, the Custodial Agreement and the Underwriting Agreement.

Value: The value of the Mortgaged Property at the time of origination of the related Mortgage Loan, such value being the lesser of (i) the value of such property set forth in an appraisal accepted by the applicable originator of the Mortgage Loan or (ii) the sales price of such property at the time of origination.

Xxxxx Fargo: Xxxxx Fargo Bank, National Association.

SECTION 2. Purchase and Sale of the Mortgage Loans and Related Rights.

(a) Upon satisfaction of the conditions set forth in Section 10 hereof, the Mortgage Loan Seller agrees to sell, and the Purchaser agrees to purchase Mortgage Loans sold by the Mortgage Loan Seller having an aggregate outstanding principal balance as of the Cut-off Date equal to the related Cut-off Date Balance.

(b) The closing for the purchase and sale of the Mortgage Loans and the closing for the issuance of the Certificates will take place on the Closing Date at the office of the Purchaser’s counsel in New York, New York or such other place as the parties shall agree.

(c) Upon the satisfaction of the conditions set forth in Section 10 hereof, on the Closing Date, the Purchaser shall pay to the Mortgage Loan Seller the Acquisition Price for the Mortgage Loans sold by the Mortgage Loan Seller in immediately available funds by wire transfer to such account or accounts as shall be designated by the Mortgage Loan Seller.

(d) In addition to the foregoing, on the Closing Date the Mortgage Loan Seller assigns to the Purchaser all of its right, title and interest in the Servicing Agreements.

SECTION 3. Mortgage Loan Schedules. The Mortgage Loan Seller agrees to provide to the Purchaser as of the date hereof a preliminary listing of the Mortgage Loans (the “Preliminary Mortgage Loan Schedule”) setting forth the information listed on Exhibit 2 to this Agreement with respect to each of the Mortgage Loans being sold by the Mortgage Loan Seller. If there are changes to the Preliminary Mortgage Loan Schedule, the Mortgage Loan Seller shall provide to the Purchaser as of the Closing Date a final schedule (the “Final Mortgage Loan Schedule”) setting forth the information listed on Exhibit 2 to this Agreement with respect to each of the Mortgage Loans being sold by the Mortgage Loan Seller to the Purchaser. The Final Mortgage Loan Schedule shall be delivered to the Purchaser on the Closing Date, shall be attached to an amendment to this Agreement to be executed on the Closing Date by the parties hereto and shall be in form and substance mutually agreed to by the Mortgage Loan Seller and the Purchaser (the “Amendment”). If there are no changes to the Preliminary Mortgage Loan Schedule, the Preliminary Mortgage Loan Schedule shall be the Final Mortgage Loan Schedule for all purposes hereof.

SECTION 4. Mortgage Loan Transfer.

(a) The Purchaser will be entitled to all scheduled payments of principal and interest on the Mortgage Loans due after the Cut-off Date (regardless of when actually collected) and all payments thereof. The Mortgage Loan Seller will be entitled to all scheduled payments of principal and interest on the Mortgage Loans due on or before the Cut-off Date (including payments collected after the Cut-off Date) and all payments thereof. Such principal amounts and any interest thereon belonging to the Mortgage Loan Seller as described above will not be included in the aggregate outstanding principal balance of the Mortgage Loans as of the Cut-off Date as set forth on the Final Mortgage Loan Schedule.

(b) Pursuant to various conveyancing documents to be executed on the Closing Date and pursuant to the Pooling and Servicing Agreement, the Purchaser will assign on the Closing Date all of its right, title and interest in and to the Mortgage Loans to the Trustee for the benefit of the Certificateholders. In connection with the transfer and assignment of the Mortgage Loans, the Mortgage Loan Seller has delivered or will deliver or cause to be delivered to the Trustee or the Custodian on behalf of the Trustee by the Closing Date or such later date as is agreed to by the Purchaser and the Mortgage Loan Seller (each of the Closing Date and such later date is referred to as a “Mortgage File Delivery Date”), the items of each Mortgage File, provided, however, that in lieu of the foregoing, the Mortgage Loan Seller may deliver the following documents, under the circumstances set forth below: (x) in lieu of the original Mortgage, assignments to the Trustee or intervening assignments thereof which have been delivered, are being delivered or will upon receipt of recording information relating to the Mortgage required to be included thereon, be delivered to recording offices for recording and have not been returned in time to permit their delivery as specified above, the Mortgage Loan Seller may deliver a true copy thereof with a certification by the Mortgage Loan Seller or the Master Servicer, on the face of such copy, substantially as follows: “Certified to be a true and correct copy of the original, which has been transmitted for recording;” (y) in lieu of the Mortgage, assignments to the Trustee or intervening assignments thereof, if the applicable jurisdiction retains the originals of such documents or if the originals are lost (in each case, as evidenced by a certification from the Mortgage Loan Seller or the Master Servicer to such effect), the Mortgage Loan Seller may deliver photocopies of such documents containing an original certification by the judicial or other governmental authority of the jurisdiction where such documents were recorded; and (z) in lieu of the Mortgage Notes relating to the Mortgage Loans, each identified in the list delivered by the Purchaser to the Trustee on the Closing Date and attached hereto as Exhibit 5 the Mortgage Loan Seller may deliver lost note affidavits and indemnities of the Mortgage Loan Seller; and provided further, however, that in the case of Mortgage Loans which have been prepaid in full after the Cut-off Date and prior to the Closing Date, the Mortgage Loan Seller, in lieu of delivering the above documents, may deliver to the Trustee a certification by the Mortgage Loan Seller or the Master Servicer to such effect. The Mortgage Loan Seller shall deliver such original documents (including any original documents as to which certified copies had previously been delivered) or such certified copies to the Trustee, or the Custodian on behalf of the Trustee, promptly after they are received. The Mortgage Loan Seller shall cause the Mortgage and intervening assignments, if any, and the assignment of the Mortgage to be recorded not later than 180 days after the Closing Date unless such assignment is not required to be recorded under the terms set forth in Section 6(a) hereof.

(c) In connection with the assignment of any Mortgage Loan registered on the MERS® System, the Mortgage Loan Seller further agrees that it will cause, at the Mortgage Loan Seller’s own expense, within 30 days after the Closing Date, the MERS® System to indicate that such Mortgage Loans have been assigned by the Mortgage Loan Seller to the Purchaser and by the Purchaser to the Trustee in accordance with this Agreement for the benefit of the Certificateholders by including (or deleting, in the case of Mortgage Loans which are repurchased in accordance with this Agreement) in such computer files (a) the code in the field which identifies the specific Trustee and (b) the code in the field “Pool Field” which identifies the series of the Certificates issued in connection with such Mortgage Loans. The Mortgage Loan Seller further agrees that it will not, and will not permit any Servicer or the Master Servicer to, and the Master Servicer agrees that it will not, alter the codes referenced in this paragraph with respect to any Mortgage Loan during the term of the Pooling and Servicing Agreement unless and until such Mortgage Loan is repurchased in accordance with the terms of the Pooling and Servicing Agreement.

(d) The Mortgage Loan Seller and the Purchaser acknowledge hereunder that all of the Mortgage Loans and the related servicing, will ultimately be assigned to Xxxxx Fargo Bank, National Association, as Trustee for the benefit of the Certificateholders, on the date hereof.

SECTION 5. Examination of Mortgage Files.

(a) On or before the Mortgage File Delivery Date, the Mortgage Loan Seller will have made the Mortgage Files available to the Purchaser or its agent for examination which may be at the offices of the Trustee or the Mortgage Loan Seller and/or the Mortgage Loan Seller’s custodian. The fact that the Purchaser or its agent has conducted or has failed to conduct any partial or complete examination of the Mortgage Files shall not affect the Purchaser’s rights to demand cure, repurchase, substitution or other relief as provided in this Agreement. In furtherance of the foregoing, the Mortgage Loan Seller shall make the Mortgage Files available to the Purchaser or its agent from time to time so as to permit the Purchaser to confirm the Mortgage Loan Seller’s compliance with the delivery and recordation requirements of this Agreement and the Pooling and Servicing Agreement. In addition, upon request of the Purchaser, the Mortgage Loan Seller agrees to provide to the Purchaser, Bear Xxxxxxx and to any investors or prospective investors in the Certificates information regarding the Mortgage Loans and their servicing, to make the Mortgage Files available to the Purchaser, Bear Xxxxxxx and to such investors or prospective investors (which may be at the offices of the Mortgage Loan Seller and/or the Mortgage Loan Seller’s custodian) and to make available personnel knowledgeable about the Mortgage Loans for discussions with the Purchaser, Bear Xxxxxxx and such investors or prospective investors, upon reasonable request during regular business hours, sufficient to permit the Purchaser, Bear Xxxxxxx and such investors or potential investors to conduct such due diligence as any such party reasonably believes is appropriate.

(b) Pursuant to the Pooling and Servicing Agreement, on the Closing Date the Trustee (or the Custodian as obligated under the Custodial Agreement), for the benefit of the Certificateholders, will review items of the Mortgage Files as set forth on Exhibit 1 and will deliver to the Mortgage Loan Seller an initial certification in the form attached as Exhibit One to the Custodial Agreement.

(c) Within 90 days of the Closing Date, the Trustee or the Custodian on its behalf shall, in accordance with the provisions of Section 2.02 of the Pooling and Servicing Agreement, deliver to the Mortgage Loan Seller and the Trustee an Interim Certification in the form attached as Exhibit Two to the Custodial Agreement to the effect that all such documents have been executed and received and that such documents relate to the Mortgage Loans identified on the Mortgage Loan Schedule, except for any exceptions listed on Schedule A attached to such Interim Certification. The Custodian shall be under no duty or obligation to inspect, review or examine said documents, instruments, certificates or other papers to determine that the same are genuine, enforceable, or appropriate for the represented purpose or that they have actually been recorded or that they are other than what they purport to be on their face.

(d) The Trustee or the Custodian on its behalf will review the Mortgage Files within 180 days of the Closing Date and will deliver to the Mortgage Loan Seller and the Master Servicer, and if reviewed by the Custodian, the Trustee, a final certification substantially in the form of Exhibit Three to the Custodial Agreement. If the Trustee or the Custodian on its behalf is unable to deliver a final certification with respect to the items listed in Exhibit 1 due to any document that is missing, has not been executed, is unrelated, determined on the basis of the Mortgagor name, original principal balance and loan number, to the Mortgage Loans identified in the Final Mortgage Loan Schedule (a “Material Defect”), the Trustee or the Custodian on its behalf shall notify the Mortgage Loan Seller of such Material Defect. The Mortgage Loan Seller (on its own behalf as a Mortgage Loan Seller) shall correct or cure any such Material Defect within 90 days from the date of notice from the Trustee of the Material Defect and if the Mortgage Loan Seller does not correct or cure such Material Defect within such period and such defect materially and adversely affects the interests of the Certificateholders in the related Mortgage Loan, the Mortgage Loan Seller will, in accordance with the terms of the Pooling and Servicing Agreement, within 90 days of the date of notice, provide the Trustee with a Replacement Mortgage Loan (if within two years of the Closing Date) or purchase the related Mortgage Loan at the applicable Purchase Price; provided, however, that if such defect relates solely to the inability of the Mortgage Loan Seller to deliver the original security instrument or intervening assignments thereof, or a certified copy because the originals of such documents, or a certified copy, have not been returned by the applicable jurisdiction, the Mortgage Loan Seller shall not be required to purchase such Mortgage Loan if the Mortgage Loan Seller delivers such original documents or certified copy promptly upon receipt, but in no event later than 360 days after the Closing Date. The foregoing repurchase obligation shall not apply in the event that the Mortgage Loan Seller cannot deliver such original or copy of any document submitted for recording to the appropriate recording office in the applicable jurisdiction because such document has not been returned by such office; provided that the Mortgage Loan Seller shall instead deliver a recording receipt of such recording office or, if such receipt is not available, a certificate of Mortgage Loan Seller or a Servicing Officer confirming that such documents have been accepted for recording, and delivery to the Trustee shall be effected by the Mortgage Loan Seller within thirty days of its receipt of the original recorded document.

(e) At the time of any substitution, the Mortgage Loan Seller shall deliver or cause to be delivered the Replacement Mortgage Loan, the related Mortgage File and any other documents and payments required to be delivered in connection with a substitution pursuant to the Pooling and Servicing Agreement. At the time of any purchase or substitution, the Trustee shall (i) assign the selected Mortgage Loan to the Mortgage Loan Seller and shall release or cause the Custodian to release the documents (including, but not limited to the Mortgage, Mortgage Note and other contents of the Mortgage File) in the possession of the Trustee or the Custodian, as applicable relating to the Deleted Mortgage Loan and (ii) execute and deliver such instruments of transfer or assignment, in each case without recourse, as shall be necessary to vest in the Mortgage Loan Seller title to such Deleted Mortgage Loan.

SECTION 6. Recordation of Assignments of Mortgage.

(a) The Mortgage Loan Seller will, promptly after the Closing Date, cause each Mortgage and each assignment of Mortgage from the Mortgage Loan Seller to the Trustee, and all unrecorded intervening assignments, if any, delivered on or prior to the Closing Date, to be recorded in all recording offices in the jurisdictions where the related Mortgaged Properties are located; provided, however, the Mortgage Loan Seller need not cause to be recorded any assignment which relates to a Mortgage Loan that is a MOM Loan or for which the related Mortgaged Property is located in any jurisdiction under the laws of which, as evidenced by an Opinion of Counsel delivered by the Mortgage Loan Seller to the Trustee and the Rating Agencies, the recordation of such assignment is not necessary to protect the Trustee’s interest in the related Mortgage Loan; provided, however, notwithstanding the delivery of any Opinion of Counsel, each assignment of Mortgage shall be submitted for recording by the Mortgage Loan Seller in the manner described above, at no expense to the Trust Fund or Trustee, upon the earliest to occur of (i) reasonable direction by the Holders of Certificates evidencing Percentage Interests aggregating not less than 25% of the Trust, (ii) the occurrence of a Company Default, (iii) the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgage Loan Seller under the Pooling and Servicing Agreement, (iv) the occurrence of a servicing transfer as described in Section 9.05 of the Pooling and Servicing Agreement or an assignment of the servicing as described in Section 8.05(b) of the Pooling and Servicing Agreement or (iv) with respect to any one assignment of Mortgage, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage.

While each such Mortgage or assignment is being recorded, if necessary, the Mortgage Loan Seller shall leave or cause to be left with the Trustee or the Custodian on its behalf a certified copy of such Mortgage or assignment. In the event that, within 180 days of the Closing Date, the Trustee has not been provided with an Opinion of Counsel as described above or received evidence of recording with respect to each Mortgage Loan delivered to the Purchaser pursuant to the terms hereof or as set forth above and the related Mortgage Loan is not a MOM Loan, the failure to provide evidence of recording or such Opinion of Counsel shall be considered a Material Defect, and the provisions of Section 5(c) and (d) shall apply. All customary recording fees and reasonable expenses relating to the recordation of the assignments of mortgage to the Trustee or the Opinion of Counsel, as the case may be, shall be borne by the Mortgage Loan Seller.

(b) It is the express intent of the parties hereto that the conveyance of the Mortgage Loans by the Mortgage Loan Seller to the Purchaser, as contemplated by this Agreement be, and be treated as, a sale. It is, further, not the intention of the parties that such conveyance be deemed a pledge of the Mortgage Loans by the Mortgage Loan Seller to the Purchaser to secure a debt or other obligation of the Mortgage Loan Seller. However, in the event that, notwithstanding the intent of the parties, the Mortgage Loans are held by a court to continue to be property of the Mortgage Loan Seller, then (a) this Agreement shall also be deemed to be a security agreement within the meaning of Articles 8 and 9 of the applicable Uniform Commercial Code; (b) the transfer of the Mortgage Loans provided for herein shall be deemed to be a grant by the Mortgage Loan Seller to the Purchaser of a security interest in all of the Mortgage Loan Seller’s right, title and interest in and to the Mortgage Loans and all amounts payable to the holders of the Mortgage Loans in accordance with the terms thereof and all proceeds of the conversion, voluntary or involuntary, of the foregoing into cash, instruments, securities or other property, to the extent the Purchaser would otherwise be entitled to own such Mortgage Loans and proceeds pursuant to Section 4 hereof, including all amounts, other than investment earnings, from time to time held or invested in any accounts created pursuant to the Pooling and Servicing Agreement, whether in the form of cash, instruments, securities or other property; (c) the possession by the Purchaser or the Trustee (or the Custodian on its behalf) of Mortgage Notes and such other items of property as constitute instruments, money, negotiable documents or chattel paper shall be deemed to be “possession by the secured party” for purposes of perfecting the security interest pursuant to Section 9-305 (or comparable provision) of the applicable Uniform Commercial Code; and (d) notifications to persons holding such property, and acknowledgments, receipts or confirmations from persons holding such property, shall be deemed notifications to, or acknowledgments, receipts or confirmations from, financial intermediaries, bailees or agents (as applicable) of the Purchaser for the purpose of perfecting such security interest under applicable law. Any assignment of the interest of the Purchaser pursuant to any provision hereof or pursuant to the Pooling and Servicing Agreement shall also be deemed to be an assignment of any security interest created hereby. The Mortgage Loan Seller and the Purchaser shall, to the extent consistent with this Agreement, take such actions as may be reasonably necessary to ensure that, if this Agreement were deemed to create a security interest in the Mortgage Loans, such security interest would be deemed to be a perfected security interest of first priority under applicable law and will be maintained as such throughout the term of the Pooling and Servicing Agreement.

SECTION 7. Representations and Warranties of the Mortgage Loan Seller Concerning the Mortgage Loans. The Mortgage Loan Seller hereby represents and warrants to the Purchaser as of the Closing Date or such other date as may be specified below with respect to each Mortgage Loan being sold by it, that:

(a) The information set forth in the Mortgage Loan Schedule hereto is true and correct in all material respects.

(b) Immediately prior to the transfer to the Purchaser, the Mortgage Loan Seller was the sole owner of beneficial title and holder of each Mortgage and Mortgage Note relating to the Mortgage Loans and is conveying the same free and clear of any and all liens, claims, encumbrances, participation interests, equities, pledges, charges or security interests of any nature and the Mortgage Loan Seller has full right and authority to sell or assign the same pursuant to this Agreement.

(c) Each Mortgage Loan at the time it was made complied in all material respects with all applicable federal, state and local laws and regulations, including, without limitation, usury, equal credit opportunity, disclosure and recording laws and all applicable predatory, abusive and fair lending laws; and each Mortgage Loan has been serviced in all material respects in accordance with all applicable laws and regulations, including, without limitation, usury, equal credit opportunity, disclosure and recording laws and all applicable anti-predatory lending laws and the terms of the related Mortgage Note, the Mortgage and other loan documents.

(d) There is no monetary default existing under any Mortgage or the related Mortgage Note and there is no material event which, with the passage of time or with notice and the expiration of any grace or cure period, would constitute a default, breach or event of acceleration; and neither the Mortgage Loan Seller, any of its affiliates nor any servicer of any related Mortgage Loan has taken any action to waive any default, breach or event of acceleration; and no foreclosure action is threatened or has been commenced with respect to the Mortgage Loan.

(e) The terms of the Mortgage Note and the Mortgage have not been impaired, waived, altered or modified in any respect, except by written instruments, (i) if required by law in the jurisdiction where the Mortgaged Property is located, or (ii) to protect the interests of the Trustee on behalf of the Certificateholders.

(f) No selection procedure reasonably believed by the Mortgage Loan Seller to be adverse to the interests of the Certificateholders was utilized in selecting the Mortgage Loans.

(g) Each Mortgage is a valid and enforceable first or second lien on the property securing the related Mortgage Note and each Mortgaged Property is owned by the Mortgagor in fee simple (except with respect to common areas in the case of condominiums, PUDs and de minimis PUDs) or by leasehold for a term longer than the term of the related Mortgage, subject only to (i) the lien of current real property taxes and assessments, (ii) covenants, conditions and restrictions, rights of way, easements and other matters of public record as of the date of recording of such Mortgage, such exceptions being acceptable to mortgage lending institutions generally or specifically reflected in the appraisal obtained in connection with the origination of the related Mortgage Loan or referred to in the lender’s title insurance policy delivered to the originator of the related Mortgage Loan and (iii) other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by such Mortgage.

(h) There is no mechanics’ lien or claim for work, labor or material affecting the premises subject to any Mortgage which is or may be a lien prior to, or equal with, the lien of such Mortgage except those which are insured against by the title insurance policy referred to in clause (m) below.

(i) There was no delinquent tax or assessment lien against the property subject to any Mortgage, except where such lien was being contested in good faith and a stay had been granted against levying on the property.

(j) There is no valid offset, defense or counterclaim to any Mortgage Note or Mortgage, including the obligation of the Mortgagor to pay the unpaid principal and interest on such Mortgage Note.

(k) The physical property subject to any Mortgage is free of material damage and is in good repair and there is no proceeding pending or threatened for the total or partial condemnation of any Mortgaged Property.

(l) The Mortgaged Property and all improvements thereon comply with all requirements of any applicable zoning and subdivision laws and ordinances.

(m) A lender’s title insurance policy (on an ALTA or CLTA form) or binder, or other assurance of title customary in the relevant jurisdiction therefor in a form acceptable to Xxxxxx Xxx or Xxxxxxx Mac, was issued on the date that each Mortgage Loan was created by a title insurance company which, to the best of the Mortgage Loan Seller’s knowledge, was qualified to do business in the jurisdiction where the related Mortgaged Property is located, insuring the Mortgage Loan Seller and its successors and assigns that the Mortgage is a first priority lien on the related Mortgaged Property in the original principal amount of the Mortgage Loan. The Mortgage Loan Seller is the sole insured under such lender’s title insurance policy, and such policy, binder or assurance is valid and remains in full force and effect, and each such policy, binder or assurance shall contain all applicable endorsements including a negative amortization endorsement, if applicable.

(n) At the time of origination, each Mortgaged Property was the subject of an appraisal which conformed to the underwriting requirements of the originator of the Mortgage Loan and, the appraisal is in a form acceptable to Xxxxxx Mae or Xxxxxxx Mac.

(o) The improvements on each Mortgaged Property securing a Mortgage Loan are insured (by an insurer which is acceptable to the Mortgage Loan Seller) against loss by fire and such hazards as are covered under a standard extended coverage endorsement in the locale in which the Mortgaged Property is located, in an amount which is not less than the lesser of the maximum insurable value of the improvements securing such Mortgage Loan or the outstanding principal balance of the Mortgage Loan, but in no event in an amount less than an amount that is required to prevent the Mortgagor from being deemed to be a co-insurer thereunder; if the improvement on the Mortgaged Property is a condominium unit, it is included under the coverage afforded by a blanket policy for the condominium project; if upon origination of the related Mortgage Loan, the improvements on the Mortgaged Property were in an area identified as a federally designated flood area, a flood insurance policy is in effect in an amount representing coverage not less than the least of (i) the outstanding principal balance of the Mortgage Loan, (ii) the restorable cost of improvements located on such Mortgaged Property or (iii) the maximum coverage available under federal law; and each Mortgage obligates the Mortgagor thereunder to maintain the insurance referred to above at the Mortgagor’s cost and expense.

(p) Each Mortgage Loan constitutes a “qualified mortgage” under Section 860G(a)(3)(A) of the Code and Treasury Regulation Section 1.860G-2(a)(1), (2), (4), (5), (6), (7) and (9) without reliance on the provisions of Treasury Regulation Section 1.860G-2(a)(3) or Treasury Regulation Section 1.860G-2(f)(2) or any other provision that would allow a Mortgage Loan to be treated as a “qualified mortgage” notwithstanding its failure to meet the requirements of Section 860G(a)(3)(A) of the Code and Treasury Regulation Section 1.860G-2(a)(1), (2), (4), (5), (6), (7) and (9).

(q) None of the Mortgage Loans are (a) loans subject to 12 CFR Part 226.31, 12 CFR Part 226.32 or 12 CFR Part 226.34 of Regulation Z, the regulation implementing TILA, which implements the Home Ownership and Equity Protection Act of 1994, as amended or (b) “high cost home,” “covered” (excluding home loans defined as “covered home loans” in the New Jersey Home Ownership Security Act of 2002 that were originated between November 26, 2003 and July 7, 2004), “high risk home” or “predatory” loans under any applicable state, federal or local law (or a similarly classified loan using different terminology under a law imposing heightened regulatory scrutiny or additional legal liability for residential mortgage loans having high interest rates, points and/or fees).

(r) The information set forth in Schedule A of the Prospectus Supplement with respect to the Mortgage Loans is true and correct in all material respects.

(s) No Mortgage Loan (a) is a “high cost loan” or “covered loan” as applicable (as such terms are defined in the then current Standard & Poor’s LEVELS® Glossary, which is now Version 5.7, Appendix E, attached hereto as Exhibit 6) or (b) was originated on or after October 1, 2002 through March 6, 2003 and is governed by the Georgia Fair Lending Act.

(t) Each Mortgage Loan was originated in accordance with the underwriting guidelines of the related originator.

(u) Each original Mortgage has been recorded or is in the process of being recorded in accordance with the requirements of Section 2.01 of the Pooling and Servicing Agreement in the appropriate jurisdictions wherein such recordation is required to perfect the lien thereof for the benefit of the Trust Fund.

(v) The related Mortgage File contains each of the documents and instruments listed in Section 2.01 of the Pooling and Servicing Agreement, subject to any exceptions, substitutions and qualifications as are set forth in such Section.

(w) The Mortgage Loans are currently being serviced in accordance with accepted servicing practices.

(x) With respect to each Mortgage Loan that has a prepayment penalty feature, each such prepayment penalty is enforceable and will be enforced by the Mortgage Loan Seller and each prepayment penalty is permitted pursuant to federal, state and local law. In addition, with respect to each Mortgage Loan (i) no Mortgage Loan will impose a prepayment penalty for a term in excess of five years from the date such Mortgage Loan was originated and (ii) such prepayment penalty is at least equal to the lesser of (A) the maximum amount permitted under applicable law and (B) six months interest at the related Mortgage Interest Rate on the amount prepaid in excess of 20% of the original principal balance of such Mortgage Loan.

(y) If any of the Mortgage Loans are secured by a leasehold interest, with respect to each leasehold interest: the use of leasehold estates for residential properties is an accepted practice in the area where the related Mortgaged Property is located; residential property in such area consisting of leasehold estates is readily marketable; the lease is recorded and no party is in any way in breach of any provision of such lease; the leasehold is in full force and effect and is not subject to any prior lien or encumbrance by which the leasehold could be terminated or subject to any charge or penalty; and the remaining term of the lease does not terminate less than ten years after the maturity date of such Mortgage Loan.

It is understood and agreed that the representations and warranties set forth in this Section 7 will inure to the benefit of the Purchaser, its successors and assigns, notwithstanding any restrictive or qualified endorsement on any Mortgage Note or assignment of Mortgage or the examination of any Mortgage File. Upon any substitution for a Mortgage Loan, the representations and warranties set forth above shall be deemed to be made by the Mortgage Loan Seller as to any Replacement Mortgage Loan as of the date of substitution.

Upon discovery or receipt of notice by the Mortgage Loan Seller, the Purchaser or the Trustee of a breach of any representation or warranty of the Mortgage Loan Seller set forth in this Section 7 which materially and adversely affects the value of the interests of the Purchaser, the Certificateholders or the Trustee in any of the Mortgage Loans delivered to the Purchaser pursuant to this Agreement, the party discovering or receiving notice of such breach shall give prompt written notice to the others. In the case of any such breach of a representation or warranty set forth in this Section 7, within 90 days from the date of discovery by the Mortgage Loan Seller, or the date the Mortgage Loan Seller is notified by the party discovering or receiving notice of such breach (whichever occurs earlier), the Mortgage Loan Seller will (i) cure such breach in all material respects, (ii) purchase the affected Mortgage Loan at the applicable Purchase Price or (iii) if within two years of the Closing Date, substitute a qualifying Replacement Mortgage Loan in exchange for such Mortgage Loan; provided that, (A) in the case of a breach of the representation and warranty concerning the Mortgage Loan Schedule contained in clause (a) of this Section 7, if such breach is material and relates to any field on the Mortgage Loan Schedule which identifies any Prepayment Charge or (B) in the case of a breach of the representation contained in clause (x) of this Section 7, then, in each case, in lieu of purchasing such Mortgage Loan from the Trust Fund at the Purchase Price, the Mortgage Loan Seller shall pay the amount of the Prepayment Charge (net of any amount previously collected by or paid to the Trust Fund in respect of such Prepayment Charge) from its own funds and without reimbursement therefor, and the Mortgage Loan Seller shall have no obligation to repurchase or substitute for such Mortgage Loan. The obligations of the Mortgage Loan Seller to cure, purchase or substitute a qualifying Replacement Mortgage Loan shall constitute the Purchaser’s, the Trustee’s and the Certificateholder’s sole and exclusive remedy under this Agreement or otherwise respecting a breach of representations or warranties hereunder with respect to the Mortgage Loans, except for the obligation of the Mortgage Loan Seller to indemnify the Purchaser for such breach as set forth in and limited by Section 13 hereof.

Any cause of action against the Mortgage Loan Seller or relating to or arising out of a breach by the Mortgage Loan Seller of any representations and warranties made in this Section 7 shall accrue as to any Mortgage Loan upon (i) discovery of such breach by the Mortgage Loan Seller or notice thereof by the party discovering such breach and (ii) failure by the Mortgage Loan Seller to cure such breach, purchase such Mortgage Loan or substitute a qualifying Replacement Mortgage Loan pursuant to the terms hereof.

SECTION 8. Representations and Warranties Concerning the Mortgage Loan Seller. As of the date hereof and as of the Closing Date, the Mortgage Loan Seller represents and warrants to the Purchaser as to itself in the capacity indicated as follows:

(a) the Mortgage Loan Seller (i) is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware and (ii) is qualified and in good standing to do business in each jurisdiction where such qualification is necessary, except where the failure so to qualify would not reasonably be expected to have a material adverse effect on the Mortgage Loan Seller’s business as presently conducted or on the Mortgage Loan Seller’s ability to enter into this Agreement or any other Transaction Document to which it is a party and to consummate the transactions contemplated hereby or thereby;

(b) the Mortgage Loan Seller has full power to own its property, to carry on its business as presently conducted and to enter into and perform its obligations under this Agreement or any other Transaction Document to which it is a party;

(c) the execution and delivery by the Mortgage Loan Seller of this Agreement and any other Transaction Document to which it is a party has been duly authorized by all necessary action on the part of the Mortgage Loan Seller; and neither the execution and delivery of this Agreement or any other Transaction Document to which it is a party, nor the consummation of the transactions herein or therein contemplated, nor compliance with the provisions hereof or thereof, will conflict with or result in a breach of, or constitute a default under, any of the provisions of any law, governmental rule, regulation, judgment, decree or order binding on the Mortgage Loan Seller or its properties or the charter or by-laws of the Mortgage Loan Seller, except those conflicts, breaches or defaults which would not reasonably be expected to have a material adverse effect on the Mortgage Loan Seller’s ability to enter into this Agreement or any other Transaction Document to which it is a party and to consummate the transactions contemplated hereby or thereby;

(d) the execution, delivery and performance by the Mortgage Loan Seller of this Agreement and the consummation of the transactions contemplated hereby do not require the consent or approval of, the giving of notice to, the registration with, or the taking of any other action in respect of, any state, federal or other governmental authority or agency, except those consents, approvals, notices, registrations or other actions as have already been obtained, given or made and, in connection with the recordation of the Mortgages, powers of attorney or assignments of Mortgages not yet completed;

(e) each of this Agreement and the other Transaction Document to which it is a party has been duly executed and delivered by the Mortgage Loan Seller and, assuming due authorization, execution and delivery by the Purchaser, constitutes a valid and binding obligation of the Mortgage Loan Seller enforceable against it in accordance with its terms (subject to applicable bankruptcy and insolvency laws and other similar laws affecting the enforcement of the rights of creditors generally);

(f) there are no actions, suits or proceedings pending or, to the knowledge of the Mortgage Loan Seller, threatened against the Mortgage Loan Seller, before or by any court, administrative agency, arbitrator or governmental body (i) with respect to any of the transactions contemplated by this Agreement or any other Transaction Document to which it is a party or (ii) with respect to any other matter which in the judgment of the Mortgage Loan Seller could reasonably be expected to be determined adversely to the Mortgage Loan Seller and will if determined adversely to the Mortgage Loan Seller materially and adversely affect the Mortgage Loan Seller’s ability to perform its obligations under this Agreement or any other Transaction Document to which it is a party; and the Mortgage Loan Seller is not in default with respect to any order of any court, administrative agency, arbitrator or governmental body so as to materially and adversely affect the transactions contemplated by this Agreement; and

(g) the Mortgage Loan Seller’s Information (as defined in Section 13(a) hereof) does not include any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading.

SECTION 9. Representations and Warranties Concerning the Purchaser. As of the date hereof and as of the Closing Date, the Purchaser represents and warrants to the Mortgage Loan Seller as follows:

(a) the Purchaser (i) is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware and (ii) is qualified and in good standing to do business in each jurisdiction where such qualification is necessary, except where the failure so to qualify would not reasonably be expected to have a material adverse effect on the Purchaser’s business as presently conducted or on the Purchaser’s ability to enter into this Agreement or any other Transaction Document to which it is a party and to consummate the transactions contemplated hereby or thereby;

(b) the Purchaser has full power to own its property, to carry on its business as presently conducted and to enter into and perform its obligations under this Agreement or any other Transaction Document to which it is a party;

(c) the execution and delivery by the Purchaser of this Agreement or any other Transaction Document to which it is a party has been duly authorized by all necessary action on the part of the Purchaser; and neither the execution and delivery of this Agreement, nor the consummation of the transactions herein contemplated, nor compliance with the provisions hereof or thereof, will conflict with or result in a breach of, or constitute a default under, any of the provisions of any law, governmental rule, regulation, judgment, decree or order binding on the Purchaser or its properties or the certificate of formation or limited liability company agreement of the Purchaser, except those conflicts, breaches or defaults which would not reasonably be expected to have a material adverse effect on the Purchaser’s ability to enter into this Agreement or any other Transaction Document to which it is a party and to consummate the transactions contemplated hereby or thereby;

(d) the execution, delivery and performance by the Purchaser of this Agreement and the consummation of the transactions contemplated hereby do not require the consent or approval of, the giving of notice to, the registration with, or the taking of any other action in respect of, any state, federal or other governmental authority or agency, except those consents, approvals, notices, registrations or other actions as have already been obtained, given or made;

(e) each of this Agreement and the other Transaction Documents to which it is a party has been duly executed and delivered by the Purchaser and, assuming due authorization, execution and delivery by the Mortgage Loan Seller, constitutes a valid and binding obligation of the Purchaser enforceable against it in accordance with its terms (subject to applicable bankruptcy and insolvency laws and other similar laws affecting the enforcement of the rights of creditors generally);

(f) there are no actions, suits or proceedings pending or, to the knowledge of the Purchaser, threatened against the Purchaser, before or by any court, administrative agency, arbitrator or governmental body (i) with respect to any of the transactions contemplated by this Agreement and the other Transaction Documents to which it is a party or (ii) with respect to any other matter which in the judgment of the Purchaser will be determined adversely to the Purchaser and will if determined adversely to the Purchaser materially and adversely affect the Purchaser’s ability to perform its obligations under this Agreement and the other Transaction Documents to which it is a party; and the Purchaser is not in default with respect to any order of any court, administrative agency, arbitrator or governmental body so as to materially and adversely affect the transactions contemplated by this Agreement and the other Transaction Documents to which it is a party; and

(g) the Purchaser’s Information (as defined in Section 13(b) hereof) does not include any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading.

SECTION 10. Conditions to Closing.

(a) The obligations of the Purchaser under this Agreement will be subject to the satisfaction, on or prior to the Closing Date, of the following conditions:

(1) Each of the obligations of the Mortgage Loan Seller required to be performed at or prior to the Closing Date pursuant to the terms of this Agreement shall have been duly performed and complied with in all material respects; all of the representations and warranties of the Mortgage Loan Seller under this Agreement shall be true and correct as of the date or dates specified in all material respects; and no event shall have occurred which, with notice or the passage of time, would constitute a default under this Agreement or any of the Transaction Documents; and the Purchaser shall have received certificates to that effect signed by authorized officers of the Mortgage Loan Seller.

(2) The Purchaser shall have received all of the following closing documents, in such forms as are agreed upon and reasonably acceptable to the Purchaser, duly executed by all signatories other than the Purchaser as required pursuant to the respective terms thereof:

(i) If required pursuant to Section 3 hereof, the Amendment dated as of the Closing Date and any documents referred to therein;

(ii) If required pursuant to Section 3 hereof, the Final Mortgage Loan Schedule containing the information set forth on Exhibit 2 hereto, one copy to be attached to each counterpart of the Amendment;

(iii) The Pooling and Servicing Agreement, in form and substance reasonably satisfactory to the Trustee and the Purchaser, and all documents required thereby duly executed by all signatories;

(iv) A certificate of an officer of the Mortgage Loan Seller dated as of the Closing Date, in a form reasonably acceptable to the Purchaser, and attached thereto the resolutions of the Mortgage Loan Seller authorizing the transactions contemplated by this Agreement and the other Transaction Documents to which it is a party, together with copies of the articles of incorporation, by-laws and certificate of good standing of the Mortgage Loan Seller;

(v) One or more opinions of counsel from the Mortgage Loan Seller’s counsel otherwise in form and substance reasonably satisfactory to the Purchaser, the Trustee and each Rating Agency;

(vi) A letter from each of the Rating Agencies giving each Class of Certificates set forth on Schedule A hereto the rating set forth therein; and

(vii) Such other documents, certificates (including additional representations and warranties) and opinions as may be reasonably necessary to secure the intended ratings from each Rating Agency for the Certificates.

(3) The Certificates to be sold to Bear Xxxxxxx pursuant to the Underwriting Agreement shall have been issued and sold to Bear Xxxxxxx.

(4) The Mortgage Loan Seller shall have furnished to the Purchaser such other certificates of its officers or others and such other documents and opinions of counsel to evidence fulfillment of the conditions set forth in this Agreement and the transactions contemplated hereby as the Purchaser and their respective counsel may reasonably request.

(b) The obligations of the Mortgage Loan Seller under this Agreement shall be subject to the satisfaction, on or prior to the Closing Date, of the following conditions:

(1) The obligations of the Purchaser required to be performed by it on or prior to the Closing Date pursuant to the terms of this Agreement shall have been duly performed and complied with in all material respects, and all of the representations and warranties of the Purchaser under this Agreement shall be true and correct in all material respects as of the date hereof and as of the Closing Date, and no event shall have occurred which would constitute a breach by it of the terms of this Agreement or any of the Transaction Documents, and the Mortgage Loan Seller shall have received a certificate to that effect signed by an authorized officer of the Purchaser.

(2) The Mortgage Loan Seller shall have received copies of all of the following closing documents, in such forms as are agreed upon and reasonably acceptable to the Mortgage Loan Seller, duly executed by all signatories other than the Mortgage Loan Seller as required pursuant to the respective terms thereof:

(i) If required pursuant to Section 3 hereof, the Amendment dated as of the Closing Date and any documents referred to therein;

(ii) The Pooling and Servicing Agreement, in form and substance reasonably satisfactory to the Mortgage Loan Seller, and all documents required thereby duly executed by all signatories;

(iii) A certificate of an officer of the Purchaser dated as of the Closing Date, in a form reasonably acceptable to the Mortgage Loan Seller, and attached thereto the written consent of the member of the Purchaser authorizing the transactions contemplated by this Agreement and the other Transaction Documents to which it is a party, together with copies of the Purchaser’s certificate of formation, limited liability company agreement, and evidence as to the good standing of the Purchaser dated as of a recent date;

(iv) One or more opinions of counsel from the Purchaser’s counsel in form and substance reasonably satisfactory to the Mortgage Loan Seller and the Rating Agencies; and

(v) Such other documents, certificates (including additional representations and warranties) and opinions as may be reasonably necessary to secure the intended rating from each Rating Agency for the Certificates.

SECTION 11. Fees and Expenses. Subject to Section 16 hereof, the Mortgage Loan Seller shall pay on the Closing Date or such later date as may be agreed to by the Purchaser (i) the fees and expenses of the Mortgage Loan Seller’s attorneys and the reasonable fees and expenses of the Purchaser’s attorneys, (ii) the fees and expenses of Deloitte & Touche LLP, (iii) the fee for the use of Purchaser’s Registration Statement based on the aggregate original principal amount of the Certificates and the filing fee of the Commission as in effect on the date on which the Registration Statement was declared effective, (iv) the fees and expenses including counsel’s fees and expenses in connection with any “blue sky” and legal investment matters, (v) the fees and expenses of the Trustee which shall include without limitation the fees and expenses of the Trustee (and the fees and disbursements of its counsel) with respect to (A) legal and document review of this Agreement, the Pooling and Servicing Agreement, the Certificates and related agreements, (B) attendance at the Closing and (C) review of the Mortgage Loans to be performed by the Trustee or the Custodian on its behalf, (vi) the expenses for printing or otherwise reproducing the Certificates, the Prospectus and the Prospectus Supplement, (vii) the fees and expenses of each Rating Agency (both initial and ongoing), (viii) the fees and expenses relating to the preparation and recordation of mortgage assignments (including intervening assignments, if any and if available, to evidence a complete chain of title from the originator to the Trustee) from the Mortgage Loan Seller to the Trustee or the expenses relating to the Opinion of Counsel referred to in Section 6(a) hereof, as the case may be, and (ix) Mortgage File due diligence expenses and other out-of-pocket expenses incurred by the Purchaser in connection with the purchase of the Mortgage Loans and by Bear Xxxxxxx in connection with the sale of the Certificates. The Mortgage Loan Seller additionally agrees to pay directly to any third party on a timely basis the fees provided for above which are charged by such third party and which are billed periodically.

SECTION 12. Accountants’ Letters.

(a) Deloitte & Touche LLP will review the characteristics of a sample of the Mortgage Loans described in the Final Mortgage Loan Schedule and will compare those characteristics to the description of the Mortgage Loans contained in the Prospectus Supplement under the captions “Summary—The Mortgage Loans” and “The Mortgage Pool” and in Schedule A thereto. The Mortgage Loan Seller will cooperate with the Purchaser in making available all information and taking all steps reasonably necessary to permit such accountants to complete the review and to deliver the letters required of them under the Underwriting Agreement. Deloitte & Touche LLP will also confirm certain calculations as set forth under the caption “Yield, Prepayment and Maturity Considerations” in the Prospectus Supplement.

(b) To the extent statistical information with respect to the Mortgage Loan Seller’s servicing portfolio is included in the Prospectus Supplement under the caption “Servicing of the Mortgage Loans—EMC,” a letter from the certified public accountant for the Mortgage Loan Seller will be delivered to the Purchaser dated the date of the Prospectus Supplement, in the form previously agreed to by the Mortgage Loan Seller and the Purchaser, with respect to such statistical information.

SECTION 13. Indemnification.

(a) The Mortgage Loan Seller shall indemnify and hold harmless the Purchaser and its directors, officers and controlling persons (as defined in Section 15 of the Securities Act) from and against any loss, claim, damage or liability or action in respect thereof, to which they or any of them may become subject, under the Securities Act or otherwise, insofar as such loss, claim, damage, liability or action arises out of, or is based upon any untrue statement of a material fact contained in the Mortgage Loan Seller’s Information as identified in Exhibit 3, the omission to state in the Term Sheet Supplement, the Prospectus Supplement or Prospectus (or any amendment thereof or supplement thereto approved by the Mortgage Loan Seller and in which additional Mortgage Loan Seller’s Information is identified), in reliance upon and in conformity with Mortgage Loan Seller’s Information a material fact required to be stated therein or necessary to make the statements therein in light of the circumstances in which they were made, not misleading; and the Mortgage Loan Seller shall reimburse the Purchaser and each other indemnified party for any legal and other expenses reasonably incurred by them in connection with investigating or defending or preparing to defend against any such loss, claim, damage, liability or action.

The foregoing indemnity agreement is in addition to any liability which the Mortgage Loan Seller otherwise may have to the Purchaser or any other such indemnified party.

(b) The Purchaser shall indemnify and hold harmless the Mortgage Loan Seller and its respective directors, officers and controlling persons (as defined in Section 15 of the Securities Act) from and against any loss, claim, damage or liability or action in respect thereof, to which they or any of them may become subject, under the Securities Act or otherwise, insofar as such loss, claim, damage, liability or action arises out of, or is based upon any untrue statement of a material fact contained in the Purchaser’s Information as identified in Exhibit 4, the omission to state in the Prospectus Supplement or Prospectus (or any amendment thereof or supplement thereto approved by the Purchaser and in which additional Purchaser’s Information is identified), in reliance upon and in conformity with the Purchaser’s Information, a material fact required to be stated therein or necessary to make the statements therein in light of the circumstances in which they were made, not misleading; and the Purchaser shall reimburse the Mortgage Loan Seller, and each other indemnified party for any legal and other expenses reasonably incurred by them in connection with investigating or defending or preparing to defend any such loss, claim, damage, liability or action. The foregoing indemnity agreement is in addition to any liability which the Purchaser otherwise may have to the Mortgage Loan Seller, or any other such indemnified party.

(c) Promptly after receipt by an indemnified party under subsection (a) or (b) above of notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under such subsection, notify each party against whom indemnification is to be sought in writing of the commencement thereof (but the failure so to notify an indemnifying party shall not relieve it from any liability which it may have under this Section 13 except to the extent that it has been prejudiced in any material respect by such failure or from any liability which it may have otherwise). In case any such action is brought against any indemnified party, and it notifies an indemnifying party of the commencement thereof, the indemnifying party will be entitled to participate therein and, to the extent it may elect by written notice delivered to the indemnified party promptly (but, in any event, within 30 days) after receiving the aforesaid notice from such indemnified party, to assume the defense thereof with counsel reasonably satisfactory to such indemnified party. Notwithstanding the foregoing, the indemnified party or parties shall have the right to employ its or their own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of such indemnified party or parties unless (i) the employment of such counsel shall have been authorized in writing by one of the indemnifying parties in connection with the defense of such action, (ii) the indemnifying parties shall not have employed counsel to have charge of the defense of such action within a reasonable time after notice of commencement of the action, or (iii) such indemnified party or parties shall have reasonably concluded that there is a conflict of interest between itself or themselves and the indemnifying party in the conduct of the defense of any claim or that the interests of the indemnified party or parties are not substantially co-extensive with those of the indemnifying party (in which case the indemnifying parties shall not have the right to direct the defense of such action on behalf of the indemnified party or parties), in any of which events such fees and expenses shall be borne by the indemnifying parties (provided, however, that the indemnifying party shall be liable only for the fees and expenses of one counsel in addition to one local counsel in the jurisdiction involved. Anything in this subsection to the contrary notwithstanding, an indemnifying party shall not be liable for any settlement or any claim or action effected without its written consent; provided, however, that such consent was not unreasonably withheld.

(d) If the indemnification provided for in paragraphs (a) and (b) of this Section 13 shall for any reason be unavailable to an indemnified party in respect of any loss, claim, damage or liability, or any action in respect thereof, referred to in Section 13, then the indemnifying party shall in lieu of indemnifying the indemnified party contribute to the amount paid or payable by such indemnified party as a result of such loss, claim, damage or liability, or action in respect thereof, in such proportion as shall be appropriate to reflect the relative benefits received by the Mortgage Loan Seller on the one hand and the Purchaser on the other from the purchase and sale of the Mortgage Loans, the offering of the Certificates and the other transactions contemplated hereunder. No person found liable for a fraudulent misrepresentation shall be entitled to contribution from any person who is not also found liable for such fraudulent misrepresentation.

(e) The parties hereto agree that reliance by an indemnified party on any publicly available information or any information or directions furnished by an indemnifying party shall not constitute negligence, bad faith or willful misconduct by such indemnified party.

SECTION 14. Notices. All demands, notices and communications hereunder shall be in writing but may be delivered by facsimile transmission subsequently confirmed in writing. Notices to the Mortgage Loan Seller shall be directed to EMC Mortgage Corporation, 0000 Xxxx Xxxxx Xxxxx, Xxxxxxxxxx, Xxxxx 00000, (Telecopy: ((000)000-0000), and notices to the Purchaser shall be directed to Bear Xxxxxxx Asset Backed Securities I LLC, 000 Xxxxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000, (Telecopy: (212-272-7206)), Attention: Chief Counsel; or to any other address as may hereafter be furnished by one party to the other party by like notice. Any such demand, notice or communication hereunder shall be deemed to have been received on the date received at the premises of the addressee (as evidenced, in the case of registered or certified mail, by the date noted on the return receipt) provided that it is received on a business day during normal business hours and, if received after normal business hours, then it shall be deemed to be received on the next business day.

SECTION 15. Transfer of Mortgage Loans. The Purchaser retains the right to assign the Mortgage Loans and any or all of its interest under this Agreement to the Trustee without the consent of the Mortgage Loan Seller, and, upon such assignment, the Trustee shall succeed to the applicable rights and obligations of the Purchaser hereunder; provided, however, the Purchaser shall remain entitled to the benefits set forth in Sections 11, 13 and 17 hereto and as provided in Section 2(a). Notwithstanding the foregoing, the sole and exclusive right and remedy of the Trustee with respect to a breach of representation or warranty of the Mortgage Loan Seller shall be the cure, purchase or substitution obligations of the Mortgage Loan Seller contained in Sections 5 and 7 hereof.

SECTION 16. Termination. This Agreement may be terminated (a) by the mutual consent of the parties hereto prior to the Closing Date, (b) by the Purchaser, if the conditions to the Purchaser’s obligation to close set forth under Section 10(a) hereof are not fulfilled as and when required to be fulfilled or (c) by the Mortgage Loan Seller, if the conditions to the Mortgage Loan Seller’s obligation to close set forth under Section 10(b) hereof are not fulfilled as and when required to be fulfilled. In the event of termination pursuant to clause (b), the Mortgage Loan Seller shall pay, and in the event of termination pursuant to clause (c), the Purchaser shall pay, all reasonable out-of-pocket expenses incurred by the other in connection with the transactions contemplated by this Agreement. In the event of a termination pursuant to clause (a), each party shall be responsible for its own expenses.

SECTION 17. Representations, Warranties and Agreements to Survive Delivery. All representations, warranties and agreements contained in this Agreement, or contained in certificates of officers of the Mortgage Loan Seller submitted pursuant hereto, shall remain operative and in full force and effect and shall survive delivery of the Mortgage Loans to the Purchaser (and by the Purchaser to the Trustee). Subsequent to the delivery of the Mortgage Loans to the Purchaser, the Mortgage Loan Seller’s representations and warranties contained herein with respect to the Mortgage Loans shall be deemed to relate to the Mortgage Loans actually delivered to the Purchaser and included in the Final Mortgage Loan Schedule and any Replacement Mortgage Loan and not to those Mortgage Loans deleted from the Preliminary Mortgage Loan Schedule pursuant to Section 3 hereof prior to the Closing.

SECTION 18. Severability. If any provision of this Agreement shall be prohibited or invalid under applicable law, this Agreement shall be ineffective only to such extent, without invalidating the remainder of this Agreement.

SECTION 19. Counterparts. This Agreement may be executed in counterparts, each of which will be an original, but which together shall constitute one and the same agreement.

SECTION 20. Amendment. This Agreement cannot be amended or modified in any manner without the prior written consent of each party.

SECTION 21. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.

SECTION 22. Further Assurances. Each of the parties agrees to execute and deliver such instruments and take such actions as another party may, from time to time, reasonably request in order to effectuate the purpose and to carry out the terms of this Agreement including any amendments hereto which may be required by either Rating Agency.

SECTION 23. Successors and Assigns.

(a) This Agreement shall bind and inure to the benefit of and be enforceable by the Mortgage Loan Seller and the Purchaser and their permitted successors and assigns and, to the extent specified in Section 13 hereof, Bear Xxxxxxx, and their directors, officers and controlling persons (within the meaning of federal securities laws). The Mortgage Loan Seller acknowledges and agrees that the Purchaser may assign its rights under this Agreement (including, without limitation, with respect to the Mortgage Loan Seller’s representations and warranties respecting the Mortgage Loans) to the Trustee. Any person into which the Mortgage Loan Seller may be merged or consolidated (or any person resulting from any merger or consolidation involving the Mortgage Loan Seller), any person resulting from a change in form of the Mortgage Loan Seller or any person succeeding to the business of the Mortgage Loan Seller, shall be considered the “successor” of the Mortgage Loan Seller hereunder and shall be considered a party hereto without the execution or filing of any paper or any further act or consent on the part of any party hereto. Except as provided in the two preceding sentences, this Agreement cannot be assigned, pledged or hypothecated by either party hereto without the written consent of the other parties to this Agreement and any such assignment or purported assignment shall be deemed null and void.

SECTION 24. The Mortgage Loan Seller. The Mortgage Loan Seller will keep in full force and effect its existence, all rights and franchises as a corporation under the laws of the State of its incorporation and will obtain and preserve its qualification to do business as a foreign corporation in each jurisdiction in which such qualification is necessary to perform its obligations under this Agreement.

SECTION 25. Entire Agreement. This Agreement contains the entire agreement and understanding between the parties with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof.

SECTION 26. No Partnership. Nothing herein contained shall be deemed or construed to create a partnership or joint venture between the parties hereto.

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IN WITNESS WHEREOF, the parties hereto have caused their names to be signed hereto by their respective duly authorized officers as of the date first above written.

EMC MORTGAGE CORPORATION

By:
Name:
Title:


BEAR XXXXXXX ASSET BACKED SECURITIES I LLC


By:
Name:
Title:

EXHIBIT 1

CONTENTS OF MORTGAGE FILE

With respect to each Mortgage Loan, the Mortgage File shall include each of the following items, which shall be available for inspection by the Purchaser or its designee, and which shall be delivered to the Purchaser or its designee pursuant to the terms of this Agreement.

(i) The original Mortgage Note, including any riders thereto, endorsed without recourse to the order of “Xxxxx Fargo Bank, National Association”, as Trustee for certificateholders of Bear Xxxxxxx Mortgage Funding Trust 2006-AC1 Asset-Backed Certificates, Series 2006-AC1,” or to blank and showing to the extent available to the Mortgage Loan Seller an unbroken chain of endorsements from the original payee thereof to the Person endorsing it to the Trustee;

(ii) the original Mortgage and, if the related Mortgage Loan is a MOM Loan, noting the presence of the MIN and language indicating that such Mortgage Loan is a MOM Loan, which shall have been recorded (or if the original is not available, a copy), with evidence of such recording indicated thereon (or if clause (x) in the proviso below applies, shall be in recordable form);

(iii) unless the Mortgage Loan is a MOM Loan, the assignment (either an original or a copy, which may be in the form of a blanket assignment if permitted in the jurisdiction in which the Mortgaged Property is located) to the Trustee of the Mortgage with respect to each Mortgage Loan in the name of “Xxxxx Fargo Bank, National Association”, as Trustee for certificateholders of Bear Xxxxxxx Mortgage Funding Trust 2006-AC1 Asset-Backed Certificates, Series 2006-AC1,” which shall have been recorded (or if clause (x) in the proviso below applies, shall be in recordable form);

(iv) an original or a copy of all intervening assignments of the Mortgage, if any, to the extent available to the Mortgage Loan Seller, with evidence of recording thereon;

(v) the original policy of title insurance or mortgagee’s certificate of title insurance or commitment or binder for title insurance, if available, or a copy thereof, or, in the event that such original title insurance policy is unavailable, a photocopy thereof, or in lieu thereof, a current lien search on the related Mortgaged Property and

(vi) originals or copies of all available assumption, modification or substitution agreements, if any.

Provided, however, that in lieu of the foregoing, the Mortgage Loan Seller may deliver the following documents, under the circumstances set forth below: (x) if any Mortgage, assignment thereof to the Trustee or intervening assignments thereof have been delivered or are being delivered to recording offices for recording and have not been returned in time to permit their delivery as specified above, the Purchaser may deliver a true copy thereof with a certification by the Mortgage Loan Seller or the title company issuing the commitment for title insurance, on the face of such copy, substantially as follows: “Certified to be a true and correct copy of the original, which has been transmitted for recording”; and (y) in lieu of the Mortgage Notes relating to the Mortgage Loans identified in the list set forth in Exhibit I to the Pooling and Servicing Agreement, the Purchaser may deliver a lost note affidavit and indemnity and a copy of the original note, if available; and provided, further, however, that in the case of Mortgage Loans which have been prepaid in full after the Cut-off Date and prior to the Closing Date, the Purchaser, in lieu of delivering the above documents, may deliver to the Trustee and its Custodian a certification of a Servicing Officer to such effect and in such case shall deposit all amounts paid in respect of such Mortgage Loans, in the Master Servicer Collection Account or in the Distribution Account on the Closing Date. In the case of the documents referred to in clause (x) above, the Purchaser shall deliver such documents to the Trustee or its Custodian promptly after they are received. The Mortgage Loan Seller shall cause, at its expense, the Mortgage and intervening assignments, if any, and to the extent required in accordance with the foregoing, the assignment of the Mortgage to the Trustee to be submitted for recording promptly after the Closing Date; provided that the Mortgage Loan Seller need not cause to be recorded any assignment (a) in any jurisdiction under the laws of which, as evidenced by an Opinion of Counsel addressed to the Trustee delivered by the Mortgage Loan Seller to the Trustee and the Rating Agencies, the recordation of such assignment is not necessary to protect the Trustee’s interest in the related Mortgage Loan or (b) if MERS is identified on the Mortgage or on a properly recorded assignment of the Mortgage as mortgagee of record solely as nominee for Mortgage Loan Seller and its successors and assigns. In the event that the Mortgage Loan Seller, the Purchaser or the Master Servicer gives written notice to the Trustee that a court has recharacterized the sale of the Mortgage Loans as a financing, the Mortgage Loan Seller shall submit or cause to be submitted for recording as specified above or, should the Mortgage Loan Seller fail to perform such obligations, the Master Servicer shall cause each such previously unrecorded assignment to be submitted for recording as specified above at the expense of the Trust. In the event a Mortgage File is released to the Company or the related Servicer as a result of such Person having completed a Request for Release, the Custodian shall, if not so completed, complete the assignment of the related Mortgage in the manner specified in clause (iii) above.

EXHIBIT 2

MORTGAGE LOAN SCHEDULE INFORMATION

The Preliminary and Final Mortgage Loan Schedules shall set forth the following information with respect to each Mortgage Loan:

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

(b) the property type;

(d) the Servicing Fee Rate;

(e) the Master Servicer’s Fee Rate, if applicable;

(f) the LPMI Fee, if applicable;

(g) the Trustee Fee Rate, if applicable;

(h) the Net Rate;

(i) the maturity date;

(j) the stated original term to maturity;

(k) the stated remaining term to maturity;

(l) the original Principal Balance;

(m) the first payment date;

(n) the principal and interest payment in effect as of the Cut-off Date;

(o) the unpaid Principal Balance as of the Cut-off Date;

(p) the Loan-to-Value Ratio at origination;

(q) the insurer of any Primary Mortgage Insurance Policy;

(r) the MIN with respect to each MOM Loan;

(s) the Gross Margin, if applicable;

(t) the next Adjustment Date, if applicable;

(u) the Maximum Lifetime Mortgage Rate, if applicable;

(v) the Minimum Lifetime Mortgage Rate, if applicable;

(w) the Periodic Rate Cap, if applicable;

(x) the Loan Group, if applicable;

(y) a code indicating whether the Mortgage Loan is negatively amortizing;

(z) which Mortgage Loans adjust after an initial fixed-rate period of one, two, three, five, seven or ten years or any other period;

(aa) the Prepayment Charge, if any;

(bb) lien position (e.g., first lien or second lien);

(cc) a code indicating whether the Mortgage Loan is has a balloon payment;

(dd) a code indicating whether the Mortgage Loan is an interest-only loan;

(ee) the interest-only term, if applicable;

(ff) the Mortgage Loan Seller; and

(gg) the original amortization term.

EXHIBIT 3

MORTGAGE LOAN SELLER’S INFORMATION

All information in the Prospectus Supplement described under the following captions: “SUMMARY - The Mortgage Loans,” “THE MORTGAGE POOL,” “THE SPONSOR” and “SCHEDULE A - Mortgage Loan Statistical Data.”

EXHIBIT 4

PURCHASER’S INFORMATION

All information in the Prospectus Supplement and the Prospectus, except the Mortgage Loan Seller’s Information.

EXHIBIT 5

SCHEDULE OF LOST NOTES

Available Upon Request

EXHIBIT 6

REVISED April 18, 0000

XXXXXXXX X - Standard & Poor’s Predatory Lending Categories

Standard & Poor’s has categorized loans governed by anti-predatory lending laws in the Jurisdictions listed below into three categories based upon a combination of factors that include (a) the risk exposure associated with the assignee liability and (b) the tests and thresholds set forth in those laws. Note that certain loans classified by the relevant statute as Covered are included in Standard & Poor’s High Cost Loan Category because they included thresholds and tests that are typical of what is generally considered High Cost by the industry.

Standard & Poor’s High Cost Loan Categorization

State/Jurisdiction	Name of Anti-Predatory Lending Law/Effective Date	Category under Applicable Anti- Predatory Lending Law
Arkansas	Arkansas Home Loan Protection Act, Ark. Code Xxx. §§ 00-00-000 et seq. Effective July 16, 2003	High Cost Home Loan
Cleveland Heights, OH	Ordinance No. 72-2003 (PSH), Mun. Code §§ 757.01 et seq. Effective June 2, 2003	Covered Loan
Colorado	Consumer Equity Protection, Colo. Stat. Xxx. §§ 5-3.5-101 et seq. Effective for covered loans offered or entered into on or after January 1, 2003. Other provisions of the Act took effect on June 7, 2002	Covered Loan
Connecticut	Connecticut Abusive Home Loan Lending Practices Act, Conn. Gen. Stat. §§ 36a-746 et seq. Effective October 1, 2001	High Cost Home Loan
District of Columbia	Home Loan Protection Act, D.C. Code §§ 26-1151.01 et seq. Effective for loans closed on or after January 28, 2003	Covered Loan
Florida	Fair Lending Act, Fla. Stat. Xxx. §§ 494.0078 et seq. Effective October 2, 2002	High Cost Home Loan

State/Jurisdiction	Name of Anti-Predatory Lending Law/Effective Date	Category under Applicable Anti- Predatory Lending Law
Georgia (Oct. 1, 2002 - Mar. 6, 2003)	Georgia Fair Lending Act, Ga. Code Xxx. §§ 7-6A-1 et seq. Effective October 1, 2002 - March 6 2003	High Cost Home Loan
Georgia as amended (Mar. 7, 2003 - current)	Georgia Fair Lending Act, Ga. Code Xxx. §§ 7-6A-1 et seq. Effective for loans closed on or after March 7, 2003	High Cost Home Loan
HOEPA Section 32	Home Ownership and Equity Protection Act of 1994, 15 U.S.C. § 1639, 12 C.F.R. §§ 226.32 and 226.34 Effective October 1, 1995, amendments October 1, 2002	High Cost Loan
Illinois	High Risk Home Loan Act, Ill. Comp. Stat. tit. 815, §§ 137/5 et seq. Effective January 1, 2004 (prior to this date, regulations under Residential Mortgage License Act effective from May 14, 2001)	High Risk Home Loan
Kansas	Consumer Credit Code, Kan. Stat. Xxx. §§ 16a-1-101 et seq. Sections 16a-1-301 and 16a-3-207 became effective April 14, 1999; Section 16a-3-308a became effective July 1, 1999	High Loan to Value Consumer Loan (id. § 16a-3-207) and;
Kansas		High APR Consumer Loan (id. § 16a-3-308a)
Kentucky	2003 KY H.B. 000 - Xxxx Xxxx Xxxx Xxxx Xxx, Xx. Rev. Stat. §§ 360.100 et seq. Effective June 24, 2003	High Cost Home Loan
Maine	Truth in Lending, Me. Rev. Stat. tit. 9- A, §§ 8-101 et seq. Effective September 29, 1995 and as amended from time to time	High Rate High Fee Mortgage
Massachusetts	Part 40 and Part 32, 209 C.M.R. §§ 32.00 et seq. and 209 C.M.R. §§ 40.01 et seq. Effective March 22, 2001 and amended from time to time	High Cost Home Loan
Nevada	Assembly Xxxx No. 284, Nev. Rev. Stat. §§ 598D.010 et seq. Effective October 1, 2003	Home Loan
New Jersey	New Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat. §§ 46:10B- 22 et seq. Effective for loans closed on or after November 27, 2003	High Cost Home Loan
New Mexico	Home Loan Protection Act, N.M. Rev. Stat. §§ 58-21A-1 et seq. Effective as of January 1, 2004; Revised as of February 26, 2004	High Cost Home Loan
New York	N.Y. Banking Law Article 6-1 Effective for applications made on or after April 1, 2003	High Cost Home Loan
North Carolina	Restrictions and Limitations on High Cost Home Loans, N.C. Gen. Stat. §§ 24-1.1E et seq. Effective July 1, 2000; amended October 1, 2003 (adding open-end lines of credit)	High Cost Home Loan
Ohio	H.B. 386 (codified in various sections of the Ohio Code), Ohio Rev. Code Xxx. §§ 1349.25 et seq. Effective May 24, 2002	Covered Loan
Oklahoma	Consumer Credit Code (codified in various sections of Title 14A) Effective July 1, 2000; amended effective January 1, 2004	Subsection 10 Mortgage
South Carolina	South Carolina High Cost and Consumer Home Loans Act, S.C. Code Xxx. §§ 37-23-10 et seq. Effective for loans taken on or after January 1, 2004	High Cost Home Loan
West Virginia	West Virginia Residential Mortgage Lender, Broker and Servicer Act, W. Va. Code Xxx. §§ 31-17-1 et seq. Effective June 5, 0000	Xxxx Xxxxxxxx Mortgage Loan Act Loan

Standard & Poor’s Covered Loan Categorization

State/Jurisdiction	Name of Anti-Predatory Lending Law/Effective Date	Category under Applicable Anti- Predatory Lending Law
Georgia (Oct. 1, 2002 - Mar. 6, 2003)	Georgia Fair Lending Act, Ga. Code Xxx. §§ 7-6A-1 et seq. Effective October 1, 2002 - March 6, 2003	Covered Loan
New Jersey	New Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat. §§ 46:10B 22 et seq. Effective November 27, 2003 - July 5, 2004	Covered Home Loan

Standard & Poor’s Home Loan Categorization

State/Jurisdiction	Name of Anti-Predatory Lending Law/Effective Date	Category under Applicable Anti- Predatory Lending Law
Georgia (Oct. 1, 2002 - Mar. 6, 2003)	Georgia Fair Lending Act, Ga. Code Xxx. §§ 7-6A-1 et seq. Effective October 1, 2002 - March 6, 2003	Home Loan
New Jersey	New Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat. §§ 46:10B- 22 et seq. Effective for loans closed on or after November 27, 2003	Home Loan
New Mexico	Home Loan Protection Act, N.M. Rev. Stat. §§ 58-21A-1 et seq. Effective as of January 1, 2004; Revised as of February 26, 2004	Home Loan
North Carolina	Restrictions and Limitations on High Cost Home Loans, N.C. Gen. Stat. §§ 24-1.1E et seq. Effective July 1, 2000; amended October 1, 2003 (adding open-end lines of credit)	Consumer Home Loan
South Carolina	South Carolina High Cost and Consumer Home Loans Act, S.C. Code Xxx. §§ 37-23-10 et seq. Effective for loans taken on or after January 1, 2004	Consumer Home Loan

SCHEDULE A

REQUIRED RATINGS FOR EACH CLASS OF CERTIFICATES

Public Certificates

Class	Xxxxx’x	S&P
A-1	Aaa	AAA
A-2	Aaa	AAA
A-3	Aaa	AAA
A-4	Aaa	AAA
M-1	Aa2	AA
M-2	A1	A+
X-0	X0	X
X-0	X0	X-
X-0	Baa1	BBB+
X-0	Xxx0	XXX
X-0	Xxx0	XXX-

Xxxx of the above ratings has been lowered, qualified or withdrawn since the dates of issuance of such ratings by the Rating Agencies.

Private Certificates

Class	S&P	Xxxxx’x
B-4	Ba2	BB
C	Not Rated	Not Rated
P	Not Rated	Not Rated
R-1	Not Rated	Not Rated
R-2	Not Rated	Not Rated
R-3	Not Rated	Not Rated
RX	Not Rated	Not Rated

EXHIBIT M

FORM OF CERTIFICATION TO BE

PROVIDED BY THE TRUSTEE TO DEPOSITOR

Re:

Bear Xxxxxxx Mortgage Funding Trust 2006-AC1 (the “Trust”), Asset-Backed Certificates, Series 2006-AC1, issued pursuant to the Pooling and Servicing Agreement, dated as of July 1, 2006, among Bear Xxxxxxx Asset Backed Securities I LLC, as Depositor, Xxxxx Fargo Bank, National Association, as Trustee and EMC Mortgage Corporation as Seller and Master Servicer

The Trustee hereby certifies to the Depositor, and its officers, directors and affiliates, and with the knowledge and intent that they will rely upon this certification, that:

ARTICLE VI. I have reviewed the annual report on Form 10-K for the fiscal year [____] (the “Annual Report”), and all reports on Form 10-D required to be filed in respect of period covered by the Annual Report (collectively with the Annual Report, the “Reports”), of the Trust;

ARTICLE VII. To my knowledge, (a) the Reports, taken as a whole, do not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by the Annual Report, and (b) the Trustee’s assessment of compliance and related attestation report referred to below, taken as a whole, do not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by such assessment of compliance and attestation report;

ARTICLE VIII. To my knowledge, the distribution information required to be provided by the Trustee under the Pooling and Servicing Agreement for inclusion in the Reports is included in the Reports;

ARTICLE IX. I am responsible for reviewing the activities performed by the Trustee under the Pooling and Servicing Agreement, and based on my knowledge and the compliance review conducted in preparing the compliance statement of the Trustee required by the Pooling and Servicing Agreement, and except as disclosed in the Reports, the Trustee has fulfilled its obligations under the Pooling and Servicing Agreement in all material respects; and

ARTICLE X. The report on assessment of compliance with servicing criteria applicable to the Trustee for asset-backed securities of the Trustee and each Subcontractor utilized by the Trustee and related attestation report on assessment of compliance with servicing criteria applicable to it required to be included in the Annual Report in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 has been included as an exhibit to the Annual Report. Any material instances of non-compliance are described in such report and have been disclosed in the Annual Report.

In giving the certifications above, the Trustee has reasonably relied on information provided to it by the following unaffiliated parties: [names of servicer(s), master servicer, subservicer, depositor, trustee, custodian(s)]

Date:________________________________

_____________________________________

[Signature]

[Title]

EXHIBIT N

SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

Definitions

Master Servicer - transaction party having borrower contact; aggregator of pool assets

Trustee - waterfall calculator; fiduciary of the transaction

Back-up Servicer - named in the transaction (in the event a Back-up Servicer becomes the Master Servicer, follow Master Servicer obligations)

Custodian - safe keeper of pool assets

Note: The definitions above describe the essential function that the party performs, rather than the party’s title.

Where there are multiple checks for criteria the attesting party will identify in their management assertion that they are attesting only to the portion of the distribution chain they are responsible for in the related transaction agreements.

Key: X - obligation

[X] - under consideration for obligation

Reg AB Reference	Servicing Criteria	Master Servicer	Custodian	Trustee
	General Servicing Considerations
1122(d)(1)(i)	Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.	X		X
1122(d)(1)(ii)	If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing activities.	X
1122(d)(1)(iii)	Any requirements in the transaction agreements to maintain a back-up servicer for the Pool Assets are maintained.
1122(d)(1)(iv)	A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.	X
	Cash Collection and Administration
1122(d)(2)(i)	Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the transaction agreements.	X		X
1122(d)(2)(ii)	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	X		X
1122(d)(2)(iii)	Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements.	X		X
1122(d)(2)(iv)	The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of over collateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements.	X		X
1122(d)(2)(v)	Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.	X		X
1122(d)(2)(vi)	Unissued checks are safeguarded so as to prevent unauthorized access.	X		X
1122(d)(2)(vii)	Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements.	X		X
	Investor Remittances and Reporting
1122(d)(3)(i)	Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of Pool Assets serviced by the Servicer.	X		X
1122(d)(3)(ii)	Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.	X		X
1122(d)(3)(iii)	Disbursements made to an investor are posted within two business days to the Servicer’s investor records, or such other number of days specified in the transaction agreements.	X		X
1122(d)(3)(iv)	Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	X		X
	Pool Asset Administration
1122(d)(4)(i)	Collateral or security on pool assets is maintained as required by the transaction agreements or related pool asset documents.	X	X
1122(d)(4)(ii)	Pool assets and related documents are safeguarded as required by the transaction agreements	X	X
1122(d)(4)(iii)	Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.	X		X
1122(d)(4)(iv)	Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the Servicer’s obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related pool asset documents.	X
1122(d)(4)(v)	The Servicer’s records regarding the pool assets agree with the Servicer’s records with respect to an obligor’s unpaid principal balance.	X
1122(d)(4)(vi)	Changes with respect to the terms or status of an obligor's pool assets (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents.	X
1122(d)(4)(vii)	Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements.	X
1122(d)(4)(viii)	Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).	X
1122(d)(4)(ix)	Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents.	X
1122(d)(4)(x)	Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s pool asset documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related pool assets, or such other number of days specified in the transaction agreements.	X
1122(d)(4)(xi)	Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	X
1122(d)(4)(xii)	Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the Servicer’s funds and not charged to the obligor, unless the late payment was due to the obligor’s error or omission.	X
1122(d)(4)(xiii)	Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer, or such other number of days specified in the transaction agreements.	X
1122(d)(4)(xiv)	Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	X
1122(d)(4)(xv)	Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements. (In this transaction there is no external enhancement or other support.)	X		X

EXHIBIT O

FORM 10-D, FORM 8-K AND FORM 10-K

REPORTING RESPONSIBILITY

As to each item described below, the entity indicated as the Responsible Party shall be primarily responsible for reporting the information to the party identified as responsible for preparing the Securities Exchange Act Reports pursuant to Section 4.18 of the Pooling and Servicing Agreement.

Under Item 1 of Form 10-D: a) items marked “Monthly Statements to Certificateholders” are required to be included in the periodic Distribution Date statement under Section 6.06, provided by the Trustee based on information received from the party providing such information; and b) items marked “Form 10-D report” are required to be in the Form 10-D report but not the Monthly Statements to Certificateholders, provided by the party indicated. Information under all other Items of Form 10-D is to be included in the Form 10-D report. All such information and any other Items on Form 8-K and Form 10-D set forth in this Exhibit shall be sent to the Trustee and the Depositor.

Form	Item	Description	Master Servicer	Trustee	Custodian	Depositor	Sponsor
10-D	Must be filed within 15 days of the distribution date for the asset-backed securities.
	1	Distribution and Pool Performance Information
		Item 1121(a) - Distribution and Pool Performance Information
		(1) Any applicable record dates, accrual dates, determination dates for calculating distributions and actual distribution dates for the distribution period.		X (Monthly Statements to Certificateholders)
		(2) Cash flows received and the sources thereof for distributions, fees and expenses.		X (Monthly Statements to Certificateholders)
		(3) Calculated amounts and distribution of the flow of funds for the period itemized by type and priority of payment, including:		X (Monthly Statements to Certificateholders)
		(i) Fees or expenses accrued and paid, with an identification of the general purpose of such fees and the party receiving such fees or expenses.		X (Monthly Statements to Certificateholders)
		(ii) Payments accrued or paid with respect to enhancement or other support identified in Item 1114 of Regulation AB (such as insurance premiums or other enhancement maintenance fees), with an identification of the general purpose of such payments and the party receiving such payments.		X (Monthly Statements to Certificateholders)
		(iii) Principal, interest and other distributions accrued and paid on the asset-backed securities by type and by class or series and any principal or interest shortfalls or carryovers.		X (Monthly Statements to Certificateholders)
		(iv) The amount of excess cash flow or excess spread and the disposition of excess cash flow.		X (Monthly Statements to Certificateholders)
		(4) Beginning and ending principal balances of the asset-backed securities.		X (Monthly Statements to Certificateholders)
		(5) Interest rates applicable to the pool assets and the asset-backed securities, as applicable. Consider providing interest rate information for pool assets in appropriate distributional groups or incremental ranges.		X (Monthly Statements to Certificateholders)
		(6) Beginning and ending balances of transaction accounts, such as reserve accounts, and material account activity during the period.		X (Monthly Statements to Certificateholders)
		(7) Any amounts drawn on any credit enhancement or other support identified in Item 1114 of Regulation AB, as applicable, and the amount of coverage remaining under any such enhancement, if known and applicable.		X (Monthly Statements to Certificateholders)
		(8) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average remaining term, pool factors and prepayment amounts.		X (Monthly Statements to Certificateholders)		Updated pool composition information fields to be as specified by Depositor from time to time
		(9) Delinquency and loss information for the period.	X	X (Monthly Statements to Certificateholders)
		In addition, describe any material changes to the information specified in Item 1100(b)(5) of Regulation AB regarding the pool assets. (methodology)	X
		(10) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements.	X	X (Monthly Statements to Certificateholders)
		(11) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time.	X	X (Monthly Statements to Certificateholders)
		(12) Material breaches of pool asset representations or warranties or transaction covenants.	X	X (if agreed upon by the parties)		X
		(13) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met.		X (Monthly Statements to Certificateholders)
		(14) Information regarding any new issuance of asset-backed securities backed by the same asset pool,				X
		information regarding any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable.	X	X		X
		Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.				X	X
		Item 1121(b) - Pre-Funding or Revolving Period Information Updated pool information as required under Item 1121(b).				X
	2	Legal Proceedings
		Item 1117 - Legal proceedings pending against the following entities, or their respective property, that is material to Certificateholders, including proceedings known to be contemplated by governmental authorities:
		Sponsor (Seller)					X
		Depositor				X
		Issuing entity				X
		Master Servicer, affiliated Servicer, other servicer servicing 20% or more of pool assets at time of report, other material servicers	X
		Trustee		X
		Originator of 20% or more of pool assets as of the Cut-off Date				X
		Custodian			X
	3	Sales of Securities and Use of Proceeds
	3	Information from Item 2(a) of Part II of Form 10-Q: With respect to any sale of securities by the sponsor, depositor or issuing entity, that are backed by the same asset pool or are otherwise issued by the issuing entity, whether or not registered, provide the sales and use of proceeds information in Item 701 of Regulation S-K. Pricing information can be omitted if securities were not registered.				X
	4	Defaults Upon Senior Securities
	4	Information from Item 3 of Part II of Form 10-Q: Report the occurrence of any Event of Default (after expiration of any grace period and provision of any required notice)		X
	5	Submission of Matters to a Vote of Security Holders
	5	Information from Item 4 of Part II of Form 10-Q		X
	6	Significant Obligors of Pool Assets
		Item 1112(b) - Significant Obligor Financial Information*				X
		*This information need only be reported on the Form 10-D for the distribution period in which updated information is required pursuant to the Item.
	7	Significant Enhancement Provider Information
		Item 1114(b)(2) - Credit Enhancement Provider Financial Information*
		Determining applicable disclosure threshold		X
		Requesting required financial information or effecting incorporation by reference		X
		Item 1115(b) - Derivative Counterparty Financial Information*
		Determining current maximum probable exposure				X
		Determining current significance percentage		X
		Requesting required financial information or effecting incorporation by reference		X
		*This information need only be reported on the Form 10-D for the distribution period in which updated information is required pursuant to the Items.
	8	Other Information
		Disclose any information required to be reported on Form 8-K during the period covered by the Form 10-D but not reported	The Responsible Party for the applicable Form 8-K item as indicated below.
	9	Exhibits
		Distribution report		X
		Exhibits required by Item 601 of Regulation S-K, such as material agreements				X
8-K	Must be filed within four business days of an event reportable on Form 8-K.
	1.01	Entry into a Material Definitive Agreement
	1.01	Disclosure is required regarding entry into or amendment of any definitive agreement that is material to the securitization, even if depositor is not a party. Examples: servicing agreement, custodial agreement. Note: disclosure not required as to definitive agreements that are fully disclosed in the prospectus	X	X		X	X
	1.02	Termination of a Material Definitive Agreement	X	X		X	X
	1.02	Disclosure is required regarding termination of any definitive agreement that is material to the securitization (other than expiration in accordance with its terms), even if depositor is not a party. Examples: servicing agreement, custodial agreement.
	1.03	Bankruptcy or Receivership
	1.03	Disclosure is required regarding the bankruptcy or receivership, if known to the Master Servicer, with respect to any of the following: Sponsor (Seller), Depositor, Master Servicer, Certificate Administrator, Trustee, significant obligor, credit enhancer (10% or more), derivatives counterparty, Custodian	X	X	X	X	X
	2.04	Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement
	2.04	Includes an early amortization, performance trigger or other event, including event of default, that would materially alter the payment priority/distribution of cash flows/amortization schedule. Disclosure will be made of events other than waterfall triggers which are disclosed in the Monthly Statement to Certificateholders	X	X
	3.03	Material Modification to Rights of Security Holders
	3.03	Disclosure is required of any material modification to documents defining the rights of Certificateholders, including the Pooling and Servicing Agreement		X		X
	5.03	Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
	5.03	Disclosure is required of any amendment “to the governing documents of the issuing entity”				X
	5.06	Change in Shell Company Status
	5.06	[Not applicable to ABS issuers]				X
	6.01	ABS Informational and Computational Material
	6.01	[Not included in reports to be filed under Section 3.18]				X
	6.02	Change of Master Servicer or Trustee
	6.02	Requires disclosure of any removal, replacement, substitution or addition of any master servicer, affiliated servicer, other servicer servicing 10% or more of pool assets at time of report, other material servicers, certificate administrator or trustee.	X	X		X
		Reg AB disclosure about any new servicer is also required.	X
		Reg AB disclosure about any new trustee is also required.		X
	6.03	Change in Credit Enhancement or Other External Support [In this transaction there is no external enhancement or other support.]
	6.03	Covers termination of any enhancement in manner other than by its terms, the addition of an enhancement, or a material change in the enhancement provided. Applies to external credit enhancements as well as derivatives.		X		X
		Reg AB disclosure about any new enhancement provider is also required.		X		X
	6.04	Failure to Make a Required Distribution		X
	6.05	Securities Act Updating Disclosure
		If any material pool characteristic differs by 5% or more at the time of issuance of the securities from the description in the final prospectus, provide updated Reg AB disclosure about the actual asset pool.				X
		If there are any new servicers or originators required to be disclosed under Regulation AB as a result of the foregoing, provide the information called for in Items 1108 and 1110 respectively.				X
	7.01	Regulation FD Disclosure	X	X	X	X
	8.01	Other Events
	8.01	Any event, with respect to which information is not otherwise called for in Form 8-K, that the registrant deems of importance to security holders.				X
		The Responsible Party applicable to reportable event.
	9.01	Financial Statements and Exhibits	The Responsible Party applicable to reportable event.
	Must be filed within 90 days of the fiscal year end for the registrant.
	9B	Other Information
		Disclose any information required to be reported on Form 8-K during the fourth quarter covered by the Form 10-K but not reported	The Responsible Party for the applicable Form 8-K item as indicated above.
	15	Exhibits and Financial Statement Schedules
		Item 1112(b) - Significant Obligor Financial Information				X
		Item 1114(b)(2) - Credit Enhancement Provider Financial Information
		Determining applicable disclosure threshold		X
		Requesting required financial information or effecting incorporation by reference		X
		Item 1115(b) - Derivative Counterparty Financial Information
		Determining current maximum probable exposure				X
		Determining current significance percentage		X
		Requesting required financial information or effecting incorporation by reference		X
		Item 1117 - Legal proceedings pending against the following entities, or their respective property, that is material to Certificateholders, including proceedings known to be contemplated by governmental authorities:
		Sponsor (Seller)					X
		Depositor				X
		Trustee		X
		Issuing entity				X
		Master Servicer, servicing 20% or more of pool assets at time of report, other material servicers	X
		Originator of 20% or more of pool assets as of the Cut-off Date				X
		Custodian			X
		Item 1119 - Affiliations and relationships between the following entities, or their respective affiliates, that are material to Certificateholders:
		Sponsor (Seller)					X
		Depositor				X
		Trustee		X
		Master Servicer, affiliated Servicer, other Servicer servicing 20% or more of pool assets at time of report, other material servicers	X
		Originator				X
		Custodian			X
		Credit Enhancer/Support Provider				X
		Significant Obligor				X
		Item 1122 - Assessment of Compliance with Servicing Criteria	X	X	X
		Item 1123 - Servicer Compliance Statement	X

EXHIBIT P

ADDITIONAL DISCLOSURE NOTIFICATION

Bear Xxxxxxx Asset Backed Securities I LLC

000 Xxxxxxx Xxxxxx

Xxx Xxxx, Xxx Xxxx 00000

Fax: (000) 000-0000

E-mail: xxxxxxxxxxxxxxxxxx@xxxx.xxx

Xxxxx Fargo Bank, N.A. as Trustee

0000 Xxx Xxxxxxxxx Xxxx

Xxxxxxxx, Xxxxxxxx 00000

Fax: (000) 000-0000

E-mail: xxx.xxx.xxxxxxxxxxxxx@xxxxxxxxxx.xxx

Attn: Corporate Trust Services - BSMF I 2006-AC1-SEC REPORT PROCESSING

RE: **Additional Form [ ] Disclosure**Required

Ladies and Gentlemen:

In accordance with Section 4.18 of the Pooling and Servicing Agreement, dated as of July 1, 2006, among EMC Mortgage Corporation, as Seller and Master Servicer, and Xxxxx Fargo Bank, National Association, as Trustee. The Undersigned, as [NAME OF PARTY], hereby notifies you that certain events have come to our attention that [will][may] need to be disclosed on Form [ ].

Description of Additional Form [ ] Disclosure:

List of Any Attachments hereto to be included in the Additional Form [ ] Disclosure:

Any inquiries related to this notification should be directed to [ ], phone number: [ ]; email address: [ ].

[NAME OF PARTY] as [role]

By:
Name:
Title:

EXHIBIT Q

LOAN LEVEL FORMAT FOR TAPE INPUT,

SERVICER PERIOD REPORTING

The format for the tape should be:

1. Record length of 240

2. Blocking factor of 07 records per block

3. ASCII

4. Unlabeled tape

5. 6250 or 1600 BPI (please indicate)

			COBOL
Field Name	Position	Length	"picture"
[Reserved]	001-002	2	"01"
Unit Code	003-004	2	" "
Loan Number	005-014	10	X(10)
Borrower Name	015-034	20	X(20)
Old Payment Amount	035-045	11	S9(9)V9(02)
Old Loan Rate	046-051	6	9(2)V9(04)
Servicer Fee Rate	052-057	6	9(2)V9(04)
Servicer Ending Balance	058-068	11	S9(9)V9(02)
Servicer Next Due Date	069-076	8	CCYYMMDD
Curtail Amt 1 - Before	077-087	11	S9(9)V9(02)
Curtail Date 1	088-095	8	CCYYMMDD
Curtail Amt 1 - After	096-106	11	S9(9)V9(02)
Curtail Amt 2 - Before	107-117	11	S9(9)V9(02)
Curtail Date 2	118-125	8	CCYYMMDD
Curtail Amt 2 - After	126-136	11	S9(9)V9(02)
Curtail Amt 3 - Before	137-147	11	S9(9)V9(02)
Curtail Date 3	148-155	8	CCYYMMDD
Curtail Amt 3 - After	156-166	11	S9(9)V9(02)
New Payment Amount	167-177	11	S9(9)V9(02)
New Loan Rate	178-183	6	9(2)V9(04)
Index Rate	184-189	6	9(2)V9(04)
Remaining Term	190-192	3	9(3)
Liquidation Amount	193-203	11	S9(9)V9(02)
Action Code	204-205	2	X(02)
Scheduled Principal	206-216	11	S9(9)V9(02)
Scheduled Interest	217-227	11	S9(9)V9(02)
Scheduled Ending Balance	228-238	11	S9(9)V9(02)
FILLER	239-240	2	X(02)

Trailer Record:

Number of Records		001-006		6		9(06)
FILLER		007-240		234		X(234)

Field Names and Descriptions:

Field Name		Description

[Reserved]		Hard code as "01" used internally

Unit Code		Hard code as " " used internally

Loan Number		Investor's loan number

Borrower Name		Last name of borrower

Old Payment Amount		P&I amount used for the applied payment

Old Loan Rate		Gross interest rate used for the applied payment

Servicer Fee Rate		Servicer's fee rate

Servicer Ending Balance		Ending actual balance after a payment has been applied

Servicer Next Due Date		Borrower's next due date for a payment

Curtailment Amount 1 - Before		Amount of curtailment applied before the payment

Curtailment Date 1		Date of curtailment should coincide with the payment date applicable to the curtailment

Curtailment Amount 1 - After		Amount of curtailment applied after the payment

Curtailment Amount 2 - Before		Amount of curtailment applied before the payment

Curtailment Date 2		Date of curtailment should coincide with the payment date applicable to the curtailment

Curtailment Amount 2 - After		Amount of curtailment applied after the payment

Curtailment Amount 3 - Before		Amount of curtailment applied before the payment

Curtailment Date 3		Date of curtailment should coincide with the payment date applicable to the curtailment

Curtailment Amount 3 - After		Amount of curtailment applied after the payment

New Payment Amount		For ARM, Equal, or Buydown loans, when a payment change occurs, this is the scheduled payment

New Loan Rate		For ARM loans, when the gross interest rate change occurs, this is the scheduled rate

Index Rate		For ARM loans, the index rate used in calculating the new gross interest rate

Remaining Term		For ARM loans, the number of months left on the loan used to determine the new P&I amount

Liquidation Amount		The payoff amount of the loan

Action Code		For delinquent loans:
		12 -- Relief Provisions
		15 -- Bankruptcy/Litigation
		20 -- Referred for Deed-in-lieu, short sale
		30 -- Referred to attorney to begin foreclosure
		60 -- Loan Paid in full
		70 -- Real Estate Owned

Scheduled Principal		Amount of principal from borrower payment due to bondholder

Scheduled Interest		Amount of interest from borrower payment due to bondholder

Scheduled Ending Balance		Ending scheduled balance of loan

FILLER		Should be filled with spaces

EXHIBIT R

REPORTING DATA FOR DEFAULTED LOANS

Data must be submitted to Xxxxx Fargo Bank in an Excel spreadsheet format with fixed field names and data type. The Excel spreadsheet should be used as a template consistently every month when submitting data.

Table: Delinquency

Name	Type	Size
Servicer Loan #	Number (Double)	8
Investor Loan #	Number (Double)	8
Borrower Name	Text	20
Address	Text	30
State	Text	2
Due Date	Date/Time	8
Action Code	Text	2
FC Received	Date/Time	8
File Referred to Atty	Date/Time	8
NOD	Date/Time	8
Complaint Filed	Date/Time	8
Sale Published	Date/Time	8
Target Sale Date	Date/Time	8
Actual Sale Date	Date/Time	8
Loss Mit Approval Date	Date/Time	8
Loss Mit Type	Text	5
Loss Mit Estimated Completion Date	Date/Time	8
Loss Mit Actual Completion Date	Date/Time	8
Loss Mit Broken Plan Date	Date/Time	8
BK Chapter	Text	6
BK Filed Date	Date/Time	8
Post Petition Due	Date/Time	8
Motion for Relief	Date/Time	8
Lift of Stay	Date/Time	8
RFD	Text	10
Occupant Code	Text	10
Eviction Start Date	Date/Time	8
Eviction Completed Date	Date/Time	8
List Price	Currency	8
List Date	Date/Time	8
Accepted Offer Price	Currency	8
Accepted Offer Date	Date/Time	8
Estimated REO Closing Date	Date/Time	8
Actual REO Sale Date	Date/Time	8

·	Items in bold are MANDATORY FIELDS. We must receive information in those fields every month in order for your file to be accepted.

The Action Code Field should show the applicable numeric code to indicate that a special action is being taken. The Action Codes are the following:

12-Relief Provisions

15-Bankruptcy/Litigation

20-Referred for Deed-in-Lieu

30-Referred fore Foreclosure

00-Xxxxxx

00-Xxxxxxxxxx

00-XXX-Xxxx for Sale

71-Third Party Sale/Condemnation

72-REO-Pending Conveyance-Pool Insurance claim filed

Xxxxx Fargo Bank will accept alternative Action Codes to those above, provided that the Codes are consistent with industry standards. If Action Codes other than those above are used, the Servicer must supply Xxxxx Fargo Bank with a description of each of the Action Codes prior to sending the file.

Description of Action Codes:

Action Code 12 - To report a Mortgage Loan for which the Borrower has been granted relief for curing a delinquency. The Action Date is the date the relief is expected to end. For military indulgence, it will be three months after the Borrower's discharge from military service.

Action Code 15 - To report the Borrower's filing for bankruptcy or instituting some other type of litigation that will prevent or delay liquidation of the Mortgage Loan. The Action Date will be either the date that any repayment plan (or forbearance) instituted by the bankruptcy court will expire or an additional date by which the litigation should be resolved.

Action Code 20 - To report that the Borrower has agreed to a deed-in-lieu or an assignment of the property. The Action Date is the date the Servicer decided to pursue a deed-in-lieu or the assignment.

Action Code 30 - To report that the decision has been made to foreclose the Mortgage Loan. The Action Date is the date the Servicer referred the case to the foreclosure attorney.

Action Code 60 - To report that a Mortgage Loan has been paid in full either at, or prior to, maturity.

Action Code 65 - To report that the Servicer is repurchasing the Mortgage Loan.

Action Code 70 - To report that a Mortgage Loan has been foreclosed or a deed-in-lieu of foreclosure has been accepted, and the Servicer, on behalf of the owner of the Mortgage Loan, has acquired the property and may dispose of it. The Action Date is the date of the foreclosure sale or, for deeds-in-lieu, the date the deed is recorded on behalf of the owner of the Mortgage Loan.

Action Code 71 - To report that a Mortgage Loan has been foreclosed and a third party acquired the property, or a total condemnation of the property has occurred. The Action Date is the date of the foreclosure sale or the date the condemnation award was received.

Action Code 72 - To report that a Mortgage Loan has been foreclosed, or a deed-in-lieu has been accepted, and the property may be conveyed to the mortgage insurer and the pool insurance claim has been filed. The Action Date is the date of the foreclosure sale, or, for deeds-in-lieu, the date of the deed for conventional mortgages.

The Loss Mit Type field should show the approved Loss Mitigation arrangement. The following are acceptable:

	ASUM-	Approved Assumption
	BAP-	Borrower Assistance Program
	CO-	Charge Off
	DIL-	Deed-in-Lieu
	FFA-	Formal Forbearance Agreement
	MOD-	Loan Modification
	PRE-	Pre-Sale
	SS-	Short Sale
	MISC-	Anything else approved by the PMI or Pool Insurer

Xxxxx Fargo Bank will accept alternative Loss Mitigation Types to those above, provided that they are consistent with industry standards. If Loss Mitigation Types other than those above are used, the Servicer must supply Xxxxx Fargo Bank with a description of each of the Loss Mitigation Types prior to sending the file.

The Occupant Code field should show the current status of the property. The acceptable codes are:

Mortgagor

Tenant

Unknown

Vacant

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BEAR STEARNS ASSET BACKED SECURITIES I LLC Depositor EMC MORTGAGE CORPORATION Seller and Master Servicer and WELLS FARGO BANK, NATIONAL ASSOCIATION Trustee POOLING AND SERVICING AGREEMENT Dated as of July 1, 2006 BEAR STEARNS MORTGAGE FUNDING TRUST...

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